0001104659-22-028070 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 39,143	$ 43,836
Marketable securities	369,107	150,586
Accounts and other receivables	172	1,802
Prepaid and other current assets	2,417	1,619
Total current assets	410,839	197,843
Property and equipment, net	3,551	3,815
Operating lease right-of-use assets, net	2,970	3,449
Intangible assets, net	27,190	30,690
Other assets	104	41
Total assets	444,654	235,838
Current liabilities:
Accounts payable	1,228	1,048
Accrued expenses	12,000	8,459
Current portion of operating lease liabilities	1,746	1,327
Current portion of long-term liabilities	1,554	3,372
Total current liabilities	16,528	14,206
Long-term portion of operating lease liabilities	1,296	2,154
Other long-term liabilities	7,354	10,121
Total liabilities	25,178	26,481
Commitments and contingent liabilities (Note 14)
Stockholders' equity:
Common stock, $.001 par value; 297,000,000 shares authorized; 46,730,198 and 39,603,771 shares issued and outstanding at December 31, 2021 and 2020, respectively	47	40
Additional paid-in capital	1,561,142	1,279,824
Accumulated other comprehensive income	1,894	2,589
Accumulated deficit	(1,143,607)	(1,073,096)
Total stockholders' equity	419,476	209,357
Total liabilities and stockholders' equity	$ 444,654	$ 235,838

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Convertible Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Convertible Preferred Stock, Shares Authorized	3,000,000	3,000,000
Convertible Preferred Stock, Shares Issued	0	0
Convertible Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	297,000,000	297,000,000
Common Stock, Shares Issued	46,730,198	39,603,771
Common Stock, Shares Outstanding	46,730,198	39,603,771

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 4,651	$ 7,418	$ 3,573
Operating expenses:
Research and development	53,311	42,534	42,672
General and administrative	20,488	14,456	15,426
Intangible asset impairment	3,500	18,000
Other asset impairment			1,800
Gain on fair value remeasurement of contingent consideration	(1,405)	(4,218)	(1,294)
Total operating expenses	75,894	70,772	58,604
Operating loss	(71,243)	(63,354)	(55,031)
Investment and other income, net	505	2,407	4,153
Net loss before income tax benefit	(70,738)	(60,947)	(50,878)
Income tax benefit	227	1,167
Net loss	$ (70,511)	$ (59,780)	$ (50,878)
Basic net loss per common share	$ (1.64)	$ (2.02)	$ (3.51)
Diluted net loss per common share	$ (1.64)	$ (2.02)	$ (3.51)
Shares used in calculating basic net loss per share	42,870	29,640	14,507
Shares used in calculating diluted net loss per share	42,870	29,640	14,507
Comprehensive loss:
Net loss	$ (70,511)	$ (59,780)	$ (50,878)
Other comprehensive income (loss):
Unrealized (loss) gain on marketable securities	(695)	(30)	36
Comprehensive loss	(71,206)	(59,810)	(50,842)
Product development and licensing agreements
Revenues:
Total revenues	31	2,301	473
Contracts and grants
Revenues:
Total revenues	$ 4,620	$ 5,117	$ 3,100

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income.	Accumulated Deficit	Total
Balance at Dec. 31, 2018	$ 12	$ 1,083,903	$ 2,583	$ (962,438)	$ 124,060
Balance (in shares) at Dec. 31, 2018	11,957,635
Increase (Decrease) in Stockholders' Equity
Shares issued under stock option and employee stock purchase plans		9			9
Shares issued under stock option and employee stock purchase plans (in shares)	3,285
Shares issued in connection with at the market agreement	$ 5	16,243			16,248
Shares issued in connection with at the market agreement (in shares)	5,011,157
Stock-based compensation		4,551			4,551
Unrealized gain (loss) on marketable securities			36		36
Net loss				(50,878)	(50,878)
Balance at Dec. 31, 2019	$ 17	1,104,706	2,619	(1,013,316)	94,026
Balance (in shares) at Dec. 31, 2019	16,972,077
Increase (Decrease) in Stockholders' Equity
Shares issued under stock option and employee stock purchase plans		434			434
Shares issued under stock option and employee stock purchase plans (in shares)	122,076
Shares issued in connection with at the market agreement	$ 8	29,423			29,431
Shares issued in connection with at the market agreement (in shares)	7,125,004
Shares issued in underwritten offering, net	$ 15	141,346			141,361
Shares issued in underwritten offering, net (in shares)	15,384,614
Stock-based compensation		3,915			3,915
Unrealized gain (loss) on marketable securities			(30)		(30)
Net loss				(59,780)	(59,780)
Balance at Dec. 31, 2020	$ 40	1,279,824	2,589	(1,073,096)	$ 209,357
Balance (in shares) at Dec. 31, 2020	39,603,771				39,603,771
Increase (Decrease) in Stockholders' Equity
Shares issued under stock option and employee stock purchase plans		2,479			$ 2,479
Shares issued under stock option and employee stock purchase plans (in shares)	281,189
Shares issued in underwritten offering, net	$ 7	269,886			269,893
Shares issued in underwritten offering, net (in shares)	6,845,238
Stock-based compensation		8,953			8,953
Unrealized gain (loss) on marketable securities			(695)		(695)
Net loss				(70,511)	(70,511)
Balance at Dec. 31, 2021	$ 47	$ 1,561,142	$ 1,894	$ (1,143,607)	$ 419,476
Balance (in shares) at Dec. 31, 2021	46,730,198				46,730,198

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (70,511)	$ (59,780)	$ (50,878)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,068	3,929	4,858
Amortization and premium of marketable securities, net	(3,209)	(729)	(1,140)
(Gain) loss on sale or disposal of assets	(24)	(55)	11
Intangible asset impairment	3,500	18,000
Other asset impairment			1,800
Gain on fair value remeasurement of contingent consideration	(1,405)	(4,218)	(1,294)
Non-cash income tax benefit	(227)	(1,167)
Stock-based compensation expense	8,953	3,915	4,551
Changes in operating assets and liabilities:
Accounts and other receivables	1,574	(787)	2,274
Prepaid and other current assets	(1,871)	(334)	362
Other assets	(5)		(39)
Accounts payable and accrued expenses	3,653	1,638	(321)
Other liabilities	(4,405)	(816)	(6,599)
Net cash used in operating activities	(60,909)	(40,404)	(46,415)
Cash flows from investing activities:
Sales and maturities of marketable securities	174,947	123,600	113,173
Purchases of marketable securities	(389,881)	(220,321)	(95,382)
Acquisition of property and equipment	(1,249)	(1,552)	(731)
Proceeds from sale or disposal of assets	27	55	20
Net cash (used in) provided by investing activities	(216,156)	(98,218)	17,080
Cash flows from financing activities:
Net proceeds from stock issuances	269,893	170,792	16,248
Proceeds from issuance of stock from employee benefit plans	2,479	434	9
Issuance of term loan		2,962
Payment of term loan		(2,962)
Net cash provided by financing activities	272,372	171,226	16,257
Net (decrease) increase in cash and cash equivalents	(4,693)	32,604	(13,078)
Cash and cash equivalents at beginning of period	43,836	11,232	24,310
Cash and cash equivalents at end of period	39,143	43,836	11,232
Non-cash investing activities
Accrued construction in progress	$ 289	$ 221	$ 25

Nature of Business and Overview

12 Months Ended

Dec. 31, 2021

Nature of Business and Overview

Nature of Business and Overview

(1) Nature of Business and Overview

Celldex Therapeutics, Inc. (the “Company” or “Celldex”) is a biopharmaceutical company dedicated to developing therapeutic monoclonal and bispecific antibodies that address diseases for which available treatments are inadequate. The Company is primarily focusing its efforts and resources on the continued research and development of CDX-0159, CDX-1140 and CDX-527.

The Board of Directors of the Company approved a one for fifteen reverse stock split of the Company’s outstanding common stock, which was effected on February 8, 2019. All share and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the reduction in par value to additional paid-in capital.

At December 31, 2021, the Company had cash, cash equivalents and marketable securities of $408.3 million. The Company has had recurring losses and incurred a loss of $70.5 million for the year ended December 31, 2021. Net cash used in operations for the year ended December 31, 2021 was $60.9 million. The Company believes that the cash, cash equivalents and marketable securities at the filing date of this Form 10-K will be sufficient to meet estimated working capital requirements and fund planned operations for at least the next twelve months from the date of issuance of these financial statements.

During the next twelve months and beyond, the Company may take further steps to raise additional capital to meet its long-term liquidity needs including, but not limited to, one or more of the following: the licensing of drug candidates with existing or new collaborative partners, possible business combinations, issuance of debt, or the issuance of common stock or other securities via private placements or public offerings. Although the Company has been successful in raising capital in the past, there can be no assurance that additional financing will be available on acceptable terms, if at all, and the Company’s negotiating position in capital-raising efforts may worsen as existing resources are used. There is also no assurance that the Company will be able to enter into further collaborative relationships. Additional equity financings may be dilutive to the Company’s stockholders; debt financing, if available, may involve significant cash payment obligations and covenants that restrict the Company’s ability to operate as a business; and licensing or strategic collaborations may result in royalties or other terms which reduce the Company’s economic potential from products under development. The Company’s ability to continue funding its planned operations into and beyond twelve months from the issuance date is also dependent on the timing and manner of payment of contingent milestones from the Kolltan acquisition, in the event that the Company achieves the drug candidate milestones related to those payments. The Company, at its option, may decide to pay those milestone payments in cash, shares of its common stock or a combination thereof. If the Company is unable to raise the funds necessary to meet its long-term liquidity needs, it may have to delay or discontinue the development of one or more programs, discontinue or delay ongoing or anticipated clinical trials, license out programs earlier than expected, raise funds at a significant discount or on other unfavorable terms, if at all, or sell all or a part of the Company.

The COVID-19 pandemic continues to have a major impact in the US and around the world. The availability of vaccines holds promise for the future, though new variants of the virus and potential waning immunity from vaccines may result in continued impact from this pandemic in the future, which could adversely impact our operations. To date, the Company has managed delays and disruptions without significant impact in planned and ongoing preclinical and clinical trials, manufacturing or shipping. Potential impacts to our business include delays in planned and ongoing preclinical and clinical trials including enrollment of patients, disruptions in time and resources provided by independent clinical investigators, contract research organizations, and other third-party service providers, temporary closures of our facilities, disruptions or restrictions on our employees’ ability to travel, and delays in manufacturing and/or shipments to and from third-party suppliers and contract manufacturers for APIs and drug product. Any prolonged negative impacts to our business could materially impact our operating results and could lead to impairments of our intangible in-process research and development (“IPR&D”) assets with a carrying value of $27.2 million at December 31, 2021.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Basis of Presentation

The balance sheets and statements of operations and comprehensive loss, stockholders’ equity, and cash flows, are consolidated for the years ended December 31, 2021, 2020 and 2019. These consolidated financial statements reflect the operations of the Company

and its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The Company operates in one segment, which is the business of development, manufacturing and commercialization of novel therapeutics for human health care.

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a maturity date of 90 days or less at the date of purchase to be cash equivalents. Cash equivalents consist principally of money market funds and debt securities.

Marketable Securities

The Company invests its excess cash balances in marketable securities, including municipal bond securities, U.S. government agency securities, and highly rated corporate bonds. The Company classifies all of its marketable securities as current assets on the balance sheets because they are available-for-sale and available to fund current operations. Marketable securities are stated at fair value with unrealized gains and losses included as a component of accumulated other comprehensive income (loss), which is a separate component of stockholders’ equity, until such gains and losses are realized. If a decline in the fair value is considered other-than-temporary, based on available evidence, the unrealized loss is reclassified from accumulated other comprehensive income (loss) to the statements of operations. Realized gains and losses are determined on the specific identification method and are included in investment and other income, net.

Concentration of Credit Risk and of Significant Customers and Suppliers

Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities and accounts receivable. The Company invests its cash, cash equivalents and marketable securities in debt instruments and interest-bearing accounts at major financial institutions in excess of insured limits. The Company mitigates credit risk by limiting the investment type and maturity to securities that preserve capital, maintain liquidity and have a high credit quality. The Company has not historically experienced credit losses from its accounts receivable and therefore has not established an allowance for doubtful accounts.

Revenue from Rockefeller University and Gilead Sciences represented 88% and 85% of total Company revenue for the year ended December 31, 2021 and 2020, respectively. Combined revenue from Rockefeller University and Duke University represented 74% of total Company revenue for the year ended December 31, 2019.

The Company relies on contract manufacturing organizations (CMO) to manufacture drug substance and drug product as well as for future commercial supplies. The Company also relies on CMOs for supply of raw materials as well as filling, packaging, storing and shipping our drug products.

Fair Value Measurements

The Company has certain assets and liabilities that are measured at fair value in the financial statements. The Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities) when measuring the fair value of its assets and liabilities. These assets and liabilities are classified into one of three levels of the following fair value hierarchy as defined by U.S. GAAP:

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 prices, such as quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

Property and Equipment

Property and equipment is stated at cost and depreciated over the estimated useful lives of the related assets using the straight-line method. Laboratory equipment and office furniture and equipment are depreciated over five years, and computer equipment is depreciated over three years. Manufacturing equipment is depreciated over seven to ten years. Leasehold improvements are amortized over the shorter of the estimated useful life or the non-cancelable term of the related lease, including any renewals that are reasonably assured of occurring. Property and equipment under construction is classified as construction in progress and is depreciated or amortized only after the asset is placed in service. Expenditures for maintenance and repairs are charged to expense whereas the costs of significant improvements which extend the life of the underlying asset are capitalized. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are eliminated and any resulting gain or loss is reflected in the Company’s statements of operations and comprehensive loss.

The treatment of costs to construct property and equipment depends on the nature of the costs and the stage of construction. Costs incurred in the project planning, design, construction and installation phases are capitalized as part of the cost of the asset. The Company stops capitalizing these costs when the asset is substantially complete and ready for its intended use. For manufacturing property and equipment, the Company also capitalizes the cost of validating these assets for the underlying manufacturing process. The Company completes the capitalization of validation costs when the asset is substantially complete and ready for its intended use. Costs capitalized include incremental labor and fringe benefits, and direct consultancy services.

Leases

The Company has operating leases of office, manufacturing and laboratory space, which have remaining lease terms of one to four years and may include one or more options to renew or terminate early.

The Company determines if an arrangement contains a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments, initial direct costs paid or incentives received. The Company’s leases do not contain an implicit rate, and therefore the Company uses an estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Options to extend or terminate the lease are reflected in the calculation when it is reasonably certain that the option will be exercised. The Company has elected to account for lease and non-lease components as a single lease component, however non-lease components that are variable, such as common area maintenance and utilities, are generally paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use asset and operating lease liability and are reflected as an expense in the period incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Other Assets

Other assets included a $1.8 million non-controlling investment in a privately-held company that was accounted for under the cost method of accounting as of December 31, 2018. Based on information received in April 2019, it was determined that there was a deterioration of the private company’s financial condition due to a working capital deficiency and an inability to secure additional funding. Therefore, the Company concluded that the investment was impaired, and a non-cash impairment charge of $1.8 million was recorded during the first quarter of 2019.

Contingent Consideration

The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. The Company determines the fair value of the contingent consideration based primarily on the (i) timing and probability of success of clinical events or regulatory approvals; (ii) timing and probability of success of meeting clinical and commercial milestones; and (iii) discount rates. The Company’s contingent consideration liabilities arose in connection with its acquisition of Kolltan. On a quarterly

basis, the Company revalues these obligations and records increases or decreases in their fair value as an adjustment to operating earnings. Changes to contingent consideration obligations can result from adjustments to discount rates, accretion of the discount rates due to the passage of time, changes in the Company’s estimates of the likelihood or timing of achieving development or commercial milestones, changes in the probability of certain clinical events or changes in the assumed probability associated with regulatory approval. The assumptions related to determining the value of contingent consideration include a significant amount of judgment, and any changes in the underlying estimates could have a material impact on the amount of contingent consideration adjustment recorded in any given period.

Intangible Assets

IPR&D assets acquired in a business combination initially are recorded at fair value and accounted for as indefinite-lived intangible assets. The valuation model used to measure the fair value of the Company’s IPR&D assets was primarily a discounted cash flow approach. The assumptions used in determining the fair value of the Company’s IPR&D assets include (i) probability of success; (ii) probability of partnership; (iii) partnership milestones; and (iv) discount rate. These assets are capitalized on the Company’s balance sheets until either the project underlying them is completed or the assets become impaired. If a project is completed, the carrying value of the related intangible asset is amortized over the remaining estimated life of the asset beginning in the period in which the project is completed. If a project becomes impaired or is abandoned, the carrying value of the related intangible asset is written down to its fair value and an impairment charge is taken in the period in which the impairment occurs.

Each IPR&D asset is assessed for impairment at least annually or when impairment indicators are present. The Company has the option to assess qualitative factors to determine if it is more likely than not that the IPR&D asset is impaired and whether it is necessary to perform a quantitative impairment test.

Impairment of Intangible and Long-Lived Assets

The Company evaluates the recoverability of its long-lived assets, including property and equipment, right-of-use assets, and intangible assets when circumstances indicate that an event of impairment may have occurred. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written-down to their estimated fair values.

Revenue Recognition

Revenues are recognized when performance obligations under agreements or contracts are satisfied, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

The Company determines revenue recognition through the following steps:

●

Identification of the contract, or contracts, with a customer;

●

Identification of the performance obligations in the contract;

●

Determination of the transaction price;

●

Allocation of the transaction price to the performance obligations in the contract; and

●

Recognition of revenue when, or as, the Company satisfies a performance obligation.

Revenue for the Company is derived from product development agreements with collaborative partners for the research and development of therapeutic drug candidates. The terms of the agreements may include nonrefundable signing and licensing fees, funding for research, development and manufacturing, milestone payments and royalties on any product sales derived from collaborations. The Company assesses the multiple obligations typically within product development contracts to determine the distinct performance obligations and how to allocate the arrangement consideration to each distinct performance obligation. Under product development agreements, revenue is generally recognized using a cost-to-cost measure of progress. Revenue is recognized

based on the costs incurred to date as a percentage of the total estimated costs to fulfill the contract. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Due to the nature of the work performed in these arrangements, the estimation of cost at completion is complex, subject to many variables, such as expected clinical trial costs, and requires significant judgements. Circumstances can arise that change original estimates of costs or progress toward completion. Any revisions to estimates are reflected in revenue on a cumulative catch-up basis in the period in which the change in circumstances became known.

Revenue for the Company is also derived from manufacturing and research and development arrangements. The Company owns and operates a cGMP manufacturing facility in Fall River, Massachusetts, to produce drug substance for its current and planned early-stage clinical trials. In order to utilize excess capacity, the Company has, from time to time, entered into contract manufacturing and research and development arrangements in which services are provided on a time-and-material basis or at a negotiated fixed-price. Revenue from time-and-material contracts is generally recognized on an output basis as labor hours and/or direct expenses are incurred. Under fixed-price contracts, revenue is generally recognized on an output basis as progress is made toward completion of the performance obligations using surveys of performance completed to date.

Contract Assets and Liabilities

The Company classifies the right to consideration in exchange for products or services transferred to a client as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time.

The Company’s contract liabilities result from arrangements where the Company has received payment in advance of performance under the contract. These amounts are included as deferred revenue within current portion of long-term liabilities on the consolidated balance sheets.

Research and Development Expenses

Research and development costs, including internal and contract research costs, are expensed as incurred. Research and development expenses consist mainly of clinical trial costs, manufacturing of clinical material, toxicology and other preclinical studies, personnel costs, depreciation, license fees and funding of outside contracted research.

Clinical trial expenses include expenses associated with clinical research organization, or CRO, services. Contract manufacturing expenses include expenses associated with contract manufacturing organization, or CMO, services. The invoicing from CROs and CMOs for services rendered can lag several months. The Company accrues the cost of services rendered in connection with CRO and CMO activities based on our estimate of costs incurred. The Company maintains regular communication with our CROs and CMOs to assess the reasonableness of its estimates. Differences between actual expenses and estimated expenses recorded have not been material and are adjusted for in the period in which they become known.

Patent Costs

Patent costs are expensed to general and administrative expense as incurred. Certain patent costs are reimbursed by the Company’s product development and licensing partners. Any reimbursed patent costs are recorded as product development and licensing agreement revenues in the Company’s financial statements.

Stock-Based Compensation

The Company records stock-based compensation expense for all stock-based awards made to employees, consultants and non-employee directors based on the estimated fair values of the stock-based awards expected to vest at the grant date and adjusts, if necessary, to reflect actual forfeitures. Compensation expense for all stock-based awards is recognized using the straight-line method over the term of vesting or performance.

Foreign Currency Translation

Net unrealized gains and losses resulting from foreign currency translation are included in accumulated other comprehensive income. At December 31, 2021 and 2020, accumulated other comprehensive income includes a net unrealized gain related to foreign currency translation of $2.6 million.

Income Taxes

The Company uses the asset and liability method to account for income taxes, including the recognition of deferred tax assets and deferred tax liabilities for the anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax basis. Quarterly, the Company reviews its deferred tax assets for recovery. A valuation allowance is established when the Company believes that it is more likely than not that its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change.

The Company records uncertain tax positions in the financial statements only if it is more likely than not that the uncertain tax position will be sustained upon examination by the taxing authorities. The Company records interest and penalties related to uncertain tax positions in income tax expense.

Comprehensive Loss

Comprehensive loss is comprised of net loss and certain changes in stockholders’ equity that are excluded from net loss. The Company includes foreign currency translation adjustments and unrealized gains and losses on marketable securities in other comprehensive loss. The statements of operations and comprehensive loss reflect total comprehensive loss for the years ended December 31, 2021, 2020 and 2019.

Net Loss Per Share

Basic net loss per common share is based upon the weighted-average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average potentially dilutive common shares outstanding during the period when the effect is dilutive. In periods in which the Company reports a net loss, there is no difference between basic and diluted net loss per share because dilutive shares of common stock are not assumed to have been issued as their effect is anti-dilutive. The potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive are as follows:


	Year Ended December 31,
	2021	2020	2019
Stock options	4,077,667	3,042,229	1,699,202
Restricted stock	—	—	1,110
	4,077,667	3,042,229	1,700,312

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

In June 2016, the FASB issued guidance on the Measurement of Credit Losses on Financial Instruments. The guidance requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard will be effective for the Company on January 1, 2023. The adoption of this new guidance is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

(3) Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income, which is reported as a component of stockholders’ equity, for the year ended December 31, 2021 are summarized below:


	Unrealized
	Gain (Loss) on
	Marketable		Foreign
	Securities		Currency Items		Total

	(In thousands)
Balance at December 31, 2020	$	(7)	$	2,596	$	2,589
Other comprehensive loss		(695)		—		(695)
Balance at December 31, 2021	$	(702)	$	2,596	$	1,894

No amounts were reclassified out of accumulated other comprehensive income during the years ended December 31, 2021, 2020 and 2019.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Fair Value Measurements

(4) Fair Value Measurements

The following tables set forth the Company’s financial assets and liabilities subject to fair value measurements:


	As of
	December 31, 2021		Level 1	Level 2		Level 3

	(In thousands)
Assets:
Money market funds and cash equivalents	$	26,220	—	$	26,220		—
Marketable securities		369,107	—		369,107		—
	$	395,327	—	$	395,327		—
Liabilities:
Kolltan acquisition contingent consideration	$	6,862	—		—	$	6,862
	$	6,862	—		—	$	6,862


	As of
	December 31, 2020		Level 1	Level 2		Level 3

	(In thousands)
Assets:
Money market funds and cash equivalents	$	35,066	—	$	35,066		—
Marketable securities		150,586	—		150,586		—
	$	185,652	—	$	185,652		—
Liabilities:
Kolltan acquisition contingent consideration	$	8,267	—		—	$	8,267
	$	8,267	—		—	$	8,267

The Company’s financial assets consist mainly of cash equivalents and marketable securities and are classified as Level 2 within the valuation hierarchy. The Company values its marketable securities utilizing independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.

The following table reflects the activity for the Company’s contingent consideration liabilities measured at fair value using Level 3 inputs for the year ended December 31, 2021 (in thousands):


	Other Liabilities:
	Contingent
	Consideration
Balance at December 31, 2020	$	8,267
Fair value adjustments included in operating expenses		(1,405)
Balance at December 31, 2021	$	6,862

The valuation technique used to measure fair value of the Company’s Level 3 liabilities, which consist of contingent consideration related to the acquisition of Kolltan in 2016 (Note 17), was primarily an income approach. The significant unobservable inputs used in the fair value measurement of the contingent consideration are estimates, including probability of success, discount rates and amount of time until the conditions of the milestone payments are met. As of December 31, 2021, the weighted average probability of success used in calculating the fair value of contingent consideration was 49.3% (with a range of 5.1% to 68.6%), the weighted average discount rate was 7.3% (with a range of 6.9% to 8.2%) and the weighted average amount of time until the conditions of the milestone payments are met was 3 years. Weighted averages are calculated based on the relative fair value of our contingent consideration obligations.

During the year ended December 31, 2021, the Company recorded a $1.4 million gain on fair value remeasurement of contingent consideration, primarily due to updated assumptions for the TAM program, partially offset by losses related to changes in discount rates and the passage of time. The assumptions related to determining the value of contingent consideration include a significant amount of judgment, and any changes in the underlying estimates could have a material impact on the amount of contingent consideration adjustment recorded in any given period.

The Company did not have any transfers of assets or liabilities between the fair value measurement classifications during the years ended December 31, 2021 and 2020.

- 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

Marketable Securities

12 Months Ended

Dec. 31, 2021

Marketable Securities

Marketable Securities

(5) Marketable Securities

The following is a summary of marketable debt securities, classified as available-for-sale:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In thousands)
December 31, 2021
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	80,674	$	—	$	(133)	$	80,541
Maturing after one year through three years		51,319		—		(184)		51,135
Total U.S. government and municipal obligations	$	131,993	$	—	$	(317)	$	131,676
Corporate debt securities
Maturing in one year or less	$	170,034	$	—	$	(28)	$	170,006
Maturing after one year through three years		67,782		—		(357)		67,425
Total corporate debt securities	$	237,816	$	—	$	(385)	$	237,431
Total marketable securities	$	369,809	$	—	$	(702)	$	369,107
December 31, 2020
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	40,328	$	3	$	(2)	$	40,329
Maturing after one year through three years		—		—		—		—
Total U.S. government and municipal obligations	$	40,328	$	3	$	(2)	$	40,329
Corporate debt securities
Maturing in one year or less	$	110,265	$	2	$	(10)	$	110,257
Maturing after one year through three years		—		—		—		—
Total corporate debt securities	$	110,265	$	2	$	(10)	$	110,257
Total marketable securities	$	150,593	$	5	$	(12)	$	150,586

The Company holds investment grade marketable securities, and none were considered to be other-than-temporarily impaired as of December 31, 2021. Marketable securities include $1.3 million and $0.2 million in accrued interest at December 31, 2021 and December 31, 2020, respectively.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property and Equipment, Net

Property and Equipment, Net

(6) Property and Equipment, Net

Property and Equipment, net includes the following:


	December 31,		December 31,
	2021		2020

	(In thousands)
Laboratory equipment	$	8,581	$	8,566
Manufacturing equipment		2,571		2,630
Office furniture and equipment		3,362		3,409
Leasehold improvements		9,531		10,103
Construction in progress		632		344
Total property and equipment		24,677		25,052
Less: accumulated depreciation and amortization		(21,126)		(21,237)
Property and equipment, net	$	3,551	$	3,815

Depreciation and amortization expense related to property and equipment was $1.6 million, $2.0 million and $2.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

(7) Leases

The Company has operating leases of office, manufacturing and laboratory space, which have remaining lease terms of one to four years and may include one or more options to renew or terminate early.

During the years ended December 31, 2021 and 2020, the Company recorded right of use assets and lease liabilities of $1.0 million and $1.9 million related to new leases and lease extensions, respectively. During the first quarter of 2019, the Company amended its Hampton, New Jersey lease to eliminate 16,200 square feet of space and extend the remaining 33,400 square feet of space for an additional five-year term with an early termination option after three years. This resulted in an increase to the Company’s right-of-use assets and lease liabilities of $1.4 million during the first quarter of 2019 for the initial 3 years related to the amendment.

Operating lease expense was $1.9 million, $2.3 million and $2.5 million for years ended December 31, 2021, 2020 and 2019, respectively. Variable lease expense was $0.7 million, $1.2 million and $1.5 million for years ended December 31, 2021,2020 and 2019, respectively.Cash paid for amounts included in the measurement of operating lease liabilities was $1.8 million and $2.4 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the weighted-average remaining lease term was 2 years and the weighted-average discount rate was 10.0%, compared to a weighted-average remaining lease term of 2 years and weighted average discount rate of 10.4% as of December 31, 2020.

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:


2022	$	1,970
2023		1,269
2024		73
Total lease payments		3,312
Less imputed interest		(270)
Present value of operating lease liabilities	$	3,042

Intangible Assets

12 Months Ended

Dec. 31, 2021

Intangible Assets

Intangible Assets

(8) Intangible Assets

Intangible Assets, Net

At December 31, 2021 and 2020, the carrying value of the Company’s indefinite-lived intangible assets was $27.2 million and $30.7 million, respectively. At December 31, 2021, indefinite-lived intangible assets consist of acquired in-process research and development (“IPR&D”) related to the development of the anti-KIT program (including CDX-0159).CDX-0159 is in Phase 1 development. As of December 31, 2021, the IPR&D asset related to the anti-KIT program had not reached technological feasibility nor did the asset have alternative future uses.

The Company performs an impairment test on IPR&D assets at least annually, or more frequently if events or changes in circumstances indicate that IPR&D assets may be impaired. During the fourth quarter of 2020, the Company decided that although it had developed promising data for the AxL target within the TAM program, it would focus its efforts on out-licensing opportunities for its TAM program, a broad antibody discovery effort to generate antibodies that modulate the TAM family of RTKs, comprised of Tyro3, AxL and MerTK. As a result, the Company evaluated the TAM program IPR&D asset for potential impairment due to the change in projected development and regulatory timelines related to the program. The Company used a discounted cash flow fair value model and recorded a non-cash partial impairment charge of $14.5 million for the fourth quarter of 2020. During the third quarter of 2021, the Company evaluated its out-licensing progress since December 31, 2020 and the status and expectation for the TAM program. Despite the Company’s efforts to out-license, there was a lack of interest in the program from third parties. Therefore, the Company evaluated the TAM program IPR&D asset for potential impairment using a discounted cash flow fair value model and concluded that the TAM IPR&D asset was fully impaired. A non-cash impairment charge of $3.5 million was recorded for the third quarter of 2021. The Company evaluated the CDX-3379 IPR&D asset for potential impairment as a result of the discontinuation of the CDX-3379 program in the second quarter of 2020. The Company concluded that the CDX-3379 IPR&D asset was fully impaired, and a non-cash impairment charge of $3.5 million was recorded during the second quarter of 2020. The Company performed its annual impairment test of the remaining IPR&D asset during the fourth quarter of 2021 and concluded that the IPR&D asset related to the development of the anti-KIT program (including CDX-0159) was not impaired. Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals to conduct clinical trials, failures of such clinical trials or other failures to achieve a commercially viable product, and as a result, may recognize further impairment losses in the future.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Accrued Expenses

Accrued Expenses

(9) Accrued Expenses

Accrued expenses include the following:


	December 31,		December 31,
	2021		2020

	(In thousands)
Accrued payroll and employee benefits	$	7,968	$	6,113
Accrued research and development contract costs		2,871		1,590
Accrued professional fees		878		421
Other accrued expenses		283		335
	$	12,000	$	8,459

Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2021

Other Long-Term Liabilities

Other Long-Term Liabilities

(10) Other Long-Term Liabilities

Other long-term liabilities include the following:


	December 31,		December 31,
	2021		2020

	(In thousands)
Net deferred tax liabilities related to IPR&D (Note 15)	$	1,613	$	1,840
Contingent milestones (Note 4)		6,862		8,267
Deferred revenue (Note 13)		433		3,386
Total		8,908		13,493
Less current portion		(1,554)		(3,372)
Long-term portion	$	7,354	$	10,121

In November 2015, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits of $9.8 million to an independent third party for $9.2 million. Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed. No revenue was recorded related to the sale of these tax benefits during the year ended December 31, 2021. During the years ended December 31, 2020 and 2019, the Company recorded $1.8 million and $2.4 million to other income related to the sale of these tax benefits, respectively.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Stockholders' Equity

(11) Stockholders’ Equity

Common Stock

In November 2020, the Company filed an automatic shelf registration statement with the Securities and Exchange Commission to register for sale any combination of the types of securities described in the shelf registration statement.

In May 2016, the Company entered into a controlled equity offering sales agreement (the “Cantor Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) to allow the Company to issue and sell shares of its common stock from time to time through Cantor, acting as agent. During the years ended December 31, 2020 and 2019, the Company issued 7.1 million and 5.0 million shares of its common stock, respectively, under the agreement with Cantor resulting in net proceeds to the Company of $29.4 million and $16.2 million, respectively, after deducting commission and offering expenses. At December 31, 2021, the Company had $50.0 million remaining in aggregate gross offering price available under the Company’s November 2020 prospectus.

In July 2021, the Company issued 6,845,238 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $269.9 million, after deducting underwriting fees and offering expenses.

In June 2020, the Company issued 15,384,614 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $141.4 million, after deducting underwriting fees and offering expenses.

Convertible Preferred Stock

At December 31, 2021, the Company had authorized 3,000,000 shares of preferred stock all of which have been designated Class C Preferred Stock including 350,000 shares which have been designated Series C-1 Junior Participating Cumulative Preferred Stock (the “Series C-1 Preferred Stock”). No shares of Series C-1 Preferred Stock were outstanding at December 31, 2021 or 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Stock-Based Compensation

(12) Stock-Based Compensation

The Company has the following stock-based compensation plans: the 2004 Employee Stock Purchase Plan (the “2004 ESPP Plan”), the 2008 Stock Option and Incentive Plan (the “2008 Plan”) and the 2021 Omnibus Equity Incentive Plan (the “2021 Plan”). There are no shares available for future grant under the 2008 Plan. Outstanding options under the 2008 Plan will be rolled into the 2021 Plan if canceled.

Employee Stock Purchase Plan

At December 31, 2021, a total of 276,666 shares of common stock are reserved for issuance under the 2004 ESPP Plan. Under the 2004 ESPP Plan, each participating employee may purchase shares of common stock through payroll deductions at a purchase price equal to 85% of the lower of the fair market value of the common stock at either the beginning of the offering period or the applicable exercise date. During the years ended December 31, 2021, 2020 and 2019, the Company issued 21,867, 39,817 and 3,507 shares under the 2004 ESPP Plan, respectively. At December 31, 2021, 188,475 shares were available for issuance under the 2004 ESPP Plan.

Employee Stock Option Plan

The 2021 Plan permits the granting of incentive stock options (intended to qualify as such under Section 422A of the Internal Revenue Code of 1986, as amended), non-qualified stock options, stock appreciation rights, performance share units, restricted stock and other awards of restricted stock in lieu of cash bonuses to employees, consultants and non-employee directors.

The 2021 Plan allows for grants of new awards until April 19, 2031. As of December 31, 2021, there were 2,715,457 shares outstanding under the 2008 Plan that will be rolled into the 2021 Plan if canceled. The Company’s Board of Directors determines the term of each option, option price, and number of shares for which each option is granted and the rate at which each option vests. Options generally vest over a period not to exceed four years. The term of each option cannot exceed ten years (five years for options granted to holders of more than 10% of the voting stock of the Company), and the exercise price of stock options cannot be less than the fair market value of the common stock at the date of grant (110% of fair market value for incentive stock options granted to holders of more than 10% of the voting stock of the Company). Vesting of all employee and non-employee director stock option awards may accelerate upon a change in control as defined in the 2021 Plan.

A summary of stock option activity for the year ended December 31, 2021 is as follows:


		Weighted		Weighted
		Average		Average
		Exercise		Remaining
		Price		Contractual
	Shares	Per Share		Term (In Years)
Options outstanding at December 31, 2020	3,042,229	$	28.93	8.2
Granted	1,383,410	$	28.55
Exercised	(259,322)	$	8.72
Canceled	(88,650)	$	31.89
Options outstanding at December 31, 2021	4,077,667	$	30.02	8.0
Options vested and expected to vest at December 31, 2021	3,952,611	$	30.31	8.0
Options exercisable at December 31, 2021	1,483,998	$	49.01	6.6
Shares available for grant under the 2021 Plan	3,304,217

The total intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $9.4 million, $0.8 million and $0.0 million, respectively. The weighted average grant-date fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019 was $22.16, $8.08 and $2.08, respectively. The total fair value of stock options vested during the years ended December 31, 2021, 2020 and 2019 was $5.9 million, $2.4 million and $4.9 million, respectively.

The aggregate intrinsic value of stock options outstanding at December 31, 2021 was $84.7 million. The aggregate intrinsic value of stock options vested and expected to vest at December 31, 2021 was $82.4 million. The aggregate intrinsic value of stock options exercisable at December 31, 2021 was $33.7 million. As of December 31, 2021, total compensation cost related to non-vested employee and non-employee director stock options not yet recognized was approximately $31.7 million, net of estimated forfeitures, which is expected to be recognized as expense over a weighted average period of 2.7 years.

Valuation and Expenses Information

Stock-based compensation expense for the years ended December 31, 2021, 2020 and 2019 was recorded as follows:


	2021		2020		2019

	(In thousands)
Research and development	$	4,525	$	1,933	$	2,053
General and administrative		4,428		1,982		2,498
Total stock-based compensation expense	$	8,953	$	3,915	$	4,551

The fair values of employee and director stock options granted during the years ended December 31, 2021, 2020 and 2019 were valued using the Black-Scholes option pricing model with the following assumptions:


	2021	2020	2019
Expected stock price volatility	97 - 98%	91 - 98%	90 - 91%
Expected option term	6.0 Years	6.0 Years	6.0 Years
Risk-free interest rate	0.8 - 1.4%	0.5 - 0.7%	1.6 - 2.5%
Expected dividend yield	None	None	None

The Company estimates expected term based on historical exercise patterns. The Company uses its historical stock price volatility consistent with the expected term of grant as the basis for its expected volatility assumption. The risk-free interest rate is based upon the yield of U.S. Treasury securities consistent with the expected term of the option. The dividend yield assumption is based on the Company’s history of zero dividend payouts and expectation that no dividends will be paid in the foreseeable future.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue.

Revenue

(13) Revenue

Product Development and Licensing Revenue

The Company’s agreement with Rockefeller University, as amended, (the “Rockefeller Agreement”) provides for the Company to perform manufacturing and development services for Rockefeller University for their portfolio of antibodies against HIV. This portfolio was licensed to Gilead Sciences in January 2020 from Rockefeller University (“Rockefeller Transaction”). Pursuant to the Rockefeller Agreement, the Company received an upfront payment of $1.8 million as a result of the Rockefeller Transaction which was recorded to revenue during the first quarter of 2020. The Company is eligible to receive additional payments from Rockefeller University if this portfolio progresses through clinical and commercial development.

Contract and Grants Revenue

The Company has entered into the Rockefeller Agreement and agreements with Gilead Sciences and Duke University pursuant to which the Company performs manufacturing and research and development services on a time-and-materials basis or at a negotiated fixed-price. The Company recognized $4.1 million, $4.5 million and $2.6 million in revenue under these agreements during the years ended December 31, 2021, 2020 and 2019, respectively.

During the third quarter of 2020, the Company was awarded a Small Business Innovation Research (“SBIR”) grant from the National Institutes of Health (NIH) to support the Company’s CDX-1140 and CDX-301 programs. The Company recognized $0.4 million and $0.4 million in grant revenue under the award during the years ended December 31, 2021 and 2020, respectively.

Contract Assets and Liabilities

At December 31, 2021 and 2020, the Company’s right to consideration under all contracts was considered unconditional, and as such, there were no recorded contract assets. At December 31, 2021, the Company had $0.4 million in contract liabilities recorded, which is expected to be recognized during the next 12 months as manufacturing and research and development services are performed. At December 31, 2020, the Company had $3.4 million in contract liabilities recorded. Revenue recognized from contract liabilities as of December 31, 2020 during the year ended December 31, 2021 was $3.4 million.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Collaboration Agreements

12 Months Ended

Dec. 31, 2021

Collaboration Agreements

Collaboration Agreements

(14) Collaboration Agreements

The Company has entered into license agreements whereby the Company has received licenses or options to license technology, specified patents and/or patent applications. These license and collaboration agreements generally provide for royalty payments equal to specified percentages of product sales, annual license maintenance fees, continuing patent prosecution costs and potential future milestone payments to third parties upon the achievement of certain development, regulatory and/or commercial milestones. Nonrefundable license fee expense of $0.1 million, $0.2 million and $0.1 million was recorded to research and development expense for the years ended December 31, 2021, 2020 and 2019, respectively.

University of Southampton, UK (Southampton)

Under a license agreement with Southampton, the Company acquired the rights to develop human antibodies towards CD27, a potentially important target for immunotherapy of various cancers. The Company may be required to pay Southampton milestones of up to approximately $1.0 million upon obtaining first approval for commercial sale in a first indication and royalty payments in the low-single digits on any net product sales with respect to development and commercialization of CDX-527.

Amgen Inc. (Amgen)

Under a license agreement with Amgen, the Company acquired the exclusive rights to CDX-301 and CD40 ligand, or CD40L. CDX-301 and CD40L are immune modulating molecules that increase the numbers and activity of immune cells that control immune responses. The Company may be required to pay Amgen milestones of up to $0.9 million upon obtaining first approval for commercial sale in a first indication and royalty payments in the low-single digits on any net product sales with respect to development and commercialization of the technology licensed from Amgen, including CDX-301.

Yale University (Yale)

Under a license agreement with Yale, the Company may be required to make a one-time payment to Yale of $3.0 million with respect to each therapeutic or prophylactic RTK royalty-bearing product, including CDX-0159, that achieves a specified commercial milestone. In addition, the Company may be required to pay a low single-digit royalty on annual worldwide net sales of each RTK royalty-bearing product, including CDX-0159. Unless earlier terminated by us or Yale, the Yale license agreement is due to expire no later than May 2038 but may expire earlier on a country-by-country basis under specified circumstances.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

(15) Income Taxes

The components of income tax benefit (provision) are as follows:


	Year Ended December 31,
	2021		2020		2019

	(In thousands)
Income tax benefit (provision):
Federal	$	18,513	$	16,615	$	13,869
State		7,082		5,802		2,170
Expiration of NOLs and R&D credit		(14,210)		(20,294)		(18,966)
		11,385		2,123		(2,927)
Deferred tax valuation allowance		(11,158)		(956)		2,927
	$	227	$	1,167	$	—

A reconciliation between the amount of reported income tax and the amount computed using the U.S. statutory rate is as follows:


	2021		2020		2019

	(In thousands)
Pre-tax loss	$	(70,738)	$	(60,947)	$	(50,878)
Loss at statutory rates		(14,855)		(12,799)		(10,684)
Research and development credits		(2,422)		(1,778)		(1,902)
State taxes		(7,082)		(5,802)		(2,170)
Other		(941)		(1,152)		(1,011)
Change in fair value remeasurement of contingent consideration		(295)		(886)		(272)
Expiration of NOLs and R&D credit		14,210		20,294		18,966
Change in valuation allowance		11,158		956		(2,927)
Income tax (benefit) provision	$	(227)	$	(1,167)	$	—

Deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using future expected enacted rates. The principal components of the deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows:


	December 31,		December 31,
	2021		2020

	(In thousands)
Gross deferred tax assets
Net operating loss carryforwards	$	183,711	$	174,369
Tax credit carryforwards		47,927		44,936
Deferred research and development expenses		59,753		63,215
Stock-based compensation		14,719		13,196
Fixed assets		1,287		1,303
Accrued expenses and other		370		325
		307,767		297,344
Gross deferred tax liabilities
IPR&D intangibles		(6,840)		(7,802)
Total deferred tax assets and liabilities		300,927		289,542
Valuation allowance		(302,540)		(291,382)
Net deferred tax liability	$	(1,613)	$	(1,840)

The Company has evaluated the positive and negative evidence bearing upon the realizability of its net deferred tax assets and considered its history of losses, ultimately concluding that it is “more likely than not” that the Company will not recognize the benefits of federal, state and foreign deferred tax assets and, as such, has maintained a full valuation allowance on its deferred tax assets.

In response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020. Among other provisions, the CARES Act included (i) the ability to use net operating losses to offset income without the 80% taxable income limitation enacted as part of the Tax Cuts and Jobs Act (“TCJA”) for net operating losses incurred in the 2018, 2019 or 2020 tax years; and (ii) the ability to claim a current deduction for interest expense up to 50% of adjusted taxable income for the 2019 and 2020 tax years (rather than 30% of adjusted taxable income pursuant to the TCJA). We do not expect that any of the provisions of the CARES Act will result in a material impact to the financial statements.

The net deferred tax liability of $1.6 million and $1.8 million at December 31, 2021 and 2020, respectively, relates to the temporary differences associated with the IPR&D intangible assets acquired in previous business combinations and are not deductible for tax purposes. The Company recorded an income tax benefit of $0.2 million during the year ended December 31, 2021 due to a decrease in deferred tax liabilities resulting from the impairment of the TAM program IPR&D asset in the third quarter of 2021. The Company recorded an income tax benefit of $1.2 million during the year ended December 31, 2020 due to a decrease in deferred tax liabilities resulting from the impairment of the CDX-3379 IPR&D asset in the second quarter of 2020 and the partial impairment of the TAM program IPR&D asset in the fourth quarter of 2020.

As of December 31, 2021, the Company had federal and state net operating loss carryforwards of $622.4 million and $812.2 million, respectively, which may be available to offset certain future income tax liabilities and begin to expire in 2022 and 2029, respectively. Of the federal net operating loss carryforwards of $622.4 million, approximately $293.8 million are from 2018, 2019, 2020 and 2021 and have no expiration date. As of December 31, 2021, the Company also had federal and state research and development tax credit carryforwards of $37.6 million and $13.1 million, respectively, which may be available to offset future income tax liabilities and begin to expire in 2022 and 2021, respectively.

Utilization of the net operating loss carryforwards and research and credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, or Section 382, due to ownership changes that occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has estimated the amounts of net operating loss and research and development tax credit carryforwards which will expire unutilized as a result of its estimated annual limitations under Section 382 and has excluded those amounts from the carryforward amounts disclosed above and in the deferred tax assets and liabilities table included in this footnote. The Company has concluded Section 382 studies through 2015 for Celldex generated NOLs.

Beginning with the 2016 tax returns, the Company elected to classify the Australian entity as a disregarded entity for income tax purposes. The foreign pre-tax losses have been included with the Federal net operating loss carryforwards. In 2019 the Australian Subsidiary was liquidated and $14.9 million of Foreign Net Operating Loss Carryovers related to the foreign subsidiary were written off.

As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits.

Massachusetts, New Jersey, New York and Connecticut are the jurisdictions in which the Company primarily operates or has operated and has income tax nexus. The Company is not currently under examination by these or any other jurisdictions for any tax year. Generally, in U.S. federal and state taxing jurisdictions, all years which generated net operating losses and/or tax credit carryforwards remain subject to examination to the extent those carryforwards are utilized in a subsequent period.

- 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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Retirement Savings Plan

12 Months Ended

Dec. 31, 2021

Retirement Savings Plan

Retirement Savings Plan

(16) Retirement Savings Plan

The Company maintains a 401(k) Plan which is available to substantially all employees. Under the terms of the 401(k) Plan, participants may elect to contribute up to 60% of their compensation or the statutory prescribed limits. The Company may make 50% matching contributions on up to 4% of a participant’s annual salary. Benefit expense for the 401(k) Plan was $0.4 million, $0.3 million and $0.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Kolltan Acquisition

12 Months Ended

Dec. 31, 2021

Kolltan Acquisition

Kolltan Acquisition

(17) Kolltan Acquisition

On November 29, 2016, the Company acquired all of the share and debt interests of Kolltan, a clinical-stage biopharmaceutical company, in exchange for 1,217,200 shares of the Company’s common stock plus contingent consideration in the form of development, regulatory approval and sales-based milestones (“Kolltan Milestones”) of up to $172.5 million. The payment of Kolltan Milestones, if any, may be made, at Celldex’s sole election, in cash, in shares of Celldex’s common stock or a combination of both, subject to provisions of the Agreement and Plan of Merger, dated November 1, 2016 (the “Merger Agreement”). Certain Kolltan Milestones related to the METRIC clinical study, TAM partnership closing within two years of the acquisition, CDX-3379 and CDX-0158 have been abandoned and, because of this, as of December 31, 2021, the Company believes that the adjusted amount we may be required to pay for future consideration is up to $107.5 million contingent upon the achievement of the Kolltan Milestones.

In October 2019, the Company received a letter from Shareholder Representative Services LLC (“SRS”), the hired representative of the former stockholders of Kolltan, notifying the Company that it objected to the Company’s characterization of the development, regulatory approval and sales-based Kolltan Milestones relating to CDX-0158 as having been abandoned and contending instead that the related milestone payments are due from Celldex to the Kolltan stockholder. The Company disagrees with their objection and believes their objection to be without merit.

On August 18, 2020, Celldex filed a Verified Complaint in the Court of Chancery of the State of Delaware against SRS (acting in its capacity as the representative of the former stockholders of Kolltan pursuant to the Merger Agreement) seeking declaratory relief with respect to the rights and obligations of the parties relating to certain contingent milestone payments under the Merger Agreement relating to the discontinued CDX-0158 program. Specifically, Celldex sought the entry of an order declaring that:

(i)

Celldex’s determination to discontinue the development of CDX-0158 (formerly known as KTN0158) was proper and valid under the Merger Agreement;

(ii)

the Milestone Abandonment Notice dated December 5, 2018 from Celldex was valid and effective under the Merger Agreement and that the “Successful Completion of Phase I Clinical Trial for KTN0158” Milestone has not been achieved and has properly been abandoned; and

(iii)

under the Merger Agreement, the CDX-0159 program is not a program that results in milestone payments under the Merger Agreement.

In SRS’ responsive Answer and Verified Counterclaim, SRS made claims of breach of contract with respect to the Merger Agreement, breach of implied covenant of good faith and fair dealing, declaratory relief, and unjust enrichment regarding abandonment of the CDX-0158 milestones, based in part on SRS’ assertion that the CDX-0159 program is in essence an extension of the CDX-0158 (formerly KTN0158) program. The parties entered into non-binding mediation in May 2021 following SRS's approach to Celldex about its interest in settlement or mediation discussions, but those discussions did not result in a resolution of the dispute. The case remains ongoing and we are currently unable to predict or estimate the outcome of this matter. The case is currently scheduled for trial in June 2022.

Following the Company’s discontinuation of the CDX-3379 program, the Company sent a milestone abandonment notice to SRS with respect to Kolltan Milestones related to the CDX-3379 program. In October 2020, the Company received notice that SRS has objected to that notice, seeking further information from the Company, which was provided pursuant to the terms of the Merger Agreement.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Marketable Securities

Marketable Securities

Concentration of Credit Risk and of Significant Customers and Suppliers

Concentration of Credit Risk and of Significant Customers and Suppliers

Fair Value Measurements

Fair Value Measurements

Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

Property and Equipment

Property and Equipment

Leases

Leases

The Company has operating leases of office, manufacturing and laboratory space, which have remaining lease terms of one to four years and may include one or more options to renew or terminate early.

Other Assets

Other Assets

Contingent Consideration

Contingent Consideration

Intangible Assets

Intangible Assets

Impairment of Intangible and Long-Lived Assets

Impairment of Intangible and Long-Lived Assets

Revenue Recognition

Revenue Recognition

The Company determines revenue recognition through the following steps:

●

Identification of the contract, or contracts, with a customer;

●

Identification of the performance obligations in the contract;

●

Determination of the transaction price;

●

Allocation of the transaction price to the performance obligations in the contract; and

●

Recognition of revenue when, or as, the Company satisfies a performance obligation.

Contract Assets and Liabilities

Contract Assets and Liabilities

Research and Development Expenses

Research and Development Expenses

Patent Costs

Patent Costs

Stock-Based Compensation

Stock-Based Compensation

Foreign Currency Translation

Foreign Currency Translation

Income Taxes

Income Taxes

Comprehensive Loss

Comprehensive Loss

Net Loss Per Share

Net Loss Per Share


	Year Ended December 31,
	2021	2020	2019
Stock options	4,077,667	3,042,229	1,699,202
Restricted stock	—	—	1,110
	4,077,667	3,042,229	1,700,312

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive


	Year Ended December 31,
	2021	2020	2019
Stock options	4,077,667	3,042,229	1,699,202
Restricted stock	—	—	1,110
	4,077,667	3,042,229	1,700,312

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income

Schedule of changes in accumulated other comprehensive income


	Unrealized
	Gain (Loss) on
	Marketable		Foreign
	Securities		Currency Items		Total

	(In thousands)
Balance at December 31, 2020	$	(7)	$	2,596	$	2,589
Other comprehensive loss		(695)		—		(695)
Balance at December 31, 2021	$	(702)	$	2,596	$	1,894

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Schedule of financial assets and liabilities subject to fair value measurements


	As of
	December 31, 2021		Level 1	Level 2		Level 3

	(In thousands)
Assets:
Money market funds and cash equivalents	$	26,220	—	$	26,220		—
Marketable securities		369,107	—		369,107		—
	$	395,327	—	$	395,327		—
Liabilities:
Kolltan acquisition contingent consideration	$	6,862	—		—	$	6,862
	$	6,862	—		—	$	6,862


	As of
	December 31, 2020		Level 1	Level 2		Level 3

	(In thousands)
Assets:
Money market funds and cash equivalents	$	35,066	—	$	35,066		—
Marketable securities		150,586	—		150,586		—
	$	185,652	—	$	185,652		—
Liabilities:
Kolltan acquisition contingent consideration	$	8,267	—		—	$	8,267
	$	8,267	—		—	$	8,267

Schedule of the contingent consideration liabilities measured at fair value using Level 3 inputs

The following table reflects the activity for the Company’s contingent consideration liabilities measured at fair value using Level 3 inputs for the year ended December 31, 2021 (in thousands):


	Other Liabilities:
	Contingent
	Consideration
Balance at December 31, 2020	$	8,267
Fair value adjustments included in operating expenses		(1,405)
Balance at December 31, 2021	$	6,862

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Marketable Securities

Schedule of marketable debt securities, classified as available-for-sale


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In thousands)
December 31, 2021
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	80,674	$	—	$	(133)	$	80,541
Maturing after one year through three years		51,319		—		(184)		51,135
Total U.S. government and municipal obligations	$	131,993	$	—	$	(317)	$	131,676
Corporate debt securities
Maturing in one year or less	$	170,034	$	—	$	(28)	$	170,006
Maturing after one year through three years		67,782		—		(357)		67,425
Total corporate debt securities	$	237,816	$	—	$	(385)	$	237,431
Total marketable securities	$	369,809	$	—	$	(702)	$	369,107
December 31, 2020
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	40,328	$	3	$	(2)	$	40,329
Maturing after one year through three years		—		—		—		—
Total U.S. government and municipal obligations	$	40,328	$	3	$	(2)	$	40,329
Corporate debt securities
Maturing in one year or less	$	110,265	$	2	$	(10)	$	110,257
Maturing after one year through three years		—		—		—		—
Total corporate debt securities	$	110,265	$	2	$	(10)	$	110,257
Total marketable securities	$	150,593	$	5	$	(12)	$	150,586

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property and Equipment, Net

Schedule of property and equipment


	December 31,		December 31,
	2021		2020

	(In thousands)
Laboratory equipment	$	8,581	$	8,566
Manufacturing equipment		2,571		2,630
Office furniture and equipment		3,362		3,409
Leasehold improvements		9,531		10,103
Construction in progress		632		344
Total property and equipment		24,677		25,052
Less: accumulated depreciation and amortization		(21,126)		(21,237)
Property and equipment, net	$	3,551	$	3,815

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Schedule of future minimum lease payments under non-cancellable leases

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:


2022	$	1,970
2023		1,269
2024		73
Total lease payments		3,312
Less imputed interest		(270)
Present value of operating lease liabilities	$	3,042

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses

Schedule of accrued expenses


	December 31,		December 31,
	2021		2020

	(In thousands)
Accrued payroll and employee benefits	$	7,968	$	6,113
Accrued research and development contract costs		2,871		1,590
Accrued professional fees		878		421
Other accrued expenses		283		335
	$	12,000	$	8,459

Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Long-Term Liabilities

Schedule of other long-term liabilities


	December 31,		December 31,
	2021		2020

	(In thousands)
Net deferred tax liabilities related to IPR&D (Note 15)	$	1,613	$	1,840
Contingent milestones (Note 4)		6,862		8,267
Deferred revenue (Note 13)		433		3,386
Total		8,908		13,493
Less current portion		(1,554)		(3,372)
Long-term portion	$	7,354	$	10,121

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Schedule of stock option activity


		Weighted		Weighted
		Average		Average
		Exercise		Remaining
		Price		Contractual
	Shares	Per Share		Term (In Years)
Options outstanding at December 31, 2020	3,042,229	$	28.93	8.2
Granted	1,383,410	$	28.55
Exercised	(259,322)	$	8.72
Canceled	(88,650)	$	31.89
Options outstanding at December 31, 2021	4,077,667	$	30.02	8.0
Options vested and expected to vest at December 31, 2021	3,952,611	$	30.31	8.0
Options exercisable at December 31, 2021	1,483,998	$	49.01	6.6
Shares available for grant under the 2021 Plan	3,304,217

Schedule of stock-based compensation expense


	2021		2020		2019

	(In thousands)
Research and development	$	4,525	$	1,933	$	2,053
General and administrative		4,428		1,982		2,498
Total stock-based compensation expense	$	8,953	$	3,915	$	4,551

Schedule of assumptions used for the fair value of employee stock options granted


	2021	2020	2019
Expected stock price volatility	97 - 98%	91 - 98%	90 - 91%
Expected option term	6.0 Years	6.0 Years	6.0 Years
Risk-free interest rate	0.8 - 1.4%	0.5 - 0.7%	1.6 - 2.5%
Expected dividend yield	None	None	None

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of income tax benefit (provision)


	Year Ended December 31,
	2021		2020		2019

	(In thousands)
Income tax benefit (provision):
Federal	$	18,513	$	16,615	$	13,869
State		7,082		5,802		2,170
Expiration of NOLs and R&D credit		(14,210)		(20,294)		(18,966)
		11,385		2,123		(2,927)
Deferred tax valuation allowance		(11,158)		(956)		2,927
	$	227	$	1,167	$	—

Schedule of reconciliation between the amount of reported income tax and the amount computed using the U.S. Statutory rate


	2021		2020		2019

	(In thousands)
Pre-tax loss	$	(70,738)	$	(60,947)	$	(50,878)
Loss at statutory rates		(14,855)		(12,799)		(10,684)
Research and development credits		(2,422)		(1,778)		(1,902)
State taxes		(7,082)		(5,802)		(2,170)
Other		(941)		(1,152)		(1,011)
Change in fair value remeasurement of contingent consideration		(295)		(886)		(272)
Expiration of NOLs and R&D credit		14,210		20,294		18,966
Change in valuation allowance		11,158		956		(2,927)
Income tax (benefit) provision	$	(227)	$	(1,167)	$	—

Schedule of principal components of the deferred tax assets and liabilities


	December 31,		December 31,
	2021		2020

	(In thousands)
Gross deferred tax assets
Net operating loss carryforwards	$	183,711	$	174,369
Tax credit carryforwards		47,927		44,936
Deferred research and development expenses		59,753		63,215
Stock-based compensation		14,719		13,196
Fixed assets		1,287		1,303
Accrued expenses and other		370		325
		307,767		297,344
Gross deferred tax liabilities
IPR&D intangibles		(6,840)		(7,802)
Total deferred tax assets and liabilities		300,927		289,542
Valuation allowance		(302,540)		(291,382)
Net deferred tax liability	$	(1,613)	$	(1,840)

Nature of Business and Overview (Details) $ in Thousands		12 Months Ended
Nature of Business and Overview (Details) $ in Thousands	Feb. 08, 2019	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Nature of Business and Overview
Reverse stock split	0.067
Cash, cash equivalents and marketable securities		$ 408,300
Net loss		(70,511)	$ (59,780)	$ (50,878)
Net cash used in operations		(60,909)	(40,404)	$ (46,415)
Gross carrying amount of indefinite-lived		$ 27,200	$ 30,700

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2021 segment
Summary of Significant Accounting Policies
Operating segments (in segments)	1

Summary of Significant Accounting Policies - Concentration of Credit Risk and Significant Customers and Suppliers (Details) - Revenue - Customer concentration	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Combined Rockefeller University and Gilead Sciences
Concentration risk
Concentration risk (as a percent)	88.00%	85.00%
Combined Rockefeller and Duke University
Concentration risk
Concentration risk (as a percent)			74.00%

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Laboratory equipment
Property and Equipment
Useful lives (in years)	5 years
Office furniture and equipment
Property and Equipment
Useful lives (in years)	5 years
Computer equipment
Property and Equipment
Useful lives (in years)	3 years
Manufacturing equipment \| Minimum
Property and Equipment
Useful lives (in years)	7 years
Manufacturing equipment \| Maximum
Property and Equipment
Useful lives (in years)	10 years

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2019
Right-of-use assets	$ 2,970	$ 3,449
Lease liabilities	3,042
ASC 842
Right-of-use assets	1,000	1,900
Lease liabilities	$ 1,000	$ 1,900	$ 1,400
Term of lease (in years)			3 years
Minimum
Term of lease (in years)	1 year
Maximum
Term of lease (in years)	4 years

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies
Non-controlling investment		$ 1.8
Non-cash impairment charge on investments	$ 1.8

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Unrealized gain related to foreign currency translation included in AOCI	$ 2.6	$ 2.6

Summary of Significant Accounting Policies - Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net loss per share
Potentially dilutive common shares not been included in net loss per common share calculations because the effect would have been anti-dilutive	4,077,667	3,042,229	1,700,312
Stock options
Net loss per share
Potentially dilutive common shares not been included in net loss per common share calculations because the effect would have been anti-dilutive	4,077,667	3,042,229	1,699,202
Restricted stock
Net loss per share
Potentially dilutive common shares not been included in net loss per common share calculations because the effect would have been anti-dilutive			1,110

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income
Balance	$ 209,357	$ 94,026	$ 124,060
Balance	419,476	209,357	94,026
Amounts reclassified from AOCI	0	0	0
Unrealized Gain (Loss) on Marketable Securities, net of tax
Accumulated Other Comprehensive Income
Balance	(7)
Other comprehensive loss	(695)
Balance	(702)	(7)
Foreign Currency Items
Accumulated Other Comprehensive Income
Balance	2,596
Balance	2,596	2,596
Accumulated Other Comprehensive Income.
Accumulated Other Comprehensive Income
Balance	2,589	2,619	2,583
Other comprehensive loss	(695)
Balance	$ 1,894	$ 2,589	$ 2,619

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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-Name Accounting Standards Codification
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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities:
Kolltan acquisition contingent consideration	$ 6,862	$ 8,267
Fair value \| Level 3
Liabilities:
Kolltan acquisition contingent consideration	6,862	8,267
Fair Value Measurements. \| Level 2
Assets:
Money market funds and cash equivalents	26,220	35,066
Marketable securities	369,107	150,586
Total financial assets at fair value	395,327	185,652
Fair Value Measurements. \| Level 3
Liabilities:
Kolltan acquisition contingent consideration	6,862	8,267
Total financial liabilities at fair value	6,862	8,267
Fair Value Measurements. \| Fair value
Assets:
Money market funds and cash equivalents	26,220	35,066
Marketable securities	369,107	150,586
Total financial assets at fair value	395,327	185,652
Liabilities:
Kolltan acquisition contingent consideration	6,862	8,267
Total financial liabilities at fair value	$ 6,862	$ 8,267

Fair Value Measurements - Contingent Consideration Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Contingent consideration liabilities measured at fair value
Balance at beginning of period	$ 8,267
Balance at end of period	6,862
Fair value \| Level 3
Contingent consideration liabilities measured at fair value
Balance at beginning of period	8,267
Fair value adjustments included in operating expenses	(1,405)
Balance at end of period	$ 6,862

Fair Value Measurements - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair value measurements
Gain on Fair Value Remeasurement of Contingent Consideration	$ 1,405	$ 4,218	$ 1,294
Discount rate \| Weighted average
Fair value measurements
Measurement input	7.3
Discount rate \| Minimum
Fair value measurements
Measurement input	6.9
Discount rate \| Maximum
Fair value measurements
Measurement input	8.2
Time until the conditions of the milestone payments are met
Fair value measurements
Measurement input	3
Fair value
Fair value measurements
Asset transfer out of level 3	$ 0	0
Asset transfer into level 3	0	0
Liabilities transfers into level 3	0	0
Assets level 1 to level 2 transfers	0	0
Assets level 2 to level 1 transfers	0	0
Liabilities level 1 to level 2 transfers	0	0
Liabilities level 2 to level 1 transfers	$ 0	$ 0
Fair value \| Weighted average
Fair value measurements
Measurement input	49.3
Fair value \| Minimum
Fair value measurements
Measurement input	5.1
Fair value \| Maximum
Fair value measurements
Measurement input	68.6

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Amortized Cost	$ 369,809	$ 150,593
Gross Unrealized Gains
Gross Unrealized Gains		5
Gross Unrealized Losses
Gross Unrealized Losses	(702)	(12)
Fair Value
Fair Value	369,107	150,586
U.S. government and municipal obligations
Amortized Cost
Maturing in one year or less	80,674	40,328
Maturing after one year through three years	51,319
Amortized Cost	131,993	40,328
Gross Unrealized Gains
Maturing in one year or less		3
Gross Unrealized Gains		3
Gross Unrealized Losses
Maturing in one year or less	(133)	(2)
Maturing after one year through three years	(184)
Gross Unrealized Losses	(317)	(2)
Fair Value
Maturing in one year or less	80,541	40,329
Maturing after one year through three years	51,135
Fair Value	131,676	40,329
Corporate debt securities
Amortized Cost
Maturing in one year or less	170,034	110,265
Maturing after one year through three years	67,782
Amortized Cost	237,816	110,265
Gross Unrealized Gains
Maturing in one year or less		2
Gross Unrealized Gains		2
Gross Unrealized Losses
Maturing in one year or less	(28)	(10)
Maturing after one year through three years	(357)
Gross Unrealized Losses	(385)	(10)
Fair Value
Maturing in one year or less	170,006	110,257
Maturing after one year through three years	67,425
Fair Value	$ 237,431	$ 110,257

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities
Number of investment-grade securities in unrealized loss position over 12 months	$ 0
Accrued interest	$ 1,300	$ 200

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment
Total property and equipment	$ 24,677	$ 25,052
Less: accumulated depreciation and amortization	(21,126)	(21,237)
Property and equipment, net	3,551	3,815
Depreciation and amortization expense	3,068	3,929	$ 4,858
Laboratory equipment
Property and Equipment
Total property and equipment	8,581	8,566
Manufacturing equipment
Property and Equipment
Total property and equipment	2,571	2,630
Office furniture and equipment
Property and Equipment
Total property and equipment	3,362	3,409
Leasehold Improvements
Property and Equipment
Total property and equipment	9,531	10,103
Construction in Progress
Property and Equipment
Total property and equipment	632	344
Property and equipment
Property and Equipment
Depreciation and amortization expense	$ 1,600	$ 2,000	$ 2,700

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($) ft²
Leases
Lease to eliminate square feet \| ft²				16,200
Renewal term (in years)				5 years
Lease, remaining square feet \| ft²				33,400
Lease liabilities	$ 3,042
Right-of-use assets	2,970	$ 3,449
Operating lease expense	1,900	2,300	$ 2,500
Variable lease expense	700	1,200	$ 1,500
Operating lease payments	$ 1,800	$ 2,400
Weighted-average remaining lease term	2 years	2 years
Weighted-average discount rate	10.00%	10.40%
Minimum
Leases
Term of lease (in years)	1 year
Maximum
Leases
Term of lease (in years)	4 years
ASC 842
Leases
Term of lease (in years)				3 years
Lease liabilities	$ 1,000	$ 1,900		$ 1,400
Right-of-use assets	$ 1,000	$ 1,900

Leases - Future minimum lease payments under non-cancellable leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating lease liabilities, payments due
2022	$ 1,970
2023	1,269
2024	73
Total lease payments	3,312
Less imputed interest	(270)
Present value of operating lease liabilities	$ 3,042

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Non-cash impairment charge, finite lived	$ 3,500		$ 3,500
Indefinite-lived intangible assets		$ 30,700		$ 27,200	$ 30,700
Intangible asset impairment				$ 3,500	$ 18,000
IPR&D
Intangible assets
Intangible asset impairment		$ 14,500

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses
Accrued payroll and employee benefits	$ 7,968	$ 6,113
Accrued research and development contract costs	2,871	1,590
Accrued professional fees	878	421
Other accrued expenses	283	335
Accrued expenses	$ 12,000	$ 8,459

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Long-Term Liabilities
Net deferred tax liabilities related to IPR&D (Note 15)	$ 1,613	$ 1,840
Contingent milestones (Note 4)	6,862	8,267
Deferred revenue (Note 13)	433	3,386
Total	8,908	13,493
Less current portion	(1,554)	(3,372)
Long-term portion	$ 7,354	$ 10,121

Other Long-Term Liabilities- New Jersey tax benefits (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2015	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment and other income		$ 505	$ 2,407	$ 4,153
New Jersey tax benefits
Amount of tax benefit	$ 9,800
Proceeds from sale of tax credits	$ 9,200
Base of operations requirement (in years)		5 years
Investment and other income		$ 0	$ 1,800	$ 2,400

Stockholders' Equity (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, shares authorized			3,000,000	3,000,000
Preferred stock, shares outstanding			0	0
Net proceeds from sale of common stock			$ 269,893	$ 170,792	$ 16,248
Series C-1 Preferred Stock
Preferred stock, shares authorized			350,000
Preferred stock, shares outstanding			0	0
Common Stock
Shares issued in connection with at the market agreement (in shares)				7,125,004	5,011,157
Net proceeds from sale of common stock				$ 29,400	$ 16,200
Common stock issued (in shares)			6,845,238	15,384,614
Aggregate gross offering price available			$ 50,000
Underwritten Public Offering
Net proceeds from sale of common stock	$ 269,900	$ 141,400
Common stock issued (in shares)	6,845,238	15,384,614

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
2004 ESPP Plan
Stock-Based Compensation
Common stock reserved for issuance (in shares)	276,666
Purchase price of fair value of common stock (in percent)	85.00%
Issued (in shares)	21,867	39,817	3,507
Available for issuance (in shares)	188,475
2008 Plan
Stock-Based Compensation
Available for issuance (in shares)	0

Stock-Based Compensation - Employee Stock Option and Incentive Plan (Details) - Stock options	12 Months Ended
	Dec. 31, 2021 shares
Stock-Based Compensation
Common stock authorized grants (in shares)	2,715,457
Vesting period (in years)	4 years
Expiration period (in years)	10 years
Principal Owner
Stock-Based Compensation
Expiration period (in years)	5 years
Exercise price as a percentage of fair market value	110.00%

Stock-Based Compensation - Stock Option Activity (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares
Options outstanding at beginning of the period (in shares)	3,042,229
Granted (in shares)	1,383,410
Exercised (in shares)	(259,322)
Canceled (in shares)	(88,650)
Options outstanding at the end of the period (in shares)	4,077,667	3,042,229
Options vested and expected to vest at the end of the period (in shares)	3,952,611
Options exercisable at the end of the period (in shares)	1,483,998
Shares available for grant under the 2021 Plan	3,304,217
Weighted Average Exercise Price Per Share
Options outstanding at beginning of the period (in dollars per share)	$ 28.93
Granted (in dollars per share)	28.55
Exercised (in dollars per share)	8.72
Canceled (in dollars per share)	31.89
Options outstanding at the end of the period (in dollars per share)	30.02	$ 28.93
Options vested and expected to Vest at the end of the period (in dollars per share)	30.31
Options exercisable at the end of the period (in dollars per share)	$ 49.01
Weighted Average Remaining Contractual Term (In Years)
Options outstanding at the end of the period	8 years	8 years 2 months 12 days
Options vested and expected to vest at the end of the period	8 years
Options exercisable at the end of the period	6 years 7 months 6 days

Stock-Based Compensation - Employee Stock Option and Incentive Plan Activity Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Additional information
Weighted average period compensation cost is expected to be recognized (in years)	2 years 8 months 12 days
Stock options
Additional information
Intrinsic value of options exercised	$ 9.4	$ 0.8	$ 0.0
Weighted average grant-date fair value (in dollars per share)	$ 22.16	$ 8.08	$ 2.08
Fair value of options vested	$ 5.9	$ 2.4	$ 4.9
Intrinsic value of options outstanding	84.7
Intrinsic value of options vested and expected to vest	82.4
Intrinsic value of options exercisable	33.7
Compensation cost not yet recognized	$ 31.7

Stock-Based Compensation - Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation expense
Stock-based compensation expense	$ 8,953	$ 3,915	$ 4,551
Research and development
Stock-based compensation expense
Stock-based compensation expense	4,525	1,933	2,053
General and administrative
Stock-based compensation expense
Stock-based compensation expense	$ 4,428	$ 1,982	$ 2,498

Stock-Based Compensation - Valuation (Details) - Stock options	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Black-Scholes option with following assumptions:
Expected stock price volatility, minimum (as a percent)	97.00%	91.00%	90.00%
Expected stock price volatility, maximum (as a percent)	98.00%	98.00%	91.00%
Expected option term	6 years	6 years	6 years
Risk-free interest rate, minimum (as a percent)	0.80%	0.50%	1.60%
Risk-free interest rate, maximum (as a percent)	1.40%	0.70%	2.50%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Revenue, contract liabilities		$ 3,400
Revenues		4,651	$ 7,418	$ 3,573
Contract assets		0	0
Contract liability		433	3,386
Product development and licensing agreements
Revenue
Revenues		31	2,301	473
Contracts and grants
Revenue
Revenues		4,620	5,117	3,100
Rockefeller \| Product development and licensing agreements
Revenue
Revenues	$ 1,800
Rockefeller \| Contracts and grants
Revenue
Revenues		4,100	4,500	$ 2,600
IAVI & Frontier \| Contracts and grants
Revenue
Revenues		$ 400	$ 400

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Collaboration Agreements (Details) - USD ($) $ in Millions	12 Months Ended
Collaboration Agreements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Agreements
License fee expense	$ 0.1	$ 0.2	$ 0.1
Southampton \| Southampton
Collaborative Agreements
Potential milestone payment	1.0
Amgen \| Amgen
Collaborative Agreements
Potential milestone payment	0.9
Yale \| Yale
Collaborative Agreements
Potential milestone payment	$ 3.0

Income Taxes - Benefit (Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income tax benefit (provision):
Federal	$ 18,513	$ 16,615	$ 13,869
State	7,082	5,802	2,170
Expiration of NOLs and R&D Credit	(14,210)	(20,294)	(18,966)
Income tax benefit (provision) before valuation allowance	11,385	2,123	(2,927)
Deferred tax valuation allowance	(11,158)	(956)	$ 2,927
Income tax benefit (provision)	$ 227	$ 1,167

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation between the amount of reported income tax and the amount computed using U.S. Statutory rate
Pre-tax loss	$ (70,738)	$ (60,947)	$ (50,878)
Loss at statutory rates	(14,855)	(12,799)	(10,684)
Research and development credits	(2,422)	(1,778)	(1,902)
State taxes	(7,082)	(5,802)	(2,170)
Other	(941)	(1,152)	(1,011)
Change in fair value remeasurement of contingent consideration	(295)	(886)	(272)
Expiration of NOLs and R&D credit	14,210	20,294	18,966
Change in valuation allowance	11,158	956	$ (2,927)
Income tax (benefit) provision	$ (227)	$ (1,167)

Income Taxes - Summary of Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Gross deferred tax assets
Net operating loss carryforwards	$ 183,711	$ 174,369
Tax credit carryforwards	47,927	44,936
Deferred research and development expenses	59,753	63,215
Stock-based compensation	14,719	13,196
Fixed assets	1,287	1,303
Accrued expenses and other	370	325
Gross deferred tax assets	307,767	297,344
Gross deferred tax liabilities
IPR&D intangibles	(6,840)	(7,802)
Total deferred tax assets and liabilities	300,927	289,542
Valuation Allowance	(302,540)	(291,382)
Net deferred tax liability	1,613	1,840
Principal components of the deferred tax assets and liabilities
Income Tax Benefit	(227)	(1,167)
IPR&D
Principal components of the deferred tax assets and liabilities
Income Tax Benefit	$ 200	$ 1,200

Income Taxes - Carryforwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Operating Loss Carryforwards
Net operating loss carryforwards with no expiration date			$ 293.8
Foreign pre-tax loss	$ 0.0	$ 0.0
Federal
Operating Loss Carryforwards
Net operating loss carryforwards			622.4
Federal \| R&D credit
Operating Loss Carryforwards
Net operating loss carryforwards			37.6
State
Operating Loss Carryforwards
Net operating loss carryforwards			812.2
State \| R&D credit
Operating Loss Carryforwards
Net operating loss carryforwards			$ 13.1
Australian Subsidiary
Operating Loss Carryforwards
Foreign Net Operating Loss written off		$ 14.9

Retirement Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Savings Plan (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Savings Plan
Maximum contribution by participants (as a percent)	60.00%
Employer matching contributions (as a percent)	50.00%
Maximum percentage of employees' gross pay subject to employer matching contributions	4.00%
Benefit expense for the 401(k) Plan	$ 0.4	$ 0.3	$ 0.3

Kolltan Acquisition (Details) - Kolltan - USD ($) $ in Millions	Nov. 29, 2016	Dec. 31, 2021
Kolltan Acquisition
Shares issued as part of consideration (in shares)	1,217,200
Potential milestone payments	$ 172.5
Specified development, regulatory approvals or sales-based milestones
Kolltan Acquisition
Potential milestone payments		$ 107.5