CRISPR Therapeutics (CRSP) 10-Q9 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Title of 12(b) Security	Common Shares, nominal value CHF 0.03
Trading Symbol	CRSP
Security Exchange Name	NASDAQ
Entity Registrant Name	CRISPR THERAPEUTICS AG
Entity Central Index Key	0001674416
Entity Tax Identification Number	00-0000000
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		77,457,081
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-37923
Entity Address, Address Line One	Baarerstrasse 14
Entity Address, City or Town	Zug
Entity Address, Country	CH
Entity Address, Postal Zip Code	6300
City Area Code	41 (0)41
Local Phone Number	561 32 77
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	V8
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 683,906	$ 923,031
Marketable securities	1,537,355	1,456,098
Accounts receivable	143	305
Prepaid expenses and other current assets	39,212	38,079
Total current assets	2,260,616	2,417,513
Property and equipment, net	157,453	137,575
Intangible assets, net	112	125
Restricted cash	12,123	16,913
Operating lease assets	171,541	174,460
Other non-current assets	4,330	5,291
Total assets	2,606,175	2,751,877
Current liabilities:
Accounts payable	27,111	14,816
Accrued expenses	72,632	91,003
Deferred revenue, current		1,011
Accrued tax liabilities	2,608	724
Operating lease liabilities	11,076	12,158
Other current liabilities	270	171
Total current liabilities	113,697	119,883
Deferred revenue, non-current	12,323	12,323
Operating lease liabilities, net of current portion	227,904	212,872
Other non-current liabilities	7,335	7,339
Total liabilities	361,259	352,417
Commitments and contingencies, see Note 6
Shareholders’ equity:
Common shares, CHF 0.03 par value, 145,364,335 shares authorized at March 31, 2022 and December 31, 2021, 77,566,721 and 77,170,382 shares issued at March 31,2022 and December 31, 2021, respectively, 77,386,405 and 76,990,066 shares outstanding at March 31,2022 and December 31, 2021, respectively.	2,407	2,391
Treasury shares, at cost, 180,316 shares at March 31, 2022 and at December 31, 2021	(63)	(63)
Additional paid-in capital	2,634,597	2,598,114
Accumulated deficit	(375,132)	(195,915)
Accumulated other comprehensive loss	(16,893)	(5,067)
Total shareholders' equity	2,244,916	2,399,460
Total liabilities and shareholders’ equity	$ 2,606,175	$ 2,751,877

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.03	$ 0.03
Common stock, shares authorized	145,364,335	145,364,335
Common stock, shares issued	77,566,721	77,170,382
Common stock, shares outstanding	77,386,405	76,990,066
Treasury stock, shares	180,316	180,316

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 940	$ 539
Operating expenses:
Research and development	118,245	70,620
General and administrative	28,021	24,517
Collaboration expense, net	30,646	19,945
Total operating expenses	176,912	115,082
Loss from operations	(175,972)	(114,543)
Other income:
Other income, net	363	1,955
Total other income, net	363	1,955
Net loss income before income taxes	(175,609)	(112,588)
Provision for income taxes	(3,608)	(575)
Net loss	(179,217)	(113,163)
Foreign currency translation adjustment	(27)	5
Unrealized loss on marketable securities	(11,799)	(383)
Comprehensive loss	$ (191,043)	$ (113,541)
Net loss per common share - basic	$ (2.32)	$ (1.51)
Basic weighted-average common shares outstanding	77,098,319	75,005,187
Net loss per common share - diluted	$ (2.32)	$ (1.51)
Diluted weighted-average common shares outstanding	77,098,319	75,005,187
Collaboration Revenue [Member]
Revenue:
Total revenue	$ 178	$ 202
Grant Revenue [Member]
Revenue:
Total revenue	$ 762	$ 337

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares [Member]	Treasury Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2020	$ 1,664,234	$ 2,277	$ (63)	$ 2,235,679	$ (573,576)	$ (83)
Beginning balance (in shares) at Dec. 31, 2020		73,914,844	195,316
Issuance of common shares, net of issuance costs	222,175	$ 45		222,130
Issuance of common shares, net of issuance costs (in shares)		1,353,121
Vesting of restricted shares	3	$ 3
Vesting of restricted shares (in shares)		109,355
Exercise of vested options, net of issuance costs, value	9,784	$ 15		9,769
Exercise of vested options, net of issuance costs (in shares)		342,051
Purchase of common stock under ESPP	751			751
Purchase of common stock under ESPP (in shares)		11,257
Stock-based compensation expense	22,092			22,092
Other comprehensive loss	(378)					(378)
Net (loss) income	(113,163)				(113,163)
Ending balance at Mar. 31, 2021	1,805,498	$ 2,340	$ (63)	2,490,421	(686,739)	(461)
Ending balance (in shares) at Mar. 31, 2021		75,730,628	195,316
Beginning balance at Dec. 31, 2021	2,399,460	$ 2,391	$ (63)	2,598,114	(195,915)	(5,067)
Beginning balance (in shares) at Dec. 31, 2021		76,990,066	180,316
Vesting of restricted shares	4	$ 4
Vesting of restricted shares (in shares)		123,564
Exercise of vested options, net of issuance costs, value	$ 10,010	$ 12		9,998
Exercise of vested options, net of issuance costs (in shares)	261,280	261,280
Purchase of common stock under ESPP	$ 740			740
Purchase of common stock under ESPP (in shares)		11,495
Stock-based compensation expense	25,745			25,745
Other comprehensive loss	(11,826)					(11,826)
Net (loss) income	(179,217)				(179,217)
Ending balance at Mar. 31, 2022	$ 2,244,916	$ 2,407	$ (63)	$ 2,634,597	$ (375,132)	$ (16,893)
Ending balance (in shares) at Mar. 31, 2022		77,386,405	180,316

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Shares [Member]
Issuance costs		$ 5.4
Stock Options [Member]
Issuance costs	$ 0.2	$ 1.5

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net loss	$ (179,217)	$ (113,163)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	6,039	2,715
Equity-based compensation	25,745	22,092
Other non-cash items, net	6,099	2,064
Changes in:
Accounts receivable	162	(6)
Prepaid expenses and other assets	4,611	(5,068)
Accounts payable and accrued expenses	(1,616)	(5,770)
Deferred revenue	(762)	(539)
Operating lease assets and liabilities	3,854	778
Other liabilities, net	(154)	(3,766)
Net cash used in operating activities	(135,239)	(100,663)
Investing activities:
Purchase of property, plant and equipment	(15,350)	(7,024)
Purchases of marketable securities	(323,140)	(323,975)
Maturities of marketable securities	223,975	163,101
Net cash used in investing activities	(114,515)	(167,898)
Financing activities:
Proceeds from issuance of common shares, net of issuance costs	0	214,592
Proceeds from exercise of options and ESPP contributions, net of issuance costs	10,649	11,399
Net cash provided by financing activities	10,649	225,991
Effect of exchange rate changes on cash	(27)	5
Decrease in cash	(239,132)	(42,565)
Cash, cash equivalents and restricted cash, beginning of period	939,944	1,185,468
Cash, cash equivalents and restricted cash, end of period	700,812	1,142,903
Supplemental disclosure of non-cash investing and financing activities
Property and equipment purchases in accounts payable and accrued expenses	5,888	8,847
Equity issuance costs in accounts payable and accrued expenses	217	$ 2,868
Leasehold improvements paid directly by landlord	$ 13,015

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 683,906	$ 923,031	$ 1,126,059
Restricted cash	12,123	16,913	16,844
Cash, cash equivalents and restricted cash at end of period	700,812	$ 939,944	$ 1,142,903	$ 1,185,468
Prepaid Expenses and Other Current Assets [Member]
Prepaid expenses and other current assets	$ 4,783

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	1. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing therapies derived from or incorporating genome-editing technology. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the three-month interim periods ended March 31, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2021, which are contained in the 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on February 15, 2022. Beginning in the first quarter of 2022, collaboration costs under the Vertex Agreements accounted for under ASC 808, Collaborative Agreements , or ASC 808, are presented within “collaboration expense, net” in the condensed consolidated statements of operations and comprehensive loss. As a result, collaboration costs under the Vertex Agreements accounted for under ASC 808 for the period ending Mach 31, 2021 have been reclassified to conform to the current presentation. No subtotals in the prior interim period's consolidated condensed financial statements were impacted. Refer to Note 7 to these condensed consolidated financial statements for further discussion on the Vertex Agreements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Changes in estimates are reflected in reported results in the period in which they become known. Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended March 31, 2022 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s 2021 Annual Report on Form 10-K filed with the SEC on February 15, 2022. New Accounting Pronouncements – Recently Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

Marketable Securities

Marketable Securities	3 Months Ended
Marketable Securities	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	2. Marketable Securities The following table summarizes cash equivalents and marketable securities held at March 31, 2022 and December 31, 2021 (in thousands), which are recorded at fair value. The table below excludes $ 138.8 million and $ 405.6 million of cash at March 31, 2022 and December 31, 2021, respectively. Amortized Gross Gross Fair Value March 31, 2022 Cash equivalents: Money market funds $ 416,688 $ — $ — $ 416,688 Corporate debt securities 11,827 — ( 3 ) 11,824 Certificates of deposit — — — — Commercial paper 116,606 1 ( 4 ) 116,603 Total cash equivalents 545,121 1 ( 7 ) 545,115 Marketable securities: U.S. Treasury securities 12,126 — ( 269 ) 11,857 Corporate debt securities 1,166,163 3 ( 15,982 ) 1,150,184 Certificates of deposit 57,631 — — 57,631 Government-sponsored enterprise securities 13,299 — ( 236 ) 13,063 Commercial paper 305,033 5 ( 418 ) 304,620 Total marketable securities 1,554,252 8 ( 16,905 ) 1,537,355 Total cash equivalents and marketable securities $ 2,099,373 $ 9 $ ( 16,912 ) $ 2,082,470 December 31, 2021 Cash equivalents: Money market funds $ 507,386 $ — $ — $ 507,386 Corporate debt securities — — — — Certificates of deposit — — — — Commercial paper 9,997 — ( 1 ) 9,996 Total cash equivalents 517,383 — ( 1 ) 517,382 Marketable securities: U.S. Treasury securities 16,238 6 ( 52 ) 16,192 Corporate debt securities 1,173,659 10 ( 4,903 ) 1,168,766 Certificates of deposit 45,164 — — 45,164 Government-sponsored enterprise securities 13,334 — ( 77 ) 13,257 Commercial paper 212,805 — ( 86 ) 212,719 Total marketable securities 1,461,200 16 ( 5,118 ) 1,456,098 Total cash equivalents and marketable securities $ 1,978,583 $ 16 $ ( 5,119 ) $ 1,973,480 As of March 31, 2022 and December 31, 2021, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $ 534.9 million and $ 1,311.6 million, respectively. As of March 31, 2022 and December 31, 2021, the aggregate fair value of marketable securities that were in an unrealized loss position for more than twelve months was $ 9.5 million and $ 4.6 million, respectively. The Company has recorded a net unrealized loss of $ 11.8 million and $ 0.4 million during the three months ended March 31, 2022 and 2021 respectively, related to its debt securities, which is included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss. The Company determined that there is no material credit risk associated with the above investments as of March 31, 2022. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the three months ended March 31, 2022 and 2021 . No available-for-sale debt securities held as of March 31, 2022 had remaining maturities greater than thirty months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of March 31, 2022 and December 31, 2021 (in thousands): Fair Value Measurements at March 31, 2022 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 138,791 $ 138,791 $ — $ — Money market funds 416,688 416,688 — — Corporate debt securities 11,824 — 11,824 — Certificates of deposit 116,603 — 116,603 — Commercial paper — — — — Marketable securities: U.S. Treasury securities 11,857 — 11,857 — Corporate debt securities 1,150,184 — 1,150,184 — Certificates of deposit 57,631 — 57,631 — Government-sponsored enterprise securities 13,063 — 13,063 — Commercial paper 304,620 — 304,620 — Other non-current assets 2,212 — — 2,212 Total $ 2,223,473 $ 555,479 $ 1,665,782 $ 2,212 Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 405,648 $ 405,648 $ — $ — Money market funds 507,386 507,386 — — Corporate debt securities — — — — Certificates of deposit — — — — Commercial paper 9,997 — 9,997 — Marketable securities: U.S. Treasury securities 16,192 — 16,192 — Corporate debt securities 1,168,766 — 1,168,766 — Certificates of deposit 45,164 — 45,164 — Government-sponsored enterprise securities 13,257 — 13,257 — Commercial paper 212,719 — 212,719 — Other non-current assets 2,212 — — 2,212 Total $ 2,381,341 $ 913,034 $ 1,466,095 $ 2,212 Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. treasury securities and government agency securities, corporate bonds, and commercial paper. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. The Company holds equity securities classified as Level 3 which are not material to the Company’s financial position.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
Property and Equipment, net	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, net	4. Property and Equipment, net Property and equipment, net, consists of the following (in thousands): As of March 31, December 31, 2022 2021 Computer equipment $ 1,943 $ 1,757 Furniture, fixtures and other 4,371 4,371 Laboratory equipment 34,705 30,123 Leasehold improvements 86,401 86,735 Construction work in process 73,866 52,396 Total property and equipment, gross 201,286 175,382 Accumulated depreciation ( 43,833 ) ( 37,807 ) Total property and equipment, net $ 157,453 $ 137,575 Depreciation expense for the three months ended March 31, 2022 and 2021 was $ 6.0 million and $ 2.7 million, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
Accrued Expenses	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consist of the following (in thousands): As of March 31, December 31, 2022 2021 Payroll and employee-related costs $ 8,780 $ 23,661 Research costs 49,925 47,986 Licensing fees 533 138 Professional fees 4,456 4,720 Intellectual property costs 4,345 6,120 Accrued property and equipment 2,321 7,113 Other 2,272 1,265 Total $ 72,632 $ 91,003

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Leases Refer to Note 7 to the consolidated financial statements in the Company’s 2021 Annual Report on Form 10-K filed with the SEC on February 15, 2022 for discussion on the Company’s lease arrangements. Litigation In the ordinary course of business, the Company is from time to time involved in lawsuits, investigations, proceedings and threats of litigation related to, among other things, the Company’s intellectual property estate (including certain in-licensed intellectual property), commercial arrangements and other matters. Such proceedings may include quasi-litigation, inter partes administrative proceedings in the U.S. Patent and Trademark Office and the European Patent Office involving the Company’s intellectual property estate including certain in-licensed intellectual property. The outcome of any of the foregoing, regardless of the merits, is inherently uncertain. In addition, litigation and related matters are costly and may divert the attention of Company’s management and other resources that would otherwise be engaged in other activities. If the Company is unable to prevail in any such proceedings, the Company’s business, results of operations, liquidity and financial condition could be adversely affected. Letters of Credit As of March 31, 2022, the Company had restricted cash of $ 16.9 million, representing letters of credit securing the Company’s obligations under certain leased facilities. The letters of credit are secured by cash held in a restricted depository account, with $ 4.8 million included in “Prepaid expenses and other current assets” and $ 12.1 million included in “Restricted cash” on the Company's condensed consolidated balance sheets as of March 31, 2022. Research, Manufacturing, License and Intellectual Property Agreements The Company has engaged several research institutions and companies to identify new delivery strategies and applications of the Company’s gene-editing technology. The Company is also a party to a number of license agreements which require significant upfront payments and may be required to make future royalty payments and potential milestone payments from time to time. In addition, the Company is also a party to intellectual property agreements, which require maintenance and milestone payments from time to time. Further, the Company is a party to a number of manufacturing agreements that require upfront payments for the future performance of services. In association with these agreements, on a product-by-product basis, the counterparties are eligible to receive up to low eight-digit potential payments upon specified research, development and regulatory milestones. In addition, on a product-by-product basis, the counterparties are eligible to receive potential commercial milestone payments based on specified annual sales thresholds. The potential payments are low-single digit percentages of the specified annual sales thresholds. The counterparties are also eligible to receive low single-digit royalties on future net sales. Under certain circumstances and if certain contingent future events occur, Vertex Pharmaceuticals Incorporated and certain of its subsidiaries, or Vertex, is eligible to receive up to $ 395.0 million in potential specified research, development, regulatory and commercial milestones and tiered single-digit percentage royalties on future net sales related to a specified target under an amendment to the 2015 Collaboration Agreement defined in Note 7 below. In addition, Vertex has the option to conduct research at their own cost in certain defined areas that, if beneficial to the CTX001 program and ultimately achieves regulatory approval, then the Company could owe Vertex certain milestone payments aggregating to high eight digits, subject to certain limitations on the profitability of the CTX001 program. Refer to Note 7 for further discussion on the Company’s arrangements with Vertex.

Significant Contracts

Significant Contracts	3 Months Ended
Significant Contracts	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Contracts	7. Significant Contracts Agreements with Vertex Pharmaceuticals Incorporated and certain of its subsidiaries Summary On October 26, 2015, the Company entered into a strategic collaboration, option and license agreement, or the 2015 Collaboration Agreement, with Vertex. The 2015 Collaboration Agreement is focused on the use of the Company’s CRISPR/Cas9 gene-editing technology to discover and develop potential new treatments aimed at the underlying genetic causes of human disease. On December 12, 2017, the Company and Vertex entered into Amendment No. 1 to the 2015 Collaboration Agreement, or Amendment No. 1, and the Joint Development Agreement, or the JDA. Amendment No. 1, among other things, modified certain definitions and provisions of the 2015 Collaboration Agreement to make them consistent with the JDA and clarified how many options are exercised (or deemed exercised) in connection with certain targets specified under the 2015 Collaboration Agreement. Amendment No. 1 also amended other provisions of the 2015 Collaboration Agreement, including the expiration terms. In connection with the 2015 Collaboration Agreement, Vertex made a nonrefundable upfront payment of $ 75.0 million. Under the 2015 Collaboration Agreement, Vertex agreed to fund the discovery activities conducted pursuant to the agreement while retaining options to co-exclusive and exclusive licenses. In December 2017, upon execution of the JDA and Amendment No. 1, Vertex exercised its option to obtain a co-exclusive license to develop and commercialize hemoglobinopathy and beta-globin targets. As such, for potential hemoglobinopathy treatments, including treatments for sickle cell disease, the Company and Vertex agreed to share equally all research and development costs and worldwide revenues. In connection with the JDA, the Company received a $ 7.0 million up-front payment from Vertex and subsequently received a one-time low seven-digit milestone payment upon the dosing of the second patient in a clinical trial with the initial product candidate. In addition, upon execution of the JDA and Amendment No. 1, it was clarified that Vertex may elect to license up to four remaining targets, for which it will lead global development and commercialization activities, and the Company received the right to receive up to $ 420.0 million in development, regulatory and commercial milestones and royalties on net product sales for each of the targets (inclusive of $ 10 million due upon exercise of each exclusive option). In June 2019, the Company and Vertex entered into a series of agreements, which closed in the second quarter of 2019, including a strategic collaboration and license agreement, or the 2019 Collaboration Agreement, for the development and commercialization of products for the treatment of Duchenne muscular dystrophy, or DMD, and Myotonic Dystrophy Type 1, or DM1. Under the terms of the 2019 Collaboration Agreement, the Company received an upfront, nonrefundable payment of $ 175.0 million. In addition, the Company was initially eligible to receive potential aggregate payments of up to $ 825.0 million based upon the successful achievement of specified research, development, regulatory and commercial milestones for the DMD and DM1 programs. The Company is also eligible to receive tiered royalties on future net sales on any products that may result from the 2019 Collaboration Agreement. For the DMD program, Vertex is responsible for all research, development, manufacturing and commercialization activities and all related costs. For the DM1 program, the Company performed specified guide RNA research and Vertex is responsible for all other research, development, manufacturing and commercialization costs. Upon Investigational New Drug, or IND, application filing, the Company has the option to forego the DM1 milestones and royalties, and instead, co-develop and co-commercialize all DM1 products globally in exchange for payment of 50 % of research and development costs incurred by Vertex from the effective date of the agreement through IND filing. In connection with the execution of the 2019 Collaboration Agreement, the Company and Vertex entered into a second amendment to the 2015 Collaboration Agreement, or Amendment No. 2. Among other things, Amendment No. 2 modified certain definitions and provisions of the 2015 Collaboration Agreement to make them consistent with the 2019 Collaboration Agreement and set forth the number and identity of the collaboration targets under the 2015 Collaboration Agreement. The Company and Vertex agreed that one of the four remaining options under the 2015 Collaboration Agreement, as amended, would not be exercised; instead, the Company reacquired the exclusive rights and agreed to conduct research and development activities for the specified target. Vertex will have the option to co-develop and co-commercialize the specified target upon IND filing in exchange for payment of 50 % of research and development costs incurred by the Company from the effective date of the agreement through IND filing. If Vertex does not exercise its option to co-develop and co-commercialize the specified target, Vertex is eligible to receive up to $ 395.0 million in potential specified research, development, regulatory and commercial milestones and tiered single-digit royalties on future net sales. In October 2019, Vertex exercised the remaining three options granted to it under the 2015 Collaboration Agreement to exclusively license the collaboration targets developed under the 2015 Collaboration Agreement, resulting in a payment of $ 30.0 million to the Company in the fourth quarter of 2019. In addition, the Company achieved the first milestone under the 2019 Collaboration Agreement in the first quarter of 2020 and, in connection therewith, received a payment of $ 25.0 million in April 2020. The Company achieved the second milestone under the 2019 Collaboration Agreement in the fourth quarter of 2021 and, in connection therewith, received a payment of $ 12.5 million in December 2021. As of March 31, 2022 , the Company is eligible to receive remaining potential future milestones of $ 775.0 million under the 2019 Collaboration Agreement. In April 2021, the Company and Vertex agreed to amend and restate the JDA and entered into an Amended and Restated Joint Development and Commercialization Agreement, or the “A&R Vertex JDCA,” pursuant to which the parties agreed to, among other things, (a) adjust the governance structure for the collaboration and adjust the responsibilities of each party thereunder, whereby Vertex shall lead and have all decision making (i.e., control) in relation to the CTX001 program prospectively; (b) adjust the allocation of net profits and net losses between the parties with respect to CTX001 only, which will be allocated 40 % to the Company and 60 % to Vertex, prospectively; and (c) exclusively license (subject to the Company’s reserved rights to conduct certain activities) certain intellectual property rights to Vertex relating to the specified product candidates and products (including CTX001) that may be researched, developed, manufactured and commercialized on a worldwide basis under such agreement. The transaction contemplated by the A&R Vertex JDCA closed in the second quarter of 2021. The Company is providing certain specified transition services to Vertex in connection with the agreement. In connection with the closing of the transaction contemplated by the A&R Vertex JDCA, the Company received a $ 900.0 million up-front payment from Vertex. Additionally, the Company is eligible to receive a one-time $ 200.0 million milestone payment upon receipt by Vertex of the first marketing approval of the initial product candidate from the U.S. Food and Drug Administration or the European Commission. With respect to CTX001 only, the net profits and net losses, as applicable, incurred under the A&R Vertex JDCA through July 1, 2021 in connection with the initial shared product (i.e., CTX001) were shared equally between the Company and Vertex, and beginning July 1, 2021, the net profits and net losses, as applicable, incurred under the A&R Vertex JDCA are allocated 40 % to the Company and 60 % to Vertex. Additionally, the A&R Vertex JDCA allows the Company to defer a portion of its share of costs under the arrangement if spending on the CTX001 program exceeds specified amounts. Any deferred amounts are only payable to Vertex as an offset against future profitability of the CTX001 program and the amounts payable are capped at a specified maximum amount per year. Accounting for the Vertex Agreements The 2015 Collaboration Agreement, Amendment No. 1, and JDA are collectively the “2015 Agreements” and the 2019 Collaboration Agreement and Amendment No. 2. are collectively the “2019 Agreements.” The 2015 Collaboration Agreement, Amendment No. 1, Amendment No. 2, JDA, A&R Vertex JDCA and 2019 Collaboration Agreement are collectively the “Vertex Agreements.” The Vertex Agreements include components of a customer-vendor relationship as defined under ASC 606, Revenue from Contracts with Customers , or ASC 606, collaborative arrangements as defined under ASC 808, Collaborative Agreements , or ASC 808, and research and development costs as defined under ASC 730, Research and Development , or ASC 730. Additionally, the A&R Vertex JDCA allows the Company to defer a portion of its share of costs under the arrangement if spending on the CTX001 program exceeds specified amounts, which are only payable to Vertex as an offset against future profitability of the CTX001 program up to a maximum amount per year. Accounting Analysis Under ASC 606 Accounting for the A&R Vertex JDCA Identification of the Contract The A&R Vertex JDCA represented a contractual modification to the JDA. For accounting purposes, the A&R Vertex JDCA was treated as a separate contract. Identification of Performance Obligations The Company concluded the A&R Vertex JDCA contained a single material promise, an exclusive worldwide license granting Vertex an additional 10 % economic interest in the CTX001 program and the right to control development and commercialization of CTX001, or the “CTX001 Exclusive License.” The Company concluded the CTX001 Exclusive License was both capable of being distinct and distinct within the context of the A&R Vertex JDCA, and the CTX001 Exclusive License was sold at its estimated standalone selling price, or “ESSP.” As such, the CTX001 Exclusive License represented a separate performance obligation. Determination of Transaction Price The transaction price was comprised of the upfront payment of $ 900.0 million. The Company determined that all other possible variable consideration resulting from milestones and royalties discussed above was fully constrained at the time of the transaction. The Company will reevaluate the transaction price in each reporting period. Allocation of Transaction Price to Performance Obligations The selling price of the performance obligation was determined based on the Company’s ESSP. The Company developed the ESSP for the CTX001 Exclusive License with the objective of determining the price at which it would sell such an item if it were to be sold regularly on a standalone basis. The ESSP for the CTX001 Exclusive License was determined to be approximately $ 900.0 million. The ESSP was determined based on 10% of the probability and present value adjusted cash flows from projected worldwide net profit for CTX001 based on probability assessments, projections based on internal forecasts, industry data, and information from other guideline companies within the same industry and other relevant factors. As the Company determined the CTX001 Exclusive License was the only performance obligation, the entire transaction price was allocated to the CTX001 Exclusive License. The aforementioned ESSP reflects the level of risk and expected probability of success inherent in the nature of the associated research area. Recognition of Revenue The Company determined that the CTX001 Exclusive License represented functional intellectual property, as the intellectual property provides Vertex with the ability to perform a function or task in the form of research and development, manufacturing and commercialization. As such, the revenue related to the CTX001 Exclusive License was recognized at the point in time, which was upon transfer in the second quarter of 2021. Accounting for the 2019 Agreements The 2019 Agreements represented a contract modification to the 2015 Agreements. As a result, the 2019 Agreements and the 2015 Agreements are combined for accounting purposes and treated as a single arrangement. Transactions under the 2019 Agreements were not material for the three months ended March 31, 2022 and 2021. The Company determined that all possible variable consideration remaining under the 2019 Agreements resulting from milestones and royalties discussed above was fully constrained as of March 31, 2022. The Company will re-evaluate the transaction price in each reporting period. Revenue recognized in connection with the Vertex Agreements Revenue recognized under the Vertex Agreements for the three months ended March 31, 2022 and 2021, respectively, was not material. As of March 31, 2022 and December 31, 2021 , there was no current deferred revenue related to the collaboration with Vertex. As of March 31, 2022, there was $ 12.3 million of non-current deferred revenue related to the collaboration with Vertex, which is unchanged from December 31, 2021. The transaction price allocated to the remaining performance obligations was $ 12.3 million. Future Milestones under the Vertex Agreements The Company has evaluated the milestones that may be received in connection with the Vertex Agreements. As discussed above, the Company is eligible to receive up to $ 410.0 million in additional development, regulatory and commercial milestones and royalties on net product sales for each of the three collaboration targets that Vertex licensed in the fourth quarter of 2019. Each milestone is payable only once per collaboration target, regardless of the number of products directed to such collaboration target that achieve the relevant milestone event. The Company is eligible to receive additional potential future payments of up to $ 775.0 million based upon the successful achievement of specified development, regulatory and commercial milestones for the DMD and DM1 programs. The Company is also eligible to receive tiered royalties on future net sales on any products that may result from this collaboration; however, the Company has the option to forego the DM1 milestones and royalties to co-develop and co-commercialize all DM1 products globally. The Company is eligible to receive additional potential future payments of up to $ 200.0 million upon receipt by Vertex of the first marketing approval of the initial product candidate from the U.S. Food and Drug Administration or the European Commission. In addition, the Company has the option to conduct research at their own cost in certain defined areas that, if beneficial to the CTX001 program and CTX001 ultimately achieves regulatory approval in such areas, then the Company could be entitled to certain milestone payments aggregating to high eight digits from Vertex. Each of the remaining milestones are fully constrained as of March 31, 2022. There is uncertainty that the events to obtain the research and developmental milestones will be achieved given the nature of clinical development and the stage of the CRISPR/Cas9 technology. The remaining research, development and regulatory milestones will be constrained until it is probable that a significant revenue reversal will not occur. Commercial milestones and royalties relate predominantly to a license of intellectual property and are determined by sales or usage-based thresholds. The commercial milestones and royalties are accounted for under the royalty recognition constraint and will be accounted for as constrained variable consideration. The Company applies the royalty recognition constraint for each commercial milestone and will not recognize revenue for each until the subsequent sale of a licensed product (achievement of each) occurs. Accounting Analysis under ASC 808 In connection with the Vertex Agreements, the Company identified the following collaborative elements, which are accounted for under ASC 808: (i) development and commercialization services for shared products, including any transition services related to CTX001 under the A&R Vertex JDCA; (ii) R&D Services for follow-on products; and (iii) committee participation. The related impact of the cost sharing is included within collaboration expense, net, in the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2022 and 2021 , the Company recognized $ 30.6 million and $ 19.9 million of collaboration expense, net, related to the Vertex Agreements, respectively. Collaboration expense, net, was net of $ 7.4 million and $ 10.6 million of reimbursements from Vertex, respectively.

Share Capital

Share Capital	3 Months Ended
Share Capital	Mar. 31, 2022
Equity [Abstract]
Share Capital	8. Share Capital The Company had 145,364,335 authorized common shares as of March 31, 2022 , with a par value of CHF 0.03 per share. Share Capital consisted of the following: As of Type of Share Capital Conditional Capital March 31, 2022 December 31, 2021 Common shares Registered share capital 82,028,328 80,321,227 Common shares Authorized share capital 39,316,975 39,316,975 Common shares Conditional share capital - Bonds or similar debt instruments 4,919,700 4,919,700 Common shares Conditional share capital - Employee benefit plans 19,099,332 20,806,433 Total 145,364,335 145,364,335 Common Share Issuances At-the-Market Offering In August 2019, the Company entered into an Open Market Sale Agreement SM with Jefferies LLC, or Jefferies, under which the Company was able to offer and sell, from time to time at its sole discretion through Jefferies, as its sales agent, its common shares, or the August 2019 Sales Agreement. In January 2021, in connection with the August 2019 Sales Agreement, the Company filed a prospectus supplement with the SEC to offer and sell, from time to time, common shares having aggregate gross proceeds of up to $ 600.0 million. In July 2021, the Company filed a new prospectus supplement with the SEC, which replaced the previous prospectus supplement filed in January 2021, to offer and sell, from time to time, common shares having aggregate gross proceeds of up to $ 419.8 million, or the 2021 ATM. As of March 31, 2022 , the Company has issued and sold an aggregate of 1.1 million common shares under the 2021 ATM at an average price of $ 169.82 per share for aggregate proceeds of $ 177.8 million, which were net of equity issuance costs of $ 2.4 million. No shares were issued and sold under the 2021 ATM for the three months ended March 31, 2022 .

Stock-based Compensation

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	9. Stock-based Compensation During the three months ended March 31, 2022 and 2021, the Company recognized the following stock-based compensation expense (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 14,589 $ 12,845 General and administrative 11,156 9,247 Total $ 25,745 $ 22,092 Stock option activity The following table summarizes stock option activity for the three months ended March 31, 2022: Shares Weighted- Outstanding at December 31, 2021 7,812,982 $ 58.07 Granted 820,189 58.62 Exercised ( 261,280 ) 39.17 Cancelled or forfeited ( 151,433 ) 78.48 Outstanding at March 31, 2022 8,220,458 $ 58.35 Exercisable at March 31, 2022 4,757,990 $ 43.59 Vested and expected to vest at March 31, 2022 8,220,458 $ 58.35 As of March 31, 2022, total unrecognized compensation expense related to stock options was $ 157.6 million, which the Company expects to recognize over a remaining weighted-average period of 2.8 years. Restricted stock activity The following table summarizes restricted stock activity for the three months ended March 31, 2022: Restricted Weighted- Unvested balance as of December 31, 2021 934,175 $ 100.14 Granted 361,896 58.55 Vested ( 123,564 ) 83.94 Cancelled or forfeited ( 25,143 ) 109.89 Unvested balance as of March 31, 2022 1,147,364 $ 88.56 As of March 31, 2022, total unrecognized compensation expense related to unvested restricted common shares was $ 81.6 million, which the Company expects to recognize over a remaining weighted-average vesting period of 2.7 years.

Net (Loss) Income Per Share Att

Net (Loss) Income Per Share Attributable to Common Shareholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net (Loss) Income Per Share Attributable to Common Shareholders	10. Net Loss Per Share Attributable to Common Shareholders Basic net loss per share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the net loss attributable to common shareholders by the weighted-average number of common share equivalents outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method. The Company’s net loss is net loss attributable to common shareholders for all periods presented. The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect (in thousands): Three Months Ended March 31, 2022 2021 Outstanding options 8,220,458 8,572,663 Unvested restricted common shares 1,147,364 1,052,379 ESPP 10,969 10,594 Total 9,378,791 9,635,636

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes During the three months ended March 31, 2022 and 2021 , the Company recorded an income tax provision of $ 3.6 million and a provision of $ 0.6 million, respectively, representing an effective tax rate of - 2.1 % and - 0.5 %, respectively. The income tax provision is primarily attributable to the year-to-date pre-tax income earned by the Company’s U.S. subsidiary. The decrease in the rate for the three months ended March 31, 2022 is primarily attributable to the requirement to capitalize research and development costs for tax purposes under the 2017 “Tax Cuts and Jobs Act” (TCJA) which impacts the Company's permanent tax adjustments and the Company's valuation allowance assessment. The difference in the statutory tax rate a nd effective tax rate is primarily a result of the jurisdictional mix of earnings, research credits generated, and the valuation allowance recorded against certain deferred tax assets. The Company maintains a valuation allowance against certain deferred tax assets that are not more-likely-than-not realizable.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing therapies derived from or incorporating genome-editing technology. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the three-month interim periods ended March 31, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2021, which are contained in the 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on February 15, 2022. Beginning in the first quarter of 2022, collaboration costs under the Vertex Agreements accounted for under ASC 808, Collaborative Agreements , or ASC 808, are presented within “collaboration expense, net” in the condensed consolidated statements of operations and comprehensive loss. As a result, collaboration costs under the Vertex Agreements accounted for under ASC 808 for the period ending Mach 31, 2021 have been reclassified to conform to the current presentation. No subtotals in the prior interim period's consolidated condensed financial statements were impacted. Refer to Note 7 to these condensed consolidated financial statements for further discussion on the Vertex Agreements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Changes in estimates are reflected in reported results in the period in which they become known.
New Accounting Pronouncements - Recently Adopted	New Accounting Pronouncements – Recently Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
Marketable Securities (Tables)	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value	The following table summarizes cash equivalents and marketable securities held at March 31, 2022 and December 31, 2021 (in thousands), which are recorded at fair value. The table below excludes $ 138.8 million and $ 405.6 million of cash at March 31, 2022 and December 31, 2021, respectively. Amortized Gross Gross Fair Value March 31, 2022 Cash equivalents: Money market funds $ 416,688 $ — $ — $ 416,688 Corporate debt securities 11,827 — ( 3 ) 11,824 Certificates of deposit — — — — Commercial paper 116,606 1 ( 4 ) 116,603 Total cash equivalents 545,121 1 ( 7 ) 545,115 Marketable securities: U.S. Treasury securities 12,126 — ( 269 ) 11,857 Corporate debt securities 1,166,163 3 ( 15,982 ) 1,150,184 Certificates of deposit 57,631 — — 57,631 Government-sponsored enterprise securities 13,299 — ( 236 ) 13,063 Commercial paper 305,033 5 ( 418 ) 304,620 Total marketable securities 1,554,252 8 ( 16,905 ) 1,537,355 Total cash equivalents and marketable securities $ 2,099,373 $ 9 $ ( 16,912 ) $ 2,082,470 December 31, 2021 Cash equivalents: Money market funds $ 507,386 $ — $ — $ 507,386 Corporate debt securities — — — — Certificates of deposit — — — — Commercial paper 9,997 — ( 1 ) 9,996 Total cash equivalents 517,383 — ( 1 ) 517,382 Marketable securities: U.S. Treasury securities 16,238 6 ( 52 ) 16,192 Corporate debt securities 1,173,659 10 ( 4,903 ) 1,168,766 Certificates of deposit 45,164 — — 45,164 Government-sponsored enterprise securities 13,334 — ( 77 ) 13,257 Commercial paper 212,805 — ( 86 ) 212,719 Total marketable securities 1,461,200 16 ( 5,118 ) 1,456,098 Total cash equivalents and marketable securities $ 1,978,583 $ 16 $ ( 5,119 ) $ 1,973,480

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on Recurring Basis	The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of March 31, 2022 and December 31, 2021 (in thousands): Fair Value Measurements at March 31, 2022 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 138,791 $ 138,791 $ — $ — Money market funds 416,688 416,688 — — Corporate debt securities 11,824 — 11,824 — Certificates of deposit 116,603 — 116,603 — Commercial paper — — — — Marketable securities: U.S. Treasury securities 11,857 — 11,857 — Corporate debt securities 1,150,184 — 1,150,184 — Certificates of deposit 57,631 — 57,631 — Government-sponsored enterprise securities 13,063 — 13,063 — Commercial paper 304,620 — 304,620 — Other non-current assets 2,212 — — 2,212 Total $ 2,223,473 $ 555,479 $ 1,665,782 $ 2,212 Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 405,648 $ 405,648 $ — $ — Money market funds 507,386 507,386 — — Corporate debt securities — — — — Certificates of deposit — — — — Commercial paper 9,997 — 9,997 — Marketable securities: U.S. Treasury securities 16,192 — 16,192 — Corporate debt securities 1,168,766 — 1,168,766 — Certificates of deposit 45,164 — 45,164 — Government-sponsored enterprise securities 13,257 — 13,257 — Commercial paper 212,719 — 212,719 — Other non-current assets 2,212 — — 2,212 Total $ 2,381,341 $ 913,034 $ 1,466,095 $ 2,212

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
Property and Equipment, net (Tables)	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net, consists of the following (in thousands): As of March 31, December 31, 2022 2021 Computer equipment $ 1,943 $ 1,757 Furniture, fixtures and other 4,371 4,371 Laboratory equipment 34,705 30,123 Leasehold improvements 86,401 86,735 Construction work in process 73,866 52,396 Total property and equipment, gross 201,286 175,382 Accumulated depreciation ( 43,833 ) ( 37,807 ) Total property and equipment, net $ 157,453 $ 137,575

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
Accrued Expenses (Tables)	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): As of March 31, December 31, 2022 2021 Payroll and employee-related costs $ 8,780 $ 23,661 Research costs 49,925 47,986 Licensing fees 533 138 Professional fees 4,456 4,720 Intellectual property costs 4,345 6,120 Accrued property and equipment 2,321 7,113 Other 2,272 1,265 Total $ 72,632 $ 91,003

Share Capital (Tables)

Share Capital (Tables)	3 Months Ended
Share Capital (Tables)	Mar. 31, 2022
Equity [Abstract]
Schedule of Share Capital	Share Capital consisted of the following: As of Type of Share Capital Conditional Capital March 31, 2022 December 31, 2021 Common shares Registered share capital 82,028,328 80,321,227 Common shares Authorized share capital 39,316,975 39,316,975 Common shares Conditional share capital - Bonds or similar debt instruments 4,919,700 4,919,700 Common shares Conditional share capital - Employee benefit plans 19,099,332 20,806,433 Total 145,364,335 145,364,335

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
Stock-based Compensation (Tables)	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	During the three months ended March 31, 2022 and 2021, the Company recognized the following stock-based compensation expense (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 14,589 $ 12,845 General and administrative 11,156 9,247 Total $ 25,745 $ 22,092
Summary of Stock Option Activity	The following table summarizes stock option activity for the three months ended March 31, 2022: Shares Weighted- Outstanding at December 31, 2021 7,812,982 $ 58.07 Granted 820,189 58.62 Exercised ( 261,280 ) 39.17 Cancelled or forfeited ( 151,433 ) 78.48 Outstanding at March 31, 2022 8,220,458 $ 58.35 Exercisable at March 31, 2022 4,757,990 $ 43.59 Vested and expected to vest at March 31, 2022 8,220,458 $ 58.35
Summary of Restricted Stock Activity	The following table summarizes restricted stock activity for the three months ended March 31, 2022: Restricted Weighted- Unvested balance as of December 31, 2021 934,175 $ 100.14 Granted 361,896 58.55 Vested ( 123,564 ) 83.94 Cancelled or forfeited ( 25,143 ) 109.89 Unvested balance as of March 31, 2022 1,147,364 $ 88.56

Net (Loss) Income Per Share A_2

Net (Loss) Income Per Share Attributable to Common Shareholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities not Include in Computation of Net (Loss) Income per Share	The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect (in thousands): Three Months Ended March 31, 2022 2021 Outstanding options 8,220,458 8,572,663 Unvested restricted common shares 1,147,364 1,052,379 ESPP 10,969 10,594 Total 9,378,791 9,635,636

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022Segment
Accounting Policies [Abstract]
Number of operating segments	1

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Marketable securities	$ 138,800,000		$ 405,600,000
Marketable securities unrealized loss, Less than twelve months	534,900,000		1,311,600,000
Marketable securities unrealized loss, more than twelve months	9,500,000		$ 4,600,000
Available-for-sale debt securities remaining maturities greater than thirty months	0
Other Comprehensive Income (Loss) [Member]
Marketable Securities [Line Items]
Unrealized loss, net	$ 11,800,000	$ 400,000

Marketable Securities - Summary

Marketable Securities - Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Cash equivalents, amortized cost	$ 545,121	$ 517,383
Cash equivalents, gross unrealized gains	1
Cash equivalents, gross unrealized losses	7	1
Cash equivalents, fair value	545,115	517,382
Marketable securities, amortized cost	1,554,252	1,461,200
Marketable securities, gross unrealized gains	8	16
Marketable securities, gross unrealized losses	(16,905)	(5,118)
Marketable securities, fair value	1,537,355	1,456,098
Cash equivalents and marketable securities, amortized cost	2,099,373	1,978,583
Cash equivalents and marketable securities, gross unrealized gains	9	16
Cash equivalents and marketable securities, gross unrealized losses	16,912	5,119
Cash equivalents and marketable securities, fair value	2,082,470	1,973,480
Money Market Funds [Member]
Marketable Securities [Line Items]
Cash equivalents, amortized cost	416,688	507,386
Cash equivalents, fair value	416,688	507,386
Certificates of Deposit [Member]
Marketable Securities [Line Items]
Marketable securities, amortized cost	57,631	45,164
Marketable securities, fair value	57,631	45,164
Commercial Paper [Member]
Marketable Securities [Line Items]
Cash equivalents, amortized cost	116,606	9,997
Cash equivalents, gross unrealized gains	1
Cash equivalents, gross unrealized losses	4	1
Cash equivalents, fair value	116,603	9,996
Marketable securities, amortized cost	305,033	212,805
Marketable securities, gross unrealized gains	5
Marketable securities, gross unrealized losses	(418)	(86)
Marketable securities, fair value	304,620	212,719
US Treasury Securities [Member]
Marketable Securities [Line Items]
Marketable securities, amortized cost	12,126	16,238
Marketable securities, gross unrealized gains		6
Marketable securities, gross unrealized losses	(269)	(52)
Marketable securities, fair value	11,857	16,192
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Cash equivalents, amortized cost	11,827
Cash equivalents, gross unrealized losses	3
Cash equivalents, fair value	11,824
Marketable securities, amortized cost	1,166,163	1,173,659
Marketable securities, gross unrealized gains	3	10
Marketable securities, gross unrealized losses	(15,982)	(4,903)
Marketable securities, fair value	1,150,184	1,168,766
Government-sponsored Enterprise Securities [Member]
Marketable Securities [Line Items]
Marketable securities, amortized cost	13,299	13,334
Marketable securities, gross unrealized losses	(236)	(77)
Marketable securities, fair value	$ 13,063	$ 13,257

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, fair value	$ 1,537,355	$ 1,456,098
Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other non-current assets	2,212	2,212
Total	2,223,473	2,381,341
Recurring Basis [Member] \| Cash [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	138,791	405,648
Recurring Basis [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	416,688	507,386
Recurring Basis [Member] \| Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	11,824
Marketable securities, fair value	1,150,184	1,168,766
Recurring Basis [Member] \| Certificates of Deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	116,603
Marketable securities, fair value	57,631	45,164
Recurring Basis [Member] \| Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents		9,997
Marketable securities, fair value	304,620	212,719
Recurring Basis [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, fair value	11,857	16,192
Recurring Basis [Member] \| Government-sponsored Enterprise Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, fair value	13,063	13,257
Recurring Basis [Member] \| Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	555,479	913,034
Recurring Basis [Member] \| Level 1 [Member] \| Cash [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	138,791	405,648
Recurring Basis [Member] \| Level 1 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	416,688	507,386
Recurring Basis [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	1,665,782	1,466,095
Recurring Basis [Member] \| Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	11,824
Marketable securities, fair value	1,150,184	1,168,766
Recurring Basis [Member] \| Level 2 [Member] \| Certificates of Deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	116,603
Marketable securities, fair value	57,631	45,164
Recurring Basis [Member] \| Level 2 [Member] \| Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents		9,997
Marketable securities, fair value	304,620	212,719
Recurring Basis [Member] \| Level 2 [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, fair value	11,857	16,192
Recurring Basis [Member] \| Level 2 [Member] \| Government-sponsored Enterprise Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, fair value	13,063	13,257
Recurring Basis [Member] \| Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other non-current assets	2,212	2,212
Total	$ 2,212	$ 2,212

Property and Equipment, net - S

Property and Equipment, net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 201,286	$ 175,382
Accumulated depreciation	(43,833)	(37,807)
Total property and equipment, net	157,453	137,575
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,943	1,757
Furniture, Fixtures and Other [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	4,371	4,371
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	34,705	30,123
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	86,401	86,735
Construction Work in Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 73,866	$ 52,396

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 6	$ 2.7

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Payroll and employee-related costs	$ 8,780	$ 23,661
Research costs	49,925	47,986
Licensing fees	533	138
Professional fees	4,456	4,720
Intellectual property costs	4,345	6,120
Accrued property and equipment	2,321	7,113
Other	2,272	1,265
Total	$ 72,632	$ 91,003

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Contingencies And Commitments [Line Items]
Operating lease, right-of-use asset	$ 171,541	$ 174,460
Restricted cash	12,123	$ 16,913	$ 16,844
Prepaid Expenses and Other Current Assets [Member]
Contingencies And Commitments [Line Items]
Letters of credit secured by cash held in restricted depository account	4,783
Prepaid expenses and other current assets	4,783
Restricted cash	4,783
Letter of Credit [Member]
Contingencies And Commitments [Line Items]
Letters of credit secured by cash held in restricted depository account	16,900
Prepaid expenses and other current assets	16,900
Restricted cash	16,900
Letter of Credit [Member] \| Prepaid Expenses and Other Current Assets [Member]
Contingencies And Commitments [Line Items]
Letters of credit secured by cash held in restricted depository account	4,800
Prepaid expenses and other current assets	4,800
Restricted cash	4,800
Letter of Credit [Member] \| Restricted Cash Noncurrent [Member]
Contingencies And Commitments [Line Items]
Letters of credit secured by cash held in restricted depository account	12,100
Prepaid expenses and other current assets	12,100
Restricted cash	12,100
2015 Collaboration Agreement [Member] \| Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member]
Contingencies And Commitments [Line Items]
Milestone payment receivable	$ 395,000

Significant Contracts - Additio

Significant Contracts - Additional Information (Detail)	Oct. 26, 2015USD ($)	Apr. 30, 2021USD ($)	Oct. 31, 2019License	Mar. 31, 2022USD ($)Option	Mar. 31, 2021USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Jul. 01, 2021	Apr. 30, 2020USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Non-current deferred revenue				$ 12,323,000			$ 12,323,000
Current deferred revenue							1,011,000
Research and development expense				118,245,000	$ 70,620,000
General and Administrative Expense				28,021,000	24,517,000
Collaboration Expense				30,646,000	19,945,000
A&R JDCA [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of net profits and net losses		40.00%						40.00%
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Nonrefundable upfront payment received	$ 75,000,000
Non-current deferred revenue				12,300,000			12,300,000
Transaction price allocated to remaining performance obligations				12,300,000
Current deferred revenue				0			0
Maximum potential future payments				775,000,000
Collaboration Expense				30,600,000	19,900,000
Collaboration Expense Reimbursements Received				7,400,000	$ 10,600,000
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] \| Collaboration Target Options [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payment receivable				420,000,000
Milestone payment receivable				410,000,000
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] \| Joint Development Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Up-front payment received				$ 7,000,000
Agreement description				In connection with the JDA, the Company received a $7.0 million up-front payment from Vertex and subsequently received a one-time low seven-digit milestone payment upon the dosing of the second patient in a clinical trial with the initial product candidate.
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] \| Exercise of Exclusive Option [Member] \| Collaboration Target Options [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payment receivable				$ 10,000,000
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] \| 2019 Collaboration Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Nonrefundable upfront payment received				175,000,000
Maximum potential payments				$ 825,000,000
Percentage of exchange payment of research and development costs				50.00%
Vertex Pharmaceuticals Incorporated and Certain of its Subsidiaries [Member] \| 2015 Collaboration Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payment receivable				$ 395,000,000
Percentage of exchange payment of research and development costs				50.00%
Number of options would not be exercised under agreement \| Option				1
Number of remaining options under agreement \| Option				4
Vertex Pharmaceuticals Inc [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Maximum potential future payments				$ 200,000,000
Vertex Pharmaceuticals Inc [Member] \| Exclusive License [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Estimated standalone selling price for single collaboration				900,000,000
Vertex Pharmaceuticals Inc [Member] \| 2019 Collaboration Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payment receivable							$ 12,500,000		$ 25,000,000
Remaining Milestone Payment Receivable				775,000,000
Vertex Pharmaceuticals Inc [Member] \| 2015 Collaboration Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Aggregate amount in option exercise payments received						$ 30,000,000
Number of exclusive license targets \| License			3
Vertex Pharmaceuticals Inc [Member] \| A&R JDCA [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Up-front payment received		$ 900,000,000		$ 900,000,000
Milestone payment receivable		$ 200,000,000
Percentage of net profits and net losses		60.00%						60.00%
Additional interest of percentage				10.00%

Share Capital - Additional Info

Share Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Jul. 31, 2021	Jan. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Common Stock, Shares Authorized			145,364,335		145,364,335
Common shares, par value			$ 0.03		$ 0.03
Proceeds from issuance of common shares			$ 0	$ 214,592
Sales Agreement With Jefferies LLC [Member] \| 2021 ATM [Member]
Class of Stock [Line Items]
Common shares sold			0
Average issue price of common shares			$ 169.82
Proceeds from issuance of common shares			$ 177,800
Equity issuance costs			$ 2,400
Shares, Issued			1,100,000
Sales Agreement With Jefferies LLC [Member] \| Maximum [Member] \| 2021 ATM [Member]
Class of Stock [Line Items]
Aggregate estimated gross proceeds	$ 419,800	$ 600,000

Share Capital - Schedule of Sha

Share Capital - Schedule of Share Capital (Detail) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Authorized share capital	145,364,335	145,364,335
Common Shares [Member]
Class of Stock [Line Items]
Registered share capital	82,028,328	80,321,227
Authorized share capital	39,316,975	39,316,975
Common Shares [Member] \| Employee Benefit Plans [Member]
Class of Stock [Line Items]
Conditional share capital	19,099,332	20,806,433
Common Shares [Member] \| Bonds or Similar Debt Instruments [Member]
Class of Stock [Line Items]
Conditional share capital	4,919,700	4,919,700

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 25,745	$ 22,092
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	14,589	12,845
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 11,156	$ 9,247

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Option Activity (Detail)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares, Outstanding, Beginning Balance \| shares	7,812,982
Shares, Granted \| shares	820,189
Shares, Exercised \| shares	(261,280)
Shares, Cancelled or forfeited \| shares	(151,433)
Shares, Outstanding, Ending Balance \| shares	8,220,458
Shares, Exercisable \| shares	4,757,990
Shares, Vested or expected to vest \| shares	8,220,458
Weighted-Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 58.07
Weighted-Average Exercise Price, Granted \| $ / shares	58.62
Weighted-Average Exercise Price, Exercised \| $ / shares	39.17
Weighted-Average Exercise Price, Cancelled or forfeited \| $ / shares	78.48
Weighted-Average Exercise Price, Outstanding, Ending Balance \| $ / shares	58.35
Weighted-Average Exercise Price, Exercisable \| $ / shares	43.59
Weighted-Average Exercise Price, Vested or expected to vest \| $ / shares	$ 58.35

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense related to stock options	$ 157.6
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, remaining weighted-average period for recognition	2 years 9 months 18 days
Restricted Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, remaining weighted-average period for recognition	2 years 8 months 12 days
Total unrecognized compensation expense	$ 81.6

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted common shares, Number of Shares, Beginning Balance \| shares	934,175
Unvested restricted common shares, Number of Shares, Granted \| shares	361,896
Unvested restricted common shares, Number of Shares, Vested \| shares	(123,564)
Unvested restricted common shares, Number of Shares, Cancelled or forfeited \| shares	(25,143)
Unvested restricted common shares, Number of Shares, Ending Balance \| shares	1,147,364
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 100.14
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Granted \| $ / shares	58.55
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Vested \| $ / shares	83.94
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Cancelled or forfeited \| $ / shares	109.89
Unvested restricted common shares, Weighted-Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 88.56

Net (Loss) Income Per Share A_3

Net (Loss) Income Per Share Attributable to Common Shareholders - Schedule of Antidilutive Securities not Include in Computation of Net (Loss) Income per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not include in computation of net income (loss) per share	9,378,791	9,635,636
Outstanding Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not include in computation of net income (loss) per share	8,220,458	8,572,663
Unvested Restricted Common Shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not include in computation of net income (loss) per share	1,147,364	1,052,379
ESPP [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not include in computation of net income (loss) per share	10,969	10,594

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 3,608	$ 575
Effective income tax rate	(2.10%)	(0.50%)