Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | SCYNEXIS INC | |
Trading Symbol | SCYX | |
Entity Central Index Key | 0001178253 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 55,708,213 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36365 | |
Entity Tax Identification Number | 562181648 | |
Entity Address, Address Line One | 1 Evertrust Plaza | |
Entity Address, Address Line Two | 13th Floor | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | New Jersey | |
Entity Address, Postal Zip Code | 07302-6548 | |
City Area Code | 201 | |
Local Phone Number | 884-5485 |
Unaudited Condensed Balance She
Unaudited Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 19,150 | $ 11,439 |
Short-term investments | 16,080 | 32,718 |
Prepaid expenses and other current assets | 858 | 7,251 |
Restricted cash | 55 | 55 |
Total current assets | 36,143 | 51,463 |
Other assets | 812 | 812 |
Deferred offering costs | 102 | 106 |
Restricted cash | 273 | 273 |
Property and equipment, net | 460 | 516 |
Operating lease right-of-use asset (See Note 7) | 3,284 | 0 |
Total assets | 41,074 | 53,170 |
Current liabilities: | ||
Accounts payable | 3,806 | 3,653 |
Accrued expenses | 3,414 | 2,103 |
Deferred revenue | 0 | 121 |
Operating lease liability, current portion (See Note 7) | 28 | 0 |
Total current liabilities | 7,248 | 5,877 |
Warrant liabilities | 5,459 | 986 |
Loan payable expected to be refinanced | 0 | 15,082 |
Convertible debt and derivative liability (See Note 6) | 14,592 | 0 |
Operating lease liability (See Note 7) | 3,373 | 0 |
Total liabilities | 30,672 | 21,945 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, authorized 5,000,000 shares as of June 30, 2019 and December 31, 2018; 0 shares issued and outstanding as of June 30, 2019 and December 31, 2018 | 0 | 0 |
Common stock, $0.001 par value, 250,000,000 shares authorized as of June 30, 2019, and 125,000,000 shares authorized as of December 31, 2018; 54,520,131 and 47,971,989 shares issued and outstanding as of June 30, 2019, and December 31, 2018, respectively | 54 | 48 |
Additional paid-in capital | 259,377 | 248,895 |
Accumulated deficit | (249,029) | (217,718) |
Total stockholders’ equity | 10,402 | 31,225 |
Total liabilities and stockholders’ equity | $ 41,074 | $ 53,170 |
Unaudited Condensed Balance S_2
Unaudited Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 250,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 54,520,131 | 47,971,989 |
Common stock, shares outstanding (in shares) | 54,520,131 | 47,971,989 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 57 | $ 64 | $ 121 | $ 129 |
Operating expenses: | ||||
Research and development | 8,474 | 5,599 | 18,158 | 10,925 |
Selling, general and administrative | 2,779 | 2,123 | 5,021 | 4,094 |
Total operating expenses | 11,253 | 7,722 | 23,179 | 15,019 |
Loss from operations: | (11,196) | (7,658) | (23,058) | (14,890) |
Other (income) expense: | ||||
Loss on extinguishment of debt | 231 | 0 | 1,045 | 0 |
Amortization of debt issuance costs and discount | 373 | 99 | 573 | 212 |
Interest income | (233) | (271) | (513) | (437) |
Interest expense | 209 | 397 | 574 | 776 |
Warrant liabilities fair value adjustment | (2,049) | 2,874 | 4,473 | (680) |
Derivative liability fair value adjustment | (1,324) | 0 | 2,101 | 0 |
Total other (income) expense: | (2,793) | 3,099 | 8,253 | (129) |
Net loss | $ (8,403) | $ (10,757) | $ (31,311) | $ (14,761) |
Net loss per share - basic and diluted | $ (0.16) | $ (0.23) | $ (0.61) | $ (0.37) |
Weighted average common shares outstanding - basic and diluted | 53,277,660 | 46,843,524 | 51,308,557 | 40,247,917 |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (31,311) | $ (14,761) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 59 | 2 |
Stock-based compensation expense | 938 | 893 |
Accretion of investment discount | (89) | (122) |
Amortization of debt issuance costs and discount | 573 | 212 |
Change in fair value of warrant liabilities | 4,473 | (680) |
Change in fair value of derivative liability | 2,101 | 0 |
Amortization of operating lease right-of-use asset | 81 | 0 |
Loss on extinguishment of debt | 1,045 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses, deferred costs, and other | 6,504 | (200) |
Accounts payable, accrued expenses, and other | 1,488 | (1,332) |
Deferred revenue | (121) | (129) |
Net cash used in operating activities | (14,259) | (16,117) |
Cash flows from investing activities: | ||
Maturities of investments | 43,202 | 30,156 |
Purchases of property and equipment | 0 | (410) |
Purchases of investments | (26,585) | (46,082) |
Net cash provided by (used in) investing activities | 16,617 | (16,336) |
Cash flows from financing activities: | ||
Proceeds from common stock issued | 6,761 | 30,192 |
Payments of offering costs and underwriting discounts and commissions | (203) | (2,131) |
Proceeds from employee stock purchase plan issuance | 21 | 20 |
Proceeds from senior convertible notes | 16,000 | 0 |
Payments of senior convertible notes issuance costs | (1,253) | 0 |
Payment of loan payable expected to be refinanced | (15,973) | 0 |
Net cash provided by financing activities | 5,353 | 28,081 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 7,711 | (4,372) |
Cash, cash equivalents, and restricted cash at beginning of period | 11,767 | 11,469 |
Cash, cash equivalents, and restricted cash at end of period | 19,478 | 7,097 |
Supplemental cash flow information: | ||
Cash paid for interest | 411 | 901 |
Cash received for interest | 540 | 359 |
Noncash financing and investing activities: | ||
Operating lease liabilities arising from obtaining right-of-use assets | 3,365 | 0 |
Deferred offering costs reclassified to additional-paid-in capital | 4 | 84 |
Common stock issued for settlement of senior convertible notes | $ 2,984 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Preparation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Preparation | 1. Organization SCYNEXIS, Inc. (“SCYNEXIS” or the “Company”) is a Delaware corporation formed on November 4, 1999. SCYNEXIS is a biotechnology company, headquartered in Jersey City, New Jersey, committed to positively impacting the lives of patients suffering from difficult-to-treat and often life-threatening infections by delivering innovative therapies. The Company is developing its lead product candidate, ibrexafungerp, as the first representative of a novel oral and intravenous triterpenoid antifungal family for the treatment of several fungal infections, including serious and life-threatening invasive fungal infections. The Company has incurred losses and negative cash flows from operations since its initial public offering ("IPO") in May 2014 and expects to continue to incur losses. The Company's liquidity over the next 12 months could be materially affected by, among other things: its ability to raise capital through equity offerings, debt financings, other non-dilutive third-party funding (e.g., grants), strategic alliances and licensing or collaboration arrangements, key ibrexafungerp development and regulatory events, costs related to its development of ibrexafungerp, and other factors. The Company believes it is probable that its existing cash, cash equivalents, and short-term investments will provide sufficient funds to enable it to meet its obligations for at least the next 12 months. The Company anticipates it may need to raise additional capital in order to continue to execute its operating plan thereafter. Additional funding may not be available to the Company on favorable terms, or at all. If the Company is not able to secure additional funding when needed, it may have to delay, reduce the Shelf Registration Filing On August 31, 2018, the Company filed a shelf registration statement on Form S-3 (File No. 333-227167) with the SEC, which was declared effective on September 14, 2018 (the “Shelf Registration”). The Shelf Registration contained three prospectuses: • a base prospectus which covers the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $175.0 million of the Company's common stock, preferred stock, debt securities and warrants, including common stock or preferred stock issuable upon conversion of debt securities, common stock issuable upon conversion of preferred stock, or common stock, preferred stock or debt securities issuable upon the exercise of warrants; • a prospectus covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $25.0 million of the Company's common stock that may be issued and sold under a Controlled Equity Offering Sales Agreement SM • a warrant prospectus covering the offering, issuance, and sale of the Company’s common stock issuable upon the exercise of warrants, consisting of (i) warrants to purchase 4,218,750 shares of the Company’s common stock at an exercise price of $3.00 per share originally issued by the Company on June 24, 2016, (ii) warrants to purchase 13,198,075 shares of the Company’s common stock at an exercise price of $1.85 per share originally issued by the Company on March 8, 2018, and (iii) warrants to purchase 7,988,175 shares of the Company’s common stock at an exercise price of $2.00 per share originally issued by the Company on March 8, 2018. The warrants to purchase 13,198,075 shares of the Company’s common stock expired on March 14, 2019. Upon full exercise for cash of the warrants outstanding on June 30, 2019, the holders of the warrants would pay the Company an aggregate of approximately $28.6 million. See Note 8 for further details. The common stock that may be offered, issued and sold by the Company under the Sales Agreement is included in the $175.0 million of securities that may be offered, issued and sold by the Company under the base prospectus. Upon termination of the Sales Agreement with Cantor, any portion of the $25.0 million included in the Sales Agreement that is not sold pursuant to the Sales Agreement will be available for sale in other offerings pursuant to the base prospectus and a corresponding prospectus supplement. As of June 30, 2019, approximately $167.1 million of securities registered under the base prospectus are available to be offered, issued and sold by the Company. Unaudited Interim Financial Information The accompanying unaudited financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States, or US GAAP, as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or “ASC”) for interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, and cash flows. The results of operations for the three and six months ended June 30, 2019, are not necessarily indicative of the results for the full year or the results for any future periods. These interim financial statements should be read in conjunction with the financial statements and notes set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC") on March 14, 2019. Use of Estimates The preparation of financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates include: determination of the fair value of stock-based compensation grants |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. The accompanying unaudited financial statements and notes follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2018, except as described below. Basic and Diluted Net Loss per Share of Common Stock The Company calculates net loss per common share in accordance with FASB ASC Earnings Per Share The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for the three and six months ended June 30, 2019 and 2018, as the result would be anti-dilutive: Three and Six Months Ended June, 2019 2018 Warrants to purchase Series C-1 Preferred — 14,033 Warrants to purchase common stock associated with Solar Capital Ltd. loan agreement 122,435 122,435 Warrants to purchase common stock associated with June 2016 public offering 4,218,750 4,218,750 Warrants to purchase common stock associated with March 2018 public offering - Series 1 — 13,313,625 Warrants to purchase common stock associated with March 2018 public offering - Series 2 7,988,175 7,988,175 Outstanding stock options 5,578,978 4,076,415 Outstanding restricted stock units 967,227 101,425 Common stock associated with 6% convertible senior notes 11,382,000 — Total 30,257,565 29,834,858 Convertible Debt and Derivative Liability In connection with the Company’s issuance of its 6.0% Convertible Senior Notes due 2025 (the “Notes”), the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as a long-term derivative liability in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging. The convertible debt and the derivative liability associated with the Notes are presented in total on the unaudited balance sheet as the convertible debt and derivative liability. The convertible debt is carried at amortized cost. The derivative liability will be remeasured at each reporting period using the binomial lattice model with changes in fair value recorded in the statements of operations in other (income) expense. Amortization of Debt Issuance Costs and Discount The Company’s convertible debt is recorded net of debt issuance costs which comprised issuance costs and an advisory fee. The portion of the debt issuance costs allocated to the convertible debt, based on the amount of proceeds allocated between the convertible debt and the derivative liability, is being amortized over the term of the convertible debt using the effective interest method in addition to the discount initially recognized for the fair value of the bifurcated derivative liability from the convertible debt. Debt issuance costs allocated to the derivative liability were included in other expense as a component of the fair value adjustment for the six months ended June 30, 2019. The Company's previous term loan with Solar Capital Ltd. (“Solar”), which was paid in full during the three months ended March 31, 2019 (see Note 6), was recorded net of debt discount which comprised issuance costs, customary closing and final fees, and the fair value of the warrants issued in conjunction with the term loan. The resulting debt discount was being amortized over the term of the term loan using the straight-line method, which approximates the effective interest method. The amortization of debt issuance costs and discount is included in the accompanying unaudited statements of operations. Recently Adopted Accounting Pronouncements The Company adopted the FASB’s ASU No. 2016-02, Leases, or ASU 2016-02, on January 1, 2019, utilizing the modified retrospective basis. ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability, initially measured at the present value of future lease payments, on the balance sheet and expands disclosure requirements regarding leasing arrangements. The Company elected the practical expedients under ASC 842-10-65-1(f) and ASC 842-10-15-37 that allowed the Company to forego the requirement to reassess the lease classification of its existing office lease and to combine the lease and nonlease components associated with its office lease as a single lease component. The consideration in the office lease that is allocated to the single lease component includes the fixed payments for the right to use the office space as well as common area maintenance. The office lease also contains costs associated with certain expense escalation, property taxes, insurance, parking, and utilities which are all considered variable payments and are excluded from the operating lease liability. The adoption of this accounting standard did not materially impact the Company’s results of operations, other than the recognition of the operating lease right-of-use asset and lease liability. See Note 7 for further details. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. The amendments in ASU 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-13 will have on its financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. ASU 2018-13 removes, modifies and adds certain disclosure requirements in Topic 820, Fair Value Measurement. ASU 2018-13 eliminates certain disclosures related to transfers and the valuations process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level 3 fair value measurements. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact ASU 2018-13 will have on its financial statements. |
Short-term Investments
Short-term Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Short-term Investments | 3. Short-term Investments The following table summarizes the held-to-maturity securities held at June 30, 2019 and December 31, 2018 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of December 31, 2018 U.S. government securities $ 14,946 $ 14 $ (15 ) $ 14,945 Commercial paper 8,772 — — 8,772 Overnight repurchase agreement 9,000 — — 9,000 Total short-term investments $ 32,718 $ 14 $ (15 ) $ 32,717 Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of June 30, 2019 U.S. government securities $ 10,486 $ 10 $ (6 ) $ 10,490 Commercial paper 2,094 — — 2,094 Overnight repurchase agreement 3,500 — — 3,500 Total short-term investments $ 16,080 $ 10 $ (6 ) $ 16,084 All held-to-maturity short-term investments at June 30, 2019 and December 31, 2018 will mature in less than one year. The gross unrealized gains and losses for the Company's commercial paper and overnight repurchase agreement are not significant. The Company carries short-term investments at amortized cost. The fair value of the short-term investments is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2019 December 31, 2018 Prepaid research and development services $ 236 $ 245 Prepaid insurance 470 200 Other prepaid expenses 97 20 NOL sale receivable — 6,732 Other current assets 55 54 Total prepaid expenses and other current assets $ 858 $ 7,251 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2019 December 31, 2018 Accrued research and development expenses $ 2,097 $ 587 Accrued employee bonus compensation 684 1,197 Employee withholdings 22 21 Other accrued expenses 611 298 Total accrued expenses $ 3,414 $ 2,103 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | 6. Borrowings On September 30, 2016, the Company entered into a loan agreement with Solar, in its capacity as administrative and collateral agent and as lender. Pursuant to the loan agreement, Solar was providing the Company with a 48-month secured term loan in the amount of $15.0 million. The term loan bore interest at a floating rate equal to the LIBOR rate in effect plus 8.49%. On March 7, 2019, the Company entered into a Senior Convertible Note Purchase Agreement (the “Note Purchase Agreement”) with Puissance Life Science Opportunities Fund VI (“Puissance”). Pursuant to the Note Purchase Agreement, on March 7, 2019, the Company issued and sold to Puissance $16.0 million aggregate principal amount of its Notes, resulting in $14.7 million in net proceeds after deducting $1.3 million for an advisory fee and other issuance costs. The Company used the net proceeds to pay the remaining outstanding Solar term loan in full and recorded a loss on debt extinguishment of $0.8 million In accordance with ASC 470-10- 45-14(a), the Company reclassified the short-term portion of the Solar term loan on the balance sheet as of December 31, 2018 to long-term given the Company had the intent and ability to refinance the short- obligation on a long-term basis . As of June 30, 2019, the Company's $14.6 million in convertible debt and derivative liability consists of the convertible debt balance of $7.7 million presented net of the unamortized debt issuance costs allocated to the convertible debt of $0.6 million and the bifurcated embedded conversion option derivative liability of $6.9 million. In connection with the Company’s issuance of its Notes, the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as a long-term derivative liability in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging, at its initial fair value of $7.0 million as the interest make-whole provision is settled in shares of common stock. Debt issuance costs of $0.6 million initially allocated to the derivative liability were written off upon issuance of the Notes and were recognized in the loss on the fair value adjustment for the derivative liability for the three months ended March 31, 2019. For the three and six months ended June 30, 2019, the Company recognized a $1.3 million gain and a $2.1 million loss on the fair value adjustments for the derivative liability, respectively, and recognized $0.4 million and $0.5 million in amortization of debt issuance costs and discount for the three and six months ended June 30, 2019, respectively, related to the Notes. In April 2019, Puissance converted $2.0 million of the Notes for 1,626,000 shares of common stock. Upon conversion of the $2.0 million of the Notes, the Company recognized a $0.2 million extinguishment loss which represents the difference between the total net carrying amount of the convertible debt and derivative liabilities of $2.8 million and the fair value of the consideration issued of $3.0 million. The Company estimated the fair value of the convertible debt and derivative liability using a binomial lattice valuation model and Level 3 inputs. At June 30, 2019, the fair value of the senior convertible notes is $15.0 million. The Notes were issued and sold for cash at a purchase price equal to 100% of their principal amount, in reliance on the exemption from registration The holder of the Notes may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding March 15, 2025 into shares of the Company’s common stock. The initial conversion rate is 739.0983 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $1.35, and is subject to adjustment in certain events described in the Note Purchase Agreement. The Holder upon conversion may also be entitled to receive, under certain circumstances, an interest make-whole payment payable in shares of common stock. In addition, following certain corporate events that occur prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate if the holder elects to convert its Notes in connection with such a corporate event. Subject to adjustment in the conversion rate, the number of shares that the Company may deliver in connection with a conversion of the Notes, including those delivered in connection with an interest make-whole payment, will not exceed a cap of 813 shares of common stock per $1,000 principal amount of the Notes. On or after March 15, 2022, the Company has the right, at its election, to redeem all or any portion of the Notes not previously converted if the last reported sale price per share of common stock exceeds 130% of the conversion price on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. The redemption price will be 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If a “fundamental change” (as defined in the Note Purchase Agreement) occurs, then, subject to certain exceptions, the Company must offer to repurchase the Notes for cash at a repurchase price of 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Leases On March 1, 2018, the Company entered into a long-term lease agreement for approximately 19,275 square feet of office space in Jersey City, New Jersey, that the Company identified as an operating lease under ASC 840 (the “Lease”). The lease term is eleven years from August 1, 2018, the commencement date, with total lease payments of $7.3 million over the lease term. The Company has the option to renew for two consecutive five-year periods from the end of the first term and the Company is not reasonably certain that the option to renew the Lease will be exercised. Under the Lease, the Company must furnish a security deposit in the form of a standby letter of credit in the amount of $0.3 million, which will be reduced by fifty-five thousand dollars every two years for ten years after the commencement of the lease. The security deposit is classified as restricted cash in the accompanying balance sheets . On January 1, 2019, a right-of-use asset and a corresponding operating lease liability of $3.4 million was recognized for the Lease. The consideration in the Lease allocated to the single lease component includes the fixed payments for the right to use the office space as well as common area maintenance. The Lease also contains costs associated with certain expense escalation, property taxes, insurance, parking, and utilities which are all considered variable payments and are excluded from the operating lease liability. In determining the operating lease liability at January 1, 2019, the Company utilized its incremental borrowing rate. The incremental borrowing rate approximated the prevailing market interest rate the Company would incur to borrow a similar amount equal to the total Lease payments on a collateralized basis over the term of the Lease. The following table summarizes certain quantitative information associated with the amounts recognized in the financial statements for the Lease (dollars in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 166 $ 332 Variable lease cost 8 17 Total operating lease expense $ 174 $ 349 Cash paid for amounts included in the measurement of operating lease liability $ 55 $ 219 June 30, 2019 Remaining Lease term (years) 10.08 Discount rate 15 % Rent expense was approximately $0.1 million for both the three and six months ended June 30, 2018. Future minimum lease payments for the Lease as of June 30, 2019 and December 31, 2018 are as follows (in thousands): December 31, 2018 2019 $ 498 2020 508 2021 518 2022 529 2023 716 Thereafter 4,203 Total $ 6,972 June 30, 2019 2019 $ 279 2020 507 2021 517 2022 527 2023 715 Thereafter 4,263 Total $ 6,808 The presentation of the operating lease liability and right-of-use asset as of June 30, 2019 and January 1, 2019 are as follows (in thousands): June 30, 2019 January 1, 2019 Present value of future minimum lease payments $ 3,401 $ 3,368 Operating lease liability, current portion $ 28 $ 23 Operating lease liability, long-term portion 3,373 3,345 Total operating lease liability $ 3,401 $ 3,368 Difference between future minimum lease payments and discounted cash flows $ 3,407 $ 3,604 Operating lease right-of-use asset $ 3,284 $ 3,365 License Arrangement with Potential Future Expenditures As of June 30, 2019, the Company had a license arrangement with Merck Sharp & Dohme Corp., or Merck, that involves potential future expenditures. Under the license arrangement, the Company exclusively licensed from Merck its rights to ibrexafungerp in the field of human health. Ibrexafungerp is the Company's lead product candidate. Pursuant to the terms of the license agreement, Merck is eligible to receive milestone payments from the Company that could total $19.0 million upon occurrence of specific events, including initiation of a Phase 3 clinical study, new drug application, and marketing approvals in each of the U.S., major European markets and Japan. In addition, Merck is eligible to receive tiered royalties from the Company based on a percentage of worldwide net sales of ibrexafungerp. The aggregate royalty percentages are mid- to high-single digits. In December 2014, the Company and Merck entered into an amendment to the license agreement that deferred the remittance of a milestone payment due to Merck, such that no amount would be due upon initiation of the first Phase 2 clinical trial of a product containing the ibrexafungerp compound (the "Deferred Milestone"). The amendment also increased, in an amount equal to the Deferred Milestone, the milestone payment that would be due upon initiation of the first Phase 3 clinical trial of a product containing the ibrexafungerp compound. In December 2016 and January 2018, the Company entered into second and third amendments, respectively, to the license agreement with Merck which clarified what would constitute the initiation of a Phase 3 clinical trial for the purpose of milestone payment. Except as described above, all other terms and provisions of the license agreement remain in full force and effect. In January 2019, a milestone payment became due to Merck as a result of the initiation of the VANISH Phase 3 VVC program and was paid in March 2019. The milestone payment was recognized in the unaudited statement of operations in research and development expense for the six months ended June 30, 2019 and is included in cash used in operating activities on the statement of cash flows. Clinical Development Arrangements The Company has entered into, and expects to continue to enter into, contracts in the normal course of business with various third parties who support its clinical trials, preclinical research studies, and other services related to its development activities. The scope of the services under these agreements can generally be modified at any time, and the agreement can be terminated by either party after a period of notice and receipt of written notice. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholder's Equity | 8. Stockholder's Equity Authorized, Issued, and Outstanding Common Stock The Company’s authorized common stock has a par value of $0.001 per share and consists of 250,000,000 shares as of June 30, 2019, and 125,000,000 as of December 31, 2018; 54,520,131 and 47,971,989 shares were issued and outstanding at June 30, 2019, and December 31, 2018, respectively. On June 18, 2019, the Company's stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the total number of authorized shares of common stock from 125,000,000 to 250,000,000. Three Months Ended June 30, 2018 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, March 31, 2018 46,843,441 $ 47 $ 246,049 $ (209,252 ) $ 36,844 Net loss — — — (10,757 ) (10,757 ) Stock-based compensation expense — — 468 — 468 Common stock issued for vested restricted stock units 631 — — (2 ) (2 ) Balance, June 30, 2018 46,844,072 $ 47 $ 246,517 $ (220,011 ) $ 26,553 Six Months Ended June 30, 2018 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, December 31, 2017 28,971,651 $ 29 $ 226,631 $ (205,250 ) $ 21,410 Net loss — — — (14,761 ) (14,761 ) Stock-based compensation expense — — 893 — 893 Common stock issued through employee stock purchase plan 13,591 — 20 — 20 Common stock issued, net of expenses 17,852,193 18 18,980 — 18,998 Common stock issued for vested restricted stock units 6,637 — (7 ) — (7 ) Balance, June 30, 2018 46,844,072 $ 47 $ 246,517 $ (220,011 ) $ 26,553 Three Months Ended June 30, 2019 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, March 31, 2019 50,232,429 $ 50 $ 251,906 $ (240,626 ) $ 11,330 Net loss — — — (8,403 ) (8,403 ) Stock-based compensation expense — — 446 — 446 Common stock issued, net of expenses 2,660,909 2 4,044 — 4,046 Common stock issued for April 2019 conversion of Notes 1,626,000 2 2,982 — 2,984 Common stock issued for vested restricted stock units 793 — (1 ) — (1 ) Balance, June 30, 2019 54,520,131 $ 54 $ 259,377 $ (249,029 ) $ 10,402 Six Months Ended June 30, 2019 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, December 31, 2018 47,971,989 $ 48 $ 248,895 $ (217,718 ) $ 31,225 Net loss — — — (31,311 ) (31,311 ) Stock-based compensation expense — — 938 — 938 Common stock issued through employee stock purchase plan 19,259 — 21 — 21 Common stock issued, net of expenses 4,887,478 6 6,550 — 6,556 Common stock issued for April 2019 conversion of Notes 1,626,000 2 2,982 — 2,984 Common stock issued for vested restricted stock units 15,405 (2 ) (9 ) — (11 ) Balance, June 30, 2019 54,520,131 $ 54 $ 259,377 $ (249,029 ) $ 10,402 Shares Reserved for Future Issuance The Company had reserved shares of common stock for future issuance as follows: June 30, 2019 December 31, 2018 Outstanding stock options 5,578,978 4,052,913 Outstanding restricted stock units 967,227 111,891 Outstanding Series C-1 Preferred warrants — 14,033 Warrants to purchase common stock associated with June 2016 Public Offering 4,218,750 4,218,750 Warrants to purchase common stock associated with March 2018 Public Offering - Series 1 — 13,198,075 Warrants to purchase common stock associated with March 2018 Public Offering - Series 2 7,988,175 7,988,175 Warrants to purchase common stock associated with Loan Agreement 122,435 122,435 For possible future issuance for the conversion of the 6% senior convertible notes 11,382,000 — For possible future issuance under 2014 Equity Incentive Plan (Note 9) 265,156 612,018 For possible future issuance under Employee Stock Purchase Plan (Note 9) 91,819 81,667 For possible future issuance under 2015 Inducement Plan (Note 9) 315,500 5,000 Total common shares reserved for future issuance 30,930,040 30,404,957 Derivative Liability In connection with the Company’s issuance of its Notes, the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as a long-term derivative liability in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging. The convertible debt and derivative liability associated with the Notes are presented in total on the accompanying unaudited balance sheet as the convertible debt and derivative liability. The derivative liability will be remeasured at each reporting period using the binomial lattice model with changes in fair value recorded in the statements of operations in other (income) expense. For the three and six months ended June 30, 2019, the Company recorded a gain of $1.3 million and a loss of $2.1 million due to the change in fair value of the derivative liability. Warrants Associated with June 2016 and March 2018 Public Offerings The outstanding warrants associated with the June 2016 and March 2018 public offerings contain a provision where the warrant holder has the option to receive cash, equal to the Black-Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity , Warrant Associated with Solar Loan Agreement Pursuant to the loan agreement, on the Closing Date the Company issued to Solar the warrant to purchase an aggregate of up to 122,435 shares of the Company’s common stock at an exercise price of $3.6754 per share. The warrant will expire five years from the date of the grant. The warrant was classified as equity and recorded at its relative fair value at issuance in the stockholders' equity section of the balance sheet. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation Pursuant to the terms of the Company’s 2014 Equity Incentive Plan, or 2014 Plan, on January 1, 2019 and 2018, the Company automatically added 1,918,879 and 1,158,866 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of June 30, 2019, there were 265,156 shares of common stock available for future issuance under the 2014 Plan. On June 9, 2019, the Company’s board of directors amended the 2015 Inducement Plan, or 2015 Plan, and the share reserve for the 2015 Plan was increased from 450,000 to 900,000 shares of common stock. During the six months ended June 30, 2019, the Company granted 115,000 options of the Company’s common stock under the 2015 Plan. As of June 30, 2019, there were 315,500 shares of common stock available for future issuance under the 2015 Plan. During the year ended December 31, 2018, there were no granted options of the Company's common stock under the 2015 Plan. As of December 31, 2018, there were 5,000 shares of common stock available for future issuance under the 2015 Plan The activity for the Company’s 2009 Stock Option Plan, 2014 Plan, and 2015 Plan, for the six months ended June 30, 2019, is summarized as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value ($000) Outstanding — December 31, 2018 4,052,913 $ 4.37 7.23 $ — Granted 1,614,500 $ 1.26 Exercised — $ — Forfeited/Cancelled (88,435 ) $ 6.80 Outstanding — June 30, 2019 5,578,978 $ 3.43 7.63 $ 169 Exercisable — June 30, 2019 2,928,163 $ 4.96 6.40 $ 89 Vested or expected to vest — June 30, 2019 5,578,978 $ 3.43 7.63 $ 169 Restricted stock unit ("RSU") activity under the 2014 Plan and 2015 Plan for the six months ended June 30, 2019, is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2018 111,891 $ 2.06 Granted 927,500 $ 1.37 Vested (23,840 ) $ 2.27 Forfeited/Cancelled (48,324 ) $ 1.46 Non-vested at June 30, 2019 967,227 $ 1.42 The fair value of RSUs is based on the market price of the Company's common stock on the date of grant. RSUs generally vest 25% annually over a four-year period from the date of grant. Upon vesting, the RSUs are net share settled to cover the required withholding tax with the remaining shares issued to the holder. The Company recognizes compensation expense for such awards ratably over the corresponding vesting period. Compensation Cost The compensation cost that has been charged against income for stock awards under the 2009 Stock Option Plan, the 2014 Plan, the 2015 Plan, and the Company’s 2014 Employee Stock Purchase Plan, or ESPP, was $0.4 million and $0.5 million for the three months ended June 30, 2019 and 2018, respectively, and $0.9 million for each of the six months ended June 30, 2019 and 2018 Stock-based compensation expense related to stock options is included in the following line items in the accompanying statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 165 $ 129 $ 323 $ 237 Selling, general and administrative 281 339 615 656 Total $ 446 $ 468 $ 938 $ 893 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements The carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their respective fair values due to the short-term nature of such instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached as of June 30, 2019 and December 31, 2018 for financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Hierarchy Classification Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2018 Cash $ 213 $ 213 — — Restricted cash 328 328 — — Money market funds 11,226 11,226 — — Total assets $ 11,767 $ 11,767 — — Warrant liabilities $ 986 — — $ 986 Total liabilities $ 986 — — $ 986 June 30, 2019 Restricted cash $ 328 $ 328 — — Money market funds 19,150 19,150 — — Total assets $ 19,478 $ 19,478 — — Warrant liabilities $ 5,459 — — $ 5,459 Derivative liability 6,860 — — 6,860 Total liabilities $ 12,319 — — $ 12,319 The Company measures cash equivalents at fair value on a recurring basis. The fair value of cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. Level 3 financial liabilities consist of the warrant liability for which there is no current market such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company uses the Black-Scholes option valuation model to value the Level 3 warrant liability at inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual terms, maturity, risk free rates, as well as volatility. The Company uses the binomial lattice valuation model to value the Level 3 derivative liability at inception and on subsequent valuation dates. A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): Warrant Liabilities Balance - January 1, 2019 $ 986 Loss adjustment to fair value 4,473 Balance - June 30, 2019 $ 5,459 Derivative Liability Balance - January 1, 2019 $ — Bifurcated embedded conversion option associated with Notes 6,960 Loss adjustment to fair value 1,556 Adjustment for April 2019 conversion of Notes (1,656 ) Balance - June 30, 2019 $ 6,860 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events In July 2019, the Company incorporated SCYNEXIS Pacific Pty Ltd, a wholly-owned subsidiary of the Company, in Sydney, Australia, for the initial purpose of conducting certain clinical trials and other research and development activities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basic and Diluted Net Loss per Share of Common Stock | Basic and Diluted Net Loss per Share of Common Stock The Company calculates net loss per common share in accordance with FASB ASC Earnings Per Share The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for the three and six months ended June 30, 2019 and 2018, as the result would be anti-dilutive: Three and Six Months Ended June, 2019 2018 Warrants to purchase Series C-1 Preferred — 14,033 Warrants to purchase common stock associated with Solar Capital Ltd. loan agreement 122,435 122,435 Warrants to purchase common stock associated with June 2016 public offering 4,218,750 4,218,750 Warrants to purchase common stock associated with March 2018 public offering - Series 1 — 13,313,625 Warrants to purchase common stock associated with March 2018 public offering - Series 2 7,988,175 7,988,175 Outstanding stock options 5,578,978 4,076,415 Outstanding restricted stock units 967,227 101,425 Common stock associated with 6% convertible senior notes 11,382,000 — Total 30,257,565 29,834,858 |
Convertible Debt and Derivative Liability | Convertible Debt and Derivative Liability In connection with the Company’s issuance of its 6.0% Convertible Senior Notes due 2025 (the “Notes”), the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as a long-term derivative liability in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging. The convertible debt and the derivative liability associated with the Notes are presented in total on the unaudited balance sheet as the convertible debt and derivative liability. The convertible debt is carried at amortized cost. The derivative liability will be remeasured at each reporting period using the binomial lattice model with changes in fair value recorded in the statements of operations in other (income) expense. |
Amortization of Debt Issuance Costs and Discount | Amortization of Debt Issuance Costs and Discount The Company’s convertible debt is recorded net of debt issuance costs which comprised issuance costs and an advisory fee. The portion of the debt issuance costs allocated to the convertible debt, based on the amount of proceeds allocated between the convertible debt and the derivative liability, is being amortized over the term of the convertible debt using the effective interest method in addition to the discount initially recognized for the fair value of the bifurcated derivative liability from the convertible debt. Debt issuance costs allocated to the derivative liability were included in other expense as a component of the fair value adjustment for the six months ended June 30, 2019. The Company's previous term loan with Solar Capital Ltd. (“Solar”), which was paid in full during the three months ended March 31, 2019 (see Note 6), was recorded net of debt discount which comprised issuance costs, customary closing and final fees, and the fair value of the warrants issued in conjunction with the term loan. The resulting debt discount was being amortized over the term of the term loan using the straight-line method, which approximates the effective interest method. The amortization of debt issuance costs and discount is included in the accompanying unaudited statements of operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Company adopted the FASB’s ASU No. 2016-02, Leases, or ASU 2016-02, on January 1, 2019, utilizing the modified retrospective basis. ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability, initially measured at the present value of future lease payments, on the balance sheet and expands disclosure requirements regarding leasing arrangements. The Company elected the practical expedients under ASC 842-10-65-1(f) and ASC 842-10-15-37 that allowed the Company to forego the requirement to reassess the lease classification of its existing office lease and to combine the lease and nonlease components associated with its office lease as a single lease component. The consideration in the office lease that is allocated to the single lease component includes the fixed payments for the right to use the office space as well as common area maintenance. The office lease also contains costs associated with certain expense escalation, property taxes, insurance, parking, and utilities which are all considered variable payments and are excluded from the operating lease liability. The adoption of this accounting standard did not materially impact the Company’s results of operations, other than the recognition of the operating lease right-of-use asset and lease liability. See Note 7 for further details. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. The amendments in ASU 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-13 will have on its financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. ASU 2018-13 removes, modifies and adds certain disclosure requirements in Topic 820, Fair Value Measurement. ASU 2018-13 eliminates certain disclosures related to transfers and the valuations process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level 3 fair value measurements. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact ASU 2018-13 will have on its financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Antidilutive Securities Excluded from Computation of Weighted Average Common Stock Outstanding | The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for the three and six months ended June 30, 2019 and 2018, as the result would be anti-dilutive: Three and Six Months Ended June, 2019 2018 Warrants to purchase Series C-1 Preferred — 14,033 Warrants to purchase common stock associated with Solar Capital Ltd. loan agreement 122,435 122,435 Warrants to purchase common stock associated with June 2016 public offering 4,218,750 4,218,750 Warrants to purchase common stock associated with March 2018 public offering - Series 1 — 13,313,625 Warrants to purchase common stock associated with March 2018 public offering - Series 2 7,988,175 7,988,175 Outstanding stock options 5,578,978 4,076,415 Outstanding restricted stock units 967,227 101,425 Common stock associated with 6% convertible senior notes 11,382,000 — Total 30,257,565 29,834,858 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Held-to-maturity Securities | The following table summarizes the held-to-maturity securities held at June 30, 2019 and December 31, 2018 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of December 31, 2018 U.S. government securities $ 14,946 $ 14 $ (15 ) $ 14,945 Commercial paper 8,772 — — 8,772 Overnight repurchase agreement 9,000 — — 9,000 Total short-term investments $ 32,718 $ 14 $ (15 ) $ 32,717 Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of June 30, 2019 U.S. government securities $ 10,486 $ 10 $ (6 ) $ 10,490 Commercial paper 2,094 — — 2,094 Overnight repurchase agreement 3,500 — — 3,500 Total short-term investments $ 16,080 $ 10 $ (6 ) $ 16,084 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2019 December 31, 2018 Prepaid research and development services $ 236 $ 245 Prepaid insurance 470 200 Other prepaid expenses 97 20 NOL sale receivable — 6,732 Other current assets 55 54 Total prepaid expenses and other current assets $ 858 $ 7,251 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): June 30, 2019 December 31, 2018 Accrued research and development expenses $ 2,097 $ 587 Accrued employee bonus compensation 684 1,197 Employee withholdings 22 21 Other accrued expenses 611 298 Total accrued expenses $ 3,414 $ 2,103 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Quantitative Information Associated with Amounts Recognized in Financial Statements for Lease | The following table summarizes certain quantitative information associated with the amounts recognized in the financial statements for the Lease (dollars in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 166 $ 332 Variable lease cost 8 17 Total operating lease expense $ 174 $ 349 Cash paid for amounts included in the measurement of operating lease liability $ 55 $ 219 June 30, 2019 Remaining Lease term (years) 10.08 Discount rate 15 % |
Future Minimum Lease Payments | Future minimum lease payments for the Lease as of June 30, 2019 and December 31, 2018 are as follows (in thousands): December 31, 2018 2019 $ 498 2020 508 2021 518 2022 529 2023 716 Thereafter 4,203 Total $ 6,972 June 30, 2019 2019 $ 279 2020 507 2021 517 2022 527 2023 715 Thereafter 4,263 Total $ 6,808 |
Presentation of Operating Lease Liability and Right-of-Use Asset | The presentation of the operating lease liability and right-of-use asset as of June 30, 2019 and January 1, 2019 are as follows (in thousands): June 30, 2019 January 1, 2019 Present value of future minimum lease payments $ 3,401 $ 3,368 Operating lease liability, current portion $ 28 $ 23 Operating lease liability, long-term portion 3,373 3,345 Total operating lease liability $ 3,401 $ 3,368 Difference between future minimum lease payments and discounted cash flows $ 3,407 $ 3,604 Operating lease right-of-use asset $ 3,284 $ 3,365 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Summary of Common Stock Shares Activity | The following table summarizes common stock share activity for the three and six months ended June 30, 2019 and 2018 (dollars in thousands): Three Months Ended June 30, 2018 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, March 31, 2018 46,843,441 $ 47 $ 246,049 $ (209,252 ) $ 36,844 Net loss — — — (10,757 ) (10,757 ) Stock-based compensation expense — — 468 — 468 Common stock issued for vested restricted stock units 631 — — (2 ) (2 ) Balance, June 30, 2018 46,844,072 $ 47 $ 246,517 $ (220,011 ) $ 26,553 Six Months Ended June 30, 2018 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, December 31, 2017 28,971,651 $ 29 $ 226,631 $ (205,250 ) $ 21,410 Net loss — — — (14,761 ) (14,761 ) Stock-based compensation expense — — 893 — 893 Common stock issued through employee stock purchase plan 13,591 — 20 — 20 Common stock issued, net of expenses 17,852,193 18 18,980 — 18,998 Common stock issued for vested restricted stock units 6,637 — (7 ) — (7 ) Balance, June 30, 2018 46,844,072 $ 47 $ 246,517 $ (220,011 ) $ 26,553 Three Months Ended June 30, 2019 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, March 31, 2019 50,232,429 $ 50 $ 251,906 $ (240,626 ) $ 11,330 Net loss — — — (8,403 ) (8,403 ) Stock-based compensation expense — — 446 — 446 Common stock issued, net of expenses 2,660,909 2 4,044 — 4,046 Common stock issued for April 2019 conversion of Notes 1,626,000 2 2,982 — 2,984 Common stock issued for vested restricted stock units 793 — (1 ) — (1 ) Balance, June 30, 2019 54,520,131 $ 54 $ 259,377 $ (249,029 ) $ 10,402 Six Months Ended June 30, 2019 Shares of Common Stock Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders' Equity Balance, December 31, 2018 47,971,989 $ 48 $ 248,895 $ (217,718 ) $ 31,225 Net loss — — — (31,311 ) (31,311 ) Stock-based compensation expense — — 938 — 938 Common stock issued through employee stock purchase plan 19,259 — 21 — 21 Common stock issued, net of expenses 4,887,478 6 6,550 — 6,556 Common stock issued for April 2019 conversion of Notes 1,626,000 2 2,982 — 2,984 Common stock issued for vested restricted stock units 15,405 (2 ) (9 ) — (11 ) Balance, June 30, 2019 54,520,131 $ 54 $ 259,377 $ (249,029 ) $ 10,402 |
Common Stock Reserved For Future Issuances | The Company had reserved shares of common stock for future issuance as follows: June 30, 2019 December 31, 2018 Outstanding stock options 5,578,978 4,052,913 Outstanding restricted stock units 967,227 111,891 Outstanding Series C-1 Preferred warrants — 14,033 Warrants to purchase common stock associated with June 2016 Public Offering 4,218,750 4,218,750 Warrants to purchase common stock associated with March 2018 Public Offering - Series 1 — 13,198,075 Warrants to purchase common stock associated with March 2018 Public Offering - Series 2 7,988,175 7,988,175 Warrants to purchase common stock associated with Loan Agreement 122,435 122,435 For possible future issuance for the conversion of the 6% senior convertible notes 11,382,000 — For possible future issuance under 2014 Equity Incentive Plan (Note 9) 265,156 612,018 For possible future issuance under Employee Stock Purchase Plan (Note 9) 91,819 81,667 For possible future issuance under 2015 Inducement Plan (Note 9) 315,500 5,000 Total common shares reserved for future issuance 30,930,040 30,404,957 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The activity for the Company’s 2009 Stock Option Plan, 2014 Plan, and 2015 Plan, for the six months ended June 30, 2019, is summarized as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value ($000) Outstanding — December 31, 2018 4,052,913 $ 4.37 7.23 $ — Granted 1,614,500 $ 1.26 Exercised — $ — Forfeited/Cancelled (88,435 ) $ 6.80 Outstanding — June 30, 2019 5,578,978 $ 3.43 7.63 $ 169 Exercisable — June 30, 2019 2,928,163 $ 4.96 6.40 $ 89 Vested or expected to vest — June 30, 2019 5,578,978 $ 3.43 7.63 $ 169 |
Schedule of Restricted Stock Units ("RSU") Activity | Restricted stock unit ("RSU") activity under the 2014 Plan and 2015 Plan for the six months ended June 30, 2019, is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2018 111,891 $ 2.06 Granted 927,500 $ 1.37 Vested (23,840 ) $ 2.27 Forfeited/Cancelled (48,324 ) $ 1.46 Non-vested at June 30, 2019 967,227 $ 1.42 |
Stock-Based Compensation Expense Related to Stock Options | Stock-based compensation expense related to stock options is included in the following line items in the accompanying statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 165 $ 129 $ 323 $ 237 Selling, general and administrative 281 339 615 656 Total $ 446 $ 468 $ 938 $ 893 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured on a Recurring Basis | The following table summarizes the conclusions reached as of June 30, 2019 and December 31, 2018 for financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Hierarchy Classification Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2018 Cash $ 213 $ 213 — — Restricted cash 328 328 — — Money market funds 11,226 11,226 — — Total assets $ 11,767 $ 11,767 — — Warrant liabilities $ 986 — — $ 986 Total liabilities $ 986 — — $ 986 June 30, 2019 Restricted cash $ 328 $ 328 — — Money market funds 19,150 19,150 — — Total assets $ 19,478 $ 19,478 — — Warrant liabilities $ 5,459 — — $ 5,459 Derivative liability 6,860 — — 6,860 Total liabilities $ 12,319 — — $ 12,319 |
Reconciliation of liabilities using level 3 inputs | A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): Warrant Liabilities Balance - January 1, 2019 $ 986 Loss adjustment to fair value 4,473 Balance - June 30, 2019 $ 5,459 Derivative Liability Balance - January 1, 2019 $ — Bifurcated embedded conversion option associated with Notes 6,960 Loss adjustment to fair value 1,556 Adjustment for April 2019 conversion of Notes (1,656 ) Balance - June 30, 2019 $ 6,860 |
Description of Business and B_2
Description of Business and Basis of Preparation - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Sep. 14, 2018 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Shelf registration maximum equity offering price | $ 167,100,000 | $ 175,000,000 |
Number of warrants issued to purchase common stock (in shares) | 13,198,075 | |
Aggregate amount receivable upon exercise of warrants | $ 28,600,000 | |
Warrants, expiration date | Mar. 14, 2019 | |
Sales Agreement | Common Stock | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Shelf registration maximum equity offering price | $ 25,000,000 | |
June 2016 Public Offering | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of warrants issued to purchase common stock (in shares) | 4,218,750 | |
Exercise price of warrants (in dollars per share) | $ 3 | |
March 2018 Public Offering | Series 1 Warrant | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of warrants issued to purchase common stock (in shares) | 13,198,075 | |
Exercise price of warrants (in dollars per share) | $ 1.85 | |
March 2018 Public Offering | Series 2 Warrant | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of warrants issued to purchase common stock (in shares) | 7,988,175 | |
Exercise price of warrants (in dollars per share) | $ 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 30,257,565 | 29,834,858 | 30,257,565 | 29,834,858 |
Outstanding stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 5,578,978 | 4,076,415 | 5,578,978 | 4,076,415 |
Outstanding restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 967,227 | 101,425 | 967,227 | 101,425 |
Warrants to purchase Series C-1 Preferred | Warrant liability | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 0 | 14,033 | 0 | 14,033 |
Warrants to purchase common stock associated with Solar loan agreement | Warrant liability | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 122,435 | 122,435 | 122,435 | 122,435 |
Warrants to purchase common stock associated with June 2016 Public Offering | Warrant liability | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 4,218,750 | 4,218,750 | 4,218,750 | 4,218,750 |
March 2018 Public Offering Series 1 [Member] | Warrant liability | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 0 | 13,313,625 | 0 | 13,313,625 |
March 2018 Public Offering Series 2 [Member] | Warrant liability | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 7,988,175 | 7,988,175 | 7,988,175 | 7,988,175 |
Common stock associated with 6% convertible senior notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 11,382,000 | 0 | 11,382,000 | 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Shares (Parenthetical) (Details) | Jun. 30, 2019 |
Common stock associated with 6% convertible senior notes | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Interest rate | 6.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) | Jun. 30, 2019 |
6.0% Convertible Senior Notes due 2025 | |
Subsidiary Sale Of Stock [Line Items] | |
Interest rate | 6.00% |
Short-term Investments (Details
Short-term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 16,080 | $ 32,718 |
Unrealized Gains | 10 | 14 |
Unrealized Losses | (6) | (15) |
Fair Value | 16,084 | 32,717 |
Commercial paper | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,094 | 8,772 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 2,094 | 8,772 |
Overnight repurchase agreement | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,500 | 9,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 3,500 | 9,000 |
U.S. government securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 10,486 | 14,946 |
Unrealized Gains | 10 | 14 |
Unrealized Losses | (6) | (15) |
Fair Value | $ 10,490 | $ 14,945 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid research and development services | $ 236 | $ 245 |
Prepaid insurance | 470 | 200 |
Other prepaid expenses | 97 | 20 |
NOL sale receivable | 0 | 6,732 |
Other current assets | 55 | 54 |
Total prepaid expenses and other current assets | $ 858 | $ 7,251 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued research and development expenses | $ 2,097 | $ 587 |
Accrued employee bonus compensation | 684 | 1,197 |
Employee withholdings | 22 | 21 |
Other accrued expenses | 611 | 298 |
Total accrued expenses | $ 3,414 | $ 2,103 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Mar. 07, 2019USD ($)d$ / shares | Sep. 30, 2016USD ($) | Apr. 30, 2019USD ($)shares | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||||
Payment of debt issuance costs | $ 1,253,000 | $ 0 | |||||||
Loss on debt extinguishment | $ (231,000) | $ 0 | (1,045,000) | 0 | |||||
Convertible debt and derivative liability | 14,592,000 | 14,592,000 | $ 0 | ||||||
Amortization of debt issuance costs and discount | 373,000 | $ 99,000 | 573,000 | $ 212,000 | |||||
Senior Convertible Note Purchase Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount | $ 16,000,000 | ||||||||
Date of issuance and sale of notes | Mar. 7, 2019 | ||||||||
Proceeds from debt, net of issuance costs | $ 14,700,000 | ||||||||
Payment of debt issuance costs | $ 1,300,000 | ||||||||
Loss on debt extinguishment | $ (200,000) | $ (800,000) | |||||||
Reacquisition price of outstanding debt | 15,900,000 | ||||||||
Carrying value of debt obligation | 15,100,000 | ||||||||
Senior convertible notes | 7,700,000 | 7,700,000 | |||||||
Unamortized debt issuance cost | 600,000 | 600,000 | |||||||
Bifurcated embedded conversion option derivative liability | 6,900,000 | 6,900,000 | |||||||
Debt issuance costs | $ 600,000 | ||||||||
Gain (loss) on fair value adjustment of derivative liability | 1,300,000 | (2,100,000) | |||||||
Amortization of debt issuance costs and discount | 400,000 | 500,000 | |||||||
Conversion of convertible note, amount | $ 2,000,000 | ||||||||
Conversion of convertible note exchanged for shares | shares | 1,626,000 | ||||||||
Fair value of convertible debt and derivative liability | $ 2,800,000 | 15,000,000 | $ 15,000,000 | ||||||
Fair value of the consideration issued | $ 3,000,000 | ||||||||
Purchase price as percentage of principal amount | 100.00% | ||||||||
Interest rate | 6.00% | ||||||||
Payment terms | The Notes bear interest at a rate of 6.0% per annum payable semiannually in arrears on March 15 and September 15 of each year, beginning September 15, 2019. The Notes will mature on March 15, 2025, unless earlier converted, redeemed or repurchased. | ||||||||
Notes maturity date | Mar. 15, 2025 | ||||||||
Notes maturity description | The Notes will mature on March 15, 2025, unless earlier converted, redeemed or repurchased | ||||||||
Conversion terms | holder of the Notes may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding March 15, 2025 into shares of the Company’s common stock. | ||||||||
Conversion rate, number of shares to be issued per $1000 of principal (in shares) | 739.0983 | ||||||||
Principal amount of notes used as the denominator for conversion into notes | $ 1,000 | ||||||||
Initial conversion price of notes | $ / shares | $ 1.35 | ||||||||
Conversion rate, number of shares to be issued per $1000 of principal (in shares) after adjustment to certain events | 813 | ||||||||
Principal amount of notes used as the denominator for conversion into notes after adjustment of certain events | $ 1,000 | ||||||||
Convertible notes, redemption start date | Mar. 15, 2022 | ||||||||
Convertible notes, threshold percentage of stock price trigger | 130.00% | ||||||||
Convertible notes, threshold trading days | d | 20 | ||||||||
Convertible notes, threshold consecutive trading days | d | 30 | ||||||||
Redemption price as percentage of the principal amount | 100.00% | ||||||||
Redemption price as percentage of the principal amount subject to certain exceptions | 100.00% | ||||||||
Senior Convertible Note Purchase Agreement | ASC 815 | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, fair value | $ 7,000,000 | $ 7,000,000 | |||||||
Secured Debt | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan agreement term | 48 months | ||||||||
Face amount | $ 15,000,000 | ||||||||
Secured Debt | Term Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 8.49% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 01, 2018USD ($)ft² | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Commitment And Contingencies [Line Items] | |||||||
Long-term lease agreement, area of office space | ft² | 19,275 | ||||||
Lease term | 11 years | ||||||
Total lease payments | $ 7,300,000 | $ 55,000 | $ 219,000 | ||||
Lessee, operating lease, existence of option to extend | true | ||||||
Renewal term | 5 years | ||||||
Renewal term, description | The Company has the option to renew for two consecutive five-year periods from the end of the first term and the Company is not reasonably certain that the option to renew the Lease will be exercised. Under the Lease, the Company must furnish a security deposit in the form of a standby letter of credit in the amount of $0.3 million, which will be reduced by fifty-five thousand dollars every two years for ten years after the commencement of the lease | ||||||
Security deposit in the form of a standby letter of credit | $ 300,000 | ||||||
Decrease in security deposit | $ 55,000 | ||||||
Operating lease right-of-use asset | 3,284,000 | 3,284,000 | $ 3,365,000 | $ 0 | |||
Operating lease liability | $ 3,401,000 | 3,401,000 | $ 3,368,000 | ||||
Maximum | |||||||
Commitment And Contingencies [Line Items] | |||||||
Milestone payments from the Company | $ 19,000,000 | ||||||
Jersey City, New Jersey | |||||||
Commitment And Contingencies [Line Items] | |||||||
Rent expense | $ 100,000 | $ 100,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Quantitative Information Associated with Amounts Recognized in Financial Statements for Lease (Detail) - USD ($) $ in Thousands | Mar. 01, 2018 | Jun. 30, 2019 | Jun. 30, 2019 |
Commitments And Contingencies Disclosure [Abstract] | |||
Operating lease cost | $ 166 | $ 332 | |
Variable lease cost | 8 | 17 | |
Total operating lease expense | 174 | 349 | |
Total lease payments | $ 7,300 | $ 55 | $ 219 |
Remaining Lease term (years) | 10 years 29 days | 10 years 29 days | |
Discount rate | 15.00% | 15.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
2019 | $ 498 | |
2020 | 508 | |
2021 | 518 | |
2022 | 529 | |
2023 | 716 | |
Thereafter | 4,203 | |
Total | $ 6,972 | |
2019 | $ 279 | |
2020 | 507 | |
2021 | 517 | |
2022 | 527 | |
2023 | 715 | |
Thereafter | 4,263 | |
Total | $ 6,808 |
Commitments and Contingencies_4
Commitments and Contingencies - Presentation of Operating Lease Liability and Right-of-Use Asset (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | |||
Present value of future minimum lease payments | $ 3,401 | $ 3,368 | |
Operating lease liability, current portion | 28 | 23 | $ 0 |
Operating lease liability, long-term portion | 3,373 | 3,345 | 0 |
Total operating lease liability | 3,401 | 3,368 | |
Difference between future minimum lease payments and discounted cash flows | 3,407 | 3,604 | |
Operating lease right-of-use asset | $ 3,284 | $ 3,365 | $ 0 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2016 | Apr. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 18, 2019 | Jun. 17, 2019 | Dec. 31, 2018 | Sep. 14, 2018 |
Schedule Of Capitalization Equity [Line Items] | ||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 | 125,000,000 | 125,000,000 | |||||
Common stock, shares issued (in shares) | 54,520,131 | 54,520,131 | 47,971,989 | |||||||
Common stock, shares outstanding (in shares) | 54,520,131 | 54,520,131 | 47,971,989 | |||||||
Derivative liability fair value adjustment | $ 1,324 | $ 0 | $ (2,101) | $ 0 | ||||||
Warrant liabilities fair value adjustment | (2,049) | $ 2,874 | 4,473 | $ (680) | ||||||
Warrant liabilities | 5,500 | 5,500 | ||||||||
Number of warrants issued to purchase common stock (in shares) | 13,198,075 | |||||||||
Warrants to purchase common stock associated with Loan Agreement | ||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||
Number of warrants issued to purchase common stock (in shares) | 122,435 | |||||||||
Exercise price of warrants (in dollars per share) | $ 3.6754 | |||||||||
Warrant expiration period | 5 years | |||||||||
Senior Convertible Note Purchase Agreement | ||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||
Conversion of convertible note, amount | $ 2,000 | |||||||||
Conversion of convertible note exchanged for shares | 1,626,000 | |||||||||
Senior Convertible Note Purchase Agreement | Other (Income) Expense | ||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||
Derivative liability fair value adjustment | $ 1,300 | $ (2,100) |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Common Stock Shares Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Common Stock Outstanding Roll Forward [Roll Forward] | ||||
Beginning balance | $ 11,330 | $ 36,844 | $ 31,225 | $ 21,410 |
Beginning balance (in shares) | 47,971,989 | |||
Net loss | (8,403) | (10,757) | $ (31,311) | (14,761) |
Stock-based compensation expense | 446 | 468 | 938 | 893 |
Common stock issued through employee stock purchase plan | 21 | 20 | ||
Common stock issued, net of expenses | 4,046 | 6,556 | 18,998 | |
Common stock issued for April 2019 conversion of Notes | 2,984 | 2,984 | ||
Common stock issued for vested restricted stock units | (1) | (2) | (11) | (7) |
Ending balance | $ 10,402 | 26,553 | $ 10,402 | 26,553 |
Ending balance (in shares) | 54,520,131 | 54,520,131 | ||
Common Stock | ||||
Common Stock Outstanding Roll Forward [Roll Forward] | ||||
Beginning balance | $ 50 | $ 47 | $ 48 | $ 29 |
Beginning balance (in shares) | 50,232,429 | 46,843,441 | 47,971,989 | 28,971,651 |
Net loss | $ 0 | $ 0 | $ 0 | $ 0 |
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Common stock issued through employee stock purchase plan | $ 0 | $ 0 | ||
Common stock issued through employee stock purchase plan (in shares) | 19,259 | 13,591 | ||
Common stock issued, net of expenses | $ 2 | $ 6 | $ 18 | |
Common stock issued, net of expenses (in shares) | 2,660,909 | 4,887,478 | 17,852,193 | |
Common stock issued for April 2019 conversion of Notes | $ 2 | $ 2 | ||
Common stock issued for April 2019 conversion of Notes (in shares) | 1,626,000 | 1,626,000 | ||
Common stock issued for vested restricted stock units | $ 0 | $ 0 | $ (2) | $ 0 |
Common stock issued for vested restricted stock units (in shares) | 793 | 631 | 15,405 | 6,637 |
Ending balance | $ 54 | $ 47 | $ 54 | $ 47 |
Ending balance (in shares) | 54,520,131 | 46,844,072 | 54,520,131 | 46,844,072 |
Additional Paid-in Capital | ||||
Common Stock Outstanding Roll Forward [Roll Forward] | ||||
Beginning balance | $ 251,906 | $ 246,049 | $ 248,895 | $ 226,631 |
Net loss | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 446 | 468 | 938 | 893 |
Common stock issued through employee stock purchase plan | 21 | 20 | ||
Common stock issued, net of expenses | 4,044 | 6,550 | 18,980 | |
Common stock issued for April 2019 conversion of Notes | 2,982 | 2,982 | ||
Common stock issued for vested restricted stock units | (1) | 0 | (9) | (7) |
Ending balance | 259,377 | 246,517 | 259,377 | 246,517 |
Accumulated Deficit | ||||
Common Stock Outstanding Roll Forward [Roll Forward] | ||||
Beginning balance | (240,626) | (209,252) | (217,718) | (205,250) |
Net loss | (8,403) | (10,757) | (31,311) | (14,761) |
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Common stock issued through employee stock purchase plan | 0 | 0 | ||
Common stock issued, net of expenses | 0 | 0 | 0 | |
Common stock issued for April 2019 conversion of Notes | 0 | 0 | ||
Common stock issued for vested restricted stock units | 0 | (2) | 0 | 0 |
Ending balance | $ (249,029) | $ (220,011) | $ (249,029) | $ (220,011) |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Detail) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 30,930,040 | 30,404,957 |
6.0% Convertible Senior Notes due 2025 | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 11,382,000 | 0 |
2014 Equity Incentive Plan | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 265,156 | 612,018 |
2014 Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 91,819 | 81,667 |
2015 Inducement Plan | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 315,500 | 5,000 |
Series C1 Preferred Warrants | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 0 | 14,033 |
June 2016 Public Offering | Warrant liability | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 4,218,750 | 4,218,750 |
March 2018 Public Offering | Series 1 Warrant | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 0 | 13,198,075 |
March 2018 Public Offering | Series 2 Warrant | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 7,988,175 | 7,988,175 |
Warrants to purchase common stock associated with Loan Agreement | Warrant liability | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 122,435 | 122,435 |
Stock options | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 5,578,978 | 4,052,913 |
Restricted Stock Units | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 967,227 | 111,891 |
Stock-based Compensation - 2014
Stock-based Compensation - 2014 Equity Incentive Plan (Details) - 2014 Equity Incentive Plan - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 1,918,879 | 1,158,866 |
Possible future issuance under equity compensation plan (in shares) | 265,156 |
Stock-based Compensation - 2015
Stock-based Compensation - 2015 Inducement Plan (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 09, 2019 | Jun. 08, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (shares) | 1,614,500 | |||
2015 Inducement Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares authorized under the plan (in shares) | 900,000 | 450,000 | ||
Granted (shares) | 115,000 | 0 | ||
Possible future issuance under equity compensation plan (in shares) | 315,500 | 5,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Number of Shares | ||
Beginning balance - Outstanding (shares) | 4,052,913 | |
Granted (shares) | 1,614,500 | |
Exercised (shares) | 0 | |
Forfeited/Cancelled(shares) | (88,435) | |
Ending balance - Outstanding (shares) | 5,578,978 | 4,052,913 |
Exercisable (shares) | 2,928,163 | |
Vested or expected to vest (shares) | 5,578,978 | |
Weighted- Average Exercise Price | ||
Beginning balance - Outstanding (in dollars per share) | $ 4.37 | |
Granted (in dollars per share) | 1.26 | |
Exercised (in dollars per share) | 0 | |
Forfeited/Cancelled (in dollars per share) | 6.80 | |
Ending balance - Outstanding (in dollars per share) | 3.43 | $ 4.37 |
Exercisable (in dollars per share) | 4.96 | |
Vested or expected to vest (in dollars per share) | $ 3.43 | |
Weighted- Average Remaining Contractual Life (in years) | ||
Balance - Outstanding | 7 years 7 months 17 days | 7 years 2 months 23 days |
Exercisable | 6 years 4 months 24 days | |
Vested or expected to vest | 7 years 7 months 17 days | |
Aggregate Intrinsic Value ($000) | ||
Balance - Outstanding | $ 169 | $ 0 |
Exercisable | 89 | |
Vested and expected to vest | $ 169 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Restricted Stock Units ("RSU") Activity (Details) - Restricted Stock Units | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Number of Shares | |
Beginning balance - Outstanding (shares) | shares | 111,891 |
Options granted in period (shares) | shares | 927,500 |
Vested (shares) | shares | (23,840) |
Forfeited/Cancelled (shares) | shares | (48,324) |
Ending balance - Outstanding (shares) | shares | 967,227 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance - Outstanding (in dollars per share) | $ / shares | $ 2.06 |
Granted (in dollars per share) | $ / shares | 1.37 |
Vested (in dollars per share) | $ / shares | 2.27 |
Forfeited/Cancelled dollars per share) | $ / shares | 1.46 |
Ending balance - Outstanding (in dollars per share) | $ / shares | $ 1.42 |
Vesting percentage | 25.00% |
Vesting period of options | 4 years |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Stock-based compensation expense | $ 446,000 | $ 468,000 | $ 938,000 | $ 893,000 |
Tax benefit from compensation expense | 0 | 0 | 0 | 0 |
Cash received from option exercised | $ 0 | $ 0 | $ 0 | $ 0 |
Stock-based Compensation - Expe
Stock-based Compensation - Expense Related to Stock Options (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense related to stock options | $ 446 | $ 468 | $ 938 | $ 893 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense related to stock options | 165 | 129 | 323 | 237 |
Selling, general and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense related to stock options | $ 281 | $ 339 | $ 615 | $ 656 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | $ 19,478 | $ 11,767 |
Fair value of financial liabilities | 12,319 | 986 |
Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 5,459 | 986 |
Derivative liability | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 6,860 | |
Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 213 | |
Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 328 | 328 |
Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 19,150 | 11,226 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 19,478 | 11,767 |
Fair value of financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative liability | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 213 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 328 | 328 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 19,150 | 11,226 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Fair value of financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Derivative liability | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | |
Significant Other Observable Inputs (Level 2) | Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | |
Significant Other Observable Inputs (Level 2) | Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Fair value of financial liabilities | 12,319 | 986 |
Significant Unobservable Inputs (Level 3) | Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 5,459 | 986 |
Significant Unobservable Inputs (Level 3) | Derivative liability | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 6,860 | |
Significant Unobservable Inputs (Level 3) | Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | |
Significant Unobservable Inputs (Level 3) | Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Warrant liabilities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 986 |
Loss adjustment to fair value | 4,473 |
Ending balance | 5,459 |
Derivative liability | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | 0 |
Bifurcated embedded conversion option associated with Notes | 6,960 |
Loss adjustment to fair value | 1,556 |
Adjustment for April 2019 conversion of Notes | (1,656) |
Ending balance | $ 6,860 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
SCYNEXIS Pacific Pty Ltd | |
Subsequent Event [Line Items] | |
Entity incorporation month and year | 2019-07 |