7Baggers

Alector, Inc
(NASDAQ:ALEC) 

ALEC stock logo

Alector, Inc., a clinical stage biopharmaceutical company, develops therapies for the treatment of neurodegeneration diseases. Its products include AL001, a humanized recombinant monoclonal antibody, which is in Phase III clinical trial for the treatment of frontotemporal dementia, Alzheimer's, Park...

Founded: 2013
Full Time Employees: 162
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 
                                  
      collaboration revenue
    		1,046,000 6,237,000 3,260,000 7,874,000 3,674,000 54,240,000 15,342,000 15,083,000 15,893,000 15,190,000 9,109,000 56,214,000 16,549,000 14,440,000 14,852,000 79,851,000 24,474,000 13,994,000 182,413,000 6,568,000 4,110,000 4,853,000 5,904,000 3,170,000 7,171,000 6,001,000 2,696,000 6,917,000 5,605,000  
      operating expenses:
    		                              
      research and development
    		17,857,000 32,463,000 29,350,000 27,611,000 33,641,000 46,461,000 47,998,000 46,314,000 45,167,000 47,723,000 46,328,000 46,177,000 51,887,000 54,493,000 48,348,000 54,534,000 53,043,000 52,790,000 43,066,000 47,818,000 45,733,000 44,383,000 43,819,000 34,062,000 34,605,000 25,762,000 28,519,000 25,640,000 20,607,000  
      general and administrative
    		8,108,000 13,340,000 11,518,000 14,401,000 14,728,000 15,028,000 15,778,000 14,375,000 14,434,000 14,920,000 13,364,000 13,626,000 14,777,000 15,385,000 14,252,000 15,842,000 15,554,000 16,933,000 13,018,000 14,075,000 11,012,000 13,228,000 15,834,000 15,697,000 14,644,000 12,581,000 8,326,000 8,429,000 5,759,000  
      total operating expenses
    		25,965,000 45,803,000 40,868,000 42,012,000 48,369,000 61,489,000 63,776,000 60,689,000 59,601,000 62,643,000 59,692,000 59,803,000 66,664,000 69,878,000 62,600,000 70,376,000 68,597,000 69,723,000 56,084,000 61,893,000 56,745,000 57,611,000 59,653,000 49,759,000 49,249,000 38,343,000 36,845,000 34,069,000 26,366,000  
      income from operations
    		-24,919,000 -39,566,000 -37,608,000 -34,138,000 -44,695,000 -7,249,000 -48,434,000 -45,606,000 -43,708,000 -47,453,000 -50,583,000 -3,589,000 -50,115,000 -55,438,000 -47,748,000 9,475,000 -44,123,000 -55,729,000 126,329,000 -55,325,000 -52,635,000 -52,758,000 -53,749,000 -46,589,000 -42,078,000 -32,342,000 -34,149,000 -27,152,000 -20,761,000  
      yoy
    		-44.25% 445.81% -22.35% -25.15% 2.26% -84.72% -4.25% 1170.72% -12.78% -14.40% 5.94% -137.88% 13.58% -0.52% -137.80% -117.13% -16.17% 5.63% -335.04% 18.75% 25.09% 63.13% 57.40% 71.59% 102.68%      
      qoq
    		-37.02% 5.21% 10.16% -23.62% 516.57% -85.03% 6.20% 4.34% -7.89% -6.19% 1309.39% -92.84% -9.60% 16.11% -603.94% -121.47% -20.83% -144.11% -328.34% 5.11% -0.23% -1.84% 15.37% 10.72% 30.10% -5.29% 25.77% 30.78%   
      operating margin %
    		-Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -538.94% -1266.65% -392.54% -370.40%  
      other income
    		1,989,000 2,467,000 2,941,000 3,614,000 4,224,000 5,223,000 6,214,000 7,003,000 7,636,000 7,685,000 7,360,000 6,357,000 5,159,000 3,731,000 2,333,000 1,450,000 264,000 121,000 268,000 178,000 464,000 579,000 1,045,000 1,263,000 2,059,000 1,815,000 2,411,000 2,592,000 2,201,000  
      income before income taxes
    		-22,930,000 -37,099,000 -34,667,000 -30,524,000 -40,471,000 -2,026,000 -42,220,000 -38,603,000 -36,072,000 -39,768,000 -43,223,000 2,768,000 -44,956,000 -51,707,000 -45,415,000 10,925,000 -43,859,000              
      income tax expense
    		     48,000  73,000 7,000 1,666,000 1,252,000 1,393,000 901,000 721,000 733,000 1,042,000 758,000              
      net income
    		-22,930,000 -37,267,000 -34,667,000 -30,524,000 -40,471,000 -2,074,000 -42,220,000 -38,676,000 -36,079,000 -41,434,000 -44,475,000 1,375,000 -45,857,000 -52,428,000 -46,148,000 9,883,000 -44,617,000 -55,608,000 126,597,000 -55,147,000 -52,171,000 -52,179,000 -52,704,000 -45,326,000 -40,019,000 -30,527,000 -31,738,000 -24,560,000 -18,560,000  
      yoy
    		-43.34% 1696.87% -17.89% -21.08% 12.17% -94.99% -5.07% -2912.80% -21.32% -20.97% -3.63% -86.09% 2.78% -5.72% -136.45% -117.92% -14.48% 6.57% -340.20% 21.67% 30.37% 70.93% 66.06% 84.55% 115.62%      
      qoq
    		-38.47% 7.50% 13.57% -24.58% 1851.35% -95.09% 9.16% 7.20% -12.92% -6.84% -3334.55% -103.00% -12.53% 13.61% -566.94% -122.15% -19.77% -143.93% -329.56% 5.70% -0.02% -1.00% 16.28% 13.26% 31.09% -3.82% 29.23% 32.33%   
      net income margin %
    		-Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -508.70% -1177.23% -355.07% -331.13%  
      unrealized loss on marketable securities
    		-270,000   -95,000 -70,000         -1,449,750 -518,000 -2,289,000 -2,992,000              
      comprehensive loss
    		-23,200,000 -37,298,000 -34,566,000 -30,619,000 -40,541,000 -2,744,000 -40,669,000  -36,666,000 -40,529,000 -43,810,000  -43,481,000    -47,609,000   -55,354,000 -52,375,000 -52,659,000 -53,456,000 -46,262,000 -37,379,000 -30,611,000 -31,953,000 -24,227,000 -18,410,000  
      net income per share
    		-0.21 -0.34 -0.34 -0.3 -0.41 -0.01 -0.43 -0.4 -0.38 -0.49 -0.53  -0.55    -0.54   -0.69 -0.66 -0.67 -0.67 -0.58 -0.53 -0.46 -0.47 -0.36 -0.42  
      shares used in computing net loss per share, basic and diluted
    		110,590,014 2,198,115 102,597,601 100,371,632 99,398,200 581,072 97,519,595  93,810,177 219,776 83,927,961  83,102,296    82,102,191         2,070,719 67,572,452 67,327,975 43,828,106  
      unrealized gain on marketable securities
    		 -31,000 101,000   -670,000 1,551,000 -217,000 -587,000 905,000 665,000 813,000 2,376,000     -902,000 -244,000 -207,000 -204,000 -480,000 -752,000 -936,000 2,640,000 -84,000 -215,000    
      comprehensive income
    		       -38,893,000    2,188,000  -21,670,250 -46,666,000 7,594,000  4,656,000 126,353,000            
      weighted-average shares used for eps calculation
    		                              
      shares used in computing net income per share, basic
    		       96,674,921    83,497,125  20,591,984 82,602,842                
      shares used in computing net income per share, diluted
    		       96,674,921    83,566,293  20,591,984 82,602,842                
      basic net income per share
    		           0.02  -0.245 -0.56 0.12  0.06 1.56            
      diluted net income per share
    		           0.02  -0.245 -0.56 0.12  0.058 1.49            
      shares used in computing net loss per share, basic
    		               82,394,784               
      shares used in computing net loss per share, diluted
    		               82,588,368               
      shares used in computing net income per share, basic and diluted
    		                   79,790,036 79,386,836 19,335,224 78,771,930 78,415,195 74,820,950      
      revenue:
    		                              
      grant revenue
    		                              
      total revenue
    		                         6,001,000 2,696,000 6,917,000 5,605,000  
      yoy
    		                              
      qoq
    		                         122.59% -61.02% 23.41%   
      unrealized income on marketable securities
    		                           333,000 150,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 
                                    
        assets
      		                              
        current assets:
      		                              
        cash and cash equivalents
      		76,962,000 65,802,000 76,503,000 44,771,000 37,973,000 33,021,000 37,159,000 47,545,000 72,552,000 74,555,000 101,964,000 131,540,000 195,555,000 154,323,000 184,231,000 172,265,000 454,620,000 329,152,000 516,532,000 125,713,000 110,703,000 49,969,000 84,979,000 92,501,000 160,917,000 89,641,000 86,974,000 69,208,000 60,954,000 65,470,000 
        marketable securities
      		129,553,000 190,222,000 214,605,000 262,509,000 316,578,000 380,376,000 420,043,000 455,789,000 489,531,000 474,306,000 486,897,000 498,508,000 473,774,000 558,528,000 574,075,000 636,590,000 413,951,000 406,099,000 261,318,000 193,857,000 252,041,000 363,339,000 376,735,000 411,139,000 387,618,000 263,432,000 294,472,000 341,725,000 375,641,000 224,938,000 
        prepaid expenses and other current assets
      		8,569,000 10,428,000 9,277,000 11,898,000 12,099,000 11,420,000 12,162,000 16,367,000 19,307,000 16,946,000 13,821,000 10,119,000 11,974,000 10,997,000 10,166,000 9,350,000 9,536,000 7,071,000 8,585,000 9,760,000 11,993,000 8,203,000 8,298,000 6,448,000 7,669,000 4,364,000 4,037,000 3,664,000 5,519,000 2,768,000 
        total current assets
      		215,084,000 266,452,000 300,385,000 319,178,000 366,650,000 424,817,000 469,364,000 519,701,000 581,390,000 565,807,000 613,147,000 647,992,000 686,002,000 726,435,000 774,963,000 827,021,000 890,926,000 749,713,000 788,019,000 329,330,000 374,737,000 421,511,000 470,012,000 510,088,000 556,204,000 357,437,000 385,483,000 414,597,000 442,114,000 293,176,000 
        property and equipment
      		9,934,000 10,841,000 12,714,000 13,914,000 16,207,000 17,145,000 18,216,000 19,950,000 20,835,000 21,861,000 23,115,000 24,289,000 24,998,000 25,521,000 26,289,000 26,034,000 26,228,000 27,330,000 27,898,000 28,701,000 29,469,000 30,181,000 30,583,000 31,516,000 32,670,000 33,852,000 33,861,000 32,014,000 21,733,000 10,937,000 
        operating lease right-of-use assets
      		12,683,000 13,712,000 15,869,000 16,990,000 19,082,000 19,951,000 20,809,000 23,417,000 24,321,000 25,195,000 26,039,000 26,302,000 27,066,000 27,811,000 28,530,000 29,226,000 29,899,000 30,569,000 31,121,000 31,617,000 32,094,000 32,470,000 27,304,000 27,868,000 28,179,000 28,476,000 28,765,000 29,058,000 30,665,000  
        restricted cash
      		1,846,000 1,846,000 1,846,000 1,846,000 1,846,000 1,846,000 1,546,000 1,546,000 1,546,000 1,546,000 1,546,000 1,549,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 1,472,000 
        other assets
      		369,000 386,000 4,471,000 4,494,000 4,518,000 4,544,000 6,088,000 6,115,000 7,402,000 7,418,000 8,548,000 8,605,000 8,804,000 6,409,000 5,784,000 5,919,000 5,932,000 5,574,000 5,716,000 5,993,000 2,592,000 2,617,000 2,217,000 1,086,000 403,000 676,000 149,000 110,000 60,000 2,774,000 
        total assets
      		239,916,000 293,237,000 335,285,000 356,422,000 408,303,000 468,303,000 516,023,000 570,729,000 635,494,000 621,827,000 672,395,000 708,737,000 748,342,000 787,648,000 837,038,000 889,672,000 954,457,000 814,658,000 854,226,000 397,113,000 440,364,000 488,251,000 531,588,000 572,030,000 618,928,000 421,913,000 449,730,000 477,251,000 496,044,000 308,359,000 
        liabilities and stockholders’ equity
      		                              
        current liabilities:
      		                              
        accounts payable
      		1,423,000 1,691,000 4,757,000 2,217,000 2,326,000 2,215,000 5,017,000 4,375,000 4,586,000 3,775,000 4,679,000 4,667,000 3,126,000 4,189,000 4,546,000 4,646,000 6,752,000 4,749,000 2,341,000 11,942,000 5,310,000 3,004,000 1,370,000 4,760,000 4,039,000 278,000 258,000 540,000 1,200,000 126,000 
        accrued clinical supply costs
      		1,044,000 3,669,000 3,547,000 5,150,000 5,831,000 6,989,000 3,379,000 2,738,000 5,870,000 5,215,000 7,430,000 6,536,000 7,691,000 5,559,000 5,444,000 6,142,000 12,618,000 8,748,000 7,418,000 7,174,000 9,384,000 11,148,000 9,320,000 6,102,000 12,315,000 6,706,000 6,412,000 5,981,000 3,723,000 4,463,000 
        accrued liabilities
      		10,931,000 19,299,000 18,332,000 14,215,000 17,320,000 28,890,000 25,696,000 23,081,000 19,385,000 30,378,000 30,423,000 22,918,000 18,580,000 27,771,000 23,225,000 23,705,000 20,042,000 27,460,000 20,586,000 22,100,000 18,970,000 22,538,000 27,065,000 15,576,000 16,709,000 18,256,000 16,546,000 14,577,000 8,000,000 8,439,000 
        deferred revenue, current portion
      		6,723,000 6,684,000 11,743,000 13,402,000 21,850,000 23,663,000 55,427,000 63,961,000 73,352,000 82,975,000 80,561,000 68,550,000 61,773,000 48,231,000 119,684,000 106,994,000 95,611,000 90,803,000 94,683,000 25,417,000 22,700,000 23,886,000 26,596,000 32,739,000 32,089,000 30,165,000 29,527,000 40,871,000 38,526,000 34,905,000 
        payable to collaboration partner
      		10,229,000 17,289,000 10,788,000 6,607,000 9,045,000 5,914,000 6,772,000 5,813,000 15,632,000 7,703,000                     
        refund liability to collaboration partner, current portion
      		 11,449,000 21,818,000 33,859,000 44,571,000 48,634,000 37,554,000 39,107,000 37,557,000 39,440,000 23,919,000 21,400,000                   
        operating lease liabilities, current portion
      		9,135,000 9,056,000 8,979,000 8,904,000 8,830,000 8,754,000 8,680,000 8,607,000 8,535,000 8,462,000 8,390,000 8,199,000 8,130,000 8,059,000 7,990,000 7,922,000 7,855,000 7,795,000 7,787,000 7,760,000 7,698,000 7,512,000 6,736,000 6,679,000 6,623,000 6,565,000 5,975,000 5,133,000 4,385,000  
        short-term debt
      		1,480,000 366,000                             
        total current liabilities
      		40,965,000 69,503,000 79,964,000 84,354,000 109,773,000 125,059,000 142,525,000 147,682,000 164,917,000 177,948,000 155,402,000 132,270,000 99,300,000 93,809,000 160,889,000 149,409,000 142,878,000 139,555,000 132,815,000 74,393,000 64,062,000 68,088,000 71,087,000 65,856,000 71,775,000 61,970,000 58,718,000 67,102,000 55,834,000 47,948,000 
        deferred revenue, long-term portion
      		162,866,000 164,537,000 167,269,000 168,870,000 170,308,000 172,169,000 192,775,000 199,583,000 204,575,000 210,845,000 229,848,000 245,343,000 431,079,000 443,370,000 386,357,000 413,899,000 505,133,000 334,415,000 344,529,000 96,208,000 105,493,000 108,417,000 110,560,000 110,321,000 114,141,000 123,236,000 129,875,000 121,227,000 130,489,000 139,715,000 
        long-term debt
      		8,287,000 9,323,000 9,611,000 9,536,000 9,464,000 9,389,000                         
        operating lease liabilities, long-term portion
      		15,646,000 17,488,000 19,285,000 21,043,000 22,754,000 24,376,000 25,959,000 27,506,000 29,022,000 30,456,000 31,843,000 32,745,000 34,050,000 35,268,000 36,455,000 37,615,000 38,751,000 39,806,000 40,834,000 41,839,000 42,822,000 43,744,000 39,257,000 40,029,000 40,785,000 41,471,000 42,141,000 42,797,000 43,439,000  
        other long-term liabilities
      		1,770,000 1,737,000 1,444,000 1,444,000 1,394,000 1,234,000 1,234,000 1,234,000 1,373,000 1,373,000 898,000 898,000 898,000 759,000 233,000 233,000 158,000 158,000 158,000 158,000 158,000 472,000 493,000 493,000 493,000 493,000 409,000 409,000 96,000 96,000 
        total liabilities
      		229,534,000 262,588,000 277,573,000 285,247,000 313,693,000 341,503,000 397,090,000 420,162,000 456,587,000 487,669,000 509,840,000 512,431,000 565,327,000 573,206,000 583,934,000 601,156,000 686,920,000 513,934,000 518,336,000 212,598,000 212,535,000 220,721,000 221,397,000 216,699,000 227,194,000 227,170,000 231,143,000 231,535,000 229,858,000 195,237,000 
        commitments and contingencies
      		                              
        stockholders’ equity:
      		                              
        common stock, 0.0001 par value...
      		11,000 11,000 10,000 9,000 9,000 9,000 9,000 9,000 9,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 7,000 7,000 7,000 7,000 1,000 
        additional paid-in capital
      		1,005,461,000 1,002,528,000 992,294,000 971,192,000 964,008,000 955,657,000 945,046,000 936,011,000 925,458,000 844,044,000 831,912,000 821,853,000 810,750,000 798,696,000 787,097,000 775,843,000 762,458,000 748,036,000 726,692,000 701,670,000 689,630,000 676,956,000 666,958,000 658,642,000 648,783,000 414,414,000 407,647,000 402,823,000 399,066,000 17,078,000 
        accumulated other comprehensive income
      		-104,000 166,000 197,000 96,000 191,000 261,000 931,000 -620,000 -403,000 184,000        -943,000 -41,000 203,000 410,000 614,000 1,094,000 1,846,000 2,782,000 142,000 226,000 441,000 108,000  
        accumulated deficit
      		-994,986,000 -972,056,000 -934,789,000 -900,122,000 -869,598,000 -829,127,000 -827,053,000 -784,833,000 -746,157,000 -710,078,000 -668,644,000 -624,169,000 -625,544,000 -579,687,000 -527,259,000 -481,111,000 -490,994,000 -446,377,000 -390,769,000 -517,366,000 -462,219,000 -410,048,000 -357,869,000 -305,165,000 -259,839,000 -219,820,000 -189,293,000 -157,555,000 -132,995,000 -114,435,000 
        total stockholders’ equity
      		10,382,000 30,649,000 57,712,000 71,175,000 94,610,000 126,800,000 118,933,000 150,567,000 178,907,000 134,158,000                 218,587,000 245,716,000 266,186,000  
        total liabilities and stockholders’ equity
      		239,916,000 293,237,000 335,285,000 356,422,000 408,303,000 468,303,000 516,023,000 570,729,000 635,494,000 621,827,000         854,226,000 397,113,000 440,364,000  531,588,000 572,030,000 618,928,000      
        refund liability to collaboration partner, long-term portion
      		     9,276,000 34,597,000 44,157,000 56,700,000 67,047,000 91,849,000 101,175,000                   
        receivable from collaboration partner
      		          10,465,000 7,825,000 4,699,000 2,587,000 6,491,000 8,816,000 12,819,000 7,391,000 1,584,000            
        liabilities and stockholders' equity
      		                              
        stockholders' equity:
      		                              
        accumulated other comprehensive loss
      		          -721,000 -1,386,000 -2,199,000 -4,575,000 -6,742,000 -6,224,000 -3,935,000             -42,000 
        total stockholders' equity
      		          162,555,000 196,306,000 183,015,000 214,442,000 253,104,000 288,516,000 267,537,000 300,724,000 335,890,000 184,515,000 227,829,000 267,530,000 310,191,000 355,331,000 391,734,000 194,743,000     
        total liabilities and stockholders' equity
      		          672,395,000 708,737,000 748,342,000 787,648,000 837,038,000 889,672,000 954,457,000 814,658,000    488,251,000         
        liabilities, convertible preferred stock, and stockholders' equity
      		                              
        deferred rent, current portion
      		                             15,000 
        deferred rent, long-term portion
      		                             7,478,000 
        convertible preferred stock; 0.0001 par value...
      		                             210,520,000 
        stockholders' equity
      		                              
        total liabilities, convertible preferred stock, and stockholders' equity
      		                         421,913,000     
        liabilities, convertible preferred stock, and stockholders’ equity
      		                              
        stockholders’ equity
      		                              
        total liabilities, convertible preferred stock, and stockholders’ equity
      		                          449,730,000 477,251,000 496,044,000  
        accounts receivable
      		                              
        liabilities, convertible preferred stock, and stockholders’ deficit
      		                              
        stockholders’ deficit:
      		                              
        total stockholders’ deficit
      		                             -97,398,000 
        total liabilities, convertible preferred stock, and stockholders’ deficit
      		                             308,359,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 
                                     
          cash flows from operating activities:
        		                             
          net loss
        		-22,930,000 -37,267,000 -34,667,000 -30,524,000 -40,471,000 -2,074,000 -42,220,000 -38,676,000 -36,079,000 -41,434,000 -44,475,000 1,375,000 -45,857,000   9,883,000 -44,617,000   -55,147,000 -52,171,000 -52,179,000 -52,704,000 -45,326,000 -40,019,000 -30,527,000 -31,738,000 -24,560,000 -18,560,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                             
          depreciation and amortization
        		1,081,000 1,168,000 1,237,000 2,329,000 984,000 1,242,000 1,318,000 1,404,000 1,443,000 1,437,000 1,464,000 1,464,000 1,360,000 1,394,000 1,347,000 1,384,000 1,589,000 1,594,000 1,605,000 1,589,000 1,541,000 1,503,000 1,464,000 1,457,000 1,446,000 1,378,000 1,278,000 821,000 298,000 
          stock-based compensation
        		2,908,000 4,843,000 6,402,000 7,062,000 8,351,000 10,212,000 9,035,000 9,909,000 10,307,000 11,542,000 10,059,000 10,222,000 10,975,000 10,963,000 10,766,000 12,478,000 11,939,000 12,706,000 10,201,000 9,078,000 8,800,000 8,902,000 8,030,000 6,948,000 6,642,000 5,238,000 4,104,000 3,694,000 3,245,000 
          amortization of premiums and accretion of discounts on marketable securities
        		-667,000 -1,246,000 -1,548,000 -1,758,000 -2,027,000 -2,579,000 -3,263,000 -3,958,000 -4,579,000 -4,808,000 -4,591,000 -3,323,000 -2,596,000   148,000 570,000   558,000 594,000 576,000        
          amortization of right-of-use assets
        		1,003,000 1,091,000 1,095,000 893,000 864,000 836,000 873,000 877,000 848,000 821,000 793,000 767,000 742,000 719,000 696,000 673,000 670,000 552,000 496,000 477,000 461,000 461,000 326,000 311,000 297,000     
          amortization of debt discount and debt issuance costs
        		78,000 78,000 75,000 71,000 69,000                         
          changes in operating assets and liabilities:
        		                             
          prepaid expenses and other current assets
        		1,859,000 -1,151,000 2,621,000 201,000 -679,000 742,000 4,205,000 2,940,000 -2,361,000 -3,125,000 -3,702,000 1,855,000 -977,000 -831,000 -816,000 186,000 -2,465,000 1,514,000 1,175,000 2,233,000 -3,790,000 95,000 -1,850,000 1,221,000 -3,305,000 -327,000 -373,000 1,855,000 -2,751,000 
          other assets
        		17,000 4,085,000 23,000 24,000 26,000 1,544,000 27,000 1,287,000 16,000 1,130,000 57,000 199,000 -2,395,000 -625,000 135,000 13,000 -358,000 142,000 277,000 -3,401,000 25,000 -400,000 -1,131,000 -683,000 -284,000 30,000 -89,000 0 17,000 
          accounts payable
        		-268,000 -3,066,000 2,540,000 -109,000 111,000 -2,774,000 690,000 -275,000 918,000 -1,015,000 4,000 1,548,000 -914,000 -189,000 147,000 -2,573,000 2,043,000 2,264,000 -9,495,000 6,556,000 2,592,000 1,322,000 -3,344,000 1,296,000 3,135,000 20,000 -282,000 -269,000 683,000 
          accrued liabilities and accrued clinical supply costs
        		-11,023,000 1,089,000 2,514,000 -3,785,000 -12,722,000 6,805,000 3,366,000 473,000 -10,304,000 -2,121,000 8,049,000 3,638,000 -7,020,000 4,632,000 -1,112,000 -2,792,000 -3,383,000 7,879,000 -1,263,000 1,275,000 -5,500,000 -2,795,000 14,508,000 -7,286,000 7,805,000 1,743,000 1,624,000 6,795,000 -952,000 
          payable to collaboration partner
        		-7,060,000 6,501,000 4,181,000 -2,438,000 3,131,000 -858,000 959,000 -9,819,000 7,929,000                     
          deferred revenue
        		-1,046,000 -6,237,000 -3,260,000 -7,874,000 -3,674,000 -54,240,000 -15,342,000 -15,083,000 -15,893,000 -15,190,000 -2,284,000 -50,559,000 1,251,000 -14,440,000 -14,852,000 -79,851,000 175,526,000 -13,994,000 317,587,000 -6,568,000 -4,110,000 -4,853,000 -5,904,000 -3,170,000 -7,171,000 -6,001,000 -2,696,000 -6,917,000 -5,605,000 
          refund liability to collaboration partner
        		-12,035,000 -11,923,000 -12,041,000 -12,724,000 -13,339,000 -12,371,000 -11,113,000 -10,293,000 -12,230,000 -10,680,000 -8,007,000                   
          lease liabilities
        		-1,763,000 -1,720,000 -1,683,000 -1,615,000 -1,567,000 -1,513,000 -1,474,000 -1,444,000 -1,361,000 -1,318,000 -1,267,000 -1,239,000 -1,144,000 -1,118,000 -1,092,000 -1,069,000 -995,000 -1,020,000 -978,000 -1,193,000 -821,000 -364,000 -715,000 -700,000 -628,000     
          other long-term liabilities
        		33,000 293,000 0 50,000 160,000 0 0   475,000 0 0 139,000 526,000 0   0 0 0 -314,000         
          net cash from operating activities
        		-49,813,000 -41,691,000 -32,511,000 -49,046,000 -60,783,000 -55,028,000 -50,734,000 -62,797,000 -61,346,000 -46,070,000 -46,540,000 -43,004,000 -48,548,000 -48,925,000 -49,053,000 -57,442,000 135,091,000 -49,265,000 445,052,000 -44,543,000 -52,693,000 -47,658,000 -40,821,000 -45,942,000 -32,313,000 -28,827,000 -28,863,000 -18,052,000 -23,566,000 
          capital expenditures
        		-118,000 0 -11,000 -10,000 -20,000 -173,000 -212,000 -337,000 -533,000 -233,000 94,000 -1,217,000 -1,025,000 -766,000 -1,915,000 -744,000 -692,000 -557,000 -915,000 -828,000 -947,000 -788,000 -381,000 -297,000 -3,566,000 -1,573,000 -2,299,000 -9,363,000 -2,030,000 
          free cash flows
        		-49,931,000 -41,691,000 -32,522,000 -49,056,000 -60,803,000 -55,201,000 -50,946,000 -63,134,000 -61,879,000 -46,303,000 -46,446,000 -44,221,000 -49,573,000 -49,691,000 -50,968,000 -58,186,000 134,399,000 -49,822,000 444,137,000 -45,371,000 -53,640,000 -48,446,000 -41,202,000 -46,239,000 -35,879,000 -30,400,000 -31,162,000 -27,415,000 -25,596,000 
          cash flows from investing activities:
        		                             
          purchase of property and equipment
        		-118,000 0 -11,000 -10,000 -20,000 -173,000 -212,000 -337,000 -533,000 -233,000 94,000 -1,217,000 -1,025,000 -766,000 -1,915,000 -744,000 -692,000 -557,000 -915,000 -828,000 -947,000 -788,000 -381,000 -297,000 -3,566,000 -1,573,000 -2,299,000 -9,363,000 -2,030,000 
          purchase of marketable securities
        		-51,805,000 -81,048,000 -58,952,000 -76,085,000 -55,794,000 -86,621,000 -83,351,000 -101,303,000 -196,466,000 -137,251,000 -145,972,000 -148,232,000 -120,274,000 -162,553,000 -73,055,000 -291,176,000 -30,114,000 -203,686,000 -134,635,000   -91,860,000 -107,561,000 -104,482,000 -202,906,000 -118,370,000 -71,792,000 -72,215,000 -267,232,000 
          maturities of marketable securities
        		112,871,000 106,646,000 108,505,000 128,836,000 121,549,000 127,485,000 123,911,000 136,929,000 185,234,000 152,050,000 162,839,000 127,634,000 210,000,000 181,700,000 135,500,000 66,101,000 18,700,000 57,490,000 55,800,000 62,500,000 110,500,000 104,200,000 140,955,000 80,035,000 81,600,000 150,000,000 120,000,000 108,000,000 118,000,000 
          net cash from investing activities
        		60,948,000 25,598,000 49,542,000 55,722,000 65,735,000 41,402,000 40,348,000 37,146,000 -11,765,000 18,071,000 16,961,000 -21,815,000 88,701,000 18,381,000 60,530,000 -225,819,000 -12,106,000 -146,753,000 -69,054,000 56,591,000 109,553,000 11,552,000 33,013,000 -24,744,000 -124,872,000 30,057,000 45,909,000 26,422,000 -151,262,000 
          cash flows from financing activities:
        		                             
          proceeds from the exercise of options to purchase common stock
        		25,000         0 0 0 1,079,000 46,000 489,000 41,000 2,483,000 7,842,000 14,821,000 1,993,000 3,874,000 632,000 286,000 2,196,000 3,217,000 731,000 720,000 63,000 5,000 
          net cash from financing activities
        		25,000 5,392,000 14,701,000   9,788,000 0 644,000 71,108,000 590,000 0 881,000 1,079,000 636,000 489,000 906,000 2,483,000 8,638,000 14,821,000 2,962,000 3,874,000 1,096,000 286,000 2,270,000 228,461,000 1,437,000 720,000 -116,000 170,312,000 
          net increase in cash, cash equivalents, and restricted cash
        		11,160,000 -10,701,000 31,732,000 6,798,000 4,952,000    -2,003,000   -63,938,000 41,232,000 -29,908,000 11,966,000 -282,355,000 125,468,000 -187,380,000 390,819,000 15,010,000 60,734,000 -35,010,000 -7,522,000 -68,416,000 71,276,000 2,667,000 17,766,000 8,254,000 -4,516,000 
          cash, cash equivalents, and restricted cash at beginning of period
        		67,648,000 0 0 0 34,867,000 0 0 0 76,101,000 0 0 0 155,795,000 0 0 0 330,624,000 0 0 0 51,441,000 0 0 0 91,113,000 0 0 0 66,942,000 
          cash, cash equivalents, and restricted cash at end of period
        		78,808,000 -10,701,000 31,732,000 6,798,000 39,819,000 -3,838,000 -10,386,000 -25,007,000 74,098,000 -27,409,000 -29,579,000 -63,938,000 197,027,000 -29,908,000 11,966,000 -282,355,000 456,092,000 -187,380,000 390,819,000 15,010,000 112,175,000 -35,010,000 -7,522,000 -68,416,000 162,389,000 2,667,000 17,766,000 8,254,000 62,426,000 
          supplemental disclosures:
        		                             
          property and equipment purchases included in accounts payable and accrued liabilities
        		30,000      -158,000 154,000 31,000 -29,000 -552,000 448,000 305,000 -140,000 -312,000 446,000 499,000 469,000 -112,000 -280,000 628,000 91,000 153,000 6,000 178,000    1,071,000 
          cash paid for interest
        		201,000                             
          impairment loss of right-of-use assets and leasehold improvements
        		                             
          sale of marketable securities
        		 0 0   711,000 0           0            
          proceeds from issuance of stock from employee stock purchase plan
        		                             
          proceeds from issuance of common stock, net of issuance costs
        		 5,282,000                            
          proceeds from debt financing, net of discount and issuance costs
        		                             
          non-cash investing and financing activities:
        		                             
          interest paid
        		 637,000 2,000 2,000 214,000                         
          impairment of right-of-use assets and leasehold improvements
        		  0                           
          purchase of common stock under employee stock purchase plan
        		  0    0                0       
          proceeds from issuance of common stock upon public offering, net of issuance costs
        		     0 0 0 71,108,000                     
          loss from disposal of fixed assets
        		                             
          receivable from collaboration partner
        		         10,465,000 -2,640,000 -3,126,000 -2,112,000 3,904,000 2,325,000 4,003,000 -5,428,000 -5,807,000            
          net decrease in cash, cash equivalents, and restricted cash
        		     -3,838,000 -10,386,000                       
          impairment loss of right-of-use asset and leasehold improvements
        		                             
          purchase of common stock under employee stock option plan
        		                  0           
          impairment loss on right-of-use assets
        		                             
          loss from disposal of property and equipment
        		                     95,000 3,000 0 9,000 0 0   
          proceeds from issuance of common stock upon public offerings, net of issuance costs
        		                             
          net income
        		                             
          accretion of discounts on marketable securities
        		                             
          deferred offering costs in accrued liabilities
        		                             
          tenant improvements paid by landlord
        		                         0 0 0 8,286,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                             
          impairment loss on right-of-use-assets
        		                             
          proceeds from issuance of common stock upon follow-on public offering, net of issuance costs
        		                      0 -641,000 225,244,000     
          deferred offering costs in accounts payable and accrued liabilities
        		                        641,000     
          proceeds from issuance of common stock upon initial public offering, net of issuance costs
        		                         0 0 -179,000 170,307,000 
          proceeds from issuance of common stock upon follow-on public offering, net of issuance cost
        		                             
          proceeds from issuance of convertible preferred stock, net of issuance costs
        		                             
          impairment loss on right-of-use asset
        		                         0 0   
          deferred rent
        		                         0 0 0 -44,000 
          accretion of discount on marketable securities
        		                       -10,000 -240,000 -674,000 -1,170,000 -1,536,000 -1,321,000 
          payment of deferred offering costs
        		                             
          issuance costs for convertible preferred stock included in accounts payable
        		                             
          accounts receivable
        		                             
          lease liabilities and other long-term liabilities
        		                          479,000 868,000 1,424,000 
          property and equipment purchases included in accrued liabilities
        		                          826,000   
          deferred offering costs for initial public offering included in accounts payable and accrued liabilities
        		                            179,000 
          issuance costs for convertible preferred stock included in accrued liabilities
        		                             
          payment of convertible preferred stock issuance costs
        		                             
          income from disposal of property and equipment
        		                             
          payment of deferred offering costs for initial public offering
        		                             
          deferred offering costs for initial public offering included in accrued liabilities