0001439222-23-000140 | 10-Q | XBRL Viewer | Agios Pharmaceuticals INC

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

We record cash equivalents and marketable securities at fair value. Accounting Standards Codification, or 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 September 30, 2023:


(In thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	5,187	$	—	$	—	$	5,187
Total cash equivalents	5,187		—		—		5,187

Marketable securities:


U.S. Treasuries	—		32,973		—		32,973
Government securities	—		363,542		—		363,542
Corporate debt securities	—		411,542		—		411,542
Total marketable securities	—		808,057		—		808,057
Total cash equivalents and marketable securities	$	5,187	$	808,057	$	—	$	813,244

Cash equivalents and marketable securities have been initially valued at the transaction price and are subsequently valued, at the end of each reporting period, 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 September 30, 2023.

There have been no changes to the valuation methods during the nine months ended September 30, 2023, and we had no financial assets or liabilities that were classified as Level 3 at any point during the nine months ended September 30, 2023.

- 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

Share-Based Payments - Schedule of PSU, Market-based Stock Unit or MSU Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Performance-based stock units
Number of Stock Units
Unvested shares, beginning balance (in shares) \| shares	430,243
Granted (in shares) \| shares	125,897
Vested (in shares) \| shares	(92,257)
Forfeited (in shares) \| shares	(101,750)
Unvested shares, ending balance (in shares) \| shares	362,133
Weighted-Average Grant Date Fair  Value
Unvested shares, beginning balance (in usd per share) \| $ / shares	$ 35.87
Granted (in usd per share) \| $ / shares	25.23
Vested (in usd per share) \| $ / shares	30.18
Forfeited (in usd per share) \| $ / shares	46.39
Unvested shares, ending balance (in usd per share) \| $ / shares	$ 30.66
Market-Based Stock Units
Number of Stock Units
Unvested shares, beginning balance (in shares) \| shares	42,695
Granted (in shares) \| shares	0
Unvested shares, ending balance (in shares) \| shares	42,695
Weighted-Average Grant Date Fair  Value
Unvested shares, beginning balance (in usd per share) \| $ / shares	$ 41.50
Granted (in usd per share) \| $ / shares	0
Unvested shares, ending balance (in usd per share) \| $ / shares	$ 41.50

Leases - Schedule of Undiscounted Minimum Rental Commitments under Non-cancelable Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
Remaining 2023	$ 3,037
2024	18,660
2025	19,507
2026	20,151
2027	20,755
2028	3,479
Thereafter	0
Undiscounted minimum rental commitments	85,589
Interest	(10,091)
Operating lease liabilities	$ 75,498

Inventory

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventory

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


(In thousands)	September 30, 2023		December 31, 2022
Raw materials	$	470	$	—
Work-in-process	15,743		7,550
Finished goods	1,061		942
Total inventory	$	17,274	$	8,492

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. Recent Accounting Pronouncements 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.

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 14,022	$ 18,105
Accrued research and development costs	12,528	8,425
Accrued professional fees	1,369	2,435
Accrued other	2,571	1,385
Total accrued expenses	$ 30,490	$ 30,350

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		70,550,631,000
Beginning balance at Dec. 31, 2021	$ 1,291,975	$ 71	$ 2,334,348	$ (1,198)	$ (238,760)	$ (802,486)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021						(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale securities	(6,547)			(6,547)
Common stock issued under stock incentive plan and ESPP (in shares)		442,646,000
Common stock issued under stock incentive plan and ESPP	1,289		1,289
Stock-based compensation expense	15,510		15,510
Net loss	(94,774)				(94,774)
Ending balance (in shares) at Mar. 31, 2022		70,993,277,000
Ending balance at Mar. 31, 2022	1,207,453	$ 71	2,351,147	(7,745)	(333,534)	$ (802,486)
Treasury stock, ending balance (in shares) at Mar. 31, 2022						(16,216,411,000)
Beginning balance (in shares) at Dec. 31, 2021		70,550,631,000
Beginning balance at Dec. 31, 2021	1,291,975	$ 71	2,334,348	(1,198)	(238,760)	$ (802,486)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021						(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(268,327)
Ending balance (in shares) at Sep. 30, 2022		71,110,442,000
Ending balance at Sep. 30, 2022	1,050,170	$ 71	2,374,755	(15,083)	(507,087)	$ (802,486)
Treasury stock, ending balance (in shares) at Sep. 30, 2022						(16,216,411,000)
Beginning balance (in shares) at Mar. 31, 2022		70,993,277,000
Beginning balance at Mar. 31, 2022	1,207,453	$ 71	2,351,147	(7,745)	(333,534)	$ (802,486)
Treasury stock, beginning balance (in shares) at Mar. 31, 2022						(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale securities	(2,757)			(2,757)
Common stock issued under stock incentive plan and ESPP (in shares)		38,515,000
Common stock issued under stock incentive plan and ESPP	15		15
Stock-based compensation expense	11,165		11,165
Net loss	(91,806)				(91,806)
Ending balance (in shares) at Jun. 30, 2022		71,031,792,000
Ending balance at Jun. 30, 2022	1,124,070	$ 71	2,362,327	(10,502)	(425,340)	$ (802,486)
Treasury stock, ending balance (in shares) at Jun. 30, 2022						(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale securities	(4,581)			(4,581)
Common stock issued under stock incentive plan and ESPP (in shares)		78,650,000
Common stock issued under stock incentive plan and ESPP	1,272		1,272
Stock-based compensation expense	11,156		11,156
Net loss	(81,747)				(81,747)
Ending balance (in shares) at Sep. 30, 2022		71,110,442,000
Ending balance at Sep. 30, 2022	$ 1,050,170	$ 71	2,374,755	(15,083)	(507,087)	$ (802,486)
Treasury stock, ending balance (in shares) at Sep. 30, 2022						(16,216,411,000)
Beginning balance (in shares) at Dec. 31, 2022	55,039,707	71,256,118,000
Beginning balance at Dec. 31, 2022	$ 1,100,814	$ 71	2,386,325	(12,535)	(470,561)	$ (802,486)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	(16,216,411)					(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale securities	$ 4,124			4,124
Common stock issued under stock incentive plan and ESPP (in shares)		501,660,000
Common stock issued under stock incentive plan and ESPP	2,467	$ 1	2,466
Stock-based compensation expense	10,139		10,139
Net loss	(81,018)				(81,018)
Ending balance (in shares) at Mar. 31, 2023		71,757,778,000
Ending balance at Mar. 31, 2023	$ 1,036,526	$ 72	2,398,930	(8,411)	(551,579)	$ (802,486)
Treasury stock, ending balance (in shares) at Mar. 31, 2023						(16,216,411,000)
Beginning balance (in shares) at Dec. 31, 2022	55,039,707	71,256,118,000
Beginning balance at Dec. 31, 2022	$ 1,100,814	$ 71	2,386,325	(12,535)	(470,561)	$ (802,486)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	(16,216,411)					(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock incentive plan and ESPP (in shares)	188,591
Net loss	$ (256,148)
Ending balance (in shares) at Sep. 30, 2023	55,883,973	72,100,384,000
Ending balance at Sep. 30, 2023	$ 886,843	$ 72	2,421,862	(5,896)	(726,709)	$ (802,486)
Treasury stock, ending balance (in shares) at Sep. 30, 2023	(16,216,411)					(16,216,411,000)
Beginning balance (in shares) at Mar. 31, 2023		71,757,778,000
Beginning balance at Mar. 31, 2023	$ 1,036,526	$ 72	2,398,930	(8,411)	(551,579)	$ (802,486)
Treasury stock, beginning balance (in shares) at Mar. 31, 2023						(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale securities	(459)			(459)
Common stock issued under stock incentive plan and ESPP (in shares)		193,408,000
Common stock issued under stock incentive plan and ESPP	238		238
Stock-based compensation expense	11,737		11,737
Net loss	(83,806)				(83,806)
Ending balance (in shares) at Jun. 30, 2023		71,951,186,000
Ending balance at Jun. 30, 2023	964,236	$ 72	2,410,905	(8,870)	(635,385)	$ (802,486)
Treasury stock, ending balance (in shares) at Jun. 30, 2023						(16,216,411,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale securities	2,974			2,974
Common stock issued under stock incentive plan and ESPP (in shares)		149,198,000
Common stock issued under stock incentive plan and ESPP	1,881		1,881
Stock-based compensation expense	9,076		9,076
Net loss	$ (91,324)				(91,324)
Ending balance (in shares) at Sep. 30, 2023	55,883,973	72,100,384,000
Ending balance at Sep. 30, 2023	$ 886,843	$ 72	$ 2,421,862	$ (5,896)	$ (726,709)	$ (802,486)
Treasury stock, ending balance (in shares) at Sep. 30, 2023	(16,216,411)					(16,216,411,000)

- 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

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable SecuritiesOur 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 and losses 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, 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 nine months ended September 30, 2023 or 2022.

Marketable securities at September 30, 2023 consisted of the following:


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

U.S. Treasuries	$	33,214	$	—	$	(241)	$	32,973
Government securities	293,501		—		(2,136)		291,365
Corporate debt securities	260,658		—		(1,841)		258,817
Total Current	587,373		—		(4,218)		583,155

Non-current:

U.S. Treasuries	—		—		—		—
Government securities	72,630		—		(453)		72,177
Corporate debt securities	153,950		—		(1,225)		152,725
Total Non-current	226,580		—		(1,678)		224,902
Total marketable securities	$	813,953	$	—	$	(5,896)	$	808,057

Marketable securities at December 31, 2022 consisted of the following:


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

U.S. Treasuries	$	68,175	$	3	$	(811)	$	67,367
Government securities	220,901		8		(5,289)		215,620
Corporate debt securities	363,263		1		(2,391)		360,873
Total Current	652,339		12		(8,491)		643,860

Non-current:

U.S. Treasuries	17,418		4		(193)		17,229
Government securities	117,475		7		(1,659)		115,823
Corporate debt securities	183,037		76		(2,291)		180,822
Total Non-current	317,930		87		(4,143)		313,874
Total marketable securities	$	970,269	$	99	$	(12,634)	$	957,734

As of September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, we held 233 and 259 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 September 30, 2023 and December 31, 2022 related to these securities. The aggregate fair value of debt securities in an unrealized loss position at September 30, 2023 and December 31, 2022 was $808.1 million and $868.2 million, respectively. There were no individual securities that were in a significant unrealized loss position as of September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022.

Leases

9 Months Ended

Sep. 30, 2023

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 approximately four 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 September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Operating lease costs	$	3,807	$	3,807	$	11,420	$	11,420
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,550	$	4,420	$	13,614	$	12,610

We have not entered into any material short-term leases or financing leases as of September 30, 2023.

In arriving at the operating lease liabilities as of September 30, 2023 and December 31, 2022, we applied the weighted-average incremental borrowing rate of 5.7% for both periods over a weighted-average remaining lease term of 4.4 and 5.2 years, respectively.

As of September 30, 2023, undiscounted minimum rental commitments under non-cancelable leases, for each of the next five years and total thereafter were as follows:



(In thousands)
Remaining 2023	$	3,037
2024	18,660
2025	19,507
2026	20,151
2027	20,755
2028	3,479
Thereafter	—
Undiscounted minimum rental commitments	$	85,589
Interest	(10,091)
Operating lease liabilities	$	75,498

We provided our landlord a security deposit of $2.9 million as security for our leases, which is included within other non-current assets on our condensed consolidated balance sheet.

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. In May 2023, we entered into a long-term sublease agreement for 7,407 square feet of office space on the first floor of 64 Sidney Street, Cambridge, Massachusetts, with the term of the lease running through April 2025. We recorded operating sublease income of $1.7 million and $1.0 million for the three months ended September 30, 2023 and 2022, respectively, and $4.5 million and $2.7 million for the nine months ended September 30, 2023 and 2022,

respectively, in other income, net in the condensed consolidated statements of operations. We received security deposits from our sublessees of approximately $1.2 million which is recorded within other non-current assets on our condensed consolidated balance sheet.

As of September 30, 2023, the future minimum lease payments to be received under the long-term sublease agreements were as follows:


(In thousands)
Remaining 2023	$	1,247
2024	5,078
2025	1,310

Total	$	7,635

Condensed Consolidated Balance Sheets (parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	125,000,000	125,000,000
Common stock, issued (in shares)	72,100,384	71,256,118
Common stock, outstanding (in shares)	55,883,973	55,039,707
Treasury stock (in shares)	16,216,411	16,216,411

Fair Value Measurements - Summary of Cash Equivalents and Marketable Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	$ 808,057	$ 957,734
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	5,187
Total marketable securities	808,057
Total cash equivalents and marketable securities	813,244
Fair Value, Measurements, Recurring \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	5,187
Fair Value, Measurements, Recurring \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	32,973
Fair Value, Measurements, Recurring \| Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	363,542
Fair Value, Measurements, Recurring \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	411,542
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	5,187
Total marketable securities	0
Total cash equivalents and marketable securities	5,187
Fair Value, Measurements, Recurring \| Level 1 \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	5,187
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	0
Total marketable securities	808,057
Total cash equivalents and marketable securities	808,057
Fair Value, Measurements, Recurring \| Level 2 \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0
Fair Value, Measurements, Recurring \| Level 2 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	32,973
Fair Value, Measurements, Recurring \| Level 2 \| Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	363,542
Fair Value, Measurements, Recurring \| Level 2 \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	411,542
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

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 813,953	$ 970,269
Unrealized Gains	0	99
Unrealized Losses	(5,896)	(12,634)
Fair Value	808,057	957,734
Current:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	587,373	652,339
Unrealized Gains	0	12
Unrealized Losses	(4,218)	(8,491)
Fair Value	583,155	643,860
Current: \| U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	33,214	68,175
Unrealized Gains	0	3
Unrealized Losses	(241)	(811)
Fair Value	32,973	67,367
Current: \| Government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	293,501	220,901
Unrealized Gains	0	8
Unrealized Losses	(2,136)	(5,289)
Fair Value	291,365	215,620
Current: \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	260,658	363,263
Unrealized Gains	0	1
Unrealized Losses	(1,841)	(2,391)
Fair Value	258,817	360,873
Non-current:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	226,580	317,930
Unrealized Gains	0	87
Unrealized Losses	(1,678)	(4,143)
Fair Value	224,902	313,874
Non-current: \| U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	17,418
Unrealized Gains	0	4
Unrealized Losses	0	(193)
Fair Value	0	17,229
Non-current: \| Government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	72,630	117,475
Unrealized Gains	0	7
Unrealized Losses	(453)	(1,659)
Fair Value	72,177	115,823
Non-current: \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	153,950	183,037
Unrealized Gains	0	76
Unrealized Losses	(1,225)	(2,291)
Fair Value	$ 152,725	$ 180,822

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net loss	$ (256,148)	$ (268,327)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Depreciation and amortization	5,220	6,750
Stock-based compensation expense	30,952	37,831
Net (accretion of discount) amortization of premium on marketable securities	(4,658)	721
Loss on disposal of property and equipment	278	29
Non-cash operating lease expense	7,967	7,432
Expense associated with license agreement	17,500	0
Realized gain on investments	(28)	0
Changes in operating assets and liabilities:
Accounts receivable, net	1,030	(1,818)
Inventory	(8,782)	(5,176)
Other receivables	0	604
Prepaid expenses and other current and non-current assets	440	(7,655)
Accounts payable	(5,201)	(4,628)
Accrued expenses and other current liabilities	140	(2,211)
Operating lease liabilities	(10,161)	(7,646)
Other non-current liabilities	(2,123)	779
Net cash used in operating activities	(223,574)	(243,315)
Investing activities
Purchases of marketable securities	(327,490)	(782,218)
Proceeds from maturities and sales of marketable securities	488,492	947,296
Payments associated with license agreement	(17,500)	0
Purchases of property and equipment	(765)	(4,768)
Proceeds from sale of equipment	1,325	0
Net cash provided by investing activities	144,062	160,310
Financing activities
Payments on financing lease obligations	0	(248)
Net proceeds from stock option exercises and employee stock purchase plan	4,586	2,576
Net cash provided by financing activities	4,586	2,328
Net change in cash and cash equivalents	(74,926)	(80,677)
Cash and cash equivalents at beginning of the period	139,259	203,126
Cash and cash equivalents at end of the period	64,333	122,449
Supplemental disclosure of non-cash investing and financing transactions
Additions to property and equipment in accounts payable and accrued expenses	14	21
Net cash taxes paid	$ 1,586	$ 1,940

Share-Based Payments

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payments

2023 Stock Incentive Plan and Inducement Grants

In June 2023, our stockholders approved the 2023 Stock Incentive Plan, or the 2023 Plan. The 2023 Plan provides for the grant of incentive stock options, nonstatutory 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, advisors, consultants and non-employee directors.

Following the adoption of the 2023 Plan, we ceased granting equity awards under the 2013 Stock Incentive Plan, or the 2013 Plan. Any outstanding equity awards that were previously granted under the 2013 Plan continue to be governed by their terms. Following adoption of the 2013 Plan, we ceased granting equity awards under the 2007 Stock Incentive Plan, or the 2007 Plan. There are no outstanding equity awards under the 2007 Plan.

In connection with the start of employment of our Chief Executive Officer and Chief Financial Officer in 2022, and our Chief Commercial Officer in 2023, our board of directors granted each of them equity awards in the form of stock options, RSUs and

PSUs, which awards were made outside our equity incentive plans as inducements material to their respective entry into employment with us in accordance with Nasdaq Listing Rule 5635(c)(4).

As of September 30, 2023, the maximum number of shares reserved under the 2007 Plan, the 2013 Plan, the 2023 Plan and the inducement grants described above was 12,065,656, and we had 4,762,423 shares available for future issuance under the 2023 Plan.

Stock options

The following table presents stock option activity for the nine months ended September 30, 2023:


	Number of Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2022	5,772,564	$	48.81
Granted	870,924	25.88
Exercised	(188,591)	11.52
Forfeited/Expired	(912,479)	55.49
Outstanding at September 30, 2023	5,542,418	$	45.37
Exercisable at September 30, 2023	3,485,110	$	54.14
Vested and expected to vest at September 30, 2023	5,542,418	$	45.37

At September 30, 2023, there was approximately $31.9 million of total unrecognized compensation expense related to unvested stock option awards, which we expect to recognize over a weighted-average period of approximately 2.55 years.

Restricted stock units

The following table presents RSU activity for the nine months ended September 30, 2023:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022	1,117,921	$	38.30
Granted	899,072	25.97
Vested	(450,586)	41.42
Forfeited	(210,420)	33.46
Unvested shares at September 30, 2023	1,355,987	$	29.84

As of September 30, 2023, there was approximately $27.5 million of total unrecognized compensation expense related to RSUs, which we expect to recognize over a weighted-average period of approximately 1.87 years.

Performance-based stock units

The following table presents PSU activity for the nine months ended September 30, 2023:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022	430,243	$	35.87
Granted	125,897	25.23
Vested	(92,257)	30.18
Forfeited	(101,750)	46.39
Unvested shares at September 30, 2023	362,133	$	30.66

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 September 30, 2023, there was no unrecognized compensation expense related to PSUs with performance-based vesting criteria that are considered probable of achievement, and $11.1 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 nine months ended September 30, 2023:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022	42,695	$	41.50
Granted	—	—


Unvested shares at September 30, 2023	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 September 30, 2023, 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 112,832 and 104,867 shares of common stock during the nine months ended September 30, 2023 and 2022, respectively, under the 2013 ESPP. The 2013 ESPP provides participating employees with the opportunity to purchase up to an aggregate of 2,363,636 shares of our common stock. As of September 30, 2023, we had 1,686,039 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 September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Stock options	$	4,171	$	5,864	$	13,065	$	17,720
Restricted stock units	4,735		5,115		14,436		16,512
Performance-based stock units	—		—		2,784		2,919
Employee stock purchase plan	170		177		667		680

Total stock-based compensation expense	$	9,076	$	11,156	$	30,952	$	37,831

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Research and development expense	$	3,635	$	4,628	$	12,530	$	16,207
Selling, general and administrative expense	5,441		6,528		18,422		21,624
Total stock-based compensation expense	$	9,076	$	11,156	$	30,952	$	37,831

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2023 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

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 470	$ 0
Work-in-process	15,743	7,550
Finished goods	1,061	942
Total inventory	$ 17,274	$ 8,492

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		55,891,284
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001439222
Current Fiscal Year End Date	--12-31

Inventory (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(In thousands)	September 30, 2023		December 31, 2022
Raw materials	$	470	$	—
Work-in-process	15,743		7,550
Finished goods	1,061		942
Total inventory	$	17,274	$	8,492

Leases - Schedule of Future Minimum Lease Payments to be Received under the Long-term Sublease Agreements (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
Remaining 2023	$ 1,247
2024	5,078
2025	1,310
Total	$ 7,635

Loss per Share

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 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 for all periods presented, no dilutive effect has been recognized in the calculation of loss 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 Nine Months Ended September 30,
	2023	2022
Stock options	5,542,418	5,909,087
Restricted stock units	1,355,987	1,264,377

Employee stock purchase plan shares	11,383	10,503
Total common stock equivalents	6,909,788	7,183,967

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023	Sep. 30, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		(c) Director and Officer Trading Arrangements A significant portion of the compensation of our directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is in the form of equity awards and, from time to time, directors and officers engage in open-market transactions with respect to the securities acquired pursuant to such equity awards or other of our securities, including to satisfy tax withholding obligations when equity awards vest or are exercised, and for diversification or other personal reasons. Transactions in our securities by directors and officers are required to be made in accordance with our insider trading policy, which requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in our securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information. During the quarterly period covered by this report, Sarah Gheuens, M.D., Ph.D., our chief medical officer and head of research & development, entered into a Rule 10b5-1 trading arrangement that is intended to qualify as an “eligible sell-to-cover transaction” (as described in Rule 10b5-1(c)(1)(ii)(D)(3) under the Exchange Act). This sell-to-cover arrangement applies to restricted stock units, or RSUs, whether vesting is based on the passage of time and/or the achievement of performance goals, granted to Dr. Gheuens on July 1, 2023 and any RSUs that may be granted to her from time to time thereafter (other than those which by their terms require us to withhold shares for tax withholding obligations in connection with vesting and settlement). This arrangement provides for the automatic sale of shares of our common stock that would otherwise be issuable on each settlement date of a covered RSU in an amount necessary to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to us in satisfaction of the applicable withholding obligation. The number of shares that will be sold under this arrangement is not currently determinable as the number will vary based on the extent to which vesting conditions are satisfied, the market price of our common stock at the time of settlement and the potential future grant of additional RSUs subject to this arrangement. None of our directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarterly period covered by this report.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Sarah Gheuens [Member]
Trading Arrangements, by Individual
Name	Sarah Gheuens
Title	chief medical officer and head of research & development
Rule 10b5-1 Arrangement Adopted	true

Marketable Securities - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security
Investments, Debt and Equity Securities [Abstract]
Realized gain (loss) on marketable securities	$ 0	$ 0	$ 0	$ 0
Number of debt securities in unrealized loss position for less than one year \| security	233		233		259
Allowance for credit losses	$ 0		$ 0		$ 0
Aggregate fair value of debt securities in unrealized loss position	$ 808,100,000		$ 808,100,000		$ 868,200,000
Number of debt securities in significant unrealized loss position \| security	0		0		0

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


(In thousands)	September 30, 2023		December 31, 2022
Accrued compensation	$	14,022	$	18,105
Accrued research and development costs	12,528		8,425
Accrued professional fees	1,369		2,435
Accrued other	2,571		1,385
Total accrued expenses	$	30,490	$	30,350

Product Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Product Revenue, Net

Product revenue, net, were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Product revenue, net	$	7,399	$	3,516	$	19,720	$	7,430

Schedule of Product Revenue Allowance and Reserve

The following table summarizes balances and activity in each of the product revenue allowance and reserve categories for the nine months ended September 30, 2023:


(In thousands)	Contractual Adjustments		Government Rebates		Returns/ Replacement		Total
Balance at December 31, 2022	$	65	$	573	$	133	$	771
Current provisions relating to sales in the current year	919		1,631		2,147		4,697
Adjustments relating to prior years	—		(7)		—		(7)
Payments/returns relating to sales in the current year	(793)		(495)		(1,958)		(3,246)
Payments/returns relating to sales in the prior years	(49)		(306)		(48)		(403)
Balance at September 30, 2023	$	142	$	1,396	$	274	$	1,812

Schedule of Revenue-related Reserves

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


(In thousands)	September 30, 2023		December 31, 2022
Reduction of accounts receivable	$	137	$	60
Component of accrued expenses	1,675		711
Total revenue-related reserves	$	1,812	$	771

Schedule of Changes in Contract Assets

The following table presents changes in our contract assets during the nine months ended September 30, 2023:


(In thousands)	December 31, 2022		Additions		Deductions		September 30, 2023
Contract assets(1)
Accounts receivable, net	$	2,206	$	24,411	$	(25,441)	$	1,176

(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.

Product Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Product Revenue

We sell PYRUKYND®, our wholly owned product, to a limited number of specialty distributors and specialty pharmacy providers, or collectively, 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 September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Product revenue, net	$	7,399	$	3,516	$	19,720	$	7,430

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 / Replacement

We estimate the amount of product sales that may be returned by Customers or replaced by Agios and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We currently estimate product return and replacement 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 nine months ended September 30, 2023:


(In thousands)	Contractual Adjustments		Government Rebates		Returns/ Replacement		Total
Balance at December 31, 2022	$	65	$	573	$	133	$	771
Current provisions relating to sales in the current year	919		1,631		2,147		4,697
Adjustments relating to prior years	—		(7)		—		(7)
Payments/returns relating to sales in the current year	(793)		(495)		(1,958)		(3,246)
Payments/returns relating to sales in the prior years	(49)		(306)		(48)		(403)
Balance at September 30, 2023	$	142	$	1,396	$	274	$	1,812

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


(In thousands)	September 30, 2023		December 31, 2022
Reduction of accounts receivable	$	137	$	60
Component of accrued expenses	1,675		711
Total revenue-related reserves	$	1,812	$	771

The following table presents changes in our contract assets during the nine months ended September 30, 2023:


(In thousands)	December 31, 2022		Additions		Deductions		September 30, 2023
Contract assets(1)
Accounts receivable, net	$	2,206	$	24,411	$	(25,441)	$	1,176

(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.

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+ Details

Overview and Basis of Presentation	9 Months Ended
Overview and Basis of Presentation	Sep. 30, 2023
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 medicines for rare diseases. 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. Building on this expertise, these learnings can be rapidly applied to our clinical trials with the goal of developing medicines that can have a significant impact for patients. 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 rare diseases. We are located in Cambridge, Massachusetts. The lead product candidate in our portfolio, PYRUKYND® (mitapivat), is an activator of both wild-type and mutant pyruvate kinase, or PK, enzymes for the potential treatment of hemolytic anemias. In February 2022, the U.S. Food and Drug Administration, or FDA, approved PYRUKYND® for the treatment of hemolytic anemia in adults with PK deficiency in the United States. In November 2022, we received marketing authorization from the European Commission for PYRUKYND® for the treatment of PK deficiency in adult patients in the European Union, or EU. In December 2022, we received marketing authorization in Great Britain for PYRUKYND® for the treatment of PK deficiency in adult patients under the European Commission Decision Reliance Procedure. 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 PK activator, for the potential treatment of lower-risk myelodysplastic syndrome, or LR MDS, and hemolytic anemias. In addition to the aforementioned development programs, we continue to invest in our late-stage research program focused on advancing a phenylalanine hydroxylase, or PAH, stabilizer for the treatment of phenylketonuria, or PKU. Also, in July 2023 we entered into a license agreement with Alnylam Pharmaceuticals, Inc., or Alnylam, for the development and commercialization of products containing or comprised of an siRNA development candidate discovered by Alnylam and targeting the transmembrane serine protease 6, or TMPRSS6, gene, and we intend to pursue development of a licensed product for the potential treatment of patients with polycythemia vera, or PV, a rare blood disorder. See below for more information on the license agreement with Alnylam. We are subject to risks common to companies in our industry including, but not limited to, uncertainties relating to conducting preclinical and 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, potential product liability claims and potential 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 $200.0 million in cash, if, prior to January 1, 2027, vorasidenib is granted new drug application 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, Servier is responsible for conducting certain clinical development activities within the IDHIFA® development program. We recorded income from royalties of approximately $4.4 million and $9.9 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 and nine months ended September 30, 2022, respectively. Sale of Contingent Payments The consideration for the sale of our oncology business to Servier included a royalty of 5% of U.S. net sales of TIBSOVO® from the close of the transaction through the loss of exclusivity, referred to as contingent payments. We recognized the contingent payments in the royalty income from gain on sale of oncology business line item in our consolidated statements of operations in the period when realizable. In October 2022, we sold our rights to future contingent payments to entities affiliated with Sagard Healthcare Partners, or Sagard, and recognized income of $127.9 million within the gain on sale of contingent payments line item in our consolidated statements of operations for the year ended December 31, 2022. We retain our rights to the potential milestone payment and royalties from Servier if vorasidenib is approved by the FDA. Alnylam License Agreement On July 28, 2023, Agios and Alnylam Pharmaceuticals, Inc., or Alnylam, entered into a license agreement under which Agios acquired the rights to develop and commercialize Alnylam’s novel preclinical siRNA targeting TMPRSS6, as a potential disease-modifying treatment for patients with PV. Because the acquired assets do not meet the definition of a business in accordance with ASC 805, Business Combinations, Agios will account for the agreement as an asset acquisition. In accordance with the agreement, in the three months ended September 30, 2023, Agios made an up-front payment to Alnylam and recognized in-process research and development of $17.5 million which was recorded in research and development expense within our Consolidated Statements of Operations and classified as investing activities within our Consolidated Statements of Cash Flows. Agios will also pay Alnylam for certain expenses associated with the development of TMPRSS6 and these will be recorded in our Consolidated Statements of Operations as incurred. Additionally, Agios is responsible to pay up to $130.0 million in potential development and regulatory milestones, in addition to sales milestones as well as tiered royalties on annual net sales, if any, of licensed products, which may be subject to specified reductions and offsets. Basis of Presentation The condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statements of operations, comprehensive loss and stockholders' equity for the three and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 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 September 30, 2023, our results of operations and stockholders' equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The financial data and the other financial information disclosed in these notes to the condensed consolidated financial statements related to the three and nine-month periods are also unaudited. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The condensed consolidated balance sheet data as of December 31, 2022 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, 2022 that was filed with the Securities and Exchange Commission, or SEC, on February 23, 2023. 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. 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 recent COVID-19 pandemic, or other pandemics or public health emergencies, may in the future 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. We have made estimates of the impact of the recent COVID-19 pandemic within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates. Liquidity As of September 30, 2023, we had cash, cash equivalents and marketable securities of $872.4 million. 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.

Product Revenue - Schedule of Changes in Contract Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Contract assets
Contract assets, beginning balance	$ 2,206
Additions	24,411
Deductions	(25,441)
Contract assets, ending balance	$ 1,176

Product Revenue - Schedule of Product Revenue, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 7,399	$ 3,516	$ 19,720	$ 9,930
Product revenue, net
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 7,399	$ 3,516	$ 19,720	$ 7,430

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,076	$ 11,156	$ 30,952	$ 37,831
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4,171	5,864	13,065	17,720
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4,735	5,115	14,436	16,512
Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	2,784	2,919
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 170	$ 177	$ 667	$ 680

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Payments - Schedule of Expenses Related to Stock Options and Stock-based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,076	$ 11,156	$ 30,952	$ 37,831
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,635	4,628	12,530	16,207
Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,441	$ 6,528	$ 18,422	$ 21,624

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 64,333	$ 139,259
Marketable securities	583,155	643,860
Accounts receivable, net	1,176	2,206
Inventory	17,274	8,492
Prepaid expenses and other current assets	38,414	38,955
Total current assets	704,352	832,772
Marketable securities	224,902	313,874
Operating lease assets	57,162	65,129
Property and equipment, net	16,785	22,987
Other non-current assets	4,057	3,956
Total assets	1,007,258	1,238,718
Current liabilities:
Accounts payable	13,271	18,616
Accrued expenses	30,490	30,350
Operating lease liabilities	14,664	13,663
Total current liabilities	58,425	62,629
Operating lease liabilities, net of current portion	60,834	71,996
Other non-current liabilities	1,156	3,279
Total liabilities	120,415	137,904
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at September 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value; 125,000,000 shares authorized; 72,100,384 shares issued and 55,883,973 shares outstanding at September 30, 2023, and 71,256,118 shares issued and 55,039,707 shares outstanding at December 31, 2022	72	71
Additional paid-in capital	2,421,862	2,386,325
Accumulated other comprehensive loss	(5,896)	(12,535)
Treasury stock, at cost (16,216,411 shares at September 30, 2023 and December 31, 2022)	(802,486)	(802,486)
Accumulated deficit	(726,709)	(470,561)
Total stockholders’ equity	886,843	1,100,814
Total liabilities and stockholders’ equity	$ 1,007,258	$ 1,238,718

Product Revenue - Schedule of Revenue-related Reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Reduction of accounts receivable	$ 137	$ 60
Component of accrued expenses	1,675	711
Total revenue-related reserves	$ 1,812	$ 771

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of 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 September 30, 2023:


(In thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	5,187	$	—	$	—	$	5,187
Total cash equivalents	5,187		—		—		5,187

Marketable securities:


U.S. Treasuries	—		32,973		—		32,973
Government securities	—		363,542		—		363,542
Corporate debt securities	—		411,542		—		411,542
Total marketable securities	—		808,057		—		808,057
Total cash equivalents and marketable securities	$	5,187	$	808,057	$	—	$	813,244

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (91,324)	$ (81,747)	$ (256,148)	$ (268,327)
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities	2,974	(4,581)	6,639	(13,885)
Comprehensive loss	$ (88,350)	$ (86,328)	$ (249,509)	$ (282,212)

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statements of operations, comprehensive loss and stockholders' equity for the three and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 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 September 30, 2023, our results of operations and stockholders' equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The financial data and the other financial information disclosed in these notes to the condensed consolidated financial statements related to the three and nine-month periods are also unaudited. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The condensed consolidated balance sheet data as of December 31, 2022 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, 2022 that was filed with the Securities and Exchange Commission, or SEC, on February 23, 2023. 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.
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 recent COVID-19 pandemic, or other pandemics or public health emergencies, may in the future 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. We have made estimates of the impact of the recent COVID-19 pandemic within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. Accounting Standards Codification, or 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 and losses 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, 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 September 30, 2023 are not considered to be common stock equivalents.

Loss per Share (Details) - shares	3 Months Ended		9 Months Ended
Loss per Share (Details) - shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	6,909,788	7,183,967	6,909,788	7,183,967
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	5,542,418	5,909,087	5,542,418	5,909,087
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	1,355,987	1,264,377	1,355,987	1,264,377
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents (in shares)	11,383	10,503	11,383	10,503

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities at September 30, 2023 consisted of the following:


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

U.S. Treasuries	$	33,214	$	—	$	(241)	$	32,973
Government securities	293,501		—		(2,136)		291,365
Corporate debt securities	260,658		—		(1,841)		258,817
Total Current	587,373		—		(4,218)		583,155

Non-current:

U.S. Treasuries	—		—		—		—
Government securities	72,630		—		(453)		72,177
Corporate debt securities	153,950		—		(1,225)		152,725
Total Non-current	226,580		—		(1,678)		224,902
Total marketable securities	$	813,953	$	—	$	(5,896)	$	808,057

Marketable securities at December 31, 2022 consisted of the following:


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

U.S. Treasuries	$	68,175	$	3	$	(811)	$	67,367
Government securities	220,901		8		(5,289)		215,620
Corporate debt securities	363,263		1		(2,391)		360,873
Total Current	652,339		12		(8,491)		643,860

Non-current:

U.S. Treasuries	17,418		4		(193)		17,229
Government securities	117,475		7		(1,659)		115,823
Corporate debt securities	183,037		76		(2,291)		180,822
Total Non-current	317,930		87		(4,143)		313,874
Total marketable securities	$	970,269	$	99	$	(12,634)	$	957,734

Overview and Basis of Presentation (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of contingent payments						$ 127,900
Payments associated with license agreement				$ 17,500	$ 0
Cash, cash equivalents, and marketable securities		$ 872,400		$ 872,400
Alnylam Pharmaceuticals, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments associated with license agreement		17,500
Potential development milestone payments, maximum		$ 130,000
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
TIBSOVO \| UNITED STATES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earn-out revenue for royalties			$ 4,400		$ 9,900
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%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (91,324)	$ (83,806)	$ (81,018)	$ (81,747)	$ (91,806)	$ (94,774)	$ (256,148)	$ (268,327)

- Definition

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

+ References

+ Details

Share-Based Payments (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Company's Stock Option Activity

The following table presents stock option activity for the nine months ended September 30, 2023:


	Number of Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2022	5,772,564	$	48.81
Granted	870,924	25.88
Exercised	(188,591)	11.52
Forfeited/Expired	(912,479)	55.49
Outstanding at September 30, 2023	5,542,418	$	45.37
Exercisable at September 30, 2023	3,485,110	$	54.14
Vested and expected to vest at September 30, 2023	5,542,418	$	45.37

Schedule of RSU Activity

The following table presents RSU activity for the nine months ended September 30, 2023:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022	1,117,921	$	38.30
Granted	899,072	25.97
Vested	(450,586)	41.42
Forfeited	(210,420)	33.46
Unvested shares at September 30, 2023	1,355,987	$	29.84

Schedule of PSU Activity

The following table presents PSU activity for the nine months ended September 30, 2023:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022	430,243	$	35.87
Granted	125,897	25.23
Vested	(92,257)	30.18
Forfeited	(101,750)	46.39
Unvested shares at September 30, 2023	362,133	$	30.66

Schedule of Market-based Stock Unit or MSU Activity

The following table presents market-based stock unit, or MSU, activity for the nine months ended September 30, 2023:


	Number of Stock Units	Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022	42,695	$	41.50
Granted	—	—


Unvested shares at September 30, 2023	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 September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Stock options	$	4,171	$	5,864	$	13,065	$	17,720
Restricted stock units	4,735		5,115		14,436		16,512
Performance-based stock units	—		—		2,784		2,919
Employee stock purchase plan	170		177		667		680

Total stock-based compensation expense	$	9,076	$	11,156	$	30,952	$	37,831

Schedule of Expenses Related to Stock Options and Stock-based Awards

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Research and development expense	$	3,635	$	4,628	$	12,530	$	16,207
Selling, general and administrative expense	5,441		6,528		18,422		21,624
Total stock-based compensation expense	$	9,076	$	11,156	$	30,952	$	37,831

Share-Based Payments - Schedule of Company's Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023
Number of Stock Options
Outstanding, beginning balance (in shares)	5,772,564
Granted (in shares)	870,924
Exercised (in shares)	(188,591)
Forfeited/expired (in shares)	(912,479)
Outstanding, ending balance (in shares)	5,542,418
Exercisable (in shares)	3,485,110
Vested and expected to vest (in shares)	5,542,418
Weighted-Average Exercise Price
Outstanding, beginning balance (in usd per share)	$ 48.81
Granted (in usd per share)	25.88
Exercised (in usd per share)	11.52
Forfeited/expired (in usd per share)	55.49
Outstanding, ending balance (in usd per share)	45.37
Exercisable (in usd per share)	54.14
Vested and expected to vest (in usd per share)	$ 45.37

Loss per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalents were Excluded from Calculation of Diluted Net Loss Per Share


	Three and Nine Months Ended September 30,
	2023	2022
Stock options	5,542,418	5,909,087
Restricted stock units	1,355,987	1,264,377

Employee stock purchase plan shares	11,383	10,503
Total common stock equivalents	6,909,788	7,183,967

Leases - Schedule of Lease Expense and Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease costs	$ 3,807	$ 3,807	$ 11,420	$ 11,420
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,550	$ 4,420	$ 13,614	$ 12,610

Share-Based Payments - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
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 13 days
Unrecognized compensation expense excluding options	$ 27,500,000
Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense excluding options	0
Unrecognized compensation cost not expected to be recognized	11,100,000
Market-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense excluding options	$ 0
2007 Plan and 2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	12,065,656
2013 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	4,762,423
Unrecognized compensation expense related to options	$ 31,900,000
Weighted-average period to recognize compensation expense (in years)	2 years 6 months 18 days
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	1,686,039
Shares issued under 2013 ESPP (in shares)	112,832	104,867
Opportunity to purchase of common stock (in shares)	2,363,636

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Expense and Other Information Related to Leases

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Operating lease costs	$	3,807	$	3,807	$	11,420	$	11,420
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,550	$	4,420	$	13,614	$	12,610

Schedule of Undiscounted Minimum Rental Commitments under Non-cancelable Leases

As of September 30, 2023, undiscounted minimum rental commitments under non-cancelable leases, for each of the next five years and total thereafter were as follows:



(In thousands)
Remaining 2023	$	3,037
2024	18,660
2025	19,507
2026	20,151
2027	20,755
2028	3,479
Thereafter	—
Undiscounted minimum rental commitments	$	85,589
Interest	(10,091)
Operating lease liabilities	$	75,498

Schedule of Future Minimum Lease Payments to be Received under the Long-term Sublease Agreements

As of September 30, 2023, the future minimum lease payments to be received under the long-term sublease agreements were as follows:


(In thousands)
Remaining 2023	$	1,247
2024	5,078
2025	1,310

Total	$	7,635

Share-Based Payments - Schedule of RSU Activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Stock Units
Unvested shares, beginning balance (in shares) \| shares	1,117,921
Granted (in shares) \| shares	899,072
Vested (in shares) \| shares	(450,586)
Forfeited (in shares) \| shares	(210,420)
Unvested shares, ending balance (in shares) \| shares	1,355,987
Weighted-Average Grant Date Fair  Value
Unvested shares, beginning balance (in usd per share) \| $ / shares	$ 38.30
Granted (in usd per share) \| $ / shares	25.97
Vested (in usd per share) \| $ / shares	41.42
Forfeited (in usd per share) \| $ / shares	33.46
Unvested shares, ending balance (in usd per share) \| $ / shares	$ 29.84

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenue	$ 7,399	$ 3,516	$ 19,720	$ 9,930
Operating expenses:
Cost of sales	633	517	2,295	1,291
Research and development	81,841	64,966	218,037	209,612
Selling, general and administrative	25,822	29,123	84,598	88,902
Total operating expenses	108,296	94,606	304,930	299,805
Loss from operations	(100,897)	(91,090)	(285,210)	(289,875)
Royalty income from gain on sale of oncology business	0	4,443	0	9,851
Interest income, net	8,375	3,818	24,720	6,305
Other income, net	1,198	1,082	4,342	5,392
Net loss	$ (91,324)	$ (81,747)	$ (256,148)	$ (268,327)
Net loss per share - basic (in usd per share)	$ (1.64)	$ (1.49)	$ (4.61)	$ (4.90)
Net loss per share - diluted (in usd per share)	$ (1.64)	$ (1.49)	$ (4.61)	$ (4.90)
Weighted-average number of common shares used in computing net loss per share - basic (in shares)	55,803,663	54,844,579	55,559,766	54,734,301
Weighted-average number of common shares used in computing net loss per share – diluted (in shares)	55,803,663	54,844,579	55,559,766	54,734,301
Product revenue, net
Revenues:
Total revenue	$ 7,399	$ 3,516	$ 19,720	$ 7,430
Milestone revenue
Revenues:
Total revenue	$ 0	$ 0	$ 0	$ 2,500

Product Revenue - Schedule of Product Revenue Allowance and Reserve (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Contractual Adjustments
Contractual adjustments, beginning balance	$ 65
Contractual adjustments, current provisions relating to sales in the current year	919
Contractual adjustments, adjustments relating to prior year	0
Contractual adjustments, payments/returns relating to sales in the current year	(793)
Contractual adjustments, payments/returns relating to sales in the prior year	(49)
Contractual adjustments, ending balance	142
Government Rebates
Government rebates, beginning balance	573
Government rebates, current provisions relating to sales in the current year	1,631
Government rebates, adjustments relating to prior years	(7)
Government rebates, payments/returns relating to sales in the current year	(495)
Government rebates, payments/returns relating to sales in the prior years	(306)
Government rebates, ending balance	1,396
Returns/ Replacement
Returns/ replacement, beginning balance	133
Returns/ replacement, current provisions relating to sales in the current year	2,147
Returns/ replacement, adjustments relating to prior years	0
Returns/ replacement, payments/returns relating to sales in the current year	(1,958)
Returns/ replacement, payments/returns relating to sales in the prior years	(48)
Returns/ replacement, ending balance	274
Total
Total revenue-related reserves	1,812	$ 771
Total, current provisions relating to sales in the current year	4,697
Total, adjustments relating to prior years	(7)
Total, payments/returns relating to sales in the current year	(3,246)
Total, payments/returns relating to sales in the prior years	$ (403)

Accrued Expenses

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued ExpensesAccrued expenses consisted of the following:


(In thousands)	September 30, 2023		December 31, 2022
Accrued compensation	$	14,022	$	18,105
Accrued research and development costs	12,528		8,425
Accrued professional fees	1,369		2,435
Accrued other	2,571		1,385
Total accrued expenses	$	30,490	$	30,350

Leases - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	May 31, 2023 ft²	Dec. 31, 2022	Apr. 30, 2022 ft²	Aug. 31, 2021 ft²
Lessor, Lease, Description [Line Items]
Remaining lease terms	4 years		4 years
Weighted-average incremental borrowing rate	5.70%		5.70%			5.70%
Weighted-average remaining lease term	4 years 4 months 24 days		4 years 4 months 24 days			5 years 2 months 12 days
Sublease income	$ 1.7	$ 1.0	$ 4.5	$ 2.7
Thirty-Eight Sydney Street Lease
Lessor, Lease, Description [Line Items]
Area of premises subleased (in square feet) \| ft²								13,000
Sixty-Four Sydney Street Lease
Lessor, Lease, Description [Line Items]
Area of premises subleased (in square feet) \| ft²					7,407		27,000
Other Noncurrent Assets
Lessor, Lease, Description [Line Items]
Standby letter of credit	2.9		2.9
Security deposit liability	$ 1.2		$ 1.2