0001193125-22-145709 | 10-Q | XBRL Viewer | Intracellular Therapies INC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Amendment Flag	false
Document Type	10-Q
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Entity Central Index Key	0001567514
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2022
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		94,324,313

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 129,295	$ 92,365
Investment securities, available-for-sale	642,553	319,968
Restricted cash	1,400	1,400
Accounts receivable, net	32,832	20,156
Inventory	7,893	7,948
Prepaid expenses and other current assets	34,369	25,444
Total current assets	848,342	467,281
Property and equipment, net	2,185	1,791
Right of use assets, net	17,967	20,764
Other assets	86	86
Total assets	868,580	489,922
Current liabilities:
Accounts payable	11,649	8,691
Accrued and other current liabilities	12,258	11,073
Accrued customer programs	10,888	5,964
Lease liabilities, short-term	7,636	6,732
Accrued employee benefits	16,643	20,897
Total current liabilities	59,074	53,357
Lease liabilities	16,756	18,675
Total liabilities	75,830	72,032
Stockholders' equity:
Common stock, $0.0001 par value: 175,000,000 and 100,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively; 81,377,406 and 80,463,089 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	9	8
Additional paid-in capital	2,089,418	1,639,476
Accumulated deficit	(1,293,349)	(1,221,230)
Accumulated comprehensive income	(3,328)	(364)
Total stockholders' equity	792,750	417,890
Total liabilities and stockholders' equity	$ 868,580	$ 489,922

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	175,000,000	100,000,000
Common stock, shares issued	94,020,425	81,886,965
Common stock, shares outstanding	94,020,425	81,886,965

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 34,996	$ 15,878
Operating expenses:
Cost of product sales	3,155	1,455
Research and development	29,043	15,058
Selling, general and administrative	75,460	52,584
Total operating expenses	107,658	69,097
Loss from operations	(72,662)	(53,219)
Interest income	548	484
Loss before provision for income taxes	(72,114)	(52,735)
Income tax (expense) benefit	5	5
Net loss	$ (72,119)	$ (52,740)
Net loss per common share:
Basic & Diluted	$ (0.78)	$ (0.65)
Weighted average number of common shares:
Basic & Diluted	92,604,290	80,946,450
Product sales, net [Member]
Revenue	$ 34,755	$ 15,579
Grant revenue [Member]
Revenue	$ 241	$ 299

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (72,119)	$ (52,740)
Other comprehensive loss:
Unrealized (loss) gain on investment securities	(2,964)	(234)
Comprehensive loss	$ (75,083)	$ (52,974)

- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	January 2020 [Member]	Common Stock [Member]	Common Stock [Member] January 2020 [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] January 2020 [Member]	Accumulated Deficit [Member]	Accumulated Comprehensive (Loss) Income [Member]
Balance at Dec. 31, 2020	$ 656,860		$ 8		$ 1,593,475		$ (937,104)	$ 481
Balance, shares at Dec. 31, 2020			80,463,089
Exercise of stock options and issuances of restricted stock (Value)	1,432		$ 0		1,432
Exercise of stock options and issuances of restricted stock (Shares)			669,182
Stock issued for services	54				54
Stock issued for services, shares			1,578
Share-based compensation	6,778				6,778
Net loss	(52,740)						(52,740)
Other comprehensive gain (loss)	(234)							(234)
Balance at Mar. 31, 2021	612,150		$ 8		1,601,739		(989,844)	247
Balance, shares at Mar. 31, 2021			81,133,849
Balance at Dec. 31, 2021	417,890		$ 8		1,639,476		(1,221,230)	(364)
Balance, shares at Dec. 31, 2021			81,886,965
Common shares issued		$ 433,725		$ 1		$ 433,724
Common shares issued, shares				10,952,381
Exercise of stock options and issuances of restricted stock (Value)	8,089		$ 0		8,089
Exercise of stock options and issuances of restricted stock (Shares)			1,180,696
Stock issued for services	24				24
Stock issued for services, shares			383
Share-based compensation	8,105				8,105
Net loss	(72,119)						(72,119)
Other comprehensive gain (loss)	(2,964)							(2,964)
Balance at Mar. 31, 2022	$ 792,750		$ 9		$ 2,089,418		$ (1,293,349)	$ (3,328)
Balance, shares at Mar. 31, 2022			94,020,425

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows used in operating activities
Net loss	$ (72,119)	$ (52,740)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	171	127
Share-based compensation	8,105	6,778
Stock issued for services	24	54
Amortization of premiums and discounts on investment securities, net	(4,079)	(1,086)
Changes in operating assets and liabilities:
Accounts receivable, net	(12,676)	(2,897)
Inventory	55	(523)
Prepaid expenses and other assets	(8,927)	(259)
Accounts payable	2,958	3,219
Accrued liabilities and other	(3,069)	(1,624)
Lease liabilities, net	1,784	(38)
Accrued customer programs	4,924	1,222
Net cash used in operating activities	(82,849)	(47,767)
Cash flows provided by (used in) investing activities
Purchases of investments	(826,713)	(34,148)
Maturities of investments	505,244	150,417
Purchases of property and equipment	(566)	0
Net cash provided by (used) in investing activities	(322,035)	116,269
Cash flows provided by financing activities
Proceeds from exercise of stock options	8,089	1,432
Proceeds of public offering, net	433,725	0
Net cash provided by financing activities	441,814	1,432
Net increase in cash, cash equivalents, and restricted cash	36,930	69,934
Cash, cash equivalents, and restricted cash at beginning of period	93,765	61,446
Cash, cash equivalents, and restricted cash at end of period	130,695	131,380
Non-cash investing and financing activities
Right of use assets under operating leases	$ 0	$ 9,179

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 129,295	$ 92,365	$ 129,980
Restricted cash	1,400	1,400	1,400
Total cash, cash equivalents and restricted cash	$ 130,695	$ 93,765	$ 131,380	$ 61,446

Organization	3 Months Ended
Organization	Mar. 31, 2022
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 U.S. Food and Drug Administration (“FDA”) approved CAPLYTA ® (lumateperone) for the treatment of schizophrenia in adults (42mg/day). The Company initiated the commercial launch of CAPLYTA in late March 2020. Additionally, in December 2021, the FDA approved CAPLYTA for the treatment of depressive episodes associated with bipolar I or II disorder in adults, as monotherapy and as adjunctive therapy with lithium or valproate (42mg/day). In addition, in April 2022, the FDA approved two new dosage strengths of CAPLYTA, 10.5 mg and 21 mg capsules, to provide dosage recommendations for patients concomitantly taking strong or moderate CYP3A4 inhibitors, and 21 mg for patients with moderate or severe hepatic impairment (Child-Pugh class B or C). As used in these Notes to Condensed Consolidated Financial Statements, “CAPLYTA” refers to lumateperone approved by the FDA for the treatment of schizophrenia and bipolar depression in adults, and “lumateperone” refers to, where applicable, CAPLYTA as well as lumateperone for the treatment of indications beyond schizophrenia and bipolar depression. Lumateperone is in Phase 3 clinical development as a novel treatment for major depressive disorder. On January 7, 2022, the Company completed a public offering of common stock in which the Company sold 10,952,381 shares of common stock at a public offering price of $42.00 per share for aggregate gross proceeds of $460.0 million. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $433.7 million. In order to further its commercial activities and research projects and support its collaborations, the Company may 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 or convertible debt securities, the incurrence of debt from commercial lenders, strategic collaborations, licensing a portion or all of the Company’s products, product candidates and technology and, to a much lesser extent, grant funding. On January 6, 2020, the Company filed an automatic shelf registration statement on Form S-3 with the SEC, which became effective upon filing, on which the Company registered for sale an unlimited amount 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, so long as the Company continues to satisfy the requirements of a “well-known seasoned issuer” under SEC rules. This registration statement will remain in effect for up to three years from the date it became effective.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed 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 U.S. 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, developing and commercializing drugs primarily for the treatment of neurological and psychiatric disorders. Recent Accounting Pronouncements Management has evaluated all accounting pronouncements issued through the date of the condensed consolidated financial statements and does not believe that any recently issued, but not yet effective, pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. 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. Significant Accounting Policies The accounting policies used by the Company in its presentation of interim financial results are consistent with those presented in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist of accounts receivable, net from customers and cash, cash equivalent and investments held at financial institutions. As of March 31, 2022 and 2021 , all of the Company’s accounts receivable, net arose from product sales in the United States. For the three-month periods ended March 31, 2022 and 2021, respectively, 97% and 96% of sales were from three major wholesalers accounting for approximately 43%, 28%, and 26%, and 40%, 29%, and 27% of product sales, for the same periods. The percentage of the total net product sales by individual customers has not significantly changed since product launch in 2020. All customers have standard payment terms which generally require payment within 60 days. As of March 31, 2022, the Company continues to believe that such customers are of high credit quality.

Investment Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investment Securities

3. Investment Securities

Investment securities consisted of the following (in thousands):


	March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value

	(Unaudited)
U.S. Government Agency Securities	$	238,221	$	2	$	(1,127	)	$	237,096
Certificates of Deposit		11,475		—		(17	)		11,458
Commercial Paper		164,733		—		(330	)		164,403
Corporate Notes/Bonds		286,442		5		(1,860	)		284,587

	$	700,871	$	7	$	(3,334	)	$	697,544


	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value

U.S. Government Agency Securities	$	71,752	$	—	$	(100	)	$	71,652
Certificates of Deposit		26,232		1		—			26,233
Commercial Paper		55,955		—		(36	)		55,919
Corporate Notes/Bonds		166,394		19		(249	)		166,164

	$	320,333	$	20	$	(385	)	$	319,968

The Company has classified all of its investment securities as

available-for-sale,

including those with maturities beyond one year, as current assets on the condensed 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 March 31, 2022 and December 31, 2021, the Company held $159.9 million and $67.2 million, respectively, of

available-for-sale

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

The aggregate related fair value of investments with unrealized losses as of March 31, 2022 was $658.6 million, which consisted of $222.1 million from U.S. government agency securities, $1.0 million of certificates of deposit, $164.4 million of commercial paper, and $271.1 million of corporate notes/bonds. $21.9 million of the aggregate fair value of investments with unrealized losses as of March 31, 2022 has been held in a continuous unrealized loss position for over 12 months, with the remaining $636.7 million held in a continuous unrealized loss position for less than 12 months. As of December 31, 2021, the aggregate related fair value of investments with unrealized losses was $263.5 million. $9.5 million of the aggregate fair value of investments with unrealized losses as of December 31, 2021 has been held in a continuous unrealized loss position for over than 12 months, with the remaining $254.1 million held in a continuous unrealized loss position for less than 12 months.

The Company reviewed all of the investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. The Company has analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. 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.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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

Fair Value Measurements and Disclosures

. 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

has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of March 31, 2022 or December 31, 2021. The carrying value of cash held in money market funds of approximately $65.9 million as of March 31, 2022 and $56.5 million as of December 31, 2021 is included in cash and cash equivalents on the condensed consolidated balance sheets and approximates market value based on quoted market prices or Level 1 inputs. The carrying value of cash held in commercial paper of approximately $50.0 million and the carrying value of cash held in U.S. Government Agency Securities of approximately $5.0 million as of March 31, 2022 is included in cash and cash equivalents.

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
	March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money Market Funds	$	65,866	$	65,866	$	—	$	—
U.S. Government Agency Securities		237,096		—		237,096		—
Certificates of Deposit		11,458		—		11,458		—
Commercial Paper		164,403		—		164,403		—
Corporate Notes/Bonds		284,587		—		284,587		—

	$	763,410	$	65,866	$	697,544	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money Market Funds	$	56,539	$	56,539	$	—	$	—
U.S. Government Agency Securities		71,652		—		71,652		—
Certificates of Deposit		26,233		—		26,233		—
Commercial Paper		55,919		—		55,919		—
Corporate Notes/Bonds		166,164		—		166,164		—

	$	376,507	$	56,539	$	319,968	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventory

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory

5. Inventory

Inventory consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Raw materials	$	2,470	$	2,484
Work in process		1,198		2,407
Finished goods		4,225		3,057

	$	7,893	$	7,948

Product costs incurred

prior to receipt of the FDA approval on December 20, 2019 for CAPLYTA was expensed as research and development expense as incurred.

Right of Use Assets and Lease Liabilities

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Right of Use Assets and Lease Liabilities

6. 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 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 Towson lease had a term of

3.2

years ending in April 2022 and includes limited rent abatement and escalation provisions. In April 2022, we amended the lease to obtain an additional 736 square feet of office space beginning May 1, 2022 and to extend the term of the lease for the previously acquired space. The Towson lease, as amended, has a term of 4 years ending in April 2026.

On May 17, 2019, the Company entered into an agreement (the “Vehicle Lease”) with a company (the “Lessor”) to acquire motor vehicles for certain employees. The Vehicle Lease provides for individual leases for the vehicles, which at each lease commencement was determined to qualify for operating lease treatment. The Company began leasing vehicles under the Vehicle Lease in March 2020. The contractual period of each lease is 12 months, followed by

month-to-month

renewal periods. The Company estimates the lease term for each vehicle to be 30 months based on industry standards. The Company is required to maintain an irrevocable $1.4 million letter of credit that the Lessor may draw upon in the event the Company defaults on the Vehicle Lease, which has been recorded as restricted cash on the condensed consolidated balance sheet.

The Company has no other significant leases. In addition, no identified leases require allocations between lease and

non-lease

components.

Maturity analyses under the lease agreements are as follows (in thousands):


	Real Estate			Fleet
Nine months ending December 31, 2022	$	2,609		$	2,871
Year ending December 31, 2023		3,566			1,669
Year ending December 31, 2024		3,675			—
Year ending December 31, 2025		3,787			—
Year ending December 31, 2026		3,903			—
Thereafter		9,937			—

Total		27,477			4,540
Less: Present value discount		(7,578	)		(48	)

Total Lease liability		19,899			4,492

Less: Current portion		(3,327	)		(4,308	)

Long-term lease liabilities	$	16,572		$	184

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies License and Royalty Commitments On May 31, 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 on November 3, 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 has made payments of $10.75 million to BMS related to milestones achieved to date for lumateperone. 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 10 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. The Company expensed approximately $1.7 million and $0.8 million, respectively, for the three-month periods ended March 31, 2022 and 2021, in cost of product sales to satisfy its obligation under the BMS agreement. Research and Other Commitments As of March 31, 2022, the Company has committed to purchasing production campaigns for various raw materials and API from each of its supply vendors – Siegfried Evionnaz SA (“Siegfried”) and Lonza Ltd. (“Lonza”). The campaigns are expected to be received into inventory during 2022 and 2023. The Company had paid deposits of $17.0 million and $9.5 million as of March 31, 2022 and December 31, 2021, respectively, for the Siegfried and Lonza campaigns, which are recorded within prepaid expenses and other current assets. Over the course of the vendors’ manufacturing period, the Company will remit payments to each vendor based on the payment plan within the executed agreements.

Share-Based Compensation

3 Months Ended

Mar. 31, 2022

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

Share-Based Compensation

8. Share-Based Compensation

On June 18, 2018, the Company’s stockholders approved the 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provided for the granting of share-based awards, such as stock options, restricted common stock, restricted stock units (“RSUs”) and stock appreciation rights to employees, directors and consultants as determined by the Board of Directors. On May 27, 2020, the Company’s stockholders approved the Amended and Restated 2018 Equity Incentive Plan (the “Amended 2018 Plan”), which amended and restated the 2018 Plan. The Amended 2018 Plan provides for the granting of up to 6,500,000 additional share-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. In December 2019, the Company adopted the 2019 Inducement Award Plan (the “2019 Inducement Plan”) for the grant of equity awards of up to 1,000,000 shares of common stock to newly hired employees.

Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of March 31, 2022, and changes during the three-month period then ended, are summarized as follows:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Life
Outstanding at December 31, 2021		5,451,398		$	21.09		6.1 years
Options granted 2022		457,394		$	—
Options exercised 2022		(425,458	)	$	—
Options canceled or expired 2022		(6,341	)	$	—

Outstanding at March 31, 2022		5,476,993		$	24.19		6.2 years

Vested and expected to vest at March 31, 2022		5,476,993		$	24.19

Exercisable at March 31, 2022		4,154,045		$	19.25		5.3 years

The fair value of the time based RSUs is based on the closing price of the Company’s common stock on the date of grant. Information regarding the time based RSU activity and changes during the three-month period ended March 31, 2022 are summarized as

follows:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2021		1,529,652		$	26.95		1.5 years
Time based RSUs granted in 2022		578,623		$	—
Time based RSUs vested in 2022		(748,455	)	$	—
Time based RSUs cancelled in 2022		(10,448	)	$	—

Outstanding at March 31, 2022		1,349,372		$	42.23		1.6 years

The Company recognized

non-cash

share-based compensation expense related to time based RSUs for the three months ended March 31, 2022 and 2021 of approximately $4.1 million and $3.4 million, respectively. As of March 31, 2022, there was approximately $55.1 million of unrecognized

com

pensation costs related to unvested time based RSUs.

Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Loss Per Share

9. Loss Per Share

The following awards were excluded in the calculation of diluted loss per share because their effect could be anti-dilutive as applied to the loss from operations for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
Stock options		5,476,993		5,929,884
RSUs		1,349,372		1,669,434
TSR RSUs		97,507		68,598

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed 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 U.S. 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, developing and commercializing drugs primarily for the treatment of neurological and psychiatric disorders.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management has evaluated all accounting pronouncements issued through the date of the condensed consolidated financial statements and does not believe that any recently issued, but not yet effective, pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.
Use of Estimates	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.
Significant Accounting Policies	Significant Accounting Policies The accounting policies used by the Company in its presentation of interim financial results are consistent with those presented in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist of accounts receivable, net from customers and cash, cash equivalent and investments held at financial institutions. As of March 31, 2022 and 2021 , all of the Company’s accounts receivable, net arose from product sales in the United States. For the three-month periods ended March 31, 2022 and 2021, respectively, 97% and 96% of sales were from three major wholesalers accounting for approximately 43%, 28%, and 26%, and 40%, 29%, and 27% of product sales, for the same periods. The percentage of the total net product sales by individual customers has not significantly changed since product launch in 2020. All customers have standard payment terms which generally require payment within 60 days. As of March 31, 2022, the Company continues to believe that such customers are of high credit quality.

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

Investment securities consisted of the following (in thousands):


	March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value

	(Unaudited)
U.S. Government Agency Securities	$	238,221	$	2	$	(1,127	)	$	237,096
Certificates of Deposit		11,475		—		(17	)		11,458
Commercial Paper		164,733		—		(330	)		164,403
Corporate Notes/Bonds		286,442		5		(1,860	)		284,587

	$	700,871	$	7	$	(3,334	)	$	697,544


	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value

U.S. Government Agency Securities	$	71,752	$	—	$	(100	)	$	71,652
Certificates of Deposit		26,232		1		—			26,233
Commercial Paper		55,955		—		(36	)		55,919
Corporate Notes/Bonds		166,394		19		(249	)		166,164

	$	320,333	$	20	$	(385	)	$	319,968

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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
	March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money Market Funds	$	65,866	$	65,866	$	—	$	—
U.S. Government Agency Securities		237,096		—		237,096		—
Certificates of Deposit		11,458		—		11,458		—
Commercial Paper		164,403		—		164,403		—
Corporate Notes/Bonds		284,587		—		284,587		—

	$	763,410	$	65,866	$	697,544	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money Market Funds	$	56,539	$	56,539	$	—	$	—
U.S. Government Agency Securities		71,652		—		71,652		—
Certificates of Deposit		26,233		—		26,233		—
Commercial Paper		55,919		—		55,919		—
Corporate Notes/Bonds		166,164		—		166,164		—

	$	376,507	$	56,539	$	319,968	$	—

Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Raw materials	$	2,470	$	2,484
Work in process		1,198		2,407
Finished goods		4,225		3,057

	$	7,893	$	7,948

Right of Use Assets and Lease Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Maturity Analysis Under Lease Agreements

Maturity analyses under the lease agreements are as follows (in thousands):


	Real Estate			Fleet
Nine months ending December 31, 2022	$	2,609		$	2,871
Year ending December 31, 2023		3,566			1,669
Year ending December 31, 2024		3,675			—
Year ending December 31, 2025		3,787			—
Year ending December 31, 2026		3,903			—
Thereafter		9,937			—

Total		27,477			4,540
Less: Present value discount		(7,578	)		(48	)

Total Lease liability		19,899			4,492

Less: Current portion		(3,327	)		(4,308	)

Long-term lease liabilities	$	16,572		$	184

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Stock Option Activity


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Life
Outstanding at December 31, 2021		5,451,398		$	21.09		6.1 years
Options granted 2022		457,394		$	—
Options exercised 2022		(425,458	)	$	—
Options canceled or expired 2022		(6,341	)	$	—

Outstanding at March 31, 2022		5,476,993		$	24.19		6.2 years

Vested and expected to vest at March 31, 2022		5,476,993		$	24.19

Exercisable at March 31, 2022		4,154,045		$	19.25		5.3 years

Time Based Restricted Stock Units [Member]

Summary of Information Regarding RSU Activity

Information regarding the time based RSU activity and changes during the three-month period ended March 31, 2022 are summarized as


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2021		1,529,652		$	26.95		1.5 years
Time based RSUs granted in 2022		578,623		$	—
Time based RSUs vested in 2022		(748,455	)	$	—
Time based RSUs cancelled in 2022		(10,448	)	$	—

Outstanding at March 31, 2022		1,349,372		$	42.23		1.6 years

Loss Per Share - (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share


	Three Months Ended March 31,
	2022		2021
Stock options		5,476,993		5,929,884
RSUs		1,349,372		1,669,434
TSR RSUs		97,507		68,598

Organization - Additional Information (Detail) $ / shares in Units, $ in Millions	Jan. 07, 2022 USD ($) $ / shares shares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering, Number of shares \| shares	10,952,381
Initial public offering, Price per share \| $ / shares	$ 42.00
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering, Gross proceeds	$ 460.0
Initial public offering, Net proceeds	$ 433.7

Summary of Significant Accounting Policies - Additional Information (Detail) - Segment	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Significant Accounting Policies [Line Items]
Number of operating segments	1
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer one [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	43.00%	40.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer two [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	28.00%	29.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer three [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	26.00%	27.00%
Minimum [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		96.00%
Maximum [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	97.00%

Investment Securities - Summary of Investment Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 700,871	$ 320,333
Unrealized Gains	7	20
Unrealized (Losses)	(3,334)	(385)
Estimated Fair Value	697,544	319,968
U.S. Government Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	238,221	71,752
Unrealized Gains	2	0
Unrealized (Losses)	(1,127)	(100)
Estimated Fair Value	237,096	71,652
Certificates of Deposit [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,475	26,232
Unrealized Gains	0	1
Unrealized (Losses)	(17)	0
Estimated Fair Value	11,458	26,233
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	164,733	55,955
Unrealized Gains	0	0
Unrealized (Losses)	(330)	(36)
Estimated Fair Value	164,403	55,919
Corporate Notes/Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	286,442	166,394
Unrealized Gains	5	19
Unrealized (Losses)	(1,860)	(249)
Estimated Fair Value	$ 284,587	$ 166,164

Investment Securities - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Investment securities, available-for-sale	$ 697,544	$ 319,968
Aggregate related fair value of investments with unrealized losses	658,600	263,500
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	636,700	254,100
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	21,900	9,500
Contractual Maturity More Than One Year And Less Than Two Years [Member]
Debt Securities, Available-for-sale [Line Items]
Investment securities, available-for-sale	159,900	67,200
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Investment securities, available-for-sale	237,096	71,652
Aggregate related fair value of investments with unrealized losses	222,100
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Investment securities, available-for-sale	164,403	55,919
Aggregate related fair value of investments with unrealized losses	164,400
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Investment securities, available-for-sale	284,587	166,164
Aggregate related fair value of investments with unrealized losses	271,100
Certificates of Deposit [Member]
Debt Securities, Available-for-sale [Line Items]
Investment securities, available-for-sale	11,458	$ 26,233
Aggregate related fair value of investments with unrealized losses	$ 1,000

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Us government agency securities at carrying value	$ 5.0
Carrying value of cash held in money market funds	65.9	$ 56.5
Commercial Paper, at Carrying Value	50.0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured using quoted prices	0.0	0.0
Assets measured using quoted prices	$ 0.0	$ 0.0

Inventory - Schedule of Inventory, Current (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 2,470	$ 2,484
Work in process	1,198	2,407
Finished goods	4,225	3,057
Total inventories	$ 7,893	$ 7,948

Right of Use Assets and Lease Liabilities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Feb. 28, 2019	Sep. 30, 2018
Vehicle Fleet Lease [Member]
Guarantee Obligations	$ 1.4
NEW YORK
Term of long term lease			14 years 3 months 18 days
MARYLAND
Term of long term lease		3 years 2 months 12 days

Right of Use Assets and Lease Liabilities - Maturity analysis under the lease agreements (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Less: Current portion	$ (7,636)	$ (6,732)
Long-term lease liabilities	16,756	$ 18,675
Real Estates Leases [Member]
Nine months ending December 31, 2022	2,609
Year ending December 31, 2023	3,566
Year ending December 31, 2024	3,675
Year ending December 31, 2025	3,787
Year ending December 31, 2026	3,903
Thereafter	9,937
Total	27,477
Less: Present value discount	(7,578)
Total Lease liability	19,899
Less: Current portion	(3,327)
Long-term lease liabilities	16,572
Fleet [Member]
Nine months ending December 31, 2022	2,871
Year ending December 31, 2023	1,669
Year ending December 31, 2024	0
Year ending December 31, 2025	0
Year ending December 31, 2026	0
Thereafter	0
Total	4,540
Less: Present value discount	(48)
Total Lease liability	4,492
Less: Current portion	(4,308)
Long-term lease liabilities	$ 184

Commitments and Contingencies - Additional Information (Detail) - USD ($)		3 Months Ended		12 Months Ended
	May 31, 2005	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Siegfried campaign [Member] \| Purchase Commitment [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Cash paid		$ 17,000,000.0
Lonza Campaign [Member] \| Purchase Commitment [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Cash paid					$ 9,500,000
Product [Member] \| Bristol-Myers Squibb Company [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Company made an upfront payment	$ 10,750,000
Obliged to make milestone payments		$ 14,750,000
License expiration period		through the later of 10 years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product
Cost of product sales		$ 1,700,000	$ 800,000
Product [Member] \| Bristol-Myers Squibb Company [Member] \| Minimum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payment, percentage		5.00%
Product [Member] \| Bristol-Myers Squibb Company [Member] \| Maximum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payment, percentage		9.00%
Product [Member] \| Bristol-Myers Squibb Company [Member] \| ITCI National Democratic Alliance Member [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Payment of milestone amount				$ 5,000,000.0

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2019
2018 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock- based awards, grant	6,500,000
Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested RSUs	$ 55.1
Non-cash stock-based compensation expense recognized	$ 4.1	$ 3.4
Inducement Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares, Inducement Award Plan			1,000,000

Share-Based Compensation - Stock Options Activity (Detail)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of period, Number of Shares \| shares	5,451,398
Options granted, Number of Shares \| shares	457,394
Options exercised, Number of Shares \| shares	(425,458)
Options canceled or expired, Number of Shares \| shares	(6,341)
Outstanding at end of period, Number of Shares \| shares	5,476,993
Vested or expected to vest at end of period, Number of Shares \| shares	5,476,993
Exercisable at end of period, Number of Shares \| shares	4,154,045
Outstanding at beginning of period, Weighted-Average Exercise Price \| $ / shares	$ 21.09
Options granted, Weighted-Average Exercise Price \| $ / shares	0
Options exercised, Weighted-Average Exercise Price \| $ / shares	0
Options canceled or expired, Weighted-Average Exercise Price \| $ / shares	0
Outstanding at end of period, Weighted-Average Exercise Price \| $ / shares	24.19
Vested or expected to vest at end of period, Weighted-Average Exercise Price \| $ / shares	24.19
Exercisable at end of period, Weighted-Average Exercise Price \| $ / shares	$ 19.25
Options granted, Weighted-Average Contractual Life	6 years 1 month 6 days
Outstanding at end of period, Weighted-Average Contractual Life	6 years 2 months 12 days
Exercisable at end of period, Weighted-Average Contractual Life	5 years 3 months 18 days

Share-Based Compensation - Summary of Information Regarding the Time Based RSU Activity and Changes (Detail) - RSUs [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares	1,529,652
Time based RSU's granted, Number of Shares	578,623
Time based RSU's vested, Number of Shares	(748,455)
Time based RSU's cancelled, Number of Shares	(10,448)
Outstanding at end of year, Number of Shares	1,349,372
Outstanding at beginning of year, Weighted-Average Grant Date Fair Value	$ 26.95
Time based RSU's granted, Weighted-Average Grant Date Fair Value	0
Time based RSU's vested, Weighted-Average Grant Date Fair Value	0
Time based RSU's cancelled, Weighted-Average Grant Date Fair Value	0
Outstanding at end of year, Weighted-Average Grant Date Fair Value	$ 42.23
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 7 months 6 days	1 year 6 months

Loss Per Share - Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	5,476,993	5,929,884
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	1,349,372	1,669,434
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	97,507	68,598

Fair Value Measurements - Schedule of Fair Value Measurements of Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	$ 763,410	$ 376,507
Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	65,866	56,539
Fair Value, Measurements, Recurring [Member] \| U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	237,096	71,652
Fair Value, Measurements, Recurring [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	11,458	26,233
Fair Value, Measurements, Recurring [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	164,403	55,919
Fair Value, Measurements, Recurring [Member] \| Corporate Notes/Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	284,587	166,164
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	65,866	56,539
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	65,866	56,539
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member] \| U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member] \| Corporate Notes/Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	697,544	319,968
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member] \| U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	237,096	71,652
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	11,458	26,233
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	164,403	55,919
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member] \| Corporate Notes/Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	284,587	166,164
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member] \| U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member] \| Corporate Notes/Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	$ 0	$ 0