0000950170-22-002392 | 10-K | XBRL Viewer | Acadia Pharmaceuticals INC

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2018	$ 479,079	$ 14	$ 1,948,300	$ (1,468,863)	$ (372)
Beginning balance (in shares) at Dec. 31, 2018		143,853,597
Issuance of common stock in public offering, net of issuance costs	271,452	$ 1	271,451
Issuance of common stock in public offering, net of issuance costs (in shares)		7,187,500
Issuance of common stock from exercise of stock options and units	95,984		95,984
Issuance of common stock from exercise of stock options and units (in shares)		3,965,166
Issuance of common stock pursuant to employee stock purchase plan	4,411		4,411
Issuance of common stock pursuant to employee stock purchase plan (in shares)		269,037
Net loss	(235,259)			(235,259)
Stock-based compensation	82,799		82,799
Other comprehensive income	669				669
Ending balance at Dec. 31, 2019	699,135	$ 15	2,402,945	(1,704,122)	297
Ending balance (in shares) at Dec. 31, 2019		155,275,300
Issuance of common stock in connection with asset acquisition	44,280		44,280
Issuance of common stock in connection with asset acquisition (in shares)		1,156,626
Issuance of common stock from exercise of stock options	73,834	$ 1	73,833
Issuance of common stock from exercise of stock options (in shares)		2,827,586
Issuance of common stock pursuant to employee stock purchase plan	7,162		7,162
Issuance of common stock pursuant to employee stock purchase plan (in shares)		378,259
Net loss	(281,584)			(281,584)
Stock-based compensation	84,443		84,443
Other comprehensive income	(261)				(261)
Ending balance at Dec. 31, 2020	627,009	$ 16	2,612,663	(1,985,706)	36
Ending balance (in shares) at Dec. 31, 2020		159,637,771
Issuance of common stock in connection with asset acquisition	$ 0
Issuance of common stock from exercise of stock options (in shares)	577,627
Issuance of common stock from exercise of stock options and units	$ 12,850		12,850
Issuance of common stock from exercise of stock options and units (in shares)		1,078,074
Issuance of common stock pursuant to employee stock purchase plan	5,312		5,312
Issuance of common stock pursuant to employee stock purchase plan (in shares)		296,850
Net loss	(167,870)			(167,870)
Stock-based compensation	63,821		63,821
Other comprehensive income	(228)				(228)
Ending balance at Dec. 31, 2021	$ 540,894	$ 16	$ 2,694,646	$ (2,153,576)	$ (192)
Ending balance (in shares) at Dec. 31, 2021		161,012,695

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (167,870)	$ (281,584)	$ (235,259)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	63,615	84,422	82,265
Amortization of premiums and accretion of discounts on investment securities	2,404	1,470	(3,613)
Amortization of intangible assets	1,108	1,477	1,477
(Gain) loss on strategic investment	(2,329)	997	(997)
Depreciation	2,236	1,455	1,289
Loss on disposal of assets	0	281	3
Non-cash in-process research and development	0	44,280
Changes in operating assets and liabilities:
Accounts receivable, net	(16,119)	(12,466)	(9,691)
Interest and other receivables	1,057	58	(394)
Inventory	(4,210)	(3,320)	(1,737)
Prepaid expenses and other current assets	1,802	(7,088)	2,121
Operating lease right-of-use assets	6,287	4,280	3,875
Other assets	10	182	39
Accounts payable	(1,617)	1,271	4,055
Accrued liabilities	(8,455)	27,569	6,458
Operating lease liabilities	(5,433)	(1,769)	(2,518)
Long-term liabilities	1,854	2,319	1,497
Net cash used in operating activities	(125,660)	(136,166)	(151,130)
Cash flows from investing activities
Purchases of investment securities	(492,797)	(339,908)	(578,634)
Maturities of investment securities	422,817	540,004	413,927
Net purchases of property and equipment	(1,122)	(7,587)	(1,129)
Net cash (used in) provided by investing activities	(71,102)	192,509	(165,836)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	18,162	80,996	371,847
Net cash provided by financing activities	18,162	80,996	371,847
Effect of exchange rate changes on cash	7	(8)	2
Net (decrease) increase in cash, cash equivalents and restricted cash	(178,593)	137,331	54,883
Cash, cash equivalents and restricted cash
Beginning of period	331,798	194,467	139,584
End of period	153,205	331,798	194,467
Supplemental disclosure of cash flow information:
Cash paid for income taxes	1,038	1,113	1,597
Supplemental disclosure of noncash information:
Property and equipment purchases in accounts payable and accrued liabilities	0	130	$ 34
Value of common stock issued in connection with asset acquisition	$ 0	$ 44,280

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Company's Stock Option Activity

The following table summarizes the Company’s stock option activity during the year ended December 31, 2021:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		16,441,994		$	30.40
Granted		1,879,092		$	43.62
Exercised		(577,627	)	$	22.25
Cancelled/forfeited		(2,657,318	)	$	34.83
Outstanding at December 31, 2021		15,086,141		$	31.58		5.8	$	16,416
Vested and exercisable at December 31, 2021		11,003,784		$	30.09		5.1	$	12,879
Unvested at December 31, 2021		4,082,357		$	35.60		7.7	$	3,537

Summary of Company's RSU Activity

The following table summarizes the Company’s restricted stock activity during the year ended December 31, 2021:


	Number of Shares			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		2,207,247		$	33.81
Granted		1,713,829		$	35.84
Vested		(491,813	)	$	30.10
Cancelled/forfeited		(748,473	)	$	38.74
Outstanding at December 31, 2021		2,680,790		$	34.41	$	62,570

There were 1,276,936

Income Taxes - Summary of Domestic and Foreign Pre-tax Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
Domestic pre-tax income (loss)	$ (138,913)	$ (238,885)	$ (123,411)
Foreign pre-tax income (loss)	(28,606)	(42,088)	(110,972)
Income (Loss) from Equity Method Investments, Total	$ (167,519)	$ (280,973)	$ (234,383)

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data


	Fiscal Year 2021 Quarters
	1st			2nd			3rd			4th			Total
Revenues	$	106,554		$	115,221		$	131,612		$	130,758		$	484,145
Gross profit(1)	$	104,369		$	112,695		$	127,924		$	128,314		$	473,302
Net loss	$	(66,448	)	$	(43,871	)	$	(14,457	)	$	(43,094	)	$	(167,870	)
Basic and diluted net loss per share(2)	$	(0.42	)	$	(0.27	)	$	(0.09	)	$	(0.27	)	$	(1.05	)


	Fiscal Year 2020 Quarters
	1st			2nd			3rd			4th			Total
Revenues	$	90,068		$	110,103		$	120,577		$	121,007		$	441,755
Gross profit(1)	$	87,269		$	107,204		$	118,572		$	118,499		$	431,544
Net loss	$	(88,023	)	$	(42,141	)	$	(84,660	)	$	(66,760	)	$	(281,584	)
Basic and diluted net loss per share(2)	$	(0.57	)	$	(0.27	)	$	(0.05	)	$	(0.42	)	$	(1.79	)

(1)

Determined by subtracting cost of product sales from product sales, net.

(2)

Net loss per common share, basic and diluted, are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly net loss per common share amounts may not equal the annual amounts reported.

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Corporate debt securities \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss on Securities	$ 500

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities

The recurring fair value measurements of the Company’s cash equivalents, available-for-sale investment securities, and equity securities at December 31, 2021 and 2020 consisted of the following (in thousands):


			Fair Value Measurements at Reporting Date Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	122,876	$	122,876	$	—	$	—
U.S. Treasury notes		140,187		140,187		—		—
Equity securities		3,638		3,638		—		—
Government sponsored enterprise securities		49,474		—		49,474		—
Municipal bonds		25,984		—		25,984		—
Commercial paper		157,626		—		157,626		—
	$	499,785	$	266,701	$	233,084	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	300,339	$	300,339	$	—	$	—
U.S. Treasury notes		230,088		230,088		—		—
Equity securities		1,309		1,309		—		—
Government sponsored enterprise securities		9,999		—		9,999		—
Corporate debt securities		52,388		—		52,388		—
Commercial paper		38,453		—		38,453		—
	$	632,576	$	531,736	$	100,840	$	—

Investments - Additional Information (Detail) - Security	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-sale investment securities contractual maturity dates	less than one year
Number of available-for-sale investment securities in unrealized loss position	39	24

Summary of Significant Accounting Policies - Summary of Stock-based Compensation Expense Included in Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 63,615	$ 84,422	$ 82,265
Cost of product sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,286	2,632	2,936
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	21,969	31,314	32,533
Sales, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 40,360	$ 50,476	$ 46,796

Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):


	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	140,287	$	—	$	(100	)	$	140,187
Government sponsored enterprise securities		49,512		—		(38	)		49,474
Municipal bonds		26,006		—		(22	)		25,984
Commercial paper		157,670		9		(53	)		157,626
	$	373,475	$	9	$	(213	)	$	373,271


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses				Estimated Fair Value
U.S. Treasury notes	$	205,111	$	6	$	(27	)		$	205,090
Government sponsored enterprise securities		10,004		—		(5	)			9,999
Corporate debt securities		52,341		47		—		*		52,388
Commercial paper		38,443		21		(11	)			38,453
	$	305,899	$	74	$	(43	)		$	305,930

_______________________

* Unrealized loss was less than $500.

The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of December 31, 2021 and 2020, all of the Company’s available-for-sale investment securities have contractual maturity dates of less than one year. The Company has classified all equity securities as other assets on its consolidated balance sheets.

At December 31, 2021 and 2020, the Company had 39 and 24 securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of December 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):


	Less Than 12 Months						12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses				Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2021:
U.S. Treasury notes	$	140,287	$	(100	)		$	—	$	—	$	140,287	$	(100	)
Government sponsored enterprise securities		49,512		(38	)			—		—		49,512		(38	)
Municipal bonds		26,006		(22	)			—		—		26,006		(22	)
Commercial paper		75,192		(53	)			—		—		75,192		(53	)
Total	$	290,997	$	(213	)		$	—	$	—	$	290,997	$	(213	)
December 31, 2020:
U.S. Treasury notes	$	129,631	$	(27	)		$	—	$	—	$	129,631	$	(27	)
Government sponsored enterprise securities		10,004		(5	)			—		—		10,004		(5	)
Corporate debt securities		6,252		—		*		—		—		6,252		—		*
Commercial paper		23,466		(11	)			—		—		23,466		(11	)
Total	$	169,353	$	(43	)		$	—	$	—	$	169,353	$	(43	)

_______________________

* Unrealized loss was less than $500.

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions.

The Company does not intend to sell the investment in unrealized loss position and it is unlikely that the Company will be required to sell the investment before the recovery of its amortized cost basis. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at December 31, 2021.

Although the Company has not historically experienced significant losses on its investments, the Company’s exposure may increase due to uncertainties associated with the global economic recession and other disruptions resulting from the COVID-19 pandemic.

Summary of Company's Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Number of Shares
Options Outstanding, Beginning Balance \| shares	16,441,994
Granted \| shares	1,879,092
Exercised \| shares	(577,627)
Cancelled/forfeited \| shares	(2,657,318)
Options Outstanding, Ending Balance \| shares	15,086,141
Vested at December 31, 2021 \| shares	11,003,784
Unvested at December 31, 2021 \| shares	4,082,357
Weighted Average Exercise Prices
Weighted Average Exercise Prices, Beginning Balance \| $ / shares	$ 30.40
Weighted Average Exercise Prices, granted \| $ / shares	43.62
Weighted Average Exercise Prices, exercised \| $ / shares	22.25
Weighted Average Exercise Prices, Cancelled/forfeited \| $ / shares	34.83
Weighted Average Exercise Prices, Ending Balance \| $ / shares	31.58
Weighted Average Exercise Prices, Vested \| $ / shares	30.09
Weighted Average Exercise Prices, Unvested \| $ / shares	$ 35.60
Weighted average remaining contractual term, Outstanding	5 years 9 months 18 days
Weighted average remaining contractual term, Vested	5 years 1 month 6 days
Weighted average remaining contractual term, Unvested	7 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 16,416
Aggregate Intrinsic Value, Vested \| $	12,879
Aggregate Intrinsic Value, Unvested \| $	$ 3,537

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (167,870)	$ (281,584)	$ (235,259)
Other comprehensive (loss) income:
Unrealized (loss) gain on investment securities	(235)	(253)	667
Foreign currency translation adjustments	7	(8)	2
Comprehensive loss	$ (168,098)	$ (281,845)	$ (234,590)

- Definition

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

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+ Details

Summary of Significant Accounting Policies - Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights (Detail) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Stock Purchase Plan [Line Items]
Expected volatility, minimum	49.00%	50.00%	62.00%
Expected volatility, maximum	100.00%	76.00%	86.00%
Risk-free interest rate, minimum	0.00%	0.10%	1.50%
Risk-free interest rate, maximum	0.50%	0.20%	2.40%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Employee Stock Purchase Plan [Line Items]
Expected life in years	6 months	6 months	6 months
Maximum
Employee Stock Purchase Plan [Line Items]
Expected life in years	2 years	2 years	2 years

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		12 Months Ended
	Aug. 31, 2020	Mar. 31, 2020	Aug. 31, 2018	May 31, 2018	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016
Other Commitments [Line Items]
Gain (loss) on strategic investment							$ 2,329,000	$ (997,000)	$ 997,000
Restricted cash							5,770,000	5,770,000	4,787,000
Corporate Credit Card Program \| Letter of Credit
Other Commitments [Line Items]
Restricted cash											$ 2,000,000.0
Fleet Program \| Letter of Credit
Other Commitments [Line Items]
Restricted cash							400,000
Other assets
Other Commitments [Line Items]
Aggregate carrying amount of strategic equity investment							3,600,000	1,300,000
Other expense
Other Commitments [Line Items]
Gain (loss) on strategic investment							2,300		1,000,000.0
Cersci Therapeutics
Other Commitments [Line Items]
Upfront consideration and transaction costs	$ 52,800,000
Upfront payment	$ 44,300,000
Upfront payment conditions	The Company incurred an aggregate of $52.8 million in upfront consideration and transaction costs, of which, $44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock.
Common stock issuance	1,200,000
Cersci Therapeutics \| Research and development
Other Commitments [Line Items]
Assets acquisition and upfront payment					$ 45,700,000
License Agreements
Other Commitments [Line Items]
Upfront payment							11,000,000.0	$ 72,700,000	$ 1,400,000
Mile stone payments payable			$ 10,000,000.0
Milestone payment may be due							$ 10,000,000.0
License Agreements \| North America
Other Commitments [Line Items]
Mile stone payments payable			40,000,000.0
License Agreements \| Neuren \| North America
Other Commitments [Line Items]
Upfront payment		$ 10,000,000.0
Upfront license fee			10,000,000.0
License Agreements \| Neuren \| Research and development \| North America
Other Commitments [Line Items]
Upfront payment						$ 10,000,000.0				$ 10,000,000.0
Exclusivity Deed \| Neuren
Other Commitments [Line Items]
Aggregate carrying amount of strategic equity investment				$ 3,100,000
Shares subscribed				1,330,000
Exclusivity Deed \| Neuren \| Sales, general and administrative
Other Commitments [Line Items]
Payments for exclusive right				$ 900,000
Maximum
Other Commitments [Line Items]
Percentage of royalty payments obligation on net product sales							2.00%
Mile stone payments payable							$ 2,200,000,000
Maximum \| Cersci Therapeutics \| Development Commercialization and Sales Milestones
Other Commitments [Line Items]
Compensation expense related to mergers to former holders	$ 887,000,000.0
Maximum \| License Agreements \| Neuren \| North America
Other Commitments [Line Items]
Mile stone payments payable		$ 515,000,000.0	$ 455,000,000.0			$ 515,000,000.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Domestic and Foreign Pre-tax Loss

Domestic and foreign pre-tax loss is as follows (in thousands):


	Years Ended December 31,
	2021			2020			2019
Domestic	$	(138,913	)	$	(238,885	)	$	(123,411	)
Foreign		(28,606	)		(42,088	)		(110,972	)
	$	(167,519	)	$	(280,973	)	$	(234,383	)

Components of Deferred Tax Assets

The components of the deferred tax assets are as follows (in thousands):


	December 31,
	2021			2020
Deferred tax assets
NOL carryforwards	$	229,476		$	218,905
R&D credit carryforwards		74,702			63,886
Stock-based compensation		51,170			47,547
Charitable contributions		41,355			28,470
Lease liabilities		15,550			11,675
Intangibles		6,741			7,109
Capitalized R&D		—			6,073
Other		11,700			9,390
Total deferred tax assets		430,694			393,055
Valuation allowance		(416,630	)		(380,533	)
Deferred tax liabilities
Right-of-use assets		(14,063	)		(11,142	)
Property and equipment		(1	)		(1,380	)
Total deferred tax liabilities		(14,064	)		(12,522	)
Total net deferred tax assets	$	—		$	—

Reconciliation of Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Pretax Loss

A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the pretax loss is summarized as follows (in thousands):


	Years Ended December 31,
	2021			2020			2019
Amounts computed at statutory federal rate	$	(35,179	)	$	(59,004	)	$	(49,365	)
Stock-based compensation and other permanent differences		6,696			991			5,691
Write-off of IP R&D		1,277			9,565			—
R&D credits		(11,727	)		(17,909	)		(16,687	)
Change in valuation allowance		36,099			5,925			99,846
State taxes		(2,617	)		(5,038	)		(2,138	)
Contingencies		3,879			2,665			1,861
Foreign rate differential		2,857			4,208			20,413
Limitation on executive compensation		1,808			3,705			1,178
Deferred rate adjustment		(2,424	)		2,130			—
Switzerland tax reform		(923	)		53,045			(59,181	)
Other		605			328			(742	)
Income tax expense	$	351		$	611		$	876

Unrecognized Tax Benefits

The following table provides a reconciliation of changes in unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2021			2020			2019
Balance at beginning of period	$	9,843		$	6,945		$	5,037
Additions related to current period tax positions		3,973			2,722			1,908
Additions related to prior period tax positions		140			212			—
Reductions related to prior period tax positions		(33	)		(36	)		—
Balance at end of period	$	13,923		$	9,843		$	6,945

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):


	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	140,287	$	—	$	(100	)	$	140,187
Government sponsored enterprise securities		49,512		—		(38	)		49,474
Municipal bonds		26,006		—		(22	)		25,984
Commercial paper		157,670		9		(53	)		157,626
	$	373,475	$	9	$	(213	)	$	373,271


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses				Estimated Fair Value
U.S. Treasury notes	$	205,111	$	6	$	(27	)		$	205,090
Government sponsored enterprise securities		10,004		—		(5	)			9,999
Corporate debt securities		52,341		47		—		*		52,388
Commercial paper		38,443		21		(11	)			38,453
	$	305,899	$	74	$	(43	)		$	305,930

_______________________

* Unrealized loss was less than $500.

Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position

The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of December 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):


	Less Than 12 Months						12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses				Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2021:
U.S. Treasury notes	$	140,287	$	(100	)		$	—	$	—	$	140,287	$	(100	)
Government sponsored enterprise securities		49,512		(38	)			—		—		49,512		(38	)
Municipal bonds		26,006		(22	)			—		—		26,006		(22	)
Commercial paper		75,192		(53	)			—		—		75,192		(53	)
Total	$	290,997	$	(213	)		$	—	$	—	$	290,997	$	(213	)
December 31, 2020:
U.S. Treasury notes	$	129,631	$	(27	)		$	—	$	—	$	129,631	$	(27	)
Government sponsored enterprise securities		10,004		(5	)			—		—		10,004		(5	)
Corporate debt securities		6,252		—		*		—		—		6,252		—		*
Commercial paper		23,466		(11	)			—		—		23,466		(11	)
Total	$	169,353	$	(43	)		$	—	$	—	$	169,353	$	(43	)

_______________________

* Unrealized loss was less than $500.

Balance Sheet Details - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation of property and equipment	$ 2,236	$ 1,455	$ 1,289
Removal of fully depreciated property, machinery and equipment	$ 0	$ 3,100	$ 200

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Parenthetical) (Detail) - Maximum $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss on Securities	$ 500
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss on Securities	$ 500

Subsequent Event

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

12. Subsequent Event

In January 2022, the Company entered a license and collaboration agreement with Stoke Therapeutics, Inc. (Stoke) to discover, develop and commercialize novel RNA-based medicines for potential treatment of severe and rare genetic neurodevelopmental diseases of the CNS. The collaboration includes SYNGAP1 syndrome, Rett syndrome (MECP2), and an undisclosed neurodevelopmental target. For the SYNGAP1 program, the two companies will jointly share global research, development and commercialization responsibilities and share 50/50 in all worldwide costs and future profits. In addition, Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones. For the MECP2 program and the undisclosed neurodevelopmental program, the Company acquired an exclusive worldwide license to develop and commercialize MECP2 program and the undisclosed neurodevelopmental program. Stoke will lead research and pre-clinical development activities, while the Company will lead clinical development and commercialization activities. The Company will fund research and pre-clinical development activities related to these two targets and Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones as well as tiered royalty payments on worldwide sales starting in the mid-single digit range and escalating to the mid-teens based on revenue levels. Under the terms of the agreement, the Company paid Stoke a $60.0 million upfront payment and may be required to pay up to an additional $907.5 million in milestones as well as royalties on future sales.

Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Current portion of lease liabilities	$ 8,304	$ 5,087
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 56,126	$ 44,460
Total operating lease liabilities	$ 64,430	$ 49,547

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Significant accounting policies followed in the preparation of these financial statements are as follows:

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries located in Europe. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity date at the date of purchase of three months or less to be cash equivalents.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands).


	Twelve Months Ended December 31, 2021				Twelve Months Ended December 31, 2020
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	326,028	$	147,435	$	189,680	$	326,028
Restricted cash		5,770		5,770		4,787		5,770
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	331,798	$	153,205	$	194,467	$	331,798

Investment Securities

Currently, all of the Company’s investment securities are debt securities. The Company has classified all of its investment securities as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and accordingly, carries these investments at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of investment securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in interest income. The cost of securities sold is based on the specific identification method.

Fair Value of Financial Instruments

The carrying values of the Company’s financial instruments, consisting of cash and cash equivalents, trade receivables, interest and other receivables, restricted cash, and accounts payable and accrued liabilities, approximate fair value due to the relative short-term nature of these instruments.

As disclosed in Note 4, the Company classifies its cash equivalents and available-for-sale investment securities within the fair value hierarchy as defined by authoritative guidance:


Level 1 Inputs	—	Quoted prices for identical instruments in active markets.

Level 2 Inputs	—	Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.

Level 3 Inputs	—	Valuation derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Accounts Receivable

Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company adopted FASB Accounting Standards Codification 326-20, Financial Instruments – Credit Losses (ASC 326-20) as of January 1, 2020. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about the collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. Based on its assessment, as of December 31, 2021, the Company determined that an allowance for credit loss was not required.

Although the Company has not historically experienced significant credit losses, the Company’s exposure may increase due to uncertainties associated with the global economic recession and other disruptions resulting from the COVID-19 pandemic.

Inventory

Inventory is stated at the lower of cost or net realizable value under the first-in, first-out method (FIFO). The Company uses a combination of standard and actual costing methodologies to determine the cost basis for its inventories which approximates actual costs. Inventory consists of raw material, work in process, and finished goods, including third-party manufacturing costs, freight, and indirect overhead costs. The Company capitalizes inventory costs associated with its products upon regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed. Prior to FDA approval of NUPLAZID in April 2016, all costs related to the manufacturing of NUPLAZID were charged to research and development expense in the period incurred.

The Company periodically reviews inventory and reduces the carrying value of items to net realizable value for potentially excess, dated or obsolete inventory based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life. During the years ended December 31, 2021, 2020 and 2019, the Company recorded charges of $1.3 million, $0.4 million and $1.1 million, respectively, to reduce certain finished goods and work in process inventory to its net realizable value.

Property and Equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Construction-in-process reflects amounts incurred for property, equipment or improvements that have not been placed in service. Maintenance and repair costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective accounts and any gain or loss is recognized. Estimated useful lives by major asset category are as follows:


		Useful Lives
Machinery and equipment		5 to 7 years
Computers and software		3 years
Furniture and fixtures		10 years

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. Recoverability is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Through December 31, 2021, no such impairment losses have been recorded by the Company.

License Fees and Royalties

The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale.

In connection with the FDA approval of NUPLAZID in April 2016, the Company made a one-time milestone payment of $8.0 million pursuant to its 2006 license agreement with the Ipsen Group in which the Company licensed certain intellectual property rights that complement its patent portfolio for its serotonin platform, including NUPLAZID. The Company capitalized the $8.0 million payment as an intangible asset and is amortizing the asset on a straight-line basis over the estimated useful life of the licensed patents through the second half of 2021. The Company recorded amortization expense related to its intangible asset of $1.1 million, $1.5 million and $1.5 million for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021, the intangible asset was fully amortized.

Royalties incurred in connection with the Company’s license agreement with the Ipsen Group, as disclosed in Note 9, are expensed to license fees and royalties as revenue from product sales is recognized.

Acquisitions

The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed to research and development if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists.

Advertising Expense

In connection with the FDA approval and commercial launch of NUPLAZID in 2016, the Company began to incur advertising costs. Advertising costs are expensed when services are performed or goods are delivered. The Company incurred $41.8 million, $51.1 million and $38.3 million in advertising costs during the years ended December 31, 2021, 2020 and 2019, respectively, related to NUPLAZID. No advertising costs were capitalized as prepaid expenses at December 31, 2021 or 2020.

Revenue Recognition

Product Sales, Net

The Company accounts for contracts with its customers in accordance with Revenue from Contracts with Customers (Topic 606). The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company 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 Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract, 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. Payment terms differ by customer, but typically range from 31 to 35 days from the date of shipment. Revenue for the Company’s product sales has not been adjusted for the effects of a financing component as the Company expects, at contract inception, that the period between when the Company transfers control of the product and when the Company receives payment will be one year or less.

The Company’s net product sales consist of U.S. sales of NUPLAZID. NUPLAZID was approved by the FDA in April 2016 and the Company commenced shipments of NUPLAZID to specialty pharmacies (SPs) and specialty distributors (SDs) in late May 2016. SPs dispense product to a patient based on the fulfillment of a prescription and SDs sell product to government facilities, long-term care pharmacies, or in-patient hospital pharmacies. Product shipping and handling costs are included in cost of product sales.

The Company recognizes revenue from product sales at the net sales price (the “transaction price”) which includes estimates of variable consideration for which reserves for sales discounts and allowance are established and reflects each of these as either a reduction to the related account receivable or as an accrued liability, depending on how the amount payable is settled. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which the Company is entitled based on the terms of the contract. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from estimates, the Company may need to adjust its estimates, which would affect net revenue in the period of adjustment. The following are the Company’s significant categories of sales discounts and allowances:

Distribution Fees: Distribution fees include distribution service fees paid to the SPs and SDs based on a contractually fixed percentage of the wholesale acquisition cost (WAC), fees for data, and prompt payment discounts. Distribution fees are recorded as an offset to revenue based on contractual terms at the time revenue from the sale is recognized.

Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program and the Medicare Part D prescription drug benefit. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with, or statutory requirements pertaining to, Medicaid and Medicare benefit providers. The allowance for rebates is based on statutory discount rates, estimated payor mix, and expected utilization. The Company’s estimates for expected utilization of rebates are based on historical data received from the SPs and SDs since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for prior quarters’ unpaid rebates still estimated to be incurred.

Chargebacks: Chargebacks are discounts and fees that relate to contracts with government and other entities purchasing from the SDs at a discounted price. The SDs charge back to the Company the difference between the price initially paid by the SDs and the discounted price paid to the SDs by these entities. The Company also incurs group purchasing organization fees for transactions through certain purchasing organizations. The Company estimates sales with these entities and accrues for anticipated chargebacks and organization fees, based on the applicable contractual terms.

Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. Co-payment assistance is accrued for based on actual program participation and estimates of program redemption using data provided by third-party administrators.

Product Returns: Consistent with industry practice, the Company offers the SPs and SDs limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SPs and SDs and has the ability to control the amount of product that is sold to the SPs and SDs, it is able to make a reasonable estimate of future potential product returns based on this on-hand channel inventory data and sell-through data obtained from the SPs and SDs. In arriving at its estimate for product returns, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry.

Research and Development Expenses

Research and development expenses are charged to operations as incurred. Research and development expenses include costs associated with services provided by contract organizations for preclinical development, pre-commercialization manufacturing expenses, and clinical trials, salaries and related personnel expenses including stock-based compensation expense, and facilities and equipment expenses. The upfront consideration and transaction costs associated with acquired in-process research and development are also included in the research and development expenses.

The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial or services provided and the invoices received from its external service providers. When the Company makes payments in advance of services being provided, it records those amounts as prepaid expenses on its consolidated balance sheet and expense them as the services are rendered. In the case of clinical trials, a portion of the estimated cost normally relates to the projected cost to treat a patient in the trials, and this cost is recognized based on the number of patients enrolled in the trial. Other indirect costs are generally recognized on a straight-line basis over the estimated period of the study. As actual costs become known, the Company adjusts its accruals accordingly.

Concentration Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash, cash equivalents, investment securities, accounts receivable, and restricted cash. The Company invests its excess cash primarily in money market funds, U.S. treasury notes, and high quality, marketable debt instruments of corporations and government sponsored enterprises in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s. Further, the Company specifies credit quality standards for its customers that are designed to limit the Company’s credit exposure to any single party.

The Company does not currently have any of its own manufacturing facilities, and therefore it depends on an outsourced manufacturing strategy for the production of NUPLAZID for commercial use and for the production of its product candidates for clinical trials. The Company has contracts in place with two third-party manufacturers of commercial drug product and one third-party manufacturer of drug substance that is approved for the production of NUPLAZID active pharmaceutical ingredient (API). Although there are potential sources of supply other than the Company’s existing suppliers, any new supplier would be required to qualify under applicable regulatory requirements.

The Company has entered into distribution agreements with a limited number of SPs and SDs, and all of the Company’s product sales are to these customers. For the year ended December 31, 2021, the Company’s four largest customers represented approximately 74% of the Company’s product revenue and 77% of the Company’s accounts receivable balance at December 31, 2021. For the year ended December 31, 2020, the Company’s four largest customers represented approximately 74% of the Company’s product revenue and 75% of the Company’s accounts receivable balance at December 31, 2020. For the year ended December 31, 2019, the Company’s four largest customers represented approximately 77% of the Company’s product revenue and 75% of the Company’s accounts receivable balance at December 31, 2019.

Stock-Based Compensation

The fair value of each employee stock option and each employee stock purchase right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair value of each stock option and purchase right is then expensed over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:


	Years Ended December 31,
	2021			2020			2019
Stock Options:
Expected volatility		64	%		63	%		62	%
Risk-free interest rate		1	%		1	%		2	%
Expected dividend yield		0	%		0	%		0	%
Expected life of options in years		5.4			5.5			5.7


	Years Ended December 31,
	2021			2020			2019
Employee Stock Purchase Plan:
Expected volatility	49%-100%			50%-76%			62%-86%
Risk-free interest rate	0.0%-0.5%			0.1%-0.2%			1.5%-2.4%
Expected dividend yield		0	%		0	%		0	%
Expected life in years	0.5-2.0			0.5-2.0			0.5-2.0

Expected Volatility. The Company considers its historical volatility and implied volatility when determining the expected volatility.

Risk-Free Interest Rate. The Company determines its risk-free interest rate assumption based on the U.S. Treasury yield for obligations with contractual terms similar to the expected term of the stock option or purchase right being valued.

Expected Dividend Yield. The Company has never paid any dividends and currently has no plans to do so.

Expected Life. In determining the expected life for stock options, the Company considers, among other factors, its historical exercise experience to date as well as the mean time remaining to full vesting of all outstanding options and the mean time remaining to the end of the contractual term of all outstanding options. The estimated life for the Company’s employee stock purchase rights is based upon the terms of each offering period.

The fair value of restricted stock units (RSUs) is estimated based on the closing market price of the Company’s common stock on the date of grant. RSUs generally vest over a four-year period. Certain RSUs also have an accelerated vesting clause based on specified market condition target and continued employment through a minimum vesting period. The fair value of RSUs expected to vest are recognized and amortized on a straight-line basis over the requisite service period, which is generally the vesting period. For those RSUs requiring satisfaction of both market and service conditions, the requisite service period is the longest of the explicit, implicit and derived service periods. The fair value of performance-based stock units (PSUs) is estimated based on the closing market price of the Company’s common stock on the date of grant. PSUs vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these PSUs is recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable. During the year ended December 31, 2021, the Company had a change in estimate related to the achievement of certain performance-based criteria for performance-based stock awards which resulted in a reduction in stock-based compensation expenses by approximately $6.8 million.

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):


	Years Ended December 31,
	2021		2020		2019
Cost of product sales	$	1,286	$	2,632	$	2,936
Research and development		21,969		31,314		32,533
Sales, general and administrative		40,360		50,476		46,796
	$	63,615	$	84,422	$	82,265

Income Taxes

Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits and loss carryforwards. Deferred income tax expense or benefit represents the net change during the year in the deferred income tax asset or liability. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company recognizes the impact of a tax position in the financial statements only if that position is more likely than not to be sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected in income tax expense.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options, employee stock purchase rights, RSUs, and warrants are considered to be common stock equivalents but are not included in the calculations of diluted net loss per share for the periods presented as their effect would be antidilutive. The Company incurred net losses for all periods presented and there were no reconciling items for potentially dilutive securities. More specifically, at December 31, 2021, 2020 and 2019, options, employee stock purchase rights, RSUs, PSUs, and warrants covering a total of approximately 17,535,000 shares, 19,331,000 shares and 19,516,000 shares, respectively, were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive.

Segment Reporting

Management has determined that the Company operates in one business segment which is the development and commercialization of innovative medicines. All revenues for the years ended December 31, 2021, 2020 and 2019 were generated from customers in the United States.

Recently Issued Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets and certain other instruments. For trade receivables and other instruments, entities will be required to use a new forward-looking expected loss model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those years, with early adoption permitted only as of annual reporting periods beginning after December 15, 2018. The Company adopted this guidance on January 1, 2020. The adoption of ASU 2016-13 did not have material impact on the Company’s consolidated financial statements.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which, among other things, provides entities with practical expedients and policy elections related to the presentation and disclosure of accrued interest and the related allowance for credit losses and clarifies how to disclose line-of-credit arrangements that are converted to term loans in the vintage table disclosure. ASU 2019-04 has the same effective date as the new credit impairment standard for entities that have not yet adopted the standard. For entities that early adopted the new credit impairment standard, ASU 2019-04 is effective for fiscal years beginning after December 15, 2019 and interim periods therein. Entities that early adopted the new credit impairment standard may early adopt ASU 2019-04. The Company adopted this guidance on January 1, 2020. There was no significant impact of the adoption of this guidance on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. The Board issued this Update as part of its Simplification Initiative to improve areas of GAAP and reduce cost and complexity while maintaining usefulness. The main provision that impacts the Company is the removal of the exception to the incremental approach of intra-period tax allocation when there is a loss from continuing operations and income or gain from other items (for example, discontinued operations and other comprehensive income). ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Company has elected to early adopt ASU 2019-12 as of the beginning of 2020, however, there is no cumulative effect to be recognized with the early adoption and no material impact on the Company’s consolidated financial statements.

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31,
	2021		2020
Finished goods	$	1,114	$	1,453
Work in process		6,767		6,367
Raw material		6,217		1,862
	$	14,098	$	9,682
Reported as:
Inventory	$	7,881	$	9,682
Long-term inventory		6,217		—
Total	$	14,098	$	9,682

Property and Equipment, Net

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


	December 31,
	2021			2020
Computers and software	$	5,873		$	5,315
Leasehold improvements		3,696			4,033
Furniture and fixtures		4,549			3,648
Machinery and equipment		113			113
		14,231			13,109
Accumulated depreciation		(6,184	)		(3,948	)
	$	8,047		$	9,161

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued research and development services	$	27,270	$	28,380
Accrued compensation and benefits		25,896		25,811
Accrued sales allowances		15,717		14,115
Accrued consulting and professional fees		9,319		18,969
Current portion of lease liabilities		8,304		5,087
Other		2,686		5,112
	$	89,192	$	97,474

Income Taxes - Reconciliation of Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Pretax Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Amounts computed at statutory federal rate	$ (35,179)	$ (59,004)	$ (49,365)
Stock-based compensation and other permanent differences	6,696	991	5,691
Write-off of IP R&D	1,277	9,565
R&D credits	(11,727)	(17,909)	(16,687)
Change in valuation allowance	36,099	5,925	99,846
State taxes	(2,617)	(5,038)	(2,138)
Contingencies	3,879	2,665	1,861
Foreign rate differential	2,857	4,208	20,413
Limitation on executive compensation	1,808	3,705	1,178
Deferred rate adjustment	(2,424)	2,130
Switzerland tax reform	(923)	53,045	(59,181)
Other	605	328	(742)
Income tax expense	$ 351	$ 611	$ 876

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2016 USD ($)	Dec. 31, 2021 USD ($) Customer Segment shares	Dec. 31, 2020 USD ($) Customer shares	Dec. 31, 2019 USD ($) Customer shares
Summary Of Significant Accounting Policy [Line Items]
Charge on finished goods inventory		$ 1,300	$ 400	$ 1,100
Impairment losses		0
One-time contingent regulatory milestone payment pursuant to agreement with Ipsen Group	$ 8,000
Finite-lived intangible assets, net	$ 8,000
Amortization of intangible assets		1,108	1,477	1,477
Advertising costs		41,800	51,100	$ 38,300
Advertising costs capitalized as prepaid expenses		$ 0	$ 0
Number of large customers \| Customer		4	4	4
Stock-based compensation expenses		$ 6,800
Antidilutive securities to purchase common stock \| shares		17,535,000	19,331,000	19,516,000
Number of business segments \| Segment		1
Customer Concentration Risk \| Revenue, Product and Service Benchmark \| Four Customers
Summary Of Significant Accounting Policy [Line Items]
Concentration risk, percentage		74.00%	74.00%	77.00%
Customer Concentration Risk \| Accounts Receivable \| Four Customers
Summary Of Significant Accounting Policy [Line Items]
Concentration risk, percentage		77.00%	75.00%	75.00%

401 (k) Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Maximum contribution by employee, percentage of pretax earnings	60.00%
Percentage of company's matching contribution with respect to each participant's contribution	100.00%
Company matching contributions to maximum employees eligible compensation	5.00%
Company contributions to 401 (k) plan	$ 5.8	$ 5.1	$ 4.3

401(k) Plan

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

401(k) Plan

7. 401(k) Plan

Effective January 1997, the Company established a deferred compensation plan (the 401(k) Plan) pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the Code), whereby substantially all employees are eligible to contribute up to 60 percent of their pretax earnings, not to exceed amounts allowed under the Code. The Company makes discretionary contributions to the 401(k) Plan equal to 100 percent of each employee’s pretax contributions up to 5 percent of his or her eligible compensation, subject to limitations under the Code. The Company’s total contributions to the 401(k) Plan were $5.8 million, $5.1 million, and $4.3 million for the years ended December 31, 2021, 2020, and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
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-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

10. Leases

The Company leases facilities and certain equipment under noncancelable operating leases that expire at various dates through February 2031. Under the terms of the facilities leases, the Company is required to pay its proportionate share of property taxes, insurance and normal maintenance costs.

In 2015, the Company entered into a master lease agreement giving the Company the ability to lease vehicles under operating leases with initial terms of 36 months from the date of delivery. In 2018, the lease agreement was terminated and a new master lease agreement was entered into with a new vendor giving the Company the ability to lease vehicles under operating leases with initial terms ranging from 12 to 50 months from the date of delivery.

The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 2.0 year to 9.4 years, some of which include options to extend the lease for up to two five-year terms. These optional periods were not considered in the determination of the right-of-use asset or the lease liability as the Company did not consider it reasonably certain that it would exercise such options.

The operating lease costs were as follows (in thousands):


	Years Ended December 31,
	2021		2020		2019
Operating lease cost	$	8,874	$	6,917	$	5,155

Supplemental cash flow information related to the Company’s leases were as follows (in thousands):


	Years Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,303	$	4,480
Right-of-use assets obtained in exchange for operating lease obligations:		17,272		42,039

The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):


	December 31, 2021		December 31, 2020
Operating lease liabilities
Current portion included in accrued liabilities	$	8,304	$	5,087
Operating lease liabilities		56,126		44,460
Total operating lease liabilities	$	64,430	$	49,547

Maturities of lease liabilities were as follows (in thousands):


	Operating Leases
Years ending December 31,
2022	$	8,520
2023		8,390
2024		8,275
2025		8,355
2026		7,719
Thereafter		36,556
Total lease payments		77,815
Less:
Imputed interest		(13,385	)
Total operating lease liabilities	$	64,430

Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. As of December 31, 2021 and 2020, the weighted average remaining lease term was 9.0 years and 9.4 years, respectively, and the weighted average discount rate used to determine the operating lease liability was 4.3% and 4.7%, respectively.

In the fourth quarter of 2018, the Company entered into an agreement to lease the 4th and 5th floors of corporate office space in San Diego, California with total minimum lease payments of $50.4 million over an initial term of 10 years and 9 months. In February 2020, the Company entered into the first amendment to the lease agreement to lease the 2nd floor of corporate office space in San Diego, California with total minimum lease payments of $25.3 million over an initial term of approximately 10 years and 7 months. In March 2020, the Company entered into the second amendment to the lease agreement which increased the total minimum lease payments of the original corporate office space to $51.4 million. In the third quarter of 2020, the lease for the 4th and 5th floors of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $40.3 million. In the first quarter of 2021, the lease for the 2nd floor of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $19.2 million. In connection with this lease and the amendment, the Company established a letter of credit for $3.1 million, which has automatic annual extensions and is fully secured by restricted cash.

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Operating Lease Costs

The operating lease costs were as follows (in thousands):


	Years Ended December 31,
	2021		2020		2019
Operating lease cost	$	8,874	$	6,917	$	5,155

Supplemental Cash Flow Information Related to the Company's Leases

Supplemental cash flow information related to the Company’s leases were as follows (in thousands):


	Years Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,303	$	4,480
Right-of-use assets obtained in exchange for operating lease obligations:		17,272		42,039

Summary of Balance Sheet Classification of Lease Liabilities

The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):


	December 31, 2021		December 31, 2020
Operating lease liabilities
Current portion included in accrued liabilities	$	8,304	$	5,087
Operating lease liabilities		56,126		44,460
Total operating lease liabilities	$	64,430	$	49,547

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows (in thousands):


	Operating Leases
Years ending December 31,
2022	$	8,520
2023		8,390
2024		8,275
2025		8,355
2026		7,719
Thereafter		36,556
Total lease payments		77,815
Less:
Imputed interest		(13,385	)
Total operating lease liabilities	$	64,430

Balance Sheet Details

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

5. Balance Sheet Details

Inventory consisted of the following (in thousands):


	December 31,
	2021		2020
Finished goods	$	1,114	$	1,453
Work in process		6,767		6,367
Raw material		6,217		1,862
	$	14,098	$	9,682
Reported as:
Inventory	$	7,881	$	9,682
Long-term inventory		6,217		—
Total	$	14,098	$	9,682

Amount reported as long-term inventory consisted of raw materials as of December 31, 2021. The Company has raw materials beyond one year production plan that prevent the Company from potential supply interruption. Those raw materials that beyond one year production plan were classified as long-term inventory.

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


	December 31,
	2021			2020
Computers and software	$	5,873		$	5,315
Leasehold improvements		3,696			4,033
Furniture and fixtures		4,549			3,648
Machinery and equipment		113			113
		14,231			13,109
Accumulated depreciation		(6,184	)		(3,948	)
	$	8,047		$	9,161

Depreciation of property and equipment was $2.2 million, $1.5 million, and $1.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. For the year ended December 31, 2021, the Company did not retire any fully depreciated property and equipment. During 2020 and 2019, the Company retired $3.1 million and $0.2 million, respectively, of fully depreciated property and equipment.

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued research and development services	$	27,270	$	28,380
Accrued compensation and benefits		25,896		25,811
Accrued sales allowances		15,717		14,115
Accrued consulting and professional fees		9,319		18,969
Current portion of lease liabilities		8,304		5,087
Other		2,686		5,112
	$	89,192	$	97,474

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

Stock Offerings

In August 2020, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with CerSci Therapeutics Incorporated (CerSci), pursuant to which one of the Company’s wholly owned subsidiaries merged with and into CerSci, with CerSci as the surviving corporation and the Company’s wholly owned subsidiary. Approximately 1.2 million shares of the Company’s common stock with a value of $44.3 million were issued to CerSci’s former equity holders. The Company filed a registration statement on Form S-3 with the SEC to register the resale of the shares of the Company’s common stock issued in connection with its acquisition of CerSci.

In September 2019, the Company raised net proceeds of approximately $271.5 million from the sale of 7,187,500 shares of its common stock in a follow-on public offering, including 937,500 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares.

Equity Awards

The Company’s 2010 Equity Incentive Plan, as amended to date (the 2010 Plan), permits the grant of options to employees, directors and consultants. In addition, the 2010 Plan permits the grant of stock bonuses, rights to purchase restricted stock, and other stock awards. The exercise price of options granted under the 2010 Plan cannot be less than 100 percent of the fair market value of the common stock on the date of grant and the maximum term of any option is 10 years. Options granted under the 2010 Plan generally vest over a four-year period. All shares that remained eligible for grant under the Company’s 2004 Equity Incentive Plan (the 2004 Plan) at the time of approval of the 2010 Plan were transferred to the 2010 Plan. The 2010 Plan share reserve also has been, and may be, increased by the number of shares that otherwise would have reverted to the 2004 Plan reserve after June 2010. In June 2015, June 2016, June 2017, June 2018, and June 2019, the Company’s stockholders approved amendments to its 2010 Plan to, among other things, increase the aggregate number of shares of common stock authorized for issuance under the plan by 5,000,000 shares, 3,000,000 shares, 5,500,000 shares, 6,700,000 shares, and 8,300,000 shares, respectively. At December 31, 2021, there were 27,357,064 shares of common stock authorized for issuance, of which 9,590,133 shares were available for new grants under the 2010 Plan.

Stock Options

The 2010 Plan provided for the grant of options to employees, directors and consultants. The exercise price of options granted under the 2010 Plan was at 100 percent of the fair market value of the common stock on the date of grant and the maximum term of any option was 10 years. Options granted under the 2010 Plan generally vested over a four-year period.

The following table summarizes the Company’s stock option activity during the year ended December 31, 2021:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		16,441,994		$	30.40
Granted		1,879,092		$	43.62
Exercised		(577,627	)	$	22.25
Cancelled/forfeited		(2,657,318	)	$	34.83
Outstanding at December 31, 2021		15,086,141		$	31.58		5.8	$	16,416
Vested and exercisable at December 31, 2021		11,003,784		$	30.09		5.1	$	12,879
Unvested at December 31, 2021		4,082,357		$	35.60		7.7	$	3,537

The aggregate intrinsic value of options exercisable as of December 31, 2021 is calculated as the difference between the exercise price of the underlying options and the closing market price of the Company’s common stock on that date, which was $23.34 per share. The aggregate intrinsic value of options exercised during the years ended December 31, 2021, 2020, and 2019 was approximately $8.0 million, $55.5 million, and $56.6 million, respectively, determined as of the date of exercise. The Company received $12.9 million and $73.8 million in cash from options exercised during the year ended December 31, 2021 and 2020, respectively.

The weighted average per share fair value of options granted during the years ended December 31, 2021, 2020, and 2019 was approximately $24.07, $24.16, and $15.97, respectively. As of December 31, 2021 and 2020, total unrecognized compensation cost related to stock options was approximately $66.0 million and $99.1 million, and the weighted average period over which this cost is expected to be recognized is approximately 2.3 years and 2.5 years, respectively.

Restricted Stock

The Company grants RSUs and PSUs, both of which are considered restricted stock, pursuant to the 2010 Plan and satisfies such grants through the issuance of new shares. RSUs are share awards that, upon vesting, will deliver to the holder shares of the Company’s common stock. RSUs generally vest over a four-year period. Certain RSUs also has accelerated vesting clause based on specified market condition target and continued employment through the vesting period. PSUs for which the number of shares issuable at the end of performance period can reach up to 200% of the shares approved in the award based on the achievement of certain pre-defined Acadia-specific performance criteria and continued employment through the vesting period.

The following table summarizes the Company’s restricted stock activity during the year ended December 31, 2021:


	Number of Shares			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		2,207,247		$	33.81
Granted		1,713,829		$	35.84
Vested		(491,813	)	$	30.10
Cancelled/forfeited		(748,473	)	$	38.74
Outstanding at December 31, 2021		2,680,790		$	34.41	$	62,570

There were 1,276,936 and 700,156 PSUs outstanding at December 31, 2021 and 2020, respectively. During the years ended 2021 and 2020, 918,434 and 255,878 PSUs were granted, respectively, none of which were vested. During the years ended December 31, 2021 and 2020, total intrinsic value of PSUs outstanding was $29.8 million and $37.4 million, respectively. Total unrecognized compensation cost related to RSUs was approximately $39.8 million and $41.7 million for the years ended December 31, 2021 and 2020, respectively, and the weighted average period over which the cost is expected to be recognized is approximately 2.3 years and 2.7 years, respectively. Total unrecognized compensation cost related to PSUs was approximately $11.5 million and $2.6 million for the years ended December 31, 2021 and 2020, respectively, and the weighted average remaining contractual term related to outstanding PSUs was 3.3 years and 2.8 years, respectively.

Employee Stock Purchase Plan

The Company’s 2004 Employee Stock Purchase Plan (the Purchase Plan) became effective upon the closing of the Company’s initial public offering in June 2004. In June 2016, June 2019 and June 2020, the Company’s stockholders approved an amendment to the Purchase Plan to, among other things, increase the aggregate number of shares of common stock authorized for issuance under the plan by 400,000 shares, 600,000 shares and 3,000,000 shares, respectively. At December 31, 2021, a total of 5,525,000 shares of common stock had been reserved for issuance under the Purchase Plan. At December 31, 2021, 2,810,145 shares of common stock remained available for issuance pursuant to the Purchase Plan. Eligible employees who elect to participate in an offering under the Purchase Plan may have up to 15 percent of their earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the Purchase Plan. The price of common stock purchased under the Purchase Plan is equal to 85 percent of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant purchase date.

During the years ended December 31, 2021, 2020, and 2019, a total of 296,850, 377,963, and 269,037 shares of common stock were issued under the Purchase Plan at average per share prices of $17.89, $18.94, and $16.41, respectively. The weighted average per share fair value of purchase rights granted during the years ended December 31, 2021, 2020, and 2019 was $23.97, $22.47, and $14.24, respectively. During the years ended December 31, 2021, 2020, and 2019, the Company recorded cash received from the exercise of purchase rights of $5.3 million, $7.2 million, and $4.4 million, respectively.

Contingent Cash Awards

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 147,435	$ 326,028
Investment securities, available-for-sale	373,271	305,930
Accounts receivable, net	64,366	48,247
Interest and other receivables	978	2,035
Short term inventory	7,881	9,682
Prepaid expenses	23,892	25,694
Total current assets	617,823	717,616
Property and equipment, net	8,047	9,161
Operating lease right-of-use assets	58,268	47,283
Intangible assets, net	0	1,108
Restricted cash	5,770	5,770
Long-term inventory	6,217
Other assets	3,997	1,678
Total assets	700,122	782,616
Liabilities and stockholders’ equity
Accounts payable	6,876	8,493
Accrued liabilities	89,192	97,474
Total current liabilities	96,068	105,967
Operating lease liabilities	56,126	44,460
Other long-term liabilities	7,034	5,180
Total liabilities	159,228	155,607
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at December 31, 2021 and 2020; no shares issued and outstanding at December 31, 2021 and 2020	0	0
Common stock, $0.0001 par value; 225,000,000 shares authorized at December 31, 2021 and 2020; 161,012,695 shares and 159,637,771 shares issued and outstanding at December 31, 2021 and 2020, respectively	16	16
Additional paid-in capital	2,694,646	2,612,663
Accumulated deficit	(2,153,576)	(1,985,706)
Accumulated other comprehensive (loss) income	(192)	36
Total stockholders’ equity	540,894	627,009
Total liabilities and stockholders’ equity	$ 700,122	$ 782,616

Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
NOL carryforwards	$ 229,476	$ 218,905
R&D credit carryforwards	74,702	63,886
Stock-based compensation	51,170	47,547
Charitable contributions	41,355	28,470
Lease liabilities	15,550	11,675
Intangibles	6,741	7,109
Capitalized R&D		6,073
Other	11,700	9,390
Total deferred tax assets	430,694	393,055
Valuation allowance	(416,630)	(380,533)
Deferred tax liabilities
Right-of-use assets	(14,063)	(11,142)
Propery and equipment	(1)	(1,380)
Total deferred tax liabilities	(14,064)	(12,522)
Total net deferred tax assets	$ 0	$ 0

Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 9,843	$ 6,945	$ 5,037
Additions related to current period tax positions	3,973	2,722	1,908
Additions related to prior period tax positions	140	212
Reductions related to prior period tax positions	(33)	(36)
Balance at end of period	$ 13,923	$ 9,843	$ 6,945

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Lease Liabilities [Abstract]
2022	$ 8,520
2023	8,390
2024	8,275
2025	8,355
2026	7,719
Thereafter	36,556
Total lease payments	77,815
Less:
Imputed interest	(13,385)
Total operating lease liabilities	$ 64,430	$ 49,547

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	161,012,695	159,637,771
Common stock, shares outstanding	161,012,695	159,637,771

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Revenues

Type of Revenue [Extensible List]

us-gaap:ProductMember

Total revenues

$ 484,145

$ 441,755

$ 339,076

Operating expenses

Type of Cost, Good or Service [Extensible List]

us-gaap:ProductMember

Cost of product sales

$ 10,843

$ 10,211

$ 11,344

License fees and royalties

8,298

10,339

8,254

Research and development

239,415

319,130

240,385

Selling, general and administrative

396,028

388,661

325,638

Total operating expenses

654,584

728,341

585,621

Loss from operations

(170,439)

(286,586)

(246,545)

Interest income, net

591

6,610

11,165

Other income (expense)

(2,329)

(997)

997

Loss before income taxes

(167,519)

(280,973)

(234,383)

Income tax expense

351

611

876

Net loss

$ (167,870)

$ (281,584)

$ (235,259)

Net loss per common share, basic and diluted

$ (1.05)

^[1]

$ (1.79)

^[1]

$ (1.60)

Weighted average common shares outstanding, basic and diluted

160,493

157,331

147,199

[1]	Net loss per common share, basic and diluted, are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly net loss per common share amounts may not equal the annual amounts reported.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

11. Selected Quarterly Financial Data (Unaudited)

The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized quarterly data for the years ended December 31, 2021 and 2020 are as follows (in thousands, except per share data):


	Fiscal Year 2021 Quarters
	1st			2nd			3rd			4th			Total
Revenues	$	106,554		$	115,221		$	131,612		$	130,758		$	484,145
Gross profit(1)	$	104,369		$	112,695		$	127,924		$	128,314		$	473,302
Net loss	$	(66,448	)	$	(43,871	)	$	(14,457	)	$	(43,094	)	$	(167,870	)
Basic and diluted net loss per share(2)	$	(0.42	)	$	(0.27	)	$	(0.09	)	$	(0.27	)	$	(1.05	)


	Fiscal Year 2020 Quarters
	1st			2nd			3rd			4th			Total
Revenues	$	90,068		$	110,103		$	120,577		$	121,007		$	441,755
Gross profit(1)	$	87,269		$	107,204		$	118,572		$	118,499		$	431,544
Net loss	$	(88,023	)	$	(42,141	)	$	(84,660	)	$	(66,760	)	$	(281,584	)
Basic and diluted net loss per share(2)	$	(0.57	)	$	(0.27	)	$	(0.05	)	$	(0.42	)	$	(1.79	)

(1)

Determined by subtracting cost of product sales from product sales, net.

(2)

Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 1,114	$ 1,453
Work in process	6,767	6,367
Raw material	6,217	1,862
Inventory	14,098	9,682
Short term inventory	7,881	9,682
Inventory	14,098	9,682
Long-term inventory	$ 6,217

SCHEDULE II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - Valuation and Qualifying Accounts

SCHEDULE II – Valuation and Qualifying Accounts

(in thousands)


			Additions		Deductions
	Balance at Beginning of Period		Provision Related to Current Period Sales		Actual Distribution Fees, Discounts and Chargebacks Related to Current Period Sales			Actual Distribution Fees, Discounts and Chargebacks Related to Prior Period Sales			Balance at End of Period
Allowance for distribution fees, discounts and chargebacks:
For the year ended December 31, 2019	$	1,840	$	33,827	$	(31,251	)	$	(1,840	)	$	2,576
For the year ended December 31, 2020	$	2,576	$	51,684	$	(47,463	)	$	(2,576	)	$	4,221
For the year ended December 31, 2021	$	4,221	$	72,011	$	(63,544	)	$	(4,221	)	$	8,467

Summary of Significant Accounting Policies - Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Options (Detail) - Stock Options	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assumptions Used To Determine Fair Value Options [Line Items]
Expected volatility	64.00%	63.00%	62.00%
Risk-free interest rate	1.00%	1.00%	2.00%
Expected dividend yield	0.00%	0.00%	0.00%
Expected life of options in years	5 years 4 months 24 days	5 years 6 months	5 years 8 months 12 days

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	$ 290,997	$ 169,353
Less Than 12 Months, Unrealized Losses	213	43
Total, Estimated Fair Value	290,997	169,353
Total, Unrealized Losses	213	43
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	140,287	129,631
Less Than 12 Months, Unrealized Losses	100	27
Total, Estimated Fair Value	140,287	129,631
Total, Unrealized Losses	100	27
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value		6,252
Total, Estimated Fair Value		6,252
Total, Unrealized Losses
Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	26,006
Less Than 12 Months, Unrealized Losses	22
Total, Estimated Fair Value	26,006
Total, Unrealized Losses	22
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	49,512	10,004
Less Than 12 Months, Unrealized Losses	38	5
Total, Estimated Fair Value	49,512	10,004
Total, Unrealized Losses	38	5
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	75,192	23,466
Less Than 12 Months, Unrealized Losses	53	11
Total, Estimated Fair Value	75,192	23,466
Total, Unrealized Losses	$ 53	$ 11

Balance Sheet Details - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,231	$ 13,109
Accumulated depreciation	(6,184)	(3,948)
Property and equipment, net	8,047	9,161
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	113	113
Computers and Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,873	5,315
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,696	4,033
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,549	$ 3,648

Summary of Company's RSU Activity (Detail) - Restricted Stock Units and Performance Stock Units $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Number of Shares
Outstanding, Begining Balance \| shares	2,207,247
Granted \| shares	1,713,829
Vested \| shares	(491,813)
Cancelled/forfeited \| shares	(748,473)
Outstanding, Ending Balance \| shares	2,680,790
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value , Begining Balance \| $ / shares	$ 33.81
Weighted Average Grant Date Fair Value, Granted \| $ / shares	35.84
Weighted Average Grant Date Fair Value, Vested \| $ / shares	30.10
Weighted Average Grant Date Fair Value, Cancelled/forfeited \| $ / shares	38.74
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 34.41
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding \| $	$ 62,570

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity date at the date of purchase of three months or less to be cash equivalents.


	Twelve Months Ended December 31, 2021				Twelve Months Ended December 31, 2020
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	326,028	$	147,435	$	189,680	$	326,028
Restricted cash		5,770		5,770		4,787		5,770
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	331,798	$	153,205	$	194,467	$	331,798

Investment Securities

Fair Value of Financial Instruments

As disclosed in Note 4, the Company classifies its cash equivalents and available-for-sale investment securities within the fair value hierarchy as defined by authoritative guidance:


Level 1 Inputs	—	Quoted prices for identical instruments in active markets.

Level 2 Inputs	—	Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.

Level 3 Inputs	—	Valuation derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Accounts Receivable

Inventory

Property and Equipment


		Useful Lives
Machinery and equipment		5 to 7 years
Computers and software		3 years
Furniture and fixtures		10 years

Impairment of Long-Lived Assets

License Fees and Royalties

Acquisitions

Advertising Expense

Revenue Recognition

Product Sales, Net

Research and Development Expenses

Concentration Risk

Stock-Based Compensation


	Years Ended December 31,
	2021			2020			2019
Stock Options:
Expected volatility		64	%		63	%		62	%
Risk-free interest rate		1	%		1	%		2	%
Expected dividend yield		0	%		0	%		0	%
Expected life of options in years		5.4			5.5			5.7


	Years Ended December 31,
	2021			2020			2019
Employee Stock Purchase Plan:
Expected volatility	49%-100%			50%-76%			62%-86%
Risk-free interest rate	0.0%-0.5%			0.1%-0.2%			1.5%-2.4%
Expected dividend yield		0	%		0	%		0	%
Expected life in years	0.5-2.0			0.5-2.0			0.5-2.0

Expected Volatility. The Company considers its historical volatility and implied volatility when determining the expected volatility.

Expected Dividend Yield. The Company has never paid any dividends and currently has no plans to do so.

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):


	Years Ended December 31,
	2021		2020		2019
Cost of product sales	$	1,286	$	2,632	$	2,936
Research and development		21,969		31,314		32,533
Sales, general and administrative		40,360		50,476		46,796
	$	63,615	$	84,422	$	82,265

Income Taxes

Net Loss Per Share

Segment Reporting

Recently Issued Accounting Standards

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended	12 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) Term	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018	Dec. 31, 2015
Lessee Lease Description [Line Items]
Operating lease, expiration year		2031-02
Operating lease, description		The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 2.0 year to 9.4 years, some of which include options to extend the lease for up to two five-year terms.
Operating lease, option to extend			true
Operating lease, options to extend		some of which include options to extend the lease for up to two five-year terms.
Weighted average remaining lease term		9 years	9 years 4 months 24 days
Weighted average discount rate		4.30%	4.70%
Capitalization of lease liability	$ 19,200			$ 40,300
Restricted cash		$ 5,770	$ 5,770				$ 4,787
Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Operating leases arrangement term								10 years 9 months
Corporate Office Space Lease Agreement \| Letter of Credit
Lessee Lease Description [Line Items]
Restricted cash	$ 3,100
California \| Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Minimum lease payment amount		$ 50,400			$ 51,400	$ 25,300
Lease commencement period	first quarter of 2021
Minimum
Lessee Lease Description [Line Items]
Operating lease remaining lease term		2 years
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term		9 years 4 months 24 days
Operating lease, renewal term		5 years
Number of renewal option terms \| Term		2
Vehicles
Lessee Lease Description [Line Items]
Operating leases arrangement term									36 months
Vehicles \| Minimum
Lessee Lease Description [Line Items]
Operating leases arrangement term									12 months
Vehicles \| Maximum
Lessee Lease Description [Line Items]
Operating leases arrangement term									50 months

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	Twelve Months Ended December 31, 2021				Twelve Months Ended December 31, 2020
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	326,028	$	147,435	$	189,680	$	326,028
Restricted cash		5,770		5,770		4,787		5,770
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	331,798	$	153,205	$	194,467	$	331,798

Schedule of Estimated Useful Lives by Major Asset Category


		Useful Lives
Machinery and equipment		5 to 7 years
Computers and software		3 years
Furniture and fixtures		10 years

Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Options

The estimated fair value of each stock option and purchase right is then expensed over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:


	Years Ended December 31,
	2021			2020			2019
Stock Options:
Expected volatility		64	%		63	%		62	%
Risk-free interest rate		1	%		1	%		2	%
Expected dividend yield		0	%		0	%		0	%
Expected life of options in years		5.4			5.5			5.7

Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights


	Years Ended December 31,
	2021			2020			2019
Employee Stock Purchase Plan:
Expected volatility	49%-100%			50%-76%			62%-86%
Risk-free interest rate	0.0%-0.5%			0.1%-0.2%			1.5%-2.4%
Expected dividend yield		0	%		0	%		0	%
Expected life in years	0.5-2.0			0.5-2.0			0.5-2.0

Summary of Stock-based Compensation Expense Included in Statements of Operations

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):


	Years Ended December 31,
	2021		2020		2019
Cost of product sales	$	1,286	$	2,632	$	2,936
Research and development		21,969		31,314		32,533
Sales, general and administrative		40,360		50,476		46,796
	$	63,615	$	84,422	$	82,265

Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued research and development services	$ 27,270	$ 28,380
Accrued compensation and benefits	25,896	25,811
Accrued sales allowances	15,717	14,115
Accrued consulting and professional fees	9,319	18,969
Current portion of lease liabilities	8,304	5,087
Other	2,686	5,112
Accrued liabilities	$ 89,192	$ 97,474

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

Domestic and foreign pre-tax loss is as follows (in thousands):


	Years Ended December 31,
	2021			2020			2019
Domestic	$	(138,913	)	$	(238,885	)	$	(123,411	)
Foreign		(28,606	)		(42,088	)		(110,972	)
	$	(167,519	)	$	(280,973	)	$	(234,383	)

At December 31, 2021, the Company had federal, state, and foreign net operating loss (NOL) carryforwards of approximately $551.2 million, $426.2 million, and $1,354.3 million, respectively. The Company recognized state income tax provisions of $0.4 million, $0.4 million and $0.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company recognized foreign income tax in the amount of $0.2 million for the year ended December 31, 2020. These tax liabilities were associated with minimum taxes and a patent box entry tax for Switzerland. Utilization of the domestic NOL and research and development (R&D) credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred or that could occur in the future, as required by Section 382 of the Code, as well as similar state and foreign provisions. These ownership changes may limit the amount of NOL and R&D credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups.

The Company previously completed a study to assess whether an ownership change, as defined by Section 382 of the Code, had occurred from the Company’s formation through December 31, 2013. Based upon this study, the Company determined that several ownership changes had occurred. Accordingly, the Company reduced its deferred tax assets related to the federal NOL carryforwards and the federal R&D credit carryforwards that are anticipated to expire unused as a result of these ownership changes. These tax attributes were excluded from deferred tax assets with a corresponding reduction of the valuation allowance with no net effect on income tax expense or the effective tax rate. The Company completed a study through December 31, 2020 and concluded no additional ownership changes occurred. Future ownership changes may further limit the Company’s ability to utilize its remaining tax attributes.

Federal and state NOL carryforwards of $6.9 million and less than $0.1 million will expire in 2025 unless utilized. The remaining federal and state NOL carryforwards will begin to expire in 2026. At December 31, 2021, the Company had federal and state charitable contribution carryforwards of $171.3 million and $21.8 million will expire in 2022 unless utilized. At December 31, 2021, the Company had $65.8 million of federal R&D credit carryforwards, of which $0.3 million will expire in 2022 unless utilized, and the remaining federal R&D credit carryforwards will begin to expire in 2023. At December 31, 2021, the Company had state R&D credit carryforwards of approximately $2.8 million that will begin to expire in 2024 and $18.5 million that have no expiration date. At December 31, 2021, the Company had foreign NOL carryforwards of approximately $218.5 million that will expire in 2022 unless utilized and $3.4 million that have no expiration date. The Company continues to record the deferred tax assets related to these attributes, subject to valuation allowance, until expiration occurs.

The components of the deferred tax assets are as follows (in thousands):


	December 31,
	2021			2020
Deferred tax assets
NOL carryforwards	$	229,476		$	218,905
R&D credit carryforwards		74,702			63,886
Stock-based compensation		51,170			47,547
Charitable contributions		41,355			28,470
Lease liabilities		15,550			11,675
Intangibles		6,741			7,109
Capitalized R&D		—			6,073
Other		11,700			9,390
Total deferred tax assets		430,694			393,055
Valuation allowance		(416,630	)		(380,533	)
Deferred tax liabilities
Right-of-use assets		(14,063	)		(11,142	)
Property and equipment		(1	)		(1,380	)
Total deferred tax liabilities		(14,064	)		(12,522	)
Total net deferred tax assets	$	—		$	—

Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by approximately $36.1 million in 2021 primarily due to an increase in deferred tax assets generated from net operating losses, R&D credits and stock-based compensation expense, offset in part by the remeasurement of deferred tax balance for changes in state tax rates, and limitations on executive stock compensation.

During 2019, Switzerland implemented tax reform that is effective for tax years 2020 and forward. As a result, the Company has remeasured the deferred tax assets, primarily comprised of net operating loss carryforwards, at the amount and rate in which it is anticipated they will reverse. The tax reform also allowed the Company to take as a deduction for Cantonal purposes only, a portion of the increase in value of the intellectual property transferred to Switzerland. This deduction was available as a result of establishing Lucerne as the Cantonal location for the Company. As a result, during 2019 a deferred tax asset of $57.0 million was established which was the estimated amount that would be allowed as a future deduction. During December 2020, the Company moved to Basel-City from Lucerne. As a result, the intellectual property deduction is no longer available and has been reversed. The deferred tax assets and net operating losses were remeasured at the amount and rate in which they are anticipated to reverse as a result of the change in jurisdiction. The adjustments made to the deferred tax assets are offset by a valuation allowance.

A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the pretax loss is summarized as follows (in thousands):


	Years Ended December 31,
	2021			2020			2019
Amounts computed at statutory federal rate	$	(35,179	)	$	(59,004	)	$	(49,365	)
Stock-based compensation and other permanent differences		6,696			991			5,691
Write-off of IP R&D		1,277			9,565			—
R&D credits		(11,727	)		(17,909	)		(16,687	)
Change in valuation allowance		36,099			5,925			99,846
State taxes		(2,617	)		(5,038	)		(2,138	)
Contingencies		3,879			2,665			1,861
Foreign rate differential		2,857			4,208			20,413
Limitation on executive compensation		1,808			3,705			1,178
Deferred rate adjustment		(2,424	)		2,130			—
Switzerland tax reform		(923	)		53,045			(59,181	)
Other		605			328			(742	)
Income tax expense	$	351		$	611		$	876

The tax years 2002-2020 remain open to examination by the major taxing jurisdictions to which the Company is subject.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination. The Company recorded an uncertain tax position reserve of $4.1 million, $2.9 million and $1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. Due to the valuation allowance recorded against the Company’s deferred tax assets, an immaterial amount of the total unrecognized tax benefits as of December 31, 2021 would reduce the annual effective tax rate if recognized. The Company does not anticipate that the amount of unrecognized tax benefits as of December 31, 2021 will significantly change within the next twelve months. The Company’s practice is to recognize interest and/or penalties related to uncertain income tax positions in income tax expense. The Company had no interest and/or penalties accrued on the Company’s consolidated balance sheets at December 31, 2021 or 2020, respectively. Further, the Company did not recognize any interest and/or penalties in the statement of operations for the years ended December 31, 2021, 2020 and 2019, respectively, related to uncertain tax positions.

The following table provides a reconciliation of changes in unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2021			2020			2019
Balance at beginning of period	$	9,843		$	6,945		$	5,037
Additions related to current period tax positions		3,973			2,722			1,908
Additions related to prior period tax positions		140			212			—
Reductions related to prior period tax positions		(33	)		(36	)		—
Balance at end of period	$	13,923		$	9,843		$	6,945

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements - Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 499,785	$ 632,576
Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	122,876	300,339
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	266,701	531,736
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	122,876	300,339
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	233,084	100,840
U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	140,187	230,088
U.S. Treasury notes \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	140,187	230,088
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	3,638	1,309
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	3,638	1,309
Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	25,984
US Government Sponsored Enterprises Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	49,474	9,999
US Government Sponsored Enterprises Debt Securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		9,999
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		52,388
Corporate debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		52,388
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 157,626	38,453
Commercial paper \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		$ 38,453

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash and cash equivalents	$ 147,435	$ 326,028	$ 189,680
Restricted cash	5,770	5,770	4,787
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 153,205	$ 331,798	$ 194,467	$ 139,584

Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 30, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Revenues

$ 130,758

$ 131,612

$ 115,221

$ 106,554

$ 121,007

$ 120,577

$ 110,103

$ 90,068

$ 484,145

$ 441,755

Gross profit

^[1]

128,314

127,924

112,695

104,369

118,499

118,572

107,204

87,269

473,302

431,544

Net loss

$ (43,094)

$ (14,457)

$ (43,871)

$ (66,448)

$ (66,760)

$ (84,660)

$ (42,141)

$ (88,023)

$ (167,870)

$ (281,584)

$ (235,259)

Basic and diluted net loss per share

$ (0.27)

^[2]

$ (0.09)

^[2]

$ (0.27)

^[2]

$ (0.42)

^[2]

$ (0.42)

^[2]

$ (0.05)

^[2]

$ (0.27)

^[2]

$ (0.57)

^[2]

$ (1.05)

^[2]

$ (1.79)

^[2]

$ (1.60)

[1]	Determined by subtracting cost of product sales from product sales, net.
[2]	Net loss per common share, basic and diluted, are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly net loss per common share amounts may not equal the annual amounts reported.

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

- Definition

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

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Estimated Fair Value	$ 373,271	$ 305,930
Equity securities, Amortized Cost	373,475
Equity securities, Unrealized Gains	9
Equity securities, Unrealized Losses	(213)
Equity securities, Estimated Fair Value	373,271
Debt and equity securities, Amortized Cost		305,899
Debt and equity securities, Unrealized Gains		74
Debt and equity securities, Unrealized Losses		(43)
Debt and equity securities, Estimated Fair Value		305,930
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	140,287	205,111
Debt securities, Unrealized Gains	0	6
Debt securities, Unrealized Losses	(100)	(27)
Debt securities, Estimated Fair Value	140,187	205,090
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	49,512	10,004
Debt securities, Unrealized Losses	(38)	(5)
Debt securities, Estimated Fair Value	49,474	9,999
Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	26,006
Debt securities, Unrealized Losses	(22)
Debt securities, Estimated Fair Value	25,984
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost		52,341
Debt securities, Unrealized Gains		47
Debt securities, Estimated Fair Value		52,388
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	157,670	38,443
Debt securities, Unrealized Gains	9	21
Debt securities, Unrealized Losses	(53)	(11)
Debt securities, Estimated Fair Value	$ 157,626	$ 38,453

SCHEDULE II - Valuation and Qualifying Accounts (Detail) - Allowance for Distribution Fees, Discounts and Chargebacks - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 4,221	$ 2,576	$ 1,840
Additions, Provision Related to Current Period Sales	72,011	51,684	33,827
Deductions, Actual Distribution Fees, Discounts and Chargebacks Related to Current Period Sales	(63,544)	(47,463)	(31,251)
Deductions, Actual Distribution Fees, Discounts and Chargebacks Related to Prior Period Sales	(4,221)	(2,576)	(1,840)
Balance at End of Period	$ 8,467	$ 4,221	$ 2,576

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company’s investments include cash equivalents, available-for-sale investment securities consisting of money market funds, U.S. treasury notes, and marketable debt instruments of corporations and government sponsored enterprises in accordance with the Company’s investment policy, and equity investments. The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s.

The Company’s cash equivalents, available-for-sale investment securities, and equity securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities and equity securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of December 31, 2021 and 2020, respectively.

The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred any investment securities between the classification levels.


			Fair Value Measurements at Reporting Date Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	122,876	$	122,876	$	—	$	—
U.S. Treasury notes		140,187		140,187		—		—
Equity securities		3,638		3,638		—		—
Government sponsored enterprise securities		49,474		—		49,474		—
Municipal bonds		25,984		—		25,984		—
Commercial paper		157,626		—		157,626		—
	$	499,785	$	266,701	$	233,084	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	300,339	$	300,339	$	—	$	—
U.S. Treasury notes		230,088		230,088		—		—
Equity securities		1,309		1,309		—		—
Government sponsored enterprise securities		9,999		—		9,999		—
Corporate debt securities		52,388		—		52,388		—
Commercial paper		38,453		—		38,453		—
	$	632,576	$	531,736	$	100,840	$	—

- 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

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives by Major Asset Category (Detail)	12 Months Ended
	Dec. 31, 2021
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Computers and Software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	10 years

Stockholders' Equity - Additional Information (Detail) - USD ($)		1 Months Ended								12 Months Ended
	Nov. 02, 2021	Aug. 31, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2010
Class of Stock [Line Items]
Issuance of common stock in connection with asset acquisition										$ 0	$ 44,280,000
Net proceeds from sale of common stock				$ 271,500,000						$ 18,162,000	80,996,000	$ 371,847,000
Issuance of common stock in public offering, net of issuance costs (in shares)				7,187,500
Options vesting period										4 years
Aggregate intrinsic value of stock options exercised										$ 8,000,000.0	55,500,000	$ 56,600,000
Cash received from options exercised										$ 12,900	73,800,000
Weighted average per share fair value of options granted										$ 24.07		$ 15.97
Unrecognized compensation costs											$ 99,100,000
Weighted average period cost expected to be recognized										2 years 3 months 18 days	2 years 6 months
Weighted average remaining contractual term, Outstanding										5 years 9 months 18 days
Terms of award										PSUs for which the number of shares issuable at the end of performance period can reach up to 200% of the shares approved in the award based on the achievement of certain pre-defined Acadia-specific performance criteria and continued employment through the vesting period
Issuance of common stock pursuant to employee stock purchase plan										$ 5,312,000	$ 7,162,000	$ 4,411,000
Potential payout	$ 15,100,000									14,600,000
Fair value of awards	$ 4,400,000									5,600,000
Compensation cost related to the awards										$ 600,000
Stock Options \| Equity Incentive Plan 2010
Class of Stock [Line Items]
Exercise price of Options as percentage of fair market value													100.00%
Options maximum expiration term													10 years
Options vesting period													4 years
Number of common stock authorized for issuance										27,357,064
Common stock available for grants										9,590,133
Common stock reserved for issuance under stock purchase plan					8,300,000	6,700,000	5,500,000	3,000,000	5,000,000
Stock Options \| Equity Incentive Plan 2004
Class of Stock [Line Items]
Exercise price of Options as percentage of fair market value										100.00%
Options vesting period										4 years
Number of periods additional number of shares could be added to shares authorized for issuance										10 years
PSU
Class of Stock [Line Items]
Unrecognized compensation costs										$ 11,500,000	$ 2,600,000
Weighted average period cost expected to be recognized											2 years 8 months 12 days
Weighted average remaining contractual term, Outstanding										3 years 3 months 18 days	2 years 9 months 18 days
Granted										918,434	255,878
Aggregate Intrinsic Value, Outstanding										$ 29,800,000	$ 37,400,000
Outstanding shares										1,276,936	700,156
Restricted Stock Units
Class of Stock [Line Items]
Unrecognized compensation costs										$ 39,800,000	$ 41,700,000
Weighted average period cost expected to be recognized										2 years 3 months 18 days
Employee Stock Purchase Plan
Class of Stock [Line Items]
Number of common stock authorized for issuance											5,525,000
Common stock reserved for issuance under stock purchase plan			3,000,000		600,000			400,000
Common stock remained available for issuance pursuant to the Purchase Plan										2,810,145
Eligible employees percentage of earnings withheld to purchase shares under purchase plan										15.00%
Purchase price of common stock as percentage of market value										85.00%
Issuance of common stock pursuant to employee stock purchase plan										296,850	377,963	269,037
Average per share price of stock issued under purchase plan										$ 17.89	$ 18.94	$ 16.41
Weighted average per share fair value of purchase rights granted										$ 23.97	$ 22.47	$ 14.24
Issuance of common stock pursuant to employee stock purchase plan										$ 5,300,000	$ 7,200,000	$ 4,400,000
Option To Purchase Additional Shares
Class of Stock [Line Items]
Issuance of common stock in public offering, net of issuance costs (in shares)				937,500
Cersci Therapeutics
Class of Stock [Line Items]
Issuance of common stock in connection with asset acquisition (in shares)		1,200,000
Issuance of common stock in connection with asset acquisition		$ 44,300,000

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Operating loss carryforwards	$ 100,000
State income tax provision	400,000	$ 400,000	$ 900,000
Foreign Income Tax Expense (Benefit)		200,000
Charitable contribution carryforwards	41,355,000	28,470,000
Federal R&D credit carryforwards	65,800,000
Increase in valuation allowance of deferred tax assets	36,100,000
Deferred tax asset , Switzerland tax reform			57,000,000.0
Unrecognized tax reserves recorded during period	4,100,000	2,900,000	1,900,000
Interest and/or penalties accrued	0	0
Interest and/or penalties	0	$ 0	$ 0
Expire in 2022
Income Tax [Line Items]
Federal R&D credit carryforwards	300,000
Federal
Income Tax [Line Items]
Operating loss carryforwards	551,200,000
Federal \| Expiring in 2025
Income Tax [Line Items]
Operating loss carryforwards	6,900,000
State
Income Tax [Line Items]
Operating loss carryforwards	426,200,000
Remaining net operating loss carryforward, expiration year		2026
Charitable contribution carryforwards	171,300,000
Research and development credit carryforwards with no expiration date	18,500,000
State \| Expiring in 2024
Income Tax [Line Items]
Net operating loss carryforwards with no expiration date	2,800,000
State \| Expiring in 2022
Income Tax [Line Items]
Charitable contribution carryforwards	21,800,000
Foreign
Income Tax [Line Items]
Operating loss carryforwards	1,354,300,000
Remaining net operating loss carryforward, expiration year		2026
Net operating loss carryforwards with no expiration date	3,400,000
Foreign \| Operating Loss Carryforwards Expiring 2022
Income Tax [Line Items]
Operating loss carryforwards	$ 218,500,000

Leases - Summary of Operating Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease, Cost [Abstract]
Operating lease cost	$ 8,874	$ 6,917	$ 5,155

Subsequent Event - Additional Information (Details) $ in Millions	1 Months Ended
	Jan. 31, 2022 USD ($)
Subsequent Event [Line Items]
Joint share	50.00%
Subsequent Event
Subsequent Event [Line Items]
Upfront payment	$ 60.0
license and collaboration agreement	Stoke Therapeutics, Inc.
Maximum \| Subsequent Event
Subsequent Event [Line Items]
Milestone payments	$ 907.5

Leases - Supplemental Cash Flow Information Related to the Company's Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease, Cost [Abstract]
Operating cash flows from operating leases	$ 5,303	$ 4,480
Right-of-use assets obtained in exchange for operating lease obligations:	$ 17,272	$ 42,039

Organization and Business

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Organization and Business

1. Organization and Business

Acadia Pharmaceuticals Inc. (the Company), based in San Diego, California, is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. The Company is incorporated in Delaware.

In April 2016, the U.S. Food and Drug Administration (FDA) approved the Company’s first drug, NUPLAZID® (pimavanserin), for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PDP). NUPLAZID became available for prescription in the United States on May 31, 2016.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Royalty Payments

Pursuant to the terms of its 2006 license agreement with the Ipsen Group, the Company is required to make royalty payments of 2% of net sales of NUPLAZID. This obligation terminated in October 2021.

License and Merger Agreements

The Company has entered into various collaboration, licensing and merger agreements which provide the Company with rights to certain know-how, technology and patent rights. The agreements generally include upfront license fees, development and commercial milestone payments upon achievement of certain clinical and commercial development and annual net sales milestones, as well as royalties calculated as a percentage of product revenues, with rates that vary by agreement. The Company incurred $11.0 million, $72.7 million and $1.4 million in upfront and license payments in the years ended December 31, 2021, 2020 and 2019, respectively. These upfront and license payments were included in the research and development expenses in the consolidated statements of operations as there was no alternative future use associated with the payments. As of December 31, 2021, the Company may be required to make milestone payments up to $2.2 billion in the aggregate, of which, $10.0 million may be paid in the next 12 months if the FDA accepts for review of the NDA for trofinetide for the treatment of Rett syndrome.

In May 2018, the Company signed an Exclusivity Deed (the Deed) with Neuren that provided for exclusive negotiations for a period of three months from the date of the Deed. Under the terms of the Deed, the Company invested $3.1 million to subscribe for 1,330,000 shares of Neuren and paid $0.9 million for the exclusive right to negotiate a deal with Neuren, which was recorded in selling, general and administrative expenses in the consolidated statements of operations in the second quarter of 2018. At December 31, 2021, the Company continues to hold the equity securities as a strategic investment in which the Company does not have a controlling interest or significant influence. Publicly held equity securities are measured using quoted prices in their respective active markets with changes recorded through other expense on the statements of operations. Net gain on the strategic investments recognized in other income in the consolidated statements of operations for the year ended December 31, 2021 was $2.3 million, net loss on strategic investments recognized for the year ended December 31, 2020 was $1.0 million and net gain on strategic investments recognized for the year ended December 31, 2019 was $1.0 million. As of December 31, 2021 and 2020, the aggregate carrying amount of the Company’s strategic equity investment was $3.6 million and $1.3 million, respectively, included in other assets on the consolidated balance sheets.

In August 2018, the Company entered into a license agreement with Neuren and obtained exclusive North American rights to develop and commercialize trofinetide for Rett syndrome and other indications. Under the terms of the agreement, Neuren received an upfront payment of $10.0 million and is eligible to receive milestone payments of up to $455.0 million, based on the achievement of certain development and annual net sales milestones, including a $10.0 million payment upon the FDA’s acceptance of an NDA filing for trofinetide and a $40.0 million payment upon the Company’s first commercial sale of trofinetide in North America. In addition, Neuren is eligible to receive tiered, escalating, double-digit percentage royalties based on net sales. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $10.0 million was recorded in research and development expenses in the consolidated statements of operations in the third quarter of 2018, as there is no alternative use for the asset.

Under the license agreement, Neuren and its non-Acadia licensees and sublicensees are prohibited from developing or commercializing any other product (including Neuren’s other existing compounds) for Rett syndrome, or for any other indication being developed pursuant to the agreement, in North America. Furthermore, with respect to Neuren’s development or commercial activities outside North America, (i) if Neuren is developing trofinetide for the same indication as the Company, Neuren is obligated to use commercially reasonable efforts to conduct such activities in a manner that minimizes any adverse impact on trofinetide in North America, and (ii) if Neuren is developing trofinetide for a different indication, Neuren may not undertake such activities if the Company believes, and the joint steering committee determines, they would be reasonably likely to materially adversely affect the development and commercialization of trofinetide in North America.

In March 2020, the Company entered into a license agreement and research collaboration with Vanderbilt University and obtained exclusive worldwide rights to develop and commercialize novel drug candidates targeting positive allosteric modulators of the muscarinic M1 receptor (the M1 PAM program) with the potential to treat a range of central nervous system disorders. Under the terms of the agreement, the Company paid Vanderbilt University an upfront license fee of $10.0 million and may be required to pay up to $515.0 million in milestone payments based on the achievement of certain clinical and commercial development and annual net sales milestones. In addition, the Company may be required to pay Vanderbilt University tiered royalties based on net sales. Furthermore, the Company is required to spend a minimum annual amount in development and the pursuit of regulatory approval for the M1 PAM compounds over the first three years of the license agreement. Such amounts are not material to the Company. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $10.0 million was expensed to research and development in the first quarter of 2020 as there is no future alternative use for the assets.

In August 2020, the Company entered into the Merger Agreement with CerSci, with CerSci remaining as the surviving corporation and the Company’s wholly owned subsidiary. CerSci’s lead development program is a unique Reactive Species Decomposition Accelerant, a non-opioid, mechanism focused on interrupting pathways that sensitize neurons to pain. The portfolio contains additional preclinical stage programs, including brain penetrant compounds, with potential for symptomatic and disease modifying treatment utility in neurodegenerative diseases. The Company incurred an aggregate of $52.8 million in upfront consideration and transaction costs, of which, $44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock. In addition, under the terms of the Merger Agreement, the Company may be required to pay CerSci’s former equity holders up to $887.0 million in cash upon the achievement of certain development, commercialization and sales milestones, in addition to tiered cash royalties in the mid-single digits based on annual net sales. As substantially all of the fair value of the gross assets acquired was concentrated in the in-process research and development intangible assets acquired, the Company concluded that this transaction did not meet the definition of a business combination pursuant to FASB Accounting Standard Codification Topic 805, Business Combinations. As such, the transaction was accounted for as an asset acquisition and the upfront consideration of $45.7 million was expensed to research and development in the third quarter of 2020 as there is no future alternative use for the assets.

Corporate Credit Card Program

In connection with the Company’s credit card program, the Company established a letter of credit in 2016 for $2.0 million, which has automatic annual extensions and is fully secured by restricted cash.

Fleet Program

In connection with the Company’s fleet program, the Company established a letter of credit for $0.4 million, which has automatic annual extensions and is fully secured by restricted cash.

Legal Proceedings

Between July 19 and August 3, 2018, following negative publicity about NUPLAZID, three purported company stockholders filed putative securities class action complaints (captioned Staublein v. Acadia Pharmaceuticals, Inc., Case No. 18-cv-01647, Stone v. Acadia Pharmaceuticals Inc., Case No. 18-cv-01672, and Barglow v. Acadia Pharmaceuticals Inc., Case No. 18-cv-01812) in the U.S. District Court for the Southern District of California against the Company and certain of its current and former executive officers. Thereafter, several putative lead plaintiffs filed motions to consolidate the cases and to appoint a lead plaintiff. On January 3, 2019, the Court consolidated the cases under the caption In re Acadia Pharmaceuticals Inc. Securities Litigation, Case No. 18-cv-01647, and took the lead plaintiff motions under submission. On February 26, 2019, the Court appointed a lead plaintiff and lead counsel. Lead plaintiff filed a consolidated complaint on April 15, 2019. The consolidated complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the Company’s business, operations, and prospects by failing to disclose that adverse events and safety concerns regarding NUPLAZID threatened initial and continuing FDA approval, and by failing to disclose that the Company engaged in business practices likely to attract regulatory scrutiny. The consolidated complaint seeks unspecified monetary damages and other relief. Defendants filed a motion to dismiss the consolidated complaint on June 7, 2019. On June 1, 2020, the Court granted the motion in part and gave lead plaintiff leave to file an amended complaint. On July 16, 2020, lead plaintiff filed the amended complaint. Defendants filed a motion to dismiss the amended complaint on August 28, 2020. Lead plaintiff opposed the motion on September 15, 2020. Defendants’ reply in support of the motion to dismiss was filed on November 11, 2020. On March 29, 2021, the Court granted the defendants’ motion to dismiss with leave to amend. On April 16, 2021, lead plaintiff filed a third amended complaint. Defendants filed a motion to dismiss the third amended complaint on May 31, 2021. The lead plaintiff opposed the motion on July 12, 2021 and Defendants filed their reply in support of their motion on August 11, 2021. On January 3, 2022, the Court issued an order and judgment dismissing lead plaintiff’s third amended complaint without leave to amend and closing the case. The deadline to appeal the order and judgment expired on February 2, 2022.

On February 7, 2020, a purported stockholder of the Company filed a derivative complaint (captioned Barney v. Davis et al., Case No. 20-cv-0238) in the U.S. District Court for the Southern District of California against the Company’s directors and certain of the Company’s current and former executive officers. The complaint asserts claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment arising from allegations similar to those in the federal securities class action described above. On September 9, 2020, the Court substituted plaintiffs and re-captioned the case Shumacher v. Davis et al., Case No. 20-cv-0238. On June 23, 2020, a second derivative complaint (captioned Lazarus v. Davis et al., Case No. 20-cv-0843) was filed in the U.S. District Court for the District of Delaware. On September 9, 2020, the Court transferred the Lazarus case to the U.S. District Court for the Southern District of California and re-captioned the case Lazarus v. Davis et al., Case No. 20-cv-1774. On January 15, 2021, the Court consolidated the cases under the name In re ACADIA Pharmaceuticals Inc. Stockholder Derivative Litigation, Case No. 20-cv-0238, appointed lead counsel for the plaintiffs, and designated the complaint in the Shumacher case as the operative complaint. The consolidated case is stayed until the defendants in the federal securities class action answer, or the federal securities class action is dismissed with prejudice and all appeals are exhausted, or any party to the stipulation to stay gives 15 days’ written notice that it no longer consents to the voluntary stay. As discussed above, the federal securities class action was dismissed with prejudice on January 3, 2022, and the deadline to appeal that dismissal expired on February 2, 2022.

On July 24, 2020, the Company filed complaints against (i) Aurobindo Pharma Limited and its affiliate Aurobindo Pharma USA, Inc. and (ii) Teva Pharmaceuticals USA, Inc. and its affiliate Teva Pharmaceutical Industries Ltd., and on July 30, 2020, the Company filed complaints against (i) Hetero Labs Limited and its affiliates Hetero Labs Limited Unit-V and Hetero USA Inc., (ii) MSN Laboratories Private Ltd. and its affiliate MSN Pharmaceuticals, Inc., and (iii) Zydus Pharmaceuticals (USA) Inc. and its affiliate Cadila Healthcare Limited. These complaints, which were filed in the United States District Court for the District of Delaware, allege infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. The cases have been assigned to the Honorable Richard G. Andrews. On September 1, 2020, Aurobindo filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 22, 2020, the Company filed its answer to Aurobindo’s counterclaims. On August 31, 2020, Teva filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 21, 2020, the Company filed its answer to Teva’s counterclaims. On October 5, 2020, Hetero filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On October 26, 2020, the Company filed its answer to Hetero’s counterclaims. On September 30, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 5, 2020, the Company filed its first amended complaint against MSN in the United States District Court for the District of Delaware, alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 19, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On December 10, 2020, the Company filed its answer to MSN’s counterclaims. On November 2, 2020, Zydus filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On November 23, 2020, the Company filed its answer to Zydus’s counterclaims. On December 8, 2020, the parties’ joint proposed scheduling order was entered by Judge Andrews. On April 7, 2021, the Company filed its first amended complaints against Hetero and Teva and its second amended complaint against MSN, to include an additional Orange Book-listed patent covering NUPLAZID. On April 8, 2021, the Company filed its first amended complaint against Zydus and on April 9, 2021, the Company filed its first amended complaint against Aurobindo. On April 20, 2021, MSN filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On April 21, 2021, Teva filed its answer, affirmative defenses, and counterclaims to Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. On April 22, 2021, Zydus filed its answer, affirmative defenses, and counterclaims to Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity.

On April 22, 2021, Aurobindo filed its answer, affirmative defenses, and counterclaims to the Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. On May 11, 2021, the Company filed its answer to MSN’s counterclaims. On May 12, the Company filed its answer to Teva’s counterclaims. On May 13, the Company filed its answer to Zydus’s counterclaims and its answer to Aurobindo’s counterclaims. A joint trial in the matters is scheduled for May 15, 2023. The Company entered into an agreement effective April 22, 2021 with Hetero settling all claims and counterclaims in the litigation. The agreement allows Hetero to launch its generic pimavanserin product on July 27, 2038, subject to certain triggers for earlier launch. The Hetero case was dismissed by joint agreement on May 3, 2021.

On August 27, 2021, the Company filed its second amended complaint against Zydus to include an additional Orange Book-listed patent covering NUPLAZID. On September 10, 2021, Zydus filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity. Also on September 10, 2021, the parties filed their Joint Claim Construction Chart. On October 1, 2021, the Company filed its answer to Zydus’s counterclaims. On November 30, 2021, the Company filed a stipulation and proposed order to dismiss two of its Orange Book-listed patents covering NUPLAZID against Teva, which was ordered by the Court on December 1, 2021. On January 28, 2022, the parties filed their Joint Claim Construction Brief and Appendix. On January 31, 2022, a joint motion for claim construction was ordered by the Court, setting a claim construction hearing on February 23, 2022. A ruling is expected in the near future.

On April 19, 2021, a purported stockholder of the Company filed a putative securities class action complaint (captioned Marechal v. Acadia Pharmaceuticals, Inc., Case No. 21-cv-0762) in the U.S. District Court for the Southern District of California against the Company and certain of the Company’s current executive officers. The complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the Company’s business, operations, and prospects by failing to disclose that the materials submitted in support of its sNDA seeking approval of pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis contained statistical and design deficiencies and that the FDA was unlikely to approve the sNDA in its current form. The complaint seeks unspecified monetary damages and other relief. On June 21, 2021, five motions for lead plaintiff and lead counsel were filed. Thereafter, four of the five movants either withdrew their motions or filed statements of non-opposition. On September 29, 2021, the Court issued an order designating lead plaintiff and lead counsel. On December 10, 2021, lead plaintiff filed an amended complaint. Defendants filed a motion to dismiss the amended complaint on February 15, 2022.

Management currently believes that none of the foregoing claims or actions pending against the Company as of December 31, 2021 is likely to have, individually or in the aggregate, a material adverse effect on the Company’s business, liquidity, financial position, or results of operations. Given the unpredictability inherent in litigation, however, the Company cannot predict the outcome of these matters. The Company is unable to estimate possible losses or ranges of losses that may result from these matters, and therefore it has not accrued any amounts in connection with these matters other than attorneys’ fees incurred to date.