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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019 are as follows:
 
                                 
($ in thousands)
           Fair Value Measurements at Reporting Date Using  
Description
    Balance as of
December 31,
2020		      Quoted Prices in
Active Markets for
Identical
Assets/Liabilities
(Level 1)		      Significant Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  
Cash equivalents
    $
75,990
      $  
75,990
      $  —        $  —    
    
 
 
     
 
 
     
 
 
     
 
 
  
     
($ in thousands)
           Fair Value Measurements at Reporting Date Using  
Description
    Balance as of
December 31,
2019		      Quoted Prices in
Active Markets for
Identical
Assets/Liabilities
(Level 1)		      Significant Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  
Cash equivalents
    $
68,031
      $
68,031
      $ —        $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Impact of Topic 606 Adoption on Financial Statements
Impact of Topic 606 Adoption
As a result of adopting ASC 606, the Company recorded an $8.1 million adjustment to the opening balance of accumulated deficit in the first quarter of 2018 as a result of the treatment of the
up-front
consideration receive
d
 
in July
2015
under ASC
605-25
versus ASC 606. Refer below for a summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment:
($ in thousands)
    Impact of Topic 606 Adoption
on the Balance Sheet
as of January 1, 2018		  
Description
    As reported under
Topic 606		      Adjustments      Balances without
adoption of
Topic 606		  
Contract liability, current portion
    $ 622      $ (5,767 )     $ 6,389  
Contract liability, net of current portion
    $ 49,037      $ 13,898      $ 35,139  
Accumulated deficit
    $ (720,573 )     $ (8,131 )     $ (712,442 ) 
 
($ in thousands)
  
Impact of Topic 606 Adoption
on the Statement of Operations
for the Year Ended December 31, 2018
 
Description
  
As reported under
Topic 606
 
  
Adjustments
 
  
Balances without
adoption of
Topic 606
 
Collaboration revenue
  
$
146
 
  
$
(4,732
) 
  
$
4,878
 
Net loss
  
$
(53,117
) 
  
$
(4,732
) 
  
$
(48,385
) 
Net income (loss) applicable to common shareholders
  
$
137,246
 
  
$
(4,732
) 
  
$
141,978
 
Net income (loss) per share - basic
  
$
0.96
 
  
$
(0.03
) 
  
$
0.99
 
Net income (loss) per share - diluted
  
$
0.96
 
  
$
(0.03
) 
  
$
0.99
 
($ in thousands)
    Impact of Topic 606 Adoption
on the Statement of Cash Flows
for the Year Ended December 31, 2018		  
Description
    As reported under
Topic 606		      Adjustments      Balances without
adoption of
Topic 606		  
Net loss
    $ (53,117 )     $ (4,732 )     $ (48,385)  
Changes in contract liability
    $ —        $ —        $ —    
Share-Based Compensation Expense Included in Statements of Operations The following table presents share-based compensation expense included in the Company’s Statements of Operations:
    
Year ended December 31,
  
(in thousands)
   
2020
     
2019
     
2018
  
Research and development
    $  2,098      $  1,461      $  1,683  
General and administrative
      4,731        4,880        5,851  
    
 
 
     
 
 
     
 
 
  
Share based employee compensation expense before tax
      6,829        6,341        7,534  
Income tax benefit
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net share based employee compensation expense
  
$
6,829
 
  
$
6,341
 
  
$
7,534
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Assumptions for Volatility, Expected life, Dividend Yield and Risk-free Interest Rate The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:
    
2020
  
2019
  
2018
Weighted average risk-free interest rate
   
0.36 - 1.68%
  
1.39 - 2.53%
  
2.55 - 3.06%
Expected life in years
    5.75 - 6.25   5.75 - 6.25   6
Expected volatility
   
71.11 - 74.41%
  
71.39 - 85.00%
  
80.75 - 84.71%
Expected dividend yield
    0   0   0
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Basic net loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options and warrants, using the treasury stock method and the average market price of the Company’s common stock during the applicable period.
 
     For the Year Ended December 31,  
in thousands, except share and per share data
    2020      2019      2018  
Basic
                           
Net loss
    $ (79,976 )     $ (117,796 )     $ (53,117 ) 
Preferred stock dividends
      —          —          (16,998 ) 
Settlement of a related party relationship
      —          —          207,361  
    
 
 
     
 
 
     
 
 
  
Net income / (loss) applicable to common shareholders
    $ (79,976 )     $ (117,796 )     $ 137,246  
    
 
 
     
 
 
     
 
 
  
Weighted-average common shares outstanding
      209,636,456        167,952,114        143,508,674  
    
 
 
     
 
 
     
 
 
  
Earnings per share, basic
    $ (0.38 )     $ (0.70 )     $ 0.96  
    
 
 
     
 
 
     
 
 
  
Diluted
                           
Net Loss
    $ (79,976 )     $ (117,796 )     $ (53,117 ) 
Preferred stock dividends
      —          —          (16,998 ) 
Precigen license transaction
      —          —          207,361  
Net income / (loss) applicable to common shareholders
    $ (79,976 )     $ (117,796 )     $ 137,246  
Weighted-average common shares outstanding
      209,636,456        167,952,114        143,508,674  
     For the Year Ended December 31,  
in thousands, except share and per share data
    2020      2019      2018  
Effect of dilutive securities
                           
Stock options
      —          —          201,362  
Unvested restricted common stock
      —          —          124  
Warrants
      —          —          —    
Dilutive potential common shares
      —          —          201,486  
Shares used in calculating diluted earnings per share
      209,636,456        167,952,114        143,710,160  
Earnings per share, diluted
    $ (0.38 )     $ (0.70 )     $ 0.96  
Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share Such potential common shares on December 31
,
2020
,
2019
, and
2018
consist of the following:
    
December 31,
  
    
2020
     
2019
     
2018
  
Stock options
      6,832,386        6,872,879        5,075,723  
Inducement stock options
      588,333        1,030,000        500,000  
Unvested restricted stock
      786,280        939,636        681,946  
Warrants
      22,272,727        22,272,727        18,939,394  
    
 
 
     
 
 
     
 
 
  
       30,479,726        31,115,242        25,197,063