0001370053-22-000009 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 495,729	$ 250,456
Receivables from collaborative partners	876	0
Short-term investments	52,368	143,197
Prepaid expenses and other current assets	4,903	2,908
Total current assets	553,876	396,561
Property and equipment, net	2,283	1,783
Operating lease right-of-use assets	19,558	344
Long-term investments	67,097	17,546
Other long-term assets	256	258
Long-term restricted cash	0	60
Total assets	643,070	416,552
Current liabilities:
Accounts payable	1,741	4,217
Accrued expenses	12,853	15,262
Current portion of operating lease liability	1,505	342
Total current liabilities	16,099	19,821
Liability related to sale of future royalties	251,093	0
Operating lease liability, net of current portion	19,450	0
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at December 31, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 27,647 shares and 27,356 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	28	27
Additional paid in capital	678,575	660,665
Accumulated other comprehensive loss	(422)	(4)
Accumulated deficit	(321,753)	(263,957)
Total stockholders’ equity	356,428	396,731
Total liabilities and stockholders’ equity	$ 643,070	$ 416,552

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	27,647,250	27,356,000
Common stock, shares outstanding (in shares)	27,647,250	27,356,000

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Collaboration revenue	$ 63,175	$ 75,000	$ 8,000
Operating expenses:
Research and development	98,496	80,025	99,338
General and administrative	21,493	18,854	16,094
Total operating expenses	119,989	98,879	115,432
Loss from operations	(56,814)	(23,879)	(107,432)
Other income (expense), net:
Interest expense	0	0	(1,041)
Interest income	431	3,959	10,984
Non-cash interest expense for the sale of future royalties	(1,450)	0	0
Other income (expense), net	37	(11)	1
Total other income (expense), net	(982)	3,948	9,944
Loss before income taxes	(57,796)	(19,931)	(97,488)
Provision for income taxes	0	0	152
Net loss	(57,796)	(19,931)	(97,336)
Other comprehensive (loss) income:
Unrealized (loss) income on available for sale securities, net of tax of $0, $0, and $153, respectively	(418)	(342)	561
Comprehensive loss	$ (58,214)	$ (20,273)	$ (96,775)
Net loss per common share:
Loss per share, basic (in dollars per share)	$ (2.11)	$ (0.73)	$ (3.60)
Loss per share, diluted (in dollars per share)	$ (2.11)	$ (0.73)	$ (3.60)
Weighted-average number of shares outstanding:
Basic (in shares)	27,431	27,302	27,059
Diluted (in shares)	27,431	27,302	27,059

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	anab:CollaborationRevenueMember	anab:CollaborationRevenueMember	anab:CollaborationRevenueMember
Income tax expense related to other comprehensive income	$ 0	$ 0	$ 153

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Stockholders' Equity, Beginning Balance (in shares) at Dec. 31, 2018		26,922,000
Stockholders' Equity, Beginning Balance at Dec. 31, 2018	$ 486,365	$ 27	$ 633,251	$ (223)	$ (146,690)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)		333,000
Issuance of common stock from exercises of options and employee stock purchase plan	3,007		3,007
Stock-based compensation	12,411		12,411
Comprehensive income (loss)	561			561
Net loss	(97,336)				(97,336)
Stockholders' Equity, Ending Balance (in shares) at Dec. 31, 2019		27,255,000
Stockholders' Equity, Ending Balance at Dec. 31, 2019	405,008	$ 27	648,669	338	(244,026)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)		101,000
Issuance of common stock from exercises of options and employee stock purchase plan	497		497
Stock-based compensation	11,499		11,499
Comprehensive income (loss)	(342)			(342)
Net loss	(19,931)				(19,931)
Stockholders' Equity, Ending Balance (in shares) at Dec. 31, 2020		27,356,000
Stockholders' Equity, Ending Balance at Dec. 31, 2020	$ 396,731	$ 27	660,665	(4)	(263,957)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)	272,462	291,000
Issuance of common stock from exercises of options and employee stock purchase plan	$ 2,564	$ 1	2,563
Stock-based compensation	15,347		15,347
Comprehensive income (loss)	(418)			(418)
Net loss	(57,796)				(57,796)
Stockholders' Equity, Ending Balance (in shares) at Dec. 31, 2021		27,647,000
Stockholders' Equity, Ending Balance at Dec. 31, 2021	$ 356,428	$ 28	$ 678,575	$ (422)	$ (321,753)

- 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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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (57,796)	$ (19,931)	$ (97,336)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	619	559	514
Stock-based compensation	15,347	11,499	12,411
Accretion/amortization of investments, net	493	461	(2,633)
Amortization of right-of-use assets – operating	1,471	1,058	893
Non-cash interest expense	1,450	0	676
(Gain) loss on disposal of property and equipment, net of gain on lease termination	(15)	26	0
Changes in operating assets and liabilities:
Receivables from collaborative partners	(876)	0	0
Australian tax incentive receivable	0	0	174
Prepaid expenses and other assets	(1,801)	1,048	3,580
Accounts payable and other liabilities	(4,740)	(7,694)	13,203
Operating lease liabilities	(72)	(1,183)	(999)
Net cash used in operating activities	(45,920)	(14,157)	(69,517)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	(118,662)	(194,927)	(251,815)
Sales and maturities of investments	158,848	289,971	384,051
Proceeds from the sale of property and equipment	15	0	0
Purchases of property and equipment	(1,366)	(569)	(805)
Net cash provided by investing activities	38,835	94,475	131,431
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	2,553	496	3,007
Proceeds from the sale of future royalties	250,000	0	0
Payments on notes payable	0	(1,375)	(7,500)
Payments for issuance costs related to the sale of future royalties	(255)	0	0
Net cash provided (used in) by financing activities	252,298	(879)	(4,493)
Net increase in cash, cash equivalents, and restricted cash	245,213	79,439	57,421
Cash, cash equivalents and restricted cash, beginning of period	250,516	171,077	113,656
Cash, cash equivalents and restricted cash, end of period	495,729	250,516	171,077
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	0	4	424
Non-cash investing and financing activities:
Leased assets obtained in exchange for operating lease liabilities	20,685	0	2,295
Amounts accrued for property and equipment	31	279	41
Receivable related to issuance of common stock, upon exercise of stock options	11	0	0
Amounts accrued for issuance costs related to the sale of future royalties	$ 102	$ 0	$ 0

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. We are a clinical-stage biotechnology company developing first-in-class immunology therapeutic product candidates focused on emerging immune control mechanisms applicable to inflammation and immuno-oncology indications. We develop our product candidates using our proprietary antibody discovery technology platform, which is based upon a breakthrough understanding of the natural process of antibody generation, known as somatic hypermutation, and replicates this natural process of antibody generation in vitro. We currently generate revenue from milestones and royalties achieved under our collaborative research and development arrangements. Since our inception, we have devoted our primary effort to research and development activities. Our financial support has been provided primarily from the sale of our common and preferred stock, royalty monetization, as well as through funds received under our collaborative research and development agreements. Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next twelve months from the issuance of our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. Certain reclassifications have been made to 2020 and 2019 financial information to conform to the current year presentation of other long-term assets, operating lease right-of-use, or “ROU” asset, and operating lease liabilities on the Consolidated Balance Sheets and Consolidated Statements of Cash Flows.

Basis of Consolidation

The accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs, and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions.

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity at date of purchase of three months or less to be cash equivalents. Cash equivalents consist primarily of money market and mutual funds with original maturities of 90 days or less.

Restricted Cash

We held restricted cash of $0 and $60,000 at December 31, 2021 and 2020, respectively, which was used to secure a letter of credit provided as security for the operating lease for our prior corporate headquarters. The letter of credit expired in December 2021.

Short-Term and Long-Term Investments

All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). We review our portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss).

Concentration of Credit Risk

Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, certificates of deposit, agency securities, commercial obligations and U.S. Treasury securities. Bank deposits are diversified between three financial institutions and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and issuers of investments that are recorded on our consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are amortized using the straight-line method over the term of the lease. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in operations.

Long Lived Assets

Long-lived assets, consisting of property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted cash flows. If long-lived assets are impaired, an impairment loss is recognized and is measured as the amount by which the carrying value exceeds the estimated fair value of the assets. No impairment charges were recorded during the years ended December 31, 2021, 2020, or 2019.

Leases

Our leases consist of a lease for office and lab space that is classified as an operating lease. We determine if an arrangement is a lease at inception. Rent expense is recognized on a straight-line basis. When an operating lease includes rent abatements or requires fixed escalations of the minimum lease payments, the aggregate rental expense is recognized on a straight-line basis over the term of the lease. When an operating lease includes lease incentives such as leasehold improvement allowances, the lease incentive is included in ROU asset. For leases that have greater than a 12-month lease term, the ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. For this purpose, we consider only payments that are fixed and determinable at the time of commencement.

As our lease does not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. We account for fixed lease components separately from non-lease components.

We keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term.

Liability Related to the Sale of Future Royalties

We treat the liability related to the sale of future royalties as debt, amortized under the effective interest rate method over the estimated life of the Royalty Monetization Agreement. See Note 5. The amortization of the liability related to the sale of future revenue is based on our current estimates of future royalty payments. Royalty and milestone revenue will be recognized as earned and the payments made will be recorded as a reduction of the liability when paid.

Debt Issuance Costs

Debt issuance costs related to a recognized debt liability are deferred and amortized over the term of the debt using the effective interest method. These costs are recorded as a direct reduction to the carrying value of the debt on the balance sheet and the amortization expense is included in non-cash interest expense in the statement of operations.

Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties

The total threshold of royalties paid, less the net proceeds received will be recorded as interest expense over the life of the liability. We impute interest on the unamortized portion of the liability using the effective interest method and record expense based on the timing of payments received over the term of the Royalty Monetization Agreement. Over the course of the agreement, the actual interest rate will be affected by the timing of royalty and milestone payments made and changes in the forecasted revenue.

Revenue Recognition

Revenue is recognized in accordance with revenue recognition accounting guidance, which utilizes five basic steps to determine whether revenue can be recognized and to what extent: (i) identify the contract with a customer; (ii) identify the performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) determine the recognition period.

Performance Obligations. We evaluate deliverables on a contract-by-contract basis to determine whether each deliverable represents a good or service that is distinct or has the same pattern of transfer as other deliverables. A deliverable is considered distinct if the customer can benefit from the good or service independently of other goods/services either in the contract or that can be obtained elsewhere, without regard to contract exclusivity, and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contact. If the deliverable is not considered distinct, we combine such deliverables and account for them as a single performance obligation. We allocate the consideration to each deliverable at the inception of the arrangement based on the transaction price.

Our performance obligations may include the following:

•License Arrangements. The performance obligations under our collaboration and license agreements generally include exclusive or nonexclusive licenses to one or more products generated using our technologies. Licenses for multiple antibodies within a single contract are generally combined as they have substantially the same pattern of transfer to the customer. Historically, our licenses have held no value to the customer, as the antibodies were in the discovery phase and required our expertise for further development. Accordingly, licenses are not considered distinct.

•Research and Development Services. The performance obligations under our collaboration and license agreements generally include research and development services we perform on behalf of or with our collaborators. As discussed within license arrangements above, our licenses have historically held no value without the research and development services we provide. As we generally only provide research and development services for internally generated antibodies that require a license to be utilized by a third party, our research and development services are not considered distinct.

•Steering Committee Meetings. The performance obligations under our collaboration and license agreements may also include our participation on steering committees, which allows us to direct the progression of our discovery programs. As these steering committees would not occur or benefit the customer without the use of our licenses, these are not considered distinct.

We recognize consideration allocated to a performance obligation as the performance obligation is satisfied, and the determination as to whether consideration is recognized over time or at a point in time is made upon contract inception. For our collaboration agreements, this is generally over the period in which research and development services have been performed.

Transaction Price. Our collaboration and license agreements generally include both fixed and variable consideration. Fixed payments, such as those for upfront fees are included in the transaction price at contract value, while variable consideration such as reimbursement for research and development services, milestone and royalty payments are estimated and then evaluated for constraints upon inception of the contract and evaluated on a quarterly basis thereafter. Research and

development services are updated for actual invoices. Given the nature of our agreements, milestones are estimated using the most likely amount and are evaluated on a quarterly basis. Upon commercialization, royalty payments will be recognized in the period incurred.

Royalty Revenue

We receive royalty revenue on sales by our partners of products covered by patents or contract rights that we own and net sales of their approved drugs, where we have concluded the license is the predominant item to which the royalties relate. We do not have future performance obligations under these license arrangements. We generally satisfy our obligation to grant intellectual property rights on the effective date of the contract. However, we apply the royalty recognition constraint required under the guidance for sales-based royalties, which requires a sales-based royalty to be recorded when the underlying sale occurs. Therefore, royalties on sales of products commercialized by our partners are recognized in the quarter the product is sold. Our partners generally report sales information to us on a quarter lag. Thus, we estimate the expected royalty proceeds based on an analysis of our partners’ historical experience including their publicly announced sales. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known, typically the following quarter. As of December 31, 2021, there have not been material differences between actual and estimated royalty revenues.

Research and Development Expenses

Research and development costs primarily include third-party clinical and preclinical research and development services such as manufacturing, laboratory and related supplies, salaries and personnel-related costs, in-licensing fees, outside services, and an allocation of information technology, and facility overhead costs.

Costs associated with research and development activities are expensed as incurred. We account for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. We estimate research and development costs incurred during the period, which impacts the amount of accrued expenses and prepaid balances related to such costs as of each balance sheet date. This process involves reviewing open contracts and purchase orders, communicating with our personnel and service providers to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost. The majority of our service providers invoice us monthly in arrears for services performed or when contractual milestones are met. We make estimates of our accrued expenses as of each balance sheet date based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary. The significant estimates in our accrued research and development expenses include the costs incurred for services performed by our vendors in connection with research and development activities for which we have not yet been invoiced.

Upfront and milestone payments incurred under our in-licensing agreements are expensed as acquired in-process research and development in the period in which they are incurred, provided that the technology or method has no alternative future use.

Stock-Based Compensation

We recognize stock-based compensation expense using a fair-value-based method for costs related to all share-based payments, including stock options. Stock-based compensation cost for stock options granted to our employees and directors is measured at the grant date based on the fair-value of the award which is estimated using the Black-Scholes option-pricing model, and is recognized as expense over the requisite service period on a straight-line basis. We recognize forfeitures in the period in which forfeitures occur and record stock-based compensation expense as though all awards are expected to vest.

We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date.

No tax benefits for stock-based compensation have been recognized in the statements of changes in stockholders’ equity or cash flows. We have not recognized, and do not expect to recognize in the near future, any tax benefit related to stock-based compensation cost as a result of our full valuation allowance on net deferred tax assets and net operating loss carryforwards.

Income Taxes

We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more

likely than not that some portion or all of a deferred tax asset will not be realized based on the weight of available evidence, including expected future earnings.

We recognize an uncertain tax position in our consolidated financial statements when we conclude that a tax position is more likely than not to be sustained upon examination based solely on technical merits. Only after a tax position passes the first step of recognition will measurement be required. Under the measurement step, the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon effective settlement. This is determined on a cumulative probability basis. The full impact of any change in recognition or measurement is reflected in the period in which such change occurs. We have elected to accrue any interest or penalties related to income taxes as part of our income tax expense.

Functional Currency of Foreign Operations

Our Australian subsidiary operates in a U.S. dollar functional currency environment. Assets and liabilities of our foreign subsidiary that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets and capital accounts, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Expenses are generally remeasured at monthly foreign currency exchange rates which approximate average rates in effect during each period. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), net, in the consolidated statements of operations.

Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in stockholders’ equity except those resulting from distributions to stockholders. Our unrealized gain and losses on available for sale investments represent the only component of other comprehensive income (loss) that is excluded from the reported net income (loss).

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share.

The following table sets forth the weighted-average outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):


	Year Ended December 31,
(in thousands)		2021	2020	2019

Options to purchase common stock		3,631	2,901	2,462

Accounting Pronouncements Recently Adopted

We have implemented all new accounting pronouncements that are in effect and may have an impact on our consolidated financial statements. Unless otherwise discussed, we believe the impact of any recently issued pronouncements, not yet effective will not have a material impact on our consolidated financial statements.

In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes (Topic 740) intended to simplify the accounting for income taxes. The guidance removes the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: (1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, (3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority),

(4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, and (5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2020. Different components of the guidance require retrospective, modified retrospective or prospective adoption, and early adoption is permitted. We early adopted this standard on January 1, 2020, and the adoption of the standard did not have a material impact to our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the accounting treatment for recognizing the impairment of financial assets. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also eliminates the other-than-temporary impairment model for available-for-sale (“AFS”) debt securities. Entities will begin to recognize credit losses on AFS debt securities as allowances rather than as reductions in the carrying value of the securities. Impairment that is not credit-related impairment will continue to be recognized in other comprehensive income and entities will no longer consider the length of time a security has been in an unrealized loss position when determining whether a credit loss exists. ASU 2016-13 becomes effective for annual and interim periods beginning after December 15, 2019. We adopted this standard prospectively on January 1, 2020, and the adoption of the standard did not have a material impact to our consolidated financial statements as credit losses are not expected to be significant based on historical trends, the financial condition of our investments and external market factors. We will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.

Balance Sheet Accounts and Supplemental Disclosures

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

Property and Equipment

Property and equipment consist of the following:


(in thousands)	December 31, 2021		December 31, 2020
Laboratory equipment	$	5,683	$	5,225
Office furniture and equipment	1,319		976
Leasehold improvements	203		527
Property and equipment, gross	7,205		6,728
Less: accumulated depreciation and amortization	(4,922)		(4,945)
Total property and equipment, net	$	2,283	$	1,783

Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	December 31, 2021		December 31, 2020
Accrued compensation and related expenses	$	4,177	$	3,688
Accrued professional fees	569		408
Accrued research and development expenses	7,953		10,936
Other	154		230
Total accrued expenses	$	12,853	$	15,262

Collaborative Research and Development Agreements

12 Months Ended

Dec. 31, 2021

Revenue Recognition [Abstract]

Collaborative Research and Development Agreements

GlaxoSmithKline Collaboration

In March 2014, we entered into a Collaboration and Exclusive License Agreement (the “GSK Agreement”) with TESARO, Inc. (“Tesaro”), an oncology-focused biopharmaceutical company now a part of GlaxoSmithKline (Tesaro and GlaxoSmithKline are hereinafter referred to, collectively, as “GSK”). Under the terms of the GSK Agreement, we agreed to perform certain discovery and early preclinical development of therapeutic antibodies with the goal of generating immunotherapy antibodies for subsequent preclinical, clinical, regulatory, and commercial development to be performed by GSK. Under the terms of the GSK Agreement, GSK paid an upfront license fee of $17.0 million in March 2014 and agreed to provide funding to us for research and development services related to antibody discovery programs for three specific targets. In November 2014, Amendment No. 1 to the GSK Agreement was agreed by both parties to add an antibody discovery program against an undisclosed fourth target for an upfront license fee of $2.0 million.

For each development program, we are eligible to receive milestone payments of up to $18.0 million if certain preclinical and clinical trial events are achieved by GSK, up to an additional $90.0 million if certain U.S. and European regulatory submissions and approvals in multiple indications are achieved, and up to an additional $165.0 million upon the achievement of specified levels of annual worldwide net sales. We will also be eligible to receive tiered single-digit royalties related to worldwide net sales of products developed under the collaboration. Unless earlier terminated by either party upon specified circumstances, the GSK Agreement will terminate, with respect to each specific developed product, upon the later of the 12th anniversary of the first commercial sale of the product or the expiration of the last to expire of any patent. Prior to the adoption of ASC 606, Revenue from Contracts with Customers, we determined that the upfront license fees and research funding under the GSK Agreement, as amended, should be accounted for as a single unit of accounting and that the upfront license fees should be deferred and recognized as revenue over the same period that the research and development services are performed. In February 2016, Amendment No. 2 to the GSK Agreement was agreed by both parties to define the effective dates of the development programs of the GSK Agreement. We determined that the research and development services would be extended through December 31, 2016. As a result, the period over which the unrecognized license fees and discovery milestones were recognized was extended through December 31, 2016 and have since been recognized in full.

We assessed these arrangements in accordance with ASC 606 and concluded that the contract counterparty, GSK, is a customer. We identified the following material promises under the GSK Agreement: (1) the licenses under certain patent rights relating to six discovery programs (four targets) and transfer of certain development and regulatory information, (2) research and development (“R&D”) services, and (3) joint steering committee meetings. We considered the research and discovery capabilities of GSK for these specific programs, GSK’s inability to sub-license, and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the joint steering committee participation would not have been provided without the R&D services and license agreement. Based on these assessments, we identified all services to be interrelated and therefore concluded that the promises should be combined into a single performance obligation at the inception of the arrangement.

On October 23, 2020, Amendment No. 3 to the GSK Agreement (the “Amendment”) was agreed to by both parties to permit GSK to conduct development and commercialization of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor, which has received U.S. approval for the maintenance treatment of adult patients with advanced epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in a complete or partial response to first-line platinum-based chemotherapy, and is under development for additional cancer indications. In addition, under the Amendment, we were granted increased royalties upon sales of JEMPERLI (dostarlimab), an anti-PD-1 antagonist antibody under development by GSK for multiple oncological disorders, equal to 8% of Net Sales (as defined in the GSK Agreement) below $1.0 billion and from 12% up to 25% of Net Sales above $1.0 billion. The Amendment also provided for a one-time, non-refundable cash payment of $60.0 million that we received and recognized as revenue in the fourth quarter of 2020. GSK also agreed, starting January 1, 2021, to pay us a 1% royalty less third-party royalty deduction on all GSK net sales of Zejula. The $1.1 billion in cash milestone payments due under the GSK Agreement remain unchanged. Additionally, under the terms of the Amendment, GSK has agreed to certain diligence commitments with respect to the future development of JEMPERLI, and the parties have agreed to review such commitments under regular joint review committee meetings going forward.

We assessed this Amendment in accordance with ASC 606 and concluded the Amendment was a contract modification to the GSK Agreement. Based on our assessment, we identified the terms of the Amendment to be interrelated to the GSK Agreement’s single performance obligation, noting completion and delivery of terms under the Amendment were satisfied by both parties with the execution of the Amendment.

As of December 31, 2021, the transaction price for the GSK Agreement and Amendment includes the upfront payment, research reimbursement revenue, one-time payment associated with the Amendment, and milestones earned to date, which are allocated in their entirety to the single performance obligation.

We earned and recognized $3.2 million in royalty revenue during the year ended December 31, 2021 related to GSK’s net sales of Zejula and JEMPERLI during the period based on estimates of GSK’s sales historical experience. Of the royalty revenue recognized, $0.2 million is JEMPERLI non-cash revenue related to the Royalty Monetization Agreement, see Note 5. GSK reports sales information to us on a one quarter lag and differences between actual and estimated royalty revenues will be adjusted in the following quarter. There was no royalty revenue recognized during the years ended December 31, 2020 and 2019.

We earned and recognized four clinical milestones totaling $60.0 million during the year ended December 31, 2021. No other future clinical or regulatory milestones have been included in the transaction price, as all milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors including the fact that the receipt of milestones is outside of our control and contingent upon success in future clinical trials, an outcome that is difficult to predict, and GSK’s efforts. Any consideration related to sales-based milestones, including royalties, will be recognized when the related sales occur as they were determined to relate predominantly to the intellectual property license granted to GSK and therefore have also been excluded from the transaction price. We will re-evaluate the variable transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Milestones recognized through December 31, 2021 under the GSK Agreement are as follows:

Anti-PD-1
(JEMPERLI/Dostarlimab)

Anti-TIM-3
(GSK4069889A/Cobolimab)

Anti-LAG-3

(GSK40974386)

Milestone Event

Amount

Quarter Recognized

Amount

Quarter Recognized

Amount

Quarter Recognized

Initiated in vivo toxicology studies using good laboratory practices (GLPs)

$1.0M

Q2'15

$1.0M

Q4'15

$1.0M

Q3'16

IND clearance from the FDA

$4.0M

Q1'16

$4.0M

Q2'16

$4.0M

Q2'17

Phase 2 clinical trial initiation

$3.0M

Q2'17

$3.0M

Q4'17

$3.0M

Q4'19

Phase 3 clinical trial initiation - first indication

$5.0M

Q3'18

—

Phase 3 clinical trial initiation - second indication

$5.0M

Q2'19

—

Filing of the first BLA(1) - first indication

$10.0M

Q1'20

—

Filing of the first MAA(2) - first indication

$5.0M

Q1'20

—

Filing of the first BLA - second indication

$10.0M

Q1'21

—

First BLA approval - first indication

$20.0M

Q2'21

—

First MAA approval - first indication

$10.0M

Q2'21

—

First BLA approval - second indication

$20.0M

Q3'21

—

(1) Biologics License Application (“BLA”)

(2) Marketing Authorization Application (“MAA”)

Milestones achieved during the discovery period were recognized as revenue pro-rata through December 31, 2016. Milestones achieved during fiscal 2017 were recognized as revenue in the period earned, while milestones after December 31, 2017 are recognized upon determination that a significant reversal of revenue would not be probable. Cash is generally received within 30 days of milestone achievement.

We recognized $63.2 million in revenue under the GSK Agreement during the year ended December 31, 2021, of which $60.0 million was related to four milestones and $3.2 million was related to royalty revenue. We recognized $75.0 million in revenue during the year ended December 31, 2020, of which $60.0 million was related to terms under Amendment No. 3 to the GSK Agreement that were satisfied and $15.0 million in milestone revenue related to two milestones. We recognized $8.0 million during the year ended December 31, 2019 related to two milestones.

Antibody Generation Agreement with Bristol-Myers Squibb

In December 2011, we entered into a license and collaboration agreement (the “BMS Agreement”) with Celgene, now a part of Bristol-Myers Squibb (Celgene and Bristol-Myers Squibb are hereinafter referred to, collectively, as “BMS”), to develop therapeutic antibodies against multiple targets. We granted BMS the option to obtain worldwide commercial rights to

antibodies generated against each of the targets under the agreement, which option was triggered on a target-by-target basis by our delivery of antibodies meeting certain pre-specified parameters pertaining to each target under the agreement.

The BMS Agreement provided for an upfront payment of $6.0 million from BMS, which we received in 2011 and recognized through 2014, milestone payments of up to $53.0 million per target, low single-digit royalties on net sales of antibodies against each target, and reimbursement of specified research and development costs.

We assessed this arrangement in accordance with ASC Topic 606 and concluded that the contract counterparty, BMS, is a customer. We identified the following material promises under the BMS Agreement: (1) the licenses under certain patent rights relating to four targets and transfer of certain development and regulatory information, (2) R&D services, (3) a written report documenting findings, and (4) steering committee meetings. We considered the research and discovery capabilities of BMS, BMS’s inability to sub-license the four targets, and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the report of findings and steering committee participation would not have been provided without the R&D services and license agreement. Based on these assessments, we identified all services to be interrelated, and therefore concluded that the promises should be combined into a single performance obligation at the inception the arrangement.

As of December 31, 2021, the transaction price of the BMS Agreement includes the upfront payment, success fees, expense reimbursement, and milestones earned to date, which are allocated in their entirety to the single performance obligation. None of the future clinical or regulatory milestones have been included in the transaction price, as all milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors, including the fact that the receipt of milestones is outside of our control and contingent upon success in future clinical trials and BMS’s efforts. Any consideration related to sales-based milestones, including royalties, will be recognized when the related sales occur as they were determined to relate predominantly to the intellectual property license granted to BMS and therefore have also been excluded from the transaction price. We will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Milestones achieved through December 31, 2021 under the BMS Agreement are as follows:


	Anti-PD-1 (CC-90006)
Milestone Event	Amount	Quarter Recognized
Completion of first in vivo toxicology studies using GLPs	$0.5M	Q2'16
Phase 1 clinical trial initiation	$1.0M	Q4'16

Revenue from future contingent milestone payments will be recognized when it is more likely than not that the revenue will not be reversed in future periods. Cash is generally received within 30 days of milestone achievement.

There was no revenue recognized under this agreement during the years ended December 31, 2021, 2020, and 2019.

Sale of Future Royalties

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Sale of Future Royalties

In October 2021, we signed a royalty monetization agreement (“Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the Royalty Monetization Agreement, we received $250.0 million in exchange for royalties payable to us under our GSK collaboration on annual global net sales of JEMPERLI below $1.0 billion starting in October 2021. The aggregate JEMPERLI royalties and milestones to be received by Sagard under the Royalty Monetization Agreement is capped at certain fixed multiples of the upfront payment based on time. Once Sagard receives an aggregate amount of either $312.5 million (125% of the upfront) by the end of 2026, or $337.5 million (135% of the upfront) during 2027, or $412.5 million (165% of the upfront) at any time after 2027, the Royalty Monetization Agreement will expire resulting in AnaptysBio regaining all subsequent JEMPERLI royalties and milestones.

The Royalty Monetization Agreement includes a call option, which at any time after the third anniversary of the closing date of the transaction, we may reacquire our interest in the specified royalties by paying Sagard (in cash) a specified amount described as (a) in the case of a Reacquisition Date that falls within the period from (but excluding) the third anniversary of the Closing Date to (and including) December 31, 2026, the greater of (i) $312.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date, and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an internal rate of return (“IRR”) for Sagard of 9.0% over the Relevant Period; (b) in the case of a Reacquisition Date that falls within the period from (and including) January 1, 2027 to (and including) December 31, 2027, the

greater of (i) $337.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an IRR for Sagard of 10% over the Relevant Period; and (c) in the case of a Reacquisition Date that occurs on or after January 1, 2028, the greater of (i) $412.5 million minus the total Net Amount actually received by Purchaser prior to such Reacquisition Date and (ii) an amount that, when paid to Sagard on such Reacquisition Date, will generate an IRR for Sagard of 10% over the Relevant Period.

The proceeds received from Sagard of $250.0 million were recorded as a liability, net of transaction costs of $0.4 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty and milestone revenue will be recognized as earned on net sales of JEMPERLI, and we will record the royalty payments to Sagard as a reduction of the liability when paid. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the Royalty Monetization Agreement.

We estimate the effective interest rate used to record non-cash interest expense under the Agreement based on its estimate of future royalty payments to be received by Sagard. As of December 31, 2021, the estimated effective rate under the agreement was 7.0%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by Sagard and changes in the Company’s forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our original estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation.

We recognized non-cash royalty revenue of approximately $0.2 million and non-cash interest expense of approximately $1.5 million for the year ended December 31, 2021. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations.

The following table shows the activity within the liability account for the year ended December 31, 2021:


(in thousands)	December 31, 2021
Liability related to sale of future royalties - beginning balance	$	—
Proceeds from sale of future royalties	250,000
Issuance costs related to the sale of future royalties	(357)
Amortization of issuance costs	7

Non-cash interest expense recognized	1,443
Liability related to sale of future royalties - ending balance	$	251,093

Fair Value Measurements and Available for Sale Investments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements and Available for Sale Investments

Fair Value Measurements

Our financial instruments consist principally of cash, cash equivalents, short-term and long-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the consolidated balance sheet in accordance with the accounting standards for fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At December 31, 2021
Money market funds(1)	$	445,647	$	445,647	$	—	$	—
Mutual funds(1)	50,326		50,326		—		—
U.S. Treasury securities(2)	87,831		87,831		—		—
Certificates of deposit(2)	3,766		—		3,766		—
Agency securities(2)	5,814		—		5,814		—
Commercial and corporate obligations(2)	22,054		—		22,054		—

At December 31, 2020
Money market funds(1)	$	188,297	$	188,297	$	—	$	—
Mutual funds(1)	57,153		57,153		—		—
U.S. Treasury securities(2)	107,697		107,697		—		—
Certificates of deposit(2)	2,436		—		2,436		—
Agency securities(2)	21,169		—		21,169		—
Commercial and corporate obligations(2)	29,441		—		29,441		—

(1) Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value:

Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low.

Fair Value of Other Financial Instruments

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term nature.

Available for Sale Investments

We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available-for-sale investments. These investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2021 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	5,821	$	—	$	(7)	$	5,814
Certificates of deposit(2)	3,770		—		(4)		3,766
Commercial and corporate obligations(3)	22,094		2		(42)		22,054
US Treasury securities(4)	87,995		—		(164)		87,831
Total available-for-sale investments	$	119,680	$	2	$	(217)	$	119,465

(1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one to two years as of December 31, 2021.

(2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one to two years as of December 31, 2021.

(3) Of our outstanding commercial and corporate obligations, $4.8 million have maturity dates of less than one year and $17.3 million have a maturity date of between one to two years as of December 31, 2021.

(4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one to two years as of December 31, 2021.

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2020 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	21,169	$	1	$	(1)	$	21,169
Certificates of deposit(2)	2,427		9		—		2,436
Commercial and corporate obligations(3)	29,414		28		(1)		29,441
US Treasury securities(4)	107,530		170		(3)		107,697
Total available-for-sale investments	$	160,540	$	208	$	(5)	$	160,743

(1) Of our outstanding agency securities, $10.0 million have maturity dates of less than one year and $11.2 million have a maturity date of between one to two years as of December 31, 2020.

(2) Of our outstanding certificates of deposit, $1.1 million have a maturity date of less than one year and $1.3 million have a maturity date of between one to two years as of December 31, 2020.

(3) Of our outstanding commercial and corporate obligations, $29.4 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2020.

(4) Of our outstanding U.S. Treasury securities, $102.7 million have maturity dates of less than one year and $5.0 million have a maturity date of between one to two years as of December 31, 2020.

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	December 31, 2021
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	4,477	$	(7)	$	—	$	—	$	4,477	$	(7)
Certificates of Deposit	2,870		(4)		—		—		2,870		(4)
Commercial and corporate obligations	18,524		(42)		—		—		18,524		(42)
US Treasury Securities	82,823		(164)		—		—		82,823		(164)
Total	$	108,694	$	(217)	$	—	$	—	$	108,694	$	(217)


	December 31, 2020
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	4,999	$	(1)	$	—	$	—	$	4,999	$	(1)
Commercial and corporate obligations	6,503		(1)		2,399		—		8,902		(1)
US Treasury Securities	35,211		(3)		—		—		35,211		(3)
Total	$	46,713	$	(5)	$	2,399	$	—	$	49,112	$	(5)

As of December 31, 2021 and 2020, unrealized losses on available-for-sale investments were not material, and accordingly, no allowance for credit losses were recorded.

- 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

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Of the 500,000,000 shares of common stock authorized, 27,647,250 shares were issued and outstanding as of December 31, 2021. Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at December 31, 2021 are as follows:


Issued and Outstanding:
Stock options			3,460,295

Shares Reserved For:
2017 Equity Incentive Plan			3,268,267
2017 Employee Stock Purchase Plan			1,252,024
Total			7,980,586

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Equity Incentive Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans

2017 Equity Incentive Plan

On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017, and replaced our existing 2006 Equity Incentive Plan. Under the 2017 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then our employees, officers, directors or consultants. In addition, the number of shares of stock available for issuance under the 2017 Plan will be automatically increased each January 1, beginning on January 1, 2018, by 4% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The 2017 Plan automatically increased by 1,094,223 shares as of January 1, 2021.

Employee Stock Purchase Plan

On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan or the ESPP. The ESPP became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017. In addition, the number shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2018, by 1% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The ESPP automatically increased by 273,555 shares as of January 1, 2021. The initial offering period for the ESPP began in May 2021, completed in November 2021, and a new offering period began in November 2021. Future offering periods are expected to start in May and November each year.

Stock Options

Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors vest over a one-year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock

option awards during the year ended December 31, 2021 is as follows:


	Shares Subject to Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021	2,920,700	$	26.67	7.29	$	17,434
Granted	1,105,845	$	29.49
Exercises	(272,462)	$	7.85
Forfeitures and cancellations	(293,788)	$	29.24
Outstanding at December 31, 2021	3,460,295	$	28.84	7.17	$	42,987
Exercisable at December 31, 2021	1,852,668	$	30.32	5.93	$	27,400

Total cash received from the exercise of stock options was approximately $2.1 million during the year ended December 31, 2021.

Stock-Based Compensation Expense

We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


		Year Ended December 31,

		2021			2020			2019
Risk-free interest rate		0.7	%		0.5	%		2.0	%
Expected volatility		92.9	%		90.2	%		77.98	%
Expected dividend yield		—	%		—	%		—	%
Expected term (in years)		6.18			6.25			6.25
Weighted average grant date fair value per share	$	22.34		$	14.51		$	21.99

We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the application of the simplified method, which defines the life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. Expected volatility for 2021 incorporates the historical volatility of our stock price, and volatility for 2020 and 2019 incorporates our stock price as well as similar entities whose share prices are publicly available. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future.

Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:


	Year Ended December 31,
(in thousands)		2021		2020		2019
Research and development		$	5,856	$	4,122	$	5,564
General and administrative		9,491		7,377		6,847
Total		$	15,347	$	11,499	$	12,411

At December 31, 2021, there was $27.2 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of 2.26 years. At December 31, 2021, there was $0.1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized over a remaining weighted-average vesting period of 0.37 years.

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanWe have a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under U.S. federal tax regulations. We elected to match 100% of an employee’s contributions up to 6% of the employees’ eligible salary with a maximum annual match limit of $8,000 in 2021 and 50% of an employee’s contributions up to 6% of the employees’ eligible salary with a maximum annual match limit of $6,000 in 2020 and 2019. For the years ended December 31, 2021, 2020, and 2019, we incurred approximately $0.6 million, $0.5 million and $0.3 million, respectively of costs related to the 401(k) plan.

- Definition

The entire disclosure for retirement benefits.

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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

On November 11, 2020, we entered into an agreement to terminate our sublease (the “Sublease Termination”) with Trex Enterprises Corporation, with respect to facilities in the building at 10455 Pacific Center Court in San Diego, California (the “10455 Building”). The terms of the original sublease with Trex provided for a November 12, 2021 lease expiration. Under the Sublease Termination, we agreed to terminate the sublease agreement on December 15, 2020 with no associated penalty. We recorded a non-cash gain of approximately $0.1 million as other income, in connection with the write-off of the lease liability and corresponding ROU asset. As of December 31, 2021, there was no lease liability and corresponding ROU asset related to the 10455 Building Lease. The non-cancellable office lease for our facilities at 10421 Pacific Center Court in San Diego, California, expired on August 31, 2021, and as of December 31, 2021, there was no related lease liability and corresponding ROU asset.

On May 4, 2020, we entered into a lease agreement with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Lease Agreement”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years with the payment of a termination fee. The exercise of the lease option is at our sole discretion, which we currently do not anticipate exercising and as such was not recognized as part of the ROU asset and lease liability. The monthly base rent will be $4.20 per rentable square foot and will be increased by 3% annually. Under the Lease Agreement, we are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. Upon lease commencement, on April 5, 2021, we recognized an ROU asset of $20.6 million, with a corresponding lease liability of $20.7 million on the consolidated balance sheets. The ROU asset includes adjustments for prepayments, initial direct costs, and lease incentives. As of December 31, 2021, we have recorded $0.3 million as a security deposit in accordance with the terms of the Lease Agreement.

Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at effective date of adoption in determining the present value of future payments. The weighted-average discount rate used was 4.0% and the weighted-average remaining lease term is approximately 9.7 years.

The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands):


		Year Ended December 31,
Leases	Classification on the Cash Flow	2021		2020		2019
Operating lease cost	Operating	$	2,213	$	865	$	879
Cash paid for amounts included in the measurement of lease liabilities	Operating	705		938		937

At December 31, 2021, the future minimum annual obligations for the Company’s operating lease commitments are as follows:


Years Ending December 31, (in thousands)
2022	$	2,316
2023	2,386
2024	2,457
2025	2,531
2026	2,607
Thereafter	13,239
Total minimum payments required	$	25,536
Less: Imputed interest	(4,581)
Present value of lease liabilities	$	20,955

License Agreements

We have certain obligations under licensing agreements with third parties that are contingent upon achieving various development, regulatory and commercial milestones. Pursuant to these license agreements, we are required to make milestone payments if certain development, regulatory and commercial sales milestones are achieved. Also, pursuant to the terms of each of these license agreements, when and if commercial sales of a product commence, we will pay royalties to our licensors on net sales of the respective products.

Certain of the licensing agreements require guaranteed minimum annual payments. Terms of the licensing agreements generally range from the remaining life of the patent up to 19 years and, in some cases, may be subject to earlier termination by either party upon specified circumstances.

Total expense incurred under all collaborative licensing agreements for upfront, milestone and royalty payments were $0.2 million, $0.2 million, and $0.5 million during the years ended December 31, 2021, 2020 and 2019, respectively. Total cash paid under these agreements was $0.2 million, $0.3 million, and $0.1 million during the years ended December 31, 2021, 2020, and 2019, respectively.

Future minimum annual obligations under all such license agreements will be $0.7 million in aggregate during 2022, and $0.2 million thereafter. These obligations are payable through ten years from the first commercial sale, if any, or expiration of the last patent to expire, the dates of which are not determinable at this time.

Other Commitments and Contingencies

We have entered into agreements with certain vendors for the provision of goods and services, which includes manufacturing services with contract manufacturing organizations and development services with contract research organizations. These agreements may include certain provisions for purchase obligations and termination obligations that could require payments for the cancellation of committed purchase obligations or for early termination of the agreements. The amount of the cancellation or termination payments vary and are based on the timing of the cancellation or termination and the specific terms of the agreement.

Guarantees and Indemnifications

We enter into standard indemnification arrangements in the ordinary course of business. Pursuant to certain of these arrangements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party for third-party claims in connection with our breach of the agreement, our negligence or willful misconduct in connection with the agreement, or any trade secret, copyright, patent or other intellectual property infringement claim with respect to our technology. The term of these indemnification arrangements is generally perpetual. The maximum potential amount of future payments we could be required to make under these agreements is not determinable because it involves claims that may be made against us in the future, but have not yet been made.

We indemnify our officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving in such capacity, as permitted under Delaware law, in accordance with our certificate of incorporation and bylaws, and pursuant to agreements providing for indemnification entered into with our officers and directors. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity.

The maximum amount of potential future indemnification of directors and officers is unlimited; however, we currently hold director and officer liability insurance. This insurance allows the transfer of risk associated with our exposure and may enable us to recover a portion of any future amounts paid.

We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have not recognized any liabilities relating to these obligations for any period presented.

Letter of Credit

At December 31, 2020, we were contingently liable for a standby letter of credit issued by a commercial bank for $60,000 for security on our lease and a restricted cash account with this amount was held as cash collateral for the letter of credit. As of December 31, 2021, the letter of credit has expired and the related restricted cash has been released.

Shareholder Litigation

On March 25, 2020, a putative securities class action was filed in the United States District Court for the Southern District of California naming the Company and certain of its current or former officers as defendants. The complaint purports to assert claims under Section 10(b) of the Exchange Act Rule 10b-5, and Section 20(a) of the Exchange Act, on behalf of persons and entities who acquired our common stock between October 10, 2017 and November 7, 2019 (the “Class Period”). An amended complaint was filed on September 30, 2020 alleging that, during the Class Period, the defendants made material misrepresentations or omissions regarding our etokimab product candidate that artificially inflated our stock price. The plaintiff sought, among other things, damages in an unspecified amount, as well as costs and expenses. On September 20, 2021, the Court granted defendants’ motion to dismiss the amended complaint with leave to amend. Plaintiff did not file a further amended complaint and, on November 30, 2021, the Court dismissed the action with prejudice.

On May 3, 2021, a shareholder derivative complaint was filed in the same Court based on allegations substantially similar to those in the class action, and purporting to assert claims on the Company’s behalf against current or former officers and directors for alleged violation of Sections 14(a) and 20(a) of the Exchange Act, breach of fiduciary duties, unjust enrichment, waste of corporate assets and insider selling. The parties to that derivative action have agreed to the following: (1) the action should be dismissed without prejudice, meaning that the dismissal would not preclude the company, or another shareholder acting on behalf of the company, from asserting such claims in the future; (2) the plaintiffs and the defendants will all bear their own fees and costs incurred in connection with the action; and (3) neither the plaintiffs nor their counsel have received, or will receive, payment, compensation or consideration of any kind, directly or indirectly, in connection with the action or its dismissal. By Order dated January 14, 2022, the Court directed the Company to provide, in its filing on Form 10-K for the year ending December 31, 2021, notice to shareholders of the proposed dismissal without prejudice. The Court further directed the parties to notify the Court following the filing of the Form 10-K, and ordered that the action will be dismissed without prejudice fourteen (14) days thereafter unless, within such time, a shareholder moves to intervene in the action.

We are unable to estimate a reasonably possible loss or range of loss, if any, that may result from these matters.

From time to time, we may be involved in legal proceedings arising in the ordinary course of our business. We investigate these claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and estimable. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income tax benefit consist of the following:


	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S.	$	(57,741)	$	(19,832)	$	(97,187)
Foreign	(55)		(99)		(301)
Consolidated net loss before income taxes	$	(57,796)	$	(19,931)	$	(97,488)

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
(in thousands)	2021		2020
Deferred Tax Assets:
Net operating loss carryforwards	$	67,203	$	57,772
Research and development credits	9,527		17,614
Equity compensation	8,091		5,329
Lease liability	4,451		—
Other, net	1,201		769
Total deferred tax assets	90,473		81,484
Deferred Tax Liabilities:
ROU asset	(4,154)		—
Fixed assets	(115)		(150)
Total deferred tax liabilities	(4,269)		(150)
Net deferred tax assets	86,204		81,334
Less: valuation allowance	(86,204)		(81,334)
Deferred tax assets, net of valuation allowance	$	—	$	—

We have recorded a full valuation allowance against our net deferred tax assets due to the uncertainty surrounding the realization of such assets. Management has determined it more likely than not that the deferred tax assets are not realizable due to our historical loss position.

At December 31, 2021, we had federal and state net operating loss carryforwards (“NOLs”), of $293.4 million and $65.6 million, respectively. The federal and state NOLs generated prior to 2018 will both begin to expire in 2028, unless previously utilized. The federal NOL includes $233.4 million of net operating losses generated in 2018 and after. Federal net operating losses generated in 2018 and after carryover indefinitely and may generally be used to offset up to 80% of future taxable income. At December 31, 2021, we had federal and California research tax credit carryforwards of approximately $3.2 million and $10.6 million, respectively. The federal research tax credit carryforwards will begin to expire in 2041 and the California research tax credits carryforward indefinitely. We also have foreign tax losses of $3.3 million, which will carry forward indefinitely, subject to a continuity of ownership test.

The above NOL carryforward and the federal and state research tax credit carryforwards may be subject to an annual limitation under section 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), and similar state provisions if we experience one or more ownership changes which would limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change as defined by Section 382 and 383, results from transactions increasing ownership of certain stockholders or public groups in the stock of the corporation by more than 50 percentage points over a three-year period. In September 2015, we completed a Section 382 analysis through December 31, 2014 and determined that there was an ownership change in 2007 that may limit the utilization of approximately $5.3 million and $5.4 million in federal and state NOLs, respectively, and $0.2 million in both federal and state research tax credits. During 2021, we extended the analysis period of the study through September 30, 2021, noting ownership changes on January 31, 2017 and March 8, 2021. We reduced federal research credit carryforward by approximately $15.0 million. Our use of federal and state NOLs and research credits could be limited further by the provisions of Section 382 of the U.S. Internal Revenue Code of 1986, as amended, depending upon the timing and amount of additional equity securities that we have issued or will issue. State NOL carryforwards may be similarly limited. If a change in ownership were to have occurred, NOL and tax credits carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by ownership changes, if any, will not impact our effective tax rate.

The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Expected income tax benefit at federal statutory tax rate	$	(12,138)	$	(4,186)	$	(20,473)
State income taxes, net of federal benefit	(142)		(21)		(377)
Permanent items	17		18		34
Equity compensation (1)	(708)		871		(1,122)


Return to provision adjustment	76		(11)		(661)
Rate differential	(34)		40		(53)
Research credits	8,087		(3,389)		(4,405)

Change in the valuation allowance	4,842		6,678		26,905
Income tax benefit	$	—	$	—	$	(152)

(1) Includes non-deductible stock-based compensation and excess tax benefits from stock-based compensation. During 2021, our tax provision includes $0.1 million of excess tax benefits associated with the exercise of non-qualified stock options and $0.9 million associated with the disqualifying dispositions of incentive stock options and $0 associated with the employee stock purchase plan. During 2020, our tax provision includes $0 of excess tax benefits associated with the exercise of non-qualified stock options and $0.2 million associated with the disqualifying dispositions of incentive stock options. During 2019, our tax provision includes $1.1 million of excess tax benefits associated with the exercise of non-qualified stock options and $0.3 million associated with the disqualifying dispositions of incentive stock options.

We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition at the effective date to be recognized. At December 31, 2021 and 2020, we had no unrecognized tax benefits that, if recognized and realized, would affect the effective tax rate due to the valuation allowance against deferred tax assets. The following table summarizes the activity related to our unrecognized tax benefits:


	Year Ended December 31,
(in thousands)	2021		2020
Balance at the beginning of the year	$	4,044	$	3,146
Decrease related to prior year tax positions	(2,555)		—
Increase related to current year tax positions	984		898
Balance at the end of the year	$	2,473	$	4,044

If recognized, these amounts would not affect our effective tax rate, since they would be offset by an equal corresponding adjustment in the deferred tax asset valuation allowance. We do not anticipate there will be a significant change in unrecognized tax benefits within the next 12 months.

Our policy is to recognize interest and penalties related to income tax matters in the provision for income taxes. At December 31, 2021 and 2020, there were no interest or penalties on uncertain tax benefits.

We file income tax returns in the United States, California, Pennsylvania, and Australia. Due to our losses incurred, we are essentially subject to income tax examination by tax authorities from inception to date.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP.
Reclassification	Certain reclassifications have been made to 2020 and 2019 financial information to conform to the current year presentation of other long-term assets, operating lease right-of-use, or “ROU” asset, and operating lease liabilities on the Consolidated Balance Sheets and Consolidated Statements of Cash Flows.
Basis of Consolidation	Basis of ConsolidationThe accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs, and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with a maturity at date of purchase of three months or less to be cash equivalents. Cash equivalents consist primarily of money market and mutual funds with original maturities of 90 days or less.
Short Term and Long Term Investments	Short-Term and Long-Term InvestmentsAll investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). We review our portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss).
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, certificates of deposit, agency securities, commercial obligations and U.S. Treasury securities. Bank deposits are diversified between three financial institutions and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and issuers of investments that are recorded on our consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are amortized using the straight-line method over the term of the lease. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in operations.
Long Lived Assets	Long Lived Assets Long-lived assets, consisting of property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted cash flows. If long-lived assets are impaired, an impairment loss is recognized and is measured as the amount by which the carrying value exceeds the estimated fair value of the assets.
Leases	Leases Our leases consist of a lease for office and lab space that is classified as an operating lease. We determine if an arrangement is a lease at inception. Rent expense is recognized on a straight-line basis. When an operating lease includes rent abatements or requires fixed escalations of the minimum lease payments, the aggregate rental expense is recognized on a straight-line basis over the term of the lease. When an operating lease includes lease incentives such as leasehold improvement allowances, the lease incentive is included in ROU asset. For leases that have greater than a 12-month lease term, the ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. For this purpose, we consider only payments that are fixed and determinable at the time of commencement. As our lease does not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. We account for fixed lease components separately from non-lease components. We keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term.
Liability Related to the Sale of Future Royalties	Liability Related to the Sale of Future RoyaltiesWe treat the liability related to the sale of future royalties as debt, amortized under the effective interest rate method over the estimated life of the Royalty Monetization Agreement. See Note 5. The amortization of the liability related to the sale of future revenue is based on our current estimates of future royalty payments. Royalty and milestone revenue will be recognized as earned and the payments made will be recorded as a reduction of the liability when paid.
Debt Issuance Costs	Debt Issuance CostsDebt issuance costs related to a recognized debt liability are deferred and amortized over the term of the debt using the effective interest method. These costs are recorded as a direct reduction to the carrying value of the debt on the balance sheet and the amortization expense is included in non-cash interest expense in the statement of operations.
Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties	Non-Cash Interest Expense on the Liability Related to the Sale of Future RoyaltiesThe total threshold of royalties paid, less the net proceeds received will be recorded as interest expense over the life of the liability. We impute interest on the unamortized portion of the liability using the effective interest method and record expense based on the timing of payments received over the term of the Royalty Monetization Agreement. Over the course of the agreement, the actual interest rate will be affected by the timing of royalty and milestone payments made and changes in the forecasted revenue.
Revenue Recognition	Revenue Recognition Revenue is recognized in accordance with revenue recognition accounting guidance, which utilizes five basic steps to determine whether revenue can be recognized and to what extent: (i) identify the contract with a customer; (ii) identify the performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) determine the recognition period. Performance Obligations. We evaluate deliverables on a contract-by-contract basis to determine whether each deliverable represents a good or service that is distinct or has the same pattern of transfer as other deliverables. A deliverable is considered distinct if the customer can benefit from the good or service independently of other goods/services either in the contract or that can be obtained elsewhere, without regard to contract exclusivity, and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contact. If the deliverable is not considered distinct, we combine such deliverables and account for them as a single performance obligation. We allocate the consideration to each deliverable at the inception of the arrangement based on the transaction price. Our performance obligations may include the following: •License Arrangements. The performance obligations under our collaboration and license agreements generally include exclusive or nonexclusive licenses to one or more products generated using our technologies. Licenses for multiple antibodies within a single contract are generally combined as they have substantially the same pattern of transfer to the customer. Historically, our licenses have held no value to the customer, as the antibodies were in the discovery phase and required our expertise for further development. Accordingly, licenses are not considered distinct. •Research and Development Services. The performance obligations under our collaboration and license agreements generally include research and development services we perform on behalf of or with our collaborators. As discussed within license arrangements above, our licenses have historically held no value without the research and development services we provide. As we generally only provide research and development services for internally generated antibodies that require a license to be utilized by a third party, our research and development services are not considered distinct. •Steering Committee Meetings. The performance obligations under our collaboration and license agreements may also include our participation on steering committees, which allows us to direct the progression of our discovery programs. As these steering committees would not occur or benefit the customer without the use of our licenses, these are not considered distinct. We recognize consideration allocated to a performance obligation as the performance obligation is satisfied, and the determination as to whether consideration is recognized over time or at a point in time is made upon contract inception. For our collaboration agreements, this is generally over the period in which research and development services have been performed. Transaction Price. Our collaboration and license agreements generally include both fixed and variable consideration. Fixed payments, such as those for upfront fees are included in the transaction price at contract value, while variable consideration such as reimbursement for research and development services, milestone and royalty payments are estimated and then evaluated for constraints upon inception of the contract and evaluated on a quarterly basis thereafter. Research and development services are updated for actual invoices. Given the nature of our agreements, milestones are estimated using the most likely amount and are evaluated on a quarterly basis. Upon commercialization, royalty payments will be recognized in the period incurred. Royalty Revenue We receive royalty revenue on sales by our partners of products covered by patents or contract rights that we own and net sales of their approved drugs, where we have concluded the license is the predominant item to which the royalties relate. We do not have future performance obligations under these license arrangements. We generally satisfy our obligation to grant intellectual property rights on the effective date of the contract. However, we apply the royalty recognition constraint required under the guidance for sales-based royalties, which requires a sales-based royalty to be recorded when the underlying sale occurs. Therefore, royalties on sales of products commercialized by our partners are recognized in the quarter the product is sold. Our partners generally report sales information to us on a quarter lag. Thus, we estimate the expected royalty proceeds based on an analysis of our partners’ historical experience including their publicly announced sales. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known, typically the following quarter. As of December 31, 2021, there have not been material differences between actual and estimated royalty revenues.
Research and Development Expenses	Research and Development Expenses Research and development costs primarily include third-party clinical and preclinical research and development services such as manufacturing, laboratory and related supplies, salaries and personnel-related costs, in-licensing fees, outside services, and an allocation of information technology, and facility overhead costs. Costs associated with research and development activities are expensed as incurred. We account for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. We estimate research and development costs incurred during the period, which impacts the amount of accrued expenses and prepaid balances related to such costs as of each balance sheet date. This process involves reviewing open contracts and purchase orders, communicating with our personnel and service providers to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost. The majority of our service providers invoice us monthly in arrears for services performed or when contractual milestones are met. We make estimates of our accrued expenses as of each balance sheet date based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary. The significant estimates in our accrued research and development expenses include the costs incurred for services performed by our vendors in connection with research and development activities for which we have not yet been invoiced. Upfront and milestone payments incurred under our in-licensing agreements are expensed as acquired in-process research and development in the period in which they are incurred, provided that the technology or method has no alternative future use.
Share-Based Compensation	Stock-Based Compensation We recognize stock-based compensation expense using a fair-value-based method for costs related to all share-based payments, including stock options. Stock-based compensation cost for stock options granted to our employees and directors is measured at the grant date based on the fair-value of the award which is estimated using the Black-Scholes option-pricing model, and is recognized as expense over the requisite service period on a straight-line basis. We recognize forfeitures in the period in which forfeitures occur and record stock-based compensation expense as though all awards are expected to vest. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. No tax benefits for stock-based compensation have been recognized in the statements of changes in stockholders’ equity or cash flows. We have not recognized, and do not expect to recognize in the near future, any tax benefit related to stock-based compensation cost as a result of our full valuation allowance on net deferred tax assets and net operating loss carryforwards.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more likely than not that some portion or all of a deferred tax asset will not be realized based on the weight of available evidence, including expected future earnings. We recognize an uncertain tax position in our consolidated financial statements when we conclude that a tax position is more likely than not to be sustained upon examination based solely on technical merits. Only after a tax position passes the first step of recognition will measurement be required. Under the measurement step, the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon effective settlement. This is determined on a cumulative probability basis. The full impact of any change in recognition or measurement is reflected in the period in which such change occurs. We have elected to accrue any interest or penalties related to income taxes as part of our income tax expense.
Foreign Currency of Foreign Operations	Functional Currency of Foreign Operations Our Australian subsidiary operates in a U.S. dollar functional currency environment. Assets and liabilities of our foreign subsidiary that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets and capital accounts, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Expenses are generally remeasured at monthly foreign currency exchange rates which approximate average rates in effect during each period. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), net, in the consolidated statements of operations.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) represents all changes in stockholders’ equity except those resulting from distributions to stockholders. Our unrealized gain and losses on available for sale investments represent the only component of other comprehensive income (loss) that is excluded from the reported net income (loss).
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted We have implemented all new accounting pronouncements that are in effect and may have an impact on our consolidated financial statements. Unless otherwise discussed, we believe the impact of any recently issued pronouncements, not yet effective will not have a material impact on our consolidated financial statements. In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes (Topic 740) intended to simplify the accounting for income taxes. The guidance removes the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: (1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, (3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), (4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, and (5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2020. Different components of the guidance require retrospective, modified retrospective or prospective adoption, and early adoption is permitted. We early adopted this standard on January 1, 2020, and the adoption of the standard did not have a material impact to our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changes the accounting treatment for recognizing the impairment of financial assets. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also eliminates the other-than-temporary impairment model for available-for-sale (“AFS”) debt securities. Entities will begin to recognize credit losses on AFS debt securities as allowances rather than as reductions in the carrying value of the securities. Impairment that is not credit-related impairment will continue to be recognized in other comprehensive income and entities will no longer consider the length of time a security has been in an unrealized loss position when determining whether a credit loss exists. ASU 2016-13 becomes effective for annual and interim periods beginning after December 15, 2019. We adopted this standard prospectively on January 1, 2020, and the adoption of the standard did not have a material impact to our consolidated financial statements as credit losses are not expected to be significant based on historical trends, the financial condition of our investments and external market factors. We will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share


	Year Ended December 31,
(in thousands)		2021	2020	2019

Options to purchase common stock		3,631	2,901	2,462

Balance Sheet Accounts and Supplemental Disclosures (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


(in thousands)	December 31, 2021		December 31, 2020
Laboratory equipment	$	5,683	$	5,225
Office furniture and equipment	1,319		976
Leasehold improvements	203		527
Property and equipment, gross	7,205		6,728
Less: accumulated depreciation and amortization	(4,922)		(4,945)
Total property and equipment, net	$	2,283	$	1,783

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	December 31, 2021		December 31, 2020
Accrued compensation and related expenses	$	4,177	$	3,688
Accrued professional fees	569		408
Accrued research and development expenses	7,953		10,936
Other	154		230
Total accrued expenses	$	12,853	$	15,262

Collaborative Research and Development Agreements (Tables)

12 Months Ended

Dec. 31, 2021

Revenue Recognition [Abstract]

Schedule of Milestones Achieved

Milestones recognized through December 31, 2021 under the GSK Agreement are as follows:

Anti-PD-1
(JEMPERLI/Dostarlimab)

Anti-TIM-3
(GSK4069889A/Cobolimab)

Anti-LAG-3

(GSK40974386)

Milestone Event

Amount

Quarter Recognized

Amount

Quarter Recognized

Amount

Quarter Recognized

Initiated in vivo toxicology studies using good laboratory practices (GLPs)

$1.0M

Q2'15

$1.0M

Q4'15

$1.0M

Q3'16

IND clearance from the FDA

$4.0M

Q1'16

$4.0M

Q2'16

$4.0M

Q2'17

Phase 2 clinical trial initiation

$3.0M

Q2'17

$3.0M

Q4'17

$3.0M

Q4'19

Phase 3 clinical trial initiation - first indication

$5.0M

Q3'18

—

Phase 3 clinical trial initiation - second indication

$5.0M

Q2'19

—

Filing of the first BLA(1) - first indication

$10.0M

Q1'20

—

Filing of the first MAA(2) - first indication

$5.0M

Q1'20

—

Filing of the first BLA - second indication

$10.0M

Q1'21

—

First BLA approval - first indication

$20.0M

Q2'21

—

First MAA approval - first indication

$10.0M

Q2'21

—

First BLA approval - second indication

$20.0M

Q3'21

—

(1) Biologics License Application (“BLA”)

(2) Marketing Authorization Application (“MAA”)

Milestones achieved through December 31, 2021 under the BMS Agreement are as follows:


	Anti-PD-1 (CC-90006)
Milestone Event	Amount	Quarter Recognized
Completion of first in vivo toxicology studies using GLPs	$0.5M	Q2'16
Phase 1 clinical trial initiation	$1.0M	Q4'16

Sale of Future Royalties (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Royalty Transaction Activity

The following table shows the activity within the liability account for the year ended December 31, 2021:


(in thousands)	December 31, 2021
Liability related to sale of future royalties - beginning balance	$	—
Proceeds from sale of future royalties	250,000
Issuance costs related to the sale of future royalties	(357)
Amortization of issuance costs	7

Non-cash interest expense recognized	1,443
Liability related to sale of future royalties - ending balance	$	251,093

Fair Value Measurements and Available for Sale Investments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At December 31, 2021
Money market funds(1)	$	445,647	$	445,647	$	—	$	—
Mutual funds(1)	50,326		50,326		—		—
U.S. Treasury securities(2)	87,831		87,831		—		—
Certificates of deposit(2)	3,766		—		3,766		—
Agency securities(2)	5,814		—		5,814		—
Commercial and corporate obligations(2)	22,054		—		22,054		—

At December 31, 2020
Money market funds(1)	$	188,297	$	188,297	$	—	$	—
Mutual funds(1)	57,153		57,153		—		—
U.S. Treasury securities(2)	107,697		107,697		—		—
Certificates of deposit(2)	2,436		—		2,436		—
Agency securities(2)	21,169		—		21,169		—
Commercial and corporate obligations(2)	29,441		—		29,441		—

(1) Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

Schedule of Available-for-sale Investments


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	5,821	$	—	$	(7)	$	5,814
Certificates of deposit(2)	3,770		—		(4)		3,766
Commercial and corporate obligations(3)	22,094		2		(42)		22,054
US Treasury securities(4)	87,995		—		(164)		87,831
Total available-for-sale investments	$	119,680	$	2	$	(217)	$	119,465

(1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one to two years as of December 31, 2021.

(2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one to two years as of December 31, 2021.

(4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one to two years as of December 31, 2021.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	21,169	$	1	$	(1)	$	21,169
Certificates of deposit(2)	2,427		9		—		2,436
Commercial and corporate obligations(3)	29,414		28		(1)		29,441
US Treasury securities(4)	107,530		170		(3)		107,697
Total available-for-sale investments	$	160,540	$	208	$	(5)	$	160,743

(1) Of our outstanding agency securities, $10.0 million have maturity dates of less than one year and $11.2 million have a maturity date of between one to two years as of December 31, 2020.

(2) Of our outstanding certificates of deposit, $1.1 million have a maturity date of less than one year and $1.3 million have a maturity date of between one to two years as of December 31, 2020.

(4) Of our outstanding U.S. Treasury securities, $102.7 million have maturity dates of less than one year and $5.0 million have a maturity date of between one to two years as of December 31, 2020.

Schedule of Unrealized Loss and Fair Values in a Loss Position


	December 31, 2021
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	4,477	$	(7)	$	—	$	—	$	4,477	$	(7)
Certificates of Deposit	2,870		(4)		—		—		2,870		(4)
Commercial and corporate obligations	18,524		(42)		—		—		18,524		(42)
US Treasury Securities	82,823		(164)		—		—		82,823		(164)
Total	$	108,694	$	(217)	$	—	$	—	$	108,694	$	(217)


	December 31, 2020
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	4,999	$	(1)	$	—	$	—	$	4,999	$	(1)
Commercial and corporate obligations	6,503		(1)		2,399		—		8,902		(1)
US Treasury Securities	35,211		(3)		—		—		35,211		(3)
Total	$	46,713	$	(5)	$	2,399	$	—	$	49,112	$	(5)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at December 31, 2021 are as follows:


Issued and Outstanding:
Stock options			3,460,295

Shares Reserved For:
2017 Equity Incentive Plan			3,268,267
2017 Employee Stock Purchase Plan			1,252,024
Total			7,980,586

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Activity Related to Stock Option Awards

A summary of the activity related to stock option awards during the year ended December 31, 2021 is as follows:


	Shares Subject to Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021	2,920,700	$	26.67	7.29	$	17,434
Granted	1,105,845	$	29.49
Exercises	(272,462)	$	7.85
Forfeitures and cancellations	(293,788)	$	29.24
Outstanding at December 31, 2021	3,460,295	$	28.84	7.17	$	42,987
Exercisable at December 31, 2021	1,852,668	$	30.32	5.93	$	27,400

Schedule of Weighted Average Assumptions in Stock Option Valuations

The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


		Year Ended December 31,

		2021			2020			2019
Risk-free interest rate		0.7	%		0.5	%		2.0	%
Expected volatility		92.9	%		90.2	%		77.98	%
Expected dividend yield		—	%		—	%		—	%
Expected term (in years)		6.18			6.25			6.25
Weighted average grant date fair value per share	$	22.34		$	14.51		$	21.99

Schedule of Non-cash Stock-based Compensation Expense

Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:


	Year Ended December 31,
(in thousands)		2021		2020		2019
Research and development		$	5,856	$	4,122	$	5,564
General and administrative		9,491		7,377		6,847
Total		$	15,347	$	11,499	$	12,411

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Costs in Cash Flow Statement

The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands):


		Year Ended December 31,
Leases	Classification on the Cash Flow	2021		2020		2019
Operating lease cost	Operating	$	2,213	$	865	$	879
Cash paid for amounts included in the measurement of lease liabilities	Operating	705		938		937

Schedule of Future Minimum Annual Obligations

At December 31, 2021, the future minimum annual obligations for the Company’s operating lease commitments are as follows:


Years Ending December 31, (in thousands)
2022	$	2,316
2023	2,386
2024	2,457
2025	2,531
2026	2,607
Thereafter	13,239
Total minimum payments required	$	25,536
Less: Imputed interest	(4,581)
Present value of lease liabilities	$	20,955

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income/(Loss) before Income Tax Provision (Benefit)

The components of loss before income tax benefit consist of the following:


	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S.	$	(57,741)	$	(19,832)	$	(97,187)
Foreign	(55)		(99)		(301)
Consolidated net loss before income taxes	$	(57,796)	$	(19,931)	$	(97,488)

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
(in thousands)	2021		2020
Deferred Tax Assets:
Net operating loss carryforwards	$	67,203	$	57,772
Research and development credits	9,527		17,614
Equity compensation	8,091		5,329
Lease liability	4,451		—
Other, net	1,201		769
Total deferred tax assets	90,473		81,484
Deferred Tax Liabilities:
ROU asset	(4,154)		—
Fixed assets	(115)		(150)
Total deferred tax liabilities	(4,269)		(150)
Net deferred tax assets	86,204		81,334
Less: valuation allowance	(86,204)		(81,334)
Deferred tax assets, net of valuation allowance	$	—	$	—

Schedule of Reconciliation of Expected Statutory Federal Income Tax Provision and Actual Income Tax Provision

The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Expected income tax benefit at federal statutory tax rate	$	(12,138)	$	(4,186)	$	(20,473)
State income taxes, net of federal benefit	(142)		(21)		(377)
Permanent items	17		18		34
Equity compensation (1)	(708)		871		(1,122)


Return to provision adjustment	76		(11)		(661)
Rate differential	(34)		40		(53)
Research credits	8,087		(3,389)		(4,405)

Change in the valuation allowance	4,842		6,678		26,905
Income tax benefit	$	—	$	—	$	(152)

Schedule of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits:


	Year Ended December 31,
(in thousands)	2021		2020
Balance at the beginning of the year	$	4,044	$	3,146
Decrease related to prior year tax positions	(2,555)		—
Increase related to current year tax positions	984		898
Balance at the end of the year	$	2,473	$	4,044

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment bank	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	1
Restricted cash	$ 0	$ 60,000
Number of banks utilized for diversification of funds (in banks) \| bank	3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-lived asset impairment charges	$ 0	$ 0	$ 0
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life (in years)	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life (in years)	7 years

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	3,631	2,901	2,462

Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,205	$ 6,728
Less: accumulated depreciation and amortization	(4,922)	(4,945)
Total property and equipment, net	2,283	1,783
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,683	5,225
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,319	976
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 203	$ 527

Balance Sheet Accounts and Supplemental Disclosures - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 4,177	$ 3,688
Accrued professional fees	569	408
Accrued research and development expenses	7,953	10,936
Other	154	230
Total accrued expenses	$ 12,853	$ 15,262

Collaborative Research and Development Agreements - Narrative (Details)			1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 01, 2021	Oct. 23, 2020 USD ($)	Nov. 30, 2014 USD ($) target	Mar. 31, 2014 USD ($) target	Dec. 31, 2020 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2021 USD ($) milestone	Dec. 31, 2020 USD ($) milestone	Dec. 31, 2019 USD ($) milestone	Dec. 31, 2011 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue							$ 63,175,000	$ 75,000,000	$ 8,000,000
GSK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue							63,200,000
Non cash royalty revenue, for sale of future royalties							$ 200,000
GSK \| Collaborative Research and Development Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee received			$ 2,000,000	$ 17,000,000
Number of outstanding research and development targets \| target			4	3
Milestone payments, contingent upon preclinical and clinical trial events (up to)			$ 18,000,000
Milestone payments, contingent upon certain U.S. and European regulatory submissions and approvals (up to)			90,000,000
Milestone payments, contingent upon achievement of specified levels of worldwide sales (up to)			$ 165,000,000
Agreement term following first commercial sale or expiration of the last to expire patent (in years)			12 years
Collaboration revenue								$ 75,000,000	$ 8,000,000
Number of milestones achieved during period \| milestone							4	2	2
GSK \| Collaborative Research and Development Agreement \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue							$ 60,000,000
GSK \| Collaborative Research and Development Agreement \| AnaptysBio-generated Anti-PD-1 Antagonist Antibody (TSR-042)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognition multiple deliverable arrangements upfront fee receivable								$ 60,000,000
Collaboration revenue								15,000,000
GSK \| Phase 3 clinical trial initiation - first indication \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						$ 5,000,000.0
GSK \| Collaboration And Exclusive License Agreement \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognition multiple deliverable arrangements upfront fee receivable					$ 60,000,000
GSK \| Collaboration And Exclusive License Agreement \| AnaptysBio-generated Anti-PD-1 Antagonist Antibody (TSR-042)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones achieved during period, amount							1,100,000,000
GSK \| Royalty Agreement \| Zejula
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percent on net sales (as a percent)	1.00%
GSK \| Royalty Agreement \| Zejula and JEMPERLI
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue							3,200,000	0	$ 0
GSK \| Royalty Agreement, up To $1. 0 billion \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percent on net sales (as a percent)		8.00%
Royalty sales		$ 1,000,000,000
GSK \| Royalty Agreement, above $1. 0 billion \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percent on net sales (as a percent)		12.00%
GSK \| Royalty Agreement, above $1. 0 billion \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percent on net sales (as a percent)		25.00%
Royalty sales		$ 1,000,000,000
BMS \| Collaborative Research and Development Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee received										$ 6,000,000
Collaboration revenue							$ 0	$ 0	$ 0
Maximum milestone payments per target										$ 53,000,000

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($) $ in Thousands	3 Months Ended															12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Sep. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue																$ 63,175	$ 75,000	$ 8,000
GSK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue																$ 63,200
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Completion of first in vivo toxicology studies using GLPs
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue															$ 1,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| IND clearance from the FDA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue													$ 4,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Phase 2 clinical trial initiation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue									$ 3,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Phase 3 clinical trial initiation - first indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue							$ 5,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Phase 3 clinical trial initiation - second indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						$ 5,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Filing of the first BLA(1) - first indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue				$ 10,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Filing of the first MAA(2) - first indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue				$ 5,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Filing of the first BLA - second indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue			$ 10,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First BLA approval - first indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		$ 20,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First MAA approval - first indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		$ 10,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First BLA approval - second indication
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 20,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Completion of first in vivo toxicology studies using GLPs
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue														$ 1,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| IND clearance from the FDA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue												$ 4,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Phase 2 clinical trial initiation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue								$ 3,000
GSK \| Anti-LAG-3 (GSK40974386) \| Completion of first in vivo toxicology studies using GLPs
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue											$ 1,000
GSK \| Anti-LAG-3 (GSK40974386) \| IND clearance from the FDA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue									$ 4,000
GSK \| Anti-LAG-3 (GSK40974386) \| Phase 2 clinical trial initiation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue					$ 3,000
BMS \| Anti-PD-1 (CC-90006) \| Completion of first in vivo toxicology studies using GLPs
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue												$ 500
BMS \| Anti-PD-1 (CC-90006) \| Phase 1 clinical trial initiation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue										$ 1,000

Sale of Future Royalties - Narratives (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties		$ 250,000,000
Liability related to sale of future royalties		251,093,000	$ 0
Issuance costs related to the sale of future royalties		357,000
Non-cash interest expense for the sale of future royalties		$ 1,450,000	$ 0	$ 0
Royalty Purchase Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Issuance costs related to the sale of future royalties	$ 400,000
Effective interest rate (as a percent)	7.00%
Royalty Purchase Agreement \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties	$ 250,000,000
Royalties agreement, maximum annual royalty payout capacity	$ 1,000,000,000
Advance future royalties agreement term (in years)	3 years
Liability related to sale of future royalties	$ 250,000,000
Royalty Purchase Agreement \| Sagard \| By the end of 2026
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received	$ 312,500,000
Proceeds, contingent on annual sales milestones upfront (as a percent)	125.00%
Internal rate of return (as a percent)	9.00%
Royalty Purchase Agreement \| Sagard \| During 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received	$ 337,500,000
Proceeds, contingent on annual sales milestones upfront (as a percent)	135.00%
Internal rate of return (as a percent)	10.00%
Royalty Purchase Agreement \| Sagard \| At any time after 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received	$ 412,500,000
Proceeds, contingent on annual sales milestones upfront (as a percent)	165.00%
Internal rate of return (as a percent)	10.00%

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Liability related to sale of future royalties - beginning balance	$ 0
Proceeds from sale of future royalties	250,000
Issuance costs related to the sale of future royalties	(357)
Amortization of issuance costs	7
Non-cash interest expense recognized	1,443
Liability related to sale of future royalties - ending balance	$ 251,093

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 119,680	$ 160,540
Gross Unrealized Gains	2	208
Gross Unrealized Losses	(217)	(5)
Total Fair Value	119,465	160,743
Short-term investments	52,368	143,197
Long-term investments	67,097	17,546
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,821	21,169
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(7)	(1)
Total Fair Value	5,814	21,169
Short-term investments	1,000	10,000
Long-term investments	$ 4,800	$ 11,200
Agency securities \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Agency securities \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,770	$ 2,427
Gross Unrealized Gains	0	9
Gross Unrealized Losses	(4)	0
Total Fair Value	3,766	2,436
Short-term investments	1,300	1,100
Long-term investments	$ 2,500	$ 1,300
Certificates of Deposit \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Certificates of Deposit \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 22,094	$ 29,414
Gross Unrealized Gains	2	28
Gross Unrealized Losses	(42)	(1)
Total Fair Value	22,054	29,441
Short-term investments	4,800	29,400
Long-term investments	$ 17,300	$ 0
Commercial and corporate obligations \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Commercial and corporate obligations \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 87,995	$ 107,530
Gross Unrealized Gains	0	170
Gross Unrealized Losses	(164)	(3)
Total Fair Value	87,831	107,697
Short-term investments	45,300	102,700
Long-term investments	$ 42,500	$ 5,000
US Treasury Securities \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
US Treasury Securities \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 108,694	$ 46,713
Less than 12 Months, Gross Unrealized Losses	(217)	(5)
12 Months or Greater, Fair Value	0	2,399
12 Months or Greater, Gross Unrealized Losses	0	0
Fair Value	108,694	49,112
Gross Unrealized Losses	(217)	(5)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	4,477	4,999
Less than 12 Months, Gross Unrealized Losses	(7)	(1)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Fair Value	4,477	4,999
Gross Unrealized Losses	(7)	(1)
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	2,870
Less than 12 Months, Gross Unrealized Losses	(4)
12 Months or Greater, Fair Value	0
12 Months or Greater, Gross Unrealized Losses	0
Fair Value	2,870
Gross Unrealized Losses	(4)
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	18,524	6,503
Less than 12 Months, Gross Unrealized Losses	(42)	(1)
12 Months or Greater, Fair Value	0	2,399
12 Months or Greater, Gross Unrealized Losses	0	0
Fair Value	18,524	8,902
Gross Unrealized Losses	(42)	(1)
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	82,823	35,211
Less than 12 Months, Gross Unrealized Losses	(164)	(3)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Fair Value	82,823	35,211
Gross Unrealized Losses	$ (164)	$ (3)

Fair Value Measurements and Available for Sale Investments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Unrealized losses on available-for-sale	$ 0	$ 0
Allowance for credit losses	$ 0	$ 0

Stockholders' Equity - Additional Information (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	27,647,250	27,356,000
Common stock, shares outstanding (in shares)	27,647,250	27,356,000

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Issued and Outstanding:
Stock options (in shares)	3,460,295	2,920,700
Common stock, shares reserved for issuance (in shares)	7,980,586
2017 Equity Incentive Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	3,268,267
2017 Employee Stock Purchase Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	1,252,024

Equity Incentive Plans - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 01, 2021	Jan. 01, 2018	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock			$ 2.1
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 0.1
Weighted average period remaining for amortization of unrecognized compensation cost (in years)			4 months 13 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Award expiration period (in years)			10 years
Unrecognized compensation cost			$ 27.2
Weighted average period remaining for amortization of unrecognized compensation cost (in years)			2 years 3 months 3 days
Options \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance (as a percent)		4.00%
Capital shares reserved for future issuance, increase (in shares)	1,094,223
2017 Employee Stock Purchase Plan \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance (as a percent)		1.00%
Capital shares reserved for future issuance, increase (in shares)	273,555

Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares Subject to Options
Beginning balance (in shares)	2,920,700
Granted (in shares)	1,105,845
Exercises (in shares)	(272,462)
Forfeitures and cancellations (in shares)	(293,788)
Ending balance (in shares)	3,460,295	2,920,700
Stock options exercisable, ending balance (in shares)	1,852,668
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 26.67
Granted (in dollars per share)	29.49
Exercises (in dollars per share)	7.85
Forfeitures and cancellations (in dollars per share)	29.24
Ending balance (in dollars per share)	28.84	$ 26.67
Stock options exercisable, ending balance (in dollars per share)	$ 30.32
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding	7 years 2 months 1 day	7 years 3 months 14 days
Weighted average remaining contractual term, options exercisable	5 years 11 months 4 days
Aggregate intrinsic value, options outstanding	$ 42,987	$ 17,434
Aggregate intrinsic value, options exercisable	$ 27,400

Equity Incentive Plans - Option Fair Value Assumptions (Details) - Options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.70%	0.50%	2.00%
Expected volatility	92.90%	90.20%	77.98%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 years 2 months 4 days	6 years 3 months	6 years 3 months
Weighted average grant date fair value per share (in dollars per share)	$ 22.34	$ 14.51	$ 21.99

Equity Incentive Plans - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 15,347	$ 11,499	$ 12,411
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	5,856	4,122	5,564
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 9,491	$ 7,377	$ 6,847

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
Employee Benefit Plan (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Employer match, percent of contributions (as a percent)	100.00%	50.00%	50.00%
Employer match, percent of employees' gross pay (as a percent)	6.00%	6.00%	6.00%
Employer match, maximum contributions	$ 8,000	$ 6,000	$ 6,000
Employer contributions to the plan	$ 600,000	$ 500,000	$ 300,000

Commitments and Contingencies - Narrative (Details) ft² in Thousands			12 Months Ended
	Dec. 15, 2020 USD ($)	May 04, 2020 ft² $ / ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Loss on disposal of tenant improvements and certain equipment	$ 100,000
Present value of lease liabilities			$ 20,955,000
Operating ROU assets			$ 19,558,000	$ 344,000
Weighted-average discount rate (as a percent)			4.00%
Weighted average remaining lease term (in years)			9 years 8 months 12 days
Licensing agreement, remaining life (in years)			19 years
License costs			$ 200,000	200,000	$ 500,000
Cash payments under licensing agreements			200,000	300,000	$ 100,000
Future minimum annual cash obligations, next 12 months			700,000
Future minimum annual cash obligations, Thereafter			$ 200,000
License agreement, obligation payable period (in years)			10 years
Standby Letters of Credit
Lessee, Lease, Description [Line Items]
Letters of credit outstanding				$ 60,000
10455 Building
Lessee, Lease, Description [Line Items]
Present value of lease liabilities			$ 0
Operating ROU assets			0
10421 Building
Lessee, Lease, Description [Line Items]
Present value of lease liabilities			0
Operating ROU assets			0
Lease Agreement
Lessee, Lease, Description [Line Items]
Present value of lease liabilities						$ 20,700,000
Operating ROU assets						$ 20,600,000
Area of leased property (sqft) \| ft²		45
Lease term (in months)		124 months
Lease renewal term (in years)		5 years
Lease termination term (in years)		7 years
Monthly base rate (usd per sqft) \| $ / ft²		4.20
Increase in annual rent (as a percent)		3.00%
Security deposit			$ 300,000

Commitments and Contingencies - Costs in Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 2,213	$ 865	$ 879
Cash paid for amounts included in the measurement of lease liabilities	$ 705	$ 938	$ 937

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations under Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 2,316
2023	2,386
2024	2,457
2025	2,531
2026	2,607
Thereafter	13,239
Total minimum payments required	25,536
Less: Imputed interest	(4,581)
Present value of lease liabilities	$ 20,955

Income Taxes - Components of income/(loss) before income tax provision (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S.	$ (57,741)	$ (19,832)	$ (97,187)
Foreign	(55)	(99)	(301)
Loss before income taxes	$ (57,796)	$ (19,931)	$ (97,488)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2014
Deferred Tax Assets:
Net operating loss carryforwards	$ 67,203	$ 57,772
Research and development credits	9,527	17,614	$ 200
Equity compensation	8,091	5,329
Lease liability	4,451	0
Other, net	1,201	769
Total deferred tax assets	90,473	81,484
Deferred Tax Liabilities:
ROU asset	(4,154)	0
Fixed assets	(115)	(150)
Total deferred tax liabilities	(4,269)	(150)
Net deferred tax assets	86,204	81,334
Less: valuation allowance	(86,204)	(81,334)
Deferred tax assets, net of valuation allowance	$ 0	$ 0

Income Taxes - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Research and development credits	$ 9,527,000	$ 17,614,000	$ 200,000
Unrecognized tax benefits that if recognized and realized would affect the effective tax rate	0	0
Interest or penalties on uncertain tax benefits	0	$ 0
Federal tax authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	293,400,000
Deferred Tax Assets, Operating Loss Carryforwards, Domestic			5,300,000
Research and development credits	15,000,000
Federal tax authority \| 2018 and after
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	233,400,000
Federal tax authority \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	3,200,000
State tax authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	65,600,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local			$ 5,400,000
State tax authority \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	10,600,000
Foreign tax authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 3,300,000

Income Taxes - Reconciliation of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Expected income tax benefit at federal statutory tax rate	$ (12,138)	$ (4,186)	$ (20,473)
State income taxes, net of federal benefit	(142)	(21)	(377)
Permanent items	17	18	34
Equity compensation	(708)	871	(1,122)
Return to provision adjustment	76	(11)	(661)
Rate differential	(34)	40	(53)
Research credits	8,087	(3,389)	(4,405)
Change in the valuation allowance	4,842	6,678	26,905
Income tax benefit	0	0	(152)
Excess tax benefits associated with the exercise of non-qualified stock options	100	0	1,100
Disqualifying dispositions of incentive stock options	900	$ 200	$ 300
Excess tax benefits associated with the employee stock purchase plan	$ 0

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 4,044	$ 3,146
Decrease related to prior year tax positions	(2,555)	0
Increase related to current year tax positions	984	898
Balance at the end of the year	$ 2,473	$ 4,044

Fair Value Measurements and Available for Sale Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 119,465	$ 160,743
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	87,831	107,697
Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	3,766	2,436
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	5,814	21,169
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	22,054	29,441
Recurring \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	87,831	107,697
Recurring \| Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	3,766	2,436
Recurring \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	5,814	21,169
Recurring \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	22,054	29,441
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	445,647	188,297
Recurring \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	50,326	57,153
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	87,831	107,697
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	445,647	188,297
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	50,326	57,153
Recurring \| Significant Other Observable Inputs (Level 2) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	3,766	2,436
Recurring \| Significant Other Observable Inputs (Level 2) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	5,814	21,169
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	22,054	29,441
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 0	$ 0