0001655759-22-000016 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38672
Entity Registrant Name	ARVINAS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2566120
Entity Address, Address Line One	5 Science Park
Entity Address, Address Line Two	395 Winchester Ave
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06511
City Area Code	203
Local Phone Number	535-1456
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ARVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,165,962
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001655759
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 62.3	$ 108.3
Restricted cash	4.5	4.5
Marketable securities	1,366.1	1,394.3
Accounts receivable	0.0	15.0
Other receivables	6.7	10.7
Prepaid expenses and other current assets	17.4	19.7
Total current assets	1,457.0	1,552.5
Property, equipment and leasehold improvements, net	13.4	12.7
Operating lease right of use assets	5.8	3.9
Collaboration contract asset and other assets	12.1	12.5
Total assets	1,488.3	1,581.6
Current liabilities:
Accounts payable	8.6	31.3
Accrued expenses	30.2	23.1
Deferred revenue	197.5	206.2
Current portion of operating lease liability	1.7	1.1
Total current liabilities	238.0	261.7
Deferred revenue	521.9	534.3
Long term debt	1.0	1.0
Operating lease liability	4.1	2.9
Total liabilities	765.0	799.9
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 53.1 and 53.0 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0.0	0.0
Accumulated deficit	(746.3)	(682.9)
Additional paid-in capital	1,488.3	1,469.2
Accumulated other comprehensive loss	(18.7)	(4.6)
Total stockholders’ equity	723.3	781.7
Total liabilities and stockholders’ equity	$ 1,488.3	$ 1,581.6

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	53.1	53.0
Common stock, shares outstanding (in shares)	53.1	53.0

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Operations
Revenue	$ 24.2	$ 5.5
Operating expenses:
Research and development	64.0	34.9
General and administrative	20.2	12.3
Total operating expenses	84.2	47.2
Loss from operations	(60.0)	(41.7)
Other income (expenses)
Other (expense) income, net	(0.1)	0.2
Interest income, net	1.2	0.5
Total other income	1.1	0.7
Net loss before income taxes	(58.9)	(41.0)
Income tax expense	(4.5)	0.0
Net loss	$ (63.4)	$ (41.0)
Net loss per common share, basic (in dollars per share)	$ (1.20)	$ (0.84)
Net loss per common share, diluted (in dollars per share)	$ (1.20)	$ (0.84)
Weighted average common shares outstanding, basic (in shares)	53.0	48.6
Weighted average common shares outstanding, diluted (in shares)	53.0	48.6
Statement of Comprehensive Income [Abstract]
Net loss	$ (63.4)	$ (41.0)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(14.1)	(0.8)
Comprehensive loss	$ (77.5)	$ (41.8)

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common	Accumulated Deficit	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2020		48.5
Beginning balance at Dec. 31, 2020	$ 642.2		$ (491.9)	$ 1,133.5	$ 0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	10.3			10.3
Net loss	(41.0)		(41.0)
Restricted stock vesting (in shares)		0.1
Restricted stock vesting	0.0
Proceeds from exercise of stock options (in shares)		0.2
Proceeds from exercise of stock options	4.5			4.5
Unrealized loss on available-for-sale securities	(0.8)				(0.8)
Ending balance (in shares) at Mar. 31, 2021		48.8
Ending balance at Mar. 31, 2021	$ 615.2	$ 0.0	(532.9)	1,148.3	(0.2)
Beginning balance (in shares) at Dec. 31, 2021	53.0	53.0
Beginning balance at Dec. 31, 2021	$ 781.7	$ 0.0	(682.9)	1,469.2	(4.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	16.6			16.6
Net loss	(63.4)		(63.4)
Proceeds from exercise of stock options (in shares)		0.1
Proceeds from exercise of stock options	2.5			2.5
Unrealized loss on available-for-sale securities	$ (14.1)				(14.1)
Ending balance (in shares) at Mar. 31, 2022	53.1	53.1
Ending balance at Mar. 31, 2022	$ 723.3	$ 0.0	$ (746.3)	$ 1,488.3	$ (18.7)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (63.4)	$ (41.0)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1.5	1.1
Net accretion of bond discounts/premiums	3.3	1.0
Amortization of right-of-use assets	0.6	0.3
Amortization of collaboration contract asset	0.3	0.0
Stock-based compensation	16.6	10.3
Changes in operating assets and liabilities:
Accounts receivable	15.0	1.0
Other receivables	4.1	2.3
Prepaid expenses and other current assets	2.3	(2.1)
Accounts payable	(22.6)	1.8
Accrued expenses	7.0	(10.9)
Operating lease liability	(0.6)	(0.3)
Deferred revenue	(21.2)	(2.5)
Net cash used in operating activities	(57.1)	(39.0)
Cash flows from investing activities:
Purchases of marketable securities	(263.2)	(240.5)
Maturities of marketable securities	273.9	33.7
Purchases of property, equipment and leasehold improvements	(2.1)	(1.0)
Net cash provided by (used in) investing activities	8.6	(207.8)
Cash flows from financing activities:
Proceeds from exercise of stock options	2.5	4.5
Net cash provided by financing activities	2.5	4.5
Net decrease in cash, cash equivalents and restricted cash	(46.0)	(242.3)
Cash, cash equivalents and restricted cash, beginning of the period	112.8	588.4
Cash, cash equivalents and restricted cash, end of the period	66.8	346.1
Supplemental disclosure of cash flow information:
Purchases of property, equipment and leasehold improvements unpaid at period end	$ 0.1	$ 0.1

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Arvinas, Inc. and subsidiaries (“Arvinas” or “the Company”) is a clinical-stage biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development and commercialization of therapies that degrade disease-causing proteins. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2021 has been derived from Arvinas’ audited consolidated financial statements at that date. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, forming part of Arvinas’ 2021 Annual Report on Form 10-K filed with the SEC on February 28, 2022. The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates. Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products, and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability. To date, the Company has not generated any revenue from product sales and expects to incur additional operating losses and negative operating cash flows for the foreseeable future. The Company has financed its operations primarily through sales of equity interests, proceeds from collaborations, grant funding and debt financing. The Company had cash, cash equivalents, restricted cash and marketable securities totaling $1.4 billion as of March 31, 2022. Impact of the Coronavirus (“COVID-19”) Pandemic As a result of the COVID-19 pandemic, many companies have experienced disruptions in their operations and in the markets they serve. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s financial position and results of operations as of and for the three months ended March 31, 2022. The full extent of the future impacts of COVID-19 on the Company’s operations remains uncertain. A prolonged outbreak could have a material adverse impact on the Company's financial results and business operations, including the timing and ability of the Company to complete certain clinical trials and other efforts required to advance its preclinical pipeline.

Accounting Pronouncements and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Accounting Pronouncements and Significant Accounting Policies	Accounting Pronouncements and Significant Accounting Policies The Company reviews new accounting standards as issued. As of March 31, 2022, the Company has not identified any new standards that it believes will have a material impact on the Company’s financial statements. There were no changes to the Company’s significant accounting policies during the three months ended March 31, 2022.

Research Collaboration and License Agreements

3 Months Ended

Mar. 31, 2022

Research Collaboration And License Agreements [Abstract]

Research Collaboration and License Agreements

ARV-471 Collaboration Agreement

In July 2021, the Company entered into a Collaboration Agreement with Pfizer Inc. (“Pfizer”) (the “ARV-471 Collaboration Agreement”) pursuant to which the Company granted Pfizer worldwide co-exclusive rights to develop and commercialize products containing the Company’s proprietary compound ARV-471 (the “Licensed Products”). Under the ARV-471 Collaboration Agreement, the Company received an upfront, non-refundable payment of $650.0 million. In addition, the Company will be eligible to receive up to an additional $1.4 billion in contingent payments based on specific regulatory and sales-based milestones for the Licensed Products. Of the total contingent payments, $400.0 million in regulatory milestones are related to marketing approvals and $1.0 billion are related to sales-based milestones.

The Company and Pfizer will share equally all development costs, including costs of conducting clinical trials, for the Licensed Products, subject to certain exceptions. Except for certain regions described below, the parties will also share equally all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions.

The Company will be the marketing authorization holder in the United States and, subject to marketing approval, book sales in the United States, while Pfizer will hold marketing authorizations outside the United States. The parties will determine which, if any, regions within the world will be solely commercialized by one party, and in such region the parties will adjust their share of profits and losses for the Licensed Products based on the role each party will be performing.

As a direct result of the Company’s entry into the ARV-471 Collaboration Agreement, the Company incurred direct and incremental costs to obtain the contract, paid to a financial advisor, totaling $12.9 million. In accordance with ASC 340, Other Assets and Deferred Costs, the Company recognized an asset of $12.9 million in collaboration contract asset and other assets on the condensed consolidated balance sheet at inception of the agreement, which is being amortized as general and administrative expense over the total estimated period of performance under the ARV-471 Collaboration Agreement.

Bayer Collaboration Agreement

In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (the “Bayer Collaboration Agreement”) setting forth the Company’s collaboration with Bayer AG to identify or optimize proteolysis targeting chimeras, or PROTAC® targeted protein degraders, that mediate the degradation of target proteins. Under the terms of the Bayer Collaboration Agreement, the Company received an upfront, non-refundable payment of $17.5 million in exchange for the use of the Company’s technology license. Bayer is committed to fund an additional $12.0 million through 2023, of which of $10.5 million was received through March 31, 2022. These payments are being recognized over the total estimated period of performance.

The Company is also eligible to receive up to $197.5 million in development milestone payments and up to $490.0 million in sales-based milestone payments for all designated targets. In addition, the Company is eligible to receive, on net sales of PROTAC targeted protein degrader-related products, mid-single digit to low-double digit tiered royalties, which may be subject to reductions. There were no development or sales-based milestone payments or royalties received as of March 31, 2022.

Pfizer Research Collaboration Agreement

In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer (the “Pfizer Research Collaboration Agreement”). Under the terms of the Pfizer Research Collaboration Agreement, the Company received an upfront, non-refundable payment and certain additional payments totaling $28.0 million in 2018 in exchange for use of the Company’s technology license and to fund Pfizer-related research as defined within the Pfizer Research Collaboration Agreement. These payments are being recognized as revenue over the total estimated period of performance. The Company is eligible to receive up to an additional $37.5 million in non-refundable option payments if Pfizer exercises its options for all targets under the Pfizer Research Collaboration Agreement. The Company is also entitled to receive up to $225.0 million in development milestone payments and up to $550.0 million in sales-based milestone payments for all designated targets under the Pfizer Research Collaboration Agreement, as well as tiered royalties based on sales. During the three months ended March 31, 2022, the Company received payments totaling $3.5 million, which was included in accounts receivable at December 31, 2021, for an additional target and additional services which are being recognized as revenue over the total period of performance. There were no sales-based milestone payments or royalties received as of March 31, 2022.

Genentech Modification

In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement (the “Genentech Modification”) with Genentech, Inc. and F. Hoffman-La Roche Ltd. (together "Genentech"), amending a previous Genentech agreement. Under the Genentech Modification, the Company received additional upfront, non-refundable payments of $34.5 million (in addition to $11.0 million received under the previous agreement) to fund Genentech-related research. Under the Genentech Modification, Genentech has the right to designate up to ten targets. The Company is eligible to receive up to $27.5 million in additional expansion target payments if Genentech exercises its options on all remaining targets. Upfront non-refundable payments are recognized as revenue over the total estimated period of performance.

The Company is eligible to receive up to $44.0 million per target in development milestone payments, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received as of March 31, 2022.

Information about changes in the Company's contract balances for the three months ended March 31, 2022 and 2021 is as follows:


(dollars in millions)	March 31, 2022		March 31, 2021
Accounts receivable
Beginning balance	$	15.0	$	—
Payments received	(15.0)		—
Ending balance	$	—	$	—
Contract assets: Collaboration contract asset
Beginning balance	$	12.5	$	—
Amortization	(0.4)		—
Ending balance	$	12.1	$	—
Contract liabilities: Deferred revenue
Beginning balance	$	740.6	$	45.1
Revenue recognized from balances held at the beginning of the period	(24.2)		(5.5)
Additions to collaboration agreements	3.0		3.0
Ending balance	$	719.4	$	42.6

The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2022 was $719.4 million, which is expected to be recognized in the following periods:


(dollars in millions)
Remainder of 2022	$	150.1
2023	190.0
2024	136.5
2025	100.4
2026	63.4
2027	34.1
Thereafter	44.9
Total	$	719.4

Marketable Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Marketable Securities and Fair Value Measurements

The Company’s marketable securities consist of corporate bonds and government securities which are adjusted to fair value at each balance sheet date based on quoted prices, which are considered Level 2 inputs.

The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis.


	March 31, 2022
(dollars in millions)	Valuation Hierarchy	Effective Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	2022 - 2023	$	797.8	$	—	$	(3.9)	$	793.9
Corporate bonds	Level 2	2023 - 2024	525.7		—		(14.2)		511.5
Government securities	Level 2	2022 - 2023	41.9		—		(0.4)		41.5
Government securities	Level 2	2023 - 2024	19.4		—		(0.2)		19.2
Total			$	1,384.8	$	—	$	(18.7)	$	1,366.1


	December 31, 2021
(dollars in millions)	Valuation Hierarchy	Effective Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	2022	$	784.0	$	—	$	(0.7)	$	783.3
Corporate bonds	Level 2	2023 - 2024	582.5		—		(3.8)		578.7
Government securities	Level 2	2022	32.4		—		(0.1)		32.3
Total			$	1,398.9	$	—	$	(4.6)	$	1,394.3

The carrying values of accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property, Equipment and Leasehold Improvements

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consist of the following at:


(dollars in millions)	March 31, 2022		December 31, 2021
Laboratory equipment	$	14.9	$	13.6
Leasehold improvements	9.2		8.4
Office equipment	1.5		1.4
Total property, equipment and leasehold improvements	25.6		23.4
Less: accumulated depreciation and amortization	(12.2)		(10.7)
Property, equipment and leasehold improvements, net	$	13.4	$	12.7

Depreciation and amortization expense totaled $1.5 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively.

Right-of-Use Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Right-of-Use Assets and Liabilities

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the condensed consolidated balance sheets.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate ranges from 3.0% - 4.1%. Lease expense is recognized on a straight-line basis over the lease term. Some of the Company’s leases include options to extend or terminate the lease. The Company includes these options in the recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise such options.

In May 2021, the Company entered into a lease for approximately 160,000 square feet of laboratory and office space to be occupied in 2024. In connection with the signing of the lease, and at the Company’s election to increase the landlord’s contribution to the tenant improvement allowance, the Company issued a letter of credit for $4.5 million, collateralized by a certificate of deposit in the same amount, which is presented as restricted cash at March 31, 2022. Once occupied, the base rent will range from $7.7 million to $8.8 million annually over a ten-year lease term.

The Company has operating leases for its corporate office, laboratories and certain equipment, which expire no later than January 31, 2026. The leases have a weighted average remaining term of 3.1 years.

The components of lease expense were as follows:


	Three Months Ended March 31,
(dollars in millions)	2022		2021
Operating lease cost	$	0.6	$	0.3

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31,
(dollars in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	0.6	$	0.3
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$	2.4	$	3.2

Maturities of lease liabilities for operating leases as of March 31, 2022, are as follows:


(dollars in millions)
Remainder of 2022	$	1.3
2023	2.1
2024	2.1
2025	0.6
2026	—


Total lease payments	6.1
Less: imputed interest	(0.3)
Total	$	5.8

Accrued Expenses

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


(dollars in millions)	March 31, 2022		December 31, 2021
Research and development expenses	$	18.4	$	9.5
Employee expenses	5.1		12.4
Income taxes	4.5		—
Professional fees and other	2.2		1.2
Total	$	30.2	$	23.1

Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

In June 2018, the Company entered into an additional Assistance Agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through 2028, with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received. At March 31, 2022, $1.0 million remains outstanding under the 2018 Assistance Agreement.

In connection with an Assistance Agreement with the State of Connecticut entered into in 2014 (the “2014 Assistant Agreement”) under which all the borrowings by the Company were forgiven, the Company is required to be located in the State of Connecticut through January 2024, with a default penalty of repayment of the full original funding amount of $2.5 million plus liquidated damages of 7.5%.

Minimum future principal payments on long-term debt for the years ending December 31 are as follows:


(dollars in millions)
2023	$	—
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$	1.0

During the three months ended March 31, 2022 and 2021, interest expense was immaterial.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Equity

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Equity

Equity Distribution Agreements

In August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Company (“Piper Sandler”) and Cantor Fitzgerald & Co. (“Cantor”), as agents, pursuant to which the Company may offer and sell from time to time, through the agents, up to $300.0 million of the common stock registered under the Company's universal shelf registration statement pursuant to one or more “at-the-market" offering. During the quarter ended March 31, 2022, no shares have been issued under this agreement.

Share-based Compensation

2018 Employee Stock Purchase Plan

In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), with the first offering period under the 2018 ESPP commencing on January 1, 2020, by initially providing participating employees with the opportunity to purchase an aggregate of 311,850 shares of the Company’s common stock. The number of shares of the Company’s common stock reserved for issuance under the 2018 ESPP increase, pursuant to the terms of the 2018 ESPP, by additional shares equal to 1% of the Company’s then-outstanding common stock, effective as of January 1 of each year. As of March 31, 2022, 2,005,714 shares remained available for purchase. During the three months ended March 31, 2022 and 2021, the Company issued 5,749 and 12,050 shares, respectively, of common stock under the 2018 ESPP.

Incentive Share Plan

In the Fourth Amendment to the Company’s Incentive Share Plan (the “Incentive Plan”) adopted in March 2018, the Company was authorized to issue up to an aggregate of 6,199,477 incentive units pursuant to the terms of the Incentive Plan. Generally, incentive units were granted at no less than fair value as determined by the board of managers and had vesting periods ranging from one to four years. The Incentive Plan was terminated in September 2018.

2018 Stock Incentive Plan

In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Stock Incentive Plan (the “2018 Plan”), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s initial public offering. The number of common shares initially available for issuance under the 2018 Plan equaled the sum of (1) 4,067,007 shares of common stock; plus (2) the number of shares of common stock (up to 1,277,181) issued in respect of incentive units granted under the Incentive Plan that were subject to vesting immediately prior to the effectiveness of the registration statement expired, terminated or were otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ended December 31, 2019 and continuing to,

and including, the fiscal year ending December 31, 2028, equal to the lesser of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or an amount determined by the Company’s board of directors. As of March 31, 2022, 2,849,537 shares remained available for issuance under the 2018 Plan. Common shares subject to outstanding equity awards that expire or are terminated, surrendered, or canceled without having been fully exercised or are forfeited in whole or in part shall be available for future grants of awards.

Compensation Expense

During the three months ended March 31, 2022 and 2021, the Company recognized compensation expense of $16.6 million and $10.3 million, respectively, relating to the issuance of incentive awards. At March 31, 2022, there was $93.1 million of unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately two years.

Stock Options

The fair value of the stock options granted during the three months ended March 31, 2022 and 2021 was determined using the Black-Scholes option pricing model with the following assumptions:


	March 31, 2022		March 31, 2021
Expected volatility	73.2 - 76.0%		77.4 - 78.0%
Expected term (years)	5.6 - 7.0		5.6 - 7.0
Risk free interest rate	1.5% - 2.0%		0.5% - 1.1%
Expected dividend yield	0	%	0	%
Exercise price	$64.19 - $78.91		$77.51 - $82.21

Given the Company’s common stock has not been trading for a sufficient period of time, the Company calculates volatility of its common stock by utilizing a weighted average of a collection of peer company volatilities and its own common stock volatility. The expected term is calculated utilizing the simplified method.

A summary of the stock option activity under the 2018 Plan during the three months ended March 31, 2022 is presented below. These amounts include stock options granted to employees, directors and consultants.


(dollars in millions, except weighted average exercise price)	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	5,343,254	$	44.98
Granted	1,234,844	$	65.40
Exercised	(117,399)	$	17.82
Forfeited	(101,525)	$	57.90
Outstanding at March 31, 2022	6,359,174	$	49.24	8.2	$	137.2
Exercisable at March 31, 2022	2,739,009	$	31.09	7.3	$	103.1

The weighted-average grant date fair value of options granted during the three months ended March 31, 2022 was $43.02. The total intrinsic value of options exercised during the three months ended March 31, 2022 was $5.9 million.

At March 31, 2022, there were 5,995,790 stock options under the 2018 Plan that have vested or are expected to vest.

Restricted Stock Awards

A summary of restricted stock award activity under the Incentive Plan during the three months ended March 31, 2022 is presented below. These amounts include restricted stock granted to employees, directors and consultants.


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock at December 31, 2021	30,625	$	16.00
Vested	(23,376)	$	16.00
Cancelled	(1,320)	$	16.00
Unvested restricted stock at March 31, 2022	5,929	$	16.00

At March 31, 2022, there were 5,810 restricted shares under the Incentive Plan that are expected to vest.

Restricted Stock Units

A summary of restricted stock unit activity under the 2018 Plan during the three months ended March 31, 2022 is presented below. These amounts include restricted stock units granted to employees.


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2021	88,307	$	20.02
Granted	167,811	$	64.54
Vested	(38,490)	$	19.36
Cancelled	(3,434)	$	21.03
Unvested restricted stock units at March 31, 2022	214,194	$	55.00

At March 31, 2022, there were 174,335 restricted stock units under the 2018 Plan that have vested or are expected to vest.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was 7.6% and 0.0% for the three months ended March 31, 2022 and 2021, respectively. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended March 31, 2022 and the Company’s overall effective tax rate of 7.6% was the effect of equity compensation, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended March 31, 2021 and the Company’s overall effective tax rate of 0.0% was the effect of equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets. A valuation allowance is established when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company is expecting to have net taxable income for the current year, resulting in current income tax expense for the period, and expects to fully utilize its net operating loss and credit carryforwards during the year. This is primarily due to revenue recognition for tax purposes from the ARV-471 Collaboration Agreement and the capitalization of qualified research and development expenses incurred on or after January 1, 2022. Under the Tax Cuts and Jobs Act of 2017, qualified research expenses incurred after 2021 are no longer immediately deductible for tax purposes and instead must be amortized over at least five years for tax purposes. A valuation allowance has been established against the Company’s net deferred tax assets, including the deferred tax liabilities resulting from the deferred revenue and deferred tax assets associated with the capitalization of research and development expenses for tax, since the Company expects to incur tax losses again after the current year.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

Basic and diluted loss per common share was calculated as follows:


	For the Three Months Ended March 31,
(dollars and shares in millions, except per common share amounts)	2022		2021
Net loss	$	(63.4)	$	(41.0)
Weighted average number of common shares outstanding - basic and diluted	53.0		48.6
Net loss per common share - basic and diluted	$	(1.20)	$	(0.84)

The Company reported net losses for each of the three months ended March 31, 2022 and 2021, and therefore excluded all stock options, restricted stock awards and restricted stock units from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below:


	For the Three Months Ended March 31,
(shares in millions)	2022	2021
Stock options	6.4	5.4
Restricted stock awards	—	0.2
Restricted stock units	0.2	0.1
	6.6	5.7

Equity Method Investments	3 Months Ended
Equity Method Investments	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments In July 2019, the Company and Bayer CropScience LP (“Bayer LP”) formed a joint venture, Oerth Bio LLC (“Oerth”), to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. As Oerth is jointly controlled by the Company and Bayer LP, the Company accounts for its 50% interest using the equity method of accounting. The Company also provides to Oerth compensated research and development services and administrative services through a separate agreement. The services rendered by the Company during the three months ended March 31, 2022 and 2021 were immaterial. Operating expenses and net loss of Oerth for the three months ended March 31, 2022 and 2021 totaled $4.9 million and $2.6 million, respectively. The carrying value of the investment has been reduced to zero and, as a result, no additional losses were recorded against the carrying value of the investment during the three months ended March 31, 2022 and 2021.

Research Collaboration and License Agreements (Tables)

3 Months Ended

Mar. 31, 2022

Research Collaboration And License Agreements [Abstract]

Summary of Contract Balances

Information about changes in the Company's contract balances for the three months ended March 31, 2022 and 2021 is as follows:


(dollars in millions)	March 31, 2022		March 31, 2021
Accounts receivable
Beginning balance	$	15.0	$	—
Payments received	(15.0)		—
Ending balance	$	—	$	—
Contract assets: Collaboration contract asset
Beginning balance	$	12.5	$	—
Amortization	(0.4)		—
Ending balance	$	12.1	$	—
Contract liabilities: Deferred revenue
Beginning balance	$	740.6	$	45.1
Revenue recognized from balances held at the beginning of the period	(24.2)		(5.5)
Additions to collaboration agreements	3.0		3.0
Ending balance	$	719.4	$	42.6

Transaction Price Allocated to Performance Obligations


(dollars in millions)
Remainder of 2022	$	150.1
2023	190.0
2024	136.5
2025	100.4
2026	63.4
2027	34.1
Thereafter	44.9
Total	$	719.4

Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Marketable Securities

The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis.


	March 31, 2022
(dollars in millions)	Valuation Hierarchy	Effective Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	2022 - 2023	$	797.8	$	—	$	(3.9)	$	793.9
Corporate bonds	Level 2	2023 - 2024	525.7		—		(14.2)		511.5
Government securities	Level 2	2022 - 2023	41.9		—		(0.4)		41.5
Government securities	Level 2	2023 - 2024	19.4		—		(0.2)		19.2
Total			$	1,384.8	$	—	$	(18.7)	$	1,366.1


	December 31, 2021
(dollars in millions)	Valuation Hierarchy	Effective Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	2022	$	784.0	$	—	$	(0.7)	$	783.3
Corporate bonds	Level 2	2023 - 2024	582.5		—		(3.8)		578.7
Government securities	Level 2	2022	32.4		—		(0.1)		32.3
Total			$	1,398.9	$	—	$	(4.6)	$	1,394.3

Property, Equipment and Leasehold Improvements (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consist of the following at:


(dollars in millions)	March 31, 2022		December 31, 2021
Laboratory equipment	$	14.9	$	13.6
Leasehold improvements	9.2		8.4
Office equipment	1.5		1.4
Total property, equipment and leasehold improvements	25.6		23.4
Less: accumulated depreciation and amortization	(12.2)		(10.7)
Property, equipment and leasehold improvements, net	$	13.4	$	12.7

Right-of-Use Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended March 31,
(dollars in millions)	2022		2021
Operating lease cost	$	0.6	$	0.3

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31,
(dollars in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	0.6	$	0.3
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$	2.4	$	3.2

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities for operating leases as of March 31, 2022, are as follows:


(dollars in millions)
Remainder of 2022	$	1.3
2023	2.1
2024	2.1
2025	0.6
2026	—


Total lease payments	6.1
Less: imputed interest	(0.3)
Total	$	5.8

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Components of Accrued Expenses

Accrued expenses consisted of the following:


(dollars in millions)	March 31, 2022		December 31, 2021
Research and development expenses	$	18.4	$	9.5
Employee expenses	5.1		12.4
Income taxes	4.5		—
Professional fees and other	2.2		1.2
Total	$	30.2	$	23.1

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Minimum Future Payments on Long-Term Debt

Minimum future principal payments on long-term debt for the years ending December 31 are as follows:


(dollars in millions)
2023	$	—
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$	1.0

Equity (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted

The fair value of the stock options granted during the three months ended March 31, 2022 and 2021 was determined using the Black-Scholes option pricing model with the following assumptions:


	March 31, 2022		March 31, 2021
Expected volatility	73.2 - 76.0%		77.4 - 78.0%
Expected term (years)	5.6 - 7.0		5.6 - 7.0
Risk free interest rate	1.5% - 2.0%		0.5% - 1.1%
Expected dividend yield	0	%	0	%
Exercise price	$64.19 - $78.91		$77.51 - $82.21

Summary of Stock Option Activity


(dollars in millions, except weighted average exercise price)	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	5,343,254	$	44.98
Granted	1,234,844	$	65.40
Exercised	(117,399)	$	17.82
Forfeited	(101,525)	$	57.90
Outstanding at March 31, 2022	6,359,174	$	49.24	8.2	$	137.2
Exercisable at March 31, 2022	2,739,009	$	31.09	7.3	$	103.1

Summary of Restricted Stock Grant Activity


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock at December 31, 2021	30,625	$	16.00
Vested	(23,376)	$	16.00
Cancelled	(1,320)	$	16.00
Unvested restricted stock at March 31, 2022	5,929	$	16.00

A summary of restricted stock unit activity under the 2018 Plan during the three months ended March 31, 2022 is presented below. These amounts include restricted stock units granted to employees.


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2021	88,307	$	20.02
Granted	167,811	$	64.54
Vested	(38,490)	$	19.36
Cancelled	(3,434)	$	21.03
Unvested restricted stock units at March 31, 2022	214,194	$	55.00

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Basic and Diluted Loss per Common Share

Basic and diluted loss per common share was calculated as follows:


	For the Three Months Ended March 31,
(dollars and shares in millions, except per common share amounts)	2022		2021
Net loss	$	(63.4)	$	(41.0)
Weighted average number of common shares outstanding - basic and diluted	53.0		48.6
Net loss per common share - basic and diluted	$	(1.20)	$	(0.84)

Securities Excluded From Computation of Diluted Net Loss Per Common Share


	For the Three Months Ended March 31,
(shares in millions)	2022	2021
Stock options	6.4	5.4
Restricted stock awards	—	0.2
Restricted stock units	0.2	0.1
	6.6	5.7

Nature of Business and Basis of Presentation (Details) $ in Billions	Mar. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, restricted cash and marketable securities	$ 1.4

Research Collaboration and License Agreements - Additional Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2017 USD ($) Target	Mar. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)
Research Collaboration And License Agreements [Line Items]
Collaboration contract asset and other assets		$ 12,100,000			$ 12,500,000		$ 0	$ 0
Pfizer, Inc.
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		3,500,000	$ 28,000,000
Pfizer, Inc. \| Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised						$ 650,000,000
Collaboration agreement direct and incremental costs incurred		12,900,000
Collaboration contract asset and other assets		12,900,000
Pfizer, Inc. \| Regulatory and Sales-Based Milestones \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised						1,400,000,000
Pfizer, Inc. \| Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised						400,000,000
Pfizer, Inc. \| Sales-Based Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised						$ 1,000,000,000
Pfizer, Inc. \| Development Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		225,000,000
Pfizer, Inc. \| Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		0
Pfizer, Inc. \| Sales Based Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		550,000,000
Pfizer, Inc. \| Option Payments To License Agreement \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		37,500,000
Bayer Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised									$ 17,500,000
Bayer Collaboration Agreement \| Research Funding Payments
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		10,500,000
Bayer Collaboration Agreement \| Research Funding Payments \| Scenario Forecast
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised				$ 12,000,000
Bayer Collaboration Agreement \| Development Milestone Payments
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		0
Bayer Collaboration Agreement \| Development Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised									197,500,000
Bayer Collaboration Agreement \| Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		0
Bayer Collaboration Agreement \| Sales Based Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised									$ 490,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd.
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received	$ 34,500,000
Additional upfront non-refundable amount received under previous agreement	$ 11,000,000
Number of designated targets \| Target	10
Genentech, Inc. and F. Hoffman-La Roche Ltd. \| Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		52,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. \| Development Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		44,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. \| Option Payments To License Agreement \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		27,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. \| Commercial Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		60,000,000
Upfront non-refundable payment and certain additional payments received		$ 0

Research Collaboration and License Agreements - Summary of Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts receivable
Beginning balance	$ 15.0	$ 0.0
Payments received	(15.0)	0.0
Ending balance	0.0	0.0
Contract assets: Collaboration contract asset
Beginning balance	12.5	0.0
Amortization	(0.4)	0.0
Ending balance	12.1	0.0
Contract liabilities: Deferred revenue
Beginning balance	740.6	45.1
Revenue recognized from balances held at the beginning of the period	(24.2)	(5.5)
Additions to collaboration agreements	3.0	3.0
Ending balance	$ 719.4	$ 42.6

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions	Mar. 31, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 719.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 150.1
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 190.0
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 136.5
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 100.4
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 63.4
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 34.1
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 44.9
Revenue, remaining performance obligation, expected timing of satisfaction, period

Marketable Securities and Fair Value Measurements - Summary of Available-for-Sale Marketable Securities (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 1,384.8	$ 1,398.9
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	(18.7)	(4.6)
Fair Value	1,366.1	1,394.3
Corporate Bonds One Maturing 2022-2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	797.8
Gross Unrealized Gains	0.0
Gross Unrealized Losses	(3.9)
Fair Value	793.9
Corporate Bonds Maturing 2023-2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	525.7	582.5
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	(14.2)	(3.8)
Fair Value	511.5	578.7
Government Securities Maturing 2022-2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	41.9
Gross Unrealized Gains	0.0
Gross Unrealized Losses	(0.4)
Fair Value	41.5
Government Securities Maturing 2023-2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	19.4
Gross Unrealized Gains	0.0
Gross Unrealized Losses	(0.2)
Fair Value	$ 19.2
Corporate Bonds Maturing 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		784.0
Gross Unrealized Gains		0.0
Gross Unrealized Losses		(0.7)
Fair Value		783.3
Government Securities Maturing 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		32.4
Gross Unrealized Gains		0.0
Gross Unrealized Losses		(0.1)
Fair Value		$ 32.3

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 25.6	$ 23.4
Less: accumulated depreciation and amortization	(12.2)	(10.7)
Property, equipment and leasehold improvements, net	13.4	12.7
Laboratory equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	14.9	13.6
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	9.2	8.4
Office equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 1.5	$ 1.4

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1.5	$ 1.1

Right-of-Use Assets and Liabilities - Additional Information (Details) ft² in Thousands, $ in Millions	1 Months Ended
	May 31, 2021 USD ($) ft²	Mar. 31, 2022
Lessee Lease Description [Line Items]
Lease for laboratory and office space \| ft²	160
Letter of credit for collateralized by certificate of deposit	$ 4.5
Base rent lease term (in years)	10 years
Operating lease, weighted average remaining lease term (in years)		3 years 1 month 6 days
Minimum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease payments		3.00%
Base rent	$ 7.7
Maximum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease payments		4.10%
Base rent	$ 8.8

Right-of-Use Assets and Liabilities - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 0.6	$ 0.3

Right-of-Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 0.6	$ 0.3
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$ 2.4	$ 3.2

Right-of-Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	Mar. 31, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 1.3
2023	2.1
2024	2.1
2025	0.6
2026	0.0
Total lease payments	6.1
Less: imputed interest	(0.3)
Total	$ 5.8

Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Research and development expenses	$ 18.4	$ 9.5
Employee expenses	5.1	12.4
Income taxes	4.5	0.0
Professional fees and other	2.2	1.2
Total	$ 30.2	$ 23.1

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2014	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long term debt			$ 1.0	$ 1.0
2018 Assistance Agreement \| State of Connecticut
Debt Instrument [Line Items]
Debt instrument face amount	$ 2.0
Loan forgiveness	$ 1.0
Debt instrument bearing interest rate	3.25%
Debt instrument interest payments term (in months)	60 months
Percentage of liquidated damages	7.50%
2014 Assistance Agreement \| State of Connecticut
Debt Instrument [Line Items]
Debt instrument face amount		$ 2.5
Percentage of liquidated damages		7.50%

Long-Term Debt - Schedule of Minimum Future Payments on Long-Term Debt (Details) $ in Millions	Mar. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0.0
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$ 1.0

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 01, 2022	Jan. 01, 2021	Jan. 01, 2020	Mar. 31, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2019	Aug. 31, 2021	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options (in dollars per share)					$ 43.02
Intrinsic value of options exercised					$ 5.9
Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive units authorized for issuance (in shares)				6,199,477
Incentive Plan \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense					16.6	$ 10.3
Compensation expense not yet recognized					$ 93.1
Compensation expense not yet recognized, period of recognition (in years)					2 years
Incentive Plan \| Restricted stock awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares expected to vest (in shares)					5,810
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)									4,067,007
Common stock, shares remained available for purchase (in shares)					2,849,537
Annual increase in reserved shares as percentage of outstanding common stock							4.00%
Stock options vested and expected to vest (in shares)					5,995,790
Restricted stock units vested and expected to vest (in shares)					174,335
Minimum \| Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, vesting period (in years)				1 year
Minimum \| 2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase in reserved shares of common stock (in shares)							4,989,593
Maximum \| Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)									1,277,181
Share-based award, vesting period (in years)				4 years
2018 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)									311,850
Common stock reserved for issuance represented as percentage on outstanding common stock	1.00%	1.00%	1.00%
Common stock, shares remained available for purchase (in shares)					2,005,714
Common stock, shares issued (in shares)					5,749	12,050
Common \| Equity Distribution Agreement \| At-the-Market Offering \| Piper Sandler and Cantor
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock aggregate offering price								$ 300.0
Shares issued and sold (in shares)					0

Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	73.20%	77.40%
Expected volatility, maximum	76.00%	78.00%
Risk free interest rate, minimum	1.50%	0.50%
Risk free interest rate, maximum	2.00%	1.10%
Expected dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 7 months 6 days	5 years 7 months 6 days
Exercise price (in dollars per share)	$ 64.19	$ 77.51
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years	7 years
Exercise price (in dollars per share)	$ 78.91	$ 82.21

Equity - Summary of Stock Option Activity (Details) - 2018 Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Options
Beginning balance (in shares) \| shares	5,343,254
Granted (in shares) \| shares	1,234,844
Exercised (in shares) \| shares	(117,399)
Forfeited (in shares) \| shares	(101,525)
Ending balance (in shares) \| shares	6,359,174
Exercisable, ending balance (in shares) \| shares	2,739,009
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 44.98
Granted (in dollars per share) \| $ / shares	65.40
Exercised (in dollars per share) \| $ / shares	17.82
Forfeited (in dollars per share) \| $ / shares	57.90
Ending balance (in dollars per share) \| $ / shares	49.24
Exercisable (in dollars per share) \| $ / shares	$ 31.09
Weighted Average Remaining Contractual Term (Years)
Outstanding (in years)	8 years 2 months 12 days
Exercisable (in years)	7 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding \| $	$ 137.2
Exercisable \| $	$ 103.1

Equity - Summary of Restricted Stock Grant Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Incentive Plan \| Restricted stock awards \| Employees, Directors and Consultants
Shares
Beginning balance (in shares) \| shares	30,625
Vested (in shares) \| shares	(23,376)
Cancelled (in shares) \| shares	(1,320)
Ending balance (in shares) \| shares	5,929
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 16.00
Vested (in dollars per share) \| $ / shares	16.00
Cancelled (in dollars per share) \| $ / shares	16.00
Ending balance (in dollars per share) \| $ / shares	$ 16.00
2018 Plan \| Restricted stock units \| Employees
Shares
Beginning balance (in shares) \| shares	88,307
Granted (in shares) \| shares	167,811
Vested (in shares) \| shares	(38,490)
Cancelled (in shares) \| shares	(3,434)
Ending balance (in shares) \| shares	214,194
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 20.02
Granted (in dollars per share) \| $ / shares	64.54
Vested (in dollars per share) \| $ / shares	19.36
Cancelled (in dollars per share) \| $ / shares	21.03
Ending balance (in dollars per share) \| $ / shares	$ 55.00

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate, percentage	7.60%	0.00%
Federal statutory rate, percentage	21.00%	21.00%
Effect of equity compensation valuation allowance recorded against net deferred tax assets, percentage	7.60%	0.00%

Net Loss Per Share - Basic and Diluted Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (63.4)	$ (41.0)
Weighted average number of common shares outstanding, basic (in shares)	53.0	48.6
Weighted average number of common shares outstanding, diluted (in shares)	53.0	48.6
Net loss per common share - basic (in dollars per share)	$ (1.20)	$ (0.84)
Net loss per common share - diluted (in dollars per share)	$ (1.20)	$ (0.84)

- 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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- Definition

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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Net Loss Per Share - Securities Excluded From Computation of Diluted Net Loss Per Common Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	6.6	5.7
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	6.4	5.4
Restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	0.0	0.2
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	0.2	0.1

Equity Method Investments (Details) - USD ($)	3 Months Ended
Equity Method Investments (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Jul. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Net loss	$ 63,400,000	$ 41,000,000.0
Oerth
Schedule Of Equity Method Investments [Line Items]
Equity method investments	0	0
Loss from equity method investment	0	0
Oerth \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule Of Equity Method Investments [Line Items]
Operating expenses	4,900,000	2,600,000
Net loss	$ 4,900,000	$ 2,600,000
Bayer LP \| Oerth
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture			50.00%

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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