0001628280-23-015458 | 10-Q | XBRL Viewer | Intracellular Therapies INC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36274
Entity Registrant Name	INTRA-CELLULAR THERAPIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4742850
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
Trading Symbol	ITCI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95,925,601
Entity Central Index Key	0001567514
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 75,727	$ 148,615
Investment securities, available-for-sale	462,981	443,290
Restricted cash	1,750	1,750
Accounts receivable, net	81,545	75,189
Inventory	28,341	23,920
Prepaid expenses and other current assets	55,750	45,193
Total current assets	706,094	737,957
Property and equipment, net	1,779	1,913
Right of use assets, net	14,199	14,824
Other assets	86	86
Total assets	722,158	754,780
Current liabilities:
Accounts payable	8,441	10,395
Accrued and other current liabilities	21,067	19,657
Accrued customer programs	29,892	25,621
Accrued employee benefits	16,656	22,996
Operating lease liabilities	3,531	4,567
Total current liabilities	79,587	83,236
Operating lease liabilities, non-current	14,961	15,474
Total liabilities	94,548	98,710
Stockholders’ equity:
Common stock, $0.0001 par value: 175,000,000 shares authorized at March 31, 2023 and December 31, 2022; 95,680,029 and 94,829,794 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	10	9
Additional paid-in capital	2,151,837	2,137,737
Accumulated deficit	(1,521,539)	(1,477,486)
Accumulated comprehensive loss	(2,698)	(4,190)
Total stockholders’ equity	627,610	656,070
Total liabilities and stockholders’ equity	$ 722,158	$ 754,780

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	95,680,029	94,829,794
Common stock, shares outstanding (in shares)	95,680,029	94,829,794

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total revenues, net	$ 95,306	$ 34,996
Operating expenses:
Cost of product sales	6,751	3,155
Selling, general and administrative	98,923	75,460
Research and development	38,024	29,043
Total operating expenses	143,698	107,658
Loss from operations	(48,392)	(72,662)
Interest income	4,349	548
Loss before provision for income taxes	(44,043)	(72,114)
Income tax expense	(10)	(5)
Net loss	$ (44,053)	$ (72,119)
Net loss per common share:
Basic (in dollars per share)	$ (0.46)	$ (0.78)
Diluted (in dollars per share)	$ (0.46)	$ (0.78)
Weighted average number of common shares:
Basic (in shares)	95,134,694	92,604,290
Diluted (in share)	95,134,694	92,604,290
Product sales, net
Total revenues, net	$ 94,731	$ 34,755
Grant revenue
Total revenues, net	$ 575	$ 241

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (44,053)	$ (72,119)
Other comprehensive gain (loss):
Unrealized gain (loss) on investment securities	1,492	(2,964)
Comprehensive loss	$ (42,561)	$ (75,083)

- 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 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Comprehensive Loss
Beginning balance at Dec. 31, 2021	$ 417,890	$ 8	$ 1,639,476	$ (1,221,230)	$ (364)
Beginning balance (in shares) at Dec. 31, 2021		81,886,965
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued (in shares)		10,952,381
Common shares issued	433,725	$ 1	433,724
Exercise of stock options and issuances of restricted stock (in shares)		1,180,696
Exercise of stock options and issuances of restricted stock	8,089		8,089
Stock issued for services (in shares)		383
Stock issued for services	24		24
Share-based compensation	8,105		8,105
Net loss	(72,119)			(72,119)
Other comprehensive loss	(2,964)				(2,964)
Ending balance at Mar. 31, 2022	792,750	$ 9	2,089,418	(1,293,349)	(3,328)
Ending balance (in shares) at Mar. 31, 2022		94,020,425
Beginning balance at Dec. 31, 2022	656,070	$ 9	2,137,737	(1,477,486)	(4,190)
Beginning balance (in shares) at Dec. 31, 2022		94,829,794
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuances of restricted stock (in shares)		849,827
Exercise of stock options and issuances of restricted stock	3,640	$ 1	3,639
Stock issued for services (in shares)		408
Stock issued for services	22		22
Share-based compensation	10,439		10,439
Net loss	(44,053)			(44,053)
Other comprehensive loss	1,492				1,492
Ending balance at Mar. 31, 2023	$ 627,610	$ 10	$ 2,151,837	$ (1,521,539)	$ (2,698)
Ending balance (in shares) at Mar. 31, 2023		95,680,029

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows used in operating activities
Net loss	$ (44,053)	$ (72,119)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	134	171
Share-based compensation	10,439	8,105
Stock issued for services	22	24
Amortization of premiums and accretion of discounts on investment securities, net	(1,737)	(4,079)
Changes in operating assets and liabilities:
Accounts receivable, net	(6,356)	(12,676)
Inventory	(4,421)	55
Prepaid expenses and other assets	(10,557)	(8,927)
Accounts payable	(1,954)	2,958
Accrued and other current liabilities	1,410	1,185
Accrued customer programs	4,271	4,924
Accrued employee benefits	(6,340)	(4,254)
Operating lease liabilities, net	(924)	1,784
Net cash used in operating activities	(60,066)	(82,849)
Cash flows (used in) provided by investing activities
Purchases of investments	(108,457)	(826,713)
Maturities of investments	91,995	505,244
Purchases of property and equipment	0	(566)
Net cash used in investing activities	(16,462)	(322,035)
Cash flows provided by financing activities
Proceeds of public offering, net	0	433,725
Proceeds from exercise of stock options	3,640	8,089
Net cash provided by financing activities	3,640	441,814
Net (decrease) increase in cash, cash equivalents, and restricted cash	(72,888)	36,930
Cash, cash equivalents, and restricted cash at beginning of period	150,365	93,765
Cash, cash equivalents, and restricted cash at end of period	77,477	130,695
Non-cash investing and financing activities
Right of use assets under operating leases	$ 0	$ 0

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 75,727	$ 148,615	$ 129,295
Restricted cash	1,750	1,750	1,400
Total cash, cash equivalents and restricted cash	$ 77,477	$ 150,365	$ 130,695	$ 93,765

Organization	3 Months Ended
Organization	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Intra-Cellular Therapies, Inc. (the “Company”), through its wholly-owned operating subsidiary, ITI, Inc. (“ITI”), 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, CAPLYTA® (lumateperone) was approved by the U.S. Food and Drug Administration (“FDA”) for the treatment of schizophrenia in adults (42mg/day) and the Company initiated the commercial launch of CAPLYTA in March 2020. In December 2021, CAPLYTA was approved by the FDA for the treatment of bipolar depression in adults (42mg/day). The Company initiated the commercial launch of CAPLYTA for the treatment of bipolar depression in December 2021. Additionally, 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). The commercial launch of these special population doses occurred in August 2022. As used in these Notes to Condensed Consolidated Financial Statements, “CAPLYTA” refers to lumateperone approved by the FDA for the treatment of schizophrenia in adults 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. 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.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly owned subsidiary 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, 2022. 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 equivalents and investments held at financial institutions. As of March 31, 2023, all of the Company’s accounts receivable, net arose from product sales in the United States. For the three-month periods ended March 31, 2023 and 2022, 97% of sales were from three major wholesalers accounting for approximately 37%, 31%, and 29%, and 43%, 28%, and 26% of product sales, for the same periods, respectively. The percentage of the total net product sales by individual customers has not significantly changed since inception. All customers have standard payment terms which generally require payment within 60 days. As of March 31, 2023, the Company continues to believe that such customers are of high credit quality.

Investment Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment securities consisted of the following (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Estimated Fair Value
	(Unaudited)
U.S. Government Agency Securities	$	189,812	$	31	$	(1,145)	$	188,698
FDIC Certificates of Deposit	3,909		—		(64)		3,845
Certificates of Deposit	25,000		—		—		25,000
Commercial Paper	89,176		—		(206)		88,970
Corporate Notes/Bonds	157,782		—		(1,314)		156,468
	$	465,679	$	31	$	(2,729)	$	462,981


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Estimated Fair Value
U.S. Government Agency Securities	$	188,465	$	14	$	(1,729)	$	186,750
FDIC Certificates of Deposit	4,155		3		(72)		4,086
Certificates of Deposit	7,500		—		—		7,500
Commercial Paper	100,711		3		(269)		100,445
Corporate Notes/Bonds	189,588		1		(2,141)		187,448
	$	490,419	$	21	$	(4,211)	$	486,229

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, 2023 and December 31, 2022, the Company held $40.9 million and $71.5 million, respectively, of available-for-sale investment securities with contractual maturity dates more than one year and less than two years, with the remainder of the available-for-sale investment securities having contractual maturity dates less than one year.

Unrealized losses as of March 31, 2023 approximate 1% of the estimated fair value of investments. The aggregate related fair value of investments with unrealized losses as of March 31, 2023 was $398.2 million, which consisted of $148.9 million from U.S. government agency securities, $3.8 million of certificates of deposit, $89.0 million of commercial paper, and $156.5 million of corporate notes/bonds. $142.4 million of the aggregate fair value of investments with unrealized losses as of March 31, 2023 has been held in a continuous unrealized loss position for over 12 months, with the remaining $255.8 million held in a continuous unrealized loss position for less than 12 months. As of December 31, 2022, the aggregate related fair value of investments with unrealized losses was $438.3 million. $49.1 million of the aggregate fair value of investments with unrealized losses as of December 31, 2022 has been held in a continuous unrealized loss position for over than 12 months, with the remaining $389.2 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, 2023

Fair Value Disclosures [Abstract]

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 prices with significant unobservable inputs (Level 3 assets and liabilities) as of March 31, 2023 and December 31, 2022. The carrying value of cash held in money market funds of $30.9 million as of March 31, 2023 and $12.2 million as of December 31, 2022 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 $14.9 million, U.S. government agency securities of $20.5 million and certificates of deposit of $7.5 million as of December 31, 2022 are 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, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money Market Funds	$	30,917	$	30,917			$	—
U.S. Government Agency Securities	188,698		—		188,698		—
FDIC Certificates of Deposit	3,845		—		3,845		—
Certificates of Deposit	25,000		—		25,000		—
Commercial Paper	88,970		—		88,970		—
Corporate Notes/Bonds	156,468		—		156,468		—
	$	493,898	$	30,917	$	462,981	$	—


			Fair Value Measurements at Reporting Date Using
	December 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	$	12,203	$	12,203	$	—	$	—
U.S. Government Agency Securities	186,750		—		186,750		—
FDIC Certificates of Deposit	4,086		—		4,086		—
Certificates of Deposit	7,500		—		7,500		—
Commercial Paper	100,445		—		100,445		—
Corporate Notes/Bonds	187,448		—		187,448		—
	$	498,432	$	12,203	$	486,229	$	—

- 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, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	21,716	$	17,227
Work in process	3,230		2,594
Finished goods	3,395		4,099
	$	28,341	$	23,920

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

Right of Use Assets and Lease Liabilities

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

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.

The Company has also 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 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 between 12 months and 30 months. Leases which the Company determined to have a lease term of 12 months or less will be treated as short-term in accordance with the accounting policy election and are not recognized on the balance sheet. Each lease permits either party to terminate the lease at any time via written notice to the other party. The Company neither acquires ownership of, nor has the option to purchase the vehicles at any time. The Company is required to maintain an irrevocable $1.75 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 sheets.

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

The following tables present the lease balances within the condensed consolidated balance sheets, weighted average remaining lease term, and the weighted average discount rates related to leases as of March 31, 2023 and December 31, 2022 and operating cash outflows as of March 31, 2023 and 2022 (in thousands, except years and percentages):


	March 31, 2023		December 31, 2022
Other information
Weighted average remaining lease term	6.3 years		5.9 years
Weighted average discount rate	9.07	%	8.76	%


	March 31, 2023		March 31, 2022
Lease cost
Operating lease cost	$	1,085	$	1,456
Variable lease cost	404		403
Short-term lease cost	672		—
	$	2,161	$	1,859

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


Nine months ending December 31, 2023	$	2,766
Year ending December 31, 2024	3,792
Year ending December 31, 2025	3,907
Year ending December 31, 2026	3,974
Year ending December 31, 2027	4,022
Thereafter	5,915
Total	24,376
Less: Present value discount	(5,884)
Total operating lease liability	18,492
Less: Current portion	(3,531)
Operating lease liabilities, non-current	$	14,961

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 $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. The Company expensed approximately $4.7 million and $1.7 million, respectively, for the three-month periods ended March 31, 2023 and 2022, in cost of product sales to satisfy its obligation under the BMS agreement. Purchase Commitments The Company enters into certain other long-term commitments for goods and services that are outstanding for periods greater than one year. The Company recently amended certain manufacturing service agreements committing the Company to certain minimum annual purchase commitments for which the Company anticipates making payments within the years 2025 through 2029. As of March 31, 2023, the Company has committed to purchasing production campaigns for various raw materials including active pharmaceutical ingredients (API) and its intermediates from each of its supply vendors. The campaigns are expected to be received into inventory during 2023 and 2024. The Company has paid deposits of $23.0 million and $21.6 million as of March 31, 2023 and December 31, 2022, respectively, for the various 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, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Total share-based compensation expense related to all of the Company's share-based awards, including stock options and restricted stock units (RSUs) granted to employees and directors recognized during the three-month periods ended March 31, 2023 and 2022, was comprised of the following (in thousands):


	Three Months Ended March 31,
	2023		2022
Inventoriable costs	$	342	$	335
Selling, general and administrative	6,980		5,734
Research and development	3,117		2,036
Total share-based compensation expense	$	10,439	$	8,105

Information regarding the stock options activity, including with respect to grants to employees and directors as of March 31, 2023, 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, 2022	4,785,972	$	26.27	5.8 years
Options granted 2023	239,767
Options exercised 2023	(262,815)
Options canceled or expired 2023	(24,961)
Outstanding at March 31, 2023	4,737,963	$	27.76
Vested and expected to vest at March 31, 2023	4,737,963	$	27.76
Exercisable at March 31, 2023	3,867,634	$	22.98

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, 2023 is summarized as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2022	1,274,664	$	42.76	0.8 years
Time-based RSUs granted in 2023	1,007,920
Time-based RSUs vested in 2023	(651,445)
Time-based RSUs cancelled in 2023	(17,568)
Outstanding at March 31, 2023	1,613,571	$	48.42

As of March 31, 2023, there was approximately $76.0 million of unrecognized compensation costs estimated related to unvested time-based RSUs.

Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Loss Per Share

The following share-based 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-month periods ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023	2022

Stock options	4,737,963	5,476,993
RSUs	1,829,155	1,446,879

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly owned subsidiary 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, 2022.
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 equivalents and investments held at financial institutions. As of March 31, 2023, all of the Company’s accounts receivable, net arose from product sales in the United States. For the three-month periods ended March 31, 2023 and 2022, 97% of sales were from three major wholesalers accounting for approximately 37%, 31%, and 29%, and 43%, 28%, and 26% of product sales, for the same periods, respectively. The percentage of the total net product sales by individual customers has not significantly changed since inception. All customers have standard payment terms which generally require payment within 60 days. As of March 31, 2023, the Company continues to believe that such customers are of high credit quality.

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

Investment securities consisted of the following (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Estimated Fair Value
	(Unaudited)
U.S. Government Agency Securities	$	189,812	$	31	$	(1,145)	$	188,698
FDIC Certificates of Deposit	3,909		—		(64)		3,845
Certificates of Deposit	25,000		—		—		25,000
Commercial Paper	89,176		—		(206)		88,970
Corporate Notes/Bonds	157,782		—		(1,314)		156,468
	$	465,679	$	31	$	(2,729)	$	462,981


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Estimated Fair Value
U.S. Government Agency Securities	$	188,465	$	14	$	(1,729)	$	186,750
FDIC Certificates of Deposit	4,155		3		(72)		4,086
Certificates of Deposit	7,500		—		—		7,500
Commercial Paper	100,711		3		(269)		100,445
Corporate Notes/Bonds	189,588		1		(2,141)		187,448
	$	490,419	$	21	$	(4,211)	$	486,229

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money Market Funds	$	30,917	$	30,917			$	—
U.S. Government Agency Securities	188,698		—		188,698		—
FDIC Certificates of Deposit	3,845		—		3,845		—
Certificates of Deposit	25,000		—		25,000		—
Commercial Paper	88,970		—		88,970		—
Corporate Notes/Bonds	156,468		—		156,468		—
	$	493,898	$	30,917	$	462,981	$	—


			Fair Value Measurements at Reporting Date Using
	December 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	$	12,203	$	12,203	$	—	$	—
U.S. Government Agency Securities	186,750		—		186,750		—
FDIC Certificates of Deposit	4,086		—		4,086		—
Certificates of Deposit	7,500		—		7,500		—
Commercial Paper	100,445		—		100,445		—
Corporate Notes/Bonds	187,448		—		187,448		—
	$	498,432	$	12,203	$	486,229	$	—

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consists of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	21,716	$	17,227
Work in process	3,230		2,594
Finished goods	3,395		4,099
	$	28,341	$	23,920

Right of Use Assets and Lease Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Quantitative Information About Operating Leases


	March 31, 2023		December 31, 2022
Other information
Weighted average remaining lease term	6.3 years		5.9 years
Weighted average discount rate	9.07	%	8.76	%


	March 31, 2023		March 31, 2022
Lease cost
Operating lease cost	$	1,085	$	1,456
Variable lease cost	404		403
Short-term lease cost	672		—
	$	2,161	$	1,859

Schedule Of Maturity Analysis Under Lease Agreements

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


Nine months ending December 31, 2023	$	2,766
Year ending December 31, 2024	3,792
Year ending December 31, 2025	3,907
Year ending December 31, 2026	3,974
Year ending December 31, 2027	4,022
Thereafter	5,915
Total	24,376
Less: Present value discount	(5,884)
Total operating lease liability	18,492
Less: Current portion	(3,531)
Operating lease liabilities, non-current	$	14,961

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount


	Three Months Ended March 31,
	2023		2022
Inventoriable costs	$	342	$	335
Selling, general and administrative	6,980		5,734
Research and development	3,117		2,036
Total share-based compensation expense	$	10,439	$	8,105

Stock Option Activity


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Contractual Life
Outstanding at December 31, 2022	4,785,972	$	26.27	5.8 years
Options granted 2023	239,767
Options exercised 2023	(262,815)
Options canceled or expired 2023	(24,961)
Outstanding at March 31, 2023	4,737,963	$	27.76
Vested and expected to vest at March 31, 2023	4,737,963	$	27.76
Exercisable at March 31, 2023	3,867,634	$	22.98

Summary of Information Regarding RSU Activity

Information regarding the time-based RSU activity and changes during the three-month period ended March 31, 2023 is summarized as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2022	1,274,664	$	42.76	0.8 years
Time-based RSUs granted in 2023	1,007,920
Time-based RSUs vested in 2023	(651,445)
Time-based RSUs cancelled in 2023	(17,568)
Outstanding at March 31, 2023	1,613,571	$	48.42

Loss Per Share - (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share


	Three Months Ended March 31,
	2023	2022

Stock options	4,737,963	5,476,993
RSUs	1,829,155	1,446,879

Summary of Significant Accounting Policies - Additional Information (Detail) - Segment	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Significant Accounting Policies [Line Items]
Number of operating segments	1
Revenue Benchmark \| Customer Concentration Risk \| Customer One
Significant Accounting Policies [Line Items]
Concentration risk (as a percent)	37.00%	43.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer Two
Significant Accounting Policies [Line Items]
Concentration risk (as a percent)	31.00%	28.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer Three
Significant Accounting Policies [Line Items]
Concentration risk (as a percent)	29.00%	26.00%
Revenue Benchmark \| Customer Concentration Risk \| Three Major Wholesalers
Significant Accounting Policies [Line Items]
Concentration risk (as a percent)	97.00%

Investment Securities - Summary of Investment Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 465,679	$ 490,419
Unrealized Gains	31	21
Unrealized (Losses)	(2,729)	(4,211)
Estimated Fair Value	462,981	486,229
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	189,812	188,465
Unrealized Gains	31	14
Unrealized (Losses)	(1,145)	(1,729)
Estimated Fair Value	188,698	186,750
FDIC Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,909	4,155
Unrealized Gains	0	3
Unrealized (Losses)	(64)	(72)
Estimated Fair Value	3,845	4,086
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	25,000	7,500
Unrealized Gains	0	0
Unrealized (Losses)	0	0
Estimated Fair Value	25,000	7,500
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	89,176	100,711
Unrealized Gains	0	3
Unrealized (Losses)	(206)	(269)
Estimated Fair Value	88,970	100,445
Corporate Notes/Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	157,782	189,588
Unrealized Gains	0	1
Unrealized (Losses)	(1,314)	(2,141)
Estimated Fair Value	$ 156,468	$ 187,448

Investment Securities - Additional Information (Detail) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Investment securities, available for sale, noncurrent	$ 40.9	$ 71.5
Percentage of fair value instruments	(0.01)
Aggregate related fair value of investments with unrealized losses	$ 398.2	438.3
Aggregate fair value of investments with unrealized losses	142.4	49.1
Continuous unrealized losses, value remaining	255.8	$ 389.2
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Aggregate related fair value of investments with unrealized losses	148.9
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Aggregate related fair value of investments with unrealized losses	3.8
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Aggregate related fair value of investments with unrealized losses	89.0
Corporate Notes/Bonds
Debt Securities, Available-for-Sale [Line Items]
Aggregate related fair value of investments with unrealized losses	$ 156.5

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of cash held in money market funds	$ 30.9	$ 12.2
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper value listed as cash equivalent		14.9
Carrying value of cash held in commercial paper, government securities		20.5
Certificates of deposits		7.5
Significant Unobservable Inputs (Level 3)
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, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 21,716	$ 17,227
Work in process	3,230	2,594
Finished goods	3,395	4,099
Total inventories	$ 28,341	$ 23,920

Right of Use Assets and Lease Liabilities - Schedule Of Quantitative Information About Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Other information
Weighted average remaining lease term (in years)	6 years 3 months 18 days		5 years 10 months 24 days
Weighted average discount rate (as a percent)	9.07%		8.76%
Lease cost
Operating lease cost	$ 1,085	$ 1,456
Variable lease cost	404	403
Short-term lease cost	672	0
Total lease cost	$ 2,161	$ 1,859

Right of Use Assets and Lease Liabilities - Additional Information (Details) - USD ($) $ in Thousands	May 17, 2019	Sep. 30, 2018
Vehicle Lease
Operating Leased Assets [Line Items]
Term of long term lease	12 months
Guarantor obligations, value	$ 1,750
Minimum \| Vehicle Lease
Operating Leased Assets [Line Items]
Term of long term lease	12 months
Maximum \| Vehicle Lease
Operating Leased Assets [Line Items]
Term of long term lease	30 months
NEW YORK
Operating Leased Assets [Line Items]
Term of long term lease		14 years 3 months 18 days

Right of Use Assets and Lease Liabilities - Maturity analysis under the lease agreements (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Nine months ending December 31, 2023	$ 2,766
Year ending December 31, 2024	3,792
Year ending December 31, 2025	3,907
Year ending December 31, 2026	3,974
Year ending December 31, 2027	4,022
Thereafter	5,915
Total	24,376
Less: Present value discount	(5,884)
Total operating lease liability	18,492
Less: Current portion	(3,531)	$ (4,567)
Operating lease liabilities, non-current	$ 14,961	$ 15,474

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		214 Months Ended
	May 31, 2005	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Purchase Commitment
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Cash paid		$ 23,000		$ 23,000	$ 21,600
Product \| Bristol-Myers Squibb Company
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Company made an upfront payment				10,750
Payment of milestone amount		$ 5,000		$ 5,000
Obliged to make milestone payments	$ 14,750
License expiration period		10 years
Cost of product sales		$ 4,700	$ 1,700
Product \| Bristol-Myers Squibb Company \| Minimum
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payment, percentage (as a percent)	5.00%
Product \| Bristol-Myers Squibb Company \| Maximum
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payment, percentage (as a percent)	9.00%

Share-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 10,439	$ 8,105
Inventoriable costs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	342	335
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	6,980	5,734
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 3,117	$ 2,036

Share-Based Compensation - Stock Options Activity (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period, Number of Shares (in shares)	4,785,972
Options granted, Number of Shares (in shares)	239,767
Options exercised, Number of Shares (in shares)	(262,815)
Options canceled or expired, Number of Shares (in shares)	(24,961)
Outstanding at end of period, Number of Shares (in shares)	4,737,963	4,785,972
Vested or expected to vest at end of period, Number of Shares (in shares)	4,737,963
Exercisable at end of period, Number of Shares (in shares)	3,867,634
Weighted- Average Exercise Price
Outstanding at beginning of period, Weighted-Average Exercise Price (in dollars per share)	$ 26.27
Options granted, Weighted-Average Exercise Price (in dollars per share)
Options exercised, Weighted-Average Exercise Price (in dollars per share)
Options canceled or expired, Weighted-Average Exercise Price (in dollars per share)
Outstanding at end of period, Weighted-Average Exercise Price (in dollars per share)	27.76	$ 26.27
Vested or expected to vest at end of period, Weighted-Average Exercise Price (in dollars per share)	27.76
Exercisable at end of period, Weighted-Average Exercise Price (in dollars per share)	$ 22.98
Outstanding at end of period, Weighted-Average Contractual Life (in years)		5 years 9 months 18 days
Exercisable at end of period, Weighted-Average Contractual Life (in years)

Share-Based Compensation - Summary of Information Regarding the Time Based RSU Activity and Changes (Detail) - RSUs - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Restricted Stock Units Activity [Roll Forward]
Outstanding at beginning of year, Number of Shares (in shares)	1,274,664
Time based RSU's granted, Number of Shares (in shares)	1,007,920
Time based RSU's vested, Number of Shares (in shares)	(651,445)
Time based RSU's cancelled, Number of Shares (in shares)	(17,568)
Outstanding at end of year, Number of Shares (in shares)	1,613,571	1,274,664
Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of year, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 42.76
Time based RSU's granted, Weighted-Average Grant Date Fair Value (in dollars per share)
Time based RSU's vested, Weighted-Average Grant Date Fair Value (in dollars per share)
Time based RSU's cancelled, Weighted-Average Grant Date Fair Value (in dollars per share)
Outstanding at end of year, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 48.42	$ 42.76
Restricted stock outstanding, Weighted-Average Contractual Life (in years)		9 months 18 days

Share-Based Compensation - Additional Information (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested RSUs	$ 76.0

Loss Per Share - Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share (in shares)	4,737,963	5,476,993
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share (in shares)	1,829,155	1,446,879

Fair Value Measurements - Schedule of Fair Value Measurements of Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	$ 493,898	$ 498,432
Fair Value, Measurements, Recurring \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	30,917	12,203
Fair Value, Measurements, Recurring \| U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	188,698	186,750
Fair Value, Measurements, Recurring \| FDIC Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	3,845	4,086
Fair Value, Measurements, Recurring \| Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	25,000	7,500
Fair Value, Measurements, Recurring \| Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	88,970	100,445
Fair Value, Measurements, Recurring \| Corporate Notes/Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	156,468	187,448
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	30,917	12,203
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	30,917	12,203
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| U.S. Government Agency Securities
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) \| Fair Value, Measurements, Recurring \| FDIC Certificates of Deposit
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) \| Fair Value, Measurements, Recurring \| Certificates of Deposit
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) \| Fair Value, Measurements, Recurring \| Commercial Paper
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) \| Fair Value, Measurements, Recurring \| Corporate Notes/Bonds
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) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	462,981	486,229
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		0
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	188,698	186,750
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| FDIC Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	3,845	4,086
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	25,000	7,500
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	88,970	100,445
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Corporate Notes/Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	156,468	187,448
Significant Unobservable Inputs (Level 3)
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) \| Fair Value, Measurements, Recurring
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) \| Fair Value, Measurements, Recurring \| Money Market Funds
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) \| Fair Value, Measurements, Recurring \| U.S. Government Agency Securities
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) \| Fair Value, Measurements, Recurring \| FDIC Certificates of Deposit
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) \| Fair Value, Measurements, Recurring \| Certificates of Deposit
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) \| Fair Value, Measurements, Recurring \| Commercial Paper
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) \| Fair Value, Measurements, Recurring \| Corporate Notes/Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	$ 0	$ 0