0001564590-21-043680 | 10-Q | XBRL Viewer | Precision Biosciences INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Entity Registrant Name	PRECISION BIOSCIENCES INC
Entity Central Index Key	0001357874
Trading Symbol	DTIL
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Common Stock, Shares Outstanding		59,577,779
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Ex Transition Period	false
Entity File Number	001-38841
Entity Tax Identification Number	20-4206017
Entity Address, Address Line One	302 East Pettigrew St.
Entity Address, Address Line Two	Suite A-100
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27701
City Area Code	919
Local Phone Number	314-5512
Title of 12(b) Security	Common Stock, par value $0.000005 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 173,943	$ 89,798
Accounts receivable	488	10,000
Prepaid expenses	8,457	5,762
Other current assets	5,416	4
Total current assets	188,304	105,564
Property, equipment, and software—net	32,780	35,090
Intangible assets—net	1,343	1,373
Right-of-use assets—net	5,822	6,410
Other assets	1,865	1,721
Total assets	230,114	150,158
Current liabilities:
Accounts payable	478	792
Accrued compensation	3,612	5,745
Accrued clinical and research and development expenses	3,840	3,269
Deferred revenue	22,221	30,236
Lease liabilities	2,060	1,933
Loan payable—net	2,431
Other current liabilities	1,609	854
Total current liabilities	36,251	42,829
Deferred revenue	75,301	53,926
Lease liabilities	7,522	8,586
Contract liabilities	10,000
Other liabilities	487	392
Total liabilities	129,561	105,733
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, $0.0001 par value— 10,000,000 shares authorized as of June 30, 2021 and December 31, 2020; no shares issued and outstanding as of June 30, 2021 and December 31, 2020
Common stock; $0.000005 par value— 200,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 60,093,422 shares issued and 59,282,950 shares outstanding as of June 30, 2021; 53,503,124 shares issued and 52,692,652 shares outstanding as of December 31, 2020
Additional paid-in capital	384,611	331,450
Accumulated deficit	(283,106)	(286,073)
Treasury stock	(952)	(952)
Total stockholders’ equity	100,553	44,425
Total liabilities and stockholders’ equity	$ 230,114	$ 150,158

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.000005	$ 0.000005
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	60,093,422	53,503,124
Common stock, shares outstanding	59,282,950	52,692,652

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 68,805	$ 1,078	$ 85,154	$ 8,076
Operating expenses
Research and development	37,235	25,183	62,828	50,062
General and administrative	9,938	8,703	19,436	18,318
Total operating expenses	47,173	33,886	82,264	68,380
Operating income (loss)	21,632	(32,808)	2,890	(60,304)
Other income (expense):
Interest expense	(24)		(24)
Interest income	48	107	101	767
Total other income, net	24	107	77	767
Net income (loss) and net income (loss) attributable to common stockholders	$ 21,656	$ (32,701)	$ 2,967	$ (59,537)
Net income (loss) per share attributable to common stockholders
Basic	$ 0.38	$ (0.63)	$ 0.05	$ (1.15)
Diluted	$ 0.36	$ (0.63)	$ 0.05	$ (1.15)
Weighted average common shares used in calculation of net income (loss) per share
Basic	57,739,622	51,909,240	57,185,402	51,611,005
Diluted	59,841,638	51,909,240	59,647,367	51,611,005

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance at Dec. 31, 2019	$ 138,314		$ 316,333	$ (177,067)	$ (952)
Beginning balance, Shares at Dec. 31, 2019		51,965,708
Stock option exercises	212		212
Stock option exercises, Shares		244,999
Issuance of common stock under employee stock purchase plan	239		239
Issuance of common stock under employee stock purchase plan, Shares		42,620
Share-based compensation expense	3,105		3,105
Net income (loss)	(26,836)			(26,836)
Ending balance at Mar. 31, 2020	115,034		319,889	(203,903)	(952)
Ending balance, Shares at Mar. 31, 2020		52,253,327
Beginning balance at Dec. 31, 2019	138,314		316,333	(177,067)	(952)
Beginning balance, Shares at Dec. 31, 2019		51,965,708
Net income (loss)	(59,537)
Ending balance at Jun. 30, 2020	85,599		323,155	(236,604)	(952)
Ending balance, Shares at Jun. 30, 2020		52,978,901
Beginning balance at Mar. 31, 2020	115,034		319,889	(203,903)	(952)
Beginning balance, Shares at Mar. 31, 2020		52,253,327
Stock option exercises	148		148
Stock option exercises, Shares		725,574
Share-based compensation expense	3,118		3,118
Net income (loss)	(32,701)			(32,701)
Ending balance at Jun. 30, 2020	85,599		323,155	(236,604)	(952)
Ending balance, Shares at Jun. 30, 2020		52,978,901
Beginning balance at Dec. 31, 2020	$ 44,425		331,450	(286,073)	(952)
Beginning balance, Shares at Dec. 31, 2020	53,503,124	53,503,124
Stock option exercises	$ 1,297		1,297
Stock option exercises, Shares		676,791
Issuance of common stock under employee stock purchase plan	418		418
Issuance of common stock under employee stock purchase plan, Shares		90,796
Share-based compensation expense	3,632		3,632
Issuance of common stock to collaboration partners	27,739		27,739
Issuance of common stock to collaboration partners, Shares		3,762,190
Net income (loss)	(18,689)			(18,689)
Ending balance at Mar. 31, 2021	58,822		364,536	(304,762)	(952)
Ending balance, Shares at Mar. 31, 2021		58,032,901
Beginning balance at Dec. 31, 2020	$ 44,425		331,450	(286,073)	(952)
Beginning balance, Shares at Dec. 31, 2020	53,503,124	53,503,124
Stock option exercises, Shares	1,443,558
Net income (loss)	$ 2,967
Ending balance at Jun. 30, 2021	$ 100,553		384,611	(283,106)	(952)
Ending balance, Shares at Jun. 30, 2021	60,093,422	60,093,422
Beginning balance at Mar. 31, 2021	$ 58,822		364,536	(304,762)	(952)
Beginning balance, Shares at Mar. 31, 2021		58,032,901
Stock option exercises	1,353		1,353
Stock option exercises, Shares		766,767
Share-based compensation expense	3,896		3,896
Proceeds from issuance of common stock, net of issuance cost	14,826		14,826
Proceeds from issuance of common stock, net of issuance cost, Shares		1,293,754
Net income (loss)	21,656			21,656
Ending balance at Jun. 30, 2021	$ 100,553		$ 384,611	$ (283,106)	$ (952)
Ending balance, Shares at Jun. 30, 2021	60,093,422	60,093,422

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 2,967	$ (59,537)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,542	4,358
Share-based compensation	7,528	6,223
Loss on disposal of assets	23
Non-cash interest expense	19
Amortization of right-of-use assets	588	485
Changes in operating assets and liabilities:
Prepaid expenses	(2,695)	(687)
Accounts receivable	9,512	882
Other assets and other current assets	(200)	1,913
Accounts payable	192	(121)
Other liabilities and other current liabilities	(905)	(226)
Deferred revenue	6,099	(4,160)
Lease liabilities and right-of-use assets	(937)	(841)
Contract liabilities	10,000
Net cash provided by (used in) operating activities	36,733	(51,711)
Cash flows from investing activities:
Purchases of property, equipment and software	(2,815)	(2,888)
Net cash used in investing activities	(2,815)	(2,888)
Cash flows from financing activities:
Proceeds from stock option exercises	2,647	360
Proceeds from employee stock purchase plan	418	239
Proceeds from issuance of common stock to collaboration partners	35,000
Proceeds from at-the-market offering of common stock, net of issuance costs and commissions	9,705
Proceeds from issuance of term loan, net of issuance costs paid to lender	2,470
Payments of debt issuance costs	(13)
Net cash provided by financing activities	50,227	599
Net increase (decrease) in cash and cash equivalents	84,145	(54,000)
Cash and cash equivalents—beginning of period	89,798	180,886
Cash and cash equivalents —end of period	173,943	126,886
Supplemental disclosures of noncash activities:
Property, equipment and software additions included in accounts payable and other current liabilities	308	$ 471
Unsettled at-the-market issuances of common stock included in other current assets	5,121
Contract liability accrual related to Servier Program Purchase Agreement milestones	$ 10,000

Description of Business and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1:

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Precision BioSciences, Inc. (the “Company”) was incorporated on January 26, 2006 under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is dedicated to improving life through the application of its pioneering, proprietary ARCUS genome editing platform to treat human diseases and create healthy and sustainable food and agricultural solutions. The Company is actively developing product candidates through two reportable segments: Therapeutics and Food. The Therapeutics segment is focused on allogeneic chimeric antigen receptor T (“CAR T”) cell immunotherapy and in vivo gene correction. The Food segment focuses on applying ARCUS to develop food and nutrition products through collaboration agreements with consumer-facing companies.

The Company’s 100% owned subsidiary, Precision PlantSciences, Inc., was incorporated on January 4, 2012. Precision PlantSciences, Inc. amended its certificate of incorporation on January 16, 2018 to change its name to Elo Life Systems, Inc (“Elo”). Elo Life Systems Australia Pty Ltd was incorporated on May 29, 2018 as a 100% owned subsidiary of Elo Life Systems, Inc. Additionally, the Company’s 100% owned subsidiary Precision BioSciences UK Limited was incorporated on June 17, 2019. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Since its inception, the Company has devoted substantially all of its efforts to research and development activities, recruiting skilled personnel, developing manufacturing processes, establishing its intellectual property portfolio and providing general and administrative support for these operations. The Company is subject to a number of risks similar to those of other companies conducting high-risk, early-stage research and development of product candidates. Principal among these risks are dependence on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company’s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, obtain regulatory approval of its products, successfully commercialize its products, generate revenue, meet its obligations, and, ultimately, attain profitable operations.

Management believes that, as of the time these financial statements were issued, existing cash and cash equivalents, expected operational receipts and available credit will allow the Company to continue its operations into 2023. In the absence of a significant source of recurring revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. There can be no assurance that the Company will be able to obtain sufficient capital to cover its costs on acceptable terms, if at all.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements and notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”), have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 18, 2021.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial position as of June 30, 2021 and condensed consolidated results of operations for the three and six months ended June 30, 2021 and 2020 and the condensed consolidated cash flows for the six months ended June 30, 2021 and 2020, have been made. The Company’s condensed consolidated results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021.

Summary of Significant Accounting Policies

Revenue Recognition for Contracts with Customers

The Company’s revenues are generated primarily through collaborative research, license, development and commercialization agreements.

ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the performance obligations promised in the contract that are based on goods and services that will be transferred to the customer and determines whether those obligations are both (i) capable of being distinct and (ii) distinct in the context of the contract. Goods or services that meet these criteria are considered distinct performance obligations. If both these criteria are not met, the goods and services are combined into a single performance obligation. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, these options are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method. For the six months ended June 30, 2021, the Company recorded cumulative catch up adjustments on its contracts with customers that increased revenue recognition by $62.5 million; the cumulative catch-up adjustments resulted from a change in the transaction price related to variable consideration for development milestones as well as changes in total estimated effort required to satisfy performance obligations. During the six months ended June 30, 2021, the Company recorded $74.2 million in revenue that was included in deferred revenue as of December 31, 2020.

Invoices issued as stipulated in contracts prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue within current liabilities in the accompanying condensed consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as noncurrent deferred revenue. Amounts recognized as revenue, but not yet invoiced are generally recognized as contract assets in the other current assets line item in the accompanying condensed consolidated balance sheets.

Milestone Payments – If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore revenue recognized is constrained as management is unable to assert that a reversal of revenue would not be probable. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment.

Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation linked to some or all of the royalty has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

Significant Financing Component – In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between

payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed each of its revenue arrangements in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist in any of its arrangements.

Collaborative Arrangements – The Company has entered into collaboration agreements, which are within the scope of ASC 606, to discover, develop, manufacture and commercialize product candidates. The terms of these agreements typically contain multiple promises or obligations, which may include: (1) licenses, or options to obtain licenses, to use the Company’s technology, (2) research and development activities to be performed on behalf of the collaboration partner, and (3) in certain cases, services in connection with the manufacturing of preclinical and clinical material. Payments the Company receives under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; clinical and development, regulatory, and sales milestone payments; and royalties on future product sales.

The Company analyzes its collaboration arrangements to assess whether the collaboration agreements are within the scope of accounting standards codification (“ASC”) ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and, therefore, are within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, generally by analogy to ASC 606. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company applies the five-step model described above.

For additional discussion of accounting for collaboration revenues, see Note 8, “Collaboration and License Agreements.”

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

STOCKHOLDERS' EQUITY

NOTE 2:

STOCKHOLDERS’ EQUITY

Capital Structure

On April 1, 2019, the Company filed an amendment to its amended and restated certificate of incorporation pursuant to which, among other things, the Company increased its authorized shares to 210,000,000 shares of capital stock, of which 200,000,000 shares were designated as $0.000005 par value common stock and 10,000,000 shares were designated as $0.0001 par value preferred stock.

Share-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

SHARE-BASED COMPENSATION

NOTE 3:

SHARE-BASED COMPENSATION

The Company previously granted stock options under its 2006 Stock Incentive Plan (the “2006 Plan”) and its 2015 Stock Incentive Plan (the “2015 Plan”). As of June 30, 2021 there were 3,557,824 stock options outstanding under the 2006 Plan and 2015 Plan and no remaining stock options available to be granted under such plans.

On March 12, 2019, the Company’s board of directors adopted, and, on March 14, 2019 the Company’s stockholders approved, the Precision BioSciences, Inc. 2019 Incentive Award Plan (“2019 Plan”) and the 2019 Employee Stock Purchase Plan (“2019 ESPP”), both of which became effective on March 27, 2019.

The 2019 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other share-based awards. The number of shares available for issuance under the 2019 Plan initially equaled 4,750,000 shares of common stock. The 2019 Plan provides for an annual increase to the number of shares of common stock available for issuance on the first day of each calendar year beginning January 1, 2020 and ending on and including January 1, 2029 by an amount equal to the lesser of (i) 4% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of common stock as determined by the board of directors. As of June 30, 2021, the aggregate number of shares available for issuance under the 2019 Plan has been increased by 4,153,915 pursuant to this provision. Any shares that are subject to awards outstanding under the Company’s 2006 Plan and 2015 Plan as of the effective date of the 2019 Plan that expire, lapse, or are terminated, exchanged for cash, surrendered, repurchased, or canceled without having been fully exercised or forfeited, to the extent so unused, will become available for award grants under the 2019 Plan. As of June 30, 2021, 1,282,440 shares were available to be issued under the 2019 Plan. The 2019 Plan had 7,034,643 stock options and 823,883 restricted stock units (“RSUs”) outstanding as of June 30, 2021.

Up to 525,000 shares of the Company’s common stock were initially reserved for issuance under the 2019 ESPP. The 2019 ESPP provides for an annual increase to the number of shares available for issuance on the first day of each calendar year beginning January 1, 2020 and ending on and including January 1, 2029 by an amount equal to the lesser of (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by our board of directors. As of June 30, 2021, the aggregate number of shares available for issuance under the 2019 ESPP has been increased by 1,038,478 shares

pursuant to this provision. No more than 5,250,000 shares of our common stock may be issued under our 2019 ESPP. The purchase price of the shares under the 2019 ESPP, in the absence of a contrary designation, will be 85% of the lower of the fair market value of our common stock on the first trading day of the offering period or on the purchase date. As of June 30, 2021, the Company had issued 217,024 shares under the 2019 ESPP. As of June 30, 2021, 1,346,454 shares were available to be issued under the 2019 ESPP. The Company recognized share-based compensation expense related to the ESPP of $0.2 million during each of the six months ended June 30, 2021 and 2020.

The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Employee	$	3,513	$	2,850	$	6,791	$	5,779
Nonemployee		383		268		737		444
	$	3,896	$	3,118	$	7,528	$	6,223

Share-based compensation expense is included in the following line items in the condensed consolidated statements of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	2,271	$	1,953	$	4,353	$	3,808
General and administrative		1,625		1,165		3,175		2,415
	$	3,896	$	3,118	$	7,528	$	6,223

Determining the appropriate fair value model to measure the fair value of the stock option grants on the date of grant and the related assumptions requires judgment. The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows:

	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
Estimated dividend yield		0.00	%		0.00	%
Weighted-average expected stock price volatility		73.07	%		73.10	%
Weighted-average risk-free interest rate		1.01	%		0.99	%
Expected life of options (in years)		6.36			6.36
Weighted-average fair value per option	$	7.18		$	7.24

The expected volatility rates are estimated based on the actual volatility of comparable public companies over the expected term. The expected term represents the average time that stock options that vest are expected to be outstanding. The Company does not have sufficient history of exercising stock options to estimate the expected term of employee stock options and thus utilizes a weighted value considering actual history and estimated expected term based on the midpoint of final vest date and expiration date. The risk-free rate is based on the United States Treasury yield curve during the expected life of the option.

The following table summarizes activity in the Company’s stock option plans for the six months ended June 30, 2021:

	Outstanding Option Shares			Weighted-Average Exercise Price
Balance as of January 1, 2021		10,544,270		$	7.88
Granted		1,824,615			11.07
Exercised		(1,443,558	)		1.84
Forfeited/canceled		(332,860	)		10.20
Balance as of June 30, 2021		10,592,467		$	9.18

The intrinsic value of stock options exercised was $12.8 million and $6.7 million during the six months ended June 30, 2021 and 2020, respectively.

During the six months ended June 30, 2021, the Company granted 825,572 RSUs with a grant date fair value of $9.4 million. The fair value of each award was determined based on the market price of the Company’s common stock on the date of grant. The fair value of the RSUs will be recognized as expense over the requisite vesting period.

The following table summarizes the Company’s RSU activity for the six months ended June 30, 2021:

	RSU Awards			Weighted-Average Grant Date Fair Value
Unvested RSUs as of January 1, 2021		—			—
Granted		825,572		$	11.34
Forfeited		(1,689	)		11.34
Vested		—			—
Unvested RSUs as of June 30, 2021		823,883		$	11.34

There was approximately $44.3 million of total unrecognized compensation cost related to unvested stock options and RSUs as of June 30, 2021, which is expected to be recognized over a weighted-average period of 2.7 years.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 4:

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is not currently subject to any material legal proceedings.

COVID-19 Pandemic

In March 2020, the World Health Organization designated the outbreak of the novel strain of coronavirus known as COVID-19 as a global pandemic. The Company has taken steps in line with guidance from the U.S. Centers for Disease Control and Prevention (“CDC”) and the State of North Carolina to protect the health and safety of its employees and the community.

The Company is working closely with its clinical sites, physician partners and the patient community to monitor and manage the ongoing impact of the pandemic related to COVID-19 and variants thereof. The Company remains committed to its clinical programs and development plans, however, disruptions, competing resource demands and safety concerns caused by the pandemic related to COVID-19 and variants thereof have caused delays in the Company’s clinical trial site activation and impacted its ability to enroll patients. The Company may also experience other difficulties, disruptions or delays in conducting preclinical studies, initiating, enrolling, conducting or completing its planned and ongoing clinical trials or supply chain disruptions, and the Company may incur other unforeseen costs as a result. While the extent to which COVID-19 and variants thereof may continue to impact the Company’s future results will depend on future developments, the pandemic and associated economic impacts could result in a material impact to the Company’s future financial condition, results of operations and cash flows.

Servier Program Purchase Agreement

On April 9, 2021, the Company entered into a Program Purchase Agreement with Les Laboratoires Servier and Institut de Recherches Internationales Servier (collectively, “Servier”), pursuant to which the Company reacquired all of its global development and commercialization rights previously granted to Servier pursuant to the Development and Commercial License Agreement by and between Servier and the Company, dated February 24, 2016, as amended (the “Servier Agreement”), and terminated the Servier Agreement by mutual agreement (the “Program Purchase Agreement”).

The Program Purchase Agreement requires the Company to make certain payments to Servier based on the achievement of regulatory and commercial milestones for each product, and a low- to mid-single-digit percentage royalty (subject to certain reductions) based on net sales of approved products, if any, resulting from any continued development and commercialization of the programs by the Company, for a period not to exceed ten years after first commercial sale of the applicable product in the United States or certain countries in Europe. If the Company enters into specified product partnering transactions, the Program Purchase Agreement requires the Company to pay to Servier a portion of certain consideration received pursuant to such product partnering transactions in lieu of the foregoing milestones (with the exception of a one-time clinical phase development milestone) and royalties.

Regulatory and Commercial Milestones

Management assessed the likelihood of each of the regulatory and commercial milestones included in the Program Purchase Agreement in accordance with ASC 450, Contingencies. If the assessment of a contingency indicates that it is probable that the milestone will be achieved and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. Accordingly, a $10.0 million financial contract liability charged to research and development expense is included in the condensed consolidated financial statements as of June 30, 2021.

Product Partnering Transaction Consideration Due to Servier

Per the terms of the Program Purchase Agreement, should the Company enter into a product partnering transaction with respect to any of the targets previously nominated by Servier, the Company will pay Servier a percentage of the proceeds received. In accordance with ASC 450, Contingencies, management concluded that the amount of proceeds due to Servier as a result of a future product partnering transaction, if any, cannot be reasonably estimated as of the date of this Quarterly Report on Form 10-Q. As such, no contingency for this provision was included in the condensed consolidated financial statements as of June 30, 2021.

Leases

The Company has operating leases for real estate in North Carolina and does not have any finance leases.

Many of the Company’s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liabilities on the Company’s condensed consolidated balance sheet are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain to not exercise.

The Company has existing leases that include variable lease payments that are not included in the right-of-use asset and lease liabilities and are reflected as an expense in the period incurred. Such payments primarily include common area maintenance charges and fluctuations in rent payments that are driven by factors such as future changes in an index (e.g. the Consumer Price Index).

The Company has existing leases in which the non-lease components (e.g., common area maintenance, consumables, etc.) are paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use assets and lease liabilities but rather reflected as an expense in the period incurred.

Future lease payments under non-cancelable leases with terms of greater than one year as of June 30, 2021, were as follows:

(in thousands)	June 30, 2021
2021 (excluding the 6 months ended June 30, 2021)	$	1,354
2022		2,769
2023		2,848
2024		2,135
2025		1,086
2026 and beyond		1,108
Total lease payments		11,300
Less: imputed interest		1,718
Total operating lease liabilities	$	9,582

Supply Agreements

The Company enters into contracts in the normal course of business with contract manufacturing organizations (“CMOs”) for the manufacture of clinical trial materials and contract research organizations (“CROs”) for clinical trial services. These agreements provide for termination at the request of either party with less than one-year notice and are, therefore, cancelable contracts and, if canceled, are not anticipated to have a material effect on the condensed consolidated financial condition, results of operations, or cash flows of the Company.

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

NOTE 5:

DEBT

Revolving Line

In May 2019, the Company entered into a loan and security agreement with Pacific Western Bank (“PWB”), as subsequently amended (the “Pacific Western Loan”) pursuant to which the Company may request advances on a revolving line of credit of up to an aggregate principal of $30.0 million (the “Revolving Line”).

The Pacific Western Loan matures on June 23, 2023. All outstanding principal amounts are due on the maturity date. The Company must also maintain an aggregate balance of unrestricted cash at Bank (not including amounts in certain specified accounts) equal to or greater than $10.0 million. The interest rate under the Pacific Western Loan is a variable annual rate equal to the greater of (a) 2.75% above the Prime Rate (as defined in the Pacific Western Loan), or (b) 6.00%.

There have been no borrowings under the Pacific Western Loan as of the date of this Quarterly Report on Form 10-Q. The Company was in compliance with its financial covenants under the Pacific Western Loan as of June 30, 2021.

Elo Loan

On May 19, 2021, Elo entered into a loan and security agreement with PWB for a term loan (the “Elo Loan”) in the amount of $2.5 million. The Elo Loan matures on March 31, 2022. Monthly payments on the Elo Loan are interest only until maturity. Elo may prepay principal on the Elo Loan before maturity without penalty or premium. The interest rate on the Elo Loan is a variable annual rate equal to the greater of a) 1.75% above the prime rate in effect (as defined in the Elo Loan); or b) 5.00%. All outstanding principal amounts are due on the maturity date.

In connection with the Elo Loan, the Company issued warrants to PWB (the “Warrants”). For further discussion of accounting for the Warrants, see Note 7.

The Elo Loan discount was determined to be less than $0.1 million upon issuance and includes debt issuance costs incurred by the Company as well as the fair value of the Warrants on the closing date. The Elo Loan discount will be amortized to interest expense over the life of the Elo Loan. The Company was in compliance with its financial covenants under the Elo Loan as of June 30, 2021.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6:

Income Taxes

The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2021 as the Company incurred income for the six months ended June 30, 2021 and is forecasting losses through the remainder of fiscal year ending December 31, 2021, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2021. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method.

Due to the Company's history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not.

As of June 30, 2021, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized.

- Definition

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

+ References + Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 7:

FAIR VALUE MEASUREMENTS

The carrying amounts of the Company’s financial instruments, including accounts receivable, accounts payable, and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis and to minimize the use of unobservable inputs when determining their fair value. The three tiers are defined as follows:

Level 1—Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities

Level 2—Inputs, other than quoted prices in active markets, that are observable either directly or indirectly

Level 3—Unobservable inputs for which there is little or no market data, which require the Company to develop its own assumptions

Cash Equivalents:

As of June 30, 2021 the Company held cash equivalents which are composed of money market funds and repurchase agreements that were purchased through repurchase intermediary banks and collateralized by deposits in the form of government securities and obligations. As of December 31, 2020, the Company held an insignificant amount of cash equivalents.

The Company classifies investments in money market funds within Level 1 as the prices are available from quoted prices in active markets. Investments in repurchase agreements are classified within Level 2 as these instruments are valued using observable market inputs including reported trades, broker/dealer quotes, bids and/or offers.

Warrant Liability

In connection with the Elo Loan, the Company issued $50,000 of warrants to PWB on May 19, 2021 (the “Warrants”) with an exercise price equal to the lowest price per share paid by an investor in an issuance of Elo’s equity securities which results in the Company receiving at least $10.0 million of aggregate cash proceeds on or before March 31, 2022. The Warrants have a ten year term and expire on May 19, 2031.

The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40, under which the Warrants do not meet the criteria for equity treatment and are recorded as a liability. Accordingly, the Company classifies the Warrants as a non-current liability at their fair value and adjusts the warrant liability to fair value each reporting period with any changes in fair value recognized in the statement of operations. The Company utilizes the Black-Scholes option pricing model to value the warrant liability each reporting period and records changes in value to other income (expense). Upon the exercise of the warrants, the warrant liability will be marked to fair value at the conversion date and then reclassified to equity. The Company concluded there was no change in the fair value of the Warrants in the six months ended June 30, 2021. The Company classifies the warrant liability within Level 3 of the fair value hierarchy as the fair value each reporting period is calculated using the Company’s assumptions to the Black-Scholes option pricing model including estimated dividend yield, expected stock volatility and expected term of the Warrants.

The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):

June 30, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	5,027	$	5,027	$	—	$	—
Repurchase agreements		18,500		—		18,500		—
		23,527		5,027		18,500		—

Liabilities:
Warrant Liability		30		—		—		30

December 31, 2020	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	10	$	10	$	—	$	—
Repurchase agreements		-		—	$	—		—
	$	10	$	10	$	-	$	—

Collaboration and License Agreements

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

COLLABORATION AND LICENSE AGREEMENTS

NOTE 8:

COLLABORATION AND LICENSE AGREEMENTS

Development and License Agreement with Eli Lilly

On November 19, 2020, the Company, entered into a development and license agreement (the “Development and License Agreement”) with Eli Lilly and Company (“Lilly”) to collaborate to discover and develop in vivo gene editing products incorporating the Company’s ARCUS nucleases. Lilly has initially nominated Duchenne muscular dystrophy and two other gene targets for other genetic disorders, and has the right to nominate up to three additional gene targets for genetic disorders. Additionally, under the terms of the Development and License Agreement, Lilly has the option to replace up to two gene targets upon Lilly’s election and payment of a replacement target fee. Under the terms of the Development and License Agreement, Lilly will receive an exclusive license to research, develop, manufacture and commercialize the resulting licensed products to diagnose, prevent and treat any and all diseases by in vivo gene editing directed against the applicable gene target. The Development and License Agreement provides that the Company will be responsible for conducting certain pre-clinical research and investigational new drug application (“IND”) enabling activities with respect to the gene targets nominated by Lilly to be subject to the collaboration, including manufacture of initial clinical trial material for the first licensed product. Lilly will be responsible for, and must use commercially reasonable efforts with respect to, conducting clinical development and commercialization activities for licensed products resulting from the collaboration, and may engage the Company for additional clinical and/or initial commercial manufacture of licensed products.

Upon closing of the Development and License Agreement on January 6, 2021, the Company received an upfront cash payment of $100.0 million. The Company will also be eligible to receive milestone payments of up to an aggregate of $420.0 million per licensed product as well as nomination fees for additional targets and certain research funding. If licensed products resulting from the collaboration are approved and sold, the Company will also be entitled to receive tiered royalties ranging from the mid-single digit percentages to the low-teens percentages on world-wide net sales of the licensed products, subject to customary potential reductions. Lilly’s obligation to pay royalties to the Company expires on a country-by-country and licensed product-by-licensed product basis, upon the latest to occur of certain events related to expiration of patents, regulatory exclusivity or a period of ten years following first commercial sale of the licensed product. Simultaneously with the entry into the Development and License Agreement, the Company and Lilly entered into a Share Purchase Agreement (the “Share Purchase Agreement”), pursuant to which Lilly purchased 3,762,190 shares of the Company’s common stock for a purchase price of $35.0 million. Management concluded that the Lilly Share Purchase Agreement is to be combined with the Development and License Agreement (together, the “Combined Agreements”) for accounting purposes. Of the total $135.0 million upfront compensation, the Company applied equity accounting guidance to measure the $27.7 million recorded in equity upon the issuance of the shares, and $107.3 million was identified as the transaction price allocated to the revenue arrangement.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the promises in the agreement represent transactions with a customer. The Company has determined that the promises associated with the research and development activities for each of the targets are not distinct because they are all based on the ARCUS proprietary genome editing platform. The Company has concluded that the agreement with Lilly contains the following promises: (i) license of intellectual property; (ii) performance of R&D services, (iii) the manufacture of pre-clinical supply, (iv) Joint Steering Committee (“JSC”) Participation, and (v) regulatory responsibilities. The Company determined that the license of intellectual property, R&D services, manufacture of pre-clinical development material, and regulatory responsibilities were not distinct from each other, as the license, R&D services, pre-clinical supply, and regulatory responsibilities are highly interdependent upon one another. The JSC participation was determined to be an immaterial promise as the time commitment and related cost associated with performance of JSC participation is expected to be inconsequential to the total consideration in the contract. As such, the Company determined that these promises should be combined into a single performance obligation.

The Company recognizes revenue from the $100.0 million upfront cash payment, $7.3 million allocated to the transaction price from the Stock Purchase Agreement, and variable consideration on an input method in the form of research effort relative to expected research effort at the completion of the performance obligation, which is based on the actual time of R&D activities performed relative to expected time to be incurred in the future to satisfy the performance obligation. Management evaluates and adjusts the total expected research effort for the performance obligation on a quarterly basis based upon actual research progress to date relative to research progress forecasts. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation.

During the six months ended June 30, 2021, the Company recognized revenue under the agreement with Lilly of approximately $10.7 million. The Company recognized no revenue under the agreement with Lilly in 2020. Deferred revenue related to the agreement with Lilly amounted to $97.5 million as of June 30, 2021, of which $22.2 million was included in current liabilities as of June 30, 2021. No deferred revenue related to the Development and License Agreement with Lilly was recorded as of December 31, 2020.

Development and Commercial License Agreement with Servier

On April 9, 2021, the Company entered into the Program Purchase Agreement with Servier, pursuant to which the Company reacquired all of its global development and commercialization rights previously granted to Servier pursuant to the Servier Agreement, and terminated the Servier Agreement by mutual agreement.

The Program Purchase Agreement terminated the Servier Agreement, pursuant to which the Company has developed certain allogeneic CAR T candidates, including PBCAR0191 and the stealth cell PBCAR19B, each targeting CD19, as well as four additional product targets (“Servier Targets”). Pursuant to the termination and reacquisition, the Company regained full global rights to research, develop, manufacture and commercialize products resulting from such programs, with sole control over all activities. With respect to products directed to CD19, Servier has certain rights of negotiation, which may be exercised during a specified time period if the Company elects to initiate a process or entertain third party offers for partnering such products.

Pursuant to the terms of the Program Purchase Agreement, the Company made an upfront payment of $20.0 million in a combination of cash ($1.25 million) and waiver of earned milestones totaling $18.75 million that would have been otherwise payable to the Company. The $1.25 million cash payment to Servier is classified as research and development expense in the condensed consolidated statement of operations for the three and six month periods ended June 30, 2021. The waiver of earned milestones resulted in a $18.75 million reduction in accounts receivable and deferred revenue. This non-cash activity is reflected in the “Cash flows from operating activities” section of the Condensed Consolidated Statements of Cash Flows.

The Program Purchase Agreement also requires the Company to make certain payments to Servier based on the achievement of regulatory and commercial milestones for each product, and a low- to mid-single-digit percentage royalty (subject to certain reductions) based on net sales of approved products, if any, resulting from any continued development and commercialization of the programs by the Company, for a period not to exceed ten years after first commercial sale of the applicable product in the United States or certain countries in Europe. If the Company enters into specified product partnering transactions, the Program Purchase Agreement requires the Company to pay to Servier a portion of certain consideration received pursuant to such product partnering transactions in lieu of the foregoing milestones (with the exception of a one-time clinical phase development milestone) and royalties. For additional discussion of accounting for payment obligations arising from the Program Purchase Agreement, refer to Note 4, “Commitments and Contingencies.”

Upon the closing of the Program Purchase Agreement, management concluded that the combined performance obligation associated with the Servier Agreement was fully satisfied as the Company is no longer required to perform research and development work on the Servier targets and the Company regained all of its global development and commercialization rights previously granted to under the Servier Agreement. Accordingly, all remaining deferred revenue related to the Servier agreement was recognized as revenue in the three months ended June 30, 2021.

During the six months ended June 30, 2021 and 2020, the Company recognized revenue under the agreement with Servier of approximately $72.9 million and $2.6 million, respectively. The Company did not have deferred revenue related to the agreement with Servier as of June 30, 2021. Deferred revenue related to the agreement with Servier amounted to $82.9 million as of December 31, 2020, of which $28.9 million was included in current liabilities.

Collaboration and License Agreement with Gilead

On July 6, 2020 (the “Termination Notice Date”), Gilead Sciences (“Gilead”) notified the Company of its termination of the Collaboration and License Agreement between Gilead and the Company, dated September 10, 2018, as subsequently amended by Amendment No. 1 to the Collaboration and License Agreement, dated March 10, 2020 (as amended, the “Gilead Agreement”). Pursuant to the termination notice, the Gilead Agreement terminated on September 4, 2020, upon which the Company regained full rights and all data it generated for the in vivo chronic hepatitis B virus (“HBV”) program developed under the Gilead Agreement. The Company is exploring partnership or alternative opportunities to enable the continued development of ARCUS-based HBV therapies, the progression toward the submission of an IND for this product candidate and the reassessment of the timing of such IND submission.

Revenue associated with the combined performance obligation was recognized on a straight-line basis as the R&D services were provided through the Termination Notice Date. During the six months ended June 30, 2021 and 2020, the Company recognized no revenue and approximately $3.9 million of revenue under the Gilead Agreement, respectively. The Company did not have deferred revenue related to the Gilead Agreement as of June 30, 2021 or December 31, 2020. No development or sales-based milestone payments were received under the Gilead Agreement.

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

NOTE 9:

NET INCOME (LOSS) PER SHARE

The computations of basic and diluted net income (loss) per share attributable to common stockholders are as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Numerator:
Net income (loss) attributable to common stockholders (in thousands)	$	21,656	$	(32,701	)	$	2,967	$	(59,537	)
Denominator:
Basic weighted average common shares		57,739,622		51,909,240			57,185,402		51,611,005
Dilutive impact of share-based awards		2,102,017		-			2,461,966		-
Diluted weighted-average common shares (1)		59,841,638		51,909,240			59,647,367		51,611,005

Basic net income (loss) per share attributable to common stockholders	$	0.38	$	(0.63	)	$	0.05	$	(1.15	)
Diluted net income (loss) per share attributable to common stockholders	$	0.36	$	(0.63	)	$	0.05	$	(1.15	)

(1)

6,145,438 and 5,832,972 share-based awards were excluded from the diluted weighted-average common shares calculation for the three- and six months ended June 30, 2021, respectively, as their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2020 all outstanding share-based awards were excluded from the diluted calculation as their inclusion would have been anti-dilutive.

Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 10:

SEGMENT REPORTING

The Company has developed a genome editing platform and performed related research for human therapeutic and agricultural applications. The Company’s Chief Operating Decision Maker (“CODM”) evaluates the Company’s financial performance based on two reportable segments: Therapeutics and Food. The Therapeutics segment is focused on the development of products in the field of allogeneic CAR T cell immunotherapy and in vivo gene correction to treat human diseases. The Food segment is focused on applying ARCUS to develop food and nutrition products through collaboration agreements with consumer-facing companies. The CODM reviews segment performance and allocates resources based upon segment revenue and segment operating loss of the Therapeutics and Food reportable segments.

Segment operating income (loss) is derived by deducting operational cash expenditures, net, from GAAP revenue. Operational cash expenditures are cash disbursements made that are directly attributable to the reportable segment (including directly attributable research and development and property, equipment, and software expenditures). The reportable segment operational cash expenditures include cash disbursements for compensation, laboratory supplies, purchases of property, equipment and software and procuring services from CROs, CMOs and research organizations.

Certain cost items are not allocated to the Company’s reportable segments. These cost items primarily consist of compensation and general operational expenses associated with the Company’s executive, business development, finance, operations, human resources and legal functions. The Company does not allocate non-cash income statement amounts to its reportable segments, such as share based compensation, depreciation and amortization, intangible asset impairment charges, non-cash interest expense and losses on the disposal of assets. When reconciling segment operating income (loss) to consolidated operating income (loss), the Company makes an adjustment to convert the cash expenditures to the accrual basis to reflect GAAP.

All segment revenue is earned in the United States and there are no intersegment revenues. Additionally, the Company reports assets on a consolidated basis and does not allocate assets to its reportable segments for purposes of assessing segment performance or allocating resources.

Presented below is the financial information with respect to the Company’s reportable segments:

	Three Months Ended June 30,
(in thousands)	2021			2020
Revenue:
Therapeutics	$	67,887		$	1,020
Food		918			58
Total segment revenue		68,805			1,078
Segment operational cash expenditures:
Therapeutics		21,360			19,117
Food		1,961			1,588
Total segment operational cash expenditures		23,321			20,705
Segment operating income (loss):
Therapeutics		46,527			(18,097	)
Food		(1,043	)		(1,530	)
Total segment operating income (loss)		45,484			(19,627	)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Corporate general and administrative cash expenditures		(10,447	)		(10,714	)
Interest income received		(48	)		(107	)
Non-cash interest expense		(19	)		—
Depreciation and amortization		(2,366	)		(2,203	)
Amortization of right-of-use asset		(298	)		(250	)
Share-based compensation		(3,896	)		(3,118	)
Adjustments to reconcile cash expenditures to GAAP expenses		(6,778	)		3,211
Total consolidated operating income (loss)	$	21,632		$	(32,808	)

	Six Months Ended June 30,
(in thousands)	2021			2020
Revenue:
Therapeutics	$	83,566		$	6,493
Food		1,588			1,583
Total segment revenue		85,154			8,076
Segment operational cash expenditures:
Therapeutics	$	44,223		$	38,374
Food		4,253			4,406
Total segment operational cash expenditures		48,476			42,780
Segment operating income (loss):
Therapeutics	$	39,343		$	(31,881	)
Food		(2,665	)		(2,823	)
Total segment operating income (loss)		36,678			(34,704	)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Corporate general and administrative cash expenditures	$	(18,345	)	$	(16,617	)
Interest income received		(101	)		(767	)
Non-cash interest expense		(19	)		—
Depreciation and amortization		(4,542	)		(4,358	)
Amortization of right-of-use asset		(588	)		(485	)
Share-based compensation		(7,528	)		(6,223	)
Loss on disposal of assets		(23	)		—
Adjustments to reconcile cash expenditures to GAAP expenses		(2,642	)		2,850
Total consolidated operating income (loss)	$	2,890		$	(60,304	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Revenue Recognition for Contracts with Customers

The Company’s revenues are generated primarily through collaborative research, license, development and commercialization agreements.

For additional discussion of accounting for collaboration revenues, see Note 8, “Collaboration and License Agreements.”

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 20
-Subparagraph (d)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense

The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Employee	$	3,513	$	2,850	$	6,791	$	5,779
Nonemployee		383		268		737		444
	$	3,896	$	3,118	$	7,528	$	6,223

Schedule of Stock-Based Compensation Expense

Share-based compensation expense is included in the following line items in the condensed consolidated statements of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	2,271	$	1,953	$	4,353	$	3,808
General and administrative		1,625		1,165		3,175		2,415
	$	3,896	$	3,118	$	7,528	$	6,223

Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model

The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows:

	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
Estimated dividend yield		0.00	%		0.00	%
Weighted-average expected stock price volatility		73.07	%		73.10	%
Weighted-average risk-free interest rate		1.01	%		0.99	%
Expected life of options (in years)		6.36			6.36
Weighted-average fair value per option	$	7.18		$	7.24

Summary of Activity of Option Plans

The following table summarizes activity in the Company’s stock option plans for the six months ended June 30, 2021:

	Outstanding Option Shares			Weighted-Average Exercise Price
Balance as of January 1, 2021		10,544,270		$	7.88
Granted		1,824,615			11.07
Exercised		(1,443,558	)		1.84
Forfeited/canceled		(332,860	)		10.20
Balance as of June 30, 2021		10,592,467		$	9.18

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity for the six months ended June 30, 2021:

	RSU Awards			Weighted-Average Grant Date Fair Value
Unvested RSUs as of January 1, 2021		—			—
Granted		825,572		$	11.34
Forfeited		(1,689	)		11.34
Vested		—			—
Unvested RSUs as of June 30, 2021		823,883		$	11.34

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Lessee Operating Lease Liability Maturity Table [Text Block]

Future lease payments under non-cancelable leases with terms of greater than one year as of June 30, 2021, were as follows:

(in thousands)	June 30, 2021
2021 (excluding the 6 months ended June 30, 2021)	$	1,354
2022		2,769
2023		2,848
2024		2,135
2025		1,086
2026 and beyond		1,108
Total lease payments		11,300
Less: imputed interest		1,718
Total operating lease liabilities	$	9,582

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):

June 30, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	5,027	$	5,027	$	—	$	—
Repurchase agreements		18,500		—		18,500		—
		23,527		5,027		18,500		—

Liabilities:
Warrant Liability		30		—		—		30

December 31, 2020	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	10	$	10	$	—	$	—
Repurchase agreements		-		—	$	—		—
	$	10	$	10	$	-	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computations of basic and diluted net income (loss) per share attributable to common stockholders are as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Numerator:
Net income (loss) attributable to common stockholders (in thousands)	$	21,656	$	(32,701	)	$	2,967	$	(59,537	)
Denominator:
Basic weighted average common shares		57,739,622		51,909,240			57,185,402		51,611,005
Dilutive impact of share-based awards		2,102,017		-			2,461,966		-
Diluted weighted-average common shares (1)		59,841,638		51,909,240			59,647,367		51,611,005

Basic net income (loss) per share attributable to common stockholders	$	0.38	$	(0.63	)	$	0.05	$	(1.15	)
Diluted net income (loss) per share attributable to common stockholders	$	0.36	$	(0.63	)	$	0.05	$	(1.15	)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Financial Information with Respect to Company's Reportable Segments

Presented below is the financial information with respect to the Company’s reportable segments:

	Three Months Ended June 30,
(in thousands)	2021			2020
Revenue:
Therapeutics	$	67,887		$	1,020
Food		918			58
Total segment revenue		68,805			1,078
Segment operational cash expenditures:
Therapeutics		21,360			19,117
Food		1,961			1,588
Total segment operational cash expenditures		23,321			20,705
Segment operating income (loss):
Therapeutics		46,527			(18,097	)
Food		(1,043	)		(1,530	)
Total segment operating income (loss)		45,484			(19,627	)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Corporate general and administrative cash expenditures		(10,447	)		(10,714	)
Interest income received		(48	)		(107	)
Non-cash interest expense		(19	)		—
Depreciation and amortization		(2,366	)		(2,203	)
Amortization of right-of-use asset		(298	)		(250	)
Share-based compensation		(3,896	)		(3,118	)
Adjustments to reconcile cash expenditures to GAAP expenses		(6,778	)		3,211
Total consolidated operating income (loss)	$	21,632		$	(32,808	)

	Six Months Ended June 30,
(in thousands)	2021			2020
Revenue:
Therapeutics	$	83,566		$	6,493
Food		1,588			1,583
Total segment revenue		85,154			8,076
Segment operational cash expenditures:
Therapeutics	$	44,223		$	38,374
Food		4,253			4,406
Total segment operational cash expenditures		48,476			42,780
Segment operating income (loss):
Therapeutics	$	39,343		$	(31,881	)
Food		(2,665	)		(2,823	)
Total segment operating income (loss)		36,678			(34,704	)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Corporate general and administrative cash expenditures	$	(18,345	)	$	(16,617	)
Interest income received		(101	)		(767	)
Non-cash interest expense		(19	)		—
Depreciation and amortization		(4,542	)		(4,358	)
Amortization of right-of-use asset		(588	)		(485	)
Share-based compensation		(7,528	)		(6,223	)
Loss on disposal of assets		(23	)		—
Adjustments to reconcile cash expenditures to GAAP expenses		(2,642	)		2,850
Total consolidated operating income (loss)	$	2,890		$	(60,304	)

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	Jan. 26, 2006
Revenue recorded included in deferred revenue	$ 74.2
Maximum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognition for changes in total estimated time to be incurred in the future to satisfy the performance obligation	$ 62.5
Precision PlantSciences, Inc.
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	Jan. 04, 2012
Percentage owned in subsidiary	100.00%
Amended date of incorporation	Jan. 16, 2018
Amended name of incorporation	Elo Life Systems, Inc
Elo Life Systems Australia Pty Ltd \| Subsidiary Issuer
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	May 29, 2018
Percentage owned in subsidiary	100.00%
Precision BioSciences UK Limited
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation	Jun. 17, 2019
Percentage owned in subsidiary	100.00%

Stockholders' Equity - Additional Information (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Apr. 01, 2019
Stockholders Equity Note [Abstract]
Common and preferred stocks, shares authorized			210,000,000
Common stock, shares authorized	200,000,000	200,000,000	200,000,000
Common stock, par value	$ 0.000005	$ 0.000005	$ 0.000005
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 12, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		10,592,467		10,592,467		10,544,270
Share based compensation expense		$ 3,896	$ 3,118	$ 7,528	$ 6,223
Intrinsic value of Stock options exercised				$ 12,800	6,700
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross				1,824,615
Unrecognized compensation cost		44,300		$ 44,300
Weighted-average period for recognition of compensation cost				2 years 8 months 12 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross				825,572
Share Based Compensation Arrangement By Share Based Payment Award Options Grant Date Fair Value		$ 9,400		$ 9,400
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense				$ 200	$ 200
2006 and 2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		3,557,824		3,557,824
Remaining shares available to be granted		0		0
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		7,034,643		7,034,643
Number of shares available for issuance	4,750,000	4,153,915		4,153,915
Number of shares available to be issued		1,282,440		1,282,440
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock	4.00%
2019 Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU outstanding		823,883		823,883
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining shares available to be granted	525,000	1,346,454		1,346,454
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock	1.00%
Increase in common stock available for issuance		1,038,478		1,038,478
Purchase of common stock through payroll deductions expressed in percentage of fair market value	85.00%
Shares issued				217,024
2019 ESPP \| ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum shares allowed to be issued under ESPP	5,250,000

Share-Based Compensation - Schedule of Employee and Nonemployee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 3,896	$ 3,118	$ 7,528	$ 6,223
Employee
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	3,513	2,850	6,791	5,779
Nonemployee
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 383	$ 268	$ 737	$ 444

Share-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 3,896	$ 3,118	$ 7,528	$ 6,223
Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	3,896	3,118	7,528	6,223
Research and Development \| Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	2,271	1,953	4,353	3,808
General and Administrative \| Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,625	$ 1,165	$ 3,175	$ 2,415

Share-Based Compensation - Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Estimated dividend yield	0.00%	0.00%
Weighted-average expected stock price volatility	73.07%	73.10%
Weighted-average risk-free interest rate	1.01%	0.99%
Expected life of options (in years)	6 years 4 months 9 days	6 years 4 months 9 days
Weighted-average fair value per option	$ 7.18	$ 7.24

Share-Based Compensation - Summary of Activity of Option Plans (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding Option Shares, Beginning Balance \| shares	10,544,270
Option, Granted \| shares	1,824,615
Option, Exercised \| shares	(1,443,558)
Option, Forfeited/canceled \| shares	(332,860)
Outstanding Option Shares, Ending Balance \| shares	10,592,467
Weighted-Average Exercise Price Outstanding at Beginning Balance \| $ / shares	$ 7.88
Weighted-Average Exercise Price, Granted \| $ / shares	11.07
Weighted-Average Exercise Price, Exercised \| $ / shares	1.84
Weighted-Average Exercise Price, Forfeited/canceled \| $ / shares	10.20
Weighted-Average Exercise Price Outstanding at Ending Balance \| $ / shares	$ 9.18

Share-Based Compensation - Summary of Activity of RSUs (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross	1,824,615
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross	825,572
Forfeited	(1,689)
Unvested RSUs as of June 30, 2021	823,883
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 11.34
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	11.34
Weighted-Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 11.34

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 09, 2021	Jun. 30, 2021
Commitments And Contingencies [Line Items]
Contract liabilities		$ 0
Maximum
Commitments And Contingencies [Line Items]
Product development and commercialization period	10 years
Agreement termination notice period		1 year
Research and Development Expense
Commitments And Contingencies [Line Items]
Contract liabilities		$ 10,000

Commitments and Contingencies - Schedule of Future Lease Payments under Non- Canceleable Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2021 (excluding the 6 months ended June 30, 2021)	$ 1,354
2022	2,769
2023	2,848
2024	2,135
2025	1,086
2026 and beyond	1,108
Total lease payments	11,300
Less: imputed interest	1,718
Total operating lease liabilities	$ 9,582

Debt - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended
	May 19, 2021	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Loan discount upon issuance		$ 13
Elo Loan
Debt Instrument [Line Items]
Basis point added to the prime rate	1.75%
Interest rate during period	5.00%
Loan amount	$ 2,500
Maturity of term loan	Mar. 31, 2022
Elo Loan \| Maximum
Debt Instrument [Line Items]
Loan discount upon issuance	$ 100
Revolving Credit Facility \| Pacific Western Loan Agreement
Debt Instrument [Line Items]
Aggregate principal amount			$ 30,000
Basis point added to the prime rate			2.75%
Interest rate during period			6.00%
Maturity of line of credit			Jun. 23, 2023
Borrowings		$ 0
Revolving Credit Facility \| Pacific Western Loan Agreement \| Minimum [Member]
Debt Instrument [Line Items]
Required balance of unrestricted cash at bank			$ 10,000

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%
Unrecognized income tax benefits		$ 0

Fair Value Measurements - Additional information (Details) - USD ($)			6 Months Ended
	Mar. 31, 2022	May 19, 2021	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant term			10 years
Warrant maturity date			May 19, 2031
Warrant issuance date			May 19, 2021
Forecast
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from issuance of warrants	$ 10,000,000.0
Pacific Western Bank
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from issuance of warrants		$ 50,000

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 23,527	$ 10
Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	18,500
Warrant Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	30
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	5,027	10
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	18,500
Level 2 \| Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	18,500
Level 3 \| Warrant Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	30
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	5,027	10
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 5,027	$ 10

Collaboration and License Agreements - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 09, 2021	Jan. 06, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued			60,093,422		60,093,422		53,503,124
Proceeds from at-the-market offering of common stock, net of issuance costs and commissions					$ 9,705,000
Revenue			$ 68,805,000	$ 1,078,000	85,154,000	$ 8,076,000
Deferred revenue			22,221,000		22,221,000		$ 30,236,000
Research and development			37,235,000	$ 25,183,000	62,828,000	50,062,000
Revenue recorded included in deferred revenue					74,200,000
Eli Lilly And Company \| Development and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue					10,700,000		0
Deferred revenue related to agreement			97,500,000		97,500,000		0
Eli Lilly And Company \| Development and License Agreement \| Current Liabilities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			22,200,000		22,200,000
Servier \| Program Purchase Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Consideration	$ 20,000,000.0
Research and development	1,250,000
Waiver of milestone payment	$ 18,750,000
Gilead \| Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment					0
Revenue					0	3,900,000
Deferred revenue			0		0		0
Development and License Agreement \| Eli Lilly And Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment		$ 100,000,000.0
Milestone payments to be received for additional targets		420,000,000.0
Transaction price from the Stock Purchase Agreement		$ 7,300,000
Development and License Agreement \| Eli Lilly And Company \| Stock Purchase Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued		3,762,190
Proceeds from at-the-market offering of common stock, net of issuance costs and commissions		$ 35,000,000.0
Upfront Compensation		135,000,000.0
Equity upon the issuance of the shares		27,700,000
Transaction price allocated to the revenue arrangement		$ 107,300,000
Development And Commercial License Agreement \| Servier
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue related to agreement			$ 0		0		82,900,000
Revenue recorded included in deferred revenue					$ 72,900,000	$ 2,600,000
Development And Commercial License Agreement \| Servier \| Current Liabilities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue							$ 28,900,000

Net Income (Loss) Per Share - Schedule Of Basic And Diluted Net Income (Loss) Per Share Attributable To Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders (in thousands)	$ 21,656	$ (18,689)	$ (32,701)	$ (26,836)	$ 2,967	$ (59,537)
Basic weighted average common shares	57,739,622		51,909,240		57,185,402	51,611,005
Dilutive impact of share-based awards	2,102,017				2,461,966
Diluted weighted-average common shares	59,841,638		51,909,240		59,647,367	51,611,005
Basic net income (loss) per share attributable to common stockholders	$ 0.38		$ (0.63)		$ 0.05	$ (1.15)
Diluted net income (loss) per share attributable to common stockholders	$ 0.36		$ (0.63)		$ 0.05	$ (1.15)

- Definition

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

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Net Income (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Earnings Per Share [Abstract]
Share-based awards excluded from the diluted weighted-average common shares	6,145,438	5,832,972

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Financial Information with Respect to Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 68,805	$ 1,078	$ 85,154	$ 8,076
Operating income (loss)	21,632	(32,808)	2,890	(60,304)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Interest income received	(48)	(107)	(101)	(767)
Depreciation and amortization			(4,542)	(4,358)
Amortization of right-of-use asset			(588)	(485)
Share-based compensation			(7,528)	(6,223)
Loss from operations	21,632	(32,808)	2,890	(60,304)
Loss on disposal of assets			(23)
Operating Segments
Segment Reporting Information [Line Items]
Revenue	68,805	1,078	85,154	8,076
Total segment operational cash expenditures	23,321	20,705	48,476	42,780
Operating income (loss)	45,484	(19,627)	36,678	(34,704)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Loss from operations	45,484	(19,627)	36,678	(34,704)
Operating Segments \| Therapeutics
Segment Reporting Information [Line Items]
Revenue	67,887	1,020	83,566	6,493
Total segment operational cash expenditures	21,360	19,117	44,223	38,374
Operating income (loss)	46,527	(18,097)	39,343	(31,881)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Loss from operations	46,527	(18,097)	39,343	(31,881)
Operating Segments \| Food
Segment Reporting Information [Line Items]
Revenue	918	58	1,588	1,583
Total segment operational cash expenditures	1,961	1,588	4,253	4,406
Operating income (loss)	(1,043)	(1,530)	(2,665)	(2,823)
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Loss from operations	(1,043)	(1,530)	(2,665)	(2,823)
Segment Reconciling Items
Adjustments to reconcile segment operating loss to consolidated operating income (loss)
Corporate general and administrative cash expenditures	(10,447)	(10,714)	(18,345)	(16,617)
Interest income received	(48)	(107)	(101)	(767)
Non-cash interest expense	(19)		(19)
Depreciation and amortization	(2,366)	(2,203)	(4,542)	(4,358)
Amortization of right-of-use asset	(298)	(250)	(588)	(485)
Share-based compensation	(3,896)	(3,118)	(7,528)	(6,223)
Adjustments to reconcile cash expenditures to GAAP expenses	$ (6,778)	$ 3,211	(2,642)	$ 2,850
Loss on disposal of assets			$ (23)