Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CBAY | |
Entity Registrant Name | CymaBay Therapeutics, Inc. | |
Entity Central Index Key | 0001042074 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 68,997,938 | |
Entity Shell Company | false | |
Entity File Number | 001-36500 | |
Entity Tax Identification Number | 94-3103561 | |
Entity Address, Address Line One | 7575 Gateway Blvd | |
Entity Address, Address Line Two | Suite 110 | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94560 | |
City Area Code | 510 | |
Local Phone Number | 293-8800 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 32,897 | $ 28,193 |
Marketable securities | 73,237 | 118,130 |
Accrued interest receivable | 227 | 277 |
Prepaid research and development expenses | 6,060 | 2,221 |
Other prepaid expenses and current assets | 1,392 | 2,764 |
Total current assets | 113,813 | 151,585 |
Property and equipment, net | 1,511 | 1,761 |
Operating lease right-of-use asset | 270 | 272 |
Other assets | 1,447 | 207 |
Total assets | 117,041 | 153,825 |
Current liabilities: | ||
Accounts payable | 1,050 | 231 |
Accrued research and development expenses | 4,126 | 4,698 |
Other accrued liabilities | 3,783 | 4,928 |
Total current liabilities | 8,959 | 9,857 |
Long-term portion of operating lease liability | 988 | 1,262 |
Total liabilities | 9,947 | 11,119 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value: 200,000,000 shares authorized; 68,997,938 and 68,946,092 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 7 | 7 |
Additional paid-in capital | 824,717 | 819,549 |
Accumulated other comprehensive (loss) income | 1 | 8 |
Accumulated deficit | (717,631) | (676,858) |
Total stockholders' equity | 107,094 | 142,706 |
Total liabilities and stockholders' equity | $ 117,041 | $ 153,825 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 68,997,938 | 68,997,938 |
Common stock, shares outstanding | 68,946,092 | 68,946,092 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 16,745 | $ 7,942 | $ 29,127 | $ 17,451 |
General and administrative | 6,521 | 3,210 | 11,757 | 7,628 |
Total operating expenses | 23,266 | 11,152 | 40,884 | 25,079 |
Loss from operations | (23,266) | (11,152) | (40,884) | (25,079) |
Interest income | 44 | 426 | 111 | 1,265 |
Net loss | (23,222) | (10,726) | (40,773) | (23,814) |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on marketable securities | 7 | 316 | (7) | 106 |
Total other comprehensive (loss) income | 7 | 316 | (7) | 106 |
Comprehensive loss | $ (23,215) | $ (10,410) | $ (40,780) | $ (23,708) |
Basic and diluted net loss per common share | $ (0.34) | $ (0.16) | $ (0.59) | $ (0.35) |
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share | 68,985,461 | 68,885,108 | 68,965,885 | 68,883,783 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net loss | $ (40,773) | $ (23,814) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 339 | 309 |
Stock-based compensation expense | 5,062 | 2,961 |
Write-off of deferred financing costs | 312 | |
Net accretion and amortization of investments in marketable securities | 426 | (306) |
Changes in assets and liabilities: | ||
Interest receivable and other current assets | 178 | 478 |
Prepaid research and development expenses and other prepaid assets | (2,793) | 6,510 |
Other assets | (1,240) | 0 |
Accounts payable | 798 | (2,027) |
Accrued liabilities | (2,084) | (6,568) |
Net cash used in operating activities | (39,775) | (22,457) |
Investing activities | ||
Purchases of property and equipment | (87) | 0 |
Purchases of marketable securities | (33,820) | (65,504) |
Proceeds from maturities of marketable securities | 78,280 | 159,136 |
Net cash provided by investing activities | 44,373 | 93,632 |
Financing activities | ||
Proceeds from issuance of common stock pursuant to equity award plans | 106 | 7 |
Net cash provided by financing activities | 106 | 7 |
Net increase in cash and cash equivalents | 4,704 | 71,182 |
Cash and cash equivalents at beginning of period | 28,193 | 24,869 |
Cash and cash equivalents at end of period | 32,897 | 96,051 |
Supplemental disclosure | ||
Cash paid for amounts included in the measurement of lease liabilities | 332 | 323 |
Supplemental non-cash investing and financing activities | ||
Accrued financing costs | 93 | $ 205 |
Accrued financing costs in accounts payable | $ 21 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Balance at beginning of period at Dec. 31, 2019 | $ 186,348 | $ 7 | $ 812,133 | $ 80 | $ (625,872) |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 68,882,459 | ||||
Stock-based compensation expense | 1,998 | 1,998 | |||
Net loss | (13,088) | (13,088) | |||
Net unrealized gain on marketable securities | (210) | (210) | |||
Balance at end of period at Mar. 31, 2020 | 175,048 | $ 7 | 814,131 | (130) | (638,960) |
Balance at end of period (in shares) at Mar. 31, 2020 | 68,882,459 | ||||
Balance at beginning of period at Dec. 31, 2019 | 186,348 | $ 7 | 812,133 | 80 | (625,872) |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 68,882,459 | ||||
Net loss | (23,814) | ||||
Net unrealized gain on marketable securities | 106 | ||||
Balance at end of period at Jun. 30, 2020 | 165,608 | $ 7 | 815,101 | 186 | (649,686) |
Balance at end of period (in shares) at Jun. 30, 2020 | 68,887,092 | ||||
Balance at beginning of period at Mar. 31, 2020 | 175,048 | $ 7 | 814,131 | (130) | (638,960) |
Balance at beginning of period (in shares) at Mar. 31, 2020 | 68,882,459 | ||||
Issuance of common stock upon exercise of stock options, value | 7 | 7 | |||
Issuance costs of common stock, net of issuance costs (Shares) | 4,633 | ||||
Stock-based compensation expense | 963 | 963 | |||
Net loss | (10,726) | (10,726) | |||
Net unrealized gain on marketable securities | 316 | 316 | |||
Balance at end of period at Jun. 30, 2020 | 165,608 | $ 7 | 815,101 | 186 | (649,686) |
Balance at end of period (in shares) at Jun. 30, 2020 | 68,887,092 | ||||
Balance at beginning of period at Dec. 31, 2020 | 142,706 | $ 7 | 819,549 | 8 | (676,858) |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 68,946,092 | ||||
Stock-based compensation expense | 2,505 | 2,505 | |||
Net loss | (17,551) | (17,551) | |||
Net unrealized gain on marketable securities | (14) | (14) | |||
Balance at end of period at Mar. 31, 2021 | 127,646 | $ 7 | 822,054 | (6) | (694,409) |
Balance at end of period (in shares) at Mar. 31, 2021 | 68,946,092 | ||||
Balance at beginning of period at Dec. 31, 2020 | 142,706 | $ 7 | 819,549 | 8 | (676,858) |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 68,946,092 | ||||
Net loss | (40,773) | ||||
Net unrealized gain on marketable securities | (7) | ||||
Balance at end of period at Jun. 30, 2021 | 107,094 | $ 7 | 824,717 | 1 | (717,631) |
Balance at end of period (in shares) at Jun. 30, 2021 | 68,997,938 | ||||
Balance at beginning of period at Mar. 31, 2021 | 127,646 | $ 7 | 822,054 | (6) | (694,409) |
Balance at beginning of period (in shares) at Mar. 31, 2021 | 68,946,092 | ||||
Issuance of common stock upon exercise of stock options, value | 106 | 106 | |||
Issuance costs of common stock, net of issuance costs (Shares) | 51,846 | ||||
Stock-based compensation expense | 2,557 | 2,557 | |||
Net loss | (23,222) | (23,222) | |||
Net unrealized gain on marketable securities | 7 | 7 | |||
Balance at end of period at Jun. 30, 2021 | $ 107,094 | $ 7 | $ 824,717 | $ 1 | $ (717,631) |
Balance at end of period (in shares) at Jun. 30, 2021 | 68,997,938 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business CymaBay Therapeutics, Inc. (the Company or CymaBay) is a clinical-stage biopharmaceutical company focused on developing and providing access to innovative therapies for patients with liver and other chronic diseases with high unmet medical need. The Company’s key clinical development candidate is seladelpar. Seladelpar has been under development primarily for the treatment of liver diseases, including primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). The Company was incorporated in Delaware in October 1988 as Transtech Corporation. The Company’s headquarters and operations are located in Newark, California and it operates in one segment. Liquidity The Company has incurred net operating losses and negative cash flows from operations since its inception. During the three and six months ended June 30, 2021, the Company incurred a net loss of $23.2 million and $40.8 million, respectively. During the six months ended June 30, 2021, the Company used $39.8 million of cash in operations. At June 30, 2021, the Company had an accumulated deficit of $717.6 million. Historically, the Company has incurred substantial research and development expenses in the course of studying its product candidates in clinical trials. To date, none of the Company’s product candidates have been approved for marketing and sale, and the Company has not recorded any revenue from product sales. Generally, the Company’s ability to achieve profitability is dependent on its ability to successfully develop, acquire or in-license As of June 30, 2021, the Company had cash, cash equivalents and marketable securities totaling $106.1 million. On July 30, 2021, the Company entered into a development financing arrangement with ABW Cyclops SPV LP, an affiliate of Abingworth LLP (“Abingworth”), pursuant to which Abingworth will pay up to $100.0 million of total funding, pursuant to which Abingworth has committed to provide $75.0 million in funding in three equal quarterly installments, and an additional optional amount of $25.0 million, to support the Company’s development of seladelpar for the treatment of primary biliary cholangitis. Refer to Note 7 – Subsequent Event (COVID-19) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying interim condensed consolidated financial statements are unaudited and are comprised of the accounts of CymaBay and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has no unconsolidated subsidiaries or investments accounted for under the equity method. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make informed estimates and assumptions that impact the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes, and the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include normal recurring adjustments necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2020, which is contained in the Company’s Annual Report on Form 10-K The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from those estimates and assumptions. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each reporting period and updated to reflect current information and any changes in estimates will generally be reflected in the period first identified. Fair Value of Financial Instruments The Company’s financial instruments during the periods reported consist of cash and cash equivalents, marketable securities, accrued interest receivable, prepaid research and development expenses, other prepaid expenses and current assets, accounts payable, and accrued expenses. Fair value estimates of these instruments are made at a specific point in time based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment. The carrying amounts of financial instruments such as cash and cash equivalents, receivables, prepaid expenses, other current assets, accounts payable, and accrued expenses approximate the related fair values due to the short maturities of these instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and maximizes the use of unobservable inputs and is as follows: Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are significant to the fair value measurement and are unobservable (i.e. supported by little market activity), which requires the reporting entity to develop its own valuation techniques and assumptions. The following tables present the fair value of the Comp a As of June 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 29,429 $ — $ — $ 29,429 Total cash equivalents 29,429 — — 29,429 Marketable securities: U.S. treasury securities — 8,000 — 8,000 U.S. and foreign commercial paper — 31,972 — 31,972 U.S. and foreign corporate debt securities — 17,119 — 17,119 Asset-backed securities — 13,146 — 13,146 Supranational debt securities — 3,000 — 3,000 Total marketable securities — 73,237 — 73,237 Total assets measured at fair value $ 29,429 $ 73,237 $ — $ 102,666 As of December 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 22,415 $ — $ — $ 22,415 U.S. commercial paper — — — — Total cash equivalents 22,415 — — 22,415 Marketable securities: U.S. treasury securities — 15,499 — 15,499 U.S. and foreign commercial paper — 38,561 — 38,561 U.S. and foreign corporate debt securities — 29,189 — 29,189 U.S. agency securities — 23,994 — 23,994 Asset-backed securities — 7,885 — 7,885 Supranational debt securities — 3,002 — 3,002 Total marketable securities — 118,130 — 118,130 Total assets measured at fair value $ 22,415 $ 118,130 $ — $ 140,545 The Company estimates the fair value of its money market funds, corporate debt, asset-backed securities, commercial paper, U.S. treasury and agency securities, and supranational debt securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs. Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits with commercial banks in checking, interest-bearing, and money market funds. The Company invests excess cash in marketable securities with high credit ratings that are classified in Level 1 and Level 2 of the fair value hierarchy. These securities consist primarily of corporate debt, commercial paper, asset-backed securities, U.S. treasury and agency securities and supranational debt securities and are classified as “available-for-sale.” Realized gains and losses from the sale of marketable securities, if any, are calculated using the specific-identification method. Realized gains and losses and declines in value judged to be other-than-temporary are included in interest income or expense in the condensed consolidated statements of operations and comprehensive loss. Unrealized holding gains and losses are reported in accumulated other comprehensive loss in the condensed consolidated balance sheets. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. In determining whether a decline in market value is other-than-temporary, various factors are considered, including the cause, duration of time and severity of the impairment, any adverse changes in the investees’ financial condition, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for an anticipated recovery in market value. For the Company’s investments as of June 30, 2021 and December 31, 2020, there were no material unrealized gains or losses. Concentrations of Risk Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk to the extent of the fair value recorded on the balance sheet. The Company invests cash that is not required for immediate operating needs primarily in highly liquid instruments that bear minimal risk. The Company has established guidelines relating to the quality, diversification, and maturities of securities to enable the Company to manage its credit risk. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments and issuers of investments to the extent recorded on the condensed consolidated balance sheets. Certain materials and key components that the Company utilizes in its operations are obtained through single suppliers. Since the suppliers of key components and materials must be named in an NDA filed with the FDA for a product, significant delays can occur if the qualification of a new supplier is required. If delivery of material from the Company’s suppliers were interrupted for any reason, the Company may be unable to supply any of its product candidates for clinical trials. Other Risks and Uncertainties In March 2020, the World Health Organization declared the global novel coronavirus disease (COVID-19) COVID-19 COVID-19 COVID-19 COVID-19 Research and Development Expenses Research and development expenses consist of costs incurred in identifying, developing, and testing product candidates. These expenses consist primarily of costs for research and development personnel, including related stock-based compensation; contract research organizations (CRO) and other third parties that assist in managing, monitoring, and analyzing clinical trials; investigator and site fees; laboratory services; consultants; contract manufacturing services; non-clinical The Company records expenses related to clinical studies and manufacturing development activities based on its estimates of the services received and efforts expended pursuant to contracts with multiple CROs and manufacturing vendors that conduct and manage these activities on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In amortizing or accruing service fees, the Company estimates the time period over which services will be performed, enrollment of subjects, number of sites activated and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company will adjust the accrued or prepaid expense balance accordingly. To date, there have been no material differences from the Company’s estimates to the amounts actually incurred. Stock-Based Compensation Stock-based compensation is measured at fair value on the grant date of the award. Compensation cost is recognized as expense on a straight-line basis over the vesting period for options with service conditions, and forfeitures are accounted for as they occur. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The determination of fair value for stock-based awards using an option-pricing model requires management to make certain assumptions regarding subjective input variables such as expected term, dividends, volatility and risk-free rate. If actual results are not consistent with the Company’s assumptions and judgments used in making these estimates, the Company may be required to increase or decrease compensation expense, which could be material to the Company’s results of operations. Net Loss Per Common Share Basic net loss per share of common stock is based on the weighted average number of shares of common stock outstanding equivalents during the period. Diluted net loss per share of common stock is calculated as the weighted average number of shares of common stock outstanding adjusted to include the assumed exercises of stock options, if dilutive. In all periods presented, the Company’s outstanding stock options were excluded from the calculation of net loss per share because their effect would be antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (23,222 ) $ (10,726 ) $ (40,773 ) $ (23,814 ) Denominator: Weighted average number of 68,985,461 68,885,108 68,965,885 68,883,783 Net loss per share $ (0.34 ) $ (0.16 ) $ (0.59 ) $ (0.35 ) The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Common stock options 10,869 7,654 10,869 7,654 Incentive awards 101 101 101 101 Total 10,970 7,755 10,970 7,755 Recently Adopted Accounting Pronouncements ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes step-up Recently Issued Accounting Pronouncements ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments available-for-sale No. 2019-10, is |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Other Accrued Liabilities Current [Abstract] | |
Other Accrued Liabilities | 3. Other Accrued Liabilities Other accrued liabilities co n June 30, December 31, Accrued compensation $ 2,271 $ 3,769 Accrued professional fees and other 989 677 Current portion of operating lease liability 523 482 Total other accrued liabilities $ 3,783 $ 4,928 |
Collaboration, Financing, and L
Collaboration, Financing, and License Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration, Financing, and License Agreements | 4. Collaboration, Financing, and License Agreements Janssen Pharmaceutical NV and Janssen Pharmaceuticals, Inc. In June 2006, the Company entered into an exclusive, worldwide, royalty-bearing license to seladelpar and certain other PPAR d d d d d d d d DiaTex, Inc. In June 1998, the Company entered into a license agreement with DiaTex, Inc. (DiaTex) relating to products containing halofenate, its enantiomers, derivatives, and analogs (the licensed products). The license agreement provides that DiaTex and the Company are joint owners of all the patents and patent applications covering the licensed products and methods of producing or using such compounds, as well as certain other know-how sub-license Abingworth On July 30, 2021 (the Effective Date), the Company entered into a Development Financing Agreement (the Financing Agreement) with ABW Cyclops SPV LP, an affiliate of Abingworth LLP (Abingworth), pursuant to which Abingworth will provide funding to CymaBay to support its development of seladelpar for the treatment of primary biliary Note 7 – Subsequent Event |
Stock Plans and Stock-Based Com
Stock Plans and Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Plans and Stock-Based Compensation | 5. Stock Plans and Stock-Based Compensation Stock Plans As permitted shares available for grant under the 2013 Plan. All shares that were available under the 2020 New Hire Plan (the 2020 Plan) had been issued during the three months ended June 30, 2021. During the three and six months ended June 30, 2021, the Company granted Stock-Based Compensation Expense Stock-based compensation expense is included Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 1,151 $ 664 $ 2,228 $ 1,108 General and administrative 1,406 299 2,834 1,853 Total stock-based compensation $ 2,557 $ 963 $ 5,062 $ 2,961 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Genfit Litigation On , (Genfit) filed a complaint against the Company in the U.S. District Court for the Northern District of California, . An Amended Complaint was filed on with substantially the same allegations. Genfit seeks damages in an unspecified amount as well as injunctive relief. The Company has not yet filed its Reply to the Amended Complai nt. On June 4, 2021 the Company filed a Motion to Dismiss the Amended Complaint. , and accordingly amounts have been recorded or disclosed . |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 7. Subsequent Event On July 30, 2021 (the Effective Date), the Company entered into a Development Financing Agreement (the Financing Agreement) with ABW Cyclops SPV LP, an affiliate of Abingworth LLP (Abingworth), pursuant to which Abingworth will provide funding to CymaBay to support its development of seladelpar for the treatment of primary biliary cholangitis (PBC). Pursuant to the Financing Agreement, Abingworth has committed to provide the Company up to $100.0 million in funding, of which $25.0 million is to be will receive mid-single-digit Pursuant to the Financing Agreement, the Company granted Abingworth a security interest in all of our assets (other than intellectual property not related to seladelpar), provided that the Company is permitted to incur certain indebtedness. The security interest will terminate when the Company has paid Abingworth 2.0x of the funding provided or upon certain terminations of the Financing Agreement. As part of the arrangement, an executive review committee was established between the Company and Abingworth to oversee the Company’s development of seladelpar. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying interim condensed consolidated financial statements are unaudited and are comprised of the accounts of CymaBay and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has no unconsolidated subsidiaries or investments accounted for under the equity method. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make informed estimates and assumptions that impact the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes, and the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include normal recurring adjustments necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2020, which is contained in the Company’s Annual Report on Form 10-K The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from those estimates and assumptions. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each reporting period and updated to reflect current information and any changes in estimates will generally be reflected in the period first identified. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments during the periods reported consist of cash and cash equivalents, marketable securities, accrued interest receivable, prepaid research and development expenses, other prepaid expenses and current assets, accounts payable, and accrued expenses. Fair value estimates of these instruments are made at a specific point in time based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment. The carrying amounts of financial instruments such as cash and cash equivalents, receivables, prepaid expenses, other current assets, accounts payable, and accrued expenses approximate the related fair values due to the short maturities of these instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and maximizes the use of unobservable inputs and is as follows: Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are significant to the fair value measurement and are unobservable (i.e. supported by little market activity), which requires the reporting entity to develop its own valuation techniques and assumptions. The following tables present the fair value of the Comp a As of June 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 29,429 $ — $ — $ 29,429 Total cash equivalents 29,429 — — 29,429 Marketable securities: U.S. treasury securities — 8,000 — 8,000 U.S. and foreign commercial paper — 31,972 — 31,972 U.S. and foreign corporate debt securities — 17,119 — 17,119 Asset-backed securities — 13,146 — 13,146 Supranational debt securities — 3,000 — 3,000 Total marketable securities — 73,237 — 73,237 Total assets measured at fair value $ 29,429 $ 73,237 $ — $ 102,666 As of December 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 22,415 $ — $ — $ 22,415 U.S. commercial paper — — — — Total cash equivalents 22,415 — — 22,415 Marketable securities: U.S. treasury securities — 15,499 — 15,499 U.S. and foreign commercial paper — 38,561 — 38,561 U.S. and foreign corporate debt securities — 29,189 — 29,189 U.S. agency securities — 23,994 — 23,994 Asset-backed securities — 7,885 — 7,885 Supranational debt securities — 3,002 — 3,002 Total marketable securities — 118,130 — 118,130 Total assets measured at fair value $ 22,415 $ 118,130 $ — $ 140,545 The Company estimates the fair value of its money market funds, corporate debt, asset-backed securities, commercial paper, U.S. treasury and agency securities, and supranational debt securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs. |
Cash, Cash Equivalents, and Marketable Securities | Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits with commercial banks in checking, interest-bearing, and money market funds. The Company invests excess cash in marketable securities with high credit ratings that are classified in Level 1 and Level 2 of the fair value hierarchy. These securities consist primarily of corporate debt, commercial paper, asset-backed securities, U.S. treasury and agency securities and supranational debt securities and are classified as “available-for-sale.” Realized gains and losses from the sale of marketable securities, if any, are calculated using the specific-identification method. Realized gains and losses and declines in value judged to be other-than-temporary are included in interest income or expense in the condensed consolidated statements of operations and comprehensive loss. Unrealized holding gains and losses are reported in accumulated other comprehensive loss in the condensed consolidated balance sheets. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. In determining whether a decline in market value is other-than-temporary, various factors are considered, including the cause, duration of time and severity of the impairment, any adverse changes in the investees’ financial condition, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for an anticipated recovery in market value. For the Company’s investments as of June 30, 2021 and December 31, 2020, there were no material unrealized gains or losses. |
Concentration of Risk | Concentrations of Risk Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk to the extent of the fair value recorded on the balance sheet. The Company invests cash that is not required for immediate operating needs primarily in highly liquid instruments that bear minimal risk. The Company has established guidelines relating to the quality, diversification, and maturities of securities to enable the Company to manage its credit risk. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments and issuers of investments to the extent recorded on the condensed consolidated balance sheets. Certain materials and key components that the Company utilizes in its operations are obtained through single suppliers. Since the suppliers of key components and materials must be named in an NDA filed with the FDA for a product, significant delays can occur if the qualification of a new supplier is required. If delivery of material from the Company’s suppliers were interrupted for any reason, the Company may be unable to supply any of its product candidates for clinical trials. |
Other Risks and Uncertainties | Other Risks and Uncertainties In March 2020, the World Health Organization declared the global novel coronavirus disease (COVID-19) COVID-19 COVID-19 COVID-19 COVID-19 |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of costs incurred in identifying, developing, and testing product candidates. These expenses consist primarily of costs for research and development personnel, including related stock-based compensation; contract research organizations (CRO) and other third parties that assist in managing, monitoring, and analyzing clinical trials; investigator and site fees; laboratory services; consultants; contract manufacturing services; non-clinical The Company records expenses related to clinical studies and manufacturing development activities based on its estimates of the services received and efforts expended pursuant to contracts with multiple CROs and manufacturing vendors that conduct and manage these activities on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In amortizing or accruing service fees, the Company estimates the time period over which services will be performed, enrollment of subjects, number of sites activated and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company will adjust the accrued or prepaid expense balance accordingly. To date, there have been no material differences from the Company’s estimates to the amounts actually incurred. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured at fair value on the grant date of the award. Compensation cost is recognized as expense on a straight-line basis over the vesting period for options with service conditions, and forfeitures are accounted for as they occur. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The determination of fair value for stock-based awards using an option-pricing model requires management to make certain assumptions regarding subjective input variables such as expected term, dividends, volatility and risk-free rate. If actual results are not consistent with the Company’s assumptions and judgments used in making these estimates, the Company may be required to increase or decrease compensation expense, which could be material to the Company’s results of operations. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share of common stock is based on the weighted average number of shares of common stock outstanding equivalents during the period. Diluted net loss per share of common stock is calculated as the weighted average number of shares of common stock outstanding adjusted to include the assumed exercises of stock options, if dilutive. In all periods presented, the Company’s outstanding stock options were excluded from the calculation of net loss per share because their effect would be antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (23,222 ) $ (10,726 ) $ (40,773 ) $ (23,814 ) Denominator: Weighted average number of 68,985,461 68,885,108 68,965,885 68,883,783 Net loss per share $ (0.34 ) $ (0.16 ) $ (0.59 ) $ (0.35 ) The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Common stock options 10,869 7,654 10,869 7,654 Incentive awards 101 101 101 101 Total 10,970 7,755 10,970 7,755 |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes step-up Recently Issued Accounting Pronouncements ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments available-for-sale No. 2019-10, is |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables present the fair value of the Comp a As of June 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 29,429 $ — $ — $ 29,429 Total cash equivalents 29,429 — — 29,429 Marketable securities: U.S. treasury securities — 8,000 — 8,000 U.S. and foreign commercial paper — 31,972 — 31,972 U.S. and foreign corporate debt securities — 17,119 — 17,119 Asset-backed securities — 13,146 — 13,146 Supranational debt securities — 3,000 — 3,000 Total marketable securities — 73,237 — 73,237 Total assets measured at fair value $ 29,429 $ 73,237 $ — $ 102,666 As of December 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 22,415 $ — $ — $ 22,415 U.S. commercial paper — — — — Total cash equivalents 22,415 — — 22,415 Marketable securities: U.S. treasury securities — 15,499 — 15,499 U.S. and foreign commercial paper — 38,561 — 38,561 U.S. and foreign corporate debt securities — 29,189 — 29,189 U.S. agency securities — 23,994 — 23,994 Asset-backed securities — 7,885 — 7,885 Supranational debt securities — 3,002 — 3,002 Total marketable securities — 118,130 — 118,130 Total assets measured at fair value $ 22,415 $ 118,130 $ — $ 140,545 |
Computation of Basic and Diluted Net Loss per Share | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (23,222 ) $ (10,726 ) $ (40,773 ) $ (23,814 ) Denominator: Weighted average number of 68,985,461 68,885,108 68,965,885 68,883,783 Net loss per share $ (0.34 ) $ (0.16 ) $ (0.59 ) $ (0.35 ) |
Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share | The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Common stock options 10,869 7,654 10,869 7,654 Incentive awards 101 101 101 101 Total 10,970 7,755 10,970 7,755 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Accrued Liabilities Current [Abstract] | |
Summary of Other Accrued Liabilities | Other accrued liabilities co n June 30, December 31, Accrued compensation $ 2,271 $ 3,769 Accrued professional fees and other 989 677 Current portion of operating lease liability 523 482 Total other accrued liabilities $ 3,783 $ 4,928 |
Stock Plans and Stock-Based C_2
Stock Plans and Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense is included Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 1,151 $ 664 $ 2,228 $ 1,108 General and administrative 1,406 299 2,834 1,853 Total stock-based compensation $ 2,557 $ 963 $ 5,062 $ 2,961 |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) $ in Thousands | Jul. 30, 2021USD ($)Installments | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($) | Jul. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Class of Stock [Line Items] | |||||||||
Number of operating segments | Segment | 1 | ||||||||
Net loss | $ 23,222 | $ 17,551 | $ 10,726 | $ 13,088 | $ 40,773 | $ 23,814 | |||
Cash flows from operating activities | (39,775) | $ (22,457) | |||||||
Accumulated deficit | (717,631) | (717,631) | $ (676,858) | ||||||
Cash and cash equivalents and marketable securities | 106,100 | 106,100 | |||||||
Subsequent Event [Member] | ABW Cyclops SPV LP [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000 | ||||||||
Proceeds from Lines of Credit | $ 75,000 | ||||||||
Number of funding installments | Installments | 3 | ||||||||
Line of credit optional amount of borrowing capacity | $ 25,000 | ||||||||
ATM Offering [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Net loss | 23,200 | 40,800 | |||||||
Cash flows from operating activities | 39,800 | ||||||||
Accumulated deficit | $ 717,600 | $ 717,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 102,666 | $ 140,545 |
U.S. and Foreign Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 31,972 | 38,561 |
U.S. and Foreign Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 17,119 | 29,189 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 13,146 | 7,885 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 8,000 | 15,499 |
Maketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 73,237 | 118,130 |
Maketable Securities [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 23,994 | |
Maketable Securities [Member] | Supranational Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 3,000 | 3,002 |
Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 29,429 | 22,415 |
Cash Equivalents [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 29,429 | 22,415 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 29,429 | 22,415 |
Level 1 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 29,429 | 22,415 |
Level 1 [Member] | Cash Equivalents [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 29,429 | 22,415 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 73,237 | 118,130 |
Level 2 [Member] | Maketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 73,237 | 118,130 |
Level 2 [Member] | Maketable Securities [Member] | U.S. and Foreign Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 31,972 | 38,561 |
Level 2 [Member] | Maketable Securities [Member] | U.S. and Foreign Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 17,119 | 29,189 |
Level 2 [Member] | Maketable Securities [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 13,146 | 7,885 |
Level 2 [Member] | Maketable Securities [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 8,000 | 15,499 |
Level 2 [Member] | Maketable Securities [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 23,994 | |
Level 2 [Member] | Maketable Securities [Member] | Supranational Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 3,000 | $ 3,002 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | ||
Cash and cash equivalents, maturity description | 90 days or less | |
Cash Cash Equivalents and Marketable Securities [Member] | ||
Product Information [Line Items] | ||
Unrealized gain loss on investments | $ 0 | $ 0 |
Maximum [Member] | ||
Product Information [Line Items] | ||
Short Term Investment Contractual Maturity | 1 year | |
Minimum [Member] | ||
Product Information [Line Items] | ||
Long Term Investments Maturity Period | 1 year |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Computation of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||||
Net loss | $ (23,222) | $ (17,551) | $ (10,726) | $ (13,088) | $ (40,773) | $ (23,814) |
Denominator: | ||||||
Weighted average number of common stock shares outstanding | 68,985,461 | 68,885,108 | 68,965,885 | 68,883,783 | ||
Net loss per share | $ (340) | $ (160) | $ (590) | $ (350) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted loss per share | 10,970 | 7,755 | 10,970 | 7,755 |
Common stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted loss per share | 10,869 | 7,654 | 10,869 | 7,654 |
Incentive awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted loss per share | 101 | 101 | 101 | 101 |
Other Accrued Liabilities - Sum
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued compensation | $ 2,271 | $ 3,769 |
Accrued professional fees and other | 989 | 677 |
Operating lease liability | 523 | 482 |
Total other accrued liabilities | $ 3,783 | $ 4,928 |
Collaboration, Financing, and_2
Collaboration, Financing, and License Agreements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Janssen Pharmaceutical NV [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Accrued royalties | $ 0 | $ 0 | $ 0 | $ 0 |
Janssen Pharmaceutical NV [Member] | Maximum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Percentage of royalty on net sales | 8.00% | |||
DiaTex, Inc. [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Royalty payment | 0 | 0 | $ 0 | 0 |
Development payment | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Plans and Stock-Based C_3
Stock Plans and Stock-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of option granted to employees | 1,034,000 | 2,346,216 | ||
2020 New Hire Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 750,000 | 750,000 | ||
2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 1,565,901 | 1,565,901 | ||
Share reserved for issue | 2,757,843 | |||
Maximum [Member] | 2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards vested percentage | 5.00% | |||
Minimum [Member] | 2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards vested percentage | 4.00% |
Stock Plans and Stock-Based C_4
Stock Plans and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 2,557 | $ 963 | $ 5,062 | $ 2,961 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 1,151 | 664 | 2,228 | 1,108 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 1,406 | $ 299 | $ 2,834 | $ 1,853 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 12, 2021 | Jan. 15, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||||
Loss Contingency, Lawsuit Filing Date | January 15, 2021 | |||
Loss Contingency, Name of Plaintiff | Genfit S.A. | |||
Loss Contingency, Allegations | alleging misappropriation of trade secrets and related causes of action based on the Company’s receipt of a Genfit protocol synopsis for Genfit’s Phase 3 clinical trial of its drug candidate elafibranor in patients with primary biliary cholangitis | |||
Loss Contingency, Actions Taken by Defendant | The Company intends to defend itself vigorously. While the outcome of any litigation is inherently uncertain, based on currently available information, management does not currently believe a loss associated with this matter is probable, nor is any amount reasonably estimable | |||
Commitments and Contingencies | ||||
Loss Contingency, Actions Taken by Court, Arbitrator or Mediator | On March 12, 2021, the Court granted a Temporary Restraining Order (later converted to a Preliminary Injunction), prohibiting the Company from accessing or disseminating the protocol synopsis, using any Genfit trade secrets contained therein or destroying any evidence related thereto. | |||
Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Lawsuit Filing Date | April 16, 2021 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - ABW Cyclops SPV LP [Member] - USD ($) $ in Millions | Nov. 30, 2021 | Aug. 31, 2021 | Jul. 30, 2021 | Feb. 28, 2021 | Jul. 31, 2021 |
Installment Funding Number Three [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Lines of Credit | $ 25 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 100 | ||||
Proceeds from Lines of Credit | $ 75 | ||||
Line of credit optional amount of borrowing capacity | $ 25 | ||||
Description of percentage fixed success payments | 2.0 | ||||
Repayments of lines of credit | $ 10 | ||||
Percentage optional funding | 133.00% | ||||
Description of percentage variable success payments | 1.1 | ||||
Description of aggregate return from the funds provided | 3.1 | ||||
Aggregate return from the funds provided | $ 232.5 | ||||
Aggregate return from the optional funds provided | $ 310 | ||||
Percentage of accelerate payment payable on funds provided | 1.35 | ||||
Description repayments on funds provided upon termination Of financing agreement | 2.0 | ||||
Subsequent Event [Member] | Fixed Success Payments [Member] | |||||
Subsequent Event [Line Items] | |||||
Anniversary payments due year one | $ 15 | ||||
Anniversary payments due year two | 22.5 | ||||
Anniversary payments due year three | 22.5 | ||||
Anniversary payments due year four | 25 | ||||
Anniversary payments due year five | 27.5 | ||||
Anniversary payments due year six | 27.5 | ||||
Subsequent Event [Member] | Variable Success Payments [Member] | |||||
Subsequent Event [Line Items] | |||||
Payments upon reaching cumulative us product sales thresholds year one | 17.5 | ||||
Payments upon reaching product sales run rate | 37.5 | ||||
Payments upon reaching cumulative us product sales thresholds year two | 27.5 | ||||
Subsequent Event [Member] | Installment Funding Number One [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Lines of Credit | $ 25 | ||||
Subsequent Event [Member] | Installment Funding Number Two [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Lines of Credit | $ 25 |