0001370053-23-000040 | 10-Q | XBRL Viewer

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Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,725	$ 7,665
Less: accumulated depreciation and amortization	(5,743)	(5,576)
Total property and equipment, net	1,982	2,089
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,916	5,869
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,606	1,593
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 203	$ 203

Consolidated Statement of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021		27,647
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
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 gain, net	(2,012)			(2,012)
Net loss	(36,255)				(36,255)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2022		28,178
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, 2022		28,513
Stockholders' equity, beginning balance at Dec. 31, 2022	262,103	$ 29	717,797	(5,246)	(450,477)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		55
Issuance of common stock from exercises of options and employee stock purchase plan	1,222		1,222
Issuance of common stock upon vesting of restricted stock units (in shares)		39
Repurchases and retirements of common stock (in shares)		(1,589)
Repurchases and retirements of common stock	(38,816)	$ (2)	(38,814)
Stock-based compensation	8,860		8,860
Comprehensive gain, net	1,979			1,979
Net loss	(44,255)				(44,255)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023		27,018
Stockholders' equity, ending balance at Mar. 31, 2023	$ 191,093	$ 27	$ 689,065	$ (3,267)	$ (494,732)

Equity Incentive Plans - Summary of Weighted Average Assumptions used to Estimate Fair Value (Details) - Stock Options - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.70%	2.00%
Expected volatility	86.50%	88.50%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	5 years 7 months 24 days	6 years 2 months 4 days
Weighted average grant date fair value per share (in dollars per share)	$ 16.88	$ 22.63

Fair Value Measurements and Available for Sale Investments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
Money market funds(1)	$	78,767	$	78,767	$	—	$	—
Mutual funds(1)	12,585		12,585		—		—
U.S. Treasury securities(2)	301,699		301,699		—		—
Certificates of deposit(2)	2,149		—		2,149		—
Agency securities(2)	69,806		—		69,806		—
Commercial and corporate obligations(2)	57,864		—		57,864		—

At December 31, 2022
Money market funds(1)	$	29,702	$	29,702	$	—	$	—
Mutual funds(1)	41,812		41,812		—		—
U.S. Treasury securities(2)	374,527		374,527		—		—
Certificates of deposit(2)	2,856		—		2,856		—
Agency securities(2)	74,602		—		74,602		—
Commercial and corporate obligations(2)	60,883		—		60,883		—

(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 March 31, 2023 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	70,413	$	3	$	(610)	$	69,806

Certificates of deposit(2)	2,190		—		(41)		2,149
Commercial and corporate obligations(3)	58,416		3		(555)		57,864
U.S. Treasury securities(4)	303,559		72		(1,932)		301,699
Total available for sale investments	$	434,578	$	78	$	(3,138)	$	431,518

(1) Of our outstanding agency securities, $62.8 million have maturity dates of less than one year and $7.0 million have maturity dates between one to two years as of March 31, 2023.

(2) Of our outstanding certificates of deposit, $1.9 million have maturity dates of less than one year and $0.2 million have a maturity date of between one to two years as of March 31, 2023.

(3) Of our outstanding commercial and corporate obligations, $48.0 million have maturity dates of less than one year and $9.9 million have a maturity date of between one to two years as of March 31, 2023.

(4) Of our outstanding U.S. Treasury securities, $223.9 million have maturity dates of less than one year and $77.8 million have a maturity date of between one to two years as of March 31, 2023.

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, 2022 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	75,504	$	11	$	(913)	$	74,602
Certificates of deposit(2)	2,915		—		(59)		2,856
Commercial and corporate obligations(3)	61,791		8		(916)		60,883
US Treasury securities(4)	377,697		19		(3,189)		374,527
Total available for sale investments	$	517,907	$	38	$	(5,077)	$	512,868

(1) Of our outstanding agency securities, $57.1 million have maturity dates of less than one year and $17.5 million have a maturity date of between one to two years as of December 31, 2022.

(2) Of our outstanding certificates of deposit, $2.6 million have a maturity date of less than one year and $0.3 million have a maturity date of between one to two years as of December 31, 2022.

(3) Of our outstanding commercial and corporate obligations, $44.0 million have maturity dates of less than one year and $16.9 million have a maturity date of between one to two years as of December 31, 2022.

(4) Of our outstanding U.S. Treasury securities, $266.2 million have maturity dates of less than one year and $108.3 million have a maturity date of between one to two years as of December 31, 2022.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	March 31, 2023
	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	$	44,522	$	(275)	$	20,199	$	(335)	$	64,721	$	(610)
Commercial and corporate obligations	31,505		(314)		25,367		(241)		56,872		(555)
Certificates of deposit	484		(10)		1,665		(31)		2,149		(41)
US Treasury Securities	139,861		(1,006)		63,721		(926)		203,582		(1,932)
Total	$	216,372	$	(1,605)	$	110,952	$	(1,533)	$	327,324	$	(3,138)


	December 31, 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	$	61,117	$	(843)	$	3,437	$	(70)	$	64,554	$	(913)
Certificates of Deposit	481		(10)		2,375		(49)		2,856		(59)
Commercial and corporate obligations	44,213		(624)		14,778		(292)		58,991		(916)
US Treasury Securities	298,575		(2,667)		41,937		(522)		340,513		(3,189)
Total	$	404,386	$	(4,144)	$	62,527	$	(933)	$	466,914	$	(5,077)

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Repurchase Activity

The following table presents the repurchase activity through March 31, 2023:


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)
First Quarter 2023	1,589,424	$	24.19	$	38,456

The following table presents the repurchase activity subsequent to March 31, 2023 and through May 5, 2023.


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)

Second Quarter 2023	534,790	$	21.59	$	11,544

Collaborative Research and Development Agreements - Narrative (Details)		1 Months Ended		3 Months Ended
	Oct. 23, 2020 USD ($)	Nov. 30, 2014 USD ($)	Mar. 31, 2014 USD ($) target	Mar. 31, 2023 USD ($) milestone	Mar. 31, 2022 USD ($) milestone	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 1,374,000	$ 970,000
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.
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				$ 1,400,000	$ 1,000,000
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 that may be recognized in the future				1,100,000,000
GSK \| JEMPERLI Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue				600,000	300,000
GSK \| Zejula Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue				800,000	700,000
Noncash advance future royalties revenue				$ 800,000	$ 0

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Sep. 30, 2022	Oct. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Non-cash interest expense for the sale of future royalties			$ 4,336	$ 4,854
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance			269,540
Issuance costs related to the sale of future royalties		$ (400)	37
Amortization of issuance costs			9
Royalty and milestone payments to DRI			(528)
Non-cash interest expense for the sale of future royalties			3,953	$ 4,900
Ending balance			273,011
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance			34,873
Issuance costs related to the sale of future royalties	$ (200)
Amortization of issuance costs			7
Royalty and milestone payments to DRI			(742)
Non-cash interest expense for the sale of future royalties			367
Ending balance			$ 34,505

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Schedule of Repurchase Activity

The following table presents the repurchase activity through March 31, 2023:


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)
First Quarter 2023	1,589,424	$	24.19	$	38,456

The following table presents the repurchase activity subsequent to March 31, 2023 and through May 5, 2023.


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)

Second Quarter 2023	534,790	$	21.59	$	11,544

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Thousands	May 04, 2020 ft² $ / ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 17,471	$ 17,898
Lease liability		$ 19,059
Weighted-average discount rate		4.00%
Weighted average remaining lease term		8 years 4 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

Balance Sheet Accounts and Supplemental Disclosures - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 3,077	$ 5,379
Accrued professional fees	620	607
Accrued research, development and manufacturing expenses	25,768	15,351
Amounts accrued for repurchases of common stock	1,290	0
Other	201	296
Total accrued expenses	$ 30,956	$ 21,633

Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Shares Subject to Options
Stock options outstanding, beginning balance (in shares)	3,673,208
Granted (in shares)	1,091,455
Exercises (in shares)	(55,158)
Forfeitures and cancellations (in shares)	(424,238)
Stock options outstanding, ending balance (in shares)	4,285,267	3,673,208
Shares subject to options, exercisable, ending balance (in shares)	2,000,802
Weighted-Average Exercise Price per Share
Stock options outstanding, beginning balance (in dollars per share)	$ 32.04
Granted (in dollars per share)	23.25
Exercises (in dollars per share)	22.16
Forfeitures and cancellations (in dollars per share)	27.87
Stock options outstanding, ending balance (in dollars per share)	30.34	$ 32.04
Weighted-average exercise price per share, Stock options exercisable, ending balance (in dollars per share)	$ 36.07
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding (in years)	7 years 5 months 1 day	6 years 3 months 10 days
Weighted average remaining contractual term, options exercisable (in years)	5 years 5 months 1 day
Aggregate intrinsic value, options outstanding	$ 5,390	$ 18,686
Aggregate intrinsic value, options exercisable	$ 4,553

Fair Value Measurements and Available for Sale Investments - Narratives (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Unrealized losses on available-for-sale	$ 3,138,000	$ 5,077,000
Unrealized losses on available for sale investments in unrealized loss position for greater than 12 months	1,533,000	$ 933,000
Allowance for credit losses	$ 0

Balance Sheet Accounts and Supplemental Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, net

Property and equipment, net consist of the following:


(in thousands)	March 31, 2023		December 31, 2022
Laboratory equipment	$	5,916	$	5,869
Office furniture and equipment	1,606		1,593
Leasehold improvements	203		203
Property and equipment, gross	7,725		7,665
Less: accumulated depreciation and amortization	(5,743)		(5,576)
Total property and equipment, net	$	1,982	$	2,089

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	March 31, 2023		December 31, 2022
Accrued compensation and related expenses	$	3,077	$	5,379
Accrued professional fees	620		607
Accrued research, development and manufacturing expenses	25,768		15,351
Accrued for repurchases of common stock	1,290		—
Other	201		296
Total accrued expenses	$	30,956	$	21,633

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 94,562	$ 71,308
Receivables from collaborative partners	1,523	1,419
Short-term investments	336,589	369,933
Prepaid expenses and other current assets	4,480	4,545
Total current assets	437,154	447,205
Property and equipment, net	1,982	2,089
Operating lease right-of-use assets	17,471	17,898
Long-term investments	94,929	142,935
Other long-term assets	256	256
Total assets	551,792	610,383
Current liabilities:
Accounts payable	3,168	2,784
Accrued expenses	30,956	21,633
Current portion of operating lease liability	1,671	1,637
Total current liabilities	35,795	26,054
Liability related to sale of future royalties	307,516	304,413
Operating lease liability, net of current portion	17,388	17,813
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 27,018 shares and 28,513 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	27	29
Additional paid in capital	689,065	717,797
Accumulated other comprehensive loss	(3,267)	(5,246)
Accumulated deficit	(494,732)	(450,477)
Total stockholders’ equity	191,093	262,103
Total liabilities and stockholders’ equity	$ 551,792	$ 610,383

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	4,982	4,003
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	4,555	3,989
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	427	14

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (44,255)	$ (36,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	166	162
Stock-based compensation	8,860	7,742
Accretion/amortization of investments, net	(2,191)	161
Amortization of right-of-use assets – operating	427	411
Non-cash interest expense for the sale of future royalties	4,336	4,854
Changes in operating assets and liabilities:
Receivables from collaborative partners	(104)	(45)
Prepaid expenses and other assets	51	(1,221)
Accounts payable and other liabilities	8,533	3,536
Operating lease liabilities	(391)	(359)
Net cash used in operating activities	(24,568)	(21,014)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(48,555)	(322,477)
Sales and maturities of investments	134,126	9,620
Purchases of property and equipment	(175)	(55)
Net cash provided by (used in) investing activities	85,396	(312,912)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	1,265	4,844
Repurchase and retirements of common stock	(37,526)	0
Repayment of liability for sale of future royalties	(1,270)	(233)
Payments for debt issuance costs	(43)	(2)
Net cash (used in) provided by financing activities	(37,574)	4,609
Net increase (decrease) in cash and cash equivalents	23,254	(329,317)
Cash, cash equivalents and restricted cash, beginning of period	71,308	495,729
Cash, cash equivalents and restricted cash, end of period	94,562	166,412
Non-cash investing and financing activities:
Amounts accrued for property and equipment	38	19
Amounts accrued for issuance costs related to the sale of future royalties	0	128
Amounts accrued for repurchases of common stock	1,290	0
Receivable related to issuance of common stock, upon exercise of stock options	$ (43)	$ 0

Collaborative Research and Development Agreements

3 Months Ended

Mar. 31, 2023

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 for various solid tumor indications. In addition, GSK is developing dostarlimab in combination with additional therapies under the collaboration, including with two other development programs from the GSK Agreement: cobolimab, an anti-TIM-3 antibody, and GSK40974386, an anti-LAG 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 March 31, 2023, 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 recognized $1.4 million in royalty revenue during the three months ended March 31, 2023 related to GSK’s net sales of Zejula and JEMPERLI during the period which we estimate based on GSK’s prior sales experience. Of the royalty revenue recognized during the three months ended March 31, 2023, $0.6 million is JEMPERLI non-cash revenue related to the JEMPERLI Royalty Monetization Agreement and $0.8 million is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement, each of such agreements as described in Note 5. We recognized $1.0 million in royalty revenue during the three months ended March 31, 2022, related to GSK’s net sales of Zejula and JEMPERLI during the period based on GSK’s prior sales experience. Of the royalty revenue recognized, $0.3 million is JEMPERLI non-cash revenue related to the JEMPERLI Royalty Monetization Agreement and $0.7 million is Zejula revenue prior to the Zejula Royalty Monetization Agreement. 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. All royalty revenue related to Zejula global net sales starting July 2022 are paid directly to a wholly owned subsidiary of DRI Healthcare Trust pursuant to the Zejula Royalty Monetization Agreement, as described in Note 5.

No clinical milestones were recognized during the three months ended March 31, 2023 and 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

Q4'22

$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 March 31, 2023

$93.0M

—

$13.0M

—

$8.0M

—

Milestones that may be recognized in the future

$180.0M

—

$260.0M

—

$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

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.

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Mar. 31, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000		500,000,000
Common stock, shares issued (in shares)	27,018,197		28,513,000
Common stock, shares outstanding (in shares)	27,018,197		28,513,000
Authorized repurchase amount		$ 50,000,000
stock repurchase plan, common stock par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Remaining available for future share repurchases	$ 11,500,000
Open Market Sales Agreement
Class of Stock [Line Items]
Aggregate offering of (up to)				$ 150,000,000
Shares sold (in shares)	0

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 09, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		26,487,240
Entity Central Index Key	0001370053
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 1,801
2024	2,457
2025	2,531
2026	2,607
2027	2,685
Thereafter	10,554
Total minimum payments required	22,635
Less imputed interest	(3,576)
Total	$ 19,059

Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Stock Repurchase Program

In May 2023, we completed the Repurchase Program.

The following table presents the repurchase activity subsequent to March 31, 2023 and through May 5, 2023.


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)

Second Quarter 2023	534,790	$	21.59	$	11,544

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
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 three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2022 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. 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.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	27,018,197	28,513,000
Common stock, shares outstanding (in shares)	27,018,197	28,513,000

Fair Value Measurements and Available for Sale Investments

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
Money market funds(1)	$	78,767	$	78,767	$	—	$	—
Mutual funds(1)	12,585		12,585		—		—
U.S. Treasury securities(2)	301,699		301,699		—		—
Certificates of deposit(2)	2,149		—		2,149		—
Agency securities(2)	69,806		—		69,806		—
Commercial and corporate obligations(2)	57,864		—		57,864		—

At December 31, 2022
Money market funds(1)	$	29,702	$	29,702	$	—	$	—
Mutual funds(1)	41,812		41,812		—		—
U.S. Treasury securities(2)	374,527		374,527		—		—
Certificates of deposit(2)	2,856		—		2,856		—
Agency securities(2)	74,602		—		74,602		—
Commercial and corporate obligations(2)	60,883		—		60,883		—

(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 March 31, 2023 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	70,413	$	3	$	(610)	$	69,806

Certificates of deposit(2)	2,190		—		(41)		2,149
Commercial and corporate obligations(3)	58,416		3		(555)		57,864
U.S. Treasury securities(4)	303,559		72		(1,932)		301,699
Total available for sale investments	$	434,578	$	78	$	(3,138)	$	431,518

(1) Of our outstanding agency securities, $62.8 million have maturity dates of less than one year and $7.0 million have maturity dates between one to two years as of March 31, 2023.

(2) Of our outstanding certificates of deposit, $1.9 million have maturity dates of less than one year and $0.2 million have a maturity date of between one to two years as of March 31, 2023.

(4) Of our outstanding U.S. Treasury securities, $223.9 million have maturity dates of less than one year and $77.8 million have a maturity date of between one to two years as of March 31, 2023.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	75,504	$	11	$	(913)	$	74,602
Certificates of deposit(2)	2,915		—		(59)		2,856
Commercial and corporate obligations(3)	61,791		8		(916)		60,883
US Treasury securities(4)	377,697		19		(3,189)		374,527
Total available for sale investments	$	517,907	$	38	$	(5,077)	$	512,868

(1) Of our outstanding agency securities, $57.1 million have maturity dates of less than one year and $17.5 million have a maturity date of between one to two years as of December 31, 2022.

(2) Of our outstanding certificates of deposit, $2.6 million have a maturity date of less than one year and $0.3 million have a maturity date of between one to two years as of December 31, 2022.

(4) Of our outstanding U.S. Treasury securities, $266.2 million have maturity dates of less than one year and $108.3 million have a maturity date of between one to two years as of December 31, 2022.


	March 31, 2023
	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	$	44,522	$	(275)	$	20,199	$	(335)	$	64,721	$	(610)
Commercial and corporate obligations	31,505		(314)		25,367		(241)		56,872		(555)
Certificates of deposit	484		(10)		1,665		(31)		2,149		(41)
US Treasury Securities	139,861		(1,006)		63,721		(926)		203,582		(1,932)
Total	$	216,372	$	(1,605)	$	110,952	$	(1,533)	$	327,324	$	(3,138)


	December 31, 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	$	61,117	$	(843)	$	3,437	$	(70)	$	64,554	$	(913)
Certificates of Deposit	481		(10)		2,375		(49)		2,856		(59)
Commercial and corporate obligations	44,213		(624)		14,778		(292)		58,991		(916)
US Treasury Securities	298,575		(2,667)		41,937		(522)		340,513		(3,189)
Total	$	404,386	$	(4,144)	$	62,527	$	(933)	$	466,914	$	(5,077)

As of March 31, 2023 and December 31, 2022, unrealized losses on available-for-sale investments were $3.1 million and $5.1 million, respectively, with unrealized losses of $1.5 million, on available for sale investments that were in an unrealized loss position for greater than 12 months as of March 31, 2023. 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 was 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

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

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 was initially $4.20 per rentable square foot and is 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 March 31, 2023, 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 the lease commencement date 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 8.4 years.

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


		Three Months Ended March 31,
Leases	Classification on the Cash Flow	2023		2022
Operating lease cost	Operating	$	619	$	619
Cash paid for amounts included in the measurement of lease liabilities	Operating	585		568

At March 31, 2023, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2023	$	1,801
2024	2,457
2025	2,531
2026	2,607
2027	2,685
Thereafter	10,554
Total minimum payments required	22,635
Less imputed interest	(3,576)
Total	$	19,059

Equity Incentive Plans - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 8,860	$ 7,742
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	2,770	1,656
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 6,090	$ 6,086

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	$ 216,372	$ 404,386
Less than 12 months, Gross unrealized losses	(1,605)	(4,144)
12 months or greater, Fair value	110,952	62,527
12 months or greater, Gross unrealized losses	(1,533)	(933)
Fair Value	327,324	466,914
Gross Unrealized Losses	(3,138)	(5,077)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	44,522	61,117
Less than 12 months, Gross unrealized losses	(275)	(843)
12 months or greater, Fair value	20,199	3,437
12 months or greater, Gross unrealized losses	(335)	(70)
Fair Value	64,721	64,554
Gross Unrealized Losses	(610)	(913)
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	31,505	44,213
Less than 12 months, Gross unrealized losses	(314)	(624)
12 months or greater, Fair value	25,367	14,778
12 months or greater, Gross unrealized losses	(241)	(292)
Fair Value	56,872	58,991
Gross Unrealized Losses	(555)	(916)
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	484	481
Less than 12 months, Gross unrealized losses	(10)	(10)
12 months or greater, Fair value	1,665	2,375
12 months or greater, Gross unrealized losses	(31)	(49)
Fair Value	2,149	2,856
Gross Unrealized Losses	(41)	(59)
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	139,861	298,575
Less than 12 months, Gross unrealized losses	(1,006)	(2,667)
12 months or greater, Fair value	63,721	41,937
12 months or greater, Gross unrealized losses	(926)	(522)
Fair Value	203,582	340,513
Gross Unrealized Losses	$ (1,932)	$ (3,189)

Description of the Business	3 Months Ended
Description of the Business	Mar. 31, 2023
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 modulating antibodies, including two wholly owned checkpoint agonists in clinical-stage development, for autoimmune and inflammatory disease: rosnilimab, our PD-1 agonist, previously referred to as ANB030, in a planned Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (“RA”); and ANB032, our BTLA agonist, currently in a Phase 2b trial for the treatment of moderate-to-severe atopic dermatitis (“AD”). We also have other preclinical immune cell modulator candidates in our portfolio, including ANB033, an anti-CD122 antagonist antibody for the treatment of autoimmune and inflammatory diseases. In addition, we have developed two cytokine antagonists that we are exploring options for out-licensing: imsidolimab, our anti-IL-36R antibody, in a Phase 3 trial for the treatment of generalized pustular psoriasis (“GPP”), and etokimab, our anti-IL-33 antagonist that is Phase 2/3 ready. We have also discovered multiple therapeutic antibodies licensed to GlaxoSmithKline, Inc. (“GSK”) in a financial collaboration for immune-oncology, 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 recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK. 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.

Equity Incentive Plans - Narrative (Details) $ in Thousands				1 Months Ended	3 Months Ended
Equity Incentive Plans - Narrative (Details) $ in Thousands	Mar. 21, 2022 shares	Mar. 20, 2022 USD ($)	Jan. 01, 2018	Jan. 31, 2023 shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised \| $					$ 1,300
Non-cash stock-based compensation cost \| $					8,860	$ 7,742
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
Weighted average period remaining for amortization of unrecognized compensation cost (in years)					1 month 13 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 \| $					$ 39,200
Weighted average period remaining for amortization of unrecognized compensation cost (in years)					2 years 9 months 25 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) \| shares					394,825
Unrecognized compensation cost \| $					$ 21,700
Weighted average period remaining for amortization of unrecognized compensation cost (in years)					1 year 8 months 19 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) \| shares	887,043
Non-cash stock-based compensation cost \| $					$ 2,900	$ 300
Equity Incentive Plan, 2017
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) \| shares				1,140,527
Shares reserved for future award grants (in shares) \| shares					2,392,572
Employee Stock Purchase Plan, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future award grants (in shares) \| shares					1,782,873
Employee Stock Purchase Plan, 2017 \| 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) \| shares				285,131
Shares issued (in shares) \| shares					49,967

Equity Incentive Plans

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2017 Equity Incentive Plan

In January 2017, our board of directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 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 1,140,527 shares as of January 1, 2023. As of March 31, 2023, 2,392,572 shares were available for future issuance.

Employee Stock Purchase Plan

In January 2017, our board of directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan or the ESPP. 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 285,131 shares as of January 1, 2023. As of March 31, 2023, 49,967 shares have been issued under the ESPP. As of March 31, 2023, 1,782,873 shares were available for future issuance 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 three months ended March 31, 2023 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, 2023	3,673,208	$	32.04	6.28	$	18,686
Granted	1,091,455	$	23.25
Exercises	(55,158)	$	22.16
Forfeitures and cancellations	(424,238)	$	27.87
Outstanding at March 31, 2023	4,285,267	$	30.34	7.42	$	5,390
Exercisable at March 31, 2023	2,000,802	$	36.07	5.42	$	4,553

Total cash received from the exercise of stock options was approximately $1.3 million during the three months ended March 31, 2023.

Time-based Restricted Stock Units

Each Restricted Stock Unit (“RSU”) 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 Restricted Stock Units	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	1,028,843	$	26.14	1.17	$	31,884
Granted	394,825	$	23.24
Released	(39,300)	$	24.10
Forfeitures and cancellations	(16,845)	$	23.50
Outstanding at March 31, 2023	1,367,523	$	25.39	1.31	$	29,757
RSU expected to vest at March 31, 2023	1,367,523	$	25.39	1.31	$	29,757

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:


	Three Months Ended March 31,

	2023			2022
Risk-free interest rate		3.7	%		2.0	%
Expected volatility		86.5	%		88.5	%
Expected dividend yield		—	%		—	%
Expected term (in years)		5.65			6.18
Weighted-average grant date fair value per share	$	16.88		$	22.63

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 historical option term for 2023 and the simplified life method for 2022, 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 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 March 31,
(in thousands)		2023		2022
Research and development		$	2,770	$	1,656
General and administrative		6,090		6,086
Total		$	8,860	$	7,742

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 months ended March 31, 2023 and 2022, we recognized $2.9 million and $0.3 million, respectively, of non-cash stock-based compensation cost related to the award.

At March 31, 2023, there was $39.2 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.82 years, $21.7 million of unrecognized cost related to unvested RSU awards, which is expected to be recognized over a period of 1.72 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 0.12 years.

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Subsequent Events - Schedule Of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 05, 2023	Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Total number of shares purchased (in shares)		1,589,424
Average price paid per share (in dollar per share)		$ 24.19
Approximate dollar value of shares purchased (in dollar per share)		$ 38,456
Subsequent event
Equity, Class of Treasury Stock [Line Items]
Total number of shares purchased (in shares)	534,790
Average price paid per share (in dollar per share)	$ 21.59
Approximate dollar value of shares purchased (in dollar per share)	$ 11,544

Stockholders' Equity - Schedule Of Stock Repurchase Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Equity [Abstract]
Total number of shares purchased (in shares) \| shares	1,589,424
Average price paid per share (in dollar per share) \| $ / shares	$ 24.19
Approximate dollar value of shares purchased (in dollar per share) \| $	$ 38,456

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Collaboration revenue	$ 1,374	$ 970
Operating expenses:
Research and development	34,957	22,516
General and administrative	10,818	10,203
Total operating expenses	45,775	32,719
Loss from operations	(44,401)	(31,749)
Other income (expense), net:
Interest income	4,486	342
Non-cash interest expense for the sale of future royalties	(4,336)	(4,854)
Other (expense) income, net	(4)	6
Total other income (expense), net	146	(4,506)
Net loss	(44,255)	(36,255)
Unrealized gain (loss) on available for sale securities	1,979	(2,012)
Comprehensive loss	$ (42,276)	$ (38,267)
Net loss per common share:
Basic (in dollars per share)	$ (1.58)	$ (1.31)
Diluted (in dollars per share)	$ (1.58)	$ (1.31)
Weighted-average number of shares outstanding:
Basic (in shares)	27,953	27,713
Diluted (in shares)	27,953	27,713
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023 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, 2023	3,673,208	$	32.04	6.28	$	18,686
Granted	1,091,455	$	23.25
Exercises	(55,158)	$	22.16
Forfeitures and cancellations	(424,238)	$	27.87
Outstanding at March 31, 2023	4,285,267	$	30.34	7.42	$	5,390
Exercisable at March 31, 2023	2,000,802	$	36.07	5.42	$	4,553

Schedule of Time-based Restricted Stock Units Activity


	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	1,028,843	$	26.14	1.17	$	31,884
Granted	394,825	$	23.24
Released	(39,300)	$	24.10
Forfeitures and cancellations	(16,845)	$	23.50
Outstanding at March 31, 2023	1,367,523	$	25.39	1.31	$	29,757
RSU expected to vest at March 31, 2023	1,367,523	$	25.39	1.31	$	29,757

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:


	Three Months Ended March 31,

	2023			2022
Risk-free interest rate		3.7	%		2.0	%
Expected volatility		86.5	%		88.5	%
Expected dividend yield		—	%		—	%
Expected term (in years)		5.65			6.18
Weighted-average grant date fair value per share	$	16.88		$	22.63

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 March 31,
(in thousands)		2023		2022
Research and development		$	2,770	$	1,656
General and administrative		6,090		6,086
Total		$	8,860	$	7,742

Sale of Future Royalties

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, Sagard has received a total of $2.3 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 as described in the JEMPERLI Royalty Monetization Agreement. The exercise of this call option is at our sole discretion, which we currently do not anticipate exercising.

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. The aggregate future estimated payments, less the $249.6 million, net of proceeds, will be recognized as non-cash interest expense over the life of the agreement. 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 March 31, 2023, the estimated effective rate under the agreement was 6.1%. 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 $0.6 million and $0.3 million for the three months ended March 31, 2023 and three months ended March 31, 2022, respectively, and non-cash interest expense of approximately $4.0 million and $4.9 million for the three months ended March 31, 2023 and three months ended March 31, 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 three months ended March 31, 2023:


(in thousands)	March 31, 2023
Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2022	$	269,540

Issuance costs related to the sale of future royalties	37
Amortization of issuance costs	9
Royalty and milestone payments to Sagard	(528)
Non-cash interest expense recognized	3,953
Liability related to sale of future royalties and milestones - ending balance	$	273,011

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. The aggregate future estimated payments, less the $34.8 million, of net proceeds, will be recorded as non-cash interest expense over the life of the agreement. 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 March 31, 2023, the estimated effective rate under the agreement was 2.5%. 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 $0.8 million and $0.0 million for the three months ended March 31, 2023 and three months ended March 31, 2022, respectively, and non-cash interest expense of approximately $0.4 million and $0.0 million for the three months ended March 31, 2023 and three months ended March 31, 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 three months ended March 31, 2023:


(in thousands)	March 31, 2023
Liability related to sale of future Zejula royalties and milestones - balance at 12/31/2022	$	34,873


Amortization of issuance costs	7
Royalty and milestone payments to DRI	(742)
Non-cash interest expense recognized	367
Liability related to sale of future royalties and milestones - ending balance	$	34,505

Collaborative Research and Development Agreements (Tables)

3 Months Ended

Mar. 31, 2023

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

Q4'22

$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 March 31, 2023

$93.0M

—

$13.0M

—

$8.0M

—

Milestones that may be recognized in the future

$180.0M

—

$260.0M

—

$265.0M

—

(1)Biologics License Application (“BLA”)

(2)Marketing Authorization Application (“MAA”)

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Of the 500,000,000 shares of common stock authorized, 27,018,197 shares were issued and outstanding as of March 31, 2023.

Stock Repurchase Program

In January 2023, our Board of Directors authorized a stock repurchase program (the “Repurchase Program”) to repurchase up to $50.0 million of our outstanding common stock, par value $0.001 per share.

The shares of common stock may be repurchased from time to time, in open market transactions, or other means in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-18 of the Exchange Act. The timing, number of shares repurchased, and prices paid for the stock under this program will depend on general business and market conditions as well as corporate and regulatory limitations, prevailing stock prices, and other considerations. The Repurchase Program will expire on December 31, 2023, may be suspended or discontinued at any time, and does not obligate us to acquire any amount of common stock.

The following table presents the repurchase activity through March 31, 2023:


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)
First Quarter 2023	1,589,424	$	24.19	$	38,456

The repurchased common stock was subsequently retired after the repurchase and the par value of the shares was charged to common stock. The excess of the repurchase price over the par value was applied against additional paid in capital. As of March 31, 2023, $11.5 million remained available for future shares of common stock to be repurchased under the Repurchase Program.

In May 2023, we completed the Repurchase Program, and the second quarter activity is presented in Subsequent Events - Note 10.

Open Market Sales Agreement

In November 2022, we entered into the Cowen Sales Agreement with Cowen and Company, LLC, 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. As of March 31, 2023, we had sold no shares under this agreement.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-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
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Sale of Future Royalties - Narratives (Details) - USD ($)	1 Months Ended		3 Months Ended
	Sep. 30, 2022	Oct. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 01, 2021
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalty and milestone payments to Sagard			$ 1,270,000	$ 233,000
Liability related to sale of future royalties			307,516,000		$ 304,413,000
Non-cash interest expense for the sale of future royalties			4,336,000	4,854,000
Collaboration revenue			1,374,000	970,000
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Issuance costs related to the sale of future royalties		$ 400,000	$ (37,000)
Net of proceeds		249,600,000
Effective interest rate			6.10%
Non-cash interest expense for the sale of future royalties			$ 3,953,000	4,900,000
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			2,300,000
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%
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%
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%
JEMPERLI Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue			$ 600,000	300,000
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Issuance costs related to the sale of future royalties	$ 200,000
Net of proceeds	34,800,000
Effective interest rate			2.50%
Non-cash interest expense for the sale of future royalties			$ 367,000
Zejula Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Noncash advance future royalties revenue			800,000	0
Non-cash interest expense for the sale of future royalties			$ 400,000	0
Payment rate						1.00%
Settlement agreement rate						0.50%
Effective royalty rate			0.50%
Collaboration revenue			$ 800,000	$ 700,000
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

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2022 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. 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.

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 March 31,
(in thousands)		2023	2022

Options to purchase common stock		4,555	3,989

Restricted Stock Units		427	14
Total		4,982	4,003

Sale of Future Royalties (Tables)

3 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Royalty Transaction Activity

The following table shows the activity within the liability account for the three months ended March 31, 2023:


(in thousands)	March 31, 2023
Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2022	$	269,540

Issuance costs related to the sale of future royalties	37
Amortization of issuance costs	9
Royalty and milestone payments to Sagard	(528)
Non-cash interest expense recognized	3,953
Liability related to sale of future royalties and milestones - ending balance	$	273,011

The following table shows the activity within the liability account for the three months ended March 31, 2023:


(in thousands)	March 31, 2023
Liability related to sale of future Zejula royalties and milestones - balance at 12/31/2022	$	34,873


Amortization of issuance costs	7
Royalty and milestone payments to DRI	(742)
Non-cash interest expense recognized	367
Liability related to sale of future royalties and milestones - ending balance	$	34,505

Balance Sheet Accounts and Supplemental Disclosures

3 Months Ended

Mar. 31, 2023

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)	March 31, 2023		December 31, 2022
Laboratory equipment	$	5,916	$	5,869
Office furniture and equipment	1,606		1,593
Leasehold improvements	203		203
Property and equipment, gross	7,725		7,665
Less: accumulated depreciation and amortization	(5,743)		(5,576)
Total property and equipment, net	$	1,982	$	2,089

Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	March 31, 2023		December 31, 2022
Accrued compensation and related expenses	$	3,077	$	5,379
Accrued professional fees	620		607
Accrued research, development and manufacturing expenses	25,768		15,351
Accrued for repurchases of common stock	1,290		—
Other	201		296
Total accrued expenses	$	30,956	$	21,633

Commitments and Contingencies - Costs Included in Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 619	$ 619
Cash paid for amounts included in the measurement of lease liabilities	$ 585	$ 568

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

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


	Three Months Ended March 31,
(in thousands)		2023	2022

Options to purchase common stock		4,555	3,989

Restricted Stock Units		427	14
Total		4,982	4,003

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 434,578	$ 517,907
Gross Unrealized Gains	78	38
Gross Unrealized Losses	(3,138)	(5,077)
Total Fair Value	431,518	512,868
Short-term investments	336,589	369,933
Long-term investments	94,929	142,935
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	70,413	75,504
Gross Unrealized Gains	3	11
Gross Unrealized Losses	(610)	(913)
Total Fair Value	69,806	74,602
Short-term investments	62,800	57,100
Long-term investments	$ 7,000	$ 17,500
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	$ 2,190	$ 2,915
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(41)	(59)
Total Fair Value	2,149	2,856
Short-term investments	1,900	2,600
Long-term investments	$ 200	$ 300
Certificates of deposit \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Certificates of deposit \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 58,416	$ 61,791
Gross Unrealized Gains	3	8
Gross Unrealized Losses	(555)	(916)
Total Fair Value	57,864	60,883
Short-term investments	48,000	44,000
Long-term investments	$ 9,900	$ 16,900
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	$ 303,559	$ 377,697
Gross Unrealized Gains	72	19
Gross Unrealized Losses	(1,932)	(3,189)
Total Fair Value	301,699	374,527
Short-term investments	223,900	266,200
Long-term investments	$ 77,800	$ 108,300
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

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

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):


		Three Months Ended March 31,
Leases	Classification on the Cash Flow	2023		2022
Operating lease cost	Operating	$	619	$	619
Cash paid for amounts included in the measurement of lease liabilities	Operating	585		568

Schedule of Future Minimum Annual Obligations

At March 31, 2023, the future minimum annual obligations for the Company’s operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2023	$	1,801
2024	2,457
2025	2,531
2026	2,607
2027	2,685
Thereafter	10,554
Total minimum payments required	22,635
Less imputed interest	(3,576)
Total	$	19,059

Equity Incentive Plans - Time-based Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	1,028,843
Granted (in shares)	394,825
Released (in shares)	(39,300)
Cancelled (in shares)	(16,845)
Number of shares, ending balance (in shares)	1,367,523	1,028,843
Number of shares, Restricted stock units expected to vest (in shares)	1,367,523
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 26.14
Granted (in dollars per share)	23.24
Vested (in dollars per share)	24.10
Cancelled (in dollars per share)	23.50
Weighted average grant date fair value, ending balance (in dollars per share)	25.39	$ 26.14
Number of shares, Restricted stock units expected to vest (in dollars per share)	$ 25.39
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	1 year 3 months 21 days	1 year 2 months 1 day
Weighted average remaining contractual term, other than options vested and expected to vest (in years)	1 year 3 months 21 days
Aggregate intrinsic value, outstanding	$ 29,757	$ 31,884
Aggregate intrinsic value, restricted stock units expected to vest	$ 29,757

Fair Value Measurements and Available for Sale Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	$ 431,518	$ 512,868
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	301,699	374,527
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	2,149	2,856
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	69,806	74,602
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	57,864	60,883
Recurring \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	301,699	374,527
Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	2,149	2,856
Recurring \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	69,806	74,602
Recurring \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt securities	57,864	60,883
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	78,767	29,702
Recurring \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	12,585	41,812
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	301,699	374,527
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	78,767	29,702
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	12,585	41,812
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	2,149	2,856
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	69,806	74,602
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	57,864	60,883
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