0000950170-22-008956 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	KOD
Entity Registrant Name	KODIAK SCIENCES INC.
Entity Central Index Key	0001468748
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		51,953,631
Entity File Number	001-38682
Entity Tax Identification Number	27-0476525
Entity Address, Address Line One	1200 Page Mill Road
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94304
City Area Code	650
Local Phone Number	281-0850
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.0001
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 671,727	$ 731,510
Prepaid expenses and other current assets	10,460	3,301
Total current assets	682,187	734,811
Restricted cash	6,324	6,324
Property and equipment, net	48,892	41,330
Operating lease right-of-use asset	64,914	66,744
Other assets	47,971	55,011
Total assets	850,288	904,220
Current liabilities:
Accounts payable	13,074	12,431
Accrued and other current liabilities	58,277	48,319
Operating lease liability	4,983	3,933
Total current liabilities	76,334	64,683
Operating lease liability, net of current portion	76,415	76,063
Liability related to sale of future royalties	99,956	99,943
Other liabilities	199	211
Total liabilities	252,904	240,900
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.0001 par value	0	0
Common stock, $0.0001 par value	5	5
Additional paid-in capital	1,251,305	1,221,532
Accumulated deficit	(653,926)	(558,217)
Total stockholders’ equity	597,384	663,320
Total liabilities and stockholders’ equity	$ 850,288	$ 904,220

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	490,000,000	490,000,000
Common stock, shares issued	51,939,881	51,826,257
Common stock, shares outstanding	51,939,881	51,826,257

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses
Research and development	$ 76,177	$ 40,337
General and administrative	19,590	10,221
Total operating expenses	95,767	50,558
Loss from operations	(95,767)	(50,558)
Interest income	76	149
Interest expense	(5)	(6)
Other income (expense), net	(13)	(32)
Net loss	$ (95,709)	$ (50,447)
Net loss per common share, basic and diluted	$ (1.83)	$ (0.98)
Weighted-average common shares outstanding used in computing net loss per common share, basic and diluted	52,172,918	51,573,909
Other comprehensive income (loss)
Change in unrealized gains related to available-for-sale debt securities, net of tax	$ 0	$ (35)
Total other comprehensive income (loss)	0	(35)
Comprehensive loss	$ (95,709)	$ (50,482)

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 860,751	$ 5	$ 1,151,920	$ 53	$ (291,227)
Beginning balance, shares at Dec. 31, 2020		51,112,302
Issuance of common stock upon exercise of stock options	1,483		1,483
Issuance of common stock upon exercise of stock options, shares		113,559
Stock-based compensation expense	9,925		9,925
Other comprehensive loss	(35)			(35)
Net loss	(50,447)				(50,447)
Ending Balance at Mar. 31, 2021	821,677	$ 5	1,163,328	18	(341,674)
Ending balance, shares at Mar. 31, 2021		51,225,861
Beginning Balance at Dec. 31, 2021	663,320	$ 5	1,221,532	0	(558,217)
Beginning balance, shares at Dec. 31, 2021		51,826,257
Issuance of common stock upon exercise of stock options	1,678		1,678
Issuance of common stock upon exercise of stock options, shares		110,043
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld, shares		3,581
Stock-based compensation expense	28,095		28,095
Other comprehensive loss	0
Net loss	(95,709)				(95,709)
Ending Balance at Mar. 31, 2022	$ 597,384	$ 5	$ 1,251,305	$ 0	$ (653,926)
Ending balance, shares at Mar. 31, 2022		51,939,881

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (95,709)	$ (50,447)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	298	229
Stock-based compensation	28,095	9,925
Amortization (accretion) of premium (discount) on marketable securities	0	19
Amortization of operating lease right-of-use asset	1,904	1,958
Amortization of issuance costs	13	13
Changes in assets and liabilities:
Prepaid expenses and other current assets	(7,159)	119
Other assets	7,869	603
Accounts payable	6,505	(165)
Accrued and other current liabilities	13,696	3,205
Operating lease liability	1,328	(84)
Net cash used in operating activities	(43,160)	(34,625)
Cash flows from investing activities
Purchase of property and equipment	(17,460)	(1,237)
Deposits on property and equipment	(829)	(5,545)
Maturities of marketable securities	0	16,000
Net cash provided by (used in) investing activities	(18,289)	9,218
Cash flows from financing activities
Proceeds from issuance of common stock upon options exercise	1,678	1,483
Principal payments of tenant improvement allowance payable	(12)	(11)
Net cash provided by financing activities	1,666	1,472
Net increase (decrease) in cash, cash equivalents and restricted cash	(59,783)	(23,935)
Cash, cash equivalents and restricted cash, at beginning of period	737,834	950,720
Cash, cash equivalents and restricted cash, at end of period	678,051	926,785
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	671,727	920,461
Restricted cash	6,324	6,324
Cash, cash equivalents and restricted cash, at end of period	678,051	926,785
Supplemental disclosures of non-cash investing and financing information:
Operating lease right-of-use asset obtained in exchange for operating lease liability	74	335
Purchase of property and equipment under accounts payable and accruals	$ 11,488	$ 1,966

The Company

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. The Company

Kodiak Sciences Inc. (the “Company”) is a clinical stage biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat high prevalence retinal diseases in the United States and additional international markets. The Company devotes substantially all of its resources to the research and development of its product platforms and product candidates including activities to conduct clinical studies of its product candidates, manufacture product candidates and provide general and administrative support for these operations.

Liquidity

As of March 31, 2022, the Company had cash and cash equivalents of $671.7 million. Although the Company has incurred significant operating losses since inception and expects to continue to incur operating losses and negative operating cash flows for the foreseeable future, the Company believes that the cash and cash equivalents will be sufficient to meet the anticipated operating and capital expenditure requirements for the 12 months following the date of this Form 10-Q.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to state fairly the Company's financial position and results of operations for the reported periods.

These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2021 and notes thereto, the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2022. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2022, or for any future period.

The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and expenses during the reporting period. The impact of the ongoing COVID-19 pandemic continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals. As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates.

Risks and Uncertainties

In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by the ongoing COVID-19 pandemic may negatively impact the Company’s operations, liquidity, and capital resources and will depend on certain evolving developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products.

Summary of Significant Accounting Policies

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended March 31, 2022, respectively, are consistent with those discussed in Note 2 to the consolidated financial statements in

the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, except as noted within the “Recent Accounting Pronouncements – Recently Adopted Accounting Pronouncements” section.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date. There have been no new accounting pronouncements issued nor adopted during the three months ended March 31, 2022 that are of significance to the Company.

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued and Other Current Liabilities

3. Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31, 2022		December 31, 2021
Accrued clinical trial and related costs	$	30,263	$	21,776
Accrued research and development		9,522		6,041
Accrued leasehold improvements		9,329		13,021
Accrued salaries and benefits		7,331		6,187
Accrued legal fees		394		403
Accrued professional fees		232		176
Accrued other liabilities		1,206		715
Total accrued and other current liabilities	$	58,277	$	48,319

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements at March 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	639,691	$	—	$	—	$	639,691
Total	$	639,691	$	—	$	—	$	639,691


	Fair Value Measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	706,703	$	—	$	—	$	706,703
Total	$	706,703	$	—	$	—	$	706,703

As of March 31, 2022 and December 31, 2021, the fair value of the liability related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to Baker Bros. Advisors, LP (“BBA”), which are considered Level 3 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Marketable Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

5. Marketable Securities

The Company had no marketable securities at March 31, 2022 and December 31, 2021.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Embedded Lease

In August 2020, the Company and its wholly-owned subsidiary Kodiak Sciences GmbH entered into a manufacturing agreement with Lonza Ltd (“Lonza”) for the clinical and commercial supply of drug substance for KSI-301. A custom-built manufacturing facility is planned to be completed and dedicated to the manufacture of the Company’s drug substance. The manufacturing agreement has an initial term of eight years, and the Company has the right to extend the term up to a total of 16 years. The Company and Lonza each have the ability to terminate this agreement upon the occurrence of certain conditions.

In April 2021, the agreement was amended to provide for higher annual manufacturing capacity. The Company expanded and finalized the design and scope of the bioconjugate manufacturing facility with a revised estimated capital contribution of approximately 75.0 million Swiss Francs of which the Company has paid 35.0 million Swiss Francs of the capital contribution, equivalent to $38.7 million U.S. Dollars, which is recorded in other assets on the consolidated balance sheet as of March 31, 2022. Over the period from 2022 through 2029, manufacturing payments totaling approximately 150.0 million Swiss Francs may be incurred for potential commercial supply of KSI-301 drug substance.

The Company concluded that this agreement contains an embedded lease as the custom-built manufacturing suite will be dedicated for the Company’s use. As of March 31, 2022, the Company did not have control of this manufacturing space and therefore, did not record a right-of-use asset and corresponding lease liability.

Manufacturing Agreements

The Company has entered into service and equipment purchase agreements in the normal course of business with various providers, pursuant to which such providers agreed to perform activities in connection with the manufacturing process of certain materials. These agreements, and any related amendments, state that planned activities and purchases that are included in the signed work orders are, in some cases, binding and, hence, obligate the Company to pay the full price of the work order upon satisfactory delivery of products and services or obligate the Company to the binding amount regardless of whether such planned activities are in fact performed. Per the terms of the agreements, the Company has the option to cancel signed orders at any time upon written notice, which may or may not be subject to payment of a cancellation fee. The level of cancellation fees may be dependent on the timing of the written notice in relation to the commencement date of the work, with the maximum cancellation amount dependent on the agreement or the work order.

Other Funding Commitments

In the normal course of business, the Company enters into agreements with third-parties for services to be provided to the Company. Generally, these agreements provide for termination upon notice, with specified amounts due upon termination based on the timing of termination and the terms of the agreement. The actual amounts and timing of payments under these agreements are uncertain and contingent upon the initiation and completion of services to be provided to the Company.

The Company has also entered into various cancellable license agreements for certain technology. The Company may be obligated to make payments on future sales of specified products associated with such license agreements. Such payments are dependent on future product sales and are not estimable.

Legal Proceedings

From time to time, the Company may become involved in legal proceedings arising from the ordinary course of its business. Management is currently not aware of any matters that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company records a legal liability when it believes that it is both probable that a liability may be imputed, and the amount of the liability can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount.

Indemnification

To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company’s request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not specified in the agreements; however, the Company has director and officer insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

In January 2022 and 2021, the number of shares of common stock available for issuance under the 2018 Equity Incentive Plan (the "2018 Plan") was increased by approximately 2.1 million and 2.0 million shares, respectively, as a result of the automatic increase provision in the 2018 Plan.

Stock Options

Stock option activity, including stock options and performance-based stock options under the 2021 Long-Term Performance Incentive Plan (“2021 LTPIP”), 2018 Plan and 2015 Plan is summarized as follows:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		14,523,917		$	61.68		8.60	$	335,440
Granted		79,500		$	42.69
Exercised		(110,043	)	$	15.24
Forfeited or canceled		(164,412	)	$	82.00
Outstanding at March 31, 2022		14,328,962		$	61.70		8.36	$	6,571

Restricted Shares

Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2021		363,930		$	72.75
Granted		24,550			43.56
Vested		(3,581	)		120.86
Canceled		(11,563	)		65.06
Unvested at March 31, 2022		373,336		$	70.61

Performance-Based Awards

The Company did not grant any performance-based equity awards during the three months ended March 31, 2022.

In February 2021, the Company granted 190,831 performance-based stock options ("2021 Feb PSO"). Upon the achievement of the specific clinical development milestone for the 2021 Feb PSO, 25% of the 2021 Feb PSO vested during the first quarter of 2022. The remaining awards will continue to vest in 36 successive equal monthly installments after the performance criteria was achieved.

Stock-Based Compensation Expense

Stock-based compensation for options, restricted shares, and ESPP is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	15,975	$	5,399
General and administrative		12,120		4,526
Total stock-based compensation	$	28,095	$	9,925

Net Loss per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Common Share

8. Net Loss per Common Share

The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive:


	As of March 31,
	2022		2021
Outstanding stock options		14,328,962		6,999,615
Unvested restricted shares		373,336		369,895
Total		14,702,298		7,369,510

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis Of Presentation And Principles Of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to state fairly the Company's financial position and results of operations for the reported periods. These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2021 and notes thereto, the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2022. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2022, or for any future period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and expenses during the reporting period. The impact of the ongoing COVID-19 pandemic continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals. As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates.
Risk and Uncertainties	Risks and Uncertainties In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by the ongoing COVID-19 pandemic may negatively impact the Company’s operations, liquidity, and capital resources and will depend on certain evolving developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the ongoing COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products.
Recent Accounting Pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date. There have been no new accounting pronouncements issued nor adopted during the three months ended March 31, 2022 that are of significance to the Company.

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31, 2022		December 31, 2021
Accrued clinical trial and related costs	$	30,263	$	21,776
Accrued research and development		9,522		6,041
Accrued leasehold improvements		9,329		13,021
Accrued salaries and benefits		7,331		6,187
Accrued legal fees		394		403
Accrued professional fees		232		176
Accrued other liabilities		1,206		715
Total accrued and other current liabilities	$	58,277	$	48,319

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements at March 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	639,691	$	—	$	—	$	639,691
Total	$	639,691	$	—	$	—	$	639,691


	Fair Value Measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	706,703	$	—	$	—	$	706,703
Total	$	706,703	$	—	$	—	$	706,703

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of stock options and performance-based stock options under 2021 LTPIP, 2018 Plan and 2015 Plan.


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		14,523,917		$	61.68		8.60	$	335,440
Granted		79,500		$	42.69
Exercised		(110,043	)	$	15.24
Forfeited or canceled		(164,412	)	$	82.00
Outstanding at March 31, 2022		14,328,962		$	61.70		8.36	$	6,571

Summary of Restricted Shares

Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows:


	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2021		363,930		$	72.75
Granted		24,550			43.56
Vested		(3,581	)		120.86
Canceled		(11,563	)		65.06
Unvested at March 31, 2022		373,336		$	70.61

Summary of Stock-based Compensation for Options and Restricted Shares Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss

Stock-based compensation for options, restricted shares, and ESPP is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	15,975	$	5,399
General and administrative		12,120		4,526
Total stock-based compensation	$	28,095	$	9,925

Net Loss per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share

The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive:


	As of March 31,
	2022		2021
Outstanding stock options		14,328,962		6,999,615
Unvested restricted shares		373,336		369,895
Total		14,702,298		7,369,510

The Company - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 671,727	$ 731,510	$ 920,461

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued clinical trial and related costs	$ 30,263	$ 21,776
Accrued research and development	9,522	6,041
Accrued Leasehold Improvements	9,329	13,021
Accrued salaries and benefits	7,331	6,187
Accrued legal fees	394	403
Accrued professional fees	232	176
Accrued other liabilities	1,206	715
Total accrued and other current liabilities	$ 58,277	$ 48,319

Fair Value Measurements - Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 639,691	$ 706,703
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	639,691	706,703
Quoted Price in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	639,691	706,703
Quoted Price in Active Markets (Level 1) \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	639,691	706,703
Significant Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	0
Significant Observable Inputs (Level 2) \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	0
Significant Unobservable Inputs (Level 3) \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 0

Marketable Securities - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Availability of Marketable Securities	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details) $ in Thousands, SFr in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2020	Mar. 31, 2022 CHF (SFr)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2021 CHF (SFr)
Commitments And Contingencies Disclosure [Line Items]
Operating lease right-of-use asset			$ 64,914	$ 66,744
Lease Agreement
Commitments And Contingencies Disclosure [Line Items]
Operating lease right-of-use asset			0
Lease liabilities			0
Clinical and Commercial Supply of Drug Substance \| Manufacturing Agreement \| Lonza
Commitments And Contingencies Disclosure [Line Items]
Annual suite fees payment \| SFr					SFr 150.0
Revised estimated capital contribution \| SFr					SFr 75.0
Manufacturing agreement initial term	8 years
Clinical and Commercial Supply of Drug Substance \| Maximum \| Manufacturing Agreement \| Lonza
Commitments And Contingencies Disclosure [Line Items]
Manufacturing agreement term that can be extended	16 years
Other Assets [Member] \| Manufacturing Agreement
Commitments And Contingencies Disclosure [Line Items]
Manufacturing Agreement Expense		SFr 35.0	$ 38,700

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2022	Feb. 28, 2021	Jan. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized				$ 28,095	$ 9,925
Common stock, shares issued				51,939,881		51,826,257
Performance-based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vested of award under performance based award	25.00%
Stock options, granted		190,831		0
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock available for issuance increased	2,100,000		2,000,000.0

Stock-Based Compensation - Summary of Stock Options Activity Under 2018 Plan and 2015 Equity Incentive Plan (Details) - 2018 Plan, 2015 Equity Incentive Plan and 2021 LTPIP - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Options
Beginning balance	14,523,917
Granted	79,500
Exercised	(110,043)
Forfeited or canceled	(164,412)
Ending balance	14,328,962	14,523,917
Weighted Average Exercise Price
Beginning balance	$ 61.68
Granted	42.69
Exercised	15.24
Forfeited or canceled	82.00
Ending balance	$ 61.70	$ 61.68
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)	8 years 4 months 9 days	8 years 7 months 6 days
Aggregate Intrinsic Value
Balance	$ 6,571	$ 335,440

Stock-Based Compensation - Summary of Restricted Shares (Details) - Restricted Shares	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, beginning balance \| shares	363,930
Granted \| shares	24,550
Vested \| shares	(3,581)
Canceled \| shares	(11,563)
Unvested, ending balance \| shares	373,336
Weighted Average Grant Date Fair Value
Unvested, beginning balance \| $ / shares	$ 72.75
Granted \| $ / shares	43.56
Vested \| $ / shares	120.86
Canceled \| $ / shares	65.06
Unvested, ending balance \| $ / shares	$ 70.61

Stock-Based Compensation - Summary of Stock-based Compensation for Options and Restricted Shares Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 28,095	$ 9,925
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	15,975	5,399
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 12,120	$ 4,526

Net Loss per Common Share - Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per common share	14,702,298	7,369,510
Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per common share	14,328,962	6,999,615
Unvested Restricted Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per common share	373,336	369,895

Subsequent Events - Additional Information (Details) - shares	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2022
Performance-based Stock Options
Subsequent Event [Line Items]
Granted	190,831	0