0001737287-21-000022 | 10-Q | XBRL Viewer | Allogene Therapeutics INC

$ 903,575

$ 950,095

400

764

Total cash equivalents and investments

(59)

(53)

Cash equivalents

176,627

102,039

Short-term investments

462,716

644,559

^[1]

Long-term investments

264,573

204,208

^[1]

903,916

950,806

Money market funds

Debt Securities, Available-for-sale [Line Items]

176,627

102,039

Debt Securities, Available-for-sale [Line Items]

176,627

102,039

Commercial paper

39,986

58,969

(2)

Debt Securities, Available-for-sale [Line Items]

39,993

58,975

Corporate bonds

221,738

262,349

184

444

(31)

(36)

Debt Securities, Available-for-sale [Line Items]

221,891

262,757

U.S. treasury securities

390,132

446,726

194

282

(8)

(12)

Debt Securities, Available-for-sale [Line Items]

390,318

446,996

U.S. agency securities

75,092

80,012

(20)

(3)

$ 75,087

$ 80,039

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

License Agreements (Details)
€ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 14, 2020

USD ($)

Oct. 06, 2020

USD ($)

Feb. 28, 2021

USD ($)

Mar. 31, 2021

USD ($)

Mar. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Mar. 31, 2021

EUR (€)

Dec. 31, 2020

USD ($)

Nov. 01, 2019

USD ($)

Prepaid expenses and other current assets

$ 55,183,000

$ 42,042,000

16,480,000

$ 17,220,000

^[1]

19,351,000

3,738,000

^[1]

Collaboration revenue - related party

15,938,000

38,345,000

University Of Texas MD Anderson Cancer Center

Collaboration agreement, upfront payment

3,000,000.0

Collaboration agreement term

5 years

Committed funding

$ 15,000,000.0

Collaboration arrangement, expense

1,200,000

300,000

Notch Therapeutics, Inc.

$ 5,000,000.0

25.00%

Notch Therapeutics, Inc. | Voting Interest

$ 15,900,000

20.70%

Allogene Overland

$ 0

Allogene Overland | Overland Pharmaceuticals Inc.

49.00%

Corporate Joint Venture | Allogene Overland | Overland Pharmaceuticals Inc.

51.00%

Upfront and quarterly cash payments

$ 40,000,000.0

117,000,000.0

Joint venture capital support payments

$ 40,000,000

Pfizer

Royalty obligation period from date of first sale

12 years

Pfizer | Asset Contribution Agreement

$ 325,000,000.0

Pfizer | Asset Contribution Agreement | Minimum

Pfizer | Asset Contribution Agreement | Maximum

30,000,000.0

Aggregate potential regulatory and development milestones

60,000,000.0

840,000,000.0

Cellectis | Research Collaboration and License Agreement

Maximum payments required per product against selected target

185,000,000.0

Cellectis | Pre-Clinical Development Milestone | Research Collaboration and License Agreement

Cellectis | Development and Sales | Maximum | Research Collaboration and License Agreement

5,000,000.0

Servier | License and Collaboration Agreement

$ 2,800,000,000

Percentage of development costs payable by the Company

60.00%

Percentage of development cost payable by collaboration partner

40.00%

Prepaid expenses and other current assets

$ 3,900,000

$ 1,000,000.0

Due from related parties

4,500,000

$ 3,800,000

Servier | Regulatory Milestone | License and Collaboration Agreement

Aggregate potential milestone receivable

42,000,000.0

Servier | Regulatory Milestone | Maximum | License and Collaboration Agreement

Servier | Sales Milestone | License and Collaboration Agreement

137,500,000

Aggregate potential milestone receivable

82,700,000

€ 70.5

Servier | Sales Milestone | Maximum | License and Collaboration Agreement

Notch Therapeutics, Inc. | Research Collaboration and License Agreement

78,000,000.0

Aggregate potential milestone payable

7,250,000

Notch Therapeutics, Inc. | License and Collaboration Agreement

Collaboration agreement, upfront payment

$ 10,000,000

$ 10,000,000.0

Notch Therapeutics, Inc. | Pre-Clinical Development Milestone | Maximum | License and Collaboration Agreement

Notch Therapeutics, Inc. | Clinical, Regulatory, and Commercial Milestone | Maximum | License and Collaboration Agreement

4,000,000.0

Schedule of Potentially Dilutive Shares

$ 283,000,000.0

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect:


	March 31,
	2021	2020
Stock options to purchase common stock	11,107,162	11,627,389
Restricted stock units subject to vesting	3,053,413	2,534,671
Expected shares to be purchased under Employee Stock Purchase Plan	258,986	226,459
Founder's shares of common stock subject to future vesting	6,057,696	12,115,382
Early exercised stock options subject to future vesting	1,423,350	2,678,501
Total	21,900,607	29,182,402

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures and reports its cash equivalents, restricted cash, and investments at fair value.

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs, except for investments in U.S. treasury securities which are classified as Level 1.

There were no Level 3 assets or liabilities as of March 31, 2021 and as of December 31, 2020.

Financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of March 31, 2021 and as of December 31, 2020 are presented in the following tables:


	March 31, 2021
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds (1)	$	176,627	$	—	$	—	$	176,627
Commercial paper	—		39,993		—		39,993
Corporate bonds	—		221,891		—		221,891
U.S. treasury securities	390,318		—		—		390,318
U.S. agency securities	—		75,087		—		75,087
Total financial assets	$	566,945	$	336,971	$	—	$	903,916


	December 31, 2020
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds (1)	$	102,039	$	—	$	—	$	102,039
Commercial paper	—		58,975		—		58,975
Corporate bonds	—		262,757		—		262,757
U.S. treasury securities	446,996		—		—		446,996
U.S. agency securities	—		80,039		—		80,039
Total financial assets	$	549,035	$	401,771	$	—	$	950,806

(1)Included within cash and cash equivalents on the Company’s condensed consolidated balance sheets

- 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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Subject To Fair Value Measurements On Recurring Basis And Level Of Inputs Used In Such Measurements By Major Security Type


	March 31, 2021
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds (1)	$	176,627	$	—	$	—	$	176,627
Commercial paper	—		39,993		—		39,993
Corporate bonds	—		221,891		—		221,891
U.S. treasury securities	390,318		—		—		390,318
U.S. agency securities	—		75,087		—		75,087
Total financial assets	$	566,945	$	336,971	$	—	$	903,916


	December 31, 2020
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds (1)	$	102,039	$	—	$	—	$	102,039
Commercial paper	—		58,975		—		58,975
Corporate bonds	—		262,757		—		262,757
U.S. treasury securities	446,996		—		—		446,996
U.S. agency securities	—		80,039		—		80,039
Total financial assets	$	549,035	$	401,771	$	—	$	950,806

(1)Included within cash and cash equivalents on the Company’s condensed consolidated balance sheets

Commitments and Contingencies - Undiscounted Future Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Oct. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
2021 (remaining 9 months)	$ 5,044
2022	7,917
2023	8,168
2024	8,430
2025	8,509
2026 and thereafter	48,143
Total undiscounted lease payments	86,211
Less: Present value adjustment	(31,200)
Less: Tenant improvement allowance	(325)		$ (800)
Total operating lease liabilities	$ 54,686	$ 53,783

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Current assets:

Cash and cash equivalents

$ 236,865

$ 183,351

^[1]

Short-term investments

462,716

644,559

^[1]

Prepaid expenses and other current assets

16,480

17,220

^[1]

Total current assets

716,061

845,130

^[1]

Long-term investments

264,573

204,208

^[1]

Operating lease right-of-use asset

40,189

41,295

^[1]

Property and equipment, net

123,146

118,840

^[1]

Restricted cash

9,449

^[1]

Other long-term assets

6,275

5,169

^[1]

Accrued and other current liabilities

19,351

3,738

^[1]

Total assets

1,179,044

1,227,829

^[1]

Current liabilities:

Accounts payable

14,875

10,390

^[1]

39,735

44,938

^[1]

Deferred revenue

239

38,992

Total current liabilities

54,849

94,320

^[1]

Lease liability, non-current

51,625

50,809

^[1]

Other long-term liabilities

2,791

3,083

^[1]

Total liabilities

109,265

148,212

^[1]

Commitments and Contingencies (Notes 6 and 7)

^[1]

Stockholders’ equity:

Preferred stock, $0.001 par value: 10,000,000 shares authorized as of March 31, 2021 and December 31, 2020; no shares were issued and outstanding as of March 31, 2021 and December 31, 2020

^[1]

Common stock, $0.001 par value: 200,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 141,470,075 and 140,474,305 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively

141

140

^[1]

Additional paid-in capital

1,749,097

1,725,552

^[1]

Accumulated deficit

(679,358)

(646,343)

^[1]

Accumulated other comprehensive (loss) income

(101)

268

^[1]

Total stockholders’ equity

1,069,779

1,079,617

^[1]

Total liabilities and stockholders’ equity

$ 1,179,044

$ 1,227,829

^[1]

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Equity Method Investment (Details) - USD ($)

1 Months Ended

3 Months Ended

Nov. 01, 2019

Feb. 28, 2021

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Dec. 14, 2020

Schedule of Equity Method Investments [Line Items]

$ 15,938,000

$ 0

Schedule of Equity Method Investments [Line Items]

19,351,000

$ 3,738,000

^[1]

Notch Therapeutics, Inc.

Payments to acquire interest in Notch

$ 5,100,000

Transaction cost

$ 100,000

25.00%

$ 15,900,000

Notch Therapeutics, Inc. | Voting Interest

$ 5,000,000.0

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

20.70%

Allogene Overland

49.00%

Carrying value

$ 0

[1]	The balance sheet as of December 31, 2020 is derived from the audited financial statements as of that date.

Balance Sheet Components (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Less: accumulated depreciation

$ 137,971

$ 131,748

(14,825)

(12,908)

Total property and equipment, net

123,146

118,840

^[1]

Construction in progress

73,339

68,944

Leasehold improvements

31,518

Laboratory equipment

Computers equipment and purchased software

25,112

23,810

4,271

4,088

Furniture and fixtures