0000950170-22-002166 | 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	$ 559,994	$ 162,171
Marketable securities	405,653	137,500
Collaboration receivable	300,000
Prepaid expenses and other current assets	7,360	8,650
Total current assets	1,273,007	308,321
Property and equipment, net	84,258	38,513
Restricted cash	12,746	14,840
Operating lease right-of-use assets	102,718	86,859
Other assets	1,724	3,144
Total assets	1,474,453	451,677
Current liabilities:
Accounts payable	7,474	6,314
Accrued expenses and other current liabilities	28,921	18,463
Accrued sub-license fees	38,743
Derivative liabilities	42,200	71,200
Current portion of deferred revenue	86,270	24
Current portion of lease liability	7,540	4,218
Current portion of equipment financing liability	2,287	2,118
Total current liabilities	213,435	102,337
Long-term lease liability	134,810	96,014
Long-term equipment financing liability	3,007	5,294
Contingent consideration liabilities	31,367
Long-term portion of deferred revenue	262,303	394
Other liabilities	2,793	2,077
Total liabilities	647,715	206,116
Commitments and contingencies (See Note 7, Leases, Note 9, License agreements and Note 10, Collaboration and license agreements)
Stockholders' equity:
Preferred stock, $0.01 par value; 25,000,000 and no shares authorized, and no shares issued or outstanding at December 31, 2021 and 2020, respectively
Common stock, $0.01 par value; 250,000,000 shares authorized, 68,581,251 and 58,446,016 issued, and 68,389,425 and 57,254,178 outstanding at December 31, 2021 and 2020, respectively	684	573
Additional paid-in capital	1,594,378	642,633
Accumulated other comprehensive (loss) income	(50)	(9)
Accumulated deficit	(768,274)	(397,636)
Total stockholders' equity	826,738	245,561
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	$ 1,474,453	$ 451,677

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	68,581,251	58,446,016
Common stock, shares outstanding	68,389,425	57,254,178

Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
License and collaboration revenue	$ 51,844	$ 24	$ 18
Revenue, Product and Service [Extensible List]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 387,087	$ 103,179	$ 54,619
General and administrative	57,222	29,605	20,553
Total operating expenses	444,309	132,784	75,172
Loss from operations	(392,465)	(132,760)	(75,154)
Other income (expense):
Change in fair value of derivative liabilities	(1,000)	(63,400)	(5,400)
Change in fair value of non-controlling equity investments	17,690	517
Change in fair value of contingent consideration liabilities	5,146
Interest and other income (expense), net	(9)	1,051	2,228
Total other income (expense)	21,827	(61,832)	(3,172)
Net loss	(370,638)	(194,592)	(78,326)
Unrealized (loss) gain on marketable securities	(41)	(25)	16
Comprehensive loss	(370,679)	(194,617)	(78,310)
Reconciliation of net loss to net loss attributable to common stockholders:
Net loss	(370,638)	(194,592)	(78,326)
Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock		(1,277)	(12,714)
Net loss attributable to common stockholders	$ (370,638)	$ (195,869)	$ (91,040)
Net loss per common share attributable to common stockholders, basic	$ (5.77)	$ (4.19)	$ (14.05)
Net loss per common share attributable to common stockholders, diluted	$ (5.77)	$ (4.19)	$ (14.05)
Weighted-average common shares used in net loss per share attributable to common stockholders, basic	64,227,676	46,733,221	6,479,591
Weighted-average common shares used in net loss per share attributable to common stockholders, diluted	64,227,676	46,733,221	6,479,591

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	IPO	IPO Common Stock	IPO Additional Paid-in Capital	October 2020 Public Offering	October 2020 Public Offering Common Stock	October 2020 Public Offering Additional Paid-in Capital	Private Placement	Private Placement Common Stock	Private Placement Additional Paid-in Capital	At-The-Market	At-The-Market Common Stock	At-The-Market Additional Paid-in Capital	Redeemable Convertible Preferred Stock
Beginning Balance at Dec. 31, 2018	$ (117,406)	$ 56	$ 7,256		$ (124,718)
Beginning Balance, Shares at Dec. 31, 2018		5,565,368
Redeemable convertible preferred stock, Beginning Balance at Dec. 31, 2018																		$ 251,434
Redeemable convertible preferred stock, Beginning Balance, Shares at Dec. 31, 2018																		119,308,387
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $95																		$ 37,901
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $95, Shares																		11,308,397
Accretion of redeemable convertible preferred stock to redemption value																		$ 12,714
Accretion of redeemable convertible preferred stock to redemption value	(12,714)		(12,714)
Vesting of restricted common stock		$ 15	(15)
Vesting of restricted common stock, Shares		1,559,126
Exercise of common stock options	185	$ 2	183
Exercise of common stock options, Shares		184,966
Issuance of common stock related to license agreement	113		113
Issuance of common stock related to license agreement, Shares		16,725
Stock-based compensation	7,028		7,028
Other comprehensive income (loss)	16			$ 16
Net loss	(78,326)				(78,326)
Redeemable convertible preferred stock, Ending Balance at Dec. 31, 2019																		$ 302,049
Redeemable convertible preferred stock, Ending Balance, Shares at Dec. 31, 2019																		130,616,784
Ending Balance at Dec. 31, 2019	(201,104)	$ 73	1,851	16	(203,044)
Ending Balance, Shares at Dec. 31, 2019		7,326,185
Accretion of redeemable convertible preferred stock to redemption value																		$ 1,277
Accretion of redeemable convertible preferred stock to redemption value	(1,277)		(1,277)
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering																		$ (303,326)
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering, Shares																		(130,616,784)
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering	303,326	$ 291	303,035
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering, Shares		29,127,523
Issuance of common stock from initial public offering/private placement/At-the-Market offering, net of issuance costs						$ 188,323	$ 122	$ 188,201	$ 126,624	$ 58	$ 126,566
Issuance of common stock from initial public offering/private placement/At-the-Market offering, net of issuance costs, Shares							12,176,471			5,750,000
Vesting of restricted common stock		$ 16	(16)
Vesting of restricted common stock, Shares		1,638,968
Exercise of common stock options	3,155	$ 9	3,146
Exercise of common stock options, Shares		859,724
Issuance of common stock related to license agreement	5,751	$ 4	5,747
Issuance of common stock related to license agreement, Shares		375,307
Stock-based compensation	15,380		15,380
Other comprehensive income (loss)	(25)			(25)
Net loss	(194,592)				(194,592)
Ending Balance at Dec. 31, 2020	245,561	$ 573	642,633	(9)	(397,636)
Ending Balance, Shares at Dec. 31, 2020		57,254,178
Issuance of common stock from initial public offering/private placement/At-the-Market offering, net of issuance costs												$ 252,005	$ 28	$ 251,977	$ 496,623	$ 49	$ 496,574
Issuance of common stock from initial public offering/private placement/At-the-Market offering, net of issuance costs, Shares													2,795,700			4,907,195
Issuance of common stock for success payment liability	30,000	$ 4	29,996
Issuance of common stock for success payment liability, Shares		349,650
Issuance of common stock to acquire Guide	120,032	$ 10	120,022
Issuance of common stock to acquire Guide, Shares		1,087,153
Vesting of restricted common stock		$ 10	(10)
Vesting of restricted common stock, Shares		1,020,887
Exercise of common stock options	$ 9,626	$ 10	9,616
Exercise of common stock options, Shares	974,662	974,662
Stock-based compensation	$ 43,570		43,570
Other comprehensive income (loss)	(41)			(41)
Net loss	(370,638)				(370,638)
Ending Balance at Dec. 31, 2021	$ 826,738	$ 684	$ 1,594,378	$ (50)	$ (768,274)
Ending Balance, Shares at Dec. 31, 2021		68,389,425

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IPO
Stock issuance costs		$ 18,700
Private Placement
Stock issuance costs	$ 8,000
At-The-Market
Stock issuance costs	$ 14,600
October 2020 Public Offering
Stock issuance costs		$ 8,500
Series B Redeemable Convertible Preferred Stock
Temporary equity, issuance cost			$ 95

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss	$ (370,638)	$ (194,592)	$ (78,326)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,451	4,735	3,503
Amortization of investment discount (premium)	(75)	118	(920)
In-process research and development charge	154,953
Stock-based compensation expense	43,570	15,380	7,028
Change in operating lease right-of-use assets	8,990	4,737	1,904
Non-cash research and development license expense, net		5,651	113
Change in fair value of derivative liabilities	1,000	63,400	5,400
Change in fair value of contingent consideration liabilities	(5,146)
Change in fair value of non-controlling equity investments	(17,690)	(517)
Other, net	63
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	746	(5,726)	(1,258)
Other long-term assets	(197)	(154)	(634)
Accounts payable	818	60	4,092
Accrued expenses and other liabilities	43,914	7,035	3,571
Operating lease liabilities	16,028	3,151	(2,535)
Collaboration receivable	(300,000)
Deferred revenue	348,156
Financing milestone liabilities			(13,750)
Other long-term liabilities	1,789	981	(191)
Net cash used in operating activities	(66,268)	(95,741)	(72,003)
Investing activities
Purchases of property and equipment	(46,811)	(16,357)	(12,518)
Purchases of marketable securities	(777,223)	(281,612)	(129,760)
Maturities of marketable securities	529,270	198,596	76,069
Net cash acquired from Guide	620
Purchase of non-controlling equity investment		(750)	(450)
Net cash used in investing activities	(294,144)	(100,123)	(66,659)
Financing activities
Proceeds from issuance of Series B Preferred Stock, net			37,901
Proceeds from public offering, net of underwriting discount		192,510
Proceeds from issuance of common shares, net of underwriting discount and commissions	757,449
Payment of initial and follow-on equity offering costs	(8,816)	(2,059)	(2,521)
Proceeds from equipment financings		3,267	6,178
Repayment of equipment financings	(2,118)	(1,569)	(464)
Proceeds from exercise of stock options	9,626	3,155	185
Net cash provided by financing activities	756,141	322,322	41,279
Net increase (decrease) in cash, cash equivalents and restricted cash	395,729	126,458	(97,383)
Cash, cash equivalents and restricted cash—beginning of period	177,011	50,553	147,936
Cash, cash equivalents and restricted cash—end of period	572,740	177,011	50,553
Supplemental disclosure of cash flow information:
Cash paid for interest	567	561	187
Supplemental disclosure of non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock to common stock upon closing of the initial public offering		303,326
Property and equipment additions in accounts payable and accrued expenses	9,264	5,067	2,465
Receipt of common stock in exchange for technology license		100	460
Operating lease liabilities arising from obtaining right-of-use assets	25,925	74,723	6,221
Issuance of common stock for research and development licenses		5,751	113
Equity issuance costs in accounts payable and accrued expenses	5		593
Fair value of common stock issued to settle success payment liability	30,000
Contingent consideration liabilities assumed in asset acquisition	36,513
Fair value of equity instruments issued in connection with asset acquisition	$ 120,032
Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock		1,277	$ 12,714
October 2020 Public Offering
Financing activities
Proceeds from issuance of common shares, net of underwriting discount and commissions		$ 127,018

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the business and basis of presentation

Organization

Beam Therapeutics Inc., which we refer to herein as the “Company” or “Beam,” is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. Beam’s vision is to provide life-long cures to patients suffering from genetic diseases. The Company was incorporated on January 25, 2017 as a Delaware corporation and began operations in July 2017. Its principal offices are in Cambridge, Massachusetts.

In February 2021, the Company entered into an Agreement and Plan of Merger, or the Guide Merger Agreement, to acquire Guide Therapeutics, Inc., or Guide. Pursuant to the Guide Merger Agreement, the Company paid Guide’s former stockholders and optionholders upfront consideration in an aggregate amount of $120.0 million, excluding customary purchase price adjustments, in shares of its common stock, based upon the volume-weighted average price of the Company’s common stock over the ten trading-day period ending on February 19, 2021. In addition, Guide’s former stockholders and optionholders are eligible to receive up to an additional $100.0 million in technology milestone payments and $220.0 million in product milestone payments, payable in the Company’s common stock.

Liquidity and capital resources

Since its inception, the Company has devoted substantially all of its resources to building its base editing platform and advancing development of its portfolio of programs, establishing and protecting its intellectual property, conducting research and development activities, making arrangements to conduct manufacturing activities with contract manufacturing organizations, research and development costs including preclinical studies and IND-enabling studies, organizing and staffing the Company, maintaining its facilities and new facility build-outs, business planning, raising capital and providing general and administrative support for these operations. The Company is also in the process of developing internal manufacturing capabilities. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

In February 2020, the Company completed its initial public offering, or IPO, in which the Company issued and sold 12,176,471 shares of its common stock, including 1,588,235 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $17.00 per share, for aggregate gross proceeds of $207.0 million. The Company received approximately $188.3 million in net proceeds after deducting underwriting discounts and offering expenses payable by the Company. In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock converted into 29,127,523 shares of its common stock.

In October 2020, the Company issued and sold 5,750,000 shares of its common stock, including 750,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $23.50 per share, for aggregate gross proceeds of $135.1 million. The Company received approximately $126.6 million in net proceeds after deducting underwriting discounts and offering expenses payable by the Company.

On January 16, 2021, the Company entered into a Securities Purchase Agreement with certain purchasers, pursuant to which the Company agreed to sell and issue to the purchasers, in a private placement, shares of common stock of the Company. The closing of the private placement occurred on January 21, 2021. The Company issued and sold 2,795,700 shares of its common stock at a purchase price of $93.00 per share for aggregate gross proceeds of $260.0 million, before deducting fees to the placement agents and other offering expenses payable by the Company (See Note 11, Preferred and common stock). The Company received approximately $252.0 million in net proceeds after deducting fees to the placement agents and offering expenses payable by the Company.

In April 2021, the Company entered into an at the market, or ATM, sales agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which the Company was entitled to offer and sell, from time to time at prevailing market prices, shares of the Company’s common stock having aggregate gross proceeds of up to $300.0 million. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. Between April and July 2021, the Company has sold 2,908,009 shares of its common stock under the Sales Agreement at an average price of $103.16 per share for aggregate gross proceeds of $300.0 million, before deducting commissions and offering expenses payable by the Company.

In July 2021, the Company and Jefferies entered into an amendment to the Sales Agreement to provide for an increase in the aggregate offering amount under the Sales Agreement, such that as of July 7, 2021, the Company may offer and sell shares of common stock having an aggregate offering price of an additional $500.0 million. As of December 31, 2021, the Company has sold 1,999,186 additional shares of its common stock under the amended Sales Agreement at an average price of $105.65 per share for aggregate gross proceeds of $211.2 million, before deducting commissions and offering expenses payable by the Company, resulting in an aggregate of $511.2 million in gross proceeds received under the Sales Agreement as of December 31, 2021.

In October 2021, the Company entered into an option and license agreement, or the Sana Agreement, with Sana Biotechnology, Inc., or Sana, pursuant to which the Company granted Sana non-exclusive commercial rights to its CRISPR Cas12b nuclease system for certain ex vivo engineered cell therapy programs. Pursuant to this agreement, the Company received an upfront payment of $50.0 million in October 2021.

In December 2021, the Company entered into a research collaboration agreement, or the Pfizer Agreement, with Pfizer Inc., or Pfizer, focused on in vivo base editing programs for three targets for rare genetic diseases of the liver, muscle and central nervous system. Under the terms of the Pfizer Agreement, the Company will conduct all research activities through development candidate selection for three undisclosed targets, which are not included in the Company’s existing programs. Pursuant to this agreement, the Company received an upfront payment of $300.0 million in January 2022.

Since its inception, the Company has incurred substantial losses and had an accumulated deficit of $768.3 million as of December 31, 2021. The Company expects to generate operating losses and negative operating cash flows for the foreseeable future.

The Company expects that its cash, cash equivalents, and marketable securities as of December 31, 2021 of $965.6 million will be sufficient to fund its operations for at least the next 12 months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

COVID-19-related significant risks and uncertainties

With the ongoing concerns related to the COVID-19 pandemic during 2021, the Company has maintained and expanded its business continuity plans to address and mitigate the impact of the COVID-19 pandemic on its business. In March 2020, to protect the health of its employees, and their families and communities, the Company restricted access to its offices to personnel who performed critical activities that must be completed on-site, limited the number of such personnel that could be present at its facilities at any one time, and requested that most of its employees work remotely. In May 2021, as certain states eased restrictions, the Company established new protocols to better allow its full laboratory staff access to the Company’s facilities. These protocols included several shifts working over a seven-day-week protocol. In June 2021, as certain states continued to ease restrictions, the Company started to allow its entire workforce the ability to work on-site at the Company’s facilities, with fewer restrictions, particularly for vaccinated employees. The Company expects to continue incurring additional costs to ensure it adheres to the guidelines instituted by the Centers for Disease Control and Prevention, or CDC, and to provide a safe working environment to its onsite employees.

The extent to which the COVID-19 pandemic impacts the Company’s business, its corporate development objectives, results of operations and financial condition, and the value of and market for its common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements, and the effectiveness of actions taken globally to contain and treat the disease. Disruptions to the global economy and supply chain, disruption of global healthcare systems, and other significant impacts of the COVID-19 pandemic could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects.

While the COVID-19 pandemic did not significantly impact the Company’s business or results of operations during the twelve months ended December 31, 2021, the length and extent of the pandemic, its consequences, and containment efforts will determine the future impact on the Company’s operations and financial condition.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB.

Principles of consolidation

The accompanying consolidated financial statements include the results of operations of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

In September 2021, the Company's wholly-owned subsidiary Blink Therapeutics Inc., or Blink, merged with and into Beam, such that Blink’s separate corporate existence ceased and Beam Therapeutics Inc. continued as the surviving corporation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, incremental borrowing rate used in the calculation of lease liabilities, research and development expenses, the fair values of common stock, stock-based compensation, contingent consideration liabilities, success payments and certain judgements regarding revenue recognition. Actual results could differ from these estimates.

Cash, cash equivalents, and restricted cash

Cash and cash equivalents consist of standard checking accounts, money market accounts, and all highly liquid investments with a remaining maturity of three months or less at the date of purchase. Restricted cash represents collateral provided for letters of credit issued as security deposits in connection with the Company’s leases of its corporate and manufacturing facilities.

The following table reconciles cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets to the total of the amounts shown in the consolidated statements of cash flows (in thousands):


	December 31,
	2021		2020		2019
Cash and cash equivalents	$	559,994	$	162,171	$	37,221
Restricted cash		12,746		14,840		13,332
Total cash, cash equivalents, and restricted cash	$	572,740	$	177,011	$	50,553

Marketable securities

The Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale. Available-for-sale securities are maintained by the Company’s investment managers and consist of commercial paper, high-grade corporate notes, U.S. Treasury securities and government securities. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive (loss) income as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in interest and other income (expense), net.

Corporate equity securities

The Company classifies investments in equity securities that have a readily determinable fair value as marketable securities in the Company's consolidated balance sheets. The Company’s marketable securities are stated at fair value. Typically, the fair value of these securities is based on a quoted price for an identical equity security. The Company also holds an investment in privately issued corporate equity securities, which are accounted for as investments in equity securities. This investment does not have a readily determinable fair value and the Company values the investment based on the cost of the equity securities adjusted for observable market transactions or impairments, if any, and records any changes in value through earnings. The Company records changes in the fair value of its equity securities in other income (expense), net in its consolidated statements of operations and other comprehensive loss.

Concentrations of credit risk

Financial instruments that are potentially subject to significant concentration of credit risk consist primarily of cash, cash equivalents, marketable securities, and restricted cash. The Company attempts to minimize the risk related to marketable securities by working with highly rated financial institutions that invest in a broad and diverse range of financial instruments as defined the Company. The Company has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The Company maintains its funds in accordance with its investment policy, which defines allowable investments, specifies credit quality standards and is designed to limit credit exposure to any single issuer.

Guarantees and indemnifications

As permitted under Delaware law, the Company indemnifies its officers, directors, consultants, and employees for certain events or occurrences that happen by reason of the relationship with, or position held at, the Company. For the twelve months ended December 31, 2021, 2020 and 2019, the Company had not experienced any losses related to these indemnification obligations, and no claims were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established.

Equity issuance costs

The Company capitalizes incremental legal, professional, accounting and other third-party fees that were directly associated with its stock offerings as other non-current assets until the offerings are consummated. Upon consummation, these costs are recorded in stockholders’ equity as a reduction of additional paid-in-capital generated as a result of the offerings. As of December 31, 2021 and 2020, there were no deferred offering costs.

Fair value of financial instruments

ASC Topic 820, Fair Value Measurement, or ASC 820, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the assets or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered value hierarchy that distinguishes between the following:

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs for the asset or liability (i.e. supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgement. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

There have been no changes to the valuation methods utilized during the years ended December 31, 2021 and 2020. The Company evaluates transfers between levels at the end of each reporting period.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Asset category		Estimated useful life
Computer equipment and software		3 years
Laboratory equipment and office furniture		5 years
Leasehold improvements		Shorter of useful life or remaining term

Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in interest and other income (expense). Expenditures for repairs and maintenance are charged to expense as incurred.

Impairment of long-lived assets

The Company evaluates its long-lived assets, which consist primarily of property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2021, 2020 and 2019.

Freestanding financial instruments and derivatives

Pursuant to a license agreement between the President and Fellows of Harvard College, or Harvard, and the Company, or the Harvard License Agreement, and a license agreement with The Broad Institute, Inc., or Broad Institute, and the Company, or the Broad License Agreement, (see Note 9, License Agreements), the Company is required to make success payments to Harvard and Broad Institute based the achievement of specified multiples of the initial weighted average value of the Company’s redeemable convertible Series A-1 Preferred Stock and the Company’s redeemable convertible Series A-2 Preferred Stock, or together the Series A Preferred, at specified valuation dates, payable in cash or Company common stock. Subsequent to the IPO, the amount of the success payments is based on the market value of Beam’s common stock. The success payments are accounted for under ASC 815, Derivatives and Hedging and were initially recorded at fair value with a corresponding charge to research and development expense. The liabilities are marked to market at each balance sheet date with all changes in value recognized in other income (expense), in the consolidated statement of operations and other comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the achievement or expiration of the success payment obligation. To determine the estimated fair value of the success payments, the Company used a Monte Carlo simulation model, which models the value of the liability based on several key variables, including probability of event occurrence, timing of event occurrence, as well as the value of the Series A Preferred, prior to the IPO, and the value of the Company’s common stock, subsequent to the IPO.

Leases and rent expense

On January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), or ASC 842. Under the standard the Company accounts for leases using a right-of-use, or ROU, model, which recognizes that, at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term.

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as ROU assets and short-term and long-term lease liabilities, as applicable. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The Company typically only includes an initial lease term in its assessment of a lease arrangement. It also considers termination options and factors those into the determination of lease payments. Options to renew a lease are not included in the assessment unless there is reasonable certainty that the Company will renew.

Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the ROU asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company is required to pay fees for operating expenses in addition to monthly base rent for certain operating leases (non-lease components). The Company has elected the practical expedient which allows non-lease components to be combined with lease components for all asset classes. Variable non-lease components are not included within the lease right-of-use asset and lease liability on the consolidated balance sheet, and instead are reflected as expense in the period they are paid.

Leasehold improvements are not unique and are retained by the lessor at the end of the lease. However, in the case of a space designed to be suitable for the Company’s specific real estate needs and if the Company is responsible for cost overruns, the Company is the accounting owner of the leasehold improvements and costs associated are capitalized.

The Company’s real estate operating leases provide for scheduled annual rent increases throughout the lease terms. The Company recognizes the effects of the scheduled rent increases on a straight-line basis over the full terms of the lease. Tenant improvement allowances, if any, provided by a landlord are recorded as a reduction of the ROU asset related to that lease.

Asset acquisitions

In 2018, the Company adopted ASU 2017-01, Business Combinations, or ASU 2017-01, which clarified the definition of a business. The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs, and the consideration is allocated to the items acquired based on a relative fair value methodology. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire in-process research and development with no alternative future use is charged to research and development expense at the acquisition date.

At the time of acquisition, the Company determines if a transaction should be accounted for as a business combination or acquisition of assets.

Contingent consideration liabilities

The Company may be required to make milestone payments to the former stockholders and optionholders of Guide in the form of its common stock based on the achievement of certain product and technology milestones. The payments are accounted for under ASC 480, Distinguishing Liabilities from Equity. These contingent consideration liabilities are carried at fair value which was estimated by applying a probability-based model, which utilized inputs primarily based upon the achievement and related timing of certain product and technology milestones that were unobservable in the market. The estimated fair value of contingent consideration liabilities, initially measured and recorded on the acquisition date, are considered to be a Level 3 measurement and are reviewed quarterly, or whenever events or circumstances occur that indicate a change in fair value. The contingent consideration liabilities are recorded at fair value at the end of each reporting period with changes in estimated fair values recorded in other income (expense) in the consolidated statements of operations and other comprehensive loss.

The estimated fair value is determined based on probability adjusted discounted cash flow model that include significant estimates and assumptions pertaining to technology and product development. Significant changes in any of the probabilities of success or in the probabilities as to the periods in which milestones would be achieved would result in a significantly higher or lower fair value measurement. The Company will continue to adjust the liabilities for changes in fair value until the earlier of the achievement or expiration of the obligations.

Revenue recognition

The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and its related amendments, or, collectively, ASC 606.

At inception, the Company determines whether contracts are within the scope of ASC 606 or other topics. For contracts that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, the Company applies the following five steps: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when the performance obligation is satisfied. The Company only applies the five-step model to contracts when it determines that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration.

Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract. To the extent a contract includes multiple promised goods and services, the Company applies judgment to determine whether promised goods and services are both capable of being distinct and are distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation.

The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method, depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in management’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes. Determining the transaction price requires significant judgment and is discussed in further detail for each of the Company’s license and collaboration agreements in Note 10, Collaboration and license agreements.

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct service that forms part of a single performance obligation. The consideration to be received is allocated among the separate performance obligations based on relative standalone selling prices. Determining the standalone selling price requires significant judgment and is discussed in further detail for each of the Company’s license and collaboration agreements in Note 10, Collaboration and license agreements.

The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized over time if either (i) the customer simultaneously receives and consumes the benefits provided by the entity’s performance, (ii) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (iii) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer.

Licenses of intellectual property, or IP: If the license to the Company’s IP is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from consideration allocated to the license when the license is transferred to the customer and the customer can use and benefit from the licenses. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Determining the revenue recognition of IP licenses requires significant judgment and is discussed in further detail for each of the Company’s license and collaboration agreements in Note 10, Collaboration and license agreements.

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

Commercial Milestone Payments and Royalties: For arrangements that include sales-based royalties, including milestone payments based on levels of sales, if the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its agreements.

When no performance obligations are required of the Company, or following the completion of the performance obligation period, such amounts are recognized as revenue upon transfer of control of the goods or services to the customer. Generally, all amounts received or due other than sales-based milestones and royalties are classified as license and collaboration revenue. Sales-based milestones and royalties will be recognized as royalty revenue at the later of when the related sales occur or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Deferred revenue expected to be recognized within the next twelve months is classified as a current liability.

Contract balances

The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as an account or other receivable. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The contract liabilities, or deferred revenue, primarily relate to contracts where the Company has received payment, but it has not yet satisfied the related performance obligations. Upfront payments and fees are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company satisfies its obligations under these arrangements. Upfront payment contract liabilities resulting from the Company’s license agreements do not represent a financing component as the payment is not financing the transfer of goods or services, and the technology underlying the licenses granted reflects research and development expenses already incurred by the Company. Deferred revenue expected to be recognized within the next twelve months is classified as a current liability

Research and development costs

Research and development costs are charged to expense as incurred. Research and development costs consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation, manufacturing expenses, preclinical expenses, consulting, and other contracted services. The cost of obtaining licenses for certain technology or IP is recorded to research and development expense when incurred if the licensed technology or IP has not yet reached technological feasibility and has no alternative future use. Costs for certain research and development activities are recognized based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development costs.

Stock-based compensation

The Company’s stock-based compensation program allows for grants of stock options, restricted stock awards and restricted stock units. Grants are awarded to employees and non-employees, including directors.

The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation, or ASC 718. ASC 718 requires all stock-based payments to employees, non-employees and directors to be recognized as expense in the consolidated statements of operations and other comprehensive loss based on their fair values. The Company estimates the fair value of options granted using the Black-Scholes option pricing model, or Black-Scholes, for stock option grants to both employees and non-employees. The fair value of the Company’s common stock is used to determine the fair value of restricted stock awards and restricted stock units.

Stock-based compensation awards are subject to either service- or performance-based vesting conditions. Compensation expense related to awards to employees, directors and non-employees with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Compensation expense related to awards to employees with performance-based vesting conditions is recognized based on grant date fair value over the requisite service period using the accelerated attribution method to the extent achievement of the of performance condition is probable.

The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate, and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock prior to the IPO and continued lack of sufficient company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term for options granted to employees and non-employees, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur.

Patent costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred. Due to the uncertainty about the recovery of the expenditure, amounts incurred are classified as general and administrative expenses in the accompanying consolidated statements of operations and other comprehensive loss.

Variable interest entities

The Company reviews each legal entity in which it has a financial interest to determine whether or not the entity is a variable interest entity, or VIE. If the entity is a VIE, the Company assesses whether or not it is the primary beneficiary of that VIE based on a number of factors, including (i) which party has the power to direct the activities that most significantly affect the VIE’s economic performance, (ii) the parties’ contractual rights and responsibilities pursuant to any contractual agreements and (iii) which party has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company determines that it is the primary beneficiary of a VIE, it consolidates the financial statements of the VIE into its consolidated financial statements at the time that determination is made. On a quarterly basis, the Company evaluates whether it continues to be the primary beneficiary of any consolidated VIEs. If the Company determines that it is no longer the primary beneficiary of a consolidated VIE, or no longer has a variable interest in the VIE, the Company deconsolidates the VIE in the period that the determination is made.

Income taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes.

Comprehensive loss

Comprehensive loss is defined as the change in stockholders’ equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss includes net loss as well as other changes in stockholders’ deficit which includes certain changes in equity that are excluded from net loss. The Company’s only element of other comprehensive loss is unrealized gains and losses on marketable securities.

Net loss per share

The Company follows the two-class method when computing net loss per share, as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents.

For purposes of the dilutive net loss per share calculation, stock options and stock units for which the performance and market vesting conditions have been deemed probable, potential dilutive securities, which include redeemable convertible preferred stock, unvested restricted stock, and common stock options are considered to be common stock equivalents, while stock options and stock units with performance- or market-based vesting conditions that were not deemed probable are not considered to be common stock equivalents.

The Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reported a net loss, such losses were not allocated to such participating securities. In periods in which the Company reported a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders was the same as basic net loss per share attributable to common stockholders, since dilutive common shares were not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2021, 2020 and 2019.

Segment and geographic information

Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or CODM, or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM is the Company’s Chief Executive Officer. The Company views its operations as and manages its business in one operating segment operating exclusively in the United States.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

3. Property and equipment, net

Property and equipment consist of the following (in thousands):


	December 31,
	2021			2020
Lab equipment	$	29,905		$	17,201
Leasehold improvements		57,760			12,706
Furniture and fixtures		3,679			1,078
Computer equipment		1,646			547
Construction in process		7,349			15,880
Total property and equipment		100,339			47,412
Less accumulated depreciation		(16,081	)		(8,899	)
Property and equipment, net	$	84,258		$	38,513

The following table summarizes depreciation expense incurred (in thousands):


	Years Ended December 31,
	2021		2020		2019
Depreciation expense	$	7,201	$	4,735	$	3,503

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. fair Value of financial instruments

The Company’s financial instruments that are measured at fair value on a recurring basis consist of cash equivalents, marketable securities, equity securities of Verve Therapeutics, Inc, or Verve, contingent consideration liabilities related to the Guide Merger Agreement and success payment derivative liabilities pursuant to the Harvard and Broad License Agreements.

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2021 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	540,094	$	540,094	$	540,094	$	—	$	—
Commercial paper		13,997		13,997		—		13,997		—
Corporate notes		5,903		5,903		—		5,903		—
Marketable securities:
Commercial paper		368,743		368,743		—		368,743		—
Corporate notes		16,743		16,743		—		16,743		—
Equity securities included in marketable securities
Corporate equity securities		20,167		20,167		20,167		—		—
Total Assets	$	965,647	$	965,647	$	560,261	$	405,386	$	—

Liabilities
Success payment liability – Harvard		21,000		21,000		—		—		21,000
Success payment liability – Broad Institute		21,200		21,200		—		—		21,200
Contingent consideration liability – Technology		24,359		24,359		—		—		24,359
Contingent consideration liability – Product		7,008		7,008		—		—		7,008
Total liabilities	$	73,567	$	73,567	$	—	$	—	$	73,567

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2020 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	88,259	$	88,259	$	88,259	$	—	$	—
Commercial paper		60,494		60,497		—		60,497		—
Corporate notes		12,314		12,308		—		12,308		—
Marketable securities:
Commercial paper		113,622		113,622		—		113,622		—
Corporate notes		7,836		7,836		—		7,836		—
U.S. Treasury securities		11,009		11,009		—		11,009		—
Government securities		5,033		5,033		—		5,033		—
Total Assets	$	298,567	$	298,564	$	88,259	$	210,305	$	—

Liabilities
Success payment liability – Harvard	$	35,500	$	35,500	$	—	$	—	$	35,500
Success payment liability – Broad Institute		35,700		35,700		—		—		35,700
Total liabilities	$	71,200	$	71,200	$	—	$	—	$	71,200

Cash equivalents – Money market funds included within cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Commercial paper and corporate notes are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.

Marketable securities – Marketable securities, excluding corporate equity securities, are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies.

During the years ended December 31, 2021 and 2020, the Company held an investment in Verve consisting of shares of Verve’s common and preferred stock. Prior to Verve's initial public offering in June 2021, the Company valued such investment based on the cost of the equity securities adjusted for any observable market transactions. Following the initial public offering, the equity securities have a readily determinable fair value; however, they were subject to transfer restrictions. As of December 31, 2021, the Company owned 546,970 shares of Verve's common stock, the value of which is included in marketable securities in the consolidated balance sheet as they are no longer subject to transfer restrictions. The Company recorded the investment at fair value of $20.2 million as of December 31, 2021. In addition, the Company recorded other income of $17.7 million and $0.5 million for the years ended December 31, 2021 and 2020, respectively, related to the changes in fair value of Verve's common stock.

Pursuant to ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, the Company records changes in the fair value of its investments in equity securities to other income (expense), in the Company’s consolidated statements of operations.

Success Payment Liability – As discussed further in Note 9, License agreements, the Company is required to make payments to Harvard and Broad Institute based upon the achievement of specified multiples of the initial weighted average value of the Company’s Series A Preferred or, subsequent to the IPO, the market value of the Company's common stock, at specified valuation dates. The Company’s liability for the share-based success payments under the Harvard and Broad License Agreements are carried at fair value. To determine the estimated fair value of the success payment liability, the Company uses a Monte Carlo simulation methodology, which models the future movement of stock prices based on several key variables.

The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:


	Harvard						Broad Institute
	December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Fair value of common stock (per share)		79.69			81.64			79.69			81.64
Expected volatility		76	%		74	%		76	%		74	%
Expected term (years)	0.10-7.49			0.35-8.49			0.10-8.36			0.35-9.36

The computation of expected volatility was estimated using available information about the historical volatility of stocks of similar publicly traded companies for a period matching the expected term assumption. In addition, the Company incorporated the estimated number, timing, and probability of valuation measurement dates in the calculation of the success payment liability.

The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):


	Harvard			Broad			Total
Balance at December 31, 2019	$	3,900		$	3,900		$	7,800
Change in fair value		31,600			31,800			63,400
Balance at December 31, 2020	$	35,500		$	35,700		$	71,200
Payments	$	(15,000	)	$	(15,000	)	$	(30,000	)
Change in fair value		500			500			1,000
Balance at December 31, 2021	$	21,000		$	21,200		$	42,200

Contingent consideration liabilities – As discussed further in Note 8, Guide acquisition, under the Guide Merger Agreement, Guide’s former stockholders and optionholders are eligible to receive up to an additional $100.0 million in technology milestone payments and $220.0 million in product milestone payments, payable in the Company’s common stock valued using the volume-weighted average price of the Company’s stock over the ten-day trading period ending two trading days prior to the date on which the applicable milestone is achieved. As these milestones are payable in the Company’s common stock, the milestone payments result in liability classification under ASC 480, Distinguishing Liabilities from Equity. These contingent consideration liabilities are carried at fair value which was estimated by applying a probability-based model, which utilized inputs based on timing of achievement that were unobservable in the market. These contingent consideration liabilities are classified within Level 3 of the fair value hierarchy.

The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):


	For the Year Ended December 31, 2021
	Technology Milestones			Product Milestones			Total
Balance at February 23, 2021 (inception)	$	29,403		$	7,110		$	36,513
Change in fair value		(5,044	)		(102	)		(5,146	)
Balance at December 31, 2021	$	24,359		$	7,008		$	31,367

The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:


	Technology Milestones			Product Milestones
	December 31, 2021			December 31, 2021
Discount Rate		7.50	%		7.50	%
Probability of Achievement	10-75%			2-15%
Projected Year of Achievement	2022-2023			2023-2029

- 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

Investments Debt And Equity Securities [Abstract]

Marketable Securities

5. Marketable securities

The following table summarizes the Company’s marketable securities held at December 31, 2021 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	368,778	$	32	$	(67	)	$	368,743
Corporate notes		16,758		—		(15	)		16,743
Corporate equity securities		20,167		—		—			20,167
Total	$	405,703	$	32	$	(82	)	$	405,653

The following table summarizes the Company’s marketable securities held at December 31, 2020 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	113,628	$	11	$	(17	)	$	113,622
Corporate notes		7,839		2		(5	)		7,836
U.S. Treasury securities		11,009		—		—			11,009
Government securities		5,033		—		—			5,033
Total	$	137,509	$	13	$	(22	)	$	137,500

The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. At December 31, 2021, the balance in accumulated other comprehensive (loss) income was comprised solely of activity related to marketable securities. There were no realized gains or losses recognized on the sale or maturity of marketable securities for the years ended December 31, 2021, 2020 and 2019 and, as a result, the Company did not reclassify any amounts out of accumulated other comprehensive (loss) income for the same periods.

The Company holds debt securities of companies with high credit quality and has determined that there was no material change in the credit risk of any of its debt securities. The contractual maturity dates of all the investments are less than one year.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Employee compensation and related benefits		11,661		7,591
Process development and manufacturing costs		3,833		2,272
Professional fees		3,330		1,948
Research costs		3,133		2,423
Other		6,964		4,229
Total	$	28,921	$	18,463

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

7. Leases

Operating leases

The Company’s operating leases are as follows:

•

A February 2018 lease for 38,203 square feet of office and laboratory space, which commenced in March 2018 and terminates in September 2028. The lease is subject to fixed-rate rent escalations and provided for $6.1 million in tenant improvements and a term extension option, which is not reasonably certain of exercise.

•

An October 2018 lease for laboratory space, which commenced in April 2019 and was amended in March 2020, April 2020, January 2021 and October 2021. The lease, as amended, commenced in April 2020 and terminates in December 2025. The amended lease is subject to fixed-rate rent escalations and provided an option to extend the lease for two additional two-year periods through December 31, 2029, which are not reasonably certain of being exercised. Upon commencement of the March 2020 amendment, the Company recorded an ROU asset and a lease liability of $4.2 million. Upon commencement of the April 2020 amendment, the Company recorded an operating lease ROU asset and a lease liability of $1.8 million. This lease was amended to add additional space in January and October of 2021. The Company recorded an operating lease ROU asset and a lease liability of $0.3 million in January 2021 related to the January 2021 amendment and an operating lease ROU asset and lease liability of $1.6 million in October 2021 related to the October 2021 amendment.

•

Leases in June 2019 and July 2019 for office and laboratory space, both of which commenced in October 2019 and terminated in December 2021.

•

An April 2019 lease for office and laboratory space that was built over the course of 2020 and 2021. Pursuant to the terms of the original lease agreement, the first phase of the lease commenced in October 2020 (rent payments for the first phase began in August 2021) and the second phase of the lease commenced in January 2021 (rent payments for the second phase began in February 2022). The lease is subject to fixed-rate rent escalations and provides for $23.4 million in tenant improvements and the option to extend the lease for two terms of five years each, which are not reasonably certain of exercise. The Company determined that it is the accounting owner of all tenant improvements. The Company maintains a security deposit of $9.7 and $11.8 million in the form of a letter of credit, which is included in restricted cash as of December 31, 2021 and 2020, respectively. Upon commencement of the first phase of this lease in October 2020, the Company recorded an operating lease ROU asset of $66.8 million and a lease liability of $68.8 million and upon commencement of the second phase of this lease in January 2021, the Company recorded an operating lease ROU asset of $22.0 million and a corresponding lease liability of $23.0 million. Subsequently, during the second quarter of 2021, the Company amended the rent commencement dates of the first and second phases of this lease. Pursuant to the terms of the amendment, the lease will terminate in February 2034, which is 12 years from the amended second phase rent commencement date. As a result, the Company recorded an increase in the ROU asset of $0.5 million and lease liability of $0.5 million.

The Company identified and assessed the following estimates in recognizing the operating lease right-of-use asset and corresponding liability:

•

Expected lease term: The expected lease term includes noncancelable lease periods and, when applicable, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, as well as periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option.

•

Incremental borrowing rate: As the discount rates in the Company’s lease are not implicit, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term.

•

Lease and non-lease components: The Company is required to pay fees for operating expenses in addition to monthly base rent for certain operating leases (non-lease components). The Company has elected the practical expedient which allows non-lease components to be combined with lease components for all asset classes. Variable non-lease components are not included within the lease right-of-use asset and lease liability on the consolidated balance sheet, and instead are reflected as expense in the period they are paid.

The following table summarizes operating lease costs as well as sublease income (in thousands):


	December 31,
	2021			2020		2019
Operating lease costs	$	18,309		$	8,415	$	4,078
Variable lease costs		2,065			929		811
Short-term lease costs		1,145			—		116
Sublease income		(110	)		—		(51	)
Total	$	21,409		$	9,344	$	4,954

The following table summarizes the lease term and discount rate for operating leases:


	December 31,
	2021			2020
Weighted-average remaining lease term (years)	11.1 years			11.5 years
Weighted-average discount rate		7.0	%		7.4	%

The following table summarizes the lease costs included in the measurement of lease liabilities (in thousands):


	Years Ended December 31,
	2021		2020		2019
Operating cash flows used for operating leases	$	11,462	$	6,911	$	4,950
Operating lease liabilities arising from obtaining ROU assets		25,925		74,723		6,221

At December 31, 2021, the future minimum lease payments for the Company’s operating leases for each of the next five years and total thereafter were as follows (in thousands):


2022		17,059
2023		17,733
2024		18,269
2025		18,703
2026		17,143
Thereafter		115,692
Total undiscounted lease payments		204,599
Less: imputed interest		(62,249	)
Total operating lease liabilities	$	142,350

In August 2020, the Company entered into a lease agreement with Alexandria Real Estate Equities, Inc., or the Landlord, to build a 100,000 square foot manufacturing facility in Research Triangle Park, North Carolina, intended to support a broad range of clinical programs. The lease has a term of 15 years following the commencement date and provides the Company the option to extend the lease term for two five-year terms. It is subject to fixed rate escalation increases and also provides up to $20.0 million for reimbursement of tenant improvements. As the lease had not commenced as of December 31, 2021, the Company has not recorded an operating lease ROU asset or lease liability for this lease in the consolidated balance sheets. The lease payments are subject to adjustment following the determination of the total project costs of the landlord. The initial estimate of the minimum amount of undiscounted lease payments due under this lease is $69.0 million. The Company anticipates that the facility will be operational in the first quarter of 2023 and that is when it will begin making rent payments. The tabular disclosure of minimum lease payments above does not include payments due under this lease.

In August 2021, the Company executed a lease amendment to its April 2019 lease for office and laboratory space in Cambridge, Massachusetts to occupy additional space. The term of this lease will run concurrent with the term of the April 2019 lease. The initial estimate of the minimum amount of undiscounted lease payments due under this lease is $11.1 million. As the lease had not yet commenced as of December 31, 2021, the Company has not recorded an operating lease ROU asset or lease liability for this lease in the consolidated balance sheets. The tabular disclosure of minimum lease payments above does not include payments due under this lease.

In October 2021, the Company executed a lease for additional office and laboratory space at an existing facility. The term of this lease will run through December 31, 2025. As part of this lease, the Company took access to the remainder of this space in January 2022 and will record an operating lease ROU asset and lease liability during the first quarter of 2022. The initial estimate of the minimum amount of undiscounted lease payments due under this lease is $2.6 million. Additionally, in February 2022, the Company executed a lease for additional office and laboratory space at this facility with a lease term to run through December 31, 2025. The Company took access to this space in February 2022 and will record an operating lease ROU asset and lease liability during the first quarter of 2022. The initial estimate of the minimum amount of undiscounted lease payments due under this lease is $3.1 million. The tabular disclosure of minimum lease payments above does not include the payments under this segment of the lease.

Financing obligations

In July 2019, the Company sold certain equipment to a leasing company for a total of $3.8 million, and, concurrently, entered into a lease agreement with the leasing company to lease back the equipment for an annual rent of $1.0 million over a term of four years.

In October 2019, the Company sold additional equipment to the leasing company for a total of $2.4 million and, concurrently, entered into a lease agreement with the leasing company to lease back the equipment for an annual rent of $0.7 million over a term of four years.

In February 2020, the Company sold additional equipment to the leasing company for a total of $1.6 million and, concurrently, entered into a lease agreement with the leasing company to lease back the equipment for an annual rent of $0.5 million over a term of four years.

In December 2020, the Company sold additional equipment to the leasing company for a total of $1.6 million and, concurrently, entered into a lease agreement with the leasing company to lease back the equipment for an annual rent of $0.5 million over a term of four years.

The equipment leases are being accounted for as financings as the lease terms are for substantially all the remaining economic life of the underlying equipment. The Company concluded that control, including the significant risks and rewards of ownership, did not effectively transfer to the buyer-lessor at the inception of the sale and leaseback transactions. As a result, the transactions are accounted for as failed sale and leasebacks and result in the recognition of financing liabilities.

The future minimum payments related to the equipment financing obligations for each of the next five years were as follows (in thousands):


Years ending December 31,	Amount
2022		2,663
2023		2,013
2024		511
2025		—
2026		—
Total		5,187
Less: amounts representing interest at 8.76%		(568	)
Plus: residual values		675
Financing obligations	$	5,294

The following table summarizes the breakdown of the principal and interest portions of the equipment financing payments (in thousands):


	Years Ended December 31,
	2021		2020		2019
Paydown of principal	$	2,118	$	1,569	$	464
Payment of interest		567		561		187

Guide Acquisition

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Guide Acquisition

8. Guide acquisition

On February 23, 2021, the Company entered into the Guide Merger Agreement. Under the Guide Merger Agreement, the Company paid Guide’s former stockholders and optionholders upfront consideration in an aggregate amount of $120.0 million, excluding customary purchase price adjustments and closing costs, in shares of the Company’s common stock, based upon the volume-weighted average price of the Company’s stock over the ten trading-day period ending on February 19, 2021. Pursuant to the Guide Merger Agreement, the Company acquired all of the issued and outstanding shares of Guide. The Company issued a total of 1,087,153 shares of its common stock valued at $120.0 million in connection with the upfront payment to Guide’s former stockholders and optionholders. The Guide transaction resulted in the acquisition of certain know-how and intellectual property assets related to Guide’s proprietary in vivo LNP screening technology and its library of lipids and lipid nanoparticle formulations identified using the screening technology. Management determined that the acquired assets do not meet the definition of a business pursuant to ASC 805, Business Combinations, as substantially all of the fair value of the acquired assets is concentrated into one identifiable asset, the LNP screening technology and associated lipid library. As of the date of closing of the transactions contemplated by the Guide Merger Agreement, or the Guide Merger Agreement Date, the asset acquired had no alternative future use and had not reached a stage of technological feasibility. As a result, all share-based and cash payment obligations have been recorded as research and development expense in the consolidated statements of operations and other comprehensive loss in the amount of $155.0 million. The total transaction price was allocated to the assets acquired and liabilities assumed on a relative fair value basis.

In addition, Guide’s former stockholders and optionholders are eligible to receive up to an additional $100.0 million in technology milestone payments and $220.0 million in product milestone payments, payable in the Company’s common stock valued using the volume-weighted average price of the Company’s stock over the ten trading-day period ending two trading days prior to the date on which the applicable milestone is received.

The Company determined that all future technology and product milestone payments are classified as contingent consideration liabilities under ASC 480 and therefore the Company recorded a liability for these milestone payments as of the Guide Merger Agreement Date at fair value of $36.5 million. These contingent consideration liabilities are remeasured at fair value each financial reporting period, with the resulting impact reflected in the Company’s consolidated statements of operations and other comprehensive loss, presented within other income (expense).

The transaction price was determined and allocated as follows (in thousands):


Transaction price
Fair value of equity instruments issued	$	120,032
Technology and product contingent consideration liabilities		36,513
Transaction costs		2,531
Total transaction price	$	159,076
Transaction price allocated
In-process research and development	$	154,953
Cash acquired		3,151
Prepaid expenses and other assets		264
Property and equipment		1,835
Assembled workforce		300
Other liabilities assumed		(1,427	)
Total transaction price	$	159,076

License Agreements

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

License Agreements

9. License agreements

Harvard license agreement

In June 2017, the Company entered into the Harvard License Agreement for certain base editing technology pursuant to which the Company received an exclusive, worldwide, sublicensable, royalty-bearing license under specified patent rights to develop and commercialize licensed products and a nonexclusive, worldwide, sublicensable, royalty-bearing license under certain patent rights to research and develop licensed products. The Company agreed to use commercially reasonable efforts to develop licensed products in accordance with the development plan, to introduce any licensed products that gain regulatory approval into the commercial market, to market licensed products that have gained regulatory approval following such introduction into the market, and to make licensed products that have gained regulatory approval reasonably available to the public. The license term extends until the later of the expiration of (i) the last to expire licensed patent covering a licensed product, (ii) the period of exclusivity associated with a licensed product or (iii) a certain period after the first commercial sale of a licensed product, unless terminated earlier by either party under certain provisions.

As partial consideration for the rights granted under the Harvard License Agreement, the Company issued to Harvard 101,363 shares of the Company’s common stock. Additional consideration under the Harvard License Agreement included an Anti-Dilution Issuance Right, which was settled during the year ended December 31, 2018, Financing Milestone Payments related to Series A Preferred and Series B Preferred financings, which were paid and settled in the year ended December 31, 2019, and Success Payments, which are further described below. The Anti-Dilution Issuance Right and Financing Milestone Payments related to Series A Preferred and Series B Preferred financings were both expensed in the year 2018 and prior.

Success Payments – Under the Harvard License Agreement, Harvard is entitled to receive success payments, in cash or shares of Company stock, determined based upon the achievement of specified multiples of the initial weighted average value of the Company’s Series A Preferred at specified valuation dates. The success payments range from $5.0 million to a maximum of $105.0 million and have valuation multiples that range from 5 times to 40 times the initial weighted average value of the Series A Preferred. Subsequent to the Company’s February 2020 IPO, the amount of success payments is based on the market value of the Company's common stock.

The Company is required to make success payments to Harvard during a period of time, or the Harvard Success Payment Period, which has been determined to be the later of (1) the ninth anniversary of the Harvard License Agreement or (2) the earlier of (a) the twelfth anniversary of the Harvard License Agreement and (b) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Harvard Success Payment Period, the Company will perform a calculation of any amounts owed to Harvard on each rolling 90-day period, commencing one year after the Company’s IPO.

In May 2021, the first success payment measurement occurred and amounts due to Harvard were calculated to be $15.0 million. The Company elected to make the payment in shares of the Company’s common stock and issued 174,825 shares of the Company’s common stock to settle this liability on June 10, 2021. The Company may owe Harvard success payments of up to an additional $90.0 million.

The following table summarizes the Company’s success payment liability for Harvard (in thousands):


	December 31,
	2021		2020
Harvard success payment liability	$	21,000	$	35,500

The following table summarizes the expense resulting from the change in the fair value of the success payment liability for Harvard (in thousands):


	Years Ended December 31,
	2021		2020		2019
Change in fair value of Harvard success payment liability	$	500	$	31,600	$	2,700

Other Payments – The Company agreed to pay Harvard an annual license maintenance fee ranging from low-to-mid five figures to low six figures, depending on the calendar year. The Company is responsible for the payment of certain patent prosecution and maintenance costs incurred by Harvard related to licensed patents. To the extent achieved, the Company is obligated to pay up to an aggregate of $75.9 million in product development and regulatory approval milestones, or Harvard Product Milestones. If the Company completes a change of control during the term of the Harvard License Agreement, then certain of the milestone payments would be increased. To the extent there are sales of a licensed product, the Company is required to pay low single digit royalties on net sales. The Company is entitled to certain reductions and offsets on these royalties with respect to a licensed product in a given country. If the Company sublicenses its rights to develop or commercialize a licensed product under the Harvard License Agreement to a third party and the Company receives non-royalty sublicense income, then Harvard is entitled to a percentage of such consideration, ranging from the high single digits to low double digits depending on the date in which such sublicense agreement is executed and the stage of development of the Company’s licensed products at such time.

The annual maintenance fees will be recorded as an expense on an annual basis based on the stated amount for the applicable year. Annual patent costs will be expensed as incurred. Upon determination that a Harvard Product Milestone is probable to occur, the amount due will be recorded as research and development expense. The Company will monitor the Harvard Product Milestone payments for this arrangement on an ongoing basis. In November 2021, the Company triggered a regulatory milestone owed under this agreement and recorded expense of $0.1 million for the year ended December 31, 2021. No expense was recorded for these milestones for the years ended December 31, 2020 and 2019. Lastly, to the extent products are commercialized under the Harvard License Agreement, the Company will accrue royalty expense and sublicense nonroyalty payments, as applicable, for the amount it is obligated to pay, with adjustments as sales are made. The Company has incurred $33.7 million of expense related to non-royalty sublicense fees owed to Harvard for the twelve months ended December 31, 2021.

Broad license agreement

In May 2018, the Broad License Agreement was entered into with Broad Institute for certain RNA base editing technology including an RNA editor platform. Under the Broad License Agreement, Broad Institute granted exclusive and non-exclusive worldwide, sublicensable, royalty-bearing licenses under specified patent rights to develop and commercialize licensed product and a nonexclusive, worldwide, sublicensable, royalty-bearing license under certain patent rights to research and develop licensed products. Under the agreement the Company shall use commercially reasonable efforts to develop licensed products in accordance with the development plan, to introduce any licensed products that gain regulatory approval into the commercial market, to market licensed products that have gained regulatory approval following such introduction into the market, and to make licensed products that have gained regulatory approval reasonably available to the public. The license term extends until the later of the expiration of (i) the last to expire licensed patent covering a licensed product, (ii) the period of regulatory exclusivity associated with a licensed product or (iii) a certain period after the first commercial sale of a licensed product unless terminated earlier by either party under certain provisions.

Additional consideration under the Broad License Agreement included an Anti-Dilution Issuance Right, which was paid and settled during the year ended December 31, 2018, Financing Milestone Payments related to Series A Preferred and Series B Preferred financings, which were settled in the year ended December 31, 2019, and Success Payments, which are further described below. The Anti-Dilution Issuance Right and Financing Milestone Payments related to Series A Preferred and Series B Preferred financings were both expensed in the year 2018.

Success Payments – Under the Broad License Agreement, Broad Institute is entitled to receive success payments, in cash or shares of Company common stock, determined based upon the achievement of specified multiples of the initial weighted average value of the Series A Preferred at specified valuation dates. The success payments range from $5.0 million to a maximum of $105.0 million and have valuation multiples that range from 5 times to 40 times the initial weighted average value of the Series A Preferred. Subsequent to the February 2020 IPO, the amount of success payments is based on the market value of the Company’s common stock. The Company is required to make success payments to Broad Institute during a period of time, or the Broad Success Payment Period, which has been determined to be the earliest of (1) the twelfth anniversary of the Broad License Agreement or (2) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Broad Success Payment Period, the Company will perform a calculation of any amounts owed to Broad Institute on each rolling 90-day period, commencing one year after the Company’s IPO.

In May 2021, the first success payment measurement occurred and amounts due to Broad Institute were calculated to be $15.0 million. The Company elected to make the payment in shares of the Company’s common stock and issued 174,825 shares of the Company’s common stock to settle this liability on June 10, 2021. The Company may owe Broad Institute success payments of up to an additional $90.0 million.

The following table summarizes the Company’s success payment liability for Broad Institute (in thousands):


	December 31,
	2021		2020
Broad Institute success payment liability	$	21,200	$	35,700

The following table summarizes the expense resulting from the change in the fair value of the success payment liability for Broad Institute (in thousands):


	Years Ended December 31,
	2021		2020		2019
Change in fair value of Broad Institute success payment liability	$	500	$	31,800	$	2,700

Other Payments – The Company agreed to pay Broad Institute an annual license maintenance fee ranging from low-to-mid five figures to low six figures, depending on the particular calendar year. The Company is responsible for the payment of certain patent prosecution and maintenance costs incurred by Broad Institute related to licensed patents. To the extent achieved, the Company is obligated to pay up to an aggregate of $75.9 million in product development and regulatory approval milestones, or Broad Product Milestones. If the Company completes a change of control during the term of the Broad License Agreement, then certain of the milestone payments would be increased. To the extent there are commercial sales of a licensed product, the Company is required to pay low single digit royalties on net sales. The Company is entitled to certain reductions and offsets on these royalties with respect to a licensed product in a given country. If the Company sublicenses its rights to develop or commercialize a licensed product under the Broad License Agreement to a third party and the Company receives non-royalty sublicense income, then Broad Institute is entitled to a percentage of such consideration, ranging from the high single digits to low double digits depending on the date in which such sublicense agreement is executed and the stage of development of the Company’s licensed products at such time.

The annual maintenance fees will be recorded as an expense on an annual basis based on the stated amount for the applicable year. Annual patent costs will be expensed as incurred. Upon determination that a Broad Product Milestone is probable to occur, the amount due will be recorded as research and development expense. The Company will monitor the Broad Product Milestone payments for this arrangement on an ongoing basis. The triggering of these milestone payments was not considered probable as of the acquisition date, and no expense has been recorded for these milestones during the years ended December 31, 2021, 2020 and 2019. Lastly, to the extent products are commercialized under the Broad License Agreement, the Company will accrue royalty expense and sublicense nonroyalty payments, as applicable, for the amount it is obligated to pay, with adjustments as sales are made. The Company has incurred $6.1 million of expense related to non-royalty sublicense fees owed to Broad Institute for the twelve months ended December 31, 2021.

Editas license agreement

In May 2018, the Company entered into a license agreement, or the Editas License Agreement, with Editas Medicine, Inc., or Editas. Pursuant to the Editas License Agreement, Editas granted to the Company licenses and options to acquire licenses to certain intellectual property rights owned or controlled by Editas, for specified uses. More specifically, Editas granted to the Company a worldwide, exclusive, sublicensable, license (subject to certain exceptions and conditions) under certain intellectual property controlled by Editas for the use of base editing therapies for the treatment of any field of human diseases and conditions, subject to certain exceptions, or the Beam Field, and the licenses granted or to be granted under the Editas License Agreement, or the Editas Development and Commercialization License. Additionally, Editas granted to the Company a royalty-free, non-exclusive license under certain intellectual property owned or controlled by Editas to perform research activities in the Beam Field, or the Editas Research License. Editas provided the Company with an exclusive option to obtain an Editas Development and Commercialization License to three additional groups of intellectual property owned or controlled by Editas, on a group by group basis, during the specified option period, subject to certain exceptions. Pursuant to the Editas License Agreement, the Company will use commercially reasonable efforts to develop a product that includes the rights licensed to the Company within a specified period of time and to commercialize any such products that have received regulatory approval in certain specified countries.

Additional consideration will be due to Editas if the Company elects to exercise its option to obtain an Editas Development and Commercialization License to any of the three categories of intellectual property underlying the Editas Research License, for a fee ranging from a mid-teen million dollar amount to a low to mid-eight digit dollar amount per group, depending on the timing of the option exercise. Additionally, the Company is required to reimburse Editas for certain payments Editas may be obligated to make under existing Editas license agreements related to the intellectual property being licensed to the Company, including (i) development, regulatory and commercial milestone payments and certain sublicense income payments due as a result of the Editas License Agreement and (ii) a percentage of the annual maintenance fees and patent fees due to certain of the Editas’ licensors. In addition, to the extent any products are commercialized under an Editas Development and Commercialization License, the Company would be required to make royalty payments equivalent to the royalties that would be due from Editas to any applicable licensors of Editas related to the sales of such licensed products, plus an additional tiered low- to mid-single digit royalty, depending on whether such licensed product is covered by an Editas-owned patent.

The license rights and option rights granted by Editas to the Company are subject to the terms and conditions of the underlying license agreements that Editas is a party to and under which Editas licensed rights or option rights to the Company and the termination of such in-licenses, as applicable. Unless earlier terminated by either party pursuant to the terms of the agreement, the Editas License Agreement will continue in full force and effect and will expire on a licensed product-by licensed product and country-by-country basis upon the later of (i) the last-to-expire royalty term under any applicable institutional license to Editas and (ii) the date at which such product is no longer covered by a valid claim of a licensed Editas-owned patent in such country. The Company has the right, at its sole discretion, at any time to terminate the Editas License Agreement in its entirety or on a group-by-group of intellectual property basis, upon ninety days written notice to Editas. Upon termination of the Editas License Agreement, all rights and licenses granted by Editas to the Company (including the rights to exercise options and obtain such licenses) will immediately terminate and patents within a group of patents will no longer be deemed licensed patents. Expiration or termination of the Editas License Agreement for any reason does not release either party of any obligation or liability which had accrued, or which is attributable to a period prior to such expiration or termination.

The option exercise fees under the agreement will be recorded as research and development expense, if and when the Company exercises such options. To date, no options have been exercised. The annual maintenance fees are recorded as an expense on an annual basis based on the stated amount for the applicable year. Annual patent costs are expensed as incurred. In addition, the Company is required to make certain development, regulatory and commercial milestone payments to Editas upon the achievement of specified milestones. During the twelve months ended December 31, 2021, the Company recognized $0.1 million of expense as it determined that it owed a regulatory milestone payment to Editas under the License Agreement. No expense has been recorded for these milestones during the years ended December 31, 2020 and 2019. To the extent applicable, sublicense income payments will be accrued for the amount the Company is obligated to pay under each applicable in-license as amounts are due to Editas. Lastly, to the extent products are commercialized under the Editas License agreement, the Company will accrue royalty expense for the amount it is obligated to pay, with adjustments as sales are made.

Bio Palette license agreement

In March 2019, the Company entered into a license agreement with Bio Palette pursuant to which the Company received an exclusive (even as to Bio Palette), sublicensable license under certain patent rights related to base editing owned or controlled by Bio Palette to exploit products for the treatment of human disease throughout the world, but excluding products in the microbiome field in Asia (the “Bio Palette License Agreement”). In addition, the Company granted Bio Palette an exclusive (even as to the Company) license under certain patent rights related to base editing and gene editing owned or controlled by the Company to exploit products in the microbiome field in Asia. Each party to the agreement retains non-exclusive rights to develop and manufacture products in the microbiome field worldwide for the sole purpose of exploiting those products in its own territory. Each party agrees to certain coordination obligations in the microbiome field if either party determines not to exploit their rights in such field. Unless earlier terminated, the Bio Palette License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the applicable royalty term for each such licensed product and country. To the extent products are commercialized under the Bio Palette License Agreement, the Company will accrue royalty expense for the amount it is obligated to pay, with adjustments as sales are made.

The Company also agreed to pay a royalty at a fraction of a percent on net sales of products that are covered by the patents licensed by Bio Palette to the Company, and Bio Palette agreed to pay a royalty at a fraction of a percent on net sales of products that are covered by the patents licensed by the Company to Bio Palette. The royalty term for a product in a country will terminate on the later of the expiration of (i) patent-based exclusivity with respect to such licensed product in such country or (ii) regulatory exclusivity with respect to such licensed product in such country.

Upon the execution of the Bio Palette License Agreement, the Company paid Bio Palette an upfront fee of $0.5 million and issued to Bio Palette 16,725 shares of its common stock valued at $0.1 million, which were recorded as research and development expense for the year ended December 31, 2019. Upon the issuance of a certain Bio Palette patent in the United States in June 2020, the Company made a milestone payment of $2.0 million and, in July 2020, issued to Bio Palette 175,000 shares of its common stock valued at $0.3 million, which were recognized as research and development expense. The fair value of the common stock issued to Bio Palette under the Bio Palette License Agreement was measured at the inception of arrangement and expensed when the issuance of shares became probable.

Management concluded that the licenses acquired from each transaction above did not meet the accounting definition of a business as inputs, but no processes or outputs were acquired with the licenses, and the licensed technology had not achieved technological feasibility. As the inputs that were acquired along with the licenses do not constitute a “business,” the transactions have been accounted as asset acquisitions. As of the date of each License Agreement, the assets acquired had no alternative future use and the assets had not reached a stage of technological feasibility. As a result, all share-based and cash payment obligations have been recorded as research and development expense in the accompanying consolidated statements of operations and other comprehensive loss.

Collaboration and License Agreements

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration and License Agreements

10. Collaboration and license agreements

Pfizer

In December 2021, the Company entered into a research collaboration agreement, or the Pfizer Agreement, with Pfizer Inc., or Pfizer, focused on the use of certain of the Company’s base editing technology to develop in vivo therapies for rare genetic diseases of the liver, muscle, and central nervous system. Under the terms of the Pfizer Agreement, the Company will apply certain of its base editing technology and conduct all research activities through development candidate selection for three base editing programs that target specific genes corresponding to specific diseases that are the subject of such programs. Pfizer will have exclusive rights to license each of the three programs at no additional cost, each an Opt-In Right, and will assume responsibility for subsequent development and commercialization. At the end of the Phase 1/2 studies, the Company may elect to enter into a global co-development and co-commercialization agreement with Pfizer with respect to one program licensed under the collaboration for an option exercise fee equal to a percentage of the applicable development costs incurred by Pfizer, or the Participation Election. In the event the Company elects to exercise its Participation Election, upon the payment of its option exercise fee, Pfizer and the Company would share net profits as well as development and commercialization costs in a 65%/35% (Pfizer/Company) split for such program. The research collaboration will be managed on an overall basis by a Joint Research Committee, or JRC, formed by an equal number of representatives from the Company and Pfizer.

At the inception of the Pfizer Agreement, the Company is entitled to receive a nonrefundable upfront payment of $300.0 million in consideration for the rights granted to Pfizer under the collaboration. Should Pfizer exercise its Opt-In Right for any of the three programs, the Company would be eligible to receive development, regulatory, and commercial milestones of up to $350.0 million per program, for a potential total consideration of up to $1.35 billion, plus royalty payments on global net sales for each licensed program. If Pfizer does not exercise its Opt-In Right for a program, the Company’s rights in such program revert to the Company and the Company will be required to pay Pfizer earn-out payments equal to a low single digit percentage of net sales earned on such program for a ten-year period. As the $300.0 million upfront fee was not received by the Company as of December 31, 2021, the Company recorded a collaboration receivable for $300.0 million with a corresponding deferred revenue liability. The Company received the $300.0 million in January 2022.

During the collaboration term, Pfizer has a one-time option to substitute a disease that is the subject of a specific program with one pre-defined substitute disease. The collaboration has an initial term of four years and may be extended for an additional one year on a program-by-program basis. Pfizer may terminate the Pfizer Agreement for convenience on any or all of the programs by providing 90 days’ prior written notice.

The Company accounts for the Pfizer Agreement under ASC 606, Revenue from Contracts with Customers, or ASC 606, as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract.

The overall transaction price as of the inception of the contract was determined to be $300.0 million, which is comprised entirely of the nonrefundable upfront payment. There is no variable consideration included in the transaction price at inception as the future milestone payments are fully constrained and the Company is not required to estimate variable consideration for the royalty payments at contract inception. The Company will re-evaluate the transaction price in each reporting period.

The Company has concluded that the licenses to its base editing technology, including the exclusive development and commercialization rights, are not capable of being distinct from the other performance obligations, and as such the Company has determined that the licenses combined with the other research and development services represent performance obligations and no up-front revenue was recognized for the licenses. The Company plans to recognize revenue for each performance obligation as it is satisfied over time using an input method. As no activities under the Pfizer Agreement had commenced as of December 31, 2021, the entire $300.0 million is recorded as deferred revenue and no revenue was recognized for the twelve months ended December 31, 2021. Based on the current estimated timelines, the deferred revenue is expected to be recognized as revenue over approximately four years from December 31, 2021.

Sana Biotechnology

In October 2021, the Company entered into an option and license agreement, or the Sana Agreement, with Sana Biotechnology, Inc., or Sana, under which the Company granted Sana a license for non-exclusive rights to its CRISPR Cas12b nuclease system for the development and commercialization of certain engineered cellular therapy programs. In addition to the license, the Company performed an initial technology transfer following the effective date of the Sana Agreement providing Sana with certain know-how, as required under the Sana Agreement. This technology transfer occurred in 2021. Following the license transfer and completion of the initial technology transfer, Sana is responsible, at its sole expense, for the development and commercialization of therapeutic products which must contain either specified CAR antigen targets or pluripotent stem cell, or PSC, product types.

As consideration for the license, the Company received an upfront payment of $50.0 million from Sana in October 2021. In addition, the Company may be eligible to receive development, regulatory, and commercial milestones of up to $65.0 million from Sana on any product candidate or product. The Company will also be entitled to receive royalties equal to a low single digit percentage of net sales on any product.

For up to one year following the effective date of the Sana Agreement, Sana has the option to select up to a cumulative total of two additional CAR antigen targets or PSC product types for an additional fee of $10.0 million per additional CAR antigen target and additional PSC product type, or the Option Rights, for an aggregate potential additional consideration of $20.0 million. Further, at any time prior to the third anniversary of the effective date of the Sana Agreement, Sana has a one-time right to substitute, in the aggregate, either one CAR antigen target or one PSC product type at no additional cost, or the Replacement Right. Sana may also select a specified number of additional or replacement genetic targets for each PSC product type at any time prior to the third anniversary of the effective date at no additional cost, or the Genetic Target Nomination Rights. Sana may terminate the Sana Agreement for convenience prior to the first commercial sale of any licensed product by providing 90 days’ prior written notice or upon 180 days’ prior written notice after first commercial sale.

The Company accounts for the Sana Agreement under ASC 606 as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract. The overall transaction price as of the inception of the contract was determined to be $50.0 million, which is composed entirely of the nonrefundable upfront payment. There is no variable consideration included in the transaction price at inception as the future milestone payments are fully constrained and the Company is not required to estimate variable consideration for the royalty payments at contract inception. The Company will re-evaluate the transaction price in each reporting period.

The Company has identified a single performance obligation, which includes (i) the non-exclusive license granted to Sana under the Company’s patent rights and know-how and (ii) the initial technology transfer following the effective date, which occurred in 2021. The Company further concluded that the Option Rights, Replacement Right, and Genetic Target Nomination Rights did not grant Sana a material right. As the Company only identified one performance obligation, no allocation of the transaction price is required.

The Company recognized revenue for the performance obligation at a point in time upon the transfer of the license to Sana and completion of the initial technology transfer, which occurred in October 2021. For the twelve-month period ended December 31, 2021, the Company has recognized $50.0 million of revenue under the Sana Agreement.

Apellis Pharmaceuticals

In June 2021, the Company entered into a research collaboration agreement, or the Apellis Agreement, with Apellis Pharmaceuticals, Inc., or Apellis, focused on the use of certain of the Company’s base editing technology to discover new treatments for complement system-driven diseases. Under the terms of the Apellis Agreement, the Company will conduct preclinical research on up to six base editing programs that target specific genes within the complement system in various organs, including the eye, liver, and brain. Apellis has an exclusive option to license any or all of the six programs, or in each case, an Opt-In Right, and will assume responsibility for subsequent development. The Company may elect to enter into a 50-50 U.S. co-development and co-commercialization agreement with Apellis with respect to one program instead of a license. The collaboration is managed on an overall basis by an alliance steering committee formed by an equal number of representatives from the Company and Apellis.

As part of the collaboration, the Company is eligible to receive a total of $75.0 million in upfront and near-term milestones from Apellis, which is comprised of $50.0 million received upon signing and an additional $25.0 million payment on June 30, 2022, the one-year anniversary of the effective date of the Apellis Agreement, or the First Anniversary Payment. Following any exercise of an Opt-In Right for any of the six programs, the Company will be eligible to receive development, regulatory, and sales milestones from Apellis, as well as royalty payments on sales. The collaboration has an initial term of five years and may be extended up to two years on a per year and program-by-program basis. During the collaboration term, Apellis may, subject to certain limitations, substitute a specific complement gene and/or organ for any of the initial base editing programs. Apellis may terminate the Apellis Agreement for convenience on any or all of the programs by providing prior written notice. The Company received the $50.0 million upfront payment from Apellis in July 2021.

The Company accounts for the Apellis Agreement under ASC 606 as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract.

The overall transaction price as of the inception of the contract was determined to be $75.0 million, which is composed of the upfront payment of $50.0 million and the First Anniversary Payment of $25.0 million. The Company will re-evaluate the transaction price in each reporting period. The $25.0 million for the First Anniversary Payment represents both a contract asset and a contract liability and the Company has presented these amounts net in accordance with ASC 606 guidance for contract assets and liabilities.

The Company concluded that each of the six base editing programs combined with the research and development service, licenses, substitution rights and governance participation were material promises that were both capable of being distinct and were distinct within the context of the Apellis Agreement and represented separate performance obligations. Therefore, the Company did not recognize any upfront revenue related to the license. The Company further concluded that the Opt-In Rights and option to extend the collaboration term did not grant Apellis a material right. The Company determined that the term of the contract is five years, as this is the period during which both parties have enforceable rights.

The selling price of each performance obligation was determined based on the Company’s estimated standalone selling price, or the ESSP. The Company developed the ESSP for all of the performance obligations included in the Apellis Agreement with the objective of determining the price at which it would sell such an item if it were to be sold regularly on a standalone basis. The Company allocated the stand-alone selling price to the performance obligations based on the relative standalone selling price method.

The Company recognizes revenue for each performance obligation as it is satisfied over the five-year term using an input method. The Company allocated the transaction price of $75.0 million to each of the six performance obligations, which includes each of the six base editing programs combined with the research and development service, licenses, substitution rights and governance participation, and is being recognized using an input method based on the actual costs incurred as a percentage of total budgeted costs towards satisfying the performance obligation as this method provides the most faithful depiction of the entity’s performance in transferring control of the goods and services promised to Apellis and represents the Company’s best estimate of the period of the obligation. For the twelve months ended December 31, 2021, the Company recognized $1.8 million of revenue related to the Apellis Agreement. As of December 31, 2021, there is $14.7 million and $33.5 million of current and long-term deferred revenue, respectively, related to the Apellis Agreement.

Prime Medicine

In September 2019, the Company entered into a collaboration and license agreement with Prime Medicine to research and develop a novel gene editing technology developed by one of the Company’s founders. Under the terms of the agreement, the Company granted Prime Medicine a non-exclusive license to certain of its CRISPR technology (including Cas12b), delivery technology and certain other technology controlled by the Company to develop and commercialize gene editing products for the treatment of human diseases. Prime Medicine granted the Company an exclusive license to develop and commercialize prime gene editing technology for the creation or modification of any single base transition mutations, as well as any edits made for the treatment of sickle cell disease. The Company is not currently using the intellectual property licensed from Prime Medicine in any of its current programs, but it is required to use commercially reasonable efforts to develop new product candidates using the intellectual property licensed from Prime Medicine. Additionally, each party granted to the other party certain exclusive and non-exclusive licenses to certain technology developed after the effective date of the agreement and controlled by the granting party or jointly owned by the parties. Each party has an obligation to assign rights in certain technology developed under the collaboration to the other party.

For products that use technology licensed from Prime Medicine, the Company is required to make milestone payments to Prime Medicine upon the achievement of certain clinical, regulatory and commercial events. It is also required to use commercially reasonable efforts to develop and seek regulatory approval for two products that use licensed technology from Prime Medicine in certain specified countries and to commercialize any such product(s) for which approval has been obtained in certain specified countries. Prime Medicine and the Company are each required to use commercially reasonable efforts to conduct the activities for which they are responsible under any development plan(s) under the agreement. Prime Medicine has an option to jointly develop and commercialize, and share expenses and revenue for, certain products that use technology licensed from Prime Medicine in the United States. Royalty payments may become due by either party to the other based on the net sales of commercialized products under the agreement. In addition, certain of the rights licensed under the agreement are sublicensed from third parties, and the Company or Prime Medicine may be required to make certain payments to such third parties to the extent the Company or Prime Medicine develop and commercialize products under such rights.

The Company had an obligation to issue $5.0 million in shares of its common stock to Prime Medicine, and Prime Medicine had an obligation to issue 5,000,000 shares of its common stock to the Company, should the Company elect to extend the collaboration beyond one year. In September 2020, the Company elected to continue the collaboration and, in October 2020, issued 200,307 shares of the Company’s common stock to Prime Medicine. The Company recognized $5.5 million, which represented the fair value of the Company's common stock issued to Prime Medicine, as research and development expense within the accompanying consolidated statements of operations and other comprehensive loss for the year ended December 31, 2020. Additionally, in October 2020, the Company received 5,000,000 shares of Prime Medicine’s common stock and recognized $0.1 million as an offset to research and development expense within the accompanying consolidated statements of operations and other comprehensive loss for the year ended December 31, 2020.

Additionally, the Company provided immaterial interim management and startup services to Prime Medicine through March 2021.

As of December 31, 2021, the Company determined that future milestones and royalties under the agreement were not probable of recognition.

Verve

In April 2019, the Company entered into a collaboration and license agreement with Verve, or the Verve License Agreement, to investigate gene editing strategies to modify genes associated with an increased risk of coronary diseases. Under the terms of the agreement, the Company granted Verve an exclusive license to certain base editor technology and certain delivery technology and Verve granted the Company a non-exclusive license under certain know-how and patents controlled by Verve, an interest in joint collaboration technology and an exclusive license (except as to Verve) under certain delivery technology. Verve is responsible for all costs associated with the research and development activities under the Verve License agreement. The Company has the option to share in the future development of certain products, with no associated fee at the time the right is exercised. Upon exercise of the Company’s option, the profits and expenses of such product will be shared, as defined in the agreement. To date, the Company has not exercised its option.

In connection with the Verve License Agreement, Verve issued the Company 2.6 million shares of its common stock as partial consideration for the licenses granted, having a fair value of $0.5 million. The fair value of the Verve common stock was determined by management with the assistance of a third-party valuation specialist. In addition, to the extent certain clinical, regulatory, and commercial milestones are met with respect to licensed products, Verve will be required to pay to the Company certain amounts, as defined in the agreement. Either party may owe the other party other milestone payments for certain clinical and regulatory events related to the delivery technology products. Royalty payments may become due by either party to the other based on the net sales of any delivery technology products under the agreement. Lastly, to the extent there are sales of a licensed product, Verve is obligated to pay the Company royalties, as defined in the agreement. The term of the agreement commenced in April 2019 and, unless earlier terminated in accordance with the terms of the agreement, will continue until the last to expire royalty term for any licensed product.

The Company also purchased shares of Verve's Series A preferred stock during the twelve months ended December 31, 2020. During June 2021, Verve completed an initial public offering of its common stock. In connection with Verve’s IPO, Verve effected a one-for-9.2592 reverse stock split and also converted all shares of its preferred stock into shares of common stock. As of December 31, 2021 the Company owned 546,970 shares of Verve's common stock valued at $20.2 million as of December 31, 2021.

Management determined that the performance obligations associated with the Verve License Agreement are the combined licenses and improvements related to the licensed technology. All other items promised to Verve are immaterial in the context of the agreement. The fair value of the shares issued by Verve to the Company were considered a fixed upfront payment of $0.5 million in the form of non-cash consideration. The Company determined that its performance obligations associated with the Verve License Agreement at contract inception were not distinct and represented a single performance obligation, and that the obligations would be completed over the performance period of the agreement. Accordingly, the upfront payment will be recognized as revenue using a time-based proportional performance model over the contract term (April 2019 through 2038) of the collaboration, as license revenue. For the years ended December 31, 2021, 2020, and 2019, the Company recognized approximately $24,000, $24,000 and $18,000, respectively, of license revenue and has recorded approximately $0.4 million of deferred revenue at December 31, 2021. To date, no commercial milestone payments or royalties are due. The remaining fees that may be paid under the agreement are considered variable consideration and will be constrained until it is probable that a significant revenue reversal would not occur. To date, the Company has not exercised its option to opt-in to a licensed product and no milestones or royalties have been achieved.

Preferred and Common Stock

12 Months Ended

Dec. 31, 2021

Stockholders Equity [Abstract]

Preferred and Common Stock

11. Preferred stock and common stock

In January 2020, the Company authorized the designation of 25,000,000 shares of preferred stock and increased its authorized common stock to 250,000,000 shares, each with a par value of $0.01 per share.

In February 2020, the Company completed its IPO in which the Company issued and sold 12,176,471 shares of its common stock, including 1,588,235 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $17.00 per share, for aggregate gross proceeds of $207.0 million. The Company received approximately $188.3 million in net proceeds after deducting underwriting discounts and offering expenses payable by the Company. In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock converted into 29,127,523 shares of the Company’s common stock.

In October 2020, due to its election to continue the Prime Agreement, the Company issued 200,307 shares of its common stock to Prime Medicine.

In January 2021, the Company issued and sold 2,795,700 shares of its common stock in a private placement at an offering price of $93.00 per share for aggregate gross proceeds of $260.0 million. The Company received $252.0 million in net proceeds after deducting fees to the placement agents and offering expenses payable by the Company.

In April 2021, the Company entered into the Sales Agreement with Jefferies, pursuant to which the Company was entitled to offer and sell, from time to time at prevailing market prices, shares of the Company’s common stock having aggregate gross proceeds of up to $300.0 million. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. As of December 31, 2021, the Company has sold 2,908,009 shares of its common stock under the Sales Agreement at an average price of $103.16 per share for aggregate gross proceeds of $300.0 million, before deducting commissions and offering expenses payable by the Company.

In May 2021, the first success payment measurements under each of the Harvard and Broad License Agreements occurred and success payments to Harvard and Broad Institute were calculated to be $15.0 million and $15.0 million, respectively. The Company elected to make each payment in shares of the Company’s common stock and issued 174,825 shares of the Company’s common stock to each of Harvard and Broad Institute to settle these liabilities in June 2021.

The holders of the Company’s common stock are entitled to one vote for each share of common stock. Subject to the payment in full of all preferential dividends to which the holders of the Company’s preferred stock are entitled, the holders of the Company’s common stock shall be entitled to receive ratably dividends out of funds legally available. In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company and all preferential amounts to which the holders of Company’s preferred stock are entitled with respect to the distribution of assets in liquidation, the holders of common stock shall be entitled to share ratably in the remaining assets of the Company available for distribution.

- 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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+ Details

Stock Option and Grant Plan

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option and Grant Plan

12. Stock option and grant plan

2017 stock option and grant plan

In June 2017, the Company’s board of directors adopted the Beam Therapeutics Inc. 2017 Stock Option and Grant Plan, or the 2017 Plan, which provided for the grant of qualified incentive stock options and nonqualified stock options, restricted stock or other awards to the Company’s employees, officers, directors, advisors, and outside consultants for the issuance or purchase of shares of the Company’s common stock. In May 2019, the 2017 Plan was amended to provide up to 8,078,681 shares of common stock for the issuance of stock options and restricted stock.

The 2017 Plan is administered by the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2017 Plan expire 10 years after the grant date, unless the board of directors sets a shorter term. Vesting periods for awards under the 2017 Plan are determined at the discretion of the board of directors. Incentive stock options granted to employees and shares of restricted stock granted to officers, founders and consultants of the Company typically vest over four years. Certain options provide for accelerated vesting if there is a change in control, as defined in the 2017 Plan. Non-statutory options granted to employees, officers, members of the board of directors and consultants of the Company typically vest over four years.

2019 incentive plan

In October 2019, the Company’s board of directors adopted the Beam Therapeutics Inc. 2019 Equity Incentive Plan, or the 2019 Plan, and, following the IPO, all equity-based awards are granted under the 2019 Plan. The 2019 Plan provides for the grant of qualified and nonqualified stock options, stock appreciation rights, restricted and unrestricted stock and stock units, performance awards, and other share-based awards to the Company’s employees, officers, directors, advisors, and outside consultants.

The maximum number of shares of the Company’s common stock that may be issued under the 2019 Plan was initially 3,700,000 shares, or the Share Pool, plus the number of shares of the Company’s common stock underlying awards under the 2017 Plan, not to exceed 5,639,818 shares, that become available again for grant under the 2017 Plan in accordance with its terms. The Share Pool will automatically increase on January 1st of each year from 2021 to 2029 by the lesser of (i) four percent of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31st and (ii) the number of shares determined by the Company’s board of directors on or prior to such date for such year.

As of December 31, 2021, the Company had 8,792,459 shares reserved and 1,823,887 shares available for future issuance under the 2019 Plan.

Stock-based compensation expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and other comprehensive loss is as follows (in thousands):


	Years Ended December 31,
	2021		2020		2019
Research and development	$	26,644	$	11,199	$	4,236
General and administrative		16,926		4,181		2,792
Total stock-based compensation expense	$	43,570	$	15,380	$	7,028

Stock options

The assumptions used in the Black-Scholes option-pricing model for stock options granted were:


	Years Ended December 31,
	2021			2020			2019
Expected volatility	71.4-76.7%			75.6-82.6%			86.4-87.6%
Weighted-average risk-free interest rate		1.11	%		1.07	%		2.17	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Expected term (in years)		6.12			6.24			6.25

A summary of option activity under the Company’s equity award plans:


	Number of options			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate intrinsic value (1) (in thousands)
Outstanding as of December 31, 2020		5,336,441		$	9.70		8.3	$	383,901
Granted		1,790,476			88.15
Exercised		(974,662	)		9.88
Forfeitures		(118,063	)		37.65
Outstanding as of December 31, 2021		6,034,192			32.40		7.9		300,560
Exercisable as of December 31, 2021		2,305,895			11.44		7.2		157,633

(1)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of December 31, 2021 and 2020.

The Company has granted stock options to certain employees to purchase shares of common stock that contain certain performance-based vesting criteria, primarily related to the achievement of certain development milestones related to editing applications, and the closing price of the Company’s common stock following an IPO. Recognition of stock-based compensation expense associated with these performance-based stock options commences when the performance condition is considered probable of achievement, using management’s best estimates, which consider the inherent risk and uncertainty regarding the future outcomes of the milestones. The expense related to performance-based stock options was immaterial for the years ended December 31, 2021 and 2020 and no expense was recognized for the year ended December 31, 2019.

The weighted-average grant date fair value per share of stock options granted during the years ended December 31, 2021, 2020 and 2019, was $58.56, $15.32 and $6.64, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $85.1 million, $29.9 million and $1.6 million, respectively. The weighted-average exercise price of stock options exercised for the years ended December 31, 2021, 2020 and 2019 was $9.88, $3.67 and $1.00, respectively.

As of December 31, 2021, there was $104.8 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.3 years.

Restricted stock

The Company issued shares of restricted common stock during the year ended December 31, 2021, which consisted only of restricted stock units. The Company issued shares of restricted common stock during the year ended December 31, 2020, which consisted only of restricted stock awards. Restricted common stock issued generally vests over a period of two to four years.

Under the 2017 Plan, the Company granted restricted common stock awards with service conditions. In 2018, the Company issued shares of restricted common stock to certain of the Company’s scientific founders and a portion of these issued shares are subject to vesting over a period of four years, with the commencement of vesting of the remaining shares upon the achievement of certain financing milestones, and in certain instances continued service after the milestones are achieved.

If the holders of restricted common stock cease to have a business relationship with the Company, the Company may reacquire any unvested shares of common stock held by these individuals for the original purchase price, and in certain instances for no consideration. The amounts received to date for the purchase price of restricted stock are immaterial. The unvested shares of restricted common stock are not considered outstanding shares for accounting purposes until the shares vest.

The following summarizes the Company’s restricted stock activity:


	Shares			Weighted- average grant date fair value
Unvested as of December 31, 2020		1,275,338		$	10.95
Issued		885,680			87.50
Vested		(1,020,887	)		6.44
Canceled		(13,925	)		85.31
Unvested as of December 31, 2021		1,126,206		$	74.32

The aggregate fair value of restricted shares that vested during the years ended December 31, 2021, 2020 and 2019 was $6.4 million, $6.9 million and $3.6 million, respectively.

At December 31, 2021, there was approximately $73.2 million of unrecognized stock-based compensation expense related to restricted stock that is expected to vest. These costs are expected to be recognized over a weighted-average remaining vesting period of 2.9 years.

2019 Employee Stock Purchase Plan

In February 2020, the Company’s board of directors adopted the Beam Therapeutics Inc. 2019 Employee Stock Purchase Plan, or ESPP, which was approved by the Company’s stockholders. Pursuant to the ESPP, certain employees of the Company, excluding consultants and non-employee directors, are eligible to purchase common stock of the Company at a reduced rate during offering periods. The ESPP permits participants to purchase common stock using funds contributed through payroll deductions, subject to a calendar year limit of $25,000 and at a purchase price of 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the applicable purchase date, which will be the final trading day of the applicable purchase period. The first offering period commenced on October 1, 2021 and no shares have been issued yet under the ESPP.

The Company used the Black-Scholes option valuation model to estimate the fair value of the purchase right under the ESPP on the date of grant using the following assumptions:


	For the Offering Period
	October 1, 2021 - March 31, 2022
Expected volatility		73.07	%
Weighted-average risk-free interest rate		0.05	%
Expected dividend yield		0.00	%
Expected term (in years)		0.50

Expected volatility is based on the historical volatility of the Company's common stock for a period of years corresponding with the expected life of the option. The risk-free interest rate is based on the U.S Treasury yield curve at the time of grant for securities with a maturity period similar to the expected life of the option. The expected life is based on the term of the purchase period for the grants made under the ESPP. The Company uses the straight-line attribution approach to record the expense over the offering period.

Stock-based compensation expense for the ESPP for the year ended December 31, 2021 was $0.3 million.

As of December 31, 2021, the Company had 1,049,460 shares available for issuance under the ESPP.

Net Loss per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

13. Net loss per share attributable to common stockholders

As noted above, for periods in which the Company reports a net loss attributable to common stockholders, potentially dilutive securities have been excluded from the computation of diluted net loss per share as their effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	December 31,
	2021		2020		2019
Redeemable convertible preferred stock		—		—		29,127,523
Unvested restricted stock		1,126,206		1,275,338		2,655,806
Outstanding options to purchase common stock		6,034,192		5,336,441		4,791,047
ESPP		19,379		—		—
Total		7,179,777		6,611,779		36,574,376

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share amounts):


	Years Ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(370,638	)	$	(194,592	)	$	(78,326	)
Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock		—			(1,277	)		(12,714	)
Net loss attributable to common stockholders		(370,638	)		(195,869	)		(91,040	)
Denominator:
Weighted average number of common shares, basic and diluted		64,227,676			46,733,221			6,479,591
Net loss per common share attributable to common stockholders, basic and diluted	$	(5.77	)	$	(4.19	)	$	(14.05	)

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

14. Income taxes

A reconciliation of the income tax expense computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Years Ended December 31,
	2021			2020			2019
Federal statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		5.1			7.2			7.4
Research and development tax credits		2.6			2.1			3.1
Nondeductible/ nontaxable permanent items		0.7			0.8			(1.8	)
IPR&D Guide Acquisition		(8.8	)		—			—
Change in valuation allowance		(20.6	)		(31.1	)		(29.7	)
Total		0.0	%		0.0	%		0.0	%

The components of the Company’s deferred taxes are as follows (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	103,868		$	58,338
Research and development tax credits		23,745			8,756
Accrued expenses and other		2,810			1,445
Derivative liabilities		11,483			19,421
Stock options		5,489			1,975
Amortization		20,754			2,079
Lease liability		38,734			27,340
Total deferred tax assets		206,883			119,354
ROU asset		(27,950	)		(23,692	)
Property and equipment		(1,868	)		(558	)
Other		(4,954	)		(141	)
Less: valuation allowance		(172,111	)		(94,963	)
Deferred tax assets, net	$	—		$	—

The Company had no income tax expense due to the operating losses incurred for the years ended December 31, 2021, 2020, and 2019. Management has evaluated the positive and negative evidence bearing upon the realizability of the Company’s net deferred tax assets and has determined that it is more likely than not that the Company will not recognize the benefits of the net deferred tax assets. As a result, the Company has recorded a full valuation allowance at December 31, 2021 and 2020. The valuation allowance increased by $77.1 million in 2021, due to the increase in deferred tax assets, primarily due to net operating loss carryforwards, and research and development tax credits, amortization expenses and the fair value of the derivative liability. The valuation allowance increased by $58.5 million in 2020.

As of December 31, 2021, the Company had $386.0 million of federal and $360.9 million of state net operating loss carryforwards. If not utilized, both the federal and state net operating loss carryforwards expire starting in 2037. Included in the $386.0 million federal net operating loss carryforwards is $382.6 million of net operating loss generated in 2018 through 2021 that will not expire. Additionally, as of December 31, 2021, the Company had $17.1 million of federal and $8.4 million of Massachusetts tax credits that expire starting in 2038 and 2033, respectively.

As of December 31, 2021, and 2020, the Company had no uncertain tax positions. The Company recognizes both interest and penalties associated with unrecognized tax benefits as a component of income tax expense. The Company has not recorded any interest or penalties for unrecognized tax benefits since its inception.

The Company filed income tax returns in the United States and the Commonwealth of Massachusetts in all tax years since inception. Tax years beginning in 2017 remain open to examination in these jurisdictions, as carryforward attributes generated in past years may be adjusted in a future period. The IRS has not made any assessments as of December 31, 2021.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

15. Related party transactions

Founders

For the years ended December 31, 2021, 2020 and 2019, the Company made payments of $0.5 million, $0.5 million and $0.5 million, respectively, to its three founder shareholders for scientific consulting and other expenses.

Verve

The Company and Verve are parties to a collaboration and license agreement and have a common board member.

Prior to Verve’s initial public offering in June 2021, the Company owned both common and preferred shares of Verve and valued such investment based on the cost of the equity securities adjusted for any observable market transactions. Following the initial public offering, and the conversion to common stock and the stock split, the equity securities have a readily determinable fair value and the Company owned 546,970 shares of Verve's common stock, the value of which is included in marketable securities in the consolidated balance sheet. The Company recorded the investment at fair value as of December 31, 2021, which resulted in the recognition of $17.7 million of other income for the twelve months ended December 31, 2021. The value of this investment as of December 31, 2021 is $20.2 million. During the year ended December 31, 2020, the Company recognized unrealized gains of $0.5 million on its investment in Verve preferred stock.

During the years ended December 31, 2020 and 2019, the Company purchased shares of Verve series A preferred stock valued at $0.8 million and $0.4 million, respectively. These shares were converted into shares of Verve common stock in connection with Verve’s initial public offering.

The Company purchased certain materials from Verve amounting to $0.2 million and $0.4 million, which is recorded as research and development expenses within the accompanying consolidated statements of operations and other comprehensive loss for the years ended December 31, 2021 and 2020, respectively. The Company also sold certain materials to Verve amounting to $0.2 million, which is recorded as interest and other income (expense), net within the accompanying consolidated statements of operations and other comprehensive loss for the year ended December 31, 2020.

In October 2021, the Company entered into an agreement pursuant to which Verve subleased 12,000 square feet of the Company’s existing office and laboratory space for a term of one year which began in December 2021. Verve is expected to pay approximately $1.4 million in rental payments over the term of the sublease, as well as its proportionate costs for the landlord’s operating expense, insurance, property taxes, and utilities. The Company recorded $0.1 million of sublease income related to this sublease within the accompanying consolidated statements of operations and other comprehensive loss for the year ended December 31, 2021.

Prime Medicine

The Company and Prime Medicine are parties to a collaboration and license agreement and have a common founder and common board member.

In September 2020, the Company elected to continue its collaboration with Prime Medicine and, in October 2020, as required by the terms under its collaboration and license agreement with Prime Medicine, issued 200,307 shares of the Company’s common stock to Prime Medicine. The Company recognized $5.5 million, which represents the fair value of the Company's common stock issued to Prime Medicine, as research and development expense within the accompanying consolidated statements of operations and other comprehensive loss for the year ended December 31, 2020. Additionally, in October 2020, the Company received 5,000,000 shares of Prime Medicine’s common stock and recognized $0.1 million as an offset to research and development expense within the accompanying consolidated statements of operations and other comprehensive loss for the year ended December 31, 2020.

Management services provided to the Company by Prime Medicine were immaterial for the year ended December 31, 2021. Additionally, in September 2019, in connection with the Company’s collaboration and license agreement with Prime Medicine, the Company executed a letter agreement, as amended, to provide certain interim management and startup services to Prime Medicine through March 2021. Prime Medicine is obligated to reimburse the Company’s out-of-pocket costs incurred in connection with performing the services and, beginning in October 2020 and ending March 2021, paid the Company a $30,000 monthly service fee. For the years ended December 31, 2021 and 2020, the Company recognized $0.1 million and $0.1 million, respectively, for performing such services in interest and other income (expense), net, within the accompanying consolidated statements of operations and other comprehensive loss.

Employee Benefits

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

16. Employee benefits

In 2018, the Company established a defined-contribution plan under Section 401(k) of the Internal Revenue Code, or the 401(k) Plan. The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Beginning January 1, 2020, the Company made matching contributions equal to 50% of the employee’s contributions, subject to a maximum of 6% of eligible compensation. The Company made matching contributions of $1.1 million for the year ended December 31, 2021.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Principles of Consolidation

Principles of consolidation

Use of Estimates

Use of estimates

Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash


	December 31,
	2021		2020		2019
Cash and cash equivalents	$	559,994	$	162,171	$	37,221
Restricted cash		12,746		14,840		13,332
Total cash, cash equivalents, and restricted cash	$	572,740	$	177,011	$	50,553

Marketable Securities

Marketable securities

Corporate Equity Securities

Corporate equity securities

Concentrations of Credit Risk

Concentrations of credit risk

Guarantees and Indemnifications

Guarantees and indemnifications

Equity Issuance Costs

Equity issuance costs

Fair Value of Financial Instruments

Fair value of financial instruments

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

There have been no changes to the valuation methods utilized during the years ended December 31, 2021 and 2020. The Company evaluates transfers between levels at the end of each reporting period.

Property and Equipment

Property and equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Asset category		Estimated useful life
Computer equipment and software		3 years
Laboratory equipment and office furniture		5 years
Leasehold improvements		Shorter of useful life or remaining term

Impairment of Long-Lived Assets

Impairment of long-lived assets

Freestanding Financial Instruments and Derivatives

Freestanding financial instruments and derivatives

Leases and Rent Expense

Leases and rent expense

Asset Acquisitions

Asset acquisitions

At the time of acquisition, the Company determines if a transaction should be accounted for as a business combination or acquisition of assets.

Contingent Consideration Liabilities

Contingent consideration liabilities

Revenue Recognition

Revenue recognition

The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and its related amendments, or, collectively, ASC 606.

Deferred revenue expected to be recognized within the next twelve months is classified as a current liability.

Contract Balances

Contract balances

Research and Development Costs

Research and development costs

Stock-Based Compensation

Stock-based compensation

Patent Costs

Patent costs

Variable Interest Entities

Variable interest entities

Income Taxes

Income taxes

Comprehensive Loss

Comprehensive loss

Net Loss Per Share

Net loss per share

Segment and Geographic Information

Segment and geographic information

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash


	December 31,
	2021		2020		2019
Cash and cash equivalents	$	559,994	$	162,171	$	37,221
Restricted cash		12,746		14,840		13,332
Total cash, cash equivalents, and restricted cash	$	572,740	$	177,011	$	50,553

Estimated Useful Life of Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Asset category		Estimated useful life
Computer equipment and software		3 years
Laboratory equipment and office furniture		5 years
Leasehold improvements		Shorter of useful life or remaining term

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


	December 31,
	2021			2020
Lab equipment	$	29,905		$	17,201
Leasehold improvements		57,760			12,706
Furniture and fixtures		3,679			1,078
Computer equipment		1,646			547
Construction in process		7,349			15,880
Total property and equipment		100,339			47,412
Less accumulated depreciation		(16,081	)		(8,899	)
Property and equipment, net	$	84,258		$	38,513

Summary of Depreciation Expense Incurred

The following table summarizes depreciation expense incurred (in thousands):


	Years Ended December 31,
	2021		2020		2019
Depreciation expense	$	7,201	$	4,735	$	3,503

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value of Financial Assets and Liabilities

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2021 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	540,094	$	540,094	$	540,094	$	—	$	—
Commercial paper		13,997		13,997		—		13,997		—
Corporate notes		5,903		5,903		—		5,903		—
Marketable securities:
Commercial paper		368,743		368,743		—		368,743		—
Corporate notes		16,743		16,743		—		16,743		—
Equity securities included in marketable securities
Corporate equity securities		20,167		20,167		20,167		—		—
Total Assets	$	965,647	$	965,647	$	560,261	$	405,386	$	—

Liabilities
Success payment liability – Harvard		21,000		21,000		—		—		21,000
Success payment liability – Broad Institute		21,200		21,200		—		—		21,200
Contingent consideration liability – Technology		24,359		24,359		—		—		24,359
Contingent consideration liability – Product		7,008		7,008		—		—		7,008
Total liabilities	$	73,567	$	73,567	$	—	$	—	$	73,567

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2020 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	88,259	$	88,259	$	88,259	$	—	$	—
Commercial paper		60,494		60,497		—		60,497		—
Corporate notes		12,314		12,308		—		12,308		—
Marketable securities:
Commercial paper		113,622		113,622		—		113,622		—
Corporate notes		7,836		7,836		—		7,836		—
U.S. Treasury securities		11,009		11,009		—		11,009		—
Government securities		5,033		5,033		—		5,033		—
Total Assets	$	298,567	$	298,564	$	88,259	$	210,305	$	—

Liabilities
Success payment liability – Harvard	$	35,500	$	35,500	$	—	$	—	$	35,500
Success payment liability – Broad Institute		35,700		35,700		—		—		35,700
Total liabilities	$	71,200	$	71,200	$	—	$	—	$	71,200

Success Payment Liabilities

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:


	Harvard						Broad Institute
	December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Fair value of common stock (per share)		79.69			81.64			79.69			81.64
Expected volatility		76	%		74	%		76	%		74	%
Expected term (years)	0.10-7.49			0.35-8.49			0.10-8.36			0.35-9.36

Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):


	Harvard			Broad			Total
Balance at December 31, 2019	$	3,900		$	3,900		$	7,800
Change in fair value		31,600			31,800			63,400
Balance at December 31, 2020	$	35,500		$	35,700		$	71,200
Payments	$	(15,000	)	$	(15,000	)	$	(30,000	)
Change in fair value		500			500			1,000
Balance at December 31, 2021	$	21,000		$	21,200		$	42,200

Contingent Consideration Liabilities

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:


	Technology Milestones			Product Milestones
	December 31, 2021			December 31, 2021
Discount Rate		7.50	%		7.50	%
Probability of Achievement	10-75%			2-15%
Projected Year of Achievement	2022-2023			2023-2029

Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):


	For the Year Ended December 31, 2021
	Technology Milestones			Product Milestones			Total
Balance at February 23, 2021 (inception)	$	29,403		$	7,110		$	36,513
Change in fair value		(5,044	)		(102	)		(5,146	)
Balance at December 31, 2021	$	24,359		$	7,008		$	31,367

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Marketable Securities Held

The following table summarizes the Company’s marketable securities held at December 31, 2021 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	368,778	$	32	$	(67	)	$	368,743
Corporate notes		16,758		—		(15	)		16,743
Corporate equity securities		20,167		—		—			20,167
Total	$	405,703	$	32	$	(82	)	$	405,653

The following table summarizes the Company’s marketable securities held at December 31, 2020 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	113,628	$	11	$	(17	)	$	113,622
Corporate notes		7,839		2		(5	)		7,836
U.S. Treasury securities		11,009		—		—			11,009
Government securities		5,033		—		—			5,033
Total	$	137,509	$	13	$	(22	)	$	137,500

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Employee compensation and related benefits		11,661		7,591
Process development and manufacturing costs		3,833		2,272
Professional fees		3,330		1,948
Research costs		3,133		2,423
Other		6,964		4,229
Total	$	28,921	$	18,463

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Operating Lease Costs

The following table summarizes operating lease costs as well as sublease income (in thousands):


	December 31,
	2021			2020		2019
Operating lease costs	$	18,309		$	8,415	$	4,078
Variable lease costs		2,065			929		811
Short-term lease costs		1,145			—		116
Sublease income		(110	)		—		(51	)
Total	$	21,409		$	9,344	$	4,954

Summary of Lease Term and Discount Rate

The following table summarizes the lease term and discount rate for operating leases:


	December 31,
	2021			2020
Weighted-average remaining lease term (years)	11.1 years			11.5 years
Weighted-average discount rate		7.0	%		7.4	%

Summary of Lease Costs Included in Measurement of Lease Liabilities

The following table summarizes the lease costs included in the measurement of lease liabilities (in thousands):


	Years Ended December 31,
	2021		2020		2019
Operating cash flows used for operating leases	$	11,462	$	6,911	$	4,950
Operating lease liabilities arising from obtaining ROU assets		25,925		74,723		6,221

Summary of Future Minimum Lease Payments of Operating Leases

At December 31, 2021, the future minimum lease payments for the Company’s operating leases for each of the next five years and total thereafter were as follows (in thousands):


2022		17,059
2023		17,733
2024		18,269
2025		18,703
2026		17,143
Thereafter		115,692
Total undiscounted lease payments		204,599
Less: imputed interest		(62,249	)
Total operating lease liabilities	$	142,350

Summary of Future Minimum Payments Related to Equipment Financing Obligations

The future minimum payments related to the equipment financing obligations for each of the next five years were as follows (in thousands):


Years ending December 31,	Amount
2022		2,663
2023		2,013
2024		511
2025		—
2026		—
Total		5,187
Less: amounts representing interest at 8.76%		(568	)
Plus: residual values		675
Financing obligations	$	5,294

Equipment

Summary of Principal and Interest Portions

The following table summarizes the breakdown of the principal and interest portions of the equipment financing payments (in thousands):


	Years Ended December 31,
	2021		2020		2019
Paydown of principal	$	2,118	$	1,569	$	464
Payment of interest		567		561		187

Guide Acquisition (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Summary of Transaction Price Determined and Allocated

The transaction price was determined and allocated as follows (in thousands):


Transaction price
Fair value of equity instruments issued	$	120,032
Technology and product contingent consideration liabilities		36,513
Transaction costs		2,531
Total transaction price	$	159,076
Transaction price allocated
In-process research and development	$	154,953
Cash acquired		3,151
Prepaid expenses and other assets		264
Property and equipment		1,835
Assembled workforce		300
Other liabilities assumed		(1,427	)
Total transaction price	$	159,076

License Agreements (Tables)

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Success Payment Liability

The following table summarizes the Company’s success payment liability for Harvard (in thousands):


	December 31,
	2021		2020
Harvard success payment liability	$	21,000	$	35,500

The following table summarizes the Company’s success payment liability for Broad Institute (in thousands):


	December 31,
	2021		2020
Broad Institute success payment liability	$	21,200	$	35,700

Schedule of Change in Fair Value of Success Payment Liability

The following table summarizes the expense resulting from the change in the fair value of the success payment liability for Harvard (in thousands):


	Years Ended December 31,
	2021		2020		2019
Change in fair value of Harvard success payment liability	$	500	$	31,600	$	2,700

The following table summarizes the expense resulting from the change in the fair value of the success payment liability for Broad Institute (in thousands):


	Years Ended December 31,
	2021		2020		2019
Change in fair value of Broad Institute success payment liability	$	500	$	31,800	$	2,700

Stock Option and Grant Plan (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-based Compensation Expense


	Years Ended December 31,
	2021		2020		2019
Research and development	$	26,644	$	11,199	$	4,236
General and administrative		16,926		4,181		2,792
Total stock-based compensation expense	$	43,570	$	15,380	$	7,028

Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted

The assumptions used in the Black-Scholes option-pricing model for stock options granted were:


	Years Ended December 31,
	2021			2020			2019
Expected volatility	71.4-76.7%			75.6-82.6%			86.4-87.6%
Weighted-average risk-free interest rate		1.11	%		1.07	%		2.17	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Expected term (in years)		6.12			6.24			6.25

Summary of Option Activity Under Equity Award Plans

A summary of option activity under the Company’s equity award plans:


	Number of options			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate intrinsic value (1) (in thousands)
Outstanding as of December 31, 2020		5,336,441		$	9.70		8.3	$	383,901
Granted		1,790,476			88.15
Exercised		(974,662	)		9.88
Forfeitures		(118,063	)		37.65
Outstanding as of December 31, 2021		6,034,192			32.40		7.9		300,560
Exercisable as of December 31, 2021		2,305,895			11.44		7.2		157,633

(1)

Summary of Restricted Stock Activity

The following summarizes the Company’s restricted stock activity:


	Shares			Weighted- average grant date fair value
Unvested as of December 31, 2020		1,275,338		$	10.95
Issued		885,680			87.50
Vested		(1,020,887	)		6.44
Canceled		(13,925	)		85.31
Unvested as of December 31, 2021		1,126,206		$	74.32

Schedule of Assumptions Used in Black-Scholes Option Valuation Model to Estimate Fair Value of Purchase Right Under ESPP

The Company used the Black-Scholes option valuation model to estimate the fair value of the purchase right under the ESPP on the date of grant using the following assumptions:


	For the Offering Period
	October 1, 2021 - March 31, 2022
Expected volatility		73.07	%
Weighted-average risk-free interest rate		0.05	%
Expected dividend yield		0.00	%
Expected term (in years)		0.50

Net Loss per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	December 31,
	2021		2020		2019
Redeemable convertible preferred stock		—		—		29,127,523
Unvested restricted stock		1,126,206		1,275,338		2,655,806
Outstanding options to purchase common stock		6,034,192		5,336,441		4,791,047
ESPP		19,379		—		—
Total		7,179,777		6,611,779		36,574,376

Summary of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share amounts):


	Years Ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(370,638	)	$	(194,592	)	$	(78,326	)
Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock		—			(1,277	)		(12,714	)
Net loss attributable to common stockholders		(370,638	)		(195,869	)		(91,040	)
Denominator:
Weighted average number of common shares, basic and diluted		64,227,676			46,733,221			6,479,591
Net loss per common share attributable to common stockholders, basic and diluted	$	(5.77	)	$	(4.19	)	$	(14.05	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Income Tax Expense

A reconciliation of the income tax expense computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Years Ended December 31,
	2021			2020			2019
Federal statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		5.1			7.2			7.4
Research and development tax credits		2.6			2.1			3.1
Nondeductible/ nontaxable permanent items		0.7			0.8			(1.8	)
IPR&D Guide Acquisition		(8.8	)		—			—
Change in valuation allowance		(20.6	)		(31.1	)		(29.7	)
Total		0.0	%		0.0	%		0.0	%

Schedule of Components of Deferred Taxes

The components of the Company’s deferred taxes are as follows (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	103,868		$	58,338
Research and development tax credits		23,745			8,756
Accrued expenses and other		2,810			1,445
Derivative liabilities		11,483			19,421
Stock options		5,489			1,975
Amortization		20,754			2,079
Lease liability		38,734			27,340
Total deferred tax assets		206,883			119,354
ROU asset		(27,950	)		(23,692	)
Property and equipment		(1,868	)		(558	)
Other		(4,954	)		(141	)
Less: valuation allowance		(172,111	)		(94,963	)
Deferred tax assets, net	$	—		$	—

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($)			1 Months Ended							4 Months Ended	12 Months Ended
	Feb. 23, 2021	Jan. 16, 2021	Jan. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Feb. 28, 2021	Oct. 31, 2020	Feb. 29, 2020	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2022	Jul. 07, 2021
Nature Of Business And Basis Of Presentation [Line Items]
Gross proceeds from issuance of common stock								$ 135,100,000
Accumulated deficit											$ 768,274,000	$ 397,636,000
Cash, cash equivalents, and marketable securities											$ 965,600,000
Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Shares issued and sold								200,307
Public offering price per share								$ 23.50
Net proceeds from sale of common stock								$ 126,600,000	$ 188,300,000
IPO \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Shares issued and sold									12,176,471			12,176,471
Public offering price per share									$ 17.00
Gross proceeds from issuance of common stock									$ 207,000,000.0
Net proceeds from sale of common stock									$ 188,300,000
Shares issued upon conversion of preferred stock									29,127,523
Underwriters Option \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Shares issued and sold								750,000	1,588,235
Private Placement
Nature Of Business And Basis Of Presentation [Line Items]
Gross proceeds from issuance of common stock		$ 260,000,000.0
Private Placement \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Shares issued and sold		2,795,700									2,795,700
Public offering price per share		$ 93.00
Net proceeds from sale of common stock		$ 252,000,000.0
At-The-Market \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Shares issued and sold											4,907,195
Jeffries LLC Amended Sales Agreement
Nature Of Business And Basis Of Presentation [Line Items]
Gross proceeds from issuance of common stock											$ 211,200,000
Jeffries LLC Amended Sales Agreement \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Shares issued and sold											1,999,186
Public offering price per share											$ 105.65
Jeffries LLC Amended Sales Agreement \| At-The-Market
Nature Of Business And Basis Of Presentation [Line Items]
Aggregate gross proceeds of shares authorized under ATM sales agreement														$ 500,000,000.0
Jeffries LLC Sales Agreement
Nature Of Business And Basis Of Presentation [Line Items]
Stock sold during period shares, new issues										2,908,009	2,908,009
Public offering price per share											$ 103.16
Gross proceeds from issuance of common stock											$ 300,000,000.0
Jeffries LLC Sales Agreement \| Maximum \| At-The-Market
Nature Of Business And Basis Of Presentation [Line Items]
Commission rate						3.00%
Aggregate gross proceeds of shares authorized under ATM sales agreement						$ 300,000,000.0
Jeffries LLC Sales Agreement and Amended Sales Agreement
Nature Of Business And Basis Of Presentation [Line Items]
Gross proceeds from issuance of common stock											$ 511,200,000
Apellis Pharmaceuticals, Inc
Nature Of Business And Basis Of Presentation [Line Items]
Collaboration agreement upfront payment received					$ 50,000,000.0
Apellis Pharmaceuticals, Inc \| Forecast
Nature Of Business And Basis Of Presentation [Line Items]
Collaboration agreement first anniversary amount due													$ 25,000,000.0
Sana Biotechnology
Nature Of Business And Basis Of Presentation [Line Items]
Upfront payment received under term of agreement				$ 50,000,000.0
Pfizer Inc \| Subsequent Event
Nature Of Business And Basis Of Presentation [Line Items]
Collaboration agreement upfront payment received			$ 300,000,000.0
Guide Therapeutics, Inc. \| Merger Agreement
Nature Of Business And Basis Of Presentation [Line Items]
Business combination upfront consideration paid in common stock	$ 120,000,000.0						$ 120,000,000.0
Merger agreement description							the Company paid Guide’s former stockholders and optionholders upfront consideration in an aggregate amount of $120.0 million, excluding customary purchase price adjustments, in shares of its common stock, based upon the volume-weighted average price of the Company’s common stock over the ten trading-day period ending on February 19, 2021.
Milestone payment method, description											In addition, Guide’s former stockholders and optionholders are eligible to receive up to an additional $100.0 million in technology milestone payments and $220.0 million in product milestone payments, payable in the Company’s common stock.
Guide Therapeutics, Inc. \| Merger Agreement \| Maximum \| Technology Milestones \| Former Stockholders and Optionholders
Nature Of Business And Basis Of Presentation [Line Items]
Potential milestone payable in form of common stock	100,000,000.0
Guide Therapeutics, Inc. \| Merger Agreement \| Maximum \| Product Milestones \| Former Stockholders and Optionholders
Nature Of Business And Basis Of Presentation [Line Items]
Potential milestone payable in form of common stock	$ 220,000,000.0

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 559,994	$ 162,171	$ 37,221
Restricted cash	12,746	14,840	13,332
Total cash, cash equivalents, and restricted cash	$ 572,740	$ 177,011	$ 50,553	$ 147,936

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Claims outstanding	$ 0	$ 0
Impairment of long-lived assets	$ 0	0	$ 0
Expected dividend yield	0.00%
Number of operating segment \| Segment	1
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted			true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Jan. 01, 2019
ASU 2017-01
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted				true
Other Assets
Summary Of Significant Accounting Policies [Line Items]
Equity issuance costs	$ 0	$ 0

Summary of Significant Accounting Policies - Estimated Useful Life of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Laboratory Equipment and Office Furniture
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	Shorter of useful life or remaining term

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 100,339	$ 47,412
Less accumulated depreciation	(16,081)	(8,899)
Property and equipment, net	84,258	38,513
Lab Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	29,905	17,201
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	57,760	12,706
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	3,679	1,078
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,646	547
Construction in Process
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,349	$ 15,880

Property and Equipment, Net - Summary of Depreciation Expense Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation expense	$ 7,201	$ 4,735	$ 3,503

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commercial Paper
Assets
Marketable securities	$ 368,743	$ 113,622
Harvard
Liabilities
Success payment liability	21,000	35,500
Broad Institute
Liabilities
Success payment liability	21,200	35,700
Recurring \| Carrying Amount
Assets
Total assets	965,647	298,567
Liabilities
Total liabilities	73,567	71,200
Recurring \| Carrying Amount \| Money Market Funds
Assets
Cash equivalents	540,094	88,259
Recurring \| Carrying Amount \| Commercial Paper
Assets
Cash equivalents	13,997	60,494
Marketable securities	368,743	113,622
Recurring \| Carrying Amount \| Corporate Notes
Assets
Cash equivalents	5,903	12,314
Marketable securities	16,743	7,836
Recurring \| Carrying Amount \| U.S. Treasury Securities
Assets
Marketable securities		11,009
Recurring \| Carrying Amount \| Government Securities
Assets
Marketable securities		5,033
Recurring \| Carrying Amount \| Corporate Equity Securities
Assets
Equity securities included in marketable securities	20,167
Recurring \| Carrying Amount \| Consideration of Technology Liabilities
Liabilities
Contingent consideration liability	24,359
Recurring \| Carrying Amount \| Contingent Consideration of Product Liabilities
Liabilities
Contingent consideration liability	7,008
Recurring \| Fair Value
Assets
Total assets	965,647	298,564
Liabilities
Total liabilities	73,567	71,200
Recurring \| Fair Value \| Money Market Funds
Assets
Cash equivalents	540,094	88,259
Recurring \| Fair Value \| Commercial Paper
Assets
Cash equivalents	13,997	60,497
Marketable securities	368,743	113,622
Recurring \| Fair Value \| Corporate Notes
Assets
Cash equivalents	5,903	12,308
Marketable securities	16,743	7,836
Recurring \| Fair Value \| U.S. Treasury Securities
Assets
Marketable securities		11,009
Recurring \| Fair Value \| Government Securities
Assets
Marketable securities		5,033
Recurring \| Fair Value \| Corporate Equity Securities
Assets
Equity securities included in marketable securities	20,167
Recurring \| Fair Value \| Consideration of Technology Liabilities
Liabilities
Contingent consideration liability	24,359
Recurring \| Fair Value \| Contingent Consideration of Product Liabilities
Liabilities
Contingent consideration liability	7,008
Recurring \| Fair Value \| Level 1
Assets
Total assets	560,261	88,259
Recurring \| Fair Value \| Level 1 \| Money Market Funds
Assets
Cash equivalents	540,094	88,259
Recurring \| Fair Value \| Level 1 \| Corporate Equity Securities
Assets
Equity securities included in marketable securities	20,167
Recurring \| Fair Value \| Level 2
Assets
Total assets	405,386	210,305
Recurring \| Fair Value \| Level 2 \| Commercial Paper
Assets
Cash equivalents	13,997	60,497
Marketable securities	368,743	113,622
Recurring \| Fair Value \| Level 2 \| Corporate Notes
Assets
Cash equivalents	5,903	12,308
Marketable securities	16,743	7,836
Recurring \| Fair Value \| Level 2 \| U.S. Treasury Securities
Assets
Marketable securities		11,009
Recurring \| Fair Value \| Level 2 \| Government Securities
Assets
Marketable securities		5,033
Recurring \| Fair Value \| Level 3
Liabilities
Total liabilities	73,567	71,200
Recurring \| Fair Value \| Level 3 \| Consideration of Technology Liabilities
Liabilities
Contingent consideration liability	24,359
Recurring \| Fair Value \| Level 3 \| Contingent Consideration of Product Liabilities
Liabilities
Contingent consideration liability	7,008
Recurring \| Harvard \| Carrying Amount
Liabilities
Success payment liability	21,000	35,500
Recurring \| Harvard \| Fair Value
Liabilities
Success payment liability	21,000	35,500
Recurring \| Harvard \| Fair Value \| Level 3
Liabilities
Success payment liability	21,000	35,500
Recurring \| Broad Institute \| Carrying Amount
Liabilities
Success payment liability	21,200	35,700
Recurring \| Broad Institute \| Fair Value
Liabilities
Success payment liability	21,200	35,700
Recurring \| Broad Institute \| Fair Value \| Level 3
Liabilities
Success payment liability	$ 21,200	$ 35,700

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2021	Dec. 31, 2020	Feb. 23, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities recognition amount		$ 17,690	$ 517
Verve Therapeutics, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities recognition amount		17,700	$ 500
Equity securities		$ 20,200
Verve Therapeutics, Inc. \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of shares purchased under equity method	546,970	546,970
Technology Milestones \| Guide Therapeutics, Inc. \| Maximum \| Merger Agreement \| Former Stockholders and Optionholders
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Potential milestone payable in form of common stock				$ 100,000
Product Milestones \| Guide Therapeutics, Inc. \| Maximum \| Merger Agreement \| Former Stockholders and Optionholders
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Potential milestone payable in form of common stock				$ 220,000

Fair Value of Financial Instruments - Schedule of Calculation of Estimated Fair Value of Success Payment Liabilities (Details) - Success Payment Liabilities	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Common Stock \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	79.69	81.64
Fair Value of Common Stock \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	79.69	81.64
Expected Volatility \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	76	74
Expected Volatility \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	76	74
Expected Term (years) \| Minimum \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	1 month 6 days	4 months 6 days
Expected Term (years) \| Minimum \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	1 month 6 days	4 months 6 days
Expected Term (years) \| Maximum \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	7 years 5 months 26 days	8 years 5 months 26 days
Expected Term (years) \| Maximum \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	8 years 4 months 9 days	9 years 4 months 9 days

Fair Value of Financial Instruments - Schedule of Change in Fair Value of Success Payment Liabilities Based on Level 3 Inputs (Details) - Success Payment Liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 71,200	$ 7,800
Payments	(30,000)
Change in fair value	1,000	63,400
Ending Balance	42,200	71,200
Harvard
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	35,500	3,900
Payments	(15,000)
Change in fair value	500	31,600
Ending Balance	21,000	35,500
Broad Institute
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	35,700	3,900
Payments	(15,000)
Change in fair value	500	31,800
Ending Balance	$ 21,200	$ 35,700

Fair Value of Financial Instruments - Schedule of Change in Fair Value of Contingent Consideration Liabilities Based on Level 3 Inputs (Details) - Contingent Consideration Liabilities $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 36,513
Change in fair value	(5,146)
Ending Balance	31,367
Technology Milestones
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	29,403
Change in fair value	(5,044)
Ending Balance	24,359
Product Milestones
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	7,110
Change in fair value	(102)
Ending Balance	$ 7,008

Fair Value of Financial Instruments - Schedule of Calculation of Estimated Fair Value of Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities	12 Months Ended
	Dec. 31, 2021
Technology Milestones \| Minimum
Derivative Liability [Abstract]
Milestone liabilities projected year of achievement	2022
Technology Milestones \| Maximum
Derivative Liability [Abstract]
Milestone liabilities projected year of achievement	2023
Product Milestones \| Minimum
Derivative Liability [Abstract]
Milestone liabilities projected year of achievement	2023
Product Milestones \| Maximum
Derivative Liability [Abstract]
Milestone liabilities projected year of achievement	2029
Discount Rate \| Technology Milestones
Derivative Liability [Abstract]
Contingent consideration liability measurement input	7.50
Discount Rate \| Product Milestones
Derivative Liability [Abstract]
Contingent consideration liability measurement input	7.50
Probability of Achievement \| Technology Milestones \| Minimum
Derivative Liability [Abstract]
Contingent consideration liability measurement input	10
Probability of Achievement \| Technology Milestones \| Maximum
Derivative Liability [Abstract]
Contingent consideration liability measurement input	75
Probability of Achievement \| Product Milestones \| Minimum
Derivative Liability [Abstract]
Contingent consideration liability measurement input	2
Probability of Achievement \| Product Milestones \| Maximum
Derivative Liability [Abstract]
Contingent consideration liability measurement input	15

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Marketable securities held, Amortized Cost	$ 405,703	$ 137,509
Marketable securities held, Gross Unrealized Gains	32	13
Marketable securities held, Gross Unrealized Losses	(82)	(22)
Marketable securities held, Fair Value	405,653	137,500
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	368,778	113,628
Available-for-sale, Gross Unrealized Gains	32	11
Available-for-sale, Gross Unrealized Losses	(67)	(17)
Available-for-sale, Fair Value	368,743	113,622
Corporate Notes
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost	16,758	7,839
Available-for-sale, Gross Unrealized Gains		2
Available-for-sale, Gross Unrealized Losses	(15)	(5)
Available-for-sale, Fair Value	16,743	7,836
U.S. Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost		11,009
Available-for-sale, Fair Value		11,009
Corporate Equity Securities
Debt Securities, Available-for-sale [Line Items]
Equity securities, Amortized Cost	20,167
Equity securities, Fair Value	$ 20,167
Government Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Amortized Cost		5,033
Available-for-sale, Fair Value		$ 5,033

Marketable Securities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Realized gains or losses recognized on sale or maturity of marketable securities	$ 0	$ 0	$ 0
Contractual maturity dates of investments	less than one year

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Employee compensation and related benefits	$ 11,661	$ 7,591
Process development and manufacturing costs	3,833	2,272
Professional fees	3,330	1,948
Research costs	3,133	2,423
Other	6,964	4,229
Total	$ 28,921	$ 18,463

Leases - Additional Information (Details) $ in Thousands	1 Months Ended														3 Months Ended	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 28, 2022 USD ($)	Oct. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 31, 2020 USD ($) ft² Option	Apr. 30, 2020 USD ($) Option	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Oct. 31, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jun. 30, 2019	Apr. 30, 2019 USD ($) Option	Oct. 31, 2018	Feb. 28, 2018 USD ($) ft²	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)
Lessee Lease Description [Line Items]
Operating lease right-of-use assets				$ 86,859												$ 102,718
Lease liability																142,350
Office and Laboratory Space
Lessee Lease Description [Line Items]
Square feet of office and laboratory space \| ft²														38,203
Operating lease, commencement month and year										2019-10	2019-10			2018-03
Operating lease, termination month and year										2021-12	2021-12			2028-09	2034-02
Operating lease, option to extend												option to extend the lease for two terms of five years each, which are not reasonably certain of exercise.		a term extension option, which is not reasonably certain of exercise.
Operating lease, existence of option to extend												true
Operating lease, number of renewal options \| Option												2
Operating lease, option to extend term												5 years
Leasehold improvements landlord allowance												$ 23,400		$ 6,100
Increase in operating lease right-of-use assets															$ 500
Increase in operating lease liability															$ 500
Operating lease term															12 years
Lessee, operating lease, lease not yet commenced anticipated undiscounted lease payments due																2,600	$ 11,100
Office and Laboratory Space \| Subsequent Event
Lessee Lease Description [Line Items]
Operating lease, termination date	Dec. 31, 2025
Lessee, operating lease, lease not yet commenced anticipated undiscounted lease payments due	$ 3,100
Office and Laboratory Space \| Letter of Credit
Lessee Lease Description [Line Items]
Lessee, operating lease, security deposit				11,800												$ 9,700
Office and Laboratory Space \| First Phase of Lease in October 2020
Lessee Lease Description [Line Items]
Operating lease, commencement month and year												2020-10
Rent payments beginning month and year												2021-08
Operating lease right-of-use assets																		$ 66,800
Lease liability																		$ 68,800
Office and Laboratory Space \| Second Phase of Lease in January 2021
Lessee Lease Description [Line Items]
Operating lease, commencement month and year												2021-01
Rent payments beginning month and year												2022-02
Operating lease right-of-use assets			$ 22,000
Lease liability			$ 23,000
Laboratory Space
Lessee Lease Description [Line Items]
Operating lease, commencement month and year						2020-04							2019-04
Operating lease, termination month and year						2025-12
Operating lease, amendment month and year		2021-10	2021-01			2020-04	2020-03
Operating lease, option to extend						The amended lease is subject to fixed-rate rent escalations and provided an option to extend the lease for two additional two-year periods through December 31, 2029, which are not reasonably certain of being exercised.
Operating lease, existence of option to extend						true
Operating lease, number of renewal options \| Option						2
Operating lease, option to extend term						2 years
Operating lease right-of-use assets		$ 1,600	$ 300			$ 1,800	$ 4,200
Lease liability		$ 1,600	$ 300			$ 1,800	$ 4,200
Manufacturing Facility \| Alexandria Real Estate Equities, Inc.
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend					true
Operating lease, number of renewal options \| Option					2
Operating lease, option to extend term					5 years
Manufacturing facility, number of square feet \| ft²					100,000
Operating lease term					15 years
Lessee operating lease, description																The lease has a term of 15 years following the commencement date and provides the Company the option to extend the lease term for two five-year terms. It is subject to fixed rate escalation increases and also provides up to $20.0 million for reimbursement of tenant improvements. As the lease had not commenced as of December 31, 2021, the Company has not recorded an operating lease ROU asset or lease liability for this lease in the consolidated balance sheets.
Lessee, operating lease, lease not yet commenced anticipated undiscounted lease payments due					$ 69,000
Manufacturing Facility \| Alexandria Real Estate Equities, Inc. \| Maximum
Lessee Lease Description [Line Items]
Leasehold improvements landlord allowance					$ 20,000
Equipment
Lessee Lease Description [Line Items]
Assets sold for leaseback				1,600				$ 1,600	$ 2,400	$ 3,800
Finance lease annual rent				$ 500				$ 500	$ 700	$ 1,000
Financing obligations, leased back equipment term of contract				4 years				4 years	4 years	4 years

Leases - Summary of Operating Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 18,309	$ 8,415	$ 4,078
Variable lease costs	2,065	929	811
Short-term lease costs	1,145		116
Sublease income	(110)		(51)
Total	$ 21,409	$ 9,344	$ 4,954

Leases - Summary of Lease Term and Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	11 years 1 month 6 days	11 years 6 months
Weighted-average discount rate	7.00%	7.40%

Leases - Summary of Lease Costs Included in Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows used for operating leases	$ 11,462	$ 6,911	$ 4,950
Operating lease liabilities arising from obtaining ROU assets	$ 25,925	$ 74,723	$ 6,221

Leases - Summary of Future Minimum Lease Payments of Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2022	$ 17,059
2023	17,733
2024	18,269
2025	18,703
2026	17,143
Thereafter	115,692
Total undiscounted lease payments	204,599
Less: imputed interest	(62,249)
Total operating lease liabilities	$ 142,350

Leases - Summary of Future Minimum Payments Related to Equipment Financing Obligations (Details) - Equipment $ in Thousands	Dec. 31, 2021 USD ($)
Finance Lease Liability Payments [Line Items]
2022	$ 2,663
2023	2,013
2024	511
Total	5,187
Less: amounts representing interest at 8.76%	(568)
Plus: residual values	675
Financing obligations	$ 5,294

Leases - Summary of Future Minimum Payments Related to Equipment Financing Obligations (Parenthetical) (Details)	Dec. 31, 2021
Equipment
Finance Lease Liability Payments [Line Items]
Finance lease liability payments interest percentage	8.76%

Leases - Summary of Principal and Interest Portions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Paydown of principal	$ 2,118	$ 1,569	$ 464
Equipment
Lessee Lease Description [Line Items]
Paydown of principal	2,118	1,569	464
Payment of interest	$ 567	$ 561	$ 187

Guide Acquisition - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 23, 2021	Feb. 28, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Value of shares issued for upfront payment of acquisition			$ 120,032
Research and development expense			154,953
Contingent consideration liabilities			31,367
Common Stock
Business Acquisition [Line Items]
Value of shares issued for upfront payment of acquisition			$ 10
Guide Therapeutics, Inc. \| Merger Agreement
Business Acquisition [Line Items]
Business Acquisition, merger agreement date	Feb. 23, 2021
Business combination upfront consideration paid in common stock	$ 120,000	$ 120,000
Value of shares issued for upfront payment of acquisition	120,000
Research and development expense	155,000
Contingent consideration liabilities	$ 36,500
Guide Therapeutics, Inc. \| Merger Agreement \| Common Stock
Business Acquisition [Line Items]
Number of shares issued for upfront payment of acquisition	1,087,153
Guide Therapeutics, Inc. \| Merger Agreement \| Technology Milestones \| Maximum \| Former Stockholders and Optionholders
Business Acquisition [Line Items]
Potential milestone payable in form of common stock	$ 100,000
Guide Therapeutics, Inc. \| Merger Agreement \| Product Milestones \| Maximum \| Former Stockholders and Optionholders
Business Acquisition [Line Items]
Potential milestone payable in form of common stock	$ 220,000

Guide Acquisition - Summary of Transaction Price Determined and Allocated (Details) - Guide Therapeutics, Inc. - Merger Agreement $ in Thousands	Feb. 23, 2021 USD ($)
Transaction price
Fair value of equity instruments issued	$ 120,032
Technology and product contingent consideration liabilities	36,513
Transaction costs	2,531
Total transaction price	159,076
Transaction price allocated
Cash acquired	3,151
Prepaid expenses and other assets	264
Property and equipment	1,835
Other liabilities assumed	(1,427)
Total transaction price	159,076
In-Process Research and Development
Transaction price allocated
Intangible assets	154,953
Assembled Workforce
Transaction price allocated
Intangible assets	$ 300

License Agreements - Harvard License Agreement - Additional Information (Details)		1 Months Ended	12 Months Ended
	Jun. 10, 2021 shares	Jun. 30, 2021 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 31, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock for success payment liability, Shares \| shares		174,825
Harvard
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-royalty sublicense fees owed			$ 33,700,000
Number of common stock issued \| shares			101,363
Success payment amount due						$ 15,000,000.0
Issuance of common stock for success payment liability, Shares \| shares	174,825
Milestone expense				$ 0	$ 0
Harvard \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payments			$ 5,000,000.0
Harvard \| Minimum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples			5
Harvard \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional success payment amount due						$ 90,000,000.0
Success payments			$ 105,000,000.0
Harvard \| Maximum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples			40
Harvard \| Success Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description			The Company is required to make success payments to Harvard during a period of time, or the Harvard Success Payment Period, which has been determined to be the later of (1) the ninth anniversary of the Harvard License Agreement or (2) the earlier of (a) the twelfth anniversary of the Harvard License Agreement and (b) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Harvard Success Payment Period, the Company will perform a calculation of any amounts owed to Harvard on each rolling 90-day period, commencing one year after the Company’s IPO.
Harvard \| Other Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description			The Company agreed to pay Harvard an annual license maintenance fee ranging from low-to-mid five figures to low six figures, depending on the calendar year. The Company is responsible for the payment of certain patent prosecution and maintenance costs incurred by Harvard related to licensed patents. To the extent achieved, the Company is obligated to pay up to an aggregate of $75.9 million in product development and regulatory approval milestones, or Harvard Product Milestones. If the Company completes a change of control during the term of the Harvard License Agreement, then certain of the milestone payments would be increased. To the extent there are sales of a licensed product, the Company is required to pay low single digit royalties on net sales. The Company is entitled to certain reductions and offsets on these royalties with respect to a licensed product in a given country. If the Company sublicenses its rights to develop or commercialize a licensed product under the Harvard License Agreement to a third party and the Company receives non-royalty sublicense income, then Harvard is entitled to a percentage of such consideration, ranging from the high single digits to low double digits depending on the date in which such sublicense agreement is executed and the stage of development of the Company’s licensed products at such time.
Harvard \| Product Development and Regulatory Approval \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate milestone amount			$ 75,900,000
Harvard \| Regulatory
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone expense			$ 100,000

License Agreements - Harvard License Agreement - Success Payment Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Harvard
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payment liability	$ 21,000	$ 35,500

License Agreements - Harvard License Agreement - Change in Fair Value of Success Payment Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ 1,000	$ 63,400	$ 5,400
Harvard
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ 500	$ 31,600	$ 2,700

License Agreements - Broad License Agreement - Additional Information (Details)		1 Months Ended	12 Months Ended
	Jun. 10, 2021 shares	Jun. 30, 2021 shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 31, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock for success payment liability, Shares \| shares		174,825
Broad Institute
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-royalty sublicense fees owed			$ 6,100,000
Success payment amount due						$ 15,000,000.0
Issuance of common stock for success payment liability, Shares \| shares	174,825
Milestone expense			$ 0	$ 0	$ 0
Broad Institute \| Success Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description			The Company is required to make success payments to Broad Institute during a period of time, or the Broad Success Payment Period, which has been determined to be the earliest of (1) the twelfth anniversary of the Broad License Agreement or (2) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Broad Success Payment Period, the Company will perform a calculation of any amounts owed to Broad Institute on each rolling 90-day period, commencing one year after the Company’s IPO.
Broad Institute \| Other Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description			The Company agreed to pay Broad Institute an annual license maintenance fee ranging from low-to-mid five figures to low six figures, depending on the particular calendar year. The Company is responsible for the payment of certain patent prosecution and maintenance costs incurred by Broad Institute related to licensed patents. To the extent achieved, the Company is obligated to pay up to an aggregate of $75.9 million in product development and regulatory approval milestones, or Broad Product Milestones. If the Company completes a change of control during the term of the Broad License Agreement, then certain of the milestone payments would be increased. To the extent there are commercial sales of a licensed product, the Company is required to pay low single digit royalties on net sales. The Company is entitled to certain reductions and offsets on these royalties with respect to a licensed product in a given country. If the Company sublicenses its rights to develop or commercialize a licensed product under the Broad License Agreement to a third party and the Company receives non-royalty sublicense income, then Broad Institute is entitled to a percentage of such consideration, ranging from the high single digits to low double digits depending on the date in which such sublicense agreement is executed and the stage of development of the Company’s licensed products at such time.
Broad Institute \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payments			$ 5,000,000.0
Broad Institute \| Minimum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples			5
Broad Institute \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payments			$ 105,000,000.0
Additional success payment amount due						$ 90,000,000.0
Broad Institute \| Maximum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples			40
Broad Institute \| Maximum \| Product Development and Regulatory Approval
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate milestone amount			$ 75,900,000

License Agreements - Broad License Agreement - Success Payment Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Broad Institute
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payment liability	$ 21,200	$ 35,700

License Agreements - Broad License Agreement - Change in Fair Value of Success Payment Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ 1,000	$ 63,400	$ 5,400
Broad Institute
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ 500	$ 31,800	$ 2,700

License Agreements - Editas License Agreement - Additional Information (Details) - Editas License Agreement - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description	Additional consideration will be due to Editas if the Company elects to exercise its option to obtain an Editas Development and Commercialization License to any of the three categories of intellectual property underlying the Editas Research License, for a fee ranging from a mid-teen million dollar amount to a low to mid-eight digit dollar amount per group, depending on the timing of the option exercise. Additionally, the Company is required to reimburse Editas for certain payments Editas may be obligated to make under existing Editas license agreements related to the intellectual property being licensed to the Company, including (i) development, regulatory and commercial milestone payments and certain sublicense income payments due as a result of the Editas License Agreement and (ii) a percentage of the annual maintenance fees and patent fees due to certain of the Editas’ licensors. In addition, to the extent any products are commercialized under an Editas Development and Commercialization License, the Company would be required to make royalty payments equivalent to the royalties that would be due from Editas to any applicable licensors of Editas related to the sales of such licensed products, plus an additional tiered low- to mid-single digit royalty, depending on whether such licensed product is covered by an Editas-owned patent.
Milestone expense		$ 0	$ 0
Regulatory
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone expense	$ 100,000

License Agreements - Bio Palette License Agreement - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Oct. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2019
Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of common stock issued	200,307
Bio Palette License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description				The Company also agreed to pay a royalty at a fraction of a percent on net sales of products that are covered by the patents licensed by Bio Palette to the Company, and Bio Palette agreed to pay a royalty at a fraction of a percent on net sales of products that are covered by the patents licensed by the Company to Bio Palette. The royalty term for a product in a country will terminate on the later of the expiration of (i) patent-based exclusivity with respect to such licensed product in such country or (ii) regulatory exclusivity with respect to such licensed product in such country.
Upfront fee paid					$ 0.5
Bio Palette License Agreement \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of common stock issued					16,725
Value of common stock shares issued					$ 0.1
Bio Palette License Agreement \| Bio Palette Patent
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment paid			$ 2.0
Bio Palette License Agreement \| Bio Palette Patent \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of common stock issued		175,000
Value of common stock shares issued		$ 0.3

Collaboration and License Agreements - Additional Information (Details)	1 Months Ended								12 Months Ended
	Jan. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jan. 31, 2021	Oct. 31, 2020 shares	Feb. 29, 2020 shares	Apr. 30, 2019 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($) shares
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Current portion of deferred revenue									$ 86,270,000	$ 24,000
Long-term portion of deferred revenue									262,303,000	394,000
Collaboration receivable									300,000,000
Research and development expense									387,087,000	103,179,000	$ 54,619,000
License revenue									51,844,000	24,000	18,000
Common stock, value									$ 684,000	573,000
Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares issued and sold \| shares						200,307
Verve Therapeutics, Inc. \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of shares purchased under equity method \| shares							546,970		546,970
Prime Medicine Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement rights and obligations, description									The Company had an obligation to issue $5.0 million in shares of its common stock to Prime Medicine, and Prime Medicine had an obligation to issue 5,000,000 shares of its common stock to the Company, should the Company elect to extend the collaboration beyond one year
Obligation to issue common stock value												$ 5,000,000.0
Obligation to issue common stock shares \| shares												5,000,000
Prime Medicine Inc \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares issued and sold \| shares						200,307
Number of common stock received \| shares						5,000,000
Prime Medicine Inc \| Common Stock Issued
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense										5,500,000
Prime Medicine Inc \| Common Stock Received
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense offset amount										100,000
Apellis Pharmaceuticals, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description									In June 2021, the Company entered into a research collaboration agreement, or the Apellis Agreement, with Apellis Pharmaceuticals, Inc., or Apellis, focused on the use of certain of the Company’s base editing technology to discover new treatments for complement system-driven diseases. Under the terms of the Apellis Agreement, the Company will conduct preclinical research on up to six base editing programs that target specific genes within the complement system in various organs, including the eye, liver, and brain. Apellis has an exclusive option to license any or all of the six programs, or in each case, an Opt-In Right, and will assume responsibility for subsequent development. The Company may elect to enter into a 50-50 U.S. co-development and co-commercialization agreement with Apellis with respect to one program instead of a license. The collaboration is managed on an overall basis by an alliance steering committee formed by an equal number of representatives from the Company and Apellis.
Collaboration arrangement, initial term									5 years
Upfront revenue recognized									$ 0
Collaboration agreement upfront payment received			$ 50,000,000.0
Collaboration agreement performance obligation revenue recognized									1,800,000
Collaboration agreement aggregate transaction price				$ 75,000,000.0
Upfront fee receivable upon signing contract				50,000,000.0
Collaboration agreement first anniversary amount receivable				25,000,000.0
Current portion of deferred revenue									14,700,000
Long-term portion of deferred revenue									$ 33,500,000
Apellis Pharmaceuticals, Inc \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration arrangement extension term									2 years
Apellis Pharmaceuticals, Inc \| ASC 606
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract asset				25,000,000.0
Deferred revenue liability				$ 25,000,000.0
Sana Biotechnology
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement performance obligation revenue recognized									$ 50,000,000.0
License agreement upfront payment received		$ 50,000,000.0
Collaboration agreement aggregate transaction price		50,000,000.0
Additional fee per additional option right		10,000,000.0
Option rights aggregate potential additional consideration		20,000,000.0
Sana Biotechnology \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development regulatory and commercial milestones receivable		$ 65,000,000.0
Sana Biotechnology \| License Agreement Terms
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License agreement description									For up to one year following the effective date of the Sana Agreement, Sana has the option to select up to a cumulative total of two additional CAR antigen targets or PSC product types for an additional fee of $10.0 million per additional CAR antigen target and additional PSC product type, or the Option Rights, for an aggregate potential additional consideration of $20.0 million. Further, at any time prior to the third anniversary of the effective date of the Sana Agreement, Sana has a one-time right to substitute, in the aggregate, either one CAR antigen target or one PSC product type at no additional cost, or the Replacement Right. Sana may also select a specified number of additional or replacement genetic targets for each PSC product type at any time prior to the third anniversary of the effective date at no additional cost, or the Genetic Target Nomination Rights. Sana may terminate the Sana Agreement for convenience prior to the first commercial sale of any licensed product by providing 90 days’ prior written notice or upon 180 days’ prior written notice after first commercial sale.
Verve
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue liability									$ 400,000
Upfront payment fair value shares received								$ 500,000
License revenue									$ 24,000	$ 24,000	$ 18,000
Reverse stock split ratio				9.2592
Reverse stock split									one-for-9.2592
Commercial milestone payments or royalties due									$ 0
Common stock, value									20,200,000
Verve \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration license agreement fair value of shares received								$ 500,000
Number of common stock received \| shares								2,600,000
Pfizer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration arrangement, initial term					4 years
Potential total consideration									1,350,000,000
Nonrefundable upfront payment receivable									300,000,000.0
Collaboration agreement aggregate transaction price									300,000,000.0
Earn-out payment period					10 years
Deferred revenue liability									$ 300,000,000.0
Collaboration arrangement extension term					1 year
Revenue program performance obligation period					4 years
Pfizer \| Assigned to Company \| Upon Participation Election
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Net profits as well as development and commercialization costs percentage									35.00%
Pfizer \| Assigned to Pfizer \| Upon Participation Election
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Net profits as well as development and commercialization costs percentage									65.00%
Pfizer \| Subsequent Event
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement upfront payment received	$ 300,000,000.0
Pfizer \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development regulatory and commercial milestones receivable									$ 350,000,000.0

Preferred and Common Stock - Additional Information (Details) - USD ($)		1 Months Ended				4 Months Ended	12 Months Ended
	Jan. 16, 2021	Jun. 30, 2021	Apr. 30, 2021	Oct. 31, 2020	Feb. 29, 2020	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jul. 07, 2021	May 10, 2021	Jan. 31, 2020
Class Of Stock [Line Items]
Preferred stock, shares authorized							25,000,000	25,000,000			25,000,000
Preferred stock, par or stated value per share							$ 0.01	$ 0.01			$ 0.01
Common stock, shares authorized							250,000,000	250,000,000			250,000,000
Common stock, par or stated value per share							$ 0.01	$ 0.01			$ 0.01
Common stock, voting rights							The holders of the Company’s common stock are entitled to one vote for each share of common stock.
Gross proceeds from issuance of common stock				$ 135,100,000
Success payments liability										$ 15,000,000.0
Issuance of common stock for success payment liability, Shares		174,825
Common Stock
Class Of Stock [Line Items]
Shares issued and sold				200,307
Public offering price per share				$ 23.50
Net proceeds from sale of common stock				$ 126,600,000	$ 188,300,000
Issuance of common stock for success payment liability, Shares							349,650
Jeffries LLC Sales Agreement
Class Of Stock [Line Items]
Public offering price per share							$ 103.16
Gross proceeds from issuance of common stock							$ 300,000,000.0
Stock sold during period shares, new issues						2,908,009	2,908,009
Jeffries LLC Amended Sales Agreement
Class Of Stock [Line Items]
Gross proceeds from issuance of common stock							$ 211,200,000
Jeffries LLC Amended Sales Agreement \| Common Stock
Class Of Stock [Line Items]
Shares issued and sold							1,999,186
Public offering price per share							$ 105.65
Jeffries LLC Sales Agreement and Amended Sales Agreement
Class Of Stock [Line Items]
Gross proceeds from issuance of common stock							$ 511,200,000
IPO \| Common Stock
Class Of Stock [Line Items]
Shares issued and sold					12,176,471			12,176,471
Public offering price per share					$ 17.00
Gross proceeds from issuance of common stock					$ 207,000,000.0
Net proceeds from sale of common stock					$ 188,300,000
Shares issued upon conversion of preferred stock					29,127,523
Underwriters Option \| Common Stock
Class Of Stock [Line Items]
Shares issued and sold				750,000	1,588,235
Private Placement
Class Of Stock [Line Items]
Gross proceeds from issuance of common stock	$ 260,000,000.0
Private Placement \| Common Stock
Class Of Stock [Line Items]
Shares issued and sold	2,795,700						2,795,700
Public offering price per share	$ 93.00
Net proceeds from sale of common stock	$ 252,000,000.0
At-The-Market \| Common Stock
Class Of Stock [Line Items]
Shares issued and sold							4,907,195
At-The-Market \| Jeffries LLC Sales Agreement \| Maximum
Class Of Stock [Line Items]
Aggregate gross proceeds of shares authorized under ATM sales agreement			$ 300,000,000.0
Commission rate			3.00%
At-The-Market \| Jeffries LLC Amended Sales Agreement
Class Of Stock [Line Items]
Aggregate gross proceeds of shares authorized under ATM sales agreement									$ 500,000,000.0

Stock Option and Grant Plan - Additional Information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Feb. 29, 2020	May 31, 2019	Dec. 31, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 43,570,000	$ 15,380,000	$ 7,028,000
Weighted-average grant date fair value per share of stock options granted				$ 58.56	$ 15.32	$ 6.64
Aggregate intrinsic value of stock options exercised				$ 85,100,000	$ 29,900,000	$ 1,600,000
Weighted-average exercise price of stock options				$ 9.88	$ 3.67	$ 1.00
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock options				$ 104,800,000
Unrecognized compensation cost, cost to recognize over a weighted-average period				2 years 3 months 18 days
Performance-based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense						$ 0
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, cost to recognize over a weighted-average period				2 years 10 months 24 days
Aggregate fair value of restricted shares vested				$ 6,400,000	$ 6,900,000	$ 3,600,000
Unrecognized stock-based compensation expense, expected to vest				$ 73,200,000
Restricted Stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Restricted Stock \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				2 years
Restricted Stock \| Scientific Founders
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
2017 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of exercise price per share of stock options on fair market value of common stock		100.00%
2017 Plan \| Stock Options and Restricted Stock \| Employees, Officers, Founders and Consultants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
2017 Plan \| Stock Options and Restricted Stock \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares for future issuance		8,078,681
2017 Plan \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period		10 years
2017 Plan \| Non-Statutory Options \| Employees, Officers, Board of Directors and Consultants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares for future issuance							3,700,000
Number of shares reserved for future issuance				8,792,459
Number of shares available for future issuance				1,823,887
2019 Plan \| Common Stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual percentage increase in shares authorized				4.00%
2019 Plan \| Including 2017 Plan Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares for future issuance							5,639,818
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance				1,049,460
Number of shares issued				0
Stock-based compensation expense				$ 300,000
Common stock, shares description				In February 2020, the Company’s board of directors adopted the Beam Therapeutics Inc. 2019 Employee Stock Purchase Plan, or ESPP, which was approved by the Company’s stockholders. Pursuant to the ESPP, certain employees of the Company, excluding consultants and non-employee directors, are eligible to purchase common stock of the Company at a reduced rate during offering periods. The ESPP permits participants to purchase common stock using funds contributed through payroll deductions, subject to a calendar year limit of $25,000 and at a purchase price of 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the applicable purchase date, which will be the final trading day of the applicable purchase period. The first offering period commenced on October 1, 2021 and no shares have been issued yet under the ESPP.
Maximum amount allowed to purchase common stock using payroll deduction	$ 25,000
Percentage of common stock purchase price lower of the fair market value	85.00%
Common stock, offering period, start date	Oct. 01, 2021

Stock Option and Grant Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 43,570	$ 15,380	$ 7,028
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	26,644	11,199	4,236
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 16,926	$ 4,181	$ 2,792

Stock Option and Grant Plan - Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	71.40%	75.60%	86.40%
Expected volatility	76.70%	82.60%	87.60%
Weighted-average risk-free interest rate	1.11%	1.07%	2.17%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 years 1 month 13 days	6 years 2 months 26 days	6 years 3 months

Stock Option and Grant Plan - Summary of Option Activity Under Equity Award Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of options
Outstanding as of December 31, 2020	5,336,441
Granted	1,790,476
Exercised	(974,662)
Forfeitures	(118,063)
Outstanding as of December 31, 2021	6,034,192	5,336,441
Exercisable as of December 31, 2021	2,305,895
Weighted average exercise price
Outstanding as of December 31, 2020	$ 9.70
Granted	88.15
Exercised	9.88	$ 3.67	$ 1.00
Forfeitures	37.65
Outstanding as of December 31, 2021	32.40	$ 9.70
Exercisable as of December 31, 2021	$ 11.44
Weighted average remaining contractual life (years)
Outstanding as of December 31, 2020	7 years 10 months 24 days	8 years 3 months 18 days
Exercisable as of December 31, 2021	7 years 2 months 12 days
Aggregate intrinsic value
Outstanding	$ 300,560	$ 383,901
Exercisable as of December 31, 2021	$ 157,633

Stock Option and Grant Plan - Summary of Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Shares
Unvested as of December 31, 2020 \| shares	1,275,338
Issued \| shares	885,680
Vested \| shares	(1,020,887)
Canceled \| shares	(13,925)
Unvested as of December 31, 2021 \| shares	1,126,206
Weighted-average grant date fair value
Unvested as of December 31, 2020 \| $ / shares	$ 10.95
Issued \| $ / shares	87.50
Vested \| $ / shares	6.44
Canceled \| $ / shares	85.31
Unvested as of December 31, 2021 \| $ / shares	$ 74.32

Stock Option and Grant Plan - Schedule of Assumptions Used in Black-Scholes Option Valuation Model to Estimate Fair Value of Purchase Right Under ESPP (Details)	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield		0.00%
2019 Employee Stock Purchase Plan \| Forecast [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	73.07%
Weighted-average risk-free interest rate	0.05%
Expected dividend yield	0.00%
Expected term (in years)	6 months

Net Loss per Share Attributable to Common Stockholders - Schedule of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	7,179,777	6,611,779	36,574,376
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share			29,127,523
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	1,126,206	1,275,338	2,655,806
Outstanding Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	6,034,192	5,336,441	4,791,047
ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	19,379

Net Loss per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (370,638)	$ (194,592)	$ (78,326)
Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock		(1,277)	(12,714)
Net loss attributable to common stockholders	$ (370,638)	$ (195,869)	$ (91,040)
Denominator:
Weighted average number of common shares, basic	64,227,676	46,733,221	6,479,591
Weighted average number of common shares, diluted	64,227,676	46,733,221	6,479,591
Net loss per common share attributable to common stockholders, basic	$ (5.77)	$ (4.19)	$ (14.05)
Net loss per common share attributable to common stockholders, diluted	$ (5.77)	$ (4.19)	$ (14.05)

- Definition

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

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- Definition

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

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Income Taxes - Schedule of Reconciliation of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	5.10%	7.20%	7.40%
Research and development tax credits	2.60%	2.10%	3.10%
Nondeductible/ nontaxable permanent items	0.70%	0.80%	(1.80%)
IPR&D Guide Acquisition	(8.80%)
Change in valuation allowance	(20.60%)	(31.10%)	(29.70%)
Total	0.00%	0.00%	0.00%

Income Taxes - Schedule of Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 103,868	$ 58,338
Research and development tax credits	23,745	8,756
Accrued expenses and other	2,810	1,445
Derivative liabilities	11,483	19,421
Stock options	5,489	1,975
Amortization	20,754	2,079
Lease liability	38,734	27,340
Total deferred tax assets	206,883	119,354
ROU asset	(27,950)	(23,692)
Property and equipment	(1,868)	(558)
Other	(4,954)	(141)
Less: valuation allowance	$ (172,111)	$ (94,963)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 0	$ 0	$ 0
Increase in valuation allowance	77,100,000	58,500,000
Uncertain tax positions	0	$ 0
Interest or penalties for unrecognized tax benefits since inception	$ 0
Earliest Tax Year
Operating Loss Carryforwards [Line Items]
Open tax year	2017
Massachusetts
Operating Loss Carryforwards [Line Items]
Tax credits	$ 8,400,000
Tax credits expiration starting year	2033
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 386,000,000.0
Net operating loss carryforwards expiration starting year	2037
Net operating loss carryforwards not subject to expiration	$ 382,600,000
Tax credits	$ 17,100,000
Tax credits expiration starting year	2038
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 360,900,000
Net operating loss carryforwards expiration starting year	2037

Related Party Transactions - Additional Information (Details)	1 Months Ended			12 Months Ended
	Oct. 31, 2021 USD ($) ft²	Oct. 31, 2020 USD ($) shares	Feb. 29, 2020 shares	Dec. 31, 2021 USD ($) Founder shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2021
Related Party Transaction [Line Items]
Number of founder shareholders \| Founder				3
Equity securities recognition amount				$ 17,690,000	$ 517,000
Sublease income				(110,000)		$ (51,000)
Research and development expense				387,087,000	103,179,000	54,619,000
Office and Laboratory Space
Related Party Transaction [Line Items]
Operating lease term							12 years
Common Stock
Related Party Transaction [Line Items]
Number of common stock issued \| shares		200,307
Prime Medicine Inc \| Common Stock
Related Party Transaction [Line Items]
Number of common stock issued \| shares		200,307
Number of common stock received \| shares		5,000,000
Prime Medicine Inc \| Common Stock Issued
Related Party Transaction [Line Items]
Research and development expense					5,500,000
Prime Medicine Inc \| Common Stock Received
Related Party Transaction [Line Items]
Research and development expense offset amount					100,000
Founder Shareholders \| Scientific Consulting and Other Expenses
Related Party Transaction [Line Items]
Payments received from (made to) related parties				(500,000)	(500,000)	(500,000)
Verve Therapeutics, Inc.
Related Party Transaction [Line Items]
Equity securities recognition amount				17,700,000	500,000
Equity securities				20,200,000
Unrealized gains on investment					500,000
Verve Therapeutics, Inc. \| Office and Laboratory Space
Related Party Transaction [Line Items]
Sublease area of rented space \| ft²	12,000
Operating lease term	1 year
Sublease, commencement month and year	2021-12
Rental payment over term of sublease	$ 1,400,000
Sublease income				$ (100,000)
Verve Therapeutics, Inc. \| Common Stock
Related Party Transaction [Line Items]
Number of shares purchased under equity method \| shares			546,970	546,970
Verve Therapeutics, Inc. \| Research and Development Expense
Related Party Transaction [Line Items]
Purchases from related party				$ 200,000	400,000
Verve Therapeutics, Inc. \| Interest and Other Income (Expense), Net
Related Party Transaction [Line Items]
Income from related party					200,000
Verve Therapeutics, Inc. \| Series A Preferred Stock Shares
Related Party Transaction [Line Items]
Purchases from related party					800,000	$ 400,000
Reimbursed Costs \| Prime Agreement \| Interest and Other Income (Expense), Net \| Prime Medicine Inc
Related Party Transaction [Line Items]
Income from related party		$ 30,000		$ 100,000	$ 100,000

Employee Benefits - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan name	401(k)
Employer matching contribution to 401(k) Plan as a percentage of employee's contribution	50.00%
Employer matching contribution to 401(k) Plan as a percentage of employee's eligible earnings	6.00%
Employer matching contribution to 401(k)	$ 1.1