Vir Biotechnology (VIR) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	VIR
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity Registrant Name	Vir Biotechnology, Inc.
Entity Central Index Key	0001706431
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		132,303,561
Entity Public Float			$ 2.7
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-39083
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2730369
Entity Address, Address Line One	499 Illinois Street, Suite 500
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94158
City Area Code	415
Local Phone Number	906-4324
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	Portions of the definitive proxy statement, or the Proxy Statement, for the Registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2021.
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Redwood City, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 347,815	$ 436,575
Short-term investments	217,182	300,286
Restricted cash and cash equivalents, current	8,594	7,993
Receivable from collaboration	773,079	0
Equity Investment Current	143,148	0
Prepaid expenses and other current assets	73,003	27,511
Total current assets	1,562,821	772,365
Intangible assets, net	33,287	33,820
Goodwill	16,937	16,937
Property and equipment, net	42,834	17,946
Operating right-of-use assets	87,220	61,947
Restricted cash and cash equivalents, noncurrent	7,006	6,919
Long-term investments	201,388	0
Other assets	2,775	8,827
TOTAL ASSETS	1,954,268	918,761
CURRENT LIABILITIES:
Accounts payable	6,521	5,077
Accrued and other liabilities	236,512	76,936
Deferred revenue, current portion	98,209	6,451
Contingent consideration, current portion	0	10,600
Total current liabilities	341,242	99,064
Deferred revenue, noncurrent	3,815	3,815
Operating lease liabilities, noncurrent	133,561	66,556
Contingent consideration, noncurrent	22,822	25,374
Deferred tax liability	18,439	3,253
Other long-term liabilities	2,540	3,847
TOTAL LIABILITIES	522,419	201,909
Commitments and contingencies (Note 9)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2021 and 2020, respectively; no shares issued and outstanding as of December 31, 2021 and 2020	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 127,416,740 and 107,648,925 shares issued and outstanding as of December 31, 2021 and 2020, respectively	13	13
Additional paid-in capital	1,571,535	1,385,301
Accumulated other comprehensive loss	(1,099)	(1,278)
Accumulated deficit	(138,600)	(667,184)
TOTAL STOCKHOLDERS’ EQUITY	1,431,849	716,852
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,954,268	$ 918,761

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	131,161,404	127,416,740
Common stock, shares outstanding	131,161,404	127,416,740

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 1,095,415	$ 76,368	$ 8,091
Operating expenses:
Cost of revenue	65,865	0	0
Research and development	448,006	302,411	148,472
Selling, general and administrative	160,793	70,937	37,598
Total operating expenses	674,664	373,348	186,070
Income (loss) from operations	420,751	(296,980)	(177,979)
Other income (expense):
Change in fair value of equity investments	138,049	0	0
Interest income	439	2,836	8,511
Other expense, net	(9,437)	(4,467)	(5,061)
Total other income (expense)	129,051	1,631	(3,450)
Income (loss) before provision for income taxes	549,802	(298,611)	(174,529)
Provision for income taxes	(21,218)	(54)	(154)
Net income (loss)	$ 528,584	$ (298,665)	$ (174,683)
Net income (loss) per share, basic	$ 4.07	$ (2.51)	$ (5.76)
Net income (loss) per share, diluted	$ 3.96	$ (2.51)	$ (5.76)
Weighted-average shares outstanding, basic	129,884,967	119,159,424	30,349,920
Weighted-average shares outstanding, diluted	133,437,126	119,159,424	30,349,920
Collaboration Revenue [Member]
Revenues:
Total revenues	$ 917,194	$ 0	$ 0
Contract Revenue [Member]
Revenues:
Total revenues	169,874	44,498	711
Grant Revenue [Member]
Revenues:
Total revenues	8,347	9,123	7,380
License [Member]
Revenues:
Total revenues	$ 0	$ 22,747	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net income (loss)	$ 528,584	$ (298,665)	$ (174,683)
Other comprehensive income (loss):
Unrealized gains (losses) on investments	(957)	(50)	149
Amortization of actuarial loss	55	23	0
Adjustment to projected benefit obligations, net of tax	1,081	(650)	(736)
Other comprehensive income (loss)	179	(677)	(587)
Comprehensive income (loss)	$ 528,763	$ (299,342)	$ (175,270)

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	IPO	Follow-on Offering	Convertible Preferred Stock	Series B Convertible Preferred Stock	Common Stock	Common StockIPO	Common StockFollow-on Offering	Additional Paid-in Capital	Additional Paid-in CapitalIPO	Additional Paid-in CapitalFollow-on Offering	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2018				$ 309,137
Beginning balance (in shares) at Dec. 31, 2018				69,910,520
Beginning balance at Dec. 31, 2018	$ (179,177)					$ 1			$ 14,672			$ (14)	$ (193,836)
Beginning balance (in shares) at Dec. 31, 2018						8,858,799
Issuance of convertible preferred stock, net of issuance cost (in Shares)					18,202,213
Beginning balance at Dec. 31, 2018				$ 309,137
Beginning balance (in shares) at Dec. 31, 2018				69,910,520
Beginning balance at Dec. 31, 2018	(179,177)					$ 1			14,672			(14)	(193,836)
Beginning balance (in shares) at Dec. 31, 2018						8,858,799
Issuance of convertible preferred stock, net of issuance cost					$ 327,475
Issuance of convertible preferred stock, net of issuance cost (in Shares)					18,202,213
Conversion of convertible preferred stock into common stock	636,612					$ 9			636,603
Conversion of convertible preferred stock into common (in shares)				(88,112,733)
Conversion of convertible preferred stock into common stock				$ (636,612)
Conversion of convertible preferred stock into common stock (in shares)						88,112,733
Issuance of common stock		$ 126,411					$ 1			$ 126,410
Issuance of common stock (in shares)							7,142,858
Reclassification of warrant liability to additional paid-in capital	3,073								3,073
Settlement of fractional shares from reverse stock split	(3)								(3)
Issuance of common stock in connection with a license agreement	617								617
Issuance of common stock in connection with a license agreement (in shares)						38,888
Repayment of promissory notes, net of unvested shares	1,355								1,355
Repayment of promissory notes, net of unvested shares (in shares)						1,390,925
Vesting of restricted common stock	476								476
Vesting of restricted common stock (in shares)						1,348,297
Exercise of stock options	1,129								1,129
Exercise of stock option (in shares)						756,425
Stock-based compensation	8,719								8,719
Other comprehensive loss	(587)											(587)
Net income (loss)	(174,683)												(174,683)
Ending balance at Dec. 31, 2019	423,942					$ 11			793,051			(601)	(368,519)
Ending balance (in shares) at Dec. 31, 2019						107,648,925
Issuance of convertible preferred stock, net of issuance cost (in Shares)					18,202,213
Reclassification of derivative liability to addition paid-in-capital	29,245								29,245
Issuance of common stock in connection with the achievement of a milestone (in shares)						1,111,111
Issuance of common stock in connection with a collaboration agreement	206,699					$ 1			206,698
Issuance of common stock in connection with a collaboration agreement (in shares)						6,626,027
Issuance of common stock for cashless exercise of warrant (in shares)						211,774
Issuance of common stock			$ 323,214					$ 1			$ 323,213
Issuance of common stock (in shares)								8,214,285
Vesting of restricted common stock	1,435								1,435
Vesting of restricted common stock (in shares)						1,986,250
Exercise of stock options	4,059								4,059
Exercise of stock option (in shares)						1,618,368
Stock-based compensation	27,600								27,600
Other comprehensive loss	(677)											(677)
Net income (loss)	(298,665)												(298,665)
Ending balance at Dec. 31, 2020	$ 716,852					$ 13			1,385,301			(1,278)	(667,184)
Ending balance (in shares) at Dec. 31, 2020	127,416,740					127,416,740
Issuance of common stock in connection with a collaboration agreement	$ 85,213								85,213
Issuance of common stock in connection with a collaboration agreement (in shares)						1,924,927
Issuance of common stock to settle a contingent consideration	1,860								1,860
Issuance of common stock to settle a contingent consideration (in shares)						42,737
Vesting of restricted common stock (in shares)						89,261
Exercise of stock options	13,077								13,077
Exercise of stock option (in shares)						1,622,718
Issuance of common stock under employee stock purchase plan	2,300								2,300
Issuance of common stock under employee stock purchase plan (in shares)						65,021
Stock-based compensation	83,784								83,784
Other comprehensive loss	179											179
Net income (loss)	528,584												528,584
Ending balance at Dec. 31, 2021	$ 1,431,849					$ 13			$ 1,571,535			$ (1,099)	$ (138,600)
Ending balance (in shares) at Dec. 31, 2021	131,161,404					131,161,404

Consolidated Statements of Co_2

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Initial public offering costs		$ 16,446
Common stock issuance cost	$ 21,786
Series B Convertible Preferred Stock
Convertible preferred stock, net of issuance cost		$ 165

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 528,584	$ (298,665)	$ (174,683)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,278	4,400	3,294
Amortization of intangible assets	533	1,042	1,223
Impairment of intangible assets		832
(Accretion of discounts) amortization of premiums on investments, net	(244)	1,548	(179)
Noncash lease expense	6,172	3,371
Change in fair value of equity investments	(138,049)
Change in estimated fair value of contingent consideration	91,848	38,394	8,330
Payment of contingent consideration in excess of acquisition date fair value	(8,140)	(15,752)
Initial fair value of derivative liability			13,599
Change in estimated fair value of derivative liability		16,796	(1,150)
Change in estimated fair value of convertible preferred stock warrant liability			2,049
Stock-based compensation	83,784	27,600	8,719
Change in deferred income taxes	15,186	(52)
Gain from a sublease termination	(4,844)
Common stock issued in connection with license agreement			617
Other	697	23	345
Changes in operating assets and liabilities:
Receivable from collaboration	(773,079)
Prepaid expenses and other current assets	(3,665)	(4,475)	(4,619)
Other assets	(1,483)	(1,100)	(1,881)
Accounts payable	(171)	(790)	964
Accrued liabilities and other long-term liabilities	58,498	46,614	10,211
Operating lease liabilities	(535)	(3,684)
Deferred revenue	92,041	(7,043)	3,529
Net cash used in operating activities	(47,589)	(190,941)	(129,632)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(21,817)	(6,549)	(8,940)
Purchases of investments	(420,240)	(403,841)	(643,898)
Maturities of investments	301,243	400,348	396,680
Proceeds from disposal of an asset held for sale		180
Net cash used in investing activities	(140,814)	(9,862)	(256,158)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		323,214	126,411
Proceeds from issuance of common stock in connection with a collaboration agreement	85,213	206,699
Proceeds from issuance of convertible preferred stock, net of issuance cost			317,335
Proceeds received from financing lease obligation			1,202
Payment of contingent consideration		(4,248)
Payment of principal on financing lease obligations	(259)	(250)	(95)
Proceeds from repayment of promissory notes			3,265
Proceeds from exercise of stock options	13,077	4,059	1,129
Proceeds from issuance of common stock under the employee stock purchase plan	2,300
Cash paid in lieu of fractional shares related to reverse stock split			(3)
Net cash provided by financing activities	100,331	529,474	449,244
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(88,072)	328,671	63,454
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	451,487	122,816	59,362
Cash, cash equivalents and restricted cash and cash equivalents at end of period	363,415	451,487	122,816
NONCASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment purchases included in accounts payable and accrued liabilities	8,731	382	892
Common stock issued for payment of contingent consideration	1,860
Conversion of preferred stock into common stock upon completion of initial public offering			636,612
Operating lease liabilities obtained in exchange of right-of-use asset	77,187	48,495
Advanced proceeds applied to convertible preferred stock issuance			10,140
Reclassification of derivative liability to additional paid-in capital		29,245
Reclassification of preferred stock warrant liability to additional paid-in capital			3,073
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	347,815	436,575	109,335
Restricted cash and cash equivalents, current	8,594	7,993	6,181
Restricted cash and cash equivalents, noncurrent	7,006	6,919	7,300
Total cash, cash equivalents and restricted cash	$ 363,415	$ 451,487	$ 122,816

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization	1. Organization Vir Biotechnology, Inc. (“Vir” or the “Company”) is a commercial-stage immunology company focused on combining immunologic insights with cutting-edge technologies to treat and prevent serious infectious diseases. Its current pipeline consists of sotrovimab (previously VIR-7831; and where marketing authorization has been granted, marketed under the brand name Xevudy®) and other product candidates targeting coronavirus disease 2019 (“COVID-19”), hepatitis B virus (“HBV”), influenza A virus, and human immunodeficiency virus (“HIV”). Vir has assembled four technology platforms that are designed to stimulate and enhance the immune system by exploiting critical observations of natural immune processes. In May 2021, the U.S. Food and Drug Administration (the "FDA") granted an Emergency Use Authorization (“EUA”) for sotrovimab for the early treatment of mild to moderate COVID-19 in adults and pediatric patients (12 years of age and older weighing at least 40 kg) with positive results of direct SARS-CoV-2 viral testing, and at high risk for progression to severe COVID-19, including hospitalization or death. The Company also received a positive scientific opinion from the Committee for Human Medicinal Products in the European Union (“EU”) for sotrovimab. In December 2021, the European Commission granted marketing authorization to Xevudy® (sotrovimab) in the EU for the treatment of adults and adolescents at increased risk of progressing to severe COVID-19. Initial Public Offering On October 10, 2019, the Company completed its initial public offering (“IPO”) of its common stock. In connection with its IPO, the Company issued and sold 7,142,858 shares of its common stock at an initial offering price of $ 20.00 per share. As a result of the IPO, the Company received approximately $ 126.4 million in net proceeds, after deducting underwriting discounts, commissions and offering expenses. At the closing of the IPO, 88,112,733 shares of outstanding convertible preferred stock were automatically converted into 88,112,733 shares of common stock and a warrant to purchase 244,444 shares of convertible preferred stock was converted into a warrant to purchase 244,444 shares of common stock. Follow-On Offering On July 10, 2020, the Company issued and sold 8,214,285 shares of the Company’s common stock pursuant to a registration statement on Form S-1 (File No. 333-239689) and a registration statement on Form S-1 filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the “Securities Act”) (File No. 333-239747) (collectively, the “Registration Statements”). The Registration Statements became effective on July 7, 2020. The price of the shares sold in the follow-on offering was $ 42.00 per share and the Company received total gross proceeds from the offering of approximately $ 345.0 million. After deducting underwriting discounts and commissions of approximately $ 20.7 million and offering expenses of approximately $ 1.1 million, the net proceeds were approximately $ 323.2 million. Sales Agreement In November 2020, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), under which the Company may from time to time offer and sell shares of its common stock for an aggregate offering price of up to $ 300.0 million, through or to Cowen, acting as sales agent or principal. The shares will be offered and sold under the Company’s shelf registration statement on Form S-3 (the “S-3 Registration Statement”) and a related prospectus filed with the Securities and Exchange Commission on November 10, 2020. The Company will pay Cowen a commission of up to 3.0 % of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Cowen with customary indemnification and contribution rights. As of December 31, 2021, no shares have been issued under the Sales Agreement. Need for Additional Capital Although the Company recorded net income for the year ended December 31, 2021, it has otherwise incurred accumulated net losses since inception. The Company expects its earnings to be volatile and may continue to incur net losses over the next several years. As of December 31, 2021, the Company had an accumulated deficit of $ 138.6 million . Management expects to incur additional losses in the future to conduct research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company had, excluding restricted cash, $ 909.5 million of cash, cash equivalents, and investments as of December 31, 2021, and after excluding the equity investment in Brii Biosciences Limited ("Brii Bio Parent"), the Company had $ 766.4 million . Based on the Company’s current operating plan, management believes that the $ 766.4 million as of December 31, 2021 will be sufficient to fund its operations through at least the next 12 months from the issuance date of these consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The consolidated financial statements include the accounts of Vir and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Foreign Currency The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities of foreign subsidiaries are translated into U.S. dollars at period-end exchange rates and non-monetary assets and liabilities are translated to U.S. dollars using historical exchange rates. Revenue and expenses are translated at average rates throughout the respective periods. Transaction gains and losses are included in other income (expense), net on the consolidated statements of operations, and were immaterial for the years ended December 31, 2021, 2020 and 2019. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting periods. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. Segments The Company operates as one reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for purposes of allocating resources. Concentration of Credit Risk, Credit Loss and Other Risks and Uncertainties The Company has implemented a number of plans and policies designed to address and mitigate the impact of the ongoing COVID-19 pandemic on its business. The Company anticipates that the COVID-19 pandemic will continue to have an impact on the clinical development timelines for some of its clinical programs. The extent to which the COVID-19 pandemic impacts the Company’s business, clinical development and regulatory efforts, corporate development objectives and the value of and market for its common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. Although the Company received EUA, temporary authorization or marketing approval for sotrovimab (under the brand name Xevudy®), it is still subject to a number of other challenges and risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its other product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of sotrovimab and other product candidates and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its other product candidates, it will be unable to generate significant revenue from product sales or maintain profitability. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investments. Cash and cash equivalents are deposited in checking and sweep accounts at a financial institution. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments, and issuers of the investments to the extent recorded on the consolidated balance sheets. As of December 31, 2021 and 2020, the Company has no off-balance sheet concentrations of credit risk. The Company is exposed to credit losses primarily through receivables from customers and collaborators and through its available-for-sale debt securities. The Company’s expected loss allowance methodology for the receivables is developed using historical collection experience, current and future economic market conditions, a review of the current aging status and financial condition of the entities. Specific allowance amounts are established to record the appropriate allowance for customers that have a higher probability of default. Balances are written off when determined to be uncollectible. The Company’s expected loss allowance methodology for the debt securities is developed by reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. There was no allowance for losses on available-for-sale debt securities attributable to credit risk for the years ended December 31, 2021 and 2020. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. Investments Investments include available-for-sale debt securities and equity investments, which are carried at estimated fair value. Available-for-Sale Debt Securities The Company’s valuations of marketable securities are generally derived from independent pricing services based on quoted prices in active markets for similar securities at period end. Generally, investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the consolidated balance sheet date are considered short-term investments, with all others considered to be long-term investments. Unrealized gains and losses deemed temporary in nature are reported as a component of accumulated comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Equity Investments Under Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, the Company measures its investment in equity securities at fair value at each reporting date based on the market price at period end if it has a readily determinable fair value. Otherwise, the investments in equity securities are measured at cost less impairment, adjusted for observable price changes for identical or similar investments of the same issuer unless the Company has significant influence or control over the investee. Changes in fair value resulting from observable price changes are presented as change in fair value of equity investments and changes in fair value resulting from foreign currency translation are included in other income (expense), net on the consolidated statements of operations. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent money market funds to secure standby letters of credit and security deposits with financial institutions, both under office and laboratory space lease agreements. Additionally, funds received from certain grants are restricted as to their use and are therefore classified as restricted cash and cash equivalents. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally three to five years . Leasehold improvements are amortized over the lesser of their useful lives or the remaining life of the lease. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. No material impairment losses have been incurred to date. Acquired Intangible Assets The Company’s intangible assets were acquired via business combinations or asset acquisitions. Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (“IPR&D”) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2021, there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses. IPR&D assets acquired as part of an asset acquisition are recorded at cost and expensed immediately if they have no alternative future uses. Finite-lived intangible assets acquired are initially recognized at their fair value at the acquisition date. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets, generally seven to 15 years . Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company tests goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that this asset may be impaired. Revenue Recognition Collaboration, License and Contract Revenue Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company first determines which elements of the collaboration are deemed to be a performance obligation with a customer within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808 and are not subject to the guidance in ASC 606, the Company applies the revenue recognition model under ASC 606 or other guidance, as deemed appropriate. When the Company is considered an agent in elements of collaboration arrangements within the scope of ASC 808, it records its share of collaboration revenue in the period in which such sales occur. The Company is considered an agent when the collaboration partner controls the product before transfer to the customers and has the ability to direct the use of and obtain substantially all of the remaining benefits from the product. In these instances, collaboration revenue is based upon the revenue reported by the Company's collaboration partners, net of cost of goods sold and allowable expenses (e.g. medical affairs, selling and marketing expenses) in the period. In order to record collaboration revenue, the Company utilizes certain information from its collaboration partner, including revenue from the sale of the product, and costs incurred for development and sales activities. For the periods covered in the financial statements presented, there have been no material changes to prior period estimates of revenues and expenses. The Company has entered into a number of license and collaboration agreements that fall within the scope of ASC 606. The Company evaluates the promised goods or services in these agreements to determine which ones represent distinct performance obligations. These agreements may include the following types of promised goods or services: (i) grants of licenses, (ii) performance of research and development services, and (iii) participation on joint research and/or development committees. They also may include options to obtain licenses to the Company’s intellectual property. Prior to recognizing revenue, the Company makes estimates of the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period as required. These agreements may include the following types of consideration: non-refundable upfront payments, reimbursement for research services, research, development or regulatory milestone payments, profit-sharing arrangements, and royalty and commercial sales milestone payments. If there are multiple distinct performance obligations, the Company allocates the transaction price to each distinct performance obligation based on their estimated standalone selling prices (“SSP”). The Company estimates the SSP for each distinct performance obligation by considering information such as market conditions, entity-specific factors, and information about its customer that is reasonably available. The Company considers estimation approaches that allow it to maximize the use of observable inputs. These estimation approaches may include the adjusted market assessment approach, the expected cost plus a margin approach or the residual approach. The Company also considers whether to use a different estimation approach or a combination of approaches to estimate the SSP for each distinct performance obligation. Developing certain assumptions (e.g., treatable patient population, expected market share, probability of success and product profitability, discount rate based on weighted-average cost of capital) to estimate the SSP of a distinct performance obligation requires significant judgment. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligation and recognizes revenue by measuring the progress towards complete satisfaction of the performance obligation using an input measure. For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon the performance of the licensee. Grant Revenue Grants received, including cost reimbursement agreements, are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Contributions are recognized as grant revenue when all donor-imposed conditions have been met. Research and Development Expenses To date, research and development expenses have related primarily to discovery efforts and preclinical and clinical development of product candidates. Research and development expenses are recognized as incurred and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Research and development expenses include expenses related to license and collaboration agreements; contingent consideration from business acquisitions; personnel-related expenses, including salaries, benefits, and stock-based compensation for personnel contributing to research and development activities; expenses incurred under agreements with third-party contract manufacturing organizations, contract research organizations, and consultants; clinical costs, including laboratory supplies and costs related to compliance with regulatory requirements; and other allocated expenses, including expenses for rent, facilities maintenance, and depreciation and amortization. The Company has and may continue to acquire the rights to develop and commercialize new product candidates from third parties. Upfront payments and research and development milestone payments made in connection with acquired license or product rights are expensed as incurred, provided that they do not relate to a regulatory approval milestone or assets acquired in a business combination. The Company’s expense accruals for clinical trials and manufacturing are based on estimates of contracted services provided by third-party vendors not yet billed. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of its outstanding obligations to those third parties as of the period end. The accrual estimates are based on a number of factors, including the Company’s knowledge of the research and development programs and clinical manufacturing activities, the status of the programs and activities, invoicing to date, and the provisions in the contracts. The Company obtains information regarding unbilled services directly from these service providers and performs procedures to support its estimates based on its internal understanding of the services provided to date. However, the Company may also be required to estimate these services based on information available to its internal clinical and manufacturing administrative staff if such information is not able to be obtained timely from its service providers. Stock-based Compensation The Company recognizes stock-based compensation to employees and non-employees over the requisite service period based on the grant-date fair value of the awards. The Company calculates the estimated fair value of stock options and employees' purchase rights under the Company's 2019 employee stock purchase plan ("ESPP") using the Black-Scholes valuation model, which requires the use of subjective assumptions including volatility and expected term, among others. The fair value of restricted stock awards ("RSAs") and restricted stock units ("RSUs") is based on the market value of the Company's common stock on the date of grant. Stock-based compensation is recognized using the straight-line method for awards that vest only upon the employee’s or non-employee’s continued service to the Company. Stock-based compensation expense of the employees' purchase rights under the ESPP is recognized over the offering period. Forfeitures are recognized as they occur. Acquisitions Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded at their respective fair values as of the acquisition date. Any excess fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with the business combination are recorded at their fair values on the acquisition date and are remeasured each subsequent reporting period until the related contingencies are resolved and are classified as contingent consideration on the consolidated balance sheets. The changes in fair values of contingent consideration related to the achievement of various milestones are recorded within research and development expenses or selling, general and administrative expenses based on the nature of the relevant underlying activities. When the Company determines that entities acquired do not meet the definition of a business, the transaction is accounted for as an acquisition of assets. Therefore, the consideration paid to acquire IPR&D is expensed, and no goodwill is recorded. Any contingent consideration is generally recognized only when it becomes payable or is paid. Embedded Derivatives The Company evaluates its acquisitions, collaborative arrangements and other business development transactions to determine if embedded components of these contracts meet the definition of a derivative under ASC 815, Derivatives and Hedging. In general, embedded derivatives are required to be bifurcated from the host instrument if (i) the embedded feature is not clearly and closely related to the host contract and (ii) the embedded feature, if considered a freestanding instrument, meets the definition of a derivative. Embedded derivatives are reported on the consolidated balance sheets at their estimated fair values. Contingent consideration related to asset acquisitions that meet the definition of an embedded derivative is classified as contingent consideration on the consolidated balance sheets. Any change in estimated fair values, as determined at each measurement period, are recorded in the consolidated statements of operations based on the nature of the related contingencies. Changes in fair values of embedded derivatives related to the achievement of various milestones for product candidates are recorded within research and development expense or selling, general and administrative expenses based on the nature of the relevant underlying activities . Otherwise, changes in fair values are recorded within other income (expense), net. Leases In accordance with ASU No. 2016-02 (Topic 842), Leases, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. On the lease commencement date, the Company estimates and includes in its lease payments any lease incentive amounts based on future events when (1) the events are within the Company’s control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, the Company recognizes the difference as an adjustment to right-of-use asset and/or lease liability, as applicable. As the implicit rate in the Company's leases is generally unknown, the Company uses an incremental borrowing rate estimated based on the information available at the lease commencement date in determining the present value of future lease payments. When calculating its estimated incremental borrowing rates, the Company considers its credit risk, the lease term, the total lease payments and the impact of collateral, as necessary. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. ROU assets and lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Rent expense for the Company's operating leases is recognized on a straight-line basis within operating expenses over the reasonably assured lease term. The Company elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating losses and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Company’s tax positions are subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on several factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as any related net interest and penalties. Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net income per common share is computed by dividing the net income by the sum of the weighted average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. New Accounting Pronouncement Not Yet Adopted In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-10, Government Assistance (Topic 832) (“ASU 2021-10”), which adds certain disclosure requirements with respect to government assistance, including (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2021-10 may have on its consolidated financial statements and related disclosures .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial instruments, including receivable from collaboration, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Cash Equivalents and Available-for-Sale Debt Securities The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: December 31, 2021 Valuation Amortized Gross Gross Aggregate (in thousands) Assets: Money market funds (1) Level 1 $ 345,098 $ — $ — $ 345,098 U.S. government treasuries Level 2 419,442 — ( 872 ) 418,570 Total financial assets $ 764,540 $ — $ ( 872 ) $ 763,668 (1) Includes $ 15.6 million of restricted cash equivalents. December 31, 2020 Valuation Amortized Gross Gross Aggregate (in thousands) Assets: Money market funds (1) Level 1 $ 421,835 $ — $ — $ 421,835 U.S. government treasuries Level 2 300,201 91 ( 6 ) 300,286 Total financial assets $ 722,036 $ 91 $ ( 6 ) $ 722,121 (1) Includes $ 14.9 million of restricted cash equivalents. Accrued interest receivable excluded from both the fair value and amortized cost basis of the available-for-sale debt securities are presented within prepaid expenses and other current assets, and other assets in the consolidated balance sheets. Accrued interest receivable amounted to $ 1.1 million and $ 0.8 million as of December 31, 2021 and 2020, respectively. The Company did no t write off any accrued interest receivable during the years ended December 30, 2021 and 2020. The Company recognized total net unrealized loss of $ 0.9 million and net unrealized gain of $ 0.1 million in accumulated other comprehensive income (loss) as of December 31, 2021 and 2020, respectively. The gross unrealized losses related to U.S. government treasuries as of December 31, 2021 were due to changes in interest rates. As of December 31, 2021 and 2020, there were no investments that have been in a continuous unrealized loss position for longer than 12 months. The Company determined that the gross unrealized losses on our investments as of December 31, 2021 were temporary in nature. The Company currently does not intend, and it is highly unlikely that it will be required, to sell these securities before recovery of their amortized cost basis. As of December 31, 2021, no securities have contractual maturities of longer than two years . Equity Investments As of December 31, 2021, the Company's equity investment consisted solely of ordinary shares of Brii Bio Parent. The Company acquired the securities as partial consideration for entering into the collaboration, option and license agreement (the “Brii Agreement”) with Brii Bio Parent and Brii Biosciences Offshore Limited (“Brii Bio”) in May 2018. The Company concluded it does not have a controlling interest or significant influence over Brii Bio based on its ownership percentage and other factors. See further discussion in Note 7—Collaboration and License Agreements. In July 2021, Brii Bio Parent completed its initial public offering ("Brii Bio Parent IPO") on the Stock Exchange of Hong Kong Limited, prior to which the securities were accounted for as equity securities without a readily determinable fair value. Upon the completion of the Brii Bio Parent IPO, the securities were considered to be marketable equity securities and subsequently remeasured at fair value at each reporting date. The Company classifies its equity investment in Brii Bio Parent as a Level 1 asset within the fair value hierarchy, as the value is based on a quoted market price in an active market. As of December 31, 2021, the Company remeasured the equity investment at a fair value of $ 143.1 million. For the year ended December 31, 2021, the Company recognized an unrealized gain of $ 138.0 million as other income in the consolidated statement of operations, net of an unrealized loss of $ 0.6 million related to foreign currency translation for the period. Contingent Consideration Contingent consideration includes potential milestone payments in connection with the acquisitions of Humabs Biomed SA (“Humabs”) and TomegaVax, Inc. (“TomegaVax”). See further discussion in Note 4 — Acquisitions. The Company classifies the contingent consideration as Level 3 financial liabilities within the fair value hierarchy as of December 31, 2021 and 2020. The estimated fair value of the contingent consideration related to the Humabs acquisition was determined by calculating the probability-weighted clinical, regulatory, and commercial milestone payments based on the assessment of the likelihood and estimated timing that certain milestones would be achieved. In December 2021, the Company achieved the regulatory milestone of $ 35.0 million related to sotrovimab. As of Decemb er 31, 2021, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to the HBV product using the following significant unobservable inputs: Unobservable input Range Discount rates 3 % - 5 % ( 4 %) Probability of achievement 22 % - 40 % ( 31 %) (1) Unobservable inputs were weighted based on the relative fair value of the clinical and regulatory milestone payments. For the commercial milestones, the Company used a Monte Carlo simulation because of the availability of a discrete revenue forecast. During the year ended December 31, 2021, the Company achieved the specified sales milestones totaling $ 60.0 million related to sotrovimab . A s of December 31, 2021, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecast, as well as the following significant unobservable inputs f or the remaining commercial milestones related to the HBV product: Unobservable input Value Volatility 65 % Discount rate 11 % Probability of achievement 22 % The discount rate captures the credit risk associated with the payment of the contingent consideration when earned and due. As of December 31, 2021 and 2020, the estimated fair value of the contingent consideration related to the Humabs acquisition was $ 17.1 million and $ 29.2 million, respectively, with changes in the estimated fair value recorded in research and development expense, and selling, general and administrative expense in the consolidated statements of operations. The estimated fair value of the contingent consideration related to the TomegaVax acquisition was determined by using a Monte Carlo simulation model which included estimates of both the probability and timing to achieve the required per share price of the Company’s common stock, and incorporates assumptions as to expected volatility and discount rate. The discount rate captures the credit risk associated with the payment of the contingent consideration when earned and due. Although the TomegaVax acquisition was accounted for as an asset acquisition, such contingent consideration met the definition of an embedded derivative financial instrument. In February 2021, the Company achieved one of the milestones related to a specified per-share price of its common stock resulting in a $ 10.0 million payable to the former TomegaVax’s stockholders which was paid in July 2021. As of December 31, 2021, the fair value of the remaining contingent consideration was estimated using the following significant unobservable inputs: Unobservable input Value Volatility 115 % Discount rate 0.1 % As of December 31, 2021 and 2020, the estimated fair value of the contingent consideration related to the TomegaVax acquisition was $ 5.7 million and $ 6.8 million, respectively, with changes in the estimated fair value recorded in other income (expense), net in the consolidated statements of operations. The estimated fair value of the contingent consideration related to the Humabs and TomegaVax acquisitions involves significant estimates and assumptions which give rise to measurement uncertainty. The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial liabilities (in thousands): Contingent Balance at December 31, 2020 $ 35,974 Changes in fair value 91,848 Reclassification of contingent consideration to accrued liabilities upon achievement of the Humabs milestones ( 95,000 ) Payment of contingent consideration upon achievement of the TomegaVax milestone ( 10,000 ) Balance at December 31, 2021 $ 22,822

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions	4. Acquisitions Acquisition of TomegaVax In September 2016, the Company entered into an agreement and plan of merger (“TomegaVax Merger Agreement”) to acquire all of the equity interests of TomegaVax. The primary asset purchased in the acquisition was an in-process cytomegalovirus vector-based vaccine platform for use in HBV, HIV, and tuberculosis. The acquisition was accounted for as an asset purchase. The Company recorded the cash purchase price of $ 5.2 million in research and development expenses and incurred transaction costs of $ 0.5 million in 2016. In connection with the entry into the TomegaVax Merger Agreement, the Company also entered into a letter agreement with TomegaVax (the “TomegaVax Letter Agreement”), which provides for certain payments to TomegaVax’s former stockholders before September 2024, in each case so long as the Company is continuing to pursue the development of the TomegaVax technology. Under the terms of the TomegaVax Letter Agreement, the Company will be required to pay to the former stockholders of TomegaVax milestone payments of up to an aggregate of $ 30.0 million if the per-share price of the Company’s publicly traded common stock, or implied price per-share of the Company’s Series A-1 convertible preferred stock (or common stock upon conversion) upon a certain asset sale, merger or stock sale, is at least $ 45 (as adjusted in the case of any stock dividend, stock split or other similar recapitalization), with the amount of such payments determined by the share price and/or the stage of the Company’s clinical development at the time of the relevant event triggering the payment. The share price of the Company’s publicly traded common stock will be determined using the average of the daily volume-weighted average trading price of the Company’s common stock for each trading day during a consecutive 90-day period. The foregoing payments are payable (i) during any date after the completion of an initial public offering by the Company or any successor or affiliate controlling the TomegaVax technology, provided that no payment will be due before the first anniversary of the initial public offering, (ii) upon the sale of all assets related to the TomegaVax technology or (iii) upon a merger or stock sale of the Company or any successor or affiliate controlling the TomegaVax technology, in each case subject to certain conditions with respect to the timing of the payments. The payments under the TomegaVax Letter Agreement can be made in cash or shares of the Company’s common stock, at the discretion of the Company’s board of directors. In February 2021, the Company achieved one of the milestones related to the specified per-share price of its common stock, which resulted in a $ 10.0 million payable to TomegaVax’s former stockholders. In July 2021, the Company made the milestone payment to the former TomegaVax stockholders through a combination of $ 8.1 million in cash and the issuance of 42,737 shares of common stock with a total fair value of $ 1.9 million. The remaining milestone payments of up to $ 20.0 million in the aggregate will be triggered if (i) the per-share price of the Company’s publicly traded common stock is at least $ 45 (as adjusted in the case of any stock dividend, stock split or other similar recapitalization) and upon the achievement of a certain milestone related to the stage of the Company’s clinical development at the time of the relevant event triggering the payment and/or (ii) the per-share price of the Company’s publicly traded common stock is at least $ 90 (as adjusted in the case of any stock dividend, stock split or other similar recapitalization). The Company determined that the future milestone payments contain net settlement provisions and therefore, they were required to be accounted for as embedded derivatives under the relevant accounting guidance. As of December 31, 2021, the fair value of the embedded derivative was $ 5.7 million and is included in the contingent consideration liability on the consolidated balance sheet. Acquisition of Humabs In August 2017, the Company acquired all of the outstanding equity of Humabs, a private Swiss company, which discovers and develops monoclonal antibodies (“mAbs”) derived from individuals whose immune systems have successfully responded to major diseases. The Company acquired all of Humabs’ rights, title and interest in and to substantially all of the assets of Humabs except for rights under certain license agreements with third parties. The Company is obligated to pass through to the former Humabs shareholders any amounts received by Humabs under such license agreements, net of any program expenses. The transaction was accounted for as an acquisition of a business. The consideration paid consisted of $ 30.0 million in cash and 1,666,656 shares of common stock, valued at $ 2.5 million as of the date of the transaction, to former Humabs shareholders. In addition to the cash payment and issuance of common stock to the former Humabs shareholders at the acquisition date, the Company also agreed to pay additional amounts in cash upon the achievement of specified milestone events: (i) up to $ 135.0 million upon the achievement of clinical, regulatory and commercial milestones for an HBV product; and (ii) up to $ 105.0 million upon the achievement of clinical, regulatory and commercial milestones for another product, which the Company elected as a severe acute respiratory syndrome coronavirus 2 (“SARS-CoV-2”) product, or sotrovimab. During the year ended December 31, 2020, the Company achieved two of the specified clinical milestones for the HBV product and sotrovimab totaling $ 20.0 million. During the year ended December 31, 2021, the Company achieved the specified regulatory milestone of $ 35.0 million and sales milestones totaling $ 60.0 million related to sotrovimab. The estimated fair value of the remaining contingent consideration was $ 17.1 million as of December 31, 2021. The Company paid the $ 35.0 million milestone and $ 60.0 million milestone in January and February 2022, respectively. The acquired developed technologies that have associated patents issued are classified as finite-lived intangible assets and are amortized on a straight-lined basis over their estimated remaining useful lives, generally between seven to 12 years . The Company also acquired indefinite-lived intangible assets consisting of IPR&D. These assets will not be amortized until regulatory approval is obtained in a major market. At that time, the Company will determine the useful life of the asset and begin amortization. If the associated research and development effort is abandoned or otherwise impaired, the related IPR&D assets will be written-off and an impairment charge recorded. As of December 31, 2021, there have been no such impairments related to the IPR&D assets. The estimated fair value of the intangible assets was determined using the replacement cost method. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. None of the goodwill is expected to be deductible for income tax purposes.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets Goodwill Goodwill of $ 16.9 million represents the excess of the purchase price over the estimated fair value of the net assets acquired from Humabs. The Company tests goodwill for impairment on an annual basis or sooner, if deemed necessary. There was no impairment for the year ended December 31, 2021. Intangible Assets The following table summarizes the carrying amount of the Company’s finite-lived intangible assets (in thousands): December 31, Weighted- 2021 2020 Life (Years) Developed technology $ 7,000 $ 7,000 6.0 Contract-based intangible asset 502 502 13.9 Finite-lived intangible assets, gross 7,502 7,502 Less accumulated amortization ( 4,114 ) ( 3,581 ) Less impairment of intangible assets ( 832 ) ( 832 ) Finite-lived intangible assets, net $ 2,556 $ 3,089 Finite-lived intangible assets are carried at cost less accumulated amortization. The contract-based intangible asset resulted from the product approval of a sublicensed intellectual property right in December 2020. The intellectual property right was previously accounted for as IPR&D. Amortization expense related to finite-lived intangible assets, included in research and development expenses on the consolidated statements of operations, totaled $ 0.5 million, $ 1.0 million and $ 1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Management reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, like that of property and equipment. During the third quarter of 2020, as a result of the availability of other research and analytics platforms, the Company abandoned certain of its acquired developed technologies and concluded that the full remaining book values of the assets were impaired. Therefore, $ 0.8 million was written off as an impairment charge, which was classified as research and development expenses during 2020. Based on the finite-lived intangible assets recorded as of December 31, 2021, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31: 2022 $ 532 2023 532 2024 260 2025 213 2026 213 Total $ 1,750 Indefinite-Lived Intangible Assets As of December 31, 2021 and 2020, the Company had indefinite-lived intangible assets of $ 30.7 million, respectively, related to the purchased IPR&D from the Humabs acquisition. In December 2020, $ 0.5 million was reclassed as a finite-lived intangible asset due to the product approval of a sublicensed intellectual property right. No impairment losses have been recorded for the years ended December 31, 2021 and 2020.

Grant Agreements

Grant Agreements	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Grant Agreements	6. Grant Agreements Bill & Melinda Gates Foundation Grants Campylo/EPEC/EAEC Grant As part of the Company’s acquisition of Humabs in August 2017, the Company acquired a grant agreement with the Bill & Melinda Gates Foundation under which it was awarded a grant totaling up to $ 4.7 million (the “2017 Grant”). The 2017 Grant supported the Company’s discovery, characterization and selection of human monoclonal antibodies with pre-clinical efficacy against three enteric pathogens responsible for life-threatening diarrhea in neonates. The 2017 Grant expired on May 31, 2019 . Payments received in advance that were related to future research activities were deferred and recognized as revenue when the donor-imposed conditions were met, which was as the research and development activities were performed. The Company recognized grant revenue of $ 0.9 million for the year ended December 31, 2019. HIV Grant On January 26, 2018, the Company entered into a grant agreement with the Bill & Melinda Gates Foundation under which it was awarded a grant totaling up to $ 12.2 million for its HIV program (the “HIV Grant”). In February 2020, the parties amended the HIV Grant under which the Company was awarded a supplemental grant of $ 8.6 million. In June 2021 , the parties further amended the agreement under which the grant term was extended from December 31, 2021 to October 31, 2022 , unless earlier terminated by the Bill & Melinda Gates Foundation for the Company’s breach, failure to progress the funded project, in the event of the Company’s change of control, change in the Company’s tax status, or significant changes in the Company’s leadership that the Bill & Melinda Gates Foundation reasonably believes may threaten the success of the project. In December 2020, the Company achieved a specified milestone under the HIV Grant which triggered a $ 1.9 million payment from the Bill & Melinda Gates Foundation. As of December 31, 2020, the Company recorded a receivable, which is included within prepaid expenses and other current assets, and current portion of deferred revenue for the $ 1.9 million, which was subsequently received in January 2021. Payments received in advance that are related to future research activities are deferred and recognized as revenue when the donor-imposed conditions are met, which is as the research and development activities are performed. The Company recognized grant revenue of $ 3.0 million, $ 6.4 million and $ 3.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, the Company has deferred revenue of $ 2.3 million and $ 3.8 million, respectively, under HIV Grant. Tuberculosis (“TB”) Grant On March 16, 2018, the Company entered into a grant agreement with the Bill & Melinda Gates Foundation under which it was awarded a grant totaling up to $ 14.9 million for its TB program (the “TB Grant”). The parties amended the agreement in May 2020, in June 2021 and in December 2021 to extend the grant term. The TB Grant will remain in effect until March 31, 2022 , unless earlier terminated by the Bill & Melinda Gates Foundation for the Company’s breach, failure to progress the funded project, in the event of the Company’s change of control, change in the Company’s tax status, or significant changes in the Company’s leadership that the Bill & Melinda Gates Foundation reasonably believes may threaten the success of the project. As of December 31, 2021, the Company had $ 1.8 million of unused funds received in advance and previously recorded as deferred revenue within accrued and other liabilities. As of December 31, 2021 and 2020, the Company has deferred revenue of $ 1.3 million and $ 2.6 million, respectively, under TB Grant. Payments received in advance that are related to future research activities are deferred and recognized as revenue when the donor-imposed conditions are met, which is as the research and development activities are performed. The Company recognized grant revenue of $ 3.0 million, $ 2.2 million and $ 1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. HCMV-Vaccine Platform Grant On November 5, 2021, the Company entered into a grant agreement with the Bill & Melinda Gates Foundation under which it was awarded a grant totaling up to $ 10.0 million to support the manufacturing and clinical activities of its HIV and TB vaccine programs. This grant agreement will remain in effect until August 30, 2023 , unless earlier terminated by the Bill & Melinda Gates Foundation for the Company’s breach, failure to progress the funded project, in the event of the Company’s change of control, change in the Company’s tax status, or significant changes in the Company’s leadership that the Bill & Melinda Gates Foundation reasonably believes may threaten the success of the project. Payments received in advance that are related to future research activities are deferred and recognized as revenue when the donor-imposed conditions are met, which is as the research and development activities are performed. The Company recognized grant revenue of $ 2.2 million for the year ended December 31, 2021. As of December 31, 2021, the Company has deferred revenue of $ 3.3 million under this grant agreement. National Institutes of Health As part of the Company’s acquisition of TomegaVax in September 2016, the Company acquired grant agreements related to TomegaVax’s research effort in infectious diseases and cancer that entitled them to several awards under the Small Business Innovation Research Program from the National Institutes of Health (“NIH”). Through July 2021, the Company has acquired or been awarded grants from NIH totaling $ 5.1 million. These grants were cost plus fixed fee agreements in which the Company was reimbursed for its direct and indirect costs. Only costs that were allowable under certain government regulations and NIH’s supplemental policy and procedure manual may be claimed for reimbursement, subject to government audit. The Company recognized grant revenue of $ 0.1 million, $ 0.6 million and $ 0.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Collaboration and License Agree

Collaboration and License Agreements	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and License Agreements	7. Collaboration and License Agreements Collaboration Agreements with GSK 2020 GSK Agreement On June 9, 2020, the Company, Glaxo Wellcome UK Limited and Beecham S.A. (referred to individually and together, as “GSK”) entered into a definitive collaboration agreement under the terms set forth in the preliminary collaboration agreement entered into by the Company and certain GSK entities in April 2020 (the “2020 Preliminary Agreement”) (such definitive collaboration agreement, the “2020 GSK Agreement”). Concurrently with the execution of the 2020 Preliminary Agreement, the Company entered into a stock purchase agreement (the “2020 Stock Purchase Agreement”) with Glaxo Group Limited (“GGL”), an affiliate of GSK, under which GGL purchased 6,626,027 shares of the Company’s common stock on April 29, 2020, at a price per share of $ 37.73 , for an aggregate purchase price of approximately $ 250.0 million. After receipt of antitrust clearance on April 22, 2020, the 2020 Preliminary Agreement became effective as of April 29, 2020, which was also the closing date for the associated 2020 Stock Purchase Agreement between the parties (“Effective Date”). Under the terms of the 2020 GSK Agreement, the Company and GSK agreed to collaborate to research, develop and commercialize products for the prevention, treatment and prophylaxis of diseases caused by SARS-CoV-2, the virus that causes COVID-19, and potentially other coronaviruses. The collaboration is focused on the development and commercialization of three types of collaboration products under three programs: (1) antibodies targeting SARS-CoV-2, and potentially other coronaviruses (the “Antibody Program”); (2) vaccines targeting SARS-CoV-2, and potentially other coronaviruses (the “Vaccine Program”), and (3) products based on genome-wide CRISPR screening of host targets expressed in connection with exposure to SARS-CoV-2, and potentially other coronaviruses (the “Functional Genomics Program”). For four years following the Effective Date, the parties agreed to conduct certain research and development activities under mutually agreed development plans and associated budgets for each of the three programs, and under the oversight of a joint steering committee (“JSC”). The Company is primarily responsible for the development and clinical manufacturing activities for the Antibody Program, and for conducting the initial development activities directed to a vaccine in the Vaccine Program. GSK is primarily responsible for the commercialization activities for the Antibody Program (except in connection with sales of antibody products licensed to WuXi Biologics (Hong Kong) Limited in greater China), the later-stage development, manufacturing and commercialization activities for the Vaccine Program and the development, manufacturing and commercialization activities for the Functional Genomics Program. Subject to an opt-out mechanism, the parties share all development costs, manufacturing costs and costs and expenses for the commercialization of the collaboration products, with the Company bearing 72.5 % of such costs for the antibody products, 27.5 % of such costs for the vaccine products, and equal sharing of such costs for the functional genomics products. On a collaboration product-by-collaboration product basis, each party has the one-time right, at specified points in development, to opt-out of its co-funding obligations, and the other party may, at its election, either pursue such program unilaterally, or also cease research and development activities and funding of such collaboration product. If the opt-out provisions are not exercised by either party subject to the terms of the 2020 GSK Agreement, the parties share all profits and losses arising from any collaboration product in the same ratios in which the parties bore development costs for such collaboration program. For each collaboration product as to which a party exercises its opt-out right, the commercializing party pays to the opt-out party royalties on net sales of the applicable collaboration product at rates based on factors such as the stage of development of such collaboration product at the time the opt-out party exercises such right, and whether the opt-out party is the lead party, or a portion of the sublicense revenue if the commercializing party chooses to sublicense or otherwise divest rights to such collaboration product. On an antibody product-by-antibody product basis, the Company has a co-promotion right for such antibody product in the United States, under which the Company has the right to perform up to 20 % of details in connection with such antibody product. The 2020 GSK Agreement will remain in effect with respect to each collaboration program for as long as there is a collaboration product being developed or commercialized by the lead party, or the non-opt-out party, in such program. Either party has the right to terminate the 2020 GSK Agreement in the case of the insolvency of the other party, an uncured material breach of the other party with respect to a collaboration program or collaboration product, or as mutually agreed by the parties. The 2020 GSK Agreement superseded and replaced the 2020 Preliminary Agreement between the parties. In December 2021, Beecham S.A. assigned and transferred all its rights, title, interest, and benefit in the 2020 GSK Agreement to GlaxoSmithKline Biologicals S.A., including all its rights to bring claims under such agreement. The Company considered the ASC 606 criteria for combining contracts and determined that the 2020 GSK Agreement and 2020 Stock Purchase Agreement should be combined into a single contract because they were negotiated and entered into in contemplation of one another. The fair market value of the common stock issued to GGL was $ 206.7 million, based on the closing stock price of $ 36.70 on the date of execution of the 2020 Preliminary Agreement and 2020 Stock Purchase Agreement and taking into account a discount for the lack of marketability due to the restrictions in place on the underlying shares, resulting in a $ 43.3 million premium received by the Company. The Company accounted for the common stock issued to GGL based on its fair market value on the transaction date and determined that the premium paid by GSK should be attributed to the transaction price of the 2020 GSK Agreement. The Company concluded that the 2020 GSK Agreement contained four units of account: (i) the license granted to GSK under the Antibody Program (the “Antibody License”); (ii) the research and development activities (including clinical manufacturing) under the Antibody Program; (iii) the research and development activities under the Vaccine Program; and (iv) the research and development activities under the Functional Genomics Program. The Company considered the guidance in ASC 606 to determine which of these elements of the 2020 GSK Agreement are performance obligations with a customer. The Company determined that the Antibody License is within the scope of ASC 606 and accordingly, accounted for the Antibody License as a distinct performance obligation under ASC 606. The Antibody License is a functional intellectual property and is distinct from the associated research and development activities to be performed under the program due to its significant standalone functionality. All other elements of the 2020 GSK Agreement including the research and development activities, and participation in the JSC and subcommittees for each collaboration program were not determined to be distinct performance obligations with a customer. The transaction price for the Antibody License at inception was determined to be $ 43.3 million, representing the premium on the sale of common stock to GSK. The Company determined that GSK can benefit from the Antibody License at the time of grant and therefore, the related performance obligation is satisfied at a point in time. As such, the Company recognized the $ 43.3 million as contract revenue during the second quarter of 2020. Additionally, the Company is entitled to consideration from GSK related to profit and loss sharing arrangements (including royalties) contingent upon future sales of collaboration products under the Antibody Program. The remaining units of account of the 2020 GSK Agreement were determined to be within the scope of ASC 808 as the Company and GSK are both active participants in the development, manufacturing and commercialization activities and are exposed to significant risks and rewards that are dependent on the commercial success of the activities of the arrangement. Furthermore, the Company and GSK participate in the commercial profit and loss sharing arrangement for each program commensurate with each party’s cost-sharing responsibilities during research and development. Because ASC 808 does not provide recognition and measurement guidance, the Company determined that the guidance in ASC 730, Research and Development, was appropriate to analogize to, based on the nature of the cost-sharing provisions of the agreement. The Company has concluded that payments to or reimbursements from GSK related to these services will be accounted for as an increase to or reduction of research and development expenses, respectively. The Company also concluded that any payments from GSK related to the profit and loss sharing arrangement (including royalties) contingent upon the commercialization of the products under the Vaccine and Functional Genomics Programs will be analogized to ASC 606 and therefore, will be recognized when the related sales occur. In May 2021, the FDA granted an EUA in the United States for sotrovimab, the first collaboration product under the Antibody Program. As the lead party for all commercialization activities, GSK incurs all of the sales and marketing expenses and is the principal on sales transactions with third parties. As the Company is the agent under the 2020 GSK Agreement, the Company recognizes its contractual share of the profit-sharing amounts or royalties (in case of an opt-out) as revenue, net of any cost of sales and allowable expenses (including distribution, selling, and marketing expenses) in the period the sale occurs. During the year ended December 31, 2021, the Company recorded its share of net profit of $ 917.2 million as collaboration revenue in the consolidated statement of operations. Costs associated with co-development activities performed under the agreement are included in research and development expenses on the consolidated statements of operations, with any reimbursement of costs by GSK reflected as a reduction of such expenses. Under the 2020 GSK Agreement, the Company recognized additional net research and development expenses of $ 77.3 million and $ 25.4 million during the years ended December 31, 2021 and 2020, respectively. 2021 Expanded GSK Collaboration On February 14, 2021, the Company and GSK entered into a binding preliminary collaboration agreement (the “2021 Preliminary Agreement”), under which the parties agreed to expand the 2020 GSK Agreement to collaborate on three separate programs: (1) a program to research, develop and commercialize mAbs for the prevention, treatment or prophylaxis of the influenza virus (the “Influenza Program”), excluding VIR-2482 unless GSK exercises its option as described below; (2) an expansion of the parties’ current Functional Genomics Program to focus on functional genomics screens directed to targets associated with respiratory viruses (the “Expanded Functional Genomics Program”); and (3) additional programs to develop neutralizing mAbs directed to up to three non-influenza target pathogens selected by GSK (the “Selected Pathogens” and such programs, the “Additional Programs”). Concurrently with the execution of the 2021 Preliminary Agreement, the Company entered into a stock purchase agreement (the “2021 Stock Purchase Agreement”) with GGL under which GGL agreed to purchase shares of the Company’s common stock for an aggregate purchase price of approximately $ 120.0 million. The consummation of the transactions under each of the 2021 Preliminary Agreement and the 2021 Stock Purchase Agreement were subject to the satisfaction of customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, which expiration was effective on March 24, 2021. The 2021 Preliminary Agreement and 2021 Stock Purchase Agreement consummated on March 25, 2021, which the Company used as the measurement date for accounting purposes. On March 31, 2021, the Company closed the sale of 1,924,927 shares of its common stock to GGL. The 2021 Preliminary Agreement was superseded on May 18, 2021 upon execution of the definitive collaboration agreement (the “2021 GSK Agreement”, or collectively with the 2021 Preliminary Agreement, the “2021 GSK Collaboration”). The material terms of the 2021 GSK Agreement, including the promised goods and services, are discussed below and is consistent with those of the 2021 Preliminary Agreement. Under the 2021 GSK Collaboration, the parties will conduct certain research and development activities under mutually agreed development plans and associated budgets for the programs within the expanded collaboration for a period of three years following the effective date. Under the Influenza Program, the parties will collaborate to research, develop and commercialize mAbs for the prevention, treatment or prophylaxis of influenza, including the Company’s influenza mAbs (with respect to VIR-2482, only if GSK exercises its option). The Company may conduct the development and clinical manufacturing activities for VIR-2482 up to the completion of a Phase 2 clinical trial. Provided that the Company conducts and completes a Phase 2 clinical trial for VIR-2482, GSK will have the exclusive option to obtain exclusive rights to co-develop and commercialize VIR-2482 under the Influenza Program (the “VIR-2482 Option”). GSK will be the lead party for development, clinical and commercial manufacturing and commercialization activities for products under the Influenza Program (other than VIR-2482 unless and until GSK exercises the VIR-2482 Option, if applicable). The parties will mutually agree upon the allocation of responsibility for the development of products under the Expanded Functional Genomics Program, and for the development and early-stage manufacturing of products under the Additional Programs if and when GSK decides which Selected Pathogens to pursue. GSK will be primarily responsible for commercial manufacturing and commercialization activities for products under the Expanded Functional Genomics Program and Additional Programs, if and when selected by GSK. For each collaboration program, upon execution of the definitive agreement, the Company will grant GSK certain license rights related to the development, manufacturing and commercialization of products arising from the program. The parties will share 50 % of all development costs in accordance with the budget for each of the collaboration programs (other than for the Selected Pathogens and VIR-2482, unless GSK exercises the VIR-2482 Option), with each party having the right to opt-out of its co-funding obligations at specified points in development. In such case, the party continuing with the program will pay to the opt-out party a royalty on net sales of products arising from such program at specified rates based on the stage of development at which the opt-out is exercised. Following the exercise of an opt-out right by a party, the other party may, at its election, either pursue development and commercialization of such product or program unilaterally, or also cease the conduct and funding of such collaboration product or program. In the absence of any opt-out, the parties will also share 50 % of all profits and losses arising from any collaboration product. GSK was obligated to make an upfront payment to the Company of $ 225.0 million, 50 % of which became payable at the effective date of the 2021 Preliminary Agreement and 50 % of which became payable following the execution of the 2021 GSK Agreement. If GSK exercises the VIR-2482 Option, GSK will pay the Company an option exercise fee of $ 300.0 million unless certain agreed product criteria for VIR-2482 are not met, in which case the parties will negotiate an alternative option exercise fee. Upon achievement of a pre-defined regulatory milestone for the first product in the Influenza Program, which may be (i) VIR-2482 (if GSK exercised the VIR-2482 Option), (ii) a next-generation mAb, or (iii) any other influenza mAb approved by the JSC to be included in the collaboration, arising from the Influenza Program, GSK will make a milestone payment to the Company of up to $ 200.0 million. The Company concluded that the 2021 GSK Agreement is a collaboration arrangement as defined in ASC 808, Collaborative Agreements, under which certain elements are required to be accounted for under ASC 606 where the counterparty is a customer for a good or service that is a distinct unit of account. In addition, the 2021 GSK Agreement is considered a contract modification to the 2021 Preliminary Agreement and will be accounted for prospectively, as a termination of the 2021 Preliminary Agreement and commencement of a new contract. There was no impact to the accounting assessment of the original contract as no goods or services had been delivered to GSK, no performance obligations were satisfied, and accordingly, no contract revenue was recognized under ASC 606 prior to the execution of the 2021 GSK Agreement. The Company considered the ASC 606 criteria for combining contracts and determined that the 2021 GSK Collaboration and 2021 Stock Purchase Agreement should be combined into a single contract because they were negotiated and entered into in contemplation of one another. The fair market value of the common stock issued to GGL was $ 85.2 million, based on the closing stock price of $ 52.70 on March 25, 2021 and taking into account a discount for the lack of marketability due to the restrictions in place on the underlying shares, resulting in a $ 34.8 million premium received by the Company. The Company accounted for the common stock issued to GGL based on its fair market value on the transaction date and determined that the premium paid by GSK should be attributed to the transaction price of the 2021 GSK Agreement. The Company concluded that the 2021 GSK Agreement contained the following units of account: (i) the VIR-2482 Option; (ii) three distinct rights granted to GSK related to the Selected Pathogens (each, a “Selected Pathogens Right”); (iii) the license and know-how to the next-generation mAbs under the Influenza Program (the “Next Gen License”); (iv) the research and development activities for next-generation mAbs under the Influenza Program; and (v) the research and development activities, including license rights and know-how, under the Expanded Functional Genomics Program. The Company considered the guidance in ASC 606 to determine which of these elements of the 2021 GSK Agreement are performance obligations with a customer. The Company determined that the distinct performance obligations under ASC 606 consisted of (i) the Next Gen License and (ii) the three Selected Pathogens Rights, each representing a material right. All other elements of the 2021 GSK Agreement including the VIR-2482 Option, research and development activities, and participation in the JSC and subcommittees for each collaboration program were not determined to be distinct performance obligations with a customer. A s of December 31, 2021, GSK had not exercised the VIR-2482 Option. The transaction price for the 2021 GSK Agreement included fixed consideration consisting of the $ 225.0 million upfront fee paid by GSK and $ 34.8 million, representing the premium on the sale of common stock to GSK for a total of $ 259.8 million. All potential future milestones and other payments under the 2021 GSK Agreement are constrained since the Company could not conclude it was probable that a significant reversal in the amount recognized would not occur. The respective estimated SSP for each of the performance obligations was determined to allocate the transaction price. The estimated SSP of each performance obligation was determined using methods that considered relevant market conditions, entity-specific factors and information about GSK, while maximizing the use of available observable inputs and using certain management assumptions (e.g., treatable patient population, expected market share, probability of success and product profitability, discount rate based on weighted-average cost of capital). For the Next Gen License, the Company determined that GSK can benefit from the license at the time the license is granted, and therefore, the related performance obligation is satisfied at a point in time. If any of the Selected Pathogens Rights are exercised, the Company will evaluate the related promises to identify the performance obligations to be transferred and the timing of revenue recognition. If any of the Selected Pathogens Rights expire prior to being exercised, the Company will recognize any deferred revenue allocated to that right as revenue at the time of expiration. The research and development activities for the next generation mAbs under the Influenza Program and the Expanded Functional Genomics Program were determined to be within the scope of ASC 808 as the Company and GSK are both active participants in the development, manufacturing and commercialization activities and are exposed to significant risks and rewards that are dependent on the commercial success of the activities of the arrangement. Furthermore, the Company and GSK participate in the commercial profit and loss sharing arrangement for each program commensurate with each party’s cost-sharing responsibilities during research and development. Because ASC 808 does not provide recognition and measurement guidance, the Company determined that the guidance in ASC 730, Research and Development, was appropriate to analogize to based on the nature of the cost-sharing provisions of the agreement. The Company has concluded that payments to or reimbursements from GSK related to these services will be accounted for as an increase to or reduction of research and development expenses, respectively. The Company also concluded that any payments from GSK related to the profit and loss sharing arrangement (including royalties) contingent upon the commercialization of the related products will be analogized to ASC 606 and therefore, will be recognized when the related sales occur. Upon execution of the 2021 GSK Agreement, the Company granted the Next Gen License to GSK and therefore, recognized $ 168.3 million as contract revenue in the second quarter of 2021. As of December 31, 2021, the total unrecognized transaction price of $ 91.5 million is classified as current deferred revenue on the Company's consolidated balance sheet related to the remaining performance obligations, being the material rights resulting from the Selected Pathogens Rights, none of which have been exercised by GSK as of December 31, 2021. The Company expects the rights will be exercised, and thus, the corresponding deferred revenue will be recognized within the next 12 months from the balance sheet date. Costs associated with co-development activities performed under the agreement are included in research and development expenses in the consolidated statements of operations, with any reimbursement of costs by GSK reflected as a reduction of such expenses. During the year ended December 31, 2021, the Company recognized additional net research and development expense of $ 0.5 million under the 2021 GSK Agreement. Under both the 2020 GSK Agreement and the 2021 GSK Agreement, the Company has a receivable from collaboration of $ 773.1 million as of December 31, 2021. Brii Biosciences In May 2018, the Company entered into the Brii Agreement with Brii Bio Parent and Brii Bio pursuant to which the Company granted to Brii Bio, with respect to up to four of the Company’s programs, an exclusive option to obtain exclusive rights to develop and commercialize compounds and products arising from such programs in China, Taiwan, Hong Kong and Macau (collectively, the “China Territory”) for the treatment, palliation, diagnosis, prevention or cure of acute and chronic diseases of infectious pathogen origin or hosted by pathogen infection (the “Field of Use”). The Company’s HBV small interfering ribonucleic acid ( “siRNA”) program being developed under the Amended Alnylam Agreement (described below) is included within the Brii Agreement as a program for which Brii Bio may exercise one of its options. In partial consideration for the options granted by the Company to Brii Bio, Brii Bio Parent and Brii Bio granted the Company, with respect to up to four of Brii Bio Parent’s or Brii Bio’s programs, an exclusive option to be granted exclusive rights to develop and commercialize compounds and products arising from such Brii Bio programs in the United States for the Field of Use. The number of options that the Company may exercise for a Brii Bio program is limited to the corresponding number of options that Brii Bio exercises for a Vir program. As partial consideration for the Company’s entry into the Brii Agreement, upon closing of Brii Bio Parent’s Series A preferred stock financing, the Company received ordinary shares equal to 9.9 % of the outstanding shares in Brii Bio Parent. As a result of Brii Bio’s right to exercise one of its options for the Company’s HBV siRNA program, under the terms of the Amended Alnylam Agreement, the Company transferred to Alnylam Pharmaceuticals, Inc. ("Alnylam") a specified percentage of such equity consideration allocable to such program under a share transfer agreement in February 2020 . With respect to programs for which Brii Bio exercises its options, Brii Bio will be required to pay the Company an option exercise fee for each such Vir program ranging from the mid-single-digit millions up to $ 20.0 million, determined based on the commercial potential of the licensed program. Brii Bio will also be required to pay regulatory milestone payments on a licensed product-by-licensed product basis ranging from the mid-single-digit millions up to $ 30.0 million, also determined based on the commercial potential of such program. Following commercialization, Brii Bio will be required to make sales milestone payments based on certain specified levels of aggregate annual net sales of products arising from each licensed program in the China Territory, up to an aggregate of $ 175.0 million per licensed program. Brii Bio also will pay royalties to the Company that range from the mid-teens to the high-twenties , as described below. Upon exercise of each option for a Brii Bio program, the Company will be required to pay to Brii Bio an option exercise fee ranging from the low tens of millions to up to $ 50.0 million, determined based on the commercial potential of the licensed program. The Company will be required to make regulatory milestone payments to Brii Bio on a licensed product-by-licensed product basis ranging from the low tens of millions up to $ 100.0 million, also determined based on the commercial potential of such program. The Company will also be required to make sales milestone payments based on certain specified levels of aggregate annual net sales of products in the United States arising from each licensed program, up to an aggregate of $ 175.0 million per licensed program. In addition, the Company is obligated under the Brii Agreement to pay Brii Bio tiered royalties based on net sales of products arising from the licensed programs in the United States, and Brii Bio is obligated to pay the Company tiered royalties based on net sales of products arising from the licensed programs in the China Territory. The rates of royalties payable by the Company to Brii Bio, and by Brii Bio to the Company, on net sales range from mid-teens to high-twenties. Each party’s obligations to pay royalties expires, on a product-by-product and territory-by-territory basis, on the latest of 10 years after the first commercial sale of such licensed product in the United States or China Territory, as applicable; the expiration or abandonment of licensed patent rights that cover such product in the United States or China Territory, as applicable; and the expiration of regulatory exclusivity in the United States or the China Territory, as applicable. Royalty rates are subject to specified reductions and offsets. The Brii Agreement will remain in force until the expiration of all options or, if any option is exercised, expiration of all royalty payment obligations for all licensed products within such licensed program, unless terminated in its entirety or on a program-by-program basis by either party. Each party may terminate for convenience all rights and obligations with respect to any program for which it has an option, with 30 days’ written notice (if the terminating party has not exercised an option for such program) or 180 days’ notice (following the exercise of an option for such program). The Brii Agreement may also be terminated by either party for insolvency of the other party, and either party may terminate the Brii Agreement in its entirety or on a program-by-program basis for the other party’s uncured material breach on 60 days’ written notice (or 30 days’ notice following failure to make payment). From May 2018 until July 2021, the Brii Bio Parent IPO closing date, Brii Bio Parent and its wholly-owned subsidiary Brii Bio were determined to be variable interest entities ("VIE") due to their reliance on future financing and having insufficient equity at risk. However, the Company did not have the power to direct activities that most significantly impact the economic success of these entities and was not considered the primary beneficiary of these entities. Therefore, the Company did not consolidate Brii Bio Par ent or Brii Bio. Subsequent to the Brii Bio Parent IPO, the Company determined that these entities are no longer VIEs. In addition, as Brii Bio Parent is a publicly-traded company, the Company's investment in its ordinary shares became a marketable equity investment with readily determinable fair value and is then subsequently remeasured to fair value at each reporting date (see Note 3—Fair Value Measurements). Prior to the Brii Bio Parent IPO, the Company accounted for its investment in Brii Bio Parent, which had a carrying value of $ 5.7 million, at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment from the same issuer. Under the Brii Agreement, the Company also has a contract liability of $ 3.8 million within noncurrent deferred revenue which represents deferred consideration for the remaining three options that the Company granted to Brii Bio. The deferred consideration will be recognized when Brii Bio exercises its options or the options expire. Option Exercise by Brii Bio In June 2020, Brii Bio exercised its option to obtain exclusive rights to develop and commercialize compounds and products arising from VIR-2218 in the China Territory. In consideration of the Company’s grant to Brii Bio of an exclusive license related to VIR-2218 in the China Territory, the Company received a $ 20.0 million option exercise fee in connection with the option exercise. Also, the Company is eligible to receive the following payments related to VIR-2218 in the China Territory: a $ 30.0 million regulatory milestone payment, up to $ 175.0 million in sales-based milestone payments, and royalties on net sales ranging from high-teens to high-twenties . The Company evaluated the transaction under ASC 606 and identified one performance obligation consisting of the license granted to Brii Bio. Under the Brii Agreement, Brii Bio is responsible for performing all research and development activities and the Company does not have any other performance obligations within the context of ASC 606 under the arrangement after the option exercise. The transaction price is determined to be $ 22.7 million which consists of the $20.0 million option exercise fee and $ 2.7 million of the deferred revenue allocated to the VIR-2218 option at the inception of the Brii Agreement. The Company determined that the license is considered a functional intellectual property that is a distinct performance obligation under

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	8. Balance Sheet Components Property and Equipment, net Property and equipment, net consists of the following: December 31, 2021 2020 (in thousands) Laboratory equipment $ 20,012 $ 16,769 Computer equipment 1,112 556 Furniture and fixtures 1,443 1,444 Leasehold improvements 7,834 7,274 Construction in progress 26,925 1,135 Property and equipment, gross 57,326 27,178 Less accumulated depreciation and amortization ( 14,492 ) ( 9,232 ) Total property and equipment, net $ 42,834 $ 17,946 Depreciation and amortization expenses were $ 5.3 million , $ 4.4 million and $ 3.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Accrued and Other Liabilities Accrued and other liabilities consist of the following: December 31, 2021 2020 (in thousands) Milestone payable $ 95,000 $ — Accrued royalties 58,672 — Research and development expenses 28,073 49,384 Payroll and related expenses 29,753 17,060 Accrued income taxes 6,217 — Excess funds payable under grant agreements 1,825 3,467 Operating lease liabilities, current 3,927 3,625 Other professional and consulting expenses 2,791 2,595 Other accrued expenses 10,254 805 Total accrued and other liabilities $ 236,512 $ 76,936

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Lease Agreements The Company has various operating lease arrangements for office and laboratory spaces located in California, Oregon, Missouri, and Switzerland with contractual lease periods expiring between 2022 and 2033 . These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain lease agreements also provide the Company with the option to renew for additional periods ranging from one to five years . These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. In October 2021, the Company entered into a new sublease agreement for office and laboratory spaces in Missouri that will expire in December 2028, with no option to renew. Under this sublease arrangement, the Company is entitled to tenant improvement allowance of up to $ 14.7 million related to the design and construction of certain Company improvements . In December 2021, the Company entered into a lease agreement with the new owner of the building at 1800 Owens Street in San Francisco for the lease of approximately 133,896 rentable square feet of office and laboratory space of such building. The Company previously occupied the same premises under a sublease agreement with a sublessor, which sublease was terminated concurrently with the execution of the new lease agreement. Accordingly, the related ROU asset and lease liability under the sublease arrangement were extinguished and the Company recognized a gain of $ 4.8 million in the consolidated statement of operations for the year ended December 31, 2021. The new lease will expire in December 2033, with no option to renew. Under this lease arrangement, the Company is entitled to tenant improvement allowance of up to $ 37.5 million related to the design and construction of certain Company improvements . Under two of the operating lease arrangements in California and Missouri discussed above, the Co mpany expects to fully utilize the tenant improvement allow ance, and therefore, such amount is treated as a lease incentive that is payable to the Company at the lease commencement date. Throughout the term of the lease agreements, the Company is responsible for paying certain operating costs, in addition to rent, such as common area maintenance, taxes, utilities and insurance. These additional charges are considered variable lease costs and are recognized in the period in which the costs are incurred. The following table contains a summary of the lease costs recognized under ASC 842 and additional information related to operating leases (in thousands, except weighted average amounts): Year Ended December 31, 2021 2020 Operating lease cost $ 11,921 $ 4,591 Short-term lease cost 261 459 Variable lease cost 4,256 2,299 Total least cost $ 16,438 $ 7,349 Other Information Weighted average remaining lease term (in years) 10.4 10.6 Weighted average incremental borrowing rate 5.2 % 7.7 % Cash paid for amounts included in the measurement of operating lease liabilities $ 6,250 $ 5,081 ROU assets obtained in exchange for new operating lease liabilities $ 77,187 $ 48,495 The discount rate used to determine the present value of the lease payments is our estimated collateralized incremental borrowing rate, based on the yield curve for the respective lease terms, as we generally cannot determine the interest rate implicit in the leases. The maturity of the Company’s operating lease liabilities as of December 31, 2021 was as follows (in thousands): Amounts 2022 $ 12,432 2023 19,082 2024 18,233 2025 15,917 2026 16,353 Thereafter 103,413 Total lease payments 185,430 Less: imputed interest ( 45,261 ) Less: net tenant improvement allowance yet to be received ( 52,217 ) Present value of operating lease liabilities $ 87,952 The following amounts were recorded in the consolidated balance sheets as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Operating Leases Prepaid expenses and other current assets (1) $ 49,536 $ 7,913 Operating ROU assets 87,220 61,947 Accrued and other liabilities $ 3,927 $ 3,625 Operating lease liabilities, noncurrent 133,561 66,556 Total operating lease liabilities $ 137,488 $ 70,181 (1) For certain operating leases, lease incentives expected to be received exceeds the minimum lease payments expected to be paid over the next 12 months, therefore the net amount is recorded in prepaid expenses and other current assets. Rent expense under the prior lease accounting standard was $ 4.4 million for the year ended December 31, 2019. Manufacturing and Supply Letter Agreements Letter Agreement, Assignment and Master Services Agreement with Samsung On April 9, 2020, the Company and Samsung Biologics Co., Ltd. (“Samsung”) entered into a binding letter agreement (the “Samsung Letter Agreement”), under which Samsung will perform process development and manufacturing services for the Company’s SARS-CoV-2 antibody program. Under the terms of the Samsung Letter Agreement, the Company had committed to purchase a firm and binding capacity reservation for a specified number of manufacturing slots in 2021 and 2022. The Company was obligated to pay a total of approximately $ 362 million for such capacity reservation on a take-or-pay basis regardless of whether such manufacturing slots are utilized by the Company, subject to annual adjustment based on the Korean Consumer Price Index, which also includes certain fees relating to project management and technology transfer. The amounts were to be payable during 2021 and 2022 and invoiced on a per-batch basis, with shortfalls invoiced at the end of the year in which such shortfall occurs. On August 4, 2020, the Company, GlaxoSmithKline Trading Services Limited (“GSKTSL”) and Samsung entered into an Assignment and Novation Agreement effective as of July 31, 2020 under which the Company assigned and transferred to GSKTSL all of the Company’s right, title, and interest in, to and under the Samsung Letter Agreement, and GSKTSL became the Company’s successor in interest in and to all of the Company’s rights, duties, and obligations in, to and under the Samsung Letter Agreement. On August 4, 2020, GSKTSL entered into a Master Services Agreement with Samsung effective as of July 31, 2020 (the “Samsung MSA”), thereby superseding the Samsung Letter Agreement, and under which, among other things, Samsung will perform technology transfer, development and manufacturing services for clinical and commercial supply of antibody products under the Company’s SARS-CoV-2 antibody program. Letter Agreement, Assignment and Master Services Agreement with WuXi Biologics On June 15, 2020, the Company and WuXi Biologics entered into a binding letter of intent (the “WuXi Biologics Letter Agreement”), under which WuXi Biologics will perform certain development and manufacturing services for the Company’s SARS-CoV-2 antibody program. Under the terms of the WuXi Biologics Letter Agreement, the Company had committed to purchase a firm and binding capacity reservation for the manufacture of a specified number of batches of drug substance of the Company’s SARS-CoV-2 antibody in 2020 and 2021. In addition, the Company had the right to order an additional specified number of batches of drug substance, provided it makes such election by a specified date in the fourth calendar quarter in 2020. WuXi Biologics is obligated to reserve such manufacturing slots on a non-cancellable basis and will manufacture the agreed number of batches of drug substance per an agreed manufacturing schedule. The Company was obligated to pay a total of approximately $ 130.0 million for such capacity reservation, if all batches are manufactured, inclusive of estimated raw material costs, with between 70 % and 80 % of the batch production fees owed to WuXi Biologics on a take-or-pay basis regardless of whether such manufacturing slots are utilized by the Company. The amounts were to be payable during 2020 and 2021 and invoiced on a per-batch basis. The SARS-CoV-2 antibody drug substance contemplated to be manufactured per the terms of the WuXi Biologics Letter Agreement will be utilized in connection with progressing the development and commercialization of the SARS-CoV-2 antibody product under the Company’s collaboration with GSK. On August 4, 2020, the Company, GSKTSL and WuXi Biologics entered into an Assignment and Novation Agreement effective as of July 29, 2020 under which the Company assigned and transferred to GSKTSL all of the Company’s right, title, and interest in, to and under the WuXi Biologics Letter Agreement, and GSKTSL became the Company’s successor in interest in and to all of the Company’s rights, duties, and obligations in, to and under the WuXi Biologics Letter Agreement. On August 4, 2020, GSKTSL entered into a non-exclusive Master Services Agreement for Commercial Manufacture of Drug Substance with WuXi Biologics effective as of July 29, 2020 (the “WuXi Biologics MSA”), thereby superseding the WuXi Biologics Letter Agreement, and pursuant to which, among other things, WuXi Biologics will perform development and manufacturing services for clinical and commercial supply of antibody products under the Company’s SARS-CoV-2 antibody program. GSKTSL entered into the WuXi Biologics MSA and Samsung MSA in connection with the performance of the obligations of the Company and GSK, under the 2020 GSK Agreement. Per the terms of the 2020 GSK Agreement, the Company will continue to be responsible for 72.5 % of the costs under each of the WuXi Biologics MSA and Samsung MSA, and GSK will bear 27.5 % of such costs under each of the Samsung MSA and the WuXi Biologics MSA, subject to certain conditions and exceptions. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Under such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. In addition, the Company has entered into indemnification agreements with its directors and certain officers that may require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, no demands have been made upon the Company to provide indemnification under these agreements, and thus, there are no indemnification claims that the Company is aware of that could have a material effect on the Company’s consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions As a result of the Brii Agreement in May 2018, the Company holds a minority equity interest in Brii Bio through its parent company, Brii Bio Parent. At the time when the Company entered into the Brii Agreement, the Company's Chief Executive Officer, or CEO, and another member of the Company's board of directors served on Brii Bio Parent’s board of directors. The Company's CEO, who is also a member of the Company's board of directors, resigned from Brii Bio Parent’s board of directors in June 2021. As of December 31, 2021, one member of the Company’s board of directors still serves on Brii Bio Parent’s board of directors. In January 2019, the Company issued 18,202,213 shares of Series B convertible preferred stock to existing Series A-1 preferred stockholders. See further discussion in Note 11—Convertible Preferred Stock.

Convertible Preferred Stock

Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2021
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	11. Convertible Preferred Stock Prior to the IPO, under the Company’s amended and restated certificate of incorporation, the Company was authorized to issue two classes of shares: preferred stock and common stock. The preferred stock was issued in series. In January 2019, under the Amended A&R Series A-1 and B Purchase Agreement, the Company sold an aggregate of 18,202,213 shares of Series B convertible preferred stock at $ 18.00 per share for net proceeds of $ 327.5 million in two closings. The Company was authorized to sell up to 4,020,009 additional shares of Series B convertible preferred stock in one or more additional closings. Upon closing of the IPO, all of the outstanding convertible preferred stock automatically converted into 88,112,733 shares of common stock. After the closing of the IPO, there were no shares of convertible preferred stock outstanding.

Convertible Preferred Stock War

Convertible Preferred Stock Warrant Liability	12 Months Ended
	Dec. 31, 2021
Convertible Preferred Stock Warrant Liability [Abstract]
Convertible Preferred Stock Warrant Liability	12. Convertible Preferred Stock Warrant Liability In September 2016, the Company issued a warrant to purchase an aggregate of 244,444 shares of the Company’s Series A-1 convertible preferred stock with an exercise price of $ 4.50 per share in connection with the termination of a sponsor research agreement. The warrant was fully vested upon the issuance date and had an expiration date of September 11, 2026 . The warrant was initially accounted for as a liability and was subject to remeasurement at each reporting period, with changes in estimated fair value recognized as a component of other income (expense), net. Upon the completion of the IPO in October 2019, the warrant automatically converted into a warrant to purchase 244,444 shares of common stock. Therefore, the convertible preferred stock warrant liability was reclassified to additional paid-in capital. In May 2020, the holder exercised its warrant in a cashless exercise for which the Company issued an aggregate of 211,774 shares of common stock.

Stock-Based Awards

Stock-Based Awards	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Awards	13. Stock-Based Awards 2019 Equity Incentive Plan In September 2019, the Company’s board of directors adopted, with the approval of its stockholders, the 2019 Equity Incentive Plan (the "2019 Plan") for the issuance of incentive stock options (“ISO”), non-qualified stock options (“NSO”), stock appreciation rights (“SARs”), restricted stock, other stock awards and performance cash awards, to employees, non-employee directors, and consultants. The 2019 Plan became effective concurrent with the IPO. Awards granted under the 2019 Plan expire no later than 10 years from the date of grant. For ISO and NSO, the option price shall not be less than 100 % of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. As of December 31, 2021, there are 9,092,936 shares available for the Company to grant under the 2019 Plan. 2016 Equity Incentive Plan In September 2016, the Company adopted the 2016 Equity Incentive Plan (the “2016 Plan”) for the issuance of ISO, NSO, SARs, restricted stock and other stock awards, to employees, non-employee directors, and consultants under terms and provisions established by the Company’s board of directors and approved by the stockholders. Awards granted under the 2016 Plan expire no later than 10 years from the date of grant. For ISO and NSO, the option price shall not be less than 100 % of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. In conjunction with adopting the 2019 Plan, the Company discontinued the 2016 Plan with respect to the new equity awards. 2019 Employee Stock Purchase Plan In September 2019, the Company’s board of directors adopted, with the approval of its stockholders, the ESPP. The ESPP became effective on the completion of the Company’s IPO. The ESPP initially authorized the issuance of 1,280,000 shares of the Company’s common stock under purchase rights granted to its employees or employees of any of the Company’s designated affiliates. The number of shares of the Company’s common stock reserved for issuance is subject to an automatic increase at each calendar year. Under the ESPP, the Company may specify offerings with durations of not more than 27 months and may specify shorter purchase periods within each offering. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15 % of their earnings, subject to any plan limitations. Unless otherwise determined by the Company’s board of directors, employees can purchase shares at 85 % of the lower of the fair market value of the Company’s common stock on the first date of an offering or the purchase date. During the year ended December 31, 2021, 65,021 shares were issued under the ESPP. Stock Option Activity Activity under the Company’s stock option plans is set forth below: Number of Weighted Weighted Aggregate (Years) (in thousands) Outstanding at December 31, 2020 9,798,282 $ 19.10 8.6 Granted 3,294,000 $ 58.68 Exercised ( 1,622,718 ) $ 8.06 Forfeited ( 1,160,636 ) $ 34.55 Outstanding at December 31, 2021 10,308,928 $ 31.75 8.2 $ 160,378 Vested and expected to vest at December 31, 2021 10,308,928 $ 31.75 8.2 $ 160,378 Vested and exercisable at December 31, 2021 4,238,107 $ 17.29 7.5 $ 105,698 The aggregate intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $ 65.1 million $ 53.1 million and $ 5.5 million, respectively. During the years ended December 31, 2021, 2020, and 2019, the estimated weighted-average grant date fair value of the options granted was $ 47.62 , $ 25.49 , and $ 7.83 per share, respectively. As of December 31, 2021, the Company expects to recognize the remaining unamortized stock-based compensation expense of $ 176.4 million related to stock options, over an estimated weighted average period of 2.5 years. Stock Options Granted to Employees The fair value of stock options granted to employees was estimated on the date of grant using the Black-Scholes option- pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Expected term of options (in years) 5.3 – 6.1 5.0 – 6.1 5.9 – 6.1 Expected stock price volatility 103.1 % – 112.1 % 88.8 % – 108.6 % 86.5 % – 89.4 % Risk-free interest rate 0.6 % – 1.3 % 0.3 % – 1.2 % 1.5 % – 2.5 % Expected dividend yield — — — The valuation assumptions for stock options was determined as follows: Expected Term— The expected term represents the period that the options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term. Expected Volatility— The expected volatility was determined by examining the historical volatilities for industry peers and using an average of historical volatilities of the Company’s industry peers as the Company does not have a sufficient historical trading history for its stock. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its stock price becomes available. Risk-Free Interest Rate— The Company based the risk-free interest rate over the expected term of the options based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant. Expected Dividend Rate— The expected dividend is zero as the Company has not paid nor does it anticipate paying any dividends on its profit interest units in the foreseeable future. Employees Stock Purchase Plan In June 2021, the Company initiated its first offering period under the ESPP. Each offering period is six months , which commences on the grant date on or after June 1 and December 1 of each year and ends on the purchase date on or before November 30 and May 31 of each year. The fair value of employees' purchase rights under the ESPP was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions for the year ended December 31, 2021: Expected term of ESPP (in years) 0.5 Expected stock price volatility 76.1 % - 144.1 % Risk-free interest rate 0.04 % - 0.1 % Expected dividend yield — The expected term of employees’ purchase rights is equal to the purchase period. The expected volatility was determined based on the Company's historical volatility. The risk-free interest rate is based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant over the expected term of the employees’ purchase rights. The expected dividend is zero as the Company has not paid nor does it anticipate paying any dividends on its profit interest units in the foreseeable future. Based on the Black-Scholes option-pricing model, the estimated weighted-average grant date fair value of the employees' purchase rights granted for the year ended December 31, 2021 was $ 19.85 per share. Restricted Stock Activity The Company’s RSAs and RSUs were summarized as follows: Shares Weighted Average Grant Date Fair Value Per Share RSU RSA RSU RSA Unvested as of December 31, 2020 — 89,261 $ — $ 1.48 Granted 1,366,189 — $ 60.35 $ — Vested — ( 89,261 ) $ — $ 1.48 Forfeited ( 94,855 ) — $ 66.05 $ — Unvested as of December 31, 2021 1,271,334 — $ 59.93 $ — The unvested shares of RSUs have not been included in the shares issued and outstanding. In January 2017, the Company entered into a restricted stock purchase agreement with an executive officer and a restricted stock purchase agreement with a director whereby the executive officer and the director purchased an aggregate of 3,624,355 shares of restricted stock. The consideration for the restricted stock was the issuance of promissory notes which were non-recourse in nature and were accounted for as in-substance stock options. In August 2019, per the terms of the notes, the Company received $ 3.3 million as repayment of the outstanding promissory notes and accrued interest. The Company reduced the restricted stock liability as the common stock vests, which was fully vested as of December 31, 2020. As of December 31, 2021, there was $ 61.3 million of total unrecognized compensation cost related to unvested restricted stock units, all of which is expected to be recognized over a remaining weighted-average period of 3.2 years. Stock-Based Compensation Expense The following table sets forth the total stock-based compensation expense for all awards granted to employees and non-employees, including shares sold through the issuance of non-recourse promissory notes of which all the shares are considered to be options for accounting purposes, and the ESPP in the consolidated statements of operations: Year Ended December 31, 2021 2020 2019 (in thousands) Research and development $ 42,554 $ 13,663 $ 3,034 Selling, general and administrative $ 41,230 13,937 5,685 Total stock-based compensation $ 83,784 $ 27,600 $ 8,719

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	14. Net Income (Loss) Per Share The following is a calculation of the basic and diluted net income (loss) per share (in thousands, except share and per share data): Year ended December 31, 2021 2020 2019 Net income (loss), basic and diluted $ 528,584 $ ( 298,665 ) $ ( 174,683 ) Weighted-average shares outstanding, basic 129,884,967 119,159,424 30,349,920 Weighted-average effect of dilutive securities: Options to purchase common stock 3,513,438 — — Restricted shares subject to future vesting 35,488 — — Contingently issuable shares 3,233 — — Weighted-average shares outstanding, diluted 133,437,126 119,159,424 30,349,920 Net income (loss) per share, basic $ 4.07 $ ( 2.51 ) $ ( 5.76 ) Net income (loss) per share, diluted $ 3.96 $ ( 2.51 ) $ ( 5.76 ) Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of December 31, 2021 2020 2019 Options issued and outstanding 5,764,308 9,798,282 7,186,298 Restricted shares subject to future vesting 1,088,304 89,261 2,075,511 Warrants to purchase common stock — — 244,444 Total 6,852,612 9,887,543 9,506,253 As of December 31, 2021, the Company estimated shares issuable under the ESPP would be 65,967 based on expected total contributions from the plan participants and 85 % of the stock price at the beginning of the offering period.

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Defined Contribution Plan	15. Defined Contribution Plan In October 2017, the Company began to sponsor a 401(k) retirement savings plan for the benefit of its employees. Eligible employees may contribute a percentage of their compensation to this plan, subject to statutory limitations. The Company made contributions to the plan for eligible participants, and recorded contribution expenses of $ 2.7 million, $ 1.8 million, and $ 1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	16. Income Taxes Income (loss) before provision for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ 535,989 $ ( 309,697 ) $ ( 138,724 ) Foreign 13,813 11,086 ( 35,805 ) Total income (loss) before provision for income taxes $ 549,802 $ ( 298,611 ) $ ( 174,529 ) The components of income tax expense consist of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ 3,526 $ — $ — State 105 — — Foreign 2,401 106 154 6,032 106 154 Deferred: Federal 15,186 ( 21 ) — State — ( 31 ) — 15,186 ( 52 ) — Provision for income taxes $ 21,218 $ 54 $ 154 A reconciliation between the expected income tax provision at the federal statutory rate and the reported income tax expense is as follows: Year Ended December 31, 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax at less than federal statutory rate ( 0.2 ) 0.9 ( 0.3 ) Prior year tax rate adjustment — ( 1.9 ) — State taxes, net of federal benefit 0.7 2.7 2.4 Research and development tax credit ( 1.6 ) 1.8 2.0 Permanent items 1.8 1.3 ( 0.8 ) Changes in valuation allowance ( 17.9 ) ( 25.3 ) ( 24.3 ) Other 0.1 ( 0.5 ) ( 0.1 ) Effective income tax rate 3.9 % 0.0 % ( 0.1 )% The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020, are related to the following: December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 15,030 $ 117,433 Research and development tax credit carryforward 11,375 12,246 Equity compensations 15,065 4,193 Reserves and accruals 7,115 10,804 Lease liabilities 28,612 16,184 Intangible assets 19,657 23,006 Deferred tax assets 96,854 183,866 Deferred tax liabilities: Unrealized gain on investments ( 30,170 ) — ROU assets ( 28,483 ) ( 16,147 ) Property and equipment ( 2,422 ) ( 2,570 ) IPR&D ( 8,511 ) ( 8,511 ) Deferred tax liabilities ( 69,586 ) ( 27,228 ) Valuation allowance ( 45,707 ) ( 159,891 ) Net deferred tax liabilities $ ( 18,439 ) $ ( 3,253 ) Although t he Company has taxable income for the year ended December 31, 2021, it has otherwise incurred accumulated tax losses since inception. Based on the available objective evidence, the Company cannot conclude it is more likely than not that the net deferred tax assets will be fully realizable. Accordingly, the Company has provided a valuation allowance against its net deferred tax assets. For the year ended December 31, 2021, the Company recorded a valuation allowance release of $ 114.2 million, based on the estimated 2021 taxable income. For the years ended December 31, 2020 and 2019, the valuation allowance increased by $ 74.1 million and $ 42.3 million, respectively. As of December 31, 2021, the Company has net operating loss carryforwards of $ 24.2 million for federal purposes and $ 126.6 million for state tax purposes. If not utilized, these carryforwards will begin expiring in 2035 for federal and in 2031 for state tax purposes. The federal net operating losses generated after December 31, 2017, have an infinite carryforward period and subject to 80 % deduction limitation based upon pre-NOL deduction taxable income. As of December 31, 2021, the Company also has net operating loss carryforwards of $ 5.4 million for Australian tax purposes, which has an infinite carryforward period, and no net operating loss carryforward for Swiss tax purposes. Under the Tax Reform Act of 1986, the amounts of and benefits from net operating loss carryforwards may be impaired or limited in certain circumstances. Events which cause limitations in the amount of net operating losses that the Company may utilize in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. The Company completed its Section 382 analysis as of December 31, 2021 and based on this analysis, it does not expect that the annual limitations will significantly impact its ability to utilize its net operating loss or tax credit carryforwards prior to expiration. As of December 31, 2021, the Company has research tax credit carryforwards of $ 6.0 million and $ 11.0 million for federal and state tax purposes, respectively. If not utilized, the federal carryforward will expire in various amounts beginning in 2036 . The California credits can be carried forward indefinitely. To the extent they were not utilized, Oregon carryforward began expiring in 2022 . The Tax Cuts and Jobs Act of 2017 subjects a U.S. shareholder to current tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. Uncertain Tax Positions As of December 31, 2021 and 2020, the Company had an unrecognized tax benefit of $ 7.4 million and $ 4.9 million, respectively, related to transfer pricing and research and development tax credits. No amount of unrecognized tax benefits as of December 31, 2021, if recognized, would reduce the Company’s effective tax rate because the benefits would be in the form of net operating loss and tax credit carryforwards, which would attract a full valuation allowance. There are no provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. Because the statute of limitations does not expire until after the net operating loss and credit carryforwards are actually used, the statutes are still open on calendar years ending December 31, 2017 forward for federal and state purposes. The Company did no t recognize any expense for interest and penalties related to uncertain tax positions during 2021, 2020 and 2019, and the Company does no t have any amounts related to interest and penalties accrued at December 31, 2021. The Company files U.S. federal, state, Switzerland and Australia tax returns. The Company’s tax years remain open for all years. As of December 31, 2021, the Company was not under examination by the Internal Revenue Service or any state or foreign tax jurisdiction. A reconciliation of the beginning and ending amounts of the liability for uncertain tax positions is as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Gross unrecognized tax benefits at January 1 $ 4,877 $ 2,725 $ 2,404 Addition for tax positions taken in the prior years — — 133 Reduction for tax positions taken in the prior years ( 62 ) ( 588 ) ( 1,596 ) Addition for tax positions taken in current year 2,607 2,740 1,784 Gross unrecognized tax benefits at December 31 $ 7,422 $ 4,877 $ 2,725

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	17. Subsequent Event Amended and Restated Letter Agreement with the Bill & Melinda Gates Foundation In January 2022, the Company e ntered into an amended and restated letter agreement with the Bill & Melinda Gates Foundation, which amended and restated the letter agreement with the Bill & Melinda Gates Foundation that was entered into in December 2016 (the "Gates Agreement"), to include the advancement of innovative platform technologies in the development of broadly neutralizing antibodies designed to provide a "vaccinal effect" for the treatment of HIV and prevention of malaria . Under the Gates Agreement, in January 2022, the Bill & Melinda Gates Foundation purchased 881,365 shares of the Company's common stock with total value of $ 40.0 million and made a $ 10.0 million grant to the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The consolidated financial statements include the accounts of Vir and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Foreign Currency	Foreign Currency The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities of foreign subsidiaries are translated into U.S. dollars at period-end exchange rates and non-monetary assets and liabilities are translated to U.S. dollars using historical exchange rates. Revenue and expenses are translated at average rates throughout the respective periods. Transaction gains and losses are included in other income (expense), net on the consolidated statements of operations, and were immaterial for the years ended December 31, 2021, 2020 and 2019.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting periods. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.
Segments	Segments The Company operates as one reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for purposes of allocating resources.
Concentration of Credit Risk, Credit Loss and Other Risks and Uncertainties	Concentration of Credit Risk, Credit Loss and Other Risks and Uncertainties The Company has implemented a number of plans and policies designed to address and mitigate the impact of the ongoing COVID-19 pandemic on its business. The Company anticipates that the COVID-19 pandemic will continue to have an impact on the clinical development timelines for some of its clinical programs. The extent to which the COVID-19 pandemic impacts the Company’s business, clinical development and regulatory efforts, corporate development objectives and the value of and market for its common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. Although the Company received EUA, temporary authorization or marketing approval for sotrovimab (under the brand name Xevudy®), it is still subject to a number of other challenges and risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its other product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of sotrovimab and other product candidates and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its other product candidates, it will be unable to generate significant revenue from product sales or maintain profitability. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investments. Cash and cash equivalents are deposited in checking and sweep accounts at a financial institution. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments, and issuers of the investments to the extent recorded on the consolidated balance sheets. As of December 31, 2021 and 2020, the Company has no off-balance sheet concentrations of credit risk. The Company is exposed to credit losses primarily through receivables from customers and collaborators and through its available-for-sale debt securities. The Company’s expected loss allowance methodology for the receivables is developed using historical collection experience, current and future economic market conditions, a review of the current aging status and financial condition of the entities. Specific allowance amounts are established to record the appropriate allowance for customers that have a higher probability of default. Balances are written off when determined to be uncollectible. The Company’s expected loss allowance methodology for the debt securities is developed by reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. There was no allowance for losses on available-for-sale debt securities attributable to credit risk for the years ended December 31, 2021 and 2020.
Cash and Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents, which consist of amounts invested in money market funds, are stated at fair value.
Investments	Investments Investments include available-for-sale debt securities and equity investments, which are carried at estimated fair value. Available-for-Sale Debt Securities The Company’s valuations of marketable securities are generally derived from independent pricing services based on quoted prices in active markets for similar securities at period end. Generally, investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the consolidated balance sheet date are considered short-term investments, with all others considered to be long-term investments. Unrealized gains and losses deemed temporary in nature are reported as a component of accumulated comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Equity Investments Under Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, the Company measures its investment in equity securities at fair value at each reporting date based on the market price at period end if it has a readily determinable fair value. Otherwise, the investments in equity securities are measured at cost less impairment, adjusted for observable price changes for identical or similar investments of the same issuer unless the Company has significant influence or control over the investee. Changes in fair value resulting from observable price changes are presented as change in fair value of equity investments and changes in fair value resulting from foreign currency translation are included in other income (expense), net on the consolidated statements of operations.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent money market funds to secure standby letters of credit and security deposits with financial institutions, both under office and laboratory space lease agreements. Additionally, funds received from certain grants are restricted as to their use and are therefore classified as restricted cash and cash equivalents.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally three to five years . Leasehold improvements are amortized over the lesser of their useful lives or the remaining life of the lease. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. No material impairment losses have been incurred to date.
Acquired Intangible Assets	Acquired Intangible Assets The Company’s intangible assets were acquired via business combinations or asset acquisitions. Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (“IPR&D”) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2021, there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses. IPR&D assets acquired as part of an asset acquisition are recorded at cost and expensed immediately if they have no alternative future uses. Finite-lived intangible assets acquired are initially recognized at their fair value at the acquisition date. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets, generally seven to 15 years . Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company tests goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that this asset may be impaired.
Revenue Recognition	Revenue Recognition Collaboration, License and Contract Revenue Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company first determines which elements of the collaboration are deemed to be a performance obligation with a customer within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808 and are not subject to the guidance in ASC 606, the Company applies the revenue recognition model under ASC 606 or other guidance, as deemed appropriate. When the Company is considered an agent in elements of collaboration arrangements within the scope of ASC 808, it records its share of collaboration revenue in the period in which such sales occur. The Company is considered an agent when the collaboration partner controls the product before transfer to the customers and has the ability to direct the use of and obtain substantially all of the remaining benefits from the product. In these instances, collaboration revenue is based upon the revenue reported by the Company's collaboration partners, net of cost of goods sold and allowable expenses (e.g. medical affairs, selling and marketing expenses) in the period. In order to record collaboration revenue, the Company utilizes certain information from its collaboration partner, including revenue from the sale of the product, and costs incurred for development and sales activities. For the periods covered in the financial statements presented, there have been no material changes to prior period estimates of revenues and expenses. The Company has entered into a number of license and collaboration agreements that fall within the scope of ASC 606. The Company evaluates the promised goods or services in these agreements to determine which ones represent distinct performance obligations. These agreements may include the following types of promised goods or services: (i) grants of licenses, (ii) performance of research and development services, and (iii) participation on joint research and/or development committees. They also may include options to obtain licenses to the Company’s intellectual property. Prior to recognizing revenue, the Company makes estimates of the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period as required. These agreements may include the following types of consideration: non-refundable upfront payments, reimbursement for research services, research, development or regulatory milestone payments, profit-sharing arrangements, and royalty and commercial sales milestone payments. If there are multiple distinct performance obligations, the Company allocates the transaction price to each distinct performance obligation based on their estimated standalone selling prices (“SSP”). The Company estimates the SSP for each distinct performance obligation by considering information such as market conditions, entity-specific factors, and information about its customer that is reasonably available. The Company considers estimation approaches that allow it to maximize the use of observable inputs. These estimation approaches may include the adjusted market assessment approach, the expected cost plus a margin approach or the residual approach. The Company also considers whether to use a different estimation approach or a combination of approaches to estimate the SSP for each distinct performance obligation. Developing certain assumptions (e.g., treatable patient population, expected market share, probability of success and product profitability, discount rate based on weighted-average cost of capital) to estimate the SSP of a distinct performance obligation requires significant judgment. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligation and recognizes revenue by measuring the progress towards complete satisfaction of the performance obligation using an input measure. For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon the performance of the licensee. Grant Revenue Grants received, including cost reimbursement agreements, are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Contributions are recognized as grant revenue when all donor-imposed conditions have been met.
Research and Development Expenses	Research and Development Expenses To date, research and development expenses have related primarily to discovery efforts and preclinical and clinical development of product candidates. Research and development expenses are recognized as incurred and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Research and development expenses include expenses related to license and collaboration agreements; contingent consideration from business acquisitions; personnel-related expenses, including salaries, benefits, and stock-based compensation for personnel contributing to research and development activities; expenses incurred under agreements with third-party contract manufacturing organizations, contract research organizations, and consultants; clinical costs, including laboratory supplies and costs related to compliance with regulatory requirements; and other allocated expenses, including expenses for rent, facilities maintenance, and depreciation and amortization. The Company has and may continue to acquire the rights to develop and commercialize new product candidates from third parties. Upfront payments and research and development milestone payments made in connection with acquired license or product rights are expensed as incurred, provided that they do not relate to a regulatory approval milestone or assets acquired in a business combination. The Company’s expense accruals for clinical trials and manufacturing are based on estimates of contracted services provided by third-party vendors not yet billed. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of its outstanding obligations to those third parties as of the period end. The accrual estimates are based on a number of factors, including the Company’s knowledge of the research and development programs and clinical manufacturing activities, the status of the programs and activities, invoicing to date, and the provisions in the contracts. The Company obtains information regarding unbilled services directly from these service providers and performs procedures to support its estimates based on its internal understanding of the services provided to date. However, the Company may also be required to estimate these services based on information available to its internal clinical and manufacturing administrative staff if such information is not able to be obtained timely from its service providers.
Stock-based Compensation	Stock-based Compensation The Company recognizes stock-based compensation to employees and non-employees over the requisite service period based on the grant-date fair value of the awards. The Company calculates the estimated fair value of stock options and employees' purchase rights under the Company's 2019 employee stock purchase plan ("ESPP") using the Black-Scholes valuation model, which requires the use of subjective assumptions including volatility and expected term, among others. The fair value of restricted stock awards ("RSAs") and restricted stock units ("RSUs") is based on the market value of the Company's common stock on the date of grant. Stock-based compensation is recognized using the straight-line method for awards that vest only upon the employee’s or non-employee’s continued service to the Company. Stock-based compensation expense of the employees' purchase rights under the ESPP is recognized over the offering period. Forfeitures are recognized as they occur.
Acquisitions	Acquisitions Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded at their respective fair values as of the acquisition date. Any excess fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with the business combination are recorded at their fair values on the acquisition date and are remeasured each subsequent reporting period until the related contingencies are resolved and are classified as contingent consideration on the consolidated balance sheets. The changes in fair values of contingent consideration related to the achievement of various milestones are recorded within research and development expenses or selling, general and administrative expenses based on the nature of the relevant underlying activities. When the Company determines that entities acquired do not meet the definition of a business, the transaction is accounted for as an acquisition of assets. Therefore, the consideration paid to acquire IPR&D is expensed, and no goodwill is recorded. Any contingent consideration is generally recognized only when it becomes payable or is paid.
Embedded Derivatives	Embedded Derivatives The Company evaluates its acquisitions, collaborative arrangements and other business development transactions to determine if embedded components of these contracts meet the definition of a derivative under ASC 815, Derivatives and Hedging. In general, embedded derivatives are required to be bifurcated from the host instrument if (i) the embedded feature is not clearly and closely related to the host contract and (ii) the embedded feature, if considered a freestanding instrument, meets the definition of a derivative. Embedded derivatives are reported on the consolidated balance sheets at their estimated fair values. Contingent consideration related to asset acquisitions that meet the definition of an embedded derivative is classified as contingent consideration on the consolidated balance sheets. Any change in estimated fair values, as determined at each measurement period, are recorded in the consolidated statements of operations based on the nature of the related contingencies. Changes in fair values of embedded derivatives related to the achievement of various milestones for product candidates are recorded within research and development expense or selling, general and administrative expenses based on the nature of the relevant underlying activities . Otherwise, changes in fair values are recorded within other income (expense), net.
Leases	Leases In accordance with ASU No. 2016-02 (Topic 842), Leases, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. On the lease commencement date, the Company estimates and includes in its lease payments any lease incentive amounts based on future events when (1) the events are within the Company’s control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, the Company recognizes the difference as an adjustment to right-of-use asset and/or lease liability, as applicable. As the implicit rate in the Company's leases is generally unknown, the Company uses an incremental borrowing rate estimated based on the information available at the lease commencement date in determining the present value of future lease payments. When calculating its estimated incremental borrowing rates, the Company considers its credit risk, the lease term, the total lease payments and the impact of collateral, as necessary. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. ROU assets and lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Rent expense for the Company's operating leases is recognized on a straight-line basis within operating expenses over the reasonably assured lease term. The Company elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating losses and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Company’s tax positions are subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on several factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as any related net interest and penalties. The Tax Cuts and Jobs Act of 2017 subjects a U.S. shareholder to current tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net income per common share is computed by dividing the net income by the sum of the weighted average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method.
Recently Adopted Accounting Pronouncements	New Accounting Pronouncement Not Yet Adopted In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-10, Government Assistance (Topic 832) (“ASU 2021-10”), which adds certain disclosure requirements with respect to government assistance, including (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2021-10 may have on its consolidated financial statements and related disclosures
Fair Value Measurements	The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Summary of Financial Assets Measured at Fair Value on a Recurring Basis	The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: December 31, 2021 Valuation Amortized Gross Gross Aggregate (in thousands) Assets: Money market funds (1) Level 1 $ 345,098 $ — $ — $ 345,098 U.S. government treasuries Level 2 419,442 — ( 872 ) 418,570 Total financial assets $ 764,540 $ — $ ( 872 ) $ 763,668 (1) Includes $ 15.6 million of restricted cash equivalents. December 31, 2020 Valuation Amortized Gross Gross Aggregate (in thousands) Assets: Money market funds (1) Level 1 $ 421,835 $ — $ — $ 421,835 U.S. government treasuries Level 2 300,201 91 ( 6 ) 300,286 Total financial assets $ 722,036 $ 91 $ ( 6 ) $ 722,121 (1) Includes $ 14.9 million of restricted cash equivalents.
Summary of Changes in Estimated Fair Value of Financial Liabilities	The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial liabilities (in thousands): Contingent Balance at December 31, 2020 $ 35,974 Changes in fair value 91,848 Reclassification of contingent consideration to accrued liabilities upon achievement of the Humabs milestones ( 95,000 ) Payment of contingent consideration upon achievement of the TomegaVax milestone ( 10,000 ) Balance at December 31, 2021 $ 22,822
Humabs | Clinical and Regulatory Milestones
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Estimated Fair Value of Significant Unobservable Inputs	As of Decemb er 31, 2021, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to the HBV product using the following significant unobservable inputs: Unobservable input Range Discount rates 3 % - 5 % ( 4 %) Probability of achievement 22 % - 40 % ( 31 %) (1) Unobservable inputs were weighted based on the relative fair value of the clinical and regulatory milestone payments.
Humabs | Commercial Milestones
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Estimated Fair Value of Significant Unobservable Inputs	s of December 31, 2021, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecast, as well as the following significant unobservable inputs f or the remaining commercial milestones related to the HBV product: Unobservable input Value Volatility 65 % Discount rate 11 % Probability of achievement 22 %
TomegaVax
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Estimated Fair Value of Significant Unobservable Inputs	As of December 31, 2021, the fair value of the remaining contingent consideration was estimated using the following significant unobservable inputs: Unobservable input Value Volatility 115 % Discount rate 0.1 %

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table summarizes the carrying amount of the Company’s finite-lived intangible assets (in thousands): December 31, Weighted- 2021 2020 Life (Years) Developed technology $ 7,000 $ 7,000 6.0 Contract-based intangible asset 502 502 13.9 Finite-lived intangible assets, gross 7,502 7,502 Less accumulated amortization ( 4,114 ) ( 3,581 ) Less impairment of intangible assets ( 832 ) ( 832 ) Finite-lived intangible assets, net $ 2,556 $ 3,089
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the finite-lived intangible assets recorded as of December 31, 2021, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31: 2022 $ 532 2023 532 2024 260 2025 213 2026 213 Total $ 1,750

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment Net	Property and equipment, net consists of the following: December 31, 2021 2020 (in thousands) Laboratory equipment $ 20,012 $ 16,769 Computer equipment 1,112 556 Furniture and fixtures 1,443 1,444 Leasehold improvements 7,834 7,274 Construction in progress 26,925 1,135 Property and equipment, gross 57,326 27,178 Less accumulated depreciation and amortization ( 14,492 ) ( 9,232 ) Total property and equipment, net $ 42,834 $ 17,946
Schedule of Accrued and Other Liabilities	Accrued and other liabilities consist of the following: December 31, 2021 2020 (in thousands) Milestone payable $ 95,000 $ — Accrued royalties 58,672 — Research and development expenses 28,073 49,384 Payroll and related expenses 29,753 17,060 Accrued income taxes 6,217 — Excess funds payable under grant agreements 1,825 3,467 Operating lease liabilities, current 3,927 3,625 Other professional and consulting expenses 2,791 2,595 Other accrued expenses 10,254 805 Total accrued and other liabilities $ 236,512 $ 76,936

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Costs and Additional Information Related to Operating Leases	The following table contains a summary of the lease costs recognized under ASC 842 and additional information related to operating leases (in thousands, except weighted average amounts): Year Ended December 31, 2021 2020 Operating lease cost $ 11,921 $ 4,591 Short-term lease cost 261 459 Variable lease cost 4,256 2,299 Total least cost $ 16,438 $ 7,349 Other Information Weighted average remaining lease term (in years) 10.4 10.6 Weighted average incremental borrowing rate 5.2 % 7.7 % Cash paid for amounts included in the measurement of operating lease liabilities $ 6,250 $ 5,081 ROU assets obtained in exchange for new operating lease liabilities $ 77,187 $ 48,495
Schedule of Maturities of Operating Lease Liabilities	The maturity of the Company’s operating lease liabilities as of December 31, 2021 was as follows (in thousands): Amounts 2022 $ 12,432 2023 19,082 2024 18,233 2025 15,917 2026 16,353 Thereafter 103,413 Total lease payments 185,430 Less: imputed interest ( 45,261 ) Less: net tenant improvement allowance yet to be received ( 52,217 ) Present value of operating lease liabilities $ 87,952
Schedule of Operating Lease Amounts Recorded in Condensed Consolidated Balance Sheet	The following amounts were recorded in the consolidated balance sheets as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Operating Leases Prepaid expenses and other current assets (1) $ 49,536 $ 7,913 Operating ROU assets 87,220 61,947 Accrued and other liabilities $ 3,927 $ 3,625 Operating lease liabilities, noncurrent 133,561 66,556 Total operating lease liabilities $ 137,488 $ 70,181 (1) For certain operating leases, lease incentives expected to be received exceeds the minimum lease payments expected to be paid over the next 12 months, therefore the net amount is recorded in prepaid expenses and other current assets.

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Stock Option Plans Activity	Activity under the Company’s stock option plans is set forth below: Number of Weighted Weighted Aggregate (Years) (in thousands) Outstanding at December 31, 2020 9,798,282 $ 19.10 8.6 Granted 3,294,000 $ 58.68 Exercised ( 1,622,718 ) $ 8.06 Forfeited ( 1,160,636 ) $ 34.55 Outstanding at December 31, 2021 10,308,928 $ 31.75 8.2 $ 160,378 Vested and expected to vest at December 31, 2021 10,308,928 $ 31.75 8.2 $ 160,378 Vested and exercisable at December 31, 2021 4,238,107 $ 17.29 7.5 $ 105,698
Summary of Assumptions Used for Estimating the Fair Value of Stock Options Granted	The fair value of stock options granted to employees was estimated on the date of grant using the Black-Scholes option- pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Expected term of options (in years) 5.3 – 6.1 5.0 – 6.1 5.9 – 6.1 Expected stock price volatility 103.1 % – 112.1 % 88.8 % – 108.6 % 86.5 % – 89.4 % Risk-free interest rate 0.6 % – 1.3 % 0.3 % – 1.2 % 1.5 % – 2.5 % Expected dividend yield — — —
Summary of Restricted Stock Activity	The Company’s RSAs and RSUs were summarized as follows: Shares Weighted Average Grant Date Fair Value Per Share RSU RSA RSU RSA Unvested as of December 31, 2020 — 89,261 $ — $ 1.48 Granted 1,366,189 — $ 60.35 $ — Vested — ( 89,261 ) $ — $ 1.48 Forfeited ( 94,855 ) — $ 66.05 $ — Unvested as of December 31, 2021 1,271,334 — $ 59.93 $ —
Summary of Employees Stock Purchase Plan	The fair value of employees' purchase rights under the ESPP was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions for the year ended December 31, 2021: Expected term of ESPP (in years) 0.5 Expected stock price volatility 76.1 % - 144.1 % Risk-free interest rate 0.04 % - 0.1 % Expected dividend yield —
Summary of Stock-based Compensation Expense	The following table sets forth the total stock-based compensation expense for all awards granted to employees and non-employees, including shares sold through the issuance of non-recourse promissory notes of which all the shares are considered to be options for accounting purposes, and the ESPP in the consolidated statements of operations: Year Ended December 31, 2021 2020 2019 (in thousands) Research and development $ 42,554 $ 13,663 $ 3,034 Selling, general and administrative $ 41,230 13,937 5,685 Total stock-based compensation $ 83,784 $ 27,600 $ 8,719

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (loss) Per Share	The following is a calculation of the basic and diluted net income (loss) per share (in thousands, except share and per share data): Year ended December 31, 2021 2020 2019 Net income (loss), basic and diluted $ 528,584 $ ( 298,665 ) $ ( 174,683 ) Weighted-average shares outstanding, basic 129,884,967 119,159,424 30,349,920 Weighted-average effect of dilutive securities: Options to purchase common stock 3,513,438 — — Restricted shares subject to future vesting 35,488 — — Contingently issuable shares 3,233 — — Weighted-average shares outstanding, diluted 133,437,126 119,159,424 30,349,920 Net income (loss) per share, basic $ 4.07 $ ( 2.51 ) $ ( 5.76 ) Net income (loss) per share, diluted $ 3.96 $ ( 2.51 ) $ ( 5.76 )
Schedule of Potentially Dilutive Securities Not Included in the Diluted Per Share Calculations	Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of December 31, 2021 2020 2019 Options issued and outstanding 5,764,308 9,798,282 7,186,298 Restricted shares subject to future vesting 1,088,304 89,261 2,075,511 Warrants to purchase common stock — — 244,444 Total 6,852,612 9,887,543 9,506,253

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Provision for (Benefit from) Income Taxes	Income (loss) before provision for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ 535,989 $ ( 309,697 ) $ ( 138,724 ) Foreign 13,813 11,086 ( 35,805 ) Total income (loss) before provision for income taxes $ 549,802 $ ( 298,611 ) $ ( 174,529 )
Components of Income Tax Expense (Benefit)	The components of income tax expense consist of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ 3,526 $ — $ — State 105 — — Foreign 2,401 106 154 6,032 106 154 Deferred: Federal 15,186 ( 21 ) — State — ( 31 ) — 15,186 ( 52 ) — Provision for income taxes $ 21,218 $ 54 $ 154
Reconciliation Between Expected Income Tax Provision at Federal Statutory Rate and Reported Income Tax Benefit	A reconciliation between the expected income tax provision at the federal statutory rate and the reported income tax expense is as follows: Year Ended December 31, 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax at less than federal statutory rate ( 0.2 ) 0.9 ( 0.3 ) Prior year tax rate adjustment — ( 1.9 ) — State taxes, net of federal benefit 0.7 2.7 2.4 Research and development tax credit ( 1.6 ) 1.8 2.0 Permanent items 1.8 1.3 ( 0.8 ) Changes in valuation allowance ( 17.9 ) ( 25.3 ) ( 24.3 ) Other 0.1 ( 0.5 ) ( 0.1 ) Effective income tax rate 3.9 % 0.0 % ( 0.1 )%
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020, are related to the following: December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 15,030 $ 117,433 Research and development tax credit carryforward 11,375 12,246 Equity compensations 15,065 4,193 Reserves and accruals 7,115 10,804 Lease liabilities 28,612 16,184 Intangible assets 19,657 23,006 Deferred tax assets 96,854 183,866 Deferred tax liabilities: Unrealized gain on investments ( 30,170 ) — ROU assets ( 28,483 ) ( 16,147 ) Property and equipment ( 2,422 ) ( 2,570 ) IPR&D ( 8,511 ) ( 8,511 ) Deferred tax liabilities ( 69,586 ) ( 27,228 ) Valuation allowance ( 45,707 ) ( 159,891 ) Net deferred tax liabilities $ ( 18,439 ) $ ( 3,253 ) Although t
Reconciliation of Liability for Uncertain Tax Positions	A reconciliation of the beginning and ending amounts of the liability for uncertain tax positions is as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Gross unrecognized tax benefits at January 1 $ 4,877 $ 2,725 $ 2,404 Addition for tax positions taken in the prior years — — 133 Reduction for tax positions taken in the prior years ( 62 ) ( 588 ) ( 1,596 ) Addition for tax positions taken in current year 2,607 2,740 1,784 Gross unrecognized tax benefits at December 31 $ 7,422 $ 4,877 $ 2,725

Organization - Additional Infor

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands

Nov. 30, 2020

Jul. 10, 2020USD ($)$ / sharesshares

Oct. 10, 2019$ / sharesshares

Oct. 10, 2019USD ($)$ / sharesshares

Sep. 16, 2019

Nov. 30, 2020USD ($)

Dec. 31, 2021USD ($)$ / sharesshares

Dec. 31, 2020USD ($)$ / sharesshares

Dec. 31, 2019USD ($)shares

Oct. 31, 2019shares

Oct. 11, 2019shares

Dec. 31, 2018shares

Sep. 30, 2016shares

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Reverse stock split, conversion ratio

0.222222222

Net proceeds after deducting underwriting discounts, commissions and offering expenses

$ 126,400

Proceeds from Issuance of Common Stock

$ 323,214

$ 126,411

Common stock price per share | $ / shares

$ 0.0001

$ 0.0001

Aggregate offering price

$ 300,000

Accumulated deficit

$ 138,600

$ 667,184

Cash, cash equivalents and investments

909,500

Cash, cash equivalents and short-term investments, excluding equity investment

$ 766,400

Convertible Preferred Stock

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Outstanding convertible preferred stock (in shares) | shares

69,910,520

Series A-1 Convertible Preferred Stock

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Warrant to purchase of convertible preferred stock | shares

244,444

Common Stock

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Number of convertible preferred stock converted to shares of common stock (in shares) | shares

88,112,733

Warrant to purchase of convertible preferred stock | shares

244,444

Common Stock | Sales Agreement

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Issuance of common stock (in shares) | shares

0

Common Stock | Sales Agreement | Maximum

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Percentage of commission rate from sale of shares

3.00%

IPO

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Issuance of common stock (in shares) | shares

7,142,858

Common stock price per share | $ / shares

$ 20

$ 20

Outstanding convertible preferred stock (in shares) | shares

88,112,733

88,112,733

0

Net proceeds from IPO

$ 126,411

IPO | Common Stock

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Issuance of common stock (in shares) | shares

7,142,858

Net proceeds from IPO

$ 1

IPO | Common Stock | Convertible Preferred Stock

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Number of convertible preferred stock converted to shares of common stock (in shares) | shares

88,112,733

IPO | Common Stock | Warrant to Purchase Convertible Preferred Stock

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Number of convertible preferred stock converted to shares of common stock (in shares) | shares

244,444

Follow-on Offering

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Net proceeds from IPO

$ 323,214

Follow-on Offering | Common Stock

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Issuance of common stock (in shares) | shares

8,214,285

8,214,285

Common stock price per share | $ / shares

$ 42

Net proceeds from IPO

$ 345,000

$ 1

Payments of underwriting discounts and commissions

20,700

Offering expenses

1,100

Net proceeds from issuance secondary public offering

$ 323,200

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Segment	Dec. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment | Segment	1
Allowance for losses on available-for-sale debt securities	$ 0	$ 0
Property and equipment, estimated useful lives description	Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally three to five years.
Impairment of indefinite-lived intangible assets	$ 0
Finite-lived intangible assets, amortization method description	Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets, generally seven to 15 years.
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	3 years
Finite-lived intangible asset, estimated useful life	7 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	5 years
Finite-lived intangible asset, estimated useful life	15 years

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets Measured at Fair Value on a Recurring Basis by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial Assets, Amortized Cost	$ 764,540	$ 722,036
Financial Assets, Gross Unrealized Holding Gains	0	91
Financial Assets, Gross Unrealized Holding Losses	(872)	(6)
Financial Assets, Aggregate Fair Value	763,668	722,121
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial Assets, Amortized Cost	345,098	421,835
Financial Assets, Aggregate Fair Value	345,098	421,835
Level 2 | U.S. Government Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial Assets, Amortized Cost	419,442	300,201
Financial Assets, Gross Unrealized Holding Gains		91
Financial Assets, Gross Unrealized Holding Losses	(872)	(6)
Financial Assets, Aggregate Fair Value	$ 418,570	$ 300,286

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Assets Measured at Fair Value on a Recurring Basis by Level Within Fair Value Hierarchy (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Restricted cash equivalents	$ 15.6	$ 14.9

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total unrealized gains recorded in accumulated other comprehensive income (loss)	$ 900,000	$ 100,000
Write off of accrued interest receivable	0	0
Brii Bio Parent [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment Owned At Fair Value	143,100,000
Increase Decrease In Equity Securities Fv Ni	138,000,000
Foreign Currency Transaction Gain Loss Unrealized	$ 600,000
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities contractual term	2 years
Humabs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Regulatory milestone achieved	$ 35,000,000
Sales milestone achieved	60,000,000
Estimated fair value of contingent consideration	17,100,000	29,200,000
TomegaVax
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of contingent consideration	5,700,000	6,800,000
Contingent Consideration Liability | TomegaVax Letter Agreement | TomegaVax
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset acquisition milestone achieved			$ 10,000,000
Prepaid Expenses And Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Accrued interest receivable excluded from fair value and amortized cost basis of available for sale securities	$ 1,100,000	$ 800,000

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Significant Unobservable Inputs (Details)	Dec. 31, 2021
Humabs | Clinical and Regulatory Milestones | Measurement Input, Discount Rate | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.03
Humabs | Clinical and Regulatory Milestones | Measurement Input, Discount Rate | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.05
Humabs | Clinical and Regulatory Milestones | Measurement Input, Discount Rate | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	(0.04)
Humabs | Clinical and Regulatory Milestones | Probability of Achievement | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.22
Humabs | Clinical and Regulatory Milestones | Probability of Achievement | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.40
Humabs | Clinical and Regulatory Milestones | Probability of Achievement | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	(0.31)
Humabs | Commercial Milestones | Measurement Input, Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.11
Humabs | Commercial Milestones | Probability of Achievement | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.22
Humabs | Commercial Milestones | Measurement Input Expected Revenue Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.65
TomegaVax | Measurement Input, Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.001
TomegaVax | Measurement Input Expected Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	1.15

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Estimated Fair Value of Financial Liabilities (Details) - Level 3 - Contingent Consideration Liability $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2020	$ 35,974
Changes in fair value	91,848
Reclassification of derivative liability to accrued liabilities upon achievement of development milestone	(95,000)
Payment of contingent consideration upon achievement of the TomegaVax milestone	(10,000)
Balance at December 31, 2021	$ 22,822

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details)	Jul. 01, 2021USD ($)	Feb. 28, 2021USD ($)Milestone	Aug. 31, 2017USD ($)shares	Sep. 30, 2016USD ($)$ / shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)Milestone	Feb. 28, 2022USD ($)	Jan. 31, 2022USD ($)	Jul. 31, 2021shares
TomegaVax
Business Acquisition [Line Items]
Asset acquisition purchase price				$ 5,200,000
Asset acquisition, transaction costs				$ 500,000
Payment made for asset acquisition milestone	$ 8,100,000
Common stock shares Issued for milestone payment| shares | shares									42,737
Value of common stock shares Issued for milestone payment	1,900,000
Minimum common stock price for milestone payments consideration | $ / shares				$ 90
TomegaVax | Maximum
Business Acquisition [Line Items]
Remaining payment for asset acquisition milestone, maximum	$ 20,000,000
TomegaVax | Clinical Development
Business Acquisition [Line Items]
Minimum common stock price for milestone payments consideration | $ / shares				$ 45
TomegaVax | TomegaVax Letter Agreement
Business Acquisition [Line Items]
Milestone payments aggregate amount payable, maximum				$ 30,000,000
Milestone payments related terms					the Company will be required to pay to the former stockholders of TomegaVax milestone payments of up to an aggregate of $30.0 million if the per-share price of the Company’s publicly traded common stock, or implied price per-share of the Company’s Series A-1 convertible preferred stock (or common stock upon conversion) upon a certain asset sale, merger or stock sale, is at least $45 (as adjusted in the case of any stock dividend, stock split or other similar recapitalization), with the amount of such payments determined by the share price and/or the stage of the Company’s clinical development at the time of the relevant event triggering the payment.
Estimated fair value of embedded derivative					$ 5,700,000
Contingent consideration recognized		$ 10,000,000
Number of milestones achieved | Milestone		1
Minimum common stock price for milestone payments consideration | $ / shares				$ 45
Humabs
Business Acquisition [Line Items]
Contingent consideration recognized					17,100,000	$ 29,200,000
Business acquisition, cash consideration paid			$ 30,000,000
Business acquisition, shares issued | shares			1,666,656
Business acquisition, shares issued value			$ 2,500,000
Sales milestone achieved					60,000,000
Impairment of intangible assets, excluding goodwill					0
Goodwill expected to be deductible for income tax purposes					$ 0
Humabs | Developed Technologies | Minimum [Member]
Business Acquisition [Line Items]
Estimated remaining useful lives					7 years
Humabs | Developed Technologies | Maximum
Business Acquisition [Line Items]
Estimated remaining useful lives					12 years
Humabs | HBV product
Business Acquisition [Line Items]
Additional consideration payable upon achievement of specified milestone events			135,000,000
Specified clinical development milestones payment						$ 20,000,000
Humabs | Another Product
Business Acquisition [Line Items]
Additional consideration payable upon achievement of specified milestone events			$ 105,000,000
Humabs | SARS-CoV-2 Product
Business Acquisition [Line Items]
Contingent consideration recognized					$ 17,100,000
Number of specified clinical milestones achieved | Milestone						2
Specified clinical development milestones payment						$ 20,000,000
Regulatory milestones achieved					35,000,000
Sales milestone achieved					$ 60,000,000
Humabs | SARS-CoV-2 Product | Subsequent Event
Business Acquisition [Line Items]
Payment made for business combination milestone							$ 60,000,000	$ 35,000,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill	$ 16,937,000		$ 16,937,000	$ 16,937,000
Goodwill impairment loss			0
Amortization expense of intangible assets			533,000	1,042,000	$ 1,223,000
Impairment of intangible assets				832,000
Impairment of indefinite-lived intangible assets			0
Finite-lived intangible asset, reclassified from indefinite-lived asset	$ 500,000
Humabs
Schedule of Goodwill and Intangible Assets [Line Items]
Indefinite-lived intangible assets IPR&D			30,700,000	30,700,000
Impairment of indefinite-lived intangible assets			0	0
Research and Development Expense
Schedule of Goodwill and Intangible Assets [Line Items]
Amortization expense of intangible assets			$ 500,000	$ 1,000,000	$ 1,200,000
Impairment of intangible assets		$ 800,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 7,502	$ 7,502
Less accumulated amortization	(4,114)	(3,581)
Less impairment of intangible assets	(832)	(832)
Finite-lived intangible assets, net	2,556	3,089
Developed Technology
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 7,000	7,000
Weighted-Average Remaining Useful Life (Years)	6 years
Contract-Based Intangible Asset
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 502	$ 502
Weighted-Average Remaining Useful Life (Years)	13 years 10 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 532
2023	532
2024	260
2025	213
2026	213
Total	$ 1,750

Grant Agreements - Additional I

Grant Agreements - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 05, 2021	Jan. 01, 2021	Feb. 29, 2020	Mar. 16, 2018	Jan. 26, 2018
Grant Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants		$ 8,347,000	$ 9,123,000	$ 7,380,000
Bill & Melinda Gates Foundation | Grant Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants				900,000
National Institutes of Health
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant awarded amount		5,100,000
National Institutes of Health | Grant Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants		$ 100,000	600,000	900,000
2017 Grant | Bill & Melinda Gates Foundation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant agreement expiration date	May 31, 2019
2017 Grant | Bill & Melinda Gates Foundation | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant awarded amount	$ 4,700,000
Human Immunodeficiency Virus ("HIV") Grant
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant awarded amount							$ 8,600,000
Grant agreement expiration date before amendment		Dec. 31, 2021
Grant agreement amended expiration date		Oct. 31, 2022
Grants Agreement Amended Date		2021-06
Human Immunodeficiency Virus ("HIV") Grant | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant awarded amount. maximum									$ 12,200,000
Human Immunodeficiency Virus ("HIV") Grant | Bill & Melinda Gates Foundation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue		$ 2,300,000	3,800,000
Human Immunodeficiency Virus ("HIV") Grant | Bill & Melinda Gates Foundation | Grant Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants			6,400,000	3,700,000
Milestone payment due to Vir			1,900,000
Milestone payment received						$ 1,900,000
Tuberculosis ("TB") Grant
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant agreement amended expiration date		Mar. 31, 2022
Unused funds received in advance		$ 1,800,000
Tuberculosis ("TB") Grant | Grant Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants		3,000,000	2,200,000	$ 1,900,000
Tuberculosis ("TB") Grant | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant awarded amount. maximum								$ 14,900,000
Tuberculosis ("TB") Grant | Bill & Melinda Gates Foundation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue		$ 1,300,000	$ 2,600,000
HCMV-Vaccine Platform Grant
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant agreement expiration date		Aug. 30, 2023
Deferred revenue		$ 3,300,000
HCMV-Vaccine Platform Grant | Grant Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants		$ 2,200,000
HCMV-Vaccine Platform Grant | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant awarded amount. maximum					$ 10,000,000

Collaboration and License Agr_2

Collaboration and License Agreements - Additional Information (Details)

Mar. 25, 2021USD ($)$ / shares

Feb. 14, 2021USD ($)

Feb. 14, 2021USD ($)Program

Apr. 29, 2020USD ($)Unit$ / sharesshares

Feb. 28, 2020

May 31, 2018USD ($)

Oct. 31, 2017USD ($)shares

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)shares

Aug. 31, 2019USD ($)

Sep. 30, 2018USD ($)Antibodies

Jul. 31, 2018USD ($)Product

May 31, 2018USD ($)Program

Oct. 31, 2017USD ($)shares

Jun. 30, 2021USD ($)

Mar. 31, 2021shares

Jun. 30, 2020USD ($)shares

Mar. 31, 2020USD ($)

Jun. 30, 2020USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

May 28, 2021

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Cost of revenue

$ 65,865,000

$ 0

$ 0

Receivable from collaboration

773,079,000

0

Contract Revenue

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Total revenues

169,874,000

44,498,000

711,000

License

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Total revenues

0

22,747,000

0

Collaboration Revenue [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Total revenues

917,194,000

0

0

2020 GSK | Collaboration Revenue [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Total revenues

917,200

GSK | Accrued Liabilities And Other Liabilities

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Receivable from collaboration

773,100,000

2021 GSK

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Deferred revenue

$ 91,500,000

2020 Stock Purchase Agreement | GGL

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Issuance of common stock, shares | shares

6,626,027

Share purchase price per share | $ / shares

$ 37.73

Issuance of common stock

$ 250,000,000

Preliminary Collaboration Agreement | 2020 GSK

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Number of years conduct certain research and development activities under mutually agreed development plans

4 years

Maximum percentage of right to perform details in connection with antibody product

20.00%

Termination description

Either party has the right to terminate the 2020 GSK Agreement in the case of the insolvency of the other party, an uncured material breach of the other party with respect to a collaboration program or collaboration product, or as mutually agreed by the parties.

Number of units of account | Unit

4

Research and development expense

$ 77,300,000

25,400,000

Collaboration type and program

The collaboration is focused on the development and commercialization of three types of collaboration products under three programs: (1) antibodies targeting SARS-CoV-2, and potentially other coronaviruses (the “Antibody Program”); (2) vaccines targeting SARS-CoV-2, and potentially other coronaviruses (the “Vaccine Program”), and (3) products based on genome-wide CRISPR screening of host targets expressed in connection with exposure to SARS-CoV-2, and potentially other coronaviruses (the “Functional Genomics Program”).

Preliminary Collaboration Agreement | 2020 GSK | Antibody Program

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of development costs

72.50%

Antibody license transaction price

$ 43,300,000

Total revenues

$ 43,300,000

Preliminary Collaboration Agreement | 2020 GSK | Vaccine Program

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of development costs

27.50%

Preliminary Collaboration Agreement | 2021 GSK

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Number of separate programs | Program

3

Upfront payment receivable

$ 225,000,000

$ 225,000,000

Percentage of upfront payment receivable at effective date of agreement

50.00%

50.00%

Option exercise fee to be received

$ 300,000,000

$ 300,000,000

Preliminary Collaboration Agreement | 2021 GSK | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Pre-defined regulatory milestone payment

200,000,000

$ 200,000,000

2020 Preliminary Collaboration Agreement and Stock Purchase Agreement | GGL | ASC 606

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Fair market value of the common stock issued

$ 206,700,000

Common stock price per share | $ / shares

$ 36.70

Premium received on sale price of common stock

$ 43,300,000

Definitive Collaboration Agreement | 2021 GSK

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of upfront payment receivable at execution date of agreement

50.00%

2021 Stock Purchase Agreement | GGL

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Issuance of common stock, shares | shares

1,924,927

Issuance of common stock

$ 120,000,000

2021 Preliminary Collaboration Agreement and Stock Purchase Agreement | GGL | ASC 606

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Fair market value of the common stock issued

$ 85,200,000

Common stock price per share | $ / shares

$ 52.70

Premium received on sale price of common stock

$ 34,800,000

2021 GSK Collaboration

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Number of years conduct certain research and development activities under mutually agreed development plans

3 years

Percentage of share development costs

50.00%

Percentage of share Profit and loss

50.00%

2021 GSK Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Premium received on sale price of common stock

$ 34,800,000

Research and development expense

500,000

Upfront fee

$ 225,000,000

Collaboration Agreement Transaction Price Consideration

$ 259,800,000

2021 GSK Agreement | Contract Revenue

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Total revenues

$ 168,300,000

Brii Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Termination description

Each party may terminate for convenience all rights and obligations with respect to any program for which it has an option, with 30 days’ written notice (if the terminating party has not exercised an option for such program) or 180 days’ notice (following the exercise of an option for such program). The Brii Agreement may also be terminated by either party for insolvency of the other party, and either party may terminate the Brii Agreement in its entirety or on a program-by-program basis for the other party’s uncured material breach on 60 days’ written notice (or 30 days’ notice following failure to make payment).

Written notice period to terminate licensed program for uncured material breach

60 days

Written notice to terminate licensed program if exercise

180 days

Written notice to terminate licensed program if not exercise

30 days

Written notice period to terminate licensed program for failure to make payment

30 days

Brii Agreement | Development Programs Exercised by Vir

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Option exercise fee, low end of the range

low tens of millions

Regulatory milestone payment on licensed product, low end of the range

low tens of millions

Regulatory milestone payment on licensed product, high end of the range

$ 100,000,000

$ 100,000,000

Option exercise fee, high end of the range

50,000,000

50,000,000

Maximum Aggregate Sales Milestone Payments

$ 175,000,000

Brii Agreement | Development Programs Exercised by Brii

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Range of royalty payment to be received

high-teens to high-twenties

Regulatory milestone payment to be received

$ 30,000,000

Maximum sales milestone to pay

175,000,000

175,000,000

$ 175,000,000

Option exercise fee, low end of the range

mid-single-digit millions

Regulatory milestone payment on licensed product, low end of the range

mid-single-digit millions

Regulatory milestone payment on licensed product, high end of the range

30,000,000

$ 30,000,000

Range of royalty payment to be paid

mid-teens to the high-twenties

Option exercise fee, high end of the range

$ 20,000,000

$ 20,000,000

Maximum Aggregate Sales Milestone Payments

$ 175,000,000

Brii Agreement | Brii Bio Parent

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Deferred revenue

2,700,000

2,700,000

2,700,000

Payment to collaborator resulting from program option exercise

$ 10,000,000

Maximum number of development program granted from Vir to Brii | Program | Program

4

Maximum number of development program granted from Brii to Vir | Program | Program

4

Percentage of ordinary share equal to outstanding share

9.90%

Carrying value of investment at cost

$ 5,700,000

Option exercise fee received

20,000,000

Determined transaction price

$ 22,700,000

Brii Agreement | Brii Bio Parent | License

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue from Related Parties

0

22,700,000

Brii Agreement | Brii Bio Parent | Biological Materials

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Total revenues

$ 400,000

0

Brii Agreement | Brii Bio

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Royalty payment obligation expiration period after first commercial sales

10 years

Contract liability

$ 3,800,000

$ 3,800,000

Brii Agreement | Alnylam Pharmaceuticals Inc | Research and Development Expense

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Payment to collaborator resulting from program option exercise

$ 10,000,000

Alnylam Agreement | Alnylam Pharmaceuticals Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Issuance of common stock, shares | shares

1,111,111

1,111,111

Written notice period to terminate licensed program for uncured material breach

60 days

Written Notice period to terminate licensed program if under challenge

30 days

Royalty payment obligation expiration period after first commercial sales

10 years

Value of shares transferred to collaborator

$ 800,000

$ 800,000

Upfront fee paid

$ 10,000,000

Maximum shares to be issued | shares

1,111,111

1,111,111

Estimated fair value of the derivative liability

$ 29,200,000

$ 29,200,000

Milestone payments paid

$ 15,000,000

$ 15,000,000

Expenses incurred under agreement

$ 11,200,000

11,500,000

18,100,000

Written notice period for termination of licensed program

90 days

Written notice period to terminate licensed program for failure to make payment

30 days

Alnylam Agreement | Alnylam Pharmaceuticals Inc | First siRNA Product HBV

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Range of tiered royalties to pay on net sales of products

The Company may also be required to pay Alnylam tiered royalties at percentages ranging from the low double-digits to mid-teens on annual net sales of HBV products, and tiered royalties at percentages ranging from the high single-digits to the sub-teen double-digits on annual net sales of licensed infectious disease products, in each case subject to specified reductions and offsets.

low double-digits to mid-teens

Maximum milestone payment for achievement of specified development and regulatory

$ 190,000,000

Maximum aggregate sales milestone payment

$ 250,000,000

Alnylam Agreement | Alnylam Pharmaceuticals Inc | Each Infectious Disease siRNA

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Range of tiered royalties to pay on net sales of products

high single-digits to the sub-teen double-digits

Maximum milestone payment for achievement of specified development and regulatory

$ 115,000,000

Maximum sales milestone payment

$ 100,000,000

Development and Manufacturing Collaboration Agreement | WuXi Biologics

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Termination description

the WuXi Biologics Collaboration Agreement may be terminated by (i) the written agreement of both parties, (ii) WuXi Biologics following the one year anniversary of the WuXi Biologics Collaboration Agreement effective date with respect to the entire agreement or on a product by product basis with 90 days’ prior written notice or (iii) by either party if the other party materially breaches the WuXi Biologics Collaboration Agreement and fails to cure such breach within 60 days.

Royalties payment range on net sales of licensed product

high single-digits to mid-teens

Rockefeller Agreement | Rockefeller

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Termination description

The Company has the right to terminate the Rockefeller Agreement in its entirety, or in part, for any reason on 60 days’ written notice to Rockefeller. Rockefeller may terminate the Rockefeller Agreement on 90 days’ written notice for the Company’s uncured material breach, or if the Company challenges the validity or enforceability of any of the licensed patents, or immediately in the event of the Company’s insolvency. Rockefeller may also terminate the Rockefeller Agreement if the Company ceases to carry on business with respect to the rights granted to the Company under the agreement.

Written notice period to terminate agreement by company

60 days

Annual License Maintenance Fees

$ 1,000,000

Written notice period to terminate agreement by counterparty

90 days

Upfront fee paid

$ 300,000

Royalty obligation period from date of first commercial sale

12 years

Research and development expense under license agreement

4,700,000

1,300,000

1,000,000

Rockefeller Agreement | Rockefeller | Infectious Disease Product

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Maximum aggregate milestone payment for achievement of specified milestones

$ 80,300,000

Rockefeller Agreement | Rockefeller | Infectious Disease Product [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Maximum number of products covered against milestone payment | Product

6

MedImmune Agreement | Influenza A and Influenza B

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Royalties payment range on net sales of licensed product

mid-single-digits to sub-teen double-digits

MedImmune Agreement | MedImmune

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Number of antibodies to develop | Antibodies

2

License agreement upfront payment

$ 10,000,000

MedImmune Agreement | MedImmune | Influenza A and Influenza B

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Termination description

The Company may terminate the MedImmune Agreement in its entirety or on a product-by-product basis, for convenience, upon 120 days’ notice. Either party may terminate the MedImmune Agreement for cause for the other party’s uncured material breach on 60 days’ notice or immediately in the event of bankruptcy of the other party. Additionally, MedImmune may terminate the MedImmune Agreement for cause on 30 days’ written notice if the Company challenges the validity or enforceability of the patents to which the Company has obtained a license under the MedImmune Agreement.

Written notice period to terminate licensed program for uncured material breach

60 days

Maximum aggregate milestone payment for achievement of specified milestones

$ 331,500,000

Written notice period for termination of licensed program

120 days

Written Notice period to terminate licensed program if under challenges

30 days

2019 Xencor Agreement | Xencor | Research and Development Expense

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Specified research and development expenses milestone payments

$ 500,000

$ 300,000

$ 800,000

2019 Xencor Agreement | Xencor | HBV Program

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Maximum aggregate milestone payments

$ 77,800,000

2019 Xencor Agreement | Xencor | Influenza A Research Programs

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Maximum aggregate milestone payments

$ 77,800,000

2019 Xencor Agreement | Xencor | Influenza A and HBV Research Programs

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Royalties payment range on net sales of licensed product

low- to mid-single-digits

Maximum aggregate milestone payments

$ 155,500,000

Maximum aggregate development and regulatory milestone payments

17,800,000

Maximum aggregate commercial sales milestone payments

$ 60,000,000

2020 Xencor Agreement | Xencor

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Royalties payment expiration period

12 years

Royalties based on net sales of licensed products

mid-single-digits

Cost of revenue

$ 52,700,000

2019 and 2020 Xencor Agreement member | Xencor

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Termination description

The Company may terminate each agreement in its entirety, or on a target-by-target basis, for convenience upon 60 days’ written notice. Either party may terminate each agreement for the other party’s uncured material breach upon 60 days’ written notice (or 30 days in the case of non-payment) or in the event of bankruptcy of the other party immediately upon written notice. Xencor may terminate each agreement immediately upon written notice if the Company challenges, or upon 30 days’ written notice if any of the Company’s sublicensees challenge, the validity or enforceability of any patent licensed to the Company under each respective agreement.

Written notice period for uncured material breach

60 days

Written notice period for termination of licensed program

60 days

Written Notice period to terminate licensed program if under challenges

30 days

Written notice period to terminate licensed program for failure to make payment

30 days

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 57,326	$ 27,178
Less accumulated depreciation and amortization	(14,492)	(9,232)
Total property and equipment, net	42,834	17,946
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	20,012	16,769
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,112	556
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,443	1,444
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,834	7,274
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 26,925	$ 1,135

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expenses	$ 5,278	$ 4,400	$ 3,294

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Milestone payable	$ 95,000	$ 0
Accrued royalties	58,672	0
Research and development expenses	28,073	49,384
Payroll and related expenses	29,753	17,060
Accrued income taxes	6,217
Excess funds payable under grant agreements	1,825	3,467
Operating lease liabilities, current	3,927	3,625
Other professional and consulting expenses	2,791	2,595
Other accrued expenses	10,254	805
Total accrued and other liabilities	$ 236,512	$ 76,936

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Aug. 04, 2020	Jun. 15, 2020USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 30, 2021USD ($)	Apr. 09, 2020USD ($)
Loss Contingencies [Line Items]
Lease arrangement, contractual expiration period, beginning year			2022
Lease arrangement, contractual expiration period, ending year			2033
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Gain from a sublease termination			$ 4,844
Lessee, operating lease, option to extend			These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain lease agreements also provide the Company with the option to renew for additional periods ranging from one to five years.
Other expense, net			$ (9,437)	(4,467)	(5,061)
Tenant improvement allowance			37,500			$ 14,700
Cash paid for operating lease liabilities			6,250	5,081
ROU assets in exchange for operating lease liabilities			$ 77,187	$ 48,495
Rent expense					$ 4,400
Lease Agreements
Loss Contingencies [Line Items]
Net Rentable Area | ft²			133,896
Samsung Biologics Co., Ltd
Loss Contingencies [Line Items]
Obligation to pay capacity reservation							$ 362,000
WuXi Biologics
Loss Contingencies [Line Items]
Obligation to pay capacity reservation		$ 130,000
GSKTSL | WuXi Biologics MSA and Samsung MSA | Antibody Program
Loss Contingencies [Line Items]
Percentage of development costs	72.50%
GSK | WuXi Biologics MSA and Samsung MSA | Antibody Program
Loss Contingencies [Line Items]
Percentage of development costs	27.50%
Minimum [Member]
Loss Contingencies [Line Items]
Lessee, operating lease, renewal term			1 year
Minimum [Member] | WuXi Biologics
Loss Contingencies [Line Items]
Percentage of estimated batch production fees		70.00%
Maximum
Loss Contingencies [Line Items]
Lessee, operating lease, renewal term			5 years
Maximum | WuXi Biologics
Loss Contingencies [Line Items]
Percentage of estimated batch production fees		80.00%

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Costs and Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 11,921	$ 4,591
Short-term lease cost	261	459
Variable lease cost	4,256	2,299
Total least cost	$ 16,438	$ 7,349
Other Information
Weighted average remaining lease term (in years)	10 years 4 months 24 days	10 years 7 months 6 days
Weighted average incremental borrowing rate	5.20%	7.70%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 6,250	$ 5,081
ROU assets in exchange for operating lease liabilities	$ 77,187	$ 48,495

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 12,432
2023	19,082
2024	18,233
2025	15,917
2026	16,353
Thereafter	103,413
Total lease payments	185,430
Less: imputed interest	(45,261)
Less: net tenant improvement allowance yet to be received	(52,217)
Present value of operating lease liabilities	87,952
Present value of operating lease liabilities	$ 137,488	$ 70,181

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Operating Lease Amounts Recorded in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Operating Leases
Prepaid expenses and other current assets	[1]	$ 49,536	$ 7,913
Operating ROU assets		$ 87,220	$ 61,947
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Operating lease liabilities, current		$ 3,927	$ 3,625
Operating lease liabilities, noncurrent		133,561	66,556
Total operating lease liabilities		$ 137,488	$ 70,181
[1]	For certain operating leases, lease incentives expected to be received exceeds the minimum lease payments expected to be paid over the next 12 months, therefore the net amount is recorded in prepaid expenses and other current assets.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Jan. 31, 2019shares
Series B Convertible Preferred Stock
Related Party Transaction [Line Items]
Preferred stock shares issued	18,202,213

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands	Oct. 10, 2019shares	Jan. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)shares	Oct. 11, 2019shares	Dec. 31, 2018shares
Temporary Equity [Line Items]
Net proceeds from sale of convertible preferred stock | $					$ 317,335
Number of class of stock			2
Common Stock
Temporary Equity [Line Items]
Conversion of convertible preferred stock into common stock (in shares)					88,112,733
IPO
Temporary Equity [Line Items]
Convertible preferred stock, shares outstanding	88,112,733					0
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares sold		18,202,213			18,202,213
Convertible preferred stock, shares sold, price per share | $ / shares		$ 18
Net proceeds from sale of convertible preferred stock | $		$ 327,500
Convertible preferred stock, additional shares authorized		4,020,009
Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares outstanding							69,910,520
Convertible Preferred Stock | IPO | Common Stock
Temporary Equity [Line Items]
Conversion of convertible preferred stock into common stock (in shares)	88,112,733

Convertible Preferred Stock W_2

Convertible Preferred Stock Warrant Liability - Additional Information (Details) - $ / shares	1 Months Ended
	May 31, 2020	Oct. 31, 2019	Sep. 30, 2016
Class Of Warrant Or Right [Line Items]
Warrant, expiration date			Sep. 11, 2026
Series A-1 Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Warrant to purchase of convertible preferred stock			244,444
Warrants issued, exercise price			$ 4.50
Warrant
Class Of Warrant Or Right [Line Items]
Common stock shares issued for conversion of warrants	211,774
Common Stock
Class Of Warrant Or Right [Line Items]
Warrant to purchase of convertible preferred stock		244,444

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended					12 Months Ended
	Jun. 30, 2021	Sep. 30, 2019	Aug. 31, 2019	Jan. 31, 2017	Sep. 30, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Purchase Agreement | Executive Officer and Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting of restricted common stock				3,624,355
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of options exercised						$ 65.1	$ 53.1	$ 5.5
Weighted average grant date fair value of options granted						$ 47.62	$ 25.49	$ 7.83
Unamortized stock-based compensation expense related to stock option						$ 176.4
Estimated weighted average period						2 years 6 months
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated weighted average period						3 years 2 months 12 days
Repayment of outstanding promissory notes and accrued interest received			$ 3.3
Unrecognized compensation cost related to unvested restricted stock						$ 61.3
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share issued under plan						65,021
Vesting of restricted common stock						89,261	1,986,250	1,348,297
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option price as a percentage of estimated fair value on the date of grant					100.00%
Options vesting period					4 years
2016 Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period of awards from issuance date					10 years
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option price as a percentage of estimated fair value on the date of grant		100.00%
Options vesting period		4 years
Shares available for grant						9,092,936
2019 Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period of awards from issuance date		10 years
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Offering period	6 months	27 months
Share issued under plan						65,021
Weighted average grant date fair value of options granted						$ 19.85
2019 Employee Stock Purchase Plan | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option price as a percentage of estimated fair value on the date of grant		85.00%
Shares authorized to issue under purchase rights granted		1,280,000
Percentage of employee payroll deduction on earnings, maximum		15.00%

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock Option Plans Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options,Outstanding, Beginning Balance	9,798,282
Number of Options,Granted	3,294,000
Number of Options,Exercised	(1,622,718)
Number of Options,Forfeited	(1,160,636)
Number of Options,Outstanding, Ending Balance	10,308,928	9,798,282
Number of Options,Vested and expected to vest	10,308,928
Number of Options,Vested and exercisable	4,238,107
Weighted Average Exercise Price, Beginning Balance	$ 19.10
Weighted Average Exercise Price, Granted	58.68
Weighted Average Exercise Price, Exercised	8.06
Weighted Average Exercise Price, Forfeited	34.55
Weighted Average Exercise Price, Ending Balance	31.75	$ 19.10
Weighted Average Exercise Price,Vested and expected to vest	31.75
Weighted Average Exercise Price,Vested and exercisable	$ 17.29
Weighted Average Remaining Contractual Term	8 years 2 months 12 days	8 years 7 months 6 days
Weighted Average Remaining Contractual Term,Vested and expected to vest	8 years 2 months 12 days
Weighted Average Remaining Contractual Term,Vested and exercisable	7 years 6 months
Aggregate Intrinsic Value, Balance	$ 160,378
Aggregate Intrinsic Value, Vested and expected to vest	160,378
Aggregate Intrinsic Value, Vested and exercisable	$ 105,698

Stock-Based Awards - Summary _2

Stock-Based Awards - Summary of Assumptions Used for Estimating the Fair Value of Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected stock price volatility,minimum	103.10%	88.80%	86.50%
Expected stock price volatility,maximum	112.10%	108.60%	89.40%
Risk-free interest rate, minimum	0.60%	0.30%	1.50%
Risk-free interest rate, maximum	1.30%	1.20%	2.50%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of options (in years)	5 years 3 months 18 days	5 years	5 years 10 months 24 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of options (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Stock-Based Awards -Summary of

Stock-Based Awards -Summary of Employees Stock Purchase Plan (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected stock price volatility,minimum	103.10%	88.80%	86.50%
Expected stock price volatility,maximum	112.10%	108.60%	89.40%
Risk-free interest rate, minimum	0.60%	0.30%	1.50%
Risk-free interest rate, maximum	1.30%	1.20%	2.50%
Expected dividend yield	0.00%	0.00%	0.00%
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of ESPP (in years)	6 months
Expected stock price volatility,minimum	76.10%
Expected stock price volatility,maximum	144.10%
Risk-free interest rate, minimum	0.04%
Risk-free interest rate, maximum	0.10%
Expected dividend yield	0.00%

Stock-Based Awards - Summary _3

Stock-Based Awards - Summary of Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance | shares	0
Number of Shares, Granted | shares	1,366,189
Number of Shares, Vested | shares	0
Number of shares, Forfeited | shares	(94,855)
Number of Shares, Unvested, Ending Balance | shares	1,271,334
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 0
Weighted Average Grant Date Fair Value, Granted | $ / shares	60.35
Weighted Average Grant Date Fair Value, Vested | $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	66.05
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 59.93
Restricted Stock Awards (RSAs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance | shares	89,261
Number of Shares, Granted | shares	0
Number of Shares, Vested | shares	(89,261)
Number of shares, Forfeited | shares	0
Number of Shares, Unvested, Ending Balance | shares	0
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 1.48
Weighted Average Grant Date Fair Value, Granted | $ / shares	0
Weighted Average Grant Date Fair Value, Vested | $ / shares	1.48
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	0
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 0

Stock-Based Awards - Summary _4

Stock-Based Awards - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 83,784	$ 27,600	$ 8,719
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	42,554	13,663	3,034
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 41,230	$ 13,937	$ 5,685

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Basic and Diluted Net Income (loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 528,584	$ (298,665)	$ (174,683)
Weighted-average shares outstanding, basic	129,884,967	119,159,424	30,349,920
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Options to purchase common stock	3,513,438
Restricted shares subject to future vesting	35,488
Contingently issuable shares	3,233
Weighted Average Number of Shares Outstanding, Diluted	133,437,126	119,159,424	30,349,920
Net income (loss) per share, basic	$ 4.07	$ (2.51)	$ (5.76)
Net income (loss) per share, diluted	$ 3.96	$ (2.51)	$ (5.76)

Net Income (Loss) Per Share -_2

Net Income (Loss) Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted net loss per share (in shares)	6,852,612	9,887,543	9,506,253
Options Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted net loss per share (in shares)	5,764,308	9,798,282	7,186,298
Restricted Shares Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted net loss per share (in shares)	1,088,304	89,261	2,075,511
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted net loss per share (in shares)			244,444

Net Income (Loss) Per Share (Ad

Net Income (Loss) Per Share (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2021shares
Earnings Per Share [Abstract]
Estimated shares to be issued under plan	65,967
ESPP discounted purchase price percentage	85.00%

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, contribution expenses	$ 2.7	$ 1.8	$ 1.2

Income Taxes - Schedule of Loss

Income Taxes - Schedule of Loss Before Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ 535,989	$ (309,697)	$ (138,724)
Foreign	13,813	11,086	(35,805)
Income (loss) before provision for income taxes	$ 549,802	$ (298,611)	$ (174,529)

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 3,526
State	105
Foreign	2,401	$ 106	$ 154
Current income tax expense (benefit)	6,032	106	154
Deferred:
Federal	15,186	(21)
State		(31)
Deferred income tax expense (benefit)	15,186	(52)
Provision for income taxes	$ (21,218)	$ (54)	$ (154)

Income Taxes - Reconciliation B

Income Taxes - Reconciliation Between Expected Income Tax Provision at Federal Statutory Rate and Reported Income Tax Benefit (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation Of Effective Income Tax Rate [Line Items]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Foreign tax at less than federal statutory rate	(0.20%)	0.90%	(0.30%)
Prior year tax rate adjustment		(1.90%)
State taxes, net of federal benefit	0.70%	2.70%	2.40%
Research and development tax credit	(1.60%)	1.80%	2.00%
Permanent items	1.80%	1.30%	(0.80%)
Changes in valuation allowance	(17.90%)	(25.30%)	(24.30%)
Other	0.10%	(0.50%)	(0.10%)
Effective income tax rate	3.90%	0.00%	(0.10%)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 15,030	$ 117,433
Research and development tax credit carryforward	11,375	12,246
Equity compensations	15,065	4,193
Reserves and accruals	7,115	10,804
Lease liabilities	28,612	16,184
Intangible assets	19,657	23,006
Deferred tax assets	96,854	183,866
Deferred tax liabilities:
Unrealized gain on investments	(30,170)
ROU assets	28,483	16,147
Property and equipment	(2,422)	(2,570)
IPR&D	8,511	8,511
Deferred tax liabilities	(69,586)	(27,228)
Valuation allowance	(45,707)	(159,891)
Net deferred tax liabilities	$ (18,439)	$ (3,253)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Increase/decrease in valuation allowance		$ 74,100,000	$ 42,300,000
Release of valuation allowance	$ 114,200,000
Unrecognized tax benefit	7,422,000	4,877,000	2,725,000	$ 2,404,000
Unrecognized tax benefits, if recognized, would reduce effective tax rate	0
Interest and penalties expense related to uncertain tax positions	0	$ 0
Interest and penalties accrued related to uncertain tax positions			$ 0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 24,200,000
Net operating loss carryforwards expiration beginning year	2035
Net operating loss deduction limitation as percentage of taxable income	80.00%
Tax credit carryforwards	$ 6,000,000
Federal | Research Tax Credit Carryforward
Income Taxes [Line Items]
Net operating loss carryforwards expiration beginning year	2036
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 126,600,000
Net operating loss carryforwards expiration beginning year	2031
Tax credit carryforwards	$ 11,000,000
State | Oregon | Research Tax Credit Carryforward
Income Taxes [Line Items]
Net operating loss carryforwards expiration beginning year	2022
Foreign | Swiss Federal Tax Administration (FTA)
Income Taxes [Line Items]
Net operating loss carryforwards	$ 0
Foreign | Australian Taxation Office
Income Taxes [Line Items]
Net operating loss carryforwards	$ 5,400,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits at January 1	$ 4,877	$ 2,725	$ 2,404
Addition for tax positions taken in the prior years	0		133
Reduction for tax positions taken in the prior years	(62)	(588)	(1,596)
Addition for tax positions taken in current year	2,607	2,740	1,784
Gross unrecognized tax benefits at December 31	$ 7,422	$ 4,877	$ 2,725

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - Subsequent Event - Bill & Melinda Gates Foundation [Member] $ in Millions	Jan. 31, 2022USD ($)shares
Subsequent Event [Line Items]
Business agreement grant amount	$ 10
Value of common stock issued in connection with the grant agreement	$ 40
Common stock issued in connection with the grant agreement | shares	881,365