Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 08, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
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 Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-32979 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3409596 | |
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 | 45,707,785 | |
Title of 12(b) Security | Common Stock, $0.001 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 34,444 | $ 85,451 |
Marketable securities, current | 70,544 | 39,633 |
Prepaid expenses | 3,727 | 2,318 |
Grants revenue receivable | 9,441 | 7,100 |
Accounts receivable, related party | 1,300 | 408 |
In-process research and development - held for sale | 4,500 | 4,500 |
Other current assets | 242 | 489 |
Total current assets | 124,198 | 139,899 |
Marketable securities, non-current | 3,010 | 1,510 |
Operating lease right-of-use assets, non-current | 9,617 | 9,959 |
Property and equipment, net | 19,301 | 18,158 |
Other assets | 4,617 | 4,676 |
Total assets | 160,743 | 174,202 |
Current liabilities: | ||
Accounts payable | 1,770 | 1,465 |
Accrued liabilities | 11,531 | 14,544 |
Deferred revenue, current | 11,465 | 8,511 |
Deferred revenue, current, related party | 8,773 | 8,780 |
Other current liabilities, related party | 7,754 | 0 |
Other current liabilities | 2,543 | 2,501 |
Total current liabilities | 43,836 | 35,801 |
Deferred revenue, long-term | 14,523 | 18,944 |
Deferred revenue, long-term, related party | 1,355 | 441 |
Long-term debt, net | 2,888 | 2,940 |
Operating lease liabilities, non-current | 11,232 | 11,682 |
Other liabilities | 3,143 | 1,366 |
Total liabilities | 76,977 | 71,174 |
Commitments and contingencies (Note 10) | 0 | 0 |
Stockholders’ equity | ||
Preferred stock, $0.001 par value: Authorized: 2,000,000 shares at March 31, 2020 and December 31, 2019; issued and outstanding: 250 shares at March 31, 2020 and December 31, 2019 | 0 | 0 |
Common stock, $0.001 par value: Authorized: 150,000,000 shares; issued and outstanding: 45,703,934 shares at March 31, 2020 and 45,589,157 shares at December 31, 2019 | 46 | 46 |
Additional paid-in capital | 269,581 | 267,089 |
Accumulated other comprehensive income | 282 | 18 |
Accumulated deficit | (186,143) | (164,125) |
Total stockholders’ equity | 83,766 | 103,028 |
Total liabilities and stockholders’ equity | $ 160,743 | $ 174,202 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 250 | 250 |
Preferred stock, shares outstanding | 250 | 250 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 45,703,934 | 45,589,157 |
Common stock, shares outstanding | 45,703,934 | 45,589,157 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total revenue | $ 4,141 | $ 7,008 |
Operating expenses: | ||
Research and development | 20,631 | 8,454 |
General and administrative | 5,647 | 4,935 |
Total operating expenses | 26,278 | 13,389 |
Loss from operations | 22,137 | 6,381 |
Interest and other income, net | 472 | 510 |
Interest and other expense, net | (348) | (293) |
Change in fair value of warrant liabilities | 0 | (4) |
Loss before provision for income taxes | 22,013 | 6,168 |
Provision for income taxes | 5 | 0 |
Net loss | 22,018 | 6,168 |
Net loss attributable to common shareholders | $ 22,018 | $ 6,168 |
Net loss per share attributable to common shareholders: | ||
Basic and diluted | $ 0.48 | $ 0.17 |
Weighted average number of shares used in net loss per share calculations: | ||
Basic and diluted | 45,649,065 | 36,738,993 |
Research And Development Revenue | Other | ||
Total revenue | $ 1,467 | $ 0 |
Research And Development Revenue | Related Party | ||
Total revenue | 333 | 6,413 |
Grant | ||
Total revenue | $ 2,341 | $ 595 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (22,018) | $ (6,168) |
Other comprehensive income: | ||
Unrealized gain on available-for-sale securities | 264 | 0 |
Comprehensive loss | $ (21,754) | $ (6,168) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 100,906 | $ 0 | $ 37 | $ 195,573 | $ 0 | $ (94,704) |
Issuance of preferred stock | 0 | |||||
Issuance of common stock pursuant to stock plans | 0 | 38 | ||||
Stock-based compensation | 1,361 | |||||
Other comprehensive income | 0 | |||||
Net loss | (6,168) | (6,168) | ||||
Ending balance at Mar. 31, 2019 | 96,137 | 0 | 37 | 196,972 | 0 | (100,872) |
Beginning balance at Dec. 31, 2019 | 103,028 | 0 | 46 | 267,089 | 18 | (164,125) |
Issuance of preferred stock | 0 | |||||
Issuance of common stock pursuant to stock plans | 0 | 300 | ||||
Stock-based compensation | 2,192 | |||||
Other comprehensive income | 264 | |||||
Net loss | (22,018) | (22,018) | ||||
Ending balance at Mar. 31, 2020 | $ 83,766 | $ 0 | $ 46 | $ 269,581 | $ 282 | $ (186,143) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ 22,018 | $ 6,168 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, amortization and other | 618 | 177 |
Stock-based compensation expense | 2,192 | 1,360 |
Amortization of debt discount and accretion related to debt | 148 | 105 |
Change in common stock warrant fair value | 0 | 4 |
Accretion of asset retirement obligations | 32 | 11 |
Loss on disposal of equipment | 0 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (1,409) | 239 |
Accounts receivable, related party | (892) | (55) |
Grants revenue receivable | (2,341) | (2) |
Other assets | 293 | (338) |
Operating lease right-of-use assets and liabilities | (60) | 0 |
Accounts payable | 260 | 802 |
Accrued liabilities | (3,912) | 622 |
Other liabilities | 1,746 | (204) |
Other liabilities, related party | 7,754 | 0 |
Deferred revenue | (1,467) | 0 |
Deferred revenue, related party | 907 | (7,529) |
Net cash used in operating activities | (18,149) | (10,976) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (938) | (625) |
Purchase of marketable securities | (50,463) | (36,588) |
Sales of marketable securities | 18,450 | 1,293 |
Net cash used in investing activities | (32,951) | (35,920) |
Cash flows from financing activities: | ||
Repayment of long-term debt | (200) | 0 |
Proceeds from stock option exercises | 300 | 38 |
Proceeds from issuance of common stock and warrants, net of offering expenses | (7) | (8) |
Net cash provided by financing activities | 93 | 30 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (51,007) | (46,866) |
Cash, cash equivalents and restricted cash, beginning of period | 88,451 | 87,721 |
Cash, cash equivalents and restricted cash, end of period | 37,444 | 40,855 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 34,444 | 37,855 |
Restricted cash included in Other assets | $ 3,000 | $ 3,000 |
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember |
Cash, cash equivalents and restricted cash, end of period | $ 37,444 | $ 40,855 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 163 | 174 |
Non-Cash Investing and Financing Activities | ||
Fixed asset additions in accounts payable and accrued expenses | 944 | 0 |
Right-of-use asset obtained in exchange for operating lease obligations | 0 | 7,234 |
Adoption of ASC 842 | 0 | 4,179 |
Total non-cash investing and financing activities | $ 944 | $ 11,413 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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”). On August 1, 2017, the Company, formerly known as Threshold Pharmaceuticals, Inc. (Nasdaq: THLD) (“Threshold”), completed its business combination with Private Molecular, in accordance with the terms of the Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), dated as of March 16, 2017, by and among Threshold, the Merger Sub, a wholly owned subsidiary of Threshold, and Private Molecular, pursuant to which Merger Sub merged with and into Private Molecular, with Private Molecular, surviving as a wholly-owned subsidiary of Threshold (the “Merger”). Immediately upon completion of the Merger, the former stockholders of Private Molecular held a majority of the voting interest of the combined company. In March 2020, the outbreak of COVID-19 caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization. While the COVID-19 pandemic has not had a material adverse impact on the Company’s operations to date, the full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition will depend on future developments that are highly uncertain. Additionally, the economic impact of COVID-19 on local, regional, national and international customers and markets may have a material adverse impact on the Company. Refer to Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for a complete description of risks. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiary, and reflect the elimination of intercompany accounts and transactions. 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, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2020. Reclassifications Certain amounts in the prior year’s presentation have been reclassified to conform to the current presentation. The condensed consolidated balance sheet at December 31, 2019 included herein was derived from the audited financial statements at that date, but includes a reclassification of $8.8 million from Deferred revenue, current to Deferred revenue, current, related party and $0.4 million from Deferred revenue, non-current to Deferred revenue, non-current, related party in order to conform to current period presentation. The condensed consolidated statements of cash flow for the three months ended March 31, 2019 included herein includes a reclassification of $7.5 million from Deferred revenue to Deferred revenue, related party. Liquidity At March 31, 2020, we had cash, cash equivalents, and marketable securities of $108.0 million. We have devoted substantially all of our resources to developing our ETB candidates and platform technology, building our intellectual property portfolio, developing our supply chain, conducting business planning, raising capital and providing for general and administrative support for these operations. We expect that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into 2022. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2020, 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, 2019. Cash and Cash Equivalents The Company considers temporary investments having 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. Other assets include $3.0 million of restricted cash at March 31, 2020. 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. Vertex accounted for approximately 35% and 0% of total revenues for the three months ended March 31, 2020 and 2019, respectively. The Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”). Takeda accounted for approximately 8% and 92% of total revenues for the three months ended March 31, 2020 and 2019, respectively. Drug or biologic 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 or biologic 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 August 2018, the Financial Accounting Standards Board (“ In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software -Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU was effective for annual periods beginning after December 15, 2019, including interim periods within that period, and early adoption is permitted. The impact of the adoption of this standard did not have a material impact on the Company’s 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 was effective for the Company beginning January 1, 2020 . The impact of the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new guidance applies to loans, accounts receivable, trade receivables, other financial assets measured at amortized cost, loan commitments and other off-balance sheet credit exposures. The new guidance also applies to debt securities and other financial assets measured at fair value through other comprehensive income. This guidance was effective for the Company beginning January 1, 2020 . The impact of the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740: Simplifying the Accounting for Income Taxes), which removes certain exceptions to the general principles in Topic 740. ASU 2019-12 is effective for the fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848: Facilitation of the Effects of Reference Rate Reform on Financial Reporting). The new guidance provides optional guidance for a limited period of time for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance will be effective prospectively as of March 12, 2020 through December 31, 2022 and interim periods within those fiscal years. 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 utilizing the two-class method. Preferred Stock Shareholders participate equally with Common Stock Shareholders in earnings, but do not participate in losses, and are excluded from the basic net loss calculation. Diluted net loss per share is computed by giving effect to all potential dilutive common shares, including outstanding options, warrants and convertible preferred stock. More specifically, at March 31, 2020 and March 31, 2019, stock options, warrants and, if converted, preferred stock totaling approximately 9,688,920 and 8,817,000 common shares, respectively, were excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive. |
Research and Development Agreem
Research and Development Agreements | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Japan $ 333 $ 6,413 United States 1,467 — Total research and development revenue $ 1,800 $ 6,413 Related Party Collaboration Agreement - Takeda Research and development revenue from related party relates to revenue from research and development agreements with Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”) and were as follows (in thousands): Three Months Ended March 31, 2020 2019 Takeda Individual Project Agreement — 54 Takeda Development and License Agreement 147 6,114 Takeda Multi-Target Agreement 186 245 Total research and development revenue $ 333 $ 6,413 At March 31, 2020 and December 31, 2019, the Company had $36.1 million and $36.7 million, respectively, of Deferred revenue related to research and development agreements. Deferred revenue, other liabilities for co-share payments and accounts receivable balances from the research and development agreements with Takeda, who is a related party, were as follows (in thousands): March 31, 2020 December 31, 2019 Assets Accounts receivable $ 1,300 $ 408 Liabilities Other current liabilities $ 7,754 — Deferred revenue, current 8,773 8,780 Deferred revenue, non-current 1,355 441 Other liabilities 1,746 — Total liabilities $ 19,628 $ 9,221 Takeda Development and License Agreement On September 18, 2018, the Company entered into a Development Collaboration and Exclusive License Agreement with Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“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, exercised its co-development option in July 2019 and as a result 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. The Company may elect to end its co-development by providing Takeda with written notice of termination of the co-development. In the event the Company elects to end the co-development, the Company will be subject to reduced payments and royalty rates as set forth more specifically in the Takeda Development and License Agreement. 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 following the Company’s exercise of its option to co-develop, and from high-single digits to low teens if the Company elects to end its co-development. The Company identified one performance obligation at the inception of the Takeda Development and License Agreement, the research and development services for the CD38-targeted SLT-A fusion protein, 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 $29.8 million consists of (1) the $30.0 million upfront payment, (2) a $10.0 million development milestone payment that was received in the first quarter of 2020, (3) minus $10.2 million in expected co-share payment payable to Takeda during Early Stage Development, as defined in the Takeda Development and License Agreement. 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. At March 31, 2020, 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. In July 2019, the Company exercised its co-development option and the agreed upon collaboration budget was increased to cover additional research and development activities whereby both parties will continue to cost share . At March 31, 2020 and December 31, 2019, total deferred revenue related to the performance obligation was $7.2 million and $6.1 million, respectively. Takeda Multi-Target Agreement In June 2017, The Company entered into a Multi-Target Collaboration and License Agreement with Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (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. The Company 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: • $30.0 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 all option periods (three months after the completion of the evaluation of materials for the designated targets) for the designated targets if Takeda does not exercise its options, or, following exercise of any option, on the expiration of the last Royalty Term (the latest of the expiration of patent rights claiming the licensed ETB, expiration of regulatory exclusivity for the licensed ETB or ten years from first commercial sale of the licensed ETB). The Takeda Multi-Target Agreement may be terminated sooner by Takeda for convenience or upon a material change of control of the Company, 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 immediately upon written notice, under certain defined circumstances. The Company evaluated the Takeda Multi-Target Agreement’s termination clause and concluded that it was a non-substantive termination provision. As such, the Company believes that an initial contract term is 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, 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 obligations 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. At March 31, 2020 and December 31, 2019, deferred revenue related to the performance obligation was $2.9 million and $3.1 million, respectively. 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 Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Ltd., in June 2018, that was amended and restated 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 All research and development services under the Takeda Collaboration Agreement were performed at March 31, 2019. As such, the Company recognized $0.0 million and less than $0.1 million of research and development revenue for the three months ended March 31, 2020 and March 31, 2019 respectively. This revenue is deemed to be revenue from a related party (as discussed further in Note 7, Related Party Transactions). Vertex Collaboration Agreement In November 2019, the Company entered into a Master Collaboration Agreement (the “Vertex Collaboration Agreement”) with Vertex Pharmaceuticals Incorporated (“Vertex”), to perform strategic research leveraging the Company’s engineered toxin body (“ETB”) technology platform to discover and develop novel targeted biologic therapies for applications outside of oncology. Pursuant to the terms of the Vertex Collaboration Agreement, the Company granted Vertex an exclusive option to obtain an exclusive license under the Company’s licensed technology to exploit one or more ETB products that are discovered by the Company against up to two designated targets. Vertex has selected an initial target and has the option to designate one additional target within specified time limits. Vertex payed the Company an upfront payment of $38 million, consisting of $23 million in cash and a $15 million equity investment pursuant to a Share Purchase Agreement (the “SPA”). In addition to the upfront payments, the Company may also receive an additional $22 million through the exercise of the options to license ETB products or to add an additional target. Additionally, Vertex will reimburse the Company for certain mutually agreed manufacturing technology transfer activities. The Company had $11.5 million of Deferred revenue, current, and $14.5 million of Deferred revenue, non-current, at March 31, 2020 related to the Vertex Collaboration Agreement. The Company had $8.5 million of Deferred revenue, current, and $19.0 million of Deferred revenue, non-current, at December 31, 2019 related to the Vertex Collaboration Agreement. The Company may, for each target under the Vertex Collaboration Agreement, receive up to an additional $180 million in milestone payments upon the achievement of certain development and regulatory milestone events and up to an additional $70 million in milestone payments upon the achievement of certain sales milestone events. The Company will also be entitled to receive, subject to certain reductions, tiered mid-single digit royalties as percentages of calendar year net sales, if any, on any licensed product. The Company will be responsible for conducting the research activities through the designation, if any, of one or more development candidates. Upon the exercise by Vertex of its option for a development candidate, Vertex will be responsible for all development, manufacturing, regulatory and commercialization activities with respect to that development candidate. Unless earlier terminated, the Vertex Collaboration Agreement will expire (i) on a country-by-country basis and licensed product-by-licensed product basis on the date of expiration of all payment obligations under the Vertex Collaboration Agreement with respect to such licensed product in such country and (ii) in its entirety upon the expiration of all payment obligations thereunder with respect to all licensed products in all countries or upon Vertex’s decision not to exercise any option on or prior to the applicable deadlines. Vertex has the right to terminate the Vertex Collaboration Agreement for convenience upon prior written notice to the Company. Either party has the right to terminate the Vertex Collaboration Agreement (a) for the insolvency of the other party or (b) subject to specified cure periods, in the event of the other party’s uncured material breach. The Company identified one performance obligation at the inception of the Vertex Collaboration Agreement consisting of research and development services. The Company recognizes revenue under the Vertex Collaboration Agreement using a cost-based input measure. In applying the cost-based input method of revenue recognition, the Company will use actual costs incurred relative to budgeted costs expected to be incurred. 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. In connection with the Vertex Collaboration Agreement, the Company and Vertex entered into a SPA pursuant to which Vertex agreed to purchase 1,666,666 shares of the Company’s common stock, par value $0.001 per share, at a price per share of $9.00. As the price per share was in excess of the fair value of the Company’s common stock, the Company allocated $4.5 million of this consideration to the Vertex Collaboration Agreement. The issuance of these shares were pursuant to a private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D thereunder. In addition to the SPA, the Vertex Collaboration Agreement contemplates that the Company may enter into certain other ancillary arrangements with Vertex. Grant Agreements I n September 2018, the Company entered into a Cancer Research Agreement (the “CD38 CPRIT Agreement”) with the Cancer Prevention and Research Institute of Texas (“ was extended in November 2019, 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 2011, the Company entered into a Cancer Research Agreement (the “CPRIT Agreement”) with CPRIT under which CPRIT awarded a $10.6 million product development grant for the CD20-targeting ETB MT-3724. This product development grant ended in November 2019. At March 31, 2020 the Company had received $9.6 million and has a remaining receivable of $1.0 million. During the three months ended March 31, 2020 and March 31, 2019, the Company recognized $2.3 million and $0.6 million, respectively, in grant revenue under these awards. Qualified expenditures submitted for reimbursement in excess of amounts received are recorded as receivables in Grant revenue receivable. At March 31, 2020 , the Company had $9.4 million and $7.1 million, respectively, recorded in Grants revenue receivable. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 — RELATED PARTY TRANSACTIONS Takeda Agreements In connection with the Takeda Multi-Target Agreement described in Note 3 “Research and Development Collaboration Agreements”, Takeda became a related party, following the Takeda Stock Purchase Agreement described in Note 11 “Stockholders’ Equity”, of the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 13, 2020. Refer to Note 3, Research and Development Collaboration Agreements, for more details about the Takeda Collaboration Agreement, the Takeda Multi-Target Agreement and the Takeda Development and License Agreement. Jonathan Lanfear, a director of the Company, is the Vice President and Global Head of Oncology and Neuroscience Business Development for Takeda. |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities and Fair Value Measurements | NOTE 5 —MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis (in thousands): Basis of Fair Value Measurements March 31, 2020 Level 1 Level 2 Level 3 Money market funds $ 24,973 $ 24,973 $ — $ — Commercial paper 37,821 — 37,821 — United States Treasury Bills 31,427 — 31,427 — United States government-related debt securities 10,057 — 10,057 — Corporate bonds 1,250 — 1,250 — Total $ 105,528 $ 24,973 $ 80,555 $ — Amounts included in: Cash and cash equivalents $ 31,974 Marketable securities, current 70,544 Marketable securities, non-current 3,010 Total cash equivalents and marketable securities $ 105,528 Basis of Fair Value Measurements December 31, 2019 Level 1 Level 2 Level 3 Money market funds $ 79,970 $ 79,970 $ — $ — Commercial paper 20,436 — 20,436 — United States Treasury Bills 16,738 — 16,738 — United States government-related debt securities 7,010 — 7,010 — Corporate bonds 1,351 — 1,351 — Total $ 125,505 $ 79,970 $ 45,535 $ — Amounts included in: Cash and cash equivalents $ 84,362 Marketable securities, current 39,633 Marketable securities, non-current 1,510 Total cash equivalents and marketable securities $ 125,505 The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities (in thousands): March 31, 2020 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 31,972 $ 2 $ — $ 31,974 Marketable securities, current - commercial paper, Treasury bills and corporate bonds 70,274 273 (3 ) 70,544 Marketable securities, non-current - Treasury bills $ 3,000 $ 10 $ — $ 3,010 December 31, 2019 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 84,361 $ 1 $ — $ 84,362 Marketable securities, current - commercial paper, Treasury bills and corporate bonds 39,616 17 — 39,633 Marketable securities, non-current - Treasury bills 1,510 — — 1,510 The following summarized the contractual maturities of the Company’s available-for-sale investments: March 31, 2020 Cost Basis Fair Value Due in one year or less $ 102,247 $ 102,518 Due after one year through five years 3,000 3,010 Total $ 105,247 $ 105,528 December 31, 2019 Cost Basis Fair Value Due in one year or less $ 123,977 $ 123,995 Due after one year through five years 1,510 1,510 Total $ 125,487 $ 125,505 The Company received no proceeds and $1.3 million of proceeds from the sale of available-for-sale securities for the three months ended March 31, 2020 and March 31, 2019, respectively, with an immaterial realized gain for the three months ended March 31, 2019. The basis on which the cost of the security sold was determined is specific identification. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | NOTE 6 — BALANCE SHEET COMPONENTS Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2020 2019 Accrued liabilities: General and administrative $ 2,034 $ 4,521 Clinical trial related costs 1,696 1,383 Non-clinical research and manufacturing operations 6,119 5,774 Payroll related 1,659 2,849 Other accrued expenses 23 17 Total Accrued liabilities $ 11,531 $ 14,544 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | NOTE 7—PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands): March 31, December 31, 2020 2019 Laboratory equipment $ 11,604 $ 10,587 Leasehold improvements 11,212 10,383 Furniture and fixtures 150 150 Computer and equipment 368 331 23,334 21,451 Less: Accumulated depreciation (4,033 ) (3,293 ) Total property and equipment, net $ 19,301 $ 18,158 Depreciation expense was $0.7 million and $0.4 million for the three months ended March 31, 2020 and March 31, 2019, respectively. In connection with the continued expansion of the Company’s facilities, at March 31, 2020 and December 31, 2019, the Company had net ARO assets totaling $0.9 million and $1.0 million, respectively. The ARO assets are included in Leasehold improvements. |
Borrowing Arrangements
Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | NOTE 8 — 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 that can be drawn down at a future date. 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 March 31, 2020 was 12.91%. 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. Additionally, the Company incurred $0.5 million in deferred finance costs and issued the debt net of a $1.5 million discount. The exit fee, deferred finance costs and discount are being accreted to interest expense over the term of the Perceptive Credit Facility using the effective interest method. For the three months ended March 31, 2020 and March 31, 2019, the Company recorded $0.2 million and $0.2 million of interest expense, respectively. For the three months ended March 31, 2020 and March 31, 2019, the Company recorded $ 0.1 million 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. For more information refer to Note 11, “Stockholders Equity” included in the Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 13, 2020. The fair value of the warrant of $1.5 million was recorded as a debt discount, which is being amortized to interest expense over the term of the Perceptive Credit Facility using the effective interest method. As of March 31, 2020 and December 31, 2019 the Perceptive Credit Facility principal balance was $4.8 million and $5.0 million, respectively, with principal payment due one calendar year, or more, from the balance sheet being classified as non-current. As of March 31, 2020, the Company was in compliance with the non-financial covenants of the Perceptive Credit Facility. As of March 31, 2020 and December 31, 2019 the carrying value of the long-term debt was $3.7 million and $3.7 million, respectively. Future required principal and final payments on the Perceptive Credit Facility were as follows at March 31, 2020 (in thousands): 2020 (remaining) 600 2021 800 2022 3,500 2023 — Total 4,900 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 9 – 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” of the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 13, 2020 for further discussion of the Company’s Lease accounting policy. 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 three years to eight years, and the finance leases have remaining terms of less than one year. 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 three 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. 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 expires August 2028 and does not contain an option to renew. The tables below include the impact of this 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 this lease which has a balance of $0.4 million at March 31, 2020. At March 31, 2020, 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 March 31, 2020 Operating leases Operating lease expense $ 561 Variable lease expense 130 Total operating lease expense $ 691 Finance leases Amortization of right-of-use asset $ 2 Interest on lease liabilities - Total finance lease expense $ 2 The following table summarizes the balance sheet classification of leases at March 31, 2020 (in thousands): Operating leases Operating lease right-of-use assets, non-current $ 9,617 Operating lease liabilities, current 1 $ 1,731 Operating lease liabilities, non-current 11,232 Total operating lease liabilities $ 12,963 Finance leases Property and equipment, at cost $ 77 Accumulated depreciation 43 Property and equipment, net $ 34 Finance lease liabilities, current 1 $ 12 1. Included in other current liabilities. The following table presents other information on leases as of March 31, 2020: Weighted Average Remaining Lease Term Weighted Average Discount Rate Operating leases 7.0 6.72 % Finance leases 0.6 6.81 % Maturities of lease liabilities were as follows as of March 31, 2020 (in thousands): Operating Leases Finance Leases 2020, remainder $ 1,895 $ 12 2021 2,589 2022 2,650 2023 1,961 2024 1,474 2025 1,517 Thereafter 4,246 Total lease payments 16,332 12 Less: Imputed interest (3,369 ) — Total lease liabilities $ 12,963 $ 12 Supplemental cash flow information related to the Company’s leases were as follows for the three months ended March 31, 2020 (in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 515 Operating cash flows from finance leases $ — Financing cash flows from finance leases $ 7 |
Contractual Commitments
Contractual Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual Commitments | NOTE 10 — CONTRACTUAL COMMITMENTS The Company has entered into project work orders for each of its clinical trials with clinical research organizations (each being a “CRO”) and related laboratory vendors. Under the terms of these agreements, the Company is required to pay certain upfront fees for direct services costs. Based on the particular agreement some of the fees may be for services yet to be rendered and are reflected as a current prepaid asset and have an unamortized balance of approximately $2.6 million at March 31, 2020. In connection with the Company’s clinical trials, it has entered into separate project work orders for each trial with its CRO. The Company has entered into agreements with CROs and other external service providers for services, primarily in connection with the clinical trials and development of the Company’s drug or biologic candidates. The Company was contractually obligated for up to approximately $43.2 million of future services under these agreements at March 31, 2020, for which amounts have not been accrued as services have not been performed. The Company’s actual contractual obligations will vary depending upon several factors, including the progress and results of the underlying services. We have entered into estimated purchase obligations which in total range from $14.3 million to $15.0 million and include signed orders for capital equipment. As a result of the Takeda Development and License Agreement, we exercised our right to cost-share approximately 50% of the development costs for Phase I. Future clinical trial expense related to this trial has not been included within the purchase commitments because they are contingent on enrollment in clinical trials and the activities required to be performed by the clinical sites. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | NOTE 11 — STOCK-BASED COMPENSATION Stock-based compensation expense, which consists of the compensation cost for employee stock options and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 1,128 $ 453 General and administrative 1,064 908 Total stock-based compensation $ 2,192 $ 1,361 At March 31, 2020, the total unrecognized compensation cost related to unvested stock-based awards granted to employees under the Company’s equity incentive plans was approximately $33.1 million. This cost will be recorded as compensation expense on a ratable basis over the remaining weighted average requisite service period of approximately 2.98 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: Three Months Ended March 31, 2020 2019 Employee Stock Options: Risk-free interest rate 1.83 % 2.59 % Expected term (in years) 6.08 6.08 Dividend yield — — Volatility 110.00 % 109.00 % Weighted-average fair value of stock options granted $ 12.13 $ 3.93 Equity Incentive Plans These plans consist of the 2018 Equity Incentive Plan, the 2014 Equity Incentive Plan, as amended; the 2004 Amended and Restated Equity Incentive Plan; and the Amended and Restated 2004 Employee Stock Purchase Plan. As of May 31, 2018, the 2014 Equity Incentive Plan; and the 2004 Equity Incentive Plan were terminated, and no further shares will be granted from those plans. 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, 2019 4,743,990 $ 6.37 8.2 $ 36.5 Granted 1,713,706 $ 14.51 Exercised (114,777 ) $ 2.62 Forfeitures (48,457 ) $ 11.07 Outstanding at March 31, 2020 6,294,462 $ 8.62 8.5 $ 31.8 Exercisable at March 31, 2020 2,028,825 $ 6.17 7.2 $ 14.8 The total intrinsic value of stock options exercised during the three months ended March 31, 2020 and 2019, was $1.3 million and $0.1 million, respectively, as determined at the date of the option exercise. Cash received from stock option exercises was $0.3 million and less than $0.0 million for the three months ended March 31, 2020 and 2019, 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. |
In-Process Research and Develop
In-Process Research and Development | 3 Months Ended |
Mar. 31, 2020 | |
Research And Development [Abstract] | |
In-Process Research and Development | NOTE 12 – IN-PROCESS RESEARCH AND DEVELOPMENT In-process research and development represent the fair value of the Company’s legacy program, Evofosfamide, which was acquired as a part of the merger agreement with Threshold. For more information regarding the merger refer to Note 1 “Organization and Summary of Significant Accounting Policies ” . Fair value of In-process research and development is estimated based upon internal evaluation of each asset that includes quantitative analyses of net revenue and cash flows, review of recent sales of similar assets and market responses based upon discussions in connection with offers received from potential buyers. Certain factors used for these types of nonrecurring fair value measurements are considered Level 3 inputs. The Company obtained a fair value estimate, from a third party specialist as of August 1, 2019, and determined the asset was impaired and the value was not fully recoverable. During the year ended December 31, 2019, the Company recorded a related impairment of $22.1 million. Future write-downs of the asset are possible based upon the amount of proceeds from an eventual sale of the asset. Additionally, the Company classifies the remaining $4.5 million to In-process research and development - held for sale as the Company plans to sell the asset within the next year. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiary, and reflect the elimination of intercompany accounts and transactions. 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, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2020. |
Reclassifications | Reclassifications Certain amounts in the prior year’s presentation have been reclassified to conform to the current presentation. The condensed consolidated balance sheet at December 31, 2019 included herein was derived from the audited financial statements at that date, but includes a reclassification of $8.8 million from Deferred revenue, current to Deferred revenue, current, related party and $0.4 million from Deferred revenue, non-current to Deferred revenue, non-current, related party in order to conform to current period presentation. The condensed consolidated statements of cash flow for the three months ended March 31, 2019 included herein includes a reclassification of $7.5 million from Deferred revenue to Deferred revenue, related party. |
Liquidity | Liquidity At March 31, 2020, we had cash, cash equivalents, and marketable securities of $108.0 million. We have devoted substantially all of our resources to developing our ETB candidates and platform technology, building our intellectual property portfolio, developing our supply chain, conducting business planning, raising capital and providing for general and administrative support for these operations. We expect that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into 2022. |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2020, 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, 2019. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers temporary investments having 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. Other assets include $3.0 million of restricted cash at March 31, 2020. |
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. Vertex accounted for approximately 35% and 0% of total revenues for the three months ended March 31, 2020 and 2019, respectively. The Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”). Takeda accounted for approximately 8% and 92% of total revenues for the three months ended March 31, 2020 and 2019, respectively. Drug or biologic 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 or biologic 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 | Recently Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“ In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software -Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU was effective for annual periods beginning after December 15, 2019, including interim periods within that period, and early adoption is permitted. The impact of the adoption of this standard did not have a material impact on the Company’s 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 was effective for the Company beginning January 1, 2020 . The impact of the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new guidance applies to loans, accounts receivable, trade receivables, other financial assets measured at amortized cost, loan commitments and other off-balance sheet credit exposures. The new guidance also applies to debt securities and other financial assets measured at fair value through other comprehensive income. This guidance was effective for the Company beginning January 1, 2020 . The impact of the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740: Simplifying the Accounting for Income Taxes), which removes certain exceptions to the general principles in Topic 740. ASU 2019-12 is effective for the fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848: Facilitation of the Effects of Reference Rate Reform on Financial Reporting). The new guidance provides optional guidance for a limited period of time for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance will be effective prospectively as of March 12, 2020 through December 31, 2022 and interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. |
Research and Development Agre_2
Research and Development Agreements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Japan $ 333 $ 6,413 United States 1,467 — Total research and development revenue $ 1,800 $ 6,413 |
Millennium 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 Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”) and were as follows (in thousands): Three Months Ended March 31, 2020 2019 Takeda Individual Project Agreement — 54 Takeda Development and License Agreement 147 6,114 Takeda Multi-Target Agreement 186 245 Total research and development revenue $ 333 $ 6,413 |
Takeda Pharmaceuticals Inc | |
Schedule of Deferred Revenue, Other Liabilities for Co-share Payments and Accounts Receivable Balances from Research and Development Agreements | Deferred revenue, other liabilities for co-share payments and accounts receivable balances from the research and development agreements with Takeda, who is a related party, were as follows (in thousands): March 31, 2020 December 31, 2019 Assets Accounts receivable $ 1,300 $ 408 Liabilities Other current liabilities $ 7,754 — Deferred revenue, current 8,773 8,780 Deferred revenue, non-current 1,355 441 Other liabilities 1,746 — Total liabilities $ 19,628 $ 9,221 |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 (in thousands): Basis of Fair Value Measurements March 31, 2020 Level 1 Level 2 Level 3 Money market funds $ 24,973 $ 24,973 $ — $ — Commercial paper 37,821 — 37,821 — United States Treasury Bills 31,427 — 31,427 — United States government-related debt securities 10,057 — 10,057 — Corporate bonds 1,250 — 1,250 — Total $ 105,528 $ 24,973 $ 80,555 $ — Amounts included in: Cash and cash equivalents $ 31,974 Marketable securities, current 70,544 Marketable securities, non-current 3,010 Total cash equivalents and marketable securities $ 105,528 Basis of Fair Value Measurements December 31, 2019 Level 1 Level 2 Level 3 Money market funds $ 79,970 $ 79,970 $ — $ — Commercial paper 20,436 — 20,436 — United States Treasury Bills 16,738 — 16,738 — United States government-related debt securities 7,010 — 7,010 — Corporate bonds 1,351 — 1,351 — Total $ 125,505 $ 79,970 $ 45,535 $ — Amounts included in: Cash and cash equivalents $ 84,362 Marketable securities, current 39,633 Marketable securities, non-current 1,510 Total cash equivalents and marketable securities $ 125,505 |
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 (in thousands): March 31, 2020 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 31,972 $ 2 $ — $ 31,974 Marketable securities, current - commercial paper, Treasury bills and corporate bonds 70,274 273 (3 ) 70,544 Marketable securities, non-current - Treasury bills $ 3,000 $ 10 $ — $ 3,010 December 31, 2019 Cost Basis Unrealized Gain Unrealized Loss Fair Value Cash equivalents - money market funds, commercial paper and corporate bonds $ 84,361 $ 1 $ — $ 84,362 Marketable securities, current - commercial paper, Treasury bills and corporate bonds 39,616 17 — 39,633 Marketable securities, non-current - Treasury bills 1,510 — — 1,510 |
Summary of Contractual Maturities of Available-for-Sale-Investment | The following summarized the contractual maturities of the Company’s available-for-sale investments: March 31, 2020 Cost Basis Fair Value Due in one year or less $ 102,247 $ 102,518 Due after one year through five years 3,000 3,010 Total $ 105,247 $ 105,528 December 31, 2019 Cost Basis Fair Value Due in one year or less $ 123,977 $ 123,995 Due after one year through five years 1,510 1,510 Total $ 125,487 $ 125,505 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Components of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2020 2019 Accrued liabilities: General and administrative $ 2,034 $ 4,521 Clinical trial related costs 1,696 1,383 Non-clinical research and manufacturing operations 6,119 5,774 Payroll related 1,659 2,849 Other accrued expenses 23 17 Total Accrued liabilities $ 11,531 $ 14,544 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consists of the following (in thousands): March 31, December 31, 2020 2019 Laboratory equipment $ 11,604 $ 10,587 Leasehold improvements 11,212 10,383 Furniture and fixtures 150 150 Computer and equipment 368 331 23,334 21,451 Less: Accumulated depreciation (4,033 ) (3,293 ) Total property and equipment, net $ 19,301 $ 18,158 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 at March 31, 2020 (in thousands): 2020 (remaining) 600 2021 800 2022 3,500 2023 — Total 4,900 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 Operating leases Operating lease expense $ 561 Variable lease expense 130 Total operating lease expense $ 691 Finance leases Amortization of right-of-use asset $ 2 Interest on lease liabilities - Total finance lease expense $ 2 |
Schedule of Balance Sheets Classification of Leases | The following table summarizes the balance sheet classification of leases at March 31, 2020 (in thousands): Operating leases Operating lease right-of-use assets, non-current $ 9,617 Operating lease liabilities, current 1 $ 1,731 Operating lease liabilities, non-current 11,232 Total operating lease liabilities $ 12,963 Finance leases Property and equipment, at cost $ 77 Accumulated depreciation 43 Property and equipment, net $ 34 Finance lease liabilities, current 1 $ 12 1. Included in other current liabilities. |
Schedule of Leases Information | The following table presents other information on leases as of March 31, 2020: Weighted Average Remaining Lease Term Weighted Average Discount Rate Operating leases 7.0 6.72 % Finance leases 0.6 6.81 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows as of March 31, 2020 (in thousands): Operating Leases Finance Leases 2020, remainder $ 1,895 $ 12 2021 2,589 2022 2,650 2023 1,961 2024 1,474 2025 1,517 Thereafter 4,246 Total lease payments 16,332 12 Less: Imputed interest (3,369 ) — Total lease liabilities $ 12,963 $ 12 |
Supplemental Cash Flow Information | Supplemental cash flow information related to the Company’s leases were as follows for the three months ended March 31, 2020 (in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 515 Operating cash flows from finance leases $ — Financing cash flows from finance leases $ 7 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 1,128 $ 453 General and administrative 1,064 908 Total stock-based compensation $ 2,192 $ 1,361 |
Weighted-Average Fair Value Valuation Assumptions | The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2020 2019 Employee Stock Options: Risk-free interest rate 1.83 % 2.59 % Expected term (in years) 6.08 6.08 Dividend yield — — Volatility 110.00 % 109.00 % Weighted-average fair value of stock options granted $ 12.13 $ 3.93 |
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, 2019 4,743,990 $ 6.37 8.2 $ 36.5 Granted 1,713,706 $ 14.51 Exercised (114,777 ) $ 2.62 Forfeitures (48,457 ) $ 11.07 Outstanding at March 31, 2020 6,294,462 $ 8.62 8.5 $ 31.8 Exercisable at March 31, 2020 2,028,825 $ 6.17 7.2 $ 14.8 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Reclassification from deferred revenue, current to deferred revenue, current, related party | $ 8,773 | $ 8,780 | |
Reclassification from deferred revenue, non-current to deferred revenue, non-current, related party | $ 400 | ||
Reclassification from deferred revenue to deferred revenue, related party | (907) | $ 7,529 | |
Cash, cash equivalents, and marketable securities | $ 108,000 | ||
Revenue | Credit Risk | Vertex Pharmaceuticals Inc | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of total revenues | 35.00% | 0.00% | |
Revenue | Credit Risk | Takeda Pharmaceuticals Inc | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of total revenues | 8.00% | 92.00% | |
Other Assets | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 3,000 |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Options, Warrants and Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common shares excluded from the computation of diluted net loss per share on effect of anti-dilutive | 9,688,920 | 8,817,000 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue Recognition [Line Items] | ||
Total research and development revenue | $ 1,800 | $ 6,413 |
JAPAN | ||
Revenue Recognition [Line Items] | ||
Total research and development revenue | 333 | 6,413 |
UNITED STATES | ||
Revenue Recognition [Line Items] | ||
Total research and development revenue | $ 1,467 | $ 0 |
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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue Recognition [Line Items] | ||
Total research and development revenue | $ 1,800 | $ 6,413 |
Millennium Pharmaceuticals Inc | ||
Revenue Recognition [Line Items] | ||
Total research and development revenue | 333 | 6,413 |
Millennium Pharmaceuticals Inc | Takeda Individual Project Agreement | ||
Revenue Recognition [Line Items] | ||
Total research and development revenue | 0 | 54 |
Millennium Pharmaceuticals Inc | Takeda Development Agreement | ||
Revenue Recognition [Line Items] | ||
Total research and development revenue | 147 | 6,114 |
Millennium Pharmaceuticals Inc | Takeda Multi Target Agreement | ||
Revenue Recognition [Line Items] | ||
Total research and development revenue | $ 186 | $ 245 |
Research and Development Agre_5
Research and Development Agreements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 107 Months Ended | |||||||
Nov. 30, 2019 | Jul. 31, 2019 | Sep. 30, 2018 | Jul. 31, 2018 | Jun. 30, 2018 | Apr. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2019 | |
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Deferred revenue | $ 36,100 | $ 36,700 | ||||||||
Research and development revenues from collaboration agreements | 1,800 | $ 6,413 | ||||||||
Deferred revenue, current | 11,465 | 8,511 | ||||||||
Deferred revenue, non-current | $ 14,523 | $ 18,944 | ||||||||
Common stock, shares issued | 45,703,934 | 45,589,157 | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||
Revenue from grant | $ 4,141 | 7,008 | ||||||||
Grant | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Revenue from grant | 2,341 | 595 | ||||||||
CPRIT Agreement | Cancer Prevention and Research Institute of Texas | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Product development grant awarded | $ 15,200 | |||||||||
CPRIT Agreement | Cancer Prevention and Research Institute of Texas | ETB MT-3724 | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Aggregate proceeds received from award granted | $ 10,600 | |||||||||
Revenue from grant | 9,600 | |||||||||
Grants Receivable | 1,000 | |||||||||
Grant Agreements | Grants Revenue Receivable | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Reimbursement amounts submitted in excess of amounts received are recorded as receivables | 9,400 | $ 7,100 | ||||||||
Takeda Development Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Deferred revenue | 7,200 | 6,100 | ||||||||
Total transaction price | 29,800 | |||||||||
Upfront payment | 30,000 | |||||||||
Development milestone payment that is achievable | 10,000 | |||||||||
Expected co-share payments payable | 10,200 | |||||||||
Takeda Development Agreement | Clinical Development and Regulatory Milestones | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | $ 307,500 | |||||||||
Takeda Development Agreement | Sales Milestone | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | $ 325,000 | |||||||||
Takeda Multi Target Agreement | Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Deferred revenue | 2,900 | 3,100 | ||||||||
Cumulative payments received | $ 5,000 | |||||||||
Aggregate milestone payments upon exercise of option to license ETBS | 30,000 | |||||||||
Additional preclinical, clinical development and commercialization milestone payment | 397,000 | |||||||||
Takeda Multi Target Agreement | Takeda Pharmaceuticals Inc | Maximum | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Contractual contingency fees | 10,000 | |||||||||
Commercial milestone payment | 150,000 | |||||||||
Takeda Individual Project Agreement | Takeda Pharmaceuticals Inc | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Additional research and development revenue | $ 2,200 | |||||||||
Increase in transaction consideration related to research services | $ 1,100 | |||||||||
Research and development revenues from collaboration agreements | 0 | |||||||||
Takeda Individual Project Agreement | Takeda Pharmaceuticals Inc | Maximum | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Research and development revenues from collaboration agreements | $ 100 | |||||||||
Vertex Collaboration Agreement | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | $ 180,000 | |||||||||
Upfront payment | 38,000 | |||||||||
Upfront payment, cash | 23,000 | |||||||||
Upfront payment, equity method investments | $ 15,000 | $ 15,000 | ||||||||
Deferred revenue, current | 11,500 | 8,500 | ||||||||
Deferred revenue, non-current | $ 14,500 | $ 19,000 | ||||||||
Common stock, shares issued | 1,666,666 | 1,666,666 | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||
Vertex Collaboration Agreement | Common Stock | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Purchase price per share | $ 9 | $ 9 | ||||||||
Fair value of allocated consideration | $ 4,500 | |||||||||
Vertex Collaboration Agreement | ETBs | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Aggregate milestone payments upon exercise of option to license ETBS | 22,000 | $ 22,000 | ||||||||
Vertex Collaboration Agreement | Sales Milestone | ||||||||||
Research And Development Collaboration Agreements [Line Items] | ||||||||||
Milestone payments receivable if option is exercised | $ 70,000 |
Research and Development Agre_6
Research and Development Agreements - Schedule of Deferred Revenue, Other Liabilities for Co-share Payments and Accounts Receivable Balances from the Research and Development Agreements (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Accounts receivable | $ 1,300 | $ 408 |
Liabilities | ||
Other current liabilities | 2,543 | 2,501 |
Other liabilities | 3,143 | 1,366 |
Total liabilities | 76,977 | 71,174 |
Takeda Pharmaceuticals Inc | ||
Assets | ||
Accounts receivable | 1,300 | 408 |
Liabilities | ||
Other current liabilities | 7,754 | 0 |
Deferred revenue, current | 8,773 | 8,780 |
Deferred revenue, non-current | 1,355 | 441 |
Other liabilities | 1,746 | 0 |
Total liabilities | $ 19,628 | $ 9,221 |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements - Financial Assets at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | $ 105,528 | $ 125,505 | |
Cash and cash equivalents | 34,444 | 85,451 | $ 37,855 |
Marketable securities, current | 70,544 | 39,633 | |
Marketable securities, non-current | 3,010 | 1,510 | |
Cash Equivalents | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 31,974 | 84,362 | |
Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 24,973 | 79,970 | |
Commercial Paper | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 37,821 | 20,436 | |
United States Treasury Bills | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 31,427 | 16,738 | |
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 | 10,057 | 7,010 | |
Corporate Bonds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | 1,250 | 1,351 | |
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 | 24,973 | 79,970 | |
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 | 24,973 | 79,970 | |
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 | 0 | |
Basis of Fair Value Measurements, Level 1 | 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 | 0 | 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 | 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 | 80,555 | 45,535 | |
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 | 37,821 | 20,436 | |
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 | 31,427 | 16,738 | |
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 | 10,057 | 7,010 | |
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 | 1,250 | 1,351 | |
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 | 0 | |
Basis of Fair Value Measurements, Level 3 | 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 | 0 | 0 | |
Basis of Fair Value Measurements, Level 3 | Corporate Bonds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total cash equivalents and marketable securities | $ 0 | $ 0 |
Marketable Securities and Fai_4
Marketable Securities and Fair Value Measurements - Summary of Company's Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | $ 105,247 | $ 125,487 |
Fair Value | 70,544 | 39,633 |
Fair Value | 3,010 | 1,510 |
Cash Equivalents - Money Market Funds, Commercial Paper and Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 31,972 | 84,361 |
Unrealized Gain | 2 | 1 |
Unrealized Loss | 0 | 0 |
Fair Value | 31,974 | 84,362 |
Marketable Securities, Current - Commercial Paper, Treasury Bills and Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 70,274 | 39,616 |
Unrealized Gain | 273 | 17 |
Unrealized Loss | (3) | 0 |
Fair Value | 70,544 | 39,633 |
Marketable Securities, Non-current - Treasury Bills | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gain | 10 | 0 |
Unrealized Loss | 0 | 0 |
Cost Basis | 3,000 | 1,510 |
Fair Value | $ 3,010 | $ 1,510 |
Marketable Securities and Fai_5
Marketable Securities and Fair Value Measurements - Summary of Contractual Maturities of Available-for-Sale-Investment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Cost Basis, Due in one year or less | $ 102,247 | $ 123,977 |
Cost Basis, Due after one year through five years | 3,000 | 1,510 |
Cost Basis | 105,247 | 125,487 |
Fair Value, Due in one year or less | 102,518 | 123,995 |
Fair Value, Due after one year through five years | 3,010 | 1,510 |
Fair Value, Total | $ 105,528 | $ 125,505 |
Marketable Securities and Fai_6
Marketable Securities and Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 0 | $ 1,300,000 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities Current [Abstract] | ||
General and administrative | $ 2,034 | $ 4,521 |
Clinical trial related costs | 1,696 | 1,383 |
Non-clinical research and manufacturing operations | 6,119 | 5,774 |
Payroll related | 1,659 | 2,849 |
Other accrued expenses | 23 | 17 |
Total Accrued liabilities | $ 11,531 | $ 14,544 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | $ 23,334 | $ 21,451 |
Less: Accumulated depreciation | (4,033) | (3,293) |
Total property and equipment, net | 19,301 | 18,158 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | 11,604 | 10,587 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | 11,212 | 10,383 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | 150 | 150 |
Computer and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Gross | $ 368 | $ 331 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | |||
Depreciation expense | $ 0.7 | $ 0.4 | |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Asset retirement obligation, asset | $ 0.9 | $ 1 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) - USD ($) | Feb. 27, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Credit facility, amortization of debt discount | $ 148,000 | $ 105,000 | ||
Long-term debt, carrying value | $ 3,700,000 | $ 3,700,000 | ||
Perceptive | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, annual interest rate | 12.91% | |||
Final fee due at loan maturity date | $ 3,400,000 | |||
Credit Facility, interest expense | $ 200,000 | 200,000 | ||
Credit facility, amortization of debt discount | 100,000 | $ 100,000 | ||
Total debt | $ 4,800,000 | $ 5,000,000 | ||
Term Loan Facility | Perceptive | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity under loan | $ 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 | |||
Deferred finance costs | 500,000 | |||
Debt issuance cost, net of discount | $ 1,500,000 | |||
Number of shares issued for each warrant | 190,000 | |||
Warrant exercisable period | 7 years | |||
Warrant 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) - Perceptive Credit Facility $ in Thousands | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2020 (remaining) | $ 600 |
2021 | 800 |
2022 | 3,500 |
2023 | 0 |
Total | $ 4,900 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | ||
Jan. 31, 2019USD ($)ft² | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |||
Lessee, operating leases remaining lease term. | 7 years | ||
Lessee, finance leases remaining lease term. | 7 months 6 days | ||
Operating lease right-of-use-asset | $ 9,617 | $ 9,959 | |
Operating lease, lease liability | 12,963 | ||
Texas | |||
Lessee Lease Description [Line Items] | |||
Area of land of additional facility lease agreement | ft² | 57,000 | ||
Lease expiration period | 2028-08 | ||
Operating lease right-of-use-asset | $ 7,200 | ||
Operating lease, lease liability | 7,200 | ||
Asset retirement obligation, lease | $ 400 | ||
Texas | 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. | 3 years | ||
Lessee, finance leases remaining lease term. | 1 year | ||
Lessee, operating leases renewal lease term | 3 years | ||
Maximum | |||
Lessee Lease Description [Line Items] | |||
Lessee, operating leases remaining lease term. | 8 years | ||
Lessee, operating leases renewal lease term | 5 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 561 |
Variable lease expense | 130 |
Total operating lease expense | 691 |
Amortization of right-of-use asset | 2 |
Interest on lease liabilities | 0 |
Total finance lease expense | $ 2 |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheets Classification of Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
Operating lease right-of-use assets, non-current | $ 9,617 | $ 9,959 |
Operating lease liabilities, current | 1,731 | |
Operating lease liabilities, non-current | 11,232 | $ 11,682 |
Total operating lease liabilities | 12,963 | |
Finance leases | ||
Property and equipment, at cost | 77 | |
Accumulated depreciation | 43 | |
Property and equipment, net | $ 34 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | |
Finance lease liabilities, current | $ 12 | |
Finance Lease Liability Current Statement Of Financial Position Extensible List | us-gaap:OtherLiabilitiesCurrent |
Leases - Schedule of Leases Inf
Leases - Schedule of Leases Information (Detail) | Mar. 31, 2020 |
Weighted average remaining lease term | |
Operating leases | 7 years |
Finance leases | 7 months 6 days |
Weighted average discount rate | |
Operating leases | 6.72% |
Finance leases | 6.81% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Lease payments | |
2020, remainder | $ 1,895 |
2021 | 2,589 |
2022 | 2,650 |
2023 | 1,961 |
2024 | 1,474 |
2025 | 1,517 |
Thereafter | 4,246 |
Total lease payments | 16,332 |
Less: Imputed interest | (3,369) |
Total lease liabilities | 12,963 |
Finance Leases | |
2020, remainder | 12 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total lease payments | 12 |
Less: Imputed interest | 0 |
Total lease liabilities | $ 12 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 515 |
Operating cash flows from finance leases | 0 |
Financing cash flows from finance leases | $ 7 |
Contractual Commitments - Addit
Contractual Commitments - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Other Commitments [Line Items] | |
Upfront fees unamortized balance included in prepaid asset | $ 2.6 |
Contractual obligation | $ 43.2 |
Percentage of right to share development costs exercised | 50.00% |
Minimum | |
Other Commitments [Line Items] | |
Estimated purchase obligation | $ 14.3 |
Maximum | |
Other Commitments [Line Items] | |
Estimated purchase obligation | $ 15 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 2,192 | $ 1,361 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 1,128 | 453 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 1,064 | $ 908 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | $ 33,100,000 | |
Unrecognized compensation cost related to unvested stock-based awards granted to employees under the equity incentive plans, period for recognition | 2 years 11 months 23 days | |
Total intrinsic value of stock options exercised | $ 1,300,000 | $ 100,000 |
Cash received from stock option exercises | 300,000 | $ 38,000 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 1.83% | 2.59% |
Expected term (in years) | 6 years 29 days | 6 years 29 days |
Dividend yield | 0.00% | 0.00% |
Volatility | 110.00% | 109.00% |
Weighted-average fair value of stock options granted | $ 12.13 | $ 3.93 |
Stock Based Compensation - St_2
Stock Based Compensation - Stock Option Activity Under Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Outstanding, Beginning Balance | 4,743,990 | |
Number of Shares, Granted | 1,713,706 | |
Number of Shares, Exercised | (114,777) | |
Number of Shares, Forfeitures | (48,457) | |
Number of Shares, Outstanding, Ending Balance | 6,294,462 | 4,743,990 |
Number of Shares, Exercisable | 2,028,825 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 6.37 | |
Weighted-Average Exercise Price, Granted | 14.51 | |
Weighted-Average Exercise Price, Exercised | 2.62 | |
Weighted-Average Exercise Price, Forfeitures | 11.07 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 8.62 | $ 6.37 |
Weighted-Average Exercise Price, Exercisable | $ 6.17 | |
Weighted-Average Remaining Contractual Term, Outstanding | 8 years 6 months | 8 years 2 months 12 days |
Weighted-Average Remaining Contractual Term, Exercisable | 7 years 2 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 31.8 | $ 36.5 |
Aggregate Intrinsic Value, Exercisable | $ 14.8 |
In-Process Research and Devel_2
In-Process Research and Development - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | |
Research And Development [Abstract] | ||
Impairment of in-process research and development | $ 22,100 | |
In-process research and development - held for sale | $ 4,500 | $ 4,500 |