0001628280-22-021109 | 10-Q | XBRL Viewer

License, Collaboration, and Success Payment Agreements

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License, Collaboration, and Success Payment Agreements

License, Collaboration and Success Payment Agreements

Fred Hutch

License Agreement - In 2018, the Company entered into a license agreement with Fred Hutchinson Cancer Research Center (“Fred Hutch”) that grants the Company an exclusive, worldwide, sublicensable license under certain patent rights and a non-exclusive, worldwide, sublicensable license for certain technology, to research, develop, manufacture, improve and commercialize products and processes covered by such patent rights or incorporating such technology for all therapeutic uses for the treatment of human cancer.

The Company is also required to pay Fred Hutch annual license maintenance payments of $50,000 on the second anniversary of the effective date, and each anniversary of the effective date thereafter until the first commercial sale of a licensed product.

Collaboration - In 2018, the Company entered into a research and collaboration agreement with Fred Hutch (“Fred Hutch Collaboration Agreement”), focused on research and development of cancer immunotherapy products. The Company funded aggregate research performed by Fred Hutch of $12.0 million under the Fred Hutch Collaboration Agreement and the research is conducted in accordance with a research plan and budget approved by the parties. The Fred Hutch Collaboration Agreement has a six-year term. During 2021, one of the research plans on which the success payment service term is based was extended from January 31, 2022 to December 31, 2022. The Company incurred $0.5 million and $1.0 million in expense in connection with the Fred Hutch Collaboration Agreement for the three months ended June 30, 2022 and 2021, respectively, and $1.0 million and $2.0 million for the six months ended June 30, 2022 and 2021, respectively.

Success Payments - In 2018, the Company granted Fred Hutch rights to certain success payments, pursuant to the terms of the Fred Hutch Collaboration Agreement. The potential payments for the Fred Hutch success payments are based on multiples of increased value ranging from 10x to 50x based on a comparison of the estimated per share fair value of the Series A convertible preferred stock, or any security into which such stock has been converted or for which it has been exchanged, relative to its original $1.83 per share issuance price. Upon the closing of the IPO, all shares of Series A convertible preferred stock then outstanding converted into an equal number of shares of common stock. The aggregate success payments to Fred Hutch are not to exceed $200.0 million, which would only occur upon a 50 times increase in value. Each threshold is associated with a success payment, ascending from $10.0 million at $18.29 per share to $200.0 million at $91.44 per share, payable if such threshold is reached during the measurement period. Any previous success payments made are credited against the success payment owed as of any valuation date, such that Fred Hutch does

not receive multiple success payments in connection with the same threshold. The term of the success payment agreement ends on the earlier to occur of (i) the nine-year anniversary of the date of the agreement and (ii) a change in control transaction.

The following table summarizes the aggregate potential success payments, which are payable to Fred Hutch in cash or cash equivalents, or at the Company’s discretion, publicly-tradeable shares of the Company’s common stock:


Multiple of initial equity value at issuance	10x		20x		30x		40x		50x
Per share common stock price required for payment	$	18.29	$	36.58	$	54.86	$	73.15	$	91.44
Aggregate success payment(s) (in millions)	$	10	$	40	$	90	$	140	$	200

The success payments will be owed if the per share fair value of the Company’s common stock on the contractually specified valuation measurement dates during the term of the success payment agreement equals or exceeds the above outlined multiples. The valuation measurement dates are triggered by the following events: the one-year anniversary of the Company’s IPO and each two-year anniversary of the Company’s IPO thereafter, the closing of a change in control transaction and the last day of the term of the success payment agreement, unless the term has ended due to the closing of a change of control transaction. As of June 30, 2022, no success payments have been incurred as the per share fair value of the Company’s common stock was below the price required for payment.

The estimated fair values of the success payments to Fred Hutch as of June 30, 2022 and December 31, 2021 were $6.6 million and $8.5 million, respectively. The success payment liability is estimated at the fair value at inception and at each subsequent reporting period and the expense is accreted over the service period of the Fred Hutch Collaboration Agreement. The success payment liability was $5.8 million and $6.4 million as of June 30, 2022 and December 31, 2021, respectively. With respect to the Fred Hutch Collaboration Agreement success payment obligations, the Company recognized expense of $2.2 million and $6.9 million for the three months ended June 30, 2022 and 2021, respectively, and a decrease in success payment expense of $(0.6) million and expense of $15.0 million for the six months ended June 30, 2022 and 2021, respectively.

Stanford

License Agreement - In 2019, the Company entered into a license agreement with The Board of Trustees of the Leland Stanford Junior University (“Stanford”) to license specified patent rights. The Company is also required to pay Stanford annual license maintenance payments of $50,000 on the second anniversary of the effective date, and each anniversary of the effective date thereafter until the date of the first commercial sale of a licensed product.

Milestone payments to Stanford of up to a maximum of $3.7 million per target are payable upon achievement of certain specified clinical and regulatory milestones. The Company is also obligated to pay Stanford $2.5 million collectively for all licensed products upon the achievement of a certain commercial milestone. Additionally, low single‑digit tiered royalties based on annual net sales of the licensed products are payable to Stanford.

Collaboration Agreement - In October 2020, the Company entered into a research and collaboration agreement with Stanford (“Stanford Collaboration Agreement”), focused on research and development of cellular immunotherapy products. The Stanford Collaboration Agreement has a four-year term. The Company is committed to fund aggregate research performed by Stanford of $12.0 million under the Stanford Collaboration Agreement, and the research will be conducted in accordance with a research plan and budget approved by the parties. The Company incurred $0.8 million in expense in connection with the Stanford Collaboration Agreement for each of the three months ended June 30, 2022 and 2021, and $1.5 million for each of the six months ended June 30, 2022 and 2021.

Success Payments - In October 2020, the Company granted Stanford rights to certain success payments, pursuant to the terms of the Stanford Collaboration Agreement. The potential payments for the Stanford Collaboration Agreement success payments are based on multiples of increased value ranging from 10x to 50x based on a comparison of the estimated per share fair value of the Series A convertible preferred stock, or any security into which such stock has been converted or for which it has been exchanged, relative to its original $1.83 per share issuance price. At the closing of the IPO, all shares of Series A convertible preferred stock then outstanding converted into an equal number of shares of common stock. The aggregate success payments to Stanford are not to exceed $200.0 million, which would only occur upon a 50 times increase in value. Each threshold is associated with a success payment, ascending from $10.0 million at $18.29 per share to $200.0 million at $91.44 per share, payable if such threshold is reached during the measurement period. Any previous success payments made are credited against the success payment owed as of any valuation date, so that Stanford does not receive multiple success payments in connection with the same threshold. The term of each success payment agreement ends on the earlier to occur of (i) the nine-year anniversary of the date of the agreement and (ii) a change in control transaction.

The following table summarizes the aggregate potential success payments, which are payable to Stanford in cash or cash equivalents or, at the Company’s discretion, publicly-tradeable shares of the Company’s common stock:


Multiple of initial equity value at issuance	10x		20x		30x		40x		50x
Per share common stock price required for payment	$	18.29	$	36.58	$	54.86	$	73.15	$	91.44
Aggregate success payment(s) (in millions)	$	10	$	40	$	90	$	140	$	200

The estimated fair value of the success payments to Stanford as of June 30, 2022 and December 31, 2021 was $7.9 million and $9.9 million, respectively. The success payment liability is estimated at the fair value at inception and at each subsequent reporting period and the expense is accreted over the service period of the Stanford Collaboration Agreement. The success payment liability was $3.4 million and $3.1 million as of June 30, 2022 and December 31, 2021, respectively. With respect to the Stanford Collaboration Agreement success payment obligations, the Company recognized expense of $1.4 million and $2.4 million for the three months ended June 30, 2022 and 2021, respectively, and $0.4 million and $4.3 million for the six months ended June 30, 2022 and 2021, respectively.

GSK

In 2019, the Company entered into the GSK Agreement with GSK for potential T-cell therapies that apply the Company’s platform technologies and cell therapy innovations with T-cell receptors (“TCRs”) or chimeric antigen receptors (“CARs”) under distinct collaboration programs. The GSK Agreement defined two initial collaboration targets and allows GSK to nominate seven additional targets through July 2024. The Company is expected to perform research and development services for each selected target up until a defined point (the “GSK Option Point”), at which time GSK will decide whether or not to exercise an option to obtain a license from the Company (“License Option”) and take over the future development and commercialization. Selected targets may be developed as either a Proof of Concept (“PoC”) Development Program or Component Development Program. For a PoC Development Program, the Company is expected to conduct both preclinical and clinical development for the target and present clinical trial data to GSK in connection with their evaluation of whether to exercise the License Option. For a Component Development Program, the Company is obligated to perform preclinical studies only. Along with the research activities, the Company appointed three representatives to the joint steering committee (“JSC”) and is responsible for the manufacture of all compounds and products necessary for its research and development activities.

The Company received a non-refundable upfront payment of $45.0 million under the GSK Agreement. In addition to the upfront payment, the Company is eligible to receive up to two one-time payments, totaling up to approximately $200.0 million in aggregate for technology validation of the Company’s cell therapy innovations. For each cell therapy target for which there has been a joint collaboration program, the Company is also entitled to receive up to approximately $400.0 million in aggregate in development and sales milestones if the target is already within GSK’s pipeline and meets certain criteria, up to approximately $900.0 million in aggregate in development and sales milestones for all other targets, and tiered royalties on a per-product basis ranging from low to high single digits for targets that are already within GSK’s pipeline and meet certain criteria, or from high single digit to low teens for all other targets. Milestones are paid once per target, even if there is more than one of the Company’s innovations applied to a T-cell therapy directed to that target. Any amounts received from GSK are generally non-refundable unless the Company terminates a collaboration target for safety or feasibility reasons and the funding received from GSK exceeds the costs incurred for the terminated target.

In connection with the GSK Agreement, in May 2019, the Company also entered into a Stock Purchase Agreement with GSK (“GSK Stock Purchase Agreement”), pursuant to which the Company agreed to sell 30,253,189 shares of Series AA convertible preferred stock at a price of $6.78 per share, which was above the issuance date estimated fair value of $4.84 per share. The difference between the per share values resulted in $58.6 million additional deemed consideration, bringing the total upfront payment of the GSK Agreement to $103.6 million.

Research and Development Services

The GSK Agreement was deemed to be within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, because GSK engaged the Company to initially provide research and development services, which are outputs of its ongoing activities, in exchange for consideration.

The Company identified the following two distinct performance obligations: (i) research and development services related to the two initial collaboration targets, inclusive of the JSC participation and the manufacture of compounds necessary for providing the research and development services and (ii) a material right for GSK to nominate seven additional collaboration targets for which the Company will perform research and development services until the GSK Option Point.

To allocate revenue among the performance obligations, the Company determined standalone selling prices (“SSP”) of each obligation. For the research and development services, the SSP was calculated using a cost-plus margin approach. For the material right, SSP was calculated by reference to the underlying research and development services expected to be provided and the corresponding expected consideration. All amounts included in the transaction price are allocated to performance obligations proportionate to their SSPs.

As of December 31, 2020, the transaction price was deemed to be $103.6 million, consisting of the upfront payment of $45.0 million under the GSK Agreement and the $58.6 million allocated from the GSK Stock Purchase Agreement. Other than the upfront payment and the amounts allocated from the GSK Stock Purchase Agreement, all other contingent consideration that may be earned under the GSK Agreement is subject to uncertainties including but not limited to additional target selections, research and investigational new drug enabling studies, initiation of clinical trials and other related achievements. Consequently, the transaction price currently does not include any such contingent consideration that, if included, could result in a probable significant reversal of cumulative revenue when related uncertainties become resolved. The Company will re-evaluate the transaction price at each reporting period. If and when contingent consideration is included in the transaction price, it will be allocated to the two performance obligations proportionate to their SSPs and a cumulative catch up in revenue will be recorded for the portion of the services already completed. The remaining amounts will be deferred and recognized as the services are rendered.

The research and development services are transferred as the services are performed, with cost used as the measure of progress compared to the total estimated cost to complete. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. The determination of the percentage of completion requires the Company to estimate the costs to complete the project. The Company makes a detailed estimate of the costs to complete, which is reassessed every reporting period based on the latest project plan and discussions with project teams. If a change in facts or circumstances occurs, the estimate will be adjusted, and the revenue will be recognized based on the revised estimate. The difference between the cumulative revenue recognized based on the previous estimate and the revenue recognized based on the revised estimate would be recognized as an adjustment to revenue in the period in which the change in estimate occurs.

In June 2022, the Company recorded an adjustment to revenue related to a change in estimate in connection with the GSK Agreement due to GSK and the Company mutually agreeing to conclude research activities on an undisclosed target for hematological cancers. The change in estimate decreased the related estimated project costs, which resulted in an increase in the measure of proportional cumulative performance. This adjustment increased revenue by $35.3 million, decreased net loss by $35.3 million and resulted in a $0.14 reduction in the Company’s basic and diluted net loss per common share for the three and six months ended June 30, 2022.

The Company recognized revenue related to the research and development services related to the two initial targets of $35.7 million and $2.6 million for the three months ended June 30, 2022 and 2021, respectively, and $36.3 million and $5.1 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022 and December 31, 2021, the Company had deferred revenue of $48.4 million and $84.7 million, respectively, related to this agreement.

Exercise of the License Option

In April 2021, GSK exercised the License Option on NY-ESO-1 TCR with Gen-R, a Component Development Program, and agreed to assume sole responsibility for future development and commercialization of the program at its own cost and expense. The Company is entitled to the remaining development and sales milestones up to an aggregate of approximately $400.0 million as well as the tiered royalties on future sales of all such products covered by the license granted pursuant to the License Option.

The exercise of the License Option was accounted for as a separate license contract for revenue recognition purposes. The Company identified one performance obligation, which was the license delivered to GSK upon the exercise of the License Option and transfer of information and data associated with the license. The Company concluded that the development milestone payments are solely dependent on GSK’s performance and achievement of the specified events and are deemed to be not probable until such development milestones are achieved. Therefore, the remaining development milestones are fully constrained and excluded from the transaction price until the respective milestone is achieved. The Company also concluded that sales milestones and royalties relate predominantly to the license granted to GSK. Therefore,

they also have been excluded from the transaction price and will be recognized when the related sales occur. At the end of each reporting period, the Company will update its assessment of whether an estimate of variable consideration is constrained and update the estimated transaction price accordingly.

As of June 30, 2022, there were no contract assets or contract liabilities related to the license contract. None of the costs to obtain or fulfill the contract were capitalized. No license revenue was recognized for the three and six months ended June 30, 2022 and 2021.

PACT

In June 2020, the Company entered into an agreement (“PACT Agreement”) with PACT Pharma, Inc. (“PACT”) to jointly develop and test a next generation personalized anti-cancer T-cell therapy against solid tumors. The Company paid PACT an upfront non-refundable payment of $50.0 million upon execution of the PACT Agreement. In November 2020, the parties agreed to suspend research and development activity under the PACT Agreement, and neither party would be required to conduct any further work under the development plan (including manufacturing development) nor incur any financial obligations (including milestone payments) that might otherwise arise, for as long as the parties continued to negotiate in good faith to resolve the issues that have arisen between them relating to the PACT Agreement.

In June 2020 in connection with the entry into the PACT Agreement, the Company also entered into a stock purchase agreement with PACT (“PACT SPA”), pursuant to which the Company purchased 17,806,901 shares of PACT Series C-1 convertible preferred stock at a purchase price of $2.81 per share. As of the purchase date, the estimated fair value of the Series C-1 convertible preferred stock was $2.05 per share, and the difference between the estimated fair value of the preferred stock as of the purchase date and the purchase price of $13.6 million was deemed to be additional consideration for the PACT Agreement and recognized as research and development expense. As a result, the total upfront payment paid in connection with the PACT Agreement was $63.6 million and was included in research and development expense. The remaining $36.4 million associated with the PACT Series C-1 convertible preferred stock was recorded in other investments. In the fourth quarter of 2021, the Company fully impaired the remaining balance of $36.4 million. See Note 5, Other Investments, for additional details regarding the PACT investment impairment.

In February 2021, the Company filed a demand for arbitration seeking, among other things, rescission of the PACT Agreement and the PACT SPA and recovery of the consideration paid thereunder. Arbitration hearings occurred in March and April 2022. The Company expects to receive the outcome of the arbitration panel in the third quarter of 2022.

NCI

In December 2020, the Company entered into a license agreement with the National Cancer Institute (“NCI”) to access certain intellectual property for the development of treatment of human cancers. In connection with this agreement, the Company paid $100,000 upfront, which was recorded as research and development expense for the year ended December 31, 2020. The Company is also required to pay NCI annual maintenance payments which may be credited against earned royalties. The Company incurred zero maintenance fees for each of the three months ended June 30, 2022 and 2021, respectively, and $105,000 and $75,000 for the six months ended June 30, 2022 and 2021, respectively.

Under the agreement, the Company may also be required to make certain prespecified development milestone payments up to an aggregate of $3.1 million, and prespecified commercial milestone payments up to a maximum aggregate of $12.0 million for all licensed products. In June 2021, the Company entered into an amendment to the license agreement with NCI to include additional intellectual property and one additional inventor. In connection with this amendment, the Company paid $25,000 upfront, which was recorded in research and development expense. Under the amendment, the Company may also be required to pay prespecified additional development milestone payments that total $75,000.

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

Basic and diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. The Company’s potentially dilutive shares, which include unvested RSAs, unvested RSUs and options to purchase common stock, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The number of shares subject to options to purchase common stock, unvested RSAs and unvested RSUs were all excluded from consideration in the calculation of diluted net loss per share due to their anti-dilutive effects. As of June 30, 2022 and 2021, potentially dilutive securities were as follows:


	As of June 30,
	2022	2021

Unvested RSAs	650,002	4,550,002
Unvested RSUs	1,245,015	—
Options to purchase common stock	47,547,798	42,175,827
Total	49,442,815	46,725,829

Stock-based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	41,775,179
Granted (in shares) \| shares	9,459,442
Exercised (in shares) \| shares	(2,137,962)
Canceled or forfeited (in shares) \| shares	(1,548,861)
Ending balance (in shares) \| shares	47,547,798	41,775,179
Exercisable (in shares) \| shares	25,435,468
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 5.05
Granted (in dollars per share) \| $ / shares	5.91
Exercised (in dollars per share) \| $ / shares	1.93
Cancelled or forfeited (in dollars per share) \| $ / shares	5.72
Ending balance (in dollars per share) \| $ / shares	5.34	$ 5.05
Exercisable (in dollars per share) \| $ / shares	$ 4.01
Weighted- Average Remaining Contractual Life (in years)
Options Outstanding	7 years 7 months 17 days	7 years 10 months 2 days
Options Exercisable	6 years 5 months 26 days
Aggregate Intrinsic Value (in thousands)
Options Outstanding \| $	$ 90,965	$ 142,076
Options Exercisable \| $	$ 76,686

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	91,333	$	—	$	—	$	91,333
U.S. Treasury securities	—		301,433		—		301,433
U.S. government agency securities	—		154,080		—		154,080
Corporate debt securities	—		222,038		—		222,038
Equity warrant investment	—		—		1,081		1,081
Total financial assets	$	91,333	$	677,551	$	1,081	$	769,965
Financial liabilities:
Success payment liabilities	$	—	$	—	$	9,222	$	9,222
Total financial liabilities	$	—	$	—	$	9,222	$	9,222


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	206,245	$	—	$	—	$	206,245
U.S. Treasury securities	—		289,706		—		289,706
U.S. government agency securities	—		93,626		—		93,626
Corporate debt securities	—		285,156		—		285,156
Equity warrant investment	—		—		1,067		1,067
Total financial assets	$	206,245	$	668,488	$	1,067	$	875,800
Financial liabilities:
Success payment liabilities	$	—	$	—	$	9,486	$	9,486
Total financial liabilities	$	—	$	—	$	9,486	$	9,486

Summary of Estimated Fair Value of Success Payment Liability Assumptions

The following assumptions were incorporated into the calculation of the estimated fair value of the Fred Hutch success payment liability:


	June 30, 2022			December 31, 2021
Fair value of common stock	$	6.52		$	7.74
Risk-free interest rate	2.76% - 3.08%			0.19% - 1.88%
Expected volatility	80		%	75		%
Expected term (in years)	0.96 - 5.47			0.46 - 5.97

The following assumptions were incorporated into the calculation of the estimated fair value of the Stanford success payment liability:


	June 30, 2022			December 31, 2021
Fair value of common stock	$	6.52		$	7.74
Risk-free interest rate	2.76% - 3.08%			0.19% - 1.88%
Expected volatility	80		%	75		%
Expected term (in years)	0.96 - 7.25			0.46 - 7.75

Changes in the Estimated Fair Value of Level 3 Financial Assets

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities (in thousands):


	Equity Warrant Investment		Success Payment Liabilities
Balance at December 31, 2021	$	1,067	$	9,486
Change in fair value (1)	14		(264)
Balance at June 30, 2022	$	1,081	$	9,222

(1)The change in fair value associated with the equity warrant investment held is recorded in other (expense) income, net and the change in fair value associated with success payment liabilities is recorded in research and development expense.

Changes in the Estimated Fair Value of Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities (in thousands):


	Equity Warrant Investment		Success Payment Liabilities
Balance at December 31, 2021	$	1,067	$	9,486
Change in fair value (1)	14		(264)
Balance at June 30, 2022	$	1,081	$	9,222

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 35,741	$ 2,628	$ 36,294	$ 5,073
Net loss	$ (36,323)	$ (62,595)	$ (104,467)	$ (117,638)
Net loss per common share, basic (in dollars per share)	$ (0.15)	$ (1.47)	$ (0.43)	$ (3.91)
Net loss per common share, diluted (in dollars per share)	$ (0.15)	$ (1.47)	$ (0.43)	$ (3.91)
GSK \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Adjustment To Revenue Related To Change In Estimate
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 35,300		$ 35,300
Net loss	$ 35,300		$ 35,300
Net loss per common share, basic (in dollars per share)	$ 0.14		$ 0.14
Net loss per common share, diluted (in dollars per share)	$ 0.14		$ 0.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Stock-based Compensation - Schedule of Stock-Based Compensation Expense by Classification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 22,410	$ 15,249	$ 44,438	$ 27,981
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,195	5,091	7,959	9,942
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 18,215	$ 10,158	$ 36,479	$ 18,039

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany transactions and balances are eliminated in consolidation. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. Certain information and footnote disclosures typically included in the Company’s audited consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented, but are not necessarily indicative of results to be expected for any future annual or interim period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Liquidity and Management’s Plan The Company is currently working on a number of long-term product candidates that involve experimental technologies. The product candidates may require several years and substantial expenditures to complete and ultimately may be unsuccessful. The Company plans to finance operations with available cash resources or from the issuance of equity or debt securities. The Company believes that its available cash, cash equivalents and marketable securities as of June 30, 2022 will be adequate to fund its operations at least through the next 12 months from the date these unaudited condensed consolidated financial statements are issued. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect reported amounts and related disclosures. Specific accounts that require management estimates include, but are not limited to, stock-based compensation, valuation of success payments, revenue recognition and accrued expenses. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. In June 2022, the Company recorded an adjustment to revenue related to a change in estimate in connection with the Collaboration and License Agreement, entered into in 2019 and amended in June 2020 and December 2021 (“GSK Agreement”) with GlaxoSmithKline Intellectual Property (No. 5) Limited and Glaxo Group Limited (together, “GSK”). The Company and GSK mutually agreed to conclude research activities on an undisclosed target for hematological cancers in June 2022. As a result, the Company decreased the related estimated project costs, which resulted in an increase in the measure of proportional cumulative performance. This adjustment increased revenue by $35.3 million, decreased net loss by $35.3 million and resulted in a $0.14 reduction in the Company’s basic and diluted net loss per common share for the three and six months ended June 30, 2022. Concentrations of Credit Risk and Off-balance Sheet Risk The Company maintains its cash, cash equivalents and restricted cash with high quality, accredited financial institutions. These amounts, at times, may exceed federally insured limits. The Company also makes short-term investments in money market funds, U.S. Treasury securities, U.S. government agency securities and corporate debt securities, which can be subject to certain credit risk. However, the Company mitigates the risks by investing in high-grade instruments, limiting exposure to any one issuer or type of investment and monitoring the ongoing creditworthiness of the financial institutions and issuers. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Significant Accounting Policies There have been no material changes to the significant accounting policies from the Annual Report on Form 10-K for the year ended December 31, 2021. Recently Adopted Accounting Pronouncements None.

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Future Minimum Operating Lease Commitments, Including Expected Lease Incentives to be Received

The following table summarizes the Company’s future minimum operating lease commitments, including expected lease incentives to be received, as of June 30, 2022 (in thousands):


Year Ending December 31:
2022 (remaining six months)	$	4,557
2023	11,018
2024	11,347
2025	11,859
2026	12,209
Thereafter	48,094
Total undiscounted lease payments	99,084
Less: imputed interest	(28,814)
Less: tenant improvement allowances	(2,720)
Total operating lease liabilities	$	67,550

Reported as of June 30, 2022:
Short-term portion of lease liabilities (included in accrued liabilities and other current liabilities)	$	1,476
Operating lease liabilities, non-current	66,074
Total	$	67,550

Schedule of Lease Assets and Liabilities

The following table summarizes the Company’s future minimum operating lease commitments, including expected lease incentives to be received, as of June 30, 2022 (in thousands):


Year Ending December 31:
2022 (remaining six months)	$	4,557
2023	11,018
2024	11,347
2025	11,859
2026	12,209
Thereafter	48,094
Total undiscounted lease payments	99,084
Less: imputed interest	(28,814)
Less: tenant improvement allowances	(2,720)
Total operating lease liabilities	$	67,550

Reported as of June 30, 2022:
Short-term portion of lease liabilities (included in accrued liabilities and other current liabilities)	$	1,476
Operating lease liabilities, non-current	66,074
Total	$	67,550

License, Collaboration, and Success Payment Agreements - Narrative (Details)	1 Months Ended				3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) $ / shares shares	May 31, 2019 $ / shares shares	Jun. 30, 2022 USD ($) performance_obligation $ / shares	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) performance_obligation $ / shares	Jun. 30, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Oct. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) collaboration_target representative payment	Dec. 31, 2018 USD ($) $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense					$ 43,719,000		$ 46,446,000	$ 79,549,000	$ 87,975,000
Revenue					35,741,000		2,628,000	36,294,000	5,073,000
Net loss					$ (36,323,000)		$ (62,595,000)	$ (104,467,000)	$ (117,638,000)
Net loss per common share, basic (in dollars per share) \| $ / shares					$ (0.15)		$ (1.47)	$ (0.43)	$ (3.91)
Net loss per common share, diluted (in dollars per share) \| $ / shares					$ (0.15)		$ (1.47)	$ (0.43)	$ (3.91)
PACT
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Impairment of other investments						$ 36,400,000				$ 36,400,000
Series A Convertible Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible preferred stock, par value (in dollars per share) \| $ / shares												$ 1.83		$ 1.83
Fred Hutch \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance payments														$ 50,000
Aggregate research payments due														$ 12,000,000
Term of collaborative arrangement for research														6 years
Research and development expense					$ 500,000		$ 1,000,000	$ 1,000,000	$ 2,000,000
Aggregate success payment(s) (in millions)					0			0
Term of success payment agreement														9 years
Trigger period from IPO date														1 year
Trigger period thereafter														2 years
Fair value of potential success payments due					6,600,000	8,500,000		6,600,000		8,500,000
Success payment liability					5,800,000	6,400,000		5,800,000		6,400,000
Success payment expenses					2,200,000		6,900,000	(600,000)	15,000,000
Fred Hutch \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance														10
Aggregate success payment(s) (in millions)														$ 10,000,000
Per share common stock price required for payment (in dollars per share) \| $ / shares														$ 18.29
Fred Hutch \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance														50
Aggregate success payment(s) (in millions)														$ 200,000,000
Per share common stock price required for payment (in dollars per share) \| $ / shares														$ 91.44
Stanford \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance payments													$ 50,000
Aggregate research payments due												$ 12,000,000
Term of collaborative arrangement for research												4 years
Research and development expense					800,000		800,000	1,500,000	1,500,000
Aggregate success payment(s) (in millions)					0			0
Term of success payment agreement												9 years
Trigger period from IPO date												1 year
Trigger period thereafter												2 years
Fair value of potential success payments due					7,900,000	9,900,000		7,900,000		9,900,000
Success payment liability					3,400,000	3,100,000		3,400,000		3,100,000
Success payment expenses					1,400,000		2,400,000	400,000	4,300,000
Stanford \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments due													2,500,000
Stanford \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance												10
Aggregate success payment(s) (in millions)												$ 10,000,000
Per share common stock price required for payment (in dollars per share) \| $ / shares												$ 18.29
Stanford \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance												50
Aggregate success payment(s) (in millions)												$ 200,000,000
Per share common stock price required for payment (in dollars per share) \| $ / shares												$ 91.44
Stanford \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments due													$ 3,700,000
GSK \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract liabilities					48,400,000	$ 84,700,000		48,400,000		$ 84,700,000
Revenue recognized					35,700,000		2,600,000	36,300,000	5,100,000
GSK \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of initial collaboration targets \| collaboration_target													2
Number of additional collaboration targets \| collaboration_target													7
Number of representatives of JSC appointed by company \| representative													3
Contract liabilities		$ 45,000,000			$ 0			$ 0					$ 45,000,000
Revenue, remaining performance obligation, variable consideration amount, number of one-time payments \| payment													2
Stock Purchase Agreement portion of transaction price		58,600,000
Transaction price		103,600,000
Number of performance obligations \| performance_obligation					2			2
Revenue recognized					$ 0		0	$ 0	0
Contract assets					0			0
Capitalized contract costs					0			0
GSK \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| License \| Series AA Convertible Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock sold under Stock Purchase Program (in shares) \| shares				30,253,189
Price per share of stock sold under Stock Purchase Program (in dollars per share) \| $ / shares				$ 6.78
Fair value per share of stock sold under Stock Purchase Program (in dollars per share) \| $ / shares				$ 4.84
GSK \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments, technology validation													$ 200,000,000
Potential milestone payments, within pipeline													400,000,000
Potential milestone payments, not within pipeline													$ 900,000,000
Variable consideration amount											$ 400,000,000
GSK \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Adjustment To Revenue Related To Change In Estimate
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue					35,300,000			35,300,000
Net loss					$ 35,300,000			$ 35,300,000
Net loss per common share, basic (in dollars per share) \| $ / shares					$ 0.14			$ 0.14
Net loss per common share, diluted (in dollars per share) \| $ / shares					$ 0.14			$ 0.14
PACT \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment			$ 50,000,000
Stock purchase agreement, stock purchased (in shares) \| shares			17,806,901
Stock purchase agreement, purchase price per share (in dollars per share) \| $ / shares			$ 2.81
Stock purchase agreement, fair value per share (in dollars per share) \| $ / shares			$ 2.05
Additional purchase price consideration			$ 13,600,000
Total upfront payment paid			63,600,000
PACT \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Other Investment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Strategic equity investment			$ 36,400,000
NCI \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense		100,000
Upfront payment	$ 25,000
Maintenance fees					$ 0		0	$ 105,000	75,000
Maximum aggregate development milestone payments	$ 75,000	3,100,000					$ 75,000		$ 75,000
Maximum aggregate commercial milestone payments		$ 12,000,000

Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2021	Jun. 30, 2022	Nov. 30, 2020
Schedule of Investments [Line Items]
Other investments	$ 47,001	$ 47,001	$ 47,001
Variable Interest Entity, Not Primary Beneficiary \| Outpace Bio Inc
Schedule of Investments [Line Items]
Noncontrolling interest in variable interest entity	13,000	13,000	$ 13,000	$ 13,000
PACT
Schedule of Investments [Line Items]
Other investments	36,400	36,400
Impairment of other investments	$ 36,400	$ 36,400

Fair Value Measurements - Summary of Changes in Estimated Fair Value of Financial Liabilities (Details) - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Equity Warrant Investment
Equity Warrant Investment
Balance at December 31, 2021	$ 1,067
Changes in fair value	14
Balance at June 30, 2022	1,081
Success Payment Liabilities
Success Payment Liabilities
Balance at December 31, 2021	9,486
Change in fair value	(264)
Balance at June 30, 2022	$ 9,222

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense by Classification

Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	4,195	$	5,091	$	7,959	$	9,942
General and administrative	18,215		10,158		36,479		18,039
Total stock-based compensation expense	$	22,410	$	15,249	$	44,438	$	27,981

Summary of RSA Activity

A summary of the Company’s RSA activity was as follows:


	Number of Shares	Weighted-Average Value at Grant Date Per Share
Unvested shares as of December 31, 2021	2,600,002	$	0.0001
Vested	(1,950,000)	$	0.0001

Unvested shares as of June 30, 2022	650,002	$	0.0001

Summary of RSU Activity

A summary of the Company’s RSU activity was as follows:


	Restricted Stock Units Outstanding	Weighted-Average Value at Grant Date Per Share
Unvested RSUs as of December 31, 2021	—	$	—
RSUs granted	1,330,962	$	5.98
RSUs forfeited or canceled	(85,947)	$	5.98
Unvested RSUs as of June 30, 2022	1,245,015	$	5.98

Summary of Stock Option Activity

A summary of the Company’s stock option activity was as follows:


	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2021	41,775,179	$	5.05	7.84	$	142,076
Granted	9,459,442	$	5.91
Exercised	(2,137,962)	$	1.93
Canceled or forfeited	(1,548,861)	$	5.72
Options outstanding as of June 30, 2022	47,547,798	$	5.34	7.63	$	90,965
Options exercisable as of June 30, 2022	25,435,468	$	4.01	6.49	$	76,686

Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted

The fair value of stock options granted to employees, directors and consultants was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions:


	Six Months Ended June 30,
	2022		2021
Risk-free interest rate	2.28	%	0.76	%
Expected volatility	85	%	79	%
Expected term (in years)	5.98		6.05
Expected dividend yield	0	%	0	%

Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Fair Value and Amortized Cost of Cash Equivalents

The fair value and amortized cost of cash equivalents and marketable securities by major security type as of June 30, 2022 and December 31, 2021 are as follows (in thousands):


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	91,333	$	—	$	—	$	91,333
U.S. Treasury securities	307,474		23		(6,064)		301,433
U.S. government agency securities	155,274		23		(1,217)		154,080
Corporate debt securities	223,154		—		(1,116)		222,038
Total cash equivalents and marketable securities	$	777,235	$	46	$	(8,397)	$	768,884


Classified as:	Fair Value
Cash equivalents	$	187,621
Marketable securities	449,825
Marketable securities, non-current	131,438
Total cash equivalents and marketable securities	$	768,884


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	206,245	$	—	$	—	$	206,245
U.S. Treasury securities	290,909		2		(1,205)		289,706
U.S. government agency securities	93,864		2		(240)		93,626
Corporate debt securities	285,338		—		(182)		285,156
Total cash equivalents and marketable securities	$	876,356	$	4	$	(1,627)	$	874,733


Classified as:	Fair Value
Cash equivalents	$	270,236
Marketable securities	320,966
Marketable securities, non-current	283,531
Total cash equivalents and marketable securities	$	874,733

Schedule of Fair Value and Amortized Cost of Marketable Securities

The fair value and amortized cost of cash equivalents and marketable securities by major security type as of June 30, 2022 and December 31, 2021 are as follows (in thousands):


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	91,333	$	—	$	—	$	91,333
U.S. Treasury securities	307,474		23		(6,064)		301,433
U.S. government agency securities	155,274		23		(1,217)		154,080
Corporate debt securities	223,154		—		(1,116)		222,038
Total cash equivalents and marketable securities	$	777,235	$	46	$	(8,397)	$	768,884


Classified as:	Fair Value
Cash equivalents	$	187,621
Marketable securities	449,825
Marketable securities, non-current	131,438
Total cash equivalents and marketable securities	$	768,884


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	206,245	$	—	$	—	$	206,245
U.S. Treasury securities	290,909		2		(1,205)		289,706
U.S. government agency securities	93,864		2		(240)		93,626
Corporate debt securities	285,338		—		(182)		285,156
Total cash equivalents and marketable securities	$	876,356	$	4	$	(1,627)	$	874,733


Classified as:	Fair Value
Cash equivalents	$	270,236
Marketable securities	320,966
Marketable securities, non-current	283,531
Total cash equivalents and marketable securities	$	874,733

Stockholders' Equity (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock outstanding (in shares)	0	0
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock outstanding (in shares)	247,109,886	242,738,350
RSAs
Class of Stock [Line Items]
Awards outstanding (in shares)	650,002	2,600,002

Leases - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021	Sep. 30, 2021 USD ($) ft²	May 31, 2021 ft²
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 2.2	$ 2.4	$ 4.7	$ 4.8
Variable lease cost	$ 1.2	$ 1.3	$ 2.5	$ 2.4
Weighted average remaining lease term of operating leases	8 years 3 months 18 days		8 years 3 months 18 days		8 years 9 months 18 days
Operating lease, weighted average discount rate (as a percent)	8.50%		8.50%		8.40%
Rentable area \| ft²							11
Monthly fixed rental payment proceeds			$ 0.1
Affiliated Entity \| Sublease with Sonoma
Lessee, Lease, Description [Line Items]
Rentable area \| ft²						18
Monthly fixed rental payment proceeds			$ 0.2
Tenant improvements						$ 4.6

Net Loss Per Share (Details) - shares	6 Months Ended
Net Loss Per Share (Details) - shares	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of dilutive net loss per share (in shares)	49,442,815	46,725,829
Unvested RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of dilutive net loss per share (in shares)	650,002	4,550,002
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of dilutive net loss per share (in shares)	1,245,015	0
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of dilutive net loss per share (in shares)	47,547,798	42,175,827

Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Fair value of securities held in an unrealized loss position	$ 621.6	$ 602.9
Fair value of securities held in a continuous unrealized loss position for less than twelve months	$ 621.6	$ 602.9
Maximum
Marketable Securities [Line Items]
Maturity of marketable securities	2 years	2 years

Stock-based Compensation - Restricted Stock Units (Details) - RSUs	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Balance at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	1,330,962
Forfeited or canceled (in shares) \| shares	(85,947)
Balance at end of period (in shares) \| shares	1,245,015
Weighted-Average Value at Grant Date Per Share
Balance at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	5.98
Forfeited or canceled (in dollars per share) \| $ / shares	5.98
Balance at end of period (in dollars per share) \| $ / shares	$ 5.98

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (104,467)	$ (117,638)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	44,438	27,981
Depreciation and amortization expense	8,358	4,968
Net amortization and accretion on marketable securities	706	882
Non-cash lease (income) expense	(655)	1,891
Change in fair value of success payment liabilities	(264)	19,233
Loss on property and equipment disposals	84	324
Change in fair value of warrants	(14)	157
Changes in operating assets and liabilities:
Prepaid expenses, other current assets and other assets	9	(4,942)
Accounts payable	1,170	980
Accrued liabilities and other current liabilities	(7,159)	(1,611)
Deferred revenue	(36,300)	(5,057)
Operating lease liabilities, non-current	2,135	5,288
Other non-current liabilities	(226)	0
Net cash used in operating activities	(92,185)	(67,544)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(16,903)	(43,637)
Sales of property and equipment	0	40
Purchases of marketable securities	(185,855)	(264,230)
Sales and maturities of marketable securities	201,655	405,030
Net cash (used in) provided by investing activities	(1,103)	97,203
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	4,125	1,514
Proceeds from employee stock purchase plan	887	0
Proceeds from initial public offering, net of issuance costs	0	392,862
Net cash provided by financing activities	5,012	394,376
Net (decrease) increase in cash, cash equivalents and restricted cash	(88,276)	424,035
Cash, cash equivalents and restricted cash at beginning of period	294,294	140,872
Cash, cash equivalents and restricted cash at end of period	206,018	564,907
Represented by:
Cash and cash equivalents	205,739	564,441
Restricted cash	279	466
Total	206,018	564,907
SUPPLEMENTAL CASH FLOW INFORMATION
Cash received for amounts related to tenant improvement allowances	2,042	5,400
Cash paid for amounts included in the measurement of lease liabilities	5,399	2,899
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	3,553	6,579
Remeasurement of operating lease right-of-use asset for lease modification	11	4,306
Deferred offering costs included in accounts payable and accrued liabilities	0	1,021
Conversion of convertible preferred stock to common stock upon closing of initial public offering	$ 0	$ 1,010,968

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary.
Consolidations	All significant intercompany transactions and balances are eliminated in consolidation.
Reclassifications	Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect reported amounts and related disclosures. Specific accounts that require management estimates include, but are not limited to, stock-based compensation, valuation of success payments, revenue recognition and accrued expenses. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. In June 2022, the Company recorded an adjustment to revenue related to a change in estimate in connection with the Collaboration and License Agreement, entered into in 2019 and amended in June 2020 and December 2021 (“GSK Agreement”) with GlaxoSmithKline Intellectual Property (No. 5) Limited and Glaxo Group Limited (together, “GSK”). The Company and GSK mutually agreed to conclude research activities on an undisclosed target for hematological cancers in June 2022. As a result, the Company decreased the related estimated project costs, which resulted in an increase in the measure of proportional cumulative performance. This adjustment increased revenue by $35.3 million, decreased net loss by $35.3 million and resulted in a $0.14 reduction in the Company’s basic and diluted net loss per common share for the three and six months ended June 30, 2022.
Concentrations of Credit Risk	Concentrations of Credit Risk and Off-balance Sheet RiskThe Company maintains its cash, cash equivalents and restricted cash with high quality, accredited financial institutions. These amounts, at times, may exceed federally insured limits. The Company also makes short-term investments in money market funds, U.S. Treasury securities, U.S. government agency securities and corporate debt securities, which can be subject to certain credit risk. However, the Company mitigates the risks by investing in high-grade instruments, limiting exposure to any one issuer or type of investment and monitoring the ongoing creditworthiness of the financial institutions and issuers. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant risk on these funds.
Off-balance Sheet Risk	The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the significant accounting policies from the Annual Report on Form 10-K for the year ended December 31, 2021.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements None.

Related-party Transactions	6 Months Ended
Related-party Transactions	Jun. 30, 2022
Related Party Transactions [Abstract]
Related-party Transactions	Related-party Transactions In September 2021, the Company entered into a sublease with Sonoma, whereby the Company agreed to sublease approximately 18,000 square feet of space in South San Francisco, California currently leased by the Company. Dr. Klausner serves as a member of the board of directors of Sonoma, and he and certain holders of more than 5% of our outstanding common stock are also stockholders of Sonoma. As a part of the sublease, a $4.6 million tenant improvement contribution payment was made by Sonoma, which is recognized over the term of the sublease. As of June 30, 2022, there were accrued liabilities and other current liabilities of $0.5 million and other non-current liabilities of $3.7 million in connection with the sublease with Sonoma. Income of $0.7 million and $1.3 million was recognized in other operating income, net for the three and six months ended June 30, 2022, respectively. See Note 7, Leases, for more detail on the Sonoma sublease. The Company is party to the GSK Agreement, who is a holder of more than 10% of the Company’s outstanding common stock. See Note 3, License, Collaboration and Success Payment Agreements. Deferred revenue of $15.4 million and $5.0 million as of June 30, 2022 and December 31, 2021, respectively, and deferred revenue, non-current of $32.9 million and $79.7 million as of June 30, 2022 and December 31, 2021, respectively, were in connection with the GSK Agreement. Revenue recognized in connection with the GSK agreement was $35.7 million and $2.6 million for the three months ended June 30, 2022 and 2021, respectively, and $36.3 million and $5.1 million for the six months ended June 30, 2022 and 2021, respectively.

Subsequent Event (Details) - Equity Distribution Agreement - At The Market Offering - Goldman Sachs and BofA - Subsequent Event $ in Millions	Aug. 04, 2022 USD ($)
Subsequent Event [Line Items]
Aggregate offering amount	$ 200.0
Percentage of commission from each sale of shares	3.00%

Organization	6 Months Ended
Organization	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Lyell Immunopharma, Inc. (the “Company”) was incorporated in Delaware in June 2018. The Company is a T‑cell reprogramming company dedicated to the mastery of T cells to cure patients with solid tumors. The Company is building a multi-modality product pipeline. The Company’s primary activities since incorporation have been to develop T‑cell therapies, perform research and development, enter into strategic collaboration and license arrangements, build manufacturing capabilities, enable manufacturing activities in support of its product candidate development efforts, acquire technology, organize and staff the Company, conduct business planning, establish its intellectual property portfolio, raise capital and provide general and administrative support for these activities. Initial Public Offering In June 2021, the Company successfully completed its initial public offering (“IPO”) of its common stock. In connection with its IPO, the Company issued and sold 25,000,000 shares of common stock at an IPO price of $17.00 per share. The Company received $391.8 million in net proceeds, after deducting underwriting discounts and commissions of $29.8 million and offering expenses of $3.4 million. Upon the closing of the IPO, 194,474,431 shares of convertible preferred stock then outstanding converted into an equal number of shares of common stock. The related carrying value of the converted preferred stock of $1.0 billion was reclassified to common stock and additional paid in-capital.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	91,333	$	—	$	—	$	91,333
U.S. Treasury securities	—		301,433		—		301,433
U.S. government agency securities	—		154,080		—		154,080
Corporate debt securities	—		222,038		—		222,038
Equity warrant investment	—		—		1,081		1,081
Total financial assets	$	91,333	$	677,551	$	1,081	$	769,965
Financial liabilities:
Success payment liabilities	$	—	$	—	$	9,222	$	9,222
Total financial liabilities	$	—	$	—	$	9,222	$	9,222


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	206,245	$	—	$	—	$	206,245
U.S. Treasury securities	—		289,706		—		289,706
U.S. government agency securities	—		93,626		—		93,626
Corporate debt securities	—		285,156		—		285,156
Equity warrant investment	—		—		1,067		1,067
Total financial assets	$	206,245	$	668,488	$	1,067	$	875,800
Financial liabilities:
Success payment liabilities	$	—	$	—	$	9,486	$	9,486
Total financial liabilities	$	—	$	—	$	9,486	$	9,486

The Company measures the fair value of money market funds based on quoted prices in active markets for identical assets or liabilities. The Level 2 marketable securities include U.S. Treasury securities, U.S. government agency securities and corporate debt securities. The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services applied industry standard valuation models. Inputs utilized include market pricing based on real-time trade data for the same or similar securities and other significant inputs derived from or corroborated by observable market data.

The Level 3 financial instruments include an equity warrant investment and the success payment liabilities. The Company’s Level 3 financial instruments are valued using valuation models which include the Black-Scholes model for valuing the equity warrant investment and a Monte Carlo simulation for the success payment liabilities. To determine the estimated fair value of the success payment liabilities, the Company uses a Monte Carlo simulation methodology that models the future movement of stock prices based on several key variables combined with empirical knowledge of the process governing the behavior of the stock price. The following variables were incorporated in the estimated fair value of the success payment liabilities: fair value of the Company’s common stock, expected volatility, the risk-free interest rate and the estimated number and timing of valuation measurement dates on the basis of which payments may be triggered. The computation of expected volatility was estimated based on available information about the historical volatility of stocks of similar publicly traded companies for a period matching the expected term assumption.

The following assumptions were incorporated into the calculation of the estimated fair value of the Fred Hutch success payment liability:


	June 30, 2022			December 31, 2021
Fair value of common stock	$	6.52		$	7.74
Risk-free interest rate	2.76% - 3.08%			0.19% - 1.88%
Expected volatility	80		%	75		%
Expected term (in years)	0.96 - 5.47			0.46 - 5.97

The following assumptions were incorporated into the calculation of the estimated fair value of the Stanford success payment liability:


	June 30, 2022			December 31, 2021
Fair value of common stock	$	6.52		$	7.74
Risk-free interest rate	2.76% - 3.08%			0.19% - 1.88%
Expected volatility	80		%	75		%
Expected term (in years)	0.96 - 7.25			0.46 - 7.75

The Company utilizes estimates and assumptions in determining the estimated success payment liabilities and associated expense. A small change in the valuation of the Company’s common stock may have a relatively large change in the estimated fair value of the success payment liability and associated expense.

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities (in thousands):


	Equity Warrant Investment		Success Payment Liabilities
Balance at December 31, 2021	$	1,067	$	9,486
Change in fair value (1)	14		(264)
Balance at June 30, 2022	$	1,081	$	9,222

- 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

Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

The fair value and amortized cost of cash equivalents and marketable securities by major security type as of June 30, 2022 and December 31, 2021 are as follows (in thousands):


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	91,333	$	—	$	—	$	91,333
U.S. Treasury securities	307,474		23		(6,064)		301,433
U.S. government agency securities	155,274		23		(1,217)		154,080
Corporate debt securities	223,154		—		(1,116)		222,038
Total cash equivalents and marketable securities	$	777,235	$	46	$	(8,397)	$	768,884


Classified as:	Fair Value
Cash equivalents	$	187,621
Marketable securities	449,825
Marketable securities, non-current	131,438
Total cash equivalents and marketable securities	$	768,884


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	206,245	$	—	$	—	$	206,245
U.S. Treasury securities	290,909		2		(1,205)		289,706
U.S. government agency securities	93,864		2		(240)		93,626
Corporate debt securities	285,338		—		(182)		285,156
Total cash equivalents and marketable securities	$	876,356	$	4	$	(1,627)	$	874,733


Classified as:	Fair Value
Cash equivalents	$	270,236
Marketable securities	320,966
Marketable securities, non-current	283,531
Total cash equivalents and marketable securities	$	874,733

As of June 30, 2022 and December 31, 2021, the fair value of securities held by the Company in an unrealized loss position was $621.6 million and $602.9 million, respectively, and as of June 30, 2022 and December 31, 2021, securities held by the Company in an unrealized loss position have been in the continuous loss position for less than 12 months. The Company determined that there was no material change in the credit risk of the above investments during the three and six months ended June 30, 2022 and 2021. As such, an allowance for credit losses has not been recognized. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. Gross realized gains and losses were de minimis for the three and six months ended June 30, 2022 and 2021 and as a result, amounts reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2022 and 2021 were also de minimis.

As of June 30, 2022 and December 31, 2021, all of the Company’s marketable securities had a maturity date of two years or less, were available for use and were classified as available-for-sale. See Note 6, Fair Value Measurements, for additional information regarding cash equivalents and marketable securities.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Collaboration and License Agreements The Company has entered into certain collaboration and license agreements, including those identified in Note 3, License, Collaboration and Success Payment Agreements above, with third parties that include the funding of certain development, manufacturing and commercialization efforts with the potential for future milestone and royalty payments upon the achievement of pre-established developmental, regulatory and/or commercial milestones. The Company’s obligation to fund these efforts is contingent upon continued involvement in the programs and/or the lack of any adverse events that could cause the discontinuance of the programs. Due to the nature of these agreements, the future potential payments are inherently uncertain, and accordingly no amounts had been recorded for the potential future achievement of these targets as of June 30, 2022 and December 31, 2021.

Cash Equivalents and Marketable Securities - Schedule of Fair Value and Amortized Cost of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Marketable Securities [Line Items]
Amortized Cost	$ 205,739	$ 293,828	$ 564,441
Amortized Cost	777,235	876,356
Gross Unrealized Gains	46	4
Gross Unrealized Losses	(8,397)	(1,627)
Fair Value	768,884	874,733
Classified as:
Cash equivalents	187,621	270,236
Marketable securities	449,825	320,966
Marketable securities, non-current	131,438	283,531
Total cash equivalents and marketable securities	768,884	874,733
U.S. Treasury securities
Marketable Securities [Line Items]
Amortized Cost	307,474	290,909
Gross Unrealized Gains	23	2
Gross Unrealized Losses	(6,064)	(1,205)
Fair Value	301,433	289,706
U.S. government agency securities
Marketable Securities [Line Items]
Amortized Cost	155,274	93,864
Gross Unrealized Gains	23	2
Gross Unrealized Losses	(1,217)	(240)
Fair Value	154,080	93,626
Corporate debt securities
Marketable Securities [Line Items]
Amortized Cost	223,154	285,338
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,116)	(182)
Fair Value	222,038	285,156
Money market funds
Marketable Securities [Line Items]
Amortized Cost	91,333	206,245
Fair Value	$ 91,333	$ 206,245

Stock-based Compensation - Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Risk-free interest rate (as a percent)	2.28%	0.76%
Expected volatility (as a percent)	85.00%	79.00%
Expected term (in years)	5 years 11 months 23 days	6 years 18 days
Expected dividend yield (as a percent)	0.00%	0.00%

License, Collaboration, and Success Payment Agreements - Schedule of Aggregate Potential Success Payments (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement	Jun. 30, 2022 USD ($)	Oct. 31, 2020 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares
Fred Hutch
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate success payment(s) (in millions)	$ 0
Stanford
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate success payment(s) (in millions)	$ 0
Ten Times \| Fred Hutch
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance			10
Per share common stock price required for payment (in dollars per share) \| $ / shares			$ 18.29
Aggregate success payment(s) (in millions)			$ 10,000,000
Ten Times \| Stanford
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance		10
Per share common stock price required for payment (in dollars per share) \| $ / shares		$ 18.29
Aggregate success payment(s) (in millions)		$ 10,000,000
Twenty Times \| Fred Hutch
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance			20
Per share common stock price required for payment (in dollars per share) \| $ / shares			$ 36.58
Aggregate success payment(s) (in millions)			$ 40,000,000
Twenty Times \| Stanford
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance		20
Per share common stock price required for payment (in dollars per share) \| $ / shares		$ 36.58
Aggregate success payment(s) (in millions)		$ 40,000,000
Thirty Times \| Fred Hutch
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance			30
Per share common stock price required for payment (in dollars per share) \| $ / shares			$ 54.86
Aggregate success payment(s) (in millions)			$ 90,000,000
Thirty Times \| Stanford
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance		30
Per share common stock price required for payment (in dollars per share) \| $ / shares		$ 54.86
Aggregate success payment(s) (in millions)		$ 90,000,000
Forty Times \| Fred Hutch
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance			40
Per share common stock price required for payment (in dollars per share) \| $ / shares			$ 73.15
Aggregate success payment(s) (in millions)			$ 140,000,000
Forty Times \| Stanford
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance		40
Per share common stock price required for payment (in dollars per share) \| $ / shares		$ 73.15
Aggregate success payment(s) (in millions)		$ 140,000,000
Fifty Times \| Fred Hutch
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance			50
Per share common stock price required for payment (in dollars per share) \| $ / shares			$ 91.44
Aggregate success payment(s) (in millions)			$ 200,000,000
Fifty Times \| Stanford
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Multiple of initial equity value at issuance		50
Per share common stock price required for payment (in dollars per share) \| $ / shares		$ 91.44
Aggregate success payment(s) (in millions)		$ 200,000,000

Stock-based Compensation - Summary of RSA Activity (Details) - RSAs	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Balance at beginning of period (in shares) \| shares	2,600,002
Vested (in shares) \| shares	(1,950,000)
Balance at end of period (in shares) \| shares	650,002
Weighted-Average Value at Grant Date Per Share
Balance at beginning of period (in dollars per share) \| $ / shares	$ 0.0001
Vested (in dollars per share) \| $ / shares	0.0001
Balance at end of period (in dollars per share) \| $ / shares	$ 0.0001

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		194,474,000
Beginning balance at Dec. 31, 2020		$ 1,010,968
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred stock to common stock (in shares)		(194,474,000)
Conversion of convertible preferred stock to common stock		$ (1,010,968)
Ending balance (in shares) at Jun. 30, 2021		0
Ending balance at Jun. 30, 2021		$ 0
Beginning balance (in shares) at Dec. 31, 2020			15,570,000
Beginning balance at Dec. 31, 2020	$ (292,528)		$ 2	$ 41,357	$ 256	$ (334,143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from initial public offering, net of $33,159 in issuance costs (in shares)			25,000,000
Proceeds from initial public offering, net of $33,159 in issuance costs	391,841		$ 2	391,839
Conversion of convertible preferred stock to common stock (in shares)			194,474,000
Conversion of convertible preferred stock to common stock	1,010,968		$ 20	1,010,948
Issuance of common stock upon exercise of stock options (in shares)			511,000
Issuance of common stock upon exercise of stock options	1,514			1,514
Stock-based compensation (in shares)			2,994,000
Stock-based compensation	27,981			27,981
Other comprehensive loss	(183)				(183)
Net loss	(117,638)					(117,638)
Ending balance (in shares) at Jun. 30, 2021			238,549,000
Ending balance at Jun. 30, 2021	1,021,955		$ 24	1,473,639	73	(451,781)
Beginning balance (in shares) at Mar. 31, 2021		194,474,000
Beginning balance at Mar. 31, 2021		$ 1,010,968
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred stock to common stock (in shares)		(194,474,000)
Conversion of convertible preferred stock to common stock		$ (1,010,968)
Ending balance (in shares) at Jun. 30, 2021		0
Ending balance at Jun. 30, 2021		$ 0
Beginning balance (in shares) at Mar. 31, 2021			17,831,000
Beginning balance at Mar. 31, 2021	(334,048)		$ 2	54,973	163	(389,186)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from initial public offering, net of $33,159 in issuance costs (in shares)			25,000,000
Proceeds from initial public offering, net of $33,159 in issuance costs	391,841		$ 2	391,839
Conversion of convertible preferred stock to common stock (in shares)			194,474,000
Conversion of convertible preferred stock to common stock	1,010,968		$ 20	1,010,948
Issuance of common stock upon exercise of stock options (in shares)			269,000
Issuance of common stock upon exercise of stock options	630			630
Stock-based compensation (in shares)			975,000
Stock-based compensation	15,249			15,249
Other comprehensive loss	(90)				(90)
Net loss	(62,595)					(62,595)
Ending balance (in shares) at Jun. 30, 2021			238,549,000
Ending balance at Jun. 30, 2021	$ 1,021,955		$ 24	1,473,639	73	(451,781)
Beginning balance (in shares) at Dec. 31, 2021	0
Ending balance (in shares) at Jun. 30, 2022	0
Beginning balance (in shares) at Dec. 31, 2021	242,738,350		242,738,000
Beginning balance at Dec. 31, 2021	$ 929,787		$ 24	1,515,748	(1,623)	(584,362)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	2,137,962		2,138,000
Issuance of common stock upon exercise of stock options	$ 4,125		$ 1	4,124
Stock-based compensation (in shares)			1,950,000
Stock-based compensation	$ 44,438			44,438
Issuance of common stock under employee stock purchase plan (in shares)	284,000
Issuance of common stock under employee stock purchase plan	$ 887
Other comprehensive loss	(6,728)				(6,728)
Net loss	$ (104,467)					(104,467)
Ending balance (in shares) at Jun. 30, 2022	247,109,886		247,110,000
Ending balance at Jun. 30, 2022	$ 868,042		$ 25	1,565,197	(8,351)	(688,829)
Ending balance (in shares) at Jun. 30, 2022	0
Beginning balance (in shares) at Mar. 31, 2022			245,423,000
Beginning balance at Mar. 31, 2022	$ 881,249		$ 25	1,540,330	(6,600)	(652,506)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)			428,000
Issuance of common stock upon exercise of stock options	1,570			1,570
Stock-based compensation (in shares)			975,000
Stock-based compensation	$ 22,410			22,410
Issuance of common stock under employee stock purchase plan (in shares)	284,000
Issuance of common stock under employee stock purchase plan	$ 887
Other comprehensive loss	(1,751)				(1,751)
Net loss	$ (36,323)					(36,323)
Ending balance (in shares) at Jun. 30, 2022	247,109,886		247,110,000
Ending balance at Jun. 30, 2022	$ 868,042		$ 25	$ 1,565,197	$ (8,351)	$ (688,829)

Organization (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares
Description of Organization [Line Items]
Offering expenses		$ 33,159	$ 33,159
Common Stock
Description of Organization [Line Items]
Issuance of common stock (in shares) \| shares		25,000,000	25,000,000
Conversion of preferred stock into common stock (in shares) \| shares		194,474,000	194,474,000
IPO \| Convertible Preferred Stock
Description of Organization [Line Items]
Conversion of preferred stock into common stock (in shares) \| shares	194,474,431
IPO \| Common Stock
Description of Organization [Line Items]
Issuance of common stock (in shares) \| shares	25,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 17.00	$ 17.00	$ 17.00
Net proceeds from sale of stock, after underwriting discounts and commissions	$ 391,800
Payments of underwriting discounts and commissions	29,800
Offering expenses	3,400
IPO \| Common Stock Including Additional Paid in Capital
Description of Organization [Line Items]
Converted preferred stock	$ 1,000,000

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Potentially Dilutive Securities


	As of June 30,
	2022	2021

Unvested RSAs	650,002	4,550,002
Unvested RSUs	1,245,015	—
Options to purchase common stock	47,547,798	42,175,827
Total	49,442,815	46,725,829

License, Collaboration, and Success Payment Agreements (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Aggregate Potential Success Payments


Multiple of initial equity value at issuance	10x		20x		30x		40x		50x
Per share common stock price required for payment	$	18.29	$	36.58	$	54.86	$	73.15	$	91.44
Aggregate success payment(s) (in millions)	$	10	$	40	$	90	$	140	$	200


Multiple of initial equity value at issuance	10x		20x		30x		40x		50x
Per share common stock price required for payment	$	18.29	$	36.58	$	54.86	$	73.15	$	91.44
Aggregate success payment(s) (in millions)	$	10	$	40	$	90	$	140	$	200

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Revenue	$ 35,741	$ 2,628	$ 36,294	$ 5,073
Operating expenses:
Research and development	43,719	46,446	79,549	87,975
General and administrative	30,454	19,112	64,875	35,943
Other operating income, net	(1,171)	(223)	(2,293)	(768)
Total operating expenses	73,002	65,335	142,131	123,150
Loss from operations	(37,261)	(62,707)	(105,837)	(118,077)
Interest income, net	952	218	1,349	572
Other (expense) income, net	(14)	(106)	21	(133)
Total other income, net	938	112	1,370	439
Net loss	(36,323)	(62,595)	(104,467)	(117,638)
Other comprehensive loss:
Net unrealized loss on marketable securities	(1,751)	(90)	(6,728)	(183)
Comprehensive loss	$ (38,074)	$ (62,685)	$ (111,195)	$ (117,821)
Net loss per common share, basic (in dollars per share)	$ (0.15)	$ (1.47)	$ (0.43)	$ (3.91)
Net loss per common share, diluted (in dollars per share)	$ (0.15)	$ (1.47)	$ (0.43)	$ (3.91)
Weighted-average shares used to compute net loss per common share, basic (in shares)	246,312	42,713	245,251	30,063
Weighted-average shares used to compute net loss per common share, diluted (in shares)	246,312	42,713	245,251	30,063

Convertible Preferred Stock (Details) - shares	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Equity [Abstract]
Outstanding shares of convertible preferred stock converted into shares of common stock (in shares)			194,474,431
Convertible preferred stock outstanding (in shares)	0	0

Stock-based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

2021 Equity Incentive Plan

In June 2021, the Company adopted the 2021 Equity Incentive Plan (“2021 Plan”), which on the date of the underwriting agreement related to the Company’s IPO became effective with an initial reserve of 26,662,087 shares, plus any shares subject to outstanding awards granted under the 2018 Equity Incentive Plan (“2018 Plan”) that, on or after the effectiveness of the 2021 Plan, terminate or expire before exercise or settlement, are not issued because the award is settled in cash, are forfeited because of the failure to vest, or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to (1) 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Company’s board of directors no later than December 31 of the immediately preceding year. On January 1, 2022, the Company reserved an additional 12,266,917 shares of common stock for issuance under the 2021 Plan representing 5% of the total common shares outstanding as of December 31, 2021. On March 29, 2022, the Company filed with the Securities and Exchange Commission (“SEC”) a Form S-8 registering the additional shares. Under the 2021 Plan, the Company may grant incentive stock options, non-statutory stock options, RSAs, restricted stock units (“RSUs”), stock appreciation rights, performance awards and other stock-based awards. Terms of stock awards, including vesting requirements, are determined by the Company’s board of directors or by a committee authorized by the Company’s board of directors, subject to provisions of the 2021 Plan. The term of any stock option granted under the 2021 Plan cannot exceed ten years. Generally, awards granted by the Company vest over four years but may be granted with different vesting terms. In conjunction with adopting the 2021 Plan, the Company discontinued the 2018 Plan with respect to new equity awards.

As of June 30, 2022, 27,808,498 shares were available for future issuance pursuant to the 2021 Plan.

2021 Employee Stock Purchase Plan

In June 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”), which became effective immediately prior to the execution of the underwriting agreement related to the Company’s IPO with an initial reserve of 2,470,000 shares. The 2021 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their earnings, subject to plan limitations. Unless otherwise determined by the Company’s board of directors, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first date of an offering or on the purchase date. The number of shares of the Company’s common stock reserved for issuance under the 2021 ESPP will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (1) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, and (2) 4,940,000 shares; provided, however, that the Company’s board of directors may act to provide a lesser increase in number of shares. On January 1, 2022, the Company reserved an additional 2,453,383 common shares for issuance under the 2021 ESPP representing 1% of the total common shares outstanding as of December 31, 2021. On March 29, 2022, the Company filed with the SEC a Form S-8 registering the additional shares. The Company may specify offerings with durations not more than 27 months and may specify shorter purchase periods within each offering. Under the 2021 ESPP, 283,574 shares were issued during the three and six months ended June 30, 2022 and none for the three and six months ended June 30, 2021.

2018 Equity Incentive Plan

In 2018, the Company established the 2018 Plan under which it may grant incentive stock options, non-statutory stock options, RSAs, RSUs, stock appreciation rights and other stock-based awards. Terms of stock awards, including vesting requirements, are determined by the board of directors or by a committee authorized by the Company’s board of directors, subject to provisions of the 2018 Plan. The term of any stock option granted under the 2018 Plan cannot exceed ten years. Generally, awards granted by the Company vest over four years, but may be granted with different vesting terms. Pursuant to the terms of the 2021 Plan, any shares subject to outstanding options originally granted under the 2018 Plan that terminate, expire or lapse for any reason without the delivery of shares to the holder thereof shall become available for

issuance pursuant to awards granted under the 2021 Plan. While no shares are available for future issuance under the 2018 Plan, it continues to govern outstanding equity awards granted thereunder.

Stock-based Compensation Expense

Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	4,195	$	5,091	$	7,959	$	9,942
General and administrative	18,215		10,158		36,479		18,039
Total stock-based compensation expense	$	22,410	$	15,249	$	44,438	$	27,981

Stock-based compensation expense for the three and six months ended June 30, 2021 includes the impact of an award accelerated in connection with the Company’s IPO resulting in stock-based compensation expense of $2.6 million.

At June 30, 2022, total stock-based compensation cost related to unvested awards not yet recognized was $134.8 million, which is expected to be recognized over a remaining weighted-average period of 2.57 years.

Restricted Stock Awards

A summary of the Company’s RSA activity was as follows:


	Number of Shares	Weighted-Average Value at Grant Date Per Share
Unvested shares as of December 31, 2021	2,600,002	$	0.0001
Vested	(1,950,000)	$	0.0001

Unvested shares as of June 30, 2022	650,002	$	0.0001

Restricted Stock Units

A summary of the Company’s RSU activity was as follows:


	Restricted Stock Units Outstanding	Weighted-Average Value at Grant Date Per Share
Unvested RSUs as of December 31, 2021	—	$	—
RSUs granted	1,330,962	$	5.98
RSUs forfeited or canceled	(85,947)	$	5.98
Unvested RSUs as of June 30, 2022	1,245,015	$	5.98

Stock Options

A summary of the Company’s stock option activity was as follows:


	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2021	41,775,179	$	5.05	7.84	$	142,076
Granted	9,459,442	$	5.91
Exercised	(2,137,962)	$	1.93
Canceled or forfeited	(1,548,861)	$	5.72
Options outstanding as of June 30, 2022	47,547,798	$	5.34	7.63	$	90,965
Options exercisable as of June 30, 2022	25,435,468	$	4.01	6.49	$	76,686


	Six Months Ended June 30,
	2022		2021
Risk-free interest rate	2.28	%	0.76	%
Expected volatility	85	%	79	%
Expected term (in years)	5.98		6.05
Expected dividend yield	0	%	0	%

The weighted-average grant date fair value of options granted for the six months ended June 30, 2022 and 2021 was $4.27 per share and $5.79 per share, respectively.

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

LeasesThe Company’s lease portfolio is comprised of operating leases for laboratory, office and manufacturing facilities located in South San Francisco, California, and Seattle and Bothell, Washington with contractual periods expiring between December 2028 and March 2031. In addition to minimum rent, the leases require payment of real estate taxes, insurance,

common area maintenance charges and other executory costs. These additional charges are considered variable lease costs and are recognized in the period in which the costs are incurred.

The following table summarizes the Company’s future minimum operating lease commitments, including expected lease incentives to be received, as of June 30, 2022 (in thousands):


Year Ending December 31:
2022 (remaining six months)	$	4,557
2023	11,018
2024	11,347
2025	11,859
2026	12,209
Thereafter	48,094
Total undiscounted lease payments	99,084
Less: imputed interest	(28,814)
Less: tenant improvement allowances	(2,720)
Total operating lease liabilities	$	67,550

Reported as of June 30, 2022:
Short-term portion of lease liabilities (included in accrued liabilities and other current liabilities)	$	1,476
Operating lease liabilities, non-current	66,074
Total	$	67,550

The operating lease costs for all operating leases were $2.2 million and $2.4 million for the three months ended June 30, 2022 and 2021, respectively, and $4.7 million and $4.8 million for the six months ended June 30, 2022 and 2021, respectively. The operating lease costs and total commitments for short-term leases were de minimis for the three and six months ended June 30, 2022 and 2021. Variable lease costs for operating leases were $1.2 million and $1.3 million for the three months ended June 30, 2022 and 2021, respectively, and $2.5 million and $2.4 million for the six months ended June 30, 2022 and 2021, respectively. The weighted-average remaining lease terms for operating leases were 8.3 and 8.8 years as of June 30, 2022 and December 31, 2021, respectively. The weighted-average discount rates for operating leases were 8.5% and 8.4% as of June 30, 2022 and December 31, 2021, respectively.

In May 2021, the Company entered into a sublease, whereby the Company agreed to sublease approximately 11,000 square feet of its space in South San Francisco, California currently leased by the Company. The sublease is classified as an operating lease and will expire in March 2031. The monthly fixed payment due to the Company is $0.1 million, subject to annual rent increases in accordance with the contract.

In September 2021, the Company entered into a sublease with Sonoma Biotherapeutics, Inc. (“Sonoma”), a related party, whereby the Company agreed to sublease approximately 18,000 square feet of space in South San Francisco, California currently leased by the Company. See Note 13, Related-Party Transactions. As a part of the sublease, in September 2021, the Company received a $4.6 million tenant improvement contribution payment, which is recognized over the term of the sublease. The sublease is classified as an operating lease and will expire in March 2031. The monthly fixed payment due to the Company is $0.2 million, subject to annual rent increases in accordance with the contract.

Leases

common area maintenance charges and other executory costs. These additional charges are considered variable lease costs and are recognized in the period in which the costs are incurred.

The following table summarizes the Company’s future minimum operating lease commitments, including expected lease incentives to be received, as of June 30, 2022 (in thousands):


Year Ending December 31:
2022 (remaining six months)	$	4,557
2023	11,018
2024	11,347
2025	11,859
2026	12,209
Thereafter	48,094
Total undiscounted lease payments	99,084
Less: imputed interest	(28,814)
Less: tenant improvement allowances	(2,720)
Total operating lease liabilities	$	67,550

Reported as of June 30, 2022:
Short-term portion of lease liabilities (included in accrued liabilities and other current liabilities)	$	1,476
Operating lease liabilities, non-current	66,074
Total	$	67,550

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 205,739	$ 293,828
Marketable securities	449,825	320,966
Prepaid expenses and other current assets	11,214	11,492
Total current assets	666,778	626,286
Restricted cash	279	466
Marketable securities, non-current	131,438	283,531
Other investments	47,001	47,001
Property and equipment, net	127,559	120,098
Operating lease right-of-use assets	44,907	46,541
Other non-current assets	3,712	3,483
Total assets	1,021,674	1,127,406
Current liabilities:
Accounts payable	4,247	3,207
Accrued liabilities and other current liabilities	21,396	29,057
Success payment liabilities	9,222	9,486
Deferred revenue	15,426	4,988
Total current liabilities	50,291	46,738
Operating lease liabilities, non-current	66,074	66,650
Deferred revenue, non-current	32,927	79,665
Other non-current liabilities	4,340	4,566
Total liabilities	153,632	197,619
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000 shares authorized at June 30, 2022 and December 31, 2021; zero shares issued and outstanding at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 500,000 shares authorized at June 30, 2022 and December 31, 2021; 247,110 and 242,738 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	25	24
Additional paid-in capital	1,565,197	1,515,748
Accumulated other comprehensive loss	(8,351)	(1,623)
Accumulated deficit	(688,829)	(584,362)
Total stockholders’ equity	868,042	929,787
Total liabilities and stockholders’ equity	$ 1,021,674	$ 1,127,406

Related-party Transactions (Details) ft² in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) ft²	May 31, 2021 ft²
Related Party Transaction [Line Items]
Rentable area \| ft²							11
Affiliated Entity \| Sublease with Sonoma
Related Party Transaction [Line Items]
Rentable area \| ft²						18
Tenant improvements						$ 4.6
Due to related parties, current	$ 0.5		$ 0.5
Due to related parties, noncurrent	3.7		3.7
Revenue recognized from related parties	$ 0.7		$ 1.3
Affiliated Entity \| Sublease with Sonoma \| Minimum \| Lyell Immunopharma
Related Party Transaction [Line Items]
Ownership interest (as a percent)	5.00%		5.00%
Investor \| GSK Agreement
Related Party Transaction [Line Items]
Due to related parties, current	$ 15.4		$ 15.4		$ 5.0
Due to related parties, noncurrent	32.9		32.9		$ 79.7
Revenue recognized from related parties	$ 35.7	$ 2.6	$ 36.3	$ 5.1
Investor \| GSK Agreement \| Minimum \| Lyell Immunopharma
Related Party Transaction [Line Items]
Ownership interest (as a percent)	10.00%		10.00%

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		$ 22,410	$ 15,249	$ 44,438	$ 27,981
Total stock-based compensation cost related to unvested awards not yet recognized		$ 134,800		$ 134,800
Expected weighted-average period compensation cost to be recognized				2 years 6 months 25 days
Weighted average grant date fair value (in dollars per share)				$ 4.27	$ 5.79
IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense			$ 2,600		$ 2,600
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance (in shares)			26,662,087		26,662,087
Award expiration period				10 years
Proportion of stock outstanding (as a percent)				5.00%
Number of additional shares authorized for issuance (in shares)	12,266,917
Increase in proportion of common shares reserved for future issuance (as a percent)	5.00%
Vesting period				4 years
Future issuance of common shares (in shares)		27,808,498		27,808,498
2021 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period				10 years
2021 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance (in shares)			2,470,000		2,470,000
Award expiration period				10 years
Proportion of stock outstanding (as a percent)				1.00%
Number of additional shares authorized for issuance (in shares)	2,453,383
Increase in proportion of common shares reserved for future issuance (as a percent)	1.00%
Purchase of common stock at discount (as a percent)		15.00%		15.00%
Employee purchase of shares, proportion of fair value (as a percent)				85.00%
Maximum number of shares to be purchased under ESPP (in shares)				4,940,000
Maximum offering period				27 months
Stock-based compensation (in shares)		283,574	0	283,574	0
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period						10 years
Vesting period						4 years
Future issuance of common shares (in shares)		0		0

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial assets:
Equity warrant investment	$ 1,081	$ 1,067
Total financial assets	769,965	875,800
Financial liabilities:
Success payment liabilities	9,222	9,486
Total financial liabilities	9,222	9,486
U.S. Treasury securities
Financial assets:
Marketable securities	301,433	289,706
U.S. government agency securities
Financial assets:
Marketable securities	154,080	93,626
Corporate debt securities
Financial assets:
Marketable securities	222,038	285,156
Money market funds
Financial assets:
Money market funds	91,333	206,245
Level 1
Financial assets:
Equity warrant investment	0	0
Total financial assets	91,333	206,245
Financial liabilities:
Success payment liabilities	0	0
Total financial liabilities	0	0
Level 1 \| U.S. Treasury securities
Financial assets:
Marketable securities	0	0
Level 1 \| U.S. government agency securities
Financial assets:
Marketable securities	0	0
Level 1 \| Corporate debt securities
Financial assets:
Marketable securities	0	0
Level 1 \| Money market funds
Financial assets:
Money market funds	91,333	206,245
Level 2
Financial assets:
Equity warrant investment	0	0
Total financial assets	677,551	668,488
Financial liabilities:
Success payment liabilities	0	0
Total financial liabilities	0	0
Level 2 \| U.S. Treasury securities
Financial assets:
Marketable securities	301,433	289,706
Level 2 \| U.S. government agency securities
Financial assets:
Marketable securities	154,080	93,626
Level 2 \| Corporate debt securities
Financial assets:
Marketable securities	222,038	285,156
Level 2 \| Money market funds
Financial assets:
Money market funds	0	0
Level 3
Financial assets:
Equity warrant investment	1,081	1,067
Total financial assets	1,081	1,067
Financial liabilities:
Success payment liabilities	9,222	9,486
Total financial liabilities	9,222	9,486
Level 3 \| U.S. Treasury securities
Financial assets:
Marketable securities	0	0
Level 3 \| U.S. government agency securities
Financial assets:
Marketable securities	0	0
Level 3 \| Corporate debt securities
Financial assets:
Marketable securities	0	0
Level 3 \| Money market funds
Financial assets:
Money market funds	$ 0	$ 0

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 33,159	$ 33,159

Other Investments	6 Months Ended
Other Investments	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Other Investments	Other InvestmentsFrom time to time, the Company makes minority ownership strategic investments. As of June 30, 2022 and December 31, 2021, the aggregate carrying amounts of the Company’s strategic investments in non-publicly traded companies were $47.0 million. These investments were measured at initial cost, minus impairment, if any, and plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In connection with the preparation of the financial statements for 2021, the Company performed a qualitative assessment of potential indicators of impairment and determined that indicators existed for its $36.4 million investment in PACT Series C-1 convertible preferred stock. While there was no single event or factor, the Company considered PACT’s operating cash flow requirements over the next year and liquid asset balances to fund those requirements and PACT’s inability to raise funds as indicators of impairment. Due to these indicators, the Company assessed the valuation of the investment in PACT as of December 31, 2021 and determined the fair value to be negligible and the impairment to be other-than-temporary in nature. As a result, the Company recorded a $36.4 million impairment expense for the PACT investment in the fourth quarter of 2021, which was recorded within impairment of other investments on the Consolidated Statement of Operations and Comprehensive Loss and as a reduction to the investment balance within other investments on the Consolidated Balance Sheet. There were no adjustments recorded to the carrying amount for the other investments for the three and six months ended June 30, 2022 and 2021. In November 2020, the Company made a strategic equity investment of $13.0 million in Outpace Bio, Inc. (“Outpace”), a privately-held company, which represented a minority ownership interest at the time of the strategic investment. Outpace is engaged in the research and development of protein and cell technology platforms and has financed its activities via issuances of preferred stock. The Company determined that Outpace is a variable interest entity (“VIE”) and the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest. The Company does not have majority voting rights, representation on Outpace’s board of directors or the power to direct the activities of this entity, and therefore it is not the primary beneficiary. As of both June 30, 2022 and December 31, 2021, the carrying value of the Company’s investment in Outpace was $13.0 million, which is recorded in other investments.

Convertible Preferred Stock	6 Months Ended
Convertible Preferred Stock	Jun. 30, 2022
Equity [Abstract]
Convertible Preferred Stock	Convertible Preferred StockUpon the closing of the IPO, 194,474,431 shares of convertible preferred stock then outstanding converted into an equal number of shares of common stock. As of June 30, 2022 and December 31, 2021, no shares of convertible preferred stock were outstanding.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock The Company is authorized to issue 10.0 million shares of preferred stock with a par value of $0.0001 per share. As of June 30, 2022 and December 31, 2021, no shares of preferred stock were outstanding. Common Stock The Company is authorized to issue 500.0 million shares of common stock with a par value of $0.0001 per share. As of June 30, 2022 and December 31, 2021, there were 247,109,886 shares and 242,738,350 shares of the Company’s common stock outstanding, respectively, excluding 650,002 shares and 2,600,002 shares, respectively, of restricted stock awards (“RSAs”) outstanding that are subject to vesting requirements.

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&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 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: 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 http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: 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 http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&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
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	247,110,000	242,738,000
Common stock outstanding (in shares)	247,109,886	242,738,350

Leases - Summary of Operating Lease Commitments Including Expected Lease Incentives to be Received (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining six months)	$ 4,557
2023	11,018
2024	11,347
2025	11,859
2026	12,209
Thereafter	48,094
Total undiscounted lease payments	99,084
Less: imputed interest	(28,814)
Less: tenant improvement allowances	(2,720)
Total operating lease liabilities	67,550
Operating Lease Liability
Short-term portion of lease liabilities (included in accrued liabilities and other current liabilities)	1,476
Operating lease liabilities, non-current	66,074	$ 66,650
Total	$ 67,550

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn August 4, 2022, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) and BofA Securities, Inc. (“BofA,” together with Goldman Sachs, the “Agents”) with respect to an at-the-market offering program under which the Company may offer and sell, from time to time, shares of the Company’s common stock having an aggregate offering amount of up to $200.0 million through Goldman Sachs and BofA as the Company’s sales agents or principals. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the sales agents. Neither the Company nor the Agents are obligated to sell any shares under the Equity Distribution Agreement. Subject to the terms and conditions of the Equity Distribution Agreement, the Agents will use commercially reasonable efforts, consistent with their normal trading and sales practices and applicable laws and regulations, to sell shares of the Company’s common stock from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company specifies, subject to certain limitations. Under the Equity Distribution Agreement, the Agents may sell shares of the Company’s common stock by any method permitted by law deemed to be an “at-the-market offering.” The Company will pay the Agents commissions of up to 3% of the gross proceeds from each sale of shares of the Company’s common stock sold under the Equity Distribution Agreement and will provide them with customary indemnification and contribution rights. In addition, the Company agreed to reimburse certain legal expenses and fees by the Agents in connection with the offering. The Equity Distribution Agreement will terminate upon the sale of all $200.0 million of shares, unless earlier terminated by either party as permitted therein. The Equity Distribution Agreement may be terminated by either party pursuant to a written notice to the other parties at any time, subject to the terms and conditions of termination as described in the Equity Distribution Agreement.

Fair Value Measurements - Summary of Estimated Fair Value of Success Payment Liability Assumptions (Details)	Jun. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Fred Hutch
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of common stock Series A convertible preferred stock	$ 6.52	$ 7.74
Fred Hutch \| Risk-free interest rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	2.76	0.19
Fred Hutch \| Risk-free interest rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	3.08	1.88
Fred Hutch \| Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	0.80	0.75
Fred Hutch \| Expected term (in years) \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	0.96	0.46
Fred Hutch \| Expected term (in years) \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	5.47	5.97
Stanford
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of common stock Series A convertible preferred stock	$ 6.52	$ 7.74
Stanford \| Risk-free interest rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	2.76	0.19
Stanford \| Risk-free interest rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	3.08	1.88
Stanford \| Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	0.80	0.75
Stanford \| Expected term (in years) \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	0.96	0.46
Stanford \| Expected term (in years) \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Success payment liability, measurement input (as a percent)	7.25	7.75