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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Registrant Name	PRECISION BIOSCIENCES INC
Entity Central Index Key	0001357874
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		50,361,705

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 116,499	$ 103,193
Accounts receivable	6,157	523
Prepaid expenses	8,299	8,913
Other current assets	6,025	3,046
Total current assets	136,980	115,675
Property, equipment, and software—net	27,908	21,147
Intangible assets—net	1,460	1,466
Other assets	453	312
Total assets	166,801	138,600
Current liabilities:
Accounts payable	5,057	2,218
Accrued expenses and other current liabilities	4,416	3,421
Convertible notes payable	52,440
Deferred revenue	9,471	8,436
Total current liabilities	71,384	14,075
Deferred revenue—noncurrent	81,722	82,807
Deferred rent—noncurrent	2,865	1,758
Total liabilities	155,971	98,640
Stockholders’ equity:
Additional paid-in capital	127,750	126,094
Accumulated deficit	(115,973)	(85,187)
Treasury stock	(952)	(952)
Total stockholders’ equity	10,830	39,960
Total liabilities and stockholders’ equity	166,801	138,600
Series A Convertible Preferred Stock
Stockholders’ equity:
Convertible preferred stock	3	3
Total stockholders’ equity	3	3
Series B Convertible Preferred Stock
Stockholders’ equity:
Convertible preferred stock	2	2
Total stockholders’ equity	$ 2	$ 2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 5,462	$ 1,528
Operating expenses:
Research and development	19,961	8,117
General and administrative	4,995	2,646
Total operating expenses	24,956	10,763
Loss from operations	(19,494)	(9,235)
Other income (expense), net:
Change in fair value of convertible note payable	(12,708)
Interest expense	(182)
Interest income	601	223
Total other income (expense), net	(12,289)	223
Net loss and net loss attributable to common stockholders	$ (31,783)	$ (9,012)
Net loss per share attributable to common stockholders-basic and diluted	$ (1.99)	$ (0.57)
Weighted average shares of common stock outstanding-basic and diluted	15,967,036	15,704,551

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance at Dec. 31, 2017	$ (26,369)	$ 3			$ 13,691	$ (39,111)	$ (952)
Beginning balance, Shares at Dec. 31, 2017		25,650,000		16,496,801
Stock option exercises	20				20
Stock option exercises, Shares				29,802
Share-based compensation expense	151				189	(38)
Net loss	(9,012)					(9,012)
Ending balance at Mar. 31, 2018	(35,210)	$ 3			13,900	(48,161)	(952)
Ending balance, Shares at Mar. 31, 2018		25,650,000		16,526,603
Beginning balance at Dec. 31, 2018	39,960	$ 3	$ 2		126,094	(85,187)	(952)
Beginning balance, Shares at Dec. 31, 2018		25,650,000	21,956,095	16,717,117
Stock option exercises	$ 107				107
Stock option exercises, Shares	145,975			145,975
Share-based compensation expense	$ 1,549				1,549
Net loss	(31,783)					(31,783)
Ending balance at Mar. 31, 2019	10,830	$ 3	$ 2		$ 127,750	(115,973)	$ (952)
Ending balance, Shares at Mar. 31, 2019		25,650,000	21,956,095	16,863,092
Adjustment to beginning accumulateddeficit from adoption of ASU2014-09	$ 997					$ 997

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (31,783)	$ (9,012)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	939	458
Share based compensation	1,549	150
Loss on disposal of assets		6
Non-cash interest expense	182
Change in fair value of convertible notes payable	12,708
Changes in operating assets and liabilities:
Prepaid expenses	613	(4,948)
Accounts receivable	(5,634)
Other assets	(141)	(25)
Accounts payable	1,481	355
Accrued expenses	(768)	(217)
Deferred revenue	947	(1,221)
Net cash used in operating activities	(19,907)	(14,454)
Cash flows from investing activities:
Purchases of property, equipment and software	(5,082)	(619)
Net cash used in investing activities	(5,082)	(619)
Cash flows from financing activities:
Proceeds from stock option exercises	107	20
Deferred offering costs	(1,362)
Issuance of convertible notes	39,550
Net cash provided by financing activities	38,295	20
Net (decrease) increase in cash and cash equivalents	13,306	(15,053)
Cash and cash equivalents—beginning of period	103,193	62,802
Cash and cash equivalents —end of period	116,499	47,749
Supplemental disclosures of noncash financing and investing activities:
Deferred offering costs included in accounts payable, accrued expenses and other current liabilities	800
Property, equipment and software additions included in accounts payable and accrued expenses and other current liabilities	$ 3,951	$ 652

Description of Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1:

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Precision BioSciences, Inc. (the “Company”) was incorporated on January 26, 2006 under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is focused on utilizing its proprietary genome editing platform to help overcome cancers, cure genetic diseases and enable the development of safer, more productive food sources.

The Company’s 100% owned subsidiary, Precision PlantSciences, Inc., was incorporated on January 4, 2012. Precision PlantSciences, Inc. amended its certificate of incorporation on January 16, 2018 to change its name to Elo Life Systems, Inc. The accompanying condensed consolidated financial statements include the accounts of the Company and Elo Life Systems, Inc. Intercompany balances and transactions have been eliminated in consolidation.

Since its inception, the Company has devoted substantially all of its efforts to research and development activities, recruiting skilled personnel, developing manufacturing processes, establishing its intellectual property portfolio and providing general and administrative support for these operations. The Company is subject to a number of risks similar to those of other companies conducting high-risk, early-stage research and development of product candidates. Principal among these risks are dependence on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company’s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, obtain regulatory approval of its products, successfully commercialize its products, generate revenue, meet its obligations, and, ultimately, attain profitable operations.

On April 1, 2019, the Company completed its initial public offering (“IPO”) in which the Company issued and sold 9,085,000 shares of its common stock, including shares issued upon the exercise in full of the underwriters’ over-allotment option, at a public offering price of $16.00 per share and received approximately $130.9 million in net proceeds, after deducting underwriting discounts and commission of approximately $10.2 million and offering expenses of approximately $4.3 million. The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future.

In connection with the IPO, on March 15, 2019 the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 1-for-2.134686 basis (the “Reverse Stock Split”) of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for the Company’s Series A and Series B preferred stock. Accordingly, all common shares, stock option shares, and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios. Authorized common shares, as well as outstanding and issued Series A and B preferred convertible stock are not affected by the reverse stock split. Each share of the Series A and Series B preferred stock were automatically converted into shares of common stock, at the applicable conversion rate then in effect, at the closing of the IPO.

The condensed consolidated financial statements as of March 31, 2019, including share and per share amounts, do not give effect to the IPO as it closed subsequent to March 31, 2019.

Management believes that existing cash and cash equivalents, together with the net proceeds from the IPO, will allow the Company to continue its operations through 2020. In the absence of a significant source of recurring revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. There can be no assurance that the Company will be able to obtain sufficient capital to cover its costs on acceptable terms, if at all.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements as of March 31, 2019 and condensed consolidated statement of operations for the three months ended March 31, 2019 and 2018 and notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the U.S., have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in the Company's final prospectus that forms a part of the Company’s Registration Statement on Form S-1 (Reg. No. 333-230034), filed with the SEC pursuant to Rule 424(b)(4) on March 27, 2019.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2019 and consolidated results of operations for the three months ended March 31, 2019 and 2018 and the consolidated cash flows for the three months ended March 31, 2019 and 2018, have been made. The Company’s consolidated results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019.

Summary of Significant Accounting Policies

Revenue Recognition for Contracts with Customers

The Company’s revenues are generated primarily through collaborative research, license, development and commercialization agreements.

Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue (ASC 606): Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective transition method. Under this method, results for reporting periods beginning on January 1, 2019 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605, Revenue Recognition (“ASC 605”). The Company applied the modified retrospective transition method to contracts that were not completed as of January 1, 2019, the effective date of adoption for ASC 606. ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. We assess if these options provide a material right to the customer and if so, they are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method.

Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets in the Other Current Assets line item in the Condensed Consolidated Balance Sheets.

Milestone Payments – If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

Significant Financing Component – In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed each of its revenue arrangements in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist in any of its arrangements.

Collaborative Arrangements – The Company has entered into collaboration agreements, which are within the scope of ASC 606, to discover, develop, manufacture and commercialize product candidates. The terms of these agreements typically contain multiple promises or obligations, which may include: (1) licenses, or options to obtain licenses, to use the Company’s technology, (2) research and development activities to be performed on behalf of the collaboration partner, and (3) in certain cases, services in connection with the manufacturing of preclinical and clinical material. Payments the Company receives under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; clinical and development, regulatory, and sales milestone payments; and royalties on future product sales.

The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and, therefore, are within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, generally by analogy to ASC 606. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company applies the five-step model described above.

For a complete discussion of accounting for collaboration revenues, see Note 10, “Collaboration and license agreements”.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue (ASC 606): Revenue from Contracts with Customers (“ASC 606”), which superseded the revenue requirements in ASU No. 2009-13 (ASC 605), Revenue Recognition. In 2015 and 2016, the FASB issued additional ASUs related to ASC 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identifying performance obligations, and licensing, and they include other improvements and practical expedients. Effective January 1, 2019, the Company adopted ASC 606 using the modified retrospective transition method.

As a result of adopting ASC 606, the Company recorded a $1.0 million transition adjustment to the opening balance of accumulated deficit in the first quarter of 2019 primarily as a result of the treatment of the up-front consideration received from the Company’s collaboration agreements under superseded prior revenue recognition guidance.

A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below:

	Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of January 1, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Deferred revenue, current portion	$	8,029		$	407		$	8,436
Deferred revenue, net of current portion		82,217			590			82,807
Accumulated deficit		(84,190	)		(997	)		(85,187	)

A summary of the amount by which each financial statement line item was affected in the current reporting period by ASC 606 as compared with the guidance that was in effect prior to adoption is set forth in the tables below:

	Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of March 31, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Other current assets	$	6,025		$	(58	)	$	5,967
Deferred revenue, current portion		9,471			1,608			11,079
Deferred revenue, net of current portion		81,722			(42	)		81,680
Accumulated deficit		(115,973	)		(1,624	)		(117,597	)

	Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2019
(in thousands, except per share data)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Revenue	$	5,462		$	(627	)	$	4,835
Net loss		(31,783	)		(627	)		(32,410	)
Net loss per share - basic and diluted		(1.99	)					(2.03	)

	Impact of ASC 606 Adoption on Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Net loss	$	(31,783	)	$	(627	)	$	(32,410	)
Prepaid expenses		613			58			671
Deferred revenue		947			569			1,516

During the quarter ended March 31, 2019, the Company recorded $4.0 million in revenue that was included in the deferred revenue balance as of December 31, 2018. The most significant change to the Company’s revenue recognition as a result of the adoption of ASC 606 relates to the accounting for certain option fees and milestone payments in determining the transaction price (step (iii)), and the revenue recognition pattern (step (v)) related to the Company’s development and commercial license agreement with Laboratoires Servier (“Servier”) (see Note 10). Under prior revenue recognition guidance, the option fees payable by the Company to exercise the 50/50 co-development and co-promotion option was accounted for as a reduction in the arrangement consideration, and certain development milestones that may be earned for early-stage pre-IND development milestones were included in the arrangement consideration as the early-stage pre-IND development milestones were deemed to be non-substantive. Under ASC 606, the option fees were not accounted for as a reduction in the transaction price as the option fees are contingent upon Servier’s exercise of its commercial (customer) options on licensed product candidates, and the milestone payments were excluded from the transaction price based on the assessment of the most likely amount and application of the variable consideration constraint, since the milestones relate to successful achievement of certain developmental goals, which might not be achieved. In addition, under prior revenue recognition guidance, the Company recognized revenue for the combined unit of accounting on a straight‑line basis over the period the Company expected to complete its obligations. Under ASC 606, the Company recognizes revenue based on the proportional performance of the services related to the performance obligation expected. For further discussion of the adoption of ASC 606 see Note 10, “Collaboration and license agreements.”

In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and ASC 606 (“ASU 2018-18”). The amendments in ASU 2018-18 make targeted improvements to generally accepted accounting principles (GAAP) for collaborative arrangements by clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in ASC 606 should be applied, including recognition, measurement, presentation, and disclosure requirements. In addition, unit-of-account guidance in ASU 2018-18 was aligned with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The amendments should be applied retrospectively to the date of initial application of ASC 606. The Company adopted this guidance effective January 1, 2019 with its initial application of ASC 606. The adoption of the standard did not have an impact on the Company’s condensed consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), in order to improve comparability among organizations by recognizing lease assets and liabilities in the consolidated balance sheets for those leases previously classified as operating leases under GAAP. The update requires a lessee to recognize in its consolidated balance sheet a liability to make lease payments and also a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for the Company for annual periods beginning after December 15, 2019 requiring the use of a modified retrospective transition approach applied at the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU No. 2018-11, Leases, Targeted Improvements to ASC 842, Leases, (“ASU 2018-11”), which contains certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. ASU 2018-11 provides registrants with an option to not restate comparative periods presented in the financial statements. The Company intends to elect this new transition approach using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods will be presented in accordance with the previous guidance in ASC 840, Leases.

The Company is currently evaluating the potential impact ASU 2016-02 may have on its financial position, results of operations, and related footnotes. The Company expects it will elect to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company expects it will make an accounting policy election to keep leases with an initial term of 12 months or less off of its balance sheet. The Company’s assessment will include, but is not limited to, evaluating the impact that this standard has on the lease of its corporate headquarters in Durham, North Carolina as well as laboratory, manufacturing and office space in Research Triangle Park, North Carolina.

Stock Options

3 Months Ended

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

STOCK OPTIONS

NOTE 4:

STOCK OPTIONS

Under the terms of its stock option plans, the Company’s board of directors may grant stock options to employees, directors and service providers. The Company issued stock options under the 2006 Stock Incentive Plan (“2006 plan”) until April 2015, when the 2015 Stock Incentive Plan (“2015 plan”) was adopted. The 2006 plan expired in 2016 and there are no remaining shares available to be granted under the plan. There were 1,397,203 stock options outstanding under the 2006 Plan as of March 31, 2019.

Upon adoption of the 2015 plan, there were 5,270,095 shares of common stock reserved for issuance. In May 2018, the Company amended the 2015 plan to increase the number of shares reserved for issuance to 8,211,980. The 2015 plan had 6,490,792 stock options outstanding as of March 31, 2019. The Company’s board of directors determines the terms of stock options granted under the 2015 plan, including option exercise prices and vesting.

On March 12, 2019, the Company’s board of directors adopted, and the Company’s stockholders approved the Precision BioSciences, Inc. 2019 Incentive Award Plan (“2019 Plan”) and the 2019 Employee Stock Purchase Plan (“2019 ESPP”), both of which became effective upon the effective date of the registration statement on Form S-1 for the Company’s IPO. Upon the effectiveness of the 2019 Plan, the Company ceased granting new awards under the 2015 Plan.

The 2019 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards initially equal to 4,750,000 shares of common stock. The 2019 Plan includes an annual increase of common stock shares on the first day of each calendar year beginning January 1, 2020 and ending on January 1, 2029 by an amount equal to the lesser of (i) 4% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of common stock as determined by the board of directors (but no more than 5,000,000 shares may be issued upon the exercise of incentive stock options), plus any shares that are subject to awards outstanding under the Company’s 2006 and 2015 Stock Incentive Plans as of the effective date of the 2019 Plan that expire, lapse, or are terminated, exchanged for cash, surrendered, repurchased, or canceled without having been fully exercised or forfeited, to the extent so unused.

The 2019 ESPP provides for the option to purchase initially up to 525,000 shares of the Company’s common stock plus an annual increase on the first day of each calendar year beginning January 1, 2020 and ending on and including January 1, 2029 by an amount equal to the lesser of (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by our board of directors, provided that no more than 5,250,000 shares of our common stock may be issued under our 2019 ESPP. The purchase price of the shares, in the absence of a contrary designation, will be 85% of the lower of the fair market value of our common stock on the first trading day of the offering period or on the purchase date.

The Company recorded $0.1 million and $1.5 million in employee share-based compensation expense for the three months ended March 31, 2018 and 2019, respectively. Total nonemployee share-based compensation expense was an amount less than $0.1 million for each of the three months ended March 31, 2018 and 2019.

Share-based compensation expense related to stock options is included in the following line items in the condensed consolidated statements of operations (in thousands):

	Three months ended March 31,
	2018		2019
Research and development	$	101	$	1,006
General and administrative		49		543
	$	150	$	1,549

Determining the appropriate fair value model to measure the fair value of the stock option grants on the date of grant and the related assumptions requires judgment. The Company did not grant any stock options for the three months ended March 31, 2018. The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows:


	Three months ended March 31, 2019
Estimated dividend yield		0.00	%
Weighted-average expected stock price volatility		68.00	%
Weighted-average risk-free interest rate		2.50	%
Expected life of options (in years)		6.04
Weighted-average fair value per option	$	8.65

The expected volatility rates are estimated based on the actual volatility of comparable public companies over the expected term. The expected life represents the average time that stock options that vest are expected to be outstanding.

The Company does not have sufficient history of exercising stock options to estimate the expected term of employee stock options and thus continues to calculate expected life based on the midpoint between the vesting date and the contractual term which is in accordance with the simplified method. The expected term for share-based compensation granted to nonemployees is the contractual life. The risk-free rate is based on the United States Treasury yield curve during the expected life of the option.

The following table summarizes activity in the Company’s stock option plans for the three months ended March 31, 2019:

	Outstanding Option Shares			Weighted- Average Exercise Price
Balance as of January 1, 2019		7,763,464		$	5.00
Granted		550,418			13.80
Exercised		(145,975	)		0.73
Forfeited/canceled		(279,912	)		9.80
Balance as of March 31, 2019		7,887,995			5.53

The intrinsic value of options exercised was $71,143 and $1,857,235 during the three months ended March 31, 2018 and 2019, respectively.

There was approximately $23.2 million of total unrecognized compensation cost related to unvested stock options as of March 31, 2019, which is expected to be recognized over a weighted-average period of 3.33 years.

Fair Value Measurement

3 Months Ended

Mar. 31, 2019

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 9:

FAIR VALUE MEASUREMENTS

The carrying amounts of the Company’s financial instruments, including accounts receivable, accounts payable, and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis and to minimize the use of unobservable inputs when determining their fair value. The three tiers are defined as follows:

Level 1—Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities

Level 2—Inputs, other than quoted prices in active markets, that are observable either directly or indirectly

Level 3—Unobservable inputs for which there is little or no market date, which require the Company to develop its own assumptions

The Company classifies investments in money market funds within Level 1 as the prices are available from quoted prices in active markets. Investments in repurchase agreements are classified within Level 2 as these instruments are valued using observable market inputs including reported trades, broker/dealer quotes, bids and/or offers.

As of March 31, 2019 and December 31, 2018, the Company held cash equivalents which are composed of money market funds and repurchase agreements that were purchased through repurchase intermediary banks and collateralized by deposits in the form of government securities and obligations.

The following represents assets measured at fair value on a recurring basis by the Company (in thousands):

December 31, 2018	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	781	$	781	$	—	$	—
Repurchase agreements		94,500		—		94,500		—
	$	95,281	$	781	$	94,500	$	—

March 31, 2019	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	881	$	881	$	—	$	—
Repurchase agreements		109,000		—		109,000		—
	$	109,881	$	881	$	109,000	$	—

Collaboration and License Agreements

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

COLLABORATION AND LICENSE AGREEMENTS

NOTE 10:

COLLABORATION AND LICENSE AGREEMENTS

Development and Commercial License Agreement with Servier

On February 24, 2016, the Company entered into a development and commercial license agreement, as subsequently amended, with Baxalta (now Shire), which was assigned to Servier in connection with its acquisition of Shire’s oncology business in August 2018. This agreement establishes a collaboration between the Company and Servier to develop allogeneic chimeric antigen receptor T (“CAR T”) cell therapies for up to six unique antigen targets selected by Servier. Servier selected one target at the agreement’s inception, and Servier is entitled to select the remaining five targets over the first four years of the agreement. Servier is required to make a milestone payment to the Company upon achievement of an early-stage pre- investigational new drug application (“IND”) development milestone event completed for each of the remaining five targets selected, if any. The Company granted Servier a development license and will perform early-stage R&D on the selected targets and develop the resulting therapeutic product candidates through Phase 1 clinical trials and manufacture clinical trial material for use in Phase 2 clinical trials. Also, the Company and Servier have formed a joint steering committee (“JSC”) to provide high-level oversight and decision making regarding the activities covered under the agreement.

The Company received an upfront payment of $105.0 million under the agreement. At the Phase 2 readiness stage for any product candidate, Servier may exercise a commercial option, subject to payment of commercial option exercise fees, to proceed with development and commercialization of the product candidate and perform late-stage R&D, including Phase 2 and Phase 3 clinical trials and obtaining regulatory approvals. The Company has the ability to receive total payments, in the aggregate across all six targets that may be selected by Servier, of up to approximately $1.6 billion, including the upfront payment of $105.0 million and up to $1.5 billion in milestone payments, consisting of up to $401.3 million in development milestone payments and up to $1.1 billion in commercial milestone payments. The Company is also entitled to receive tiered royalties ranging from the mid-single digit percentages to the sub-teen percentages on worldwide net sales of any products developed, subject to customary potential reductions. The Company also has the right to opt in and participate in the development and commercialization of any products resulting from the collaboration through a 50/50 codevelopment and co-promotion option in the United States. This will require the Company to pay a codevelopment and co-promotion option fee on each licensed product for which the Company elects to participate. This option is exercisable at the Phase 2 readiness stage and only after Servier exercises its commercial option.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the promises in the agreement represent transactions with a customer. The Company has determined that the promises associated with the research and development activities for each of the six targets are not distinct because they are all based on the ARCUS proprietary genome editing platform. The Company has concluded that the agreement with Servier contains the following promises: (i) a development license; (ii) performance of early-stage R&D services, (iii) the manufacture of clinical trial material for use in Phase 2 clinical trials, and (iv) JSC participation. The Company determined that the license, manufacture of clinical trial material, and R&D services were not distinct from each other, as the license, pre-clinical and clinical supply, and R&D services are highly interdependent upon one another. Participation on the JSC to oversee the research and development activities are combined into the single performance obligation as these activities are highly interdependent with the other R&D services. As such, the Company determined that these promises should be combined into a single performance obligation.

Under the agreement with Servier, in order to evaluate the appropriate transaction price, the Company determined that the upfront amount of $105.0 million constituted the entire consideration to be included in the transaction price as of the outset of the arrangement. As such, this amount was allocated to the single performance obligation. The commercial option exercise fees that may be received are excluded from the transaction price until each customer option is exercised as it was determined that the options are not material rights. The potential development milestone payments that the Company is eligible to receive prior to the exercise of the options as well as commercial milestones, were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement, since the milestones relate to successful achievement of certain developmental goals, which might not be achieved. None of the future royalty payments were included in the transaction price, as the potential payments represent sales-based consideration. The Company will reevaluate the transaction price, including all constrained amounts, at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust its estimate of the transaction price.

The Company recognizes revenue from the upfront payment of $105.0 million based on an input method in the form of research effort relative to expected research effort at the completion of the performance obligation, which is based on the relative costs and timelines of the related to the R&D activities incurred and expected to be incurred in the future to satisfy the performance obligation. This period is estimated to be approximately 7 years. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The estimated period of performance and project cost is reviewed quarterly and adjusted, as needed, to reflect the Company’s current assumptions regarding the timing of its deliverables.

During the three months ended March 31, 2018 and 2019, the Company recognized revenue under the agreement with Servier of approximately $1.4 million and $1.5 million, respectively. Deferred revenue related to the agreement with Servier amounted to $92.9 million and $86.7 million as of March 31, 2018 and 2019, respectively, of which $5.8 million and $5.0 million, respectively is included in current liabilities. No development or sales-based milestone payments were received during the three months ended March 31, 2018 and 2019.

Collaboration and License Agreement with Gilead

On September 10, 2018, the Company and Gilead Sciences, Inc. (“Gilead”) entered into a collaboration and license agreement to develop genome editing tools to target viral DNA associated with Hepatitis B. Pursuant to the terms of the agreement, Gilead will receive an exclusive license to exploit the resulting synthetic nucleases and products that use them to treat Hepatitis B in humans (“development license”), and the Company is entitled to receive up to $40.0 million in research funding for early-stage R&D services, paid in semi-annual increments, over an initial three year term and development and commercial milestone payments of up to an aggregate of $445.0 million, consisting of up to $105.0 million in development milestone payments and up to $340.0 million in commercial milestone payments. The Company is also entitled to receive tiered royalties ranging from the high single digit percentages to the mid-teen percentages on worldwide net sales of the products developed through the term of the agreement, subject to customary potential reductions. Gilead is responsible for obtaining regulatory approvals and, upon completion of the collaboration, will assume sole responsibility for the development and commercialization of such gene editing therapies and products. The Company will provide technology transfer of its development know-how prior to Gilead assuming responsibility. Also, the Company and Gilead will negotiate a separate supply agreement for the Company to manufacture specifically identified products for Gilead to use in clinical trials at price based on the Company’s costs. The Company and Gilead have formed a joint steering committee (“JSC”) and a joint research and development committee (“JRDC”) that collectively will provide oversight, decision making and implementation guidance regarding the collaboration activities covered under the agreement.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the promises in the agreement represent transactions with a customer. The Company has concluded that the agreement with Gilead contains the following promises: (i) a development license; (ii) performance of early-stage R&D services, including technology transfer services, iii) JSC and JRDC participation, and (iv) regulatory responsibilities related to non-clinical and chemistry, manufacturing and control (“CMC”) reports. The Company determined that the license and R&D services were not distinct from each other, as the license and R&D services are highly interdependent upon one another. Participation on the JRC and JRDC to oversee the research and development activities are combined into the single performance obligation as these activities are highly interdependent with the other R&D services. The regulatory responsibilities related to non-clinical and CMC filings do not represent separate performance obligations based on their dependence on the research and development efforts. As such, the Company determined that these promises should be combined into a single performance obligation.

Under the agreement with Gilead, in order to evaluate the appropriate transaction price, the Company determined that the $40.0 million research funding for early-stage R&D services, paid in semi-annual increments over an initial three-year term, constituted the entire consideration to be included in the transaction price as of the outset of the arrangement. As such, this amount was allocated to the single performance obligation. The potential development and commercial milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement, since the milestones relate to successful achievement of certain developmental goals, which might not be achieved. None of the future royalty payments were included in the transaction price, as the potential payments represent sales-based consideration. The Company will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust its estimate of the transaction price.

Revenue associated with the combined performance obligation is being recognized as revenue on a straight-line basis as the R&D services are provided over the initial three-year term. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation.

During the three months ended March 31, 2019, the Company recognized revenue under the agreement with Gilead of approximately $3.3 million. Deferred revenue related to the agreement with Gilead amounted to $4.5 million as of March 31, 2019, of which $4.5 million is included in current liabilities. No development or sales-based milestone payments were received during the three months ended March 31, 2019.

Segment Reporting

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 11:

SEGMENT REPORTING

The Company has developed a genome editing platform and performed related research for human therapeutic and agricultural applications. The Company’s Chief Operating Decision Maker (“CODM”) evaluates the Company’s financial performance based on two reportable segments: Therapeutics and Food. The Therapeutics segment is focused on the development of products in the field of immuno-oncology and of novel products outside immuno-oncology to treat human diseases. The Food segment is focused on applying ARCUS to develop food and nutrition products through collaboration agreements with consumer-facing companies. The CODM reviews segment performance and allocates resources based upon segment revenue and segment operating loss of the Therapeutics and Food reportable segments.

Segment operating loss is derived by deducting operational cash expenditures, net, from GAAP revenue. Operational cash expenditures are cash disbursements made that are directly attributable to the reportable segment (including directly attributable research and development and property, equipment, and software expenditures). For the three months ended March 31, 2018, the Company allocated centralized research and development expenditures for early stage research, nuclease development and the purchase of general laboratory supplies to the Therapeutics and Food segments based on headcount. In January 2019, the Food segment moved into a new leased facility at Research Triangle Park, North Carolina. The Company has determined that the Food segment is no longer deriving benefit from the Company’s centralized research and development expenditures, thus all these expenditures are allocated to the Therapeutics segment for the three months ended March 31, 2019. The reportable segment and centralized research and development operational cash expenditures include cash disbursements for compensation, lab supplies, purchases of property, equipment, and software and procuring services from contract research organizations (“CROs”), CMOs, and research organizations.

Certain cost items are not allocated to the Company’s reportable segments. These cost items primarily consist of compensation and general operational expenses associated with the Company’s executive, business development, finance, operations, human resources and legal functions. The Company does not allocate non-cash income statement amounts to its reportable segments, such as share based compensation, depreciation and amortization, intangible asset impairment charges, non-cash interest expense and losses on the disposal of assets. When reconciling segment operating loss to consolidated loss from operations, the Company makes an adjustment to convert the cash expenditures to the accrual basis to reflect GAAP.

All segment revenue is earned in the United States and there are no intersegment revenues. Additionally, the Company reports assets on a consolidated basis and does not allocate assets to its reportable segments for purposes of assessing segment performance or allocating resources.

Presented below is the financial information with respect to the Company’s reportable segments (in thousands):

	Three months ended March 31,
	2018			2019
Revenue:
Therapeutics	$	1,447		$	4,819
Food		81			643
Total segment revenue		1,528			5,462
Segment operational cash expenditures:
Therapeutics	$	9,250		$	12,910
Food		1,059			2,107
Total segment operational cash expenditures		10,309			15,017
Allocation of centralized research and development operational cash expenditures:
Therapeutics	$	2,037		$	3,753
Food		417			—
Total allocation of centralized research and development operational cash expenditures		2,454			3,753
Segment operating loss:
Therapeutics	$	(9,840	)	$	(11,844	)
Food		(1,396	)		(1,464	)
Total segment operating loss		(11,236	)		(13,308	)
Adjustments to reconcile segment operating loss to consolidated loss from operations:
Corporate general and administrative cash expenditures	$	(2,559	)	$	(7,022	)
Interest income received		(223	)		(601	)
Depreciation and amortization		(458	)		(939	)
Share-based compensation		(150	)		(1,549	)
Loss on disposal of assets		(6	)		—
Changes in prepaids, accounts payable and accrued expenses		5,397			3,925
Total consolidated loss from operations	$	(9,235	)	$	(19,494	)

Description of Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Revenue Recognition for Contracts with Customers

The Company’s revenues are generated primarily through collaborative research, license, development and commercialization agreements.

For a complete discussion of accounting for collaboration revenues, see Note 10, “Collaboration and license agreements”.

Recent Accounting Pronouncements

A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below:

	Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of January 1, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Deferred revenue, current portion	$	8,029		$	407		$	8,436
Deferred revenue, net of current portion		82,217			590			82,807
Accumulated deficit		(84,190	)		(997	)		(85,187	)

	Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of March 31, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Other current assets	$	6,025		$	(58	)	$	5,967
Deferred revenue, current portion		9,471			1,608			11,079
Deferred revenue, net of current portion		81,722			(42	)		81,680
Accumulated deficit		(115,973	)		(1,624	)		(117,597	)

	Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2019
(in thousands, except per share data)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Revenue	$	5,462		$	(627	)	$	4,835
Net loss		(31,783	)		(627	)		(32,410	)
Net loss per share - basic and diluted		(1.99	)					(2.03	)

	Impact of ASC 606 Adoption on Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Net loss	$	(31,783	)	$	(627	)	$	(32,410	)
Prepaid expenses		613			58			671
Deferred revenue		947			569			1,516

Description of Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Impact of Adopting Topic 606 on Condensed Financial Statements

A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below:

	Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of January 1, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Deferred revenue, current portion	$	8,029		$	407		$	8,436
Deferred revenue, net of current portion		82,217			590			82,807
Accumulated deficit		(84,190	)		(997	)		(85,187	)

	Impact of ASC 606 Adoption on Condensed Consolidated Balance Sheet as of March 31, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Other current assets	$	6,025		$	(58	)	$	5,967
Deferred revenue, current portion		9,471			1,608			11,079
Deferred revenue, net of current portion		81,722			(42	)		81,680
Accumulated deficit		(115,973	)		(1,624	)		(117,597	)

	Impact of ASC 606 Adoption on Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2019
(in thousands, except per share data)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Revenue	$	5,462		$	(627	)	$	4,835
Net loss		(31,783	)		(627	)		(32,410	)
Net loss per share - basic and diluted		(1.99	)					(2.03	)

	Impact of ASC 606 Adoption on Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2019
(in thousands)	As reported under ASC 606			Adjustments			Balances without adoption of ASC 606
Net loss	$	(31,783	)	$	(627	)	$	(32,410	)
Prepaid expenses		613			58			671
Deferred revenue		947			569			1,516

Stock Options (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense

Share-based compensation expense related to stock options is included in the following line items in the condensed consolidated statements of operations (in thousands):

	Three months ended March 31,
	2018		2019
Research and development	$	101	$	1,006
General and administrative		49		543
	$	150	$	1,549

Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model

The Company did not grant any stock options for the three months ended March 31, 2018. The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows:


	Three months ended March 31, 2019
Estimated dividend yield		0.00	%
Weighted-average expected stock price volatility		68.00	%
Weighted-average risk-free interest rate		2.50	%
Expected life of options (in years)		6.04
Weighted-average fair value per option	$	8.65

Summary of Activity of Option Plans

The following table summarizes activity in the Company’s stock option plans for the three months ended March 31, 2019:

	Outstanding Option Shares			Weighted- Average Exercise Price
Balance as of January 1, 2019		7,763,464		$	5.00
Granted		550,418			13.80
Exercised		(145,975	)		0.73
Forfeited/canceled		(279,912	)		9.80
Balance as of March 31, 2019		7,887,995			5.53

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following represents assets measured at fair value on a recurring basis by the Company (in thousands):

December 31, 2018	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	781	$	781	$	—	$	—
Repurchase agreements		94,500		—		94,500		—
	$	95,281	$	781	$	94,500	$	—

March 31, 2019	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	881	$	881	$	—	$	—
Repurchase agreements		109,000		—		109,000		—
	$	109,881	$	881	$	109,000	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Financial Information with Respect to Company’s Reportable Segments

Presented below is the financial information with respect to the Company’s reportable segments (in thousands):

	Three months ended March 31,
	2018			2019
Revenue:
Therapeutics	$	1,447		$	4,819
Food		81			643
Total segment revenue		1,528			5,462
Segment operational cash expenditures:
Therapeutics	$	9,250		$	12,910
Food		1,059			2,107
Total segment operational cash expenditures		10,309			15,017
Allocation of centralized research and development operational cash expenditures:
Therapeutics	$	2,037		$	3,753
Food		417			—
Total allocation of centralized research and development operational cash expenditures		2,454			3,753
Segment operating loss:
Therapeutics	$	(9,840	)	$	(11,844	)
Food		(1,396	)		(1,464	)
Total segment operating loss		(11,236	)		(13,308	)
Adjustments to reconcile segment operating loss to consolidated loss from operations:
Corporate general and administrative cash expenditures	$	(2,559	)	$	(7,022	)
Interest income received		(223	)		(601	)
Depreciation and amortization		(458	)		(939	)
Share-based compensation		(150	)		(1,549	)
Loss on disposal of assets		(6	)		—
Changes in prepaids, accounts payable and accrued expenses		5,397			3,925
Total consolidated loss from operations	$	(9,235	)	$	(19,494	)

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 01, 2019	Mar. 15, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation			Jan. 26, 2006
Offering expense			$ 1,362
Stockholders' equity, reverse stock split		1-for-2.134686
Accumulated deficit			(115,973)	$ (84,190)	$ (85,187)
Revenue recorded included in deferred revenue			4,000
ASU 2014-09 \| Adjustments
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit			$ (1,624)	$ (997)
Initial Public Offering ("IPO") \| Subsequent Event \| Common Stock
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Shares issued and sold	9,085,000
Shares issued and sold, public offering price	$ 16.00
Gross proceeds from issuance of common stock	$ 130,900
Underwriting discount and commission	10,200
Offering expense	$ 4,300
Precision PlantSciences, Inc.
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation			Jan. 04, 2012
Percentage owned in subsidiary			100.00%

Stock Options - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 12, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	May 31, 2018	Dec. 31, 2016	Apr. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		7,887,995		7,763,464
Stock options granted		550,418	0
Unrecognized compensation cost		$ 23,200
Weighted-average period for recognition of compensation cost		3 years 3 months 29 days
Intrinsic value of options exercised		$ 1,857,235	$ 71,143
Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		1,500	100
Nonemployee \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		$ 100	$ 100
2006 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining shares available to be granted						0
Options outstanding		1,397,203
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		6,490,792
Common stock reserved for issuance					8,211,980		5,270,095
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	4,750,000
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock	4.00%
Maximum shares of common stock may be issued	5,000,000
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	525,000
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock	1.00%
Maximum shares allowed to be issued under ESPP	5,250,000
Purchase of common stock through payroll deductions expressed in percentage of fair market value	85.00%

Collaboration and License Agreements - Additional Information (Details) - USD ($)		3 Months Ended
	Sep. 10, 2018	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018
Collaboration and License Agreements [Line items]
Deferred revenue		$ 9,471,000		$ 8,029,000	$ 8,436,000
Development and Commercial License Agreement \| Servier
Collaboration and License Agreements [Line items]
Upfront payment		105,000,000
Recognized revenue under agreement		1,500,000	$ 1,400,000
Deferred revenue		86,700,000	92,900,000
Development or sales-based milestone payments		0	0
Development and Commercial License Agreement \| Servier \| Current Liabilities
Collaboration and License Agreements [Line items]
Deferred revenue		5,000,000	$ 5,800,000
Development and Commercial License Agreement \| Servier \| Maximum
Collaboration and License Agreements [Line items]
Total payments to be received		1,600,000,000
Aggregate milestone payments		1,500,000,000
Development milestone payments		401,300,000
Commercial milestone payments		1,100,000,000
Collaboration and License Agreement \| Gilead
Collaboration and License Agreements [Line items]
Recognized revenue under agreement		3,300
Deferred revenue		4,500,000
Development or sales-based milestone payments		$ 0
Research funding payment term	3 years	3 years
Semi-annual research funding payments		$ 40,000,000
Collaboration and License Agreement \| Gilead \| Current Liabilities
Collaboration and License Agreements [Line items]
Deferred revenue		4,500,000
Collaboration and License Agreement \| Gilead \| Maximum
Collaboration and License Agreements [Line items]
Development milestone payments		105,000,000
Commercial milestone payments		$ 340,000,000
Receivable from research funding	$ 40,000,000
Development and commercial milestone payments	$ 445,000,000

Segment Reporting - Financial Information with Respect to Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenue	$ 5,462	$ 1,528
Total allocation of centralized research and development operational cash expenditures	19,961	8,117
Loss from operations	(19,494)	(9,235)
Adjustments to reconcile segment operating loss to consolidated loss from operations:
Interest income received	(601)	(223)
Depreciation and amortization	(939)	(458)
Share-based compensation	(1,549)	(150)
Loss on disposal of assets		(6)
Changes in prepaids, accounts payable and accrued expenses	3,925	5,397
Operating Segments
Segment Reporting Information [Line Items]
Revenue	5,462	1,528
Total segment operational cash expenditures	15,017	10,309
Total allocation of centralized research and development operational cash expenditures	3,753	2,454
Loss from operations	(13,308)	(11,236)
Operating Segments \| Therapeutics
Segment Reporting Information [Line Items]
Revenue	4,819	1,447
Total segment operational cash expenditures	12,910	9,250
Total allocation of centralized research and development operational cash expenditures	3,753	2,037
Loss from operations	(11,844)	(9,840)
Operating Segments \| Food
Segment Reporting Information [Line Items]
Revenue	643	81
Total segment operational cash expenditures	2,107	1,059
Total allocation of centralized research and development operational cash expenditures		417
Loss from operations	(1,464)	(1,396)
Segment Reconciling Items
Adjustments to reconcile segment operating loss to consolidated loss from operations:
Corporate general and administrative cash expenditures	(7,022)	(2,559)
Interest income received	(601)	(223)
Depreciation and amortization	(939)	(458)
Share-based compensation	$ (1,549)	(150)
Loss on disposal of assets		$ (6)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common stock, par value	$ 0.000005	$ 0.000005
Common stock, shares authorized	130,000,000	130,000,000
Common stock, shares issued	16,863,092	16,717,117
Common stock, shares outstanding	16,052,620	15,906,645
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	25,650,000	25,650,000
Convertible preferred stock, shares issued	25,650,000	25,650,000
Convertible preferred stock, shares outstanding	25,650,000	25,650,000
Series B Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	21,956,100	21,956,100
Convertible preferred stock, shares issued	21,956,095	21,956,095
Convertible preferred stock, shares outstanding	21,956,095	21,956,095

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accrued compensation	$ 728	$ 965
Accrued clinical and research and development expenses	943	1,569
Accrued property, equipment and software purchases	1,259	219
Accrued deferred offering costs	800	193
Deferred rent	380	198
Accrued legal fees	55	107
Other	251	170
Total accrued expenses and other current liabilities	$ 4,416	$ 3,421

Stockholders' Equity - Additional Information (Details) - Subsequent Event - Initial Public Offering ("IPO") - Common Stock	Apr. 01, 2019 shares
Stockholders’ Equity [Line Items]
Number of convertible preferred stock converted into common stock	22,301,190
Debt securities converted into common stock	2,921,461

Stock Options - Summary of Activity of Option Plans (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding Option Shares, Beginning Balance	7,763,464
Stock options granted	550,418	0
Option, Exercised	(145,975)
Option, Forfeited/canceled	(279,912)
Outstanding Option Shares, Ending Balance	7,887,995
Weighted-Average Exercise Price Outstanding at Beginning Balance	$ 5.00
Weighted-Average Exercise Price, Granted	13.80
Weighted-Average Exercise Price, Exercised	0.73
Weighted-Average Exercise Price, Forfeited/canceled	9.80
Weighted-Average Exercise Price Outstanding at Ending Balance	$ 5.53

Commitments and Contingencies - Schedule of Future Lease Payments (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
Remainder of 2019	$ 1,754
2020	2,690
2021	2,635
2022	2,718
2023	2,795
2024 and beyond	$ 3,742

Description of Business and Summary of Significant Accounting Policies - Summary of Impact of Adopting Topic 606 on Condensed Financial Statements - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue	$ 9,471	$ 8,029	$ 8,436
Deferred revenue—noncurrent	81,722	82,217	82,807
Accumulated deficit	(115,973)	(84,190)	(85,187)
Other current assets	6,025		$ 3,046
ASU 2014-09 \| Adjustments
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue	1,608	407
Deferred revenue—noncurrent	(42)	590
Accumulated deficit	(1,624)	(997)
Other current assets	(58)
ASU 2014-09 \| Balances without adoption of ASC 606
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue	11,079	8,436
Deferred revenue—noncurrent	81,680	82,807
Accumulated deficit	(117,597)	$ (85,187)
Other current assets	$ 5,967

Stock Options - Schedule of Stock-Based Compensation Expense (Details) - Stock Option - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,549	$ 150
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	1,006	101
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 543	$ 49

Stock Options - Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model (Details)	3 Months Ended
	Mar. 31, 2019 $ / shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Estimated dividend yield	0.00%
Weighted-average expected stock price volatility	68.00%
Weighted-average risk-free interest rate	2.50%
Expected life of options (in years)	6 years 15 days
Weighted-average fair value per option	$ 8.65

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019
Maximum
Commitments And Contingencies [Line Items]
Agreement termination notice period	1 year

Convertible Notes Payable (2019 Notes) - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Mar. 01, 2019
Stockholders’ Equity [Line Items]
Change in fair value of convertible note payable		$ 12,708
Convertible Notes Payable (2019 Notes)
Stockholders’ Equity [Line Items]
Aggregate principal amount	$ 39,600	$ 39,600
Notes accrue interest rate	6.00%	6.00%
Settlement price equal on IPO price per Share	85.00%
Fair value of notes	$ 52,500	$ 52,500	$ 39,600
Change in fair value of convertible note payable		12,700
Interest expense		$ 200
Convertible Notes Payable (2019 Notes) \| Initial Public Offering ("IPO")
Stockholders’ Equity [Line Items]
Number of common stock settled in convertible notes	2,921,461

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net loss attributable to common stockholders	$ (31,783)	$ (9,012)
Denominator:
Weighted average shares of common stock outstanding — basic and diluted	15,967,036	15,704,551
Net loss per share attributable to common stockholders— basic and diluted	$ (1.99)	$ (0.57)

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Income tax benefit	$ 0	$ 0
Unrecognized income tax benefits	0
Unrecognized tax benefits, income tax penalties and interest accruals	$ 0
Scenario, Forecast
Income Tax Disclosure [Line Items]
Effective income tax rate			0.00%

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 109,881	$ 95,281
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	881	781
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	109,000	94,500
Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	109,000	94,500
Repurchase Agreements \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	109,000	94,500
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	881	781
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 881	$ 781

Collaboration and License Agreements - Additional Information (Details 1 ) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 $ in Millions	Mar. 31, 2019 USD ($)
Collaboration and License Agreements [Line items]
Revenue from upfront payment	$ 105.0
Estimated period performance obligation	7 years

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2019 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 01, 2019	Mar. 31, 2019
Subsequent Event [Line Items]
Offering expense		$ 1,362
Subsequent Event \| Initial Public Offering ("IPO") \| Common Stock
Subsequent Event [Line Items]
Issuance of shares during the period	9,085,000
Shares issued and sold, public offering price	$ 16.00
Gross proceeds from issuance of common stock	$ 130,900
Underwriting discount and commission	10,200
Offering expense	$ 4,300