0001370053-22-000066 | 10-Q | XBRL Viewer

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Equity Incentive Plans - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 6,271	$ 4,364	$ 20,671	$ 11,369
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	1,547	1,773	4,997	4,402
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 4,724	$ 2,591	$ 15,674	$ 6,967

Commitments and Contingencies - Costs Included in Cash Flow Statement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,858	$ 1,594
Cash paid for amounts included in the measurement of lease liabilities	$ 1,732	$ 516

Equity Incentive Plans - Summary of Weighted Average Assumptions used to Estimate Fair Value (Details) - Stock Options - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.20%	0.70%
Expected volatility	88.20%	93.00%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 1 month 24 days	6 years 2 months 4 days
Weighted average grant date fair value per share (in dollars per share)	$ 21.89	$ 22.32

Subsequent Events - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Subsequent Events - Narrative (Details) - USD ($)	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Collaboration revenue		$ 1,293,000	$ 20,890,000	$ 3,479,000	$ 62,164,000
Aggregate offering							$ 150,000,000
Milestone payment		1,293,000	20,890,000	3,479,000	62,164,000
GSK
Subsequent Event [Line Items]
Collaboration revenue		1,300,000	20,900,000	3,500,000	62,200,000
Milestone payment		$ 1,300,000	$ 20,900,000	$ 3,500,000	$ 62,200,000
Subsequent event
Subsequent Event [Line Items]
Aggregate offering						$ 150,000,000
Subsequent event \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| GSK
Subsequent Event [Line Items]
Collaboration revenue	$ 5,000,000
Milestone payment	$ 5,000,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Balance Sheet Accounts and Supplemental Disclosures - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 3,904	$ 4,177
Accrued professional fees	1,000	569
Accrued research, development and manufacturing expenses	11,412	7,953
Other	137	154
Total accrued expenses	$ 16,453	$ 12,853

Equity Incentive Plans - Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Shares Subject to Options
Stock options outstanding, beginning balance (in shares) \| shares	3,460,295
Granted (in shares) \| shares	1,339,720
Exercises (in shares) \| shares	(685,970)
Forfeitures and cancellations (in shares) \| shares	(402,410)
Stock options outstanding, ending balance (in shares) \| shares	3,711,635	3,460,295
Shares subject to options, exercisable, ending balance (in shares) \| shares	1,761,210
Weighted-Average Exercise Price per Share
Stock options outstanding, beginning balance (in dollars per share) \| $ / shares	$ 28.84
Granted (in dollars per share) \| $ / shares	29.44
Exercises (in dollars per share) \| $ / shares	11.72
Forfeitures and cancellations (in dollars per share) \| $ / shares	31.26
Stock options outstanding, ending balance (in dollars per share) \| $ / shares	31.96	$ 28.84
Weighted-average exercise price per share, Stock options exercisable, ending balance (in dollars per share) \| $ / shares	$ 36.71
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding (in years)	6 years 2 months 26 days	7 years 2 months 1 day
Weighted average remaining contractual term, options exercisable (in years)	5 years 5 months 4 days
Aggregate intrinsic value, options outstanding \| $	$ 10,248	$ 42,987
Aggregate intrinsic value, options exercisable \| $	$ 6,713

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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 issued (in shares)	0	0
Preferred stock, shares outstanding (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)	28,354,167	27,647,000
Common stock, shares outstanding (in shares)	28,354,167	27,647,000

Sale of Future Royalties (Tables)

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Royalty Transaction Activity

The following table shows the activity within the liability account for the nine months ended September 30, 2022:


(in thousands)	September 30, 2022
Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2021	$	251,093

Issuance costs related to the sale of future royalties	(130)
Amortization of issuance costs	45
Royalty and milestone payments to Sagard	(1,050)
Non-cash interest expense recognized	16,658
Liability related to sale of future royalties and milestones - ending balance	$	266,616

The following table shows the activity within the liability account for the nine months ended September 30, 2022:


(in thousands)	September 30, 2022
Liability related to sale of future Zejula royalties and milestones - balance at 12/31/2021	$	—
Proceeds from sale of future royalties	35,000
Issuance costs related to the sale of future royalties	(184)
Amortization of issuance costs	1

Non-cash interest expense recognized	153
Liability related to sale of future royalties and milestones - ending balance	$	34,970

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Issued and Outstanding:
Stock options (in shares)	3,711,635	3,460,295
Restricted stock units (in shares)	1,030,443
Common stock, shares reserved for issuance (in shares)	8,656,031
2017 Equity Incentive Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	2,406,404
2017 Employee Stock Purchase Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	1,507,549

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Royalty and milestone payments to Sagard			$ 1,050	$ 0
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance			251,093
Issuance costs related to the sale of future royalties		$ (400)	(130)
Amortization of issuance costs			45
Royalty and milestone payments to Sagard			1,050
Non-cash interest expense recognized			16,658
Ending balance	$ 266,616		266,616
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance			0
Proceeds from sale of future royalties			35,000
Issuance costs related to the sale of future royalties	(200)		(184)
Amortization of issuance costs			1
Non-cash interest expense recognized			153
Ending balance	$ 34,970		$ 34,970

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Milestone Revenue In October 2022, GSK initiated the first Phase 3 clinical trial for the treatment of advanced non-small cell lung cancer with cobolimab, triggering a milestone payment to us of $5.0 million. Open Market Sales Agreements In December 2021, we entered into an Open Market Sales Agreement with Jefferies LLC, through which we may offer and sell shares of our common stock, having an aggregate offering of up to $150.0 million through Jefferies LLC as our sales agent. This agreement was terminated effective November 8, 2022. In November 2022, we entered into a Sales Agreement with Cowen and Company, LLC (the “Cowen Sales Agreement”), through which we may offer and sell shares of our common stock, having an aggregate offering of up to $150.0 million through Cowen and Company, LLC as our sales agent.

Description of the Business	9 Months Ended
Description of the Business	Sep. 30, 2022
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 focused on delivering innovative immunology therapeutics. We are developing immune cell modulators, including two checkpoint agonists in clinical-stage development, for autoimmune and inflammatory disease: rosnilimab, our anti-PD-1 agonist program, previously referred to as ANB030, which is currently in a Phase 2 clinical trial for the treatment of moderate-to-severe alopecia areata; and ANB032, our anti-BTLA agonist program. In addition, we are developing imsidolimab, our anti-IL-36R antibody, which is currently in a Phase 3 clinical trial for the treatment of generalized pustular psoriasis, or GPP. We also have additional preclinical programs and discovery research of potentially innovative immunology therapeutics, including ANB033, an anti-CD122 antagonist antibody for the treatment of inflammatory diseases. We have also developed multiple therapeutic antibodies in an immuno-oncology collaboration with GSK, including an anti-PD-1 antagonist antibody (JEMPERLI (dostarlimab-gxly)), an anti-TIM-3 antagonist antibody (cobolimab, GSK4069889) and an anti-LAG-3 antagonist antibody (GSK4074386). We currently generate revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK. Our antibody pipeline has been developed using our proprietary somatic hypermutation, or SHM platform, which uses in vitro SHM for antibody discovery and is designed to replicate key features of the human immune system to overcome the limitations of competing antibody discovery technologies. 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 stock, royalty monetizations, 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.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

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 September 30, 2022, 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 8.9 years.

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


		Nine Months Ended September 30,
Leases	Classification on the Cash Flow	2022		2021
Operating lease cost	Operating	$	1,858	$	1,594
Cash paid for amounts included in the measurement of lease liabilities	Operating	1,732		516

At September 30, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2022	$	585
2023	2,386
2024	2,457
2025	2,531
2026	2,607
Thereafter	13,239
Total minimum payments required	23,805
Less imputed interest	(3,966)
Total	$	19,839

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	3,871	3,717	3,953	3,655

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	$ 497,530	$ 108,694
Less than 12 months, Gross unrealized losses	(5,716)	(217)
12 months or greater, Fair value	4,387	0
12 months or greater, Gross unrealized losses	(89)	0
Fair Value	501,917	108,694
Gross Unrealized Losses	(5,805)	(217)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	54,218	4,477
Less than 12 months, Gross unrealized losses	(955)	(7)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	54,218	4,477
Gross Unrealized Losses	(955)	(7)
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	51,400	18,524
Less than 12 months, Gross unrealized losses	(982)	(42)
12 months or greater, Fair value	3,688	0
12 months or greater, Gross unrealized losses	(70)	0
Fair Value	55,088	18,524
Gross Unrealized Losses	(1,052)	(42)
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	2,146	2,870
Less than 12 months, Gross unrealized losses	(56)	(4)
12 months or greater, Fair value	699	0
12 months or greater, Gross unrealized losses	(19)	0
Fair Value	2,845	2,870
Gross Unrealized Losses	(75)	(4)
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	389,766	82,823
Less than 12 months, Gross unrealized losses	(3,723)	(164)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	389,766	82,823
Gross Unrealized Losses	$ (3,723)	$ (164)

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Thousands	May 04, 2020 ft² $ / ft²	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 18,320	$ 19,558
Lease liability		$ 19,839
Weighted-average discount rate		4.00%
Weighted average remaining lease term		8 years 10 months 24 days
Lease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) \| ft²	45
Lease term	124 months
Lease renewal term	5 years
Lease termination term	7 years
Monthly base rate (in dollars per sqft) \| $ / ft²	4.20
Increase in annual rent percentage	3.00%
Operating lease right-of-use assets				$ 20,600
Lease liability				$ 20,700
Security deposit		$ 300

Equity Incentive Plans - Time-based Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Number of Shares
Number of shares, beginning balance (in shares)	0
Granted (in shares)	1,030,443
Vested (in shares)	0
Cancelled (in shares)	0
Number of shares, ending balance (in shares)	1,030,443
Number of shares, Restricted stock units expected to vest (in shares)	1,030,443
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	26.14
Vested (in dollars per share)	0
Cancelled (in dollars per share)	0
Weighted average grant date fair value, ending balance (in dollars per share)	26.14
Number of shares, Restricted stock units expected to vest (in dollars per share)	$ 26.14
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	1 year 5 months 4 days
Weighted average remaining contractual term, other than options vested and expected to vest (in years)	1 year 5 months 4 days
Aggregate intrinsic value, outstanding	$ 26,287	$ 0
Aggregate intrinsic value, restricted stock units expected to vest	$ 26,287

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

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):


		Nine Months Ended September 30,
Leases	Classification on the Cash Flow	2022		2021
Operating lease cost	Operating	$	1,858	$	1,594
Cash paid for amounts included in the measurement of lease liabilities	Operating	1,732		516

Schedule of Future Minimum Annual Obligations

At September 30, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2022	$	585
2023	2,386
2024	2,457
2025	2,531
2026	2,607
Thereafter	13,239
Total minimum payments required	23,805
Less imputed interest	(3,966)
Total	$	19,839

Collaborative Research and Development Agreements - Narrative (Details)		1 Months Ended		3 Months Ended			9 Months Ended		12 Months Ended
	Oct. 23, 2020 USD ($)	Nov. 30, 2014 USD ($)	Mar. 31, 2014 USD ($) target	Sep. 30, 2022 USD ($) milestone	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022 USD ($) milestone	Sep. 30, 2021 USD ($)	Dec. 31, 2011 USD ($)
Disaggregation of Revenue [Line Items]
Milestone revenue recognition							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.
Collaboration revenue				$ 1,293,000	$ 20,890,000		$ 3,479,000	$ 62,164,000
GSK
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 1,300,000	20,900,000		$ 3,500,000	62,200,000
GSK \| GlaxoSmithKline Collaboration
Disaggregation of Revenue [Line Items]
Upfront license fee received		$ 2,000,000	$ 17,000,000
Number of outstanding research and development targets \| target			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		12 years
Number of milestones achieved during period \| milestone				0			0
GSK \| GlaxoSmithKline Collaboration \| Minimum
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		4.00%
GSK \| GlaxoSmithKline Collaboration \| Maximum
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		8.00%
GSK \| Royalties \| AnaptysBio-generated Zejula and JEMPERLI
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 1,300,000	900,000		$ 3,500,000	2,200,000
GSK \| Royalty Agreement, Up To $1.0 billion \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales	8.00%
Net sales royalty	$ 1,000,000,000
GSK \| Royalty Agreement, Above $1.0 billion \| Minimum \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales	12.00%
GSK \| Royalty Agreement, Above $1.0 billion \| Maximum \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales	25.00%
Net sales royalty	$ 1,000,000,000
GSK \| Amendment \| Anti-PD-1 (JEMPERLI/Dostarlimab)
Disaggregation of Revenue [Line Items]
Revenue recognition multiple deliverable arrangements upfront fee receivable						$ 60,000,000
GSK \| Amendment \| AnaptysBio-generated Anti-PD-1 Antagonist Antibody (TSR-042)
Disaggregation of Revenue [Line Items]
Milestones achieved, amount							1,100,000,000
GSK \| JEMPERLI Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Noncash advance future royalties revenue				300,000			1,200,000
GSK \| Zejula Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Noncash advance future royalties revenue				700,000			700,000
BMS \| GlaxoSmithKline Collaboration
Disaggregation of Revenue [Line Items]
Upfront license fee received									$ 6,000,000
Collaboration revenue				$ 0	$ 0		$ 0	$ 0
Maximum milestone payments per target (up to)									$ 53,000,000

Collaborative Research and Development Agreements (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Milestones Achieved

Milestones 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

$5.0M

—

$5.0M

—

Phase 3 clinical trial initiation - second indication

$5.0M

Q2'19

$5.0M

—

$5.0M

—

Filing of the first BLA(1) - first indication

$10.0M

Q1'20

$10.0M

—

$10.0M

—

Filing of the first MAA(2) - first indication

$5.0M

Q1'20

$5.0M

—

$5.0M

—

Filing of the first BLA - second indication

$10.0M

Q1'21

$10.0M

—

$10.0M

—

First BLA approval - first indication

$20.0M

Q2'21

$20.0M

—

$20.0M

—

First MAA approval - first indication

$10.0M

Q2'21

$10.0M

—

$10.0M

—

First BLA approval - second indication

$20.0M

Q3'21

$20.0M

—

$20.0M

—

Filing of the first MAA - second indication(3)

$5.0M

—

$5.0M

—

$5.0M

—

First MAA approval - second indication(3)

$10.0M

—

$10.0M

—

$10.0M

—

First commercial sales milestone(3)

$15.0M

—

$15.0M

—

$15.0M

—

Second commercial sales milestone(3)

$25.0M

—

$25.0M

—

$25.0M

—

Third commercial sales milestone(3)

$50.0M

—

$50.0M

—

$50.0M

—

Fourth commercial sales milestone

$75.0M

—

$75.0M

—

$75.0M

—

Milestones recognized through September 30, 2022

$93.0M

—

$8.0M

—

$8.0M

—

Milestones that may be recognized in the future

$180.0M

—

$265.0M

—

$265.0M

—

(1)Biologics License Application (“BLA”)

(2)Marketing Authorization Application (“MAA”)

(3)For JEMPERLI, the filing and approval of the first MAA for a second indication and first three commercial sales milestones are included as part of the royalty monetization agreement with Sagard, see Note 5

Fair Value Measurements and Available for Sale Investments

9 Months Ended

Sep. 30, 2022

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 September 30, 2022
Money market funds(1)	$	46,030	$	46,030	$	—	$	—
Mutual funds(1)	12,610		12,610		—		—
U.S. Treasury securities(2)	414,774		414,774		—		—
Certificates of deposit(2)	2,845		—		2,845		—
Agency securities(2)	59,223		—		59,223		—
Commercial and corporate obligations(1)(2)	55,088		—		55,088		—

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		—

(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 September 30, 2022 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	60,174	$	4	$	(955)	$	59,223

Certificates of deposit(2)	2,920		—		(75)		2,845
Commercial and corporate obligations(3)	56,140		—		(1,052)		55,088
U.S. Treasury securities(4)	418,496		1		(3,723)		414,774
Total available for sale investments	$	537,730	$	5	$	(5,805)	$	531,930

(1) Of our outstanding agency securities, $40.3 million have maturity dates of less than one year and $18.9 million have maturity dates between one to two years as of September 30, 2022.

(2) Of our outstanding certificates of deposit, $2.1 million have maturity dates of less than one year and $0.7 million have a maturity date of between one to two years as of September 30, 2022.

(3) Of our outstanding commercial and corporate obligations, $30.7 million have maturity dates of less than one year and $24.4 million have a maturity date of between one to two years as of September 30, 2022.

(4) Of our outstanding U.S. Treasury securities, $311.3 million have maturity dates of less than one year and $103.5 million have a maturity date of between one to two years as of September 30, 2022.

The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in 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 following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	September 30, 2022
	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	$	54,218	$	(955)	$	—	$	—	$	54,218	$	(955)
Commercial and corporate obligations	51,400		(982)		3,688		(70)		55,088		(1,052)
Certificates of deposit	2,146		(56)		699		(19)		2,845		(75)
US Treasury Securities	389,766		(3,723)		—		—		389,766		(3,723)
Total	$	497,530	$	(5,716)	$	4,387	$	(89)	$	501,917	$	(5,805)


	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)

As of September 30, 2022 and December 31, 2021, unrealized losses on available for sale investments were $5.8 million and $0.2 million, respectively. Unrealized losses of $0.1 million, on available for sale investments that were in an unrealized loss position for greater than 12 months as of September 30, 2022, were considered immaterial. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, 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

Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2022

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 nine months ended September 30, 2022 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, 2022	3,460,295	$	28.84	7.17	$	42,987
Granted	1,339,720	$	29.44
Exercises	(685,970)	$	11.72
Forfeitures and cancellations	(402,410)	$	31.26
Outstanding at September 30, 2022	3,711,635	$	31.96	6.24	$	10,248
Exercisable at September 30, 2022	1,761,210	$	36.71	5.43	$	6,713

Schedule of Time-based Restricted Stock Units Activity


	Number of Shares	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2022	—	$	—		$	—
Granted	1,030,443	$	26.14
Vested	—	$	—
Cancelled	—	$	—
Outstanding at September 30, 2022	1,030,443	$	26.14	1.43	$	26,287
Restricted Stock Units expected to vest at September 30, 2022	1,030,443	$	26.14	1.43	$	26,287

Schedule of Weighted Average Assumptions used to Estimate Fair Value

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:


	Nine Months Ended September 30,

	2022			2021
Risk-free interest rate		2.2	%		0.7	%
Expected volatility		88.2	%		93.0	%
Expected dividend yield		—	%		—	%
Expected term (in years)		6.15			6.18
Weighted-average grant date fair value per share	$	21.89		$	22.32

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	1,547	$	1,773	$	4,997	$	4,402
General and administrative	4,724		2,591		15,674		6,967
Total	$	6,271	$	4,364	$	20,671	$	11,369

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 are as follows:


Issued and Outstanding:
Stock options			3,711,635

Restricted stock units			1,030,443
Shares Reserved For:
2017 Equity Incentive Plan			2,406,404
2017 Employee Stock Purchase Plan			1,507,549
Total			8,656,031

Balance Sheet Accounts and Supplemental Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, net

Property and equipment, net consist of the following:


(in thousands)	September 30, 2022		December 31, 2021
Laboratory equipment	$	5,759	$	5,683
Office furniture and equipment	1,422		1,319
Leasehold improvements	203		203
Property and equipment, gross	7,384		7,205
Less: accumulated depreciation and amortization	(5,412)		(4,922)
Total property and equipment, net	$	1,972	$	2,283

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	September 30, 2022		December 31, 2021
Accrued compensation and related expenses	$	3,904	$	4,177
Accrued professional fees	1,000		569
Accrued research, development and manufacturing expenses	11,412		7,953
Other	137		154
Total accrued expenses	$	16,453	$	12,853

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 58,547	$ 495,729
Receivables from collaborative partners	1,180	876
Short-term investments	384,419	52,368
Prepaid expenses and other current assets	6,298	4,903
Total current assets	450,444	553,876
Property and equipment, net	1,972	2,283
Operating lease right-of-use assets	18,320	19,558
Long-term investments	147,511	67,097
Other long-term assets	256	256
Total assets	618,503	643,070
Current liabilities:
Accounts payable	3,006	1,741
Accrued expenses	16,453	12,853
Current portion of operating lease liability	1,604	1,505
Total current liabilities	21,063	16,099
Liability related to sale of future royalties	301,586	251,093
Operating lease liability, net of current portion	18,235	19,450
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at September 30, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 28,354 shares and 27,647 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	28	28
Additional paid in capital	707,662	678,575
Accumulated other comprehensive loss	(6,007)	(422)
Accumulated deficit	(424,064)	(321,753)
Total stockholders’ equity	277,619	356,428
Total liabilities and stockholders’ equity	$ 618,503	$ 643,070

Equity Incentive Plans

9 Months Ended

Sep. 30, 2022

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 1,105,890 shares as of January 1, 2022.

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 276,472 shares as of January 1, 2022. The initial six month offering period for the ESPP was completed in November 2021 with a subsequent six month offering period commencing thereafter. These offering periods are expected to continue starting in May and November of each year. As of September 30, 2022, 40,160 shares have been issued under the ESPP.

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 nine months ended September 30, 2022 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, 2022	3,460,295	$	28.84	7.17	$	42,987
Granted	1,339,720	$	29.44
Exercises	(685,970)	$	11.72
Forfeitures and cancellations	(402,410)	$	31.26
Outstanding at September 30, 2022	3,711,635	$	31.96	6.24	$	10,248
Exercisable at September 30, 2022	1,761,210	$	36.71	5.43	$	6,713

Time-based Restricted Stock Units

Each Restricted Stock Unit (“RSUs”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued.


	Number of Shares	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2022	—	$	—		$	—
Granted	1,030,443	$	26.14
Vested	—	$	—
Cancelled	—	$	—
Outstanding at September 30, 2022	1,030,443	$	26.14	1.43	$	26,287
Restricted Stock Units expected to vest at September 30, 2022	1,030,443	$	26.14	1.43	$	26,287

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:


	Nine Months Ended September 30,

	2022			2021
Risk-free interest rate		2.2	%		0.7	%
Expected volatility		88.2	%		93.0	%
Expected dividend yield		—	%		—	%
Expected term (in years)		6.15			6.18
Weighted-average grant date fair value per share	$	21.89		$	22.32

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 2022 and 2021 incorporates the historical volatility of our stock price. 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	1,547	$	1,773	$	4,997	$	4,402
General and administrative	4,724		2,591		15,674		6,967
Total	$	6,271	$	4,364	$	20,671	$	11,369

On March 20, 2022, our then Chief Executive Officer (“former CEO”), resigned by mutual agreement with the Board of Directors. In connection with his separation agreement, we modified certain equity awards and recognized approximately $3.2 million in non-cash stock-based compensation expense. Given the former CEO had substantially rendered the required services per his separation agreement, we recorded the full expense related to the modification in the period ending March 31, 2022. Additionally, on March 21, 2022, we awarded our newly appointed Interim President and Chief Executive Officer RSUs for 887,043 shares of the company’s common stock. The fair value of the award will be recognized as part of compensation cost, occurring ratably over the stated 24-month requisite service period. During the three and nine months ended September 30, 2022, we recognized $3.0 million and $6.2 million of non-cash stock-based compensation cost related to the award.

At September 30, 2022, there was $28.0 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 2.39 years, $20.2 million of unrecognized cost related to unvested RSUs awards, which is expected to be recognized over a period of 1.49 years and $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 0.13 years.

Fair Value Measurements and Available for Sale Investments (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022
Money market funds(1)	$	46,030	$	46,030	$	—	$	—
Mutual funds(1)	12,610		12,610		—		—
U.S. Treasury securities(2)	414,774		414,774		—		—
Certificates of deposit(2)	2,845		—		2,845		—
Agency securities(2)	59,223		—		59,223		—
Commercial and corporate obligations(1)(2)	55,088		—		55,088		—

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		—

(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

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 September 30, 2022 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	60,174	$	4	$	(955)	$	59,223

Certificates of deposit(2)	2,920		—		(75)		2,845
Commercial and corporate obligations(3)	56,140		—		(1,052)		55,088
U.S. Treasury securities(4)	418,496		1		(3,723)		414,774
Total available for sale investments	$	537,730	$	5	$	(5,805)	$	531,930

(1) Of our outstanding agency securities, $40.3 million have maturity dates of less than one year and $18.9 million have maturity dates between one to two years as of September 30, 2022.

(2) Of our outstanding certificates of deposit, $2.1 million have maturity dates of less than one year and $0.7 million have a maturity date of between one to two years as of September 30, 2022.

(4) Of our outstanding U.S. Treasury securities, $311.3 million have maturity dates of less than one year and $103.5 million have a maturity date of between one to two years as of September 30, 2022.


(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.

Schedule of Unrealized Loss and Fair Values in a Loss Position


	September 30, 2022
	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	$	54,218	$	(955)	$	—	$	—	$	54,218	$	(955)
Commercial and corporate obligations	51,400		(982)		3,688		(70)		55,088		(1,052)
Certificates of deposit	2,146		(56)		699		(19)		2,845		(75)
US Treasury Securities	389,766		(3,723)		—		—		389,766		(3,723)
Total	$	497,530	$	(5,716)	$	4,387	$	(89)	$	501,917	$	(5,805)


	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)

Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,384	$ 7,205
Less: accumulated depreciation and amortization	(5,412)	(4,922)
Total property and equipment, net	1,972	2,283
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,759	5,683
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,422	1,319
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 203	$ 203

Fair Value Measurements and Available for Sale Investments - Narratives (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Unrealized losses on available-for-sale	$ 5,805,000	$ 217,000
Allowance for credit losses	0
Unrealized losses on available for sale investments in unrealized loss position for greater than 12 months	$ 89,000	$ 0

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37985
Entity Registrant Name	ANAPTYSBIO, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3828755
Entity Address, Address Line One	10770 Wateridge Circle
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	362-6295
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ANAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,431,632
Entity Central Index Key	0001370053
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Collaboration revenue	$ 1,293	$ 20,890	$ 3,479	$ 62,164
Operating expenses:
Research and development	22,064	22,221	65,424	71,720
General and administrative	8,862	5,432	27,236	16,101
Total operating expenses	30,926	27,653	92,660	87,821
Loss from operations	(29,633)	(6,763)	(89,181)	(25,657)
Other income (expense), net:
Interest income	2,262	64	3,711	363
Non-cash interest expense for the sale of future royalties	(6,135)	0	(16,857)	0
Other income, net	4	33	16	36
Total other income (expense), net	(3,869)	97	(13,130)	399
Net loss	(33,502)	(6,666)	(102,311)	(25,258)
Unrealized loss on available for sale securities	(2,146)	(24)	(5,585)	(196)
Comprehensive loss	$ (35,648)	$ (6,690)	$ (107,896)	$ (25,454)
Net loss per common share:
Basic (in dollars per share)	$ (1.18)	$ (0.24)	$ (3.64)	$ (0.92)
Diluted (in dollars per share)	$ (1.18)	$ (0.24)	$ (3.64)	$ (0.92)
Weighted-average number of shares outstanding:
Basic (in shares)	28,289	27,436	28,071	27,397
Diluted (in shares)	28,289	27,436	28,071	27,397
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]

Stockholders' Equity - Narrative (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	28,354,167	27,647,000
Common stock, shares outstanding (in shares)	28,354,167	27,647,000

Collaborative Research and Development Agreements

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [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 additional antibody discovery program for an upfront license fee of $2.0 million. Currently, under the GSK Agreement, GSK is developing JEMPERLI (dostarlimab), an anti-PD-1 antagonist antibody, as a monotherapy and in combination with additional therapies, for various solid tumor indications. In addition, under the collaboration, GSK is developing dostarlimab in combination with two other development programs form the GSK Agreement: cobolimab, an anti-TIM-3 antibody, and GSK40974386, an anti-LAG-3 antibody, for various solid tumor indications.

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 4-8% 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 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 GSK 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 in combination with any third-party molecules of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor. Under the Amendment, we were granted increased royalties upon sales of JEMPERLI, 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. 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 September 30, 2022, 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 and royalties earned to date, which are allocated in their entirety to the single performance obligation.

We earned and recognized $1.3 million and $3.5 million in royalty revenue during the three and nine months ended September 30, 2022 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 during the three and nine months ended September 30, 2022, $0.3 million and $1.2 million is JEMPERLI non-cash revenue related to the JEMPERLI Royalty Monetization Agreement, see Note 5. Of the royalty revenue recognized during both the three and nine months ended September 30, 2022, $0.7 million is Zejula non-cash revenue related to the Zejula 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. We earned and recognized $0.9 million and $2.2 million in royalty revenue during the three and nine months ended September 30, 2021 related to GSK’s net sales of Zejula and JEMPERLI during the period. All royalty revenue related to Zejula global net sales starting July 2022 will be paid directly to a wholly-owned subsidiary of DRI Healthcare Trust pursuant to the Zejula Royalty Monetization Agreement, see Note 5.

No clinical milestones were earned or recognized during the three and nine months ended September 30, 2022. 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 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

$5.0M

—

$5.0M

—

Phase 3 clinical trial initiation - second indication

$5.0M

Q2'19

$5.0M

—

$5.0M

—

Filing of the first BLA(1) - first indication

$10.0M

Q1'20

$10.0M

—

$10.0M

—

Filing of the first MAA(2) - first indication

$5.0M

Q1'20

$5.0M

—

$5.0M

—

Filing of the first BLA - second indication

$10.0M

Q1'21

$10.0M

—

$10.0M

—

First BLA approval - first indication

$20.0M

Q2'21

$20.0M

—

$20.0M

—

First MAA approval - first indication

$10.0M

Q2'21

$10.0M

—

$10.0M

—

First BLA approval - second indication

$20.0M

Q3'21

$20.0M

—

$20.0M

—

Filing of the first MAA - second indication(3)

$5.0M

—

$5.0M

—

$5.0M

—

First MAA approval - second indication(3)

$10.0M

—

$10.0M

—

$10.0M

—

First commercial sales milestone(3)

$15.0M

—

$15.0M

—

$15.0M

—

Second commercial sales milestone(3)

$25.0M

—

$25.0M

—

$25.0M

—

Third commercial sales milestone(3)

$50.0M

—

$50.0M

—

$50.0M

—

Fourth commercial sales milestone

$75.0M

—

$75.0M

—

$75.0M

—

Milestones recognized through September 30, 2022

$93.0M

—

$8.0M

—

$8.0M

—

Milestones that may be recognized in the future

$180.0M

—

$265.0M

—

$265.0M

—

(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 $1.3 million and $3.5 million in revenue under the GSK Agreement during the three and nine months ended September 30, 2022, respectively, and $20.9 million and $62.2 million during the three and nine months ended September 30, 2021, respectively.

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.

There was no revenue recognized under this agreement during the three and nine months ended September 30, 2022 and 2021. Revenue was last recognized under this agreement in 2016.

Balance Sheet Accounts and Supplemental Disclosures

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

Property and Equipment, net

Property and equipment, net consist of the following:


(in thousands)	September 30, 2022		December 31, 2021
Laboratory equipment	$	5,759	$	5,683
Office furniture and equipment	1,422		1,319
Leasehold improvements	203		203
Property and equipment, gross	7,384		7,205
Less: accumulated depreciation and amortization	(5,412)		(4,922)
Total property and equipment, net	$	1,972	$	2,283

Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	September 30, 2022		December 31, 2021
Accrued compensation and related expenses	$	3,904	$	4,177
Accrued professional fees	1,000		569
Accrued research, development and manufacturing expenses	11,412		7,953
Other	137		154
Total accrued expenses	$	16,453	$	12,853

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 585
2023	2,386
2024	2,457
2025	2,531
2026	2,607
Thereafter	13,239
Total minimum payments required	23,805
Less imputed interest	(3,966)
Total	$ 19,839

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of 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):


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022	2021	2022	2021

Options to purchase common stock	3,871	3,717	3,953	3,655

Equity Incentive Plans - Narrative (Details) $ in Thousands					3 Months Ended	9 Months Ended
Equity Incentive Plans - Narrative (Details) $ in Thousands	Mar. 21, 2022 shares	Mar. 20, 2022 USD ($)	Jan. 01, 2022 shares	Jan. 01, 2018	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation cost \| $						$ 20,671	$ 11,369
CEO \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non cash share based compensation expense \| $		$ 3,200
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $					$ 100	$ 100
Weighted average period remaining for amortization of unrecognized compensation cost (in years)						1 month 17 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Award expiration period						10 years
Unrecognized compensation cost \| $					28,000	$ 28,000
Weighted average period remaining for amortization of unrecognized compensation cost (in years)						2 years 4 months 20 days
Stock Options \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award equivalent shares						1
Granted (in shares)						1,030,443
Unrecognized compensation cost \| $					20,200	$ 20,200
Weighted average period remaining for amortization of unrecognized compensation cost (in years)						1 year 5 months 26 days
RSUs \| CEO \| Interim President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						24 months
Granted (in shares)	887,043
Non-cash stock-based compensation cost \| $					$ 3,000	$ 6,200
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage				4.00%
Capital shares reserved for future issuance, increase (in shares)			1,105,890
Shares reserved for future award grants (in shares)					2,406,404	2,406,404
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future award grants (in shares)					1,507,549	1,507,549
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 percentage				1.00%
Capital shares reserved for future issuance, increase (in shares)			276,472
Initial offering period			6 months
Shares issued (in shares)					40,160	40,160

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Of the 500,000,000 shares of common stock authorized, 28,354,167 shares were issued and outstanding as of September 30, 2022. Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at September 30, 2022 are as follows:


Issued and Outstanding:
Stock options			3,711,635

Restricted stock units			1,030,443
Shares Reserved For:
2017 Equity Incentive Plan			2,406,404
2017 Employee Stock Purchase Plan			1,507,549
Total			8,656,031

- 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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2021 included in our Annual Report on Form 10-K.

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.

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.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022	2021	2022	2021

Options to purchase common stock	3,871	3,717	3,953	3,655

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (102,311)	$ (25,258)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	491	454
Stock-based compensation	20,671	11,369
Accretion/amortization of investments, net	(784)	393
Amortization of right-of-use assets – operating	1,238	1,251
Non-cash interest expense	16,857	0
Gain on disposal of property and equipment	0	(15)
Changes in operating assets and liabilities:
Receivables from collaborative partners	(304)	(761)
Prepaid expenses and other assets	(2,518)	(8,541)
Accounts payable and other liabilities	4,868	581
Operating lease liabilities	(1,116)	(92)
Net cash used in operating activities	(62,908)	(20,619)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(674,925)	(26,482)
Sales and maturities of investments	258,766	133,348
Proceeds from the sale of property and equipment	0	15
Purchases of property and equipment	(183)	(1,352)
Net cash (used in) provided by investing activities	(416,342)	105,529
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	8,408	962
Proceeds from the sale of future royalties	35,000	0
Repayment of liability for sale of future royalties	(1,050)	0
Payments for debt issuance costs	(290)	0
Net cash provided by financing activities	42,068	962
Net (decrease) increase in cash and cash equivalents	(437,182)	85,872
Cash, cash equivalents and restricted cash, beginning of period	495,729	250,516
Cash, cash equivalents and restricted cash, end of period	58,547	336,388
Non-cash investing and financing activities:
Amounts accrued for property and equipment	28	11
Amounts accrued for issuance costs related to the sale of future royalties	24	0
Receivable related to issuance of common stock, upon exercise of stock options	8	0
Leased assets obtained in exchange for operating lease liabilities	$ 0	$ 20,685

Sale of Future Royalties

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Sale of Future Royalties

JEMPERLI Royalty Monetization Agreement

In October 2021, we signed a royalty monetization agreement (“JEMPERLI Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the JEMPERLI Royalty Monetization Agreement, we received $250.0 million in exchange for royalties and milestones 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 JEMPERLI 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 JEMPERLI Royalty Monetization Agreement will expire resulting in us regaining all subsequent JEMPERLI royalties and milestones. As of September 30, 2022, Sagard has received a total of $1.1 million in royalties and milestones.

The JEMPERLI Royalty Monetization Agreement includes a call option pursuant to which at any time after December 1, 2024, 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) December 1, 2024 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 JEMPERLI Royalty Monetization Agreement.

We estimate the effective interest rate used to record non-cash interest expense under the JEMPERLI Royalty Monetization Agreement based on the estimate of future royalty payments to be received by Sagard. As of September 30, 2022, the estimated effective rate under the agreement was 9.1%. 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 our 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 JEMPERLI non-cash royalty revenue of approximately $0.3 million and $1.2 million for the three and nine months ended September 30, 2022, respectively, and non-cash interest expense of approximately $5.9 million and $16.7 million for the three and nine months ended September 30, 2022, respectively. 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 nine months ended September 30, 2022:


(in thousands)	September 30, 2022
Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2021	$	251,093

Issuance costs related to the sale of future royalties	(130)
Amortization of issuance costs	45
Royalty and milestone payments to Sagard	(1,050)
Non-cash interest expense recognized	16,658
Liability related to sale of future royalties and milestones - ending balance	$	266,616

Zejula Royalty Monetization Agreement

In October 2020, in connection with Amendment No. 3 to the GSK Agreement, GSK agreed, under the terms of a settlement agreement (the “GSK Settlement Agreement”), to pay us a royalty on all GSK net sales of Zejula starting January 1, 2021. Under the GSK Settlement Agreement, the royalty is paid at a rate of 1.0% but is subject to reduction due to royalties paid to third parties, with a minimum royalty payable under the GSK Settlement Agreement of 0.5% of global net sales of Zejula. The current effective royalty rate is 0.5%.

In September 2022, we signed a purchase and sale agreement (the “Zejula Royalty Monetization Agreement”) with a wholly-owned subsidiary of DRI Healthcare Trust (“DRI”) to monetize all of our future royalties on global net sales of Zejula under the GSK Settlement Agreement. Under the terms of the Zejula Royalty Monetization Agreement, we received $35.0 million in exchange for all royalties payable by GSK to us under the GSK Settlement Agreement on global net sales of Zejula starting in July 2022 (the “Purchased Royalty Interest”). In addition, under the Zejula Royalty Monetization Agreement, we are entitled to receive an additional $10.0 million payment from DRI if Zejula is approved by the U.S. Food and Drug Administration for the treatment of endometrial cancer on or prior to December 31, 2025.

The proceeds received from DRI of $35.0 million were recorded as a liability, net of transaction costs of $0.2 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty revenue will be recognized as earned on net sales of Zejula, and we will record the royalty payments to DRI as a reduction of the liability when paid. As such payments are made to DRI, the balance of the liability will be effectively repaid over the life of the Zejula Royalty Monetization Agreement.

We estimate the effective interest rate used to record non-cash interest expense under the Zejula Royalty Monetization Agreement based on the estimate of future royalty payments to be received by DRI. As of September 30, 2022, the estimated effective rate under the agreement was 7.6%. 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 DRI and the changes in our 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 Zejula non-cash royalty revenue of approximately $0.7 million for both the three and nine months ended September 30, 2022, and non-cash interest expense of approximately $0.2 million for both the three and nine months ended September 30, 2022. 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 nine months ended September 30, 2022:


(in thousands)	September 30, 2022
Liability related to sale of future Zejula royalties and milestones - balance at 12/31/2021	$	—
Proceeds from sale of future royalties	35,000
Issuance costs related to the sale of future royalties	(184)
Amortization of issuance costs	1

Non-cash interest expense recognized	153
Liability related to sale of future royalties and milestones - ending balance	$	34,970

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2021 included in our Annual Report on Form 10-K.
Basis of Consolidation	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	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.
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.

Sale of Future Royalties - Narratives (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jan. 01, 2021
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalty and milestone payments to Sagard					$ 1,050,000	$ 0
Liability related to sale of future royalties	$ 301,586,000		$ 301,586,000		301,586,000		$ 251,093,000
Non-cash interest expense for the sale of future royalties			$ 6,135,000	$ 0	16,857,000	$ 0
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalty and milestone payments to Sagard					1,050,000
Issuance costs related to the sale of future royalties		$ 400,000			$ 130,000
Effective interest rate	9.10%		9.10%		9.10%
JEMPERLI Royalty Monetization 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
Royalty and milestone payments to Sagard					$ 1,100,000
Liability related to sale of future royalties		250,000,000
JEMPERLI Royalty Monetization 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 percentage		125.00%
Internal rate of return percentage		9.00%
JEMPERLI Royalty Monetization 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 percentage		135.00%
Internal rate of return percentage		10.00%
JEMPERLI Royalty Monetization 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 percentage		165.00%
Internal rate of return percentage		10.00%
JEMPERLI Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Noncash advance future royalties revenue			$ 300,000		1,200,000
Non-cash interest expense for the sale of future royalties			$ 5,900,000		16,700,000
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties					35,000,000
Issuance costs related to the sale of future royalties	$ 200,000				$ 184,000
Effective interest rate	7.60%		7.60%		7.60%
Zejula Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Noncash advance future royalties revenue			$ 700,000		$ 700,000
Non-cash interest expense for the sale of future royalties			$ 200,000		$ 200,000
Payment rate								1.00%
Settlement agreement rate								0.50%
Effective royalty rate	0.50%		0.50%		0.50%
Zejula Royalty Monetization Agreement \| DRI Healthcare Trust
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties	$ 35,000,000
Royalties and milestones, agreement amount to be received	10,000,000
Liability related to sale of future royalties	$ 35,000,000		$ 35,000,000		$ 35,000,000

Consolidated Statement of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020		27,356,000
Stockholders' equity, beginning 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)		11,000
Shares issued under employee stock plans	167		167
Stock-based compensation	3,315		3,315
Comprehensive loss, net	(107)			(107)
Net loss	(18,163)				(18,163)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2021		27,367,000
Stockholders' equity, ending balance at Mar. 31, 2021	381,943	$ 27	664,147	(111)	(282,120)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020		27,356,000
Stockholders' equity, beginning balance at Dec. 31, 2020	396,731	$ 27	660,665	(4)	(263,957)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(25,258)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2021		27,454,000
Stockholders' equity, ending balance at Sep. 30, 2021	383,608	$ 27	672,996	(200)	(289,215)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2021		27,367,000
Stockholders' equity, beginning balance at Mar. 31, 2021	381,943	$ 27	664,147	(111)	(282,120)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)		66,000
Shares issued under employee stock plans	592		592
Stock-based compensation	3,690		3,690
Comprehensive loss, net	(65)			(65)
Net loss	(429)				(429)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2021		27,433,000
Stockholders' equity, ending balance at Jun. 30, 2021	385,731	$ 27	668,429	(176)	(282,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)		21,000
Shares issued under employee stock plans	203		203
Stock-based compensation	4,364		4,364
Comprehensive loss, net	(24)			(24)
Net loss	(6,666)				(6,666)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2021		27,454,000
Stockholders' equity, ending balance at Sep. 30, 2021	383,608	$ 27	672,996	(200)	(289,215)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021		27,647,000
Stockholders' equity, beginning balance at Dec. 31, 2021	356,428	$ 28	678,575	(422)	(321,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		531,000
Issuance of common stock from exercises of options and employee stock purchase plan	4,844		4,844
Stock-based compensation	7,742		7,742
Comprehensive loss, net	(2,012)			(2,012)
Net loss	(36,255)				(36,255)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2022		28,178,000
Stockholders' equity, ending balance at Mar. 31, 2022	330,747	$ 28	691,161	(2,434)	(358,008)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021		27,647,000
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 356,428	$ 28	678,575	(422)	(321,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)	685,970
Net loss	$ (102,311)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2022		28,354,000
Stockholders' equity, ending balance at Sep. 30, 2022	277,619	$ 28	707,662	(6,007)	(424,064)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2022		28,178,000
Stockholders' equity, beginning balance at Mar. 31, 2022	330,747	$ 28	691,161	(2,434)	(358,008)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		53,000
Issuance of common stock from exercises of options and employee stock purchase plan	882		882
Stock-based compensation	6,658		6,658
Comprehensive loss, net	(1,427)			(1,427)
Net loss	(32,554)				(32,554)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2022		28,231,000
Stockholders' equity, ending balance at Jun. 30, 2022	304,306	$ 28	698,701	(3,861)	(390,562)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans (in shares)		123,000
Shares issued under employee stock plans	2,690		2,690
Stock-based compensation	6,271		6,271
Comprehensive loss, net	(2,146)			(2,146)
Net loss	(33,502)				(33,502)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2022		28,354,000
Stockholders' equity, ending balance at Sep. 30, 2022	$ 277,619	$ 28	$ 707,662	$ (6,007)	$ (424,064)

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 537,730	$ 119,680
Gross Unrealized Gains	5	2
Gross Unrealized Losses	(5,805)	(217)
Total Fair Value	531,930	119,465
Short-term investments	384,419	52,368
Long-term investments	147,511	67,097
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,174	5,821
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(955)	(7)
Total Fair Value	59,223	5,814
Short-term investments	40,300	1,000
Long-term investments	$ 18,900	$ 4,800
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	$ 2,920	$ 3,770
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(75)	(4)
Total Fair Value	2,845	3,766
Short-term investments	2,100	1,300
Long-term investments	$ 700	$ 2,500
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	$ 56,140	$ 22,094
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(1,052)	(42)
Total Fair Value	55,088	22,054
Short-term investments	30,700	4,800
Long-term investments	$ 24,400	$ 17,300
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	$ 418,496	$ 87,995
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(3,723)	(164)
Total Fair Value	414,774	87,831
Short-term investments	311,300	45,300
Long-term investments	$ 103,500	$ 42,500
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 - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	$ 531,930	$ 119,465
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	414,774	87,831
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	2,845	3,766
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	59,223	5,814
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	55,088	22,054
Recurring \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	414,774	87,831
Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	2,845	3,766
Recurring \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	59,223	5,814
Recurring \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	55,088	22,054
Recurring \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	46,030	445,647
Recurring \| Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	12,610	50,326
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]
Available-for-sale securities, debt securities	414,774	87,831
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]
Available-for-sale securities, debt securities	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]
Available-for-sale securities, debt securities	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]
Available-for-sale securities, debt securities	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	46,030	445,647
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	12,610	50,326
Recurring \| Significant Other Observable Inputs (Level 2) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	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]
Available-for-sale securities, debt securities	2,845	3,766
Recurring \| Significant Other Observable Inputs (Level 2) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	59,223	5,814
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	55,088	22,054
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]
Available-for-sale securities, debt securities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	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]
Available-for-sale securities, debt securities	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

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($) $ in Thousands	3 Months Ended															9 Months Ended
	Sep. 30, 2022	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	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Collaboration revenue	$ 1,293	$ 20,890														$ 3,479	$ 62,164
GSK
Disaggregation of Revenue [Line Items]
Collaboration revenue	$ 1,300	20,900														3,500	$ 62,200
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Initiated in vivo toxicology studies using good laboratory practices (GLPs)
Disaggregation of Revenue [Line Items]
Collaboration revenue															$ 1,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| IND clearance from the FDA
Disaggregation of Revenue [Line Items]
Collaboration revenue													$ 4,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Phase 2 clinical trial initiation
Disaggregation of Revenue [Line Items]
Collaboration revenue										$ 3,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Phase 3 clinical trial initiation - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue								$ 5,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Phase 3 clinical trial initiation - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue							$ 5,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Filing of the first BLA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 10,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Filing of the first MAA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 5,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Filing of the first BLA - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 10,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First BLA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue			$ 20,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First MAA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue			$ 10,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First BLA approval - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue		$ 20,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Filing of the first MAA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First MAA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| First commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																15,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Second commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																25,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Third commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																50,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Fourth commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																75,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Milestones recognized through September 30, 2022
Disaggregation of Revenue [Line Items]
Collaboration revenue																93,000
GSK \| Anti-PD-1 (JEMPERLI/Dostarlimab) \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																180,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Initiated in vivo toxicology studies using good laboratory practices (GLPs)
Disaggregation of Revenue [Line Items]
Collaboration revenue														$ 1,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| IND clearance from the FDA
Disaggregation of Revenue [Line Items]
Collaboration revenue												$ 4,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Phase 2 clinical trial initiation
Disaggregation of Revenue [Line Items]
Collaboration revenue									$ 3,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Phase 3 clinical trial initiation - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Phase 3 clinical trial initiation - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Filing of the first BLA - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Filing of the first MAA - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Filing of the first BLA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| First BLA approval - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																20,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| First MAA approval - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| First BLA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																20,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Filing of the first MAA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| First MAA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| First commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																15,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Second commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																25,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Third commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																50,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Fourth commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																75,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Milestones recognized through September 30, 2022
Disaggregation of Revenue [Line Items]
Collaboration revenue																8,000
GSK \| Anti-TIM-3 (GSK4069889A/Cobolimab) \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																265,000
GSK \| Anti-LAG-3 (GSK40974386) \| Initiated in vivo toxicology studies using good laboratory practices (GLPs)
Disaggregation of Revenue [Line Items]
Collaboration revenue											$ 1,000
GSK \| Anti-LAG-3 (GSK40974386) \| IND clearance from the FDA
Disaggregation of Revenue [Line Items]
Collaboration revenue										$ 4,000
GSK \| Anti-LAG-3 (GSK40974386) \| Phase 2 clinical trial initiation
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 3,000
GSK \| Anti-LAG-3 (GSK40974386) \| Phase 3 clinical trial initiation - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-LAG-3 (GSK40974386) \| Phase 3 clinical trial initiation - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-LAG-3 (GSK40974386) \| Filing of the first BLA - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-LAG-3 (GSK40974386) \| Filing of the first MAA - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-LAG-3 (GSK40974386) \| Filing of the first BLA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-LAG-3 (GSK40974386) \| First BLA approval - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																20,000
GSK \| Anti-LAG-3 (GSK40974386) \| First MAA approval - first indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-LAG-3 (GSK40974386) \| First BLA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																20,000
GSK \| Anti-LAG-3 (GSK40974386) \| Filing of the first MAA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																5,000
GSK \| Anti-LAG-3 (GSK40974386) \| First MAA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																10,000
GSK \| Anti-LAG-3 (GSK40974386) \| First commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																15,000
GSK \| Anti-LAG-3 (GSK40974386) \| Second commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																25,000
GSK \| Anti-LAG-3 (GSK40974386) \| Third commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																50,000
GSK \| Anti-LAG-3 (GSK40974386) \| Fourth commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																75,000
GSK \| Anti-LAG-3 (GSK40974386) \| Milestones recognized through September 30, 2022
Disaggregation of Revenue [Line Items]
Collaboration revenue																8,000
GSK \| Anti-LAG-3 (GSK40974386) \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future																$ 265,000