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In May 2021, our stockholders approved an amendment and restatement of the 2018 Employee Stock Purchase Plan (as so amended and restated, the Amended 2018 ESPP). As of December 31, 2024, 0.3 million shares of common stock remain available for future issuance under the Amended 2018 ESPP. | text | 0.3 | sharesItemType | text: <entity> 0.3 </entity> <entity type> sharesItemType </entity type> <context> In May 2021, our stockholders approved an amendment and restatement of the 2018 Employee Stock Purchase Plan (as so amended and restated, the Amended 2018 ESPP). As of December 31, 2024, 0.3 million shares of common stock remain available for future issuance under the Amended 2018 ESPP. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant |
Typically, stock options have a 10-year term and vest over a three to four-year period. The exercise price of stock options granted is equal to the closing price of our common stock on the date of grant. We estimate the fair value of stock options using the Black-Scholes option-pricing model on the date of grant. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, term and interest rates. The weighted-average grant-date fair values of stock options granted were $ 55.74 for 2024, $ 45.19 for 2023, and $ 32.05 for 2022. | text | 55.74 | perShareItemType | text: <entity> 55.74 </entity> <entity type> perShareItemType </entity type> <context> Typically, stock options have a 10-year term and vest over a three to four-year period. The exercise price of stock options granted is equal to the closing price of our common stock on the date of grant. We estimate the fair value of stock options using the Black-Scholes option-pricing model on the date of grant. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, term and interest rates. The weighted-average grant-date fair values of stock options granted were $ 55.74 for 2024, $ 45.19 for 2023, and $ 32.05 for 2022. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
Typically, stock options have a 10-year term and vest over a three to four-year period. The exercise price of stock options granted is equal to the closing price of our common stock on the date of grant. We estimate the fair value of stock options using the Black-Scholes option-pricing model on the date of grant. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, term and interest rates. The weighted-average grant-date fair values of stock options granted were $ 55.74 for 2024, $ 45.19 for 2023, and $ 32.05 for 2022. | text | 45.19 | perShareItemType | text: <entity> 45.19 </entity> <entity type> perShareItemType </entity type> <context> Typically, stock options have a 10-year term and vest over a three to four-year period. The exercise price of stock options granted is equal to the closing price of our common stock on the date of grant. We estimate the fair value of stock options using the Black-Scholes option-pricing model on the date of grant. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, term and interest rates. The weighted-average grant-date fair values of stock options granted were $ 55.74 for 2024, $ 45.19 for 2023, and $ 32.05 for 2022. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
Typically, stock options have a 10-year term and vest over a three to four-year period. The exercise price of stock options granted is equal to the closing price of our common stock on the date of grant. We estimate the fair value of stock options using the Black-Scholes option-pricing model on the date of grant. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, term and interest rates. The weighted-average grant-date fair values of stock options granted were $ 55.74 for 2024, $ 45.19 for 2023, and $ 32.05 for 2022. | text | 32.05 | perShareItemType | text: <entity> 32.05 </entity> <entity type> perShareItemType </entity type> <context> Typically, stock options have a 10-year term and vest over a three to four-year period. The exercise price of stock options granted is equal to the closing price of our common stock on the date of grant. We estimate the fair value of stock options using the Black-Scholes option-pricing model on the date of grant. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, term and interest rates. The weighted-average grant-date fair values of stock options granted were $ 55.74 for 2024, $ 45.19 for 2023, and $ 32.05 for 2022. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. | text | 122.5 | monetaryItemType | text: <entity> 122.5 </entity> <entity type> monetaryItemType </entity type> <context> The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. | text | 39.9 | monetaryItemType | text: <entity> 39.9 </entity> <entity type> monetaryItemType </entity type> <context> The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. | text | 39.7 | monetaryItemType | text: <entity> 39.7 </entity> <entity type> monetaryItemType </entity type> <context> The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. | text | 110.8 | monetaryItemType | text: <entity> 110.8 </entity> <entity type> monetaryItemType </entity type> <context> The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. </context> | us-gaap:ProceedsFromStockOptionsExercised |
The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. | text | 55.5 | monetaryItemType | text: <entity> 55.5 </entity> <entity type> monetaryItemType </entity type> <context> The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. </context> | us-gaap:ProceedsFromStockOptionsExercised |
The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. | text | 37.0 | monetaryItemType | text: <entity> 37.0 </entity> <entity type> monetaryItemType </entity type> <context> The total intrinsic value of stock options exercised was $ 122.5 million for 2024, $ 39.9 million for 2023, and $ 39.7 million for 2022. Cash received from stock option exercises was $ 110.8 million for 2024, $ 55.5 million for 2023, and $ 37.0 million for 2022. </context> | us-gaap:ProceedsFromStockOptionsExercised |
RSUs typically vest over a four-year period and may be subject to a deferred delivery arrangement at the election of eligible employees. The fair value of RSUs is based on the closing sale price of our common stock on the date of issuance. The total fair value of RSUs that vested was $ 116.7 million for 2024, $ 101.0 million for 2023, and $ 72.4 million for 2022. | text | 116.7 | monetaryItemType | text: <entity> 116.7 </entity> <entity type> monetaryItemType </entity type> <context> RSUs typically vest over a four-year period and may be subject to a deferred delivery arrangement at the election of eligible employees. The fair value of RSUs is based on the closing sale price of our common stock on the date of issuance. The total fair value of RSUs that vested was $ 116.7 million for 2024, $ 101.0 million for 2023, and $ 72.4 million for 2022. </context> | us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested |
RSUs typically vest over a four-year period and may be subject to a deferred delivery arrangement at the election of eligible employees. The fair value of RSUs is based on the closing sale price of our common stock on the date of issuance. The total fair value of RSUs that vested was $ 116.7 million for 2024, $ 101.0 million for 2023, and $ 72.4 million for 2022. | text | 101.0 | monetaryItemType | text: <entity> 101.0 </entity> <entity type> monetaryItemType </entity type> <context> RSUs typically vest over a four-year period and may be subject to a deferred delivery arrangement at the election of eligible employees. The fair value of RSUs is based on the closing sale price of our common stock on the date of issuance. The total fair value of RSUs that vested was $ 116.7 million for 2024, $ 101.0 million for 2023, and $ 72.4 million for 2022. </context> | us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested |
RSUs typically vest over a four-year period and may be subject to a deferred delivery arrangement at the election of eligible employees. The fair value of RSUs is based on the closing sale price of our common stock on the date of issuance. The total fair value of RSUs that vested was $ 116.7 million for 2024, $ 101.0 million for 2023, and $ 72.4 million for 2022. | text | 72.4 | monetaryItemType | text: <entity> 72.4 </entity> <entity type> monetaryItemType </entity type> <context> RSUs typically vest over a four-year period and may be subject to a deferred delivery arrangement at the election of eligible employees. The fair value of RSUs is based on the closing sale price of our common stock on the date of issuance. The total fair value of RSUs that vested was $ 116.7 million for 2024, $ 101.0 million for 2023, and $ 72.4 million for 2022. </context> | us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested |
PRSUs vest based on the achievement of certain predefined Company-specific performance criteria. Any unvested PRSUs will expire if it is determined the related performance criteria has not been met during the applicable three to four-year performance period. The fair value of PRSUs is estimated based on the closing sale price of our common stock on the date of grant. The fair value of PRSUs that vested was $ 34.4 million during 2023. No PRSUs vested during 2024 or 2022. | text | 34.4 | monetaryItemType | text: <entity> 34.4 </entity> <entity type> monetaryItemType </entity type> <context> PRSUs vest based on the achievement of certain predefined Company-specific performance criteria. Any unvested PRSUs will expire if it is determined the related performance criteria has not been met during the applicable three to four-year performance period. The fair value of PRSUs is estimated based on the closing sale price of our common stock on the date of grant. The fair value of PRSUs that vested was $ 34.4 million during 2023. No PRSUs vested during 2024 or 2022. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue |
Under the Amended 2018 ESPP, eligible employees may purchase shares of our common stock at a discount semi-annually based on a percentage of their annual compensation. The discounted purchase price is equal to the lower of 85 % of (i) the market value per share of the common stock on the first day of the offering period or (ii) the market value per share of common stock on the purchase date. | text | 85 | percentItemType | text: <entity> 85 </entity> <entity type> percentItemType </entity type> <context> Under the Amended 2018 ESPP, eligible employees may purchase shares of our common stock at a discount semi-annually based on a percentage of their annual compensation. The discounted purchase price is equal to the lower of 85 % of (i) the market value per share of the common stock on the first day of the offering period or (ii) the market value per share of common stock on the purchase date. </context> | us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent |
As of December 31, 2024 and 2023, we recorded a valuation allowance of $ 112.2 million and $ 88.9 million, respectively, against our gross deferred tax asset balance. | text | 112.2 | monetaryItemType | text: <entity> 112.2 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024 and 2023, we recorded a valuation allowance of $ 112.2 million and $ 88.9 million, respectively, against our gross deferred tax asset balance. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
As of December 31, 2024 and 2023, we recorded a valuation allowance of $ 112.2 million and $ 88.9 million, respectively, against our gross deferred tax asset balance. | text | 88.9 | monetaryItemType | text: <entity> 88.9 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024 and 2023, we recorded a valuation allowance of $ 112.2 million and $ 88.9 million, respectively, against our gross deferred tax asset balance. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
As of each reporting date, management considers new evidence, both positive and negative, that could affect its assessment of the future realizability of our deferred tax assets. As of December 31, 2024, management determined there was sufficient positive evidence to conclude that it is more likely than not deferred tax assets of $ 485.7 million are realizable. The recorded valuation allowance of $ 112.2 million consisted primarily of state and foreign net operating loss carryforwards and state credit carryforwards for which management cannot conclude it is more likely than not to be realized. | text | 485.7 | monetaryItemType | text: <entity> 485.7 </entity> <entity type> monetaryItemType </entity type> <context> As of each reporting date, management considers new evidence, both positive and negative, that could affect its assessment of the future realizability of our deferred tax assets. As of December 31, 2024, management determined there was sufficient positive evidence to conclude that it is more likely than not deferred tax assets of $ 485.7 million are realizable. The recorded valuation allowance of $ 112.2 million consisted primarily of state and foreign net operating loss carryforwards and state credit carryforwards for which management cannot conclude it is more likely than not to be realized. </context> | us-gaap:DeferredTaxAssetsLiabilitiesNet |
As of each reporting date, management considers new evidence, both positive and negative, that could affect its assessment of the future realizability of our deferred tax assets. As of December 31, 2024, management determined there was sufficient positive evidence to conclude that it is more likely than not deferred tax assets of $ 485.7 million are realizable. The recorded valuation allowance of $ 112.2 million consisted primarily of state and foreign net operating loss carryforwards and state credit carryforwards for which management cannot conclude it is more likely than not to be realized. | text | 112.2 | monetaryItemType | text: <entity> 112.2 </entity> <entity type> monetaryItemType </entity type> <context> As of each reporting date, management considers new evidence, both positive and negative, that could affect its assessment of the future realizability of our deferred tax assets. As of December 31, 2024, management determined there was sufficient positive evidence to conclude that it is more likely than not deferred tax assets of $ 485.7 million are realizable. The recorded valuation allowance of $ 112.2 million consisted primarily of state and foreign net operating loss carryforwards and state credit carryforwards for which management cannot conclude it is more likely than not to be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
As of December 31, 2024, we had state and foreign income tax net operating loss carryforwards of $ 279.5 million and $ 237.5 million, respectively. We had no federal income tax operating loss carryforwards as of December 31, 2024. California net operating losses will begin to expire in 2031 unless previously utilized and the net operating losses related to other states will begin to expire in 2037. Swiss net operating losses will begin to expire in 2030 unless previously utilized. UK net operating losses will carry forward indefinitely. | text | 279.5 | monetaryItemType | text: <entity> 279.5 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we had state and foreign income tax net operating loss carryforwards of $ 279.5 million and $ 237.5 million, respectively. We had no federal income tax operating loss carryforwards as of December 31, 2024. California net operating losses will begin to expire in 2031 unless previously utilized and the net operating losses related to other states will begin to expire in 2037. Swiss net operating losses will begin to expire in 2030 unless previously utilized. UK net operating losses will carry forward indefinitely. </context> | us-gaap:OperatingLossCarryforwards |
As of December 31, 2024, we had state and foreign income tax net operating loss carryforwards of $ 279.5 million and $ 237.5 million, respectively. We had no federal income tax operating loss carryforwards as of December 31, 2024. California net operating losses will begin to expire in 2031 unless previously utilized and the net operating losses related to other states will begin to expire in 2037. Swiss net operating losses will begin to expire in 2030 unless previously utilized. UK net operating losses will carry forward indefinitely. | text | 237.5 | monetaryItemType | text: <entity> 237.5 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we had state and foreign income tax net operating loss carryforwards of $ 279.5 million and $ 237.5 million, respectively. We had no federal income tax operating loss carryforwards as of December 31, 2024. California net operating losses will begin to expire in 2031 unless previously utilized and the net operating losses related to other states will begin to expire in 2037. Swiss net operating losses will begin to expire in 2030 unless previously utilized. UK net operating losses will carry forward indefinitely. </context> | us-gaap:OperatingLossCarryforwards |
As of December 31, 2024, we had state and foreign income tax net operating loss carryforwards of $ 279.5 million and $ 237.5 million, respectively. We had no federal income tax operating loss carryforwards as of December 31, 2024. California net operating losses will begin to expire in 2031 unless previously utilized and the net operating losses related to other states will begin to expire in 2037. Swiss net operating losses will begin to expire in 2030 unless previously utilized. UK net operating losses will carry forward indefinitely. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we had state and foreign income tax net operating loss carryforwards of $ 279.5 million and $ 237.5 million, respectively. We had no federal income tax operating loss carryforwards as of December 31, 2024. California net operating losses will begin to expire in 2031 unless previously utilized and the net operating losses related to other states will begin to expire in 2037. Swiss net operating losses will begin to expire in 2030 unless previously utilized. UK net operating losses will carry forward indefinitely. </context> | us-gaap:OperatingLossCarryforwards |
As of December 31, 2024, we had state R&D tax credit carryforwards of $ 97.1 million. California R&D tax credits carry forward indefinitely, while R&D tax credits related to other states will begin to expire in 2034 unless previously utilized. | text | 97.1 | monetaryItemType | text: <entity> 97.1 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we had state R&D tax credit carryforwards of $ 97.1 million. California R&D tax credits carry forward indefinitely, while R&D tax credits related to other states will begin to expire in 2034 unless previously utilized. </context> | us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch |
We recognize interest and penalties related to income tax matters in income tax expense. We had accruals for interest related to income tax matters of $ 10.9 million as of December 31, 2024 and $ 3.1 million as of December 31, 2023. We had accruals for penalties related to income tax matters of $ 2.2 million as of December 31, 2024 and 2023. | text | 10.9 | monetaryItemType | text: <entity> 10.9 </entity> <entity type> monetaryItemType </entity type> <context> We recognize interest and penalties related to income tax matters in income tax expense. We had accruals for interest related to income tax matters of $ 10.9 million as of December 31, 2024 and $ 3.1 million as of December 31, 2023. We had accruals for penalties related to income tax matters of $ 2.2 million as of December 31, 2024 and 2023. </context> | us-gaap:IncomeTaxExaminationInterestAccrued |
We recognize interest and penalties related to income tax matters in income tax expense. We had accruals for interest related to income tax matters of $ 10.9 million as of December 31, 2024 and $ 3.1 million as of December 31, 2023. We had accruals for penalties related to income tax matters of $ 2.2 million as of December 31, 2024 and 2023. | text | 3.1 | monetaryItemType | text: <entity> 3.1 </entity> <entity type> monetaryItemType </entity type> <context> We recognize interest and penalties related to income tax matters in income tax expense. We had accruals for interest related to income tax matters of $ 10.9 million as of December 31, 2024 and $ 3.1 million as of December 31, 2023. We had accruals for penalties related to income tax matters of $ 2.2 million as of December 31, 2024 and 2023. </context> | us-gaap:IncomeTaxExaminationInterestAccrued |
As of December 31, 2024, we had $ 141.9 million of unrecognized tax benefits that, if recognized and realized, would affect the effective tax rate, subject to changes in the valuation allowance. We do not expect a significant change in our unrecognized tax benefits in the next 12 months. | text | 141.9 | monetaryItemType | text: <entity> 141.9 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we had $ 141.9 million of unrecognized tax benefits that, if recognized and realized, would affect the effective tax rate, subject to changes in the valuation allowance. We do not expect a significant change in our unrecognized tax benefits in the next 12 months. </context> | us-gaap:UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate |
The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. | text | 199.0 | monetaryItemType | text: <entity> 199.0 </entity> <entity type> monetaryItemType </entity type> <context> The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. </context> | us-gaap:OperatingLeaseRightOfUseAsset |
The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. | text | 189.8 | monetaryItemType | text: <entity> 189.8 </entity> <entity type> monetaryItemType </entity type> <context> The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. </context> | us-gaap:OperatingLeaseLiability |
The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. | text | 258.9 | monetaryItemType | text: <entity> 258.9 </entity> <entity type> monetaryItemType </entity type> <context> The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. </context> | us-gaap:OperatingLeaseRightOfUseAsset |
The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. | text | 211.7 | monetaryItemType | text: <entity> 211.7 </entity> <entity type> monetaryItemType </entity type> <context> The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024. </context> | us-gaap:OperatingLeaseLiability |
During 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $ 14.0 million in 2024, of which $ 11.3 million and $ 2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups. | text | 14.0 | monetaryItemType | text: <entity> 14.0 </entity> <entity type> monetaryItemType </entity type> <context> During 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $ 14.0 million in 2024, of which $ 11.3 million and $ 2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups. </context> | us-gaap:OperatingLeaseLiability |
During 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $ 14.0 million in 2024, of which $ 11.3 million and $ 2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups. | text | 11.3 | monetaryItemType | text: <entity> 11.3 </entity> <entity type> monetaryItemType </entity type> <context> During 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $ 14.0 million in 2024, of which $ 11.3 million and $ 2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups. </context> | us-gaap:OperatingLeaseImpairmentLoss |
During 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $ 14.0 million in 2024, of which $ 11.3 million and $ 2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups. | text | 2.7 | monetaryItemType | text: <entity> 2.7 </entity> <entity type> monetaryItemType </entity type> <context> During 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $ 14.0 million in 2024, of which $ 11.3 million and $ 2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups. </context> | us-gaap:OperatingLeaseImpairmentLoss |
On May 2, 2017, we completed a private placement of $ 517.5 million in aggregate principal amount of 2.25 % fixed-rate convertible senior notes due May 15, 2024 (the 2024 Notes) and entered into the 2017 Indenture with respect to the 2024 Notes. Interest on the 2024 Notes was due semi-annually on May 15 and November 15 of each year. | text | 517.5 | monetaryItemType | text: <entity> 517.5 </entity> <entity type> monetaryItemType </entity type> <context> On May 2, 2017, we completed a private placement of $ 517.5 million in aggregate principal amount of 2.25 % fixed-rate convertible senior notes due May 15, 2024 (the 2024 Notes) and entered into the 2017 Indenture with respect to the 2024 Notes. Interest on the 2024 Notes was due semi-annually on May 15 and November 15 of each year. </context> | us-gaap:DebtInstrumentFaceAmount |
On May 2, 2017, we completed a private placement of $ 517.5 million in aggregate principal amount of 2.25 % fixed-rate convertible senior notes due May 15, 2024 (the 2024 Notes) and entered into the 2017 Indenture with respect to the 2024 Notes. Interest on the 2024 Notes was due semi-annually on May 15 and November 15 of each year. | text | 2.25 | percentItemType | text: <entity> 2.25 </entity> <entity type> percentItemType </entity type> <context> On May 2, 2017, we completed a private placement of $ 517.5 million in aggregate principal amount of 2.25 % fixed-rate convertible senior notes due May 15, 2024 (the 2024 Notes) and entered into the 2017 Indenture with respect to the 2024 Notes. Interest on the 2024 Notes was due semi-annually on May 15 and November 15 of each year. </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. | text | 136.2 | monetaryItemType | text: <entity> 136.2 </entity> <entity type> monetaryItemType </entity type> <context> In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. </context> | us-gaap:DebtInstrumentRepurchasedFaceAmount |
In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. | text | 186.9 | monetaryItemType | text: <entity> 186.9 </entity> <entity type> monetaryItemType </entity type> <context> In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. </context> | us-gaap:RepaymentsOfDebt |
In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. | text | 210.8 | monetaryItemType | text: <entity> 210.8 </entity> <entity type> monetaryItemType </entity type> <context> In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. </context> | us-gaap:DebtInstrumentRepurchasedFaceAmount |
In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. | text | 279.0 | monetaryItemType | text: <entity> 279.0 </entity> <entity type> monetaryItemType </entity type> <context> In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. </context> | us-gaap:RepaymentsOfDebt |
In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. | text | 70.0 | monetaryItemType | text: <entity> 70.0 </entity> <entity type> monetaryItemType </entity type> <context> In 2020, we repurchased $ 136.2 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 186.9 million in cash. In 2022, we repurchased $ 210.8 million in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $ 279.0 million in cash, which resulted in the recognition of a $ 70.0 million loss on extinguishment. </context> | us-gaap:GainsLossesOnExtinguishmentOfDebt |
On or after January 15, 2024, holders of the 2024 Notes had the ability to convert the 2024 Notes at any time until the close of business on the scheduled trading day immediately preceding May 15, 2024. In January 2024, we provided notice to the holders of the 2024 Notes electing to settle all conversions of the 2024 Notes which occur on or after January 15, 2024 in cash. Consequently, the embedded conversion option of the 2024 Notes (the conversion feature) required bifurcation and separate accounting from the 2024 Notes as it no longer qualified for the equity scope exception under ASC 815, Derivatives and Hedging. Upon bifurcation of the conversion feature, we recorded a derivative liability at a fair value of $ 126.6 million (Level 3) and a corresponding debt discount that was accreted over the remaining term of the 2024 Notes using the straight-line method. Subsequent changes in the fair value of the derivative liability and accretion of the associated debt discount were recorded in other income (expense), net on the consolidated statements of income. | text | 126.6 | monetaryItemType | text: <entity> 126.6 </entity> <entity type> monetaryItemType </entity type> <context> On or after January 15, 2024, holders of the 2024 Notes had the ability to convert the 2024 Notes at any time until the close of business on the scheduled trading day immediately preceding May 15, 2024. In January 2024, we provided notice to the holders of the 2024 Notes electing to settle all conversions of the 2024 Notes which occur on or after January 15, 2024 in cash. Consequently, the embedded conversion option of the 2024 Notes (the conversion feature) required bifurcation and separate accounting from the 2024 Notes as it no longer qualified for the equity scope exception under ASC 815, Derivatives and Hedging. Upon bifurcation of the conversion feature, we recorded a derivative liability at a fair value of $ 126.6 million (Level 3) and a corresponding debt discount that was accreted over the remaining term of the 2024 Notes using the straight-line method. Subsequent changes in the fair value of the derivative liability and accretion of the associated debt discount were recorded in other income (expense), net on the consolidated statements of income. </context> | us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3 |
During 2024, holders of the 2024 Notes converted $ 169.8 million in aggregate principal amount of the 2024 Notes for $ 308.2 million in cash, reflecting a conversion premium of $ 138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture). The 2024 Notes were settled in full upon maturity on May 15, 2024. | text | 169.8 | monetaryItemType | text: <entity> 169.8 </entity> <entity type> monetaryItemType </entity type> <context> During 2024, holders of the 2024 Notes converted $ 169.8 million in aggregate principal amount of the 2024 Notes for $ 308.2 million in cash, reflecting a conversion premium of $ 138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture). The 2024 Notes were settled in full upon maturity on May 15, 2024. </context> | us-gaap:DebtInstrumentRepaidPrincipal |
During 2024, holders of the 2024 Notes converted $ 169.8 million in aggregate principal amount of the 2024 Notes for $ 308.2 million in cash, reflecting a conversion premium of $ 138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture). The 2024 Notes were settled in full upon maturity on May 15, 2024. | text | 308.2 | monetaryItemType | text: <entity> 308.2 </entity> <entity type> monetaryItemType </entity type> <context> During 2024, holders of the 2024 Notes converted $ 169.8 million in aggregate principal amount of the 2024 Notes for $ 308.2 million in cash, reflecting a conversion premium of $ 138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture). The 2024 Notes were settled in full upon maturity on May 15, 2024. </context> | us-gaap:RepaymentsOfDebt |
During 2024, holders of the 2024 Notes converted $ 169.8 million in aggregate principal amount of the 2024 Notes for $ 308.2 million in cash, reflecting a conversion premium of $ 138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture). The 2024 Notes were settled in full upon maturity on May 15, 2024. | text | 30 | integerItemType | text: <entity> 30 </entity> <entity type> integerItemType </entity type> <context> During 2024, holders of the 2024 Notes converted $ 169.8 million in aggregate principal amount of the 2024 Notes for $ 308.2 million in cash, reflecting a conversion premium of $ 138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture). The 2024 Notes were settled in full upon maturity on May 15, 2024. </context> | us-gaap:DebtInstrumentConvertibleThresholdConsecutiveTradingDays1 |
We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. | text | 60 | percentItemType | text: <entity> 60 </entity> <entity type> percentItemType </entity type> <context> We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. </context> | us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent |
We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. | text | 15.5 | monetaryItemType | text: <entity> 15.5 </entity> <entity type> monetaryItemType </entity type> <context> We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. </context> | us-gaap:DefinedContributionPlanCostRecognized |
We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. | text | 12.5 | monetaryItemType | text: <entity> 12.5 </entity> <entity type> monetaryItemType </entity type> <context> We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. </context> | us-gaap:DefinedContributionPlanCostRecognized |
We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. | text | 10.3 | monetaryItemType | text: <entity> 10.3 </entity> <entity type> monetaryItemType </entity type> <context> We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60 % of base salary limited by the IRS-imposed maximum. Employer contributions were $ 15.5 million for 2024, $ 12.5 million for 2023, and $ 10.3 million for 2022. </context> | us-gaap:DefinedContributionPlanCostRecognized |
As of December 31, 2023, the Company had cash, cash equivalents and marketable securities of $ 767.2 million. Based on the Company’s current operating plans, the Company anticipates that its existing cash, cash equivalents and marketable securities will be sufficient to enable it to fund its current operations for at least the next twelve months from the issuance of the financial statements. | text | 767.2 | monetaryItemType | text: <entity> 767.2 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company had cash, cash equivalents and marketable securities of $ 767.2 million. Based on the Company’s current operating plans, the Company anticipates that its existing cash, cash equivalents and marketable securities will be sufficient to enable it to fund its current operations for at least the next twelve months from the issuance of the financial statements. </context> | us-gaap:InvestmentsAndCash |
expensed as incurred. For years ended December 31, 2023, 2022 and 2021, advertising costs totaled $ 16.9 million, $ 18.1 million and $ 13.5 million, respectively. | text | 16.9 | monetaryItemType | text: <entity> 16.9 </entity> <entity type> monetaryItemType </entity type> <context> expensed as incurred. For years ended December 31, 2023, 2022 and 2021, advertising costs totaled $ 16.9 million, $ 18.1 million and $ 13.5 million, respectively. </context> | us-gaap:AdvertisingExpense |
expensed as incurred. For years ended December 31, 2023, 2022 and 2021, advertising costs totaled $ 16.9 million, $ 18.1 million and $ 13.5 million, respectively. | text | 18.1 | monetaryItemType | text: <entity> 18.1 </entity> <entity type> monetaryItemType </entity type> <context> expensed as incurred. For years ended December 31, 2023, 2022 and 2021, advertising costs totaled $ 16.9 million, $ 18.1 million and $ 13.5 million, respectively. </context> | us-gaap:AdvertisingExpense |
expensed as incurred. For years ended December 31, 2023, 2022 and 2021, advertising costs totaled $ 16.9 million, $ 18.1 million and $ 13.5 million, respectively. | text | 13.5 | monetaryItemType | text: <entity> 13.5 </entity> <entity type> monetaryItemType </entity type> <context> expensed as incurred. For years ended December 31, 2023, 2022 and 2021, advertising costs totaled $ 16.9 million, $ 18.1 million and $ 13.5 million, respectively. </context> | us-gaap:AdvertisingExpense |
On June 30, 2022 , the Company entered into a purchase and sale agreement (Royalty Purchase Agreement) with Royalty Pharma. Pursuant to the Royalty Purchase Agreement, the Company received an upfront payment of $ 175.0 million in consideration for the Company’s rights to receive royalty payments on the net sales of GAVRETO worldwide excluding the CStone Territory (as defined below) and U.S. territory under the terms of the Roche pralsetinib collaboration agreement. | text | 175.0 | monetaryItemType | text: <entity> 175.0 </entity> <entity type> monetaryItemType </entity type> <context> On June 30, 2022 , the Company entered into a purchase and sale agreement (Royalty Purchase Agreement) with Royalty Pharma. Pursuant to the Royalty Purchase Agreement, the Company received an upfront payment of $ 175.0 million in consideration for the Company’s rights to receive royalty payments on the net sales of GAVRETO worldwide excluding the CStone Territory (as defined below) and U.S. territory under the terms of the Roche pralsetinib collaboration agreement. </context> | us-gaap:ProceedsFromIssuanceOfLongTermDebt |
Although the Company sold all of the rights to receive royalties on the net sales of GAVRETO worldwide excluding the CStone Territory and U.S. territory to Royalty Pharma, the Company continues to co-develop pralsetinib with Roche globally and is therefore involved in the generation of these future royalties. Due to the Company’s significant continuing involvement, the Company continues to account for any royalties and development and commercialization milestones earned related to the underlying territory under the Roche pralsetinib collaboration agreement as collaboration revenue on its consolidated statements of operations and comprehensive loss. Net proceeds from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 175.0 million, net of transaction costs of $ 3.8 million, to the total of these royalties as interest expense using the effective interest method over the estimated life of the arrangement. These estimates contain assumptions that impact the amount recorded and the interest expense that will be recognized in future periods. | text | 175.0 | monetaryItemType | text: <entity> 175.0 </entity> <entity type> monetaryItemType </entity type> <context> Although the Company sold all of the rights to receive royalties on the net sales of GAVRETO worldwide excluding the CStone Territory and U.S. territory to Royalty Pharma, the Company continues to co-develop pralsetinib with Roche globally and is therefore involved in the generation of these future royalties. Due to the Company’s significant continuing involvement, the Company continues to account for any royalties and development and commercialization milestones earned related to the underlying territory under the Roche pralsetinib collaboration agreement as collaboration revenue on its consolidated statements of operations and comprehensive loss. Net proceeds from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 175.0 million, net of transaction costs of $ 3.8 million, to the total of these royalties as interest expense using the effective interest method over the estimated life of the arrangement. These estimates contain assumptions that impact the amount recorded and the interest expense that will be recognized in future periods. </context> | us-gaap:DebtInstrumentFaceAmount |
Although the Company sold all of the rights to receive royalties on the net sales of GAVRETO worldwide excluding the CStone Territory and U.S. territory to Royalty Pharma, the Company continues to co-develop pralsetinib with Roche globally and is therefore involved in the generation of these future royalties. Due to the Company’s significant continuing involvement, the Company continues to account for any royalties and development and commercialization milestones earned related to the underlying territory under the Roche pralsetinib collaboration agreement as collaboration revenue on its consolidated statements of operations and comprehensive loss. Net proceeds from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 175.0 million, net of transaction costs of $ 3.8 million, to the total of these royalties as interest expense using the effective interest method over the estimated life of the arrangement. These estimates contain assumptions that impact the amount recorded and the interest expense that will be recognized in future periods. | text | 3.8 | monetaryItemType | text: <entity> 3.8 </entity> <entity type> monetaryItemType </entity type> <context> Although the Company sold all of the rights to receive royalties on the net sales of GAVRETO worldwide excluding the CStone Territory and U.S. territory to Royalty Pharma, the Company continues to co-develop pralsetinib with Roche globally and is therefore involved in the generation of these future royalties. Due to the Company’s significant continuing involvement, the Company continues to account for any royalties and development and commercialization milestones earned related to the underlying territory under the Roche pralsetinib collaboration agreement as collaboration revenue on its consolidated statements of operations and comprehensive loss. Net proceeds from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 175.0 million, net of transaction costs of $ 3.8 million, to the total of these royalties as interest expense using the effective interest method over the estimated life of the arrangement. These estimates contain assumptions that impact the amount recorded and the interest expense that will be recognized in future periods. </context> | us-gaap:DeferredFinanceCostsGross |
As of December 31, 2023, none of the derecognition conditions under ASC 405 Liabilities were met, and in consideration of the significant uncertainties related to GAVRETO’s commercial outlook in the underlying territory during the life of the arrangement caused by the termination of the Roche pralsetinib collaboration agreement, during the year ended December 31, 2023, the Company did no t accrete any interest expenses related to the liability. As of December 31, 2023, the net carrying value of the liability related to this arrangement was $ 175.0 million. | text | 175.0 | monetaryItemType | text: <entity> 175.0 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, none of the derecognition conditions under ASC 405 Liabilities were met, and in consideration of the significant uncertainties related to GAVRETO’s commercial outlook in the underlying territory during the life of the arrangement caused by the termination of the Roche pralsetinib collaboration agreement, during the year ended December 31, 2023, the Company did no t accrete any interest expenses related to the liability. As of December 31, 2023, the net carrying value of the liability related to this arrangement was $ 175.0 million. </context> | us-gaap:LongTermDebt |
Pursuant to the Future Revenue Purchase Agreement, the Company received gross proceeds of $ 250.0 million in exchange for future royalty payments at a rate of 9.75 % on up to $ 900 million each year of (i) aggregate worldwide annual net product sales of AYVAKIT/ AYVAKYT (avapritinib) and (ii), if it is approved, aggregate worldwide annual net product sales of BLU-263 (elenestinib), but excluding sales in Greater China, subject to a cumulative cap of 1.45 times the upfront invested capital or a total of $ 362.5 million. In the event that certain revenue targets are not achieved by specified dates, the royalty rate and cumulative cap shall be increased to 15 % and 1.85 times the invested capital (or $ 462.5 million), respectively. | text | 250.0 | monetaryItemType | text: <entity> 250.0 </entity> <entity type> monetaryItemType </entity type> <context> Pursuant to the Future Revenue Purchase Agreement, the Company received gross proceeds of $ 250.0 million in exchange for future royalty payments at a rate of 9.75 % on up to $ 900 million each year of (i) aggregate worldwide annual net product sales of AYVAKIT/ AYVAKYT (avapritinib) and (ii), if it is approved, aggregate worldwide annual net product sales of BLU-263 (elenestinib), but excluding sales in Greater China, subject to a cumulative cap of 1.45 times the upfront invested capital or a total of $ 362.5 million. In the event that certain revenue targets are not achieved by specified dates, the royalty rate and cumulative cap shall be increased to 15 % and 1.85 times the invested capital (or $ 462.5 million), respectively. </context> | us-gaap:ProceedsFromIssuanceOfLongTermDebt |
The Company continues to own the research, development, manufacturing and commercialization of AYVAKIT/ AYVAKYT and if it is approved, elenestinib, and has significant continuing involvement in the generation of the cash flows under the Future Revenue Purchase Agreement. Therefore, the Company continues to account for any revenue earned from worldwide product sales of AYVAKIT/ AYVAKYT and, if it is approved, elenestinib, on its consolidated statements of operations and comprehensive loss. Net proceeds received from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 250.0 million, net of transaction costs of $ 5.4 million, to the total of these future payments as interest expense using the effective interest method over the estimated life of the arrangement. | text | 250.0 | monetaryItemType | text: <entity> 250.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company continues to own the research, development, manufacturing and commercialization of AYVAKIT/ AYVAKYT and if it is approved, elenestinib, and has significant continuing involvement in the generation of the cash flows under the Future Revenue Purchase Agreement. Therefore, the Company continues to account for any revenue earned from worldwide product sales of AYVAKIT/ AYVAKYT and, if it is approved, elenestinib, on its consolidated statements of operations and comprehensive loss. Net proceeds received from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 250.0 million, net of transaction costs of $ 5.4 million, to the total of these future payments as interest expense using the effective interest method over the estimated life of the arrangement. </context> | us-gaap:DebtInstrumentFaceAmount |
The Company continues to own the research, development, manufacturing and commercialization of AYVAKIT/ AYVAKYT and if it is approved, elenestinib, and has significant continuing involvement in the generation of the cash flows under the Future Revenue Purchase Agreement. Therefore, the Company continues to account for any revenue earned from worldwide product sales of AYVAKIT/ AYVAKYT and, if it is approved, elenestinib, on its consolidated statements of operations and comprehensive loss. Net proceeds received from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 250.0 million, net of transaction costs of $ 5.4 million, to the total of these future payments as interest expense using the effective interest method over the estimated life of the arrangement. | text | 5.4 | monetaryItemType | text: <entity> 5.4 </entity> <entity type> monetaryItemType </entity type> <context> The Company continues to own the research, development, manufacturing and commercialization of AYVAKIT/ AYVAKYT and if it is approved, elenestinib, and has significant continuing involvement in the generation of the cash flows under the Future Revenue Purchase Agreement. Therefore, the Company continues to account for any revenue earned from worldwide product sales of AYVAKIT/ AYVAKYT and, if it is approved, elenestinib, on its consolidated statements of operations and comprehensive loss. Net proceeds received from the transaction were recorded as a liability related to sale of future royalties and revenues on the consolidated balance sheet. The Company accretes the $ 250.0 million, net of transaction costs of $ 5.4 million, to the total of these future payments as interest expense using the effective interest method over the estimated life of the arrangement. </context> | us-gaap:DeferredFinanceCostsGross |
As payments are made to Sixth Street Partners, the balance of the liability is effectively repaid over the life of the Future Revenue Purchase Agreement. In order to determine the amortization of the liability, the Company estimates the total amount of future revenue payments to be paid to Sixth Street Partners over the life of the arrangement. The exact amount of repayment is likely to change each reporting period. A significant increase or decrease in worldwide product sales of AYVAKIT/ AYVAKYT and, if it is approved, elenestinib, will materially impact the liability related to this arrangement, interest expense and the time period for repayment. The Company periodically assesses the expected payments to Sixth Street Partners and prospectively adjusts the amortization of the liability related to this arrangement for material changes in such payments. As of December 31, 2023, the Company’s estimate of this total interest expense resulted in an effective annual interest rate of 10.7 %. These estimates contain assumptions that impact the amount recorded and the interest expense that will be recognized in future periods. | text | 10.7 | percentItemType | text: <entity> 10.7 </entity> <entity type> percentItemType </entity type> <context> As payments are made to Sixth Street Partners, the balance of the liability is effectively repaid over the life of the Future Revenue Purchase Agreement. In order to determine the amortization of the liability, the Company estimates the total amount of future revenue payments to be paid to Sixth Street Partners over the life of the arrangement. The exact amount of repayment is likely to change each reporting period. A significant increase or decrease in worldwide product sales of AYVAKIT/ AYVAKYT and, if it is approved, elenestinib, will materially impact the liability related to this arrangement, interest expense and the time period for repayment. The Company periodically assesses the expected payments to Sixth Street Partners and prospectively adjusts the amortization of the liability related to this arrangement for material changes in such payments. As of December 31, 2023, the Company’s estimate of this total interest expense resulted in an effective annual interest rate of 10.7 %. These estimates contain assumptions that impact the amount recorded and the interest expense that will be recognized in future periods. </context> | us-gaap:DebtInstrumentInterestRateEffectivePercentage |
As of December 31, 2023, the net carrying value of the liability related to this arrangement was $ 266.7 million. The following table shows the activity within the liability account during the years ended December 31, 2023 and 2022 (in thousands): | text | 266.7 | monetaryItemType | text: <entity> 266.7 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the net carrying value of the liability related to this arrangement was $ 266.7 million. The following table shows the activity within the liability account during the years ended December 31, 2023 and 2022 (in thousands): </context> | us-gaap:LongTermDebt |
The Financing Agreement entered into by the parties in connection with the transaction provides for (i) a senior secured term loan facility of up to $ 150.0 million and (ii) a senior secured delayed draw term loan facility of up to $ 250.0 million to be funded in two tranches at the Company’s choice subject to certain terms and conditions. The term loans will mature on June 30, 2028 and bear interest at a variable rate equal to either the Secured Overnight Financing | text | 150.0 | monetaryItemType | text: <entity> 150.0 </entity> <entity type> monetaryItemType </entity type> <context> The Financing Agreement entered into by the parties in connection with the transaction provides for (i) a senior secured term loan facility of up to $ 150.0 million and (ii) a senior secured delayed draw term loan facility of up to $ 250.0 million to be funded in two tranches at the Company’s choice subject to certain terms and conditions. The term loans will mature on June 30, 2028 and bear interest at a variable rate equal to either the Secured Overnight Financing </context> | us-gaap:DebtInstrumentFaceAmount |
The Financing Agreement entered into by the parties in connection with the transaction provides for (i) a senior secured term loan facility of up to $ 150.0 million and (ii) a senior secured delayed draw term loan facility of up to $ 250.0 million to be funded in two tranches at the Company’s choice subject to certain terms and conditions. The term loans will mature on June 30, 2028 and bear interest at a variable rate equal to either the Secured Overnight Financing | text | 250.0 | monetaryItemType | text: <entity> 250.0 </entity> <entity type> monetaryItemType </entity type> <context> The Financing Agreement entered into by the parties in connection with the transaction provides for (i) a senior secured term loan facility of up to $ 150.0 million and (ii) a senior secured delayed draw term loan facility of up to $ 250.0 million to be funded in two tranches at the Company’s choice subject to certain terms and conditions. The term loans will mature on June 30, 2028 and bear interest at a variable rate equal to either the Secured Overnight Financing </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
Rate (SOFR) plus 6.50 % or the base rate plus 5.50 %, subject to a floor of 1 % and 2 % with respect to the SOFR and base rate, respectively. | text | 6.50 | percentItemType | text: <entity> 6.50 </entity> <entity type> percentItemType </entity type> <context> Rate (SOFR) plus 6.50 % or the base rate plus 5.50 %, subject to a floor of 1 % and 2 % with respect to the SOFR and base rate, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
Rate (SOFR) plus 6.50 % or the base rate plus 5.50 %, subject to a floor of 1 % and 2 % with respect to the SOFR and base rate, respectively. | text | 5.50 | percentItemType | text: <entity> 5.50 </entity> <entity type> percentItemType </entity type> <context> Rate (SOFR) plus 6.50 % or the base rate plus 5.50 %, subject to a floor of 1 % and 2 % with respect to the SOFR and base rate, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. | text | 150.0 | monetaryItemType | text: <entity> 150.0 </entity> <entity type> monetaryItemType </entity type> <context> As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. </context> | us-gaap:ProceedsFromIssuanceOfLongTermDebt |
As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. | text | 12.2 | monetaryItemType | text: <entity> 12.2 </entity> <entity type> monetaryItemType </entity type> <context> As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. </context> | us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet |
As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. | text | 100.0 | monetaryItemType | text: <entity> 100.0 </entity> <entity type> monetaryItemType </entity type> <context> As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. </context> | us-gaap:ProceedsFromIssuanceOfLongTermDebt |
As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. | text | 2.1 | monetaryItemType | text: <entity> 2.1 </entity> <entity type> monetaryItemType </entity type> <context> As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. </context> | us-gaap:DeferredFinanceCostsGross |
As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. | text | 13.3 | percentItemType | text: <entity> 13.3 </entity> <entity type> percentItemType </entity type> <context> As part of the Financing Agreement with Sixth Street Partners, the Company received gross proceeds of $ 150.0 million in July 2022 and incurred an aggregate of $ 12.2 million of debt discounts and transaction costs. In August 2023, the Company received the first tranche of the senior secured delayed draw term loan facility in the amount of $ 100.0 million in gross proceeds and incurred $ 2.1 million of transaction costs. Debt discounts and transaction costs have been recorded as a reduction to the carrying amount of the debt on the Company’s consolidated balance sheet and are amortized as additional interest expenses using the effective interest rate method over the period from issuance through maturity. In addition, the Company may at any time request an incremental term loan in an amount not to exceed $ 260.0 million on terms to be agreed and subject to the consent of Sixth Street Partners providing such incremental term loan. As of December 31, 2023, the Company’s estimate of the total interest expense resulted in an effective annual interest rate of 13.3 %. The carrying amount of the debt as of December 31, 2023 is subject to variable interest rates, which are based on current market rates, and as such, approximates fair value. </context> | us-gaap:DebtInstrumentInterestRateEffectivePercentage |
As of December 31, 2023 and 2022, the Company held 62 and 122 debt securities, respectively, that were in an unrealized loss position. The following table summarizes the estimated fair value and the aggregate unrealized loss for the Company’s available-for-sale securities in loss position as of December 31, 2023 and 2022 by the length of time the security has been in a loss position (in thousands): | text | 62 | integerItemType | text: <entity> 62 </entity> <entity type> integerItemType </entity type> <context> As of December 31, 2023 and 2022, the Company held 62 and 122 debt securities, respectively, that were in an unrealized loss position. The following table summarizes the estimated fair value and the aggregate unrealized loss for the Company’s available-for-sale securities in loss position as of December 31, 2023 and 2022 by the length of time the security has been in a loss position (in thousands): </context> | us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions |
As of December 31, 2023 and 2022, the Company held 62 and 122 debt securities, respectively, that were in an unrealized loss position. The following table summarizes the estimated fair value and the aggregate unrealized loss for the Company’s available-for-sale securities in loss position as of December 31, 2023 and 2022 by the length of time the security has been in a loss position (in thousands): | text | 122 | integerItemType | text: <entity> 122 </entity> <entity type> integerItemType </entity type> <context> As of December 31, 2023 and 2022, the Company held 62 and 122 debt securities, respectively, that were in an unrealized loss position. The following table summarizes the estimated fair value and the aggregate unrealized loss for the Company’s available-for-sale securities in loss position as of December 31, 2023 and 2022 by the length of time the security has been in a loss position (in thousands): </context> | us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions |
Inventory amounts written down as a result of excess, obsolescence, unmarketability or other reasons are charged to cost of sales. For the years ended December 31, 2023 and 2022, the Company recognized write-downs of $ 0.7 million and $ 2.1 million, respectively. Long-term inventory, which primarily consists of work in process and raw materials, is included in other assets in the consolidated balance sheets. | text | 0.7 | monetaryItemType | text: <entity> 0.7 </entity> <entity type> monetaryItemType </entity type> <context> Inventory amounts written down as a result of excess, obsolescence, unmarketability or other reasons are charged to cost of sales. For the years ended December 31, 2023 and 2022, the Company recognized write-downs of $ 0.7 million and $ 2.1 million, respectively. Long-term inventory, which primarily consists of work in process and raw materials, is included in other assets in the consolidated balance sheets. </context> | us-gaap:InventoryWriteDown |
Inventory amounts written down as a result of excess, obsolescence, unmarketability or other reasons are charged to cost of sales. For the years ended December 31, 2023 and 2022, the Company recognized write-downs of $ 0.7 million and $ 2.1 million, respectively. Long-term inventory, which primarily consists of work in process and raw materials, is included in other assets in the consolidated balance sheets. | text | 2.1 | monetaryItemType | text: <entity> 2.1 </entity> <entity type> monetaryItemType </entity type> <context> Inventory amounts written down as a result of excess, obsolescence, unmarketability or other reasons are charged to cost of sales. For the years ended December 31, 2023 and 2022, the Company recognized write-downs of $ 0.7 million and $ 2.1 million, respectively. Long-term inventory, which primarily consists of work in process and raw materials, is included in other assets in the consolidated balance sheets. </context> | us-gaap:InventoryWriteDown |
At December 31, 2023 and 2022, $ 10.2 million and $ 5.2 million, respectively, of the Company’s cash is restricted by a financial institution primarily related to funds held to satisfy the requirements of certain government agreements and the security deposits for the lease agreements for the Company’s office and laboratory spaces. For additional information, see Note 16, Leases . | text | 10.2 | monetaryItemType | text: <entity> 10.2 </entity> <entity type> monetaryItemType </entity type> <context> At December 31, 2023 and 2022, $ 10.2 million and $ 5.2 million, respectively, of the Company’s cash is restricted by a financial institution primarily related to funds held to satisfy the requirements of certain government agreements and the security deposits for the lease agreements for the Company’s office and laboratory spaces. For additional information, see Note 16, Leases . </context> | us-gaap:RestrictedCash |
At December 31, 2023 and 2022, $ 10.2 million and $ 5.2 million, respectively, of the Company’s cash is restricted by a financial institution primarily related to funds held to satisfy the requirements of certain government agreements and the security deposits for the lease agreements for the Company’s office and laboratory spaces. For additional information, see Note 16, Leases . | text | 5.2 | monetaryItemType | text: <entity> 5.2 </entity> <entity type> monetaryItemType </entity type> <context> At December 31, 2023 and 2022, $ 10.2 million and $ 5.2 million, respectively, of the Company’s cash is restricted by a financial institution primarily related to funds held to satisfy the requirements of certain government agreements and the security deposits for the lease agreements for the Company’s office and laboratory spaces. For additional information, see Note 16, Leases . </context> | us-gaap:RestrictedCash |
Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $ 7.7 million, $ 6.5 million and $ 6.5 million, respectively. | text | 7.7 | monetaryItemType | text: <entity> 7.7 </entity> <entity type> monetaryItemType </entity type> <context> Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $ 7.7 million, $ 6.5 million and $ 6.5 million, respectively. </context> | us-gaap:Depreciation |
Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $ 7.7 million, $ 6.5 million and $ 6.5 million, respectively. | text | 6.5 | monetaryItemType | text: <entity> 6.5 </entity> <entity type> monetaryItemType </entity type> <context> Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $ 7.7 million, $ 6.5 million and $ 6.5 million, respectively. </context> | us-gaap:Depreciation |
For the purposes of ASC 606, the transaction price of the IDRx License Agreement at the contract inception was determined to be $ 27.5 million and recorded as license revenue-related party on the consolidated statements of operations and comprehensive loss during the year ended December 31, 2022. The fair value was derived from IDRx’s most recent financing transaction with unrelated investors. All potential milestone payments that the Company is eligible to receive under the IDRx License Agreement have been excluded from the transaction price. The Company reevaluates the transaction price for inclusion of milestone payments and royalties at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company adjusts its estimate of the transaction price, and any addition to the transaction price would be recognized as revenue when it becomes probable that inclusion would not lead to a significant revenue reversal. Additionally, the Company is entitled to sales milestones and royalties from the sales of the licensed products, and revenue are recognized when the related sales occur. | text | 27.5 | monetaryItemType | text: <entity> 27.5 </entity> <entity type> monetaryItemType </entity type> <context> For the purposes of ASC 606, the transaction price of the IDRx License Agreement at the contract inception was determined to be $ 27.5 million and recorded as license revenue-related party on the consolidated statements of operations and comprehensive loss during the year ended December 31, 2022. The fair value was derived from IDRx’s most recent financing transaction with unrelated investors. All potential milestone payments that the Company is eligible to receive under the IDRx License Agreement have been excluded from the transaction price. The Company reevaluates the transaction price for inclusion of milestone payments and royalties at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company adjusts its estimate of the transaction price, and any addition to the transaction price would be recognized as revenue when it becomes probable that inclusion would not lead to a significant revenue reversal. Additionally, the Company is entitled to sales milestones and royalties from the sales of the licensed products, and revenue are recognized when the related sales occur. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
The Company concluded the preferred stock investment should be accounted for as an equity investment as it is not mandatorily redeemable nor does the Company have the unilateral right to redeem the preferred stock, and the Company, along with its related parties, do not have a controlling financial interest in IDRx nor have the ability to influence the financial and operating policies through the ownership of preferred stock. IDRx’s preferred stock is not exchange-traded and does not have a readily determinable fair value. Therefore, the Company accounts for the preferred stock investment under the measurement alternative for equity investments that do not have a readily determinable fair value, which is at cost of $ 27.8 million, including transaction costs of $ 0.3 million. As of December 31, 2023, the cost of the investment in IDRx’s preferred stock was $ 27.8 million and was recorded as equity investment on the consolidated balance sheets. As of December 31, 2023, no adjustments have been recognized related to the preferred stock investment as a result of the application of the measurement alternative. The Company did no t recognize revenue under the IDRx License Agreement during the year ended December 31, 2023. | text | 27.8 | monetaryItemType | text: <entity> 27.8 </entity> <entity type> monetaryItemType </entity type> <context> The Company concluded the preferred stock investment should be accounted for as an equity investment as it is not mandatorily redeemable nor does the Company have the unilateral right to redeem the preferred stock, and the Company, along with its related parties, do not have a controlling financial interest in IDRx nor have the ability to influence the financial and operating policies through the ownership of preferred stock. IDRx’s preferred stock is not exchange-traded and does not have a readily determinable fair value. Therefore, the Company accounts for the preferred stock investment under the measurement alternative for equity investments that do not have a readily determinable fair value, which is at cost of $ 27.8 million, including transaction costs of $ 0.3 million. As of December 31, 2023, the cost of the investment in IDRx’s preferred stock was $ 27.8 million and was recorded as equity investment on the consolidated balance sheets. As of December 31, 2023, no adjustments have been recognized related to the preferred stock investment as a result of the application of the measurement alternative. The Company did no t recognize revenue under the IDRx License Agreement during the year ended December 31, 2023. </context> | us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount |
The Company concluded the preferred stock investment should be accounted for as an equity investment as it is not mandatorily redeemable nor does the Company have the unilateral right to redeem the preferred stock, and the Company, along with its related parties, do not have a controlling financial interest in IDRx nor have the ability to influence the financial and operating policies through the ownership of preferred stock. IDRx’s preferred stock is not exchange-traded and does not have a readily determinable fair value. Therefore, the Company accounts for the preferred stock investment under the measurement alternative for equity investments that do not have a readily determinable fair value, which is at cost of $ 27.8 million, including transaction costs of $ 0.3 million. As of December 31, 2023, the cost of the investment in IDRx’s preferred stock was $ 27.8 million and was recorded as equity investment on the consolidated balance sheets. As of December 31, 2023, no adjustments have been recognized related to the preferred stock investment as a result of the application of the measurement alternative. The Company did no t recognize revenue under the IDRx License Agreement during the year ended December 31, 2023. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> The Company concluded the preferred stock investment should be accounted for as an equity investment as it is not mandatorily redeemable nor does the Company have the unilateral right to redeem the preferred stock, and the Company, along with its related parties, do not have a controlling financial interest in IDRx nor have the ability to influence the financial and operating policies through the ownership of preferred stock. IDRx’s preferred stock is not exchange-traded and does not have a readily determinable fair value. Therefore, the Company accounts for the preferred stock investment under the measurement alternative for equity investments that do not have a readily determinable fair value, which is at cost of $ 27.8 million, including transaction costs of $ 0.3 million. As of December 31, 2023, the cost of the investment in IDRx’s preferred stock was $ 27.8 million and was recorded as equity investment on the consolidated balance sheets. As of December 31, 2023, no adjustments have been recognized related to the preferred stock investment as a result of the application of the measurement alternative. The Company did no t recognize revenue under the IDRx License Agreement during the year ended December 31, 2023. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
Under the 2022 Agreement, the Company paid Proteovant an upfront payment of $ 20.0 million in connection with the execution of the 2022 Agreement. This upfront payment was recorded as a prepaid asset on the Company’s consolidated balance sheet and was amortized as research and development expense over the expected research period because Company concluded that Proteovant was providing the Company with research services throughout such period. During the years ended December 31, 2023 and 2022, the Company recorded research and development expense of $ 4.0 million and $ 4.4 million, respectively, under the 2022 Agreement. The Company will continue to amortize the remaining prepaid asset balance as research and development expense over the expected research period of the A&R Agreement. | text | 4.0 | monetaryItemType | text: <entity> 4.0 </entity> <entity type> monetaryItemType </entity type> <context> Under the 2022 Agreement, the Company paid Proteovant an upfront payment of $ 20.0 million in connection with the execution of the 2022 Agreement. This upfront payment was recorded as a prepaid asset on the Company’s consolidated balance sheet and was amortized as research and development expense over the expected research period because Company concluded that Proteovant was providing the Company with research services throughout such period. During the years ended December 31, 2023 and 2022, the Company recorded research and development expense of $ 4.0 million and $ 4.4 million, respectively, under the 2022 Agreement. The Company will continue to amortize the remaining prepaid asset balance as research and development expense over the expected research period of the A&R Agreement. </context> | us-gaap:ResearchAndDevelopmentExpense |
Under the 2022 Agreement, the Company paid Proteovant an upfront payment of $ 20.0 million in connection with the execution of the 2022 Agreement. This upfront payment was recorded as a prepaid asset on the Company’s consolidated balance sheet and was amortized as research and development expense over the expected research period because Company concluded that Proteovant was providing the Company with research services throughout such period. During the years ended December 31, 2023 and 2022, the Company recorded research and development expense of $ 4.0 million and $ 4.4 million, respectively, under the 2022 Agreement. The Company will continue to amortize the remaining prepaid asset balance as research and development expense over the expected research period of the A&R Agreement. | text | 4.4 | monetaryItemType | text: <entity> 4.4 </entity> <entity type> monetaryItemType </entity type> <context> Under the 2022 Agreement, the Company paid Proteovant an upfront payment of $ 20.0 million in connection with the execution of the 2022 Agreement. This upfront payment was recorded as a prepaid asset on the Company’s consolidated balance sheet and was amortized as research and development expense over the expected research period because Company concluded that Proteovant was providing the Company with research services throughout such period. During the years ended December 31, 2023 and 2022, the Company recorded research and development expense of $ 4.0 million and $ 4.4 million, respectively, under the 2022 Agreement. The Company will continue to amortize the remaining prepaid asset balance as research and development expense over the expected research period of the A&R Agreement. </context> | us-gaap:ResearchAndDevelopmentExpense |
The Company evaluated the license under ASC 606 and concluded that the license is a functional intellectual property license. The Company determined that Zai Lab benefited from the license along with the initial know-how transfer at the time of grant, and therefore the related performance obligation is satisfied at a point in time. Additionally, the Company is entitled to sales milestones and royalties from Zai Lab upon future sales of the licensed products in the Zai Lab Territory, and revenue will be recognized when the related sales occur. Costs that are incurred associated with Zai Lab Territory specific activities are reimbursable from Zai Lab and are recognized as revenue. During the year ended December 31, 2023, the Company did no t record significant revenue under the Zai Lab Agreement. During the year ended December 31, 2022, the Company recorded $ 0.9 million in revenue related to Zai Lab Territory specific activities in the consolidated financial statements. During the year ended December 31, 2021, the Company did no t record any revenue from reimbursements of Zai Lab Territory specific activities. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> The Company evaluated the license under ASC 606 and concluded that the license is a functional intellectual property license. The Company determined that Zai Lab benefited from the license along with the initial know-how transfer at the time of grant, and therefore the related performance obligation is satisfied at a point in time. Additionally, the Company is entitled to sales milestones and royalties from Zai Lab upon future sales of the licensed products in the Zai Lab Territory, and revenue will be recognized when the related sales occur. Costs that are incurred associated with Zai Lab Territory specific activities are reimbursable from Zai Lab and are recognized as revenue. During the year ended December 31, 2023, the Company did no t record significant revenue under the Zai Lab Agreement. During the year ended December 31, 2022, the Company recorded $ 0.9 million in revenue related to Zai Lab Territory specific activities in the consolidated financial statements. During the year ended December 31, 2021, the Company did no t record any revenue from reimbursements of Zai Lab Territory specific activities. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
The Company evaluated the license under ASC 606 and concluded that the license is a functional intellectual property license. The Company determined that Zai Lab benefited from the license along with the initial know-how transfer at the time of grant, and therefore the related performance obligation is satisfied at a point in time. Additionally, the Company is entitled to sales milestones and royalties from Zai Lab upon future sales of the licensed products in the Zai Lab Territory, and revenue will be recognized when the related sales occur. Costs that are incurred associated with Zai Lab Territory specific activities are reimbursable from Zai Lab and are recognized as revenue. During the year ended December 31, 2023, the Company did no t record significant revenue under the Zai Lab Agreement. During the year ended December 31, 2022, the Company recorded $ 0.9 million in revenue related to Zai Lab Territory specific activities in the consolidated financial statements. During the year ended December 31, 2021, the Company did no t record any revenue from reimbursements of Zai Lab Territory specific activities. | text | 0.9 | monetaryItemType | text: <entity> 0.9 </entity> <entity type> monetaryItemType </entity type> <context> The Company evaluated the license under ASC 606 and concluded that the license is a functional intellectual property license. The Company determined that Zai Lab benefited from the license along with the initial know-how transfer at the time of grant, and therefore the related performance obligation is satisfied at a point in time. Additionally, the Company is entitled to sales milestones and royalties from Zai Lab upon future sales of the licensed products in the Zai Lab Territory, and revenue will be recognized when the related sales occur. Costs that are incurred associated with Zai Lab Territory specific activities are reimbursable from Zai Lab and are recognized as revenue. During the year ended December 31, 2023, the Company did no t record significant revenue under the Zai Lab Agreement. During the year ended December 31, 2022, the Company recorded $ 0.9 million in revenue related to Zai Lab Territory specific activities in the consolidated financial statements. During the year ended December 31, 2021, the Company did no t record any revenue from reimbursements of Zai Lab Territory specific activities. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
For the purposes of ASC 606, the transaction price of the Zai Lab agreement at the outset of the arrangement was determined to be $ 25.0 million, which consisted of the upfront cash payment. The other potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement. The Company satisfied the performance obligation upon delivery of the licenses and initial know-how transfer, and recognized the upfront payment of $ 25.0 million as revenue in 2021. | text | 25.0 | monetaryItemType | text: <entity> 25.0 </entity> <entity type> monetaryItemType </entity type> <context> For the purposes of ASC 606, the transaction price of the Zai Lab agreement at the outset of the arrangement was determined to be $ 25.0 million, which consisted of the upfront cash payment. The other potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement. The Company satisfied the performance obligation upon delivery of the licenses and initial know-how transfer, and recognized the upfront payment of $ 25.0 million as revenue in 2021. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
In connection with the Roche pralsetinib collaboration agreement, on July 13, 2020, the Company also entered into a stock purchase agreement with Roche Holdings, Inc. (Roche Holdings) pursuant to which the Company issued and sold an aggregate of 1,035,519 shares of common stock to Roche Holdings at a purchase price of $ 96.57 per share and received an aggregate of $ 100.0 million in the third quarter of 2020. The closing for a minority portion of the equity investment occurred following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. | text | 1035519 | sharesItemType | text: <entity> 1035519 </entity> <entity type> sharesItemType </entity type> <context> In connection with the Roche pralsetinib collaboration agreement, on July 13, 2020, the Company also entered into a stock purchase agreement with Roche Holdings, Inc. (Roche Holdings) pursuant to which the Company issued and sold an aggregate of 1,035,519 shares of common stock to Roche Holdings at a purchase price of $ 96.57 per share and received an aggregate of $ 100.0 million in the third quarter of 2020. The closing for a minority portion of the equity investment occurred following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. </context> | us-gaap:StockIssuedDuringPeriodSharesNewIssues |
In connection with the Roche pralsetinib collaboration agreement, on July 13, 2020, the Company also entered into a stock purchase agreement with Roche Holdings, Inc. (Roche Holdings) pursuant to which the Company issued and sold an aggregate of 1,035,519 shares of common stock to Roche Holdings at a purchase price of $ 96.57 per share and received an aggregate of $ 100.0 million in the third quarter of 2020. The closing for a minority portion of the equity investment occurred following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. | text | 96.57 | perShareItemType | text: <entity> 96.57 </entity> <entity type> perShareItemType </entity type> <context> In connection with the Roche pralsetinib collaboration agreement, on July 13, 2020, the Company also entered into a stock purchase agreement with Roche Holdings, Inc. (Roche Holdings) pursuant to which the Company issued and sold an aggregate of 1,035,519 shares of common stock to Roche Holdings at a purchase price of $ 96.57 per share and received an aggregate of $ 100.0 million in the third quarter of 2020. The closing for a minority portion of the equity investment occurred following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. </context> | us-gaap:SharePrice |
The Company considered the ASC 606 criteria for combining contracts and determined that the Roche pralsetinib collaboration agreement and stock purchase agreement should be combined into a single contract because they were negotiated and entered into in contemplation of one another. The Company accounted for the common stock issued to Roche Holdings based on the fair market value of the common stock on the dates of issuance. The fair market value of the common stock issued to Roche Holdings was $ 79.3 million, based on the closing price of the Company’s common stock on the dates of issuance, resulting in a $ 20.7 million premium. The Company determined that the premium paid by Roche Holdings for the common stock should be attributed to the transaction price of the Roche pralsetinib collaboration agreement. | text | 79.3 | monetaryItemType | text: <entity> 79.3 </entity> <entity type> monetaryItemType </entity type> <context> The Company considered the ASC 606 criteria for combining contracts and determined that the Roche pralsetinib collaboration agreement and stock purchase agreement should be combined into a single contract because they were negotiated and entered into in contemplation of one another. The Company accounted for the common stock issued to Roche Holdings based on the fair market value of the common stock on the dates of issuance. The fair market value of the common stock issued to Roche Holdings was $ 79.3 million, based on the closing price of the Company’s common stock on the dates of issuance, resulting in a $ 20.7 million premium. The Company determined that the premium paid by Roche Holdings for the common stock should be attributed to the transaction price of the Roche pralsetinib collaboration agreement. </context> | us-gaap:StockIssuedDuringPeriodValueNewIssues |
The Company did no t recognize revenue under the Clementia agreement during the year ended December 31, 2023. During the year ended December 31, 2022, cash consideration associated with an achieved development milestone of $ 30.0 million was added to the estimated transaction price for the Clementia agreement and recognized as revenue. During the year ended December 31, 2021, no material revenue was recognized from the Clementia collaboration. The other potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as the amounts were fully constrained based on the probability of achievement. The Company reevaluates the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company adjusts its estimate of the transaction price, and any addition to the transaction price would be recognized as revenue when it becomes probable that inclusion would not lead to a significant revenue reversal. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> The Company did no t recognize revenue under the Clementia agreement during the year ended December 31, 2023. During the year ended December 31, 2022, cash consideration associated with an achieved development milestone of $ 30.0 million was added to the estimated transaction price for the Clementia agreement and recognized as revenue. During the year ended December 31, 2021, no material revenue was recognized from the Clementia collaboration. The other potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as the amounts were fully constrained based on the probability of achievement. The Company reevaluates the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company adjusts its estimate of the transaction price, and any addition to the transaction price would be recognized as revenue when it becomes probable that inclusion would not lead to a significant revenue reversal. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
The Company did no t recognize revenue under the Clementia agreement during the year ended December 31, 2023. During the year ended December 31, 2022, cash consideration associated with an achieved development milestone of $ 30.0 million was added to the estimated transaction price for the Clementia agreement and recognized as revenue. During the year ended December 31, 2021, no material revenue was recognized from the Clementia collaboration. The other potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as the amounts were fully constrained based on the probability of achievement. The Company reevaluates the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company adjusts its estimate of the transaction price, and any addition to the transaction price would be recognized as revenue when it becomes probable that inclusion would not lead to a significant revenue reversal. | text | 30.0 | monetaryItemType | text: <entity> 30.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company did no t recognize revenue under the Clementia agreement during the year ended December 31, 2023. During the year ended December 31, 2022, cash consideration associated with an achieved development milestone of $ 30.0 million was added to the estimated transaction price for the Clementia agreement and recognized as revenue. During the year ended December 31, 2021, no material revenue was recognized from the Clementia collaboration. The other potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as the amounts were fully constrained based on the probability of achievement. The Company reevaluates the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company adjusts its estimate of the transaction price, and any addition to the transaction price would be recognized as revenue when it becomes probable that inclusion would not lead to a significant revenue reversal. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
Under the CStone agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront amount of $ 40.0 million constituted the entirety of the consideration to be included in the transaction price at the outset of the arrangement, which was allocated to the three performance obligations. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement. The Company satisfied the performance obligations upon delivery of the licenses, initial know-how transfers and product trademark and recognized the upfront payment of $ 40.0 million as revenue in 2018. | text | 40.0 | monetaryItemType | text: <entity> 40.0 </entity> <entity type> monetaryItemType </entity type> <context> Under the CStone agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront amount of $ 40.0 million constituted the entirety of the consideration to be included in the transaction price at the outset of the arrangement, which was allocated to the three performance obligations. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement. The Company satisfied the performance obligations upon delivery of the licenses, initial know-how transfers and product trademark and recognized the upfront payment of $ 40.0 million as revenue in 2018. </context> | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
The total net purchase price was $ 258.4 million upon closing of the transaction, which consists of the $ 250.0 million upfront payment, and $ 8.4 million of adjustments associated with net indebtedness, transaction expenses, and other adjustments per the terms of the agreement. | text | 258.4 | monetaryItemType | text: <entity> 258.4 </entity> <entity type> monetaryItemType </entity type> <context> The total net purchase price was $ 258.4 million upon closing of the transaction, which consists of the $ 250.0 million upfront payment, and $ 8.4 million of adjustments associated with net indebtedness, transaction expenses, and other adjustments per the terms of the agreement. </context> | us-gaap:AssetAcquisitionConsiderationTransferred |
In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. | text | 1460084 | sharesItemType | text: <entity> 1460084 </entity> <entity type> sharesItemType </entity type> <context> In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. | text | 2398356 | sharesItemType | text: <entity> 2398356 </entity> <entity type> sharesItemType </entity type> <context> In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized |
In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. | text | 2445889 | sharesItemType | text: <entity> 2445889 </entity> <entity type> sharesItemType </entity type> <context> In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized |
In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. | text | 4829516 | sharesItemType | text: <entity> 4829516 </entity> <entity type> sharesItemType </entity type> <context> In 2015, the Company’s board of directors and stockholders approved the 2015 Stock Option and Incentive Plan (the 2015 Plan), which replaced the Company’s 2011 Stock Option and Grant Plan, as amended (the 2011 Plan). The 2015 Plan includes incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, unrestricted stock, performance-based awards and cash based awards. The Company initially reserved a total of 1,460,084 shares of common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will be cumulatively increased on January 1 of each calendar year by 4 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. For the calendar years beginning January 1, 2023 and 2024, the number of shares reserved for issuance under the 2015 Plan was increased by 2,398,356 and 2,445,889 shares, respectively. In addition, the total number of shares reserved for issuance is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, there were 4,829,516 shares available for future grant under the 2015 Plan. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant |
In March 2020, the Company’s board of directors adopted the 2020 Inducement Plan (the Inducement Plan), pursuant to which the Company may grant, subject to the terms of the Inducement Plan and Nasdaq rules, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The Company initially reserved a total of 1,000,000 shares of common stock for the issuance of awards under the Inducement Plan. In June 2022, the Company’s board of directors approved the reservation of an additional 1,500,000 shares of common stock for the issuance of awards under the Inducement Plan. The number of shares reserved and available for issuance under the Inducement Plan can be increased at any time with the approval of the Company’s board of directors. The Inducement Plan permits the board of directors or a committee thereof to use the stock-based awards available under the Inducement Plan to attract key employees for the growth of the Company. As of December 31, 2023, there were 1,376,416 shares available for future grant under the Inducement Plan. | text | 1000000 | sharesItemType | text: <entity> 1000000 </entity> <entity type> sharesItemType </entity type> <context> In March 2020, the Company’s board of directors adopted the 2020 Inducement Plan (the Inducement Plan), pursuant to which the Company may grant, subject to the terms of the Inducement Plan and Nasdaq rules, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The Company initially reserved a total of 1,000,000 shares of common stock for the issuance of awards under the Inducement Plan. In June 2022, the Company’s board of directors approved the reservation of an additional 1,500,000 shares of common stock for the issuance of awards under the Inducement Plan. The number of shares reserved and available for issuance under the Inducement Plan can be increased at any time with the approval of the Company’s board of directors. The Inducement Plan permits the board of directors or a committee thereof to use the stock-based awards available under the Inducement Plan to attract key employees for the growth of the Company. As of December 31, 2023, there were 1,376,416 shares available for future grant under the Inducement Plan. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
In March 2020, the Company’s board of directors adopted the 2020 Inducement Plan (the Inducement Plan), pursuant to which the Company may grant, subject to the terms of the Inducement Plan and Nasdaq rules, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The Company initially reserved a total of 1,000,000 shares of common stock for the issuance of awards under the Inducement Plan. In June 2022, the Company’s board of directors approved the reservation of an additional 1,500,000 shares of common stock for the issuance of awards under the Inducement Plan. The number of shares reserved and available for issuance under the Inducement Plan can be increased at any time with the approval of the Company’s board of directors. The Inducement Plan permits the board of directors or a committee thereof to use the stock-based awards available under the Inducement Plan to attract key employees for the growth of the Company. As of December 31, 2023, there were 1,376,416 shares available for future grant under the Inducement Plan. | text | 1500000 | sharesItemType | text: <entity> 1500000 </entity> <entity type> sharesItemType </entity type> <context> In March 2020, the Company’s board of directors adopted the 2020 Inducement Plan (the Inducement Plan), pursuant to which the Company may grant, subject to the terms of the Inducement Plan and Nasdaq rules, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The Company initially reserved a total of 1,000,000 shares of common stock for the issuance of awards under the Inducement Plan. In June 2022, the Company’s board of directors approved the reservation of an additional 1,500,000 shares of common stock for the issuance of awards under the Inducement Plan. The number of shares reserved and available for issuance under the Inducement Plan can be increased at any time with the approval of the Company’s board of directors. The Inducement Plan permits the board of directors or a committee thereof to use the stock-based awards available under the Inducement Plan to attract key employees for the growth of the Company. As of December 31, 2023, there were 1,376,416 shares available for future grant under the Inducement Plan. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized |
In March 2020, the Company’s board of directors adopted the 2020 Inducement Plan (the Inducement Plan), pursuant to which the Company may grant, subject to the terms of the Inducement Plan and Nasdaq rules, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The Company initially reserved a total of 1,000,000 shares of common stock for the issuance of awards under the Inducement Plan. In June 2022, the Company’s board of directors approved the reservation of an additional 1,500,000 shares of common stock for the issuance of awards under the Inducement Plan. The number of shares reserved and available for issuance under the Inducement Plan can be increased at any time with the approval of the Company’s board of directors. The Inducement Plan permits the board of directors or a committee thereof to use the stock-based awards available under the Inducement Plan to attract key employees for the growth of the Company. As of December 31, 2023, there were 1,376,416 shares available for future grant under the Inducement Plan. | text | 1376416 | sharesItemType | text: <entity> 1376416 </entity> <entity type> sharesItemType </entity type> <context> In March 2020, the Company’s board of directors adopted the 2020 Inducement Plan (the Inducement Plan), pursuant to which the Company may grant, subject to the terms of the Inducement Plan and Nasdaq rules, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The Company initially reserved a total of 1,000,000 shares of common stock for the issuance of awards under the Inducement Plan. In June 2022, the Company’s board of directors approved the reservation of an additional 1,500,000 shares of common stock for the issuance of awards under the Inducement Plan. The number of shares reserved and available for issuance under the Inducement Plan can be increased at any time with the approval of the Company’s board of directors. The Inducement Plan permits the board of directors or a committee thereof to use the stock-based awards available under the Inducement Plan to attract key employees for the growth of the Company. As of December 31, 2023, there were 1,376,416 shares available for future grant under the Inducement Plan. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant |
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