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Investment in Equity Method Investee | 6 Months Ended
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Jun. 30, 2021
Equity Method Investments And Joint Ventures [Abstract] |
Investment in Equity Method Investee | 12. Investment in Equity Method Investee In July 2019, the Company and Bayer CropScience LP (Bayer LP) formed a joint venture, Oerth Bio LLC (Oerth), to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. As Oerth is jointly controlled by the Company and Bayer LP, the Company accounts for its 50% interest using the equity method of accounting. The Company will also provide to Oerth compensated research and development services and administrative services through a separate agreement. The services rendered by the Company during the three and six months ended June 30, 2021 and 2020 were insignificant. Total operating expenses and net loss of Oerth for the three months ended June 30, 2021 was $3.4 million. Total operating expenses and net loss of Oerth for the six months ended June 30, 2021 was $6.1 million. The carrying value of the investment has been reduced to $0 and, as a result, no additional losses were recorded against the carrying value of the investment during the three and six months ended June 30, 2021 and 2020.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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