0001789769-23-000091 | 10-Q | XBRL Viewer

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Information related to the Company’s operating right of use assets and related lease liability was as follows (in thousands, except for years and percentages):

The Company’s lease costs consist of the following (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Operating lease cost	$	351	$	1,867
Variable lease cost	234		906
Total lease cost	$	585	$	2,773

The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Cash paid for operating lease liabilities	$	491	$	1,806

The following table summarizes the Company’s lease assets and liabilities (in thousands):


	As of September 30, 2023
Operating lease right-of-use assets	$	2,672
Current operating lease liabilities	$	1,796
Non-current operating lease liabilities	$	3,286

The following table summarizes other supplemental information related to the Company’s lease obligations:


	As of September 30, 2023
Weighted-average remaining lease term (in years)	2.8
Weighted-average discount rate	6.75	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments under operating lease liabilities were (in thousands):


	As of September 30, 2023
2023 (remaining three months)	$	564
2024	1,978
2025	1,810
2026	1,218
Total future lease payments	5,570
Less: imputed interest	488
Total lease liability balance	5,082
Less: current portion of operating lease liabilities	1,796
Total operating lease liabilities, non-current	$	3,286

Schedule of Net Carrying Amount of the Liability Component of the Loan

The net carrying amount of the liability component of the Loan was as follows (in thousands):


	As of September 30, 2023
Principal amount	$	82,838
Unamortized debt issuance cost	(1,660)
Net carrying amount	$	81,178

Schedule of Interest Expense Related to the Loan

The following table sets forth the interest expense recognized related to the Loan (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Contractual interest expense	$	1,754	$	2,482
Amortization of debt issuance cost	249		747
Total interest expense related to the Loan	$	2,003	$	3,229

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2021 Equity Incentive Plan

In March 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the initial public offering (“IPO”). The 2021 Plan was approved by the Company’s Board of Directors and stockholders in March 2021. The 2021 Plan is an equity incentive plan pursuant to which the Company may grant the following awards: (i) incentive stock options; (ii) nonstatutory stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock unit awards; (vi) performance awards; and (vii) other forms of stock awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. The 2021 Plan is a successor to the Company’s 2018 Stock Incentive Plan (the “2018 Plan”). Following the effectiveness of the 2021 Plan, no further grants may be made under the 2018 Plan; however, any outstanding equity awards granted under the 2018 Plan will continue to be governed by the terms of the 2018 Plan.

As of September 30, 2023, 11,797,896 shares of common stock remained available for issuance under the 2021 Plan. As of September 30, 2023, the total number of shares authorized for issuance under the 2021 Plan was 12,854,437 shares.

Compensation expense for share-based awards is recognized over the requisite service period. The fair value of stock option awards is estimated using the Black-Scholes option-pricing model, which involves using assumptions regarding price volatility, risk-free interest rate, expected dividends and projected employee stock option exercise behaviors.

The following table sets forth stock-based compensation included in the Company’s statement of operations and comprehensive loss (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Research and development expense	$	567	$	3,094	$	999	$	9,919
General and administrative expense	4,103		4,888		12,614		13,879
Total stock-based compensation expense	$	4,670	$	7,982	$	13,613	$	23,798

As of September 30, 2023, there was $28.6 million of total unrecognized compensation cost related to unvested stock options granted under the 2018 Plan and 2021 Plan, which is expected to be recognized over a weighted average period of 1.6 years.

Employee Stock Purchase Plan

In March 2021, the Company adopted the Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The ESPP was adopted by the Company’s Board of Directors and stockholders in March 2021. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 1,237,000 shares of common stock. The Company has not yet commenced offerings to employees under the ESPP.

Commitments and Contingencies - Net Carrying Amount of the Liability Component of the Loan (Details) - Secured Mortgage Loan - Loans Payable - USD ($)	Sep. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Principal amount	$ 82,838,000	$ 52,100,000
Unamortized debt issuance cost	(1,660,000)
Net carrying amount	$ 81,178,000

- 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.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Equity	9 Months Ended
Equity	Sep. 30, 2023
Equity [Abstract]
Equity	Equity Common Stock Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and if declared by the Board of Directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No cash dividends have been declared by the Board of Directors from inception. As of both September 30, 2023 and December 31, 2022, the Company had outstanding 130,079,097 shares of common stock. Preferred Stock ActivityThe Company’s current amended and restated certificate of incorporation authorizes the Company to issue up to 10,000,000 shares of preferred stock at $0.000001 par value per share. The Board of Directors is authorized to provide for the issuance of the preferred stock in one or more series, and to fix the number of shares and to determine or alter for each such series, such voting powers, full or limited, or no voting powers, and such designation, preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions thereof, as shall be stated and expressed in subsequent resolution or resolutions adopted by the board providing for the issuance of such shares. As of September 30, 2023 and December 31, 2022, there were no shares of preferred stock issued nor outstanding.

- Definition

The entire disclosure for equity.

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+ Details

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Instil Bio, Inc. (the “Company”) is headquartered in Dallas, Texas and was incorporated in the state of Delaware in August 2018. The Company is a clinical-stage biopharmaceutical company focused on developing an innovative cell therapy pipeline of autologous tumor infiltrating lymphocyte (“TIL”) therapies for the treatment of patients with cancer. Principal operations commenced during the first quarter of 2019 when the Company in-licensed its foundational TIL technology. In December 2022, the Company’s Board of Directors approved a restructuring plan (the “2022 Plan”) to implement a strategic prioritization of the Company’s preclinical and clinical development programs. As part of the restructuring plan, the Company’s ITIL-168 development program was discontinued and the Company prioritized the clinical development of its first CoStAR-TIL candidate, ITIL-306. On January 30, 2023, the Company’s Board of Directors approved an expansion of the 2022 Plan (the “2023 Plan” and, together with the 2022 Plan, the “Plan”), and the Company transitioned clinical manufacturing and trial operations of ITIL-306 to its operations in the United Kingdom (see Note 10 for more 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 accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the results of its cash flows for the nine months ended September 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2023 and 2022 are also unaudited. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other periods, or any future year period. The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023.
Segments	Segments Operating segments are identified as components of an entity for which separate discrete financial information is available and that is regularly reviewed by the chief operating decision-maker in deciding how to allocate resources to an individual segment and in assessing performance. The Company has determined it operates in a single operating segment and has one operating segment.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents, Restricted Cash and Marketable Securities The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents include amounts invested in money market accounts. Restricted cash consists of a cash reserve which serves as collateral for the Company’s construction loan and is classified within Prepaid expenses and other current assets on the condensed consolidated balance sheet as of September 30, 2023. The Company did not have restricted cash on the consolidated balance sheet as of December 31, 2022.
Marketable Securities	The Company’s short-term marketable securities have original maturities of less than a year at date of purchase. The Company classifies and accounts for marketable securities as available-for-sale securities, which are carried at their fair values based on the quoted market prices of the securities. Unrealized gains and losses are reported as accumulated other comprehensive income (loss). Realized gains and losses on available-for-sale securities are included in net loss in the period earned or incurred. As of September 30, 2023 and December 31, 2022, marketable securities consisted of U.S. Treasury bills. Short-term marketable securities are recorded at their estimated fair value. The Company periodically reviews whether its securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company will record an impairment loss associated with its impaired investment. The impairment loss will be recorded as a write-down of investments in the condensed consolidated balance sheets and a realized loss within other expense in the condensed consolidated statements of operations and comprehensive loss.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset over its remaining useful life. If such assets are impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. If the useful life is shorter than originally estimated, the Company depreciates or amortizes the remaining carrying value over the revised shorter useful life. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less costs to sell. To date, the Company has recorded impairment losses on long-lived assets associated with a sustained decrease in the Company’s stock price and the restructuring plan implemented on December 2, 2022 for a strategic prioritization of the Company’s preclinical and clinical development programs. The Company recognized a non-cash impairment charge of nil and $2.6 million during the three and nine months ended September 30, 2023, respectively, for leasehold improvements and $41.5 million during the three and nine months ended September 30, 2023 relating to real estate. The impairment charge was recorded in the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges.” See Notes 3, 6 and 10 for more information.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Secured Mortgage Loan \| Level 2 \| Loans Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of loan	$ 70.6

Financial Instruments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

Marketable securities classified as available-for-sale on September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023
	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	174,602	$	—	$	(287)	$	174,315


	December 31, 2022
	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	217,669	$	—	$	(465)	$	217,204

As of September 30, 2023 and December 31, 2022, all marketable securities had contractual maturities less than one year; marketable securities with maturities greater than one year are classified as current because

management considers all marketable securities to be available for current operations. The Company does not intend to sell its marketable securities and it is not likely that the Company will be required to sell these securities before recovery of their amortized cost bases.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (143,162)	$ (169,333)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	13,613	23,798
Non-cash lease expense	610	1,292
Foreign exchange remeasurement (gain) loss	(147)	2,768
Impairment of fixed assets	60,088	0
Impairment of right-of-use assets	7,724	0
Change in fair value of contingent consideration	(41)	(691)
Depreciation	3,720	3,888
Accretion on invested securities	(4,716)	(979)
Non-cash interest expense	762	596
Change in fair value of derivative instrument	528	(810)
Loss on disposals of property and equipment	338	240
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,082)	(2,168)
Other long-term assets	275	(2,076)
Accounts payable	(652)	683
Operating lease liabilities	(1,198)	(225)
Long term liabilities	(12)	0
Accrued restructuring costs	(2,246)	0
Accrued expenses and other current liabilities	(3,050)	(171)
Net cash used in operating activities	(68,648)	(143,188)
Cash flows from investing activities:
Purchase of marketable securities	(250,517)	(556,510)
Maturities of marketable securities	298,300	711,000
Purchases of property, plant and equipment	(20,605)	(71,577)
Purchase of derivative financial instrument	0	(1,174)
Net cash provided by investing activities	27,178	81,739
Cash flows from financing activities:
Principal payments on loan	(587)	0
Proceeds from exercise of stock options	0	1,172
Proceeds from note payable	8,669	64,512
Net cash provided by financing activities	8,082	65,684
Net (decrease) increase in cash, cash equivalents and restricted cash	(33,388)	4,235
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(182)	(707)
Cash, cash equivalents and restricted cash—beginning of period	43,716	38,090
Cash, cash equivalents and restricted cash—end of period	10,146	41,618
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	4,908	554
Supplemental disclosure of noncash information:
Purchases of property, plant and equipment in accounts payable and accrued expenses and other current liabilities	$ 67	$ 15,033

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss per Share

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


	September 30,
	2023	2022
Stock options to purchase common stock	17,384,662	23,376,213

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the results of its cash flows for the nine months ended September 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2023 and 2022 are also unaudited. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other periods, or any future year period. The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023.

Segments

Operating segments are identified as components of an entity for which separate discrete financial information is available and that is regularly reviewed by the chief operating decision-maker in deciding how to allocate resources to an individual segment and in assessing performance. The Company has determined it operates in a single operating segment and has one operating segment.

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents include amounts invested in money market accounts.

Restricted cash consists of a cash reserve which serves as collateral for the Company’s construction loan and is classified within Prepaid expenses and other current assets on the condensed consolidated balance sheet as of September 30, 2023. The Company did not have restricted cash on the consolidated balance sheet as of December 31, 2022.

The Company’s short-term marketable securities have original maturities of less than a year at date of purchase. The Company classifies and accounts for marketable securities as available-for-sale securities, which are carried at their fair values based on the quoted market prices of the securities. Unrealized gains and losses are reported as accumulated other comprehensive income (loss). Realized gains and losses on available-for-sale securities are included in net loss in the period earned or incurred. As of September 30, 2023 and December 31, 2022, marketable securities consisted of U.S. Treasury bills.

Short-term marketable securities are recorded at their estimated fair value. The Company periodically reviews whether its securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company will record an impairment loss associated with its impaired investment. The impairment loss will be recorded as a write-down of investments in the condensed consolidated balance sheets and a realized loss within other expense in the condensed consolidated statements of operations and comprehensive loss.

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


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	9,133	$	43,716
Restricted cash	1,013		—
Cash, cash equivalents and restricted cash	$	10,146	$	43,716

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to avail itself of this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Assets Held for Sale

The Company classifies long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal group; the sale of the asset or

disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company’s control extend the period of time required to sell the asset or disposal group beyond one year; the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan to sell have been initiated.

The Company initially measures a long-lived asset or disposal group that is held for sale at the lower of its carrying value less any costs to sell. Fair value is estimated by the Company through evaluations of quoted market prices received for other comparable held for sale assets sold by the Company. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. The Company assesses the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets in the line item "assets held for sale" in its condensed consolidated balance sheet. Refer to Notes 3 and 10.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset over its remaining useful life. If such assets are impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. If the useful life is shorter than originally estimated, the Company depreciates or amortizes the remaining carrying value over the revised shorter useful life. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less costs to sell. To date, the Company has recorded impairment losses on long-lived assets associated with a sustained decrease in the Company’s stock price and the restructuring plan implemented on December 2, 2022 for a strategic prioritization of the Company’s preclinical and clinical development programs. The Company recognized a non-cash impairment charge of nil and $2.6 million during the three and nine months ended September 30, 2023, respectively, for leasehold improvements and $41.5 million during the three and nine months ended September 30, 2023 relating to real estate. The impairment charge was recorded in the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges.” See Notes 3, 6 and 10 for more information.

Recent Accounting Pronouncements Adopted

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements.

Commitments and Contingencies - Future Minimum Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023 (remaining three months)	$ 564
2024	1,978
2025	1,810
2026	1,218
Total future lease payments	5,570
Less: imputed interest	488
Total lease liability balance	5,082
Less: current portion of operating lease liabilities	1,796	$ 2,381
Total operating lease liabilities, non-current	$ 3,286	$ 5,171

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	11,797,896
Shares authorized (in shares)	12,854,437
Unrecognized compensation cost	$ 28.6
Stock options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period	1 year 7 months 6 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)		1,237,000

- 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

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+ Details

Corporate Restructuring Plan

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Corporate Restructuring Plan

In December 2022, the Company’s Board of Directors approved the 2022 Plan to implement a strategic prioritization of the Company’s preclinical and clinical development programs. The 2022 Plan is designed to reduce costs and reallocate resources to focus on advancing the Company’s CoStimulatory Antigen Receptor (CoStAR) platform and other next-generation tumor infiltrating lymphocyte (TIL) technologies. As part of the 2022 Plan, the Company’s ITIL-168 development program was discontinued, and the Company reduced its U.S. workforce by approximately 60% and its U.K. workforce by approximately 40% as of December 31, 2022.

On January 30, 2023, the Company’s Board of Directors approved the 2023 Plan implementing a strategic prioritization of the Company’s preclinical and clinical development programs. In connection with the expanded restructuring plan, the Company extended its previously announced U.S. reduction in force, resulting in a team of approximately 15 in the United States to lead global business operations. The reduction was completed in April 2023, resulting in a reduced U.S. workforce by approximately 96% and U.K. workforce by approximately 42%. The 2023 Plan is designed to reduce operating expenses, which is expected to preserve financial resources and extend the Company’s cash runway beyond 2026. In connection with the 2023 Plan, the Company has transitioned clinical manufacturing and trial operations of ITIL-306 to its operations in the United Kingdom. In addition, the Company is evaluating opportunities for a potential sale or lease of its Tarzana, California manufacturing site, as well as subleases of other facilities currently under lease.

Restructuring and Impairment Charges

As a result of the Plan, the Company recorded charges of approximately $46.3 million and $71.8 million, within the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges” for the three and nine months ended September 30, 2023, respectively.

The following table summarizes the restructuring and impairment charges by category for the Plan for the periods presented (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Asset impairment for leasehold improvements	$	—	$	2,644
One-time employee termination benefits	41		1,816
Building and construction work in progress impairment	41,542		41,542
Contract terminations	—		1,888
Right-of-use asset impairment	128		7,724
Impairment of long-lived assets held for sale	4,572		16,233
Total restructuring and impairment charges	$	46,283	$	71,847

Restructuring Liability

The restructuring liability was recorded in the condensed consolidated balance sheets under “Accrued expenses and other current liabilities” and was initially measured at the amount expected to be paid. The following table shows the liability related to the Plan (in thousands):


	Employee Benefits		Contract Terminations		Total
Restructuring liability as of December 31, 2022	$	2,995	$	2,439	$	5,434
Payments	(4,543)		(893)		(5,436)
Adjustments	1,699		1,491		3,190
Total restructuring liability as of September 30, 2023	$	151	$	3,037	$	3,188

The Company currently estimates that it will incur additional charges of up to $2.5 million in connection with the Plan, consisting primarily of cash expenditures for retention bonus payments, contract terminations and related costs, excluding non-cash expenses related to vesting of share-based awards and any charges or costs associated with any potential sale of its facilities and subsequent asset impairments, if any. The Company may incur additional costs associated with the 2023 Plan. The Company expects all material restructuring charges to be incurred before the end of 2023 and retention bonuses to be paid before the end of 2024.

The charges that the Company expects to incur in connection with the 2023 Plan are estimates and subject to a number of assumptions, and actual results may differ materially. The foregoing estimated amounts do not include any non-cash charges associated with stock-based compensation.

Corporate Restructuring Plan - Restructuring Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, balance at beginning of period	$ 5,434
Restructuring liability, balance at end of period	3,188
2023 Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, balance at beginning of period	5,434
Payments	(5,436)
Adjustments	3,190
Restructuring liability, balance at end of period	3,188
Employee Benefits \| 2023 Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, balance at beginning of period	2,995
Payments	(4,543)
Adjustments	1,699
Restructuring liability, balance at end of period	151
Contract Terminations \| 2023 Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, balance at beginning of period	2,439
Payments	(893)
Adjustments	1,491
Restructuring liability, balance at end of period	$ 3,037

Balance Sheet Components - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 145,728	$ 205,364
Less: accumulated depreciation	(6,293)	(8,484)
Total property, plant and equipment, net	139,435	196,880
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	31,243	31,243
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	7,936	19,050
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	23,198	32,778
Office and computer equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	818	4,969
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	1,365	4,340
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	1,933	8,803
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	0	64
Construction work-in-progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 79,235	$ 104,117

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		129,028,278
Beginning balance at Dec. 31, 2021	$ 555,199	$ 0	$ 757,003	$ (87)	$ (201,717)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of common stock issued in connection with incentive stock plan (in shares)		189,638
Shares of common stock issued in connection with incentive stock plan	338		338
Stock-based compensation	7,493		7,493
Net loss	(54,117)				(54,117)
Other comprehensive income (loss)	(354)			(354)
Ending balance (in shares) at Mar. 31, 2022		129,217,916
Ending balance at Mar. 31, 2022	508,559	$ 0	764,834	(441)	(255,834)
Beginning balance (in shares) at Dec. 31, 2021		129,028,278
Beginning balance at Dec. 31, 2021	555,199	$ 0	757,003	(87)	(201,717)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(169,333)
Ending balance (in shares) at Sep. 30, 2022		129,753,672
Ending balance at Sep. 30, 2022	410,588	$ 0	781,973	(335)	(371,050)
Beginning balance (in shares) at Mar. 31, 2022		129,217,916
Beginning balance at Mar. 31, 2022	508,559	$ 0	764,834	(441)	(255,834)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of common stock issued in connection with incentive stock plan (in shares)		332,381
Shares of common stock issued in connection with incentive stock plan	565		565
Stock-based compensation	8,316		8,316
Net loss	(58,992)				(58,992)
Other comprehensive income (loss)	(116)			(116)
Ending balance (in shares) at Jun. 30, 2022		129,550,297
Ending balance at Jun. 30, 2022	458,332	$ 0	773,715	(557)	(314,826)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of common stock issued in connection with incentive stock plan (in shares)		203,375
Shares of common stock issued in connection with incentive stock plan	269		269
Stock-based compensation	7,989		7,989
Net loss	(56,224)				(56,224)
Other comprehensive income (loss)	222			222
Ending balance (in shares) at Sep. 30, 2022		129,753,672
Ending balance at Sep. 30, 2022	$ 410,588	$ 0	781,973	(335)	(371,050)
Beginning balance (in shares) at Dec. 31, 2022	130,079,097	130,079,097
Beginning balance at Dec. 31, 2022	$ 363,605	$ 0	788,992	(493)	(424,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,530		4,530
Net loss	(57,068)				(57,068)
Other comprehensive income (loss)	87			87
Ending balance (in shares) at Mar. 31, 2023		130,079,097
Ending balance at Mar. 31, 2023	$ 311,154	$ 0	793,522	(406)	(481,962)
Beginning balance (in shares) at Dec. 31, 2022	130,079,097	130,079,097
Beginning balance at Dec. 31, 2022	$ 363,605	$ 0	788,992	(493)	(424,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (143,162)
Ending balance (in shares) at Sep. 30, 2023	130,079,097	130,079,097
Ending balance at Sep. 30, 2023	$ 234,024	$ 0	802,605	(525)	(568,056)
Beginning balance (in shares) at Mar. 31, 2023		130,079,097
Beginning balance at Mar. 31, 2023	311,154	$ 0	793,522	(406)	(481,962)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,413		4,413
Net loss	(18,662)				(18,662)
Other comprehensive income (loss)	(389)			(389)
Ending balance (in shares) at Jun. 30, 2023		130,079,097
Ending balance at Jun. 30, 2023	296,516	$ 0	797,935	(795)	(500,624)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,670		4,670
Net loss	(67,432)			0	(67,432)
Other comprehensive income (loss)	$ 270			270
Ending balance (in shares) at Sep. 30, 2023	130,079,097	130,079,097
Ending balance at Sep. 30, 2023	$ 234,024	$ 0	$ 802,605	$ (525)	$ (568,056)

- Definition

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

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-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 9,133	$ 43,716
Marketable securities	174,315	217,204
Prepaid expenses and other current assets	10,582	8,458
Assets held for sale	1,600	0
Total current assets	195,630	269,378
Property, plant and equipment, net	139,435	196,880
Operating lease right-of-use assets	2,672	12,457
Other long-term assets	2,535	3,413
Total assets	340,272	482,128
Current liabilities:
Accounts payable	1,645	2,359
Accrued expenses and other current liabilities	11,822	30,069
Contingent consideration, current portion	0	360
Total current liabilities	13,467	32,788
Contingent consideration, net of current portion	8,202	7,882
Operating lease liabilities, non-current	3,286	5,171
Loan payable	81,178	72,350
Other long-term liabilities	115	332
Total liabilities	106,248	118,523
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, par value $0.000001 per share; 10,000,000 shares authorized; zero shares issued and outstanding as of September 30, 2023, and December 31, 2022	0	0
Common stock, par value $0.000001 per share; 300,000,000 shares authorized; 130,079,097 shares issued and outstanding as of September 30, 2023, and December 31, 2022	0	0
Additional paid-in capital	802,605	788,992
Accumulated other comprehensive loss	(525)	(493)
Accumulated deficit	(568,056)	(424,894)
Total stockholders’ equity	234,024	363,605
Total liabilities and stockholders’ equity	$ 340,272	$ 482,128

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Lease termination agreement, amount	$ 400,000	$ 400,000
Impairment (gain) loss	100,000	7,200,000
Contract Terminations \| Restructuring Plan
Lessee, Lease, Description [Line Items]
Restructuring charges	0	1,888,000
Non Cancelable Purchase Commitments with Contract Research Organizations \| Contract Terminations \| Restructuring Plan
Lessee, Lease, Description [Line Items]
Restructuring charges		3,000,000
Secured Mortgage Loan \| Loans Payable
Lessee, Lease, Description [Line Items]
Initial principal amount	82,838,000	82,838,000		$ 52,100,000
Debt issuance costs	1,660,000	1,660,000
Covenant, minimum net worth	$ 85,000,000	$ 85,000,000	$ 85,000,000
Secured Mortgage Loan \| Loans Payable \| SOFR
Lessee, Lease, Description [Line Items]
Basis interest		5.25%
Minimum
Lessee, Lease, Description [Line Items]
Original lease terms	2 years	2 years
Maximum
Lessee, Lease, Description [Line Items]
Original lease terms	5 years	5 years
Maximum \| Secured Mortgage Loan \| Loans Payable
Lessee, Lease, Description [Line Items]
Additional future principal (upto)				$ 32,900,000

Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Property, Plant and Equipment, Net

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


	September 30, 2023		December 31, 2022
Land	$	31,243	$	31,243
Laboratory equipment	7,936		19,050
Buildings	23,198		32,778
Office and computer equipment	818		4,969
Leasehold improvements	1,365		4,340
Manufacturing equipment	1,933		8,803
Vehicles	—		64
Construction work-in-progress	79,235		104,117
Total property, plant and equipment, gross	145,728		205,364
Less: accumulated depreciation	(6,293)		(8,484)
Total property, plant and equipment, net	$	139,435	$	196,880

Depreciation expense was $1.0 million and $1.9 million for the three months ended September 30, 2023 and 2022, respectively, and was $3.7 million and $3.9 million for the nine months ended September 30, 2023 and 2022, respectively.

The Company did not capitalize interest related to qualifying expenditures for construction work-in-progress for its commercial manufacturing facility during the three months ended September 30, 2023, because construction was substantially complete and is waiting for final certificate of occupancy from the city of Los Angeles, and capitalized $0.4 million for the three months ended September 30, 2022. During the nine months ended September 30, 2023 and 2022, the Company capitalized $2.4 million and $0.4 million, respectively, of interest related to qualifying expenditures for construction work-in-progress for its commercial manufacturing facility.

During the three months ended September 30, 2023, the Company determined there were indicators of impairment on its buildings and construction work-in-progress asset groups. As a result, the Company performed recoverability tests on these groups and concluded these assets’ undiscounted cash flows did not exceed their carrying values. The Company estimates the fair value of its buildings through a combination of an income-based approach and a market-based approach. The income-based approach is dependent on specific assumptions such as market rental rates, capitalization rates and discount rates. The market-based approach utilizes observable data, such as comparable building sales and occupancy rates. The fair value of its buildings were determined to be $132.5 million, below the carrying value of $174.0 million. This led to an impairment of $41.5 million recognized in the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges.” The fair value of these assets is classified within Level 2 of the fair value hierarchy.

As of September 30, 2023, the Company had $1.6 million in assets on the condensed consolidated balance sheet meeting the criteria of held for sale. These assets are recognized at the lower of cost or fair value less costs to sell using a market approach. The fair values of these assets are classified as Level 3 in the fair value hierarchy due to a mix of unobservable inputs utilized such as independent research in the market as well as actual quotes from market participants. As a result, during the three and nine months ended September 30, 2023, the Company recognized $4.6 million and $16.2 million in impairment charges, respectively, which are recognized in the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges.”

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Accrued construction costs	$	60	$	12,359
Accrued compensation and benefits	3,294		3,273
Accrued operational expenses	1,387		2,203
Accrued restructuring costs	3,188		5,434
Accrued research, development and clinical trial expenses	1,773		3,827
Operating lease liabilities, current	1,796		2,381
Other current liabilities	324		592
Total accrued expenses and other current liabilities	$	11,822	$	30,069

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Lease Obligations

The Company currently leases office spaces and laboratory spaces located in Greater Los Angeles, California, Dallas, Texas, and the United Kingdom. The Company’s leased facilities have original lease terms ranging from 2 to 5 years that predominately require the Company to provide a security deposit, while certain leases provide the right for the Company to renew the lease upon the expiration of the initial lease term, and various leases have scheduled rent increases on an annual basis. The exercise of lease renewal options for the Company’s existing leases is at the Company’s sole discretion, and not included in the measurement of right of use asset or lease liability as they are not reasonably certain to be exercised. Certain leases provide free rent, or tenant improvement allowances, of which certain of these improvements have been classified as leasehold improvements and are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the lease, while other tenant improvements incurred by the Company revert to the landlord at the expiration of the lease and are not assets on the Company’s condensed consolidated balance sheets.

Information related to the Company’s operating right of use assets and related lease liability was as follows (in thousands, except for years and percentages):

The Company’s lease costs consist of the following (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Operating lease cost	$	351	$	1,867
Variable lease cost	234		906
Total lease cost	$	585	$	2,773

The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Cash paid for operating lease liabilities	$	491	$	1,806

The following table summarizes the Company’s lease assets and liabilities (in thousands):


	As of September 30, 2023
Operating lease right-of-use assets	$	2,672
Current operating lease liabilities	$	1,796
Non-current operating lease liabilities	$	3,286

The following table summarizes other supplemental information related to the Company’s lease obligations:


	As of September 30, 2023
Weighted-average remaining lease term (in years)	2.8
Weighted-average discount rate	6.75	%

Future minimum lease payments under operating lease liabilities were (in thousands):


	As of September 30, 2023
2023 (remaining three months)	$	564
2024	1,978
2025	1,810
2026	1,218
Total future lease payments	5,570
Less: imputed interest	488
Total lease liability balance	5,082
Less: current portion of operating lease liabilities	1,796
Total operating lease liabilities, non-current	$	3,286

During the nine months ended September 30, 2023, the Company entered into lease termination agreements for several office and laboratory spaces located in the United States as a part of the Plan. As consideration for the terminations, the Company agreed to pay certain landlord’s termination fees of approximately $0.4 million, which was paid during the nine months ended September 30, 2023, recorded in the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges” (see Note 10).

During the nine months ended September 30, 2023, the Company evaluated its remaining right-of-use assets for impairment, as the Plan has resulted in a cessation of use for several locations. The Company determined these assets were impaired, and recognized an impairment loss of $0.1 million for the three months ended September 30, 2023 and an impairment loss of $7.2 million for the nine months ended September 30, 2023, which are recorded in the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges” (see Note 10).

Legal Proceedings

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position, results of operations or cash flows.

Debt

In June 2022, the Company’s wholly owned subsidiary, Complex Therapeutics Mezzanine LLC, and the Company’s wholly owned indirect subsidiary, Complex Therapeutics LLC, entered into a mortgage construction loan and mezzanine construction loan (together, the “Loan”) secured by its Tarzana, California land and building (the “Property”) which is substantially complete and is waiting for final certificate of occupancy from the city of Los Angeles. The initial principal amount of the Loan was $52.1 million, with additional future principal of up to $32.9 million to fund ongoing Property construction costs. The Loan principal is payable in July 2025, with the option to extend until July 2027. As of September 30, 2023, the outstanding principal amount under the Loan was $82.8 million and unamortized debt issuance costs were $1.7 million. The Loan is guaranteed by the Company and

secured by the Property, and bears interest at one-month Secured Overnight Financing Rate, plus 5.25% per annum. The Company did not capitalize interest during the quarter ended September 30, 2023 as the building was substantially complete. The Loan contains customary negative and affirmative covenants that include limitations on the ability of the Company to enter into significant contracts and incur additional debt. The Company is also required to maintain consolidated net worth and liquid assets of at least $85.0 million as of September 30, 2023 and December 31, 2022 as defined in the loan agreement. As of September 30, 2023, the Company was in compliance with the covenants of the Loan. The Company is also required to maintain certain insurance coverage on the Property. In connection with the Loan, the Company entered into an interest rate swap to effectively limit its maximum interest rate, as discussed in Note 4.

The net carrying amount of the liability component of the Loan was as follows (in thousands):


	As of September 30, 2023
Principal amount	$	82,838
Unamortized debt issuance cost	(1,660)
Net carrying amount	$	81,178

The following table sets forth the interest expense recognized related to the Loan (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Contractual interest expense	$	1,754	$	2,482
Amortization of debt issuance cost	249		747
Total interest expense related to the Loan	$	2,003	$	3,229

Other Commitments

In the normal course of business, we enter into contracts and various purchase agreements commitments with third-party vendors for clinical research services, products and other services from third parties for operating purposes. These agreements generally provide for termination or cancellation, other than for costs already incurred. As of September 30, 2023, the Company recorded a $3.0 million liability for contract terminations as part of the Plan (see Note 10).

Commitments and Contingencies

Operating Lease Obligations

Information related to the Company’s operating right of use assets and related lease liability was as follows (in thousands, except for years and percentages):

The Company’s lease costs consist of the following (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Operating lease cost	$	351	$	1,867
Variable lease cost	234		906
Total lease cost	$	585	$	2,773

The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Cash paid for operating lease liabilities	$	491	$	1,806

The following table summarizes the Company’s lease assets and liabilities (in thousands):


	As of September 30, 2023
Operating lease right-of-use assets	$	2,672
Current operating lease liabilities	$	1,796
Non-current operating lease liabilities	$	3,286

The following table summarizes other supplemental information related to the Company’s lease obligations:


	As of September 30, 2023
Weighted-average remaining lease term (in years)	2.8
Weighted-average discount rate	6.75	%

Future minimum lease payments under operating lease liabilities were (in thousands):


	As of September 30, 2023
2023 (remaining three months)	$	564
2024	1,978
2025	1,810
2026	1,218
Total future lease payments	5,570
Less: imputed interest	488
Total lease liability balance	5,082
Less: current portion of operating lease liabilities	1,796
Total operating lease liabilities, non-current	$	3,286

Legal Proceedings

Debt

The net carrying amount of the liability component of the Loan was as follows (in thousands):


	As of September 30, 2023
Principal amount	$	82,838
Unamortized debt issuance cost	(1,660)
Net carrying amount	$	81,178

The following table sets forth the interest expense recognized related to the Loan (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Contractual interest expense	$	1,754	$	2,482
Amortization of debt issuance cost	249		747
Total interest expense related to the Loan	$	2,003	$	3,229

Other Commitments

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued construction costs	$ 60	$ 12,359
Accrued compensation and benefits	3,294	3,273
Accrued operational expenses	1,387	2,203
Accrued restructuring costs	3,188	5,434
Accrued research, development and clinical trial expenses	1,773	3,827
Operating lease liabilities, current	1,796	2,381
Other current liabilities	324	592
Total accrued expenses and other current liabilities	$ 11,822	$ 30,069
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities

Net Loss Per Share (Details) - shares	9 Months Ended
Net Loss Per Share (Details) - shares	Sep. 30, 2023	Sep. 30, 2022
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	17,384,662	23,376,213

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	9,133	$	43,716
Restricted cash	1,013		—
Cash, cash equivalents and restricted cash	$	10,146	$	43,716

Schedule of Cash, Cash Equivalents and Restricted Cash


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	9,133	$	43,716
Restricted cash	1,013		—
Cash, cash equivalents and restricted cash	$	10,146	$	43,716

Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
U.S. Treasury bills
Financial Assets
U.S. Treasury bills	$ 174,315	$ 217,204
Fair Value, Recurring
Financial Assets
Derivative financial instrument	1,674	2,202
Total	182,851	242,236
Financial Liabilities
Contingent consideration	8,202	8,242
Fair Value, Recurring \| U.S. Treasury bills
Financial Assets
U.S. Treasury bills	174,315	217,204
Level 1 \| Fair Value, Recurring
Financial Assets
Derivative financial instrument	0	0
Total	6,862	22,830
Financial Liabilities
Contingent consideration	0	0
Level 1 \| Fair Value, Recurring \| U.S. Treasury bills
Financial Assets
U.S. Treasury bills	0	0
Level 2 \| Fair Value, Recurring
Financial Assets
Derivative financial instrument	1,674	2,202
Total	175,989	219,406
Financial Liabilities
Contingent consideration	0	0
Level 2 \| Fair Value, Recurring \| U.S. Treasury bills
Financial Assets
U.S. Treasury bills	174,315	217,204
Level 3 \| Fair Value, Recurring
Financial Assets
Derivative financial instrument	0	0
Total	0	0
Financial Liabilities
Contingent consideration	8,202	8,242
Level 3 \| Fair Value, Recurring \| U.S. Treasury bills
Financial Assets
U.S. Treasury bills	0	0
Money market funds \| Fair Value, Recurring
Financial Assets
Money market funds	6,862	22,830
Money market funds \| Level 1 \| Fair Value, Recurring
Financial Assets
Money market funds	6,862	22,830
Money market funds \| Level 2 \| Fair Value, Recurring
Financial Assets
Money market funds	0	0
Money market funds \| Level 3 \| Fair Value, Recurring
Financial Assets
Money market funds	$ 0	$ 0

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,133	$ 43,716
Restricted cash	1,013	0
Cash, cash equivalents and restricted cash	$ 10,146	$ 43,716	$ 41,618	$ 38,090

Financial Instruments - Schedule of Investments (Details) - U.S. Treasury bills - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 174,602	$ 217,669
Unrealized Gains	0	0
Unrealized Losses	(287)	(465)
Fair Value	$ 174,315	$ 217,204

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	130,079,097	130,079,097
Common stock, shares outstanding (in shares)	130,079,097	130,079,097

Corporate Restructuring Plan (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Total Amount Expected to be Incurred and Liability

The following table summarizes the restructuring and impairment charges by category for the Plan for the periods presented (in thousands):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Asset impairment for leasehold improvements	$	—	$	2,644
One-time employee termination benefits	41		1,816
Building and construction work in progress impairment	41,542		41,542
Contract terminations	—		1,888
Right-of-use asset impairment	128		7,724
Impairment of long-lived assets held for sale	4,572		16,233
Total restructuring and impairment charges	$	46,283	$	71,847

Schedule of Realignment Non-cash Charges

The following table shows the liability related to the Plan (in thousands):


	Employee Benefits		Contract Terminations		Total
Restructuring liability as of December 31, 2022	$	2,995	$	2,439	$	5,434
Payments	(4,543)		(893)		(5,436)
Adjustments	1,699		1,491		3,190
Total restructuring liability as of September 30, 2023	$	151	$	3,037	$	3,188

Commitments and Contingencies - Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 351	$ 1,867
Variable lease cost	234	906
Total lease cost	585	2,773
Cash paid for operating lease liabilities	491	1,806
Operating lease right-of-use assets	2,672	2,672	$ 12,457
Current operating lease liabilities	1,796	1,796	2,381
Non-current operating lease liabilities	$ 3,286	$ 3,286	$ 5,171
Weighted-average remaining lease term (in years)	2 years 9 months 18 days	2 years 9 months 18 days
Weighted-average discount rate	6.75%	6.75%

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities classified as available-for-sale on September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023
	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	174,602	$	—	$	(287)	$	174,315


	December 31, 2022
	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	217,669	$	—	$	(465)	$	217,204

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Corporate Restructuring Plan - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Apr. 30, 2023	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022	Jan. 30, 2023 operation
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 46,283		$ 0	$ 71,847	$ 0
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Number of business operations \| operation							15
Restructuring and impairment charges	46,283			71,847
Expected restructuring costs remaining	$ 2,500			$ 2,500
US \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reductions percentage		96.00%				60.00%
UK \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reductions percentage		42.00%				40.00%

- 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

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) segment
Accounting Policies [Abstract]
Number of segments \| segment		1
Impairment of long lived asset held for use	$ 0	$ 2,600,000
Impairment of real estate property	$ 41,500,000	$ 41,500,000

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

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


	September 30,
	2023	2022
Stock options to purchase common stock	17,384,662	23,376,213

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring and nonrecurring basis:


	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	6,862	$	—	$	—	$	6,862
U.S. Treasury bills	—		174,315		—		174,315
Derivative financial instrument	—		1,674		—		1,674
Total	$	6,862	$	175,989	$	—	$	182,851
Financial Liabilities
Contingent consideration	$	—	$	—	$	8,202	$	8,202

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	22,830	$	—	$	—	$	22,830
U.S. Treasury bills	—		217,204		—		217,204
Derivative financial instrument	—		2,202		—		2,202
Total	$	22,830	$	219,406	$	—	$	242,236
Financial Liabilities
Contingent consideration	$	—	$	—	$	8,242	$	8,242

Corporate Restructuring Plan - Restructuring and Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Right-of-use asset impairment			$ 7,724	$ 0
Total restructuring and impairment charges	$ 46,283	$ 0	71,847	$ 0
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Right-of-use asset impairment	128		7,724
Impairment of long-lived assets held for sale	4,572		16,233
Total restructuring and impairment charges	46,283		71,847
Restructuring Plan \| One-time employee termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	41		1,816
Restructuring Plan \| Contract Terminations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		1,888
Asset impairment for leasehold improvements \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges	0		2,644
Building and construction work in progress impairment \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges	$ 41,542		$ 41,542

Fair Value Measurement

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

The fair value of cash and cash equivalents approximates carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of less than three months at the time of purchase. Cash and cash equivalents are quoted market prices in active markets for identical assets and are therefore classified as Level 1 assets. Money market funds are open-end mutual funds that invest in cash, government securities, and/or repurchase agreements that are collateralized fully. To the extent that these funds are valued based upon the reported net asset value, they are categorized in Level 1 of the fair value hierarchy.

Short-term marketable securities comprised U.S. Treasury bills that are classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term.

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring and nonrecurring basis:


	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	6,862	$	—	$	—	$	6,862
U.S. Treasury bills	—		174,315		—		174,315
Derivative financial instrument	—		1,674		—		1,674
Total	$	6,862	$	175,989	$	—	$	182,851
Financial Liabilities
Contingent consideration	$	—	$	—	$	8,202	$	8,202

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	22,830	$	—	$	—	$	22,830
U.S. Treasury bills	—		217,204		—		217,204
Derivative financial instrument	—		2,202		—		2,202
Total	$	22,830	$	219,406	$	—	$	242,236
Financial Liabilities
Contingent consideration	$	—	$	—	$	8,242	$	8,242

There were no transfers in or out of Level 1, 2 and 3 measurements for the nine months ended September 30, 2023 and the year ended December 31, 2022. As of September 30, 2023 and December 31, 2022, there were no securities within Level 3 of the fair value hierarchy. The derivative financial instrument above relates to the interest rate swap discussed in Note 6, and is included in other long-term assets in the condensed consolidated balance sheets.

As of September 30, 2023, the fair value of the Company’s Loan (as defined in Note 6) was $70.6 million. The fair value was determined on the basis of its net present value and is considered Level 2 in the fair value hierarchy.

- 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

Commitments and Contingencies - Interest Expense Related to the Loan (Details) - Secured Mortgage Loan - Loans Payable - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Interest Expense Related to the Loan [Line Items]
Contractual interest expense	$ 1,754	$ 2,482
Amortization of debt issuance cost	249	747
Total interest expense related to the Loan	$ 2,003	$ 3,229

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 09, 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	001-40215
Entity Registrant Name	Instil Bio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2072195
Entity Address, Address Line One	3963 Maple Avenue, Suite 350
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75219
City Area Code	972
Local Phone Number	499-3350
Title of 12(b) Security	Common Stock, $0.000001 par value per share
Trading Symbol	TIL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,079,097
Amendment Flag	false
Entity Central Index Key	0001789769
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,000,000	$ 1,900,000	$ 3,700,000	$ 3,900,000
Carrying value	145,728,000		145,728,000		$ 205,364,000
Impairment recognized			60,088,000	0
Assets held-for-sale, not part of disposal group	1,600,000		1,600,000
Restructuring and impairment charges	$ 46,283,000	0	71,847,000	0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring and impairment charges
Restructuring Charges
Property, Plant and Equipment [Line Items]
Restructuring and impairment charges	$ 4,600,000		16,200,000
Construction work-in-progress
Property, Plant and Equipment [Line Items]
Interest related to qualifying expenditures	0	$ 400,000	2,400,000	$ 400,000
Carrying value	79,235,000		79,235,000		104,117,000
Buildings
Property, Plant and Equipment [Line Items]
Carrying value	23,198,000		23,198,000		$ 32,778,000
Buildings and Construction in Progress
Property, Plant and Equipment [Line Items]
Fair value of long lived assets, held for use	132,500,000		132,500,000
Carrying value	174,000,000		$ 174,000,000
Buildings and Construction in Progress \| Level 2
Property, Plant and Equipment [Line Items]
Impairment recognized	$ 41,500,000

Equity (Details)	Sep. 30, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Equity [Abstract]
Common stock, votes per share \| vote	1
Common stock, shares outstanding (in shares)	130,079,097	130,079,097
Preferred stock authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.000001	$ 0.000001
Convertible preferred stock issued (in shares)	0	0

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment, Net

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


	September 30, 2023		December 31, 2022
Land	$	31,243	$	31,243
Laboratory equipment	7,936		19,050
Buildings	23,198		32,778
Office and computer equipment	818		4,969
Leasehold improvements	1,365		4,340
Manufacturing equipment	1,933		8,803
Vehicles	—		64
Construction work-in-progress	79,235		104,117
Total property, plant and equipment, gross	145,728		205,364
Less: accumulated depreciation	(6,293)		(8,484)
Total property, plant and equipment, net	$	139,435	$	196,880

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Accrued construction costs	$	60	$	12,359
Accrued compensation and benefits	3,294		3,273
Accrued operational expenses	1,387		2,203
Accrued restructuring costs	3,188		5,434
Accrued research, development and clinical trial expenses	1,773		3,827
Operating lease liabilities, current	1,796		2,381
Other current liabilities	324		592
Total accrued expenses and other current liabilities	$	11,822	$	30,069

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table sets forth stock-based compensation included in the Company’s statement of operations and comprehensive loss (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Research and development expense	$	567	$	3,094	$	999	$	9,919
General and administrative expense	4,103		4,888		12,614		13,879
Total stock-based compensation expense	$	4,670	$	7,982	$	13,613	$	23,798

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,670	$ 7,982	$ 13,613	$ 23,798
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	567	3,094	999	9,919
General and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,103	$ 4,888	$ 12,614	$ 13,879

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 8,492	$ 39,660	$ 37,621	$ 120,334
General and administrative	11,941	16,989	36,681	49,325
Restructuring and impairment charges	46,283	0	71,847	0
Total operating expenses	66,716	56,649	146,149	169,659
Loss from operations	(66,716)	(56,649)	(146,149)	(169,659)
Interest income	2,313	1,276	6,671	1,859
Interest expense	(2,003)	(807)	(3,229)	(1,138)
Other expense, net	(1,026)	(415)	(455)	(1,863)
Loss before income tax benefit	(67,432)	(56,595)	(143,162)	(170,801)
Income tax benefit	0	371	0	1,468
Net loss	(67,432)	(56,224)	(143,162)	(169,333)
Other comprehensive loss:
Foreign currency translation	231	391	(210)	580
Unrealized gain (loss) on available-for-sale securities, net	39	(169)	178	(828)
Net comprehensive loss	$ (67,162)	$ (56,002)	$ (143,194)	$ (169,581)
Net loss per share, diluted (in dollars per share)	$ (0.52)	$ (0.43)	$ (1.10)	$ (1.31)
Net loss per share, basic (in dollars per share)	$ (0.52)	$ (0.43)	$ (1.10)	$ (1.31)
Weighted-average shares used in computing net loss per share, basic (in shares)	130,079,097	129,680,217	130,079,097	129,391,225
Weighted-average shares used in computing net loss per share, diluted (in shares)	130,079,097	129,680,217	130,079,097	129,391,225