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Right Of Use Assets and Lease Liabilities - Maturity analysis under the lease agreements (Detail)	Dec. 31, 2019 USD ($)
Operating Lease Liabilities, Payments Due [Abstract]
Year ending December 31, 2020	$ 3,346,375
Year ending December 31, 2021	3,448,323
Year ending December 31, 2022	3,491,166
Year ending December 31, 2023	3,566,466
Year ending December 31, 2024	3,675,196
Thereafter	17,627,040
Total	35,154,566
Less: Present value discount	(12,011,945)
Total Lease liability	23,142,621
Less: current portion	(3,187,435)
Long-term lease liabilities	$ 19,955,186

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 107,636,849	$ 54,947,502
Investment securities, available-for-sale	116,373,335	292,583,046
Prepaid expenses and other current assets	6,313,785	7,908,133
Total current assets	230,323,969	355,438,681
Property and equipment, net	2,259,740	1,159,766
Right of use assets, net	18,252,074
Deferred tax asset, net	264,609	529,218
Other assets	86,084	78,833
Total assets	251,186,476	357,206,498
Current liabilities:
Accounts payable	7,425,024	13,961,060
Accrued and other current liabilities	16,138,909	20,044,866
Lease liabilities, short-term	3,187,435
Accrued employee benefits	9,472,651	2,293,259
Total current liabilities	36,224,019	36,299,185
Deferred rent		3,192,432
Lease liabilities	19,955,186
Total liabilities	56,179,205	39,491,617
Stockholders' equity:
Common stock, $0.0001 par value: 100,000,000 shares authorized; 55,507,497 and 54,895,295 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively	5,551	5,490
Additional paid-in capital	904,971,772	880,753,339
Accumulated deficit	(710,098,369)	(562,376,191)
Accumulated comprehensive gain/(loss)	128,317	(667,757)
Total stockholders' equity	195,007,271	317,714,881
Total liabilities and stockholders' equity	$ 251,186,476	$ 357,206,498

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (147,722,178)	$ (155,127,411)	$ (97,773,414)
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities	796,074	131,467	(481,985)
Comprehensive loss	$ (146,926,104)	$ (154,995,944)	$ (98,255,399)

- Definition

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

+ References + Details

Unaudited Quarterly Financial Information - Schedule of Quarterly Financial Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net loss	$ (40,582,851)	$ (34,862,399)	$ (37,441,164)	$ (34,835,764)	$ (40,748,036)	$ (41,522,914)	$ (37,376,383)	$ (35,480,078)	$ (147,722,178)	$ (155,127,411)	$ (97,773,414)
Basic and diluted net loss per share	$ (0.74)	$ (0.63)	$ (0.68)	$ (0.63)	$ (0.75)	$ (0.76)	$ (0.68)	$ (0.65)	$ (2.68)	$ (2.84)	$ (2.12)

- Definition

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

+ References + Details

Organization	12 Months Ended
Organization	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Intra-Cellular Therapies, Inc. (the “Company”), through its wholly-owned operating subsidiaries, ITI, Inc. (“ITI”) and ITI Limited, is a biopharmaceutical company focused on the discovery, clinical development and commercialization of innovative, small molecule drugs that address underserved medical needs primarily in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system (“CNS”). In December 2019, the Company announced that CAPLYTA (lumateperone) has been approved by the U.S. Food and Drug Administration (“FDA”) for the treatment of schizophrenia in adults (42mg/day). As used in these Notes to Consolidated Financial Statements, “CAPLYTA” refers to lumateperone approved by the FDA for the treatment of schizophrenia in adults, and “lumateperone” refers to, where applicable, CAPLYTA as well as lumateperone for the treatment of indications beyond schizophrenia. Lumateperone is in Phase 3 clinical development as a novel treatment for bipolar depression and agitation associated with dementia, including Alzheimer’s disease. The Company was originally incorporated in the State of Delaware in August 2012 under the name “Oneida Resources Corp.” Prior to a reverse merger that occurred on August 29, 2013 (the “Merger”), Oneida Resources Corp. was a “shell” company registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with no specific business plan or purpose until it began operating the business of ITI, through the Merger transaction on August 29, 2013. ITI was incorporated in Delaware in May 2001 to focus primarily on the development of novel drugs for the treatment of neuropsychiatric and neurologic diseases and other disorders of the CNS. Effective upon the Merger, a wholly-owned subsidiary of the Company merged with and into ITI, and ITI continues as the operating subsidiary of the Company. On January 10, 2020, the Company completed a public offering of common stock in which the Company sold 10,000,000 shares of common stock at an offering price of $29.50 per share for aggregate gross proceeds of $295 million. After deducting underwriting discounts, commissions and estimated offering expenses, the net proceeds to the Company were approximately $276.9 million. On October 2, 2017 and October 5, 2017, the Company completed a public offering of common stock in which the Company sold 11,129,032 shares of common stock, which included the exercise of the underwriters’ option to purchase an additional 1,451,613 shares, at an offering price of $15.50 per share for aggregate gross proceeds of approximately $172 million. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $162 million. In order to further its commercial activities and research projects and support its collaborations, the Company will require additional financing until such time, if ever, that revenue streams are sufficient to generate consistent positive cash flow from operations. The Company currently projects that its cash, cash equivalents and investments will be sufficient to fund operating expenses and capital expenditures for at least one year from the date that these financial statements are filed with the Securities and Exchange Commission (the “SEC”). Possible sources of funds include public or private sales of the Company’s equity securities, sales of debt securities, the incurrence of debt from commercial lenders, strategic collaborations, licensing a portion or all of the Company’s product candidates and technology and, to a lesser extent, grant funding. On August 30, 2019, the Company filed a universal shelf registration statement on Form S-3, which was declared effective by the SEC on September 12, 2019, on which the Company registered for sale up to $350 million of any combination of its common stock, preferred stock, debt securities, warrants, rights and/or units from time to time and at prices and on terms that the Company may determine, which includes up to $75 million of common stock that the Company may issue and sell from time to time, through SVB Leerink LLC acting as its sales agent, pursuant to the sale agreement that the

Collaborations and License Agreements - Additional Information (Detail) - Product [Member] - Bristol-Myers Squibb Company [Member] - USD ($)			1 Months Ended		12 Months Ended
	Dec. 23, 2019	May 31, 2005	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2019
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Company made an upfront payment		$ 1,000,000.0
Company made milestone payment			$ 1,500,000	$ 1,250,000
Obliged to make milestone payments					$ 14,750,000
License expiration period					through the later of ten years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product
Minimum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payment, percentage					5.00%
Maximum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payment, percentage					9.00%
Food and Drug Administration [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Obliged to make milestone payments					$ 2,000,000.0
National Democratic Alliance [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Obliged to make milestone payments					2,000,000.0
Company remaining milestone payment	$ 5,000,000.0
ITCI National Democratic Alliance Member [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Payment of milestone amount					$ 5,000,000.0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Income (loss) before Income Taxes

Income (loss) before income taxes is as follows:


	2019			2018			2017
U.S.		(56,121,258	)	$	(30,299,751	)	$	(20,486,935	)
Non-U.S.		(91,599,320	)		(124,826,060	)		(78,347,330	)

Total loss before taxes		(147,720,578	)	$	(155,125,811	)	$	(98,834,265	)

Total Income Tax (Benefit) Expense

Total income tax (benefit) expense for the years ended December 31, 2019, 2018 and 2017 is allocated as follows:


	2019			2018			2017
Current	$	1,600		$	1,600		$	(2,416	)
Deferred		(8,484,822	)		(5,054,468	)		13,713,987
Valuation allowance		8,484,822			5,054,468			(14,772,422	)

Provision (benefit) for income taxes	$	1,600		$	1,600		$	(1,060,851	)

Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate

A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2019, 2018 and 2017 is as follows:


	December 31,
	2019			2018			2017
Income tax benefit at statutory federal rate		21.00	%		21.00	%		35.00	%
Other Permanent differences		(0.67	)		(0.58	)		(0.43	)
Foreign rate differential		(13.02	)		(16.90	)		(27.75	)
2017 US Tax Reform impact		0.00			0.00			(21.89	)
R&D Credit		0.00			0.00			(0.05	)
Change in effective state tax rates		(0.16	)		(0.38	)		0.84
State income tax expense		(1.40	)		0.12			0.40
Change in valuation allowance		(5.75	)		(3.26	)		14.95

Benefit for income taxes		0.0	%		0.00	%		1.07	%

Deferred Tax Assets and Liabilities

The following summarizes the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018, respectively:


	December 31,
	2019			2018
Deferred tax assets:
Net operating loss carryforwards	$	49,668,232		$	43,872,566
Accrued employee benefits		589,667			441,780
Research and development credit		9,321,214			9,321,214
Stock compensation		12,965,250			10,530,859
Federal AMT credit		264,609			529,218
Deferred rent		—			712,314
Capital lease		4,973,618			—
Unrealized comprehensive loss		—			146,531
Depreciation		—			1,082

Deferred tax liabilities:
Right of use asset—capital lease		(3,922,583	)		—
Unrealized gains on investment		(27,577	)		—
Depreciation		(230,760	)		—

Net deferred tax asset before valuation allowance		73,601,670			65,555,564
Valuation allowance		(73,337,061	)		(65,026,346	)

Net deferred tax asset	$	264,609		$	529,218

Summary of Gross Unrecognized Tax Benefits

The following summarizes the significant components of gross unrecognized tax benefits as of December 31, 2019 and 2018, respectively:


	December 31,
	2019		2018
Balance at January 1,	$	1,738,815	$	1,738,815
Current Year Uncertain Tax Positions:
Gross Change		—		—

Balance at December 31,	$	1,738,815	$	1,738,815

Income Taxes - Total Income Tax (Benefit) Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current	$ 1,600	$ 1,600	$ (2,416)
Deferred	(8,484,822)	(5,054,468)	13,713,987
Valuation allowance	8,484,822	5,054,468	(14,772,422)
Provision (benefit) for income taxes	$ 1,600	$ 1,600	$ (1,060,851)

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Total Stock-Based Compensation Expense

Total stock-based compensation expense related to all of the Company’s share-based awards, including stock options and RSUs granted to employees, directors and consultants recognized during the years ended December 31, 2019, 2018 and 2017, was comprised of the following:


	Years Ended December 31,
	2019		2018		2017
Research and development	$	9,411,056	$	7,380,814	$	5,082,823
General and administrative		11,377,632		10,015,332		9,558,697

Total share-based compensation expense	$	20,788,688	$	17,396,146	$	14,641,520

Assumptions Used for Calculating Value of Options Granted

The following table describes the assumptions used for calculating the value of options granted during the years ended December 31, 2019, 2018 and 2017:


	2019			2018			2017
Dividend yield		0	%		0	%		0	%
Expected volatility		85.7-96.5	%		85.2%-85.8	%		87.4%-90.4	%
Weighted-average risk-free interest rate		2.32	%		2.48	%		2.1	%
Expected term (in years)		6.0			6.0			6.0

Stock Option Activity

Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of December 31, 2019, and changes during the period then ended, are summarized as follows:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Life
Outstanding at December 31, 2018		4,748,391		$	18.26		7.0 years
Options granted		1,833,102		$	12.98		9.2 years
Options exercised		(264,663	)	$	12.22		4.1 years
Options canceled or expired		(276,885	)	$	20.82		6.8 years

Outstanding at December 31, 2019		6,039,945		$	16.81		7.0 years

Vested or expected to vest at December 31, 2019		6,039,945		$	16.81

Exercisable at December 31, 2019		3,313,108		$	19.38		5.6 years

Time Based Restricted Stock Units [Member]

Summary of Information Regarding RSU Activity

Information regarding time based RSU activity, including with respect to grants to employees as of December 31, 2019, and changes during the year then ended, is summarized as follows:


	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2018		647,411		$	18.16	1.8 years
Time based RSUs granted in 2019		950,449		$	12.79	2.0 years
Time based RSUs vested in 2019		(267,143	)	$	21.64	0.7 years
Time based RSUs cancelled in 2019		(62,038	)	$	14.14	1.4 years

Outstanding at December 31, 2019		1,268,679		$	13.60	1.7 years

Milestone and Total Shareholder Return Restricted Stock Units [Member]

Summary of Information Regarding RSU Activity

Information related to the Company’s Milestone RSUs and the TSR RSUs during the year ended December 31, 2019 are summarized as follows:


	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2018		278,592		$	15.35	1.8 years
Milestone RSUs and TSR RSUs vested in 2019		(65,111	)	$	14.16	0.2 years
Milestone RSUs and TSR RSUs cancelled in 2019		(146,401	)	$	15.64	0.2 years

Outstanding at December 31, 2019		67,080		$	17.08	0.2 years

Employee Benefit Plan - Additional information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Employer matching contribution	100.00%	100.00%	100.00%
Contributions made by participants for which the company makes matching contribution	6.00%	6.00%	6.00%
Contribution expense	$ 658,179	$ 429,318	$ 378,233

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 49,668,232	$ 43,872,566
Accrued employee benefits	589,667	441,780
Research and development credit	9,321,214	9,321,214
Stock compensation	12,965,250	10,530,859
Federal AMT credit	264,609	529,218
Deferred rent		712,314
Capital lease	4,973,618
Unrealized comprehensive loss		146,531
Depreciation		1,082
Deferred tax liabilities:
Depreciation	(230,760)
Right of use asset—capital lease	(3,922,583)
Unrealized gains on investment	(27,577)
Net deferred tax asset	73,601,670	65,555,564
Valuation allowance	(73,337,061)	(65,026,346)
Net deferred tax asset	$ 264,609	$ 529,218

Unaudited Quarterly Financial Information

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Information

. Unaudited Quarterly Financial Information

The tables herein set forth the Company’s unaudited condensed consolidated 2019 and 2018 quarterly statements of operations.

The following table sets forth the Company’s unaudited condensed consolidated statements of operations for the 2019 quarters ended:


2019 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Net loss		(40,582,851	)		(34,862,399	)		(37,441,164	)		(34,835,764	)
Basic and diluted net loss per share	$	(0.74	)	$	(0.63	)	$	(0.68	)	$	(0.63	)

The following table sets forth the Company’s unaudited condensed consolidated statements of operations for the 2018 quarters ended:


2018 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Net loss		(40,748,036	)		(41,522,914	)		(37,376,383	)		(35,480,078	)
Basic and diluted net loss per share	$	(0.75	)	$	(0.76	)	$	(0.68	)	$	(0.65	)

Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Abstract]
Balance at January 1,	$ 1,738,815	$ 1,738,815
Current Year Uncertain Tax Positions:
Gross Change	0	0
Balance at December 31,	$ 1,738,815	$ 1,738,815

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

On December 22, 2017, President Trump signed into law the “Tax Cuts and Jobs Act” (“TCJA”) that significantly reforms the Internal Revenue Code of 1986, as amended (the “Code”). The TCJA, among other things, includes changes to U.S. federal tax rates, imposes significant additional limitations on the deductibility of interest and net operating loss carryforwards, allows for the expensing of capital expenditures, and puts into effect the migration from a “worldwide” system of taxation to a territorial system. In addition, the TCJA repealed the alternative minimum tax (“AMT”) and provides for a refund of AMT paid or a reduction of future taxes payable over a prescribed period of years between 2018 and 2021. With the passing of the TCJA, the Company recorded a receivable for prior period AMT, and therefore, the Company recognized an income tax benefit of approximately $1.1 million related to this prior period AMT in December 2017.

While the TCJA provide for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible

low-taxed

income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions.

The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. As of the year ended December 31,

2019, the Company’s foreign operations do not generate income and the Company is not currently subject to the GILTI provisions. The Company has not made an accounting policy election for GILTI and will analyze and formulate its GILTI accounting policy in the period which the Company becomes subject to the GILTI provisions.

The BEAT provisions eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The Company has not made any qualifying payments and the BEAT tax is not applicable in 2019. Therefore, the Company has not included any tax impacts of BEAT in its consolidated financial statements for the year ended December 31, 2019.

During December 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company has recognized the provisional tax impacts related to the release of the valuation allowance with respect to AMT credits and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The Company completed its evaluation of the effects of the TCJA during the fourth quarter of 2018 and the provisional amounts the Company accounted for in its December 31, 2017 provision were finalized in 2018 with no adjustments.

Income (loss) before income taxes is as follows:


	2019			2018			2017
U.S.		(56,121,258	)	$	(30,299,751	)	$	(20,486,935	)
Non-U.S.		(91,599,320	)		(124,826,060	)		(78,347,330	)

Total loss before taxes		(147,720,578	)	$	(155,125,811	)	$	(98,834,265	)

Total income tax (benefit) expense for the years ended December 31, 2019, 2018 and 2017 is allocated as follows:


	2019			2018			2017
Current	$	1,600		$	1,600		$	(2,416	)
Deferred		(8,484,822	)		(5,054,468	)		13,713,987
Valuation allowance		8,484,822			5,054,468			(14,772,422	)

Provision (benefit) for income taxes	$	1,600		$	1,600		$	(1,060,851	)

A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2019, 2018 and 2017 is as follows:


	December 31,
	2019			2018			2017
Income tax benefit at statutory federal rate		21.00	%		21.00	%		35.00	%
Other Permanent differences		(0.67	)		(0.58	)		(0.43	)
Foreign rate differential		(13.02	)		(16.90	)		(27.75	)
2017 US Tax Reform impact		0.00			0.00			(21.89	)
R&D Credit		0.00			0.00			(0.05	)
Change in effective state tax rates		(0.16	)		(0.38	)		0.84
State income tax expense		(1.40	)		0.12			0.40
Change in valuation allowance		(5.75	)		(3.26	)		14.95

Benefit for income taxes		0.0	%		0.00	%		1.07	%

Deferred income taxes reflect the net tax effect of temporary differences that exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. As of December 31, 2019, the Company had $183.1 million of federal net operating loss carryforwards,

which

$131.2 million

expire at various dates through 2037

and $51.9 million do not expire. The gross amount of the state net operating loss carryforwards is equal to or less than the federal net operating loss carryforwards and expires over various periods based on individual state tax law. In general, businesses with U.S. net operating losses (“NOLs”) are considered loss corporations for U.S. federal income tax purposes. Pursuant to Section 382 of the Code, loss corporations that undergo an ownership change, as defined under the Code, may be subject to an annual limitation on the amount of NOLs (and certain other tax attributes) available to offset taxable income earned after such ownership change. For the years ended December 31, 2019, 2018, 2017

, 2016

and 2015, the Company performed a Section 382 ownership analysis and determined that an ownership change occurred

(within the meaning of Section 382 of the Code) in 2015 but not in subsequent periods. Based on the analysis performed through December 31, 2019, however, the Company does not believe that the Section 382 annual limitation will impact the Company’s ability to utilize the tax attributes that existed as of the date of the ownership change in a material manner.

The Company has not

performed a complete Section 382 analysis to determine the effect on ownership related to the January 2020 public offering. If the Company experiences an ownership change from the January 2020 public offering or in the future, the tax benefits related to the NOLs and tax credit carryforwards may be further limited or lost.

The following summarizes the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018, respectively:


	December 31,
	2019			2018
Deferred tax assets:
Net operating loss carryforwards	$	49,668,232		$	43,872,566
Accrued employee benefits		589,667			441,780
Research and development credit		9,321,214			9,321,214
Stock compensation		12,965,250			10,530,859
Federal AMT credit		264,609			529,218
Deferred rent		—			712,314
Capital lease		4,973,618			—
Unrealized comprehensive loss		—			146,531
Depreciation		—			1,082

Deferred tax liabilities:
Right of use asset—capital lease		(3,922,583	)		—
Unrealized gains on investment		(27,577	)		—
Depreciation		(230,760	)		—

Net deferred tax asset before valuation allowance		73,601,670			65,555,564
Valuation allowance		(73,337,061	)		(65,026,346	)

Net deferred tax asset	$	264,609		$	529,218

Based upon the Company’s historical operating performance and the reported cumulative net losses to date, the Company presently does not have sufficient objective evidence to support the recovery of its net deferred tax assets. Accordingly, the Company has established a full valuation allowance against its net deferred tax assets in 2019 and 2018, excluding the AMT paid in prior years that is refundable or available as a reduction to future taxes payable, for financial reporting purposes because it is not more likely than not that these deferred tax assets will be realized. In 2018, the Company

reclassified $529,218 Federal AMT to Other Current Assets.

In 2019, the Company collected the $529,218 AMT credit reclassified to Other Current Assets in the prior year and reclassified $264,609 of AMT credit to Other Current Assets.

The total amount of unrecognized tax benefits was $1.7 million as of December 31, 2019 and December 31, 2018. If recognized

none of these tax benefits would affect the effective tax rate due to valuation allowances.

The following summarizes the significant components of gross unrecognized tax benefits as of December 31, 2019 and 2018, respectively:


	December 31,
	2019		2018
Balance at January 1,	$	1,738,815	$	1,738,815
Current Year Uncertain Tax Positions:
Gross Change		—		—

Balance at December 31,	$	1,738,815	$	1,738,815

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	December 31,
	201 9			2018
Computer equipment	$	243,532		$	44,427
Furniture and fixtures		423,097			341,582
Scientific equipment		3,861,227			3,658,209
Leasehold improvements		1,240,315			149,470

		5,768,171			4,193,688
Less accumulated depreciation		(3,508,431	)		(3,033,922	)

	$	2,259,740		$	1,159,766

Collaborations and License Agreements	12 Months Ended
Collaborations and License Agreements	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations and License Agreements	7. Collaborations and License Agreements The Bristol-Myers Squibb License Agreement In 2005, the Company entered into a worldwide, exclusive License Agreement with Bristol-Myers Squibb Company (“BMS”), pursuant to which the Company holds a license to certain patents and know-how of BMS relating to lumateperone and other specified compounds. The agreement was amended i n November 2010. The licensed rights are exclusive, except BMS retains rights in specified compounds in the fields of obesity, diabetes, metabolic syndrome and cardiovascular disease. However, BMS has no right to use, develop or commercialize lumateperone and other specified compounds in any field of use. The Company has the right to grant sublicenses of the rights conveyed by BMS. The Company is obliged under the agreement to use commercially reasonable efforts to develop and commercialize the licensed technology. The Company is also prohibited from engaging in the clinical development or commercialization of specified competitive compounds. Under the agreement, the Company made an upfront payment of $1.0 million to BMS, a milestone payment of $1.25 million in December 2013, and a milestone payment of $1.5 million in December 2014 following the initiation of the Company’s first Phase 3 clinical trial for lumateperone for patients with exacerbated schizophrenia. Upon FDA acceptance of an NDA filing for lumateperone, the Company was obligated to pay BMS a $2.0 million milestone payment. The Company achieved the acceptance in the third quarter of 2018 and has therefore accrued the $2.0 million which was paid in January 2019. The FDA approved the NDA filing on December 23, 2019 and as a result the Company accrued an additional milestone liability of $5.0 million in the fourth quarter 2019 which was paid in January 2020. Possible milestone payments remaining total $5.0 million. Under the agreement, the Company may be obliged to make other milestone payments to BMS for each licensed product of up to an aggregate of approximately $14.75 million. The Company is also obliged to make tiered single digit percentage royalty payments ranging between 5 – 9% on sales of licensed products. The Company is obliged to pay to BMS a percentage of non-royalty payments made in consideration of any sublicense. The agreement extends, and royalties are payable, on a country-by-country and product-by-product basis, through the later of ten years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product, its method of manufacture or use, or the expiration of other government grants providing market exclusivity, subject to certain rights of the parties to terminate the agreement on the occurrence of certain events. On termination of the agreement, the Company may be obliged to convey to BMS rights in developments relating to a licensed compound or licensed product, including regulatory filings, research results and other intellectual property rights. In September 2016, the Company transferred certain of its rights under the BMS Agreement to its wholly owned subsidiary, ITI Limited. In connection with the transfer, the Company guaranteed ITI Limited’s performance of its obligations under the BMS Agreement.

Share-Based Compensation - Stock Options Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of period, Number of Shares	4,748,391
Options granted, Number of Shares	1,833,102
Options exercised, Number of Shares	(264,663)
Options canceled or expired, Number of Shares	(276,885)
Outstanding at end of period, Number of Shares	6,039,945	4,748,391
Vested or expected to vest at end of period, Number of Shares	6,039,945
Exercisable at end of period, Number of Shares	3,313,108
Outstanding at beginning of period, Weighted-Average Exercise Price	$ 18.26
Options granted, Weighted-Average Exercise Price	12.98
Options exercised, Weighted-Average Exercise Price	12.22
Options canceled or expired, Weighted-Average Exercise Price	20.82
Outstanding at end of period, Weighted-Average Exercise Price	16.81	$ 18.26
Vested or expected to vest at end of period, Weighted-Average Exercise Price	16.81
Exercisable at end of period, Weighted-Average Exercise Price	$ 19.38
Options granted, Weighted-Average Contractual Life	9 years 2 months 12 days
Options exercised, Weighted-Average Contractual Life	4 years 1 month 6 days
Options canceled or expired, Weighted-Average Contractual Life	6 years 9 months 18 days
Outstanding at end of period, Weighted-Average Contractual Life	7 years	7 years
Exercisable at end of period, Weighted-Average Contractual Life	5 years 7 months 6 days

Right Of Use Assets and Lease Liabilities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2019	Jan. 01, 2019	Sep. 30, 2018
Right of use assets, net	$ 18,252,074
Net lease liabilities	23,142,621
Operating lease expense	3,300,000	$ 1,800,000	$ 1,400,000
Right of use assets obtained in exchange for operating lease liability	200,000
Operating lease cash outflows	$ 2,521,576
Accounting Standards Update 2016-02 [Member]
Right of use assets, net					$ 20,200,000
Net lease liabilities					23,400,000
Eliminated deferred rent					$ 3,200,000
NEW YORK
Term of long term lease						14 years 3 months 18 days
NEW YORK \| Accounting Standards Update 2016-02 [Member]
Operating lease discount rate					7.20%
Operating Lease, Weighted Average Remaining Lease Term					3 years 2 months 12 days
MARYLAND
Term of long term lease				3 years 2 months 12 days
MARYLAND \| Accounting Standards Update 2016-02 [Member]
Operating lease discount rate					9.10%
Operating Lease, Weighted Average Remaining Lease Term					14 years 3 months 18 days

Share-Based Compensation - Summary of Information Regarding Milestone RSU grants and TSR RSU grants (Detail) - Milestone and Total Shareholder Return Restricted Stock Units [Member] - $ / shares			12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares			278,592
Time based RSU's vested, Number of Shares			(65,111)
Milestone RSUs and TSR RSU's cancelled, Number of Shares			(146,401)
Outstanding at end of year, Number of Shares	67,080	278,592	67,080
Outstanding at beginning of year, Weighted-Average Grant Date Fair Value			$ 15.35
Milestone RSUs and TSR RSUs granted, Weighted- Average Grant Date Fair Value			14.16
Milestone RSUs and TSR RSU's cancelled, Weighted-Average Grant Date Fair Value			15.64
Outstanding at end of year, Weighted-Average Grant Date Fair Value	$ 17.08	$ 15.35	$ 17.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	2 months 12 days	1 year 9 months 18 days
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Remaining Contractual Terms			2 months 12 days
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Average Remaining Contractual Terms			2 months 12 days

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2019	Feb. 28, 2020	Jun. 30, 2019
Cover [Abstract]
Amendment Flag	false
Document Type	10-K
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Annual Report	true
Entity Central Index Key	0001567514
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	Intra-Cellular Therapies, Inc.
Trading Symbol	ITCI
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36274
Entity Tax Identification Number	36-4742850
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	430 East 29th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	646
Local Phone Number	440-9333
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		66,133,183
Entity Public Float			$ 613.7

Summary of Significant Accounting Policies - Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share	6,039,945	4,748,391	3,755,739
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share	1,268,679	647,411	190,933
Total Shareholder Return Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share	67,080	206,484	347,199

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Investment Securities

Investment securities consisted of the following (in thousands):


	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. Government Agency Securities	$	35,462	$	35	$	(3	)	$	35,494
Certificates of Deposit		3,000		—		—			3,000
Commercial Paper		39,013		10		(5	)		39,018
Corporate Notes/Bonds		38,770		91		—			38,861

	$	116,245	$	136	$	(8	)	$	116,373


	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. Government Agency Securities	$	124,691	$	24	$	(289	)	$	124,426
FDIC Certificates of Deposit (1)		245		—		—			245
Certificates of Deposit		1,000		—		—			1,000
Commercial Paper		41,317		—		(45	)		41,272
Corporate Notes/Bonds		125,998		7		(365	)		125,640

	$	293,251	$	31	$	(699	)	$	292,583

(1)	“FDIC Certificates of Deposit” consist of deposits that are $250,000 or less.

Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities

The fair value measurements of the Company’s cash equivalents and

available-for-sale

investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	49,882	$	49,882	$	—	$	—
U.S. government agency securities		35,494		—		35,494		—
Certificates of deposit		50,622		—		50,622		—
Commercial paper		42,015		—		42,015		—
Corporate bonds/notes		38,861		—		38,861		—

	$	216,874	$	49,882	$	166,992	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	39,591	$	39,591	$	—	$	—
U.S. government agency securities		124,426		—		124,426		—
FDIC certificates of deposit		245		—		245		—
Certificates of deposit		8,500		—		8,500		—
Commercial paper		41,272		—		41,272		—
Corporate bonds/notes		125,640		—		125,640		—

	$	339,674	$	39,591	$	300,083	$	—

Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share

The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect could be anti-dilutive as applied to the net loss for the years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
	2019		2018		2017
Common Stock Equivalents		6,039,945		4,748,391		3,755,739
RSUs		1,268,679		647,411		190,933
TSR RSUs		67,080		206,484		347,199

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	55,507,497	54,895,295
Common stock, shares outstanding	55,507,497	54,895,295

Condensed Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net loss	$ (147,722,178)	$ (155,127,411)	$ (97,773,414)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	477,121	368,673	213,872
Share-based compensation	20,788,688	17,396,146	14,641,520
Stock issued for services	194,205	192,530	190,885
Amortization of premiums and discounts on investment activities	(1,131,597)	(943,239)	429,839
Changes in operating assets and liabilities:
Accounts receivable			94,339
Prepaid expenses and other assets	1,465,384	(3,026,908)	(879,200)
Long term deferred tax asset, net	264,609	529,217	(1,058,435)
Accounts payable	(6,536,036)	7,787,521	2,418,892
Accrued liabilities and employee benefits	3,327,095	14,386,774	1,211,103
Lease liabilities, net	889,468
Deferred rent		267,584	18,787
Net cash used in operating activities	(127,983,241)	(118,169,113)	(80,491,812)
Investing activities
Purchases of investments	(80,720,301)	(271,156,707)	(520,926,824)
Maturities of investments	258,857,683	406,189,288	428,932,538
Purchases of property and equipment	(700,395)	(391,268)	(723,429)
Net cash provided by (used in) investing activities	177,436,987	134,641,313	(92,717,715)
Financing activities
Exercise of stock options	3,235,601	674,206	285,160
Proceeds of public offerings, net			162,072,256
Proceeds from stock warrant		10,982
Net cash provided by financing activities	3,235,601	685,188	162,357,416
Net increase (decrease) in cash and cash equivalents	52,689,347	17,157,388	(10,852,111)
Cash and cash equivalents at beginning of period	54,947,502	37,790,114	48,642,225
Cash and cash equivalents at end of period	107,636,849	54,947,502	37,790,114
Cash paid for taxes	$ 1,600	$ 1,600	$ 1,600

Share-Based Compensation - Assumptions Used for Calculating Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	85.70%	85.20%	87.40%
Expected volatility, maximum	96.50%	85.80%	90.40%
Weighted-average risk-free interest rate	2.32%	2.48%	2.10%
Expected term (in years)	6 years	6 years	6 years

Unaudited Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table sets forth the Company’s unaudited condensed consolidated statements of operations for the 2019 quarters ended:


2019 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Net loss		(40,582,851	)		(34,862,399	)		(37,441,164	)		(34,835,764	)
Basic and diluted net loss per share	$	(0.74	)	$	(0.63	)	$	(0.68	)	$	(0.63	)

The following table sets forth the Company’s unaudited condensed consolidated statements of operations for the 2018 quarters ended:


2018 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Net loss		(40,748,036	)		(41,522,914	)		(37,376,383	)		(35,480,078	)
Basic and diluted net loss per share	$	(0.75	)	$	(0.76	)	$	(0.68	)	$	(0.65	)

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 477,121	$ 368,673	$ 213,872

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Parties	10. Related Parties In the first quarter of 2015, the Company moved its headquarters to New York, New York. The Company has entered into a long-term lease with a related party for laboratory and office space . On September 28, 2018, the Company signed a lease with the same related party to acquire additional office space in the Company’s current headquarters facility and to extend the term of the lease for previously acquired space. The amendment includes provisions for yearly rent escalation, a limited rent abatement for the additional space, and an amount provided for leasehold improvements. The lease, as amended, has a term of 14.3 years ending in May 2029. A member of the Company’s board of directors is the Chairman of the board of directors, Chief Executive Officer and President of the parent company to the landlord under this lease.

Organization - Additional Information (Detail) - USD ($)	Jan. 10, 2020	Oct. 05, 2017	Sep. 12, 2019
Subsequent Event [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering, Number of shares	10,000,000
Initial public offering, Price per share	$ 29.50
Initial public offering, Gross proceeds	$ 295,000,000
Initial public offering, Net proceeds	$ 276,900,000
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering, Number of shares		11,129,032
Initial public offering, Price per share		$ 15.50
Initial public offering, Gross proceeds		$ 172,000,000
Initial public offering, Net proceeds		$ 162,000,000
Over-Allotment Option [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering, Number of shares		1,451,613
Maximum [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Universal shelf registration statement, effective date value			$ 350,000,000
Maximum [Member] \| Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Universal shelf registration statement, effective date value			$ 75,000,000

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2019
Retirement Benefits [Abstract]
Employee Benefit Plan	9. Employee Benefit Plan The Company sponsors a defined contribution 401(k) plan covering all full-time employees. Participants may elect to contribute their annual pre-tax earnings up to the federally allowed maximum limits. The Company made a matching contribution of 100% on the first 6% of contributions made by participants in the year ended December 31, 2019, 2018 and 2017. Participant and Company contributions vest immediately. During the years ended December 31, 2019, 2018 and 2017, the Company recorded matching contribution expense of $658,179, $429,318 and $378,233, respectively.

Right Of Use Assets and Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule Of Maturity Analysis Under Lease Agreements

Maturity analysis under the lease agreements are as follows:


Year ending December 31, 2020		3,346,375
Year ending December 31, 2021		3,448,323
Year ending December 31, 2022		3,491,166
Year ending December 31, 2023		3,566,466
Year ending December 31, 2024		3,675,196
Thereafter		17,627,040

Total		35,154,566
Less: Present value discount		(12,011,945	)

Total Lease liability	$	23,142,621

Less: current portion		(3,187,435	)

Long-term lease liabilities	$	19,955,186

Condensed Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Grant revenue	$ 60,613		$ 245,837
Costs and expenses:
Research and development	89,124,838	$ 132,166,913	79,419,009
General and administrative	64,947,625	30,099,855	23,666,957
Total costs and expenses	154,072,463	162,266,768	103,085,966
Loss from operations	(154,011,850)	(162,266,768)	(102,840,129)
Interest income	(6,291,272)	(7,140,957)	(4,005,864)
Loss before provision (benefit) for income taxes	(147,720,578)	(155,125,811)	(98,834,265)
Income tax expense (benefit)	1,600	1,600	(1,060,851)
Net loss	$ (147,722,178)	$ (155,127,411)	$ (97,773,414)
Net loss per common share:
Basic & Diluted	$ (2.68)	$ (2.84)	$ (2.12)
Weighted average number of common shares:
Basic & Diluted	55,186,206	54,707,865	46,181,926

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly own subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States

GAAP

set forth in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is discovering and developing drugs for the treatment of neurological and psychiatric disorders.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. On December 31, 2019, the Company accrued approximately $5.8 million of expense for 2019 employee bonuses that were paid in the first quarter of 2020. In previous years, employee bonuses were paid in the year they were earned.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market mutual funds, and certificates of deposit with a maturity date of three months or less. The carrying values of cash and cash equivalents approximate the fair market value. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the balance sheet.

Investment Securities

Investment securities may consist of investments in U.S. Treasuries, various U.S. governmental agency debt securities, corporate bonds, certificates of deposit, and other fixed income securities with an average maturity of twelve months or less. Management classifies the Company’s investments as

available-for-sale.

Such securities are carried at estimated fair value, with any unrealized holding gains or losses reported, net of any tax effects reported, as accumulated other comprehensive income, which is a separate component of stockholders’ equity. Realized gains and losses, and declines in value judged to be other-than-temporary, if any, are included in consolidated results of operations. A decline in the market value of any

available-for-sale

security below cost that is deemed to be other-than-temporary results in a reduction in fair value, which is charged to earnings in that

period, and a new cost basis for the security is established. Dividend and interest income are recognized as interest income on the consolidated statements of operations when earned. The cost of securities sold is calculated using the specific identification method.

Investment securities consisted of the following (in thousands):


	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. Government Agency Securities	$	35,462	$	35	$	(3	)	$	35,494
Certificates of Deposit		3,000		—		—			3,000
Commercial Paper		39,013		10		(5	)		39,018
Corporate Notes/Bonds		38,770		91		—			38,861

	$	116,245	$	136	$	(8	)	$	116,373


	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. Government Agency Securities	$	124,691	$	24	$	(289	)	$	124,426
FDIC Certificates of Deposit (1)		245		—		—			245
Certificates of Deposit		1,000		—		—			1,000
Commercial Paper		41,317		—		(45	)		41,272
Corporate Notes/Bonds		125,998		7		(365	)		125,640

	$	293,251	$	31	$	(699	)	$	292,583

(1)	“FDIC Certificates of Deposit” consist of deposits that are $250,000 or less.

The Company has classified all of its investment securities

available-for-sale,

including those with maturities beyond one year, as current assets on the 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, 2019 and 2018, the Company held $3.0 million and $64.6 million, respectively, of

available-for-sale

investment securities with contractual maturity dates more than one year and less than two years.

The Company monitors its investment portfolio for impairment quarterly or more frequently if circumstances warrant. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, the Company records an impairment charge within earnings attributable to the estimated credit loss. In determining whether a decline in the value of an investment is other-than-temporary, the Company evaluates currently available factors that may include, among others: (1) general market conditions; (2) the duration and extent to which fair value has been less than the carrying value; (3) the

investment issuer’s financial condition and business outlook; and (4) the Company’s assessment as to whether it is more likely than not that the Company will be required to sell a security prior to recovery of its amortized cost basis. As of December 31, 2019, the aggregate related fair value of investments with unrealized losses was

29.6

million and the aggregate amount of unrealized losses was approximately $

thousand

. Of the $

29.6

million, $

17.1

million have been held in a continuous unrealized loss position for less than

months and $

12.5

million have been held in a continuous loss position for

months or longer. The total continuous unrealized loss for investments held for

months or longer is approximately $

thousand

as of December

2019

. As of December

2018

, the aggregate related fair value of investments with unrealized losses was $

272.5

million and the aggregate amount of unrealized losses was $

0.7

million. Of the $

272.5

million, $

180.4

million have been held in a continuous unrealized loss position for less than

months and $

92.1

million

have been held in a continuous loss position for 12 months or longer. The total continuous unrealized loss for investments held for 12 months or longer is approximately $345

thousand

as of December 31, 2018.

The Company attributes the unrealized gains on the

available-for-sale

securities as of December 31, 2019 and the unrealized losses on the available for sales securities as of December 31, 2018 to the decline in related market interest rates in 2019. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk. As such, the Company does not consider these securities to be other-than-temporarily impaired.

Fair Value Measurements

The Company applies the fair value method under ASC Topic 820,

Fair Value Measurements and Disclosures

. ASC Topic 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value and requires expanded disclosures about fair value measurements. The ASC Topic 820 hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement:

•

Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

•

Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.

•

Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity—e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.

The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy.

The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of December 31, 2019 and December 31, 2018. The carrying value of cash held in money market funds of approximately $49.9 million as of December 31, 2019 and $39.6 million as of December 31, 2018 is included in cash and cash equivalents and approximates market value based on quoted market price or Level 1 inputs. The carrying value of cash held in certificates of deposit of approximately $47.6

million and $7.5 million as of December 31, 2019 and 2018, respectively, is included in cash and cash equivalents and approximates market value based on quoted market price or Level 2 inputs. The carrying value

of cash held in commercial paper of approximately $

3.0

million as of December 31, 2019 is included in cash and cash equivalents and approximates market value based on quoted market price or Level 2 inputs.

The fair value measurements of the Company’s cash equivalents and

available-for-sale

investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	49,882	$	49,882	$	—	$	—
U.S. government agency securities		35,494		—		35,494		—
Certificates of deposit		50,622		—		50,622		—
Commercial paper		42,015		—		42,015		—
Corporate bonds/notes		38,861		—		38,861		—

	$	216,874	$	49,882	$	166,992	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	39,591	$	39,591	$	—	$	—
U.S. government agency securities		124,426		—		124,426		—
FDIC certificates of deposit		245		—		245		—
Certificates of deposit		8,500		—		8,500		—
Commercial paper		41,272		—		41,272		—
Corporate bonds/notes		125,640		—		125,640		—

	$	339,674	$	39,591	$	300,083	$	—

Financial Instruments

The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, prepaid expenses, right of use asset, net, other assets, accounts payable, accrued liabilities, accrued employee benefits, and, lease liabilities, to approximate their fair value because of their relatively short maturities at December 31, 2019 and December 31, 2018. Management believes that the risks associated with the Company’s financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing.

Concentration of Credit Risk

Cash equivalents are held with major financial institutions in the United States. Certificates of deposit, cash and cash equivalents held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk.

Accounts Receivable

Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is not probable.

The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2019 and 2018, as the Company has a history of collecting on all its accounts including government agencies and collaborations funding its research and there were no balances in accounts receivable as of these dates.

Property and Equipment

Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the assets or the term of the related lease. Expenditures for maintenance and repairs are charged to operations as incurred.

When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC Topic No. 360,

Property, Plant and Equipment

. The Company considers historical performance and anticipated future results in its evaluation of potential impairment. The Company evaluates the carrying value of those assets in relation to the operating performance of the business and undiscounted cash flows expected to result from the use of those assets. Impairment losses are recognized when carrying value exceeds the undiscounted cash flows, in which case management must determine the fair value of the underlying asset. No such impairment losses have been recognized to date.

Research and Development, including Clinical trial expenses

Research and Development, Including Clinical Trial Expenses

Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include preclinical analytical testing, manufacturing of drug product, outside services, providers, materials and consulting fees.

Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors, among other factors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as the case may be.

As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate clinical trial expenses in its financial statements by matching those expenses with the

period in which services are performed and efforts are expended. The Company accounts for these expenses according to the progress of the clinical trial as measured by subject progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models taking into account various clinical information provided by vendors and discussion with applicable personnel and external service providers as to the progress or state of consummation of trials, or the services completed. During the course of a

clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations, clinical sites and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the year ended December 31, 2019, the Company recorded a change in estimate of

approximately $

5.3

million related to the prior year estimates of accrued expenses for clinical trials that resulted in a reduction of research and development expenses. For the year ended December 31, 2018, there were no material adjustments to the Company’s prior year estimates of accrued expenses for clinical trials.

Income Taxes

Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48,

Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109

). Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a

more-likely-than-not

threshold of that position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.

Comprehensive Income (Loss)

All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from

non-owner

sources. In accordance with accounting guidance, the Company presents the impact of any unrealized gains or (losses) on its investment securities in a separate statement of comprehensive income (loss) for each period.

Share-Based Compensation

Share-based payments are accounted for in accordance with the provisions of ASC Topic 718,

Compensation—Stock Compensation

. The fair value of share-based payments is estimated, on the date of grant, using the Black-Scholes-Merton option-pricing model (the “Black-Scholes Model”). The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the option.

In June 2018, the Company’s stockholders approved the Company’s 2018 Equity Incentive Plan pursuant to which 4,750,000 additional shares of common stock were reserved for future equity grants.

In December 2019, the Company adopted the Intra-Cellular Therapies, Inc. 2019 Inducement Award Plan (the “2019 Inducement Plan”) without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Pursuant to the 2019 Inducement Plan, the Company may grant stock options, restricted stock units, stock awards and other stock-based awards for up to a total of 1,000,000

shares of common stock to new employees of the Company. No shares were granted under the 2019 Inducement Plan as of December 31, 2019

For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. Share-based compensation expense recognized in the statements of operations for the years ended December 31, 2019, 2018 and 2017 accounts for forfeitures as they occur.

The Company utilizes the Black-Scholes Model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes Model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award.

Expected volatility rates are based on a combination of the historical volatility of the common stock of comparable publicly traded entities and the limited historical information about the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the limited historical exercise data, the expected life is determined using the “simplified method,” which defines expected life as the midpoint between the vesting date and the end of the contractual term.

The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero. For stock options granted, the exercise price was determined by using the closing market price of the Company’s common stock on the date of grant.

A restricted stock unit (“RSU”) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the fair market value of the Company’s

common stock on the date of grant. The Company has granted RSUs that vest in three equal annual installments provided that the employee remains employed with the Company.

Beginning in the first quarter of 2016, 2017, 2018 and 2019, the Company granted time-based RSUs that vest in three equal annual installments. In the first quarter of 2017, the Company granted performance-based RSUs, which vested based on the achievement of certain milestones that include (i) the submission of a NDA with the FDA, (ii) the approval of the NDA by the FDA (collectively, the “Milestone RSUs”) and

(iii) the achievement of certain comparative shareholder returns against the Company’s peers (the “TSR RSUs”). The Milestone RSUs were valued at the closing price on March 8, 2017. The Milestone RSUs related to the NDA submission has been fully amortized through December 31, 2018. The NDA submission milestone was achieved in the third quarter of 2018, so the Milestone RSUs related to the NDA submission vested on December 31, 2018. The Milestone RSU’s related to the NDA approval was achieved in the fourth quarter of 2019, so the RSU’s vested on December 31, 2019. The amortization of the expenses for Milestone RSUs related to the approval of the NDA was fully amortized on December 31, 2019. The TSR RSUs were valued using the Monte Carlo Simulation method and were amortized over the life of the RSUs based on the agreements which vested on January 24, 2020. The expense recognition related to these equity grants was based on the Company’s best estimate.

Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law shall be considered to be a deductible difference in applying ASC Topic 740,

Income Taxes

. The deductible temporary difference is based on the compensation cost recognized for financial reporting purposes; however, these provisions currently do not impact the Company, as all the deferred tax assets have a full valuation allowance.

In March 2016, the FASB issued ASU No.

2016-09,

Compensation—Stock Compensation (“ASU

2016-09”).

ASU

2016-09

simplifies several areas of accounting for stock compensation,

including simplification of the accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows and forfeitures. As of January 1, 2017, the Company adopted ASU

2016-09

for the quarter ended March 31, 2017. Accordingly, the Company recognized previously unrecognized excess tax benefits of $

9.7

million recorded as deferred tax assets with a corresponding offsetting full valuation allowance at the beginning of 2017, which yielded no tax impact.

Loss Per Share

Basic net loss per common share is determined by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and RSUs.


	Year Ended December 31,
	2019		2018		2017
Common Stock Equivalents		6,039,945		4,748,391		3,755,739
RSUs		1,268,679		647,411		190,933
TSR RSUs		67,080		206,484		347,199

Recently Issued Accounting Standards

In May 2014, the FASB issued ASC Update No.

2014-09,

Revenue from Contracts with Customers (Topic 606), which has been subsequently updated (as updated, “ASC Topic 606”). The purpose of ASC Topic 606 is to provide enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies using U.S. GAAP and International Financial Reporting Standards. The core principle requires entities to recognize revenue in a manner that depicts the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled in exchange for those goods or services. ASC Topic 606 became effective for annual periods beginning after December 15, 2017.

The Company adopted this standard on January 1, 2018 using the “modified retrospective method” which did not result in an impact to its financial statements as the Company has not had product sales to date. Upon commercializing a product or executing any revenue generating contracts, the Company will provide additional disclosures in the notes to the consolidated financial statements related to the relevant aspects of any revenue generating contracts that the Company has or into which the Company expects to enter.

In January 2016, the FASB issued ASU No.

2016-01,

Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU

2016-01”).

ASU

2016-01

eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments

measured at amortized cost on the balance sheet. The standard also clarifies the need to evaluate a valuation allowance on a deferred tax asset related to

available-for-sale

securities in combination with the Company’s other deferred tax assets. ASU

2016-01

is effective for annual reporting periods beginning after December 15, 2017. The adoption of this standard on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No.

2016-02,

Leases (“ASU

2016-02”).

ASU

2016-02

requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. ASU

2016-02

is effective for annual reporting periods beginning after December 15, 2018. The Company adopted the standard on January 1, 2019 using the simplified transition method, allowing the Company to not restate comparative periods and apply ASC No. 2016-02, Leases (Topic 842) on a prospective basis, resulting in a balance sheet presentation that is not comparable to the prior period in the first year of adoption. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed the Company to carry forward the historical lease classification. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. The Company recognizes those lease payments in the consolidated statements of operations on a straight-line basis over the lease term.

The adoption of the standard resulted in recognition of additional right of use assets and lease liabilities of approximately $20.2 million and $23.4 million, respectively, as of January 1, 2019. The difference between these amounts represents the net deferred rent as of January 1, 2019 with no impact on the accumulated deficit. The adoption of the new lease standard was a

non-cash

transaction. The Company concluded the new standard did not have a material impact on its liquidity and income tax position.

In June 2016, the FASB issued ASU No.

2016-13,

“Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” (ASU

2016-13)

This guidance applies to all entities and impacts how entities account for credit losses for most financial assets and other instruments. For

available-for-sale

debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. For trade receivables, loans and

held-to-maturity

debt securities, entities will be required to estimate lifetime expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods therein. Early adoption is permitted for annual periods beginning after December 15, 2018 and interim periods therein. The Company is considering the implications of adopting the new standard, including the applicable financial statement disclosures required by the new guidance. The Company is assessing any potential impacts on its internal controls, business processes, and accounting policies related to both the implementation of, and ongoing compliance with, the new guidance. Upon adoption of the new standard on January 1, 2020, the Company will begin recognizing an allowance using a forward-looking approach to estimating the expected credit loss related to financial assets. The Company does not anticipate that the adoption of the new standard will have a significant impact on operating results, financial position or cash flows.

In February 2018, the FASB issued ASU No.

2018-02,

Income Statement-Reporting Comprehensive Income (Topic 220)—Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, to address a specific consequence of the TCJA by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA’s reduction of the U.S. federal corporate income tax rate. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company does not have any stranded tax effects to which this ASU would apply. Therefore, there is no impact to the Company’s consolidated financial statements.

In June 2018, the FASB issued ASU No.

2018-07,

Compensation-Stock Compensation (Topic 718)—Improvements to Nonemployee Share-Based Payment Accounting (“ASU

2018-07”).

The standard allows for the entity to only remeasure equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. After adoption, the nonemployee share-based payment awards would be treated similar to employee share-based payment awards going forward. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company adopted ASU

2018-07

on January 1, 2019. As the Company’s nonemployee share-based awards are not significant, the Company concluded the adoption did not have a material impact on the consolidated accumulated deficit.

In December 2019, the FASB issued ASU

2019-12,

Income Taxes (Topic 740)(ASU

2019-12)

final guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation that is applicable to the Company, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences among other changes. For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company elected to early adopt the ASU

2019-12

as of December 31, 2019. Management concluded that the adoption of the new standard did not have a material impact to income taxes for December 31, 2019.

Summary of Significant Accounting Policies - Schedule of Investment Securities (Detail) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

$ 116,245,000

$ 293,251,000

Unrealized Gains

136,000

31,000

Unrealized (Losses)

(8,000)

(699,000)

Estimated Fair Value

116,373,335

292,583,046

U.S. Government Agency Securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

35,462,000

124,691,000

Unrealized Gains

35,000

24,000

Unrealized (Losses)

(3,000)

(289,000)

Estimated Fair Value

35,494,000

124,426,000

FDIC Certificates of Deposit [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

^[1]

245,000

Estimated Fair Value

^[1]

245,000

Certificates of Deposit [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

3,000,000

1,000,000

Estimated Fair Value

3,000,000

1,000,000

Commercial Paper [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

39,013,000

41,317,000

Unrealized Gains

10,000

Unrealized (Losses)

(5,000)

(45,000)

Estimated Fair Value

39,018,000

41,272,000

Corporate Notes/Bonds [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

38,770,000

125,998,000

Unrealized Gains

91,000

7,000

Unrealized (Losses)

(365,000)

Estimated Fair Value

$ 38,861,000

$ 125,640,000

[1]	“FDIC Certificates of Deposit” consist of deposits that are $250,000 or less.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

GAAP

Use of Estimates

Cash and Cash Equivalents

Investment Securities

available-for-sale.

available-for-sale

security below cost that is deemed to be other-than-temporary results in a reduction in fair value, which is charged to earnings in that

Investment securities consisted of the following (in thousands):


	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. Government Agency Securities	$	35,462	$	35	$	(3	)	$	35,494
Certificates of Deposit		3,000		—		—			3,000
Commercial Paper		39,013		10		(5	)		39,018
Corporate Notes/Bonds		38,770		91		—			38,861

	$	116,245	$	136	$	(8	)	$	116,373


	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. Government Agency Securities	$	124,691	$	24	$	(289	)	$	124,426
FDIC Certificates of Deposit (1)		245		—		—			245
Certificates of Deposit		1,000		—		—			1,000
Commercial Paper		41,317		—		(45	)		41,272
Corporate Notes/Bonds		125,998		7		(365	)		125,640

	$	293,251	$	31	$	(699	)	$	292,583

(1)	“FDIC Certificates of Deposit” consist of deposits that are $250,000 or less.

The Company has classified all of its investment securities

available-for-sale,

available-for-sale

investment securities with contractual maturity dates more than one year and less than two years.

29.6

million and the aggregate amount of unrealized losses was approximately $

thousand

. Of the $

29.6

million, $

17.1

million have been held in a continuous unrealized loss position for less than

months and $

12.5

million have been held in a continuous loss position for

months or longer. The total continuous unrealized loss for investments held for

months or longer is approximately $

thousand

as of December

2019

. As of December

2018

, the aggregate related fair value of investments with unrealized losses was $

272.5

million and the aggregate amount of unrealized losses was $

0.7

million. Of the $

272.5

million, $

180.4

million have been held in a continuous unrealized loss position for less than

months and $

92.1

million

have been held in a continuous loss position for 12 months or longer. The total continuous unrealized loss for investments held for 12 months or longer is approximately $345

thousand

as of December 31, 2018.

The Company attributes the unrealized gains on the

available-for-sale

Fair Value Measurements

The Company applies the fair value method under ASC Topic 820,

Fair Value Measurements and Disclosures

•

Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

•

of cash held in commercial paper of approximately $

3.0

million as of December 31, 2019 is included in cash and cash equivalents and approximates market value based on quoted market price or Level 2 inputs.

The fair value measurements of the Company’s cash equivalents and

available-for-sale

investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	49,882	$	49,882	$	—	$	—
U.S. government agency securities		35,494		—		35,494		—
Certificates of deposit		50,622		—		50,622		—
Commercial paper		42,015		—		42,015		—
Corporate bonds/notes		38,861		—		38,861		—

	$	216,874	$	49,882	$	166,992	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	39,591	$	39,591	$	—	$	—
U.S. government agency securities		124,426		—		124,426		—
FDIC certificates of deposit		245		—		245		—
Certificates of deposit		8,500		—		8,500		—
Commercial paper		41,272		—		41,272		—
Corporate bonds/notes		125,640		—		125,640		—

	$	339,674	$	39,591	$	300,083	$	—

Financial Instruments

Concentration of Credit Risk

Accounts Receivable

Property and Equipment

When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC Topic No. 360,

Property, Plant and Equipment

Research and Development, Including Clinical Trial Expenses

approximately $

5.3

Income Taxes

Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109

). Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a

more-likely-than-not

Comprehensive Income (Loss)

non-owner

Share-Based Compensation

Share-based payments are accounted for in accordance with the provisions of ASC Topic 718,

Compensation—Stock Compensation

common stock on the date of grant. The Company has granted RSUs that vest in three equal annual installments provided that the employee remains employed with the Company.

Income Taxes

In March 2016, the FASB issued ASU No.

2016-09,

Compensation—Stock Compensation (“ASU

2016-09”).

ASU

2016-09

simplifies several areas of accounting for stock compensation,

including simplification of the accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows and forfeitures. As of January 1, 2017, the Company adopted ASU

2016-09

for the quarter ended March 31, 2017. Accordingly, the Company recognized previously unrecognized excess tax benefits of $

9.7

million recorded as deferred tax assets with a corresponding offsetting full valuation allowance at the beginning of 2017, which yielded no tax impact.

Equity instruments issued to

non-employees

for services are accounted for under the provisions of ASC Topic 718 and ASC Topic

505-50,

Equity/Equity-Based Payments to Non-Employees

. Accordingly, the estimated fair value of the equity instrument is recorded on the earlier of the performance commitment date or the date the required services are completed and are marked to market during the service period.

In June 2018, the Company’s stockholders approved the Company’s 2018 Equity Incentive Plan pursuant to which 4,750,000 additional shares of common stock were reserved for future equity grants.

shares of common stock to new employees of the Company. No shares were granted under the 2019 Inducement Plan as of December 31, 2019

Loss Per Share


	Year Ended December 31,
	2019		2018		2017
Common Stock Equivalents		6,039,945		4,748,391		3,755,739
RSUs		1,268,679		647,411		190,933
TSR RSUs		67,080		206,484		347,199

Recently Issued Accounting Standards

In May 2014, the FASB issued ASC Update No.

2014-09,

In January 2016, the FASB issued ASU No.

2016-01,

Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU

2016-01”).

ASU

2016-01

eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments

measured at amortized cost on the balance sheet. The standard also clarifies the need to evaluate a valuation allowance on a deferred tax asset related to

available-for-sale

securities in combination with the Company’s other deferred tax assets. ASU

2016-01

In February 2016, the FASB issued ASU No.

2016-02,

Leases (“ASU

2016-02”).

ASU

2016-02

non-cash

transaction. The Company concluded the new standard did not have a material impact on its liquidity and income tax position.

In June 2016, the FASB issued ASU No.

2016-13,

“Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” (ASU

2016-13)

This guidance applies to all entities and impacts how entities account for credit losses for most financial assets and other instruments. For

available-for-sale

debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. For trade receivables, loans and

held-to-maturity

In February 2018, the FASB issued ASU No.

2018-02,

In June 2018, the FASB issued ASU No.

2018-07,

Compensation-Stock Compensation (Topic 718)—Improvements to Nonemployee Share-Based Payment Accounting (“ASU

2018-07”).

2018-07

on January 1, 2019. As the Company’s nonemployee share-based awards are not significant, the Company concluded the adoption did not have a material impact on the consolidated accumulated deficit.

In December 2019, the FASB issued ASU

2019-12,

Income Taxes (Topic 740)(ASU

2019-12)

2019-12

as of December 31, 2019. Management concluded that the adoption of the new standard did not have a material impact to income taxes for December 31, 2019.

Right Of Use Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Right Of Use Assets and Lease Liabilities

4. Right Of Use Assets and Lease Liabilities

In 2014, the Company entered into a long-term lease with a related party which, as amended, provided for a lease of useable laboratory and office space located in New York, New York. A member of the Company’s board of directors is the Executive Chairman of the parent company to the landlord under this lease. Concurrent with this lease, the Company entered into a license agreement to occupy certain vivarium related space in the same facility for the same term and rent escalation provisions as the lease. This license has the primary characteristics of a lease and is characterized as a lease in accordance with ASU

2016-02

for accounting purposes. In September 2018, the Company further amended the lease to obtain an additional office space beginning October 1, 2018 and to extend the term of the lease for previously acquired space. The lease, as amended, has a term of 14.3 years

ending in May 2029. In February 2019, the Company entered into a long-term lease for office space in Towson, Maryland beginning March 1, 2019. The lease has a term of 3.2 years ending in April 2022 and includes limited rent abatement and escalation provisions. The Company has no other significant leases. In addition, no identified leases require allocations between lease and

non-lease

components.

In adopting ASU

2016-02

as of January 1, 2019, the Company elected the package of practical expedients, which permit the Company not to reassess under the new standard the historical lease classification. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. The Company also elected the lessee component election, allowing the Company to account for the lease and

non-lease

components as a single lease component. In determining whether a contract contains a lease, asset and service agreements are assessed at onset and upon modification for criteria of specifically identified assets, control and economic benefit. The Company recognized those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. The Company uses the rate implicit in the contract whenever possible when determining the applicable discount rate. As the majority of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. On the lease commencement dates, the Company estimated the lease liabilities and the right of use assets at present value using its applicable incremental borrowing rates of its two long term leases

of 7.2% for the Company’s Maryland lease of 3.2 years and 9.1% for the Company’s New York leases of 14.3 years. On January 1, 2019, upon adoption of ASU

2016-02,

the Company recorded right of use assets of approximately $20.2 million, lease liabilities of $23.4 million and eliminated deferred rent of $3.2 million.

At the execution of the Maryland lease in 2019, the Company recorded a right of use asset and a lease liability of $0.2 million which represented a

non-cash

transaction.

Right of use assets and lease liabilities for operating leases were

approximately

$18.3 million and $23.1 million as of December 31, 2019,

respectively. The operating cash outflows related to operating lease obligations for the year ended December 31, 2019 were $2,521,576.

Maturity analysis under the lease agreements are as follows:


Year ending December 31, 2020		3,346,375
Year ending December 31, 2021		3,448,323
Year ending December 31, 2022		3,491,166
Year ending December 31, 2023		3,566,466
Year ending December 31, 2024		3,675,196
Thereafter		17,627,040

Total		35,154,566
Less: Present value discount		(12,011,945	)

Total Lease liability	$	23,142,621

Less: current portion		(3,187,435	)

Long-term lease liabilities	$	19,955,186

Lease expense for the year ended December

31, 2019, 2018 and 2017

was approximately $3.3

million $1.8 million and $1.4 million, respectively.

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax benefit at statutory federal rate	21.00%	21.00%	35.00%
Other Permanent differences	(0.67%)	(0.58%)	(0.43%)
Foreign rate differential	(13.02%)	(16.90%)	(27.75%)
2017 US Tax Reform impact	0.00%	0.00%	(21.89%)
R&D Credit	0.00%	0.00%	(0.05%)
Change in effective state tax rates	(0.16%)	(0.38%)	0.84%
State income tax expense	(1.40%)	0.12%	0.40%
Change in valuation allowance	(5.75%)	(3.26%)	14.95%
Benefit for income taxes	0.00%	0.00%	1.07%

Summary of Significant Accounting Policies - Schedule of Investment Securities (Parenthetical) (Detail)	Dec. 31, 2019 USD ($)
FDIC Certificates of Deposit [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Deposits under FDIC Certificates of Deposit	$ 250,000

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended				12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2019 USD ($) Segment shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)	Jun. 30, 2018 shares
Significant Accounting Policies [Line Items]
Number of operating segments \| Segment					1
Maturity of highly liquid investments					3 months
Maturity of certificates of deposit, commercial paper, corporate notes and corporate bonds					more than three months
Investment securities, available-for-sale					$ 116,373,335	$ 292,583,046
Aggregate related fair value of investments with unrealized losses					29,600,000	272,500,000
Investment securities aggregate amount of unrealized loss					8,000	700,000
Investment securities, held in continuous unrealized loss position for less than 12 months					17,100,000	180,400,000
Investment securities, held in continuous unrealized loss position for 12 months or longer					12,500,000	92,100,000
Total continuous unrealized loss for investments held for 12 months or longer					3,000	345,000
Carrying value of cash held in money market funds					49,900,000	39,600,000
Impairment losses recognized					0
Income tax expense (benefit)					$ 1,600	$ 1,600	$ (1,060,851)
Effective tax rate					0.00%	0.00%	1.07%
US statutory rate					21.00%	21.00%	35.00%
Assumed expected dividend rate					0.00%	0.00%	0.00%
Net lease assets					$ 18,252,074
Net lease liabilities					23,142,621
Bonus to employees accrued					$ 5,800,000
Number of options granted during the period \| shares					1,833,102
Clinical Tral [Member]
Significant Accounting Policies [Line Items]
Reveral of accrued expenses					$ 5,300,000
Cash and Cash Equivalents [Member]
Significant Accounting Policies [Line Items]
Carrying value of cash held in certificates of deposit					47,600,000	$ 7,500,000
Carrying value of cash held in commercial papers					3,000,000.0
Significant Unobservable Inputs (Level 3) [Member]
Significant Accounting Policies [Line Items]
Assets measured using quoted prices					0	0
Liabilities measured using quoted prices					0	0
Adjustments for New Accounting Pronouncement [Member]
Significant Accounting Policies [Line Items]
Deferred tax assets					9,700,000
Accounting Standards Update 2016-02 [Member]
Significant Accounting Policies [Line Items]
Net lease assets								$ 20,200,000
Net lease liabilities								$ 23,400,000
Contractual Maturity Dates More Than One Year and Less Than Two Years [Member]
Significant Accounting Policies [Line Items]
Investment securities, available-for-sale					$ 3,000,000.0	$ 64,600,000
2018 Equity Incentive Plan [Member]
Significant Accounting Policies [Line Items]
Additional shares of common stock reserved for future equity grants \| shares									4,750,000
Number of options granted during the period \| shares						12,000
RSUs [Member]
Significant Accounting Policies [Line Items]
Service period for granted RSUs, vest in annual installment	3 years	3 years	3 years	3 years
Inducement Award Plan [Member]
Significant Accounting Policies [Line Items]
Issuance of shares, Inducement Award Plan \| shares					1,000,000
2019 Inducement Plan [Member]
Significant Accounting Policies [Line Items]
Number of options granted during the period \| shares					0
Minimum [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life					3 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life					5 years

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Total	October 2017 [Member]	Common Stock [Member]	Common Stock [Member] October 2017 [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] October 2017 [Member]	Accumulated Deficit [Member]	Accumulated Comprehensive Gain (Loss) [Member]
Balance at Dec. 31, 2016	$ 375,502,539		$ 4,329		$ 685,290,815		$ (309,475,366)	$ (317,239)
Balance, shares at Dec. 31, 2016			43,292,906
Common shares issued		$ 162,072,256		$ 1,113		$ 162,071,143
Common shares issued, shares				11,129,032
Exercise of stock options and vesting of restricted stock (Value)	285,160		$ 17		285,143
Exercise of stock options and vesting of restricted stock (Shares)			162,642
Stock issued for services	190,885		$ 1		190,884
Stock issued for services, shares			13,099
Share-based compensation	14,641,520				14,641,520
Net loss	(97,773,414)						(97,773,414)
Other comprehensive income (loss)	(481,985)							(481,985)
Balance at Dec. 31, 2017	454,436,961		$ 5,460		862,479,505		(407,248,780)	(799,224)
Balance, shares at Dec. 31, 2017			54,597,679
Exercise of stock options and vesting of restricted stock (Value)	674,206		$ 29		674,177
Exercise of stock options and vesting of restricted stock (Shares)			284,326
Stock issued for services	192,530		$ 1		192,529
Stock issued for services, shares			11,468
Share-based compensation	17,396,146				17,396,146
Stock warrant	10,982				10,982
Stock warrant, shares			1,822
Net loss	(155,127,411)						(155,127,411)
Other comprehensive income (loss)	131,467							131,467
Balance at Dec. 31, 2018	317,714,881		$ 5,490		880,753,339		(562,376,191)	(667,757)
Balance, shares at Dec. 31, 2018			54,895,295
Exercise of stock options and vesting of restricted stock (Value)	3,235,601		$ 59		3,235,542
Exercise of stock options and vesting of restricted stock (Shares)			596,558
Stock issued for services	194,205		$ 2		194,203
Stock issued for services, shares			15,644
Share-based compensation	20,788,688				20,788,688
Net loss	(147,722,178)						(147,722,178)
Other comprehensive income (loss)	796,074							796,074
Balance at Dec. 31, 2019	$ 195,007,271		$ 5,551		$ 904,971,772		$ (710,098,369)	$ 128,317
Balance, shares at Dec. 31, 2019			55,507,497

Share-Based Compensation - Summary of Information Regarding the Time Based RSU Activity and Changes (Detail) - RSUs [Member] - $ / shares			12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares			647,411
Time based RSU's granted, Number of Shares			950,449
Time based RSU's vested, Number of Shares			(267,143)
Time based RSU's cancelled, Number of Shares			(62,038)
Outstanding at end of year, Number of Shares	1,268,679	647,411	1,268,679
Outstanding at beginning of year, Weighted-Average Grant Date Fair Value			$ 18.16
Time based RSU's granted, Weighted-Average Grant Date Fair Value			12.79
Time based RSU's vested, Weighted-Average Grant Date Fair Value			21.64
Time based RSU's cancelled, Weighted-Average Grant Date Fair Value			14.14
Outstanding at end of year, Weighted-Average Grant Date Fair Value	$ 13.60	$ 18.16	$ 13.60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 8 months 12 days	1 year 9 months 18 days
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted Average Remaining Contractual Terms			2 years
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Remaining Contractual Terms			8 months 12 days
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Average Remaining Contractual Terms			1 year 4 months 24 days

Property and Equipment - Property and Equipment (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 5,768,171	$ 4,193,688
Less accumulated depreciation	(3,508,431)	(3,033,922)
Property Plant and Equipment Net	2,259,740	1,159,766
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	243,532	44,427
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	423,097	341,582
Scientific Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	3,861,227	3,658,209
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 1,240,315	$ 149,470

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2018
Recognized tax benefit		$ 1,100,000
Federal net operating loss carryforwards	$ 183,100,000
Federal net operating loss carryforwards expiration year	2037
Federal AMT credit	$ 264,609		$ 529,218
Unrecognized tax benefits	1,738,815	$ 1,738,815	$ 1,738,815
Indefinite Period Carry Forward [Member]
Federal net operating loss carryforwards	51,900,000
Expire In 2037 [Member]
Federal net operating loss carryforwards	$ 131,200,000

Share-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance		11,287,390
Weighted average grant date fair value of stock options granted		$ 9.17	$ 15.22	$ 15.08
Total intrinsic value of the options exercised		$ 3,127,412	$ 1,683,679	$ 1,609,268
Total fair value of shares vested		$ 11,983,108	$ 11,348,595	$ 7,212,195
Options granted, Number of Shares		1,833,102
Options granted, exercise price		$ 12.98
Unrecognized share-based compensation expense related to employee stock option awards		$ 17,892,399
Expected dividend yield		0.00%	0.00%	0.00%
Risk free interest rate		2.32%	2.48%	2.10%
Total instrinsic value of stock units outstanding options		$ 113,241,283
Total instrinsic value of stock units exercisable		$ 57,173,972
2018 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance		2,208,317
Options, vesting term			2 years
Options granted, Number of Shares			12,000
Options granted, exercise price			$ 15.47
Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested RSUs		$ 10,522,078
Unrecognized share-based compensation expense, weighted-average recognition period		1 year 9 months 18 days
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total instrinsic value of stock units vested,other than options		$ 3,109,328	$ 1,165,323	$ 471,779
Total instrinsic value of stock units outstanding other than options		43,528,382
Total fair value of time based vested		4,623,030	2,109,705	1,508,083
Milestone Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested RSUs		0
Non-cash stock-based compensation expense recognized		900,000	500,000	400,000
Total fair value of time based vested		$ 921,972	$ 1,062,212	$ 0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, maximum term		10 years
Unrecognized share-based compensation expense, weighted-average recognition period			1 year 10 months 24 days
Stock Options [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, vesting term		1 year
Stock Options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, vesting term		3 years
Inducement Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares, Inducement Award Plan		1,000,000
Awards granted		0
Total Shareholder Return Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, vesting term	3 years	3 years
Weighted average grant date fair value of stock options granted	$ 17.08
Unrecognized compensation costs related to unvested RSUs		$ 0
Expected dividend yield	0.00%
Risk free interest rate	1.60%
Expected volatility	95.40%
Terms of award		Total shareholder return was determined by dividing the average share value of the Company’s common stock over the 30 trading days preceding January 1, 2020 by the average share value of the Company’s common stock over the 30 trading days beginning on January 1, 2017, with a deemed reinvestment of any dividends declared during the performance period.
Total instrinsic value of stock units vested,other than options		$ 2,301,515

Related Party - Additional Information (Detail)	Sep. 28, 2018
Amendment [Member]
Related Party Transaction [Line Items]
Term of long term lease	14 years 3 months 18 days

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

3. Property and Equipment

Property and equipment consist of the following:


	December 31,
	201 9			2018
Computer equipment	$	243,532		$	44,427
Furniture and fixtures		423,097			341,582
Scientific equipment		3,861,227			3,658,209
Leasehold improvements		1,240,315			149,470

		5,768,171			4,193,688
Less accumulated depreciation		(3,508,431	)		(3,033,922	)

	$	2,259,740		$	1,159,766

Depreciation expense for the years ended December 31, 2019, 2018 and 2017 was $477,121, $368,673 and $213,872, respectively.

Share-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 20,788,688	$ 17,396,146	$ 14,641,520
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	9,411,056	7,380,814	5,082,823
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 11,377,632	$ 10,015,332	$ 9,558,697

Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	$ 216,874	$ 339,674
Money Market Funds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	49,882	39,591
U.S. Government Agency Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	35,494	124,426
FDIC Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities		245
Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	50,622	8,500
Commercial Paper [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	42,015	41,272
Corporate Notes/Bonds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	38,861	125,640
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	49,882	39,591
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	49,882	39,591
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	166,992	300,083
Significant Other Observable Inputs (Level 2) [Member] \| U.S. Government Agency Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	35,494	124,426
Significant Other Observable Inputs (Level 2) [Member] \| FDIC Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities		245
Significant Other Observable Inputs (Level 2) [Member] \| Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	50,622	8,500
Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	42,015	41,272
Significant Other Observable Inputs (Level 2) [Member] \| Corporate Notes/Bonds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	$ 38,861	$ 125,640

Share-Based Compensation

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

5. Share-Based Compensation

On June 18, 2018, the Company’s stockholders approved the 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for the granting of stock-based awards, such as stock options, restricted common stock, RSUs

and stock appreciation rights to employees, directors and consultants as determined by the Board of Directors. The 2018 Plan replaced the Company’s Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”). The Company will grant no further stock options or other awards under the 2013 Plan. Any options or other awards outstanding under the 2013 Plan remain outstanding in accordance with their terms and the terms of the 2013 Plan. As of December 31, 2019, the total number of shares reserved under all equity plans is 11,287,390 and the Company had 2,208,317 shares available for future issuance under the 2018 Plan. Stock options granted under the 2018 Plan may be either incentive stock options (“ISOs”) as defined by the Internal Revenue Code of 1986, or

non-qualified

stock options. The Board of Directors determines who will receive options, the vesting periods (which are generally one to three years) and the exercise prices of such options. Options have a maximum term of 10 years. The exercise price of ISOs granted under the 2018 Plan must be at least equal to the fair market value of the common stock on the date of grant.

In December 2019, the Company adopted the 2019 Inducement Plan for the grant of equity awards of up to 1,000,000 shares of common stock primarily to attract new employees to the Company’s commercial organization. No awards were granted as of December 31, 2019.


	Years Ended December 31,
	2019		2018		2017
Research and development	$	9,411,056	$	7,380,814	$	5,082,823
General and administrative		11,377,632		10,015,332		9,558,697

Total share-based compensation expense	$	20,788,688	$	17,396,146	$	14,641,520

The following table describes the assumptions used for calculating the value of options granted during the years ended December 31, 2019, 2018 and 2017:


	2019			2018			2017
Dividend yield		0	%		0	%		0	%
Expected volatility		85.7-96.5	%		85.2%-85.8	%		87.4%-90.4	%
Weighted-average risk-free interest rate		2.32	%		2.48	%		2.1	%
Expected term (in years)		6.0			6.0			6.0


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Life
Outstanding at December 31, 2018		4,748,391		$	18.26		7.0 years
Options granted		1,833,102		$	12.98		9.2 years
Options exercised		(264,663	)	$	12.22		4.1 years
Options canceled or expired		(276,885	)	$	20.82		6.8 years

Outstanding at December 31, 2019		6,039,945		$	16.81		7.0 years

Vested or expected to vest at December 31, 2019		6,039,945		$	16.81

Exercisable at December 31, 2019		3,313,108		$	19.38		5.6 years

The weighted-average grant date fair value for awards granted during the years ended December 31, 2019, 2018 and 2017 was $9.17, $15.22 and $15.08 per share, respectively.

The total

intrinsic value of the options exercised during the years ended December 31, 2019, 2018 and 2017 was $3,127,412, $1,683,679 and $1,609,268, respectively.

The total

intrinsic value of the options outstanding

December 31, 2019 was $113,241,283.

The total

intrinsic value of the options exercisable

as of

December 31, 2019 was $57,173,972.

The total fair value of shares vested

during

the years ended December 31, 2019, 2018 and 2017 was $11,983,108, $11,348,595 and $7,212,195, respectively.

During 2018, the Company granted options to certain scientific advisory board members of the Company to purchase 12,000 shares of common stock, at an average exercise price per share of $15.47. The options vest ratably over a period of 2 years. Stock compensation related to these grants will fluctuate with any changes in the underlying value of the Company’s common stock.

As of December 31, 2019, there w

$10,522,078 of unrecognized compensation costs related to unvested time based RSUs which will be recognized over a weighted-average period

1.8 years. The unrecognized share-based compensation expense related to stock option awards at December 31, 2019

was

$17,892,399

and will be recognized over a weighted-average period of 1.9 years.

The total intrinsic value of the time based RSUs vested during the years ended December 31, 2019, 2018 and 2017 was $3,109,328, $1,165,323 and $471,779, respectively. The total intrinsic value of the time based RSU’s outstanding as of December 31, 2019 was $43,528,382. The total fair value of time based RSUs vested during the years ended December 31, 2019, 2018 and 2017 was $4,623,030, $2,109,705 and $1,508,083, respectively. The fair value of time based RSUs is based on the closing price of the Company’s common stock on the date of grant. Information regarding time based RSU activity, including with respect to grants to employees as of December 31, 2019, and changes during the year then ended, is summarized as follows:


	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2018		647,411		$	18.16	1.8 years
Time based RSUs granted in 2019		950,449		$	12.79	2.0 years
Time based RSUs vested in 2019		(267,143	)	$	21.64	0.7 years
Time based RSUs cancelled in 2019		(62,038	)	$	14.14	1.4 years

Outstanding at December 31, 2019		1,268,679		$	13.60	1.7 years

The Company recognized

non-cash

stock-based compensation expense related to

Milestone

RSU’s for the years ended December 31, 2019, 2018 and 2017 of approximately $0.9 million, $0.5 million and $0.4 million, respectively. The total fair value of shares vested with respect to Milestone RSUs during the years ended December 31, 2019, 2018 and 2017 was $921,972, $1,062,212 and $0, respectively.

Information related to the Company’s Milestone RSUs and the TSR RSUs during the year ended December 31, 2019 are summarized as follows:


	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2018		278,592		$	15.35	1.8 years
Milestone RSUs and TSR RSUs vested in 2019		(65,111	)	$	14.16	0.2 years
Milestone RSUs and TSR RSUs cancelled in 2019		(146,401	)	$	15.64	0.2 years

Outstanding at December 31, 2019		67,080		$	17.08	0.2 years

The weighted average estimated fair value per share of the TSR RSUs granted in 2017 was $17.08, which was derived from a Monte Carlo simulation. Significant assumptions utilized in estimating the value of the awards granted include an expected dividend yield of 0%, a risk-free rate of 1.6%, and expected volatility of 95.4%. The TSR RSUs granted in 2017 entitled the grantee to receive a number of shares of the Company’s common stock determined over a three-year performance period ending on December 31, 2019, provided the grantee remained in the service of the Company on the settlement date. The Company expensed the cost of these awards ratably over the requisite service period. The number of shares for which the TSR RSUs were settled as a percentage of shares for which the award was targeted depended on the Company’s total shareholder return (as defined below), expressed as a percentile ranking of the Company’s total shareholder return as compared to the Nasdaq. The number of shares for which the TSR RSUs were settled depended on the level of achievement of the goal. Total shareholder return was determined by dividing the average share value of the Company’s common stock over the 30 trading days preceding January 1, 2020 by the average share value of the Company’s common stock over the 30 trading days beginning on January 1, 2017, with a deemed reinvestment of any dividends declared during the performance period. The TSR RSUs valuation was complete and

67,080

shares subject to the TSR RSU’s were issued in the first quarter of 2020. The total intrinsic value of the TSR RSUs outstanding as of December 31, 2019 was $2,301,515.

As of December 31, 2019, there were no unrecognized compensation costs related to unvested Milestone RSU grants and TSR RSU grants.

Income Taxes - Income (Loss) before Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S.	$ (56,121,258)	$ (30,299,751)	$ (20,486,935)
Non-U.S.	(91,599,320)	(124,826,060)	(78,347,330)
Loss before provision (benefit) for income taxes	$ (147,720,578)	$ (155,125,811)	$ (98,834,265)