Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 07, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EIGR | |
Entity Registrant Name | Eiger BioPharmaceuticals, Inc. | |
Entity Central Index Key | 1,305,253 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,540,121 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 33,247 | $ 32,035 |
Debt securities, available-for-sale | 9,744 | |
Prepaid expenses and other current assets | 617 | 712 |
Total current assets | 33,864 | 42,491 |
Property and equipment, net | 68 | 79 |
Other assets | 289 | 312 |
Total assets | 34,221 | 42,882 |
Current liabilities: | ||
Accounts payable | 3,025 | 3,183 |
Accrued liabilities | 1,224 | 2,084 |
Current portion of long term debt | 3,253 | 2,002 |
Total current liabilities | 7,502 | 7,269 |
Long term debt, net | 11,938 | 13,091 |
Other long term liabilities | 50 | |
Total liabilities | 19,490 | 20,360 |
Stockholders’ equity: | ||
Common stock | 11 | 11 |
Additional paid-in capital | 142,357 | 141,320 |
Accumulated other comprehensive loss | (3) | |
Accumulated deficit | (127,637) | (118,806) |
Total stockholders’ equity | 14,731 | 22,522 |
Total liabilities and stockholders’ equity | $ 34,221 | $ 42,882 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating expenses: | ||
Research and development | $ 5,512 | $ 7,464 |
General and administrative | 2,994 | 3,522 |
Total operating expenses | 8,506 | 10,986 |
Loss from operations | (8,506) | (10,986) |
Interest expense | (398) | (363) |
Interest income | 94 | 110 |
Other expense, net | (21) | |
Net loss | $ (8,831) | $ (11,239) |
Net loss per common share, basic and diluted | $ (0.84) | $ (1.34) |
Weighted-average common shares outstanding, basic and diluted | 10,529,350 | 8,360,539 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (8,831) | $ (11,239) |
Other comprehensive loss: | ||
Unrealized gain on available-for-sale debt securities | 3 | 7 |
Comprehensive loss | $ (8,828) | $ (11,232) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | ||
Net loss | $ (8,831) | $ (11,239) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 11 | 9 |
Amortization of debt securities premiums | (3) | (53) |
Non-cash interest expense | 98 | 73 |
Stock-based compensation | 1,003 | 1,324 |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 95 | 52 |
Other non-current assets | 23 | 19 |
Accounts payable | (158) | 548 |
Accrued and other liabilities | (860) | (1,739) |
Other long term liabilities | 50 | |
Net cash used in operating activities | (8,572) | (11,006) |
Investing activities | ||
Purchase of debt securities available-for-sale | (9,263) | |
Proceeds from maturities of debt securities available-for-sale | 9,750 | 6,930 |
Purchase of property and equipment | (23) | |
Net cash provided (used in) by investing activities | 9,750 | (2,356) |
Financing activities | ||
Proceeds from issuance of common stock upon ESPP purchase | 34 | 57 |
Net cash provided by financing activities | 34 | 57 |
Net increase (decrease) in cash and cash equivalents | 1,212 | (13,305) |
Cash and cash equivalents at beginning of period | 32,035 | 27,756 |
Cash and cash equivalents at end of period | $ 33,247 | $ 14,451 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | 1. Description of Business Eiger BioPharmaceuticals, Inc. (the “Company”) is a clinical-stage biopharmaceutical company committed to bringing to market novel products for the treatment of rare diseases. The Company has built a diverse portfolio of well-characterized product candidates with the potential to address diseases for which the unmet medical need is high, the biology for treatment is clear, and for which an effective therapy is urgently needed. The Company’s principal operations are based in Palo Alto, California and it operates in one segment. Liquidity As of March 31, 2018, the Company had $33.2 million of cash and cash equivalents, and an accumulated deficit of $127.6 million and negative cash flows from operating activities. The Company expects to continue to incur losses for the next several years. Management believes that the currently available resources will be sufficient to fund its operations for at least the next 12 months following the issuance date of these unaudited condensed consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Eiger BioPharmaceuticals, Inc. and its wholly owned subsidiaries, EBPI Merger Inc., EB Pharma LLC and Eiger BioPharmaceuticals Europe Limited, and have been prepared in accordance with accounting principles generally accepted in the United States of America, (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any other interim period or for any other future year. The balance sheet as of December 31, 2017, has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 9, 2018. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to clinical trial accrued liabilities, stock-based compensation and income taxes. The Company bases its estimates on historical experience and on various other market-specific and relevant assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. Debt Securities Short-term debt securities consist of debt securities classified as available-for-sale and have maturities greater than 90 days, but less than 365 days from the date of acquisition. All short-term debt securities are carried at fair value based upon quoted market prices. Unrealized gains and losses on available-for-sale debt securities are excluded from earnings and are reported as a component of accumulated other comprehensive loss. The cost of available-for-sale debt securities sold is based on the specific-identification method . Accrued Research and Development Costs The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical and clinical studies, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued liabilities in the unaudited condensed consolidated balance sheets and within research and development expense in the unaudited condensed consolidated statements of operations. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. Net Loss per Share Basic net loss per share of common stock is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the outstanding potentially dilutive securities which have been excluded in the calculation of diluted net loss per share because including such securities would be anti-dilutive (in common stock equivalent shares): Three Months Ended March 31, 2018 2017 Options to purchase common stock 2,331,217 1,675,744 Warrants to purchase common stock 10,180 10,180 Total 2,341,397 1,685,924 Recent Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), The Company is currently in the process of evaluating the impact that the standard will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the statement of cash flows when adopted. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). At March 31, 2018 and December 31, 2017, the carrying amount of prepaid expenses, accounts payable and accrued liabilities approximated their estimate fair value due to their relatively short maturities. Management believes the terms of long term debt reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company’s debt approximated its fair value. Assets and liabilities recorded at fair value on a recurring basis in the unaudited condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 : Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 : Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 : Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s debt securities as of December 31, 2017 consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data. There were no assets or liabilities classified as Level 3 as of March 31, 2018 and December 31, 2017. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the periods presented. The following tables present the fair value hierarchy for assets and liabilities measured at fair value (in thousands): March 31, 2018 Level 1 Level 2 Level 3 Total Financial assets: Money market fund $ 29,502 $ — $ — $ 29,502 Total $ 29,502 $ — $ — $ 29,502 December 31, 2017 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 19,612 $ — $ — $ 19,612 Corporate debt securities — 6,501 — 6,501 Commercial paper — 3,243 — 3,243 Total $ 19,612 $ 9,744 $ — $ 29,356 There were no financial liabilities as of March 31, 2018 and December 31, 2017. As of March 31, 2018, there were no unrealized gains or losses associated with the Company’s cash equivalents or debt securities. The following table summarizes the estimated value of the Company’s cash equivalents and debt securities and the gross unrealized holding gains and losses as of December 31, 2017 (in thousands): Amortized cost Unrealized gain Unrealized loss Estimated Fair Value Cash equivalents: Money market funds $ 19,612 $ — $ — $ 19,612 Total cash equivalents $ 19,612 $ — $ — $ 19,612 Debt securities: Corporate debt securities $ 6,503 $ — $ (2 ) $ 6,501 Commercial paper 3,244 — (1 ) 3,243 Total debt securities $ 9,747 $ — $ (3 ) $ 9,744 As of December 31, 2017, the contractual maturity of the available-for-sale debt securities is less than one year. The Company periodically reviews the available-for-sale investments for impairment loss. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, it also considers whether (i) it is more likely ot that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three months ended March 31, 2018, the Company did not recognize any impairment losses. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 4. Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2018 2017 Compensation and related benefits $ 633 $ 1,262 Contract research costs 453 634 Consulting costs 81 87 Franchise tax 50 56 Contract manufacturing costs 4 4 Other 3 41 Total accrued liabilities $ 1,224 $ 2,084 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt In December 2016, the Company entered into an aggregate $25.0 million loan with Oxford Finance LLC (the “Oxford Loan”). The loan matures on July 1, 2021. The Company borrowed $15.0 million in December 2016 (“Tranche A”). The remaining $10.0 million (“Tranche B”) will be available to the Company upon achievement of positive top line data from the lonafarnib Phase 2 trial in HDV, which was achieved in the fourth quarter of 2016, plus positive top line Phase 2 data from at least one of the following programs: (i) Lambda in HDV, (ii) Exendin 9-39 in PBH based on the Company’s own IND, (iii) ubenimex in PAH, or (iv) ubenimex in Lymphedema. As of March 31, 2018, the Company did not meet any of the clinical milestones and is not eligible to access the final $10.0 million under the Oxford Loan. The Oxford Loan bears interest at a floating rate per annum equal to the greater of either the 30-day U.S. Dollar LIBOR reported in the Wall Street Journal plus 6.41% or 6.95%. Commencing on the first day of the month following the funding of Tranche A, the Company is required to repay the Tranche A in 18 monthly interest only payments, and starting on August 1, 2018, 36 equal monthly payments of principal and interest. If the Company receives the Tranche B funds, then the interest only period is extended by six months followed by 30 equal monthly payments of principal plus accrued interest. At the time of final payment, the Company is required to pay an exit fee of 7.5% of the original principal balance of each tranche, which will be $1.1 million for Tranche A. The Company recorded as a liability and debt discount the exit fee at the origination of the term loan. In addition, the Company incurred loan origination fees and debt issuance costs of $0.3 million which were recorded as a direct deduction from the carrying amount of the related debt liability The loan is secured by the perfected first priority liens on the Company's assets, including a commitment by the Company to not allow any liens to be placed upon the Company’s intellectual property. The Oxford Loan includes customary events of default, including failure to pay amounts due, breaches of covenants and warranties, material adverse effect events, certain cross defaults and judgments, and insolvency. If the Company is unable to comply with these covenants or if the Company defaults on any portion of the outstanding borrowings, the lenders can also impose a 5.0% penalty and restrict access to additional borrowings under the loan and security agreement. The Company is permitted to make voluntary prepayments of the Oxford Loan with a prepayment fee, calculated as of the loan origination date, equal to (i) 3.0% of the loan prepaid during the first 12 months, (ii) 2.0% of the loan prepaid in months 13-24 and (iii) 1.0% of the loan prepaid thereafter. The Company is required to make mandatory prepayments of the outstanding loan upon the acceleration by lender following the occurrence of an event of default, along with a payment of the final payment, the prepayment fee and any other obligations that are due and payable at the time of prepayment. The Company accounts for the amortization of the debt discount utilizing the effective interest method. The Company recorded interest expense of $0.3 million for the three months ended March 31, 2018. Long-term debt and unamortized discount balances are as follows (in thousands): March 31, December 31, 2018 2017 Face value of long term debt $ 15,000 $ 15,000 Exit fee 1,125 1,125 Unamortized debt discount associated with exit fee, debt issuance costs and loan origination fees (934 ) (1,032 ) Total long term debt 15,191 15,093 Less: current portion of long term debt (3,253 ) (2,002 ) Long term debt, net $ 11,938 $ 13,091 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6 . Stock-Based Compensation The following table summarizes stock option activity under the Company’s stock-based compensation plan during the three months ended March 31, 2018 (in thousands, except option and share data): Shares Available for Grant Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding as of December 31, 2017 799,375 1,467,051 $ 12.70 8.41 $ 4,511 Additional options authorized 526,330 Granted (867,500 ) 867,500 $ 10.34 Canceled and forfeited 3,334 (3,334 ) $ 8.50 Outstanding as of March 31, 2018 461,539 2,331,217 $ 11.83 8.70 $ 2,365 Vested and exercisable as of March 31, 2018 707,453 $ 13.50 7.47 $ 1,331 During the three months ended March 31, 2018, the Company granted employees stock options for 799,500 shares and the weighted-average grant date fair value of these options was $7.50. During the three months ended March 31, 2017, the Company granted employees stock options for 463,700 shares and the weighted-average grant date fair value of these options was $7.98. The Company records stock-based compensation of stock options granted to employees by estimating the fair value of stock-based awards using the Black-Scholes option pricing model and amortizes the fair value of the stock-based awards granted over the applicable vesting period of the awards on a straight-line basis. The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2018 2017 Expected term (in years) 5.27-6.08 5.65 Volatility 84.00%-84.50% 80.00% Risk free interest rate 2.35%-2.68% 2.23% Dividend yield — — Stock-Based Compensation Expense Total stock-based compensation expense recognized for options granted was as follows (in thousands): Three Months Ended March 31, 2018 2017 Research and development $ 323 $ 283 General and administrative 680 1,041 Total $ 1,003 $ 1,324 As of March 31, 2018, the total unrecognized compensation expense related to unvested employee options was $11.9 million, which the Company expects to recognize over an estimated weighted average period of 3.14 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7 . Income Taxes The tax expense for the three months ended March 31, 2018 was zero due to the Company’s loss position and full valuation allowance. This is consistent with the zero-tax expense for the three months ended March 31, 2017. |
Legal Matters
Legal Matters | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Matters | 8 . Legal Matters In July 2015, following Celladon’s announcements of the negative CUPID 2 data and the suspension of further research and development activities and the subsequent declines of the price of its common stock, three putative class actions were filed in the U.S. District Court for the Southern District of California against Celladon and certain of its current and former officers. The complaints generally alleged that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by making materially false and misleading statements regarding the clinical trial program for MYDICAR, thereby artificially inflating the price of Celladon’s common stock. The complaints sought unspecified monetary damages and other relief, including attorneys’ fees. On December 9, 2015, the district court consolidated the three On October 7, 2016, the district court granted defendants’ motion to dismiss the consolidated amended complaint and granted leave to amend within 60 days from the date of the district court’s order. The lead plaintiff subsequently filed a notice of intent not to amend the consolidated amended complaint and instead indicated that it intended to appeal the district court’s decision. On December 9, 2016, the district court closed the case. On December 28, 2016, the lead plaintiff filed a notice to the United States Court of Appeals for the Ninth Circuit appealing the district court’s order dismissing the consolidated amended complaint. On May 5, 2017, the lead plaintiff and appellant filed his opening appellate brief. On July 5, 2017, defendants filed their answering appellate brief response. The Plaintiff subsequently filed their response to the Company’s July 5, 2017 filing on August 19, 2017. Upon these filings, the next step in the process is to prepare for oral arguments to be scheduled by the Ninth Circuit Court of Appeals. It is possible that additional suits will be filed, or allegations made by stockholders, with respect to these same or other matters and also naming the Company and/or Celladon’s former officers and directors as defendants. The Company believes that it has meritorious defenses and intends to defend these lawsuits vigorously. Due to the early stage of these proceedings, the Company is not able to predict or reasonably estimate the ultimate outcome or possible losses relating to these claims. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9 . Commitments and Contingencies Lease Agreement In October 2017, the Company entered into a non-cancelable facility lease agreement for 8,029 square feet of office space located at 2155 Park Blvd. in Palo Alto, California 94306. The lease commenced on March 1, 2018 and expires in February 2023. The lease has one three-year renewal option prior to expiration and includes rent escalation clauses through the lease term. In October 2017, the Company provided a security deposit of $0.3 million. The future minimum rent payable under the new lease agreement is approximately $0.6 million per year. There were no other changes in commitments and contingencies during the first quarter of 2018. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 0 . Subsequent Events On May 11, 2018, the Company entered into an amendment to the Oxford Loan (the “Amendment”) and borrowed $5.0 million (“Amended Tranche B”). The remaining $5.0 million (“Tranche C”) will be available to the Company upon achievement of positive final Phase 2 data from at least one of the following three programs: (i) Lambda in HDV, (ii) Exendin 9-39 in PBH based on the Company’s own IND, or (iii) ubenimex in Lymphedema. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Eiger BioPharmaceuticals, Inc. and its wholly owned subsidiaries, EBPI Merger Inc., EB Pharma LLC and Eiger BioPharmaceuticals Europe Limited, and have been prepared in accordance with accounting principles generally accepted in the United States of America, (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any other interim period or for any other future year. The balance sheet as of December 31, 2017, has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 9, 2018. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to clinical trial accrued liabilities, stock-based compensation and income taxes. The Company bases its estimates on historical experience and on various other market-specific and relevant assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
Debt Securities | Debt Securities Short-term debt securities consist of debt securities classified as available-for-sale and have maturities greater than 90 days, but less than 365 days from the date of acquisition. All short-term debt securities are carried at fair value based upon quoted market prices. Unrealized gains and losses on available-for-sale debt securities are excluded from earnings and are reported as a component of accumulated other comprehensive loss. The cost of available-for-sale debt securities sold is based on the specific-identification method . |
Accrued Research and Development Costs | Accrued Research and Development Costs The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical and clinical studies, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued liabilities in the unaudited condensed consolidated balance sheets and within research and development expense in the unaudited condensed consolidated statements of operations. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. |
Net Loss per Share | Net Loss per Share Basic net loss per share of common stock is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the outstanding potentially dilutive securities which have been excluded in the calculation of diluted net loss per share because including such securities would be anti-dilutive (in common stock equivalent shares): Three Months Ended March 31, 2018 2017 Options to purchase common stock 2,331,217 1,675,744 Warrants to purchase common stock 10,180 10,180 Total 2,341,397 1,685,924 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), The Company is currently in the process of evaluating the impact that the standard will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the statement of cash flows when adopted. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | The following table sets forth the outstanding potentially dilutive securities which have been excluded in the calculation of diluted net loss per share because including such securities would be anti-dilutive (in common stock equivalent shares): Three Months Ended March 31, 2018 2017 Options to purchase common stock 2,331,217 1,675,744 Warrants to purchase common stock 10,180 10,180 Total 2,341,397 1,685,924 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The following tables present the fair value hierarchy for assets and liabilities measured at fair value (in thousands): March 31, 2018 Level 1 Level 2 Level 3 Total Financial assets: Money market fund $ 29,502 $ — $ — $ 29,502 Total $ 29,502 $ — $ — $ 29,502 December 31, 2017 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 19,612 $ — $ — $ 19,612 Corporate debt securities — 6,501 — 6,501 Commercial paper — 3,243 — 3,243 Total $ 19,612 $ 9,744 $ — $ 29,356 |
Summary of Estimated Value of Cash Equivalents and Debt Securities and Gross Unrealized Holding Gains and Losses | As of March 31, 2018, there were no unrealized gains or losses associated with the Company’s cash equivalents or debt securities. The following table summarizes the estimated value of the Company’s cash equivalents and debt securities and the gross unrealized holding gains and losses as of December 31, 2017 (in thousands): Amortized cost Unrealized gain Unrealized loss Estimated Fair Value Cash equivalents: Money market funds $ 19,612 $ — $ — $ 19,612 Total cash equivalents $ 19,612 $ — $ — $ 19,612 Debt securities: Corporate debt securities $ 6,503 $ — $ (2 ) $ 6,501 Commercial paper 3,244 — (1 ) 3,243 Total debt securities $ 9,747 $ — $ (3 ) $ 9,744 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Components of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, December 31, 2018 2017 Compensation and related benefits $ 633 $ 1,262 Contract research costs 453 634 Consulting costs 81 87 Franchise tax 50 56 Contract manufacturing costs 4 4 Other 3 41 Total accrued liabilities $ 1,224 $ 2,084 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt and Unamortized Discount Balances | Long-term debt and unamortized discount balances are as follows (in thousands): March 31, December 31, 2018 2017 Face value of long term debt $ 15,000 $ 15,000 Exit fee 1,125 1,125 Unamortized debt discount associated with exit fee, debt issuance costs and loan origination fees (934 ) (1,032 ) Total long term debt 15,191 15,093 Less: current portion of long term debt (3,253 ) (2,002 ) Long term debt, net $ 11,938 $ 13,091 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stock Option Activity | The following table summarizes stock option activity under the Company’s stock-based compensation plan during the three months ended March 31, 2018 (in thousands, except option and share data): Shares Available for Grant Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding as of December 31, 2017 799,375 1,467,051 $ 12.70 8.41 $ 4,511 Additional options authorized 526,330 Granted (867,500 ) 867,500 $ 10.34 Canceled and forfeited 3,334 (3,334 ) $ 8.50 Outstanding as of March 31, 2018 461,539 2,331,217 $ 11.83 8.70 $ 2,365 Vested and exercisable as of March 31, 2018 707,453 $ 13.50 7.47 $ 1,331 |
Summary of Non-cash Stock Based Compensation Expense | Total stock-based compensation expense recognized for options granted was as follows (in thousands): Three Months Ended March 31, 2018 2017 Research and development $ 323 $ 283 General and administrative 680 1,041 Total $ 1,003 $ 1,324 |
Employees Stock Option [Member] | |
Fair Value of Stock Option Granted Using Black-Scholes Option Pricing Model | The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2018 2017 Expected term (in years) 5.27-6.08 5.65 Volatility 84.00%-84.50% 80.00% Risk free interest rate 2.35%-2.68% 2.23% Dividend yield — — |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Description Of Business [Abstract] | ||||
Number of operating segments | Segment | 1 | |||
Cash and cash equivalents | $ 33,247 | $ 32,035 | $ 14,451 | $ 27,756 |
Accumulated deficit | $ (127,637) | $ (118,806) |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 2,341,397 | 1,685,924 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 10,180 | 10,180 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 2,331,217 | 1,675,744 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 29,502,000 | $ 29,356,000 |
Financial liabilities | 0 | 0 |
Transfers between levels | 0 | $ 0 |
Cash equivalents unrealized gains or losses | 0 | |
Other-than-temporary impairment losses | 0 | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available- for-sale of debt securities contractual maturity | 1 year | |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities unrealized gains or losses | 0 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | $ 0 |
Financial liabilities | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Assets, Fair Value | $ 29,502,000 | $ 29,356,000 |
Corporate Debt Securities [Member] | ||
Financial assets: | ||
Assets, Fair Value | 6,501,000 | |
Money Market Funds [Member] | ||
Financial assets: | ||
Assets, Fair Value | 29,502,000 | 19,612,000 |
Commercial Paper [Member] | ||
Financial assets: | ||
Assets, Fair Value | 3,243,000 | |
Level 1 [Member] | ||
Financial assets: | ||
Assets, Fair Value | 29,502,000 | 19,612,000 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets: | ||
Assets, Fair Value | 29,502,000 | 19,612,000 |
Level 2 [Member] | ||
Financial assets: | ||
Assets, Fair Value | 9,744,000 | |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Assets, Fair Value | 6,501,000 | |
Level 2 [Member] | Commercial Paper [Member] | ||
Financial assets: | ||
Assets, Fair Value | 3,243,000 | |
Level 3 [Member] | ||
Financial assets: | ||
Assets, Fair Value | $ 0 | $ 0 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Value of Cash Equivalents and Debt Securities and Gross Unrealized Holding Gains and Losses (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Cash Equivalents and Investment Securities [Line Items] | |
Cash equivalents, Amortized cost | $ 19,612 |
Cash equivalents, Estimated Fair Value | 19,612 |
Debt securities, Amortized cost | 9,747 |
Debt securities, Unrealized loss | (3) |
Debt securities, Estimated Fair Value | 9,744 |
Money Market Funds [Member] | |
Cash Equivalents and Investment Securities [Line Items] | |
Cash equivalents, Amortized cost | 19,612 |
Cash equivalents, Estimated Fair Value | 19,612 |
Commercial Paper [Member] | |
Cash Equivalents and Investment Securities [Line Items] | |
Debt securities, Amortized cost | 3,244 |
Debt securities, Unrealized loss | (1) |
Debt securities, Estimated Fair Value | 3,243 |
Corporate Debt Securities [Member] | |
Cash Equivalents and Investment Securities [Line Items] | |
Debt securities, Amortized cost | 6,503 |
Debt securities, Unrealized loss | (2) |
Debt securities, Estimated Fair Value | $ 6,501 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Compensation and related benefits | $ 633 | $ 1,262 |
Contract research costs | 453 | 634 |
Consulting costs | 81 | 87 |
Franchise tax | 50 | 56 |
Contract manufacturing costs | 4 | 4 |
Other | 3 | 41 |
Total accrued liabilities | $ 1,224 | $ 2,084 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Interest expense | $ 300,000 | ||
Oxford Loan [Member] | |||
Debt Instrument [Line Items] | |||
Loan agreement, aggregate borrowing capacity | $ 25,000,000 | ||
Loan, maturity period | Jul. 1, 2021 | ||
Loan agreement, unused and not eligible to access borrowings | $ 10,000,000 | ||
Loan agreement, floating rate terms | Floating rate per annum equal to the greater of either the 30-day U.S. Dollar LIBOR reported in the Wall Street Journal plus 6.41% or 6.95% | ||
Loan origination fees and debt issuance costs | 300,000 | ||
Loan agreement, covenant noncompliance penalty | 5.00% | 5.00% | |
Loan agreement, covenant description | The Oxford Loan includes customary events of default, including failure to pay amounts due, breaches of covenants and warranties, material adverse effect events, certain cross defaults and judgments, and insolvency. If the Company is unable to comply with these covenants or if the Company defaults on any portion of the outstanding borrowings, the lenders can also impose a 5.0% penalty and restrict access to additional borrowings under the loan and security agreement. | ||
Loan agreement, covenant compliance | The Company was in compliance with the terms under the Oxford Loan as of March 31, 2018 and December 31, 2017. | ||
Prepayment of loan fee, description | Calculated as of the loan origination date, equal to (i) 3.0% of the loan prepaid during the first 12 months, (ii) 2.0% of the loan prepaid in months 13-24 and (iii) 1.0% of the loan prepaid thereafter. | ||
Oxford Loan [Member] | Loan Prepaid During First 12 Months [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument prepayment fee percentage | 3.00% | ||
Oxford Loan [Member] | Loan Prepaid During 13 to 24 Months [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument prepayment fee percentage | 2.00% | ||
Oxford Loan [Member] | Loan Prepaid After 24 Months [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument prepayment fee percentage | 1.00% | ||
Oxford Loan [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Loan agreement, interest rate | 6.95% | ||
Oxford Loan [Member] | Food And Drug Administration [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of success fee | 5.00% | ||
Success fees payable maximum period after approval | 30 days | ||
Oxford Loan [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Loan agreement, percentage to be added to the interest rate under condition | 6.41% | ||
Oxford Loan [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Face value of term loan | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 |
Interest only payment period | 18 months | ||
Principal and interest payment period | 36 months | ||
Percentage of exit fee on principal balance | 7.50% | ||
Loan final repayment exit fees payable | $ 1,125,000 | $ 1,125,000 | |
Oxford Loan [Member] | Tranche A [Member] | Food And Drug Administration [Member] | |||
Debt Instrument [Line Items] | |||
Fee payable maximum period from funding | 10 years | ||
Oxford Loan [Member] | Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Loan agreement, remaining amount available for borrowing | $ 10,000,000 | ||
Interest only payment period | 6 months | ||
Principal and interest payment period | 30 months | ||
Percentage of exit fee on principal balance | 7.50% |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt and Unamortized Discount Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Less: current portion of long term debt | $ (3,253) | $ (2,002) | |
Long term debt, net | 11,938 | 13,091 | |
Oxford Loan [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Face value of long term debt | 15,000 | 15,000 | $ 15,000 |
Exit fee | 1,125 | 1,125 | |
Unamortized debt discount associated with exit fee, debt issuance costs and loan origination fees | (934) | (1,032) | |
Total long term debt | 15,191 | 15,093 | |
Less: current portion of long term debt | (3,253) | (2,002) | |
Long term debt, net | $ 11,938 | $ 13,091 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract] | ||
Shares Available for Grant, Outstanding, Beginning balance | 799,375 | |
Shares Available for Grant, Additional options authorized | 526,330 | |
Shares Available for Grant, Granted | (867,500) | |
Shares Available for Grant, Canceled and forfeited | 3,334 | |
Shares Available for Grant, Outstanding, Ending balance | 461,539 | 799,375 |
Number of Options, Outstanding, Beginning balance | 1,467,051 | |
Number of Options, Granted | 867,500 | |
Number of Options, Canceled and forfeited | (3,334) | |
Number of Options, Outstanding, Ending balance | 2,331,217 | 1,467,051 |
Number of Options, Vested and exercisable | 707,453 | |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 12.70 | |
Weighted-Average Exercise Price, Granted | 10.34 | |
Weighted-Average Exercise Price, Canceled and forfeited | 8.50 | |
Weighted-Average Exercise Price, Outstanding, Ending balance | 11.83 | $ 12.70 |
Weighted-Average Exercise Price, Vested and exercisable | $ 13.50 | |
Weighted Average Remaining Contractual Life, Ending balance | 8 years 8 months 12 days | 8 years 4 months 28 days |
Weighted-Average Remaining Contractual Life, Vested and exercisable | 7 years 5 months 19 days | |
Aggregate Intrinsic Value | $ 2,365 | $ 4,511 |
Aggregate Intrinsic Value, Vested and exercisable | $ 1,331 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 867,500 | |
Total unrecognized compensation expense | $ 11.9 | |
Weighted average period expected to recognized compensation expense (in years) | 3 years 1 month 20 days | |
Employees Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 799,500 | 463,700 |
Weighted-average grant date fair value of employee option grants | $ 7.50 | $ 7.98 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Stock Option Granted Using Black-Scholes Option Pricing Model (Detail) - Employees Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 7 months 24 days | |
Volatility, minimum | 84.00% | |
Volatility | 80.00% | |
Volatility, maximum | 84.50% | |
Risk free interest rate, minimum | 2.35% | |
Risk free interest rate | 2.23% | |
Risk free interest rate, maximum | 2.68% | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 3 months 7 days | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 29 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Non-cash Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,003 | $ 1,324 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 323 | 283 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 680 | $ 1,041 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Tax expense | $ 0 | $ 0 |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) - 3 Putative Securities Class Action Complaints [Member] - Claim | Dec. 09, 2015 | Jul. 31, 2015 |
Loss Contingencies [Line Items] | ||
Loss contingency, new claims filed, number | 3 | |
Loss contingency, claims consolidated, number | 3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended |
Oct. 31, 2017USD ($)ft² | Mar. 31, 2018USD ($) | |
Other Commitments [Line Items] | ||
Changes in commitments and contingencies | $ 0 | |
Palo Alto, California [Member] | ||
Other Commitments [Line Items] | ||
Total leased space | ft² | 8,029 | |
Lease commencement date | Mar. 1, 2018 | |
Long-term operating lease expiry period month and year | 2023-02 | |
Lease renewal term | 3 years | |
Security deposit of collateral for lease | $ 300,000 | |
Operating leases, future minimum rent payable per year | $ 600,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Amendment [Member] - Subsequent Event [Member] $ in Millions | May 11, 2018USD ($) |
Amended Tranche B [Member] | |
Subsequent Event [Line Items] | |
Face value of term loan | $ 5 |
Interest only payment period | 6 months |
Principal and interest payment period | 30 months |
Loan final repayment fee payable | $ 0.1 |
Tranche C [Member] | |
Subsequent Event [Line Items] | |
Loan agreement, remaining amount available for borrowing | $ 5 |