Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Registrant Name | Adicet Bio, Inc. | |
Entity Central Index Key | 0001720580 | |
Trading Symbol | ACET | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38359 | |
Entity Tax Identification Number | 81-3305277 | |
Entity Address, Address Line One | 200 Berkeley Street | |
Entity Address, Address Line Two | 19th Floor | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02116 | |
City Area Code | 650 | |
Local Phone Number | 503-9095 | |
Entity Common Stock, Shares Outstanding | 42,957,586 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 231,640 | $ 257,656 |
Prepaid expenses and other current assets | 3,168 | 3,382 |
Total current assets | 234,808 | 261,038 |
Property and equipment, net | 29,886 | 28,710 |
Operating lease right-of-use asset | 19,708 | 20,269 |
Goodwill | 19,462 | 19,462 |
Other non-current assets | 1,110 | 1,211 |
Total assets | 304,974 | 330,690 |
Current liabilities: | ||
Accounts payable | 2,747 | 4,404 |
Accrued and other current liabilities | 12,399 | 12,811 |
Operating lease liability | 2,949 | 2,492 |
Total current liabilities | 18,095 | 19,707 |
Operating lease liability, net of current portion | 20,548 | 18,531 |
Other non-current liabilities | 116 | 114 |
Total liabilities | 38,759 | 38,352 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; none issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 0 | 0 |
Common stock, $0.0001 par value, 150,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 42,957,431 and 42,954,820 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 4 | 4 |
Additional paid-in capital | 535,206 | 530,448 |
Accumulated deficit | (268,995) | (238,114) |
Accumulated other comprehensive income | 0 | 0 |
Total stockholders’ equity | 266,215 | 292,338 |
Total liabilities and stockholders’ equity | $ 304,974 | $ 330,690 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 42,957,431 | 42,954,820 |
Common stock, shares outstanding | 42,957,431 | 42,954,820 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue—related party | $ 0 | $ 24,990 |
Operating expenses: | ||
Research and development | 26,756 | 13,483 |
General and administrative | 6,566 | 6,801 |
Total operating expenses | 33,322 | 20,284 |
Income (loss) from operations | (33,322) | 4,706 |
Interest income | 2,666 | 32 |
Interest expense | (19) | (18) |
Other expense, net | (206) | (102) |
Income (loss) before income tax provision | (30,881) | 4,618 |
Income tax provision | 0 | 0 |
Net income (loss) | $ (30,881) | $ 4,618 |
Net income (loss) per share attributable to common stockholders, basic | $ (0.72) | $ 0.12 |
Net income (loss) per share attributable to common stockholders, diluted | $ (0.72) | $ 0.10 |
Weighted-average common shares used in computing net income (loss) per share attributable to common stockholders, basic | 42,955,688 | 39,823,246 |
Weighted-average common shares used in computing net income (loss) per share attributable to common stockholders, diluted | 42,955,688 | 45,958,941 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Pain In Capital | Accumulated Deficit |
Balance at Dec. 31, 2021 | $ 303,129 | $ 4 | $ 471,449 | $ (168,324) |
Balance, shares at Dec. 31, 2021 | 39,736,914 | |||
Net income | 4,618 | |||
Balance at Mar. 31, 2022 | 311,084 | $ 4 | 474,786 | (163,706) |
Balance, shares at Mar. 31, 2022 | 39,885,816 | |||
Balance at Dec. 31, 2021 | 303,129 | $ 4 | 471,449 | (168,324) |
Balance, shares at Dec. 31, 2021 | 39,736,914 | |||
Issuance of common stock upon exercise of stock options | 93 | 93 | ||
Issuance of common stock upon exercise of stock options, shares | 10,099 | |||
Issuance of common stock upon vesting of restricted stock, shares | 224,000 | |||
Shares withheld for taxes | (1,106) | (1,106) | ||
Shares withheld for taxes, shares | (85,197) | |||
Stock-based compensation expense | 4,350 | 4,350 | ||
Net income | 4,618 | 4,618 | ||
Balance at Dec. 31, 2022 | 292,338 | $ 4 | 530,448 | (238,114) |
Balance, shares at Dec. 31, 2022 | 42,954,820 | |||
Issuance of common stock upon exercise of stock options | $ 3 | 3 | ||
Issuance of common stock upon exercise of stock options, shares | 713 | 713 | ||
Issuance of common stock upon vesting of restricted stock, shares | 3,205 | |||
Shares withheld for taxes | $ (10) | (10) | ||
Shares withheld for taxes, shares | (1,307) | |||
Stock-based compensation expense | 4,765 | 4,765 | ||
Net income | (30,881) | (30,881) | ||
Balance at Mar. 31, 2023 | $ 266,215 | $ 4 | $ 535,206 | $ (268,995) |
Balance, shares at Mar. 31, 2023 | 42,957,431 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net income (loss) | $ (30,881) | $ 4,618 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Noncash lease expense | 561 | 645 |
Depreciation and amortization expense | 1,254 | 352 |
Stock-based compensation expense | 4,765 | 4,350 |
Loss on disposal of property and equipment | 0 | 18 |
Amortization of deferred debt issuance costs | 17 | 18 |
Changes in operating assets and liabilities: | ||
Accounts receivable - related party | 0 | 185 |
Prepaid expenses and other current assets | 214 | 1,077 |
Other non-current assets | 84 | 117 |
Accounts payable | (2,333) | (612) |
Contract liabilities — related party | (4,805) | |
Operating lease liabilities | 2,474 | (361) |
Accrued and other current and non-current liabilities | (249) | (1,497) |
Net cash used in operating activities | (24,094) | 4,105 |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,915) | (2,632) |
Net cash provided by (used in) investing activities | (1,915) | (2,632) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 3 | 94 |
Taxes withheld and paid related to net share settlement of equity awards | (10) | (1,106) |
Deferred issuance costs | 0 | (122) |
Net cash provided by (used in) financing activities | (7) | (1,134) |
Net change in cash, cash equivalents and restricted cash | (26,016) | 339 |
Cash, cash equivalents and restricted cash, at the beginning of period | 257,656 | 277,694 |
Cash, cash equivalents and restricted cash, at the end of period | 231,640 | 278,033 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 231,640 | 277,883 |
Restricted cash | 0 | 150 |
Cash, cash equivalents and restricted cash, at the end of period | 231,640 | 278,033 |
Supplemental disclosures of noncash investing and financing activities | ||
Purchases of property and equipment included in accounts payable | $ 1,081 | $ 1,481 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | 1. Organization and Nature of the Business Adicet Bio, Inc. (formerly resTORbio, Inc. (resTORbio), together with its subsidiaries, the Company) is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. The Company is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs) and adaptors (CAds), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for durable activity in patients. The Company's approach to activate, engineer, and manufacture allogeneic gamma delta T cell product candidates derived from the peripheral blood cells of unrelated donors allows it to generate new product candidates in a rapid and cost-efficient manner. Adicet Bio, Inc. (when referred to prior to the merger, Former Adicet) was incorporated in November 2014 in Delaware. On September 15, 2020, Former Adicet completed a merger (Merger) with resTORbio, pursuant to which Former Adicet merged with a wholly owned subsidiary of resTORbio in an all-stock transaction with Former Adicet surviving as a wholly owned subsidiary of resTORbio and changing its name to “Adicet Therapeutics, Inc.” (Adicet Therapeutics). In connection with the Merger, the Company changed its name from “resTORbio, Inc.” to “Adicet Bio, Inc.” The Company’s principal executive offices are located in Boston, Massachusetts. The Company also has offices in Redwood City, California. Adicet Bio Israel Ltd. (formerly Applied Immune Technologies Ltd.) (Adicet Israel) is a wholly owned subsidiary of the Company and is located in Haifa, Israel. Adicet Israel was founded in 2006. During 2019, the Company consolidated its operations, including research and development activities, in the United States and as a result, substantially reduced its operations in Israel. Liquidity The Company has incurred significant net operating losses and negative cash flows from operations and has an accumulated deficit of $ 269.0 million as of March 31, 2023. The Company has historically financed its operations primarily through a collaboration and licensing arrangement, public and private placements of equity securities and debt, and cash received in the Merger with resTORbio. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from product sales. Management expects operating losses and negative cash flows to continue for the foreseeable future, until such time, if ever, that it can generate significant sales of its product candidates currently in development. On March 12, 2021, the Company entered into a Capital On Demand Sales Agreement (the Sales Agreement) with JonesTrading Institutional Services LLC, as sales agent, to provide for the offering, issuance and sale of up to an aggregate amount of $ 75.0 million of shares of common stock from time to time in “at-the-market” (ATM) offerings under a registration statement on Form S-3 (File No. 333-254193) (2021 Shelf Registration Statement) filed with the U.S. Securities and Exchange Commission (the SEC), which was declared effective on March 30, 2021. In August 2022, pursuant to the Sales Agreement and subject to the limitations thereof, the Company sold an aggregate of 2,611,723 shares of common stock at $ 17.23 per share resulting in net proceeds to the Company of $ 43.4 million after deducting sales agent commissions and expenses. In November 2022, the Company filed a new prospectus supplement to the 2021 Shelf Registration Statement for the offer and sale of up to $ 100.0 million of shares of common stock from time to time through the sales agent, which includes the $ 30.0 million of shares of common stock not sold under the original prospectus and up to an additional $ 70.0 million of shares of common stock. The Company expects that its cash and cash equivalents, including the net proceeds it received from its ATM offering, will be sufficient to fund its forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance of these interim consolidated financial statements. All of the Company’s revenue to date has been generated from a collaboration and license agreement with Regeneron Pharmaceuticals Inc, (Regeneron). The Company does not expect to generate any significant product revenue until it obtains regulatory approval of and commercializes any of the Company’s product candidates or enters into additional collaborative agreements with third parties, and it does not know when, or if, either will occur. The Company expects to continue to incur significant losses for the foreseeable future, and it expects the losses to increase as the Company continues the development of, and seeks regulatory approvals for, its product candidates and begins to commercialize any approved products. The Company is subject to all of the risks typically related to the development of new product candidates, including, but not limited to, raising additional capital, development by its competitors of new technological innovations, risk of failure in preclinical and clinical studies, safety and efficacy of its product candidates in clinical trials, the risk of relying on external parties such as contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs), the regulatory approval process, market acceptance of the Company’s products once approved, lack of marketing and sales history, dependence on key personnel and protection of proprietary technology and it may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect its business. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through the sale of equity, debt financings, collaborative or other arrangements with corporate or other sources of financing. Adequate funding may not be available to the Company on acceptable terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and the Company’s ability to pursue its business strategies. Although the Company continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP). Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the significant accounting policies during the three months ended March 31, 2023. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of March 31, 2023, and for the three months ended March 31, 2023, have been prepared by the Company, pursuant to the rules and regulations of the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2023 and consolidated results of operations for the three months ended March 31, 2023 and 2022 and consolidated cash flows for the three months ended March 31, 2023 and 2022 have been made. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at one financial institution in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted the provisions of ASU 2016-13 in the first quarter of 2023. There was no impact to the consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the provisions of ASU 2017-04 in the first quarter of 2023. The impact on its consolidated financial statements and related disclosures was not material. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 level of inputs that may be used to measure fair value, as follows: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices 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 which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 228,727 $ — $ — $ 228,727 Total fair value of assets $ 228,727 $ — $ — $ 228,727 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 75,701 $ — $ — $ 75,701 Total fair value of assets $ 75,701 $ — $ — $ 75,701 (1) Included in cash and cash equivalents in the consolidated balance sheets. (2) Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices . |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid insurance $ 974 $ 1,251 Prepaid software subscription and licensing fees 297 529 Interest receivable 567 435 Prepayments to CROs 273 427 Prepaid maintenance 445 295 Prepayments to CDMOs 101 65 Other prepaid expenses and current assets 511 380 Total prepaid expenses and other current assets $ 3,168 $ 3,382 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): Useful life March 31, December 31, Laboratory equipment 3 $ 10,614 $ 7,503 Leasehold improvements Lesser of useful life or lease term 25,965 19,959 Furniture and fixtures 3 951 184 Construction in progress — 1,833 9,292 Computer equipment 3 177 172 Software 3 352 353 39,892 37,463 Less: Accumulated depreciation and amortization ( 10,006 ) ( 8,753 ) Property and equipment, net $ 29,886 $ 28,710 Depreciation and amortization expense was $ 1.3 million and $ 0.4 million for the three months ended March 31, 2023 and 2022, respectively. The increase in expense is primarily due to the completion of the Company's good manufacturing practice (GMP) cell processing and vector manufacturing suite at the Company's office in Redwood City, California (1000 Bridge Parkway) in February 2023. Construction in progress has decreased by $ 7.5 million during the three months ended March 31, 2023, compared to the balance at December 31, 2022 due to the Company's completion of the Company's GMP cell processing and vector manufacturing suite in February 2023. The remaining $ 1.8 million in construction in progress as of March 31, 2023 is primarily related to lab and computer equipment not yet placed into service. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | 6. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued compensation $ 3,755 $ 5,703 Accrued CDMO costs 5,136 4,390 Accrued professional services 1,197 1,356 Accrued other research and development expenses 519 674 Accrued CRO costs 1,720 657 Accrued other liabilities 72 31 Total accrued and other liabilities $ 12,399 $ 12,811 |
Term Loan
Term Loan | 3 Months Ended |
Mar. 31, 2023 | |
Term Loan [Abstract] | |
Term Loan | 7. Term Loan On April 28, 2020, the Company entered into a Loan and Security Agreement (the Loan Agreement) as amended on July 8, 2020, September 14, 2020, September 15, 2020, October 21, 2022 and December 2, 2022 (the 2022 Amendment) with Pacific Western Bank (PacWest). On March 13, 2023, the Company and PacWest executed a letter agreeing that, notwithstanding the covenants included in the 2022 Loan Amendment, until June 30, 2023 (i) the Company and its subsidiaries will not be required to maintain the lesser of $ 200 million or seventy percent (70%) of its combined balances in demand deposit accounts, money market funds and/or insured cash sweep (ICS) accounts with PacWest and (ii) the Company must maintain its combined balances at PacWest or its affiliates, including Pacific Western Asset Management (the Letter). At all times following June 30, 2023, the Company will again be required to comply with the terms of the 2022 Loan Amendment. Upon executing this letter, the Company wired $ 187.2 million from its insured cash sweep (ICS) accounts at PacWest to Pacific Western Asset Management who subsequently invested the funds into money market funds held in custody with U.S. Bank National Association. The Company’s remaining balance of funds held in demand deposit accounts and ICS accounts with PacWest is approximately $ 2.9 million as of March 31, 2023. As of March 31, 2023 , the Company has $ 10.6 million available under the Loan Agreement. Additionally, as of the date of this Quarterly Report on Form 10-Q, the Company is in compliance with such covenants and had no indebtedness outstanding under the Loan Agreement. |
Third Party Agreements
Third Party Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Third Party Agreements | 8. Third Party Agreements Regeneron On July 29, 2016, the Company entered into a license and collaboration agreement with Regeneron, which was amended in April 2019, with such amendment becoming effective in connection with Regeneron’s investment in the Company’s Series B redeemable convertible preferred stock private placement transaction in July 2019 (as amended, the Regeneron Agreement). Financial Terms. The Company received a non-refundable upfront payment of $ 25.0 million from Regeneron upon execution of the Regeneron Agreement and an aggregate of $ 20.0 million of additional payments for research funding from Regeneron as of March 31, 2023 . In addition, Regeneron may have to pay the Company additional amounts in the future consisting of up to an aggregate of $ 80.0 million of option exercise fees, as specified in the Regeneron Agreement. Per the terms of the agreement, Regeneron must pay the Company high single digit royalties as a percentage of net sales for immune cell products (ICPs) to targets for which it has exclusive rights, and low single digit royalties as a percentage of net sales on any non-ICP product comprising a targeting moiety generated by the Company through the use of Regeneron’s proprietary mice. The Company must pay Regeneron mid-single to low double digit, but less than teens, of royalties as a percentage of net sales of ICPs to targets for which the Company has exercised exclusive rights, and low to mid-single digit of royalties as a percentage of net sales of targeting moieties generated from the Company’s license to use Regeneron’s proprietary mice. Royalties are payable until the longer of the expiration or invalidity of the licensed patent rights or twelve (12) years from first commercial sale. No royalties have been earned or paid under the Regeneron Agreement through March 31, 2023. On January 28, 2022, Regeneron exercised its option to license the exclusive, worldwide rights to ADI-002, an allogeneic gamma delta chimeric antigen receptor (CAR) T cell therapy directed against Glypican-3, pursuant to the Regeneron Agreement. In conjunction with the exercise of the option, Regeneron paid an exercise fee of $ 20.0 million to the Company on January 28, 2022, and the Company completed the transfer of the associated license rights to Regeneron during the first quarter of 2022. The $ 20.0 million option exercise fee, plus $ 5.0 million of revenue recognized relating to the combined performance obligation, resulted in an aggregate of $ 25.0 million recorded as revenue for the three months ended March 31, 2022. The Company's obligations under the combined performance obligation were completed during the year ended December 31, 2022. Regeneron is responsible, at its sole cost, for all development, manufacturing and commercialization of ADI-002 and must pay the Company high single digit royalties as a percentage of any net sales of ADI-002 for a period commencing on the first commercial sale until the longer of (i) the expiration or invalidity of the licensed patent rights or (ii) a low double digit amount of years from first commercial sale. As of March 31, 2023 and 2022, there were no contract assets related to the Regeneron Agreement. The following tables present changes in the Company’s contract liabilities for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 Balance at Deductions Balance at Contract liability $ — $ — $ — Three Months Ended March 31, 2022 Balance at Deductions Balance at Contract liability $ 4,805 $ ( 4,805 ) $ — (1) Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. Twist Bioscience In March 2021, the Company entered into an Antibody Discovery Agreement (the Twist Agreement) with Twist Bioscience Corporation (Twist). Under the terms of the Twist Agreement, Twist will utilize its proprietary platform technology to assist the Company with the discovery of novel antibodies related to target antigens selected by the Company. The Company maintains the sole and exclusive rights to any program antibodies discovered under the Twist Agreement and has the right to patent, assign, license or transfer any work product under the agreement. Furthermore, the Company has the right to sublicense its rights to program antibodies to third parties. The Company may terminate the Twist Agreement at any time, with or without cause, upon a specified period advance written notice. Per the terms of the agreement, the Company will pay Twist an upfront, non-refundable project initiation fee, a technology access fee, as well as a project fee for each project entered into under the agreement. Additionally, the Company will pay fees for development and regulatory milestones in the tens of millions of dollars and low single digit royalties on net sales to Twist for programs initiated under the agreement. In November 2022, the Company entered into an amendment to the Twist Agreement (the Twist Amendment). The Twist Amendment updates the language associated with Twist's audit rights as well as the amounts associated with technology access fees. On a cumulative basis as of March 31, 2023 , the Company has incurred and expensed $ 1.0 million related to project initiation fees, technology access fees and projects fees as research and development expense related to this agreement. |
License Funding and Other Agree
License Funding and Other Agreements | 3 Months Ended |
Mar. 31, 2023 | |
License Funding And Other Agreements [Abstract] | |
License, Funding and Other Agreements | 9. License, Funding and Other Agreements National Institute of Health In May 2019, the Company was awarded a 5 -year grant for up to $ 1.5 million from the National Institutes of Health (the NIH) to study RTB101 and the regulation of antiviral immunity in the elderly. The Company is entitled to use the award solely to conduct the research. The Company is solely responsible for commencing and conducting the research and will furnish periodic progress updates to the NIH throughout the term of the award. After completing the research, the Company must provide the NIH with a formal report describing the work performed and the results of the research. For funds received under the NIH funding agreement, the Company recognizes a reduction in research and development expenses in an amount equal to the qualifying expenses incurred in each period up to the amount funded by the NIH. Qualifying expenses incurred by the Company in advance of funding by the NIH are recorded in the consolidated balance sheets as other current assets. For the three months ended March 31, 2023 , no qualifying expenses have been incurred and nothing has been funded by the NIH. On a cumulative basis as of March 31, 2023 , $ 1.3 million has been incurred and $ 1.3 million has been funded by the NIH. |
Commitments and Contingences
Commitments and Contingences | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingences | 10. Commitments and Contingencies Operating Leases The Company leases office and laboratory space in Redwood City, California, and Boston, Massachusetts. Redwood City In 2018, Adicet Therapeutics executed a non-cancelable lease agreement, as amended in 2022, pursuant to which the Company leases office and laboratory facility at 1000 Bridge Parkway and a portion of 1200 Bridge Parkway in Redwood City, California (the Redwood City Lease). On January 9, 2023, Adicet Therapeutics entered into a third lease amendment with Westport Office Park, LLC (the Third Amendment). The Third Amendment further amends the Redwood City Lease and increases the tenant improvement allowance as of January 1, 2023 by an additional $ 3.0 million. The Company expects to utilize the full allowance for the continued buildout of office and laboratory space at 1000 Bridge Parkway. Per the terms of this amendment, this additional allowance will be repaid through equal monthly payments of principal amortization and interest on a monthly basis over the term of the lease at an interest rate of eight percent ( 8 %) per annum. The Company received the allowance on February 21, 2023. Boston In 2018, the Company entered into a lease agreement, as amended in 2019, for office space at 500 Boylston St, Boston, Massachusetts (500 Boylston Lease). Under the terms of the 500 Boylston Lease, the Company was permitted to assign, sublease or transfer this lease, with the consent of the landlord. On July 19, 2021, the Company entered into a sublease agreement with RFS OPCO LLC (Sublessee), whereby the Company agreed to sublease to Sublessee all of the 9,501 rentable square feet of 500 Boylston St. Th e expected undiscounted cash flows to be received from the sublease as of March 31, 2023 is as follows (in thousands): March 31, 2023 $ 531 2024 722 2025 736 2026 438 2027 and thereafter — Total $ 2,427 Further, the Company remains liable for the remaining lease payments under the Master Lease, totaling $ 2.2 million, which is included in future minimum lease payments table below. The future minimum lease payments under all non-cancelable operating lease obligations as of March 31, 2023 were as follows (in thousands): March 31, 2023 $ 3,597 2024 5,005 2025 4,650 2026 3,999 2027 and thereafter 12,059 Total undiscounted lease payments 29,310 Less: imputed interest ( 5,813 ) Total operating lease liability 23,497 Less: current portion 2,949 Operating lease liability, net of current maturities $ 20,548 The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the quarter ended March 31, 2023 (in thousands): March 31, 2023 Lease Cost Operating lease cost $ 1,141 Short-term lease cost 48 Sublease income ( 179 ) Total lease cost $ 1,010 Other Information Operating cash flows used for lease liabilities 2,474 Weighted-average remaining lease term - operating leases 6.3 Weighted-average discount rate - operating leases 7 % |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 11. Stockholders' Equity Common Stock The Company’s Certificate of Incorporation, as amended, authorized the Company to issue 150,000,000 shares of common stock, par value $ 0.0001 per share, as of March 31, 2023. Common stockholders are entitled to dividends if and when declared by the board of directors of the Company subject to the prior rights of the preferred stockholders. As of March 31, 2023 , no dividends on common stock had been declared by the board of directors. The Company has the following shares of common stock reserved for future issuance: March 31, December 31, Stock options and restricted stock units available for future grant 3,628,740 2,871,705 Stock options issued and outstanding 8,141,595 6,203,020 Unvested restricted stock units 647,100 197,580 Total common stock reserved 12,417,435 9,272,305 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 12. Stock-based Compensation Stock-based Compensation Expense Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 2,207 $ 1,687 General and administrative 2,558 2,663 Total stock-based compensation $ 4,765 $ 4,350 Stock Options A summary of stock option activity for the three months ended March 31, 2023 is set forth below: Number of Weighted Weighted- Aggregate Outstanding, December 31, 2022 6,203,020 $ 14.44 8.4 $ 780 Options granted 2,117,400 $ 8.06 Options exercised ( 713 ) $ 4.76 Options forfeited or cancelled ( 178,112 ) $ 12.82 Outstanding, March 31, 2023 8,141,595 $ 12.82 8.6 $ 143 Options exercisable, March 31, 2023 2,671,676 $ 14.15 7.8 $ 143 Vested and expected to vest, March 31, 2023 8,141,595 $ 12.82 8.6 $ 143 The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows: Three Months Ended March 31, 2023 2022 Fair value of common stock $ 5.76 - $ 9.15 $ 11.93 - $ 19.97 Expected term (years) 6.0 - 6.1 5.8 - 6.1 Volatility 83.25 % - 86.19 % 77.4 % - 77.7 % Risk free rates 3.55 % - 4.22 % 1.6 % - 2.4 % Dividend rate 0.0 % 0.0 % Restricted Stock Units In October 2021, the Company granted 560,000 Restricted Stock Units (RSUs) with service and performance conditions to certain employees, no ne of which vested during the three months ended March 31, 2023 . Vesting of these awards is contingent on the occurrence of certain milestone events and fulfilment of any remaining service condition. As a result, the related compensation cost is recognized as an expense when achievement of the milestone is considered probable. The expense recognized for these awards is based on the grant date fair value of the Company's common stock multiplied by the number of units granted. The Company recognized $ 0.2 million of related expense during the three months ended March 31, 2023. The summary of RSU activity and related information for the nine months ended March 31, 2023 is set forth below: Number of Units Outstanding Weighted Average Outstanding, December 31, 2022 197,580 $ 7.8 RSUs granted 472,400 $ 7.8 RSUs vested ( 3,205 ) $ 17.2 RSUs forfeited ( 19,675 ) $ 7.4 Outstanding, March 31, 2023 647,100 $ 7.8 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | 13. Net Income (Loss) per Share The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Net income (loss) attributable to common stockholders - basic and diluted $ ( 30,881 ) $ 4,618 Weighted-average shares used in computing net income (loss) per share attributable to common shareholders, basic 42,955,688 39,823,246 Effect of dilutive securities: Options to purchase common stock — 5,376,145 Unvested restricted stock awards — 538,660 Common stock warrants — 220,890 Weighted-average shares used in computing net income (loss) per share attributable to common shareholders, diluted 42,955,688 45,958,941 Net income (loss) per share attributable to common stockholders, basic $ ( 0.72 ) $ 0.12 Net income (loss) per share attributable to common stockholders, diluted $ ( 0.72 ) $ 0.10 For the three months ended March 31, 2023, options to purchase 8,141,595 shares of common stock and 647,100 unvested restricted stock awards were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect was antidilutive. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The Company recognized no income tax expense during the three months ended March 31, 2023 and 2022. The Company maintains a full valuation allowance against its deferred tax assets due to the Company’s history of losses as of March 31, 2023 . |
Related Party
Related Party | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party | 15. Related Party As of March 31, 2023 , Regeneron owned 883,568 shares of the Company’s common stock. Regeneron became a related party in July 2019 as a result of Series B redeemable convertible preferred stock financing. For the three months ended March 31, 2023 , the Company recorded no revenue from the Regeneron Agreement. See Note 8 for a discussion of the Regeneron Agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP). |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the significant accounting policies during the three months ended March 31, 2023. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of March 31, 2023, and for the three months ended March 31, 2023, have been prepared by the Company, pursuant to the rules and regulations of the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2023 and consolidated results of operations for the three months ended March 31, 2023 and 2022 and consolidated cash flows for the three months ended March 31, 2023 and 2022 have been made. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at one financial institution in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted the provisions of ASU 2016-13 in the first quarter of 2023. There was no impact to the consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the provisions of ASU 2017-04 in the first quarter of 2023. The impact on its consolidated financial statements and related disclosures was not material. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 228,727 $ — $ — $ 228,727 Total fair value of assets $ 228,727 $ — $ — $ 228,727 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 75,701 $ — $ — $ 75,701 Total fair value of assets $ 75,701 $ — $ — $ 75,701 (1) Included in cash and cash equivalents in the consolidated balance sheets. (2) Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices . |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid insurance $ 974 $ 1,251 Prepaid software subscription and licensing fees 297 529 Interest receivable 567 435 Prepayments to CROs 273 427 Prepaid maintenance 445 295 Prepayments to CDMOs 101 65 Other prepaid expenses and current assets 511 380 Total prepaid expenses and other current assets $ 3,168 $ 3,382 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): Useful life March 31, December 31, Laboratory equipment 3 $ 10,614 $ 7,503 Leasehold improvements Lesser of useful life or lease term 25,965 19,959 Furniture and fixtures 3 951 184 Construction in progress — 1,833 9,292 Computer equipment 3 177 172 Software 3 352 353 39,892 37,463 Less: Accumulated depreciation and amortization ( 10,006 ) ( 8,753 ) Property and equipment, net $ 29,886 $ 28,710 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued compensation $ 3,755 $ 5,703 Accrued CDMO costs 5,136 4,390 Accrued professional services 1,197 1,356 Accrued other research and development expenses 519 674 Accrued CRO costs 1,720 657 Accrued other liabilities 72 31 Total accrued and other liabilities $ 12,399 $ 12,811 |
Third Party Agreements (Tables)
Third Party Agreements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Change in Company's Contract Liabilities | The following tables present changes in the Company’s contract liabilities for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 Balance at Deductions Balance at Contract liability $ — $ — $ — Three Months Ended March 31, 2022 Balance at Deductions Balance at Contract liability $ 4,805 $ ( 4,805 ) $ — (1) Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Lease Costs and Other Information | The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the quarter ended March 31, 2023 (in thousands): March 31, 2023 Lease Cost Operating lease cost $ 1,141 Short-term lease cost 48 Sublease income ( 179 ) Total lease cost $ 1,010 Other Information Operating cash flows used for lease liabilities 2,474 Weighted-average remaining lease term - operating leases 6.3 Weighted-average discount rate - operating leases 7 % |
Schedule Of Sublease Income | e expected undiscounted cash flows to be received from the sublease as of March 31, 2023 is as follows (in thousands): March 31, 2023 $ 531 2024 722 2025 736 2026 438 2027 and thereafter — Total $ 2,427 |
Schedule of Future Minimum Lease Payments | The future minimum lease payments under all non-cancelable operating lease obligations as of March 31, 2023 were as follows (in thousands): March 31, 2023 $ 3,597 2024 5,005 2025 4,650 2026 3,999 2027 and thereafter 12,059 Total undiscounted lease payments 29,310 Less: imputed interest ( 5,813 ) Total operating lease liability 23,497 Less: current portion 2,949 Operating lease liability, net of current maturities $ 20,548 The following table presents the operating lease cost and information related to the operating lease right-of-use assets, |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Number of Shares of Common Stock Reserved for Future Issuance | The Company has the following shares of common stock reserved for future issuance: March 31, December 31, Stock options and restricted stock units available for future grant 3,628,740 2,871,705 Stock options issued and outstanding 8,141,595 6,203,020 Unvested restricted stock units 647,100 197,580 Total common stock reserved 12,417,435 9,272,305 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 2,207 $ 1,687 General and administrative 2,558 2,663 Total stock-based compensation $ 4,765 $ 4,350 |
Summary of Stock Option Activity | Stock Options A summary of stock option activity for the three months ended March 31, 2023 is set forth below: Number of Weighted Weighted- Aggregate Outstanding, December 31, 2022 6,203,020 $ 14.44 8.4 $ 780 Options granted 2,117,400 $ 8.06 Options exercised ( 713 ) $ 4.76 Options forfeited or cancelled ( 178,112 ) $ 12.82 Outstanding, March 31, 2023 8,141,595 $ 12.82 8.6 $ 143 Options exercisable, March 31, 2023 2,671,676 $ 14.15 7.8 $ 143 Vested and expected to vest, March 31, 2023 8,141,595 $ 12.82 8.6 $ 143 |
Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model | The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows: Three Months Ended March 31, 2023 2022 Fair value of common stock $ 5.76 - $ 9.15 $ 11.93 - $ 19.97 Expected term (years) 6.0 - 6.1 5.8 - 6.1 Volatility 83.25 % - 86.19 % 77.4 % - 77.7 % Risk free rates 3.55 % - 4.22 % 1.6 % - 2.4 % Dividend rate 0.0 % 0.0 % |
Summary of Restricted Stock Unit Activity | The summary of RSU activity and related information for the nine months ended March 31, 2023 is set forth below: Number of Units Outstanding Weighted Average Outstanding, December 31, 2022 197,580 $ 7.8 RSUs granted 472,400 $ 7.8 RSUs vested ( 3,205 ) $ 17.2 RSUs forfeited ( 19,675 ) $ 7.4 Outstanding, March 31, 2023 647,100 $ 7.8 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Net income (loss) attributable to common stockholders - basic and diluted $ ( 30,881 ) $ 4,618 Weighted-average shares used in computing net income (loss) per share attributable to common shareholders, basic 42,955,688 39,823,246 Effect of dilutive securities: Options to purchase common stock — 5,376,145 Unvested restricted stock awards — 538,660 Common stock warrants — 220,890 Weighted-average shares used in computing net income (loss) per share attributable to common shareholders, diluted 42,955,688 45,958,941 Net income (loss) per share attributable to common stockholders, basic $ ( 0.72 ) $ 0.12 Net income (loss) per share attributable to common stockholders, diluted $ ( 0.72 ) $ 0.10 For the three months ended March 31, 2023, options to purchase 8,141,595 shares of common stock and 647,100 unvested restricted stock awards were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect was antidilutive. |
Organization and Nature of the
Organization and Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||||
Aug. 31, 2022 | Mar. 12, 2021 | Nov. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Accumulated deficit | $ (268,995) | $ (238,114) | |||
Adicet Therapeutics [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Accumulated deficit | $ 269,000 | ||||
2021 Sales Agreement | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Aggregate number of shares sold | 2,611,723 | ||||
Sale of Stock, Price Per Share | $ 17.23 | ||||
Sales agent commissions and expenses | $ 43,400 | ||||
Common Stock not sold | $ 30,000 | ||||
Additional Common Stock not sold | 70,000 | ||||
Aggregate gross proceeds | $ 100,000 | ||||
Maximum | 2021 Sales Agreement | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Aggregate gross proceeds | $ 75,000 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||
Goodwill | $ 19,462 | $ 19,462 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | $ 228,727 | $ 75,701 | |
Fair Value, Inputs, Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | 228,727 | 75,701 | |
Fair Value, Inputs, Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | 0 | 0 | |
Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | [1],[2] | 228,727 | 75,701 |
Money Market Funds | Fair Value, Inputs, Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | [1],[2] | 228,727 | 75,701 |
Money Market Funds | Fair Value, Inputs, Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | [1],[2] | 0 | 0 |
Money Market Funds | Fair Value, Inputs, Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total fair value of assets | [1],[2] | $ 0 | $ 0 |
[1] Included in cash and cash equivalents in the consolidated balance sheets. Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 974 | $ 1,251 |
Prepaid software subscription and licensing fees | 297 | 529 |
Interest receivable | 567 | 435 |
Prepayments to CROs | 273 | 427 |
Prepaid maintenance | 445 | 295 |
Prepayments to CMOs | 101 | 65 |
Other prepaid expenses and current assets | 511 | 380 |
Total prepaid expenses and other current assets | $ 3,168 | $ 3,382 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 39,892 | $ 37,463 |
Less: Accumulated depreciation and amortization | (10,006) | (8,753) |
Property and equipment, net | 29,886 | 28,710 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 10,614 | 7,503 |
Useful life (in years) | 3 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 25,965 | 19,959 |
Useful life (in years) | Lesser of useful life or lease term | |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 951 | 184 |
Useful life (in years) | 3 years | |
Construction In Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 1,833 | 9,292 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 177 | 172 |
Useful life (in years) | 3 years | |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 352 | $ 353 |
Useful life (in years) | 3 years |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Changes In Construction In Progress | $ 7,500 | |
Remaining amount of construction in progress | 1,800 | |
Depreciation and amortization expense | $ 1,254 | $ 352 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 3,755 | $ 5,703 |
Accrued CMO costs | 5,136 | 4,390 |
Accrued professional services | 1,197 | 1,356 |
Accrued other research and development expenses | 519 | 674 |
Accrued CRO costs | 1,720 | 657 |
Accrued other liabilities | 72 | 31 |
Total accrued and other liabilities | $ 12,399 | $ 12,811 |
Term Loan - Additional Informat
Term Loan - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 13, 2023 |
Class Of Warrant Or Right [Line Items] | ||
Available under the Loan Agreement | $ 10.6 | |
Pacific western bank [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Insured cash sweep | $ 187.2 | |
Combined balances in demand deposit accounts | $ 200 | |
Remaining balance of funds held in demand deposit accounts | $ 2.9 |
Third Party Agreements - Additi
Third Party Agreements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 28, 2022 | Mar. 31, 2023 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Related to project initiation fees | $ 1 | |
License agreement termination description | twelve (12) years | |
Regeneron Pharmaceuticals, Inc. | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Revenue recognized | $ 5 | |
Exercise Fee Paid | $ 20 | 20 |
Licence agreement additional revenue recognised | 25 | |
Non refundable upfront payment received | 25 | |
Additional payment for research funding received | 20 | |
Regeneron Pharmaceuticals, Inc. | Maximum | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Licence agreement additional amount payable of option exercise fees | $ 80 |
Third Party Agreements - Summar
Third Party Agreements - Summary of Change in Company's Contract Liabilities (Details) - Contract Liability - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Balance at beginning of period | $ 0 | $ 4,805 | |
Additions (Deductions) (1) | 0 | (4,805) | [1] |
Balance at end of period | $ 0 | $ 0 | |
[1] Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. |
License Funding and Other Agr_2
License Funding and Other Agreements - Additional Information (Details) - National Institute of Health - USD ($) | 1 Months Ended | 3 Months Ended |
May 31, 2019 | Mar. 31, 2023 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Grant term | 5 years | |
Grants receivable | $ 1,500,000 | |
Qualifying expenses on cumulative basis | $ 1,300,000 | |
Funding Agreement | ||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Qualifying expenses | 0 | |
Qualifying expenses on cumulative basis | $ 1,300,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Jan. 01, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jul. 19, 2021 ft² | |
Long Term Purchase Commitment [Line Items] | |||
Area of Sublease | ft² | 9,501 | ||
Operating lease payments | $ 2.2 | ||
Westport Office Park, LLC [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 8% | ||
Tenant Improvements | $ 3 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Sublease Income (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 531 |
2024 | 722 |
2025 | 736 |
2026 | 438 |
Total | $ 2,427 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
2023 | $ 3,597 | |
2024 | 5,005 | |
2025 | 4,650 | |
2026 | 3,999 | |
2027 and thereafter | 12,059 | |
Total undiscounted lease payments | 29,310 | |
Less: imputed interest | (5,813) | |
Total operating lease liability | 23,497 | |
Less: current portion | 2,949 | $ 2,492 |
Operating lease liability, net of current portion | $ 20,548 | $ 18,531 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Lease Costs and Other Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease cost | $ 1,141 |
Short-term lease cost | 48 |
Sublease Income | (179) |
Total lease cost | 1,010 |
Operating cash flows used for lease liabilities | $ 2,474 |
Weighted-average remaining lease term - operating leases | 6 years 3 months 18 days |
Weighted-average discount rate - operating leases | 7% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Dividends Payable | $ 0 | |
Common stock shares issued, par value | $ 0.0001 | $ 0.0001 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 12,417,435 | 9,272,305 |
Unvested Restricted Stock Units | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 647,100 | 197,580 |
Stock Options Available for Future Grant | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 3,628,740 | 2,871,705 |
Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 8,141,595 | 6,203,020 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 4,765 | $ 4,350 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,207 | 1,687 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,558 | $ 2,663 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||
Number of Shares Underlying Outstanding Options, Beginning balance | 6,203,020 | |
Number of Shares Underlying Outstanding Options, Options granted | 2,117,400 | |
Number of Shares Underlying Outstanding Options, Options exercised | (713) | |
Number of Shares Underlying Outstanding Options, Options forfeited or cancelled | (178,112) | |
Number of Shares Underlying Outstanding Options, Ending balance | 8,141,595 | 6,203,020 |
Number of Shares Underlying Outstanding Options exercisable | 2,671,676 | |
Number of Shares Underlying Outstanding Options, Vested and expected to vest | 8,141,595 | |
Weighted-Average Exercise Price, Outstanding beginning | $ 14.44 | |
Weighted-Average Exercise Price, Options granted | 8.06 | |
Weighted-Average Exercise Price, Options exercised | 4.76 | |
Weighted-Average Exercise Price, Options forfeited or cancelled | 12.82 | |
Weighted-Average Exercise Price, Outstanding ending | 12.82 | $ 14.44 |
Weighted-Average Exercise Price, Options exercisable | 14.15 | |
Weighted-Average Exercise Price, Vested and expected to vest | $ 12.82 | |
Weighted-Average Remaining Contract Term, Outstanding | 8 years 7 months 6 days | 8 years 4 months 24 days |
Weighted-Average Remaining Contract Term, Options exercisable | 7 years 9 months 18 days | |
Weighted-Average Remaining Contract Term, Vested and expected to vest | 8 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 143 | $ 780 |
Aggregate Intrinsic Value, Options exercisable | 143 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 143 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
RSUs granted (includes PSUs) | 2,117,400 | ||
Expense related to options granted | $ 4,765 | $ 4,350 | |
Weighted-Average Exercise Price, Options exercised | $ 4.76 | ||
Performance Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
RSUs Vested | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
RSUs Vested | 3,205 | ||
RSUs granted (includes PSUs) | 560,000 | ||
Expense related to options granted | $ 200 | ||
Weighted-Average Grant Date Fair Value,Vested | $ 17.2 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility, minimum | 83.25% | 77.40% |
Expected volatility, maximum | 86.19% | 77.70% |
Risk free rates, minimum | 3.55% | 1.60% |
Risk free rates, maximum | 4.22% | 2.40% |
Dividend rate | 0% | 0% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of common stock | $ 5.76 | $ 11.93 |
Expected term | 6 years | 5 years 9 months 18 days |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of common stock | $ 9.15 | $ 19.97 |
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - RSUs [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, December 31, 2022 | shares | 197,580 |
RSUs granted | shares | 472,400 |
RSUs Vested | shares | (3,205) |
RSUs forfeited | shares | (19,675) |
Outstanding, March 31, 2023 | shares | 647,100 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant Date Fair Value, Beginning | $ / shares | $ 7.8 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 7.8 |
Weighted-Average Grant Date Fair Value,Vested | $ / shares | 17.2 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 7.4 |
Weighted-Average Grant Date Fair Value, Ending | $ / shares | $ 7.8 |
Net Income (Loss) per Share (Ad
Net Income (Loss) per Share (Additional Information) (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,141,595 | 5,376,145 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 647,100 | 538,660 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss - basic and diluted | $ (30,881) | $ 4,618 |
Weighted-average shares used in computing net loss per share, basic and diluted | 42,955,688 | 39,823,246 |
Weighted-average shares used in computing net income (loss) per share attributable to common shareholders, diluted | 42,955,688 | 45,958,941 |
Net income (loss) per share attributable to common stockholders, basic | $ (0.72) | $ 0.12 |
Net income (loss) per share attributable to common stockholders, diluted | $ (0.72) | $ 0.10 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,141,595 | 5,376,145 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 647,100 | 538,660 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 220,890 |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Options To Purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,141,595 | 5,376,145 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 647,100 | 538,660 |
Common Stock Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 220,890 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes Disclosure [Line Items] | ||
Income tax provision | $ 0 | $ 0 |
COVID-19 | ||
Income Taxes Disclosure [Line Items] | ||
Income tax provision | $ 0 | $ 0 |
Related Party - Additional Info
Related Party - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Redeemable convertible preferred stock | 0 | 0 | |
Revenue—related party | $ 0 | $ 24,990 | |
Regeneron Pharmaceuticals, Inc. | |||
Related Party Transaction [Line Items] | |||
Revenue—related party | $ 0 | ||
Regeneron Pharmaceuticals, Inc. | Series B Convertible Preferred Stock [ Member ] | |||
Related Party Transaction [Line Items] | |||
Redeemable convertible preferred stock | 883,568 |