View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 01, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	001-37687
Entity Registrant Name	EDITAS MEDICINE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4097528
Entity Address, Address Line One	11 Hurley Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02141
City Area Code	617
Local Phone Number	401-9000
Title of 12(b) Security	Common Stock
Trading Symbol	EDIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,996,548
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001650664
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 232,850	$ 238,183
Marketable securities	182,143	218,957
Accounts receivable	1,832	418
Prepaid expenses and other current assets	8,281	6,286
Total current assets	425,106	463,844
Property and equipment, net	12,218	10,887
Right-of-use assets	27,022	28,761
Restricted cash and other non-current assets	2,391	5,393
Total assets	466,737	508,885
Current liabilities:
Accounts payable	10,394	5,843
Accrued expenses	8,669	22,120
Deferred revenue, current	40,642	23,514
Operating lease liabilities	5,649	5,804
Other current liabilities	3,515	2,682
Total current liabilities	68,869	59,963
Operating lease liabilities, net of current portion	21,530	23,277
Deferred revenue, net of current portion	141,770	163,207
Other non-current liabilities	1	1
Total liabilities	232,170	246,448
Stockholders' equity
Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.0001 par value per share: 195,000,000 shares authorized; 54,982,399 and 54,533,798 shares issued, and 54,802,399 and 54,355,798 shares outstanding at March 31, 2020 and December 31, 2019, respectively	5	5
Additional paid-in capital	820,813	811,546
Accumulated other comprehensive income	694	107
Accumulated deficit	(586,945)	(549,221)
Total stockholders' equity	234,567	262,437
Total liabilities and stockholders' equity	$ 466,737	$ 508,885

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	195,000,000	195,000,000
Common stock, shares issued	54,982,399	54,533,798
Common stock, shares outstanding	54,802,399	54,355,798

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Operations
Collaboration and other research and development revenues	$ 5,723	$ 2,069
Revenue type	us-gaap:ServiceMember	us-gaap:ServiceMember
Operating expenses:
Research and development	$ 34,570	$ 15,842
General and administrative	17,769	17,489
Total operating expenses	52,339	33,331
Operating loss	(46,616)	(31,262)
Other income, net:
Other income (expense), net	7,333	(44)
Interest income, net	1,559	2,057
Total other income, net	8,892	2,013
Net loss	$ (37,724)	$ (29,249)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.69)	$ (0.60)
Weighted-average common shares outstanding, basic and diluted	54,590,194	48,838,229

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (37,724)	$ (29,249)
Other comprehensive income:
Unrealized gain on marketable debt securities	587	58
Comprehensive loss	$ (37,137)	$ (29,191)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Other Accumulated Deficit	Total
Balance, beginning of period at Dec. 31, 2018	$ 5	$ 652,464	$ (29)	$ (416,278)	$ 236,162
Balance, beginning of period (in shares) at Dec. 31, 2018	48,758,951
Statement of Stockholders' Equity (Deficit)
Exercise of stock options		1,533			1,533
Exercise of stock options (in shares)	146,171
Vesting of restricted common stock awards (in shares)	18,000
Stock-based compensation expense		7,855			7,855
Unrealized gain on marketable debt securities			58		58
Net loss				(29,249)	(29,249)
Balance, end of period at Mar. 31, 2019	$ 5	661,852	29	(444,724)	217,162
Balance, end of period (in shares) at Mar. 31, 2019	48,923,122
Statement of Stockholders' Equity (Deficit)
Cumulative effect adjustment for adoption of new accounting guidance				803	803
Balance, beginning of period at Dec. 31, 2019	$ 5	811,546	107	(549,221)	262,437
Balance, beginning of period (in shares) at Dec. 31, 2019	54,355,798
Statement of Stockholders' Equity (Deficit)
Exercise of stock options		3,047			3,047
Exercise of stock options (in shares)	233,208
Vesting of restricted common stock awards (in shares)	213,393
Stock-based compensation expense		6,220			6,220
Unrealized gain on marketable debt securities			587		587
Net loss				(37,724)	(37,724)
Balance, end of period at Mar. 31, 2020	$ 5	$ 820,813	$ 694	$ (586,945)	$ 234,567
Balance, end of period (in shares) at Mar. 31, 2020	54,802,399

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flow from operating activities
Net loss	$ (37,724)	$ (29,249)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,220	7,855
Depreciation	798	628
Unrealized gain on corporate equity securities	(7,333)
Other non-cash items, net	(215)	(1,181)
Changes in operating assets and liabilities:
Accounts receivable	(1,414)	30
Prepaid expenses and other current assets	(1,995)	789
Right-of-use assets	1,739	981
Other non-current assets	93
Accounts payable	4,767	626
Accrued expenses	(13,644)	(6,923)
Deferred revenue	(4,309)	(2,061)
Operating lease liabilities	(1,902)	(1,379)
Other current and non-current liabilities	833	881
Net cash used in operating activities	(54,086)	(29,003)
Cash flow from investing activities
Purchases of property and equipment	(2,152)	(718)
Proceeds from the sale of equipment		36
Purchases of marketable securities	(66,384)	(74,692)
Proceeds from maturities of marketable securities	115,000	126,000
Net cash provided by investing activities	46,464	50,626
Cash flow from financing activities
Proceeds from exercise of stock options	3,047	1,533
Net cash provided by financing activities	3,047	1,533
Net (decrease) increase in cash, cash equivalents, and restricted cash	(4,575)	23,156
Cash, cash equivalents, and restricted cash, beginning of period	239,802	136,395
Cash, cash equivalents, and restricted cash, end of period	235,227	159,551
Supplemental disclosure of cash and non-cash activities:
Fixed asset additions included in accounts payable and accrued expenses	705	356
Cash paid in connection with operating lease liabilities	$ 2,538	1,724
Right-of-use assets obtained in exchange of operating lease obligations		$ 19,461

Nature of Business

3 Months Ended

Mar. 31, 2020

Nature of Business

Nature of Business

1. Nature of Business

Editas Medicine, Inc. (the “Company”) is a leading, clinical stage genome editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. The Company was incorporated in the state of Delaware in September 2013. Its principal offices are in Cambridge, Massachusetts.

Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital. The Company has primarily financed its operations through various equity financings, payments received under a research collaboration with Juno Therapeutics, Inc., a wholly-owned subsidiary of the Bristol-Myers Squibb Company (“Juno Therapeutics”), and payments received under a strategic alliance with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”)

The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and ability to transition from pilot-scale manufacturing to large-scale production of products.

Liquidity

As of March 31, 2020, the Company has raised an aggregate of $444.8 million in net proceeds through the sale of shares of its common stock in public offerings and at-the-market offerings. The Company has incurred annual net operating losses in every year since its inception. The Company expects that its existing cash, cash equivalents and marketable securities at March 31, 2020 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements for at least 24 months following the date of this Quarterly Report on Form 10-Q. The Company had an accumulated deficit of $586.9 million at March 31, 2020, and will require substantial additional capital to fund its operations. The Company has never generated any product revenue. There can be no assurance that the Company will be able to obtain additional debt or equity financing or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”).

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Editas Securities Corporation. All intercompany transactions and balances of the subsidiary have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The three months ended March 31, 2020 and 2019 are referred to as the first quarter of 2020 and 2019, respectively. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of significant accounting policies,” to the consolidated financial statements included in the Annual Report. There have been no material changes to the significant accounting policies previously disclosed in the Annual Report, other than as noted below.

Corporate Equity Securities

The Company classifies investments in equity securities that have a readily determinable fair value as marketable securities in the Company’s condensed consolidated balance sheets. The Company’s marketable securities are stated at fair value. Typically, the fair value of these securities is based on a quoted price for an identical equity security. If the equity security has a restriction that is determined to be an attribute of the security that would transfer to a market participant, the fair value of the security is measured based on the quoted price for an otherwise identical unrestricted equity security, adjusted for the effect of the restriction. The adjustment reflects the discount that a market participant would demand for the risk relating to the inability to dispose of the security for a specified period of time. That adjustment is based on the nature and duration of the restriction and the limitations imposed by the restriction to a buyer. The Company records changes in the fair value of its equity securities in “Other Income (Expense), net” in the Company’s condensed consolidated statement of operations.

Recent Accounting Pronouncements – Recently Adopted

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Statement Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”) which was clarified and amended by the issuances of ASUs 2018-19, 2019-04, 2019-05 and 2019-11 in November 2018, April 2019, May 2019 and November 2019, respectively. The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis to be measured using an expected-loss model, replacing the current incurred-loss model, and recorded through an allowance for credit losses which is a valuation account that is deducted from the amortized cost basis of the financial asset. ASU 2016-13 requires evaluation of credit loss based on historical experience, current conditions and reasonable and supportable forecasts. The Company’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if the risk is remote. When assessing financial assets for credit losses, the Company pools financial assets with similar risk characteristics and performs a collective evaluation. However, the Company is not required to measure expected credit losses in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. At each reporting date, the Company will record an allowance for credit losses and reports it as credit loss expense which is included in “Other income (expense), net” in the Company’s condensed consolidated statement of operations. However subsequent increases or decreases in the fair value of available-for-sale securities that do not result in recognition or reversal of an allowance for credit loss or write-down will continue to be recorded in other comprehensive loss. The Company adopted the new standard and the related amendments on January 1, 2020 using a modified retrospective approach. The modified retrospective approach requires the Company to record a one-time adjustment to opening accumulated deficit as of the effective date. The Company concluded that there are no indicators of credit loss with respect to its available-for-sale debt securities which consist of U.S Treasury securities and government-agency bonds. The Company therefore did not record an allowance for credit losses or doubtful accounts upon adoption or during the first quarter of 2020. The adoption of ASU 2016-13 therefore had no impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 was effective on January 1, 2020. The Company adopted ASU 2018-15 using the prospective transition approach, which allows the Company to change the accounting method without restating prior periods or recording cumulative adjustments. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements.

In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds, and modifies the disclosure requirements for fair value measurements. ASU 2018-13 was effective on January 1, 2020. The adoption of ASU 2018-13 results in additional disclosures related to the Company’s assets and liabilities that are valued based on Level 3 inputs and transfers between Level 1 and Level 2 fair value measurements. The adoption of ASU 2018-13 did not have a material impact on the Company’s financial statement footnote disclosures.

Cash Equivalents, Marketable Securities and Equity Securities

3 Months Ended

Mar. 31, 2020

Cash Equivalents, Marketable Securities and Equity Securities

Cash Equivalents, Marketable Securities and Equity Securities

3. Cash Equivalents, Marketable Securities and Equity Securities

Cash equivalents and marketable securities consisted of the following at March 31, 2020 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
March 31, 2020	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Money market funds	$	232,850	$	—	$	—	$	—	$	232,850
U.S. Treasuries		48,323		—		167		—		48,490
Government agency securities		122,126		—		527		—		122,653
Corporate equity securities		3,667		—		7,333		—		11,000
Total	$	406,966	$	—	$	8,027	$	—	$	414,993

Cash equivalents, marketable securities and equity securities consisted of the following at December 31, 2019 (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost		Gains		Losses		Value
Cash equivalents and marketable securities:
Money market funds	$	230,201	$	—	$	—	$	230,201
U.S. Treasuries		71,348		20		—		71,368
Government agency securities		155,484		87		—		155,571
Equity securities included in other non-current assets:
Corporate equity securities		3,667		—		—		3,667
Total	$	460,700	$	107	$	—	$	460,807

As of March 31, 2020, the Company did not hold any marketable securities in an unrealized loss position. Furthermore, the Company has determined that there were no material changes in the credit risk of the debt securities.

There were no realized gains or losses on available-for-sale securities during the three months ended March 31, 2020 or 2019.

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Measurements

Fair Value Measurements

4. Fair Value Measurements

Assets measured at fair value on a recurring basis as of March 31, 2020 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
Financial Assets	2020		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	232,850	$	232,850	$	—	$	—
Marketable securities:
U.S. Treasuries		48,490		48,490		—		—
Government agency securities		122,653		122,653		—		—
Corporate equity securities		11,000		—		11,000		—
Restricted cash and other non-current assets:
Money market funds		2,377		2,377		—		—
Total financial assets	$	417,370	$	406,370	$	11,000	$	—

Assets measured at fair value on a recurring basis as of December 31, 2019 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
Financial Assets	2019		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	230,201	$	230,201	$	—	$	—
U.S. Treasuries		7,982		7,982		—		—
Marketable securities:
U.S. Treasuries		63,386		63,386		—		—
Government agency securities		155,571		155,571		—		—
Restricted cash and other non-current assets:
Corporate equity securities		3,667		—		3,667		—
Money market funds		1,619		1,619		—		—
Total financial assets	$	462,426	$	458,759	$	3,667	$	—

The Company holds an investment in Beam Therapeutics Inc. (“Beam Therapeutics”) consisting of shares of Beam Therapeutics’ common stock. Prior to Beam Therapeutics’ initial public offering in February 2020, the Company valued such investment based on the cost of the equity securities adjusted for any observable market transactions. Following the initial public offering, the equity securities have a readily determinable fair value, and are included in marketable securities on the condensed consolidated balance sheet with a fair value based on Level 2 inputs due to transfer restrictions associated with the securities. Upon the expiration of the transfer restrictions the Company expects to transfer the value of these equity securities from Level 2 to Level 1. During the three months ended March 31, 2020, the Company recorded unrealized gains of $7.3 million in other income (expense), net on the Consolidated Statements of Operations.

- 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

Accrued Expenses

3 Months Ended

Mar. 31, 2020

Accrued Expenses

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2020		2019
Employee related expenses	$	3,727	$	4,971
Intellectual property and patent related fees		2,327		3,725
Process and platform development expenses		1,583		735
Other expenses		541		599
Professional service expenses		491		674
Sublicensing expenses		—		11,416
Total accrued expenses	$	8,669	$	22,120

Property and Equipment, net

3 Months Ended

Mar. 31, 2020

Property and Equipment, net

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2020		2019
Laboratory equipment	$	15,970	$	14,571
Construction-in-progress		2,005		1,336
Leasehold improvements		1,206		1,042
Computer equipment		756		858
Furniture and office equipment		166		166
Software		118		118
Total property and equipment		20,221		18,091
Less: accumulated depreciation		(8,003)		(7,204)
Property and equipment, net	$	12,218	$	10,887

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies

Commitments and Contingencies

7. Commitments and Contingencies

The Company is a party to a number of license agreements under which the Company licenses patents, patent applications and other intellectual property from third parties. As such, the Company is obligated to pay licensors for various costs including upfront licenses fees, annual license fees, certain licensor expense reimbursements, success payments, research funding payments, and milestones triggerable upon certain development, regulatory, and commercial events as well as royalties on future products. These contracts are generally cancellable, with notice, at the Company’s option and do not have significant cancellation penalties. The terms and conditions as well as the accounting analysis for the Company’s significant commitments and contingencies are described in Note 8, “Commitments and Contingencies” to the consolidated financial statements included in the Annual Report. There have been no material changes to the terms and conditions, or the accounting conclusions previously disclosed in the Annual Report.

Licensor Expense Reimbursement

The Company is obligated to reimburse The Broad Institute, Inc. (“Broad”) and the President and Fellows of Harvard College (“Harvard”) for expenses incurred by each of them associated with the prosecution and maintenance of the patent rights that the Company licenses from them pursuant to the license agreement by and among the Company, Broad and Harvard, including the interference and opposition proceedings involving patents licensed to the Company under the license agreement, and other license agreements between the Company and Broad. As such, the Company anticipates that it has a substantial commitment in connection with these proceedings until such time as these proceedings have been resolved, but the amount of such commitment is not determinable. The Company incurred an aggregate of $3.8 million and $3.4 million in expense during the three months ended March 31, 2020 and 2019,

respectively, for such reimbursement.

Collaboration and Profit-Sharing Agreements

3 Months Ended

Mar. 31, 2020

Collaboration and Profit-Sharing Agreements

Collaboration and Profit-Sharing Agreements

8. Collaboration and Profit-Sharing Agreements

The Company has entered into multiple collaborations, out-licenses and strategic alliances with third parties that typically involve payments to or from the Company, including up-front payments, payments for research and development services, option payments, milestone payments and royalty payments to or from the Company. The terms and conditions as well as the accounting analysis for the Company’s significant collaborations, out-licenses and strategic alliances are described in Note 9, “Collaboration and Profit-Sharing Agreements” to the consolidated financial statements included in the Annual Report. There have been no material changes to the terms and conditions, or the accounting conclusions previously disclosed in the Annual Report.

Collaboration Revenue

As of March 31, 2020, the Company’s contract liabilities were primarily related to the Company’s collaboration with Juno Therapeutics and its strategic alliance with Allergan. The following table presents changes in the Company’s accounts receivable and contract liabilities for the three months ended March 31, 2020 (in thousands):


For the three months ended March 1, 2020	Balance at December 31, 2019		Additions		Deductions		Balance at March 31, 2020
Accounts receivable	$	418	$	1,414	$	—	$	1,832
Contract liabilities:
Deferred revenue	$	186,721	$	508	$	(4,817)	$	182,412

During the three months ended March 31, 2020, the Company recognized the following collaboration revenue (in thousands):


	Three Months Ended
Revenue recognized in the period from:	March 31, 2020
Amounts included in deferred revenue at the beginning of the period	$	4,817
Performance obligations satisfied in previous periods	$	60

Stock-based Compensation

3 Months Ended

Mar. 31, 2020

Stock-based Compensation

Stock-based Compensation

9. Stock-based Compensation

Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands):




	Three Months Ended
	March 31,
	2020		2019
Research and development	$	3,057	$	3,382
General and administrative		3,163		4,473
Total stock-based compensation expense	$	6,220	$	7,855

Restricted Stock and Restricted Stock Unit Awards

The following is a summary of restricted stock and restricted stock unit awards activity for the three months ended March 31, 2020:


		Weighted
		Average
		Grant Date
		Fair Value
	Shares	Per Share
Unvested restricted stock and restricted stock unit awards as of December 31, 2019	581,408	$	24.03
Issued	251,497	$	28.15
Vested	(213,393)	$	22.16
Forfeited	(53,684)	$	24.35
Unvested restricted stock and restricted stock unit awards as of March 31, 2020	565,828	$	26.61

As of March 31, 2020, total unrecognized compensation expense related to unvested restricted stock and restricted stock unit awards was $13.3 million, which the Company expects to recognize over a remaining weighted-average period of 3.1 years.

Stock Options

The following is a summary of stock option activity for the three months ended March 31, 2020:


		Weighted Average		Remaining	Aggregate Intrinsic
	Shares	Exercise Price		Contractual Life (years)	Value (in thousands)
Outstanding at December 31, 2019	4,358,291	$	25.40	7.4	$	26,060
Granted	980,145	$	28.21
Exercised	(233,208)	$	13.06
Cancelled	(557,401)	$	30.64
Outstanding at March 31, 2020	4,547,827	$	26.00	7.4	$	4,400
Exercisable at March 31, 2020	1,724,574	$	24.79	5.1	$	4,187

As of March 31, 2020, total unrecognized compensation expense related to stock options was $43.9 million, which the Company expects to recognize over a remaining weighted-average period of 2.9 years.

Net Loss per Share

3 Months Ended

Mar. 31, 2020

Net Loss per Share

Net Loss per Share

10. Net Loss per Share

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury stock and if converted methods. Contingently issuable shares are included in the calculation of basic loss per share as of the beginning of the period in which all the necessary conditions have been satisfied. Contingently issuable shares are included in diluted loss per share based on the number of shares, if any, that would be issuable under the terms of the arrangement if the end of the reporting period was the end of the contingency period, if the results are dilutive.

For purposes of the diluted net loss per share calculation, stock options are considered to be common stock equivalents, but they were excluded from the Company’s calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders was the same for all periods presented.

The following common stock equivalents were excluded from the calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive:


	As of March 31,
	2020	2019
Unvested restricted stock and restricted stock unit awards	565,828	638,054
Outstanding stock options	4,547,827	4,862,947
Total	5,113,655	5,501,001

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
Summary of Significant Accounting Policies
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Editas Securities Corporation. All intercompany transactions and balances of the subsidiary have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The three months ended March 31, 2020 and 2019 are referred to as the first quarter of 2020 and 2019, respectively. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Corporate Equity Securities	Corporate Equity Securities The Company classifies investments in equity securities that have a readily determinable fair value as marketable securities in the Company’s condensed consolidated balance sheets. The Company’s marketable securities are stated at fair value. Typically, the fair value of these securities is based on a quoted price for an identical equity security. If the equity security has a restriction that is determined to be an attribute of the security that would transfer to a market participant, the fair value of the security is measured based on the quoted price for an otherwise identical unrestricted equity security, adjusted for the effect of the restriction. The adjustment reflects the discount that a market participant would demand for the risk relating to the inability to dispose of the security for a specified period of time. That adjustment is based on the nature and duration of the restriction and the limitations imposed by the restriction to a buyer. The Company records changes in the fair value of its equity securities in “Other Income (Expense), net” in the Company’s condensed consolidated statement of operations.
Recent Accounting Pronouncements - Recently Adopted	Recent Accounting Pronouncements – Recently Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Statement Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”) which was clarified and amended by the issuances of ASUs 2018-19, 2019-04, 2019-05 and 2019-11 in November 2018, April 2019, May 2019 and November 2019, respectively. The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis to be measured using an expected-loss model, replacing the current incurred-loss model, and recorded through an allowance for credit losses which is a valuation account that is deducted from the amortized cost basis of the financial asset. ASU 2016-13 requires evaluation of credit loss based on historical experience, current conditions and reasonable and supportable forecasts. The Company’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if the risk is remote. When assessing financial assets for credit losses, the Company pools financial assets with similar risk characteristics and performs a collective evaluation. However, the Company is not required to measure expected credit losses in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. At each reporting date, the Company will record an allowance for credit losses and reports it as credit loss expense which is included in “Other income (expense), net” in the Company’s condensed consolidated statement of operations. However subsequent increases or decreases in the fair value of available-for-sale securities that do not result in recognition or reversal of an allowance for credit loss or write-down will continue to be recorded in other comprehensive loss. The Company adopted the new standard and the related amendments on January 1, 2020 using a modified retrospective approach. The modified retrospective approach requires the Company to record a one-time adjustment to opening accumulated deficit as of the effective date. The Company concluded that there are no indicators of credit loss with respect to its available-for-sale debt securities which consist of U.S Treasury securities and government-agency bonds. The Company therefore did not record an allowance for credit losses or doubtful accounts upon adoption or during the first quarter of 2020. The adoption of ASU 2016-13 therefore had no impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 was effective on January 1, 2020. The Company adopted ASU 2018-15 using the prospective transition approach, which allows the Company to change the accounting method without restating prior periods or recording cumulative adjustments. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements. In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds, and modifies the disclosure requirements for fair value measurements. ASU 2018-13 was effective on January 1, 2020. The adoption of ASU 2018-13 results in additional disclosures related to the Company’s assets and liabilities that are valued based on Level 3 inputs and transfers between Level 1 and Level 2 fair value measurements. The adoption of ASU 2018-13 did not have a material impact on the Company’s financial statement footnote disclosures.

Cash Equivalents, Marketable Securities and Corporate Equity Securities (Tables)

3 Months Ended

Mar. 31, 2020

Cash Equivalents, Marketable Securities and Equity Securities

Schedule of cash equivalents, marketable securities and corporate equity securities

Cash equivalents and marketable securities consisted of the following at March 31, 2020 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
March 31, 2020	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Money market funds	$	232,850	$	—	$	—	$	—	$	232,850
U.S. Treasuries		48,323		—		167		—		48,490
Government agency securities		122,126		—		527		—		122,653
Corporate equity securities		3,667		—		7,333		—		11,000
Total	$	406,966	$	—	$	8,027	$	—	$	414,993

Cash equivalents, marketable securities and equity securities consisted of the following at December 31, 2019 (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost		Gains		Losses		Value
Cash equivalents and marketable securities:
Money market funds	$	230,201	$	—	$	—	$	230,201
U.S. Treasuries		71,348		20		—		71,368
Government agency securities		155,484		87		—		155,571
Equity securities included in other non-current assets:
Corporate equity securities		3,667		—		—		3,667
Total	$	460,700	$	107	$	—	$	460,807

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurements

Schedule of assets measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis as of March 31, 2020 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
Financial Assets	2020		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	232,850	$	232,850	$	—	$	—
Marketable securities:
U.S. Treasuries		48,490		48,490		—		—
Government agency securities		122,653		122,653		—		—
Corporate equity securities		11,000		—		11,000		—
Restricted cash and other non-current assets:
Money market funds		2,377		2,377		—		—
Total financial assets	$	417,370	$	406,370	$	11,000	$	—

Assets measured at fair value on a recurring basis as of December 31, 2019 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
Financial Assets	2019		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	230,201	$	230,201	$	—	$	—
U.S. Treasuries		7,982		7,982		—		—
Marketable securities:
U.S. Treasuries		63,386		63,386		—		—
Government agency securities		155,571		155,571		—		—
Restricted cash and other non-current assets:
Corporate equity securities		3,667		—		3,667		—
Money market funds		1,619		1,619		—		—
Total financial assets	$	462,426	$	458,759	$	3,667	$	—

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2020

Accrued Expenses

Schedule of accrued expenses

Accrued expenses consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2020		2019
Employee related expenses	$	3,727	$	4,971
Intellectual property and patent related fees		2,327		3,725
Process and platform development expenses		1,583		735
Other expenses		541		599
Professional service expenses		491		674
Sublicensing expenses		—		11,416
Total accrued expenses	$	8,669	$	22,120

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2020

Property and Equipment, net

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2020		2019
Laboratory equipment	$	15,970	$	14,571
Construction-in-progress		2,005		1,336
Leasehold improvements		1,206		1,042
Computer equipment		756		858
Furniture and office equipment		166		166
Software		118		118
Total property and equipment		20,221		18,091
Less: accumulated depreciation		(8,003)		(7,204)
Property and equipment, net	$	12,218	$	10,887

Collaboration and Profit-Sharing Agreements (Tables)

3 Months Ended

Mar. 31, 2020

Collaboration and Profit-Sharing Agreements

Schedule of accounts receivable and contract liabilities

The following table presents changes in the Company’s accounts receivable and contract liabilities for the three months ended March 31, 2020 (in thousands):


For the three months ended March 1, 2020	Balance at December 31, 2019		Additions		Deductions		Balance at March 31, 2020
Accounts receivable	$	418	$	1,414	$	—	$	1,832
Contract liabilities:
Deferred revenue	$	186,721	$	508	$	(4,817)	$	182,412

Schedule of change in contract assets and contract liabilities

During the three months ended March 31, 2020, the Company recognized the following collaboration revenue (in thousands):


	Three Months Ended
Revenue recognized in the period from:	March 31, 2020
Amounts included in deferred revenue at the beginning of the period	$	4,817
Performance obligations satisfied in previous periods	$	60

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Stock-based Compensation

Schedule of stock-based compensation expense

Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands):




	Three Months Ended
	March 31,
	2020		2019
Research and development	$	3,057	$	3,382
General and administrative		3,163		4,473
Total stock-based compensation expense	$	6,220	$	7,855

Schedule of changes in unvested restricted stock

The following is a summary of restricted stock and restricted stock unit awards activity for the three months ended March 31, 2020:


		Weighted
		Average
		Grant Date
		Fair Value
	Shares	Per Share
Unvested restricted stock and restricted stock unit awards as of December 31, 2019	581,408	$	24.03
Issued	251,497	$	28.15
Vested	(213,393)	$	22.16
Forfeited	(53,684)	$	24.35
Unvested restricted stock and restricted stock unit awards as of March 31, 2020	565,828	$	26.61

Schedule of stock option activity

The following is a summary of stock option activity for the three months ended March 31, 2020:


		Weighted Average		Remaining	Aggregate Intrinsic
	Shares	Exercise Price		Contractual Life (years)	Value (in thousands)
Outstanding at December 31, 2019	4,358,291	$	25.40	7.4	$	26,060
Granted	980,145	$	28.21
Exercised	(233,208)	$	13.06
Cancelled	(557,401)	$	30.64
Outstanding at March 31, 2020	4,547,827	$	26.00	7.4	$	4,400
Exercisable at March 31, 2020	1,724,574	$	24.79	5.1	$	4,187

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2020

Net Loss per Share

Schedule of anti-dilutive common stock equivalents

The following common stock equivalents were excluded from the calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive:


	As of March 31,
	2020	2019
Unvested restricted stock and restricted stock unit awards	565,828	638,054
Outstanding stock options	4,547,827	4,862,947
Total	5,113,655	5,501,001

Nature of Business (Details) - USD ($) $ in Thousands	25 Months Ended
Nature of Business (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Liquidity
Accumulated deficit	$ 586,945	$ 549,221
Public and Market Offering
Liquidity
Aggregate net proceeds	$ 444,800

Cash Equivalents, Marketable Securities and Corporate Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Equity securities included in other non-current assets:
Gross Unrealized Gains	$ 7,333
Cash Equivalents, Marketable Securities and Equity Securities
Amortized Cost	406,966		$ 460,700
Gross Unrealized Gains	8,027		107
Fair Value	414,993		460,807
Realized gains (losses) on available-for-sale securities	0	$ 0
Corporate equity securities
Cash Equivalents, Marketable Securities and Corporate Equity Securities
Amortized Cost	3,667
Gross Unrealized Gains	7,333
Fair Value	11,000
Equity securities included in other non-current assets:
Amortized Cost			3,667
Fair Value			3,667
Money market funds
Cash Equivalents, Marketable Securities and Corporate Equity Securities
Amortized Cost	232,850		230,201
Fair Value	232,850		230,201
U.S. Treasuries
Cash Equivalents, Marketable Securities and Corporate Equity Securities
Amortized Cost	48,323		71,348
Gross Unrealized Gains	167		20
Fair Value	48,490		71,368
Government agency securities
Cash Equivalents, Marketable Securities and Corporate Equity Securities
Amortized Cost	122,126		155,484
Gross Unrealized Gains	527		87
Fair Value	$ 122,653		$ 155,571

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Corporate equity securities
Financial Assets
Equity securities		$ 3,667
Marketable securities	$ 11,000
Money market funds
Financial Assets
Marketable securities	232,850	230,201
U.S. Treasuries
Financial Assets
Marketable securities	48,490	71,368
Government agency securities
Financial Assets
Marketable securities	122,653	155,571
Recurring
Financial Assets
Total financial assets	417,370	462,426
Recurring \| U.S. Treasuries
Financial Assets
Marketable securities	48,490	63,386
Recurring \| Government agency securities
Financial Assets
Marketable securities	122,653	155,571
Recurring \| Corporate equity securities
Financial Assets
Equity securities		3,667
Marketable securities	11,000
Recurring \| Money market funds
Financial Assets
Cash and cash equivalents	232,850	230,201
Restricted cash	2,377	1,619
Recurring \| U.S. Treasuries
Financial Assets
Cash and cash equivalents		7,982
Recurring \| Level 1
Financial Assets
Total financial assets	406,370	458,759
Recurring \| Level 1 \| U.S. Treasuries
Financial Assets
Marketable securities	48,490	63,386
Recurring \| Level 1 \| Government agency securities
Financial Assets
Marketable securities	122,653	155,571
Recurring \| Level 1 \| Money market funds
Financial Assets
Cash and cash equivalents	232,850	230,201
Restricted cash	2,377	1,619
Recurring \| Level 1 \| U.S. Treasuries
Financial Assets
Cash and cash equivalents		7,982
Recurring \| Level 2
Financial Assets
Total financial assets	11,000	3,667
Recurring \| Level 2 \| Corporate equity securities
Financial Assets
Equity securities		$ 3,667
Marketable securities	$ 11,000

Fair Value Measurements (Details) $ in Thousands	3 Months Ended
Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Fair Value Measurements
Unrealized gain on corporate equity securities	$ 7,333
Other income (expense), net
Fair Value Measurements
Unrealized gain on corporate equity securities	$ 7,300

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses
Employee related expenses	$ 3,727	$ 4,971
Intellectual property and patent related fees	2,327	3,725
Process and platform development expenses	1,583	735
Other expenses	541	599
Professional service expenses	491	674
Sublicensing expenses		11,416
Total	$ 8,669	$ 22,120

Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property and equipment disclosures
Total property and equipment	$ 20,221	$ 18,091
Less: accumulated depreciation	(8,003)	(7,204)
Property and equipment, net	12,218	10,887
Laboratory equipment
Property and equipment disclosures
Total property and equipment	15,970	14,571
Construction-in-progress
Property and equipment disclosures
Total property and equipment	2,005	1,336
Leasehold improvements
Property and equipment disclosures
Total property and equipment	1,206	1,042
Computer equipment
Property and equipment disclosures
Total property and equipment	756	858
Furniture and office equipment
Property and equipment disclosures
Total property and equipment	166	166
Software
Property and equipment disclosures
Total property and equipment	$ 118	$ 118

Commitments and Contingencies - Licensor Expense Reimbursement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Licensor Expense Reimbursement
Commitments and contingencies
Expense for prosecution and maintenance of patent rights	$ 3.8	$ 3.4

Collaboration and Profit-Sharing Agreements - Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Accounts receivable
Accounts receivable, Balance at Beginning of Period	$ 418
Accounts Receivable, Additions	1,414
Accounts receivable, Balance at End of Period	1,832
Contract liabilities:
Deferred Revenue, Balance at Beginning of Period	186,721
Deferred revenue, Additions	508
Deferred revenue, Deductions	(4,817)
Deferred Revenue, Balance at End of Period	$ 182,412

Collaboration and Profit-Sharing Agreements - Contract Assets and Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Change in contract asset and contract liability balances
Amounts included in deferred revenue at the beginning of the period	$ 4,817
Performance obligations satisfied in previous periods	$ 60

Stock-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock-based compensation disclosures
Compensation expense	$ 6,220	$ 7,855
Research and development
Stock-based compensation disclosures
Compensation expense	3,057	3,382
General and administrative
Stock-based compensation disclosures
Compensation expense	$ 3,163	$ 4,473

Stock-based Compensation - Restricted Stock and Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Weighted Average Grant Date Fair Value
Compensation expense	$ 6,220	$ 7,855
Restricted Stock
Changes in unvested restricted stock
Unvested restricted shares, beginning of period (in shares)	581,408
Issued (in shares)	251,497
Vested (in shares)	(213,393)
Forfeited (in shares)	(53,684)
Unvested restricted shares, end of period(in shares)	565,828		581,408
Weighted Average Grant Date Fair Value
Balance, beginning of period	$ 24.03
Issued (in dollars per share)	28.15
Vested (in dollars per share)	22.16
Forfeited (in dollars per share)	24.35
Balance, ending of period	$ 26.61		$ 24.03
Unrecognized stock-based compensation expense	$ 13,300
Period for recognition	3 years 1 month 6 days
Stock options
Weighted Average Grant Date Fair Value
Unrecognized stock-based compensation expense	$ 43,900
Period for recognition	2 years 10 months 24 days
Changes in unvested stock options
Outstanding, beginning of period (in shares)	4,358,291
Granted (in shares)	980,145
Exercised (in shares)	(233,208)
Cancelled (in shares)	(557,401)
Outstanding, end of period (in shares)	4,547,827		4,358,291
Exercisable (in shares)	1,724,574
Outstanding, beginning of period (in dollars per share)	$ 25.40
Granted (in dollars per share)	28.21
Exercised (in dollars per share)	13.06
Cancelled (in dollars per share)	30.64
Outstanding, end of period (in dollars per share)	26.00		$ 25.40
Exercisable (in dollar per share)	$ 24.79
Remaining contractual life	7 years 4 months 24 days		7 years 4 months 24 days
Exercisable, remaining contractual life	5 years 1 month 6 days
Aggregate intrinsic value	$ 4,400		$ 26,060
Exercisable, aggregated intrinsic value	$ 4,187

Net Loss per Share (Details) - shares	3 Months Ended
Net Loss per Share (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	5,113,655	5,501,001
Restricted Stock
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	565,828	638,054
Stock options
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	4,547,827	4,862,947