0000950170-22-023190 | 10-Q | XBRL Viewer

Print Document View Excel Document

Restructuring - Summary of Accrued Restructuring Costs (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges	$ 7,146
Cash payment	(3,119)
Non-cash charges adjustment	(151)
Balance at September 30, 2022	3,876
Severance and Benefits Costs
Restructuring Cost and Reserve [Line Items]
Charges	6,817
Cash payment	(3,119)
Non-cash charges adjustment	0
Balance at September 30, 2022	3,698
Contract Termination Cost
Restructuring Cost and Reserve [Line Items]
Charges	178
Cash payment	0
Non-cash charges adjustment	0
Balance at September 30, 2022	178
Stock Based Compensation
Restructuring Cost and Reserve [Line Items]
Charges	151
Cash payment	0
Non-cash charges adjustment	(151)
Balance at September 30, 2022	$ 0

Research and Collaboration Agreements - Schedule of Revenue by Collaboration Partners (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue	$ 16,915	$ 17,587	$ 52,217	$ 49,846
AbbVie
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue	3,449	2,867	11,253	6,172
Amgen
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue	349	2,428	3,006	6,884
Astellas
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue	5,712	4,887	15,743	14,575
Bristol Myers Squibb
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue	$ 7,405	$ 7,405	$ 22,215	$ 22,215

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Commitments and Contingencies - Additional Information (Details) - Patent Infringement Lawsuit - USD ($)		9 Months Ended
	Mar. 04, 2020	Sep. 30, 2022
Loss Contingencies [Line Items]
Lawsuit filed date	March 4, 2020
Name of plaintiff		Vytacera Bio, LLC
Loss contingency claim amount		$ 0

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	65,950,242	65,392,758
Common stock, shares outstanding	65,950,242	65,392,758
Convertible Preferred Stock
Convertible Preferred stock, par value	$ 0.00001	$ 0.00001
Convertible Preferred stock, shares authorized	10,000,000	10,000,000
Convertible Preferred stock, shares issued	0	0
Convertible Preferred stock, shares outstanding	0	0

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30,		December 31,
	2022		2021
	(in thousands)
Research and clinical expenses	$	15,252	$	18,861
Payroll and related expenses		6,325		9,576
Legal and professional expenses		1,742		1,468
Operating lease liabilities - short term		3,961		3,618
Restructuring expenses		3,876		—
Other accrued expenses		184		713
Total	$	31,340	$	34,236

Stock-Based Compensation - Total Stock-based Compensation Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Options, TRSUs, PSUs and the ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,695	$ 3,164	$ 10,555	$ 9,623
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	100		100
Research and Development Expense \| Options, TRSUs, PSUs and the ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	931	1,328	5,928	4,213
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	100
General and Administrative Expense \| Options, TRSUs, PSUs and the ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,764	$ 1,836	$ 4,627	$ 5,410

Research and Collaboration Agreements - Bristol-Myers Squibb Company - Additional Information (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Apr. 25, 2017 USD ($) Target	Jul. 07, 2014 USD ($) Term Target	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Dec. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Mar. 17, 2017 Target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Type of Revenue [Extensible List]			us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Deferred revenue			$ 146,447		$ 146,447		$ 194,922
Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			76,500		$ 76,500
Collaborative Arrangement \| Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration target research term		2 years
Number of additional collaboration target \| Target		2
Research terms					Each collaboration target had a two-year research term and the two additional targets had to be nominated by Bristol Myers Squibb within five years of the effective date of the BMS Agreement. The research term for each collaboration target could be extended in one year increments up to three times.
Extension of research term for each collaboration target		1 year
Upfront payment received	$ 200,000	$ 50,000
Contingent milestone payments receivable								$ 1,779,000
Number of research targets selected \| Target	8
Total transaction price		272,800
Upfront payment received		250,000
Research and development service fees		10,800
Milestone payment received		$ 12,000
Estimated research service termination date		Apr. 25, 2025
Deferred revenue			$ 76,500		$ 76,500		$ 98,800
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of oncology target \| Target		4
Number of collaboration target \| Target		2
Period of nomination of additional target from effective date		5 years
Times of increments for extended collaboration target research time \| Term		3
Contingent milestone payments receivable	$ 3,586,000	$ 1,192,000
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Each Of Two Additional Targets
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable		$ 25,000
Collaboration and License Agreement \| Maximum \| Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of additional collaboration target \| Target									8

Restructuring

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

10. Restructuring

On July 13, 2022, the Company announced a restructuring plan to prioritize its resources on its emerging pre-clinical and early clinical pipeline as well as its existing collaboration partnerships. The restructuring plan resulted in a reduction to its workforce of approximately 40%. Restructuring costs of $2.0 million and $5.1 million were recorded in general and administrative expense and research and development expense, respectively, for the three- and nine-months ended September 30, 2022. In connection with the restructuring, the Company has recorded a total of $0.2 million stock-based compensation related to the modification of awards, of which $0.1 million was recorded in general and administrative expense and $0.1 million in research and development expense.

The following is a summary of accrued restructuring costs as of September 30, 2022 (in thousands):



	Severance and Benefits Costs			Contract Termination Cost		Stock Based Compensation			Total
Charges	$	6,817		$	178	$	151		$	7,146
Cash payment		(3,119	)		-		-			(3,119	)
Non-cash charges		-			-		(151	)		(151	)
Balance at September 30, 2022	$	3,698		$	178	$	-		$	3,876

The total costs expected to be incurred in connection with the restructuring are estimated to be approximately $7.9 million. The Company expects to incur an additional $0.8 million of restructuring costs related to severance and benefits in the three months ended December 31, 2022. The restructuring is expected to be substantially complete by the fourth quarter of 2022.

Description of the Business

9 Months Ended

Sep. 30, 2022

Disclosure Text Block [Abstract]

Description of the Business

1. Description of the Business

CytomX Therapeutics, Inc. (the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company dedicated to destroying cancer differently. The Company aims to build a commercial enterprise to maximize its impact on the treatment of cancer. The Company is advancing potential first-in-class and best-in-class antibody-based therapeutics created using its Probody® therapeutic technology platform that could meaningfully improve outcomes for cancer patients. Its proprietary and unique Probody technology platform is designed to enable “conditional activation” of antibody-based drugs in the tumor microenvironment while minimizing drug activity in healthy tissues and in circulation. The Company is located in South San Francisco, California and was incorporated in the state of Delaware in September 2010.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The Company maintains a full valuation allowance against its net deferred tax assets due to the Company’s history of losses as of September 30, 2022 and December 31, 2021.

The Company files income taxes in the U.S. federal jurisdiction, the state of California and various other U.S. states. The Company is currently under examination by the state of California for the years 2017 and 2018. The examination contests the Company’s tax position on revenue apportionment for upfront and milestone payments resulting from the Company’s collaboration and licensing agreements. As of the date of this filing, the state of California has not proposed adjustments to the tax returns. Due to the ongoing nature of the examination and discussions with the state of California, the Company is unable to estimate a date by which this matter will be resolved or reasonably estimate the potential impact should the tax position be revised. Based on the Company's current expectations and understanding of the reasonably possible outcomes, the Company does not anticipate that the resolution of this matter would result in a material impact on its financial position or results of operations.

- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements and Investments - Schedule of Investments Subject to Fair Value Measurements on a Recurring Basis (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Dec. 31, 2020

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

Cash and cash equivalents

$ 95,036

$ 205,530

^[1]

$ 236,284

$ 191,859

Aggregate Fair Value

176,435

266,349

Gross Unrealized Holding Losses

(795)

(242)

Amortized Cost

177,230

266,591

Level I | Money market funds

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

Cash and cash equivalents

36,312

165,736

Level I | Restricted cash (money market funds)

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

Restricted cash

917

Level I | U.S. Treasury securities

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

Investments, Amortized Cost

140,001

99,938

Investments, Gross Unrealized Losses

(795)

(242)

Investments, Aggregate Fair Value

$ 139,206

$ 99,696

[1]	The condensed balance sheet as of December 31, 2021 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Research and Collaboration Agreements - Amgen, Inc - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 29, 2017 USD ($) Target	Oct. 31, 2017 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, value of shares issued in connection with agreement					$ 0	$ 107,712
Type of Revenue [Extensible List]			us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Deferred revenue			$ 146,447		$ 146,447		$ 194,922
Amgen Inc \| Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received		$ 40,000
Common stock, shares issuable under agreement \| shares		1,156,069
Common stock, shares issuable under agreement, price per share \| $ / shares		$ 17.30
Common stock, value of shares issued in connection with agreement		$ 20,000
Number of targets selected \| Target	1
Number of additional collaboration target \| Target	2
Amgen Inc \| Maximum \| Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent payments payable	$ 203,000
Amgen Inc \| EGFR Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			19,400		19,400
Amgen Inc \| EGFR Products \| Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			19,400		19,400		21,800
Amgen Inc \| EGFR Products \| Maximum \| Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 460,000
Percentage share of profit and losses	50.00%
Amgen Inc \| Amgen Products \| Maximum \| Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 950,000
Number of targets \| Target	3
Amgen Inc \| Amgen Other Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			800		800
Amgen Inc \| Amgen Other Products \| Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			$ 800		$ 800		$ 1,400

Stock-Based Compensation - Schedule of Activities Under Company's Stock Option Plans (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Options
Balance,beginning of the period \| shares	12,192,216
Options granted \| shares	4,962,418
Options exercised \| shares	(100,990)
Option forfeited/expired \| shares	(2,792,227)
Balance, end of the period \| shares	14,261,417
Options Outstanding, Weighted-Average Exercise Price Per Share
Balances, beginning of the period \| $ / shares	$ 9.42
Options granted \| $ / shares	2.94
Options exercised \| $ / shares	0.98
Option forfeited/expired \| $ / shares	6.95
Balances, end of the period \| $ / shares	$ 7.71

Restructuring - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 13, 2022	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Percentage of company's workforce reduction	40.00%
Restructuring costs			$ 7,900
Stock-based compensation related to modification of awards	$ 200			$ 10,555	$ 9,623
Severance and Benefits Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 800
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 2,000
Stock-based compensation related to modification of awards	100
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs				$ 5,100
Stock-based compensation related to modification of awards	$ 100

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and cash equivalents

$ 95,036

$ 205,530

^[1]

$ 236,284

$ 191,859

Restricted cash - non-current assets

917

^[1]

917

Total

$ 95,953

$ 206,447

$ 237,201

$ 192,776

[1]	The condensed balance sheet as of December 31, 2021 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Research and Collaboration Agreements - AbbVie Ireland Unlimited Company - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2019 USD ($)	Apr. 30, 2016 USD ($) Target Agreement	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Dec. 31, 2021 USD ($)	Mar. 31, 2017 Target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Type of Revenue [Extensible List]			us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Deferred revenue			$ 146,447		$ 146,447		$ 194,922
Collaborative Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of collaboration agreements \| Agreement		2
AbbVie Ireland Unlimited Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment received					100,000
AbbVie Ireland Unlimited Company \| Collaborative Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of net profits or net losses related to development and commercialization costs		35.00%
AbbVie Ireland Unlimited Company \| CD71 Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received		$ 20,000
Deferred revenue			6,600		6,600		16,100
AbbVie Ireland Unlimited Company \| CD71 Agreement \| U.S
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Profit split on U.S. sales		35.00%
AbbVie Ireland Unlimited Company \| CD71 Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent payments receivable upon achieving development, regulatory and commercial milestones		$ 470,000
AbbVie Ireland Unlimited Company \| Discovery Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received		$ 10,000
Number of targets selected \| Target								1
Deferred revenue			$ 3,500		$ 3,500		$ 5,200
AbbVie Ireland Unlimited Company \| Discovery Agreement \| Second Target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments received	$ 10,000
AbbVie Ireland Unlimited Company \| Discovery Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets \| Target		2
AbbVie Ireland Unlimited Company \| Discovery Agreement \| Maximum \| Development, Regulatory and Commercial Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable		$ 265,000

Fair Value Measurements and Investments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Investments Subject to Fair Value Measurements on a Recurring Basis

The following tables set forth the fair value of the Company’s investments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements:


		September 30, 2022
	Valuation Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
		(in thousands)
Assets
Money market funds	Level I	$	36,312	$	—	$	—		$	36,312
Restricted cash (money market funds)	Level I		917		—		—			917
U.S. Treasury securities	Level I		140,001		—		(795	)		139,206
Total		$	177,230	$	—	$	(795	)	$	176,435


		December 31, 2021
	Valuation Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
		(in thousands)
Assets
Money market funds	Level I	$	165,736	$	—	$	—		$	165,736
Restricted cash (money market funds)	Level I		917		—		—			917
U.S. Treasury securities	Level I		99,938		—		(242	)		99,696
Total		$	266,591	$	—	$	(242	)	$	266,349

Research and Collaboration Agreements

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Research and Collaboration Agreements

6. Research and Collaboration Agreements

The following table summarizes the revenue by collaboration partner:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
AbbVie	$	3,449	$	2,867	$	11,253	$	6,172
Amgen		349		2,428		3,006		6,884
Astellas		5,712		4,887		15,743		14,575
Bristol Myers Squibb		7,405		7,405		22,215		22,215
Total revenue	$	16,915	$	17,587	$	52,217	$	49,846

AbbVie Ireland Unlimited Company

In April 2016, the Company and AbbVie entered into two agreements, a CD71 Co-Development and Licensing Agreement (the “CD71 Agreement”) and a Discovery Collaboration and Licensing Agreement (as amended and restated in June 2019, the “Discovery Agreement” and together with the CD71 Agreement the “AbbVie Agreements”). Under the terms of the CD71 Agreement, the Company and AbbVie will co-develop a conditionally activated antibody-drug conjugate (“ADC”) against CD71, with the Company responsible for preclinical and early clinical development. AbbVie will be responsible for later development and commercialization, with global late-stage development costs shared between the two companies. The Company will assume 35% of the net profits or net losses related to later development and commercialization unless it opts-out. If the Company opts-out from participation of co-development of the CD71 conditionally activated ADC, which includes CX-2029, AbbVie will have sole right and responsibility for the further development, manufacturing and commercialization of such CD71 conditionally activated ADC.

Under the CD71 Agreement, the Company received an upfront payment of $20.0 million in April 2016, and was eligible to initially receive up to $470.0 million in development, regulatory and commercial milestone payments, a 35% profit split on U.S. sales, and royalties on ex-U.S. sales at percentages in the high teens to low twenties if the Company participates in the co-development of the CD71 conditionally activated ADC subject to a reversion to a royalty on U.S. sales, and reduction in royalties on ex-U.S. sales, if the Company opts-out from the co-development of the CD71 conditionally activated ADC. The Company’s share of later stage co-development costs for each CD71 conditionally activated ADC is capped, provided that AbbVie may offset the Company’s co-development cost above the capped amounts from future payments such as milestone payments and royalties. Inclusive of payments received in 2017, 2018 and 2020, as of September 30, 2022, the Company has received $100.0 million in milestone payments under the CD71 Agreement.

Under the terms of the Discovery Agreement, AbbVie receives exclusive worldwide rights to develop and commercialize conditionally activated ADCs against up to two targets, one of which was selected in March 2017. The Company shall perform research services to discover the Probody therapeutics and create conditionally activated ADCs for the nominated collaboration targets. From that point, AbbVie shall have sole right and responsibility for development and commercialization of products comprising or containing such conditionally activated ADCs (“Discovery Licensed Products”).

Under the Discovery Agreement, the Company received an upfront payment of $10.0 million in April 2016 and subsequently earned an additional $10.0 million milestone payment triggered by selection of the second target by AbbVie in June 2019. The Company is also eligible

to receive up to $265.0 million for each target, in development, regulatory and commercial milestone payments and royalties at percentages in the high single to low teens from commercial sales of any resulting conditionally activated ADCs. The second target was selected under the Discovery Agreement that allows AbbVie to select a target for developing a conditionally activated ADC or a Probody.

The Company determined that the remaining potential milestone payments of both agreements, if recognized, are probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company’s control. Therefore, these payments continue to be fully constrained and are not included in the transaction price as of September 30, 2022.

As of September 30, 2022 and December 31, 2021, deferred revenue related to the CD71 Agreement performance obligation was $6.6 million and $16.1 million, respectively, and deferred revenue related to the Discovery Agreement performance obligation was $3.5 million and $5.2 million, respectively.

Amgen, Inc.

On September 29, 2017, the Company and Amgen, Inc. (“Amgen”) entered into a Collaboration and License Agreement (the “Amgen Agreement”). Pursuant to the Amgen Agreement, the Company received an upfront payment of $40.0 million in October 2017. Concurrent with the Amgen Agreement, the Company and Amgen entered into a Share Purchase Agreement pursuant to which Amgen purchased 1,156,069 shares of the Company’s common stock at a price of $17.30 per share for total proceeds of $20.0 million.

In October 2021, CytomX and Amgen executed an amendment to the Amgen Agreement primarily to (1) extend the target selection date for Amgen to select its additional targets for research and development, and (2) reduce the total number of milestone events and increase the total amount of milestone payments for EGFR Products.

Under the terms of the Amgen Agreement, as amended, the Company and Amgen will co-develop a conditionally activated T-cell engaging bispecific therapeutic targeting epidermal growth factor receptor (the “EGFR Products”). The Company is responsible for early-stage development of EGFR Products and Amgen will be responsible for late-stage development and commercialization of EGFR Products. Following early-stage development, the Company will have the right to elect to participate financially in the global co-development of EGFR Products with Amgen, during which the Company would bear certain of the worldwide development costs for EGFR Products and Amgen would bear the rest of such costs (the “EGFR Co-Development Option”). If the Company exercises its EGFR Co-Development Option, the Company will share in somewhat less than 50% of the profit and losses from sales of such EGFR Products in the U.S., subject to certain caps, offsets, and deferrals. If the Company chooses not to exercise its EGFR Co-Development Option, the Company will not bear any costs of later stage development. The Company is also eligible to receive up to $460.0 million in development, regulatory, and commercial milestone payments for EGFR Products, and royalties in the low-double-digit to mid-teen percentage of worldwide commercial sales, provided that if the Company exercises its EGFR Co-Development option, it shall receive a profit and loss split of sales in the United States and royalties in the low-double-digit to mid-teen percentage of commercial sales outside of the United States. In January 2022, the IND for the EGFR product (CX-904) was allowed to proceed by the U.S. Food and Drug Administration (“FDA”).

Amgen also has the right to select a total of up to three targets, including the two additional targets discussed below. The Company and Amgen collaborate in the research and development of conditionally activated T-cell engaging bispecifics products directed against such targets. Amgen has selected one such target (the “Amgen Other Product”). If Amgen exercises its option within a specified period of time, it can select two such additional targets (the “Amgen Option Products” and, together with the Amgen Other Product, the “Amgen Products”). Except with respect to preclinical activities to be conducted by CytomX, Amgen will be responsible, at its expense, for the development, manufacture, and commercialization of all Amgen Products. If Amgen exercises all of its options and advances all three of the Amgen Products, CytomX was initially eligible to receive up to $950.0 million in upfront, development, regulatory, and commercial milestones and tiered high single-digit to low-teen percentage royalties. The Company concluded that, at the inception of the agreement, Amgen’s option to select the two additional targets is not a material right and does not represent a performance obligation of the agreement.

At the initiation of the collaboration, CytomX had the option to select, from programs specified in the Amgen Agreement, an existing preclinical stage T-cell engaging bispecific product from the Amgen preclinical pipeline. In March 2018, CytomX selected the program. CytomX is responsible, at its expense, for converting this program to a conditionally activated T-cell engaging bispecific product, and thereafter, will be responsible for development, manufacturing, and commercialization of the product (“CytomX Product”). Amgen is eligible to receive up to $203.0 million in development, regulatory, and commercial milestone payments for the CytomX Product, and tiered mid-single digit to low double-digit percentage royalties.

As of September 30, 2022 and December 31, 2021, deferred revenue related to the EGFR Products performance obligation was $19.4 million and $21.8 million, respectively. As of September 30, 2022 and December 31, 2021, deferred revenue related to the Amgen Other Products performance obligation was $0.8 million and $1.4 million, respectively.

Astellas Pharma Inc.

The Company and Astellas Pharma, Inc. (“Astellas”) entered into a Collaboration and License Agreement (the “Astellas Agreement”) on March 23, 2020, the effective date, to collaborate on preclinical research activities to discover and develop certain antibody compounds for the treatment of cancer using the Company’s Probody therapeutic technology.

Under the terms of the Astellas Agreement, the Company granted Astellas an exclusive, worldwide right to develop and commercialize Probody therapeutics for up to four collaboration targets including one initial target and three additional targets (“Additional Targets”). In addition, Astellas has the right to expand the number of Additional Targets from three up to five (the “Expansion Option”) before the third anniversary of the effective date. Furthermore, for a specified number of targets, at a pre-specified time prior to the initiation of the first pivotal study of a product against such target, the Company may elect to participate in certain development costs and share in the profits generated in the United States with respect to such product (“Cost Share Option”). The Cost Share Option, if exercised, will also provide the option for the Company to co-commercialize such product in the United States. The Company does not consider the Cost Share Option as a performance obligation at the inception of the agreement as the participation is at the Company’s discretion.

Pursuant to the Astellas Agreement, the consideration from Astellas is comprised of an upfront fee of $80.0 million and contingent payments for development, regulatory and sales milestones of up to an aggregate of approximately $1.6 billion. If Astellas exercises its Expansion Option for the two Additional Targets, the Company would be eligible to receive additional upfront and milestone payments aggregating to approximately $0.9 billion. The Company is also entitled to tiered royalties from high-single digit to mid-teen percentage royalties from potential future sales. Astellas is responsible for all preclinical research costs incurred by either party as set forth in the preclinical research plan and the Company will receive research and development service fees based on a prescribed full time employee ("FTE") rate.

As of September 30, 2022 and December 31, 2021, deferred revenue relating to the Astellas Agreement was $39.6 million and $51.6 million, respectively. The amount due from Astellas under the Astellas Agreement was $1.7 million and $0.8 million as of September 30, 2022 and December 31, 2021, respectively.

Bristol Myers Squibb Company

On May 23, 2014, the Company and Bristol Myers Squibb Company (“Bristol Myers Squibb”) entered into a Collaboration and License Agreement (the “BMS Agreement”) to discover and develop compounds for use in human therapeutics aimed at multiple immuno-oncology targets using the Company’s Probody therapeutic technology. The effective date of the BMS Agreement was July 7, 2014.

Under the terms of the BMS Agreement, the Company granted Bristol Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to four oncology targets. Bristol Myers Squibb had additional rights to substitute up to two collaboration targets within three years of the effective date of the BMS Agreement. These rights expired in May 2017. Each collaboration target had a two-year research term and the two additional targets had to be nominated by Bristol Myers Squibb within five years of the effective date of the BMS Agreement. The research term for each collaboration target could be extended in one year increments up to three times.

Pursuant to the BMS Agreement, the financial consideration from Bristol Myers Squibb was comprised of an upfront payment of $50.0 million, and the Company was initially entitled to receive contingent payments of up to $25.0 million for additional targets and up to an aggregate of $1,192.0 million for development, regulatory and sales milestones. In addition, the Company was entitled to royalty payments in the mid-single digits to low double-digit percentages from potential future sales. The Company also received research and development service fees based on a prescribed FTE rate that was capped.

On March 17, 2017, the Company and Bristol Myers Squibb entered into Amendment Number 1 to Extend Collaboration and License Agreement (“Amendment 1”). Amendment 1 granted Bristol Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to eight additional targets. The effective date of Amendment 1 was April 25, 2017 (“Amendment Effective Date”). Under the terms of Amendment 1, the Company continued to have obligations to Bristol Myers Squibb to discover and conduct preclinical development of Probody therapeutics against any targets they chose to select during the research period under the terms of Amendment 1.

Pursuant to Amendment 1, the financial consideration from Bristol Myers Squibb was comprised of an upfront payment of $200.0 million and the Company was initially eligible to receive contingent payments for development, regulatory and sales milestones of up to an aggregate of $3,586.0 million for the eight targets. The Company was also entitled to tiered mid-single to low double-digit percentage royalties from potential future sales. Amendment 1 did not change the term of the Bristol Myers Squibb’s royalty obligation under the BMS Agreement. Bristol Myers Squibb’s royalty obligation continues on a licensed-product by licensed-product basis until the later of (i) the expiration of the last claim of the licensed patents covering the licensed products in the country, (ii) the twelfth anniversary of the first commercial sale of a

licensed product in a country, or (iii) the expiration of any applicable regulatory, pediatric, orphan drug or data exclusivity with respect to such product.

The initial transaction price for the BMS Agreement and Amendment 1, collectively, was $272.8 million consisting of the upfront fees of $250.0 million, research and development service fees of $10.8 million and milestone payments received of $12.0 million upon the adoption of ASC 606 on January 1, 2018. The Company determined that the remaining potential milestone payments were probable of significant revenue reversal as their achievement was highly dependent on factors outside the Company’s control. Therefore, these payments were fully constrained and were not included in the transaction price upon the adoption of ASC 606 on January 1, 2018. The BMS Agreement represents an obligation to continuously make the Probody therapeutic technology platform available to Bristol Myers Squibb. Therefore, the initial transaction price is recognized over the estimated research service period, which ends on April 25, 2025.

In February 2021, the Company and Bristol Myers Squibb entered into Amendment Number 2 to amend the Collaboration and License Agreement (“Amendment 2”), as amended by Amendment 1. Subsequent to Amendment 2, Bristol Myers Squibb has the exclusive worldwide rights to develop and commercialize Probody therapeutics for up to five oncology targets. Under the terms of Amendment 2, the period for target selection has been extended and the Company will continue to collaborate with Bristol Myers Squibb to discover and conduct preclinical development of Probody therapeutics against targets selected by Bristol Myers Squibb over the estimated research period, which ends in April 2025. Pursuant to Amendment 2, the Company is eligible to receive contingent payments for development, regulatory and sales milestones of up to an aggregate of $1,779.0 million. It is also entitled to tiered mid-single to low double-digit percentage of royalties from potential future sales. In addition, the Company will no longer be entitled to receive the research and development service fee as part of the arrangement.

The Company reevaluated the remaining potential milestone payments and determined that significant revenue reversal was still probable as the achievement of such milestones was highly dependent on factors outside the Company’s control. As a result, these payments continued to be fully constrained and are not included in the transaction price as of September 30, 2022.

As of September 30, 2022 and December 31, 2021, deferred revenue relating to the BMS Agreement was $76.5 million and $98.8 million, respectively.

Contract Liabilities

The following table presents changes in the Company’s total contract liabilities during the nine months ended September 30, 2022:



	Balance at 12/31/2021		Additions		Deductions			Balance at 9/30/2022
	(in thousands)
Contract liabilities:
Deferred revenue	$	194,922	$	—	$	(48,475	)	$	146,447

The Company expects that the $146.4 million of deferred revenue related to the following contracts as of September 30, 2022 will be recognized as revenue as set forth below. However, the timing of revenue recognition could differ from the estimates depending on facts and circumstances impacting the various contracts, including progress of research and development, resources assigned to the contracts by the Company or its collaboration partners or other factors outside of the Company’s control.

•

The $6.6 million of deferred revenue related to the CD71 Agreement with AbbVie is expected to be recognized based on actual FTE effort and program progress until 2023.

•

The $3.5 million of deferred revenue related to the second target under the Discovery Agreement with AbbVie is expected to be recognized ratably until 2024.

•

The $19.4 million of deferred revenue related to the Amgen EGFR Products is expected to be recognized based on actual FTE effort and program progress until 2026.

•

The $0.8 million of deferred revenue related to the Amgen Other Products is expected to be recognized ratably until 2023.

•

The $39.6 million of deferred revenue related to the Astellas Agreement is expected to be recognized ratably until 2025.

•

The $76.5 million of deferred revenue related to the BMS Agreement is expected to be recognized ratably until 2025.

Research and Collaboration Agreements - Summary of Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at Beginning of Period	$ 194,922
Additions	0
Deductions	(48,475)
Balance at End of Period	$ 146,447

Restructuring (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Summary of Accrued Restructuring Costs

The following is a summary of accrued restructuring costs as of September 30, 2022 (in thousands):



	Severance and Benefits Costs			Contract Termination Cost		Stock Based Compensation			Total
Charges	$	6,817		$	178	$	151		$	7,146
Cash payment		(3,119	)		-		-			(3,119	)
Non-cash charges		-			-		(151	)		(151	)
Balance at September 30, 2022	$	3,698		$	178	$	-		$	3,876

Net Loss Per Share - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Options, RSUs and ESPP to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,438,937	11,847,069	15,560,598	11,840,661

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Activities Under Company's Stock Option Plans

Activities for the Company’s stock option plans for the nine months ended September 30, 2022 were as follows:


	Options Outstanding
	Number of Options			Weighted- Average Exercise Price Per Share
Balances at December 31, 2021		12,192,216		$	9.42
Options granted		4,962,418			2.94
Options exercised		(100,990	)		0.98
Option forfeited/expired		(2,792,227	)		6.95
Balances at September 30, 2022		14,261,417		$	7.71

Total Stock-based Compensation Recognized

Total stock-based compensation recorded related to options, TRSUs, PSUs and the ESPP was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in thousands)
Stock-based compensation expense:
Research and development	$	931	$	1,328	$	5,928	$	4,213
General and administrative		1,764		1,836		4,627		5,410
Total stock-based compensation expense	$	2,695	$	3,164	$	10,555	$	9,623

Time based RSU

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Company's TRSU Activities

Activities for the Company’s TRSUs for the nine months ended September 30, 2022 were as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Balance at December 31, 2021		433,250		$	5.34
RSUs awarded		1,314,210			2.74
RSUs cancelled		(348,152	)		4.58
Balance at September 30, 2022		1,399,308		$	3.08

Performance based RSU

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Activities for Company's PSUs

Activities for the Company’s PSUs for the nine months ended September 30, 2022 were as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Balance at December 31, 2021		435,000		$	5.34
PSUs awarded		250,000			1.59
PSUs vested		(193,750	)		5.34
PSUs cancelled		(93,750	)		5.34
Balance at September 30, 2022		397,500		$	2.98

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following weighted-average outstanding shares of potentially dilutive securities are excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Options, RSUs and ESPP to purchase common stock		16,438,937		11,847,069		15,560,598		11,840,661

CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Current assets:

Cash and cash equivalents

$ 95,036

$ 205,530

^[1]

Short-term investments

99,254

99,696

^[1]

Accounts receivable

1,712

790

^[1]

Prepaid expenses and other current assets

4,278

4,285

^[1]

Total current assets

200,280

310,301

^[1]

Property and equipment, net

5,710

5,960

^[1]

Intangible assets, net

911

1,021

^[1]

Goodwill

949

^[1]

Restricted cash

917

^[1]

Operating lease right-of-use asset

16,830

19,362

^[1]

Other assets

895

901

^[1]

Total assets

226,492

339,411

^[1]

Current liabilities:

Accounts payable

5,176

2,818

^[1]

Accrued liabilities

31,340

34,236

^[1]

Deferred revenue, current portion

61,325

69,262

^[1]

Total current liabilities

97,841

106,316

^[1]

Deferred revenue, net of current portion

85,122

125,660

^[1]

Operating lease liabilities - long term

15,055

18,056

^[1]

Total liabilities

198,018

250,032

^[1]

Commitments and contingencies (Note 8)

Stockholders' equity:

Common stock, $0.00001 par value; 150,000,000 shares authorized and 65,950,242 and 65,392,758 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

^[1]

Additional paid-in capital

634,357

623,344

^[1]

Accumulated other comprehensive loss

(795)

(242)

^[1]

Accumulated deficit

(605,089)

(533,724)

^[1]

Total stockholders' equity

28,474

89,379

^[1]

Total liabilities and stockholders' equity

226,492

339,411

^[1]

Convertible Preferred Stock

Stockholders' equity:

Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at September 30, 2022 and December 31, 2021.

$ 0

^[1]

[1]	The condensed balance sheet as of December 31, 2021 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Legal Proceedings

On March 4, 2020, Vytacera Bio, LLC filed a patent infringement lawsuit against the Company in the U.S. District Court for the District of Delaware. The lawsuit alleges that the Company's use, offers to sell, and/or sales of the Probody® technology platform for basic research applications constitutes infringement. The complaint seeks unspecified monetary damages. In September 2022, the Company filed a motion to dismiss the case and the Court granted the parties’ stipulation to stay all pending case deadlines until that motion is finally resolved. The Company believes that the lawsuit is without merit and intends to vigorously defend itself, and has not recorded any amount for claims associated with this lawsuit as of September 30, 2022.

Research and Collaboration Agreements (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue by Collaboration Partners

The following table summarizes the revenue by collaboration partner:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
AbbVie	$	3,449	$	2,867	$	11,253	$	6,172
Amgen		349		2,428		3,006		6,884
Astellas		5,712		4,887		15,743		14,575
Bristol Myers Squibb		7,405		7,405		22,215		22,215
Total revenue	$	16,915	$	17,587	$	52,217	$	49,846

Summary of Contract Liabilities

The following table presents changes in the Company’s total contract liabilities during the nine months ended September 30, 2022:



	Balance at 12/31/2021		Additions		Deductions			Balance at 9/30/2022
	(in thousands)
Contract liabilities:
Deferred revenue	$	194,922	$	—	$	(48,475	)	$	146,447

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Accrued Liabilities, Current [Abstract]

Research and clinical expenses

$ 15,252

$ 18,861

Payroll and related expenses

6,325

9,576

Legal and professional expenses

1,742

1,468

Operating lease liabilities - short term

3,961

3,618

Restructuring expenses

3,876

Other accrued expenses

184

713

Total

$ 31,340

$ 34,236

^[1]

[1]	The condensed balance sheet as of December 31, 2021 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Stock-Based Compensation - Schedule of Company's TRSU Activities (Details) - Time based RSU	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at December 31, 2021 \| shares	433,250
Units Awarded \| shares	1,314,210
Units cancelled \| shares	(348,152)
Balance at September 30, 2022 \| shares	1,399,308
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 5.34
Units Awarded \| $ / shares	2.74
Units cancelled \| $ / shares	4.58
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 3.08

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	CTMX
Entity Registrant Name	CytomX Therapeutics, Inc.
Entity Central Index Key	0001501989
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-37587
Entity Tax Identification Number	27-3521219
Entity Address, Address Line One	151 Oyster Point Blvd.
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	515-3185
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		66,084,367

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Revenues	$ 16,915	$ 17,587	$ 52,217	$ 49,846
Type of Revenue [Extensible List]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Operating expenses:
Research and development	$ 30,367	$ 29,143	$ 92,085	$ 77,615
General and administrative	10,490	11,085	32,782	29,704
Total operating expenses	40,857	40,228	124,867	107,319
Loss from operations	(23,942)	(22,641)	(72,650)	(57,473)
Interest income	616	70	946	182
Other income (expense), net	30	(13)	339	(90)
Net loss	(23,296)	(22,584)	(71,365)	(57,381)
Other comprehensive loss
Unrealized gain (loss) on investments, net of tax	367	37	(553)	99
Comprehensive loss	$ (22,929)	$ (22,547)	$ (71,918)	$ (57,282)
Net loss per share, Basic	$ (0.35)	$ (0.35)	$ (1.09)	$ (0.90)
Net loss per share, Diluted	$ (0.35)	$ (0.35)	$ (1.09)	$ (0.90)
Shares used in computing net loss per share, Basic	65,912,334	65,208,066	65,618,162	63,759,585
Shares used in computing net loss per share, Diluted	65,912,334	65,208,066	65,618,162	63,759,585

Stock-Based Compensation - Schedule of Activities for Company's PSUs (Details) - Performance based RSU - $ / shares	1 Months Ended		9 Months Ended
	Aug. 31, 2022	Oct. 31, 2021	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at December 31, 2021			435,000
Units Awarded	250,000	435,000	250,000
Units vested			(193,750)
Units cancelled			(93,750)
Balance at September 30, 2022			397,500
Weighted Average Grant Date Fair Value, Beginning Balance			$ 5.34
Units Awarded			1.59
Units vested			5.34
Units cancelled			5.34
Weighted Average Grant Date Fair Value, Ending Balance			$ 2.98

Fair Value Measurements and Investments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Investments

4. Fair Value Measurements and Investments

In accordance with Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, the Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows:

•

Level I: Inputs which include quoted prices in active markets for identical assets and liabilities.

•

Level II: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amounts of the Company’s financial instruments, including restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company’s financial instruments consist of Level I assets which consist primarily of highly liquid money market funds, some of which are included in restricted cash; and U.S. Treasury securities that are included in cash equivalent or short-term investments.

The following tables set forth the fair value of the Company’s investments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements:


		September 30, 2022
	Valuation Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
		(in thousands)
Assets
Money market funds	Level I	$	36,312	$	—	$	—		$	36,312
Restricted cash (money market funds)	Level I		917		—		—			917
U.S. Treasury securities	Level I		140,001		—		(795	)		139,206
Total		$	177,230	$	—	$	(795	)	$	176,435


		December 31, 2021
	Valuation Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
		(in thousands)
Assets
Money market funds	Level I	$	165,736	$	—	$	—		$	165,736
Restricted cash (money market funds)	Level I		917		—		—			917
U.S. Treasury securities	Level I		99,938		—		(242	)		99,696
Total		$	266,591	$	—	$	(242	)	$	266,349

As of September 30, 2022, the unrealized losses on the Company’s investment in U.S. Treasury securities were caused by interest rate changes and were not attributable to credit losses. The remaining contractual terms of those investments are less than a year. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

- 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

Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

3. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding, plus potential dilutive common stock during the period. Diluted net loss per share is the same as basic net loss per share since the effect of the potentially dilutive securities is anti-dilutive.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Options, RSUs and ESPP to purchase common stock		16,438,937		11,847,069		15,560,598		11,840,661

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that sum to the total of the amounts shown in the condensed statements of cash flows:


	September 30, 2022		December 31, 2021		September 30, 2021		December 31, 2020
	(in thousands)
Cash and cash equivalents	$	95,036	$	205,530	$	236,284	$	191,859
Restricted cash - non-current assets		917		917		917		917
Total	$	95,953	$	206,447	$	237,201	$	192,776

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended			9 Months Ended
	Aug. 31, 2022	Oct. 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 100,000			$ 100,000
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			100,000
Time based RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			100,000			$ 800,000
Granted						1,314,210
Performance based RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			20,000			$ 20,000
Granted	250,000	435,000				250,000
RSU's Awarded, Grant date fair value	$ 400,000	$ 2,300,000
Performance based RSU \| 2021-Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights, description						50% of the PSUs granted will vest within one year of the grant date upon achievement of certain specific milestones ("2021-Tranche 1") and the remaining 50% will vest within two years of the grant date upon achievement of additional company objectives ("2021-Tranche 2").
Performance based RSU \| 2022-Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights, description						Vesting for 50% of the PSUs granted will occur upon attaining certain specific milestones by December 2023 (“2022-Tranche 1”), and the remaining 50% will vest upon attaining certain specific milestones by December 2024 (“2022-Tranche 2”).
Performance based RSU \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			32,000	$ 1,000,000.0		$ 1,000,000.0
Performance based RSU \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			0			0
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 2,300,000		$ 3,000,000.0	$ 8,000,000.0	$ 9,300,000

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

Stock Options

Activities for the Company’s stock option plans for the nine months ended September 30, 2022 were as follows:


	Options Outstanding
	Number of Options			Weighted- Average Exercise Price Per Share
Balances at December 31, 2021		12,192,216		$	9.42
Options granted		4,962,418			2.94
Options exercised		(100,990	)		0.98
Option forfeited/expired		(2,792,227	)		6.95
Balances at September 30, 2022		14,261,417		$	7.71

The Company recorded $2.3 million and $3.0 million of stock-based compensation expense related to the stock options for the three months ended September 30, 2022 and 2021, respectively.

The Company recorded $8.0 million and $9.3 million of stock-based compensation expense related to the stock options for the nine months ended September 30, 2022 and 2021, respectively.

Time-based RSUs ("TRSU")

Activities for the Company’s TRSUs for the nine months ended September 30, 2022 were as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Balance at December 31, 2021		433,250		$	5.34
RSUs awarded		1,314,210			2.74
RSUs cancelled		(348,152	)		4.58
Balance at September 30, 2022		1,399,308		$	3.08

The Company recorded $0.1 million and $0.8 million of stock-based compensation expense related to the TRSUs for the three and nine months ended September 30, 2022, respectively. The Company began granting TRSUs in the fourth quarter of 2021.

Performance-based RSUs ("PSUs")

In October 2021, the Company granted 435,000 PSUs to executive employees with an aggregated grant date fair value of $2.3 million. 50% of the PSUs granted will vest within one year of the grant date upon achievement of certain specific milestones ("2021-Tranche 1") and the remaining 50% will vest within two years of the grant date upon achievement of additional company objectives ("2021-Tranche 2"). The Company determined that it is not probable that the performance conditions will be satisfied for each of these Tranches and hence no compensation cost was recorded for these awards for the year ended December 31, 2021.

During the second quarter of 2022, the Company determined that the achievement of the milestones for 2021-Tranche 1 was probable and hence recorded $1.0 million of stock-based compensation expense. In July 2022, the Company determined that the performance condition for 2021-Tranche 1 was met and recorded $32,000 and $1.0 million of stock-based compensation expense for the three and nine months ended September 30, 2022, respectively. As the achievement of the milestones for Tranche 2 was not considered probable, no compensation cost was recorded for Tranche 2 of these awards for the three and nine months ended September 30, 2022.

In August 2022, the Company granted 250,000 PSUs to executive employees with an aggregated grant date fair value of approximately $0.4 million. Vesting for 50% of the PSUs granted will occur upon attaining certain specific milestones by December 2023 (“2022-Tranche 1”), and the remaining 50% will vest upon attaining certain specific milestones by December 2024 (“2022-Tranche 2”). As of September 30, 2022, the Company determined that it is probable that the performance conditions for 2022-Tranche 1 will be satisfied and hence recorded $20,000 compensation cost for those awards for the three and nine months ended September 30, 2022. As of September 30, 2022, the

Company determined that it is not probable that the performance conditions for 2022-Tranche 2 will be satisfied and hence recorded no compensation cost for those awards for the three and nine months ended September 30, 2022.

Activities for the Company’s PSUs for the nine months ended September 30, 2022 were as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Balance at December 31, 2021		435,000		$	5.34
PSUs awarded		250,000			1.59
PSUs vested		(193,750	)		5.34
PSUs cancelled		(93,750	)		5.34
Balance at September 30, 2022		397,500		$	2.98

Stock-based Compensation

The total stock-based compensation expense for each of the three and nine months ended September 30, 2022 included $0.1 million in research and development expense, and $0.1 million in general and administrative expenses related to the modification of certain awards in connection with the restructuring in the third quarter of 2022.

Total stock-based compensation recorded related to options, TRSUs, PSUs and the ESPP was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in thousands)
Stock-based compensation expense:
Research and development	$	931	$	1,328	$	5,928	$	4,213
General and administrative		1,764		1,836		4,627		5,410
Total stock-based compensation expense	$	2,695	$	3,164	$	10,555	$	9,623

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting.

Unaudited Interim Financial Information

The accompanying interim condensed financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented.

The condensed results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. The accompanying condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Cash, cash equivalents and restricted cash


	September 30, 2022		December 31, 2021		September 30, 2021		December 31, 2020
	(in thousands)
Cash and cash equivalents	$	95,036	$	205,530	$	236,284	$	191,859
Restricted cash - non-current assets		917		917		917		917
Total	$	95,953	$	206,447	$	237,201	$	192,776

Restricted cash represents a standby letter of credit issued pursuant to an office lease.

Revenue Recognition

The Company’s revenues are primarily derived through its license, research, development and commercialization agreements. The terms of these types of agreements may include (i) licenses for the Company’s technology or programs, (ii) research and development services, and (iii) services or obligations in connection with participation in research or steering committees. Payments to the Company under these arrangements typically include one or more of the following: nonrefundable upfront and license fees, research funding, milestone and other contingent payments to the Company for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of any commercialized products.

The Company assesses whether the promises in its arrangements with customers are distinct performance obligations that should be accounted for separately. Judgment is required to determine whether the license to the Company’s intellectual property is distinct from the research and development services or participation on steering committees.

The Company’s collaboration and license agreements may include contingent payments related to specified research, development and regulatory milestones. Such milestone payments are typically payable under the collaborations when the collaboration partner claims or selects a target, or initiates or advances a covered product candidate in preclinical or clinical development, upon submission for marketing approval of a covered product with regulatory authorities, or upon receipt of actual marketing approvals of a covered product or for additional indications. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting date, the Company re-evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price by using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price in such period of determination.

The Company’s collaboration and license agreements may also include contingent payments related to sales-based milestones. Sales-based milestones are typically payable when annual sales of a covered product reach specified levels. Sales-based milestones are recognized at the later of when the associated performance obligation has been satisfied or when the sales occur. Unlike other contingency payments, such as regulatory milestones, sales-based milestones are not included in the transaction price based on estimates at the inception of the contract; instead, they are included when the sales or usage occur.

The transaction price in each arrangement is allocated to the identified performance obligations based on the relative standalone selling price (“SSP”) of each distinct performance obligation, which requires judgment. In instances where SSP is not directly observable, such as when a license or service is not sold separately, SSP is determined using information that may include market conditions and other observable inputs. Due to the early stage of the Company’s licensed technology, the license of such technology is typically combined with research and development services and steering committee participation as one performance obligation. In the event that the Company receives non-cash consideration such as consideration in the form of a research license and research support services from the counterparty, the transaction price of a non-monetary exchange that has commercial substance is estimated based on the fair value of the non-cash consideration received, which may be determined through a valuation analysis.

In certain cases, the Company’s performance creates an asset that does not have an alternative use to the customer and the Company has an enforceable right to payment at all times for performance completed to date. In these cases, 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.

AbbVie Ireland Unlimited Company (“AbbVie”), one of the Company’s collaboration partners, entered into a license agreement with Seagen Inc., formerly Seattle Genetics, Inc. (“SGEN”) to license certain intellectual property rights. As part of the Company’s collaboration agreement with AbbVie, the Company was required to pay SGEN sublicense fees for certain milestone achievements and an annual maintenance fee. These sublicense fees are treated as reductions to the transaction price and combined with the performance obligation to which they relate.

Contract Balances

Customer payments 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 performance obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (71,365)	$ (57,381)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets	110	110
Depreciation and amortization	1,725	1,921
Amortization of premium (accretion of discounts) on investments	(47)	287
Stock-based compensation expense	10,555	9,623
Non-cash lease expense	2,532	2,325
Changes in operating assets and liabilities
Accounts receivable	(986)	(89)
Prepaid expenses and other current assets	7	3,274
Other assets	6	1,270
Accounts payable	2,441	(1,358)
Accrued liabilities and other long-term liabilities	(5,897)	(550)
Deferred revenue	(48,475)	(47,271)
Net cash used in operating activities	(109,394)	(87,839)
Cash flows from investing activities:
Purchases of property and equipment	(1,558)	(1,364)
Purchases of investments	0	(99,898)
Maturities of investments	0	123,996
Net cash (used in) provided by investing activities	(1,558)	22,734
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	0	107,712
Proceeds from employee stock purchase plan and exercise of stock options	458	1,818
Net cash provided by financing activities	458	109,530
Net (decrease) increase in cash, cash equivalents and restricted cash	(110,494)	44,425
Cash, cash equivalents and restricted cash, beginning of period	206,447	192,776
Cash, cash equivalents and restricted cash, end of period	$ 95,953	$ 237,201

Accrued Liabilities

9 Months Ended

Sep. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30,		December 31,
	2022		2021
	(in thousands)
Research and clinical expenses	$	15,252	$	18,861
Payroll and related expenses		6,325		9,576
Legal and professional expenses		1,742		1,468
Operating lease liabilities - short term		3,961		3,618
Restructuring expenses		3,876		—
Other accrued expenses		184		713
Total	$	31,340	$	34,236

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Unaudited Interim Financial Information

Use of Estimates

Cash, cash equivalents and restricted cash


	September 30, 2022		December 31, 2021		September 30, 2021		December 31, 2020
	(in thousands)
Cash and cash equivalents	$	95,036	$	205,530	$	236,284	$	191,859
Restricted cash - non-current assets		917		917		917		917
Total	$	95,953	$	206,447	$	237,201	$	192,776

Restricted cash represents a standby letter of credit issued pursuant to an office lease.

Revenue Recognition

Contract Balances

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126899994&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Research and Collaboration Agreements - Astellas Pharma Inc - Additional Information (Details) $ in Thousands		1 Months Ended
	Mar. 23, 2020 USD ($) Target	Oct. 31, 2017 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 29, 2017 Target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			$ 146,447	$ 194,922
Astellas Pharma Inc.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue			39,600
Collaboration and License Agreement \| Astellas Pharma Inc.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets selected \| Target	1
Number of additional collaboration target \| Target	3
Upfront payment received	$ 80,000
Deferred revenue			39,600	51,600
Amount due from agreement			$ 1,700	$ 800
Collaboration and License Agreement \| Astellas Pharma Inc. \| Additional Contingent Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 900,000
Collaboration and License Agreement \| Astellas Pharma Inc. \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets \| Target	4
Right to expand the number of additional collaboration target \| Target	5
Contingent milestone payments receivable	$ 1,600,000
Collaboration and License Agreement \| Astellas Pharma Inc. \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Right to expand the number of additional collaboration target \| Target	3
Collaboration and License Agreement \| Amgen Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets selected \| Target					1
Number of additional collaboration target \| Target					2
Upfront payment received		$ 40,000

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Loss

Accumulated Deficit

Beginning balance at Dec. 31, 2020

$ 49,803

$ 1

$ 499,964

$ (47)

$ (450,115)

Beginning balance, shares at Dec. 31, 2020

48,251,819

Issuance of common stock in follow-on offering, net of issuance costs

107,712

Issuance of common stock in follow-on offering, net of issuance costs, shares

16,428,571

Exercise of stock options

1,023

Exercise of stock options, shares

322,507

Stock-based compensation

3,034

Other comprehensive income (loss)

Net loss

(15,554)

Ending balance at Mar. 31, 2021

146,022

$ 1

611,733

(43)

(465,669)

Ending balance, shares at Mar. 31, 2021

65,002,897

Beginning balance at Dec. 31, 2020

49,803

$ 1

499,964

(47)

(450,115)

Beginning balance, shares at Dec. 31, 2020

48,251,819

Other comprehensive income (loss)

Net loss

(57,381)

Ending balance at Sep. 30, 2021

111,674

$ 1

619,117

(507,496)

Ending balance, shares at Sep. 30, 2021

65,249,116

Beginning balance at Mar. 31, 2021

146,022

$ 1

611,733

(43)

(465,669)

Beginning balance, shares at Mar. 31, 2021

65,002,897

Exercise of stock options

173

Exercise of stock options, shares

68,971

Issuance of common stock under the ESPP

518

Issuance of common stock under the ESPP, shares

85,135

Stock-based compensation

3,425

Other comprehensive income (loss)

Net loss

(19,243)

Ending balance at Jun. 30, 2021

130,953

$ 1

615,849

(484,912)

Ending balance, shares at Jun. 30, 2021

65,157,003

Exercise of stock options

104

Exercise of stock options, shares

92,113

Stock-based compensation

3,164

Other comprehensive income (loss)

Net loss

(22,584)

Ending balance at Sep. 30, 2021

111,674

$ 1

619,117

(507,496)

Ending balance, shares at Sep. 30, 2021

65,249,116

Beginning balance at Dec. 31, 2021

89,379

^[1]

$ 1

623,344

(242)

(533,724)

Beginning balance, shares at Dec. 31, 2021

65,392,758

Exercise of stock options

Exercise of stock options, shares

5,597

Stock-based compensation

3,370

Other comprehensive income (loss)

(677)

Net loss

(23,885)

Ending balance at Mar. 31, 2022

68,194

$ 1

626,721

(919)

(557,609)

Ending balance, shares at Mar. 31, 2022

65,398,355

Beginning balance at Dec. 31, 2021

$ 89,379

^[1]

$ 1

623,344

(242)

(533,724)

Beginning balance, shares at Dec. 31, 2021

65,392,758

Exercise of stock options, shares

100,990

Other comprehensive income (loss)

$ (553)

Net loss

(71,365)

Ending balance at Sep. 30, 2022

28,474

$ 1

634,357

(795)

(605,089)

Ending balance, shares at Sep. 30, 2022

65,950,242

Beginning balance at Mar. 31, 2022

68,194

$ 1

626,721

(919)

(557,609)

Beginning balance, shares at Mar. 31, 2022

65,398,355

Exercise of stock options

Exercise of stock options, shares

95,393

Issuance of common stock under the ESPP

360

Issuance of common stock under the ESPP, shares

262,744

Stock-based compensation

4,490

Other comprehensive income (loss)

(243)

Net loss

(24,184)

Ending balance at Jun. 30, 2022

48,708

$ 1

631,662

(1,162)

(581,793)

Ending balance, shares at Jun. 30, 2022

65,756,492

Release of PSUs, shares

193,750

Stock-based compensation

2,695

Other comprehensive income (loss)

367

Net loss

(23,296)

Ending balance at Sep. 30, 2022

$ 28,474

$ 1

$ 634,357

$ (795)

$ (605,089)

Ending balance, shares at Sep. 30, 2022

65,950,242

[1]	The condensed balance sheet as of December 31, 2021 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Research and Collaboration Agreements - Contract Liabilities - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	$ 146,447	$ 194,922
AbbVie Ireland Unlimited Company \| CD71 Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	$ 6,600	$ 16,100
Deferred Revenue Recognition Maturity Year	2023
AbbVie Ireland Unlimited Company \| Second Target under Discovery Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	$ 3,500
Deferred Revenue Recognition Maturity Year	2024
Amgen \| EGFR Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	$ 19,400
Deferred Revenue Recognition Maturity Year	2026
Amgen \| Amgen Other Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	$ 800
Deferred Revenue Recognition Maturity Year	2023
Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	$ 76,500
Deferred Revenue Recognition Maturity Year	2025
Astellas Pharma Inc.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	$ 39,600
Deferred Revenue Recognition Maturity Year	2025