Cerevel Therapeutics (CERE) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
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	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		156,832,992
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 153,816	$ 136,521
Marketable securities	673,171	755,509
Prepaid expenses and other current assets	13,795	13,621
Total current assets	840,782	905,651
Marketable securities	36,048	58,126
Property and equipment, net	27,006	27,467
Operating lease assets	21,434	21,820
Restricted cash	1,867	1,867
Other long-term assets	3,208	2,891
Total assets	930,345	1,017,822
Current liabilities:
Accounts payable	7,315	10,061
Accrued expenses and other current liabilities	52,614	59,604
Operating lease liabilities, current portion	3,028	2,899
Total current liabilities	62,957	72,564
Operating lease liabilities, net of current portion	30,381	31,190
Financing liability, related party (Notes 5 and 7)	34,668	28,674
Financing liability (Notes 5 and 7)	34,668	28,674
2027 convertible senior notes, net (Note 6)	335,962	335,482
Total liabilities	498,636	496,584
Commitments and contingencies (Notes 13 and 14)
Stockholders’ equity:
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022
Common stock, $0.0001 par value: 500,000,000 shares authorized;156,760,109 and 156,502,285 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	16	16
Additional paid-in capital	1,500,046	1,485,880
Accumulated other comprehensive income (loss)	3,688	3,097
Accumulated deficit	(1,072,041)	(967,755)
Total stockholders’ equity	431,709	521,238
Total liabilities and stockholders’ equity	$ 930,345	$ 1,017,822

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	156,760,109	156,502,285
Common stock, shares outstanding	156,760,109	156,502,285

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 78,181	$ 55,023
General and administrative	21,370	17,507
Total operating expenses	99,551	72,530
Loss from operations	(99,551)	(72,530)
Interest income (expense), net	6,440	295
Other income (expense), net	(11,090)	3,941
Loss before income taxes	(104,201)	(68,294)
Income tax benefit (provision), net	(85)
Net loss	$ (104,286)	$ (68,294)
Net loss per share, basic	$ (0.67)	$ (0.46)
Net loss per share, diluted	$ (0.67)	$ (0.46)
Weighted-average shares used in calculating net loss per share, basic	156,648,365	147,984,926
Weighted-average shares used in calculating net loss per share, diluted	156,648,365	147,984,926
Comprehensive loss:
Net loss	$ (104,286)	$ (68,294)
Other comprehensive income (loss):
Changes in fair value attributable to instrument-specific credit risk	(906)	1,276
Unrealized gains (losses) on securities available-for-sale	1,497	(1,624)
Total other comprehensive income (loss)	591	(348)
Comprehensive loss	$ (103,695)	$ (68,642)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 578,729	$ 15	$ 1,195,944	$ (986)	$ (616,244)
Beginning balance (in shares) at Dec. 31, 2021		147,719,523
Issuance of common stock under equity incentive plans related to vesting of RSUs, (in shares)		14,270
Issuance of common stock under equity incentive plans related to exercise of options	2,854		2,854
Issuance of common stock under equity incentive plans related to exercise of options (in shares)		449,005
Equity-based compensation expense	8,558		8,558
Other comprehensive income (loss)	(348)			(348)
Net loss	(68,294)				(68,294)
Ending balance at Mar. 31, 2022	521,499	$ 15	1,207,356	(1,334)	(684,538)
Ending balance (in shares) at Mar. 31, 2022		148,182,798
Beginning balance at Dec. 31, 2022	521,238	$ 16	1,485,880	3,097	(967,755)
Beginning balance (in shares) at Dec. 31, 2022		156,502,285
Issuance of common stock under equity incentive plans related to exercise of options	1,574		1,574
Issuance of common stock under equity incentive plans related to exercise of options (in shares)		257,824
Equity-based compensation expense	12,592		12,592
Other comprehensive income (loss)	591			591
Net loss	(104,286)				(104,286)
Ending balance at Mar. 31, 2023	$ 431,709	$ 16	$ 1,500,046	$ 3,688	$ (1,072,041)
Ending balance (in shares) at Mar. 31, 2023		156,760,109

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (104,286)	$ (68,294)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	1,321	1,118
Adjustments to operating lease expense	(280)	(236)
Equity-based compensation	12,592	8,558
Change in fair value of financing liabilities	11,082	(3,940)
Non-cash interest expense	480
Amortization of premiums and accretion of discounts on marketable securities	(5,206)	553
Other non-cash items	(8)
Changes in operating assets and liabilities, net:
Prepaid expenses and other current assets	(147)	1,811
Other assets	(440)	(106)
Accounts payable	(2,768)	(2,499)
Accrued expenses and other liabilities	(7,263)	(4,613)
Net cash flows used in operating activities	(94,923)	(67,648)
Cash flows from investing activities:
Purchases of marketable securities	(187,631)	(60,242)
Maturities and redemptions of marketable securities	298,750	23,897
Purchases of property and equipment	(336)	(2,197)
Net cash flows provided by (used in) investing activities	110,783	(38,542)
Cash flows from financing activities:
Proceeds from the exercise of stock options	1,574	2,854
Deferred costs related to financing activities	(139)	(251)
Net cash flows provided by financing activities	1,435	2,603
Net increase (decrease) in cash, cash equivalents and restricted cash	17,295	(103,587)
Cash, cash equivalents and restricted cash, beginning of the period	138,388	197,218
Cash, cash equivalents and restricted cash, end of the period	155,683	93,631
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	153,816	91,764
Restricted cash	1,867	1,867
Total cash, cash equivalents and restricted cash	155,683	93,631
Supplemental disclosure of cash flow information:
Cash paid for interest	4,289
Supplemental cash flow disclosures from non-cash investing and financing activities:
Fixed asset additions included in accounts payable and other current liabilities	$ 779	$ 731

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2023
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 (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, Alzheimer's disease psychosis, epilepsy, panic disorder and Parkinson’s disease. We are advancing our extensive and diverse pipeline with numerous clinical trials underway or planned, including three ongoing Phase 3 trials and an open-label extension trial for tavapadon in Parkinson's, two ongoing Phase 2 trials and an open-label extension trial for emraclidine in schizophrenia, an ongoing Phase 2 proof-of-concept trial and an open-label extension trial for darigabat in focal epilepsy and a planned Phase 2 proof-of-concept trial for darigabat in panic disorder. For additional information on our formation, please read Note 1, Nature of Operations , to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (our Annual Report).

Risks and Liquidity

Risks and Liquidity	3 Months Ended
	Mar. 31, 2023
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 in-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 (CROs), third-party contract manufacturing organizations (CMOs) 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 unaudited 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. We have incurred significant operating losses since our inception and, as of March 31, 2023, 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. We have funded our operations primarily with the net proceeds received from the issuance of preferred stock, common stock and convertible senior notes, net proceeds from the consummation of our Business Combination (as defined in Note 15, Related Parties , to these unaudited condensed consolidated financial statements), and our Funding Agreements (as defined in Note 5, Financing Liabilities , to these unaudited condensed consolidated financial statements). We believe that our available cash, cash equivalent and marketable securities as of March 31, 2023 , will enable us to fund our operating expense and capital expenditure requirements through at least 12 months from the issuance date of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 Corp., 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 (U.S. 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 U.S. 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 months ended March 31, 2023 and 2022, are not necessarily indicative of the results for the entire fiscal year or any other period. Our unaudited condensed consolidated financial statements for the three months ended March 31, 2023 and 2022, have been prepared on the same basis as and should be read in conjunction with our audited consolidated financial statements and notes included in our Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 stock options, the accrual for research and development expense and the recoverability of our net deferred tax assets and the related valuation allowance. 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 in our condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. 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.

Pfizer License Agreement

Pfizer License Agreement	3 Months Ended
	Mar. 31, 2023
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 substantially all 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 have been made or become due under this agreement. For additional information related to 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	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Financing Liabilities	5. Financing Liabilities Funding Agreements In April 2021, 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, $ 37.5 million ( 30 % of the Total Funding Commitment) was received in April 2022, $ 31.3 million ( 25 % of the Total Funding Commitment) was received in April 2023 and $ 25.0 million ( 20 % of the Total Funding Commitment) is expected to be received in April 2024, subject to certain customary funding conditions. In return , we agreed to pay NovaQuest and Bain significant regulatory milestone, sales milestone and royalty payments upon approval of tavapadon by the FDA that collectively will not exceed $ 531.3 million. In addition, 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. We determined that each funding agreement represents a financial instrument that is 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 March 31, 2023 and December 31, 2022, the estimated fair value of the financing liability related to potential amounts payable to Bain under the Bain Funding Agreement, which is reflected in our condensed consolidated balance sheets as financing liability, related party, totaled approximately $ 34.7 million and $ 28.7 million, respectively. As of March 31, 2023 and December 31, 2022, the estimated fair value of the financing liability related to potential amounts payable to NovaQuest under the NovaQuest Funding Agreement, which is reflected in our condensed consolidated balance sheets as financing liability, totaled approximately $ 34.7 million and $ 28.7 million, respectively. Changes in estimated fair value of the financing liabilities in our unaudited condensed consolidated statements of operations and comprehensive loss are summarized as follows: For the Three Months Ended (In thousands) 2023 2022 Financing liability, related party Change in fair value recognized in other (income) expense, net $ 5,541 $ ( 1,970 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 453 ( 638 ) Financing liability Change in fair value recognized in other (income) expense, net $ 5,541 $ ( 1,970 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 453 ( 638 ) Changes in fair value attributable to instrument-specific credit risk were derived by benchmarking against the prior period credit spread to isolate the impact directly associated with the change in the credit spread utilized between periods. For additional information related to our Funding Agreements, please read Note 8, Financing Liabilities , to our audited consolidated financial statements included in our Annual Report.

2027 Convertible Senior Notes

2027 Convertible Senior Notes	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
2027 Convertible Senior Notes	6. 2027 Convertible Senior Notes In August 2022, we completed the offering of $ 345.0 million aggregate principal amount of 2.50 % Convertible Senior Notes due 2027 (the 2027 Notes). The aggregate net proceeds from the 2027 Notes offering totaled approximately $ 334.8 million, after deducting the initial purchasers' discounts of $ 9.5 million and other offering expenses of approximately $ 0.7 million. We accounted for the debt issuance costs as a debt discount for accounting purposes, which was recorded as a reduction in the carrying value of the debt in our unaudited condensed consolidated balance sheet and is being amortized to interest expense using the effective interest method over the expected life of the 2027 Notes, or approximately their five-year term. The 2027 Notes accrue interest at a rate of 2.50 % per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023. As of March 31, 2023 and December 31, 2022, accrued interest on the 2027 Notes of $ 1.1 million and $ 3.2 million was included in accrued expenses and other current liabilities in our condensed consolidated balance sheets. The 2027 Notes mature on August 15, 2027 , unless earlier converted, redeemed or repurchased. We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, subject to terms and conditions provided in the indenture between us and U.S. Bank Trust Company, National Association, as trustee (the Indenture). Holders of 2027 Notes may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding May 15, 2027, only in the following circumstances: (i) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2022, if the last reported sale price per share of our common stock exceeds 130 % of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (ii) during the five consecutive business days immediately after any 10 consecutive trading day period (the Measurement Period) in which the trading price per $ 1,000 principal amount of notes for each trading day of the Measurement Period was less than 98 % of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (iii) upon the occurrence of certain corporate events or distributions on our common stock, as defined in the Indenture; and (iv) if we call the 2027 Notes for redemption. From and after May 15, 2027, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The initial conversion rate is 21.5633 shares of common stock per $ 1,000 principal amount of the 2027 Notes, which represents an initial conversion price of approximately $ 46.38 per share of common stock, or a total of approximately 7,439,338 shares. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events outlined within the Indenture. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. We may not redeem the 2027 Notes at any time before August 20, 2025, and no sinking fund is required to be provided for the 2027 Notes. The 2027 Notes will be redeemable, in whole or in part (subject to certain limitations), at our option at any time, on or after August 20, 2025, and on or before the 50th scheduled trading day immediately before the maturity date, under certain circumstances defined within the Indenture. The net carrying amount of the 2027 Notes included in our condensed consolidated balance sheets consisted of the following: As of (In thousands) March 31, December 31, Principal amount $ 345,000 $ 345,000 Unamortized debt discount ( 9,038 ) ( 9,518 ) Net carrying amount $ 335,962 $ 335,482 The following table sets forth the total interest expense related to the 2027 Notes recognized in interest income (expense), net in our unaudited condensed consolidated statements of operations and comprehensive loss for the periods presented: For the Three Months Ended (In thousands) 2023 2022 Contractual interest expense $ 2,156 $ — Amortization of debt issuance costs 480 — Total interest expense $ 2,636 $ — Effective interest rate 3.1 % — Future minimum payments under the 2027 Notes as of March 31, 2023, are as follows (in thousands): Fiscal year ended December 31, 2023 (1) 4,312 Fiscal year ended December 31, 2024 8,625 Fiscal year ended December 31, 2025 8,625 Fiscal year ended December 31, 2026 8,625 Fiscal year ended December 31, 2027 353,625 Thereafter — Total future payments $ 383,812 Less: amounts representing interest ( 38,812 ) Total principal amount $ 345,000 (1) For the nine months ended December 31, 2023 . For additional information related to our 2027 Convertible Senior Notes, please read Note 9, 2027 Convertible Senior Notes , to our audited consolidated financial statements included in our Annual Report.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The tables below present information about our assets and liabilities that are measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy we utilized to determine such fair values: As of March 31, 2023 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 133,866 $ — $ — $ 133,866 Commercial paper — 19,950 — 19,950 Marketable securities (current) U.S. government treasuries 17,909 — — 17,909 U.S. government agencies — 230,658 — 230,658 Corporate debt securities — 9,477 — 9,477 Commercial paper — 415,127 — 415,127 Marketable securities (non-current) U.S. government agencies — 36,048 — 36,048 Restricted cash Money market funds 1,867 — — 1,867 Total assets $ 153,642 $ 711,260 $ — $ 864,902 Liabilities: Financing liability, related party $ — $ — $ 34,668 $ 34,668 Financing liability — — 34,668 34,668 Total liabilities $ — $ — $ 69,336 $ 69,336 As of December 31, 2022 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 136,521 $ — $ — $ 136,521 Marketable securities (current) U.S. government treasuries 103,238 — — 103,238 U.S. government agencies — 165,555 — 165,555 Corporate debt securities — 9,416 — 9,416 Commercial paper — 477,300 — 477,300 Marketable securities (non-current) U.S. government agencies — 58,126 — 58,126 Restricted cash Money market funds 1,867 — — 1,867 Total assets $ 241,626 $ 710,397 $ — $ 952,023 Liabilities: Financing liability, related party $ — $ — $ 28,674 $ 28,674 Financing liability — — 28,674 28,674 Total liabilities $ — $ — $ 57,348 $ 57,348 There have been no changes in valuation techniques, inputs utilized or transfers between fair measurement levels in the periods presented. The fair value of our Level 2 instruments were determined using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly. We validate the prices provided by our third-party pricing services by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. After completing our validation procedures, we did not adjust or override any fair value measurements provided by our pricing services as of March 31, 2023 and December 31, 2022. 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. As of March 31, 2023, our financing liabilities represented our only Level 3 assets or liabilities carried at fair market value. Changes in the fair value remeasurement of our financing liabilities can result from changes in one or multiple inputs, including adjustments to discount rates, changes in the expected achievement or timing of any sales-based, development or regulatory milestones, changes in the amount or timing of expected net cash flows, changes in the probability or timing of certain clinical events and changes in the assumed probability or timing associated with regulatory approval. These fair value measurements represent Level 3 measurements as they are based on significant inputs not observable in the market. Marketable Securities The estimated fair value and amortized cost of our available-for-sale marketable debt securities, by contractual maturity and security type, are summarized as follows: As of March 31, 2023 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 17,970 $ — $ ( 61 ) $ 17,909 U.S. government agencies 231,391 37 ( 770 ) 230,658 Corporate debt securities 9,485 — ( 8 ) 9,477 Commercial paper 415,820 26 ( 719 ) 415,127 Due after one year through two years U.S. government agencies 35,986 62 — 36,048 Total marketable securities $ 710,652 $ 125 $ ( 1,558 ) $ 709,219 As of December 31, 2022 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 103,800 $ — $ ( 562 ) $ 103,238 U.S. government agencies 166,327 15 ( 787 ) 165,555 Corporate debt securities 9,454 — ( 38 ) 9,416 Commercial paper 478,657 71 ( 1,428 ) 477,300 Due after one year through two years U.S. government agencies 58,327 7 ( 208 ) 58,126 Total marketable securities $ 816,565 $ 93 $ ( 3,023 ) $ 813,635 We had no realized gains or losses recognized on the sale or maturity of marketable securities during the three months ended March 31, 2023 and 2022. To date, we have not recognized any allowances for credit losses or impairments in relation to our available-for-sale marketable securities as these marketable securities are comprised of high credit quality, investment grade securities that we do not intend or expect to be required to sell prior to their anticipated recovery, and the decline in fair value of these securities is attributable to factors other than credit losses. All marketable securities with unrealized losses presented in the previous tables have been in a continuous unrealized loss position for less than 12 months or the loss is not material. Based on our evaluation, we determined credit losses related to marketable securities were immaterial for the three months ended March 31, 2023. The weighted average maturity of our marketable securities as of both March 31, 2023 and December 31, 2022 was approximately five months . Financing Liabilities Upon execution of the Funding Agreements, we determined that the agreements qualified for election under the fair value option and initially measured the financial instruments at their issue-date estimated fair value. We revalue the related financial liabilities on a recurring basis at each reporting period. As of March 31, 2023, the financing liability, related party and financing liability each totaled approximately $ 34.7 million . 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 cash receipts and expected future cash payments and a discount rate of approximately 10.0 % as of March 31, 2023 and December 31, 2022. The probability assessments of the expected future cash receipts and 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. The following table provides a rollforward of the estimated fair value associated with our combined total financing liabilities: For the Three Months Ended (In thousands) 2023 Beginning balance, total financing liabilities $ 57,348 Funding commitment received — Change in fair value recognized in other (income) expense, net 11,082 Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 906 Ending balance, total financing liabilities $ 69,336 For additional information related to the fair value of our financing liability and financing liability, related party, please read Note 5, Financing Liabilities , to these unaudited condensed consolidated financial statements . 2027 Convertible Senior Notes The fair value of the 2027 Notes, which were issued in August 2022, may differ from the carrying value. The fair value is determined utilizing prices for the 2027 Notes observed in market trading. As the market for the trading of the 2027 Notes is not considered to be an active market, the estimate of fair value is considered a Level 2 measurement. As of March 31, 2023, the estimated fair value of the 2027 Notes, which have an aggregate carrying value of $ 336.0 million , was $ 289.4 million. For additional information related to the 2027 Notes, please read Note 6, 2027 Convertible Senior Notes , to these unaudited condensed consolidated financial statements.

Financial Statement Components

Financial Statement Components	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Components	. Financial Statement Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of (In thousands) March 31, December 31, Prepaid clinical trial services $ 2,551 $ 2,872 Prepaid research and development expenses 1,592 1,228 Prepaid insurance 2,171 2,460 Other prepaid expenses 2,912 3,556 Interest receivable 3,202 2,046 Other 1,367 1,459 Prepaid expenses and other current assets $ 13,795 $ 13,621 Property and Equipment, Net Property and equipment, net consisted of the following: As of (In thousands) March 31, December 31, Computer equipment and software $ 1,009 $ 996 Furniture and fixtures 459 459 Laboratory equipment 9,886 9,489 Leasehold improvements 23,461 23,461 Construction in progress 705 321 Less: Accumulated depreciation ( 8,514 ) ( 7,259 ) Property and equipment, net $ 27,006 $ 27,467 Other Long-Term Assets Other long-term assets consisted of the following: As of (In thousands) March 31, December 31, Other prepaid expenses, net of current portion $ 1,932 $ 1,792 Deferred expenses associated with financing activities 287 286 Other 989 813 Other long-term assets $ 3,208 $ 2,891 As of March 31, 2023 and December 31, 2022, other prepaid expenses, net of current portion, primarily consisted of deposits paid under certain contract research organization agreements that will be held until the completion of the related clinical trials that are anticipated to end more than 12 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) March 31, December 31, Accrued external research and development services $ 41,397 $ 33,967 Accrued compensation and personnel costs 6,377 19,057 Accrued property and equipment 439 40 Accrued professional fees and consulting services 2,365 2,187 Accrued interest 1,078 3,210 Other 958 1,143 Accrued expenses and other current liabilities $ 52,614 $ 59,604 Interest Income (Expense), net Interest income (expense), net consisted of the following: For the Three Months Ended (In thousands) 2023 2022 Interest income, net $ 9,076 $ 295 Interest expense ( 2,636 ) — Interest income (expense), net $ 6,440 $ 295 Other Income (Expense), net Other income (expense), net consisted of the following: For the Three Months Ended (In thousands) 2023 2022 Gain (loss) on fair value remeasurement of financing liability, related party $ ( 5,541 ) $ 1,970 Gain (loss) on fair value remeasurement of financing liability ( 5,541 ) 1,970 Other, net ( 8 ) 1 Other income (expense), net $ ( 11,090 ) $ 3,941

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	. Stockholders’ Equity Preferred Stock Pursuant to the terms of our certificate of incorporation, we have 10,000,000 authorized shares of preferred stock, par value $ 0.0001 per share, all of which shares of preferred stock are undesignated. Our board of directors or any authorized committee thereof is expressly authorized, without further action by our stockholders, to issue such shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the designations, preferences, privileges and restrictions of preferred stock. There were no issued and outstanding shares of preferred stock as of March 31, 2023 and December 31, 2022. Common Stock Pursuant to the terms of our certificate of incorporation, we have 500,000,000 authorized shares of common stock, par value $ 0.0001 per share. There were 156,760,109 and 156,502,285 shares of common stock issued and outstanding as of March 31, 2023 and December 31, 2022, respectively. Voting The holders of our common stock are entitled to one vote for each share of common stock held of record by such holder on all matters voted upon by our stockholders, provided, however, that, except as otherwise required in our certificate of incorporation or by applicable law, the holders of our common stock are not entitled to vote on any amendment to our certificate of incorporation (or on any amendment to a certificate of designations of any series of preferred stock) that relates solely to the terms of one or more outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon, and there is no cumulative voting. Dividends Subject to any other provisions of our certificate of incorporation, holders of our common stock are entitled to receive ratably, in proportion to the number of shares of common stock held by them, such dividends and other distributions in cash, stock or property when, as and if declared thereon by our board of directors from time to time out of our assets or funds legally available therefor. No dividends have been declared to date. ATM Program In November 2021, we entered into an open market sales agreement with Jefferies LLC, as sales agent, to provide for the issuance and sale of up to $ 250.0 million of our common stock from time-to-time in “at-the-market” offerings (the ATM Program). As of March 31, 2023 and December 31, 2022 , no sales had been made pursuant to the ATM Program.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	10. Equity-Based Compensation Equity-based Compensation Expense The following table summarizes equity-based compensation expense included in our unaudited condensed consolidated statements of operations and comprehensive loss: For the Three Months Ended (In thousands) 2023 2022 Research and development $ 6,339 $ 4,006 General and administrative 6,253 4,552 Total equity-based compensation expense included in total operating expense $ 12,592 $ 8,558 The following table summarizes equity-based compensation expense by award type included in our unaudited condensed consolidated statements of operations and comprehensive loss: For the Three Months Ended (In thousands) 2023 2022 Stock options $ 11,663 $ 8,359 Restricted stock units 703 9 Employee stock purchase plan 226 190 Total equity-based compensation expense included in total operating expense $ 12,592 $ 8,558 Stock Options Stock options granted during the three months ended March 31, 2023 and 2022 had a weighted average grant-date fair value of $ 26.21 and $ 23.62 , respectively. The weighted-average assumptions that we used to determine the fair value of stock options granted to employees are summarized as follows: For the Three Months Ended 2023 2022 Risk free interest rate 3.76 % 1.85 % Expected term (in years) 6.08 6.08 Expected volatility 90.5 % 96.2 % Expected dividend yield 0.0 % 0.0 % As of March 31, 2023 , total unrecognized equity-based compensation expense relating to stock options was $ 132.2 million. This amount is expected to be recognized over a weighted average period of 3.0 years. The following table summarizes our stock option activity for the three months ended March 31, 2023: Number of Weighted Weighted (in years) Aggregate (in millions) Outstanding at December 31, 2022 17,178,861 $ 13.59 7.55 $ 309.9 Granted 2,015,264 $ 34.29 Exercised ( 257,824 ) $ 6.10 Forfeited, canceled or expired ( 517,077 ) $ 21.38 Outstanding at March 31, 2023 18,419,224 $ 15.74 7.49 $ 199.0 Options vested and expected to vest as of March 31, 2023 18,419,224 $ 15.74 7.49 $ 199.0 Options exercisable as of March 31, 2023 10,619,438 $ 9.70 6.62 $ 161.3 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 the Nasdaq Stock Market on March 31, 2023 was $ 24.39 . Stock options granted during the three months ended March 31, 2023 include our annual long-term incentive awards, which were granted in February 2023. Restricted Stock Units The following table summarizes our restricted stock activity as follows: Restricted Stock Units Number Weighted- Non-vested at December 31, 2022 18,932 $ 26.41 Granted 570,922 34.38 Vested — — Forfeited ( 30,737 ) 34.41 Non-vested at March 31, 2023 559,117 $ 34.11 As of March 31, 2023 , total unrecognized equity-based compensation expense relating to restricted stock unit awards was $ 18.3 million, which is expected to be recognized over a weighted average period of 3.8 years.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	11. Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share: For the Three Months Ended (In thousands, except share amounts and per share data) 2023 2022 Numerator: Net loss $ ( 104,286 ) $ ( 68,294 ) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 156,648,365 147,984,926 Net loss per share, basic and diluted $ ( 0.67 ) $ ( 0.46 ) 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 March 31, March 31, Stock options outstanding 18,419,224 17,901,741 Restricted stock units outstanding 559,117 14,270 ESPP shares issuable 32,410 14,889 Common stock issuable upon conversion of the 2027 Notes 7,439,338 — Total 26,450,089 17,930,900

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes For the three months ended March 31, 2023 and 2022 , 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. 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 March 31, 2023 and December 31, 2022 , we have recorded a full valuation allowance against our net deferred tax assets.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	13. 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 March 31, 2023 , and, to the best of our knowledge, no material legal proceedings are currently pending or threatened.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies As of March 31, 2023, 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 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 obligations in the ordinary course of business. Pursuant to these obligations, we indemnify and agree to reimburse the indemnified party for certain losses and costs incurred by the indemnified party. The term of these indemnification obligations is generally perpetual after execution of the agreement. In addition, we have entered into indemnification obligations 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 March 31, 2023 and December 31, 2022 .

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Parties	15. Related Parties As of March 31, 2023 and December 31, 2022 , Pfizer held 27,349,211 shares of our common stock and had nominated two members to our board of directors. For information related to our license agreement with Pfizer, please read Note 4, Pfizer License Agreement , to these unaudited condensed consolidated financial statements. As of March 31, 2023 and December 31, 2022 , Bain Investor held 60,632,356 shares of our common stock and had nominated four members to our board of directors. Research Collaboration and License Agreement In June 2022, we entered into a research collaboration and license agreement with Pfizer, pursuant to which we will collaborate to identify, screen and evaluate compounds directed at certain targets for neuroscience diseases using Pfizer’s chemical library. Under the terms of the agreement, we will be required to reimburse Pfizer for certain research services and make a contingent development milestone payment and single-digit royalty payments on net sales of products containing one or more compounds derived from the collaboration. No amounts have been incurred under the agreement to date. Funding Agreement In April 2021, we entered into a funding agreement with Bain, pursuant to which Bain will provide up to $ 62.5 million in funding (the Bain Funding Commitment) 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, approximately $ 18.8 million ( 30 % of the Bain Funding Commitment) was received in April 2022 and approximately $ 15.6 million ( 25 % of the Bain Funding Commitment) was received in April 2023. For additional information related to our funding agreement with Bain, please read Note 5, Financing Liabilities , to these unaudited condensed consolidated financial statements . Management Agreement Following the closing of the business combination in October 2020 pursuant to which ARYA Sciences Acquisition Corp II (ARYA) acquired Cerevel Therapeutics, Inc., with Cerevel Therapeutics, Inc. becoming a wholly-owned subsidiary of ARYA and ARYA being renamed Cerevel Therapeutics Holdings, Inc. (the Business Combination), we entered into a management agreement with Bain Capital Private Equity, LP and Bain Capital Life Sciences, LP, providing for the expense reimbursement and indemnification of such entities. No amounts have been incurred under the management agreement to date. For additional information related to the Business Combination, please read Note 3, Business Combination , to our audited consolidated financial statements included in our Annual Report.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events We have completed an evaluation of all subsequent events after the unaudited balance sheet date of March 31, 2023, through May 3, 2023, the issuance date of these financial statements, to ensure that these unaudited condensed consolidated financial statements include appropriate disclosure of material events both recognized in these unaudited condensed consolidated financial statements as of March 31, 2023, and material events which occurred subsequently but were not recognized in these unaudited condensed consolidated financial statements. We have concluded that no such subsequent events other than the following have occurred that require disclosure: Funding Agreement Receipts Pursuant to the Funding Agreements, we received $ 31.3 million ( 25 % of the Total Funding Commitment) in April 2023. For additional information related to our Funding Agreements, please read Note 5, Financing Liabilities , to these unaudited condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include those of the company and its subsidiaries, Cerevel Therapeutics, Inc., Cerevel Therapeutics, LLC and Cerevel MA Securities Corp., 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 (U.S. 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 U.S. 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 months ended March 31, 2023 and 2022, are not necessarily indicative of the results for the entire fiscal year or any other period. Our unaudited condensed consolidated financial statements for the three months ended March 31, 2023 and 2022, have been prepared on the same basis as and should be read in conjunction with our audited consolidated financial statements and notes included in our Annual Report.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 stock options, the accrual for research and development expense and the recoverability of our net deferred tax assets and the related valuation allowance. 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 in our condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. 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.

Financing Liabilities (Tables)

Financing Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Changes in Estimated Fair Value of Financing Liabilities	Changes in estimated fair value of the financing liabilities in our unaudited condensed consolidated statements of operations and comprehensive loss are summarized as follows: For the Three Months Ended (In thousands) 2023 2022 Financing liability, related party Change in fair value recognized in other (income) expense, net $ 5,541 $ ( 1,970 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 453 ( 638 ) Financing liability Change in fair value recognized in other (income) expense, net $ 5,541 $ ( 1,970 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 453 ( 638 )

2027 Convertible Senior Notes (

2027 Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Net Carrying Amount of 2027 Notes	The net carrying amount of the 2027 Notes included in our condensed consolidated balance sheets consisted of the following: As of (In thousands) March 31, December 31, Principal amount $ 345,000 $ 345,000 Unamortized debt discount ( 9,038 ) ( 9,518 ) Net carrying amount $ 335,962 $ 335,482
Schedule of Interest Expense Related to 2027 Notes Recognized in Interest Income (Expense), Net	The following table sets forth the total interest expense related to the 2027 Notes recognized in interest income (expense), net in our unaudited condensed consolidated statements of operations and comprehensive loss for the periods presented: For the Three Months Ended (In thousands) 2023 2022 Contractual interest expense $ 2,156 $ — Amortization of debt issuance costs 480 — Total interest expense $ 2,636 $ — Effective interest rate 3.1 % —
Schedule of Future Minimum Payments under 2027 Notes	Future minimum payments under the 2027 Notes as of March 31, 2023, are as follows (in thousands): Fiscal year ended December 31, 2023 (1) 4,312 Fiscal year ended December 31, 2024 8,625 Fiscal year ended December 31, 2025 8,625 Fiscal year ended December 31, 2026 8,625 Fiscal year ended December 31, 2027 353,625 Thereafter — Total future payments $ 383,812 Less: amounts representing interest ( 38,812 ) Total principal amount $ 345,000 (1) For the nine months ended December 31, 2023 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The tables below present information about our assets and liabilities that are measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy we utilized to determine such fair values: As of March 31, 2023 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 133,866 $ — $ — $ 133,866 Commercial paper — 19,950 — 19,950 Marketable securities (current) U.S. government treasuries 17,909 — — 17,909 U.S. government agencies — 230,658 — 230,658 Corporate debt securities — 9,477 — 9,477 Commercial paper — 415,127 — 415,127 Marketable securities (non-current) U.S. government agencies — 36,048 — 36,048 Restricted cash Money market funds 1,867 — — 1,867 Total assets $ 153,642 $ 711,260 $ — $ 864,902 Liabilities: Financing liability, related party $ — $ — $ 34,668 $ 34,668 Financing liability — — 34,668 34,668 Total liabilities $ — $ — $ 69,336 $ 69,336 As of December 31, 2022 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 136,521 $ — $ — $ 136,521 Marketable securities (current) U.S. government treasuries 103,238 — — 103,238 U.S. government agencies — 165,555 — 165,555 Corporate debt securities — 9,416 — 9,416 Commercial paper — 477,300 — 477,300 Marketable securities (non-current) U.S. government agencies — 58,126 — 58,126 Restricted cash Money market funds 1,867 — — 1,867 Total assets $ 241,626 $ 710,397 $ — $ 952,023 Liabilities: Financing liability, related party $ — $ — $ 28,674 $ 28,674 Financing liability — — 28,674 28,674 Total liabilities $ — $ — $ 57,348 $ 57,348
Summary of Estimated Fair Value and Amortized Cost of Available-for-Sale Marketable Debt Securities	The estimated fair value and amortized cost of our available-for-sale marketable debt securities, by contractual maturity and security type, are summarized as follows: As of March 31, 2023 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 17,970 $ — $ ( 61 ) $ 17,909 U.S. government agencies 231,391 37 ( 770 ) 230,658 Corporate debt securities 9,485 — ( 8 ) 9,477 Commercial paper 415,820 26 ( 719 ) 415,127 Due after one year through two years U.S. government agencies 35,986 62 — 36,048 Total marketable securities $ 710,652 $ 125 $ ( 1,558 ) $ 709,219 As of December 31, 2022 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 103,800 $ — $ ( 562 ) $ 103,238 U.S. government agencies 166,327 15 ( 787 ) 165,555 Corporate debt securities 9,454 — ( 38 ) 9,416 Commercial paper 478,657 71 ( 1,428 ) 477,300 Due after one year through two years U.S. government agencies 58,327 7 ( 208 ) 58,126 Total marketable securities $ 816,565 $ 93 $ ( 3,023 ) $ 813,635
Summary of Rollforward of the Estimated Fair Value Associated with Financing Liabilities	The following table provides a rollforward of the estimated fair value associated with our combined total financing liabilities: For the Three Months Ended (In thousands) 2023 Beginning balance, total financing liabilities $ 57,348 Funding commitment received — Change in fair value recognized in other (income) expense, net 11,082 Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 906 Ending balance, total financing liabilities $ 69,336

Financial Statement Components

Financial Statement Components (Tables)	3 Months Ended
	Mar. 31, 2023
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) March 31, December 31, Prepaid clinical trial services $ 2,551 $ 2,872 Prepaid research and development expenses 1,592 1,228 Prepaid insurance 2,171 2,460 Other prepaid expenses 2,912 3,556 Interest receivable 3,202 2,046 Other 1,367 1,459 Prepaid expenses and other current assets $ 13,795 $ 13,621
Summary of Property and Equipment Net	Property and equipment, net consisted of the following: As of (In thousands) March 31, December 31, Computer equipment and software $ 1,009 $ 996 Furniture and fixtures 459 459 Laboratory equipment 9,886 9,489 Leasehold improvements 23,461 23,461 Construction in progress 705 321 Less: Accumulated depreciation ( 8,514 ) ( 7,259 ) Property and equipment, net $ 27,006 $ 27,467
Summary of Other Long-Term Assets	Other long-term assets consisted of the following: As of (In thousands) March 31, December 31, Other prepaid expenses, net of current portion $ 1,932 $ 1,792 Deferred expenses associated with financing activities 287 286 Other 989 813 Other long-term assets $ 3,208 $ 2,891
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of (In thousands) March 31, December 31, Accrued external research and development services $ 41,397 $ 33,967 Accrued compensation and personnel costs 6,377 19,057 Accrued property and equipment 439 40 Accrued professional fees and consulting services 2,365 2,187 Accrued interest 1,078 3,210 Other 958 1,143 Accrued expenses and other current liabilities $ 52,614 $ 59,604
Summary of Interest Income (Expense), Net	Interest income (expense), net consisted of the following: For the Three Months Ended (In thousands) 2023 2022 Interest income, net $ 9,076 $ 295 Interest expense ( 2,636 ) — Interest income (expense), net $ 6,440 $ 295
Summary of Other Income (Expense), Net	Other income (expense), net consisted of the following: For the Three Months Ended (In thousands) 2023 2022 Gain (loss) on fair value remeasurement of financing liability, related party $ ( 5,541 ) $ 1,970 Gain (loss) on fair value remeasurement of financing liability ( 5,541 ) 1,970 Other, net ( 8 ) 1 Other income (expense), net $ ( 11,090 ) $ 3,941

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Equity-based Compensation Expense	The following table summarizes equity-based compensation expense included in our unaudited condensed consolidated statements of operations and comprehensive loss: For the Three Months Ended (In thousands) 2023 2022 Research and development $ 6,339 $ 4,006 General and administrative 6,253 4,552 Total equity-based compensation expense included in total operating expense $ 12,592 $ 8,558 The following table summarizes equity-based compensation expense by award type included in our unaudited condensed consolidated statements of operations and comprehensive loss: For the Three Months Ended (In thousands) 2023 2022 Stock options $ 11,663 $ 8,359 Restricted stock units 703 9 Employee stock purchase plan 226 190 Total equity-based compensation expense included in total operating expense $ 12,592 $ 8,558
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 are summarized as follows: For the Three Months Ended 2023 2022 Risk free interest rate 3.76 % 1.85 % Expected term (in years) 6.08 6.08 Expected volatility 90.5 % 96.2 % Expected dividend yield 0.0 % 0.0 %
Summary of Stock Options Activity	The following table summarizes our stock option activity for the three months ended March 31, 2023: Number of Weighted Weighted (in years) Aggregate (in millions) Outstanding at December 31, 2022 17,178,861 $ 13.59 7.55 $ 309.9 Granted 2,015,264 $ 34.29 Exercised ( 257,824 ) $ 6.10 Forfeited, canceled or expired ( 517,077 ) $ 21.38 Outstanding at March 31, 2023 18,419,224 $ 15.74 7.49 $ 199.0 Options vested and expected to vest as of March 31, 2023 18,419,224 $ 15.74 7.49 $ 199.0 Options exercisable as of March 31, 2023 10,619,438 $ 9.70 6.62 $ 161.3
Summary of Restricted Stock Activity	The following table summarizes our restricted stock activity as follows: Restricted Stock Units Number Weighted- Non-vested at December 31, 2022 18,932 $ 26.41 Granted 570,922 34.38 Vested — — Forfeited ( 30,737 ) 34.41 Non-vested at March 31, 2023 559,117 $ 34.11

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 Ended (In thousands, except share amounts and per share data) 2023 2022 Numerator: Net loss $ ( 104,286 ) $ ( 68,294 ) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 156,648,365 147,984,926 Net loss per share, basic and diluted $ ( 0.67 ) $ ( 0.46 )
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 March 31, March 31, Stock options outstanding 18,419,224 17,901,741 Restricted stock units outstanding 559,117 14,270 ESPP shares issuable 32,410 14,889 Common stock issuable upon conversion of the 2027 Notes 7,439,338 — Total 26,450,089 17,930,900

Pfizer License Agreement - Addi

Pfizer License Agreement - Additional Information (Details) - Pfizer License Agreement [Member]	3 Months Ended
	Mar. 31, 2023 USD ($)
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 ($)	1 Months Ended				3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received				$ 31,100,000
Percentage of funding received				25%
Funding expected to be received				$ 125,000,000
Financing liability, related party					$ 34,668,000	$ 28,674,000
Financing liability					34,668,000	28,674,000
First Anniversaries [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding received			30%
Funding expected to be received			$ 37,500,000
Second Anniversaries [Member] | Subsequent Event [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received		$ 31,300,000
Percentage of funding received		25%
Funding expected to be received		$ 31,300,000
Third Anniversaries [Member] | Forecast [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Funding expected to be received	$ 25,000,000
Percentage of funding expected to be received	20%
NovaQuest Funding Agreement [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Funding expected to be received				62,500,000
Financing liability					34,700,000	28,700,000
Bain Funding Agreement [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received			$ 18,800,000	$ 15,500,000
Percentage of funding received			30%	25%
Funding expected to be received				$ 62,500,000
Fees incurred				100,000
Financing liability, related party					$ 34,700,000	$ 28,700,000
Bain Funding Agreement [Member] | Subsequent Event [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received		$ 15,600,000
Percentage of funding received		25%
NovaQuest and Bain Funding Agreements [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fees incurred				200,000
Payable on funding agreement				$ 531,300,000
Contractual obligation description repayment timing					earlier of FDA approval or May 1, 2025
NovaQuest and Bain Funding Agreements [Member] | Minimum [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment				300%
NovaQuest and Bain Funding Agreements [Member] | Maximum [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding commitment				425%

Financing Liabilities - Summary

Financing Liabilities - Summary of Changes in Estimated Fair Value of Financing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss	$ (906)	$ 1,276
Financing Liability, Related Party [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss	5,541	(1,970)
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss	453	(638)
Financing Liability [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss	5,541	(1,970)
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss	$ 453	$ (638)

2027 Convertible Senior Notes -

2027 Convertible Senior Notes - Additional Information (Details)	1 Months Ended	3 Months Ended
	Aug. 31, 2022 USD ($) Days Instrument $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 345,000,000	$ 345,000,000
Debt instrument, accrued interest		$ 1,078,000	3,210,000
2027 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount	$ 345,000,000
Debt instrument, stated rate	2.50%
Debt instrument, aggregate net proceeds	$ 334,800,000
Debt instrument, frequency of payment		semi-annually
Debt instrument, payment term		The 2027 Notes accrue interest at a rate of 2.50% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023.
Debt instrument, accrued interest		$ 1,100,000	$ 3,200,000
Debt instrument, maturity date	Aug. 15, 2027
Debt instrument, consecutive trading days | Days	30
2027 Convertible Senior Notes [Member] | Purchaser Discounts [Member]
Debt Instrument [Line Items]
Debt issuance cost incurred	$ 9,500,000
2027 Convertible Senior Notes [Member] | Other Offering Expenses [Member]
Debt Instrument [Line Items]
Debt issuance cost incurred	$ 700,000
2027 Convertible Senior Notes [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price per principal | $ / shares	$ 1,000
Debt instrument, conversion rate	21.5633
Debt instrument, conversion price | $ / shares	$ 46.38
Debt instrument, convertible, number of equity instruments | Instrument	7,439,338
2027 Convertible Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price percentage applicable for trading days	130%
Debt instrument, trading days | Days	20
2027 Convertible Senior Notes [Member] | Measurement Period [Member]
Debt Instrument [Line Items]
Debt instrument, trading price per principal | $ / shares	$ 1,000
2027 Convertible Senior Notes [Member] | Measurement Period [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price percentage applicable for trading days	98%

2027 Convertible Senior Notes_2

2027 Convertible Senior Notes - Summary of Net Carrying Amount of 2027 Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Principal amount	$ 345,000	$ 345,000
Unamortized debt discount	(9,038)	(9,518)
Net carrying amount	$ 335,962	$ 335,482

2027 Convertible Senior Notes_3

2027 Convertible Senior Notes - Schedule of Interest Expense Related to 2027 Notes Recognized in Interest Income (Expense), Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Contractual interest expense	$ 2,156
Amortization of debt issuance costs	480
Total interest expense	$ 2,636
Effective interest rate	3.10%

2027 Convertible Senior Notes_4

2027 Convertible Senior Notes - Schedule of Future Minimum Payments under 2027 Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Fiscal year ended December 31, 2023	$ 4,312
Fiscal year ended December 31, 2024	8,625
Fiscal year ended December 31, 2025	8,625
Fiscal year ended December 31, 2026	8,625
Fiscal year ended December 31, 2027	353,625
Total future payments	383,812
Less: amounts representing interest	(38,812)
Principal amount	$ 345,000	$ 345,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Marketable securities (current)	$ 673,171	$ 755,509
Marketable securities (non-current)	36,048	58,126
Recurring [Member]
Assets:
Total Assets	864,902	952,023
Liabilities:
Total Liabilities	69,336	57,348
Recurring [Member] | Money Market Funds [Member]
Assets:
Cash equivalents, fair value	133,866	136,521
Recurring [Member] | Commercial Paper [Member]
Assets:
Cash equivalents, fair value	19,950
Marketable securities (current)	415,127	477,300
Recurring [Member] | US Treasury and Government [Member]
Assets:
Marketable securities (current)	17,909	103,238
Recurring [Member] | U.S. Government Agencies [Member]
Assets:
Marketable securities (current)	230,658	165,555
Marketable securities (non-current)	36,048	58,126
Recurring [Member] | Corporate Debt Securities [Member]
Assets:
Marketable securities (current)	9,477	9,416
Recurring [Member] | Restricted Cash [Member]
Assets:
Total Assets	1,867	1,867
Recurring [Member] | Financing Liability, Related Party [Member]
Liabilities:
Total Liabilities	34,668	28,674
Recurring [Member] | Financing Liability [Member]
Liabilities:
Total Liabilities	34,668	28,674
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Total Assets	153,642	241,626
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member]
Assets:
Cash equivalents, fair value	133,866	136,521
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | US Treasury and Government [Member]
Assets:
Marketable securities (current)	17,909	103,238
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Restricted Cash [Member]
Assets:
Total Assets	1,867	1,867
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total Assets	711,260	710,397
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]
Assets:
Cash equivalents, fair value	19,950
Marketable securities (current)	415,127	477,300
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agencies [Member]
Assets:
Marketable securities (current)	230,658	165,555
Marketable securities (non-current)	36,048	58,126
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]
Assets:
Marketable securities (current)	9,477	9,416
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Total Liabilities	69,336	57,348
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Financing Liability, Related Party [Member]
Liabilities:
Total Liabilities	34,668	28,674
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Financing Liability [Member]
Liabilities:
Total Liabilities	$ 34,668	$ 28,674

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains or losses recognized on the sale or maturity of marketable securities	$ 0	$ 0
Marketable securities weighted average maturity term	5 months		5 months
Debt instrument, carrying value	$ 335,962,000		$ 335,482,000
2027 Convertible Senior Notes [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	336,000,000
Debt instrument, fair value	$ 289,400,000
Discount Rate [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financing liability, related party and financing liability measurement input	0.100		0.100
Recurring [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	$ 69,336,000		$ 57,348,000
Fair value liabilities between level transfer amount	0		0
Fair value asset between level transfer amount	0		$ 0
Recurring [Member] | Financing Liability, Related Party [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	$ 34,700,000

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Estimated Fair Value and Amortized Cost of Available-for-Sale Marketable Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale marketable debt securities, Amortized Cost	$ 710,652	$ 816,565
Available-for-sale marketable debt securities, Unrealized Gains	125	93
Available-for-sale marketable debt securities, Unrealized Losses	(1,558)	(3,023)
Available-for-sale marketable debt securities, Fair Value	709,219	813,635
US Treasury and Government [Member] | Due in One Year or Less [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale marketable debt securities, Amortized Cost	17,970	103,800
Available-for-sale marketable debt securities, Unrealized Losses	(61)	(562)
Available-for-sale marketable debt securities, Fair Value	17,909	103,238
U.S. Government Agencies [Member] | Due in One Year or Less [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale marketable debt securities, Amortized Cost	231,391	166,327
Available-for-sale marketable debt securities, Unrealized Gains	37	15
Available-for-sale marketable debt securities, Unrealized Losses	(770)	(787)
Available-for-sale marketable debt securities, Fair Value	230,658	165,555
U.S. Government Agencies [Member] | Due after One Year through Two Years [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale marketable debt securities, Amortized Cost	35,986	58,327
Available-for-sale marketable debt securities, Unrealized Gains	62	7
Available-for-sale marketable debt securities, Unrealized Losses		(208)
Available-for-sale marketable debt securities, Fair Value	36,048	58,126
Corporate Debt Securities [Member] | Due in One Year or Less [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale marketable debt securities, Amortized Cost	9,485	9,454
Available-for-sale marketable debt securities, Unrealized Losses	(8)	(38)
Available-for-sale marketable debt securities, Fair Value	9,477	9,416
Commercial Paper [Member] | Due in One Year or Less [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale marketable debt securities, Amortized Cost	415,820	478,657
Available-for-sale marketable debt securities, Unrealized Gains	26	71
Available-for-sale marketable debt securities, Unrealized Losses	(719)	(1,428)
Available-for-sale marketable debt securities, Fair Value	$ 415,127	$ 477,300

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Rollforward of the Estimated Fair Value Associated with Financing Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - Financing Liabilities [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 57,348
Change in fair value recognized in other (income) expense, net	$ 11,082
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss	$ (906)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss
Ending balance	$ 69,336

Financial Statement Component_2

Financial Statement Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical trial services	$ 2,551	$ 2,872
Prepaid research and development expenses	1,592	1,228
Prepaid insurance	2,171	2,460
Other prepaid expenses	2,912	3,556
Interest receivable	3,202	2,046
Other	1,367	1,459
Prepaid expenses and other current assets	$ 13,795	$ 13,621

Financial Statement Component_3

Financial Statement Components - Summary of Property and Equipment Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Less: Accumulated depreciation	$ (8,514)	$ (7,259)
Property and equipment, net	27,006	27,467
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment	1,009	996
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment	459	459
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment	9,886	9,489
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment	23,461	23,461
Construction in-progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment	$ 705	$ 321

Financial Statement Component_4

Financial Statement Components - Summary of Other Long-Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Other prepaid expenses, net of current portion	$ 1,932	$ 1,792
Deferred expenses associated with financing activities	287	286
Other	989	813
Other long-term assets	$ 3,208	$ 2,891

Financial Statement Component_5

Financial Statement Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued external research and development services	$ 41,397	$ 33,967
Accrued compensation and personnel costs	6,377	19,057
Accrued property and equipment	439	40
Accrued professional fees and consulting services	2,365	2,187
Accrued interest	1,078	3,210
Other	958	1,143
Accrued expenses and other current liabilities	$ 52,614	$ 59,604

Financial Statement Component_6

Financial Statement Components - Summary of Interest Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Income (Expense), Net [Abstract]
Interest income, net	$ 9,076	$ 295
Interest expense	(2,636)
Interest income (expense), net	$ 6,440	$ 295

Financial Statement Component_7

Financial Statement Components - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Nonoperating Income (Expense) [Abstract]
Gain (loss) on fair value remeasurement of financing liability, related party	$ (5,541)	$ 1,970
Gain (loss) on fair value remeasurement of financing liability	(5,541)	1,970
Other, net	(8)	1
Other income (expense), net	$ (11,090)	$ 3,941

Stockholders' Equity, Preferred

Stockholders' Equity, Preferred Stock and Common Stock (Details) - USD ($)		3 Months Ended	12 Months Ended
	Nov. 10, 2021	Mar. 31, 2023	Dec. 31, 2022
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		156,760,109	156,502,285
Common stock, shares outstanding		156,760,109	156,502,285
Common stock, voting rights		one vote
Dividends declared		$ 0
Issuance and sale of common stock			$ 0
ATM Program [Member]
Stockholders' Equity [Abstract]
Issuance and sale of common stock		$ 0
ATM Program [Member] | Maximum [Member]
Stockholders' Equity [Abstract]
Issuance and sale of common stock yet to issue	$ 250,000,000

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	$ 12,592	$ 8,558
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	6,339	4,006
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	6,253	4,552
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	11,663	8,359
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	703	9
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	$ 226	$ 190

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Stock Options Activity (Details) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, Beginning balance	17,178,861
Granted	2,015,264
Exercised	(257,824)
Forfeited, canceled or expired	(517,077)
Outstanding, Ending balance	18,419,224	17,178,861
Options vested and expected to vest	18,419,224
Options exercisable	10,619,438
Weighted Average Exercise Price
Outstanding, Beginning balance	$ 13.59
Granted	34.29
Exercised	6.10
Forfeited	21.38
Outstanding, Ending balance	15.74	$ 13.59
Options vested and expected to vest	15.74
Options Exercisable	$ 9.70
Weighted Average Remaining Contractual Life (in years)
Outstanding	7 years 5 months 26 days	7 years 6 months 18 days
Options vested and expected to vest	7 years 5 months 26 days
Options Exercisable	6 years 7 months 13 days
Aggregate Intrinsic Value
Outstanding	$ 199	$ 309.9
Options vested and expected to vest	199
Options Exercisable	$ 161.3

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock Units (RSUs) [Member]
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 9 months 18 days
Total unrecognized equity-based compensation expense	$ 18.3
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted, weighted average grant-date fair values	$ 26.21	$ 23.62
Equity-based compensation expense expected to be recognized over weighted average period	3 years
Total unrecognized equity-based compensation expense	$ 132.2
Stock Options [Member] | Nasdaq [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing stock price	$ 24.39

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]	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free interest rate	3.76%	1.85%
Expected term (in years)	6 years 29 days	6 years 29 days
Expected volatility	90.50%	96.20%
Expected dividend yield	0%	0%

Equity-Based Compensation - S_4

Equity-Based Compensation - Summary of Restricted Stock Activity (Details) (Details) - Restricted Stock Units [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested, Beginning balance | shares	18,932
Granted | shares	570,922
Forfeited | shares	(30,737)
Non-vested, Ending balance | shares	559,117
Weighted-Average Grant Date Fair Value
Non-vested, Beginning balance | $ / shares	$ 26.41
Granted | $ / shares	34.38
Forfeited | $ / shares	34.41
Non-vested, Ending balance | $ / shares	$ 34.11

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
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (104,286)	$ (68,294)
Denominator:
Weighted-average shares used in calculating net loss per share, basic	156,648,365	147,984,926
Weighted-average shares used in calculating net loss per share, diluted	156,648,365	147,984,926
Net loss per share, basic	$ (0.67)	$ (0.46)
Net loss per share, diluted	$ (0.67)	$ (0.46)

Net Loss Per Share - Potential

Net Loss Per Share - Potential Dilutive Securities Excluded From Calculation of Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	26,450,089	17,930,900
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	18,419,224	17,901,741
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	559,117	14,270
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	32,410	14,889
Common Stock Issuable Upon Conversion of the 2027 Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	7,439,338

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefits related to net operating losses incurred or research and development tax credits	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
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)	1 Months Ended				3 Months Ended
	Apr. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2021 USD ($)	Mar. 31, 2023 USD ($) Director shares	Dec. 31, 2022 Director shares
Related Party Transaction [Line Items]
Percentage of funding received				25%
Funding expected to be received				$ 125,000,000
Total funding received				$ 31,100,000
Common stock, shares outstanding | shares					156,760,109	156,502,285
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			30%	25%
Period over which funding support received				4 years
Fees incurred				$ 100,000
Funding expected to be received				62,500,000
Total funding received			$ 18,800,000	$ 15,500,000
Bain Funding Agreement [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Percentage of funding received	25%
Total funding received	$ 15,600,000
Research Collaboration and License Agreement [Member]
Related Party Transaction [Line Items]
Reimbursements for research services, contingent development milestone payment and single-digit royalty payments on net sales		$ 0
Management Agreement [Member]
Related Party Transaction [Line Items]
Management fee					$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2023	Apr. 30, 2021
Subsequent Event [Line Items]
Total funding received		$ 31.1
Percentage of funding received		25%
Subsequent Event [Member] | Second Anniversaries [Member]
Subsequent Event [Line Items]
Total funding received	$ 31.3
Percentage of funding received	25%