0001140361-23-009252 | 10-K | XBRL Viewer | Rocket Pharmaceuticals INC

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

9.	Stockholders’ Equity

Common Stock

The Company is currently authorized to issue up to 120,000,000 shares of $0.01 par value common stock. All issued shares of common stock are entitled to vote on a 1 share/1 vote basis.

Second Amended and Restated 2014 Stock Option and Incentive Plan

In March 2018, Rocket’s Board of Directors approved the Second Amended and Restated 2014 Stock Option and Incentive Plan (the “Revised 2014 Plan”) which was approved by the Company’s shareholders at the Annual Meeting held on June 25, 2018.

Treasury Stock

During fiscal 2022, the Company recorded treasury stock of $0.05 million for shares withheld to pay the payroll tax liability of the vesting of RSUs. There was no treasury stock as of December 31, 2021.

Private Placement

At-the-Market Offering Program

On February 28, 2022, the Company entered into the Sales Agreement with Cowen with respect to an at-the-market offering program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares through Cowen as its sales agent. The shares to be offered and sold under the Sales Agreement, if any, will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3. The Company filed a prospectus supplement with the SEC on February 28, 2022 in connection with the offer and sale of the shares pursuant to the Sales Agreement. The Company will pay Cowen a cash commission of 3.0% of gross proceeds from the sale of the shares pursuant to the Sales Agreement and has provided Cowen with customary indemnification and contribution rights. The Company reimbursed Cowen for certain expenses incurred in connection with the Sales Agreement. Through December 31, 2022, the Company has sold 3.3 million shares under the at-the-market offering program for gross proceeds of $48.0 million, less commissions of $1.4 million for net proceeds of $46.6 million.

Public Offerings

On October 6, 2022, the Company completed a public offering of 7,820,000 shares of our common stock at a public offering price of $14.75 per share. The gross proceeds to Rocket from the public offering were approximately $115.3 million, net of $7.2 million of offering costs, commissions, legal and other expenses for net proceeds from the offering of $108.1 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

18.	Related Party Transactions

During April 2018, the Company entered into an agreement with a member of the Board of Directors for business development consulting services. Payments for the services under the agreement are $28 per quarter, and the Company may terminate the agreement with 14 days’ notice. The Company incurred expenses of $0 for the year ended December 31, 2022 and $0.1 million for each of the years ended December 31, 2021 and 2020, relating to services provided under this agreement.

In October 2020, the Company entered into a consulting agreement with the spouse of one of the Company’s executive officers for information technology advisory services. In exchange for the services provided under the agreement, the Company granted 10,000 restricted stock units which vest over a three-year period.

On December 21, 2020, the Company entered into a consulting agreement with a related party. Pursuant to the consulting agreement, the related party provides certain business development and asset identification consulting services to the Company. The term of the consulting agreement is three years and may be terminated with 60 days’ notice by either party. In exchange for the business development services to be provided under the agreement, the Company issued a warrant exercisable for 603,386 shares of Common Stock. Pursuant to the consulting agreement, the related party is entitled to receive additional warrants exercisable for common stock upon identification of new assets for the Company to in-license. The Company recorded a non-cash R&D expense of $26.6 million for the year ended December 31, 2020, related to the issuance of the warrants.

On August 9, 2021, the Company issued a warrant exercisable for 301,291 shares of common stock to the same related party for business development and asset identification consulting services (“August 2021 Warrant”). The Company recorded a non-cash R&D expense of $7.6 million during year ended December 31, 2021, related to the issuance of the August 2021 warrant. On December 17, 2021, the Company issued warrants exercisable for 153,155 and 153,155 shares of common stock, respectively to the same related party for business development and asset identification consulting services (“December 2021 Warrants”). The Company recorded a non-cash R&D expense of $5.2 million during year ended December 31, 2021, related to the issuance of the December 2021 warrant. Total non-cash R&D expense of $12.8 million during the year ended December 31, 2021, related to the issuance of the August 2021 and December 2021 warrants.

On August 27, 2021, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with a fund affiliated with RTW Investments, LP, the Company’s largest shareholder (the “Purchaser”), pursuant to which it agreed to sell and issue to the Purchaser, in a private placement (the “Private Placement”), 812,516 shares of the Company’s common stock at a purchase price of $32.48 per share for aggregate net proceeds of approximately $26.4 million to the Company before deducting estimated offering expenses payable by the Company. The Private Placement closed on August 31, 2021. In addition, concurrently with the execution of the Purchase Agreement, the Company entered into a registration rights agreement with the Purchaser, pursuant to which the Company agreed, following demand by the Purchaser, to file with the Securities and Exchange Commission a Registration Statement on Form S-3 covering the resale of shares of common stock held by the Purchaser as promptly as reasonably practicable following such demand, and in any event within 60 days of such demand.

In September 2021, the Company entered into a consulting agreement with a member of the Board of Directors for pipeline development, new asset evaluation, and corporate strategy. In lieu of cash for services to be provided under the consulting agreement during its one-year term, the Company granted the board member options to purchase 20,000 shares of the Company’s common stock with a fair value of $0.4 million.

Convertible Notes

12 Months Ended

Dec. 31, 2022

Convertible Notes [Abstract]

Convertible Notes

8.	Convertible Notes

2021 Convertible Notes

On January 4, 2018, in connection with its reverse merger with Inotek Pharmaceuticals Corporation (“Inotek”), the Company assumed the obligations of Inotek under its outstanding convertible notes, with an aggregate original principal amount of $52.0 million, (the “2021 Convertible Notes”).

2022 Convertible Notes

On February 20, 2020, and June 5, 2020, the Company entered into separate, privately negotiated exchange agreements (the “Exchange Agreements”) with certain holders of the 2021 Convertible Notes. Pursuant to the Exchange Agreements, on February 20, 2020, the Company exchanged approximately $39.4 million aggregate principal amount of the 2021 Convertible Notes for (a) approximately $39.4 million aggregate principal amount of 6.25% Convertible Senior Notes due August 2022 (the “2022 Convertible Notes”). Also pursuant to the Exchange Agreements, on June 12, 2020, the Company exchanged $7.5 million aggregate principal amount of the 2021 Convertible Notes for (a) $7.5 million aggregate principal amount of its newly issued 6.25% Convertible Senior Notes due 2022.

On April 26, 2021, the Company redeemed the remaining approximately $38.4 million principal amount of the 2022 Convertible Notes as the Company’s stock price traded 30% above the initial conversion price for more than 20 trading days during a 30-day consecutive trading period. Holders of the remaining principal amount of the 2022 Convertible Notes converted such notes in accordance with the terms of the Exchange Agreements into approximately 1.3 million shares of the Company’s common stock and cash in lieu of fractional shares. In accordance with ASC 470-Debt, the settlement of the 2022 Convertible Notes is accounted for as a conversion since the 2022 Convertible Notes did not include a beneficial conversion feature and the carrying amount of the 2022 Convertible Notes. As of December 31, 2022, there were no 2022 Convertible Notes were outstanding.

Accretion of the 2021 Convertible Notes discount was $0, $0.3 million, and $1.3 million for the years ended December 31, 2022, 2021, and 2020, respectively. Accretion of the 2022 Convertible Notes discount was $0, $0.5 million and $1.5 million for the years ended December 31, 2022, 2021 and 2020, which was recorded in interest expense in the consolidated statements of operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

4.	Fair Value of Financial Instruments

Items measured at fair value on a recurring basis are the Company’s investments. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:

	Fair Value Measurements as of December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	90,527	$	-	$	-	$	90,527
Commercial Paper		-		3,899		-		3,899
United States Treasury Securities		3,848		-		-		3,848
Corporate Bonds		-		8,618		-		8,618
		94,375		12,517		-		106,892

Investments:
Commercial Paper		-		1,151		-		1,151
United States Treasury securities		189,444		-		-		189,444
Corporate Bonds		-		60,905		-		60,905
Agency Bonds		-		7,653		-		7,653
		189,444		69,709		-		259,153

Total assets	$	283,819	$	82,226	$	-	$	366,045

Liabilities:
Warrant liability	$	-	$	-	$	1,512	$	1,512
Total liabilities	$	-	$	-	$	1,512	$	1,512

	Fair Value Measurements as of December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	179,900	$	-	$	-	$	179,900
		179,900		-		-		179,900

Investments:
United States Treasury securities		44,045		-		-		44,045
Corporate Bonds		-		96,696		-		96,696
Municipal Bonds		-		6,000		-		6,000
Agency Bonds		-		9,305		-		9,305
		44,045		112,001		-		156,046

Total assets	$	223,945	$	112,001	$	-	$	335,946

The Company classifies its money market mutual funds and U.S. Treasury securities as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company classifies its Commercial Paper and Corporate, Municipal and Agency Bonds as Level 2 assets as these assets are not traded in an active market and have been valued through a third-party pricing service based on quoted prices for similar assets.

Warrant Liability

The reconciliation of the Company’s warrant liability, which is recorded as part of Other Liabilities in the consolidated balance sheets, measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis

	Warrant
	Liability
Balance, January 1, 2022	$	-
Acquisition of Renovacor		1,512
Balance, December 31, 2022	$	1,512

Assumptions Used in Determining Fair Value of Liability-Classified Warrants

The Company utilizes a Black-Scholes model to value the Private Warrants (see Note 11-“Warrants”) at each reporting period, with changes in fair value recognized in the consolidated statements of operations. The estimated fair value of the warrant liability is determined using Level 3 inputs. Inherent in an options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the expected volatility of its common stock based on historical volatility of a peer group, considering the expected remaining life of the Private Warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the valuation date for a maturity similar to the expected remaining life of the Private Warrants. The expected life of the Private Warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates will remain at zero.

The fair value of the Private Warrants has been estimated with the following assumptions:

	December 1, 2022
Stock price	$	18.39
Exercise price	$	65.23
Expected volatility		71.25	%
Risk-free interest rate		4.14	%
Expected dividend yield		-
Expected life (years)		2.39
Fair value per warrant	$	2.45

The fair value change from December 1, 2022, to December 31, 2022, was immaterial.

Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets (liabilities) [Abstract]
R&D credits	$ 20,984	$ 35,766	$ 42,613
Net operating losses ("NOL") and credit carryforwards	33,718	26,789	21,359
Capitalized research and development costs	19,085	19,753	23,179
Stock-based compensation	19,781	11,552	7,406
Debt discount	0	0	(748)
Warrants	8,390	8,382	5,585
Intangible assets	(5,424)	0	0
Other			1,189
Other	(6,332)	(8,881)
Valuation allowance	(91,263)	(93,361)	(100,583)
Net deferred income tax asset (liability)	$ (1,061)	$ 0	$ 0

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2022

Intangible Assets and Goodwill [Abstract]

Intangible Assets and Goodwill

6.	Intangible Assets and Goodwill

The Company’s indefinite lived intangible assets consists of acquired IPR&D asset and mice colony model received from the acquisition of Renovacor.

Intangible assets as of December 31, 2022 are summarized as follows:

	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net
In process research & development	$	25,150	$	-	$	25,150
Mice colony model		574		-		574
Total intangible assets	$	25,724	$	-	$	25,724

The increase in gross carrying value of intangible assets was due to the acquisition of Renovacor (see Note 17-“Renovacor Acquisition”).

The carrying value of Goodwill increased to $39.2 million as of December 31, 2022 compared to $30.8 million as of December 31, 2021 as a result of the acquisition of Renovacor (see Note 17-“Renovacor Acquisition”).

Stock-Based Awards, Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Grant Date Fair Value [Abstract]
Unrecognized share-based compensation cost	$ 45.6
Weighted average period expected to recognize unrecognized share-based compensation cost	1 year 3 months 18 days
Restricted Stock Units (RSU) [Member]
Number of Shares [Roll Forward]
Beginning balance (in shares)	23,500	20,000
Granted (in shares)	1,047,301	3,500
Vested (in shares)	(38,966)	0
Forfeited (in shares)	(67,759)	0
Ending balance (in shares)	992,874	23,500	20,000
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 30.61	$ 25.06
Granted (in dollars per share)	15.91	62.32
Vested (in dollars per share)	23.15
Forfeited (in dollars per share)	15.94
Ending balance (in dollars per share)	$ 16.49	$ 30.61	$ 25.06
Intrinsic value	$ 0.8	$ 0.4	$ 0.5
Unrecognized share-based compensation cost	$ 13.1
Weighted average period expected to recognize unrecognized share-based compensation cost	2 years 6 months
Restricted Stock Units (RSU) [Member] \| Renovacor, Inc. [Member]
Number of Shares [Roll Forward]
Conversion of awards (in shares)	28,798
Weighted Average Grant Date Fair Value [Abstract]
Conversion of awards (in dollars per share)	$ 0.49

401(k) Savings Plan

12 Months Ended

Dec. 31, 2022

401(k) Savings Plan [Abstract]

401(k) Savings Plan

19.	401(k) Savings Plan

The Company has a defined contribution savings plan (the “Plan”) under Section 401(k) of the Internal Revenue Code of 1986. This Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company’s contributions to the Plan may be made at the discretion of the Company’s Board of Directors. The Company has elected to match 4% of employee contributions to the Plan, subject to certain limitations. The Company’s matching contribution for the years ended December 31, 2022, 2021, and 2020 was $0.7 million, $0.6 million, and $0.3 million, respectively.

Summary of Significant Accounting Policies, Tax Credits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New York State Life Sciences Research and Development Tax Credit [Member]
Tax Credits [Abstract]
Research and development incentive income	$ 0.5	$ 1.0	$ 0.0

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies [Abstract]

Commitments and Contingencies

14.	Commitments and Contingencies

The Company determines if an arrangement is a lease at inception. Operating and finance leases are presented in the Company’s consolidated balance sheets as right-of-use assets from leases, current lease liabilities and long-term lease liabilities. Certain of the Company’s lease agreements contain renewal options; however, the Company does not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that the Company is reasonably certain of renewing the lease at inception or when a triggering event occurs. As the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments using an estimate of the Company’s collateralized borrowing rate for debt with a similar term. The Company has utilized its incremental borrowing rate based on the long-term borrowing costs of comparable companies in the biotechnology industry. Since the Company elected to account for each lease component and its associated non-lease components as a single combined lease component, all contract consideration was allocated to the combined lease component. Some of the Company’s lease agreements contain rent escalation clauses (including index-based escalations). For operating leases, the Company recognizes the minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. The Company will amortize this expense over the term of the lease beginning with the lease commencement date. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate and are recognized as incurred.

Finance Lease

The Company has a lease for a facility in Cranbury, New Jersey, consisting of 103,720 square feet of space including areas for offices, process development, research and development laboratories and 50,000 square feet dedicated to AAV Current Good Manufacturing Practice (“cGMP”) manufacturing facilities to support the Company’s pipeline. A smaller area within this facility was originally leased in August 2018, and the lease was amended in June 2019 to include the full building (such lease, as amended, the “NJ Lease Agreement”). The NJ Lease Agreement has a 15-year term from September 1, 2019, with an option to renew for two consecutive five-year renewal terms.

The Company determined the lease commencement date was reached on March 15, 2020, when the construction of all landlord owned improvements had been substantially completed and when the Company began including its leasehold improvements on the balance sheet and move equipment into the space. Upon commencement of the NJ Lease Agreement, the Company recognized total right-of-use assets of $47.7 million, with a corresponding lease liability of $20.2 million. The Company reclassified $26.5 million of construction costs in progress and $1.1 million of prepaid rent as part of the right-of-use asset upon the lease commencement date of March 15, 2020. During the years ended December 31, 2022, and 2021, the Company reclassified an additional $0.3 million and $0.1 million, respectively of construction costs in progress bringing the aggregate reclassification through December 31, 2022, of $32.4 million of construction costs in progress as part of the right of use asset.

Estimated rent payments for the NJ Lease Agreement are $1.2 million per annum, payable in monthly installments, depending upon the nature of the leased space, and subject to annual base rent increases of 3%. The total commitment under the lease is estimated to be approximately $29.3 million over the 15-year term of the lease. The Company paid a cash security deposit of $0.3 million to the landlord in connection with the NJ Lease Agreement which has been reflected in deposits in the consolidated balance sheets as of December 31, 2022 and 2021.

The total restricted cash balance for the Company’s operating and finance leases at December 31, 2022 and 2021 was $0.8 million.

Operating Leases

On June 7, 2018, the Company entered into a three-year lease agreement for office space in the Empire State Building in New York, NY (the “ESB Lease Agreement”). In connection with the ESB Lease Agreement, the Company established an irrevocable standby letter of credit (the “Empire LOC”) for $0.9 million. On March 26, 2021, the Company entered in Amendment No. 1 to the ESB Lease Agreement (“ESB Lease Amendment”) that extended the term of the lease agreement to June 30, 2024, reduced the rent payments going forward, and reduced the Empire LOC to $0.8 million. The Empire LOC serves as the Company’s security deposit on the lease in which the landlord is the beneficiary and expires August 29, 2024. The Company has accounted for the ESB Lease Amendment as a modification to the ESB Lease Agreement and remeasured the lease liability and adjusted the operating lease right of use asset by $1.1 million as of and for the year ended December 31, 2021.

The Company has a certificate of deposit of $0.8 million and $0.9 million with a bank as collateral for the Empire LOC which is classified as part of restricted cash in the consolidated balance sheets as of December 31, 2022, and 2021, respectively.

On January 4, 2018, in connection with the Reverse Merger with Inotek, the Company assumed an operating lease for Inotek’s former headquarters in Lexington, Massachusetts, with a term ending on February 28, 2023. In July 2018, the Company signed an agreement to sublease a portion of the Lexington, Massachusetts space and in September 2018, the Company signed an agreement to sublease the remaining portion of the Lexington, Massachusetts space. Rental income received under the sublease agreement totaled $0.4 million for the years ended December 31, 2022, 2021 and 2020. These amounts are netted against rent expense in the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020.

On December 1, 2022, the Company completed the acquisition of Renovacor (see Note 17- “Renovacor Acquisition”) and assumed operating leases for space at facilities in Hopewell, New Jersey and Cambridge, Massachusetts with remaining lease terms of approximately 10.25 and 1.3 years, respectively. As a result, the Company recognized a total right-of-use asset of $1.2 million with corresponding total lease liabilities of $1.0 million. In addition, the lease commencement date has not occurred for certain portions of the facility in Hopewell, New Jersey as of December 31, 2022. As a result, future lease payments of approximately $4.3 million are not recorded on the Company’s consolidated balance sheets and excluded from the table of future operating lease payments below. The Company intends to sublease both premises through the remainder of their lease terms.

Rent expense was $1.2 million, $1.1 million, and $0.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Lease cost	December 31, 2022
Operating lease cost	$	818
Finance lease cost
Amortization of right of use assets		2,139
Interest on lease liablities		1,861
Total lease cost	$	4,818

The following table summarizes the maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s balance sheet as of December 31, 2022:

Maturity of operating lease liabilities	December 31, 2022
2023		862
2024		429
2025		157
2026		151
2027		99
Thereafter		568
Total lease payments	$	2,266
Less: interest		(405	)
Total operating lease liabilities	$	1,861

Maturity of finance lease liability	December 31, 2022
2023		1,735
2024		1,791
2025		1,856
2026		1,912
2027		1,969
Thereafter		43,032
Total lease payments	$	52,295
Less: interest		(31,290	)
Total finance lease liability	$	21,005

	December 31, 2022

Operating right-of-use assets	$	1,972

Operating current lease liabilities		773
Operating noncurrent lease liabilities		1,088
Total operating lease liabilities	$	1,861

Finance right-of-use assets	$	46,664

Finance current lease liability		1,736
Finance noncurrent lease liability		19,269
Total finance lease liability	$	21,005

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	938
Cash flows from finance lease		$	1,689
Weighted-average remaining lease term - operating leases	4.8 years
Weighted-average remaining lease term - finance lease	21.7 years
Weighted-average discount rate - operating leases			6.44	%
Weighted-average discount rate - finance lease			8.96	%

Litigation

From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe it is party to any other claim or litigation the outcome of which, if determined adversely to the Company, would individually or in the aggregate be reasonably expected to have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.

Indemnification Arrangements

Pursuant to its bylaws and as permitted under Delaware law, the Company has indemnification obligations to directors, officers, employees or agents of the Company or anyone serving in these capacities. The maximum potential amount of future payments the Company could be required to pay is unlimited. The Company has insurance that reduces its monetary exposure and would enable it to recover a portion of any future amounts paid. As a result, the Company believes that the estimated fair value of these indemnification commitments is minimal.

Throughout the normal course of business, the Company has agreements with vendors that provide goods and services required by the Company to run its business. In some instances, vendor agreements include language that requires the Company to indemnify the vendor from certain damages caused by the Company’s use of the vendor’s goods and/or services. The Company has insurance that would allow it to recover a portion of any future amounts that could arise from these indemnifications. As a result, the Company believes that the estimated fair value of these indemnification commitments is minimal.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income / (Loss) [Member]	Accumulated Deficit [Member]	Total
Beginning Balance at Dec. 31, 2019	$ 548	$ (53)	$ 489,925	$ 20	$ (183,143)	$ 307,297
Beginning Balance (in shares) at Dec. 31, 2019	54,773,061
Issuance of common stock, net of issuance costs	$ 53	0	280,710	0	0	280,763
Issuance of common stock, net of issuance costs (in shares)	5,339,286
Issuance of common stock pursuant to exercise of stock options	$ 6	0	2,552	0	0	2,558
Issuance of common stock pursuant to exercise of stock options (in shares)	586,857
Issuance of treasury stock pursuant to exercise of stock options	$ 0	(614)	0	0	0	(614)
Issuance of treasury stock pursuant to exercise of stock options (in shares)	0
Issuance of common stock pursuant to exercise of warrant (in shares)	1,601
Issuance of common stock pursuant to conversion of notes	$ 3	0	7,626	0	0	7,629
Issuance of common stock pursuant to conversion of notes (in shares)	298,562
Issuance of common stock related to acquisition						0
Issuance of warrants			26,562			26,562
Stock repurchase	$ 0	0	(72)	0	0	(72)
Stock repurchase (in shares)	(3,000)
Sale of treasury stock	$ 0	667	(76)	0	0	591
Sale of treasury stock (in shares)	0
Unrealized comprehensive loss on marketable securities	$ 0	0	0	(62)	0	(62)
Stock-based compensation	0	0	18,567	0	0	18,567
Net loss	0	0	0	0	(139,700)	(139,700)
Ending Balance at Dec. 31, 2020	$ 610	0	825,794	(42)	(322,843)	503,519
Ending Balance (in shares) at Dec. 31, 2020	60,996,367
Issuance of common stock, net of issuance costs	$ 8	0	26,346	0	0	26,354
Issuance of common stock, net of issuance costs (in shares)	812,516
Issuance of common stock pursuant to exercise of stock options	$ 12	0	11,315	0	0	11,327
Issuance of common stock pursuant to exercise of stock options (in shares)	1,209,960
Issuance of common stock pursuant to conversion of notes	$ 15	0	40,679	0	0	40,694
Issuance of common stock pursuant to conversion of notes (in shares)	1,487,046
Issuance of common stock related to acquisition						0
Issuance of warrants			12,781			12,781
Unrealized comprehensive loss on marketable securities	$ 0	0	0	(119)	0	(119)
Stock-based compensation	0	0	29,237	0	0	29,237
Net loss	0	0	0	0	(169,069)	(169,069)
Ending Balance at Dec. 31, 2021	$ 645	0	946,152	(161)	(491,912)	454,724
Ending Balance (in shares) at Dec. 31, 2021	64,505,889
Issuance of common stock, net of issuance costs	$ 78	0	108,060	0	0	108,138
Issuance of common stock, net of issuance costs (in shares)	7,820,000
Issuance of common stock pursuant to exercise of stock options	$ 1	0	630	0	0	631
Issuance of common stock pursuant to exercise of stock options (in shares)	66,887
Treasury stock purchases	$ 0	(47)		0	0	$ (47)
Treasury stock purchases			0
Treasury stock purchases (in shares)	2,571
Issuance of common stock pursuant to exercise of warrant (in shares)						0
Issuance of common stock pursuant to vesting of restricted stock units	$ 0	0	0	0	0	$ 0
Issuance of common stock pursuant to vesting of restricted stock units (in shares)						10,168
Issuance of common stock related to acquisition	$ 34	0	70,690	0	0	$ 70,724
Issuance of common stock related to acquisition (in shares)	3,420,774
Issuance of common stock related to earnout restricted stock units settlement (in shares)	5,101
Issuance of common stock related to earnout restricted stock units settlement	$ 0	0	0	0	0	0
Issuance of common stock pursuant to the at-the-market offering program, net of issuance costs	$ 33	0	46,533	0	0	46,566
Issuance of common stock pursuant to the at-the-market offering program, net of issuance costs (in shares)	3,291,922
Unrealized comprehensive loss on marketable securities	$ 0	0	0	(196)	0	(196)
Stock-based compensation	0	0	31,009	0	0	31,009
Net loss	0	0	0	0	(221,863)	(221,863)
Ending Balance at Dec. 31, 2022	$ 791	$ (47)	$ 1,203,074	$ (357)	$ (713,775)	$ 489,686
Ending Balance (in shares) at Dec. 31, 2022	79,123,312

CIRM Grants

12 Months Ended

Dec. 31, 2022

CIRM Grants [Abstract]

CIRM Grants

16.	CIRM Grants

LAD-I CIRM Grant

On April 30, 2019, the CIRM awarded the Company up to $6.6 million under a CLIN2 grant award to support the clinical development of its LV-based gene therapy for RP-L201. Proceeds from the grant will help fund clinical trial costs as well as manufactured drug product for Phase 1/2 patients enrolled at the U.S. clinical site, University of California, Los Angeles (“UCLA”) Mattel Children’s Hospital, led by principal investigator Donald Kohn, M.D., UCLA Professor of Microbiology, Immunology and Molecular Genetics, Pediatrics (Hematology/Oncology), Molecular and Medical Pharmacology and member of the Eli and Edythe Broad Center of Regenerative Medicine and Stem Cell Research at UCLA. In 2019, the Company received the first two grants from CIRM in the aggregate of $1.2 million which were included as an offset against R&D expenses. In 2020, the Company met additional CIRM milestones and received an additional $1.1 million milestone which was recorded as a reduction of R&D expenses in 2020. The Company received the additional milestone payments of $1.1 million and $1.0 million in January and April of 2021, respectively. As of December 31, 2022, the Company did not meet the next milestone and therefore no receivable has been recorded.

IMO CIRM Grant

On November 12, 2020, the CIRM awarded the Company up to $3.7 million under a CLIN2 grant award to support the clinical development of its LV-based gene therapy, RP-L401, for the treatment of IMO. The Company received $1.0 million pursuant to the grant on January 4, 2021, related to the CIRM IMO award and recorded a reduction of R&D expenses of $0.9 million for the year ended December 31, 2020. The Company recorded a reduction of R&D expense of $0.1 million for the year ended December 31, 2021. Effective December 2021, a decision was made to no longer pursue Rocket-sponsored clinical evaluation of RP-L401; this program is to be returned to academic innovators.

Summary of Significant Accounting Policies, Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impairment of Long-Lived Assets [Abstract]
Impairment of long-lived assets	$ 0	$ 0	$ 0

Commitments and Contingencies, Details of Operating and Finance Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease cost [Abstract]
Operating lease cost	$ 818
Finance lease cost [Abstract]
Amortization of right of use assets	2,139
Interest on lease liabilities	1,861
Total lease cost	4,818
Maturity of operating lease liabilities [Abstract]
2023	862
2024	429
2025	157
2026	151
2027	99
Thereafter	568
Total lease payments	2,266
Less: interest	(405)
Total operating lease liabilities	1,861
Maturity of finance lease liability [Abstract]
2023	1,735
2024	1,791
2025	1,856
2026	1,912
2027	1,969
Thereafter	43,032
Total lease payments	52,295
Less: interest	(31,290)
Total finance lease liability	21,005
Lease assets and liabilities [Abstract]
Operating right-of-use assets	1,972	$ 1,569
Operating current lease liabilities	773	863
Operating noncurrent lease liabilities	1,088	905
Total operating lease liabilities	1,861
Finance lease, right-of-use assets	46,664	48,480
Finance current lease liability	1,736	1,689
Finance noncurrent lease liability	19,269	$ 19,144
Total finance lease liability	21,005
Cash paid for amounts included in the measurement of lease liabilities [Abstract]
Operating cash flows from operating leases	938
Cash flows from finance lease	$ 1,689
Weighted-average remaining lease term - operating leases	4 years 9 months 18 days
Weighted-average remaining lease term - finance lease	21 years 8 months 12 days
Weighted-average discount rate - operating leases	6.44%
Weighted-average discount rate - finance lease	8.96%

Stock-Based Awards (Tables)

12 Months Ended

Dec. 31, 2022

Stock-Based Awards [Abstract]

Weighted-Average Assumptions for Stock Options

The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the stock options granted to employees, non-employees and directors were as follows:

	Years Ended December 31,
	2022			2021			2020
Risk-free interest rate		2.19	%		0.83	%		1.00	%
Expected term (in years)		5.09			5.84			5.84
Expected volatility		64.12	%		69.27	%		76.98	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Exercise price	$	18.56		$	51.20		$	22.96
Fair value of common stock	$	18.56		$	51.20		$	22.96

Stock Option Activity

The following table summarizes stock option activity for the years ended December 31, 2022 and 2021, under the Revised 2014 Plan:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding as of December 31, 2020		11,050,931		$	9.10		6.55	$	504,079
Granted		1,671,759			51.20		8.58
Exercised		(1,209,960	)		9.32		-		54,487
Cancelled		(368,969	)		35.87
Outstanding as of December 31, 2021		11,143,761		$	14.51		5.95	$	128,817
Conversion of Renovacor awards		367,852			4.63		0.40
Granted		2,305,910			13.94		5.53
Exercised		(66,887	)		9.43				514
Cancelled		(611,766	)		32.55
Outstanding as of December 31, 2022		13,138,870		$	14.52		5.46	$	118,767

Options vested and exercisable as of December 31, 2022		10,246,291		$	12.31		4.46	$	110,512
Options unvested as of December 31, 2022		2,892,579		$	22.35		9.02	$	8,255

RSU Activity

The following table summarizes the RSU activity for the years ended December 31, 2022 and 2021:

	Number of Shares			Weighted Average Grant Date Fair Value

Unvested as of December 31, 2020		20,000		$	25.06
Granted		3,500			62.32
Vested		-
Forfeited		-
Unvested as of December 31, 2021		23,500		$	30.61
Conversion of Renovacor awards		28,798			0.49
Granted		1,047,301			15.91
Vested		(38,966	)		23.15
Forfeited		(67,759	)		15.94
Unvested as of December 31, 2022		992,874		$	16.49

Stock-Based Compensation Expense by Award Type

Stock-based compensation expense recognized by award type is as follows:

	Years Ended December 31,
	2022		2021		2020
Stock options	$	27,620	$	28,811	$	18,527
Restricted stock units		3,389		426		40
Total share based compensation expense	$	31,009	$	29,237	$	18,567

Stock-Based Compensation Expense

Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive loss was as follows:

	Years Ended December 31,
	2022		2021		2020
Research and development	$	12,466	$	11,954	$	7,355
General and administrative		18,543		17,283		11,212
Total share based compensation expense	$	31,009	$	29,237	$	18,567

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies [Abstract]

Lease Cost

Lease cost	December 31, 2022
Operating lease cost	$	818
Finance lease cost
Amortization of right of use assets		2,139
Interest on lease liablities		1,861
Total lease cost	$	4,818

Maturities of Operating Lease Liabilities

Maturity of operating lease liabilities	December 31, 2022
2023		862
2024		429
2025		157
2026		151
2027		99
Thereafter		568
Total lease payments	$	2,266
Less: interest		(405	)
Total operating lease liabilities	$	1,861

Maturity of Finance Lease Liability

Maturity of finance lease liability	December 31, 2022
2023		1,735
2024		1,791
2025		1,856
2026		1,912
2027		1,969
Thereafter		43,032
Total lease payments	$	52,295
Less: interest		(31,290	)
Total finance lease liability	$	21,005

Balance Sheet Information Related to Leases

	December 31, 2022

Operating right-of-use assets	$	1,972

Operating current lease liabilities		773
Operating noncurrent lease liabilities		1,088
Total operating lease liabilities	$	1,861

Finance right-of-use assets	$	46,664

Finance current lease liability		1,736
Finance noncurrent lease liability		19,269
Total finance lease liability	$	21,005

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	938
Cash flows from finance lease		$	1,689
Weighted-average remaining lease term - operating leases	4.8 years
Weighted-average remaining lease term - finance lease	21.7 years
Weighted-average discount rate - operating leases			6.44	%
Weighted-average discount rate - finance lease			8.96	%

Nature of Business and Basis of Presentation (Details)	12 Months Ended
Nature of Business and Basis of Presentation (Details)	Dec. 31, 2022 Program
Nature of Business and Basis of Presentation [Abstract]
Number of clinical-stage programs	3

Warrants

12 Months Ended

Dec. 31, 2022

Warrants [Abstract]

Warrants

11.

Warrants

A summary of the Rocket warrants outstanding at December 31, 2022 is as follows:

Exercise Price	Outstanding		Grant/Assumption Date	Expiration Date
24.42		7,051	June 28, 2013	June 28, 2023
57.11		603,386	December 21, 2020	December 21, 2030
33.63		301,291	August 9, 2021	August 9, 2031
22.51		153,155	December 17, 2021	December 17, 2031
22.51		153,155	December 17, 2021	December 17, 2031
65.23		617,050	December 1, 2022	April 23, 2025
65.23		760,086	December 1, 2022	December 1, 2026
0.06		126,093	December 1, 2022	N/A
Total		2,721,267

The following table below is the summary of changes in Rocket warrants to purchase common stock for the years ended December 31, 2022, 2021 and 2020:

	Number of Warrant Shares Outstanding and Exercisable		Exercise Price per Share
Balance as of December 31, 2020		610,437
Granted August 2021		301,291	$	33.63
Granted December 2021		306,310		22.51
Exercised		-		-
Balance as of December 31, 2021		1,218,038
Assumed Renovacor warrants - liability		617,050	$	65.23
Assumed Renovacor warrants - equity		760,086		65.23
Assumed Renovacor warrants - equity		126,093		0.06
Granted		-		-
Exercised		-		-
Balance as of December 31, 2022		2,721,267

The Company issued warrants to a related party during the years ended December 31, 2021 and 2020 and incurred a non-cash R&D expense of $12.8 million and $26.6 million, respectively (see Note 18- “Related Party Transactions”). No warrants were issued to the related party during the year ended December 31, 2022.

The fair value of the 2021 Rocket warrants was calculated using the Black-Scholes fair value pricing model with the following inputs:

	Year Ended December 31, 2021
Risk-free interest rate		1.37	%
Expected term (in years)		10
Expected volatility		70.25	%
Expected dividend yield		0.00	%
Exercise price	$	28.07
Fair value of common stock	$	28.07

Assumed Renovacor Public Warrants

In conjunction with the Renovacor acquisition (see “Note 17-Renovacor Acquisition”) Rocket assumed outstanding original 8,622,644 pre-acquisition public warrants (“Public Warrants”) which were issued in connection with Renovacor’s initial public offering in April 2020. Each Public Warrant initially entitled the holder to purchase one-half of one share of Renovacor’s common stock at an initial exercise price of $11.50 per whole share, subject to adjustment. No fractional shares will be issued upon exercise of the Public Warrants. Therefore, the Public Warrants must be exercised in multiples of two Public Warrants for one share of the Company’s common stock. The Public Warrants will expire five years following the SPAC Merger Closing Date or earlier upon redemption or liquidation. As a result of the acquisition, these former Renovacor Public Warrants were converted into Rocket warrants with a right to purchase 760,086 of Rocket common shares at an exercise price of $65.23 per share.

The Company may redeem the Public Warrants in whole and not in part at a price of $0.01 per Public Warrant at any time during the exercise period upon a minimum of 30 days’ prior written notice of redemption if, and only if, the last sale price of the Company’s common stock equals or exceeds $90.75 per share for any 10 trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such Public Warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

To date, certain of the above conditions have not been met to redeem the Public Warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Common Stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. Additionally, in no event will the Company be required to net cash settle the Public Warrants.

As of December 31, 2022, the Company determined that the Public Warrants met all of the criteria for equity classification. Accordingly, upon closing of the Merger, the Public Warrants were recorded as a component of additional paid-in capital of $3.4 million.

Assumed Renovacor Private Warrants

Prior to the acquisition, Renovacor had outstanding 3,500,000 warrants (“Private Warrants”) which were issued simultaneously with the closing of the Renovacor Initial Public Offering (“IPO”), pursuant to a private placement transaction. Each Private Warrant was exercisable to purchase one share of Renovacor’s common stock at an exercise price of $11.50. The Private Warrants are identical to the Public Warrants except that the Private Warrants (i) will be exercisable for cash (even if a registration statement covering the shares of common stock issuable upon exercise of such warrants is not effective) or on a cashless basis, at the holder’s option, and (ii) will not be non-redeemable by the Company, in each case, so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Private Warrants purchased by Chardan Capital Markets will not be exercisable more than five years from the effective date of the Renovacor IPO, in accordance with FINRA Rule 5110(f)(2)(G)(i), as long as Chardan Capital Markets or any of its related persons beneficially own these Private Warrants.

As a result of the acquisition, the Private Warrants were converted into warrants with a right to purchase 617,050 of Rocket common shares at an exercise price of $65.23 per share.

The Private Warrants are not indexed to the Company’s common stock in the manner contemplated by ASC 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. The Company classifies the Private Warrants as derivative liabilities in its consolidated balance sheets. The Company measures the fair value of the warrants at the end of each reporting period and recognizes changes in the fair value from the prior period in the Company’s operating results for the current period. See Note 4 for discussion of fair value measurement of the warrant liabilities.

Assumed Renovacor Pre-Funded Warrants

Concurrently with the execution of the SPAC Merger Agreement, Renovacor entered into subscription agreements (the “Subscription Agreements”), with certain investors (“PIPE Investors”), including Chardan Healthcare, certain stockholders of Old Renovacor and certain other institutional and accredited investors, pursuant to which, on the SPAC Closing Date, and concurrently with the closing of the SPAC Business Combination, the PIPE Investors purchased an aggregate of 2,284,776 shares the Company’s common stock, at a price of $10.00 per share, and a pre-funded warrant entitling the holder thereof to purchase 715,224 shares of the Company’s common stock (the “Pre- Funded Warrant”) at an initial purchase price of $9.99 per share underlying the Pre-Funded Warrant, for aggregate gross proceeds of approximately $30.0 million (the “PIPE Investment”). The Pre-Funded Warrant was immediately exercisable at an exercise price of $0.01 and is exercisable indefinitely, provided that the holder of the Pre-Funded Warrant was prohibited from exercising such Pre-Funded Warrant in an amount that would cause such holder’s beneficial ownership of our Common Stock to exceed 9.99%, which limitation may be increased up to 19.99% at the option of the holder from time to time.

As a result of the acquisition, these Pre-Funded Warrants were converted into warrants with a right to purchase 126,093 of Rocket common shares at an exercise price of $0.06 per share. These warrants were exercised in January 2023.

As of December 31, 2022, the Company determined that the Pre-Funded Warrants met all of the criteria for equity classification. Accordingly, upon closing of the Merger, the Public Warrants were recorded as a component of additional paid-in capital of $2.3 million.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3.	Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with accounting principles generally accepted in the United States (“US GAAP”). All intercompany accounts have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with US 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. Significant estimates and assumptions reflected in these consolidated financial statements include but are not limited to goodwill impairment, intangible assets, the accrual of research and development expenses, the valuation of equity transactions, and stock-based awards. 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.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consists of bank deposits, certificates of deposit and money market accounts with financial institutions. Cash equivalents are carried at cost which approximates fair value due to their short-term nature and which the Company believes do not have a material exposure to credit risk. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts.

Restricted cash consists of deposits collateralizing letters of credit issued by a bank in connection with the Company’s operating leases (see Note 14 “Commitments and Contingencies” for additional disclosures) and a deposit collateralizing a letter of credit issued by a bank supporting the Company’s corporate credit card. Cash, cash equivalents and restricted cash consist of the following:

	December 31, 2022		December 31, 2021

Cash and cash equivalents	$	140,517	$	232,694
Restricted cash		1,340		1,343
	$	141,857	$	234,037

Government Grants

Research and development expense is presented net of reimbursements from the California Institute for Regenerative Medicine (“CIRM”), which are recognized over the period necessary to match the reimbursement with the related costs when it is probable that the Company has complied with the CIRM conditions and will receive the reimbursement. During the years ended December 31, 2022, 2021, and 2020, the Company offset $0, $0.1 million, and $3.6 million of CIRM grant funds, respectively against research and development (“R&D”) expenses (See Note 16 “CIRM Grant” for additional disclosure).

Concentrations of credit risk and off-balance sheet risk

Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and available-for-sale securities. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. The Company’s marketable securities consist of U.S. Treasury Securities, Commercial Paper and Corporate, Government Municipal and Agency Bonds. The Company’s investment policy limits the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be at least AA+/Aa1 rated, thereby reducing credit risk exposure.

Investments

Investments consist of investments in U.S. Treasury Securities, Commercial Paper and Corporate, Government and Agency Bonds. Management determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its investments as available-for-sale pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 320, Investments—Debt and Equity Securities. Investments are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in stockholders’ equity and a component of total comprehensive loss in the consolidated statements of comprehensive loss, until realized. Realized gains and losses are included in investment income on a specific-identification basis. There were no realized gains or losses on investments for the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, 2022, 2021 and 2020, there was net unrealized losses on investments of $0.2 million, $0.1 million, and $0.1 million, respectively.

Intangible Assets

Intangible assets related to in process research and development (“IPR&D”) projects are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. IPR&D intangible assets which are determined to have had a drop in their fair value are adjusted downward and an expense recognized in R&D expenses in the Consolidated Statements of Operations. These IPR&D intangible assets are tested at least annually or when a triggering event occurs that could indicate a potential impairment based on indicators including progress of R&D activities, changes in projected development of assets, and changes in regulatory environment and future commercial markets.

Goodwill

Business combinations are accounted for under the acquisition method. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Goodwill is tested for impairment annually as of December 31, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. The Company has one segment and one reporting unit and as such review’s goodwill for impairment at the consolidated level. When testing goodwill, the Company has the option to first assess qualitative factors for reporting units that carry goodwill. The qualitative assessment includes assessing the totality of relevant events and circumstances that affect the fair value or carrying value of the reporting unit. These events and circumstances include macroeconomic conditions, industry and competitive environment conditions, overall financial performance, reporting unit specific events and market considerations. The Company also considers recent valuations of the reporting unit, including the magnitude of the difference between the most recent fair value estimate and the carrying value, as well as both positive and adverse events and circumstances, and the extent to which each of the events and circumstances identified may affect the comparison of a reporting unit’s fair value with its carrying value. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit.

The Company performed the qualitative assessment of its goodwill and determined that it is more likely than not that the fair value of a reporting unit exceeds the carrying value of the reporting unit. As a result, the Company has determined there was no goodwill impairment as of and for the years ended December 31, 2022, 2021 and 2020.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. The estimated useful lives are three to fifteen years. The Company capitalizes purchases of laboratory equipment, machinery and equipment, furniture and fixtures and leasehold improvements in relation to the facility at Cranbury, New Jersey, since it has been determined these assets have alternative future uses to the Company. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. Costs incurred in connection with development or purchase of internal use software and cloud computing arrangements, including in-substance software licenses, are capitalized. Amortization is computed on a straight-line basis over the estimated useful life of the asset, which is six years. Capitalized software is included in property and equipment in the consolidated balance sheets.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducted its long-lived asset impairment analyses in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets. ASC 360-10-15 requires us to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals. There is no impairment of long-lived assets as of and for the years ended December 31, 2022, 2021 and 2020.

Fair Value Measurements

The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC 820, Fair Value Measurements and Disclosures establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below:

Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair value of the Company’s financial instruments, including cash and cash equivalents, restricted cash, deposits, accounts payable and accrued expenses approximate their respective carrying values due to the short-term nature of most of these instruments.

Warrants

The Company accounts for stock warrants as either equity instruments, liabilities or derivative liabilities in accordance with ASC Topic 480, Distinguishing Liabilities from Equity (”ASC 480”) and/or ASC Topic 815, Derivatives and Hedging (”ASC 815”), depending on the specific terms of the warrant agreement. Liability-classified warrants are recorded at their estimated fair values at each reporting period until they are exercised, terminated, reclassified or otherwise settled. Changes in the estimated fair value of liability-classified warrants are recorded in Change in Fair Value of Warrant Liability in the Company’s consolidated statements of operations. Equity-classified warrants are recorded within additional paid-in capital at the time of issuance and not subject to remeasurement.

Research and Development Expenses

R&D costs, which include salaries and staff costs, license costs, manufacturing and development costs, clinical trial expenses, regulatory and scientific consulting fees, as well as contract research, and stock-based compensation expense, are accounted for in accordance with ASC Topic 730, Research and Development. The Company does not currently have any commercial biopharmaceutical products and does not expect to have any for several years, if at all. Accordingly, R&D costs are expensed as incurred. While certain of the Company’s R&D costs may have future benefits, the policy of expensing all R&D expenditures is predicated on the fact that the Company has no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited.

Foreign Currency Transactions

Certain transactions during the years ended December 31, 2022, 2021 and 2020 are denominated in Euros and British pounds. Gains and losses on foreign currency transactions were not significant for the years ended December 31, 2022, 2021 and 2020.

Treasury Stock

The Company records treasury stock at cost.

Stock-Based Compensation

The Company issues stock-based awards to employees and non-employees, generally in the form of stock options and restricted stock units. The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation - Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments, including grants of stock options and restricted stock units and modifications to existing stock options, to be recognized in the consolidated statements of operations and comprehensive loss based on their fair values. The Company measures the compensation expense of employee and non-employee services received in exchange for an award of equity instruments based on the fair value of the award on the grant date. That cost is recognized on a straight-line basis over the period during which the employee and nonemployee is required to provide service in exchange for the award. The fair value of options on the date of grant is calculated using the Black-Scholes option pricing model based on key assumptions such as expected volatility and expected term. The Company’s estimates of these assumptions are primarily based on the trading price of the Company’s stock, historical data, peer company data and judgment regarding future trends and factors.

The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs and services are classified or in which the award recipient’s service payments are classified. The Company recognizes compensation expense for at least the portion of awards that are vested. Forfeitures are accounted for as they occur.

New York State Life Sciences Research and Development Tax Credit

New York State (“NYS”)allows investors and owners of emerging technology companies focused on biotechnology to claim a tax credit against their NYS Tax return for certain expenditures incurred in NYS, including applicable R&D related expenditures. The credit is recognized as R&D incentives when the eligibility and amount has been approved by NYS. During the years ended December 31, 2022, 2021 and 2020, the Company recorded R&D incentive income of $0.5 million, $1.0 million, and $0, respectively related to the NYS Life Sciences Research and Development Tax Credit.

Income Taxes

The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset.

The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet differences. In accordance with ASC 740 “Income Taxes”, the Company recorded a full valuation allowance to fully offset the net deferred tax asset because it is not more likely than not that the Company will realize future benefits associated with these deferred tax assets at December 31, 2022 and 2021.

The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Net Loss Per Share

The Company calculates net loss per share in accordance with FASB ASC 260, “Earnings per Share”. Basic net loss per share attributable to common shareholders is computed by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common shareholders is computed by adjusting net loss attributable to common shareholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common shareholders is computed by dividing the diluted net loss attributable to common shareholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purposes of this calculation, outstanding options are considered potential dilutive common shares.

Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.

Comprehensive Loss

Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources and consists of net loss and changes in unrealized gains and losses on investments.

Recent Accounting Pronouncements

There were no recent accounting pronouncements that impacted the Company or are expected to have a significant effect on the consolidated financial statements.

Stock-Based Awards

12 Months Ended

Dec. 31, 2022

Stock-Based Awards [Abstract]

Stock-Based Awards

10.	Stock-Based Awards

Stock Option Valuation

	Years Ended December 31,
	2022			2021			2020
Risk-free interest rate		2.19	%		0.83	%		1.00	%
Expected term (in years)		5.09			5.84			5.84
Expected volatility		64.12	%		69.27	%		76.98	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Exercise price	$	18.56		$	51.20		$	22.96
Fair value of common stock	$	18.56		$	51.20		$	22.96

The following table summarizes stock option activity for the years ended December 31, 2022 and 2021, under the Revised 2014 Plan:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding as of December 31, 2020		11,050,931		$	9.10		6.55	$	504,079
Granted		1,671,759			51.20		8.58
Exercised		(1,209,960	)		9.32		-		54,487
Cancelled		(368,969	)		35.87
Outstanding as of December 31, 2021		11,143,761		$	14.51		5.95	$	128,817
Conversion of Renovacor awards		367,852			4.63		0.40
Granted		2,305,910			13.94		5.53
Exercised		(66,887	)		9.43				514
Cancelled		(611,766	)		32.55
Outstanding as of December 31, 2022		13,138,870		$	14.52		5.46	$	118,767

Options vested and exercisable as of December 31, 2022		10,246,291		$	12.31		4.46	$	110,512
Options unvested as of December 31, 2022		2,892,579		$	22.35		9.02	$	8,255

The weighted average grant-date fair value per share of stock options granted during the years ended December 31, 2022, 2021 and 2020 was $9.88, $31.07, and $15.10, respectively.

The total fair value of options vested during the years ended December 31, 2022, 2021 and 2020 was $34.9 million, $22.6 million and $15.6 million, respectively.

Restricted Stock Units (“RSU”)

The following table summarizes the RSU activity for the years ended December 31, 2022 and 2021:

	Number of Shares			Weighted Average Grant Date Fair Value

Unvested as of December 31, 2020		20,000		$	25.06
Granted		3,500			62.32
Vested		-
Forfeited		-
Unvested as of December 31, 2021		23,500		$	30.61
Conversion of Renovacor awards		28,798			0.49
Granted		1,047,301			15.91
Vested		(38,966	)		23.15
Forfeited		(67,759	)		15.94
Unvested as of December 31, 2022		992,874		$	16.49

The intrinsic value of RSU’s vested during the years ended December 31, 2022, 2021 and 2020 was $0.8 million, $0.4 million, and $0.5 million, respectively.

As of December 31, 2022, there was approximately $13.1 million of unrecognized compensation cost related to RSU’s unvested. This amount is expected to be recognized over a weighted average period of 2.5 years.

Stock-Based Compensation

Stock-based compensation expense recognized by award type is as follows:

	Years Ended December 31,
	2022		2021		2020
Stock options	$	27,620	$	28,811	$	18,527
Restricted stock units		3,389		426		40
Total share based compensation expense	$	31,009	$	29,237	$	18,567

Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive loss was as follows:

	Years Ended December 31,
	2022		2021		2020
Research and development	$	12,466	$	11,954	$	7,355
General and administrative		18,543		17,283		11,212
Total share based compensation expense	$	31,009	$	29,237	$	18,567

As of December 31, 2022, the Company had an aggregate of $45.6 million of unrecognized stock-based compensation expense, which is expected to be recognized over the weighted average period of 1.3 years.

Warrants, Renovacor Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Warrants [Abstract]
Additional paid-in capital	$ 1,203,074	$ 946,152
Gross proceeds from sale of common stock	$ 46,566	$ 0	$ 0
Common Stock [Member]
Warrants [Abstract]
Number of securities called by each warrant (in shares)	1
Renovacor, Inc. [Member] \| PIPE Investors [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	2,284,776
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 10
Warrants [Member]
Warrants [Abstract]
Class of warrant outstanding (in shares)	2,721,267
Share price (in dollars per share)	$ 28.07
Warrants [Member] \| Renovacor, Inc. [Member]
Warrants [Abstract]
Class of warrant outstanding (in shares)	8,622,644
Public Warrants [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	2
Warrant redemption price (in dollars per share)	$ 0.01
Notice period to redeem warrants	30 days
Threshold trading days	10 days
Threshold consecutive trading days	30 days
Redemption period	30 days
Additional paid-in capital	$ 3,400
Public Warrants [Member] \| Minimum [Member]
Warrants [Abstract]
Share price (in dollars per share)	$ 90.75
Public Warrants [Member] \| Common Stock [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	760,086
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 65.23
Public Warrants [Member] \| Renovacor, Inc. [Member]
Warrants [Abstract]
Number of securities called by each warrant (in shares)	0.50
Warrants expire period	5 years
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 11.5
Private Warrants [Member]
Warrants [Abstract]
Warrants expire period	2 years 4 months 20 days
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 2.45
Private Warrants [Member] \| Common Stock [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	617,050
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 65.23
Private Warrants [Member] \| Renovacor, Inc. [Member]
Warrants [Abstract]
Class of warrant outstanding (in shares)	3,500,000
Number of securities called by each warrant (in shares)	1
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 11.5
Private Warrants [Member] \| Renovacor, Inc. [Member] \| Maximum [Member]
Warrants [Abstract]
Warrants expire period	5 years
Pre-Funded Warrants [Member]
Warrants [Abstract]
Additional paid-in capital	$ 2,300
Pre-Funded Warrants [Member] \| Common Stock [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	126,093
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 0.06
Pre-Funded Warrants [Member] \| Renovacor, Inc. [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	715,224
Warrant to purchase shares of common stock price per share (in dollars per share)	$ 0.01
Share price (in dollars per share)	$ 9.99
Gross proceeds from sale of common stock	$ 30,000
Pre-Funded Warrants [Member] \| Renovacor, Inc. [Member] \| Minimum [Member]
Warrants [Abstract]
Percentage of beneficial ownership limitation	9.99%
Pre-Funded Warrants [Member] \| Renovacor, Inc. [Member] \| Maximum [Member]
Warrants [Abstract]
Percentage of beneficial ownership limitation	19.99%

Warrants (Tables)

12 Months Ended

Dec. 31, 2022

Warrants [Abstract]

Warrants Outstanding and Changes in Warrants to Purchase Common Stock

A summary of the Rocket warrants outstanding at December 31, 2022 is as follows:

Exercise Price	Outstanding		Grant/Assumption Date	Expiration Date
24.42		7,051	June 28, 2013	June 28, 2023
57.11		603,386	December 21, 2020	December 21, 2030
33.63		301,291	August 9, 2021	August 9, 2031
22.51		153,155	December 17, 2021	December 17, 2031
22.51		153,155	December 17, 2021	December 17, 2031
65.23		617,050	December 1, 2022	April 23, 2025
65.23		760,086	December 1, 2022	December 1, 2026
0.06		126,093	December 1, 2022	N/A
Total		2,721,267

The following table below is the summary of changes in Rocket warrants to purchase common stock for the years ended December 31, 2022, 2021 and 2020:

	Number of Warrant Shares Outstanding and Exercisable		Exercise Price per Share
Balance as of December 31, 2020		610,437
Granted August 2021		301,291	$	33.63
Granted December 2021		306,310		22.51
Exercised		-		-
Balance as of December 31, 2021		1,218,038
Assumed Renovacor warrants - liability		617,050	$	65.23
Assumed Renovacor warrants - equity		760,086		65.23
Assumed Renovacor warrants - equity		126,093		0.06
Granted		-		-
Exercised		-		-
Balance as of December 31, 2022		2,721,267

Fair Value Pricing Model of Warrants

The fair value of the 2021 Rocket warrants was calculated using the Black-Scholes fair value pricing model with the following inputs:

	Year Ended December 31, 2021
Risk-free interest rate		1.37	%
Expected term (in years)		10
Expected volatility		70.25	%
Expected dividend yield		0.00	%
Exercise price	$	28.07
Fair value of common stock	$	28.07

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Reconciliation of Income Tax Benefit Computed at Statutory Federal Income Tax Rate to Income Taxes

A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:

	For the Years Ended December 31,
	2022			2021			2020
U.S. federal tax at statutory rate		21.0	%		21.0	%		21.0	%
Foreign rate differential		(16.9	%)		(13.0	%)		0	%
Change in state tax apportionment		(0.1	%)		0.1	%		0.1	%
Stock compensation		0.1	%		1.5	%		0.9	%
Transfer pricing adjustments		0	%		(22.8	%)		0	%
Valuation allowance		6.3	%		4.6	%		(35.0	%)
Federal NOL true-up		(2.7	%)		0	%		0	%
Tax credits		(6.7	%)		8.7	%		13.5	%
Other		(1.0	%)		(0.1	%)		(0.5	%)
Effective tax rate		0	%		0	%		0	%

Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred income tax assets and liabilities after applying the enacted corporate tax rates are as follows:

	As of December 31,
	2022			2021			2020
Deferred income tax assets (liabilities)
R&D credits	$	20,984		$	35,766		$	42,613
Net operating losses (“NOL”) and credit carryforwards		33,718			26,789			21,359
Capitalized research and development costs		19,085			19,753			23,179
Stock-based compensation		19,781			11,552			7,406
Debt discount		-			-			(748	)
Warrants		8,390			8,382			5,585
Intangible assets		(5,424	)		-			-
Other		(6,332	)		(8,881	)		1,189
Valuation allowance		(91,263	)		(93,361	)		(100,583	)
Net deferred income tax asset (liability)	$	(1,061	)	$	-		$	-

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			12 Months Ended
	Aug. 27, 2021	Dec. 31, 2021	Aug. 31, 2021	Oct. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 17, 2021	Aug. 09, 2021	Dec. 21, 2020
Related Party Transaction [Abstract]
Expense in connection with warrant issue					$ 0	$ 12,781	$ 26,562
Issuance of common stock, net of issuance costs					$ 108,138	$ 11,327	$ 280,763
Private Placement [Member]
Related Party Transaction [Abstract]
Issuance of common stock, net of issuance costs	$ 26,400
Period to file S-3 following demand by purchaser	60 days
Common Stock [Member]
Related Party Transaction [Abstract]
Issuance of common stock, net of issuance costs (in shares)					7,820,000	812,516	5,339,286
Common Stock [Member] \| Private Placement [Member]
Related Party Transaction [Abstract]
Issuance of common stock, net of issuance costs (in shares)	812,516
Share price (in dollars per share)	$ 32.48
Issuance of common stock, net of issuance costs	$ 26,400
Restricted Stock Units (RSU) [Member]
Related Party Transaction [Abstract]
Shares granted (in shares)					1,047,301	3,500
Warrants [Member]
Related Party Transaction [Abstract]
Shares granted (in shares)		306,310	301,291		0
Consulting Agreement, Business Development Services [Member]
Related Party Transaction [Abstract]
Termination notice period for business development consulting services agreement					60 days
Term of consulting agreement					3 years
Consulting Agreement, Business Development Services [Member] \| Warrants [Member]
Related Party Transaction [Abstract]
Warrant issued (in shares)										603,386
Expense in connection with warrant issue							$ 26,600
August 2021 Warrant [Member] \| Common Stock [Member]
Related Party Transaction [Abstract]
Expense in connection with warrant issue						$ 7,600
August 2021 Warrant [Member] \| Consulting Agreement, Business Development Services [Member] \| Common Stock [Member]
Related Party Transaction [Abstract]
Warrant issued (in shares)									301,291
December 2021 Warrants [Member] \| Common Stock [Member]
Related Party Transaction [Abstract]
Expense in connection with warrant issue						5,200
December 2021 Warrants [Member] \| Consulting Agreement, Business Development Services [Member] \| Common Stock [Member]
Related Party Transaction [Abstract]
Warrant issued (in shares)								153,155
December 2021 Warrants [Member] \| Consulting Agreement, Asset Identification Services [Member] \| Common Stock [Member]
Related Party Transaction [Abstract]
Warrant issued (in shares)								153,155
Member of the Board of Directors - One [Member]
Related Party Transaction [Abstract]
Business development consulting services expense (per quarter)					$ 28
Termination notice period for business development consulting services agreement					14 days
Related party expenses					$ 0	$ 100	$ 100
Spouse of Executive officer [Member] \| Restricted Stock Units (RSU) [Member]
Related Party Transaction [Abstract]
Shares granted (in shares)				10,000
Vesting period					3 years
Member of the Board of Directors - Two [Member]
Related Party Transaction [Abstract]
Term of consulting agreement					1 year
Number of options granted (in shares)					20,000
Fair value amount of options granted					$ 400

401(k) Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Savings Plan (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
401(k) Savings Plan [Abstract]
Percentage of matching employee contributions	4.00%
Matching employee contributions	$ 0.7	$ 0.6	$ 0.3

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property and Equipment, Net [Abstract]

Property and Equipment

The Company’s property and equipment consisted of the following:

	December 31, 2022			December 31, 2021
Laboratory equipment	$	21,905		$	12,600
Machinery and equipment		11,326			10,432
Computer equipment		244			218
Furniture and fixtures		2,135			1,963
Leasehold improvements		589			407
Internal use software		1,903			1,902
		38,102			27,522
Less: accumulated depreciation and amortization		(9,093	)		(5,223	)
	$	29,009		$	22,299

Convertible Notes (Details) $ in Thousands, shares in Millions		12 Months Ended
	Apr. 26, 2021 USD ($) d shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 12, 2020 USD ($)	Feb. 20, 2020 USD ($)	Jan. 04, 2018 USD ($)
Carrying value of convertible notes [Abstract]
Accretion of debt discount		$ 0	$ 753	$ 2,758
2021 Convertible Notes [Member]
Debt [Abstract]
Convertible senior notes, interest rate, stated percentage					6.25%
Carrying value of convertible notes [Abstract]
Principal amount					$ 7,500		$ 52,000
Accretion of debt discount		0	300	1,300
2022 Convertible Notes [Member]
Debt [Abstract]
Convertible senior notes, interest rate, stated percentage						6.25%
Convertible Notes converted into shares of common stock (in shares) \| shares	1.3
Convertible notes, outstanding		$ 0
Percentage of common stock conversion price	30.00%
Number of trading days, not consecutive \| d	20
Number of consecutive trading days \| d	30
Carrying value of convertible notes [Abstract]
Principal amount	$ 38,400					$ 39,400
Debt instrument maturity date		Aug. 31, 2022
Accretion of debt discount		$ 0	$ 500	$ 1,500

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property and Equipment, Net [Abstract]

Property and Equipment, Net

5.	Property and Equipment, Net

The Company’s property and equipment consisted of the following:

	December 31, 2022			December 31, 2021
Laboratory equipment	$	21,905		$	12,600
Machinery and equipment		11,326			10,432
Computer equipment		244			218
Furniture and fixtures		2,135			1,963
Leasehold improvements		589			407
Internal use software		1,903			1,902
		38,102			27,522
Less: accumulated depreciation and amortization		(9,093	)		(5,223	)
	$	29,009		$	22,299

Depreciation and amortization during the years ended December 31, 2022, 2021, and 2020 was $3.9 million, $3.2 million and $1.1 million, respectively.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net loss	$ (221,863)	$ (169,069)	$ (139,700)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on convertible notes	0	753	2,758
Depreciation and amortization of property and equipment	3,932	3,240	1,145
Amortization of right of use asset	2,334	2,133	5,105
Write down of property and equipment, net	236	261	419
Stock-based compensation	31,009	29,237	18,567
Amortization of premium on investments, net	134	2,887	580
Expense in connection with warrant issuance	0	12,781	26,562
Changes in operating assets and liabilities, net of acquisition:
Prepaid expenses and other assets	(3,593)	1,307	(1,517)
Accounts payable and accrued expenses	9,674	(4,827)	11,015
Operating lease liabilities	(120)	(11)	(139)
Finance lease liability	172	201	452
Other liabilities	(57)	(56)	113
Net cash used in operating activities	(178,142)	(121,163)	(74,640)
Investing activities:
Purchases of investments	(376,327)	(245,875)	(209,343)
Proceeds from maturities of investments	272,894	272,443	141,811
Cash proceeds from acquisition of business, net of cash paid	42,726	0	0
Payments made to acquire right of use asset	(261)	(95)	(8,452)
Purchases of property and equipment	(8,358)	(7,620)	(20,607)
Net cash (used in) provided by investing activities	(69,326)	18,853	(96,591)
Financing activities:
Issuance of common stock, pursuant to exercise of stock options	631	26,354	2,558
Issuance of common stock, net of issuance costs	108,138	11,327	280,763
Proceeds from sale of treasury stock, net of cash paid	0	0	591
Payment of withholding tax on option exercise	0	0	(614)
Treasury stock repurchase	(47)	0	(72)
Convertible notes refinancing costs to the lender	0	0	(237)
Issuance of common stock pursuant to the at-the-market offering program, net of issuance costs	46,566	0	0
Net cash provided by financing activities	155,288	37,681	282,989
Net change in cash, cash equivalents and restricted cash	(92,180)	(64,629)	111,758
Cash, cash equivalents and restricted cash at beginning of period	234,037	298,666	186,908
Cash, cash equivalents and restricted cash at end of period	141,857	234,037	298,666
Supplemental disclosure of non-cash financing and investing activities:
Accrued purchases of property and equipment, ending balance	2,095	728	1,756
Unrealized loss on investments	(196)	(119)	(62)
Conversion of convertible notes into common stock	0	40,694	7,629
Issuance of common stock related to acquisition	70,724	0	0
Finance lease right of use asset and lease liability	0	0	20,179
Reclassification of construction in process from finance right of use asset	261	98	26,465
Supplemental cash flow information:
Cash paid for interest	$ 0	$ 148	$ 2,960

Renovacor Acquisition (Tables)

12 Months Ended

Dec. 31, 2022

Renovacor Acquisition [Abstract]

Total Consideration for Acquisition

The total consideration for the acquisition of Renovacor of $72.3 million consisted of the following:

	Shares		Value		Total
Stock consideration		3,391,976	$	18.39	$	62,378
Cash consideration⁽¹⁾						29
Stock options		367,852				2,163
Time-vesting RSUs		28,798				512
Assumed warrants⁽²⁾		1,503,229				7,183
Total consideration		5,291,855			$	72,265

⁽¹⁾	Represents consideration paid for cash in lieu of fractional shares.

⁽²⁾	Assumed Renovacor Warrants of $7,183 with $5,671 classified as equity and $1,512 classified as liabilities.

Purchase Price allocation of Assets Acquired and Liabilities Assumed

The preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the acquisition date based on their respective preliminary fair values summarized below:

Working capital⁽¹⁾	$	(5,210	)
Cash and cash equivalents		42,755
Property and equipment		1,414
Operating lease right-of-use assets		1,161
Other non-current assets		113
IPR&D		25,150
Other intangible asset		574
Operating lease liability		(970	)
Deferred tax liability		(1,061	)
Net assets acquired		63,926
Goodwill		8,339
Purchase consideration	$	72,265

⁽¹⁾	Includes other receivables, prepaid expenses, account payable and accrued liabilities

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	79,123,312	64,505,889
Common stock, shares outstanding (in shares)	79,120,741	64,505,889
Treasury stock, at cost (in shares)	2,571	0
Series A Convertible Preferred Stock [Member]
Shareholders' equity:
Preferred stock, shares authorized (in shares)	300,000	300,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series B Convertible Preferred Stock [Member]
Shareholders' equity:
Preferred stock, shares authorized (in shares)	300,000	300,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Agreements Related to Intellectual Property

12 Months Ended

Dec. 31, 2022

15.	Agreements Related to Intellectual Property

The Company, directly and through its subsidiary Spacecraft Seven, LLC, has various license and research and collaboration arrangements. The transactions principally resulted in the acquisition of rights to intellectual property which is in the preclinical phase and has not been tested for safety or feasibility. In all cases, the Company did not acquire tangible assets, processes, protocols or operating systems. The Company expenses the acquired intellectual property rights as of the acquisition date on the basis that the cost of intangible assets purchased from others for use in research and development activities, has no alternative future uses.

License Agreements with CIEMAT

In March 2016, the Company entered into a license agreement with CIEMAT, CIBER, and FIISFJD, (collectively, “CIEMAT”), granting Rocket worldwide, exclusive rights to certain patents, know-how and other intellectual property relating to lentiviral vectors containing the human PKLR gene solely within the field of treating PKD. Under the terms of the agreement, the Company is obligated to use commercially reasonable efforts to (a) develop and obtain regulatory approval for one or more products or processes covered by the licensed intellectual property, introduce such products or processes into the commercial market and then make them reasonably available to the public, (b) develop or commercialize at least one product or process covered by the licensed intellectual property in at least one country for at least two uninterrupted years following regulatory approval, and (c) use the licensed intellectual property in an adequate, ethical and legitimate manner. In exchange for the license, Rocket is obligated to pay CIEMAT an up-front payment, royalty payments based on net sales of products or processes involving any of the licensed intellectual property, developmental and regulatory milestone payments, and sublicense revenue payments. The Company is responsible for prosecuting and maintaining the licensed patents at its expense, in cooperation with CIEMAT. Rocket also has the first responsibility to enforce and defend the licensed patents against infringement and/or challenge, in cooperation with CIEMAT. For five years following the effective date of the license agreement, the Company has a right of first refusal to license any improvements to the licensed intellectual property obtained by CIEMAT at market value. Rocket is obligated to license (without charge) to CIEMAT for non-commercial use any improvements to the licensed intellectual property that it creates.

As consideration for the licensed rights, Rocket paid CIEMAT an initial upfront license fee of €0.03 million (approximately $0.03 million) which was expensed as research and development (“R&D”) costs. The Company is obligated to make aggregate milestone payments of up to €1.4 million (approximately $1.5 million) to CIEMAT upon the achievement of specified development and regulatory milestones. With respect to any commercialized products covered by the PKD license, Rocket is obligated to pay a low to mid-single digit percentage royalty on net sales, subject to specified adjustments, by the Company or its sublicensees or affiliates. In the event that Rocket enters into a sublicense agreement with a sublicensee, it will be obligated to pay a portion of any consideration received from such sublicensees in specified circumstances.

Rocket may terminate this agreement at any time by providing CIEMAT with 90 days advance notice. The license is in effect for a duration for each of the countries defined in this agreement for as long as a license right exists that covers the licensed product or process in such country, or until the end of any additional legal protection that should be obtained for the license rights in each country.

In July 2016, Rocket entered into a license agreement with CIEMAT granting it worldwide, exclusive rights to certain patents, know-how, data and other intellectual property relating to lentiviral vectors containing the FA-A gene solely within the field of human therapeutic uses of VSV-G packaged integration component lentiviral vectors for FA type-A gene therapy. This license is only sublicensable with the prior consent of CIEMAT, not to be unreasonably withheld. Under the terms of the agreement, Rocket is obligated to use commercially reasonable efforts to (a) develop and obtain regulatory approval for one or more products or processes covered by the licensed intellectual property, introduce such products or processes into the commercial market and then make them reasonably available to the public (b) develop or commercialize at least one product or process covered by the licensed intellectual property in at least one country for at least two uninterrupted years following regulatory approval, and (c) use the licensed intellectual property in an adequate, ethical and legitimate manner. In exchange for the license, the Company is obligated to pay CIEMAT an up-front payment, royalty payments based on net sales of products or processes involving any of the licensed intellectual property, regulatory and financing milestone payments, and sublicense revenue payments. The Company is responsible for prosecuting and maintaining the licensed patents at our expense, in cooperation with CIEMAT. Rocket also has the first responsibility to enforce and defend the licensed patents against infringement and/or challenge, in cooperation with CIEMAT. For five years following the effective date of the license agreement, the Company has a right of first refusal to license any improvements to the licensed intellectual property obtained by CIEMAT at market value. Rocket is obligated to license (without charge) to CIEMAT for non-commercial use any improvements to the licensed intellectual property that we create.

As consideration for the licensed rights, Rocket paid CIEMAT an initial upfront license fee of €0.1 million (approximately $0.1 million), which was expensed as R&D costs. The Company is obligated to make aggregate milestone payments of up to €5.0 million (approximately $6.0 million) to CIEMAT upon the achievement of specified development and regulatory milestones. With respect to any commercialized products covered by the license, Rocket is obligated to pay a mid-single digit percentage royalty on net sales, subject to specified adjustments, by Rocket or its sublicensees or affiliates. In the event that the Company enters into a sublicense agreement with a sublicensee, the Company will be obligated to pay a portion of any consideration received from such sublicensees in specified circumstances.

Rocket may terminate this agreement at any time by providing CIEMAT with 90 days’ advance notice. The license is in effect for a duration for each of the countries defined in this agreement for as long as a license right exists that covers the licensed product or process in such country, or until the end of any additional legal protection that should be obtained for the license rights in each country.

License Agreement for LAD-I with CIEMAT and UCLB

The Company entered into a license agreement in November 2017, effective September 2017, with CIEMAT and UCL Business PLC (“UCLB”), collectively referred to as (“Licensors”), granting the Company worldwide, exclusive rights to certain patents, know-how and other intellectual property relating to lentiviral vectors containing the human LAD-I gene solely within the field of treating LAD-I. Under the terms of the agreement, Rocket is obligated to use commercially reasonable efforts to (a) develop and obtain regulatory approval for one or more products or processes covered by the licensed intellectual property, introduce such products or processes into the commercial market and then make them reasonably available to the public, (b) develop or commercialize at least one product or process covered by the licensed intellectual property in at least one country for at least two uninterrupted years following regulatory approval, and (c) use the licensed intellectual property in an adequate, ethical and legitimate manner. In exchange for the license, the Company is obligated to pay Licensors an up-front payment, royalty payments in the mid-single digit percentages based on net sales of products or processes involving any of the licensed intellectual property, developmental and regulatory milestone payments, and sublicense revenue payments. Rocket is responsible for prosecuting and maintaining the licensed patents at its expense, in cooperation with Licensors. The Company also has the first responsibility to enforce and defend the licensed patents against infringement and/or challenge, in cooperation with Licensors. For five years following the effective date of the license agreement, Rocket has a right of first refusal to license any improvements to the licensed intellectual property obtained by Licensors at market value. The Company is obligated to license (without charge) to Licensors for non-commercial use any improvements to the licensed intellectual property that it creates.

As consideration for the licensed rights, Rocket paid Licensors an initial upfront license fee of €0.03 million (approximately $0.04 million), which was expensed as R&D costs. The Company is obligated to make aggregate payments of up to €1.4 million (approximately $1.5 million) to Licensors upon the achievement of specified development and regulatory milestones. With respect to any commercialized products covered by the LAD-I license, Rocket is obligated to pay a mid-single digit percentage royalty on net sales, subject to specified adjustments, by the Company or its sublicensees or affiliates. In the event that the Company enters into a sublicense agreement with a sublicensee, it will be obligated to pay a portion of any consideration received from such sublicensees in specified circumstances.

Rocket may terminate this agreement at any time by providing the Licensors with 90 days advance notice. The license is in effect for a duration for each of the countries defined in this agreement for as long as a license right exists that covers the licensed product or process in such country, or until the end of any additional legal protection that should be obtained for the license rights in each country.

License Agreement for Danon Disease with UCSD

In February 2017, the Company entered into a License Agreement with The Regents of the University of California, represented by its San Diego campus (“UCSD”), under which UCSD granted us an exclusive, sublicensable, worldwide license to certain intellectual property rights for the treatment of lysosomal storage diseases, including Danon disease. In exchange for the license, the Company became obligated to make an up-front payment, certain clinical and commercial milestone payments, royalty payments (on net sales of products covered by a valid claim within the licensed intellectual property), maintenance fees and sublicense revenue payments. The upfront license fee of $0.05 million was expensed as research and development costs in 2020. The Company is obligated to make aggregate milestone payments of up to $1.5 million to UCSD upon the achievement of specified development and regulatory milestones for the treatment of Danon disease. A reduced schedule of milestone payments applies to achieving the same milestones for additional indications. With respect to any commercialized products covered by the agreement, the Company is obligated to pay a low single digit percentage royalty on net sales, subject to specified adjustments. If it enters into a sublicense agreement with a sublicensee, it will be obligated to pay a portion of any consideration received from such sublicensees in specified circumstances. The Company is also subject to certain diligence milestones for development of a product using the intellectual property licensed from UCSD under this agreement. The term of the license agreement with UCSD is through the expiration of the licensed patents, some of which are still in the pending application phase.

REGENXBIO, Inc. License

On November 19, 2018, the Company entered into a license agreement with REGENXBIO Inc. (“RGNX”), pursuant to which the Company obtained an exclusive license for all U.S. patents and patent applications related to RGNX’s NAV AAV-9 vector for the treatment of Danon disease in humans by in vivo gene therapy using AAV-9 to deliver any known LAMP2 transgene isoforms and all possible combinations of LAMP2 transgene isoforms (the “Field”), as well as an exclusive option to license (the “Option Right”) all U.S. patents and patent applications for two additional NAV AAV vectors in the Field (each, a “Licensed Patent” and collectively, the “Licensed Patents”).

Under the terms of the license agreement, the Company is obligated to use commercially reasonable efforts to develop, commercialize, market, promote and sell products incorporating the Licensed Patents (“Licensed Products”). Unless the license agreement is terminated earlier as provided below, the license from RGNX expires on a country-by-country, Licensed Product-by-Licensed Product basis until the later of the expiration date of the last to expire of the last valid claim of the applicable Licensed Patent or ten years after the first commercial sale of a Licensed Product in such country. The license agreement provides that RGNX may terminate the agreement upon a material breach by the Company if the Company does not cure such breach within a specified notice period if the Company commences a challenge against RGNX or certain of its licensors to declare or render invalid or unenforceable the licensed patents or upon the Company’s bankruptcy or insolvency. The Company may terminate the agreement in its entirety or terminate one or more of the licensed vectors at any time upon six months’ notice. The Company’s Option Right expired four years from the date of the license agreement.

In consideration for the rights granted to the Company under the license agreement, the Company made an upfront payment to RGNX of $7.0 million. The license agreement provides for royalties payable to RGNX in the high-single digits to low-teens on net sales levels of Licensed Products during the royalty term. If successful, the Company will be required to make milestone payments to RGNX of up to $13.0 million for each Licensed Product upon the achievement of specified clinical development and regulatory milestones in the U.S. and European Union. In addition, the Company shall pay RGNX 20% of the payment fees received from a priority review voucher issued in connection with or otherwise related to a Licensed Product. These royalty obligations are subject to specified reductions if additional licenses from third parties are required. The Company must also pay RGNX a portion of all non-royalty sublicense income (if any) received from sublicensees. The Company paid a $1.0 million license fee payment under the RGNX agreement upon the dosing of the first Danon patient in 2019. There were no additional milestones achieved or related payments made during the years ended December 31, 2022, 2021 and 2020.

Summary of Significant Accounting Policies, Government Grants (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Government Grants [Abstract]
Receivable of offset grants against expenses	$ 0.0	$ 0.1	$ 3.6

Risks and Liquidity

12 Months Ended

Dec. 31, 2022

Risks and Liquidity [Abstract]

Risks and Liquidity

2.	Risks and Liquidity

The Company has not generated any revenue and has incurred losses since inception. Operations of the Company are subject to certain risks and uncertainties, including, among others, uncertainty of drug candidate development, technological uncertainty, uncertainty regarding patents and proprietary rights, having no commercial manufacturing experience, marketing or sales capability or experience, dependency on key personnel, compliance with government regulations and the need to obtain additional financing. Drug candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities.

The Company’s product candidates are in the development and clinical stage. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies.

The Company’s consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company has experienced negative cash flows from operations and had an accumulated deficit of $713.8 million as of December 31, 2022. As of December 31, 2022, the Company has $399.7 million of cash, cash equivalents, and short-term and long-term investments. The Company expects such resources will be sufficient to fund the Company’s operating expenses and capital expenditure requirements through 2024.

On February 28, 2022, the Company entered into a sales agreement (the “Sales Agreement”), with Cowen and Company, LLC (“Cowen”), with respect to an at-the-market offering program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $200 million (the “Shares”) through Cowen as its sales agent. Through December 31, 2022, the Company has sold 3.3 million shares of common stock for net proceeds of $46.6 million pursuant to the at-the-market offering program (see Note 9-“Stockholder’s Equity”).

On October 6, 2022, the Company completed a follow-on offering (the “Offering”) pursuant to which it sold 7,820,000 shares of common stock for net proceeds of $108.1 million (see Note 9-“Stockholder’s Equity”).

In the longer term, the future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment [Abstract]
Property and equipment, gross	$ 38,102	$ 27,522
Less: accumulated depreciation and amortization	(9,093)	(5,223)
Property and equipment, net	29,009	22,299
Depreciation and amortization	3,900	3,200	$ 1,100
Laboratory Equipment [Member]
Property and Equipment [Abstract]
Property and equipment, gross	21,905	12,600
Machinery and Equipment [Member]
Property and Equipment [Abstract]
Property and equipment, gross	11,326	10,432
Computer Equipment [Member]
Property and Equipment [Abstract]
Property and equipment, gross	244	218
Furniture and Fixtures [Member]
Property and Equipment [Abstract]
Property and equipment, gross	2,135	1,963
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment, gross	589	407
Internal use Software [Member]
Property and Equipment [Abstract]
Property and equipment, gross	$ 1,903	$ 1,902

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-36829
Entity Registrant Name	Rocket Pharmaceuticals, Inc.
Entity Central Index Key	0001281895
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3475813
Entity Address, Address Line One	9 Cedarbrook Drive
Entity Address, City or Town	Cranbury
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08512
City Area Code	609
Local Phone Number	659-8001
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	RCKT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 644.3
Entity Common Stock, Shares Outstanding		79,347,760
Auditor Firm ID	274
Auditor Name	EISNERAMPER LLP
Auditor Location	Iselin, New Jersey

Stock-Based Awards, Stock Option Valuation (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Option Activity [Roll Forward]
Outstanding at beginning of period (in shares)	11,143,761	11,050,931
Granted (in shares)	2,305,910	1,671,759
Exercised (in shares)	(66,887)	(1,209,960)
Cancelled (in shares)	(611,766)	(368,969)
Outstanding at end of period (in shares)	13,138,870	11,143,761	11,050,931
Options vested and exercisable at end of period (in shares)	10,246,291
Options unvested at end of period (in shares)	2,892,579
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 14.51	$ 9.1
Granted (in dollars per share)	13.94	51.2
Exercised (in dollars per share)	9.43	9.32
Cancelled (in dollars per share)	32.55	35.87
Outstanding at end of period (in dollars per share)	14.52	$ 14.51	$ 9.1
Options vested and exercisable at end of period (in dollars per share)	12.31
Options unvested at end of period (in dollars per share)	$ 22.35
Weighted-Average Remaining Contractual Term [Abstract]
Outstanding	5 years 5 months 15 days	5 years 11 months 12 days	6 years 6 months 18 days
Granted	5 years 6 months 10 days	8 years 6 months 29 days
Options vested and exercisable	4 years 5 months 15 days
Options unvested	9 years 7 days
Aggregate Intrinsic Value [Abstract]
Outstanding at beginning of period	$ 128,817	$ 504,079
Exercised	514	54,487
Outstanding at end of period	118,767	$ 128,817	$ 504,079
Options vested and exercisable	110,512
Options unvested	$ 8,255
Weighted average grant date fair value of shares granted (in dollars per share)	$ 9.88	$ 31.07	$ 15.1
Total fair value of options vested	$ 34,900	$ 22,600	$ 15,600
Renovacor, Inc. [Member]
Stock Option Activity [Roll Forward]
Conversion of awards (in shares)	367,852
Weighted Average Exercise Price [Abstract]
Conversion of awards (in dollars per share)	$ 4.63
Weighted-Average Remaining Contractual Term [Abstract]
Conversion of awards	4 months 24 days
Employees and Directors [Member]
Fair Value Assumptions [Abstract]
Risk-free interest rate	2.19%	0.83%	1.00%
Expected term (in years)	5 years 1 month 2 days	5 years 10 months 2 days	5 years 10 months 2 days
Expected volatility	64.12%	69.27%	76.98%
Expected dividend yield	0.00%	0.00%	0.00%
Exercise price (in dollars per share)	$ 18.56	$ 51.2	$ 22.96
Fair value of common stock (in dollars per share)	$ 18.56	$ 51.2	$ 22.96

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Loss [Abstract]
Net loss	$ (221,863)	$ (169,069)	$ (139,700)
Other comprehensive loss
Net unrealized loss on investments	(196)	(119)	(62)
Total comprehensive loss	$ (222,059)	$ (169,188)	$ (139,762)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Summary of Significant Accounting Policies, Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Internal use Software [Member]
Property and Equipment [Abstract]
Estimated useful lives	6 years
Minimum [Member]
Property and Equipment [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Property and Equipment [Abstract]
Estimated useful lives	15 years

Renovacor Acquisition

12 Months Ended

Dec. 31, 2022

Renovacor Acquisition [Abstract]

Renovacor Acquisition

17.	Renovacor Acquisition

On September 19, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Renovacor, a Delaware corporation pursuant to which, on December 1, 2022, the Company acquired Renovacor (the “Renovacor Acquisition”). On December 1, 2022, pursuant to the terms of the Merger Agreement, (i) Merger Sub I merged with and into the Company (the “First Merger”) and (ii) the Company, as the surviving company of the First Merger merged with and into Merger Sub II, with Merger Sub II surviving the Second Merger. Subject to the terms and conditions of the Merger Agreement, at the closing of the Renovacor Acquisition each share of Renovaor’s common stock outstanding immediately prior to the effective time of the First Merger were canceled and converted into the right to receive 0.1763 (the “Exchange Ratio”) of fully paid and non-assessable shares of the Company common stock, which was determined on the basis of the exchange formula set forth in the Merger Agreement that was subject to adjustment depending on the level of the Renovacor’s net cash at the closing. Prior to the market opening on December 1, 2022, Renovacor shares ceased to trade on NYSE and upon the closing of the acquisition, Renovacor’s outstanding common stock were converted into 3,391,976 shares of Rocket common stock.

Total consideration for the acquisition was $72.3 million, consisting of $62.4 million for common stock outstanding, $2.7 million for the portion of equity compensation attributable to the pre-combination service period, and $7.2 million for assumed warrants. The consideration was based on the estimated fair values on the acquisition date of (i) 3,391,976 common shares issued for shares outstanding for common shares of Renovacor, (ii) estimated fair value of employee stock options to acquire 367,852 common shares of the Company, (iii) 28,798 common shares issued for employee time-vesting RSUs, and (iv) warrants to acquire 1,503,229 common shares (see “Note 11”).

The total consideration for the acquisition of Renovacor of $72.3 million consisted of the following:

	Shares		Value		Total
Stock consideration		3,391,976	$	18.39	$	62,378
Cash consideration⁽¹⁾						29
Stock options		367,852				2,163
Time-vesting RSUs		28,798				512
Assumed warrants⁽²⁾		1,503,229				7,183
Total consideration		5,291,855			$	72,265

⁽¹⁾	Represents consideration paid for cash in lieu of fractional shares.

⁽²⁾	Assumed Renovacor Warrants of $7,183 with $5,671 classified as equity and $1,512 classified as liabilities.

The acquisition has been accounted for as a business combination using the acquisition method of accounting which requires that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date and that the fair value of acquired IPR&D assets are classified as indefinite-life assets until the successful completion or abandonment of the associated research and development efforts.

Working capital⁽¹⁾	$	(5,210	)
Cash and cash equivalents		42,755
Property and equipment		1,414
Operating lease right-of-use assets		1,161
Other non-current assets		113
IPR&D		25,150
Other intangible asset		574
Operating lease liability		(970	)
Deferred tax liability		(1,061	)
Net assets acquired		63,926
Goodwill		8,339
Purchase consideration	$	72,265

⁽¹⁾	Includes other receivables, prepaid expenses, account payable and accrued liabilities

The fair value assigned to acquired IPR&D was based on the present value of expected after-tax cash flows attributable to Renovacor’s most advanced AAV-based gene therapy targeting BAG3-DCM. The present value of expected after-tax cash flows was determined by estimating the after-tax costs to complete development into a commercially viable product, estimating future revenue and ongoing expenses to produce, and discounting the resulting net cash flows to present value. The cost and revenue projections used were reduced based on the assessed probabilities of different stages of development. Acquired IPR&D will be accounted for as an indefinite-lived intangible asset until regulatory approval in a major market or discontinuation of development.

The excess of purchase price over the fair value of amounts assigned to identifiable assets acquired and liabilities assumed represents the goodwill amount of $8.3 million resulting from the acquisition. The goodwill recorded as part of the acquisition is primarily attributable to the broadening of our portfolio and research capabilities, deferred taxes and the assembled workforce. The goodwill attributable to the acquisition has been recorded as a non-current asset in our consolidated balance sheet as of December 31, 2022 and is not amortized, but subject to review for impairment annually. The Company incurred $3.2 million of acquisition related general and administrative costs during the year ended December 31, 2022.

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 06, 2022 USD ($) $ / shares shares	Aug. 27, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Feb. 28, 2022 $ / shares
Common Stock [Abstract]
Common stock, shares authorized (in shares) \| shares			120,000,000	120,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Number of voting right for each share \| Vote			1
Treasury Stock [Abstract]
Shares withheld to pay the payroll tax liability			$ 0	$ 0	$ 614
Private Placement At-the-Market Offering Program and Public Offerings [Abstract]
Issuance of common stock, net of issuance costs			108,138	11,327	280,763
Offering costs			1,400
Net proceeds from offering			$ 46,566	$ 0	$ 0
Private Placement [Member]
Private Placement At-the-Market Offering Program and Public Offerings [Abstract]
Issuance of common stock, net of issuance costs		$ 26,400
At-the-Market Offering Program [Member] \| Cowen and Company, LLC [Member]
Common Stock [Abstract]
Common stock, par value (in dollars per share) \| $ / shares						$ 0.01
Private Placement At-the-Market Offering Program and Public Offerings [Abstract]
Common stock shares issued (in shares) \| shares			3,300,000
Issuance of common stock, net of issuance costs			$ 46,600
Percentage of cash commission						3.00%
Gross proceeds, offering amount			48,000
Net proceeds from offering			$ 46,600
Common Stock [Member]
Private Placement At-the-Market Offering Program and Public Offerings [Abstract]
Common stock shares issued (in shares) \| shares			7,820,000	812,516	5,339,286
Common Stock [Member] \| Private Placement [Member]
Private Placement At-the-Market Offering Program and Public Offerings [Abstract]
Common stock shares issued (in shares) \| shares		812,516
Share price (in dollars per share) \| $ / shares		$ 32.48
Issuance of common stock, net of issuance costs		$ 26,400
Common Stock [Member] \| Public Offering [Member]
Private Placement At-the-Market Offering Program and Public Offerings [Abstract]
Common stock shares issued (in shares) \| shares	7,820,000
Share price (in dollars per share) \| $ / shares	$ 14.75
Gross proceeds, offering amount	$ 115,300
Offering costs	7,200
Net proceeds from offering	$ 108,100
Treasury Stock [Member]
Treasury Stock [Abstract]
Shares withheld to pay the payroll tax liability			$ 50
Treasury stock (in shares) \| shares				0

Agreements Related to Intellectual Property (Details) € in Thousands, $ in Thousands							12 Months Ended
	Nov. 30, 2017 USD ($)	Nov. 30, 2017 EUR (€)	Jul. 31, 2016 USD ($)	Jul. 31, 2016 EUR (€)	Mar. 31, 2016 USD ($)	Mar. 31, 2016 EUR (€)	Dec. 31, 2022 USD ($) Patent Milestone	Dec. 31, 2021 Milestone	Dec. 31, 2020 USD ($) Milestone	Nov. 30, 2017 EUR (€)	Feb. 28, 2017 USD ($)	Jul. 31, 2016 EUR (€)	Mar. 31, 2016 EUR (€)
License Agreement for Danon Disease [Member]
License Agreement [Abstract]
Research and development costs									$ 50
License Agreement for Danon Disease [Member] \| Maximum [Member]
License Agreement [Abstract]
Potential future obligation											$ 1,500
REGENXBIO, Inc. License [Member]
License Agreement [Abstract]
Research and development costs							$ 7,000
Potential future obligation							$ 13,000
Term of agreement							10 years
Termination notice period							6 months
Number of patents \| Patent							2
Options right expiry term							4 years
Royalties payable on fees received							20.00%
Payment for License Fee							$ 1,000
Number of additional milestones achieved \| Milestone							0	0	0
License Agreements with CIEMAT [Member]
License Agreement [Abstract]
Research and development costs			$ 100	€ 100	$ 30	€ 30
Potential future obligation			$ 6,000		$ 1,500							€ 5,000	€ 1,400
Termination notice period							90 days
Number of least uninterrupted years							2 years
License Agreement for LAD-I with CIEMAT and UCLB [Member]
License Agreement [Abstract]
Research and development costs	$ 40	€ 30
Potential future obligation	$ 1,500									€ 1,400
Termination notice period							90 days
Number of least uninterrupted years							2 years

Warrants, Rocket Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2021	Aug. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Exercise Price Per Share [Abstract]
Expense in connection with warrant issue			$ 0	$ 12,781	$ 26,562
Issuance of common stock pursuant to exercise of warrant (in shares)			0
Warrants [Member]
Warrants [Abstract]
Outstanding (in shares)			2,721,267
Number of Warrant Shares Outstanding and Exercisable [Abstract]
Beginning balance (in shares)			1,218,038	610,437
Granted (in shares)	306,310	301,291	0
Exercised (in shares)			0	0
Ending balance (in shares)	1,218,038		2,721,267	1,218,038	610,437
Exercise Price Per Share [Abstract]
Granted (in dollars per share)	$ 22.51	$ 33.63	$ 0
Exercised (in dollars per share)			$ 0	$ 0
Fair Value Assumptions [Abstract]
Risk-free interest rate			1.37%
Expected term			10 years
Expected volatility			70.25%
Expected dividend yield			0.00%
Exercise price (in dollars per share)			$ 28.07
Fair value of common stock (in dollars per share)			$ 28.07
Warrants [Member] \| Renovacor, Inc. [Member]
Warrants [Abstract]
Outstanding (in shares)			8,622,644
Number of Warrant Shares Outstanding and Exercisable [Abstract]
Assumed liability (in shares)			617,050
Assumed equity (in shares)			760,086
Assumed equity (in shares)			126,093
Exercise Price Per Share [Abstract]
Assumed liability (in dollars per share)			$ 65.23
Assumed equity (in dollars per share)			65.23
Assumed equity (in dollars per share)			0.06
24.42 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 24.42
Outstanding (in shares)			7,051
Grant date			Jun. 28, 2013
Expiration date			Jun. 28, 2023
57.11 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 57.11
Outstanding (in shares)			603,386
Grant date			Dec. 21, 2020
Expiration date			Dec. 21, 2030
33.63 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 33.63
Outstanding (in shares)			301,291
Grant date			Aug. 09, 2021
Expiration date			Aug. 09, 2031
22.51 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 22.51
Outstanding (in shares)			153,155
Grant date			Dec. 17, 2021
Expiration date			Dec. 17, 2031
22.51 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 22.51
Outstanding (in shares)			153,155
Grant date			Dec. 17, 2021
Expiration date			Dec. 17, 2031
65.23 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 65.23
Outstanding (in shares)			617,050
Grant date			Dec. 01, 2022
Expiration date			Apr. 23, 2025
65.23 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 65.23
Outstanding (in shares)			760,086
Grant date			Dec. 01, 2022
Expiration date			Dec. 01, 2026
0.06 [Member]
Warrants [Abstract]
Exercise price per share (in dollars per share)			$ 0.06
Outstanding (in shares)			126,093
Grant date			Dec. 01, 2022

Income Taxes, Net Loss by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal [Member]
Details of Income Taxes [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0
State [Member]
Details of Income Taxes [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Awards, Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation [Abstract]
Share based compensation expense	$ 31,009	$ 29,237	$ 18,567
Unrecognized share-based compensation cost	$ 45,600
Weighted average period expected to recognize unrecognized share-based compensation cost	1 year 3 months 18 days
Research and Development [Member]
Stock-Based Compensation [Abstract]
Share based compensation expense	$ 12,466	11,954	7,355
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Share based compensation expense	18,543	17,283	11,212
Stock Options [Member]
Stock-Based Compensation [Abstract]
Share based compensation expense	27,620	28,811	18,527
Restricted Stock Units [Member]
Stock-Based Compensation [Abstract]
Share based compensation expense	3,389	$ 426	$ 40
Unrecognized share-based compensation cost	$ 13,100
Weighted average period expected to recognize unrecognized share-based compensation cost	2 years 6 months

Summary of Significant Accounting Policies, Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill [Abstract]
Number of operating segment	1
Number of reporting unit	1
Goodwill impairment \| $	$ 0	$ 0	$ 0

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Net Loss Per Share [Abstract]

Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:

	For the Years Ended December 31,
	2022				2021				2020

Numerator:
Net loss attributable to common stockholders		$	(221,863	)		$	(169,069	)		$	(139,700	)
Denominator:
Weighted-average common shares outstanding - basic and diluted			68,148,925				63,235,417				55,380,740
Net loss per share attributable to common stockholders - basic and diluted		$	(3.26	)		$	(2.67	)		$	(2.52	)

Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	Twelve Months Ended December 31,
	2022		2021		2020
Shares issuable upon conversion of the 2021 Convertible Notes		-		-		160,536
Shares issuable upon conversion of the 2022 Convertible Notes		-		-		1,195,449
Warrants exercisable for common shares		2,721,267		1,218,038		610,437
Restricted stock units convertible for common shares		992,874		23,500		-
Options to purchase common shares		13,138,870		11,143,761		11,050,931
		16,853,011		12,385,299		13,017,353

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2022

Accounts Payable and Accrued Expenses [Abstract]

Accounts Payable and Accrued Expenses

7.	Accounts Payable and Accrued Expenses

At December 31, 2022 and 2021, the Company’s accounts payable and accrued expenses consisted of the following:

	December 31, 2022		December 31, 2021
Research and development	$	19,100	$	12,082
Employee compensation		10,006		4,533
Property and equipment		2,095		725
Professional fees		1,436		1,196
Acquisition related expenses		1,153		-
Government grant payable		597		597
Other		2,273		482
	$	36,660	$	19,615

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator [Abstract]
Net loss attributable to common stockholders	$ (221,863)	$ (169,069)	$ (139,700)
Denominator [Abstract]
Weighted-average common shares outstanding - basic (in shares)	68,148,925	63,235,417	55,380,740
Weighted-average common shares outstanding - diluted (in shares)	68,148,925	63,235,417	55,380,740
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (3.26)	$ (2.67)	$ (2.52)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (3.26)	$ (2.67)	$ (2.52)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Warrants exercisable for common shares (in shares)	2,721,267	1,218,038	610,437
Restricted stock units convertible for common shares (in shares)	992,874	23,500	0
Options to purchase common shares (in shares)	13,138,870	11,143,761	11,050,931
Weighted average number diluted shares outstanding (in shares)	16,853,011	12,385,299	13,017,353
Convertible Notes 2021 [Member]
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Shares issuable upon conversion of Convertible Notes (in shares)	0	0	160,536
Convertible Notes 2022 [Member]
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Shares issuable upon conversion of Convertible Notes (in shares)	0	0	1,195,449

Renovacor Acquisition (Details)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 01, 2022

USD ($)

$ / shares

Sep. 19, 2022

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Purchase Price allocation of Assets Acquired and Liabilities Assumed [Abstract]

Goodwill

$ 39,154

$ 30,815

Renovacor, Inc. [Member]

Business Combination [Abstract]

Exchange ratio

0.1763

Business Combination, Consideration Transferred [Abstract]

Stock consideration (in shares) | shares

5,291,855

Cash consideration

^[1]

$ 29

Equity consideration, value

2,700

Total consideration

72,265

Purchase Price allocation of Assets Acquired and Liabilities Assumed [Abstract]

Working capital

^[2]

(5,210)

Cash and cash equivalents

42,755

Property and equipment

1,414

Operating lease right-of-use assets

1,161

Other non-current assets

113

IPR&D

25,150

Other intangible asset

574

Operating lease liability

(970)

Deferred tax liability

(1,061)

Net assets acquired

63,926

Goodwill

8,339

Purchase consideration

$ 72,265

$ 3,200

Renovacor, Inc. [Member] | Assumed Warrants [Member]

Business Combination, Consideration Transferred [Abstract]

Stock consideration (in shares) | shares

^[3]

1,503,229

Equity consideration, value

^[3]

$ 7,183

Renovacor, Inc. [Member] | Warrants, Classified as Equity [Member]

Business Combination, Consideration Transferred [Abstract]

Equity consideration, value

5,671

Renovacor, Inc. [Member] | Warrants Classified as Liabilities [Member]

Business Combination, Consideration Transferred [Abstract]

Equity consideration, value

$ 1,512

Renovacor, Inc. [Member] | Stock Options [Member]

Business Combination, Consideration Transferred [Abstract]

Stock consideration (in shares) | shares

367,852

Equity consideration, value

$ 2,163

Renovacor, Inc. [Member] | Time Vesting RSU [Member]

Business Combination, Consideration Transferred [Abstract]

Stock consideration (in shares) | shares

28,798

Equity consideration, value

$ 512

Renovacor, Inc. [Member] | Stock Consideration [Member]

Business Combination, Consideration Transferred [Abstract]

Stock consideration (in shares) | shares

3,391,976

Share price (in dollars per share) | $ / shares

$ 18.39

Equity consideration, value

$ 62,378

[1]	Represents consideration paid for cash in lieu of fractional shares.
[2]	Includes other receivables, prepaid expenses, account payable and accrued liabilities
[3]	Assumed Renovacor Warrants of $7,183 with $5,671 classified as equity and $1,512 classified as liabilities.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments Measured on Recurring Basis

	Fair Value Measurements as of December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	90,527	$	-	$	-	$	90,527
Commercial Paper		-		3,899		-		3,899
United States Treasury Securities		3,848		-		-		3,848
Corporate Bonds		-		8,618		-		8,618
		94,375		12,517		-		106,892

Investments:
Commercial Paper		-		1,151		-		1,151
United States Treasury securities		189,444		-		-		189,444
Corporate Bonds		-		60,905		-		60,905
Agency Bonds		-		7,653		-		7,653
		189,444		69,709		-		259,153

Total assets	$	283,819	$	82,226	$	-	$	366,045

Liabilities:
Warrant liability	$	-	$	-	$	1,512	$	1,512
Total liabilities	$	-	$	-	$	1,512	$	1,512

	Fair Value Measurements as of December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	179,900	$	-	$	-	$	179,900
		179,900		-		-		179,900

Investments:
United States Treasury securities		44,045		-		-		44,045
Corporate Bonds		-		96,696		-		96,696
Municipal Bonds		-		6,000		-		6,000
Agency Bonds		-		9,305		-		9,305
		44,045		112,001		-		156,046

Total assets	$	223,945	$	112,001	$	-	$	335,946

Changes in Level 3 Liabilities Measured at Fair Value

Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis

	Warrant
	Liability
Balance, January 1, 2022	$	-
Acquisition of Renovacor		1,512
Balance, December 31, 2022	$	1,512

Level 3 Fair Value of the Private Warrants

The fair value of the Private Warrants has been estimated with the following assumptions:

	December 1, 2022
Stock price	$	18.39
Exercise price	$	65.23
Expected volatility		71.25	%
Risk-free interest rate		4.14	%
Expected dividend yield		-
Expected life (years)		2.39
Fair value per warrant	$	2.45

Risks and Liquidity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 06, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2022
Risks and Liquidity [Abstract]
Accumulated deficit		$ (713,775)	$ (491,912)
Cash, cash equivalents, short-term and long-term investments		$ 399,700
Shareholders' Equity Disclosure [Abstract]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Issuance of common stock, net of issuance costs		$ 108,138	$ 11,327	$ 280,763
At-the-Market Offering [Member] \| Cowen and Company, LLC [Member]
Shareholders' Equity Disclosure [Abstract]
Common stock, par value (in dollars per share)					$ 0.01
Common stock shares issued and sold (in shares)		3,300,000
Issuance of common stock, net of issuance costs		$ 46,600
At-the-Market Offering [Member] \| Cowen and Company, LLC [Member] \| Maximum [Member]
Shareholders' Equity Disclosure [Abstract]
Aggregate offering price					$ 200,000
Follow-on Public Offering [Member]
Shareholders' Equity Disclosure [Abstract]
Common stock shares issued and sold (in shares)	7,820,000
Issuance of common stock, net of issuance costs	$ 108,100

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Expenses [Abstract]
Research and development	$ 19,100	$ 12,082
Employee compensation	10,006	4,533
Property and equipment	2,095	725
Professional fees	1,436	1,196
Acquisition related expenses	1,153	0
Government grant payable	597	597
Other	2,273	482
Accounts payable and accrued expenses	$ 36,660	$ 19,615

Nature of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2022

Nature of Business and Basis of Presentation [Abstract]

Nature of Business and Basis of Presentation

1.	Nature of Business and Basis of Presentation

Rocket Pharmaceuticals, Inc. (“Rocket” or the “Company”) is a clinical-stage, multi-platform biotechnology company focused on the development of first, only and best-in-class gene therapies, with direct on-target mechanism of action and clear clinical endpoints, for rare and devastating diseases. The Company has three clinical-stage ex vivo lentiviral vector (“LV”) programs. These include programs for Fanconi Anemia (“FA”), a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells, Leukocyte Adhesion Deficiency-I (“LAD-I”), a genetic disorder that causes the immune system to malfunction and Pyruvate Kinase Deficiency (“PKD”), a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia. Of these, both the Phase 2 FA program and the Phase 1/2 LAD-I program are in potentially registration-enabling studies in the United States (“U.S.”) and Europe (“EU”). Additional work on a gene therapy program for the less common FA subtypes C and G is ongoing. In the U.S., the Company also has a clinical stage in vivo adeno-associated virus (“AAV”) program for Danon disease, a multi-organ lysosomal-associated disorder leading to early death due to heart failure. The Danon program is currently in an ongoing Phase 1 trial. Additionally, the Company has an AAV vector program targeting Plakophilin-2 Arrhythmogenic Cardiomyopathy (“PKP2-ACM”), an inheritable cardiac disorder that is characterized by a progressive loss of cardiac muscle mass, severe right ventricular dilation, dysplasia, fibrofatty replacement of the myocardium and a high propensity to arrhythmias and sudden death. As a result of the Company’s acquisition of Renovacor Inc. (“Renovacor”) (see Note 17-“Renovacor Acquisition”), the Company is able to utilize recombinant AAV9-based gene therapy designed to slow or halt progression of BAG3 Dilated Cardiomyopathy (“DCM”), which is the most common form of cardiomyopathy and is characterized by progressive thinning of the walls of the heart resulting in enlarged heart chambers that are unable to pump blood. The Company has global commercialization and development rights to all of these product candidates under royalty-bearing license agreements.

Effective December 2021, a decision was made to no longer pursue Rocket-sponsored clinical evaluation of RP-L401; this program was returned to academic innovators. Although the Company believes that gene therapy may be beneficial to patients afflicted with this disorder, it has opted to focus available resources towards advancement of RP-A601, RP-A501, RP-L102, RP-L201, RP-L301 and BAG3-DCM.

CIRM Grants (Details) $ in Millions			12 Months Ended
CIRM Grants (Details) $ in Millions	Apr. 01, 2021 USD ($)	Jan. 04, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($) Grant	Dec. 31, 2020 USD ($)	Nov. 12, 2020 USD ($)	Apr. 30, 2019 USD ($)
LAD-I CIRM Grant [Member]
CIRM Grant [Abstract]
Grant award for clinical development support							$ 6.6
Amount received from grant for eligible costs incurred				$ 1.2
Grant receivable included in prepaid and other assets					$ 1.1
Number of grants \| Grant				2
Milestone payments received	$ 1.0	$ 1.1
IMO CIRM Grant [Member]
CIRM Grant [Abstract]
Grant award for clinical development support						$ 3.7
Amount received from grant for eligible costs incurred		$ 1.0
Grant receivable included in prepaid and other assets					$ 0.9
Decrease in research and development expense			$ 0.1

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Cash, Cash Equivalents and Restricted Cash

	December 31, 2022		December 31, 2021

Cash and cash equivalents	$	140,517	$	232,694
Restricted cash		1,340		1,343
	$	141,857	$	234,037

Fair Value of Financial Instruments, Changes in Level 3 Liabilities Measured at Fair Value (Details) - Recurring [Member] - Level 3 [Member] - Warrant Liability [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Changes in Fair Value of Warrant Liabilities [Roll Forward]
Fair value, beginning of period	$ 0
Acquisition of Renovacor	1,512
Fair value, end of period	$ 1,512

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Accounts Payable and Accrued Expenses [Abstract]

Accounts Payable and Accrued Expenses

At December 31, 2022 and 2021, the Company’s accounts payable and accrued expenses consisted of the following:

	December 31, 2022		December 31, 2021
Research and development	$	19,100	$	12,082
Employee compensation		10,006		4,533
Property and equipment		2,095		725
Professional fees		1,436		1,196
Acquisition related expenses		1,153		-
Government grant payable		597		597
Other		2,273		482
	$	36,660	$	19,615

Commitments and Contingencies, Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 07, 2018
Operating Leases [Abstract]
Total right-of-use asset	$ 1,972	$ 1,569
Total lease liabilities	1,088	905
Future lease payments	4,300
Rent expense	1,200	1,100	$ 900
Renovacor, Inc. [Member]
Operating Leases [Abstract]
Total right-of-use asset	1,200
Total lease liabilities	$ 1,000
Hopewell, New Jersey and Cambridge [Member]
Operating Leases [Abstract]
Remaining lease term	10 years 3 months
ESB Lease Agreement [Member]
Operating Leases [Abstract]
Term of lease agreement	3 years
Letter of credit				$ 900
Certificate of deposit	$ 800	900
Lease expiration date	Aug. 29, 2024
ESB Lease Agreement Amendment [Member]
Operating Leases [Abstract]
Letter of credit	$ 800
Operating lease right of use asset, adjustment		1,100
Lease expiration date	Jun. 30, 2024
Inotek Lexington Massachusetts Lease Agreement [Member]
Operating Leases [Abstract]
Lease expiration date	Feb. 28, 2023
Rental income received under sublease agreement	$ 400	$ 400	$ 400
Remaining lease term	1 year 3 months 18 days

Net Loss Per Share

12 Months Ended

Dec. 31, 2022

Net Loss Per Share [Abstract]

Net Loss Per Share

12.	Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:

	For the Years Ended December 31,
	2022				2021				2020

Numerator:
Net loss attributable to common stockholders		$	(221,863	)		$	(169,069	)		$	(139,700	)
Denominator:
Weighted-average common shares outstanding - basic and diluted			68,148,925				63,235,417				55,380,740
Net loss per share attributable to common stockholders - basic and diluted		$	(3.26	)		$	(2.67	)		$	(2.52	)

	Twelve Months Ended December 31,
	2022		2021		2020
Shares issuable upon conversion of the 2021 Convertible Notes		-		-		160,536
Shares issuable upon conversion of the 2022 Convertible Notes		-		-		1,195,449
Warrants exercisable for common shares		2,721,267		1,218,038		610,437
Restricted stock units convertible for common shares		992,874		23,500		-
Options to purchase common shares		13,138,870		11,143,761		11,050,931
		16,853,011		12,385,299		13,017,353

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 140,517	$ 232,694
Investments	215,877	156,046
Prepaid expenses and other current assets	7,666	3,319
Total current assets	364,060	392,059
Property and equipment, net	29,009	22,299
Goodwill	39,154	30,815
Intangible assets	25,724	0
Restricted cash	1,340	1,343
Deposits	608	455
Investments	43,276	0
Operating lease right-of-use assets	1,972	1,569
Finance lease right-of-use asset	46,664	48,480
Total assets	551,807	497,020
Current liabilities:
Accounts payable and accrued expenses	36,660	19,615
Operating lease liabilities, current	773	863
Finance lease liability, current	1,736	1,689
Total current liabilities	39,169	22,167
Operating lease liabilities, non-current	1,088	905
Finance lease liability, non-current	19,269	19,144
Other liabilities	2,595	80
Total liabilities	62,121	42,296
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.01 par value, 120,000,000 shares authorized; 79,123,312 and 64,505,889 shares issued and 79,120,795 and 64,505,889 shares outstanding at December 31, 2022 and December 31, 2021, respectively	791	645
Treasury stock, at cost, 2,571 and 0 common shares at December 31, 2022 and December 31, 2021 respectively	(47)	0
Additional paid-in capital	1,203,074	946,152
Accumulated other comprehensive loss	(357)	(161)
Accumulated deficit	(713,775)	(491,912)
Total stockholders' equity	489,686	454,724
Total liabilities and stockholders' equity	551,807	497,020
Series A Convertible Preferred Stock [Member]
Stockholders' equity:
Preferred stock	0	0
Series B Convertible Preferred Stock [Member]
Stockholders' equity:
Preferred stock	$ 0	$ 0

Income Taxes, NOL Carryforwards and Tax Credits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Operating Loss Carryforwards [Abstract]
R&D credits	$ 20,984	$ 35,766	$ 42,613
Decease in valuation allowance	(2,100)	(7,200)
Annual limitations under section 382 of IRC	1,700
Uncertain Tax Positions [Abstract]
Uncertain tax positions	0	0	0
Income Tax Penalties and Interest Accrued [Abstract]
Accrued interest or penalties	0	$ 0	$ 0
Federal [Member]
Operating Loss Carryforwards [Abstract]
NOL carryforwards	$ 142,500			$ 127,100
NOL carryforwards, expiration date	Dec. 31, 2026
R&D credits	$ 21,000
Tax credit, expiration date	Dec. 31, 2038
Net operating loss, subject to expiration	$ 3,400			$ 91,200
Cumulative limitation period	20 years
Cumulative net operating loss, subject to expiration	$ 35,800
Federal [Member] \| Renovacor, Inc. [Member]
Operating Loss Carryforwards [Abstract]
NOL carryforwards	44,500
Federal [Member] \| Research and Development [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforwards, subject to expiration	4,900
State [Member]
Operating Loss Carryforwards [Abstract]
NOL carryforwards	$ 76,600
NOL carryforwards, expiration date	Dec. 31, 2037
Net operating loss, subject to expiration	$ 4,800

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets and Goodwill [Abstract]

Summary of Intangible Assets

Intangible assets as of December 31, 2022 are summarized as follows:

	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net
In process research & development	$	25,150	$	-	$	25,150
Mice colony model		574		-		574
Total intangible assets	$	25,724	$	-	$	25,724

Income Taxes, Reconciliation Between Effective Tax Rates and Statutory Rates (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Income Tax Benefit Computed at Statutory Federal Income Tax Rate to Income Taxes [Abstract]
U.S. federal tax at statutory rate	21.00%	21.00%	21.00%
Foreign rate differential	(16.90%)	(13.00%)	0.00%
Change in state tax apportionment	(0.10%)	0.10%	0.10%
Stock compensation	0.10%	1.50%	0.90%
Transfer pricing adjustments	0.00%	(22.80%)	0.00%
Valuation allowance	6.30%	4.60%	(35.00%)
Federal NOL true-up	(2.70%)	0.00%	0.00%
Tax credits	(6.70%)	8.70%	13.50%
Other	(1.00%)	(0.10%)	(0.50%)
Effective tax rate	0.00%	0.00%	0.00%

Fair Value of Financial Instruments, Measured on Recurring Basis (Details) - Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Cash equivalents	$ 106,892	$ 179,900
Investments	259,153	156,046
Fair value of financial instruments	366,045	335,946
Liabilities [Abstract]
Total liabilities	1,512
Warrant Liability [Member]
Liabilities [Abstract]
Total liabilities	1,512
Money Market Mutual Funds [Member]
Assets [Abstract]
Cash equivalents	90,527	179,900
Commercial Paper [Member]
Assets [Abstract]
Cash equivalents	3,899
Investments	1,151
United States Treasury Securities [Member]
Assets [Abstract]
Cash equivalents	3,848
Investments	189,444	44,045
Corporate Bonds [Member]
Assets [Abstract]
Cash equivalents	8,618
Investments	60,905	96,696
Municipal Bonds [Member]
Assets [Abstract]
Investments		6,000
Agency Bonds [Member]
Assets [Abstract]
Investments	7,653	9,305
Level 1 [Member]
Assets [Abstract]
Cash equivalents	94,375	179,900
Investments	189,444	44,045
Fair value of financial instruments	283,819	223,945
Liabilities [Abstract]
Total liabilities	0
Level 1 [Member] \| Warrant Liability [Member]
Liabilities [Abstract]
Total liabilities	0
Level 1 [Member] \| Money Market Mutual Funds [Member]
Assets [Abstract]
Cash equivalents	90,527	179,900
Level 1 [Member] \| Commercial Paper [Member]
Assets [Abstract]
Cash equivalents	0
Investments	0
Level 1 [Member] \| United States Treasury Securities [Member]
Assets [Abstract]
Cash equivalents	3,848
Investments	189,444	44,045
Level 1 [Member] \| Corporate Bonds [Member]
Assets [Abstract]
Cash equivalents	0
Investments	0	0
Level 1 [Member] \| Municipal Bonds [Member]
Assets [Abstract]
Investments		0
Level 1 [Member] \| Agency Bonds [Member]
Assets [Abstract]
Investments	0	0
Level 2 [Member]
Assets [Abstract]
Cash equivalents	12,517	0
Investments	69,709	112,001
Fair value of financial instruments	82,226	112,001
Liabilities [Abstract]
Total liabilities	0
Level 2 [Member] \| Warrant Liability [Member]
Liabilities [Abstract]
Total liabilities	0
Level 2 [Member] \| Money Market Mutual Funds [Member]
Assets [Abstract]
Cash equivalents	0	0
Level 2 [Member] \| Commercial Paper [Member]
Assets [Abstract]
Cash equivalents	3,899
Investments	1,151
Level 2 [Member] \| United States Treasury Securities [Member]
Assets [Abstract]
Cash equivalents	0
Investments	0	0
Level 2 [Member] \| Corporate Bonds [Member]
Assets [Abstract]
Cash equivalents	8,618
Investments	60,905	96,696
Level 2 [Member] \| Municipal Bonds [Member]
Assets [Abstract]
Investments		6,000
Level 2 [Member] \| Agency Bonds [Member]
Assets [Abstract]
Investments	7,653	9,305
Level 3 [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments	0	0
Fair value of financial instruments	0	0
Liabilities [Abstract]
Total liabilities	1,512
Level 3 [Member] \| Warrant Liability [Member]
Liabilities [Abstract]
Total liabilities	1,512
Level 3 [Member] \| Money Market Mutual Funds [Member]
Assets [Abstract]
Cash equivalents	0	0
Level 3 [Member] \| Commercial Paper [Member]
Assets [Abstract]
Cash equivalents	0
Investments	0
Level 3 [Member] \| United States Treasury Securities [Member]
Assets [Abstract]
Cash equivalents	0
Investments	0	0
Level 3 [Member] \| Corporate Bonds [Member]
Assets [Abstract]
Cash equivalents	0
Investments	0	0
Level 3 [Member] \| Municipal Bonds [Member]
Assets [Abstract]
Investments		0
Level 3 [Member] \| Agency Bonds [Member]
Assets [Abstract]
Investments	$ 0	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Income Taxes

13.	Income Taxes

No provision for federal or state income taxes was recorded during the years ended December 31, 2022, 2021 and 2020, as the Company incurred operating losses and maintains a full valuation allowance against its net deferred tax assets.

A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:

	For the Years Ended December 31,
	2022			2021			2020
U.S. federal tax at statutory rate		21.0	%		21.0	%		21.0	%
Foreign rate differential		(16.9	%)		(13.0	%)		0	%
Change in state tax apportionment		(0.1	%)		0.1	%		0.1	%
Stock compensation		0.1	%		1.5	%		0.9	%
Transfer pricing adjustments		0	%		(22.8	%)		0	%
Valuation allowance		6.3	%		4.6	%		(35.0	%)
Federal NOL true-up		(2.7	%)		0	%		0	%
Tax credits		(6.7	%)		8.7	%		13.5	%
Other		(1.0	%)		(0.1	%)		(0.5	%)
Effective tax rate		0	%		0	%		0	%

The significant components of the Company’s deferred income tax assets and liabilities after applying the enacted corporate tax rates are as follows:

	As of December 31,
	2022			2021			2020
Deferred income tax assets (liabilities)
R&D credits	$	20,984		$	35,766		$	42,613
Net operating losses (“NOL”) and credit carryforwards		33,718			26,789			21,359
Capitalized research and development costs		19,085			19,753			23,179
Stock-based compensation		19,781			11,552			7,406
Debt discount		-			-			(748	)
Warrants		8,390			8,382			5,585
Intangible assets		(5,424	)		-			-
Other		(6,332	)		(8,881	)		1,189
Valuation allowance		(91,263	)		(93,361	)		(100,583	)
Net deferred income tax asset (liability)	$	(1,061	)	$	-		$	-

As of December 31, 2022, the Company had federal net operating loss (“NOL”) carryforwards of approximately $142.5 million, of which approximately $3.4 million will begin to expire in 2026, and state NOL carryforwards of approximately $76.6 million, of which approximately $4.8 million will begin to expire in 2037. Under the Tax Cuts and Jobs Act, federal NOL’s generated in tax years beginnig after December 31, 2017 have an unlimited carryforward period, and the amount of NOL allowed to be utilized each year is limited to 80% of taxable income. The Company has federal R&D credits of $21.0 million which will begin to expire in December 31, 2038.

As required by ASC 740, Income Taxes, management of Rocket has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of NOL carryforwards and capitalized research and development costs. As a result of the fact that Rocket has incurred tax losses from inception, management has determined that it is more likely than not that Rocket will not recognize the benefits of federal and state net deferred tax assets and, as a result, a full valuation allowance has been established against its net deferred tax assets as of December 31, 2022, 2021 and 2020. Rocket has offset certain deferred tax liabilities with deferred tax assets that are expected to generate offsetting deductions within the same period. During the years ended December 31, 2022 and 2021, the valuation allowance decreased by $2.1 million and $7.2 million, respectively. Realization of deferred tax assets is dependent upon the generation of future taxable income.

Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. The Company has completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since the Company became a “loss corporation” as defined in Section 382. The Company experienced multiple ownership changes occurring in 2005, 2007, 2015, and 2018. The ownership change has and will continue to subject our pre-ownership change NOL carryforwards to an annual limitation, which will significantly restrict our ability to use them to offset taxable income in periods following the ownership change. In general, the annual use limitation equals the aggregate value of our stock at the time of the ownership change multiplied by a specified tax-exempt interest rate. As a result of the ownership change, the Company is limited to an approximate $1.7 million annual limitation on our ability to utilize our pre-merger NOL’s and R&D Credits. Due to this limitation, approximately $91.2 million of the $127.1 million pre-merger Federal NOL will expire unutilized as the cumulative limitation amount over a 20-year carryforward period is $35.8 million. Additionally, $4.9 million of Federal R&D Credits will expire unutilized. As a result, the Company has reduced its deferred tax assets related to the Federal NOL and Federal R&D Credits by an aggregate of $4.9 million which is offset by the corresponding decrease in the valuation allowance. In conjunction with the Renovacor Acquisition (see Note 17- “Renovacor Acquisition”), Rocket acquired Renovacor’s federal NOL’s of $44.5 million. A Section 382 study has not yet been performed as it relates to the Renovacor NOL’s, therefore the limitation of the Renovacor NOL’s is not yet known.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which Rocket operates or does business in. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits.

The Company records uncertain tax positions as liabilities in accordance with ASC 740 and adjusts these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of December 31, 2022, 2021 and 2020, the Company has not recorded any uncertain tax positions in its financial statements.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. As of December 31, 2022, 2021 and 2020, no accrued interest or penalties are included on the related tax liability line in the consolidated balance sheets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies, Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments [Abstract]
Realized gains (losses) on investment	$ 0	$ 0	$ 0
Unrealized loss on investments	$ (196)	$ (119)	$ (62)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Cash, Cash Equivalents and Restricted Cash

	December 31, 2022		December 31, 2021

Cash and cash equivalents	$	140,517	$	232,694
Restricted cash		1,340		1,343
	$	141,857	$	234,037

Government Grants

Concentrations of Credit Risk and Off-balance Sheet Risk

Concentrations of credit risk and off-balance sheet risk

Investments

Intangible Assets

Goodwill

Property and Equipment

Impairment of Long-Lived Assets

Fair Value Measurements

Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.

Warrants

Research and Development Expenses

Foreign Currency Transactions

Treasury Stock

The Company records treasury stock at cost.

Stock-Based Compensation

Tax Credits and Income Taxes

New York State Life Sciences Research and Development Tax Credit

Income Taxes

Net Loss Per Share

Segment Reporting

Comprehensive Loss

Recent Accounting Pronouncements

There were no recent accounting pronouncements that impacted the Company or are expected to have a significant effect on the consolidated financial statements.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Operations [Abstract]
Revenue	$ 0	$ 0	$ 0
Operating expenses:
Research and development	165,570	125,476	105,438
General and administrative	58,773	41,772	28,865
Total operating expenses	224,343	167,248	134,303
Loss from operations	(224,343)	(167,248)	(134,303)
Research and development incentives	500	1,000	0
Interest expense	(1,862)	(2,977)	(6,967)
Interest and other income, net	3,889	3,068	2,150
Amortization of premium on investments, net	(47)	(2,912)	(580)
Total other income (expense), net	2,480	(1,821)	(5,397)
Net loss	$ (221,863)	$ (169,069)	$ (139,700)
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (3.26)	$ (2.67)	$ (2.52)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (3.26)	$ (2.67)	$ (2.52)
Weighted-average common shares outstanding - basic (in shares)	68,148,925	63,235,417	55,380,740
Weighted-average common shares outstanding - diluted (in shares)	68,148,925	63,235,417	55,380,740

Commitments and Contingencies, Finance Lease (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² LeaseAgreement	Dec. 31, 2021 USD ($)	Mar. 15, 2020 USD ($)
Finance Lease [Abstract]
Total lease payments	$ 52,295
Cash security deposit	608	$ 455
Restricted cash	1,340	1,343
Finance lease, right-of-use assets	46,664	48,480
Finance lease, liability	21,005
Operating and Finance Leases [Member]
Finance Lease [Abstract]
Restricted cash	$ 800	800
NJ Lease Agreement [Member]
Finance Lease [Abstract]
Area of lease \| ft²	103,720
Term of finance lease agreement	15 years
Number of options to renew lease agreement \| LeaseAgreement	2
Term of renewal of finance lease agreement	5 years
Estimated rent payments	$ 1,200
Percentage of annual increase in base rent	3.00%
Total lease payments	$ 29,300
Cash security deposit	300	300
Finance lease, right-of-use assets			$ 47,700
Finance lease, liability			20,200
Reclassification of construction costs in progress to right-of-use assets	300	$ 100	26,500
Reclassification of prepaid rent to right-of-use assets			$ 1,100
Aggregate amount for reclassification of construction costs in progress to right-of-use assets	$ 32,400
AAV Current Good Manufacturing Practice (cGMP) [Member]
Finance Lease [Abstract]
Area of lease \| ft²	50,000

Fair Value of Financial Instruments, Level 3 Fair Value of the Private Warrants (Details) - Private Warrants [Member]	Dec. 31, 2022 $ / shares
Fair Value of the Private Warrants, Assumptions [Abstract]
Term	2 years 4 months 20 days
Fair value per warrant (in dollars per share)	$ 2.45
Stock Price [Member]
Fair Value of the Private Warrants, Assumptions [Abstract]
Measurement input	18.39
Exercise Price [Member]
Fair Value of the Private Warrants, Assumptions [Abstract]
Measurement input	65.23
Expected Volatility [Member]
Fair Value of the Private Warrants, Assumptions [Abstract]
Measurement input	0.7125
Risk-Free Interest Rate [Member]
Fair Value of the Private Warrants, Assumptions [Abstract]
Measurement input	0.0414
Expected Dividend Yield [Member]
Fair Value of the Private Warrants, Assumptions [Abstract]
Measurement input	0

Summary of Significant Accounting Policies, Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 140,517	$ 232,694
Restricted cash	1,340	1,343
Total	$ 141,857	$ 234,037	$ 298,666	$ 186,908

Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 25,724
Intangible Assets, Net	25,724	$ 0
Goodwill	39,154	$ 30,815
In Process Research & Development [Member]
Intangible Assets, Net [Abstract]
Gross Carrying Value	25,150
Intangible Assets, Net	25,150
Mice Colony Model [Member]
Intangible Assets, Net [Abstract]
Gross Carrying Value	574
Intangible Assets, Net	$ 574

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details