Cerevel Therapeutics (CERE) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Entity Registrant Name	CEREVEL THERAPEUTICS HOLDINGS, INC.
Entity Central Index Key	0001805387
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		144,869,798
Entity File Number	001-39311
Entity Tax Identification Number	85-3911080
Entity Address, Address Line One	222 Jacobs Street
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02141
City Area Code	844
Local Phone Number	304-2048
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	CERE
Security Exchange Name	NASDAQ
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of common stockat an exercise price of $11.50
Trading Symbol	CEREW
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 327,060	$ 383,623
Prepaid expenses and other current assets		4,722	6,937
Total current assets		331,782	390,560
Property and equipment, net		28,032	24,165
Operating lease assets		23,888	24,459
Restricted cash		4,200	4,200
Other long-term assets		3,102	1,889
Total assets		391,004	445,273
Current liabilities:
Accounts payable		4,986	4,993
Accrued expenses and other current liabilities		22,035	22,519
Operating lease liabilities, current portion		2,236	2,036
Total current liabilities		29,257	29,548
Operating lease liabilities, net of current portion		32,907	30,969
Financing liability, related party (Notes 5 and 6)		16,121
Financing liability (Notes 5 and 6)		16,121
Other long-term liabilities		2,711	236
Total liabilities		97,117	60,753
Commitments and contingencies (Notes 11 and 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020
Common stock, $0.0001 par value: 500,000,000 shares authorized; 127,584,659 and 127,123,954 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		13	13
Additional paid-in capital		789,004	775,417
Accumulated deficit		(495,130)	(390,910)
Total stockholders’ equity	[1]	293,887	384,520
Total liabilities and stockholders’ equity		$ 391,004	$ 445,273
[1]	Historical share and capital amounts were retroactively restated for reverse recapitalization as described in Note 1, Nature of Operations .

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	500,000,000	500,000,000
Common stock, shares issued	127,584,659	127,123,954
Common stock, shares outstanding	127,584,659	127,123,954

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 37,294	$ 22,183	$ 73,855	$ 49,142
General and administrative	13,216	12,973	27,226	23,716
Total operating expenses	50,510	35,156	101,081	72,858
Loss from operations	(50,510)	(35,156)	(101,081)	(72,858)
Interest income, net	10	5	25	209
Other income (expense), net	(2,739)	8,418	(3,164)	(7,292)
Loss before income taxes	(53,239)	(26,733)	(104,220)	(79,941)
Income tax benefit (provision), net		16		16
Net loss and comprehensive loss	$ (53,239)	$ (26,717)	$ (104,220)	$ (79,925)
Net loss per share, basic and diluted	$ (0.42)	$ (0.44)	$ (0.82)	$ (1.31)
Weighted-average shares used in calculating net loss per share, basic and diluted	127,482,127	60,946,300	127,354,540	60,945,516

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2019	[1]	$ 77,823	$ 6	$ 322,115	$ (244,298)
Beginning balance (in shares) at Dec. 31, 2019	[1]		60,930,932
Issuance of common stock under equity incentive plans related to vesting of RSUs, (in shares)	[1]		14,270
Equity-based compensation expense	[1]	2,970		2,970
Net loss	[1]	(53,208)			(53,208)
Ending balance at Mar. 31, 2020	[1]	27,585	$ 6	325,085	(297,506)
Ending balance (in shares) at Mar. 31, 2020	[1]		60,945,202
Beginning balance at Dec. 31, 2019	[1]	77,823	$ 6	322,115	(244,298)
Beginning balance (in shares) at Dec. 31, 2019	[1]		60,930,932
Net loss		(79,925)
Ending balance at Jun. 30, 2020	[1]	4,291	$ 6	328,508	(324,223)
Ending balance (in shares) at Jun. 30, 2020	[1]		60,959,472
Beginning balance at Mar. 31, 2020	[1]	27,585	$ 6	325,085	(297,506)
Beginning balance (in shares) at Mar. 31, 2020	[1]		60,945,202
Issuance of common stock under equity incentive plans related to vesting of RSUs, (in shares)	[1]		14,270
Equity-based compensation expense	[1]	3,423		3,423
Net loss	[1]	(26,717)			(26,717)
Ending balance at Jun. 30, 2020	[1]	4,291	$ 6	328,508	(324,223)
Ending balance (in shares) at Jun. 30, 2020	[1]		60,959,472
Beginning balance at Dec. 31, 2020	[1]	384,520	$ 13	775,417	(390,910)
Beginning balance (in shares) at Dec. 31, 2020	[1]		127,123,954
Issuance of common stock under equity incentive plans related to vesting of RSUs, (in shares)	[1]		14,270
Issuance of common stock under equity incentive plans related to exercise of options	[1]	742		742
Issuance of common stock under equity incentive plans related to exercise of options (in shares)	[1]		186,892
Reclassification of private placement warrants from equity to other long-term liabilities	[1]	(305)		(305)
Equity-based compensation expense	[1]	6,060		6,060
Net loss	[1]	(50,981)			(50,981)
Ending balance at Mar. 31, 2021	[1]	340,036	$ 13	781,914	(441,891)
Ending balance (in shares) at Mar. 31, 2021	[1]		127,325,116
Beginning balance at Dec. 31, 2020	[1]	384,520	$ 13	775,417	(390,910)
Beginning balance (in shares) at Dec. 31, 2020	[1]		127,123,954
Net loss		(104,220)
Ending balance at Jun. 30, 2021	[1]	293,887	$ 13	789,004	(495,130)
Ending balance (in shares) at Jun. 30, 2021	[1]		127,584,659
Beginning balance at Mar. 31, 2021	[1]	340,036	$ 13	781,914	(441,891)
Beginning balance (in shares) at Mar. 31, 2021	[1]		127,325,116
Issuance of common stock under equity incentive plans related to vesting of RSUs, (in shares)	[1]		14,270
Issuance of common stock under equity incentive plans related to exercise of options	[1]	1,394		1,394
Issuance of common stock under equity incentive plans related to exercise of options (in shares)	[1]		204,684
Issuance of common stock under equity incentive plans related to ESPP issuances	[1]	435		435
Issuance of common stock under equity incentive plans related to ESPP issuances (in shares)	[1]		40,589
Equity-based compensation expense	[1]	5,261		5,261
Net loss	[1]	(53,239)			(53,239)
Ending balance at Jun. 30, 2021	[1]	$ 293,887	$ 13	$ 789,004	$ (495,130)
Ending balance (in shares) at Jun. 30, 2021	[1]		127,584,659
[1]	Historical share and capital amounts were retroactively restated for reverse recapitalization as described in Note 1, Nature of Operations .

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (104,220)	$ (79,925)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	664	285
Non-cash rent expense under operating leases	(400)	1,009
Equity-based compensation	11,321	6,393
Change in fair value of Equity Commitment and Share Purchase Option		7,290
Change in fair value of financing liability, related party	496
Change in fair value of financing liability	496
Change in fair value of private placement warrants	2,171
Write-off of deferred costs related to financing activities		2,485
Changes in operating assets and liabilities, net:
Prepaid expenses and other current assets	2,270	3,725
Operating lease asset	(14)	(459)
Other assets	(743)	(128)
Accounts payable	1,485	3,300
Accrued expenses and other liabilities	1,325	8
Operating lease liability	3,123
Net cash flows used in operating activities	(82,026)	(56,017)
Cash flows from investing activities:
Purchases of property and equipment	(8,243)	(4,042)
Net cash flows used in investing activities	(8,243)	(4,042)
Cash flows from financing activities:
Proceeds from the exercise of stock options and ESPP purchases	2,571
Proceeds from financing liability, related party	15,625
Proceeds from financing liability	15,625
Deferred costs related to financing activities	(115)	(1,524)
Net cash flows provided by (used in) financing activities	33,706	(1,524)
Net decrease in cash, cash equivalents and restricted cash	(56,563)	(61,583)
Cash, cash equivalents and restricted cash, beginning of the period	387,823	83,682
Cash, cash equivalents and restricted cash, end of the period	331,260	22,099
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	327,060	17,968
Restricted cash	4,200	4,131
Total cash, cash equivalents and restricted cash	331,260	22,099
Supplemental cash flow disclosures from non-cash operating, investing, and financing activities:
Fixed asset additions included in accounts payable and other current liabilities	655	5,588
Deferred unpaid transaction costs related to financing activities	$ 520	$ 424

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations Unless the context otherwise requires, references in these notes to “Cerevel,” “the company,” “we,” “us” and “our” and any related terms are intended to mean Cerevel Therapeutics Holdings, Inc. and its consolidated subsidiaries. We are a clinical-stage biopharmaceutical company pursuing a targeted approach to neuroscience that combines a deep understanding of disease-related biology and neurocircuitry of the brain with advanced chemistry and central nervous system, or CNS, target receptor selective pharmacology to discover and design new therapies. We seek to transform the lives of patients through the development of new therapies for neuroscience diseases, including schizophrenia, epilepsy and Parkinson’s disease. On October 27, 2020 , ARYA Sciences Acquisition Corp II (ARYA) completed the acquisition of Cerevel Therapeutics, Inc. (Old Cerevel), a private company and our predecessor, pursuant to the Business Combination Agreement dated July 29, 2020 , as amended on October 2, 2020 (the Business Combination Agreement). ARYA was incorporated as a Cayman Islands exempted company on February 20, 2020, and was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Cerevel Therapeutics, Inc. was incorporated in Delaware on July 23, 2018, under the name Perception Holdco, Inc., which was subsequently changed to Cerevel Therapeutics, Inc. on October 23, 2018. Our principal operations commenced on September 24, 2018 (Formation Transaction Date), when Old Cerevel licensed technology to a portfolio of pre-commercial neuroscience assets from Pfizer Inc. (Pfizer) in exchange for the issuance of Series A-2 Preferred Stock of Old Cerevel and obtained a $ 350.0 million equity commitment (the Equity Commitment), from BC Perception Holdings, LP (Bain Investor), an affiliate of Bain Capital, to develop the in-licensed assets in exchange for the issuance of Series A-1 Preferred Stock and Series A Common Stock of Old Cerevel. Bain Investor also received the option to purchase up to an additional 10.0 million shares of Old Cerevel at $ 10.00 per share, subject to Pfizer’s participation rights (the Share Purchase Option). On the Formation Transaction Date, we received an initial investment of $ 115.0 million in equity funding from Bain Investor to begin operations. During 2019 we received an additional investment of $ 60.1 million in equity funding from Bain Investor. Bain Investor contributed an additional $ 25.0 million in equity funding in July 2020 (the Additional Financing Shares). Upon the closing of the transactions contemplated by the Business Combination Agreement (the Business Combination or the Business Combination Transaction), Old Cerevel became a wholly owned subsidiary of ARYA and ARYA was renamed Cerevel Therapeutics Holdings, Inc. and the Equity Commitment and the Share Purchase Option related to Old Cerevel were terminated. Upon completion of the Business Combination Transaction, and pursuant to the terms of the Business Combination Agreement, the existing shareholders of Old Cerevel exchanged their interests for shares of common stock of Cerevel Therapeutics Holdings, Inc. (New Cerevel). Net proceeds from this transaction totaled approximately $ 439.5 million. We accounted for the Business Combination Transaction as a reverse recapitalization, which is the equivalent of Old Cerevel issuing stock for the net assets of ARYA, with ARYA treated as the acquired company for accounting purposes. The net assets of ARYA were stated at historical cost with no goodwill or other intangible assets recorded. Reported results from operations included herein prior to the Business Combination are those of Old Cerevel. The shares and corresponding capital amounts and loss per share related to Old Cerevel’s outstanding redeemable convertible preferred stock, redeemable convertible common stock, and common stock prior to the Business Combination Transaction have been retroactively restated to reflect the exchange ratio (the Exchange Ratio) established in the Business Combination Agreement (1.00 share of Old Cerevel for 2.854 shares of New Cerevel). For additional information on the Business Combination Transaction and the Additional Financing Shares, please read Note 3, Business Combination , to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (our Annual Report). For additional information on our license arrangement with Pfizer, please read Note 6, Pfizer License Agreement , to our audited consolidated financial statements included in our Annual Report. For additional information on the Equity Commitment and the Share Purchase Option, please read Note 7, Equity Commitment and Share Purchase Option , to our audited consolidated financial statements included in our Annual Report.

Risks and Liquidity

Risks and Liquidity	6 Months Ended
	Jun. 30, 2021
Risks And Uncertainties [Abstract]
Risks and Liquidity	2. Risks and Liquidity We are subject to risks and uncertainties common to clinical-stage companies in the biopharmaceutical industry. These risks include, but are not limited to, the introduction of new products, therapies, standards of care or new technological innovations, our ability to obtain and maintain adequate protection for our licensed technology, data or other intellectual property and proprietary rights and compliance with extensive government regulation and oversight. In addition, we are dependent upon the services of our employees, including key personnel, consultants, third-party contract research organizations and other third-party organizations. Our product candidates, currently under development or that we may develop, will require significant additional research and development efforts, including extensive clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting capabilities. There can be no assurance that our research and development activities will be successfully completed, that adequate protection for our licensed or developed technology will be obtained and maintained, that products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Our condensed consolidated financial statements have been prepared on the basis of continuity of operations, the realization of assets and the satisfaction of liabilities in the ordinary course of business. Since our inception, we have incurred significant operating losses and, as of June 30, 2021, had an accumulated deficit of $ 495.1 million and had not yet generated revenues. In addition, we anticipate that our expenses will increase significantly in connection with our ongoing activities to support our research, discovery and clinical development efforts and we expect to continue to incur significant expenses and operating losses for the foreseeable future. Prior to the Business Combination Transaction, our operations were funded primarily from the issuance of convertible preferred stock, convertible common stock and common stock. Upon the closing of the Business Combination Transaction in October 2020, we received net proceeds totaling approximately $ 439.5 million, as described above in Note 1, Nature of Operations . We believe that our available cash resources as of June 30, 2021, of $ 327.1 million will enable us to fund our operating expense and capital expenditure requirements through at least twelve months from the issuance date of these financial statements. Impact of the COVID-19 Pandemic We are closely monitoring the impact of the pandemic of COVID-19 on all aspects of our business, including how it has impacted and may continue to impact our operations and the operations of our suppliers, vendors and business partners. We do not yet know the full extent of potential delays or impacts on our business, our clinical trials, our research programs, healthcare systems or the global economy and we cannot presently predict the scope and severity of any potential business shutdowns or disruptions. The extent to which COVID-19 ultimately impacts our business, results of operations and financial condition will depend on future developments, which, despite progress in vaccination efforts, are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning the severity of COVID-19, such as new strains of the virus, including the Delta variant, which may impact rates of infection and vaccination efforts, developments or perceptions regarding the safety of vaccines, and the effectiveness of any additional preventative and protective actions to contain it or treat its impact. The estimates of the impact on our business may change based upon new information that may emerge concerning COVID-19 and the actions to contain it or treat its impact and the economic impact on local, regional, national and international markets. We have not incurred any significant impairment losses in the carrying values of our assets as a result of the pandemic and we are not aware of any specific related event or circumstance that would require us to revise our estimates reflected in our unaudited condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include those of the company and its subsidiaries, Cerevel Therapeutics, Inc., Cerevel Therapeutics LLC and Cerevel MA Securities Corporation, after elimination of all intercompany accounts and transactions. The accompanying unaudited condensed consolidated financial statements and notes hereto have been prepared in conformity with the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as set forth in the Financial Accounting Standards Board’s (FASB) accounting standards codification. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the FASB. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and six months ended June 30, 2021 and 2020, are not necessarily indicative of the results for the entire fiscal year or any other period. The condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020, have been prepared on the same basis as and should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report. As a result of the Business Combination Transaction, the shares and corresponding capital amounts and loss per share related to Old Cerevel’s outstanding redeemable convertible preferred stock, redeemable convertible common stock and common stock prior to the Business Combination Transaction have been retroactively restated to reflect the Exchange Ratio established in the Business Combination Agreement. For additional information on the Business Combination Transaction and the Exchange Ratio, please read Note 3, Business Combination , to our audited consolidated financial statements included in our Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the fair value of our financing liabilities, the fair value of the Equity Commitment and Share Purchase Option, the fair value of stock options, the recoverability of our net deferred tax assets and the related valuation allowance and the accrual for research and development expense. The impact on accounting estimates and judgments on our financial condition and results of operations due to COVID-19 has introduced additional uncertainties. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances change. Actual results could differ materially from those estimates. Restricted Cash In connection with our entering into the lease agreement for our headquarters in Cambridge, MA, in July 2019, we were required to provide a security deposit in the form of a letter of credit. We have classified this amount as restricted cash within our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. Common Stock Warrants and Derivative Financial Instruments We account for our common stock purchase warrants and other freestanding derivative financial instruments based on an assessment of the specific terms of the instrument and applicable authoritative guidance in accordance with ASC 480, Distinguishing Liabilities from Equity (ASC 480), and review our common stock purchase warrants and other freestanding derivative financial instruments at each balance sheet date to determine whether a change in classification is required. Our assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. We classify freestanding derivative financial instruments that are indexed in our own stock as: a) Equity if they (i) require physical settlement or net-share settlement, or (ii) give the company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement), or b) Assets or liabilities if they (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the company’s control), or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) Warrants to purchase an aggregate of 5,149,666 shares were issued by ARYA as part of the units sold in its IPO in June 2020. We determined that our 4,983,314 outstanding public warrants satisfied the criteria for classification as equity instruments as of June 30, 2021 and December 31, 2020, respectively. In certain circumstances, the identity of the holder may result in different settlement amounts, and therefore our private placement warrants are not considered indexed in our own stock in the manner contemplated by ASC Section 815-40-15. Accordingly, we classify our 166,333 private placement warrants as long-term liabilities within our condensed consolidated balance sheet. We did no t recognize a liability in relation to our private placement warrants prior to March 31, 2021, as we previously determined that the fair value of these warrants were immaterial. We revalue the liability associated with our private placement warrants on a recurring basis each reporting period with changes in fair value of these warrants recognized as an adjustment to other income (expense), net in our condensed consolidated statements of operations and comprehensive loss. Changes in the fair value of our private placement warrants result from changes to one or multiple inputs, including adjustments to the discount rate, expected volatility and dividend yield as well as changes in the fair value of our common stock and public warrants. Fair Value Option for Funding Agreements We elected to account for our funding agreements and related financial liabilities described in Note 5, Financing Liabilities , in accordance with the fair value option permitted under ASC 825-10, Financial Instruments . A liability associated with each of our funding agreements was initially recognized at their estimated fair value within our condensed consolidated balance sheets. We revalue these financial instruments on a recurring basis each reporting period with subsequent changes in fair value, excluding the impact of the change in fair value related to instrument-specific credit risk, separately presented as a component of other income (expense), net in our condensed consolidated statements of operations and comprehensive income. The portion of the fair value adjustment attributed to a change in the instrument-specific credit risk will be recognized and separately presented as a component of other comprehensive income. Changes in the fair value of our financing liabilities can result from changes to one or multiple inputs, including adjustments to the discount rate and achievement and timing of any cumulative sales-based and regulatory milestones or changes in the probability of certain clinical events and changes in the assumed probability associated with regulatory approval. These fair value measurements represent Level 3 measurements as they are based on significant inputs not observable in the market. Up-front, direct costs and fees related to the instruments for which we have elected the fair value option were recognized in general and administrative expense in earnings as incurred. The decision to elect the fair value option is determined on an instrument-by-instrument basis, must be applied to an entire instrument and is irrevocable once elected, but need not be applied to all similar instruments. Assets and liabilities measured at fair value pursuant to ASC 825-10 are required to be reported separately from those instruments measured using another accounting method. For additional information related to our qualifying instruments that we have elected to account for under the fair value option, please read Note 5, Financing Liabilities , and Note 6, Fair Value Measurements. Emerging Growth Company Status We are currently an “emerging growth company” (EGC), as defined in Section 2(a)(19) of the Securities Act of 1933 (the Securities Act), as modified by the Jumpstart Our Business Startups Act (JOBS Act) and we may choose to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. We may take advantage of these exemptions until the company is no longer an EGC under Section 107 of the JOBS Act, which provides that an EGC can take advantage of the extended transition period afforded by the JOBS Act for complying with new or revised accounting standards. We have elected to avail of this extended transition period for complying with new or revised accounting standards and as a result of this election, our consolidated financial statements may not be comparable to companies that comply with public company effective dates. We may take advantage of these exemptions until we no longer qualify as an EGC. As of June 30, 2021, the last business day of our most recently completed second fiscal quarter, the market value of our common stock that was held by non-affiliates exceeded $700.0 million, and as of December 31, 2021, we will have been public for more than one year and filed at least one annual report. As a result, we will lose our emerging growth company status and our smaller reporting company status as of the end of the current fiscal year ending December 31, 2021, and we will be subject to certain requirements that apply to other public companies but did not previously apply to us due to our status as an emerging growth company, including the provisions of Section 404(b) of the Sarbanes-Oxley Act, which require that our independent registered public accounting firm provides an attestation report on the effectiveness of our internal control over financial reporting. For additional information related to our other significant accounting policies, please read Note 4, Summary of Significant Accounting Policies, to our audited consolidated financial statements included in our Annual Report. Recent Accounting Guidance 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, the company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 . This standard clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer for a promised good or service that is distinct within the collaborative arrangement. The guidance also precludes entities from presenting amounts related to transactions with a collaborative arrangement participant that is not a customer as revenue, unless those transactions are directly related to third-party sales. We adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements as we have had no transactions applicable to this guidance; however, the standard may impact how we account for certain business transactions in the future. Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements (ASU 2016-13). The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. We adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes . The standard simplifies various aspects of the income tax accounting guidance in Topic 740, including the elimination of exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. We adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements.

Pfizer License Agreement

Pfizer License Agreement	6 Months Ended
	Jun. 30, 2021
License Agreement [Abstract]
Pfizer License Agreement	4. Pfizer License Agreement In August 2018 we entered into a license agreement with Pfizer (the Pfizer License Agreement) pursuant to which we were granted an exclusive, sublicensable, worldwide license under certain Pfizer patent rights, and a non-exclusive, sublicensable, worldwide license under certain Pfizer know-how to develop, manufacture and commercialize certain compounds and products, which currently constitute the entirety of our asset portfolio, in the field of treatment, prevention, diagnosis, control and maintenance of all diseases and disorders in humans, subject to the terms and conditions of the Pfizer License Agreement. Under the Pfizer License Agreement, we are solely responsible for the development, manufacture, regulatory approval and commercialization of compounds and products in the field and we will pay Pfizer tiered royalties on the aggregate net sales during each calendar year, determined on a product-by-product basis, with respect to products under the Pfizer License Agreement, and we may pay potential milestone payments to Pfizer, based on the successful achievement of certain regulatory and commercial milestones. To date, no regulatory or commercial approval milestone payments or royalty payments were made or became due under this agreement. For additional information on our Pfizer License Agreement, please read Note 6, Pfizer License Agreement, to our audited consolidated financial statements included in our Annual Report.

Financing Liabilities

Financing Liabilities	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Financing Liabilities	5. Financing Liabilities Funding Agreements On April 12, 2021 (the Effective Date), we entered into a funding agreement with NovaQuest Co-Investment Fund XVI, L.P. (NovaQuest and the NovaQuest Funding Agreement) and a funding agreement with BC Pinnacle Holdings, LP (Bain, the Bain Funding Agreement and, together with the NovaQuest Funding Agreement, the Funding Agreements), pursuant to which NovaQuest and Bain will provide funding to support our development of tavapadon for the treatment of Parkinson’s disease. Under the terms of the Funding Agreements, we will receive up to $ 62.5 million in funding from each of NovaQuest and Bain, for a combined total of up to $ 125.0 million in funding (the Total Funding Commitment), of which approximately $ 31.1 million ( 25 % of the Total Funding Commitment, net of $ 0.2 million of fees incurred by Bain and NovaQuest) was received in April 2021, with $ 37.5 million ( 30 % of the Total Funding Commitment), approximately $ 31.3 million ( 25 % of the Total Funding Commitment) and $ 25.0 million ( 20 % of the Total Funding Commitment) expected to be received on the first, second and third anniversaries of the Effective Date, respectively, subject to certain customary funding conditions. In exchange, we agreed to pay to NovaQuest and Bain (1) upon approval of tavapadon by the FDA, a combined $ 187.5 million ( 1.5 x of the Total Funding Commitment) (the Approval Milestone Payment), with 50 % of the Approval Milestone Payment due within 30 days of FDA approval and 12.5 % of the Approval Milestone Payment due on each of the first four anniversaries of FDA approval, (2) upon first reaching certain cumulative U.S. net sales thresholds, certain sales milestone payments and (3) combined tiered, mid-single digit to low-double digit royalties on annual net sales of tavapadon in the U.S. At the time that NovaQuest and Bain collectively receive an aggregate of approximately $ 531.3 million ( 4.25 x of the Total Funding Commitment), our payment obligations under the Funding Agreements will be fully satisfied. We have the option to satisfy our payment obligations to NovaQuest and Bain upon the earlier of FDA approval or May 1, 2025 , by paying an amount equal to the Total Funding Commitment multiplied by an initial factor of 3.00 x. This factor will increase ratably over time up to a maximum of 4.25 x, less amounts previously paid to NovaQuest and Bain. During the term of the Funding Agreements, the Company will use commercially reasonable efforts to develop and commercialize tavapadon in the United States, except that, upon the occurrence of certain significant safety, efficacy and regulatory technical failures of the program (each, a Technical Failure), the Company will have the right to terminate the development of tavapadon and, upon such termination, will not be obligated to make any payments to NovaQuest and Bain. If the Company suspends or terminates the development of tavapadon or fails to perform certain diligence obligations for any reason other than a Technical Failure, the Company will pay NovaQuest and Bain a combined amount equal to the total amount funded by NovaQuest and Bain up to the date of termination, plus 12 % interest compounded annually. We determined that each funding agreement represents a financial instrument that are considered to be a debt host containing embedded redemption features due to certain contingencies related to repayment. We elected to account for the Funding Agreements in accordance with the fair value option as permitted under ASC 825, Financial Instruments . As of June 30, 2021, the estimated fair value of the financing liability related to potential amounts payable to Bain under the Bain Funding Agreement, which is reflected within our condensed consolidated balance sheet as financing liability, related party, totaled $ 16.1 million . As of June 30, 2021, the estimated fair value of the financing liability related to potential amounts payable to NovaQuest under the NovaQuest Funding Agreement, which is reflected within our condensed consolidated balance sheet as financing liability, totaled $ 16.1 million . Losses of $ 0.5 million and $ 0.5 million , respectively, were recognized as a charge to other income (expense), net within our condensed consolidated statements of operations and comprehensive loss, reflecting the net change in fair value of the financing liabilities associated with the Bain and NovaQuest Funding Agreements for the period of initial recognition on April 12, 2021 through June 30, 2021. No amounts were recognized within other comprehensive income due to a change fair value attributable to instrument-specific credit risk as such amounts were not material. In addition, general and administrative expense for the three and six months ended June 30, 2021, includes a charge of $ 0.6 million for direct costs and fees incurred related to the Funding Agreements that cannot be deferred as a result of our election to apply the fair value option to the agreements. For additional information on our election to apply Fair Value Option to account for our Funding Agreements, please read Note 6, Fair Value Measurements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis and indicates the level of fair value hierarchy utilized to determine such fair values: As of June 30, 2021 (In thousands) Quoted Prices Significant Other Significant Total Assets: Cash equivalents—money market funds $ 327,060 $ — $ — $ 327,060 Restricted cash—money market funds 4,200 — — 4,200 Total Assets $ 331,260 $ — $ — $ 331,260 Liabilities: Private placement warrants $ — $ — $ 2,475 $ 2,475 Financing liability, related party — — 16,121 16,121 Financing liability — — 16,121 16,121 Total Liabilities $ — $ — $ 34,717 $ 34,717 As of December 31, 2020 (In thousands) Quoted Prices Significant Other Significant Total Assets: Cash equivalents—money market funds $ 383,623 $ — $ — $ 383,623 Restricted cash—money market funds 4,200 — — 4,200 Total Assets $ 387,823 $ — $ — $ 387,823 Liabilities: Private placement warrants $ — $ — $ — $ — Total Liabilities $ — $ — $ — $ — There have been no impairments of our assets measured and carried at fair value during the six months ended June 30, 2021 . In addition, there were no changes to previously recognized financial assets and liabilities in valuation techniques, inputs utilized or transfers between fair measurement levels in the periods presented. Upon execution of the Funding Agreements, we determined that the agreements qualified for election under the fair value option and have initially measured the financial instruments at their issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date utilizing the valuation technique and inputs described below. The carrying amounts reflected in our condensed consolidated balance sheets for our cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value due to the short-term nature of these assets and liabilities. Our private placement warrants and financing liabilities represent our Level 3 assets and liabilities carried at fair market value as of June 30, 2021. The fair value measurement of the private placement warrants and financing liabilities are sensitive to changes in the unobservable inputs used to value the financial instrument. Changes in the inputs could result in changes to the fair value of each financial instrument. The following table provides a roll forward of the liability associated with our private placement warrants: Private Placement Warrants (In thousands) Amount Liability, December 31, 2020 $ — Reclassification from equity ( 305 ) Change in fair value ( 424 ) Liability, March 31, 2021 $ ( 729 ) Change in fair value ( 1,746 ) Liability, June 30, 2021 $ ( 2,475 ) We reclassified our private placement warrants from equity to other long-term liabilities as of June 30, 2021 . Our estimate of the fair value of our private placement warrant liability was determined through a binomial lattice model utilizing a discount rate of 0.73 %, an expected volatility implied by the market price of the public warrants of 112.5 %, an expected dividend yield of 0 % and the fair values of our common stock and public warrants as of June 30, 2021. The financing liability, related party and financing liability represent Level 3 measurements of the fair value hierarchy as they are based upon significant inputs not observable in the market. As of June 30, 2021, the financing liability, related party and financing liability totaled $ 16.1 million and $ 16.1 million , respectively. We determined their respective estimated fair values using a Monte Carlo simulation model under the income approach determined by using probability assessments of the expected future payments and applying discount rates ranging from 9.5 % to 11.0 %. The probability assessments of the expected future payments and the timing of expected future repayments are based on significant inputs that are not observable in the market and are subject to remeasurement at each reporting date.

Financial Statement Components

Financial Statement Components	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Financial Statement Components	7. Financial Statement Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of (In thousands) June 30, December 31, Prepaid clinical trial services $ 891 $ 172 Prepaid research and development expenses 723 1,650 Prepaid insurance 1,501 3,675 Other prepaid expenses 1,482 1,280 Other current assets 125 160 Prepaid expenses and other current assets $ 4,722 $ 6,937 Property and Equipment, Net Property and equipment, net consisted of the following: As of (In thousands) June 30, December 31, Computer equipment $ 923 $ 96 Furniture and fixtures 322 322 Laboratory equipment 2,288 101 Leasehold improvements 22,709 — Construction in progress 2,422 23,728 Less: Accumulated depreciation ( 632 ) ( 82 ) Property and equipment, net $ 28,032 $ 24,165 In the second quarter of 2021, the build-out of our headquarters in Cambridge, Massachusetts was completed and we took occupancy of the premises, placed assets ready-for-use in service and began depreciating over the assets' respective useful lives. Other Long-Term Assets Other long-term assets consisted of the following: As of (In thousands) June 30, December 31, Deferred expenses associated with financing activities $ 635 $ — Other prepaid expenses, net of current portion 1,926 1,389 Other 541 500 Other long-term assets $ 3,102 $ 1,889 As of June 30, 2021, other long-term assets include approximately $ 0.6 million of deferred expenses for professional fees directly associated with the follow-on public offering of our common stock, as described below in Note 15, Subsequent Events . As of June 30, 2021 and December 31, 2020, other prepaid expenses, net of current portion, primarily consists of deposits paid under certain clinical research organization (CRO) agreements that will be held until the completion of the related clinical trials that are anticipated to end more than twelve months from the balance sheet date. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of (In thousands) June 30, December 31, External research and development services $ 14,006 $ 8,893 Accrued compensation and personnel costs 5,271 9,489 Accrued property and equipment 391 2,618 Accrued deferred expenses associated with financing activities 520 96 Professional fees and consulting services 1,515 1,150 Other 332 273 Accrued expenses and other current liabilities $ 22,035 $ 22,519 Other Long-Term Liabilities Other long-term liabilities consisted of the following: As of (In thousands) June 30, December 31, Private placement warrants $ 2,475 $ — Other 236 236 Other long-term liabilities $ 2,711 $ 236 Other Income (Expense), net Other income (expense), net consisted of the following: For the Three Months For the Six Months (In thousands) 2021 2020 2021 2020 Gain (loss) on fair value remeasurement of Equity Commitment $ — $ 9,110 $ — $ ( 6,650 ) Loss on fair value remeasurement of Share Purchase Option — ( 690 ) — ( 640 ) Loss on fair value remeasurement of financing liability, related party ( 496 ) — ( 496 ) — Loss on fair value remeasurement of financing liability ( 496 ) — ( 496 ) — Loss on fair value remeasurement of private placement warrants ( 1,746 ) — ( 2,170 ) — Other, net ( 1 ) ( 2 ) ( 2 ) ( 2 ) Other income (expense), net $ ( 2,739 ) $ 8,418 $ ( 3,164 ) $ ( 7,292 ) The Equity Commitment and Share Purchase Option were free-standing financial instruments that were recorded at fair value on the Formation Transaction Date. We revalued these financial instruments each reporting period and classified the fair value of the remaining Equity Commitment and the Share Purchase Option as an asset or a liability in our condensed consolidated balance sheets through their termination. We recognized the changes in fair value of the Equity Commitment and Share Purchase Option as a component of other income (expense), net in our condensed consolidated statements of operations and comprehensive loss. For additional information on the Equity Commitment and Share Purchase Option and their related valuation, please read Note 7, Equity Commitment and Share Purchase Option , to our audited consolidated financial statements included in our Annual Report.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity The condensed consolidated statement of stockholders’ equity has been retroactively adjusted for all periods presented to reflect the Business Combination and reverse recapitalization as discussed in Note 3, Summary of Significant Accounting Policies . Preferred Stock Upon closing of the Business Combination Transaction, pursuant to the terms of our Certificate of Incorporation, we authorized 10,000,000 shares of preferred stock with a par value of $ 0.0001 per share. Our board of directors has the authority, without further action by our stockholders, to issue such shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, and to fix the dividend, voting, and other rights, preferences and privileges of the shares. There were no issued and outstanding shares of preferred stock as of June 30, 2021 and December 31, 2020. Common Stock Pursuant to the terms of our Certificate of Incorporation, we authorized 500,000,000 shares of common stock with a par value of $ 0.0001 per share. There were 127,584,659 and 127,123,954 shares of common stock issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. Voting The holders of our common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there is no cumulative voting. Dividends Common stockholders are entitled to receive dividends whenever funds are legally available and when declared by the board of directors. No dividends have been declared to date. Warrants ARYA issued public warrants and private placement warrants (collectively, the warrants) in its Initial Public Offering in June 2020. Upon the consummation of the Business Combination Transaction, each outstanding warrant of ARYA become one warrant to purchase one share of Cerevel Therapeutics Holdings, Inc. Pursuant to the agreement, no fractional warrants were issued upon separation of the units and only whole warrants will trade. If a holder would be entitled to receive a fractional warrant, we rounded down to the nearest whole number of warrants to be issued to the warrant holder. None of the terms of the warrants were modified as a result of the Business Combination Transaction. As of June 30, 2021 and December 31, 2020, we determined that our 4,983,314 public warrants outstanding satisfied the criteria for classification as equity instruments in our condensed consolidated balance sheets. As of June 30, 2021 and December 31, 2020, there were 166,333 private placement warrants outstanding. The fair value of our private placement warrants as of June 30, 2021 , totaled approximately $ 2.5 million, which is reflected as a component of other long-term liabilities in our condensed consolidated balance sheet. We reclassified our private placement warrants from equity to other long-term liabilities in our condensed consolidated balance sheet as of March 31, 2021. The fair value of our private placement warrants as of March 31, 2021, totaled approximately $ 0.7 million. Upon establishment of this liability, we classified approximately $ 0.3 million from additional paid-in capital and recognized a charge of approximately $ 0.4 million to other income (expense), net, reflecting the net change in fair value of these warrants between October 27, 2020 and March 31, 2021. We did no t recognize a liability in relation to our private placement warrants prior to March 31, 2021, as we previously determined that the fair value of these warrants were immaterial. For the three and six months ended June 30, 2021, we recognized net losses of $ 1.7 million and $ 2.2 million, respectively, as a component of other income (expense), net, related to the changes in fair value of our private placement warrants. The changes in the fair value of this liability were primary due to changes in the fair value of the underlying warrants. The warrants became exercisable beginning on June 9, 2021. No warrants were exercised during the three and six months ended June 30, 2021. Each whole warrant entitles the holder to purchase one share of common stock at an exercise price of $ 11.50 per share. The warrants will expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	9. Equity-Based Compensation Equity-based Compensation Expense The following table summarizes equity-based compensation expense included in our condensed consolidated statements of operations and comprehensive loss: For the Three Months For the Six Months In thousands 2021 2020 2021 2020 Research and development $ 2,122 $ 915 $ 3,919 $ 1,825 General and administrative 3,062 2,508 7,402 4,568 Total equity-based compensation expense included in total operating expense $ 5,184 $ 3,423 $ 11,321 $ 6,393 The following table summarizes equity-based compensation expense by award type included in our condensed consolidated statements of operations and comprehensive loss: For the Three Months For the Six Months In thousands 2021 2020 2021 2020 Stock options $ 5,024 $ 3,401 $ 11,063 $ 6,350 Restricted stock units 21 22 43 43 Employee stock purchase plan 139 — 215 — Total equity-based compensation expense included in total operating expense $ 5,184 $ 3,423 $ 11,321 $ 6,393 Stock Options The following table summarizes our stock option activity for the six months ended June 30, 2021: Number of Weighted Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2020 12,464,668 $ 6.37 8.57 $ 127,301 Granted 6,099,762 $ 13.00 Exercised ( 391,576 ) $ 5.45 Forfeited ( 1,052,505 ) $ 8.71 Outstanding at June 30, 2021 17,120,349 $ 8.61 8.42 $ 291,253 Options exercisable as of June 30, 2021 5,552,756 $ 5.49 7.23 $ 111,784 The aggregate intrinsic value represents the difference between the closing stock price of our common stock and the exercise price of in-the-money options. Our closing stock price as reported on Nasdaq as of June 30, 2021 , was $ 25.62 . As of June 30, 2021 , total unrecognized equity-based compensation expense relating to stock options was $68.2 million. This amount is expected to be recognized over a weighted average period of 3.4 years. Stock options granted during the six months ended June 30, 2021, include awards granted in conjunction with our annual awards made in February 2021. The weighted-average assumptions that we used to determine the fair value of stock options granted to employees and directors are summarized as follows: For the Six Months 2021 2020 Risk free interest rate 0.76 % 1.56 % Expected term (in years) 6.04 6.01 Expected volatility 94.0 % 105.0 % Expected dividend yield 0.0 % 0.0 % Weighted-average grant date fair value $ 9.87 $ 2.54

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	10. Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share: For the Three Months For the Six Months (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ ( 53,239 ) $ ( 26,717 ) $ ( 104,220 ) $ ( 79,925 ) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 127,482,127 60,946,300 127,354,540 60,945,516 Net loss per share, basic and diluted $ ( 0.42 ) $ ( 0.44 ) $ ( 0.82 ) $ ( 1.31 ) Since we were in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share as the inclusion of all potential dilutive securities would have been anti-dilutive. The shares in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: As of June 30, June 30, Stock options outstanding 17,120,349 14,891,424 Restricted stock units outstanding 42,810 85,620 Warrants outstanding 5,149,647 — ESPP shares issuable 8,187 — Shares to be issued upon settlement of remaining Equity Commitment — 49,929,121 Shares to be issued upon exercise of Share Purchase Option — 28,540,304 Total 22,320,993 93,446,469

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes For the three and six months ended June 30, 2021 and 2020, we did no t record income tax benefits for net operating losses incurred or for the research and development tax credits generated in each period due to the uncertainty of realizing a benefit from those items. The benefit recognized for the three and six months ended months ended June 30, 2020, was related to the changes in our valuation allowance. Our tax provision and the resulting effective tax rate for interim periods is determined based upon our estimated annual effective tax rate, adjusted for the effect of discrete items arising during the interim quarterly period. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarterly period, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarterly period, we update our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter. We have evaluated the positive and negative evidence bearing upon our ability to realize our deferred tax assets, which primarily consist of net operating loss carryforwards and research and development tax credits. We have considered our history of cumulative net losses, estimated future taxable income and prudent and feasible tax planning strategies and have concluded that it is more likely than not that we will not realize the benefits of our deferred tax assets. As a result, as of June 30, 2021 and December 31, 2020, we have recorded a full valuation allowance against our net deferred tax assets.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Legal Proceedings	12. Legal Proceedings We, from time to time, may be subject to various legal proceedings and claims that may arise in the ordinary course of business. We were not subject to any material legal proceedings as of June 30, 2021 , and, to the best of our knowledge, no material legal proceedings are currently pending or threatened.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of June 30, 2021, we have several ongoing clinical studies in various clinical trial stages. Our most significant contracts relate to agreements with CROs for clinical trials and preclinical studies and contract manufacturing organizations (CMOs) for the manufacturing of drug substance, which we enter into in the normal course of business. The contracts with CROs and CMOs are generally cancellable, with notice, at our option. Guarantees and Indemnification Obligations We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we indemnify and agree to reimburse the indemnified party for losses and costs incurred by the indemnified party in connection with any patent, copyright, trade secret or other intellectual property or personal right infringement claim by any third party with respect to our technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. In addition, we have entered into indemnification agreements with members of our board of directors and our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or executive officers. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited. To date, we have no t incurred any losses or any material costs related to these indemnification obligations and no claims with respect thereto were outstanding. We do not believe that the outcome of any claims under indemnification arrangements will have a material effect on our financial position, results of operations and cash flows, and we have no t accrued any liabilities related to such obligations in our condensed consolidated financial statements as of June 30, 2021 and December 31, 2020.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Parties	14. Related Parties As of June 30, 2021 and December 31, 2020, Pfizer held 27,349,211 shares of our common stock and had nominated two members to our board of directors. For additional information on our license agreement with Pfizer, please read Note 4, Pfizer License Agreement , to these condensed consolidated financial statements. As of June 30, 2021 and December 31, 2020, Bain Investor held 60,632,356 shares of our common stock and had nominated four members to our board of directors. Funding Agreement On April 12, 2021, we entered into a funding agreement with Bain, pursuant to which Bain will provide up to $ 62.5 million in funding to support our development of tavapadon for the treatment of Parkinson’s disease over four years of which approximately $ 15.5 million ( 25 % of the Bain Funding Commitment, net of $ 0.1 million of fees incurred by Bain) was received in April 2021. For additional information on our funding agreement with Bain, please read Note 5, Financing Liabilities. Management Agreement Following the closing of the Business Combination, we entered into a new management agreement with Bain Capital Private Equity, LP and Bain Capital Life Sciences, LP providing for the expense reimbursement and indemnification of such entities.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events We have completed an evaluation of all subsequent events after the unaudited balance sheet date of June 30, 2021 , through August 11, 2021 , the issuance date of these financial statements, to ensure that these condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements as of June 30, 2021, and events which occurred subsequently but were not recognized in the condensed consolidated financial statements. We have concluded that no subsequent events other than the following have occurred that require disclosure: Public Warrant Redemption On July 30, 2021, we announced the redemption of all of our outstanding public warrants. Public warrants may be exercised by the holders thereof until August 30, 2021, to purchase shares of our common stock at the exercise price of $ 11.50 per share. Any public warrants that remain outstanding as of August 30, 2021, will be void and no longer exercisable, and the holders of those public warrants will be entitled to receive the redemption price of $ 0.01 per warrant. The private placement warrants are not subject to this redemption. As of August 6, 2021, an aggregate of 3,037,950 public warrants have been exercised, which resulted in proceeds of approximately $ 34.9 million and the issuance of 3,037,950 shares of common stock. July 2021 Public Offering On July 7, 2021, we completed a follow-on public offering of our common stock pursuant to which we issued and sold 14,000,000 shares of our common stock at a price to the public of $ 25.00 per share. The aggregate net proceeds from this offering totaled approximately $ 328.2 million, after deducting underwriting discounts and commissions of $ 21.0 million and offering expenses of approximately $ 0.8 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include those of the company and its subsidiaries, Cerevel Therapeutics, Inc., Cerevel Therapeutics LLC and Cerevel MA Securities Corporation, after elimination of all intercompany accounts and transactions. The accompanying unaudited condensed consolidated financial statements and notes hereto have been prepared in conformity with the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as set forth in the Financial Accounting Standards Board’s (FASB) accounting standards codification. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the FASB. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and six months ended June 30, 2021 and 2020, are not necessarily indicative of the results for the entire fiscal year or any other period. The condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020, have been prepared on the same basis as and should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report. As a result of the Business Combination Transaction, the shares and corresponding capital amounts and loss per share related to Old Cerevel’s outstanding redeemable convertible preferred stock, redeemable convertible common stock and common stock prior to the Business Combination Transaction have been retroactively restated to reflect the Exchange Ratio established in the Business Combination Agreement. For additional information on the Business Combination Transaction and the Exchange Ratio, please read Note 3, Business Combination , to our audited consolidated financial statements included in our Annual Report.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the fair value of our financing liabilities, the fair value of the Equity Commitment and Share Purchase Option, the fair value of stock options, the recoverability of our net deferred tax assets and the related valuation allowance and the accrual for research and development expense. The impact on accounting estimates and judgments on our financial condition and results of operations due to COVID-19 has introduced additional uncertainties. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances change. Actual results could differ materially from those estimates.
Restricted Cash	Restricted Cash In connection with our entering into the lease agreement for our headquarters in Cambridge, MA, in July 2019, we were required to provide a security deposit in the form of a letter of credit. We have classified this amount as restricted cash within our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020.
Common Stock Warrants and Derivative Financial Instruments	Common Stock Warrants and Derivative Financial Instruments We account for our common stock purchase warrants and other freestanding derivative financial instruments based on an assessment of the specific terms of the instrument and applicable authoritative guidance in accordance with ASC 480, Distinguishing Liabilities from Equity (ASC 480), and review our common stock purchase warrants and other freestanding derivative financial instruments at each balance sheet date to determine whether a change in classification is required. Our assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. We classify freestanding derivative financial instruments that are indexed in our own stock as: a) Equity if they (i) require physical settlement or net-share settlement, or (ii) give the company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement), or b) Assets or liabilities if they (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the company’s control), or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) Warrants to purchase an aggregate of 5,149,666 shares were issued by ARYA as part of the units sold in its IPO in June 2020. We determined that our 4,983,314 outstanding public warrants satisfied the criteria for classification as equity instruments as of June 30, 2021 and December 31, 2020, respectively. In certain circumstances, the identity of the holder may result in different settlement amounts, and therefore our private placement warrants are not considered indexed in our own stock in the manner contemplated by ASC Section 815-40-15. Accordingly, we classify our 166,333 private placement warrants as long-term liabilities within our condensed consolidated balance sheet. We did no t recognize a liability in relation to our private placement warrants prior to March 31, 2021, as we previously determined that the fair value of these warrants were immaterial. We revalue the liability associated with our private placement warrants on a recurring basis each reporting period with changes in fair value of these warrants recognized as an adjustment to other income (expense), net in our condensed consolidated statements of operations and comprehensive loss. Changes in the fair value of our private placement warrants result from changes to one or multiple inputs, including adjustments to the discount rate, expected volatility and dividend yield as well as changes in the fair value of our common stock and public warrants.
Fair Value Option for Funding Agreements	Fair Value Option for Funding Agreements We elected to account for our funding agreements and related financial liabilities described in Note 5, Financing Liabilities , in accordance with the fair value option permitted under ASC 825-10, Financial Instruments . A liability associated with each of our funding agreements was initially recognized at their estimated fair value within our condensed consolidated balance sheets. We revalue these financial instruments on a recurring basis each reporting period with subsequent changes in fair value, excluding the impact of the change in fair value related to instrument-specific credit risk, separately presented as a component of other income (expense), net in our condensed consolidated statements of operations and comprehensive income. The portion of the fair value adjustment attributed to a change in the instrument-specific credit risk will be recognized and separately presented as a component of other comprehensive income. Changes in the fair value of our financing liabilities can result from changes to one or multiple inputs, including adjustments to the discount rate and achievement and timing of any cumulative sales-based and regulatory milestones or changes in the probability of certain clinical events and changes in the assumed probability associated with regulatory approval. These fair value measurements represent Level 3 measurements as they are based on significant inputs not observable in the market. Up-front, direct costs and fees related to the instruments for which we have elected the fair value option were recognized in general and administrative expense in earnings as incurred. The decision to elect the fair value option is determined on an instrument-by-instrument basis, must be applied to an entire instrument and is irrevocable once elected, but need not be applied to all similar instruments. Assets and liabilities measured at fair value pursuant to ASC 825-10 are required to be reported separately from those instruments measured using another accounting method. For additional information related to our qualifying instruments that we have elected to account for under the fair value option, please read Note 5, Financing Liabilities , and Note 6, Fair Value Measurements.
Emerging Growth Company Status	Emerging Growth Company Status We are currently an “emerging growth company” (EGC), as defined in Section 2(a)(19) of the Securities Act of 1933 (the Securities Act), as modified by the Jumpstart Our Business Startups Act (JOBS Act) and we may choose to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. We may take advantage of these exemptions until the company is no longer an EGC under Section 107 of the JOBS Act, which provides that an EGC can take advantage of the extended transition period afforded by the JOBS Act for complying with new or revised accounting standards. We have elected to avail of this extended transition period for complying with new or revised accounting standards and as a result of this election, our consolidated financial statements may not be comparable to companies that comply with public company effective dates. We may take advantage of these exemptions until we no longer qualify as an EGC. As of June 30, 2021, the last business day of our most recently completed second fiscal quarter, the market value of our common stock that was held by non-affiliates exceeded $700.0 million, and as of December 31, 2021, we will have been public for more than one year and filed at least one annual report. As a result, we will lose our emerging growth company status and our smaller reporting company status as of the end of the current fiscal year ending December 31, 2021, and we will be subject to certain requirements that apply to other public companies but did not previously apply to us due to our status as an emerging growth company, including the provisions of Section 404(b) of the Sarbanes-Oxley Act, which require that our independent registered public accounting firm provides an attestation report on the effectiveness of our internal control over financial reporting. For additional information related to our other significant accounting policies, please read Note 4, Summary of Significant Accounting Policies, to our audited consolidated financial statements included in our Annual Report.
Recent Accounting Guidance	Recent Accounting Guidance 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, the company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 . This standard clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer for a promised good or service that is distinct within the collaborative arrangement. The guidance also precludes entities from presenting amounts related to transactions with a collaborative arrangement participant that is not a customer as revenue, unless those transactions are directly related to third-party sales. We adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements as we have had no transactions applicable to this guidance; however, the standard may impact how we account for certain business transactions in the future. Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements (ASU 2016-13). The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. We adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes . The standard simplifies various aspects of the income tax accounting guidance in Topic 740, including the elimination of exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. We adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis and indicates the level of fair value hierarchy utilized to determine such fair values: As of June 30, 2021 (In thousands) Quoted Prices Significant Other Significant Total Assets: Cash equivalents—money market funds $ 327,060 $ — $ — $ 327,060 Restricted cash—money market funds 4,200 — — 4,200 Total Assets $ 331,260 $ — $ — $ 331,260 Liabilities: Private placement warrants $ — $ — $ 2,475 $ 2,475 Financing liability, related party — — 16,121 16,121 Financing liability — — 16,121 16,121 Total Liabilities $ — $ — $ 34,717 $ 34,717 As of December 31, 2020 (In thousands) Quoted Prices Significant Other Significant Total Assets: Cash equivalents—money market funds $ 383,623 $ — $ — $ 383,623 Restricted cash—money market funds 4,200 — — 4,200 Total Assets $ 387,823 $ — $ — $ 387,823 Liabilities: Private placement warrants $ — $ — $ — $ — Total Liabilities $ — $ — $ — $ —
Summary of Rollforward of the Liability Associated with Private Placement Warrants	The following table provides a roll forward of the liability associated with our private placement warrants: Private Placement Warrants (In thousands) Amount Liability, December 31, 2020 $ — Reclassification from equity ( 305 ) Change in fair value ( 424 ) Liability, March 31, 2021 $ ( 729 ) Change in fair value ( 1,746 ) Liability, June 30, 2021 $ ( 2,475 )

Financial Statement Components

Financial Statement Components (Tables)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: As of (In thousands) June 30, December 31, Prepaid clinical trial services $ 891 $ 172 Prepaid research and development expenses 723 1,650 Prepaid insurance 1,501 3,675 Other prepaid expenses 1,482 1,280 Other current assets 125 160 Prepaid expenses and other current assets $ 4,722 $ 6,937
Summary of Property and Equipment Net	Property and equipment, net consisted of the following: As of (In thousands) June 30, December 31, Computer equipment $ 923 $ 96 Furniture and fixtures 322 322 Laboratory equipment 2,288 101 Leasehold improvements 22,709 — Construction in progress 2,422 23,728 Less: Accumulated depreciation ( 632 ) ( 82 ) Property and equipment, net $ 28,032 $ 24,165
Summary of Other Long-Term Assets	Other long-term assets consisted of the following: As of (In thousands) June 30, December 31, Deferred expenses associated with financing activities $ 635 $ — Other prepaid expenses, net of current portion 1,926 1,389 Other 541 500 Other long-term assets $ 3,102 $ 1,889
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of (In thousands) June 30, December 31, External research and development services $ 14,006 $ 8,893 Accrued compensation and personnel costs 5,271 9,489 Accrued property and equipment 391 2,618 Accrued deferred expenses associated with financing activities 520 96 Professional fees and consulting services 1,515 1,150 Other 332 273 Accrued expenses and other current liabilities $ 22,035 $ 22,519
Summary of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: As of (In thousands) June 30, December 31, Private placement warrants $ 2,475 $ — Other 236 236 Other long-term liabilities $ 2,711 $ 236
Summary of Other Income (Expense), Net	Other income (expense), net consisted of the following: For the Three Months For the Six Months (In thousands) 2021 2020 2021 2020 Gain (loss) on fair value remeasurement of Equity Commitment $ — $ 9,110 $ — $ ( 6,650 ) Loss on fair value remeasurement of Share Purchase Option — ( 690 ) — ( 640 ) Loss on fair value remeasurement of financing liability, related party ( 496 ) — ( 496 ) — Loss on fair value remeasurement of financing liability ( 496 ) — ( 496 ) — Loss on fair value remeasurement of private placement warrants ( 1,746 ) — ( 2,170 ) — Other, net ( 1 ) ( 2 ) ( 2 ) ( 2 ) Other income (expense), net $ ( 2,739 ) $ 8,418 $ ( 3,164 ) $ ( 7,292 )

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Equity-based Compensation Expense	The following table summarizes equity-based compensation expense included in our condensed consolidated statements of operations and comprehensive loss: For the Three Months For the Six Months In thousands 2021 2020 2021 2020 Research and development $ 2,122 $ 915 $ 3,919 $ 1,825 General and administrative 3,062 2,508 7,402 4,568 Total equity-based compensation expense included in total operating expense $ 5,184 $ 3,423 $ 11,321 $ 6,393 The following table summarizes equity-based compensation expense by award type included in our condensed consolidated statements of operations and comprehensive loss: For the Three Months For the Six Months In thousands 2021 2020 2021 2020 Stock options $ 5,024 $ 3,401 $ 11,063 $ 6,350 Restricted stock units 21 22 43 43 Employee stock purchase plan 139 — 215 — Total equity-based compensation expense included in total operating expense $ 5,184 $ 3,423 $ 11,321 $ 6,393
Summary of Stock Options Activity	The following table summarizes our stock option activity for the six months ended June 30, 2021: Number of Weighted Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2020 12,464,668 $ 6.37 8.57 $ 127,301 Granted 6,099,762 $ 13.00 Exercised ( 391,576 ) $ 5.45 Forfeited ( 1,052,505 ) $ 8.71 Outstanding at June 30, 2021 17,120,349 $ 8.61 8.42 $ 291,253 Options exercisable as of June 30, 2021 5,552,756 $ 5.49 7.23 $ 111,784
Summary of Weighted Average Assumptions Used to Determine Fair Value of Stock Options Granted to Employees and Directors	The weighted-average assumptions that we used to determine the fair value of stock options granted to employees and directors are summarized as follows: For the Six Months 2021 2020 Risk free interest rate 0.76 % 1.56 % Expected term (in years) 6.04 6.01 Expected volatility 94.0 % 105.0 % Expected dividend yield 0.0 % 0.0 % Weighted-average grant date fair value $ 9.87 $ 2.54

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the basic and diluted net loss per share: For the Three Months For the Six Months (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ ( 53,239 ) $ ( 26,717 ) $ ( 104,220 ) $ ( 79,925 ) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 127,482,127 60,946,300 127,354,540 60,945,516 Net loss per share, basic and diluted $ ( 0.42 ) $ ( 0.44 ) $ ( 0.82 ) $ ( 1.31 )
Potential Dilutive Securities Excluded From Calculation of Net Loss Per Share	The shares in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: As of June 30, June 30, Stock options outstanding 17,120,349 14,891,424 Restricted stock units outstanding 42,810 85,620 Warrants outstanding 5,149,647 — ESPP shares issuable 8,187 — Shares to be issued upon settlement of remaining Equity Commitment — 49,929,121 Shares to be issued upon exercise of Share Purchase Option — 28,540,304 Total 22,320,993 93,446,469

Nature of Operations - (Details

Nature of Operations - (Details) $ / shares in Units, shares in Millions	Oct. 27, 2020USD ($)	Jul. 29, 2020	Sep. 24, 2018USD ($)$ / sharesshares	Jul. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Exchange ratio description					The shares and corresponding capital amounts and loss per share related to Old Cerevel’s outstanding redeemable convertible preferred stock, redeemable convertible common stock, and common stock prior to the Business Combination Transaction have been retroactively restated to reflect the exchange ratio (the Exchange Ratio) established in the Business Combination Agreement (1.00 share of Old Cerevel for 2.854 shares of New Cerevel).
Exchange ratio					2.854
Bain Subscription Agreement [Member]
Business Acquisition [Line Items]
Equity commitment			$ 350,000,000
Share price per share | $ / shares			$ 10
Investment in equity funding			$ 115,000,000			$ 60,100,000
Formation transaction date			Sep. 24, 2018
Contribution of financing shares				$ 25,000,000
Bain Subscription Agreement [Member] | Maximum [Member]
Business Acquisition [Line Items]
Option to purchase additional shares | shares			10
PIPE Financing [Member]
Business Acquisition [Line Items]
Net proceeds from the business combination transaction	$ 439,500,000
ARYA Sciences Acquisition Corp II [Member]
Business Acquisition [Line Items]
Date of acquisition agreement		Jul. 29, 2020
Effective date of acquisition		Oct. 27, 2020
Goodwill					$ 0
Other intangible assets					$ 0

Risks and Liquidity - Additiona

Risks and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	Oct. 27, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Unusual Risk Or Uncertainty [Line Items]
Accumulated deficit		$ 495,130	$ 390,910
Cash and cash equivalents		$ 327,060	$ 383,623	$ 17,968
PIPE Financing [Member]
Unusual Risk Or Uncertainty [Line Items]
Net proceeds from the business combination transaction	$ 439,500

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Class Of Warrant Or Right [Line Items]
Aggregate warrants to purchase	5,149,666
Public Warrants [Member]
Class Of Warrant Or Right [Line Items]
Fair value of warrants		$ 0
Warrants to purchase shares outstanding	4,983,314		4,983,314
Private Placement Warrants [Member]
Class Of Warrant Or Right [Line Items]
Fair value of warrants	$ 2,500,000	$ 700,000
Warrants to purchase shares outstanding	166,333		166,333

Pfizer License Agreement - Addi

Pfizer License Agreement - Additional Information (Details) - Pfizer License Agreement [Member]	6 Months Ended
	Jun. 30, 2021USD ($)
License Agreement [Line Items]
Royalty payments	$ 0
Regulatory approval milestone payments	0
Commercial approval milestone payments	$ 0

Financing Liabilities - Additio

Financing Liabilities - Additional Information (Details) - USD ($)	Apr. 12, 2021	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received	$ 125,000,000	$ 31,100,000	$ 15,500,000	$ 15,500,000		$ 15,500,000
Percentage of funding received		25.00%
Financing liability, related party			16,121,000	16,121,000		16,121,000
Financing liability			16,121,000	16,121,000		16,121,000
Change in fair value of financing liability, related party						496,000
Change in fair value of financing liability						496,000
Amounts recognized within other comprehensive income due to change in instrument-specific credit risk						0
Direct costs and fees incurred related to funding agreements included in general and administrative expense				13,216,000	$ 12,973,000	27,226,000	$ 23,716,000
First Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding received	30.00%
Funding expected to be received	$ 37,500,000
Second Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Funding expected to be received	$ 31,300,000
Percentage of funding expected to be received	25.00%
Third Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Funding expected to be received	$ 25,000,000
Percentage of funding expected to be received	20.00%
NovaQuest Funding Agreement [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Funding expected to be received	$ 62,500,000
Financing liability			16,100,000	16,100,000		16,100,000
Bain Funding Agreement [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received	$ 62,500,000
Percentage of funding received	25.00%
Funding expected to be received	$ 62,500,000
Fees incurred	100,000
Financing liability, related party			16,100,000	16,100,000		$ 16,100,000
NovaQuest and Bain Funding Agreements [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fees incurred		$ 200,000
Payable on funding agreement	$ 531,300,000
Percentage of funding commitment	4.25%
Contractual obligation description repayment timing						earlier of FDA approval or May 1, 2025
Annual compound interest to be paid upon suspension or termination of agreement	12.00%
Change in fair value of financing liability, related party			(500,000)
Change in fair value of financing liability			$ (500,000)
Direct costs and fees incurred related to funding agreements included in general and administrative expense				$ 600,000		$ 600,000
NovaQuest and Bain Funding Agreements [Member] | Minimum [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment	3.00%
NovaQuest and Bain Funding Agreements [Member] | Maximum [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment	4.25%
NovaQuest and Bain Funding Agreements [Member] | First Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment	12.50%
NovaQuest and Bain Funding Agreements [Member] | Second Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment	12.50%
NovaQuest and Bain Funding Agreements [Member] | Third Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment	12.50%
NovaQuest and Bain Funding Agreements [Member] | Fourth Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment	12.50%
NovaQuest and Bain Funding Agreements [Member] | FDA Approval [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Payable on funding agreement	$ 187,500,000
Percentage of funding commitment	1.50%
NovaQuest and Bain Funding Agreements [Member] | With in 30 Days of FDA Approval [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment	50.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Total Assets	$ 331,260	$ 387,823
Liabilities:
Total Liabilities	34,717
Financing Liability, Related Party [Member]
Liabilities:
Total Liabilities	16,121
Financing Liability [Member]
Liabilities:
Total Liabilities	16,121
Private Placement Warrants [Member]
Liabilities:
Total Liabilities	2,475
Cash Equivalents [Member]
Assets:
Total Assets	327,060	383,623
Restricted Cash [Member]
Assets:
Total Assets	4,200	4,200
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Total Assets	331,260	387,823
Quoted Prices in Active Markets (Level 1) [Member] | Cash Equivalents [Member]
Assets:
Total Assets	327,060	383,623
Quoted Prices in Active Markets (Level 1) [Member] | Restricted Cash [Member]
Assets:
Total Assets	4,200	$ 4,200
Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Total Liabilities	34,717
Significant Unobservable Inputs (Level 3) [Member] | Financing Liability, Related Party [Member]
Liabilities:
Total Liabilities	16,121
Significant Unobservable Inputs (Level 3) [Member] | Financing Liability [Member]
Liabilities:
Total Liabilities	16,121
Significant Unobservable Inputs (Level 3) [Member] | Private Placement Warrants [Member]
Liabilities:
Total Liabilities	$ 2,475

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Asset impairment Charges	$ 0
Discount Rate [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financing liability, related party and financing liability measurement input	0.095
Discount Rate [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financing liability, related party and financing liability measurement input	0.110
Discount Rate [Member] | Private Placement Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrants outstanding, measurement input	0.0073
Volatility [Member] | Private Placement Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrants outstanding, measurement input	1.125
Dividend Yield [Member] | Private Placement Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrants outstanding, measurement input	0
Recurring [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	$ 34,717,000
Recurring [Member] | Financing Liability, Related Party [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	16,121,000
Recurring [Member] | Financing Liability [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	16,121,000
Recurring [Member] | Private Placement Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	2,475,000
Quoted Prices in Active Markets (Level 1) [Member] | Recurring [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers from Level 1 to Level 2	0	$ 0
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers from Level 2 to Level 1	0	0
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers into Level 3	0	0
Transfers out of Level 3	0	$ 0
Liabilities fair value	34,717,000
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Financing Liability, Related Party [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	16,121,000
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Financing Liability [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	16,121,000
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Private Placement Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	$ 2,475,000

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Rollforward of the Liability Associated with Private Placement Warrants (Details) - Significant Unobservable Inputs (Level 3) [Member] - Private Placement Warrants [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (729)
Reclassification from equity		$ (305)
Change in fair value	(1,746)	(424)
Ending balance	$ (2,475)	$ (729)

Financial Statement Component_2

Financial Statement Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]
Prepaid clinical trial services	$ 891	$ 172
Prepaid research and development expenses	723	1,650
Prepaid insurance	1,501	3,675
Other prepaid expenses	1,482	1,280
Other current assets	125	160
Prepaid expenses and other current assets	$ 4,722	$ 6,937

Financial Statement Component_3

Financial Statement Components - Summary of Property and Equipment Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Less: Accumulated depreciation	$ (632)	$ (82)
Property and equipment, net	28,032	24,165
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment	923	96
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment	322	322
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment	2,288	101
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment	22,709
Construction in-progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,422	$ 23,728

Financial Statement Component_4

Financial Statement Components - Summary of Other Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets [Abstract]
Deferred expenses associated with financing activities	$ 635
Other prepaid expenses, net of current portion	1,926	$ 1,389
Other	541	500
Other long-term assets	$ 3,102	$ 1,889

Financial Statement Component_5

Financial Statement Components - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Other long-term assets	$ 3,102	$ 1,889
Follow-On Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Other long-term assets	$ 600

Financial Statement Component_6

Financial Statement Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts Payable And Accrued Liabilities Current [Abstract]
External research and development services	$ 14,006	$ 8,893
Accrued compensation and personnel costs	5,271	9,489
Accrued property and equipment	391	2,618
Accrued deferred expenses associated with financing activities	520	96
Professional fees and consulting services	1,515	1,150
Other	332	273
Accrued expenses and other current liabilities	$ 22,035	$ 22,519

Financial Statement Component_7

Financial Statement Components - Summary of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Noncurrent [Abstract]
Private placement warrants	$ 2,475
Other	236	$ 236
Other long-term liabilities	$ 2,711	$ 236

Financial Statement Component_8

Financial Statement Components - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Nonoperating Income Expense [Abstract]
Gain (loss) on fair value remeasurement of Equity Commitment		$ 9,110		$ (6,650)
Loss on fair value remeasurement of Share Purchase Option		(690)		(640)
Loss on fair value remeasurement of financing liability, related party	$ (496)		$ (496)
Loss on fair value remeasurement of financing liability	(496)		(496)
Loss on fair value remeasurement of private placement warrants	(1,746)		(2,170)
Other, net	(1)	(2)	(2)	(2)
Other income (expense), net	$ (2,739)	$ 8,418	$ (3,164)	$ (7,292)

Stockholders' Equity, Preferred

Stockholders' Equity, Preferred Stock and Common Stock (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Stockholders' Equity [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	127,584,659	127,123,954
Common stock, shares outstanding	127,584,659	127,123,954

Stockholders' Equity, Warrants

Stockholders' Equity, Warrants (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 30, 2021	Dec. 31, 2020
Warrants [Abstract]
Change in fair value of private placement warrants	$ 1,700,000	$ 2,171,000
Public Warrants [Member]
Warrants [Abstract]
Warrants outstanding	4,983,314	4,983,314			4,983,314
Fair value of warrants			$ 0
Private Placement Warrants [Member]
Warrants [Abstract]
Number of warrants exercised during period	0	0
Warrants outstanding	166,333	166,333			166,333
Fair value of warrants	$ 2,500,000	$ 2,500,000	700,000
Share price per share	$ 11.50	$ 11.50
Expiration period of warrants	5 years	5 years
Private Placement Warrants [Member] | Additional Paid-in Capital [Member]
Warrants [Abstract]
Fair value of warrants			300,000
Private Placement Warrants [Member] | Other Income (Expense) [Member]
Warrants [Abstract]
Fair value of warrants			$ 400,000
Private Warrants [Member]
Warrants [Abstract]
Fair value of warrants				$ 0

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	$ 5,184	$ 3,423	$ 11,321	$ 6,393
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	2,122	915	3,919	1,825
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	3,062	2,508	7,402	4,568
Stock Options [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	5,024	3,401	11,063	6,350
Restricted Stock Units [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	21	$ 22	43	$ 43
Employee Stock Purchase Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	$ 139		$ 215

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Stock Options Activity (Details) - Stock Option [Member] $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Number of Shares
Outstanding, Beginning balance | shares	12,464,668
Granted | shares	6,099,762
Exercised | shares	(391,576)
Forfeited | shares	(1,052,505)
Outstanding, Ending balance | shares	17,120,349	12,464,668
Options exercisable | shares	5,552,756
Weighted Average Exercise Price
Outstanding, Beginning balance | $ / shares	$ 6.37
Granted | $ / shares	13
Exercised | $ / shares	5.45
Forfeited | $ / shares	8.71
Outstanding, Ending balance | $ / shares	8.61	$ 6.37
Options Exercisable | $ / shares	$ 5.49
Weighted Average Remaining Contractual Life (in years)
Outstanding	8 years 5 months 1 day	8 years 6 months 25 days
Options Exercisable	7 years 2 months 23 days
Aggregate Intrinsic Value
Outstanding | $	$ 291,253	$ 127,301
Options Exercisable | $	$ 111,784

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - Stock Options [Member]	6 Months Ended
	Jun. 30, 2021$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense expected to be recognized over weighted average period	3 years 4 months 24 days
Nasdaq [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing stock price	$ 25.62

Equity-Based Compensation - S_3

Equity-Based Compensation - Summary of Weighted Average Assumptions Used to Determine Fair Value of Stock Options Granted to Employees and Directors (Details) - Stock Options [Member] - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free interest rate	0.76%	1.56%
Expected term (in years)	6 years 14 days	6 years 3 days
Expected volatility	94.00%	105.00%
Expected dividend yield	0.00%	0.00%
Weighted-average grant date fair value	$ 9.87	$ 2.54

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended
	Jun. 30, 2021		Mar. 31, 2021	[1]	Jun. 30, 2020		Mar. 31, 2020	[1]	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (53,239)	[1]	$ (50,981)		$ (26,717)	[1]	$ (53,208)		$ (104,220)	$ (79,925)
Denominator:
Weighted-average shares used in calculating net loss per share, basic and diluted	127,482,127				60,946,300				127,354,540	60,945,516
Net loss per share, basic and diluted	$ (0.42)				$ (0.44)				$ (0.82)	$ (1.31)
[1]	Historical share and capital amounts were retroactively restated for reverse recapitalization as described in Note 1, Nature of Operations .

Net Loss Per Share - Potential

Net Loss Per Share - Potential Dilutive Securities Excluded From Calculation of Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	22,320,993	93,446,469
Stock Options Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	17,120,349	14,891,424
Restricted Stock Units Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	42,810	85,620
Warrants Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	5,149,647
ESPP Shares Issuable [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	8,187
Shares to Be Issued Upon Settlement of Remaining Equity Commitment [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total		49,929,121
Shares to Be Issued Upon Exercise of Share Purchase Option [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total		28,540,304

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefits related to net operating losses incurred or research and development tax credits	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Loss or material costs related to indemnification obligation	$ 0
Claims outstanding	0
Liabilities related to obligation	$ 0	$ 0

Related Parties (Details)

Related Parties (Details) $ in Millions	Apr. 12, 2021USD ($)	Apr. 30, 2021USD ($)	Jun. 30, 2021USD ($)Directorshares	Dec. 31, 2020Directorshares
Related Party Transaction [Line Items]
Percentage of funding received		25.00%
Total funding received | $	$ 125	$ 31.1	$ 15.5
Common stock, shares outstanding | shares			127,584,659	127,123,954
Pfizer Inc [Member]
Related Party Transaction [Line Items]
Common stock, shares outstanding | shares			27,349,211	27,349,211
Number of members nominated to board of directors | Director			2	2
Bain Investor [Member]
Related Party Transaction [Line Items]
Common stock, shares outstanding | shares			60,632,356	60,632,356
Number of members nominated to board of directors | Director			4	4
Bain Funding Agreement [Member]
Related Party Transaction [Line Items]
Percentage of funding received	25.00%
Period over which funding support received			4 years
Fees incurred | $	$ 0.1
Total funding received | $	$ 62.5

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 30, 2021	Aug. 06, 2021	Jul. 07, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Subsequent event, date				Aug. 11, 2021
Common stock, shares issued				127,584,659	127,123,954
Follow On Public Offering [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock			$ 328.2
Common stock, shares issued			14,000,000
Shares issued, price per share			$ 25
Underwriting discounts and commissions of shares issued			$ 21
Offering expense of shares issued			$ 0.8
Public Warrants [Member] | Forecast [Member]
Subsequent Event [Line Items]
Share price per share	$ 11.50
Redemption price per warrant	$ 0.01
Public Warrants [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Warrants exercised		3,037,950
Proceeds from issuance of common stock		$ 34.9
Common stock, shares issued		3,037,950