0001439222-22-000070 | 10-Q | XBRL Viewer | Agios Pharmaceuticals INC

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36014
Entity Registrant Name	AGIOS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0662915
Entity Address, Address Line One	88 Sidney Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	649-8600
Title of 12(b) Security	Common Stock, Par Value $0.001 per share
Trading Symbol	AGIO
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		54,818,049
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001439222
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 88,543	$ 203,126
Marketable securities	730,766	816,892
Accounts receivable, net	1,598	0
Other receivable	2,704	4,378
Inventory	4,060	0
Prepaid expenses and other current assets	42,336	39,835
Total current assets	870,007	1,064,231
Marketable securities	280,845	266,375
Operating lease assets	70,214	75,124
Property and equipment, net	27,382	28,923
Financing lease assets	64	183
Other non-current assets	3,955	2,900
Total assets	1,252,467	1,437,736
Current liabilities:
Accounts payable	7,790	16,700
Accrued expenses	28,383	31,967
Operating lease liabilities	12,056	10,828
Financing lease liabilities	167	331
Total current liabilities	48,396	59,826
Operating lease liabilities, net of current portion	78,946	85,659
Other non-current liabilities	1,055	276
Total liabilities	128,397	145,761
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 125,000,000 shares authorized; 71,031,792 shares issued and 54,815,381 shares outstanding at June 30, 2022, and 70,550,631 shares issued and 54,334,220 shares outstanding at December 31, 2021	71	71
Additional paid-in capital	2,362,327	2,334,348
Accumulated other comprehensive loss	(10,502)	(1,198)
Treasury stock, at cost (16,216,411 shares at June 30, 2022 and December 31, 2021)	(802,486)	(802,486)
Accumulated deficit	(425,340)	(238,760)
Total stockholders’ equity	1,124,070	1,291,975
Total liabilities and stockholders’ equity	$ 1,252,467	$ 1,437,736

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	71,031,792	70,550,631
Common stock, shares outstanding (in shares)	54,815,381	54,334,220
Treasury stock, shares (in shares)	16,216,411	16,216,411

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenue	$ 5,582	$ 0	$ 6,414	$ 0
Cost and expenses:
Cost of sales	435	0	774	0
Research and development	74,523	62,007	144,646	119,674
Selling, general and administrative	28,264	29,215	59,779	62,765
Total cost and expenses	103,222	91,222	205,199	182,439
Loss from operations	(97,640)	(91,222)	(198,785)	(182,439)
Royalty income from gain on sale of oncology business	2,704	2,000	5,408	2,000
Interest income (expense), net	1,793	(92)	2,487	248
Other income, net	1,337	6,524	4,310	6,524
Net loss from continuing operations	(91,806)	(82,790)	(186,580)	(173,667)
Net (loss) income from discontinued operations, net of tax	0	(3,427)	0	1,961,775
Net (loss) income	$ (91,806)	$ (86,217)	$ (186,580)	$ 1,788,108
Net loss from continuing operations per share - basic (in usd per share)	$ (1.68)	$ (1.36)	$ (3.41)	$ (2.66)
Net loss from continuing operations per share - diluted (in usd per share)	(1.68)	(1.36)	(3.41)	(2.66)
Net (loss) income from discontinued operations per share - basic (in usd per share)	0	(0.06)	0	30.05
Net (loss) income from discontinued operations per share - diluted (in usd per share)	0	(0.06)	0	30.05
Net (loss) income per share - basic (in usd per share)	(1.68)	(1.41)	(3.41)	27.39
Net (loss) income per share - diluted (in usd per share)	$ (1.68)	$ (1.41)	$ (3.41)	$ 27.39
Weighted-average number of common shares used in computing net loss per share from continuing operations, net (loss) income from discontinued operations and net (loss) income per share - basic (in shares)	54,799,680	61,066,977	54,678,249	65,281,827
Weighted-average number of common shares used in computing net loss per share from continuing operations, net (loss) income from discontinued operations and net (loss) income per share - diluted (in shares)	54,799,680	61,066,977	54,678,249	65,281,827
Product revenue, net
Revenues:
Total revenue	$ 3,082	$ 0	$ 3,914	$ 0
Milestone revenue
Revenues:
Total revenue	$ 2,500	$ 0	$ 2,500	$ 0

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (91,806)	$ (86,217)	$ (186,580)	$ 1,788,108
Other comprehensive loss
Unrealized loss on available-for-sale securities	(2,757)	(141)	(9,304)	(249)
Comprehensive (loss) income	$ (94,563)	$ (86,358)	$ (195,884)	$ 1,787,859

- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Treasury Stock
Common stock, beginning balance (in shares) at Dec. 31, 2020		69,293,920
Treasury stock, beginning balance (in shares) at Dec. 31, 2020						0
Beginning balance at Dec. 31, 2020	$ 399,500	$ 69	$ 2,242,801	$ 105	$ (1,843,475)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock incentive plan and ESPP (in shares)		518,285
Common stock issued under stock incentive plan and ESPP	7,347	$ 1	7,346
Stock-based compensation expense	14,854		14,854
Other comprehensive loss	(108)			(108)
Net (loss) income	1,874,325				1,874,325
Disposition of oncology business	712		712
Common stock, ending balance (in shares) at Mar. 31, 2021		69,812,205
Treasury stock, ending balance (in shares) at Mar. 31, 2021						0
Ending balance at Mar. 31, 2021	2,296,630	$ 70	2,265,713	(3)	30,850	$ 0
Common stock, beginning balance (in shares) at Dec. 31, 2020		69,293,920
Treasury stock, beginning balance (in shares) at Dec. 31, 2020						0
Beginning balance at Dec. 31, 2020	399,500	$ 69	2,242,801	105	(1,843,475)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,788,108
Common stock, ending balance (in shares) at Jun. 30, 2021		70,404,782
Treasury stock, ending balance (in shares) at Jun. 30, 2021						(10,493,968,000)
Ending balance at Jun. 30, 2021	1,721,816	$ 70	2,306,304	(144)	(55,367)	$ (529,047)
Common stock, beginning balance (in shares) at Mar. 31, 2021		69,812,205
Treasury stock, beginning balance (in shares) at Mar. 31, 2021						0
Beginning balance at Mar. 31, 2021	2,296,630	$ 70	2,265,713	(3)	30,850	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock incentive plan and ESPP (in shares)		592,577
Common stock issued under stock incentive plan and ESPP	25,673		25,673
Stock-based compensation expense	14,885		14,885
Repurchase of common stock (in shares)						(10,493,968,000)
Repurchase of common stock	(529,047)					$ (529,047)
Other comprehensive loss	(141)			(141)
Net (loss) income	(86,217)				(86,217)
Disposition of oncology business	33		33
Common stock, ending balance (in shares) at Jun. 30, 2021		70,404,782
Treasury stock, ending balance (in shares) at Jun. 30, 2021						(10,493,968,000)
Ending balance at Jun. 30, 2021	1,721,816	$ 70	2,306,304	(144)	(55,367)	$ (529,047)
Common stock, beginning balance (in shares) at Dec. 31, 2021		70,550,631
Treasury stock, beginning balance (in shares) at Dec. 31, 2021						(16,216,411,000)
Beginning balance at Dec. 31, 2021	1,291,975	$ 71	2,334,348	(1,198)	(238,760)	$ (802,486)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock incentive plan and ESPP (in shares)		442,646
Common stock issued under stock incentive plan and ESPP	1,289		1,289
Stock-based compensation expense	15,510		15,510
Other comprehensive loss	(6,547)			(6,547)
Net (loss) income	(94,774)				(94,774)
Common stock, ending balance (in shares) at Mar. 31, 2022		70,993,277
Treasury stock, ending balance (in shares) at Mar. 31, 2022						(16,216,411,000)
Ending balance at Mar. 31, 2022	1,207,453	$ 71	2,351,147	(7,745)	(333,534)	$ (802,486)
Common stock, beginning balance (in shares) at Dec. 31, 2021		70,550,631
Treasury stock, beginning balance (in shares) at Dec. 31, 2021						(16,216,411,000)
Beginning balance at Dec. 31, 2021	$ 1,291,975	$ 71	2,334,348	(1,198)	(238,760)	$ (802,486)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock incentive plan and ESPP (in shares)	4,074
Net (loss) income	$ (186,580)
Common stock, ending balance (in shares) at Jun. 30, 2022		71,031,792
Treasury stock, ending balance (in shares) at Jun. 30, 2022						(16,216,411,000)
Ending balance at Jun. 30, 2022	1,124,070	$ 71	2,362,327	(10,502)	(425,340)	$ (802,486)
Common stock, beginning balance (in shares) at Mar. 31, 2022		70,993,277
Treasury stock, beginning balance (in shares) at Mar. 31, 2022						(16,216,411,000)
Beginning balance at Mar. 31, 2022	1,207,453	$ 71	2,351,147	(7,745)	(333,534)	$ (802,486)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock incentive plan and ESPP (in shares)		38,515
Common stock issued under stock incentive plan and ESPP	15		15
Stock-based compensation expense	11,165		11,165
Other comprehensive loss	(2,757)			(2,757)
Net (loss) income	(91,806)				(91,806)
Common stock, ending balance (in shares) at Jun. 30, 2022		71,031,792
Treasury stock, ending balance (in shares) at Jun. 30, 2022						(16,216,411,000)
Ending balance at Jun. 30, 2022	$ 1,124,070	$ 71	$ 2,362,327	$ (10,502)	$ (425,340)	$ (802,486)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net (loss) income	$ (186,580)	$ 1,788,108
Less: Net income from discontinued operations	0	1,961,775
Net loss from continuing operations	(186,580)	(173,667)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:
Depreciation and amortization	4,769	4,829
Stock-based compensation expense	26,675	29,739
Net amortization of premium (accretion of discount) on marketable securities	1,382	3,422
Loss on disposal of property and equipment	10	12
Non-cash operating lease expense	4,919	4,760
Changes in operating assets and liabilities:
Accounts receivable, net	(1,598)	0
Inventory	(4,060)	0
Other receivables	1,674	(8,131)
Prepaid expenses and other current and non-current assets	(3,556)	(8,454)
Accounts payable	(7,243)	(5,561)
Accrued expenses and other current liabilities	(3,584)	(2,547)
Operating lease liabilities	(5,551)	(3,631)
Other non-current liabilities	779	0
Net cash used in operating activities - continuing operations	(171,964)	(159,229)
Net cash used in operating activities - discontinued operations	0	(78,814)
Net cash used in operating activities	(171,964)	(238,043)
Investing activities
Purchases of marketable securities	(607,747)	(498,896)
Proceeds from maturities and sales of marketable securities	668,717	273,149
Purchases of property and equipment	(4,730)	(1,261)
Net cash provided by (used in) investing activities - continuing operations	56,240	(227,008)
Net cash provided by investing activities - discontinued operations	0	1,802,936
Net cash provided by investing activities	56,240	1,575,928
Financing activities
Payments on financing lease obligations	(164)	(170)
Purchase of treasury stock	0	(529,047)
Net proceeds from stock option exercises and employee stock purchase plan	1,305	33,020
Net cash provided by (used in) financing activities - continuing operations	1,141	(496,197)
Net cash provided by financing activities - discontinued operations	0	0
Net cash provided by (used in) financing activities	1,141	(496,197)
Net change in cash and cash equivalents	(114,583)	841,688
Cash and cash equivalents at beginning of the period	203,126	127,436
Cash and cash equivalents at end of the period	88,543	969,124
Supplemental disclosure of non-cash investing and financing transactions
Additions to property and equipment in accounts payable and accrued expenses	11	56
Financing lease liabilities arising from obtaining financing lease assets	0	511
Cash taxes paid	$ 1,842	$ 6,200

Overview and Basis of Presentation	6 Months Ended
Overview and Basis of Presentation	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Basis of Presentation	Overview and Basis of Presentation References to Agios Throughout this Quarterly Report on Form 10-Q, “we,” “us,” and “our,” and similar expressions, except where the context requires otherwise, refer to Agios Pharmaceuticals, Inc. and its consolidated subsidiaries, and “our Board of Directors” refers to the board of directors of Agios Pharmaceuticals, Inc. Overview We are a biopharmaceutical company committed to transforming patients’ lives through leadership in the field of cellular metabolism, with the goal of creating differentiated, small molecule medicines for genetically defined diseases, or GDDs. With a history of focused study on cellular metabolism, we have a deep and mature understanding of this biology, which is involved in the healthy functioning of nearly every system in the body. We accelerate the impact of our portfolio by cultivating connections with patient communities, healthcare professionals, partners and colleagues to discover, develop and deliver potential therapies for GDDs. We are located in Cambridge, Massachusetts. The lead product candidate in our GDD portfolio, PYRUKYND® (mitapivat), is an activator of both wild-type and mutant pyruvate kinase, or PK, enzymes for the potential treatment of hemolytic anemias. On February 17, 2022, the U.S. Food and Drug Administration, or FDA, approved PYRUKYND® for the treatment of hemolytic anemia in adults with pyruvate kinase (PK) deficiency in the United States. In June 2021, we submitted a marketing authorization application, or MAA, to the European Medicines Agency, or EMA, for the treatment of adults with PK deficiency in the European Union. The MAA has passed validation, and the regulatory review process is ongoing. We expect a regulatory decision by the end of 2022. In addition, we are currently evaluating PYRUKYND® in clinical trials for the treatment of thalassemia, sickle cell disease, or SCD, and in pediatric patients with PK deficiency. We are also developing AG-946, a novel, next-generation PK activator, for the potential treatment of hemolytic anemias and other indications. In addition to the aforementioned development programs, we continue to prioritize investment in advancing our late lead-optimization research programs – a branched chain amino acid aminotransferase-2, or BCAT2, inhibitor, for the treatment of propionic and methylmalonic acidemia, or MMA, and a phenylalanine hydroxylate, or PAH, stabilizer, for the treatment of phenylketonuria, or PKU. We believe this combination of assets represents an attractive portfolio of programs that aligns with our strategy and core expertise in non-malignant hematology and inborn errors of metabolism, and leaves room for continued growth of our pipeline. We are subject to risks common to companies in our industry including, but not limited to, uncertainties relating to conducting clinical research and development, the manufacture and supply of products for clinical and commercial use, obtaining and maintaining regulatory approvals and pricing and reimbursement for our products, market acceptance, managing global growth and operating expenses, availability of additional capital, competition, obtaining and enforcing patents, stock price volatility, dependence on collaborative relationships and third-party service providers, dependence on key personnel, potential litigation, product liability claims and government investigations. Sale of our Oncology Business to Servier On March 31, 2021, we completed the sale of our oncology business to Servier Pharmaceuticals, LLC, or Servier, which represented a discontinued operation. The transaction included the sale of our oncology business, including TIBSOVO®, our clinical-stage product candidates vorasidenib, AG-270 and AG-636, and our oncology research programs for a payment of approximately $1.8 billion in cash at the closing, subject to certain adjustments, and a payment of $200 million in cash, if, prior to January 1, 2027, vorasidenib is granted new drug application, or NDA, approval from the FDA with an approved label that permits vorasidenib’s use as a single agent for the adjuvant treatment of patients with Grade 2 glioma that have an isocitrate dehydrogenase 1 or 2 mutation (and, to the extent required by such approval, the vorasidenib companion diagnostic test is granted an FDA premarket approval), as well as a royalty of 5% of U.S. net sales of TIBSOVO® from the close of the transaction through loss of exclusivity, and a royalty of 15% of U.S. net sales of vorasidenib from the first commercial sale of vorasidenib through loss of exclusivity. Servier also acquired our co-commercialization rights for Bristol Myers Squibb’s IDHIFA® and the right to receive a $25.0 million potential milestone payment under our prior collaboration agreement with Celgene Corporation, and following the sale Servier will conduct certain clinical development activities within the IDHIFA® development program. We recorded income from royalties of approximately $2.7 million and $2.0 million on U.S. net sales of TIBSOVO® by Servier in the royalty income from gain on sale of oncology business line item within the condensed consolidated statements of operations, for the three months ended June 30, 2022 and 2021, respectively, and $5.4 million and $2.0 million for the six months ended June 30, 2022 and 2021, respectively. Basis of presentation The condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations, comprehensive (loss) income and stockholders' equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of our management, reflect all adjustments, which include only normal recurring adjustments, necessary to fairly state our financial position as of June 30, 2022, our results of operations and stockholders' equity for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. The financial data and the other financial information disclosed in these notes to the condensed consolidated financial statements related to the three and six-month periods are also unaudited. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The condensed consolidated balance sheet data as of December 31, 2021 was derived from our audited financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 that was filed with the Securities and Exchange Commission, or SEC, on February 24, 2022. Our condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in conformity with U.S. GAAP. Reclassifications Certain amounts in prior periods have been reclassified to reflect the impact of the discontinued operations treatment of the oncology business in order to conform to the current period presentation. Use of estimates The preparation of our condensed consolidated financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis we evaluate our estimates, judgments and methodologies. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including expenses, reserves and allowances, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and any variant strains of the virus and the actions taken to contain the pandemic or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates. Liquidity On March 31, 2021, we completed the sale of our oncology business to Servier, and received approximately $1.8 billion in cash at closing. In connection with the sale, on March 25, 2021, we announced that our Board of Directors authorized the repurchase of up to $1.2 billion of our outstanding shares of common stock, or the Repurchase Program, using the proceeds from the sale of our oncology business to Servier. On March 31, 2021, in connection with the Repurchase Program, we entered into a definitive share repurchase agreement with Bristol-Myers Squibb Company, or BMS, to repurchase 7.1 million shares of our common stock held by certain subsidiaries of BMS for an aggregate purchase price of $344.5 million, or $48.38 per share. This repurchase was completed on April 5, 2021. Further, on April 2, 2021, in connection with the Repurchase Program, we entered into a Rule 10b5-1 repurchase plan pursuant to which we could repurchase up to $600.0 million of shares of our common stock. On October 5, 2021, we terminated our Rule 10b5-1 share repurchase program and on October 13, 2021 we entered into a Rule 10b-18 repurchase plan that allows us to conduct open market repurchases over time up to our remaining authorization. As of June 30, 2022 and December 31, 2021, we repurchased approximately 9.1 million shares of common stock for $458.0 million, or $50.35 per share, under the Rule 10b5-1 repurchase plan. As of June 30, 2022, we have not repurchased any shares under the Rule 10b-18 repurchase plan. In total, as of June 30, 2022, we repurchased 16.2 million shares of common stock for $802.5 million, or $49.49 per share, under the Repurchase Program. We have paused our share repurchases for the foreseeable future. As of June 30, 2022, we had cash, cash equivalents and marketable securities of $1.1 billion. Although we have incurred recurring losses and expect to continue to incur losses for the foreseeable future, we expect our cash, cash equivalents and marketable securities will be sufficient to fund current operations for at least the next twelve months from the issuance date of these financial statements.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Accounts receivable, net Our trade accounts receivable arise from product sales and represent amounts due from specialty distributors and specialty pharmacy providers in the U.S. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We reserve against these receivables for estimated losses that may arise from a customer’s inability to pay. Amounts determined to be uncollectible are charged or written-off against the reserve. Inventory Inventory is stated at the lower of cost or estimated net realizable value on a first-in, first-out basis. Prior to the regulatory approval of our product candidates, we incur expenses for the manufacture of drug product that could potentially be available to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, we record all such costs as research and development expenses. Upon approval of our wholly owned product, PYRUKYND®, by the FDA on February 17, 2022 for the treatment of hemolytic anemia in adults with PK deficiency in the United States, we began to capitalize inventories of PYRUKYND®. Revenue recognition Under Accounting Standards Codification 606, Revenue from Contracts with Customers, or ASC 606, revenue is recognized when the customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that have been determined to be within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is distinct. We will then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue We generate product revenue from sales of PYRUKYND® to a limited number of specialty distributors and specialty pharmacy providers, or collectively, the Customers. These Customers subsequently resell PYRUKYND® to pharmacies or dispense directly to patients. In addition to distribution agreements with Customers, we enter into arrangements with healthcare providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of PYRUKYND®. The performance obligation related to the sale of PYRUKYND® is satisfied and revenue is recognized when the Customer obtains control of the product, which occurs at a point in time, typically upon delivery to the Customer. Revenues from product sales are recorded at the net sales price, or transaction price, which includes estimates of variable consideration for which reserves are established and result from contractual adjustments, government rebates, returns and other allowances that are offered within the contracts with our Customers, healthcare providers, payors and other indirect customers relating to the sale of our products. Contractual Adjustments. We generally provide Customers with discounts, including prompt pay discounts, and allowances that are explicitly stated in the contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, we receive sales order management, data and distribution services from certain Customers. Chargebacks and discounts represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to Customers who directly purchase the product from us. Customers charge us for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. These reserves are estimated using the expected value method, based upon a range of possible outcomes that are probability-weighted for the estimated channel mix and are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue. Government Rebates. Government rebates include Medicare, TriCare, and Medicaid rebates, which we estimate using the expected value method, based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue. For Medicare, we also estimate the number of patients in the prescription drug coverage gap for whom we will owe an additional liability under the Medicare Part D program. Returns. We estimate the amount of product sales that may be returned by Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We currently estimate product return liabilities using the expected value method, based on available industry data, including our visibility into the inventory remaining in the distribution channel. Cost of sales Cost of sales consists primarily of manufacturing costs of PYRUKYND®. Based on our policy to expense costs associated with the manufacturing of our products prior to regulatory approval, certain of the manufacturing costs associated with product shipments of PYRUKYND® recorded during the three and six months ended June 30, 2022 were expensed prior to February 17, 2022 and, therefore, are not included in costs of sales during the three and six months ended June 30, 2022. There have been no other material changes to the significant accounting policies previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021. Recent accounting pronouncements Other accounting standards that have been issued by the Financial Accounting Standards Board or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

The following table summarizes our cash equivalents and marketable securities measured at fair value and by level on a recurring basis as of June 30, 2022:


(In thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	31,062	$	31,861	$	—	$	62,923
Total cash equivalents	31,062		31,861		—		62,923

Marketable securities:


U.S. Treasuries	—		153,231		—		153,231
Government securities	—		260,712		—		260,712
Corporate debt securities	—		597,668		—		597,668
Total marketable securities	—		1,011,611		—		1,011,611
Total cash equivalents and marketable securities	$	31,062	$	1,043,472	$	—	$	1,074,534

Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently, at the end of each reporting period, valued utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value. After completing our validation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2022.

There have been no changes to the valuation methods during the six months ended June 30, 2022, and we had no financial assets or liabilities that were classified as Level 3 at any point during the six months ended June 30, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and are recorded at fair value. Unrealized gains are included as a component of accumulated other comprehensive loss in the condensed consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the condensed consolidated statements of comprehensive (loss) income, until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the condensed consolidated balance sheets with a corresponding adjustment to earnings, and noncredit-related impairment is recognized in other comprehensive income, net of taxes. Realized gains and losses are included in investment income on a specific-identification basis. There were no material realized gains or losses on marketable securities for the three and six months ended June 30, 2022 or 2021.

Marketable securities at June 30, 2022 consisted of the following:


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:

U.S. Treasuries	$	122,984	$	25	$	(537)	$	122,472
Government securities	99,715		—		(928)		98,787
Corporate debt securities	512,636		—		(3,129)		509,507
Total Current	735,335		25		(4,594)		730,766

Non-current:

U.S. Treasuries	31,319		16		(576)		30,759
Government securities	165,797		23		(3,895)		161,925
Corporate debt securities	89,662		—		(1,501)		88,161
Total Non-current	286,778		39		(5,972)		280,845
Total marketable securities	$	1,022,113	$	64	$	(10,566)	$	1,011,611

Marketable securities at December 31, 2021 consisted of the following:


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:

U.S. Treasuries	$	269,109	$	—	$	(36)	$	269,073
Government securities	17,764		1		(10)		17,755
Corporate debt securities	530,490		3		(429)		530,064
Total Current	817,363		4		(475)		816,892

Non-current:

U.S. Treasuries	40,607		—		(23)		40,584
Government securities	148,820		—		(470)		148,350
Corporate debt securities	77,675		—		(234)		77,441
Total Non-current	267,102		—		(727)		266,375
Total marketable securities	$	1,084,465	$	4	$	(1,202)	$	1,083,267

As of June 30, 2022 and December 31, 2021, we held both current and non-current investments. Investments classified as current have maturities of less than one year. Investments classified as non-current are those that: (i) have a maturity of greater than one year, and (ii) we do not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale.

As of June 30, 2022 and December 31, 2021, we held 270 and 294 debt securities, respectively, that were in an unrealized loss position for less than one year. We did not record an allowance for credit losses as of June 30, 2022 and December 31, 2021 related to these securities. The aggregate fair value of debt securities in an unrealized loss position at June 30, 2022 and December 31, 2021 was $968.1 million and $950.5 million, respectively. There were no individual securities that were in a significant unrealized loss position as of June 30, 2022 and December 31, 2021. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. We do not consider these marketable securities to be impaired as of June 30, 2022 and December 31, 2021.

Inventory

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory, which consists of commercial supply of PYRUKYND®, consisted of the following:


(In thousands)	June 30, 2022		December 31, 2021
Raw materials	$	—	$	—
Work-in-process	3,401		—
Finished goods	659		—
Total inventory	$	4,060	$	—

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Our building leases are comprised of office and laboratory space under non-cancelable operating leases. These lease agreements have remaining lease terms of six years and contain various clauses for renewal at our option. The renewal options were not included in the calculation of the operating lease assets and the operating lease liabilities as the renewal options are not reasonably certain of being exercised. The lease agreements do not contain residual value guarantees.

The components of lease expense and other information related to leases were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Operating lease costs	$	3.8	$	3.8	$	7.6	$	7.6
Cash paid for amounts included in the measurement of operating lease liabilities	$	4.4	$	3.6	$	8.2	$	7.2

We have not entered into any material short-term leases or financing leases as of June 30, 2022.

In arriving at the operating lease liabilities as of June 30, 2022 and December 31, 2021, we applied the weighted-average incremental borrowing rate of 5.7% for both periods over a weighted-average remaining lease term of 5.7 years and 6.2 years, respectively.

As of June 30, 2022, undiscounted minimum rental commitments under non-cancelable leases, for each of the next five years and total thereafter were as follows:



(In thousands)
Remaining 2022	$	7,370
2023	18,126
2024	18,660
2025	19,507
2026	20,151
2027	20,755
Thereafter	3,479
Undiscounted minimum rental commitments	$	108,048
Interest	(17,046)
Operating lease liabilities	$	91,002

We provided our landlord a standby letter of credit of $2.9 million as security for our leases. We are not required to maintain any cash collateral for the standby letter of credit.

In August 2021, we entered into a long-term sublease agreement for 13,000 square feet of the office space at 38 Sidney Street, Cambridge, Massachusetts, with the term of the lease running through December 2024. In April 2022, we entered into a long-term sublease agreement for 27,000 square feet of the office space at 64 Sidney Street, Cambridge, Massachusetts, with the term of the lease running through April 2025. We recorded operating sublease income of $1.3 million and $1.7 million for the three and six months ended June 30, 2022, respectively, in other income, net in the condensed consolidated statements of operations. We received a security deposit from our sublessee of approximately $1.1 million which is recorded within other non-current assets on our condensed consolidated balance sheet.

As of June 30, 2022, the future minimum lease payments to be received under the long-term sublease agreements were as follows:


(In thousands)
Remaining 2022	$	2,123
2023	4,329
2024	4,459
2025	1,101
Total	$	12,012

Accrued Expenses

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued ExpensesAccrued expenses consisted of the following:


(In thousands)	June 30, 2022		December 31, 2021
Accrued compensation	$	13,213	$	19,818
Accrued research and development costs	8,646		5,980
Accrued professional fees	2,523		2,335
Accrued other	4,001		3,834
Total accrued expenses	$	28,383	$	31,967

Product Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Product Revenue

We sell PYRUKYND®, our wholly owned product, to the Customers. The Customers subsequently resell PYRUKYND® to pharmacies or dispense directly to patients. In addition to distribution agreements with Customers, we enter into arrangements with healthcare providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of PYRUKYND®.

The performance obligation related to the sale of PYRUKYND® is satisfied and revenue is recognized when the Customer obtains control of the product, which occurs at a point in time, typically upon delivery to the Customer.

Product revenue, net, were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Product revenue, net	$	3,082	$	—	$	3,914	$	—

Reserves for Variable Consideration

Revenues from product sales are recorded at the net sales price, or transaction price, which includes estimates of variable consideration for which reserves are established and result from contractual adjustments, government rebates, returns and other allowances that are offered within the contracts with our Customers, healthcare providers, payors and other indirect customers relating to the sale of our products.

Contractual Adjustments

We generally provide Customers with discounts, including prompt pay discounts, and allowances that are explicitly stated in the contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, we receive sales order management, data and distribution services from certain Customers.

Chargebacks and discounts represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to Customers who directly purchase the product from us. Customers charge us for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. These reserves are estimated using the expected value method, based upon a range of possible outcomes that are probability-weighted for the estimated channel mix and are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue.

Government Rebates

Government rebates include Medicare, TriCare, and Medicaid rebates, which we estimate using the expected value method, based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue. For Medicare, we also estimate the number of patients in the prescription drug coverage gap for whom we will owe an additional liability under the Medicare Part D program.

Returns

We estimate the amount of product sales that may be returned by Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We currently estimate product return liabilities using the expected value method, based on available industry data, including our visibility into the inventory remaining in the distribution channel.

The following table summarizes balances and activity in each of the product revenue allowance and reserve categories for the six months ended June 30, 2022:


(In thousands)	Contractual Adjustments		Government Rebates		Returns		Total
Balance at December 31, 2021	$	—	$	—	$	—	$	—
Current provisions relating to sales in the current year	152		250		44		446
Adjustments relating to prior years	—		—		—		—
Payments/returns relating to sales in the current year	(77)		—		—		(77)
Payments/returns relating to sales in the prior years	—		—		—		—
Balance at June 30, 2022	$	75	$	250	$	44	$	369

Total revenue-related reserves above, included in our condensed consolidated balance sheets, are summarized as follows:


(In thousands)	June 30, 2022		December 31, 2021
Reduction of accounts receivable	$	36	$	—
Component of accrued expenses	333		—
Total revenue-related reserves	$	369	$	—

The following table presents changes in our contract assets during the six months ended June 30, 2022:


(In thousands)	December 31, 2021		Additions		Deductions		June 30, 2022
Contract assets(1)
Accounts receivable, net	$	—	$	4,360	$	(2,762)	$	1,598

(1) Additions to contract assets relate to amounts billed to Customers for product sales and deductions to contract assets primarily relate to collection of receivables during the reporting period.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Share-Based Payments

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Payments

2013 Stock Incentive Plan

In June 2013, our Board of Directors adopted and, in July 2013 our stockholders approved, the 2013 Stock Incentive Plan, or the 2013 Plan. The 2013 Plan became effective upon the closing of our initial public offering and provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, or RSUs, performance-based share units, or PSUs, and other stock-based awards to employees, non-employees and non-employee directors. Following the adoption of the 2013 Plan, we granted no further stock options or other awards under the 2007 Stock Incentive Plan, or the 2007 Plan. Any options or awards outstanding under the 2007 Plan at the time of adoption of the 2013 Plan remain outstanding and effective. As of June 30, 2022, the total number of shares reserved under the 2007 Plan and the 2013 Plan was 12,989,404, and we had 6,000,638 shares available for future issuance under the 2013 Plan.

Stock options

The following table presents stock option activity for the six months ended June 30, 2022:


	Number of Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2021	4,798,826	$	58.51
Granted	1,043,418	29.08
Exercised	(4,074)	7.56
Forfeited/Expired	(463,999)	68.38
Outstanding at June 30, 2022	5,374,171	$	52.00
Exercisable at June 30, 2022	3,473,922	$	58.44
Vested and expected to vest at June 30, 2022	5,374,171	$	52.00

At June 30, 2022, there was approximately $41.7 million of total unrecognized compensation expense related to unvested stock option awards, which we expect to recognize over a weighted-average period of approximately 2.5 years.

Restricted stock units

The following table presents RSU activity for the six months ended June 30, 2022:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021	1,002,924	$	51.51
Granted	736,813	31.70
Vested	(375,154)	53.95
Forfeited	(124,097)	41.48
Unvested shares at June 30, 2022	1,240,486	$	40.06

As of June 30, 2022, there was approximately $36.3 million of total unrecognized compensation expense related to RSUs, which we expect to recognize over a weighted-average period of approximately 1.9 years.

Performance-based stock units

The following table presents PSU activity for the six months ended June 30, 2022:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021	234,059	$	54.28
Granted	156,300	31.53
Vested	(53,777)	54.28
Forfeited	(5,168)	61.93
Unvested shares at June 30, 2022	331,414	$	43.43

Stock-based compensation expense associated with these PSUs is recognized if the underlying performance condition is considered probable of achievement using our management’s best estimates.

As of June 30, 2022, there was no unrecognized compensation expense related to PSUs with performance-based vesting criteria that are considered probable of achievement, and $14.4 million of total unrecognized compensation expense related to PSUs with performance-based vesting criteria that are considered not probable of achievement.

Market-based stock units

The following table presents market-based stock unit, or MSU, activity for the six months ended June 30, 2022:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021	42,695	$	41.50
Granted	—	—


Unvested shares at June 30, 2022	42,695	$	41.50

The fair value of MSUs are estimated using a Monte Carlo simulation model. Assumptions and estimates utilized in the model include the risk-free interest rate, dividend yield, expected stock volatility and the estimated period to achievement of the market condition. As of June 30, 2022, there was no remaining unrecognized compensation expense related to MSUs.

2013 Employee Stock Purchase Plan

In June 2013, our Board of Directors adopted, and in July 2013 our stockholders approved, the 2013 Employee Stock Purchase Plan, or the 2013 ESPP. We issued and sold 48,156 and 59,401 shares of common stock during the six months ended June 30, 2022 and 2021, respectively, under the 2013 ESPP. The 2013 ESPP provides participating employees with the opportunity to purchase up to an aggregate of 1,854,545 shares of our common stock. As of June 30, 2022, we had 1,346,491 shares of common stock available for future issuance under the 2013 ESPP.

Stock-based compensation expense

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Stock options	$	5,655	$	8,789	$	11,856	$	17,185
Restricted stock units	5,232		5,784		11,397		11,989
Performance-based stock units	—		—		2,919		—
Employee stock purchase plan	278		312		503		565

Total stock-based compensation expense	$	11,165	$	14,885	$	26,675	$	29,739

Expenses related to stock options and stock-based awards were allocated as follows in the condensed consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Research and development expense	$	4,923	$	6,422	$	11,579	$	13,395
Selling, general and administrative expense	6,242		8,463		15,096		16,344
Total stock-based compensation expense	$	11,165	$	14,885	$	26,675	$	29,739

Loss per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Loss per Share

Basic net loss per share is calculated by dividing net loss by the weighted-average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. For purposes of the dilutive net loss per share calculation, stock options, RSUs, PSUs and MSUs for which the performance and market vesting conditions, respectively, have been deemed probable, and 2013 ESPP shares are considered to be common stock equivalents, while PSUs and MSUs with performance and market vesting conditions, respectively, that were not deemed probable as of June 30, 2022 are not considered to be common stock equivalents.

We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock equivalents are dilutive. The control number used is net loss from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Since we had a net loss from continuing operations for all periods presented, no dilutive effect has been recognized in the calculation of income from discontinued operations per share. Basic and diluted net loss per share was the same for all periods presented.

The following common stock equivalents were excluded from the calculation of diluted net loss per share applicable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three and Six Months Ended June 30,
	2022	2021
Stock options	5,374,171	5,251,842
Restricted stock units	1,240,486	1,185,013
Performance-based stock units	—	—
Employee stock purchase plan shares	60,589	29,422
Total common stock equivalents	6,675,246	6,466,277

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe recorded no provision for income taxes for the three months ended June 30, 2022 or three months ended June 30, 2021, and recorded no provision for income taxes for the six months ended June 30, 2022 and $12.9 million for the six months ended June 30, 2021. The tax provision for the six months ended June 30, 2021 was recorded within discontinued operations as it related to the income tax impact on the sale of our oncology business to Servier. There is no income tax expense recorded in continuing operations for the three and six months ended June 30, 2022 and 2021, respectively. Cash taxes paid were $1.8 million and $6.2 million for the six months ended June 30, 2022 and 2021, respectively.

- 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
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-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations, comprehensive (loss) income and stockholders' equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of our management, reflect all adjustments, which include only normal recurring adjustments, necessary to fairly state our financial position as of June 30, 2022, our results of operations and stockholders' equity for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. The financial data and the other financial information disclosed in these notes to the condensed consolidated financial statements related to the three and six-month periods are also unaudited. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The condensed consolidated balance sheet data as of December 31, 2021 was derived from our audited financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 that was filed with the Securities and Exchange Commission, or SEC, on February 24, 2022. Our condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in conformity with U.S. GAAP.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified to reflect the impact of the discontinued operations treatment of the oncology business in order to conform to the current period presentation.
Use of estimates	Use of estimates The preparation of our condensed consolidated financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis we evaluate our estimates, judgments and methodologies. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including expenses, reserves and allowances, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and any variant strains of the virus and the actions taken to contain the pandemic or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.
Accounts receivable, net	Accounts receivable, net Our trade accounts receivable arise from product sales and represent amounts due from specialty distributors and specialty pharmacy providers in the U.S. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We reserve against these receivables for estimated losses that may arise from a customer’s inability to pay. Amounts determined to be uncollectible are charged or written-off against the reserve.
Inventory	Inventory Inventory is stated at the lower of cost or estimated net realizable value on a first-in, first-out basis. Prior to the regulatory approval of our product candidates, we incur expenses for the manufacture of drug product that could potentially be available to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, we record all such costs as research and development expenses. Upon approval of our wholly owned product, PYRUKYND®, by the FDA on February 17, 2022 for the treatment of hemolytic anemia in adults with PK deficiency in the United States, we began to capitalize inventories of PYRUKYND®.
Revenue recognition	Revenue recognition Under Accounting Standards Codification 606, Revenue from Contracts with Customers, or ASC 606, revenue is recognized when the customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that have been determined to be within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is distinct. We will then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue We generate product revenue from sales of PYRUKYND® to a limited number of specialty distributors and specialty pharmacy providers, or collectively, the Customers. These Customers subsequently resell PYRUKYND® to pharmacies or dispense directly to patients. In addition to distribution agreements with Customers, we enter into arrangements with healthcare providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of PYRUKYND®. The performance obligation related to the sale of PYRUKYND® is satisfied and revenue is recognized when the Customer obtains control of the product, which occurs at a point in time, typically upon delivery to the Customer. Revenues from product sales are recorded at the net sales price, or transaction price, which includes estimates of variable consideration for which reserves are established and result from contractual adjustments, government rebates, returns and other allowances that are offered within the contracts with our Customers, healthcare providers, payors and other indirect customers relating to the sale of our products. Contractual Adjustments. We generally provide Customers with discounts, including prompt pay discounts, and allowances that are explicitly stated in the contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, we receive sales order management, data and distribution services from certain Customers. Chargebacks and discounts represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to Customers who directly purchase the product from us. Customers charge us for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. These reserves are estimated using the expected value method, based upon a range of possible outcomes that are probability-weighted for the estimated channel mix and are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue. Government Rebates. Government rebates include Medicare, TriCare, and Medicaid rebates, which we estimate using the expected value method, based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue. For Medicare, we also estimate the number of patients in the prescription drug coverage gap for whom we will owe an additional liability under the Medicare Part D program. Returns. We estimate the amount of product sales that may be returned by Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We currently estimate product return liabilities using the expected value method, based on available industry data, including our visibility into the inventory remaining in the distribution channel.
Cost of sales	Cost of sales Cost of sales consists primarily of manufacturing costs of PYRUKYND®. Based on our policy to expense costs associated with the manufacturing of our products prior to regulatory approval, certain of the manufacturing costs associated with product shipments of PYRUKYND® recorded during the three and six months ended June 30, 2022 were expensed prior to February 17, 2022 and, therefore, are not included in costs of sales during the three and six months ended June 30, 2022. There have been no other material changes to the significant accounting policies previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.
Recent accounting pronouncements	Recent accounting pronouncements Other accounting standards that have been issued by the Financial Accounting Standards Board or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption.
Fair value measurements	We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.
Marketable securities	Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and are recorded at fair value. Unrealized gains are included as a component of accumulated other comprehensive loss in the condensed consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the condensed consolidated statements of comprehensive (loss) income, until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the condensed consolidated balance sheets with a corresponding adjustment to earnings, and noncredit-related impairment is recognized in other comprehensive income, net of taxes. Realized gains and losses are included in investment income on a specific-identification basis.
Loss per share	Basic net loss per share is calculated by dividing net loss by the weighted-average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. For purposes of the dilutive net loss per share calculation, stock options, RSUs, PSUs and MSUs for which the performance and market vesting conditions, respectively, have been deemed probable, and 2013 ESPP shares are considered to be common stock equivalents, while PSUs and MSUs with performance and market vesting conditions, respectively, that were not deemed probable as of June 30, 2022 are not considered to be common stock equivalents.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Cash Equivalents and Marketable Securities Measured at Fair Value on a Recurring Basis

The following table summarizes our cash equivalents and marketable securities measured at fair value and by level on a recurring basis as of June 30, 2022:


(In thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	31,062	$	31,861	$	—	$	62,923
Total cash equivalents	31,062		31,861		—		62,923

Marketable securities:


U.S. Treasuries	—		153,231		—		153,231
Government securities	—		260,712		—		260,712
Corporate debt securities	—		597,668		—		597,668
Total marketable securities	—		1,011,611		—		1,011,611
Total cash equivalents and marketable securities	$	31,062	$	1,043,472	$	—	$	1,074,534

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities at June 30, 2022 consisted of the following:


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:

U.S. Treasuries	$	122,984	$	25	$	(537)	$	122,472
Government securities	99,715		—		(928)		98,787
Corporate debt securities	512,636		—		(3,129)		509,507
Total Current	735,335		25		(4,594)		730,766

Non-current:

U.S. Treasuries	31,319		16		(576)		30,759
Government securities	165,797		23		(3,895)		161,925
Corporate debt securities	89,662		—		(1,501)		88,161
Total Non-current	286,778		39		(5,972)		280,845
Total marketable securities	$	1,022,113	$	64	$	(10,566)	$	1,011,611

Marketable securities at December 31, 2021 consisted of the following:


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:

U.S. Treasuries	$	269,109	$	—	$	(36)	$	269,073
Government securities	17,764		1		(10)		17,755
Corporate debt securities	530,490		3		(429)		530,064
Total Current	817,363		4		(475)		816,892

Non-current:

U.S. Treasuries	40,607		—		(23)		40,584
Government securities	148,820		—		(470)		148,350
Corporate debt securities	77,675		—		(234)		77,441
Total Non-current	267,102		—		(727)		266,375
Total marketable securities	$	1,084,465	$	4	$	(1,202)	$	1,083,267

Inventory (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory, which consists of commercial supply of PYRUKYND®, consisted of the following:


(In thousands)	June 30, 2022		December 31, 2021
Raw materials	$	—	$	—
Work-in-process	3,401		—
Finished goods	659		—
Total inventory	$	4,060	$	—

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Components of Lease Expense and Other Information

The components of lease expense and other information related to leases were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Operating lease costs	$	3.8	$	3.8	$	7.6	$	7.6
Cash paid for amounts included in the measurement of operating lease liabilities	$	4.4	$	3.6	$	8.2	$	7.2

Schedule of Undiscounted Minimum Rental Commitments Under Non-cancelable Leases

As of June 30, 2022, undiscounted minimum rental commitments under non-cancelable leases, for each of the next five years and total thereafter were as follows:



(In thousands)
Remaining 2022	$	7,370
2023	18,126
2024	18,660
2025	19,507
2026	20,151
2027	20,755
Thereafter	3,479
Undiscounted minimum rental commitments	$	108,048
Interest	(17,046)
Operating lease liabilities	$	91,002

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

As of June 30, 2022, the future minimum lease payments to be received under the long-term sublease agreements were as follows:


(In thousands)
Remaining 2022	$	2,123
2023	4,329
2024	4,459
2025	1,101
Total	$	12,012

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


(In thousands)	June 30, 2022		December 31, 2021
Accrued compensation	$	13,213	$	19,818
Accrued research and development costs	8,646		5,980
Accrued professional fees	2,523		2,335
Accrued other	4,001		3,834
Total accrued expenses	$	28,383	$	31,967

Product Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Product Revenue

Product revenue, net, were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Product revenue, net	$	3,082	$	—	$	3,914	$	—

Schedule of Product Revenue Allowance and Reserves

The following table summarizes balances and activity in each of the product revenue allowance and reserve categories for the six months ended June 30, 2022:


(In thousands)	Contractual Adjustments		Government Rebates		Returns		Total
Balance at December 31, 2021	$	—	$	—	$	—	$	—
Current provisions relating to sales in the current year	152		250		44		446
Adjustments relating to prior years	—		—		—		—
Payments/returns relating to sales in the current year	(77)		—		—		(77)
Payments/returns relating to sales in the prior years	—		—		—		—
Balance at June 30, 2022	$	75	$	250	$	44	$	369

Schedule of Revenue Related Reserves

Total revenue-related reserves above, included in our condensed consolidated balance sheets, are summarized as follows:


(In thousands)	June 30, 2022		December 31, 2021
Reduction of accounts receivable	$	36	$	—
Component of accrued expenses	333		—
Total revenue-related reserves	$	369	$	—

Schedule of Changes in Contract Assets and Liabilities, Product Revenue

The following table presents changes in our contract assets during the six months ended June 30, 2022:


(In thousands)	December 31, 2021		Additions		Deductions		June 30, 2022
Contract assets(1)
Accounts receivable, net	$	—	$	4,360	$	(2,762)	$	1,598

(1) Additions to contract assets relate to amounts billed to Customers for product sales and deductions to contract assets primarily relate to collection of receivables during the reporting period.

Share-Based Payments (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Company's Stock Option Activity

The following table presents stock option activity for the six months ended June 30, 2022:


	Number of Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2021	4,798,826	$	58.51
Granted	1,043,418	29.08
Exercised	(4,074)	7.56
Forfeited/Expired	(463,999)	68.38
Outstanding at June 30, 2022	5,374,171	$	52.00
Exercisable at June 30, 2022	3,473,922	$	58.44
Vested and expected to vest at June 30, 2022	5,374,171	$	52.00

Unvested Stock Unit Activity

The following table presents RSU activity for the six months ended June 30, 2022:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021	1,002,924	$	51.51
Granted	736,813	31.70
Vested	(375,154)	53.95
Forfeited	(124,097)	41.48
Unvested shares at June 30, 2022	1,240,486	$	40.06

Schedule of Performance-Based Units

The following table presents PSU activity for the six months ended June 30, 2022:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021	234,059	$	54.28
Granted	156,300	31.53
Vested	(53,777)	54.28
Forfeited	(5,168)	61.93
Unvested shares at June 30, 2022	331,414	$	43.43

Schedule of Market-Based Units Activity

The following table presents market-based stock unit, or MSU, activity for the six months ended June 30, 2022:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021	42,695	$	41.50
Granted	—	—


Unvested shares at June 30, 2022	42,695	$	41.50

Schedule of Stock-Based Compensation Expense by Award Type Included Within the Condensed Consolidated Statements of Operations

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Stock options	$	5,655	$	8,789	$	11,856	$	17,185
Restricted stock units	5,232		5,784		11,397		11,989
Performance-based stock units	—		—		2,919		—
Employee stock purchase plan	278		312		503		565

Total stock-based compensation expense	$	11,165	$	14,885	$	26,675	$	29,739

Schedule of Allocated Stock-Based Compensation Expense

Expenses related to stock options and stock-based awards were allocated as follows in the condensed consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Research and development expense	$	4,923	$	6,422	$	11,579	$	13,395
Selling, general and administrative expense	6,242		8,463		15,096		16,344
Total stock-based compensation expense	$	11,165	$	14,885	$	26,675	$	29,739

Loss per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Common Stock Excluded from Calculation of Diluted Earnings Per Share


	Three and Six Months Ended June 30,
	2022	2021
Stock options	5,374,171	5,251,842
Restricted stock units	1,240,486	1,185,013
Performance-based stock units	—	—
Employee stock purchase plan shares	60,589	29,422
Total common stock equivalents	6,675,246	6,466,277

Overview and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 05, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Apr. 02, 2021	Mar. 25, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Royalty income from gain on sale of oncology business			$ 2,704	$ 2,000	$ 5,408	$ 2,000
Stock repurchase program, authorized amount								$ 1,200,000
Repurchase of common stock				$ 529,047
Cash, cash equivalents, and marketable securities			$ 1,100,000		$ 1,100,000
BMS Repurchase
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repurchase of common stock (in shares)	7,100,000
Repurchase of common stock	$ 344,500
Shares repurchased (in usd per share)	$ 48.38
Rule 10b5-1 repurchase plan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase program, authorized amount							$ 600,000
Repurchase of common stock (in shares)					9,100,000
Repurchase of common stock					$ 458,000
Shares repurchased (in usd per share)					$ 50.35
Rule 10b-18 repurchase program
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repurchase of common stock (in shares)					0
Repurchase Program
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repurchase of common stock (in shares)					16,200,000
Repurchase of common stock					$ 802,500
Shares repurchased (in usd per share)					$ 49.49
2010 Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payment for achievement of specified ex-U.S. commercial milestone event		$ 25,000
Discontinued Operations, Disposed of by Sale \| Agios Oncology Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds		1,800,000
Contingent milestone payment		$ 200,000
Discontinued Operations, Disposed of by Sale \| Agios Oncology Business \| TIBSOVO \| UNITED STATES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent royalty payment		5.00%
Discontinued Operations, Disposed of by Sale \| Agios Oncology Business \| Vorasidenib \| UNITED STATES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent royalty payment		15.00%

Fair Value Measurements - Cash Equivalents and Marketable Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	$ 1,011,611	$ 1,083,267
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	62,923
Total marketable securities	1,011,611
Total cash equivalents and marketable securities	1,074,534
Fair Value, Measurements, Recurring \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	62,923
Fair Value, Measurements, Recurring \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	153,231
Fair Value, Measurements, Recurring \| Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	260,712
Fair Value, Measurements, Recurring \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	597,668
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	31,062
Total marketable securities	0
Total cash equivalents and marketable securities	31,062
Fair Value, Measurements, Recurring \| Level 1 \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	31,062
Fair Value, Measurements, Recurring \| Level 1 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0
Fair Value, Measurements, Recurring \| Level 1 \| Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0
Fair Value, Measurements, Recurring \| Level 1 \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	31,861
Total marketable securities	1,011,611
Total cash equivalents and marketable securities	1,043,472
Fair Value, Measurements, Recurring \| Level 2 \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	31,861
Fair Value, Measurements, Recurring \| Level 2 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	153,231
Fair Value, Measurements, Recurring \| Level 2 \| Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	260,712
Fair Value, Measurements, Recurring \| Level 2 \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	597,668
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0
Total marketable securities	0
Total cash equivalents and marketable securities	0
Fair Value, Measurements, Recurring \| Level 3 \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0
Fair Value, Measurements, Recurring \| Level 3 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0
Fair Value, Measurements, Recurring \| Level 3 \| Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0
Fair Value, Measurements, Recurring \| Level 3 \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	$ 0

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2022 USD ($)
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	$ 0

Marketable Securities - Additional Information (Details)	Jun. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Investments, Debt and Equity Securities [Abstract]
Number of debt securities in unrealized loss position for less than one year \| security	270	294
Allowance for credit losses \| $	$ 0	$ 0
Aggregate fair value of debt securities in unrealized loss position \| $	$ 968,100,000	$ 950,500,000
Number of debt securities in significant unrealized loss position \| security	0	0

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,022,113	$ 1,084,465
Unrealized Gains	64	4
Unrealized Losses	(10,566)	(1,202)
Fair Value	1,011,611	1,083,267
Current:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	735,335	817,363
Unrealized Gains	25	4
Unrealized Losses	(4,594)	(475)
Fair Value	730,766	816,892
Current: \| U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	122,984	269,109
Unrealized Gains	25	0
Unrealized Losses	(537)	(36)
Fair Value	122,472	269,073
Current: \| Government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	99,715	17,764
Unrealized Gains	0	1
Unrealized Losses	(928)	(10)
Fair Value	98,787	17,755
Current: \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	512,636	530,490
Unrealized Gains	0	3
Unrealized Losses	(3,129)	(429)
Fair Value	509,507	530,064
Non-current:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	286,778	267,102
Unrealized Gains	39	0
Unrealized Losses	(5,972)	(727)
Fair Value	280,845	266,375
Non-current: \| U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	31,319	40,607
Unrealized Gains	16	0
Unrealized Losses	(576)	(23)
Fair Value	30,759	40,584
Non-current: \| Government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	165,797	148,820
Unrealized Gains	23	0
Unrealized Losses	(3,895)	(470)
Fair Value	161,925	148,350
Non-current: \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	89,662	77,675
Unrealized Gains	0	0
Unrealized Losses	(1,501)	(234)
Fair Value	$ 88,161	$ 77,441

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 0	$ 0
Work-in-process	3,401	0
Finished goods	659	0
Total inventory	$ 4,060	$ 0

Leases - Additional Information (Details) ft² in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2022 ft²	Dec. 31, 2021 USD ($)	Aug. 31, 2021 ft²
Lessor, Lease, Description [Line Items]
Remaining lease terms	6 years	6 years
Weighted-average incremental borrowing rate	5.70%	5.70%		5.70%
Weighted-average remaining lease term	5 years 8 months 12 days	5 years 8 months 12 days		6 years 2 months 12 days
Other non-current assets	$ 3,955	$ 3,955		$ 2,900
Area of premises subleased (in square feet) \| ft²			27		13
Sublease income	1,300	1,700
Other Noncurrent Assets
Lessor, Lease, Description [Line Items]
Other non-current assets	2,900	2,900
Security deposit liability	$ 1,100	$ 1,100

Leases - Schedule of Lease Expense and Other Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease costs	$ 3.8	$ 3.8	$ 7.6	$ 7.6
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4.4	$ 3.6	$ 8.2	$ 7.2

Leases - Schedule of Undiscounted Minimum Rental Commitments Under Non-cancelable Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
Remaining 2022	$ 7,370
2023	18,126
2024	18,660
2025	19,507
2026	20,151
2027	20,755
Thereafter	3,479
Undiscounted minimum rental commitments	108,048
Interest	(17,046)
Operating lease liabilities	$ 91,002

Leases - Future Minimum Lease Payments to be Received (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
Remaining 2022	$ 2,123
2023	4,329
2024	4,459
2025	1,101
Total	$ 12,012

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 13,213	$ 19,818
Accrued research and development costs	8,646	5,980
Accrued professional fees	2,523	2,335
Accrued other	4,001	3,834
Total accrued expenses	$ 28,383	$ 31,967

Product Revenue - Schedule of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 5,582	$ 0	$ 6,414	$ 0
Product revenue, net
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 3,082	$ 0	$ 3,914	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI 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 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

+ Details

Product Revenue - Schedule of Product Revenue Allowance and Reserves (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contractual Adjustments
Contract adjustments, beginning balance	$ 0
Contractual adjustments, current provisions relating to sales in the current year	152
Contractual adjustments, adjustments relating to prior year	0
Contractual adjustments, payments/returns relating to sales in the current year	(77)
Contractual adjustments, payments/returns relating to sales in the prior year	0
Contract adjustments, ending balance	75
Government Rebates
Government rebates, beginning balance	0
Government rebates, current provisions relating to sales in the current year	250
Government rebates, adjustments relating to prior years	0
Government rebates, payments/returns relating to sales in the current year	0
Government rebates, payments/returns relating to sales in the prior years	0
Government rebates, ending balance	250
Returns
Returns, beginning balance	0
Returns, current provisions relating to sales in the current year	44
Returns, adjustments relating to prior years	0
Returns, payments/returns relating to sales in the current year	0
Returns, payments/returns relating to sales in the prior years	0
Returns, ending balance	44
Total
Total revenue-related reserves	369	$ 0
Total allowances and reserves, current provisions relating to sales in the current year	446
Total allowances and reserves, adjustments relating to prior years	0
Total allowances and reserves, payments/returns relating to sales in the current year	(77)
Total allowances and reserves, payments/returns relating to sales in the prior years	$ 0

Product Revenue - Schedule of Revenue-Related Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Reduction of accounts receivable	$ 36	$ 0
Component of accrued expenses	333	0
Total revenue-related reserves	$ 369	$ 0

Product Revenue - Schedule of Changes in Contract Assets and Liabilities, Product Revenue (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Contract assets
Contract assets, beginning balance	$ 0
Additions	4,360
Deductions	(2,762)
Contract assets, ending balance	$ 1,598

Share-Based Payments - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period to recognize compensation expense (in years)	1 year 10 months 24 days
Unrecognized compensation expense excluding options	$ 36.3
Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost not expected to be recognized	$ 14.4
2007 Plan and 2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	12,989,404
2013 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	6,000,638
Unrecognized compensation expense related to options	$ 41.7
2013 Stock Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period to recognize compensation expense (in years)	2 years 6 months
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	1,346,491
Shares issued under 2013 ESPP (in shares)	48,156	59,401
Opportunity to purchase of common stock (in shares)	1,854,545

Share-Based Payments - Summary of Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022
Number of Stock Options
Outstanding, beginning balance (in shares)	4,798,826
Granted (in shares)	1,043,418
Exercised (in shares)	(4,074)
Forfeited/expired (in shares)	(463,999)
Outstanding, ending balance (in shares)	5,374,171
Number of stock options, exercisable (in shares)	3,473,922
Number of stock options, vested and expected to vest (in shares)	5,374,171
Weighted-Average Exercise Price
Outstanding, beginning balance (in usd per share)	$ 58.51
Granted (in usd per share)	29.08
Exercised (in usd per share)	7.56
Forfeited/expired (in usd per share)	68.38
Outstanding, ending balance (in usd per share)	52.00
Weighted-average exercise price, exercisable (in usd per share)	58.44
Weighted-average exercise price, vested and expected to vest (in usd per share)	$ 52.00

Share-Based Payments - Summary of Unvested RSUs Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Stock Units
Unvested shares beginning of period (in shares) \| shares	1,002,924
Granted (in shares) \| shares	736,813
Vested (in shares) \| shares	(375,154)
Forfeited (in shares) \| shares	(124,097)
Unvested shares end of period (in shares) \| shares	1,240,486
Weighted-Average Grant Date Fair Value
Unvested shares beginning of period (in usd per share) \| $ / shares	$ 51.51
Granted (in usd per share) \| $ / shares	31.70
Vested (in usd per share) \| $ / shares	53.95
Forfeited (in usd per share) \| $ / shares	41.48
Unvested shares end of period (in usd per share) \| $ / shares	$ 40.06

Share-Based Payments - Schedule of Performance-Based and Market- Based Units (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Performance-based stock units
Number of Stock Units
Unvested shares beginning of period (in shares) \| shares	234,059
Granted (in shares) \| shares	156,300
Vested (in shares) \| shares	(53,777)
Forfeited (in shares) \| shares	(5,168)
Unvested shares end of period (in shares) \| shares	331,414
Weighted-Average Grant Date Fair Value
Unvested shares beginning of period (in usd per share) \| $ / shares	$ 54.28
Granted (in usd per share) \| $ / shares	31.53
Vested (in usd per share) \| $ / shares	54.28
Forfeited (in usd per share) \| $ / shares	61.93
Unvested shares end of period (in usd per share) \| $ / shares	$ 43.43
Market-Based Stock Units
Number of Stock Units
Unvested shares beginning of period (in shares) \| shares	42,695
Granted (in shares) \| shares	0
Unvested shares end of period (in shares) \| shares	42,695
Weighted-Average Grant Date Fair Value
Unvested shares beginning of period (in usd per share) \| $ / shares	$ 41.50
Granted (in usd per share) \| $ / shares	0
Unvested shares end of period (in usd per share) \| $ / shares	$ 41.50

Share-Based Payments - Schedule of Stock-Based Compensation Expense by Award Type Included Within the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,165	$ 14,885	$ 26,675	$ 29,739
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,655	8,789	11,856	17,185
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,232	5,784	11,397	11,989
Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	2,919	0
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 278	$ 312	$ 503	$ 565

Share-Based Payments - Expenses Related to Equity-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,165	$ 14,885	$ 26,675	$ 29,739
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4,923	6,422	11,579	13,395
Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,242	$ 8,463	$ 15,096	$ 16,344

Loss per Share - Common Stock Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	6,675,246	6,466,277	6,675,246	6,466,277
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	5,374,171	5,251,842	5,374,171	5,251,842
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	1,240,486	1,185,013	1,240,486	1,185,013
Performance-based stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	0	0	0	0
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	60,589	29,422	60,589	29,422

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes recorded in discontinued operations	$ 0	$ 0	$ 0	$ 12,900,000
Income tax expense (benefit)	$ 0	$ 0	0	0
Income taxes paid			$ 1,800,000	$ 6,200,000

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
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-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 740
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-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

+ Details

- Definition

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

+ References + Details