$TECX
Tectonic Therapeutic, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021014190 Filed on March 18, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 2019 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.360M $32.99M $6.210M
YoY Change 0.48% 58.3% 60.47%
% of Gross Profit
Research & Development $18.53M $87.24M $17.22M
YoY Change 1.42% 58.69% 34.43%
% of Gross Profit
Depreciation & Amortization $291.0K $1.207M $240.0K
YoY Change 2.83% 42.0% 33.33%
% of Gross Profit
Operating Expenses $26.88M $120.2M $23.43M
YoY Change 1.11% 58.59% 40.47%
Operating Profit -$26.88M
YoY Change 1.11%
Interest Expense -$20.00K $520.0K $770.0K
YoY Change -103.23% -81.69% 16.67%
% of Operating Profit
Other Income/Expense, Net -$15.00K $516.0K $0.00
YoY Change -102.44% -81.86%
Pretax Income -$26.90M -$119.7M -$22.66M
YoY Change 3.58% 64.05% 41.45%
Income Tax
% Of Pretax Income
Net Earnings -$26.90M -$119.7M -$22.66M
YoY Change 3.57% 64.07% 41.45%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$646.3K -$3.306M -$715.5K
COMMON SHARES
Basic Shares Outstanding 41.62M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.0M $259.7M $187.0M
YoY Change -9.58% 38.88% 48.06%
Cash & Equivalents $233.0M $259.7M $187.0M
Short-Term Investments
Other Short-Term Assets $387.0K $5.000M $344.0K
YoY Change -59.94% -25.37% -56.73%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $242.1M $267.2M $195.7M
YoY Change -8.74% 36.54% 50.52%
LONG-TERM ASSETS
Property, Plant & Equipment $2.930M $3.100M $3.696M
YoY Change -13.82% -16.22% 40.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $900.0K $625.0K
YoY Change -10.0% -18.18% -24.24%
Total Long-Term Assets $3.800M $4.000M $4.813M
YoY Change -13.64% -16.67% 39.14%
TOTAL ASSETS
Total Short-Term Assets $242.1M $267.2M $195.7M
Total Long-Term Assets $3.800M $4.000M $4.813M
Total Assets $245.9M $271.2M $200.5M
YoY Change -8.82% 35.26% 50.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.700M $2.700M $3.949M
YoY Change 28.57% -30.77% 41.85%
Accrued Expenses $9.822M $6.400M $9.854M
YoY Change 416.95% 113.33% 25.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.80M $16.60M $14.02M
YoY Change 0.0% 18.57% 32.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $300.0K $500.0K
YoY Change -50.0% -40.0% -28.57%
Total Long-Term Liabilities $200.0K $300.0K $500.0K
YoY Change -50.0% -40.0% -28.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.80M $16.60M $14.02M
Total Long-Term Liabilities $200.0K $300.0K $500.0K
Total Liabilities $13.00M $16.90M $14.50M
YoY Change -1.52% 16.55% 28.38%
SHAREHOLDERS EQUITY
Retained Earnings -$291.3M -$144.7M
YoY Change 101.71%
Common Stock $330.7M
YoY Change 70.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $232.9M $254.3M $186.0M
YoY Change
Total Liabilities & Shareholders Equity $245.9M $271.2M $200.5M
YoY Change -8.82% 35.26% 50.22%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$26.90M -$119.7M -$22.66M
YoY Change 3.57% 64.07% 41.45%
Depreciation, Depletion And Amortization $291.0K $1.207M $240.0K
YoY Change 2.83% 42.0% 33.33%
Cash From Operating Activities -$27.34M -$98.80M -$18.58M
YoY Change 21.86% 46.01% 62.41%
INVESTING ACTIVITIES
Capital Expenditures $115.0K $1.177M -$770.0K
YoY Change -80.07% -25.74% 57.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$115.0K -$1.177M -$770.0K
YoY Change -80.07% -25.74% 234.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 799.0K 172.6M 30.00K
YoY Change -99.15% 32.79% -121.43%
NET CHANGE
Cash From Operating Activities -27.34M -98.80M -18.58M
Cash From Investing Activities -115.0K -1.177M -770.0K
Cash From Financing Activities 799.0K 172.6M 30.00K
Net Change In Cash -26.66M 72.64M -19.32M
YoY Change -137.73% 19.59% 63.59%
FREE CASH FLOW
Cash From Operating Activities -$27.34M -$98.80M -$18.58M
Capital Expenditures $115.0K $1.177M -$770.0K
Free Cash Flow -$27.45M -$99.98M -$17.81M
YoY Change 19.31% 44.37% 62.65%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;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="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">AVROBIO, Inc. (the “Company” or “AVROBIO”) is a clinical-stage gene therapy company focused on developing potentially curative <span style="font-style:italic;">ex vivo</span> lentiviral gene therapies to treat rare diseases following a single dose treatment regimen. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;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, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, 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-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. <span style="font-size:12pt;"> </span> <span style="font-size:12pt;">     </span> <span style="font-size:12pt;">      </span> <span style="font-size:12pt;"> </span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has devoted substantially all of its efforts to research and development, business planning, acquiring operating assets, seeking protection for its technology and product candidates, and raising capital. Since inception, the Company has funded its operations through sales of preferred stock and common stock. As of December 31, 2020, the Company had an accumulated deficit of $264,416. Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the Company expects that its existing cash and cash equivalents on hand as of December 31, 2020 of $259,682 will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the filing date of this Annual Report on Form 10-K with the SEC. However, the future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. </p>
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CY2020 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:4.86%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted cash totaling $492 as of December 31, 2019 has been reclassified from “Other assets” to “Restricted cash” in order to conform to the current period presentation. Additionally, the Company has reclassified $214 which was previously classified as “Accrued expenses and other current liabilities” as of December 31, 20219 to “Deferred rent” in order to </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">conform to the current period presentation. These reclassifications had no effect on the consolidated results of operation or cash flows for the year ended December 31, 2019. </span></p>
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
492000
CY2019Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
214000
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:5.43%;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 GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities and expenses and the related disclosure of contingent assets and liabilities<span style="color:#000000;"> at the date of the financial statements and the reported amounts of expenses during the reporting periods</span>. On an on‑going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Changes in estimates are reflected in reported results in the period in which they become known.</p>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has no significant off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash and cash equivalents in financial institutions that it believes have high credit quality and has 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. </p>
CY2019 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
133000
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
CY2020 avro Foreign Exchange Loss
ForeignExchangeLoss
203000
CY2019 avro Foreign Exchange Loss
ForeignExchangeLoss
90000
CY2020Q4 avro Cost Of Milestone Payment
CostOfMilestonePayment
565000
CY2020Q4 avro Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2019Q4 avro Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2020Q4 avro Tax Incentive Refund Current
TaxIncentiveRefundCurrent
2558000
CY2019Q4 avro Tax Incentive Refund Current
TaxIncentiveRefundCurrent
1916000
CY2020Q4 avro Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
3145000
CY2019Q4 avro Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
4915000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
973000
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
897000
CY2020Q4 avro Prepaid Compensation Benefits
PrepaidCompensationBenefits
609000
CY2019Q4 avro Prepaid Compensation Benefits
PrepaidCompensationBenefits
362000
CY2020Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
4000
CY2019Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
224000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
271000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
344000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7560000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8658000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5485000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4930000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2421000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1234000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3064000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3696000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1207000
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
850000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
492000
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
492000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6402000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3028000
CY2020Q4 avro Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
5847000
CY2019Q4 avro Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
5794000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1096000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
917000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
348000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
115000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13693000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9854000
CY2018Q1 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2023-01
CY2018Q1 avro Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.03
CY2018Q1 us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
842000
CY2018Q3 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2020-10
CY2020Q2 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2022-04
CY2020Q2 avro Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.05
CY2020Q2 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2025-06
CY2020 avro Annual Lease Payments Description
AnnualLeasePaymentsDescription
The annual lease payments are fixed for years 1 and 2, and then subject to a 6.67% increase for years 3 through 5
CY2020Q2 avro Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.0667
CY2020 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2352000
CY2019 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2257000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2078000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1297000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
207000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
146000
CY2020Q4 avro Operating Leases Future Minimum Payments Due After Year Four
OperatingLeasesFutureMinimumPaymentsDueAfterYearFour
73000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3801000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q4 avro Undesignated Preferred Stock
UndesignatedPreferredStock
10000000
CY2019Q4 avro Undesignated Preferred Stock
UndesignatedPreferredStock
10000000
CY2020Q4 avro Undesignated Shares Of Preferred Stock Outstanding
UndesignatedSharesOfPreferredStockOutstanding
0
CY2019Q4 avro Undesignated Shares Of Preferred Stock Outstanding
UndesignatedSharesOfPreferredStockOutstanding
0
CY2020 us-gaap Dividends Cash
DividendsCash
0
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
12266171
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6039105
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0076
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0209
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7602
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7683
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.08
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3019663
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
18.74
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
147335
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.83
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
727228
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
19.70
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5559545
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.97
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13511000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1934685
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.37
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
11188000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2077000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3514000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.28
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.61
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.052
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.056
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
32552
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.50
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
31354
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1198
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15628000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6800000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
36045000
CY2019 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3D
CY2020 avro Additional Research And Development Expense
AdditionalResearchAndDevelopmentExpense
417000
CY2020 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
Currently, the Company makes matching contributions at a rate of 50% of the first 6% of employee contributions.
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
468000
CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
224000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 avro Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
-0.006
CY2019 avro Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
-0.009
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.001
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.023
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.021
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.283
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.276
CY2020 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
-0.001
CY2019 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
57705000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
33594000
CY2020Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
4383000
CY2019Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1716000
CY2020Q4 avro Deferred Tax Assets Capitalized Start Up And Organizational Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationalCosts
29000
CY2019Q4 avro Deferred Tax Assets Capitalized Start Up And Organizational Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationalCosts
32000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2944000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
543000
CY2020Q4 avro Deferred Tax Assets License Agreement
DeferredTaxAssetsLicenseAgreement
4004000
CY2019Q4 avro Deferred Tax Assets License Agreement
DeferredTaxAssetsLicenseAgreement
1756000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
1587000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
993000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
70652000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
38634000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
70492000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
38425000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
160000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
209000
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
160000
CY2019Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
209000
CY2019Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
0
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
32066000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
19968000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
213991000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
121836000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
196248000
CY2020Q4 avro Payroll Tax Liability Capped Per Year
PayrollTaxLiabilityCappedPerYear
250000
CY2020 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
250000
CY2020 avro Tax Credit Carryforwards Expiration Period
TaxCreditCarryforwardsExpirationPeriod
P20Y
CY2020 avro Operating Loss And Tax Credit Carryforwards Limitations Threshold Percentage Of Cumulative Changes In Ownership Interest Of Significant Shareholders Considered
OperatingLossAndTaxCreditCarryforwardsLimitationsThresholdPercentageOfCumulativeChangesInOwnershipInterestOfSignificantShareholdersConsidered
0.50

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