Cerevel Therapeutics (CERE) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
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, 2024
Document Fiscal Year Focus	2024
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		182,194,722
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 320,436	$ 416,465
Marketable securities	525,858	574,500
Prepaid expenses and other current assets	13,283	15,973
Total current assets	859,577	1,006,938
Marketable securities	218,591	185,199
Property and equipment, net	24,929	25,647
Operating lease assets	19,667	20,125
Restricted cash	1,960	1,960
Other long-term assets	2,619	3,429
Total assets	1,127,343	1,243,298
Current liabilities:
Accounts payable	10,839	11,863
Accrued expenses and other current liabilities	69,750	76,912
Operating lease liabilities, current portion	3,515	3,404
Total current liabilities	84,104	92,179
Operating lease liabilities, net of current portion	26,866	27,786
Financing liability, related party (Notes 5, 7 and 15)	56,999	56,082
Financing liability (Notes 5 and 7)	56,999	56,082
2027 convertible senior notes, net (Note 6)	337,920	337,424
Total liabilities	562,888	569,553
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, 2024 and December 31, 2023
Common stock, $0.0001 par value: 500,000,000 shares authorized; 181,888,631 and 181,362,064 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	18	18
Additional paid-in capital	2,098,035	2,072,553
Accumulated other comprehensive income (loss)	(1,089)	1,771
Accumulated deficit	(1,532,509)	(1,400,597)
Total stockholders’ equity	564,455	673,745
Total liabilities and stockholders’ equity	$ 1,127,343	$ 1,243,298

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	181,888,631	181,362,064
Common stock, shares outstanding	181,888,631	181,362,064

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 106,425	$ 78,181
General and administrative	36,231	21,370
Total operating expenses	142,656	99,551
Loss from operations	(142,656)	(99,551)
Interest income, net	14,455	9,076
Interest expense	(2,652)	(2,636)
Other income (expense), net (Notes 5 and 7)	(921)	(11,090)
Loss before income taxes	(131,774)	(104,201)
Income tax benefit (provision), net	(138)	(85)
Net loss	$ (131,912)	$ (104,286)
Net loss per share, basic	$ (0.73)	$ (0.67)
Net loss per share, diluted	$ (0.73)	$ (0.67)
Weighted-average shares used in calculating net loss per share, basic	181,610,675	156,648,365
Weighted-average shares used in calculating net loss per share, diluted	181,610,675	156,648,365
Comprehensive loss:
Net loss	$ (131,912)	$ (104,286)
Other comprehensive income (loss):
Changes in fair value attributable to instrument-specific credit risk (Notes 5 and 7)	(920)	(906)
Unrealized gains (losses) on securities available-for-sale	(1,940)	1,497
Total other comprehensive income (loss)	(2,860)	591
Comprehensive loss	$ (134,772)	$ (103,695)

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, 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
Beginning balance at Dec. 31, 2023	673,745	$ 18	2,072,553	1,771	(1,400,597)
Beginning balance (in shares) at Dec. 31, 2023		181,362,064
Issuance of common stock under equity incentive plans related to vesting of RSUs, (in shares)		105,384
Issuance of common stock under equity incentive plans related to exercise of options	4,550		4,550
Issuance of common stock under equity incentive plans related to exercise of options (in shares)		421,183
Equity-based compensation expense	20,932		20,932
Other comprehensive income (loss)	(2,860)			(2,860)
Net loss	(131,912)				(131,912)
Ending balance at Mar. 31, 2024	$ 564,455	$ 18	$ 2,098,035	$ (1,089)	$ (1,532,509)
Ending balance (in shares) at Mar. 31, 2024		181,888,631

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (131,912)	$ (104,286)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	1,541	1,321
Adjustments to operating lease expense	(335)	(280)
Equity-based compensation	20,932	12,592
Change in fair value of financing liabilities (including related party amounts), (Notes 5, 7 and 15)	914	11,082
Non-cash interest expense	496	480
Amortization of premiums and accretion of discounts on marketable securities	(6,126)	(5,206)
Other non-cash items		(8)
Changes in operating assets and liabilities, net:
Prepaid expenses and other current assets	3,674	(147)
Other assets	(413)	(440)
Accounts payable	(1,194)	(2,768)
Accrued expenses and other liabilities	(7,246)	(7,263)
Net cash flows used in operating activities	(119,669)	(94,923)
Cash flows from investing activities:
Purchases of marketable securities	(122,649)	(187,631)
Maturities and redemptions of marketable securities	142,085	298,750
Purchases of property and equipment	(271)	(336)
Net cash flows provided by investing activities	19,165	110,783
Cash flows from financing activities:
Proceeds from issuance of common stock related to follow-on offering, net of offering costs	(75)
Proceeds from the exercise of stock options	4,550	1,574
Deferred costs related to financing activities		(139)
Net cash flows provided by financing activities	4,475	1,435
Net increase (decrease) in cash, cash equivalents and restricted cash	(96,029)	17,295
Cash, cash equivalents and restricted cash, beginning of the period	418,425	138,388
Cash, cash equivalents and restricted cash, end of the period	322,396	155,683
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	320,436	153,816
Restricted cash	1,960	1,867
Total cash, cash equivalents and restricted cash	322,396	155,683
Supplemental disclosure of cash flow information:
Cash paid for interest	4,313	4,289
Cash paid for income taxes	207
Supplemental cash flow disclosures from non-cash investing and financing activities:
Fixed asset additions included in accounts payable and other current liabilities	$ 441	$ 779

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (131,912)	$ (104,286)

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2024
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 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 one completed and two 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 an ongoing Phase 2 proof-of-concept trial for darigabat in panic disorder. On December 6, 2023 , we entered into an Agreement and Plan of Merger (the Merger Agreement) with AbbVie Inc., a Delaware corporation (AbbVie), Symphony Harlan LLC, a Delaware limited liability company and a wholly owned subsidiary of AbbVie (Intermediate Holdco), and Symphony Harlan Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of Intermediate Holdco (Merger Sub), pursuant to which, and on the terms and subject to the conditions thereof, at the effective time of the Merger (the Effective Time), Merger Sub will merge with and into Cerevel, with Cerevel surviving as a wholly owned subsidiary of AbbVie, which we refer to as the Merger. Under the terms of the proposed transaction, among other things, AbbVie will acquire all outstanding shares of Cerevel for $ 45.00 per share in cash. The transaction values Cerevel at a total equity value of approximately $ 8.8 billion. The boards of directors of both companies have approved the transaction, and Cerevel ’ s stockholders approved the transaction at a special meeting held on February 16, 2024 . This transaction is expected to close in the middle of 2024, subject to regulatory approvals and other customary closing conditions. 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, 2023 (our Annual Report).

Risks and Liquidity

Risks and Liquidity	3 Months Ended
	Mar. 31, 2024
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, 2024, we have 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 Party Transactions , 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 equivalents and marketable securities as of March 31, 2024 , 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, 2024
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, 2024 and 2023, 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, 2024 and 2023, 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 unaudited 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 unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, the fair value of our financing liabilities, the fair value of equity-based awards and the accrual for research and development expense. 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, 2024 and December 31, 2023. Restricted cash was classified as a non-current asset as the associated lease term expires more than 12 months from March 31, 2024. 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 us as of the specified effective date. Unless otherwise discussed, we do not believe that the impact of recently issued standards that are not yet effective will have a material impact on our consolidated financial statements or related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and by extending the disclosure requirements to entities with a single reportable segment. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Insider Trading Arrangements

Insider Trading Arrangements - Scott Akamine [Member]	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On January 2, 2024 , Scott Akamine , our Chief Legal Officer , terminated a Rule 10b5-1 trading arrangement, originally adopted on March 16, 2022 and amended on November 21, 2022 and August 4, 2023. Prior to termination, the Rule 10b5-1 trading arrangement had provided for the sale of up to 77,500 shares of the Company’s common stock until February 28, 2025.
Name	Scott Akamine
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	January 2, 2024
Aggregate Available	77,500

Pfizer License Agreement

Pfizer License Agreement	3 Months Ended
	Mar. 31, 2024
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, 2024
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 (the Funding Investors) committed to provide funding to support our development of tavapadon for the treatment of Parkinson’s disease. Under the terms of the Funding Agreements, we received $ 62.5 million in funding from each of NovaQuest and Bain, for a combined total of $ 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) was received in April 2024. In return , we agreed to pay to 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, 2024 and December 31, 2023, 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 $ 57.0 million and $ 56.1 million , respectively. As of March 31, 2024 and December 31, 2023, 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 $ 57.0 million and $ 56.1 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) 2024 2023 Financing liability, related party Change in fair value recognized in other income (expense), net $ ( 457 ) $ ( 5,541 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss) ( 460 ) ( 453 ) Financing liability Change in fair value recognized in other income (expense), net $ ( 457 ) $ ( 5,541 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss) ( 460 ) ( 453 ) Changes in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss) were derived by benchmarking the current credit spread against the prior period credit spread to isolate the impact directly associated with the change in the credit spread utilized between periods. As of March 31, 2024, accumulated other comprehensive loss from changes in fair value attributable to instrument-specific credit risk was $ 0.1 million , and as of March 31, 2023, accumulated other comprehensive income from changes in fair value attributable to instrument-specific credit risk was $ 5.1 million . 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, 2024
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 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, 2024 and December 31, 2023, 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, respectively. 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. (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 ( 7,080 ) ( 7,576 ) Net carrying amount $ 337,920 $ 337,424 The following table sets forth the total interest expense related to the 2027 Notes recognized in interest expense in our unaudited condensed consolidated statements of operations and comprehensive loss for the periods presented: For the Three Months Ended (In thousands) 2024 2023 Contractual interest expense $ 2,156 $ 2,156 Amortization of debt issuance costs 496 480 Total interest expense $ 2,652 $ 2,636 Effective interest rate 3.1 % 3.1 % Future minimum payments under the 2027 Notes as of March 31, 2024, are as follows (in thousands): Fiscal year ended December 31, 2024 (1) $ 4,312 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 $ 375,187 Less: amounts representing interest ( 30,187 ) Total principal amount $ 345,000 (1) For the nine months ended December 31, 2024 . 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, 2024
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 of the inputs we utilized to determine such fair values: As of March 31, 2024 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 319,557 $ — $ — $ 319,557 Marketable securities (current) U.S. government treasuries 120,501 — — 120,501 U.S. government agencies — 136,397 — 136,397 Corporate debt securities — 9,967 — 9,967 Commercial paper — 258,993 — 258,993 Marketable securities (non-current) U.S. government treasuries 166,313 — — 166,313 U.S. government agencies — 52,278 — 52,278 Restricted cash Money market account 1,960 — — 1,960 Total assets $ 608,331 $ 457,635 $ — $ 1,065,966 Liabilities: Financing liability, related party $ — $ — $ 56,999 $ 56,999 Financing liability — — 56,999 56,999 Total liabilities $ — $ — $ 113,998 $ 113,998 As of December 31, 2023 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 415,681 $ — $ — $ 415,681 Marketable securities (current) U.S. government treasuries 43,538 — — 43,538 U.S. government agencies — 201,058 — 201,058 Corporate debt securities — 9,982 — 9,982 Commercial paper — 319,922 — 319,922 Marketable securities (non-current) U.S. government treasuries 125,040 — — 125,040 U.S. government agencies — 60,159 — 60,159 Restricted cash Money market account 1,960 — — 1,960 Total assets $ 586,219 $ 591,121 $ — $ 1,177,340 Liabilities: Financing liability, related party $ — $ — $ 56,082 $ 56,082 Financing liability — — 56,082 56,082 Total liabilities $ — $ — $ 112,164 $ 112,164 We have no t recognized any impairments of our assets measured and carried at fair value during the three months ended March 31, 2024. 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, 2024 and December 31, 2023. 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, 2024, 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, or 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, 2024 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 120,543 $ 43 $ ( 85 ) $ 120,501 U.S. government agencies 136,511 14 ( 128 ) 136,397 Corporate debt securities 9,966 1 — 9,967 Commercial paper 258,967 53 ( 27 ) 258,993 Due after one year through two years U.S. government treasuries 167,047 — ( 734 ) 166,313 U.S. government agencies 52,391 13 ( 126 ) 52,278 Total marketable securities $ 745,425 $ 124 $ ( 1,100 ) $ 744,449 As of December 31, 2023 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 43,487 $ 71 $ ( 20 ) $ 43,538 U.S. government agencies 201,217 74 ( 233 ) 201,058 Corporate debt securities 9,954 28 — 9,982 Commercial paper 319,713 239 ( 30 ) 319,922 Due after one year through two years U.S. government treasuries 124,581 459 — 125,040 U.S. government agencies 59,783 379 ( 3 ) 60,159 Total marketable securities $ 758,735 $ 1,250 $ ( 286 ) $ 759,699 We had no realized gains or losses recognized on the sale or maturity of marketable securities during the three months ended March 31, 2024 and 2023. 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, 2024. The weighted average maturity of our marketable securities as of March 31, 2024 and December 31, 2023 was approximately eight 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, 2024, the financing liability, related party and financing liability each totaled approximately $ 57.0 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 % and 9.0 % as of March 31, 2024 and December 31, 2023, respectively. 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 total financing liabilities: For the Three Months Ended (In thousands) 2024 Beginning balance, total financing liabilities $ 112,164 Funding commitment received — Change in fair value recognized in other (income) expense, net 914 Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 920 Ending balance, total financing liabilities $ 113,998 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, 2024, the estimated fair value of the 2027 Notes, which have an aggregate carrying value of $ 337.9 million , was $ 386.6 million . As of December 31, 2023, the 2027 Notes had an aggregate carrying value and estimated fair value of $ 337.4 million and $ 382.0 million , respectively. 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, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Components	8 . 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 $ 1,076 $ 1,717 Prepaid research and development expenses 868 1,821 Prepaid insurance 1,935 2,608 Other prepaid expenses 4,364 3,973 Interest receivable 4,963 5,291 Other 77 563 Prepaid expenses and other current assets $ 13,283 $ 15,973 Property and Equipment, Net Property and equipment, net consisted of the following: As of (In thousands) March 31, December 31, Computer equipment and software $ 1,045 $ 1,045 Furniture and fixtures 459 459 Laboratory equipment 13,240 13,212 Leasehold improvements 23,481 23,481 Construction in progress 699 16 Less: Accumulated depreciation ( 13,995 ) ( 12,566 ) Property and equipment, net $ 24,929 $ 25,647 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 $ 904 $ 1,886 Deferred expenses associated with financing activities 122 122 Other 1,593 1,421 Other long-term assets $ 2,619 $ 3,429 As of March 31, 2024 and December 31, 2023, other prepaid expenses, net of current portion, primarily consisted of deposits paid under certain CRO agreements that will be held until the completion and close-out of the related clinical trials with our CROs which 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 $ 50,867 $ 51,300 Accrued compensation and personnel costs 6,944 19,423 Accrued property and equipment 200 — Accrued professional fees and consulting services 9,145 1,786 Accrued interest 1,078 3,234 Other 1,516 1,169 Accrued expenses and other current liabilities $ 69,750 $ 76,912 Other Income (Expense), net Other income (expense), net consisted of the following: For the Three Months Ended (In thousands) 2024 2023 Loss on fair value remeasurement of financing liability, related party $ ( 457 ) $ ( 5,541 ) Loss on fair value remeasurement of financing liability ( 457 ) ( 5,541 ) Other, net ( 7 ) ( 8 ) Other income (expense), net $ ( 921 ) $ ( 11,090 )

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	9. 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, 2024 and December 31, 2023. 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 181,888,631 and 181,362,064 shares of common stock issued and outstanding as of March 31, 2024 and December 31, 2023, 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, 2024 , no sales had been made pursuant to the ATM Program.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Research and development $ 9,477 $ 6,339 General and administrative 11,455 6,253 Total equity-based compensation expense included in total operating expense $ 20,932 $ 12,592 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) 2024 2023 Stock options $ 13,069 $ 11,663 Restricted stock units 6,568 703 Performance restricted stock units 1,295 — Employee stock purchase plan — 226 Total equity-based compensation expense included in total operating expense $ 20,932 $ 12,592 Stock Options There were no stock options granted during the three months ended March 31, 2024. Stock options granted during the three months ended March 31, 2023 had a weighted average grant-date fair value of $ 26.21 and the assumptions that we used to determine the fair value of stock options granted to employees for the three months ended March 31, 2023, are summarized as follows, presented on a weighted average basis: Risk free interest rate 3.76 % Expected term (in years) 6.08 Expected volatility 90.5 % Expected dividend yield 0.0 % As of March 31, 2024, total unrecognized equity-based compensation expense relating to stock options outstanding was $ 91.9 million , which is expected to be recognized over a weighted average period of 2.3 years. The following table summarizes our stock option activity for the three months ended March 31, 2024: Number of Weighted Weighted (in years) Aggregate (in millions) Outstanding at December 31, 2023 17,151,253 $ 16.64 6.92 $ 441.9 Granted — — Exercised ( 421,183 ) 10.80 Forfeited, canceled or expired ( 15,190 ) 30.38 Outstanding at March 31, 2024 16,714,880 $ 16.77 6.71 $ 426.2 Options vested and expected to vest as of March 31, 2024 16,714,880 $ 16.77 6.71 $ 426.2 Options exercisable as of March 31, 2024 11,898,484 $ 12.66 6.14 $ 352.3 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 as of March 28, 2024, the last trading day of the quarter, was $ 42.27 . Restricted Stock Units The following table summarizes our restricted stock unit activity for the three months ended March 31, 2024: Restricted Stock Units Number Weighted- Non-vested at December 31, 2023 703,142 $ 31.13 Granted 2,435,011 42.24 Vested ( 105,384 ) 34.37 Forfeited ( 3,512 ) 38.74 Non-vested at March 31, 2024 3,029,257 $ 39.94 As of March 31, 2024, total unrecognized equity-based compensation expense relating to restricted stock unit awards was $ 113.7 million , which is expected to be recognized over a weighted average period of 3.7 years. Performance Restricted Stock Units There were no performance restricted stocks units (PSUs) granted during the three months ended March 31, 2024 or 2023. In the second quarter of 2023, we granted 320,742 PSUs. The number of PSUs granted represents the target number of units that are eligible to vest at the end of a four-year performance period, subject to the grantee’s continued service through the end of the performance period. The PSUs will be settled in shares at the end of the four-year performance period and are equity-classified. For additional information related to our PSUs, please read Note 14, Equity-based Compensation , to our audited consolidated financial statements included in our Annual Report. As of March 31, 2024, total unrecognized equity-based compensation expense relating to our PSUs was $ 16.6 million , which is expected to be recognized over a weighted average period of 3.2 years.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Numerator: Net loss $ ( 131,912 ) $ ( 104,286 ) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 181,610,675 156,648,365 Net loss per share, basic and diluted $ ( 0.73 ) $ ( 0.67 ) 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 16,714,880 18,419,224 Restricted stock units outstanding 3,029,257 559,117 Performance restricted stock units outstanding (1) 320,742 — ESPP Shares issuable — 32,410 Common stock issuable upon conversion of the 2027 Notes 7,439,338 7,439,338 Total 27,504,217 26,450,089 (1) Performance restricted stock units reflect the target number of shares eligible to be earned at the time of grant. For additional information related to the performance restricted stock units, please read Note 10, Equity-Based Compensation , to these unaudited condensed consolidated financial statements. For additional information related to the conversion of the 2027 Notes, please read Note 6, 2027 Convertible Senior Notes , to these unaudited condensed consolidated financial statements.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes For the three months ended March 31, 2024 and 2023 , 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, research and development tax credits and capitalized research and development costs. 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, 2024 and December 31, 2023 , we have recorded a full valuation allowance against our net deferred tax assets.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2024
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. Except as described below, we were not subject to any material legal proceedings as of March 31, 2024, and, to the best of our knowledge, no material legal proceedings are currently pending or threatened. In January and February of 2024, in connection with the Merger, three purported stockholders of the Company commenced actions against the Company and its board members challenging the adequacy of disclosures in the Company’s proxy statement relating to the Merger in the United States District Courts for the Southern District of New York and District of Delaware. The three actions are captioned Travers v. Cerevel Therapeutics Holdings, Inc., et al., Case No. 1:24-cv-00493 (S.D.N.Y.), Scott v. Cerevel Therapeutics Holdings, Inc., et al., Case No. 1:24-cv-00099-UNA (D. Del.), and Dixon v. Cerevel Therapeutics Holdings, Inc., et al., Case No. 1:24-cv-00100-UNA (D. Del.). A number of other purported stockholders sent letters and/or draft complaints to the Company alleging similar deficiencies as those noted above, and one purported stockholder issued a demand letter seeking inspection of the Company’s books and records pursuant to 8 Del. C. § 220. The Company believes it has substantial defenses to these claims. An estimate of the possible loss or range of losses cannot be made at this time and no liability has been recorded as of March 31, 2024 and December 31, 2023 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies As of March 31, 2024, 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 unaudited condensed consolidated financial statements as of March 31, 2024 and December 31, 2023. Obligations Contingent upon the Merger We will be obligated to make significant contingent payments upon the consummation of the Merger. As the Merger was not deemed to be probable of being achieved as of March 31, 2024, we have no t accrued any liabilities related to such contingent obligations in our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 .

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	15. Related Parties As of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, Bain Investor held 65,679,781 shares of our common stock and had nominated six members to our board of directors, with two such representatives that were required to be independent and were subject to Pfizer’s prior written consent. NDA Filing Support Services In January 2024, we entered into an agreement with Pfizer pursuant to which Pfizer will provide us with New Drug Application (NDA) filing support services consisting of data and document sharing, submission package support and report generation. As of March 31, 2024 , $ 0.2 million of expenses have been incurred pursuant to this agreement. All such expenses incurred are included in accrued expenses and other liabilities and accounts payable as of March 31, 2024. 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 committed to provide $ 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, approximately $ 15.6 million ( 25 % of the Bain Funding Commitment) was received in April 2023, and approximately $ 12.5 million ( 20 % of the Bain Funding Commitment) was received in April 2024. 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, 2024
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, 2024, through May 8, 2024, 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, 2024, 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 the last funding payment of $ 25.0 million ( 20 % of the Total Funding Commitment) in April 2024. For additional information related to our Funding Agreements, please read Note 5, Financing Liabilities , to these unaudited condensed consolidated financial statements. Jacobs Street Sublease In April 2024, we entered into a sublease for additional space in our corporate headquarters location at 222 Jacobs Street, Cambridge , Massachusetts with an initial term of 3.5 years. The sublease provides for an additional approximate 49,000 square feet of office space to bring the total space at our corporate headquarters to approximately 110,000 square feet. Under the terms of the sublease, the aggregate base rent payments will total approximately $ 7.6 million over the initial term, excluding certain operating and tax expenses, parking and utilities. We also have the option to extend the sublease for an additional two-year term.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023, 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, 2024 and 2023, 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 unaudited 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 unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, the fair value of our financing liabilities, the fair value of equity-based awards and the accrual for research and development expense. 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, 2024 and December 31, 2023. Restricted cash was classified as a non-current asset as the associated lease term expires more than 12 months from March 31, 2024. 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 us as of the specified effective date. Unless otherwise discussed, we do not believe that the impact of recently issued standards that are not yet effective will have a material impact on our consolidated financial statements or related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and by extending the disclosure requirements to entities with a single reportable segment. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Financing Liabilities (Tables)

Financing Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Financing liability, related party Change in fair value recognized in other income (expense), net $ ( 457 ) $ ( 5,541 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss) ( 460 ) ( 453 ) Financing liability Change in fair value recognized in other income (expense), net $ ( 457 ) $ ( 5,541 ) Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss) ( 460 ) ( 453 )

2027 Convertible Senior Notes (

2027 Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2024
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 ( 7,080 ) ( 7,576 ) Net carrying amount $ 337,920 $ 337,424
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 expense in our unaudited condensed consolidated statements of operations and comprehensive loss for the periods presented: For the Three Months Ended (In thousands) 2024 2023 Contractual interest expense $ 2,156 $ 2,156 Amortization of debt issuance costs 496 480 Total interest expense $ 2,652 $ 2,636 Effective interest rate 3.1 % 3.1 %
Schedule of Future Minimum Payments under 2027 Notes	Future minimum payments under the 2027 Notes as of March 31, 2024, are as follows (in thousands): Fiscal year ended December 31, 2024 (1) $ 4,312 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 $ 375,187 Less: amounts representing interest ( 30,187 ) Total principal amount $ 345,000 (1) For the nine months ended December 31, 2024 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 of the inputs we utilized to determine such fair values: As of March 31, 2024 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 319,557 $ — $ — $ 319,557 Marketable securities (current) U.S. government treasuries 120,501 — — 120,501 U.S. government agencies — 136,397 — 136,397 Corporate debt securities — 9,967 — 9,967 Commercial paper — 258,993 — 258,993 Marketable securities (non-current) U.S. government treasuries 166,313 — — 166,313 U.S. government agencies — 52,278 — 52,278 Restricted cash Money market account 1,960 — — 1,960 Total assets $ 608,331 $ 457,635 $ — $ 1,065,966 Liabilities: Financing liability, related party $ — $ — $ 56,999 $ 56,999 Financing liability — — 56,999 56,999 Total liabilities $ — $ — $ 113,998 $ 113,998 As of December 31, 2023 (In thousands) Quoted Significant Significant Total Assets: Cash equivalents Money market funds $ 415,681 $ — $ — $ 415,681 Marketable securities (current) U.S. government treasuries 43,538 — — 43,538 U.S. government agencies — 201,058 — 201,058 Corporate debt securities — 9,982 — 9,982 Commercial paper — 319,922 — 319,922 Marketable securities (non-current) U.S. government treasuries 125,040 — — 125,040 U.S. government agencies — 60,159 — 60,159 Restricted cash Money market account 1,960 — — 1,960 Total assets $ 586,219 $ 591,121 $ — $ 1,177,340 Liabilities: Financing liability, related party $ — $ — $ 56,082 $ 56,082 Financing liability — — 56,082 56,082 Total liabilities $ — $ — $ 112,164 $ 112,164
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, 2024 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 120,543 $ 43 $ ( 85 ) $ 120,501 U.S. government agencies 136,511 14 ( 128 ) 136,397 Corporate debt securities 9,966 1 — 9,967 Commercial paper 258,967 53 ( 27 ) 258,993 Due after one year through two years U.S. government treasuries 167,047 — ( 734 ) 166,313 U.S. government agencies 52,391 13 ( 126 ) 52,278 Total marketable securities $ 745,425 $ 124 $ ( 1,100 ) $ 744,449 As of December 31, 2023 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Due in one year or less U.S. government treasuries $ 43,487 $ 71 $ ( 20 ) $ 43,538 U.S. government agencies 201,217 74 ( 233 ) 201,058 Corporate debt securities 9,954 28 — 9,982 Commercial paper 319,713 239 ( 30 ) 319,922 Due after one year through two years U.S. government treasuries 124,581 459 — 125,040 U.S. government agencies 59,783 379 ( 3 ) 60,159 Total marketable securities $ 758,735 $ 1,250 $ ( 286 ) $ 759,699
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 total financing liabilities: For the Three Months Ended (In thousands) 2024 Beginning balance, total financing liabilities $ 112,164 Funding commitment received — Change in fair value recognized in other (income) expense, net 914 Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss 920 Ending balance, total financing liabilities $ 113,998

Financial Statement Components

Financial Statement Components (Tables)	3 Months Ended
	Mar. 31, 2024
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 $ 1,076 $ 1,717 Prepaid research and development expenses 868 1,821 Prepaid insurance 1,935 2,608 Other prepaid expenses 4,364 3,973 Interest receivable 4,963 5,291 Other 77 563 Prepaid expenses and other current assets $ 13,283 $ 15,973
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 $ 1,045 $ 1,045 Furniture and fixtures 459 459 Laboratory equipment 13,240 13,212 Leasehold improvements 23,481 23,481 Construction in progress 699 16 Less: Accumulated depreciation ( 13,995 ) ( 12,566 ) Property and equipment, net $ 24,929 $ 25,647
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 $ 904 $ 1,886 Deferred expenses associated with financing activities 122 122 Other 1,593 1,421 Other long-term assets $ 2,619 $ 3,429
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 $ 50,867 $ 51,300 Accrued compensation and personnel costs 6,944 19,423 Accrued property and equipment 200 — Accrued professional fees and consulting services 9,145 1,786 Accrued interest 1,078 3,234 Other 1,516 1,169 Accrued expenses and other current liabilities $ 69,750 $ 76,912
Summary of Other Income (Expense), Net	Other income (expense), net consisted of the following: For the Three Months Ended (In thousands) 2024 2023 Loss on fair value remeasurement of financing liability, related party $ ( 457 ) $ ( 5,541 ) Loss on fair value remeasurement of financing liability ( 457 ) ( 5,541 ) Other, net ( 7 ) ( 8 ) Other income (expense), net $ ( 921 ) $ ( 11,090 )

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Research and development $ 9,477 $ 6,339 General and administrative 11,455 6,253 Total equity-based compensation expense included in total operating expense $ 20,932 $ 12,592 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) 2024 2023 Stock options $ 13,069 $ 11,663 Restricted stock units 6,568 703 Performance restricted stock units 1,295 — Employee stock purchase plan — 226 Total equity-based compensation expense included in total operating expense $ 20,932 $ 12,592
Summary of Weighted Average Assumptions Used to Determine Fair Value of Stock Options Granted to Employees and Directors	the assumptions that we used to determine the fair value of stock options granted to employees for the three months ended March 31, 2023, are summarized as follows, presented on a weighted average basis: Risk free interest rate 3.76 % Expected term (in years) 6.08 Expected volatility 90.5 % Expected dividend yield 0.0 %
Summary of Stock Options Activity	The following table summarizes our stock option activity for the three months ended March 31, 2024: Number of Weighted Weighted (in years) Aggregate (in millions) Outstanding at December 31, 2023 17,151,253 $ 16.64 6.92 $ 441.9 Granted — — Exercised ( 421,183 ) 10.80 Forfeited, canceled or expired ( 15,190 ) 30.38 Outstanding at March 31, 2024 16,714,880 $ 16.77 6.71 $ 426.2 Options vested and expected to vest as of March 31, 2024 16,714,880 $ 16.77 6.71 $ 426.2 Options exercisable as of March 31, 2024 11,898,484 $ 12.66 6.14 $ 352.3
Summary of Restricted Stock Activity	The following table summarizes our restricted stock unit activity for the three months ended March 31, 2024: Restricted Stock Units Number Weighted- Non-vested at December 31, 2023 703,142 $ 31.13 Granted 2,435,011 42.24 Vested ( 105,384 ) 34.37 Forfeited ( 3,512 ) 38.74 Non-vested at March 31, 2024 3,029,257 $ 39.94

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Numerator: Net loss $ ( 131,912 ) $ ( 104,286 ) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 181,610,675 156,648,365 Net loss per share, basic and diluted $ ( 0.73 ) $ ( 0.67 )
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 16,714,880 18,419,224 Restricted stock units outstanding 3,029,257 559,117 Performance restricted stock units outstanding (1) 320,742 — ESPP Shares issuable — 32,410 Common stock issuable upon conversion of the 2027 Notes 7,439,338 7,439,338 Total 27,504,217 26,450,089 (1) Performance restricted stock units reflect the target number of shares eligible to be earned at the time of grant.

Nature of Operations - Addition

Nature of Operations - Additional Information (Details) - AbbVie Inc [Member] $ / shares in Units, $ in Billions	Dec. 06, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Effective date of Merger Agreement	Dec. 06, 2023
Share price per share | $ / shares	$ 45
Transaction values | $	$ 8.8
Stockholders special meeting date	Feb. 16, 2024

Pfizer License Agreement - Addi

Pfizer License Agreement - Additional Information (Details) - Pfizer License Agreement [Member]	3 Months Ended
	Mar. 31, 2024 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, 2024	Dec. 31, 2023	Mar. 31, 2023
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					$ 56,999,000	$ 56,082,000
Financing liability					56,999,000	56,082,000
Accumulated other comprehensive income from changes in fair value attributable to instrument-specific credit risk					100,000		$ 5,100,000
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]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage of funding received		25%
Funding expected to be received		$ 31,300,000
Third Anniversaries [Member] | Subsequent Event [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					57,000,000	56,100,000
Bain Funding Agreement [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received		$ 15,600,000	$ 18,800,000	$ 15,500,000
Percentage of funding received		25%	30%	25%
Funding expected to be received				$ 62,500,000
Fees incurred				100,000
Financing liability, related party					$ 57,000,000	$ 56,100,000
Bain Funding Agreement [Member] | Subsequent Event [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received	$ 12,500,000
Percentage of funding received	20%
Bain Funding Agreement [Member] | Third Anniversaries [Member] | Subsequent Event [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Total funding received	$ 25,000,000
Percentage of funding received	20%
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, 2024	Mar. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss)	$ (920)	$ (906)
Financing Liability, Related Party [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value recognized in other income (expense), net	(457)	(5,541)
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss)	(460)	(453)
Financing Liability [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value recognized in other income (expense), net	(457)	(5,541)
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive income (loss)	$ (460)	$ (453)

2027 Convertible Senior Notes -

2027 Convertible Senior Notes - Additional Information (Details)	1 Months Ended	3 Months Ended
	Aug. 31, 2022 USD ($) Instrument Days $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 345,000,000	$ 345,000,000
Debt instrument, accrued interest		$ 1,078,000	3,234,000
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, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Principal amount	$ 345,000	$ 345,000
Unamortized debt discount	(7,080)	(7,576)
Net carrying amount	$ 337,920	$ 337,424

2027 Convertible Senior Notes_3

2027 Convertible Senior Notes - Schedule of Interest Expense Related to 2027 Notes Recognized in Interest Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Contractual interest expense	$ 2,156	$ 2,156
Amortization of debt issuance costs	496	480
Total interest expense	$ 2,652	$ 2,636
Effective interest rate	3.10%	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, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Fiscal year ended December 31, 2024	[1]	$ 4,312
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		375,187
Less: amounts representing interest		(30,187)
Principal amount		$ 345,000	$ 345,000
[1] For the nine months ended December 31, 2024 .

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, 2024	Dec. 31, 2023
Assets:
Marketable securities (current)	$ 525,858	$ 574,500
Marketable securities (non-current)	218,591	185,199
Recurring [Member]
Assets:
Total Assets	1,065,966	1,177,340
Liabilities:
Total Liabilities	113,998	112,164
Recurring [Member] | Money Market Funds [Member]
Assets:
Cash equivalents, fair value	319,557	415,681
Recurring [Member] | U.S. Government Treasuries [Member]
Assets:
Marketable securities (current)	120,501	43,538
Marketable securities (non-current)	166,313	125,040
Recurring [Member] | U.S. Government Agencies [Member]
Assets:
Marketable securities (current)	136,397	201,058
Marketable securities (non-current)	52,278	60,159
Recurring [Member] | Corporate Debt Securities [Member]
Assets:
Marketable securities (current)	9,967	9,982
Recurring [Member] | Commercial Paper [Member]
Assets:
Marketable securities (current)	258,993	319,922
Recurring [Member] | Restricted Cash [Member]
Assets:
Total Assets	1,960	1,960
Recurring [Member] | Financing Liability, Related Party [Member]
Liabilities:
Total Liabilities	56,999	56,082
Recurring [Member] | Financing Liability [Member]
Liabilities:
Total Liabilities	56,999	56,082
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Total Assets	608,331	586,219
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member]
Assets:
Cash equivalents, fair value	319,557	415,681
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government Treasuries [Member]
Assets:
Marketable securities (current)	120,501	43,538
Marketable securities (non-current)	166,313	125,040
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Restricted Cash [Member]
Assets:
Total Assets	1,960	1,960
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total Assets	457,635	591,121
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agencies [Member]
Assets:
Marketable securities (current)	136,397	201,058
Marketable securities (non-current)	52,278	60,159
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]
Assets:
Marketable securities (current)	9,967	9,982
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]
Assets:
Marketable securities (current)	258,993	319,922
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Total Liabilities	113,998	112,164
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Financing Liability, Related Party [Member]
Liabilities:
Total Liabilities	56,999	56,082
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Financing Liability [Member]
Liabilities:
Total Liabilities	$ 56,999	$ 56,082

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 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	8 months		8 months
Debt instrument, carrying value	$ 337,920,000		$ 337,424,000
Asset impairment Charges	0
2027 Convertible Senior Notes [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	337,900,000		337,400,000
Debt instrument, fair value	$ 386,600,000		$ 382,000,000
Discount Rate [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financing liability, related party and financing liability measurement input	0.10
Discount Rate [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financing liability, related party and financing liability measurement input			0.09
Recurring [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	$ 113,998,000		$ 112,164,000
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	57,000,000
Recurring [Member] | Financing Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities fair value	$ 57,000,000

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, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale marketable debt securities, Amortized Cost	$ 745,425	$ 758,735
Available-for-sale marketable debt securities, Unrealized Gains	124	1,250
Available-for-sale marketable debt securities, Unrealized Losses	(1,100)	(286)
Available-for-sale marketable debt securities, Fair Value	744,449	759,699
U.S. Government Treasuries [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	120,543	43,487
Available-for-sale marketable debt securities, Unrealized Gains	43	71
Available-for-sale marketable debt securities, Unrealized Losses	(85)	(20)
Available-for-sale marketable debt securities, Fair Value	120,501	43,538
U.S. Government Treasuries [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	167,047	124,581
Available-for-sale marketable debt securities, Unrealized Gains		459
Available-for-sale marketable debt securities, Unrealized Losses	(734)
Available-for-sale marketable debt securities, Fair Value	166,313	125,040
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	136,511	201,217
Available-for-sale marketable debt securities, Unrealized Gains	14	74
Available-for-sale marketable debt securities, Unrealized Losses	(128)	(233)
Available-for-sale marketable debt securities, Fair Value	136,397	201,058
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	52,391	59,783
Available-for-sale marketable debt securities, Unrealized Gains	13	379
Available-for-sale marketable debt securities, Unrealized Losses	(126)	(3)
Available-for-sale marketable debt securities, Fair Value	52,278	60,159
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	9,966	9,954
Available-for-sale marketable debt securities, Unrealized Gains	1	28
Available-for-sale marketable debt securities, Fair Value	9,967	9,982
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	258,967	319,713
Available-for-sale marketable debt securities, Unrealized Gains	53	239
Available-for-sale marketable debt securities, Unrealized Losses	(27)	(30)
Available-for-sale marketable debt securities, Fair Value	$ 258,993	$ 319,922

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, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 112,164
Funding commitment received	0
Change in fair value recognized in other (income) expense, net	$ 914
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net (Notes 5 and 7)
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss	$ 920
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	$ 113,998

Financial Statement Component_2

Financial Statement Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical trial services	$ 1,076	$ 1,717
Prepaid research and development expenses	868	1,821
Prepaid insurance	1,935	2,608
Other prepaid expenses	4,364	3,973
Interest receivable	4,963	5,291
Other	77	563
Prepaid expenses and other current assets	$ 13,283	$ 15,973

Financial Statement Component_3

Financial Statement Components - Summary of Property and Equipment Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Less: Accumulated depreciation	$ (13,995)	$ (12,566)
Property and equipment, net	24,929	25,647
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment	1,045	1,045
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	13,240	13,212
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment	23,481	23,481
Construction in-progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment	$ 699	$ 16

Financial Statement Component_4

Financial Statement Components - Summary of Other Long-Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Other prepaid expenses, net of current portion	$ 904	$ 1,886
Deferred expenses associated with financing activities	122	122
Other	1,593	1,421
Other long-term assets	$ 2,619	$ 3,429

Financial Statement Component_5

Financial Statement Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued external research and development services	$ 50,867	$ 51,300
Accrued compensation and personnel costs	6,944	19,423
Accrued property and equipment	200
Accrued professional fees and consulting services	9,145	1,786
Accrued interest	1,078	3,234
Other	1,516	1,169
Accrued expenses and other current liabilities	$ 69,750	$ 76,912

Financial Statement Component_6

Financial Statement Components - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]
Loss on fair value remeasurement of financing liability, related party	$ (457)	$ (5,541)
Loss on fair value remeasurement of financing liability	(457)	(5,541)
Other, net	(7)	(8)
Other income (expense), net	$ (921)	$ (11,090)

Stockholders' Equity, Preferred

Stockholders' Equity, Preferred Stock and Common Stock (Details) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
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		181,888,631	181,362,064
Common stock, shares outstanding		181,888,631	181,362,064
Proceeds from issuance of common stock		$ (75,000)
Common stock, voting rights		one vote
Dividends declared		$ 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, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	$ 20,932	$ 12,592
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	9,477	6,339
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	11,455	6,253
Employee Stock Option [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense included in total operating expense	13,069	11,663
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	6,568	703
Performance 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	$ 1,295
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

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Weighted Average Assumptions Used to Determine Fair Value of Stock Options Granted to Employees and Directors (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free interest rate	3.76%
Expected term (in years)	6 years 29 days
Expected volatility	90.50%
Expected dividend yield	0%

Equity-Based Compensation - S_3

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, 2024	Dec. 31, 2023
Number of Shares
Outstanding, Beginning balance	17,151,253
Granted	0
Exercised	(421,183)
Forfeited, canceled or expired	(15,190)
Outstanding, Ending balance	16,714,880	17,151,253
Options vested and expected to vest	16,714,880
Options exercisable	11,898,484
Weighted Average Exercise Price
Outstanding, Beginning balance	$ 16.64
Granted	0
Exercised	10.8
Forfeited	30.38
Outstanding, Ending balance	16.77	$ 16.64
Options vested and expected to vest	16.77
Options Exercisable	$ 12.66
Weighted Average Remaining Contractual Life (in years)
Outstanding	6 years 8 months 15 days	6 years 11 months 1 day
Options vested and expected to vest	6 years 8 months 15 days
Options Exercisable	6 years 1 month 20 days
Aggregate Intrinsic Value
Outstanding	$ 426.2	$ 441.9
Options vested and expected to vest	426.2
Options Exercisable	$ 352.3

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Mar. 28, 2024
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted	0
Stock options granted, weighted average grant-date fair values			$ 26.21
Equity-based compensation expense expected to be recognized over weighted average period	2 years 3 months 18 days
Total unrecognized equity-based compensation expense	$ 91.9
Employee Stock Option [Member] | Nasdaq [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing stock price				$ 42.27
Performance Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, eligible to vest period		4 years
Share-based compensation, settled term		4 years
Equity-based compensation expense expected to be recognized over weighted average period	3 years 2 months 12 days
Granted	0	320,742	0
Total unrecognized equity-based compensation expense	$ 16.6
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
share-based compensation awards, weighted average grant date fair value	$ 42.24
Equity-based compensation expense expected to be recognized over weighted average period	3 years 8 months 12 days
Granted	2,435,011
Total unrecognized equity-based compensation expense	$ 113.7

Equity-Based Compensation - S_4

Equity-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units [Member]	3 Months Ended
	Mar. 31, 2024 $ / 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	703,142
Granted | shares	2,435,011
Vested | shares	(105,384)
Forfeited | shares	(3,512)
Non-vested, Ending balance | shares	3,029,257
Weighted-Average Grant Date Fair Value
Non-vested, Beginning balance | $ / shares	$ 31.13
Granted | $ / shares	42.24
Vested | $ / shares	34.37
Forfeited | $ / shares	38.74
Non-vested, Ending balance | $ / shares	$ 39.94

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, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (131,912)	$ (104,286)
Denominator:
Weighted-average shares used in calculating net loss per share, basic	181,610,675	156,648,365
Weighted-average shares used in calculating net loss per share, diluted	181,610,675	156,648,365
Net loss per share, basic	$ (0.73)	$ (0.67)
Net loss per share, diluted	$ (0.73)	$ (0.67)

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, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	27,504,217	26,450,089
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	16,714,880	18,419,224
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	3,029,257	559,117
Performance restricted stock units outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from calculation of net loss per share, total	320,742
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
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	7,439,338

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax benefits related to net operating losses incurred or research and development tax credits	$ 0	$ 0

Legal Proceedings (Additional I

Legal Proceedings (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Obligations	$ 0	$ 0
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, 2024 USD ($)	Apr. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2021 USD ($)	Mar. 31, 2024 USD ($) Director shares	Dec. 31, 2023 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						181,888,631	181,362,064
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						65,679,781	65,679,781
Number of members nominated to board of directors | Director						6	6
Bain Funding Agreement [Member]
Related Party Transaction [Line Items]
Percentage of funding received		25%		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		$ 15,600,000		$ 18,800,000	$ 15,500,000
Bain Funding Agreement [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Percentage of funding received	20%
Total funding received	$ 12,500,000
NDA Filing Support Services [Member]
Related Party Transaction [Line Items]
Expenses incurred						$ 200,000
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) $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($) SquareFeet	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2021 USD ($)
Subsequent Event [Line Items]
Total funding received				$ 31.1
Percentage of funding received				25%
Bain Funding Agreement [Member]
Subsequent Event [Line Items]
Total funding received		$ 15.6	$ 18.8	$ 15.5
Percentage of funding received		25%	30%	25%
Subsequent Event [Member]
Subsequent Event [Line Items]
Operating lease office location	222 Jacobs Street, Cambridge
Initial term of lease	3 years 6 months
Operating lease option to extend	We also have the option to extend the sublease for an additional two-year term.
Operating lease additional office space | SquareFeet	49,000
Aggregate office space location | SquareFeet	110,000
Aggregate base rent payments	$ 7.6
Subsequent Event [Member] | Bain Funding Agreement [Member]
Subsequent Event [Line Items]
Total funding received	$ 12.5
Percentage of funding received	20%
Subsequent Event [Member] | Third Anniversaries [Member] | Bain Funding Agreement [Member]
Subsequent Event [Line Items]
Total funding received	$ 25
Percentage of funding received	20%