Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 05, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MTEM | |
Entity Registrant Name | Molecular Templates, Inc. | |
Entity Central Index Key | 0001183765 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-32979 | |
Entity Tax Identification Number | 943409596 | |
Entity Address, Address Line One | 9301 Amberglen Blvd | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78729 | |
City Area Code | 512 | |
Local Phone Number | 869-1555 | |
Entity Common Stock, Shares Outstanding | 36,936,581 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 16,795 | $ 87,721 |
Marketable securities, current | 55,529 | 10,234 |
Prepaid expenses | 2,258 | 2,244 |
Grants revenue receivable | 5,160 | 4,329 |
Accounts receivable from related party | 0 | 240 |
Other current assets | 98 | 95 |
Total current assets | 79,840 | 104,863 |
Operating lease right-of-use assets, non-current | 10,796 | 0 |
Property and equipment, net | 9,151 | 6,851 |
In-process research and development | 26,623 | 26,623 |
Other assets | 4,737 | 1,821 |
Total assets | 131,147 | 140,158 |
Current liabilities: | ||
Accounts payable | 2,577 | 780 |
Accrued liabilities | 7,120 | 5,357 |
Deferred revenue, current | 14,561 | 26,231 |
Other current liabilities | 1,435 | 141 |
Total current liabilities | 25,693 | 32,509 |
Deferred revenue, non-current | 1,664 | 2,670 |
Long-term debt, non-current, net | 3,075 | 3,254 |
Operating lease liabilities, non-current | 10,707 | 0 |
Other liabilities | 748 | 819 |
Total liabilities | 41,887 | 39,252 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value: Authorized: 150,000,000 shares; issued and outstanding: 36,882,163 shares at June 30, 2019 and 36,736,012 shares at December 31, 2018 | 37 | 37 |
Additional paid-in capital | 199,223 | 195,573 |
Accumulated other comprehensive income | 25 | 0 |
Accumulated deficit | (110,025) | (94,704) |
Total stockholders’ equity | 89,260 | 100,906 |
Total liabilities and stockholders’ equity | $ 131,147 | $ 140,158 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 36,882,163 | 36,736,012 |
Common stock, shares outstanding | 36,882,163 | 36,736,012 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total revenue | $ 5,447 | $ 1,367 | $ 12,455 | $ 1,849 |
Operating expenses: | ||||
Research and development | 10,243 | 7,662 | 18,697 | 14,350 |
General and administrative | 4,605 | 3,718 | 9,540 | 6,627 |
Total operating expenses | 14,848 | 11,380 | 28,237 | 20,977 |
Loss from operations | 9,401 | 10,013 | 15,782 | 19,128 |
Interest and other income, net | 543 | 118 | 1,053 | 200 |
Interest and other expense, net | (301) | (98) | (594) | (393) |
Change in fair value of warrant liabilities | 6 | 298 | 2 | 912 |
Net loss attributable to common shareholders | $ 9,153 | $ 9,695 | $ 15,321 | $ 18,409 |
Net loss per share attributable to common shareholders: | ||||
Basic and diluted | $ 0.25 | $ 0.36 | $ 0.42 | $ 0.68 |
Weighted average number of shares used in net loss per share calculations: | ||||
Basic and diluted | 36,819,846 | 27,062,440 | 36,779,638 | 27,026,263 |
Research And Development Revenue | Other | ||||
Total revenue | $ 0 | $ 12 | $ 0 | $ 80 |
Research And Development Revenue | Related Party | ||||
Total revenue | 5,211 | 932 | 11,624 | 1,095 |
Grant | ||||
Total revenue | $ 236 | $ 423 | $ 831 | $ 674 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ 9,153 | $ 9,695 | $ 15,321 | $ 18,409 |
Other comprehensive income: | ||||
Unrealized gain on available-for-sale securities | 25 | 0 | 25 | 0 |
Comprehensive loss | $ 9,128 | $ 9,695 | $ 15,296 | $ 18,409 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balances, value at Dec. 31, 2017 | $ 77,289 | $ 27 | $ 141,733 | $ 0 | $ (64,471) |
Balances, shares at Dec. 31, 2017 | 26,898,330 | ||||
Issuance of common stock pursuant to stock plans, value | 156 | $ 1 | 155 | 0 | 0 |
Issuance of common stock pursuant to stock plans, shares | 166,868 | ||||
Issuance of warrant to purchase common stock in relation to term loan facility | 1,522 | $ 0 | 1,522 | 0 | 0 |
Stock-based compensation | 1,565 | 0 | 1,565 | 0 | 0 |
Cumulative-effect adjustment upon adoption of new accounting standards | 54 | 0 | 0 | 0 | 54 |
Net loss | (18,409) | 0 | 0 | 0 | (18,409) |
Balances, value at Jun. 30, 2018 | 62,177 | $ 28 | 144,975 | 0 | (82,826) |
Balances, shares at Jun. 30, 2018 | 27,065,198 | ||||
Balances, value at Mar. 31, 2018 | 70,941 | $ 28 | 144,044 | 0 | (73,131) |
Balances, shares at Mar. 31, 2018 | 27,060,035 | ||||
Issuance of common stock pursuant to stock plans, value | 9 | $ 0 | 9 | 0 | 0 |
Issuance of common stock pursuant to stock plans, shares | 5,163 | ||||
Stock-based compensation | 922 | $ 0 | 922 | 0 | 0 |
Net loss | (9,695) | 0 | 0 | 0 | (9,695) |
Balances, value at Jun. 30, 2018 | 62,177 | $ 28 | 144,975 | 0 | (82,826) |
Balances, shares at Jun. 30, 2018 | 27,065,198 | ||||
Balances, value at Dec. 31, 2018 | $ 100,906 | $ 37 | 195,573 | 0 | (94,704) |
Balances, shares at Dec. 31, 2018 | 36,736,012 | 36,736,012 | |||
Issuance of common stock pursuant to stock plans, value | $ 847 | $ 0 | 847 | 0 | 0 |
Issuance of common stock pursuant to stock plans, shares | 146,151 | ||||
Stock-based compensation | 2,803 | $ 0 | 2,803 | 0 | 0 |
Other comprehensive income | 25 | 0 | 0 | 25 | 0 |
Net loss | (15,321) | 0 | 0 | 0 | (15,321) |
Balances, value at Jun. 30, 2019 | $ 89,260 | $ 37 | 199,223 | 25 | (110,025) |
Balances, shares at Jun. 30, 2019 | 36,882,163 | 36,882,163 | |||
Balances, value at Mar. 31, 2019 | $ 96,137 | $ 37 | 196,972 | 0 | (100,872) |
Balances, shares at Mar. 31, 2019 | 36,756,651 | ||||
Issuance of common stock pursuant to stock plans, value | 809 | $ 0 | 809 | 0 | 0 |
Issuance of common stock pursuant to stock plans, shares | 125,512 | ||||
Stock-based compensation | 1,442 | $ 0 | 1,442 | 0 | 0 |
Other comprehensive income | 25 | 0 | 0 | 25 | 0 |
Net loss | (9,153) | 0 | 0 | 0 | (9,153) |
Balances, value at Jun. 30, 2019 | $ 89,260 | $ 37 | $ 199,223 | $ 25 | $ (110,025) |
Balances, shares at Jun. 30, 2019 | 36,882,163 | 36,882,163 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ 15,321 | $ 18,409 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, amortization and other | 301 | 187 |
Stock-based compensation expense | 2,803 | 1,565 |
Amortization of debt discount and accretion related to debt | 221 | 127 |
Change in common stock warrant fair value | (2) | (912) |
Accretion of asset retirement obligations | 25 | 18 |
Capitalized interest | 0 | (125) |
Loss on extinguishment of debt | 0 | 115 |
Loss on disposal of equipment | 0 | 2 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (14) | (236) |
Accounts receivable from related party | 240 | (663) |
Other assets | (763) | (120) |
Operating lease right-of-use assets, non-current | 678 | 0 |
Accounts payable | 862 | (1,935) |
Accrued liabilities | 1,098 | 3,128 |
Other liabilities | (330) | 229 |
Deferred revenue | (12,676) | 2,893 |
Net cash used in operating activities | (22,878) | (14,136) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,121) | (4,190) |
Purchase of marketable securities | (55,659) | 0 |
Sales of marketable securities | 10,893 | 0 |
Net cash used in investing activities | (45,887) | (4,190) |
Cash flows from financing activities: | ||
Payments of capital and finance lease obligations | (8) | (25) |
Proceeds from issuance of long-term debt and warrants, net | 0 | 4,537 |
Repayment of long-term debt | 0 | (3,605) |
Proceeds from stock option exercises | 847 | 156 |
Net cash provided by financing activities | 839 | 1,063 |
Net decrease in cash, cash equivalents, and restricted cash | (67,926) | (17,263) |
Cash, cash equivalents and restricted cash, beginning of period | 87,721 | 58,910 |
Cash, cash equivalents and restricted cash, end of period | 19,795 | 41,647 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 344 | 284 |
Non-Cash Investing and Financing Activities | ||
Fixed asset additions in accounts payable | 935 | 701 |
Fixed asset additions in accrued expenses | $ 665 | $ 413 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of the Business Molecular Templates, Inc. (the “Company”) is a clinical stage biopharmaceutical company formed in 2001, with a biologic therapeutic platform for the development of novel targeted therapeutics for cancer and other diseases, headquartered in Austin, Texas. The Company’s focus is on the research and development of therapeutic compounds for a variety of cancers. The Company operates its business as a single segment, as defined by U.S. generally accepted accounting principles (“U.S. GAAP”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP pursuant to the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for the fair presentation of results for the periods presented, have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period. The condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited financial statements as of that date, but includes a reclassification of $4.3 million from Other current assets to Grants revenue receivable in order to conform to current period presentation. The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the recorded amounts reported therein. A change in facts or circumstances surrounding the estimates could result in a change to estimates and impact future operating results. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the interim unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2019. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, and reflect the elimination of intercompany accounts and transactions. Recently Adopted Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board ("FASB") established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which supersedes ASC 840, Leases, and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. Topic 842, as amended, (the "new lease standard") establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the consolidated balance sheets for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of operation. The Company adopted the new lease standard on January 1, 2019 and used the effective date as the date of initial adoption. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for earlier periods. The Company has completed a qualitative and quantitative assessment of its lease portfolio, in which the standard had a material impact on the condensed consolidated balance sheets but did not have an impact on the condensed consolidated statement of operations. Upon adoption, the Company recognized lease liabilities of approximately $4.7 million based on the present value of the remaining minimum rental payments under current leasing standards for our existing operating leases. The corresponding ROU assets of $4.2 million recognized upon adoption are net of deferred rent. The new standard provides a number of optional practical expedients in transition. The Company elected the practical expedients, which permits lessees not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to the Company. The new standard also provides practical expedients for an entity's ongoing accounting. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, ROU assets or lease liabilities will not be recognized, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company also elected the practical expedient to not separate lease and non-lease components for office leases. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2019, as compared to the significant accounting policies disclosed in Note 1, Summary of significant accounting policies, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, other than lease accounting as noted below. Lease Accounting At inception of a contract, the Company determines whether an arrangement is or contains a lease. For all leases, the Company determines the classification as either operating leases or finance leases. Operating leases are included in Operating lease right-of-use assets and Operating lease liabilities in our condensed consolidated balance sheets. Lease recognition occurs at the commencement date and lease liability amounts are based on the present value of lease payments over the lease term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. If a lease does not provide information to determine an implicit interest rate, the Company uses our incremental borrowing rate in determining the present value of lease payments. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments under the lease. reasonably certain of exercise. Cash and Cash Equivalents The Company considers temporary investments with original maturities of three months or less from date of purchase to be cash equivalents. Restricted cash is recorded in other assets, based on when the restrictions expire. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash and cash equivalents, investments, long term debt and accounts receivable. The Company’s cash and cash equivalents are with two major financial institutions in the United States. The Company performs an ongoing credit evaluation of its strategic partners’ financial conditions and generally does not require collateral to secure accounts receivable from its strategic partners. The Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Takeda Pharmaceutical Company Ltd. (“Takeda”). Approximately 96% and 68% of total revenues for the three months ended June 30, 2019 and 2018, respectively, and approximately 93% and 59% of total revenues for the six months ended June 30, 2019 and 2018, respectively, were derived from Takeda. There were no accounts receivable due from Takeda at June 30, 2019. See also Note 3, Research and Development Agreements, regarding the collaboration agreements with Takeda. Drug candidates developed by the Company may require approvals or clearances from the U.S. Food and Drug Administration (“FDA”) or international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s drug candidates will receive any of the required approvals or clearances. If the Company were to be denied approval or clearance or any such approval or clearance were to be delayed, it would have a material adverse impact on the Company. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which amends the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. Accordingly, these financial assets will be presented at the net amount expected to be collected. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than by reducing the carrying amount under the current, other-than-temporary-impairment model. The new standard is effective for interim and annual periods beginning on January 1, 2020, but may be adopted earlier. With certain exceptions, adjustments are to be applied using a modified-retrospective approach by reflecting adjustments through a cumulative-effect impact on retained earnings as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC Topic 606 when the counterparty is a customer. In addition, Topic 808 precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. This guidance will be effective for the Company beginning January 1, 2020. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. |
Net Loss Per Common Share
Net Loss Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | NOTE 2 — NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive common shares, including outstanding options and warrants. The following is the calculation of basic and diluted net loss per share (in thousands, except share and per share data Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net loss attributable to common shareholders: $ 9,153 $ 9,695 $ 15,321 $ 18,409 Weighted average common shares outstanding - basic and diluted 36,819,846 27,062,440 36,779,638 27,026,263 Net loss per share attributable to common shareholders: Basic and diluted $ 0.25 $ 0.36 $ 0.42 $ 0.68 The following outstanding warrants and options were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect (in thousands): June 30, 2019 2018 Shares issuable upon exercise of warrants 3,522 3,522 Shares issuable upon exercise of stock options 5,106 4,347 |
Research and Development Agreem
Research and Development Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Research And Development [Abstract] | |
Research and Development Agreements | NOTE 3 — RESEARCH AND DEVELOPMENT AGREEMENTS Disaggregated Research and Development Revenue Research and development revenue is attributable to regions based on the location of our collaboration partner's parent company headquarters. Research and development revenues disaggregated by location were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Japan $ 5,211 $ 932 $ 11,624 $ 1,095 United States — 12 — 80 Total research and development revenue $ 5,211 $ 944 $ 11,624 $ 1,175 Related Party Collaboration Agreement - Takeda Pharmaceuticals, Inc. Research and development revenue from related party relates to revenue from research and development agreements with Takeda Pharmaceuticals, Inc (“Takeda”) and were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Takeda Collaboration Agreement $ — $ 81 $ — $ 92 Takeda Individual Project Agreement — 663 54 663 Takeda Development and License Agreement 5,012 — 11,126 — Takeda Multi-Target Agreement 199 188 444 340 Total research and development revenue $ 5,211 $ 932 $ 11,624 $ 1,095 Deferred revenue and accounts receivable balances from the research and development agreements with Takeda were as follows (in thousands): June 30, 2019 December 31, 2018 Assets Unbilled revenue $ — $ 240 Liabilities Deferred revenue, current $ 14,561 $ 26,231 Deferred revenue, non-current 1,664 2,670 Total deferred revenue $ 16,225 $ 28,901 Takeda Development and License Agreement On September 18, 2018, the Company entered into a Development and License Agreement with Takeda (“Takeda Development and License Agreement”) for the development and commercialization of products incorporating or comprised of one or more CD38 SLT-A fusion proteins (“Licensed Products”) for the treatment of patients with diseases such as multiple myeloma. The Company, at its discretion, may choose to exercise its co-development option, which requires the Company to fund its share of development costs. If exercised, the Company is eligible to receive pre-clinical and clinical development milestone payments of up to $307.5 million upon the achievement of certain development milestones and regulatory approvals, and sales milestone payments of up to $325.0 million upon the achievement of certain sales milestone events. If the Company does not exercise its co-development option, it is eligible to receive development milestone payments of up to $162.5 million upon the achievement of certain development milestones and regulatory approvals, and sales milestone payments of up to $175.0 million upon the achievement of certain sales milestone events. The Company exercised the co-development option in July 2019 and may elect to end its co-development by providing Takeda with written notice of termination. The Company will also be entitled to receive tiered royalties, subject to certain reductions, as percentages of annual aggregate net sales, if any, of Licensed Products. The royalty percentages would range from low double-digits to low twenties if the Company exercises its option to co-develop, and from high-single digits to low teens if the Company does not exercise its option to co-develop. The Company identified one performance obligation at the inception of the Takeda Development and License Agreement, the research and development services for the CD38 ETBs, including manufacturing. The Company determined that research, development and commercialization license and the participation in the committee meetings are not distinct from the research and development services and therefore those promised services were combined into one combined performance obligation. The total transaction price of $29.3 million consists of (1) the $30.0 million upfront payment, (2) a $10.0 million development milestone payment that is deemed probable of being achieved, (3) minus $10.7 million in expected co-share payment payable to Takeda during Early Stage Development. The expected co-share payment is considered variable consideration, and the Company applied a constraint using the expected value method. Significant judgement was involved in determining transaction consideration, including the determination of the variable consideration, including the constraint on consideration. As of June 30, 2019, the other potential development milestones and sales milestones are not currently deemed probable of being achieved, as they are dependent on factors outside the Company ’ The Company recognizes revenue using a cost-based input measure. In applying the cost-based input method of revenue recognition, the Company used actual costs incurred relative to budgeted costs expected to be incurred for the combined performance obligation. These costs consist primarily of internal employee efforts and third-party contract costs. Revenue is recognized based on actual costs incurred as a percentage of total budgeted costs as the Company completes its performance obligation over the estimated service period. The Company recognized research and development revenue of $5.0 million and $11.1 million, respectively, for the three and six months ended June 30, 2019 and no revenue was recognized for the three and six months ended June 30, 2018 as the agreement was executed September 2018. This revenue is deemed to be revenue from a related party (as discussed further in Note 4, Related Party Transactions). At June 30, 2019 and December 31, 2018, total deferred revenue related to the performance obligation was $12.6 million and $24.8 million, respectively. Takeda Multi-Target Agreement In June 2017, The Company entered into a Multi-Target Collaboration and License Agreement with Takeda (the “Takeda Multi-Target Agreement”) in which the Company agreed to collaborate with Takeda to identify and generate ETBs, against two targets designated by Takeda. Takeda designated certain targets of interest as the focus of the research. Each party granted to the other nonexclusive rights in its intellectual property for purposes of the conduct of the research, and the Company agreed to work exclusively with Takeda with respect to the designated targets. Under the Takeda Multi-Target Agreement, Takeda has an option during an option period to obtain an exclusive license under the Company’s intellectual property to develop, manufacture, commercialize and otherwise exploit ETBs against the designated targets. The option period for each target ends three months after the completion of the evaluation of such designated target. As of April 2018, the Company has received cumulative payments of $5.0 million from Takeda pursuant to the Takeda Multi-Target Agreement. The Company may receive additional payments from the following: • $25.0 million in aggregate through the exercise of the option to license ETBs. • Clinical development milestone payments of up to approximately $397.0 million, for achievement of development milestones and regulatory approval of collaboration products under the Takeda Multi-Target Agreement. • C ommercial milestone payments of up to $150.0 million, • Tiered royalty payments of a mid-single to low-double digit percentage of net sales of any licensed ETBs, subject to certain reductions. • Up to $10.0 million in certain contingency fees. The Takeda Multi-Target Agreement will expire on the expiration of the option period (within three months after the completion of the evaluation of each designated target) for the designated targets if Takeda does not exercise its options, or, following exercise of the option, on the later of the expiration of patent rights claiming the licensed ETB or ten years from first commercial sale of a licensed ETB. The Takeda Multi-Target Agreement may be terminated sooner by Takeda for convenience or upon a material change of control, or by either party for an uncured material breach of the agreement. Under the Takeda Multi-Target Agreement, both parties have the right to terminate the agreement, with a specified notice period. The Company evaluated the contract termination clause and concluded that it was a non-substantive termination provision. As such, an initial contract term was defined as the length of the termination notice period, with a deemed renewal option to continue the research and development services over the remainder of the contract term as a material right. The Company determined that the promised goods and services under the Takeda Multi-Target Agreement were the background IP license, the research and development services, and manufacturing during the initial contract period; and a renewal option to continue the research and development services. The Company determined that there were two performance obligations; research and development services, and the renewal options. Since the background IP and manufacturing were not distinct from the research and development services, they were deemed to be one performance obligation. Transaction consideration was allocated to each of the performance obligation using an estimate of the standalone selling price, and revenues are recognized over the period that the research and development services occur. The Company also concluded that, since the option for the exclusive license is deemed to be at fair value, the option does not provide the customer with a material right and should be accounted for if and when the option is exercised. During the three and six months ended June 30, 2019, the Company recognized $199,000 and $444,000, respectively, in research and development revenue under the Takeda Multi-Target Agreement. During the three and six months ended June 30, 2018, the Company recognized $188,000 and $340,000 respectively, in research and development revenue under the Takeda Multi-Target Agreement. This revenue is deemed to be revenue from a related party (as discussed further in Note 4, Related Party Transactions). As of June 30, 2019, and December 31, 2018, deferred revenue related to the performance obligation was $3.7 million and $4.1 million, respectively. Takeda Collaboration Agreement In October 2016, the Company entered into a collaboration and option agreement (the “Takeda Collaboration Agreement”) with Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda, to discover and develop CD38-targeting engineered toxin bodies (“ETBs”), which includes MT-4019 for evaluation by Takeda. All research and development services under the Takeda Collaboration Agreement were performed as of December 31, 2018. The Company recognized no research and development revenue under the Takeda Collaboration Agreement for the three and six months ended June 30, 2019, and $81,000 and $92,000 for the three and six months ended June 30, 2018, respectively. This revenue is deemed to be revenue from a related party (as discussed further in Note 4, Related Party Transactions). Takeda Individual Project Agreement In connection with the Takeda Collaboration Agreement, the Company entered into an Individual Project Agreement (the “Takeda Individual Project Agreement”) with Takeda in June 2018, that was subsequently amended in July 2018. Under the Takeda Individual Project Agreement, the Company is responsible to perform certain research and development services relating to Chemistry, Manufacturing, and Controls (“CMC”) work for three potential lead ETBs targeting CD38 No associated research and development revenue was recognized for the three months ended June 30, 2019 for the Takeda Individual Project Agreement, while $663,000 was recognized for the three months ended June 30, 2018. The Company recognized research and development revenue of $54,000 and $663,000 for the six months ended June 30, 2019 and 2018, respectively. All research and development services under the Takeda Collaboration Agreement were performed as of March 31, 2019. Other Collaboration Agreements In September 2016, the Company entered into a collaboration agreement with an undisclosed pharmaceutical company (“Other Collaboration Agreement”) to generate ETBs and provide the customer (i) new ETBs generated using the customer’s materials and (ii) ETB study molecules for testing and evaluation. The customer exercised an option under the Other Collaboration Agreement for the manufacture of additional quantities of ETB molecules in November 2017. During the three and six months ended June 30, 2019, the Company did not recognize any research and development revenue under the Other Collaboration Agreement, respectively. During the three and six months ended June 30, 2018, the Company recorded $12,000 and $80,000 in research and development revenue under the Other Collaboration Agreement, respectively. All research and development services under the Other Collaboration Agreement were performed as of Grant Agreements I n September 2018, the Company entered into a cancer research agreement (“CD38 CPRIT Agreement”) with , in under which CPRIT awarded a to fund research of a cancer therapy involving a CD38 targeting ETB Pursuant to the CD38 CPRIT Agreement, the Company may also use such funds to develop a replacement CD38 targeting ETB, with or without a partner. In November 2011, the Company entered into a cancer research agreement (“CPRIT Agreement”) with CPRIT under which CPRIT awarded a $10.6 million product development grant for the CD20-targeting ETB MT-3724. During the three months ended June 30, 2019 and 2018, the Company recognized $236,000 and $423,000 in grant revenue under these awards, respectively. During the six months ended June 30, 2019 and 2018, the Company recognized $831,000 and $674,000 in grant revenue under these awards, respectively. Qualified expenditures submitted for reimbursement in excess of amounts received are recorded as receivables in Grant revenue receivable. At , the Company had $5.2 million and $4.3 million, respectively, recorded in Grants revenue receivable. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 — RELATED PARTY TRANSACTIONS Takeda Collaboration and Stock Purchase The Company has multiple agreements with Takeda. Takeda’s Vice President and Global Head of Oncology and Neuroscience Business Development, Jonathan Lanfear, is a member of the Company’s Board of Directors. Refer to Note 3, Research and Development Collaboration Agreements, for more details about the agreements between the Company and Takeda. |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities and Fair Value Measurements | NOTE 5 —MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS The Company accounts for its marketable securities in accordance with ASC 820 “Fair Value Measurements and Disclosures.” Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For Level 2 securities that have market prices from multiples sources, a “consensus price” or a weighted average price for each of these securities can be derived from a distribution-curve-based algorithm which includes market prices obtained from a variety of industrial standard data providers (e.g. Bloomberg), security master files from large financial institutions, and other third-party sources. Level 2 securities with short maturities and infrequent secondary market trades are typically priced using mathematical calculations adjusted for observable inputs when available. The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 (in thousands): Basis of Fair Value Measurements Fair Value as of June 30, 2019 Level 1 Level 2 Level 3 Money market funds $ 14,443 $ 14,443 $ — $ — Commercial paper 32,787 — 32,787 — United States Treasury Bills 13,991 — 13,991 — United States government-related debt securities 5,502 5,502 Corporate bonds 4,747 — 4,747 Total $ 71,470 $ 14,443 $ 57,027 $ — Amounts included in: Cash and cash equivalents $ 15,941 Marketable securities, current 55,529 Total cash equivalents and marketable securities $ 71,470 Basis of Fair Value Measurements Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 Money market funds $ 82,843 $ 82,843 $ — $ — Commercial paper 12,825 — 12,825 — Total $ 95,668 $ 82,843 $ 12,825 $ — Amounts included in: Cash and cash equivalents $ 85,434 Marketable securities, current 10,234 Total cash equivalents and marketable securities $ 95,668 The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at June 30, 2019 and December 31, 2018 (in thousands): As of June 30, 2019 Cost Basis Unrealized Gain Unrealized Loss Fair Value Maturity Dates Cash equivalents - money market funds, commercial paper and corporate bonds $ 15,941 $ — $ — $ 15,941 7/2019-9/2019 Marketable securities, current - commercial paper, Treasury bills and corporate bonds $ 55,504 $ 25 $ — $ 55,529 10/2019-6/2020 As of December 31, 2018 Cost Basis Unrealized Gain Unrealized Loss Fair Value Maturity Dates Cash equivalents - money market funds and commercial paper $ 85,434 $ — $ — $ 85,434 Marketable securities, current - commercial paper $ 10,234 $ — $ — $ 10,234 1/2019 - 9/2019 The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis as of the date indicated below: Basis of Fair Value Measurements Fair Value as of June 30, 2019 Level 1 Level 2 Level 3 2017 Warrants $ 1 $ — $ — $ 1 Basis of Fair Value Measurements Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 2017 Warrants $ 3 $ — $ — $ 3 The Company determined the fair value of the liability associated with its 2017 Warrants to purchase in aggregate 377,273 shares of outstanding common stock using a Black-Scholes Model. See detailed discussion in Note 12, Stockholders’ Equity, of the As of June 30, 2019 and December 31, 2018 the fair value of the long-term debt approximated its carrying value of $3.1 million and $3.3 million, respectively, because it is carried at a market observable interest rate, which are considered Level 2. For the three and six months ended June 30, 2019, the Company received proceeds from the sale of available-for-sale securities of $1.3 million with an immaterial realized gain. The basis on which the cost of the security sold was determined is specific identification. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | NOTE 6 — BALANCE SHEET COMPONENTS Accrued liabilities were comprised of the following (in thousands): June 30, December 31, 2019 2018 Accrued liabilities: General and administrative $ 1,059 $ 297 Clinical trial related costs 1,355 598 Non-clinical research and manufacturing operations 3,140 2,644 Payroll related 1,510 1,787 Other accrued expenses 56 31 Total accrued liabilities $ 7,120 $ 5,357 Deferred revenue was comprised of the following: June 30, December 31, 2019 2018 Deferred revenue: Research and development agreements $ 16,225 $ 28,901 Other assets include $3.0 million of restricted cash as of June 30, 2019. |
Borrowing Arrangements
Borrowing Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | NOTE 7 — BORROWING ARRANGEMENTS Perceptive Credit Facility On February 27, 2018, the Company entered into a term loan facility with Perceptive Credit Holdings II, LP (Perceptive) in the amount of $10.0 million (the “Perceptive Credit Facility”). The Perceptive Credit Facility consists of a $5.0 million term loan, which was drawn on the effective date of the Perceptive Credit Facility, and an additional $5.0 million term loan to be drawn down at a future date. The Company used a portion of the proceeds from the Perceptive Credit Facility to pay off the existing debt facility with Silicon Valley Bank. Borrowings under the Perceptive Credit Facility are secured by all of the property and assets of the Company. The principal on the facility accrues interest at an annual rate equal to a three-month LIBOR plus the Applicable Margin. The Applicable Margin is 11.00%. Upon the occurrence, and during the continuance, of an event of default, the Applicable Margin, defined above, will be increased by 4.00% per annum. The interest rate at June 30, 2019 was 13.32%. Payments for the first 24 months are interest only and are paid quarterly. After the second anniversary of the closing date of the Perceptive Credit Facility, principal payments of $0.2 million are due each calendar quarter, with a final payment of $3.4 million due on February 27, 2022. This term loan facility matures on February 27, 2022 and includes both financial and non-financial covenants, including a minimum cash balance requirement. The Company is required to pay an exit fee of $100,000 on a pro rata basis on the maturity date or the earlier date of repayment of the term loans in full. The exit fee is being accreted to interest expense over the term of the Perceptive Credit Facility using the effective interest method. For the three months ended June 30, 2019 and 2018, the Company recorded interest expense of $172,000 and $168,000 and $82,000 and $59,000 of amortization of debt discount related to the Perceptive Credit Facility, respectively. For the six months ended June 30, 2019 and 2018, the Company recorded $344,000 and $228,000 of interest expense and $156,000 and $81,000 of amortization of debt discount related to the Perceptive Credit Facility, respectively. In connection with the Perceptive Credit Facility, on February 27, 2018 the Company issued Perceptive a warrant to purchase 190,000 shares of the Company’s common stock. The warrant is exercisable for a period of seven years from the date of issuance at an exercise price per share of $9.5792, subject to certain adjustments as specified in the Warrant. See Note 12, Stockholders’ Equity, of the As of June 30, 2019 and December 31, 2018, the Perceptive Credit Facility principal balance was $5.0 million. As of June 30, 2019, the Company was in compliance with the non-financial covenants of the Perceptive Credit Facility. Future required principal and final payments on the Perceptive Credit Facility were as follows as of June 30, 2019: 2019 $ — 2020 800 2021 800 2022 3,500 2023 — Total 5,100 Debt discount and deferred finance costs (1,625 ) Total 3,475 Short-term debt, current (400 ) Total $ 3,075 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 8 – LEASES On January 1, 2019, the Company adopted a new accounting standard that amends the guidance for the accounting and reporting of leases. Required disclosures have been made on a modified retrospective basis in accordance with the guidance of the standard. See Note 1, Organization and Summary of Significant Accounting Policies under the heading Significant accounting policies The Company has operating leases for administrative offices and R&D facilities, and certain finance leases for equipment. The operating leases have remaining terms of less than one year to ten years, and the finance leases have remaining terms of less than one year to two years. Leases with an initial term of 12 months or less will not be recorded on the condensed consolidated balance sheets as operating leases or finance leases, and the Company will recognize lease expense for these leases on a straight-line basis over the lease term. For leases commencing in 2019 and later, the Company will account for lease components (e.g., fixed payments including rent, real estate taxes, and insurance costs) with non-lease components (e.g. common area maintenance costs). Certain leases include options to renew, with renewal terms that can extend the lease term from one to five years. The exercise of lease renewal options for our existing leases is at our sole discretion and not included in the measurement of lease liability and ROU asset as they are not reasonably certain to be exercised. Certain finance leases also include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases do not contain any residual value guarantees or material restrictive covenants. As a result of applying the modified retrospective method to adopt the lease guidance, the following adjustments were made to accounts on the condensed consolidated balance sheet as of January 1, 2019 (in thousands): Balance Sheet December 31, 2018 Effect of adoption of ASC 842 January 1, 2019 Assets Operating lease right-of-use assets, non-current $ — $ 4,180 $ 4,180 Total assets $ — $ 4,180 $ 4,180 Liabilities Operating lease liability, current $ — $ 976 $ 976 Deferred Rent 1 525 (525 ) — Operating lease liability, long term portion — 3,729 3,729 Total liabilities $ 525 $ 4,180 $ 4,705 1. Included in Other liabilities on the balance sheet. In January 2019, the Company entered into a lease agreement for an additional 57,000 square feet of administrative office and R&D space in Austin, Texas. The lease commenced March 2019 and is set expire in August 2028 and does not contain an option to renew. The tables below include the impact of this newly entered lease. Upon the commencement of the lease, the Company recorded an operating lease ROU asset and a lease liability of $7.2 million. In connection with entering into the lease and in lieu of a cash deposit, the Company obtained a letter of credit of $3.0 million. Additionally, the Company has recorded an asset retirement obligation as a result of the lease which has a balance of $371,000 at June 30, 2019. As of June 30, 2019, the Company did not have any operating and finance leases that have not yet commenced. The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Operating leases Operating lease expense $ 595 $ 998 Variable lease expense 127 $ 232 Total operating lease cost, net $ 722 $ 1,230 Sublease rental income $ (44 ) $ (83 ) Finance leases Amortization of right-of-use asset $ 2 $ 4 Interest on lease liabilities 1 2 Total finance lease cost $ 3 $ 6 The following table summarizes the balance sheets classification of leases (in thousands): June 30, 2019 Operating leases Operating lease right-of-use assets $ 10,796 Operating lease liabilities, Current 1 $ 971 Operating lease liabilities, Long-term 10,707 Total operating lease liabilities $ 11,678 Finance leases Property and equipment, at cost $ 107 Accumulated depreciation 37 Property and equipment, net $ 70 Other current liabilities $ 30 Other liabilities 6 Total finance lease liabilities $ 36 1. Included in other liabilities. The following table represents information about leases at June 30, 2019: Weighted average remaining lease term Operating leases 7.2 years Finance leases 1.2 years Weighted average discount rate Operating leases 6.74 % Finance leases 7.06 % Maturities of lease liabilities at June 30, 2019 were as follows (in thousands): Operating Leases Finance Leases Lease payments 2019 1 $ — $ 16 2020 2,517 21 2021 2,589 — 2022 2,650 — 2023 1,961 — Thereafter 7,236 — Total lease payments 16,953 37 Less imputed interest (4,015 ) (1 ) Total lease payments, net of interest $ 12,938 $ 36 1. Maturities for operating lease liabilities in 2019 is less than tenant improvement allowances expected to be received. Supplemental cash flow information is as follows (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 646 Operating cash flows from finance leases $ 2 Financing cash flows from finance leases $ 16 Right-of-use asset obtained in exchange for lease obligations: Operating leases $ 62 Finance leases $ — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 — COMMITMENTS AND CONTINGENCIES The Company is obligated under operating lease agreements covering the Company’s office facilities in Austin, Texas and Jersey City, New Jersey. Facilities expense under the operating leases was approximately $722,000 and $304,000 for the three months ended June 30, 2019 and 2018, respectively, and $1.2 million and $644,000 for the six months ended June 30, 2019 and 2018, respectively. Future minimum payments due under the operating lease agreements at June 30, 2019 were as follows (in thousands): 2019 1 $ 735 2020 2,517 2021 2,589 2022 2,650 2023 1,961 Thereafter 7,236 Total $ 17,688 1. Includes remaining lease payments for the year ended December 31, 2019. Contingencies In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by or on behalf of the Company, or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. The Company maintains director and officer insurance, which may cover certain liabilities arising from its obligation to indemnify its directors and certain of its officers and employees, and former officers and directors in certain circumstances. The Company maintains product liability insurance and comprehensive general liability insurance, which may cover certain liabilities arising from its indemnification obligations. It is not possible to determine the maximum potential amount of exposure under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular indemnification obligation. Such indemnification obligations may not be subject to maximum loss clauses. Management is not currently aware of any matters that could have a material adverse effect on the financial position, results of operations or cash flows of the Company. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | NOTE 10 — STOCK-BASED COMPENSATION The Company recognizes stock-based compensation in accordance with ASC 718, “Compensation—Stock Compensation.” Stock-based compensation expense, which consists of the compensation cost for employee stock options granted under the 2009 Stock Plan, as amended (the “2009 Stock Plan”), the Company’s 2014 Equity Incentive Plan, as amended (the “2014 Equity Incentive Plan”), the Company’s 2018 Equity Incentive Plan (the “2018 Equity Incentive Plan”) and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative expenses in the unaudited condensed consolidated statements of operations. Stock-based compensation for the three and six months ended June 30, 2019 and 2018 was (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 583 $ 316 $ 1,035 $ 496 General and administrative 859 606 1,768 1,069 Total stock-based compensation $ 1,442 $ 922 $ 2,803 $ 1,565 As of June 30, 2019, the total unrecognized compensation cost related to unvested stock-based awards granted to employees under the Company’s equity incentive plans was approximately $15.3 million. This cost will be recorded as compensation expense on a ratable basis over the remaining weighted average requisite service period of approximately 2.96 years. Valuation Assumptions The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The fair value of employee stock options was estimated using the following weighted-average assumptions for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Employee Stock Options: Risk-free interest rate 2.31 % 2.81 % 2.55 % 2.79 % Expected term (in years) 6.08 6.03 6.08 6.03 Dividend yield — — — — Volatility 108.89 % 107.00 % 108.87 % 107.00 % Weighted-average fair value of stock options granted $ 6.65 $ 5.20 4.28 $ 5.83 To determine the expected term of the Company’s employee stock options granted, the Company utilized the simplified approach as defined by SEC Staff Accounting Bulletin No. 107, “Share-Based Payment” (“SAB 107”). To determine the risk-free interest rate, the Company utilized an average interest rate based on U.S. Treasury instruments with a term consistent with the expected term of the Company’s stock-based awards. To determine the expected stock price volatility for the Company’s stock-based awards, the Company utilized the historical volatility of the Company’s common stock. The Company records forfeitures as they occur. The fair value of all the Company’s stock-based awards assumes no dividends as the Company does not anticipate paying cash dividends on its common stock. Equity Incentive Plans The Company’s equity incentive plans include the 2009 Stock Plan, the 2014 Equity Incentive Plan and the 2018 Equity Incentive Plan. No additional shares will be issued under the 2009 Stock Plan and the 2014 Equity Incentive Plan. The following table summarizes stock option activity under the Company’s equity incentive plans: Options Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2018 4,002,999 $ 10.43 6.4 $ 1.5 Granted 1,541,300 $ 5.13 — $ — Exercised (146,151 ) $ 5.81 — $ — Forfeitures (292,335 ) $ 7.66 — $ — Outstanding at June 30, 2019 5,105,813 $ 9.13 7.3 $ 12.0 Exercisable at June 30, 2019 2,020,058 $ 13.43 4.9 $ 5.0 The total intrinsic value of stock options exercised during the six months ended June 30, 2019 and 2018, was $209,000 and $1.6 million, respectively, as determined at the date of the option exercise. Cash received from stock option exercises was $847,000 and $156,000 for the six months ended June 30, 2019 and 2018, respectively. The Company issues new shares of common stock upon exercise of options. In connection with these exercises, there was no tax benefit realized by the Company due to the Company’s current loss position. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP pursuant to the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for the fair presentation of results for the periods presented, have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period. The condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited financial statements as of that date, but includes a reclassification of $4.3 million from Other current assets to Grants revenue receivable in order to conform to current period presentation. The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the recorded amounts reported therein. A change in facts or circumstances surrounding the estimates could result in a change to estimates and impact future operating results. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the interim unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2019. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, and reflect the elimination of intercompany accounts and transactions. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board ("FASB") established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which supersedes ASC 840, Leases, and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. Topic 842, as amended, (the "new lease standard") establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the consolidated balance sheets for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of operation. The Company adopted the new lease standard on January 1, 2019 and used the effective date as the date of initial adoption. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for earlier periods. The Company has completed a qualitative and quantitative assessment of its lease portfolio, in which the standard had a material impact on the condensed consolidated balance sheets but did not have an impact on the condensed consolidated statement of operations. Upon adoption, the Company recognized lease liabilities of approximately $4.7 million based on the present value of the remaining minimum rental payments under current leasing standards for our existing operating leases. The corresponding ROU assets of $4.2 million recognized upon adoption are net of deferred rent. The new standard provides a number of optional practical expedients in transition. The Company elected the practical expedients, which permits lessees not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to the Company. The new standard also provides practical expedients for an entity's ongoing accounting. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, ROU assets or lease liabilities will not be recognized, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company also elected the practical expedient to not separate lease and non-lease components for office leases. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which amends the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. Accordingly, these financial assets will be presented at the net amount expected to be collected. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than by reducing the carrying amount under the current, other-than-temporary-impairment model. The new standard is effective for interim and annual periods beginning on January 1, 2020, but may be adopted earlier. With certain exceptions, adjustments are to be applied using a modified-retrospective approach by reflecting adjustments through a cumulative-effect impact on retained earnings as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC Topic 606 when the counterparty is a customer. In addition, Topic 808 precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. This guidance will be effective for the Company beginning January 1, 2020. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2019, as compared to the significant accounting policies disclosed in Note 1, Summary of significant accounting policies, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, other than lease accounting as noted below. |
Lease Accounting | Lease Accounting At inception of a contract, the Company determines whether an arrangement is or contains a lease. For all leases, the Company determines the classification as either operating leases or finance leases. Operating leases are included in Operating lease right-of-use assets and Operating lease liabilities in our condensed consolidated balance sheets. Lease recognition occurs at the commencement date and lease liability amounts are based on the present value of lease payments over the lease term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. If a lease does not provide information to determine an implicit interest rate, the Company uses our incremental borrowing rate in determining the present value of lease payments. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments under the lease. reasonably certain of exercise. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers temporary investments with original maturities of three months or less from date of purchase to be cash equivalents. Restricted cash is recorded in other assets, based on when the restrictions expire. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash and cash equivalents, investments, long term debt and accounts receivable. The Company’s cash and cash equivalents are with two major financial institutions in the United States. The Company performs an ongoing credit evaluation of its strategic partners’ financial conditions and generally does not require collateral to secure accounts receivable from its strategic partners. The Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Takeda Pharmaceutical Company Ltd. (“Takeda”). Approximately 96% and 68% of total revenues for the three months ended June 30, 2019 and 2018, respectively, and approximately 93% and 59% of total revenues for the six months ended June 30, 2019 and 2018, respectively, were derived from Takeda. There were no accounts receivable due from Takeda at June 30, 2019. See also Note 3, Research and Development Agreements, regarding the collaboration agreements with Takeda. Drug candidates developed by the Company may require approvals or clearances from the U.S. Food and Drug Administration (“FDA”) or international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s drug candidates will receive any of the required approvals or clearances. If the Company were to be denied approval or clearance or any such approval or clearance were to be delayed, it would have a material adverse impact on the Company. |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator | The following is the calculation of basic and diluted net loss per share (in thousands, except share and per share data Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net loss attributable to common shareholders: $ 9,153 $ 9,695 $ 15,321 $ 18,409 Weighted average common shares outstanding - basic and diluted 36,819,846 27,062,440 36,779,638 27,026,263 Net loss per share attributable to common shareholders: Basic and diluted $ 0.25 $ 0.36 $ 0.42 $ 0.68 |
Warrants and Options Excluded from Computation of Diluted Net Loss Per Share | The following outstanding warrants and options were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect (in thousands): June 30, 2019 2018 Shares issuable upon exercise of warrants 3,522 3,522 Shares issuable upon exercise of stock options 5,106 4,347 |
Research and Development Agre_2
Research and Development Agreements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Research and Development Revenues Disaggregated by Location | Research and development revenue is attributable to regions based on the location of our collaboration partner's parent company headquarters. Research and development revenues disaggregated by location were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Japan $ 5,211 $ 932 $ 11,624 $ 1,095 United States — 12 — 80 Total research and development revenue $ 5,211 $ 944 $ 11,624 $ 1,175 |
Takeda Pharmaceuticals Inc | |
Schedule of Research and Development Revenue from Related Party Relates to Revenue from Research and Development Agreements | Research and development revenue from related party relates to revenue from research and development agreements with Takeda Pharmaceuticals, Inc (“Takeda”) and were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Takeda Collaboration Agreement $ — $ 81 $ — $ 92 Takeda Individual Project Agreement — 663 54 663 Takeda Development and License Agreement 5,012 — 11,126 — Takeda Multi-Target Agreement 199 188 444 340 Total research and development revenue $ 5,211 $ 932 $ 11,624 $ 1,095 |
Schedule of Deferred Revenue and Accounts Receivable Balances from the Research and Development Agreements | Deferred revenue and accounts receivable balances from the research and development agreements with Takeda were as follows (in thousands): June 30, 2019 December 31, 2018 Assets Unbilled revenue $ — $ 240 Liabilities Deferred revenue, current $ 14,561 $ 26,231 Deferred revenue, non-current 1,664 2,670 Total deferred revenue $ 16,225 $ 28,901 |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 (in thousands): Basis of Fair Value Measurements Fair Value as of June 30, 2019 Level 1 Level 2 Level 3 Money market funds $ 14,443 $ 14,443 $ — $ — Commercial paper 32,787 — 32,787 — United States Treasury Bills 13,991 — 13,991 — United States government-related debt securities 5,502 5,502 Corporate bonds 4,747 — 4,747 Total $ 71,470 $ 14,443 $ 57,027 $ — Amounts included in: Cash and cash equivalents $ 15,941 Marketable securities, current 55,529 Total cash equivalents and marketable securities $ 71,470 Basis of Fair Value Measurements Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 Money market funds $ 82,843 $ 82,843 $ — $ — Commercial paper 12,825 — 12,825 — Total $ 95,668 $ 82,843 $ 12,825 $ — Amounts included in: Cash and cash equivalents $ 85,434 Marketable securities, current 10,234 Total cash equivalents and marketable securities $ 95,668 |
Summary of Company's Available-for-Sale Securities | The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at June 30, 2019 and December 31, 2018 (in thousands): As of June 30, 2019 Cost Basis Unrealized Gain Unrealized Loss Fair Value Maturity Dates Cash equivalents - money market funds, commercial paper and corporate bonds $ 15,941 $ — $ — $ 15,941 7/2019-9/2019 Marketable securities, current - commercial paper, Treasury bills and corporate bonds $ 55,504 $ 25 $ — $ 55,529 10/2019-6/2020 As of December 31, 2018 Cost Basis Unrealized Gain Unrealized Loss Fair Value Maturity Dates Cash equivalents - money market funds and commercial paper $ 85,434 $ — $ — $ 85,434 Marketable securities, current - commercial paper $ 10,234 $ — $ — $ 10,234 1/2019 - 9/2019 |
Financial Liabilities at Fair Value on Recurring Basis | The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis as of the date indicated below: Basis of Fair Value Measurements Fair Value as of June 30, 2019 Level 1 Level 2 Level 3 2017 Warrants $ 1 $ — $ — $ 1 Basis of Fair Value Measurements Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 2017 Warrants $ 3 $ — $ — $ 3 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Components of Accrued Liabilities | Accrued liabilities were comprised of the following (in thousands): June 30, December 31, 2019 2018 Accrued liabilities: General and administrative $ 1,059 $ 297 Clinical trial related costs 1,355 598 Non-clinical research and manufacturing operations 3,140 2,644 Payroll related 1,510 1,787 Other accrued expenses 56 31 Total accrued liabilities $ 7,120 $ 5,357 |
Components of Deferred Revenue | Deferred revenue was comprised of the following: June 30, December 31, 2019 2018 Deferred revenue: Research and development agreements $ 16,225 $ 28,901 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Growth Capital Loan and Perceptive Credit Facility | |
Debt Instrument [Line Items] | |
Schedule of Required Future Principal Payments | Future required principal and final payments on the Perceptive Credit Facility were as follows as of June 30, 2019: 2019 $ — 2020 800 2021 800 2022 3,500 2023 — Total 5,100 Debt discount and deferred finance costs (1,625 ) Total 3,475 Short-term debt, current (400 ) Total $ 3,075 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Adjustments Made to Accounts on Condensed Consolidated Balance Sheet | As a result of applying the modified retrospective method to adopt the lease guidance, the following adjustments were made to accounts on the condensed consolidated balance sheet as of January 1, 2019 (in thousands): Balance Sheet December 31, 2018 Effect of adoption of ASC 842 January 1, 2019 Assets Operating lease right-of-use assets, non-current $ — $ 4,180 $ 4,180 Total assets $ — $ 4,180 $ 4,180 Liabilities Operating lease liability, current $ — $ 976 $ 976 Deferred Rent 1 525 (525 ) — Operating lease liability, long term portion — 3,729 3,729 Total liabilities $ 525 $ 4,180 $ 4,705 1. Included in Other liabilities on the balance sheet. |
Components of Lease Expense | The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Operating leases Operating lease expense $ 595 $ 998 Variable lease expense 127 $ 232 Total operating lease cost, net $ 722 $ 1,230 Sublease rental income $ (44 ) $ (83 ) Finance leases Amortization of right-of-use asset $ 2 $ 4 Interest on lease liabilities 1 2 Total finance lease cost $ 3 $ 6 |
Schedule of Balance Sheets Classification of Leases | The following table summarizes the balance sheets classification of leases (in thousands): June 30, 2019 Operating leases Operating lease right-of-use assets $ 10,796 Operating lease liabilities, Current 1 $ 971 Operating lease liabilities, Long-term 10,707 Total operating lease liabilities $ 11,678 Finance leases Property and equipment, at cost $ 107 Accumulated depreciation 37 Property and equipment, net $ 70 Other current liabilities $ 30 Other liabilities 6 Total finance lease liabilities $ 36 1. Included in other liabilities. |
Schedule of Leases Information | The following table represents information about leases at June 30, 2019: Weighted average remaining lease term Operating leases 7.2 years Finance leases 1.2 years Weighted average discount rate Operating leases 6.74 % Finance leases 7.06 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities at June 30, 2019 were as follows (in thousands): Operating Leases Finance Leases Lease payments 2019 1 $ — $ 16 2020 2,517 21 2021 2,589 — 2022 2,650 — 2023 1,961 — Thereafter 7,236 — Total lease payments 16,953 37 Less imputed interest (4,015 ) (1 ) Total lease payments, net of interest $ 12,938 $ 36 1. Maturities for operating lease liabilities in 2019 is less than tenant improvement allowances expected to be received. |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 646 Operating cash flows from finance leases $ 2 Financing cash flows from finance leases $ 16 Right-of-use asset obtained in exchange for lease obligations: Operating leases $ 62 Finance leases $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Payments Due under Operating Lease Agreements | Future minimum payments due under the operating lease agreements at June 30, 2019 were as follows (in thousands): 2019 1 $ 735 2020 2,517 2021 2,589 2022 2,650 2023 1,961 Thereafter 7,236 Total $ 17,688 1. Includes remaining lease payments for the year ended December 31, 2019. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Expense | Stock-based compensation expense, which consists of the compensation cost for employee stock options granted under the 2009 Stock Plan, as amended (the “2009 Stock Plan”), the Company’s 2014 Equity Incentive Plan, as amended (the “2014 Equity Incentive Plan”), the Company’s 2018 Equity Incentive Plan (the “2018 Equity Incentive Plan”) and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative expenses in the unaudited condensed consolidated statements of operations. Stock-based compensation for the three and six months ended June 30, 2019 and 2018 was (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 583 $ 316 $ 1,035 $ 496 General and administrative 859 606 1,768 1,069 Total stock-based compensation $ 1,442 $ 922 $ 2,803 $ 1,565 |
Weighted-Average Fair Value Valuation Assumptions | The fair value of employee stock options was estimated using the following weighted-average assumptions for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Employee Stock Options: Risk-free interest rate 2.31 % 2.81 % 2.55 % 2.79 % Expected term (in years) 6.08 6.03 6.08 6.03 Dividend yield — — — — Volatility 108.89 % 107.00 % 108.87 % 107.00 % Weighted-average fair value of stock options granted $ 6.65 $ 5.20 4.28 $ 5.83 |
Stock Option Activity Under Equity Incentive Plan | The following table summarizes stock option activity under the Company’s equity incentive plans: Options Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2018 4,002,999 $ 10.43 6.4 $ 1.5 Granted 1,541,300 $ 5.13 — $ — Exercised (146,151 ) $ 5.81 — $ — Forfeitures (292,335 ) $ 7.66 — $ — Outstanding at June 30, 2019 5,105,813 $ 9.13 7.3 $ 12.0 Exercisable at June 30, 2019 2,020,058 $ 13.43 4.9 $ 5.0 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||
Reclassification from other current assets to grants revenue receivable | $ 5,160 | $ 5,160 | $ 4,329 | ||||
Right-of-use asset | 10,796 | 10,796 | $ 7,200 | $ 4,180 | 0 | ||
Lease liabilities | 11,678 | 11,678 | $ 7,200 | ||||
Accounts receivable | 0 | 0 | $ 240 | ||||
Takeda Pharmaceuticals Inc | |||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||
Accounts receivable | $ 0 | $ 0 | |||||
Revenue | Credit Risk | |||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||
Percentage of total revenues | 96.00% | 68.00% | 93.00% | 59.00% | |||
ASU 2016-02 | |||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||
Right-of-use asset | 4,180 | ||||||
Lease liabilities | $ 4,700 |
Net Loss Per Common Share - Rec
Net Loss Per Common Share - Reconciliation of Numerator and Denominator (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to common shareholders: | $ 9,153 | $ 9,695 | $ 15,321 | $ 18,409 |
Weighted average common shares outstanding - basic and diluted | 36,819,846 | 27,062,440 | 36,779,638 | 27,026,263 |
Net loss per share attributable to common shareholders: | ||||
Basic and diluted | $ 0.25 | $ 0.36 | $ 0.42 | $ 0.68 |
Net Loss Per Common Share - War
Net Loss Per Common Share - Warrants and Options Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares issuable | 3,522 | 3,522 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares issuable | 5,106 | 4,347 |
Research and Development Agre_3
Research and Development Agreements - Schedule of Research and Development Revenues Disaggregated by Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue Recognition [Line Items] | ||||
Total research and development revenue | $ 5,211 | $ 944 | $ 11,624 | $ 1,175 |
JAPAN | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | 5,211 | 932 | 11,624 | 1,095 |
UNITED STATES | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | $ 0 | $ 12 | $ 0 | $ 80 |
Research and Development Agre_4
Research and Development Agreements - Schedule of Research and Development Revenue from Related Party Relates to Revenue from Research and Development Agreements (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue Recognition [Line Items] | ||||
Total research and development revenue | $ 5,211,000 | $ 944,000 | $ 11,624,000 | $ 1,175,000 |
Takeda Development Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | 5,000,000 | 11,100,000 | ||
Takeda Pharmaceuticals Inc | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | 5,211,000 | 932,000 | 11,624,000 | 1,095,000 |
Takeda Pharmaceuticals Inc | Takeda Collaboration Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | 0 | 81,000 | 0 | 92,000 |
Takeda Pharmaceuticals Inc | Takeda Individual Project Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | 0 | 663,000 | 54,000 | 663,000 |
Takeda Pharmaceuticals Inc | Takeda Development Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | 5,012,000 | 0 | 11,126,000 | 0 |
Takeda Pharmaceuticals Inc | Takeda Multi Target Agreement | ||||
Revenue Recognition [Line Items] | ||||
Total research and development revenue | $ 199,000 | $ 188,000 | $ 444,000 | $ 340,000 |
Research and Development Agre_5
Research and Development Agreements - Schedule of Deferred Revenue and Accounts Receivable Balances from the Research and Development Agreements (Detail) - Takeda Pharmaceuticals Inc - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Unbilled revenue | $ 0 | $ 240 |
Liabilities | ||
Deferred revenue, current | 14,561 | 26,231 |
Deferred revenue, non-current | 1,664 | 2,670 |
Total deferred revenue | $ 16,225 | $ 28,901 |
Research and Development Agre_6
Research and Development Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2018 | Jul. 31, 2018 | Jun. 30, 2018 | Apr. 30, 2018 | Nov. 30, 2011 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | $ 5,211,000 | $ 944,000 | $ 11,624,000 | $ 1,175,000 | ||||||
Grant | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Revenue from grant | 236,000 | 423,000 | 831,000 | 674,000 | ||||||
Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | 5,211,000 | 932,000 | 11,624,000 | 1,095,000 | ||||||
Deferred revenue | 16,225,000 | 16,225,000 | $ 28,901,000 | |||||||
CPRIT Agreement | Cancer Prevention and Research Institute of Texas | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Product development grant awarded | $ 15,200,000 | |||||||||
CPRIT Agreement | Cancer Prevention and Research Institute of Texas | ETB MT-3724 | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Product development grant awarded | $ 10,600 | |||||||||
Grant Agreements | Grants Revenue Receivable | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Reimbursement amounts submitted in excess of amounts received are recorded as receivables | $ 4,300,000 | 5,200,000 | 4,300,000 | 5,200,000 | 4,300,000 | |||||
Takeda Development Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
total transaction price | 29,300,000 | |||||||||
Upfront payment | 30,000,000 | |||||||||
Probable development milestone payment that is achievable | 10,000,000 | |||||||||
Expected co share payment receivable | 10,700,000 | 10,700,000 | ||||||||
Research and development revenues from collaboration agreements | 5,000,000 | 11,100,000 | ||||||||
Research and development revenue | 0 | 0 | ||||||||
Deferred revenue | 12,600,000 | 12,600,000 | 24,800,000 | |||||||
Takeda Development Agreement | Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | 5,012,000 | 0 | 11,126,000 | 0 | ||||||
Takeda Development Agreement | Clinical Development and Regulatory Milestones | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | 307,500,000 | |||||||||
Milestone payments receivable if option is not exercised | 162,500,000 | |||||||||
Takeda Development Agreement | Sales Milestone | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | 325,000,000 | |||||||||
Milestone payments receivable if option is not exercised | 175,000,000 | |||||||||
Takeda Multi Target Agreement | Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | 199,000 | 188,000 | 444,000 | 340,000 | ||||||
Deferred revenue | 3,700,000 | 3,700,000 | $ 4,100,000 | |||||||
Cumulative payments received | $ 5,000,000 | |||||||||
Aggregate milestone payments upon exercise of option to license ETBS | 25,000,000 | 25,000,000 | ||||||||
Additional preclinical, clinical development and commercialization milestone payment | 397,000,000 | 397,000,000 | ||||||||
Takeda Multi Target Agreement | Takeda Pharmaceuticals Inc | Maximum | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Contractual contingency fees | 10,000,000 | |||||||||
Commercial milestone payment | 150,000,000 | |||||||||
Takeda Collaboration Agreement | Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | 0 | 81,000 | 0 | 92,000 | ||||||
Takeda Individual Project Agreement | Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | 0 | 663,000 | 54,000 | 663,000 | ||||||
Increase in transaction consideration related to research services | $ 1,100,000 | |||||||||
Takeda Individual Project Agreement | Takeda Pharmaceuticals Inc | Maximum | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Additional research and development revenue | $ 2,200,000 | |||||||||
Other Collaboration Agreements | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | $ 0 | $ 12,000 | $ 0 | $ 80,000 |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements - Financial Assets at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | $ 71,470 | $ 95,668 |
Cash and cash equivalents | 16,795 | 87,721 |
Marketable securities, current | 55,529 | 10,234 |
Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 15,941 | 85,434 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 14,443 | 82,843 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 32,787 | 12,825 |
United States Treasury Bills | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 13,991 | |
United States Government-Related Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 5,502 | |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 4,747 | |
Basis of Fair Value Measurements, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 14,443 | 82,843 |
Basis of Fair Value Measurements, Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 14,443 | 82,843 |
Basis of Fair Value Measurements, Level 1 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Basis of Fair Value Measurements, Level 1 | United States Treasury Bills | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | |
Basis of Fair Value Measurements, Level 1 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | |
Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 57,027 | 12,825 |
Basis of Fair Value Measurements, Level 2 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Basis of Fair Value Measurements, Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 32,787 | 12,825 |
Basis of Fair Value Measurements, Level 2 | United States Treasury Bills | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 13,991 | |
Basis of Fair Value Measurements, Level 2 | United States Government-Related Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 5,502 | |
Basis of Fair Value Measurements, Level 2 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 4,747 | |
Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Basis of Fair Value Measurements, Level 3 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Basis of Fair Value Measurements, Level 3 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | $ 0 |
Basis of Fair Value Measurements, Level 3 | United States Treasury Bills | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | $ 0 |
Marketable Securities and Fai_4
Marketable Securities and Fair Value Measurements - Summary of Company's Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 55,529 | $ 10,234 |
Cash Equivalents - Money Market Funds, Commercial Paper and Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 15,941 | |
Unrealized Gain | 0 | |
Unrealized Loss | 0 | |
Fair Value | $ 15,941 | |
Maturity Dates | 2019-07 | |
Maturity Dates | 2019-09 | |
Marketable Securities, Current - Commercial Paper, Treasury Bills and Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | $ 55,504 | |
Unrealized Gain | 25 | |
Unrealized Loss | 0 | |
Fair Value | $ 55,529 | |
Maturity Dates | 2019-10 | |
Maturity Dates | 2020-06 | |
Cash Equivalents - Money Market Funds and Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 85,434 | |
Unrealized Gain | 0 | |
Unrealized Loss | 0 | |
Fair Value | 85,434 | |
Marketable Securities, Current - Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 10,234 | |
Unrealized Gain | 0 | |
Unrealized Loss | 0 | |
Fair Value | $ 10,234 | |
Maturity Dates | 2019-01 | |
Maturity Dates | 2019-09 |
Marketable Securities and Fai_5
Marketable Securities and Fair Value Measurements - Financial Liabilities at Fair Value on Recurring Basis (Detail) - 2017 Warrants - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial liabilities | $ 1 | $ 3 |
Basis of Fair Value Measurements, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial liabilities | 0 | 0 |
Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial liabilities | 0 | 0 |
Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial liabilities | $ 1 | $ 3 |
Marketable Securities and Fai_6
Marketable Securities and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Long-term debt, carrying value | $ 3.1 | $ 3.1 | $ 3.3 |
Proceeds from sale of available-for-sale securities | $ 1.3 | $ 1.3 | |
2017 Warrants | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Shares of common stock to be purchased with warrants | 377,273 | 377,273 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities Current [Abstract] | ||
General and administrative | $ 1,059 | $ 297 |
Clinical trial related costs | 1,355 | 598 |
Non-clinical research and manufacturing operations | 3,140 | 2,644 |
Payroll related | 1,510 | 1,787 |
Other accrued expenses | 56 | 31 |
Total accrued liabilities | $ 7,120 | $ 5,357 |
Balance Sheet Components - Co_2
Balance Sheet Components - Components of Deferred Revenue (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Research And Development Agreements | ||
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenue | $ 16,225 | $ 28,901 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Other Assets [Member] | |
Restricted Cash | $ 3 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) - USD ($) | Feb. 27, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||||
Credit facility, amortization of debt discount | $ 221,000 | $ 127,000 | ||||
Perceptive | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, annual interest rate | 13.32% | 13.32% | ||||
Credit Facility, final payments | $ 3,400,000 | |||||
Credit Facility, interest expense | $ 172,000 | $ 168,000 | $ 344,000 | 228,000 | ||
Credit facility, amortization of debt discount | 82,000 | $ 59,000 | 156,000 | $ 81,000 | ||
Total debt | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||
Term Loan Facility | Perceptive | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity under Credit Facility | $ 10,000,000 | |||||
Increase in applicable margin percentage on event of default | 4.00% | |||||
Period for which interest only payments will be made | 24 months | |||||
Credit Facility, principal payments | $ 200,000 | |||||
Credit Facility, maturity date | Feb. 27, 2022 | |||||
Exit fee | $ 100,000 | |||||
Number of shares issued for each warrant | 190,000 | |||||
Warrant exercisable period | 7 years | |||||
Common stock exercise price | $ 9.5792 | |||||
Fair value of the warrant recorded as a debt discount | $ 1,500,000 | |||||
Term Loan Facility | Perceptive | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin percentage | 11.00% | |||||
Term Loan Facility | Perceptive | Term Loan Drawn on Effective Date of Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from initial term loan on closing date of Credit Facility | $ 5,000,000 | |||||
Term Loan Facility | Perceptive | Additional Term Loan Drawn Six Months Following Effective Date of Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Remaining available amount from credit facility to be drawn six months following effective date of credit facility | $ 5,000,000 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Required Future Principal Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total | $ 3,100 | $ 3,300 |
Long-term debt, net | 3,075 | $ 3,254 |
Perceptive Credit Facility | ||
Debt Instrument [Line Items] | ||
2019 | 0 | |
2020 | 800 | |
2021 | 800 | |
2022 | 3,500 | |
2023 | 0 | |
Total | 5,100 | |
Debt discount and deferred finance costs | (1,625) | |
Total | 3,475 | |
Short-term debt, current | (400) | |
Long-term debt, net | $ 3,075 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | |||
Jan. 31, 2019USD ($)ft² | Jun. 30, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Lessee Lease Description [Line Items] | ||||
Lessee, operating leases remaining lease term. | 7 years 2 months 12 days | |||
Lessee, finance leases remaining lease term. | 1 year 2 months 12 days | |||
Area of land of additional facility lease agreement | ft² | 57,000 | |||
Lease expiration period | 2028-08 | |||
Operating lease right-of-use-asset | $ 7,200 | $ 10,796 | $ 4,180 | $ 0 |
Operating lease, lease liability | 7,200 | 11,678 | ||
Asset retirement obligation | $ 371,000 | |||
Letter of Credit | ||||
Lessee Lease Description [Line Items] | ||||
Letter of credit | $ 3,000 | |||
Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, operating leases remaining lease term. | 1 year | |||
Lessee, finance leases remaining lease term. | 1 year | |||
Lessee, operating leases renewal lease term | 1 year | |||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, operating leases remaining lease term. | 10 years | |||
Lessee, finance leases remaining lease term. | 2 years | |||
Lessee, operating leases renewal lease term | 5 years |
Leases - Schedule of Adjustment
Leases - Schedule of Adjustments Made to Accounts on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessee Lease Description [Line Items] | ||||
Operating lease right-of-use assets, non-current | $ 10,796 | $ 7,200 | $ 4,180 | $ 0 |
Total assets | 131,147 | 4,180 | 140,158 | |
Operating lease liability, current | 971 | 976 | ||
Operating lease liability, long term portion | 10,707 | 3,729 | 0 | |
Total liabilities | $ 41,887 | 4,705 | 39,252 | |
Previously Reported | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease right-of-use assets, non-current | 0 | |||
Total assets | 0 | |||
Operating lease liability, current | 0 | |||
Operating lease liability, long term portion | 0 | |||
Total liabilities | 525 | |||
Effect of Adoption of ASC 842 | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease right-of-use assets, non-current | 4,180 | |||
Total assets | 4,180 | |||
Operating lease liability, current | 976 | |||
Operating lease liability, long term portion | 3,729 | |||
Total liabilities | 4,180 | |||
Other Noncurrent Liabilities | ||||
Lessee Lease Description [Line Items] | ||||
Deferred Rent | 0 | |||
Other Noncurrent Liabilities | Previously Reported | ||||
Lessee Lease Description [Line Items] | ||||
Deferred Rent | $ 525 | |||
Other Noncurrent Liabilities | Effect of Adoption of ASC 842 | ||||
Lessee Lease Description [Line Items] | ||||
Deferred Rent | $ (525) |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 595 | $ 998 |
Variable lease expense | 127 | 232 |
Total operating lease cost, net | 722 | 1,230 |
Sublease rental income | (44) | (83) |
Amortization of right-of-use asset | 2 | 4 |
Interest on lease liabilities | 1 | 2 |
Total finance lease cost | $ 3 | $ 6 |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheets Classification of Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating leases | ||||
Operating lease right-of-use-asset | $ 10,796 | $ 7,200 | $ 4,180 | $ 0 |
Operating lease liabilities, Current | 971 | 976 | ||
Operating lease liabilities, Long-term | 10,707 | $ 3,729 | $ 0 | |
Total operating lease liabilities | 11,678 | $ 7,200 | ||
Finance leases | ||||
Property and equipment, at cost | 107 | |||
Accumulated depreciation | 37 | |||
Property and equipment, net | $ 70 | |||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | |||
Other current liabilities | $ 30 | |||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | |||
Other liabilities | $ 6 | |||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |||
Total finance lease liabilities | $ 36 |
Leases - Schedule of Leases Inf
Leases - Schedule of Leases Information (Detail) | Jun. 30, 2019 |
Weighted average remaining lease term | |
Operating leases | 7 years 2 months 12 days |
Finance leases | 1 year 2 months 12 days |
Weighted average discount rate | |
Operating leases | 6.74% |
Finance leases | 7.06% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Lease payments | |
2019 | $ 0 |
2020 | 2,517 |
2021 | 2,589 |
2022 | 2,650 |
2023 | 1,961 |
Thereafter | 7,236 |
Total lease payments | 16,953 |
Less imputed interest | (4,015) |
Total lease payments, net of interest | 12,938 |
Finance Leases | |
2019 | 16 |
2020 | 21 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total lease payments | 37 |
Less imputed interest | (1) |
Total lease payments, net of interest | $ 36 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 646 |
Operating cash flows from finance leases | 2 |
Financing cash flows from finance leases | 16 |
Right-of-use asset obtained in exchange for lease obligations: | |
Operating leases | 62 |
Finance leases | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Facilities Operating Leases | ||||
Other Commitments [Line Items] | ||||
Operating lease expense | $ 722,000 | $ 304,000 | $ 1,200,000 | $ 644,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Payments Due under Operating Lease Agreements (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 735 |
2020 | 2,517 |
2021 | 2,589 |
2022 | 2,650 |
2023 | 1,961 |
Thereafter | 7,236 |
Total | $ 17,688 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,442 | $ 922 | $ 2,803 | $ 1,565 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 583 | 316 | 1,035 | 496 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 859 | $ 606 | $ 1,768 | $ 1,069 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Unrecognized compensation cost related to unvested stock-based awards granted to employees under the equity incentive plans | $ 15,300,000 | |
Unrecognized compensation cost related to unvested stock-based awards granted to employees under the equity incentive plans, period for recognition | 2 years 11 months 15 days | |
Total intrinsic value of stock options exercised | $ 209,000 | $ 1,600,000 |
Cash received from stock option exercises | 847,000 | $ 156,000 |
Tax benefit realized upon exercise of option | $ 0 |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted-Average Fair Value Valuation Assumptions (Detail) - Employee Stock Options - $ / shares | 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] | ||||
Risk-free interest rate | 2.31% | 2.81% | 2.55% | 2.79% |
Expected term (in years) | 6 years 29 days | 6 years 10 days | 6 years 29 days | 6 years 10 days |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Volatility | 108.89% | 107.00% | 108.87% | 107.00% |
Weighted-average fair value of stock options granted | $ 6.65 | $ 5.20 | $ 4.28 | $ 5.83 |
Stock Based Compensation - St_2
Stock Based Compensation - Stock Option Activity Under Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Outstanding, Beginning Balance | 4,002,999 | |
Number of Shares, Granted | 1,541,300 | |
Number of Shares, Exercised | (146,151) | |
Number of Shares, Forfeitures | (292,335) | |
Number of Shares, Outstanding, Ending Balance | 5,105,813 | 4,002,999 |
Number of Shares, Exercisable | 2,020,058 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 10.43 | |
Weighted-Average Exercise Price, Granted | 5.13 | |
Weighted-Average Exercise Price, Exercised | 5.81 | |
Weighted-Average Exercise Price, Forfeitures | 7.66 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 9.13 | $ 10.43 |
Weighted-Average Exercise Price, Exercisable | $ 13.43 | |
Weighted-Average Remaining Contractual Term, Outstanding | 7 years 3 months 18 days | 6 years 4 months 24 days |
Weighted-Average Remaining Contractual Term, Exercisable | 4 years 10 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $ 12 | $ 1.5 |
Aggregate Intrinsic Value, Exercisable | $ 5 |