2021 Q1 Form 10-K Financial Statement

#000156459021005652 Filed on February 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2019 Q4 2019
Revenue $0.00 $165.0K
YoY Change -85.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.47M $10.62M
YoY Change 249.0% 250.5%
% of Gross Profit
Research & Development $20.39M $16.25M
YoY Change 198.19% 855.76%
% of Gross Profit
Depreciation & Amortization $18.00K $20.00K $19.00K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $30.86M $26.87M
YoY Change 213.65% 467.99%
Operating Profit -$30.86M -$26.70M
YoY Change 213.65%
Interest Expense $510.0K $2.070M
YoY Change 10.87% 3350.0%
% of Operating Profit
Other Income/Expense, Net -$565.0K $797.0K
YoY Change -1384.09% -28.2%
Pretax Income -$30.92M -$23.84M
YoY Change 231.05% 881.03%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$30.92M -$23.84M
YoY Change 231.12% 881.03%
Net Earnings / Revenue -14447.88%
Basic Earnings Per Share
Diluted Earnings Per Share -$497.2K -$344.7K
COMMON SHARES
Basic Shares Outstanding 65.11M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $337.0M $126.1M $126.1M
YoY Change 0.03% 468.02%
Cash & Equivalents $168.6M $61.08M $61.10M
Short-Term Investments $168.3M $64.99M $65.00M
Other Short-Term Assets $2.200M $700.0K
YoY Change 120.0% -75.86%
Inventory
Prepaid Expenses
Receivables $300.0K
Other Receivables $300.0K
Total Short-Term Assets $339.7M $127.3M $127.3M
YoY Change 189.32% 403.16%
LONG-TERM ASSETS
Property, Plant & Equipment $869.0K $350.0K $12.10M
YoY Change -92.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $11.62M $12.11M $12.10M
YoY Change 2.81%
TOTAL ASSETS
Total Short-Term Assets $339.7M $127.3M $127.3M
Total Long-Term Assets $11.62M $12.11M $12.10M
Total Assets $351.3M $139.4M $139.4M
YoY Change 172.95% 450.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.057M $630.0K $600.0K
YoY Change 14.28% 200.0%
Accrued Expenses $7.879M $5.163M $8.200M
YoY Change 45.91% 1071.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.50M $9.106M $9.100M
YoY Change 101.3% 145.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.400M $8.700M
YoY Change -31.65%
Total Long-Term Liabilities $5.400M $8.700M
YoY Change -31.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.50M $9.106M $9.100M
Total Long-Term Liabilities $5.400M $8.700M
Total Liabilities $20.91M $17.80M $17.80M
YoY Change 34.05% 381.08%
SHAREHOLDERS EQUITY
Retained Earnings -$156.0M -$55.32M
YoY Change
Common Stock $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $330.4M -$51.50M $121.6M
YoY Change
Total Liabilities & Shareholders Equity $351.3M $139.4M $139.4M
YoY Change 172.95% 450.99%

Cashflow Statement

Concept 2021 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$30.92M -$23.84M
YoY Change 231.12% 881.03%
Depreciation, Depletion And Amortization $18.00K $20.00K $19.00K
YoY Change 0.0%
Cash From Operating Activities -$18.93M -$18.18M -$20.16M
YoY Change 79.51% -1138.92%
INVESTING ACTIVITIES
Capital Expenditures $75.00K -$340.0K $339.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $64.90M -$64.31M -$64.31M
YoY Change 368.93%
Cash From Investing Activities $64.83M -$64.64M -$64.64M
YoY Change 368.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 121.0M 120.9M
YoY Change 428.74%
NET CHANGE
Cash From Operating Activities -18.93M -18.18M -20.16M
Cash From Investing Activities 64.83M -64.64M -64.64M
Cash From Financing Activities 121.0M 120.9M
Net Change In Cash 45.98M 38.13M 36.12M
YoY Change 1295.15% 45.6%
FREE CASH FLOW
Cash From Operating Activities -$18.93M -$18.18M -$20.16M
Capital Expenditures $75.00K -$340.0K $339.0K
Free Cash Flow -$19.00M -$17.84M -$20.49M
YoY Change 80.22% -1156.39%

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<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of the Business </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">AlloVir, Inc. (&#8220;AlloVir&#8221; or &#8220;the Company&#8221;, formerly known as ViraCyte, Inc.) is a leading late clinical-stage cell therapy company developing highly innovative allogeneic T-cell therapies to treat and prevent devastating viral diseases. The Company&#8217;s innovative and proprietary virus-specific T-cell, or VST, therapy platform allows AlloVir to generate off-the-shelf VSTs designed to restore immunity in patients with T-cell deficiencies who are at risk from the life-threatening consequences of viral diseases. There is an urgent medical need for therapies to treat a large number of patients suffering from viral diseases who currently have limited or no treatment options. To date, the Company has generated five innovative, allogeneic, off-the-shelf VST therapy candidates targeting 12 different devastating viruses, the most advanced for which the Company has initiated a pivotal trial for the treatment of virus-associated hemorrhagic cystitis and a proof-of-concept, or POC, clinical trial for multi-virus prevention in the fourth quarter of 2020.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s lead product candidate, Viralym-M, is a multi-VST cell therapy that targets five viruses: BK virus, cytomegalovirus, adenovirus, Epstein-Barr virus and human herpesvirus 6. To fully explore the clinical benefit of Viralym-M, the Company plans to initiate a total of three Phase 3 pivotal and three Phase 2 proof-of-concept trials by the end of 2021 for the treatment and prevention of life-threatening viral diseases in pediatric and/or adult patients, each representing a potential meaningful commercial opportunity.&nbsp;&nbsp;In addition, ALVR106 is the Company&#8217;s second multi-virus-targeted off-the-shelf VST product candidate targeting devastating respiratory diseases caused by RSV, influenza, PIV and/or hMPV. An Investigational New Drug, or IND, application with the <font style="color:#000000;">FDA for ALVR106 was cleared in the fourth quarter of 2020 and the Company plans to initiate a Phase 1/2 clinical study in autologous and allogeneic HSCT patients with respiratory viral diseases in the 2021-2022 respiratory virus season. Pursuant to the sponsored research agreement with Baylor College of Medicine (&#8220;BCM&#8221;), BCM initiated a proof-of-concept trial for ALVR109, an allogeneic, off-the-shelf VST therapy designed to target SARS-CoV-2, the virus that causes the severe and life-threatening viral disease, COVID-19. ALVR109 is being developed to arrest the progression of COVID-19 by eradicating SARS-CoV-2 virus-infected cells.&nbsp;&nbsp;BCM initiated the POC clinical trial in the fourth quarter of 2020 and the trial is ongoing and actively recruiting. Lastly, the Company is advancing ALVR107 designed to target hepatitis B, or HBV, infected cells and treat chronic HBV infections and ALVR108 to treat human herpesvirus-8, or HHV-8, associated diseases including Kaposi Sarcoma, or KS, primary effusion lymphoma, or PEL, and multicentric Castleman&#8217;s disease, or MCD. The Company plans to complete pre-clinical IND enabling studies for ALVR107 and ALVR108 in the second half of 2021. </font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company was formed on August&#160;16, 2013 as a Delaware limited liability company (&#8220;LLC&#8221;) under the name AdCyte LLC and on July&#160;29, 2014 the Company changed its name to ViraCyte LLC. On September&#160;17, 2018, the Company converted from a Delaware LLC to a Delaware corporation (&#8220;LLC Conversion&#8221;) and changed its name to ViraCyte, Inc. On May&#160;22, 2019, the Company changed its name to AlloVir, Inc. The Company has principal offices in Houston, Texas and Cambridge, Massachusetts. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On August&#160;8, 2019, AlloVir formed AlloVir International Designated Activity Company (&#8220;AlloVir International&#8221;), a wholly-owned subsidiary established in Ireland. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October&#160;9, 2019, AlloVir Securities Corporation was incorporated as a Massachusetts Security Corporation, a wholly-owned subsidiary of AlloVir. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November&#160;10, 2019, AlloVir International formed AlloVir Italia S.R.L. (&#8220;AlloVir Italia&#8221;), a wholly-owned subsidiary in Italy.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On August 3, 2020, the Company completed an initial public offering (&#8220;IPO&#8221;) in which the Company issued and sold 18,687,500 shares of its common stock, at a public offering price of $17.00 per share, resulting in gross proceeds of $317.7 million. The Company received $292.0 million in net proceeds after deducting underwriting discounts and commissions and offering costs. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the closing of the IPO, all of the then-outstanding shares of convertible preferred stock automatically converted into 39,859,139 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">ElevateBio LLC </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 17, 2018, the Company executed a Series A2 Preferred Stock Purchase Agreement (&#8220;Series A2 Agreement&#8221;) with ElevateBio, LLC, a Delaware LLC (&#8220;ElevateBio&#8221;) concurrent with the LLC Conversion. ElevateBio was formed on November 29, 2017 and is headquartered in Cambridge, Massachusetts with a focus on the development of a portfolio of novel cell therapy programs acquired through business development activities with biotechnology companies. ElevateBio is structured as a holding company, comprised of asset-specific subsidiaries focused on the development of pipeline assets, as well as a manufacturing subsidiary with the expertise to provide drug development and manufacturing services. As a result of the purchase of the Company&#8217;s Series A2 Preferred Stock, ElevateBio acquired an ownership interest in the Company (see Note 17 for further discussion). The Chief Executive Officer, Chief Financial Officer, and other executives of ElevateBio also serve in similar management roles with AlloVir.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Going Concern </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In accordance with Accounting Standards Update (&#8220;ASU&#8221;) 2014-15,<font style="font-style:italic;">&#160;Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern (Subtopic 205-40)</font>, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company&#8217;s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance and reporting capabilities. Even if the Company&#8217;s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Through December&#160;31, 2020, the Company has funded its operations primarily with proceeds received from the sale of common stock, research grants, and from the sale of preferred stock. The Company has incurred recurring losses since its inception, including net losses attributable to common stockholders of $69.8&#160;million for the year ended December&#160;31, 2020 and $23.8&#160;million for the year ended December&#160;31, 2019. In addition, at December&#160;31, 2020, the Company had an accumulated deficit of $125.1&#160;million. The Company expects to continue to generate operating losses for the foreseeable future. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company believes that its $122.7&#160;million of cash and cash equivalents and $233.7&#160;million of short-term investments held at December&#160;31, 2020, are sufficient to fund planned operations for at least twelve months from the date that these consolidated financial statements are available to be issued. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">COVID-19 Considerations </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The development of product candidates could be disrupted and materially adversely affected in the future by a pandemic, epidemic or outbreak of an infectious disease, such as the recent COVID-19 pandemic. The spread of COVID-19 has impacted the global economy and has impacted the Company&#8217;s operations, including the interruption of preclinical and clinical trial activities and potential interruption to the Company&#8217;s supply chain. For example, the COVID-19 pandemic has delayed clinical trials. If the disruption due to the COVID-19 pandemic continues, planned pivotal clinical trials also could be delayed due to government orders and site policies on account of the pandemic, and some patients may be unwilling or unable to travel to study sites, enroll in trials or be unable to comply with clinical trial protocols if quarantines impede patient movement or interrupt healthcare services, which would delay the Company&#8217;s ability to conduct preclinical studies and clinical trials or release clinical trial results and could delay the Company&#8217;s ability to obtain regulatory approval and commercialize product candidates. Furthermore, COVID-19 could affect the Company&#8217;s employees or the employees of research sites and service providers on whom the Company relies on as well as those of companies with which the Company does business, including suppliers and contract manufacturing organizations or CMOs, thereby disrupting business operations. Quarantines and travel restrictions imposed by governments in the jurisdictions in which the Company and the companies with which it does business operate could materially impact the ability of employees to access preclinical and clinical sites, laboratories, manufacturing sites and offices. The Company has implemented work-at-home policies and only employees essential to the development and research of product candidates remain on-site at the Company&#8217;s research and manufacturing facilities; accordingly, the Company may experience limitations in employee resources. The outbreak and any other preventative or protective actions that the Company, its suppliers or other third parties with which it has business relationships, or governments may take in respect of the COVID-19 pandemic, could disrupt, delay or otherwise adversely impact the business.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is still assessing business plans and the impact the COVID-19 pandemic may have on its ability to advance the testing, development and manufacturing of drug candidates, including as a result of adverse impacts on the research sites, service providers, vendors, or suppliers on whom the Company relies on, or to raise financing to support the development of our drug candidates. No assurances can be given that this analysis will enable the Company to avoid part or all of any impact from the spread of COVID-19 or its consequences, including downturns in business sentiment generally or this sector in particular. The Company cannot presently predict the scope and severity of any potential business shutdowns or disruptions, but if the Company or any of the third parties on whom it relies on or with whom it conducts business, were to experience shutdowns or other business disruptions, the Company&#8217;s ability to conduct business in the manner and on the timelines presently planned could be materially and adversely impacted.</p>
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. </p>
CY2020 alvr Cash And Cash Equivalents Maturity Period
CashAndCashEquivalentsMaturityPeriod
P3M
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P2Y6M29D
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Off-Balance Sheet Risk </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that subject the Company to credit risk consist primarily of cash, cash equivalents, restricted cash and short-term investments. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and have not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Such deposits have and will continue to exceed federally insured limits. The Company has not experienced any losses on its cash deposits. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At December&#160;31, 2020 and 2019, the Company had no off-balance sheet risk. </p>
CY2020 alvr Short Term Investments Maturity Period
ShortTermInvestmentsMaturityPeriod
P1Y
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0514
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
904000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
369000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
92000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19000
CY2020 alvr Number Of Individual Securities With Impairment
NumberOfIndividualSecuritiesWithImpairment
0
CY2019 alvr Number Of Individual Securities With Impairment
NumberOfIndividualSecuritiesWithImpairment
0
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
4000000
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
2100000
CY2020Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
292000000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
3600000
CY2020 alvr Variable Non Lease Cost
VariableNonLeaseCost
4500000
CY2019 alvr Variable Non Lease Cost
VariableNonLeaseCost
1800000
CY2020 alvr Lease Expiration Month And Year
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2021-03
CY2020 us-gaap Property Plant And Equipment Basis Of Valuation
PropertyPlantAndEquipmentBasisOfValuation
cost
CY2020 us-gaap Property Plant And Equipment Depreciation Methods
PropertyPlantAndEquipmentDepreciationMethods
recognizes depreciation using the straight-line method over the estimated useful lives of the respective assets
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2019 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2019Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
100000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020 us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
At December 31, 2020 and 2019, the Company had no off-balance sheet risk.
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
233687000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
64925000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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68000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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24000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities Current
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64993000
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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95503000
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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56434000
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
400000
CY2019 us-gaap Short Term Lease Cost
ShortTermLeaseCost
300000
CY2020 alvr Non Lease Costs Including Utilities And Cleaning
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100000
CY2019 alvr Non Lease Costs Including Utilities And Cleaning
NonLeaseCostsIncludingUtilitiesAndCleaning
43000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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3600000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3600000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2100000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9300000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
608000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8692000
CY2020 us-gaap Depreciation
Depreciation
100000
CY2019 us-gaap Depreciation
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19000
CY2020Q4 us-gaap Accrued Employee Benefits Current
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3314000
CY2019Q4 us-gaap Accrued Employee Benefits Current
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1520000
CY2020Q4 us-gaap Accrued Professional Fees Current
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696000
CY2019Q4 us-gaap Accrued Professional Fees Current
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445000
CY2020Q4 alvr Accrued Research And Development Current
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3347000
CY2019Q4 alvr Accrued Research And Development Current
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3051000
CY2020Q4 us-gaap Other Accrued Liabilities Current
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173000
CY2019Q4 us-gaap Other Accrued Liabilities Current
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147000
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
200000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2663000
CY2019 alvr Contract With Customer Liability Returned Payments
ContractWithCustomerLiabilityReturnedPayments
2663000
CY2019Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
79398350
CY2019Q4 us-gaap Temporary Equity Shares Issued
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59398350
CY2019Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
59398350
CY2019Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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173127000
CY2019Q4 us-gaap Temporary Equity Liquidation Preference
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188034000
CY2019Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
39859139
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
27.97
CY2019 us-gaap Allocated Share Based Compensation Expense
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2890000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-68356000
CY2020 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08
CY2020 alvr Number Of Votes Per Share
NumberOfVotesPerShare
1
CY2020 us-gaap Common Stock Voting Rights
CommonStockVotingRights
The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there are not any cumulative voting rights. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of the holders of shares of capital stock of the Company; however, the issuance of common stock may be subject to the vote of the holders of one or more series of preferred stock that may be required by terms of the Third Amended and Restated Certificate of Incorporation.
CY2020 us-gaap Dividends Cash
DividendsCash
0
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11279849
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
44793329
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
44960
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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3952949
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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25000
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
3972909
CY2020Q4 alvr Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableNumber
20609
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.01
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
18.08
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.84
CY2020Q4 alvr Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableWeightedAverageExercisePrice
5.56
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y6M
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y7M6D
CY2020 alvr Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableWeightedAverageRemainingContractualTerm
P8Y10M24D
CY2020 alvr Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodAggregateIntrinsicValue
226000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
81822000
CY2020Q4 alvr Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableIntrinsicValue
678000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.77
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.17
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y29D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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0
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1
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2023-07
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CY2020 us-gaap Defined Contribution Plan Plan Name Extensible List
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alvr:FourZeroOneKPlanMember
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100000
CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000

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