Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | EIGR | |
Entity Registrant Name | Eiger BioPharmaceuticals, Inc. | |
Entity Central Index Key | 0001305253 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 29,242,967 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36183 | |
Entity Tax Identification Number | 33-0971591 | |
Entity Address, Address Line One | 2155 Park Boulevard | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94306 | |
City Area Code | 650 | |
Local Phone Number | 272-6138 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock (par value $0.001 per share) | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 62,813 | $ 39,373 |
Debt securities, available-for-sale | 27,962 | 55,621 |
Prepaid expenses and other current assets | 6,564 | 5,390 |
Total current assets | 97,339 | 100,384 |
Property and equipment, net | 616 | 590 |
Operating lease right-of-use assets | 1,421 | 1,654 |
Other assets | 3,781 | 2,511 |
Total assets | 103,157 | 105,139 |
Current liabilities: | ||
Accounts payable | 5,180 | 6,414 |
Accrued liabilities | 7,136 | 10,001 |
Current portion of operating lease liabilities | 548 | 534 |
Current portion of long-term debt, net | 3,283 | |
Total current liabilities | 16,147 | 16,949 |
Long-term debt, net | 27,495 | 30,390 |
Operating lease liabilities | 1,024 | 1,320 |
Total liabilities | 44,666 | 48,659 |
Stockholders’ equity: | ||
Common stock | 27 | 24 |
Additional paid-in capital | 330,433 | 297,863 |
Accumulated other comprehensive income | 45 | 42 |
Accumulated deficit | (272,014) | (241,449) |
Total stockholders’ equity | 58,491 | 56,480 |
Total liabilities and stockholders’ equity | $ 103,157 | $ 105,139 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 9,754 | $ 12,936 | $ 19,235 | $ 25,804 |
General and administrative | 4,873 | 4,225 | 10,114 | 8,282 |
Total operating expenses | 14,627 | 17,161 | 29,349 | 34,086 |
Loss from operations | (14,627) | (17,161) | (29,349) | (34,086) |
Interest expense | (891) | (869) | (1,775) | (1,634) |
Interest income | 186 | 502 | 553 | 1,013 |
Other income (expense), net | 6 | 1 | 6 | (9) |
Net loss | $ (15,326) | $ (17,527) | $ (30,565) | $ (34,716) |
Net loss per common share, basic and diluted | $ (0.60) | $ (0.75) | $ (1.22) | $ (1.63) |
Weighted-average common shares outstanding, basic and diluted | 25,501,514 | 23,408,652 | 25,001,432 | 21,338,551 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (15,326) | $ (17,527) | $ (30,565) | $ (34,716) |
Other comprehensive gain: | ||||
Unrealized gain on available-for-sale debt securities, net | 9 | 3 | 30 | |
Comprehensive loss | $ (15,317) | $ (17,527) | $ (30,562) | $ (34,686) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2018 | $ 66,592 | $ 19 | $ 237,795 | $ (25) | $ (171,197) |
Balance, beginning of period, Shares at Dec. 31, 2018 | 19,211,759 | ||||
Issuance of common stock upon exercise of stock options | 65 | 65 | |||
Issuance of common stock upon exercise of stock options, Shares | 41,546 | ||||
Vesting of common stock issued under Product Development Agreement | 56 | 56 | |||
Issuance of common stock upon ESPP purchase | 59 | 59 | |||
Issuance of common stock upon ESPP purchase, Shares | 7,138 | ||||
Stock-based compensation expense | 1,195 | 1,195 | |||
Unrealized gain (loss) on debt securities, net | 30 | 30 | |||
Net loss | (17,189) | (17,189) | |||
Balance at Mar. 31, 2019 | 50,808 | $ 19 | 239,170 | 5 | (188,386) |
Balance, end of period, Shares at Mar. 31, 2019 | 19,260,443 | ||||
Balance at Dec. 31, 2018 | 66,592 | $ 19 | 237,795 | (25) | (171,197) |
Balance, beginning of period, Shares at Dec. 31, 2018 | 19,211,759 | ||||
Unrealized gain (loss) on debt securities, net | 30 | ||||
Net loss | (34,716) | ||||
Balance at Jun. 30, 2019 | 88,079 | $ 24 | 293,963 | 5 | (205,913) |
Balance, end of period, Shares at Jun. 30, 2019 | 24,445,747 | ||||
Balance at Mar. 31, 2019 | 50,808 | $ 19 | 239,170 | 5 | (188,386) |
Balance, beginning of period, Shares at Mar. 31, 2019 | 19,260,443 | ||||
Issuance of common stock upon exercise of stock options | 62 | 62 | |||
Issuance of common stock upon exercise of stock options, Shares | 10,304 | ||||
Vesting of common stock issued under Product Development Agreement | 55 | 55 | |||
Issuance of common stock upon offering at-the-market, net of issuance costs | 53,194 | $ 5 | 53,189 | ||
Issuance of common stock upon offering at-the-market, net of issuance costs, Shares | 5,175,000 | ||||
Stock-based compensation expense | 1,487 | 1,487 | |||
Net loss | (17,527) | (17,527) | |||
Balance at Jun. 30, 2019 | 88,079 | $ 24 | 293,963 | 5 | (205,913) |
Balance, end of period, Shares at Jun. 30, 2019 | 24,445,747 | ||||
Balance at Dec. 31, 2019 | 56,480 | $ 24 | 297,863 | 42 | (241,449) |
Balance, beginning of period, Shares at Dec. 31, 2019 | 24,523,381 | ||||
Issuance of common stock upon exercise of stock options | 30 | 30 | |||
Issuance of common stock upon exercise of stock options, Shares | 2,895 | ||||
Vesting of common stock issued under Product Development Agreement | 53 | 53 | |||
Issuance of common stock upon ESPP purchase | 83 | 83 | |||
Issuance of common stock upon ESPP purchase, Shares | 11,332 | ||||
Issuance of common stock upon offering at-the-market, net of issuance costs | 191 | 191 | |||
Issuance of common stock upon offering at-the-market, net of issuance costs, Shares | 32,751 | ||||
Stock-based compensation expense | 1,629 | 1,629 | |||
Unrealized gain (loss) on debt securities, net | (6) | (6) | |||
Net loss | (15,239) | (15,239) | |||
Balance at Mar. 31, 2020 | 43,221 | $ 24 | 299,849 | 36 | (256,688) |
Balance, end of period, Shares at Mar. 31, 2020 | 24,570,359 | ||||
Balance at Dec. 31, 2019 | $ 56,480 | $ 24 | 297,863 | 42 | (241,449) |
Balance, beginning of period, Shares at Dec. 31, 2019 | 24,523,381 | ||||
Issuance of common stock upon exercise of stock options, Shares | 61,700 | ||||
Unrealized gain (loss) on debt securities, net | $ 3 | ||||
Net loss | (30,565) | ||||
Balance at Jun. 30, 2020 | 58,491 | $ 27 | 330,433 | 45 | (272,014) |
Balance, end of period, Shares at Jun. 30, 2020 | 27,241,640 | ||||
Balance at Mar. 31, 2020 | 43,221 | $ 24 | 299,849 | 36 | (256,688) |
Balance, beginning of period, Shares at Mar. 31, 2020 | 24,570,359 | ||||
Issuance of common stock upon exercise of stock options | 490 | 490 | |||
Issuance of common stock upon exercise of stock options, Shares | 58,805 | ||||
Vesting of common stock issued under Product Development Agreement | 55 | 55 | |||
Issuance of common stock upon offering at-the-market, net of issuance costs | 28,580 | $ 3 | 28,577 | ||
Issuance of common stock upon offering at-the-market, net of issuance costs, Shares | 2,612,476 | ||||
Stock-based compensation expense | 1,462 | 1,462 | |||
Unrealized gain (loss) on debt securities, net | 9 | 9 | |||
Net loss | (15,326) | (15,326) | |||
Balance at Jun. 30, 2020 | $ 58,491 | $ 27 | $ 330,433 | $ 45 | $ (272,014) |
Balance, end of period, Shares at Jun. 30, 2020 | 27,241,640 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Issuance of common stock upon offering at-the-market, net of issuance costs | $ 786 | $ 221 | $ 3,731 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net loss | $ (30,565) | $ (34,716) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 72 | 27 |
Amortization of debt securities discounts | (45) | (192) |
Non-cash interest expense | 388 | 352 |
Amortization of operating lease right-of-use assets | 233 | 197 |
Common stock issued under Product Development Agreement | 108 | 111 |
Stock-based compensation | 3,091 | 2,682 |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,374) | (1,541) |
Other assets | (1,270) | (2,162) |
Accounts payable | (1,234) | 1,323 |
Accrued liabilities | (2,684) | 73 |
Operating lease liabilities | (282) | (206) |
Net cash used in operating activities | (33,562) | (34,052) |
Investing activities | ||
Purchase of debt securities available-for-sale | (32,930) | (60,247) |
Proceeds from maturities of debt securities available-for-sale | 60,637 | 34,050 |
Purchase of property and equipment | (98) | (19) |
Net cash provided by (used in) investing activities | 27,609 | (26,216) |
Financing activities | ||
Proceeds from issuance of common stock upon public offering, net of issuance costs | 28,790 | |
Proceeds from issuance of common stock upon stock option exercises | 520 | 127 |
Proceeds from issuance of common stock upon ESPP purchase | 83 | 59 |
Proceeds from borrowings in connection with term loan, net of issuance costs | 6,627 | |
Repayment of accrued exit fee and second amendment fee | (913) | |
Repayment of term loan | (1,667) | |
Net cash provided by financing activities | 29,393 | 57,427 |
Net increase (decrease) in cash and cash equivalents | 23,440 | (2,841) |
Cash and cash equivalents at beginning of period | 39,373 | 61,262 |
Cash and cash equivalents at end of period | 62,813 | 58,421 |
Supplemental disclosure of cash flow information: | ||
Interest paid | $ 1,395 | 1,242 |
Non-cash investing activities: | ||
Costs of available-for-sale securities in accrued liabilities | 1,404 | |
Public Offering [Member] | ||
Financing activities | ||
Proceeds from issuance of common stock upon public offering, net of issuance costs | $ 53,194 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Eiger BioPharmaceuticals, Inc. (the Company or Eiger) was incorporated in the State of Delaware on November 6, 2008. Eiger is a late-stage biopharmaceutical company focused on the development and commercialization of well-characterized drugs for life-threatening, rare and ultra-rare diseases with high unmet medical needs. Eiger has reported positive proof-of-concept clinical results across five programs: lonafarnib monotherapy in Hutchinson-Gilford Progeria Syndrome (HGPS or Progeria) and Progeroid Laminopathies, lonafarnib boosted with ritonavir in Hepatitis Delta Virus (HDV), peginterferon lambda (lambda) in HDV, and avexitide in both post-bariatric hypoglycemia (PBH) and congenital hyperinsulinism (CHI), all with first-in-class drugs, now under review for regulatory approvals, in Phase 3 clinical development, or advancing into Phase 3 development. Eiger’s lead clinical program is in Phase 3, developing lonafarnib, a first-in-class prenylation inhibitor, boosted with ritonavir, for the treatment of HDV infection, the most severe form of human viral hepatitis. The Company is also advancing lonafarnib monotherapy for treatment of Progeria and Progeroid Laminopathies, with a New Drug Application (NDA) and Marketing Authorization Application (MAA) under review by the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA), respectively. Progeria and Progeroid Laminopathies are ultra-rare and rapidly fatal genetic conditions of accelerated aging in children. Lambda is the Company’s second program treating HDV and is Phase 3 ready. Lambda is a well-characterized, late-stage, first-in-class, type III interferon. The Company is also developing avexitide, a well-characterized peptide, as a treatment for PBH, a debilitating and potentially life-threatening condition for which there is currently no approved therapy, and as a treatment CHI, an ultra-rare pediatric metabolic disorder. The Company’s principal operations are based in Palo Alto, California and it operates in one segment. Liquidity As of June 30, 2020, the Company had $90.8 million of cash, cash equivalents and investments, comprised of $62.8 million of cash and cash equivalents and $28.0 million of debt securities available-for-sale. The Company had an accumulated deficit of $272.0 million and negative cash flows from operating activities as of June 30, 2020. The Company expects to continue to incur losses for the next several years. During the six months ended June 30, 2020, the Company completed at-the-market (ATM) offerings for a total of 2,645,227 shares of its common stock. The offerings were made under Eiger’s effective shelf registration statement and resulted in net proceeds to the Company of $29.0 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 | 6 Months Ended |
Jun. 30, 2020 | |
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, Eiger BioPharmaceuticals Europe Limited, and EigerBio Europe Limited 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 six months ended June 30, 2020 or for any other interim period or for any other future year. The balance sheet as of December 31, 2019, 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, 2019, filed with the Securities and Exchange Commission on March 13, 2020. 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, operating lease liabilities 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 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 securities are carried at fair value based upon quoted market prices. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported as a component of accumulated other comprehensive income (loss). The cost of available-for-sale 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. Leases The Company has a real estate lease for its office space in Palo Alto, California. The Company determines the initial classification and measurement of its right-of-use assets (ROU assets) and lease liabilities at the lease commencement date and thereafter if modified. The lease term includes any renewal options and termination options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. Rent expense for operating leases is recognized on a straight-line basis, unless the operating lease ROU assets have been impaired, over the reasonably assured lease term based on the total lease payments and is included in operating expenses in the unaudited condensed consolidated statements of operations. For operating leases that reflect impairment, the Company will recognize the amortization of the operating lease ROU assets on a straight-line basis over the remaining lease term with rent expense still included in general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company elected the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily related to property maintenance and insurance, which varies based on future outcomes, and thus is recognized in general and administrative expenses when incurred. 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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Options to purchase common stock 3,696,242 2,758,556 3,696,242 2,758,556 Restricted stock units (unvested) 37,500 — 37,500 — Total 3,733,742 2,758,556 3,733,742 2,758,556 Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820) The adoption did not have a material impact on the Company’s unaudited condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, Financial Instruments – Credit Losses (Topic 326), to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) defers the effective date for ASU No. 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-4, Reference Rate Reform (Topic 848) The pronouncement is effective for all entities as of March 12, 2020 through December 31, 2022. The Company plans to adopt upon the occurrence of such contract modification, but not later than December 31, 2022. The Company engaged in early-stage discussions with its lender and will assess the impact of the adoption once the contract is modified. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
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). As of June 30, 2020 and December 31, 2019 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 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 There were no transfers into or out of 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): June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 60,687 $ — $ — $ 60,687 Corporate debt securities — 8,968 — 8,968 U.S. treasury bills — 18,994 — 18,994 Total $ 60,687 $ 27,962 $ — $ 88,649 December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 35,854 $ — $ — $ 35,854 Corporate debt securities — 16,644 — 16,644 Commercial paper — 7,457 — 7,457 U.S. government Bonds — 31,520 — 31,520 Total $ 35,854 $ 55,621 $ — $ 91,475 There were no financial liabilities as of June 30, 2020 and December 31, 2019 The following tables summarize the estimated value of the Company’s cash equivalents and debt securities and the gross unrealized holding gains and losses (in thousands): June 30, 2020 Amortized cost Unrealized gain Unrealized loss Estimated Fair Value Cash equivalents: Money market funds $ 60,687 $ — $ — $ 60,687 Total cash equivalents $ 60,687 $ — $ — $ 60,687 Debt securities: Corporate debt securities $ 8,936 $ 32 $ — $ 8,968 U.S. treasury bills 18,981 13 — 18,994 Total debt securities $ 27,917 $ 45 $ — $ 27,962 December 31, 2019 Amortized cost Unrealized gain Unrealized loss Estimated Fair Value Cash equivalents: Money market funds $ 35,854 $ — $ — $ 35,854 Total cash equivalents $ 35,854 $ — $ — $ 35,854 Debt securities: Corporate debt securities $ 16,633 $ 11 $ — $ 16,644 Commercial paper 7,457 — — 7,457 U.S. government bonds 31,489 31 — 31,520 Total debt securities $ 55,579 $ 42 $ — $ 55,621 As of June 30, 2020 and December 31, 2019, 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 six months ended June 30, 2020, the Company did not recognize any impairment losses. All debt securities with unrealized losses have been in a loss position for 12 months. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 4. Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Contract research costs $ 3,358 $ 5,288 Compensation and related benefits 1,908 1,707 Contract manufacturing costs 1,240 2,510 Other 630 496 Total accrued liabilities $ 7,136 $ 10,001 |
Product Development Agreement
Product Development Agreement | 6 Months Ended |
Jun. 30, 2020 | |
Product Development Agreement [Abstract] | |
Product Development Agreement | 5. Product Development Agreement Product Development Agreement On August 11, 2018, the Company entered into a Product Development Agreement and a First Project Agreement (the Product Agreements), pursuant to which the Company will receive development program support services for its HDV program. The services are to be provided from July 1, 2018 through the completion of the Phase 3 Clinical Study Reports and the subsequent new drug application (NDA) filing. As consideration, the Company has committed to pay fees of approximately $10.0 million in cash and stock over four years, including approximately $0.8 million for expert consultant fees and pass through costs to vendors, plus certain incentive-based regulatory milestone fees up to $1.0 million. As part of the aggregate payment, the Company issued 115,526 shares of common stock subject to quarterly vesting requirements related to successful performance of the services and achievement of budget timeline set forth in the Product Agreements. The Product Agreements can be terminated by either party due to material breach or by the Company without cause with Product Agreements. Additionally, as of June 30, 2020, the total unrecognized compensation expense related to unvested restricted shares was $0.3 million, which the Company expects to recognize over an estimated weighted-average period of |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 6 . 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). In May 2018, the Company entered into an amendment to the Oxford Loan and borrowed $5.0 million (Tranche B). On August 3, 2018, the Company 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%. The interest only period for borrowed funds was until February 1, 2019, 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 borrowed funds, or $1.9 million. In addition, at the time of final payment of Tranche B, the Company is required to pay an additional exit fee of $0.1 million. 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 $0.4 million which were recorded as a direct deduction from the carrying amount of the related debt liability as a debt discount. On March 5, 2019, the Company entered into the third amendment to the Oxford Loan (the Amended Oxford Loan) to refinance the Oxford Loan. The Amended Oxford Loan increased the aggregate amount available to be borrowed to $35.0 million and extended the maturity date to March 1, 2024. On March 5, 2019, prior to entering into the Amended Oxford Loan, the outstanding balance of the Oxford Loan was $23.3 million. At the time of entering into the Amended Oxford Loan, the Company borrowed an additional $6.7 million in principal under the Amended Oxford Loan, which increased the total amount borrowed to $30.0 million (Amended Tranche A). The remaining $5.0 million (Amended Tranche B) is available to the Company provided that certain milestones are achieved by February 2021. The Company does not currently expect to draw down Amended Tranche B. The Amended 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 6.64% or 9.15%. The Amended Oxford Loan has an interest only period until April 1, 2021, followed by 36 equal monthly payments of principal and interest. Upon the receipt of Amended Tranche B, the interest only period for borrowed funds will be extended by one year until April 1, 2022, followed by 24 equal monthly payments of principal plus accrued interest. the Company is required to pay an additional exit fee of $1.0 million The Company is also required to pay a 5.0% success fee of the total amount drawn under the Amended Oxford Loan The Amended Oxford Loan includes contingent interest features and mandatory prepayment features upon an event of default that meet the definition of a derivative but were not bifurcated from the debt instrument as their fair value was deemed to be insignificant . The refinancing of the term loan did not have a material impact on terms, conditions, representations, warranties, covenants or agreements set forth in the Oxford Loan. 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 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, restrict access to additional borrowings under the loan and security agreement, and accelerate the maturity of the debt. The Company is permitted to make voluntary prepayments of the Amended Oxford Loan with a prepayment fee, calculated as of the loan origination date, equal to (i) 2.0% of the loan prepaid during the first 12 months and (ii) 1.0% of the loan prepaid in months 13-24. 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. Long-term debt and unamortized discount balances are as follows (in thousands): June 30, December 31, 2020 2019 Face value of long-term debt $ 30,000 $ 30,000 Exit fee 3,277 3,277 Unamortized debt discount associated with exit fee, debt issuance costs and loan origination fees (2,499 ) (2,887 ) Total long-term debt 30,778 30,390 Less: current portion of long-term debt, net (3,283 ) — Long-term debt, net $ 27,495 $ 30,390 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7 . Stock-Based Compensation The following table summarizes stock option activity under the Company’s stock-based compensation plan during the six months ended June 30, 2020 (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, 2019 823,598 2,767,617 $ 12.14 7.94 $ 8,218 Additional options authorized 1,226,169 — Granted (1,064,750 ) 1,064,750 $ 7.13 Restricted stock units granted (37,500 ) — Exercised — (61,700 ) $ 8.41 Canceled and forfeited 74,425 (74,425 ) $ 11.06 Outstanding as of June 30, 2020 1,021,942 3,696,242 $ 10.78 8.05 $ 4,425 Vested and exercisable as of June 30, 2020 1,683,700 $ 11.89 6.93 $ 1,484 During the three and six months ended June 30, 2020, the Company granted stock options for the purchase of 50,600 and 1,064,750 shares of the Company’s common stock with a weighted-average grant date fair value of $5.69 and $4.59 per share, respectively. weighted-average grant date fair value of $7.77 and $9.48 per share, respectively. The Company records stock-based compensation of stock options granted 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 stock options was estimated using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Expected term (in years) 6.02-6.08 5.77-6.08 5.27-6.08 5.27-6.08 Contractual term (in years) — 10.00 10.00 10.00 Volatility 76.00%-77.00% 80.69%-81.25% 73.00%-77.00% 79.62%-83.19% Risk free interest rate 0.39%-0.45% 2.23%-2.42% 0.39%-1.37% 2.23%-2.57% Dividend yield — — — — Stock-Based Compensation Expense Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 398 $ 442 $ 787 $ 807 General and administrative 1,064 1,045 2,304 1,875 Total $ 1,462 $ 1,487 $ 3,091 $ 2,682 As of June 30, 2020, the total unrecognized compensation expense related to unvested options was $12.8 million, which the Company expects to recognize over an estimated weighted average period of 2.8 years Restricted Stock Units In the first quarter of 2020, the Company revised its non-employee director compensation policy to approve the granting of restricted stock units (RSUs) in accordance with the Restated 2013 Equity Incentive Plan (the Restated 2013 Plan). Each eligible director who has served for less than six months during the prior calendar year and continues to serve as a non-employee member of the board is granted RSUs, which are pro-rated for the period served during the prior calendar year. The RSUs granted to non-employee directors will vest on the one-year anniversary of the grant date, subject to the eligible director’s continuous services through the vesting date, and will vest in full upon a change in control, as defined under the Restated 2013 Plan. For RSU’s granted to employees during the six months ended June 30, 2020, the vesting will begin on the one-year anniversary through the two-year anniversary of the grant date. The fair value of all RSUs are measured at the grant date based on the closing market price of the Company’s common stock and is recognized as stock-based compensation expense on a straight-line basis over the vesting period. There were no RSUs granted during the three months ended June 30, 2020. For the six months ended June 30, 2020, the Company granted 37,500 RSUs with a weighted-average grant date fair value of $6.95 per share. The Company recognized $0.1 million and $0.1 million in stock-based compensation expense for the three and six months ended June 30, 2020, respectively, which is included in general and administrative expenses. As of June 30, 2020, the total unrecognized compensation expense related to unvested RSUs was $0.2 million, which the Company expects to recognize over an estimated weighted-average period of 0.9 years |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8 . Income Taxes The Company did not record tax expense for the three and six months ended June 30, 2020 and 2019 due to the Company’s loss position and full valuation allowance. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9 . Commitments and Contingencies Lease Agreements In October 2017, the Company entered into a non-cancelable operating 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 three-year The maturity of the Company’s operating lease liabilities were as follows (in thousands): Undiscounted lease payments June 30, 2020 Remaining in 2020 $ 317 2021 674 2022 662 2023 113 Total undiscounted payments 1,766 Less: imputed interest 194 Present value of future lease payments 1,572 Less: current portion of operating lease liabilities 548 Operating lease liabilities $ 1,024 Rent expense recognized for the Company’s operating leases was $0.1 million and $0.2 million for the three months ended June 30, 2020 and 2019, respectively, and $0.3 million and $0.3 million for the six months ended June 30, 2020 and 2019, respectively. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments for the operating leases were $23,000 and $27,000 for the three months ended June 30, 2020 and 2019, respectively, and $46,000 and $0.1 million for the six months ended June 30, 2020 and 2019. The operating cash outflows for the operating lease liabilities were $0.4 million and $0.3 million for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020 and December 31, 2019, the weighted-average remaining lease terms were 2.7 years and 3.1 years, and weighted-average discount rates were 9.15% and 9.15%, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events As of July 31, 2020, the Company completed the sale of all common stock subject to its $50.0 million ATM financing facility with Jefferies LLC (Jefferies) under the effective shelf statement filed on December 20, 2019 (the 2019 ATM Facility), resulting in the total offering of 4,646,554 shares of common stock and net proceeds to the Company of $48.6 million, after deducting commissions. These amounts include ATM offerings during the six months ended June 30, 2020 of 2,645,227 shares and $29.0 million in net proceeds, after deducting commissions. On August 6, 2020, the Company entered into a new sales agreement (the 2020 ATM Facility) with Jefferies, under which the Company may offer and sell, from time to time at the Company’s sole discretion, shares of its common stock with an aggregate offering price of up to $50.0 million through Jefferies, as sales agent. The issuance and sale of these shares by the Company pursuant to the 2020 ATM Facility are deemed “at-the-market” offerings defined in Rule 415 under the Securities Act of 1933, as amended (the Securities Act), and are registered under the Securities Act. The Company is not obligated to make any sales of common stock under the 2020 ATM Facility. The offering of shares of common stock pursuant to the 2020 ATM Facility will terminate upon the earlier of (i) the sale of all common stock subject to the 2020 ATM Facility or (ii) termination of the 2020 ATM Facility in accordance with its terms. The Company will pay Jefferies a commission of up to 3.0% of the gross sales proceeds of any common stock sold through Jefferies under the 2020 ATM Facility. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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, Eiger BioPharmaceuticals Europe Limited, and EigerBio Europe Limited 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 six months ended June 30, 2020 or for any other interim period or for any other future year. The balance sheet as of December 31, 2019, 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, 2019, filed with the Securities and Exchange Commission on March 13, 2020. |
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, operating lease liabilities 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 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 securities are carried at fair value based upon quoted market prices. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported as a component of accumulated other comprehensive income (loss). The cost of available-for-sale 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. |
Leases | Leases The Company has a real estate lease for its office space in Palo Alto, California. The Company determines the initial classification and measurement of its right-of-use assets (ROU assets) and lease liabilities at the lease commencement date and thereafter if modified. The lease term includes any renewal options and termination options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. Rent expense for operating leases is recognized on a straight-line basis, unless the operating lease ROU assets have been impaired, over the reasonably assured lease term based on the total lease payments and is included in operating expenses in the unaudited condensed consolidated statements of operations. For operating leases that reflect impairment, the Company will recognize the amortization of the operating lease ROU assets on a straight-line basis over the remaining lease term with rent expense still included in general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company elected the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily related to property maintenance and insurance, which varies based on future outcomes, and thus is recognized in general and administrative expenses when incurred. |
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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Options to purchase common stock 3,696,242 2,758,556 3,696,242 2,758,556 Restricted stock units (unvested) 37,500 — 37,500 — Total 3,733,742 2,758,556 3,733,742 2,758,556 |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820) The adoption did not have a material impact on the Company’s unaudited condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, Financial Instruments – Credit Losses (Topic 326), to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) defers the effective date for ASU No. 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-4, Reference Rate Reform (Topic 848) The pronouncement is effective for all entities as of March 12, 2020 through December 31, 2022. The Company plans to adopt upon the occurrence of such contract modification, but not later than December 31, 2022. The Company engaged in early-stage discussions with its lender and will assess the impact of the adoption once the contract is modified. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Options to purchase common stock 3,696,242 2,758,556 3,696,242 2,758,556 Restricted stock units (unvested) 37,500 — 37,500 — Total 3,733,742 2,758,556 3,733,742 2,758,556 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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): June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 60,687 $ — $ — $ 60,687 Corporate debt securities — 8,968 — 8,968 U.S. treasury bills — 18,994 — 18,994 Total $ 60,687 $ 27,962 $ — $ 88,649 December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 35,854 $ — $ — $ 35,854 Corporate debt securities — 16,644 — 16,644 Commercial paper — 7,457 — 7,457 U.S. government Bonds — 31,520 — 31,520 Total $ 35,854 $ 55,621 $ — $ 91,475 |
Summary of Estimated Value of Cash Equivalents and Debt Securities and Gross Unrealized Holding Gains and Losses | The following tables summarize the estimated value of the Company’s cash equivalents and debt securities and the gross unrealized holding gains and losses (in thousands): June 30, 2020 Amortized cost Unrealized gain Unrealized loss Estimated Fair Value Cash equivalents: Money market funds $ 60,687 $ — $ — $ 60,687 Total cash equivalents $ 60,687 $ — $ — $ 60,687 Debt securities: Corporate debt securities $ 8,936 $ 32 $ — $ 8,968 U.S. treasury bills 18,981 13 — 18,994 Total debt securities $ 27,917 $ 45 $ — $ 27,962 December 31, 2019 Amortized cost Unrealized gain Unrealized loss Estimated Fair Value Cash equivalents: Money market funds $ 35,854 $ — $ — $ 35,854 Total cash equivalents $ 35,854 $ — $ — $ 35,854 Debt securities: Corporate debt securities $ 16,633 $ 11 $ — $ 16,644 Commercial paper 7,457 — — 7,457 U.S. government bonds 31,489 31 — 31,520 Total debt securities $ 55,579 $ 42 $ — $ 55,621 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Components of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Contract research costs $ 3,358 $ 5,288 Compensation and related benefits 1,908 1,707 Contract manufacturing costs 1,240 2,510 Other 630 496 Total accrued liabilities $ 7,136 $ 10,001 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt and Unamortized Discount Balances | Long-term debt and unamortized discount balances are as follows (in thousands): June 30, December 31, 2020 2019 Face value of long-term debt $ 30,000 $ 30,000 Exit fee 3,277 3,277 Unamortized debt discount associated with exit fee, debt issuance costs and loan origination fees (2,499 ) (2,887 ) Total long-term debt 30,778 30,390 Less: current portion of long-term debt, net (3,283 ) — Long-term debt, net $ 27,495 $ 30,390 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stock Option Activity | The following table summarizes stock option activity under the Company’s stock-based compensation plan during the six months ended June 30, 2020 (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, 2019 823,598 2,767,617 $ 12.14 7.94 $ 8,218 Additional options authorized 1,226,169 — Granted (1,064,750 ) 1,064,750 $ 7.13 Restricted stock units granted (37,500 ) — Exercised — (61,700 ) $ 8.41 Canceled and forfeited 74,425 (74,425 ) $ 11.06 Outstanding as of June 30, 2020 1,021,942 3,696,242 $ 10.78 8.05 $ 4,425 Vested and exercisable as of June 30, 2020 1,683,700 $ 11.89 6.93 $ 1,484 |
Summary of Non-cash Stock Based Compensation Expense | Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 398 $ 442 $ 787 $ 807 General and administrative 1,064 1,045 2,304 1,875 Total $ 1,462 $ 1,487 $ 3,091 $ 2,682 |
Employees and Non Employees Stock Option [Member] | |
Weighted-average assumptions used in Black-Scholes Model to estimate fair value of stock options granted | The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Expected term (in years) 6.02-6.08 5.77-6.08 5.27-6.08 5.27-6.08 Contractual term (in years) — 10.00 10.00 10.00 Volatility 76.00%-77.00% 80.69%-81.25% 73.00%-77.00% 79.62%-83.19% Risk free interest rate 0.39%-0.45% 2.23%-2.42% 0.39%-1.37% 2.23%-2.57% Dividend yield — — — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Maturity of Operating Leases Liabilities | The maturity of the Company’s operating lease liabilities were as follows (in thousands): Undiscounted lease payments June 30, 2020 Remaining in 2020 $ 317 2021 674 2022 662 2023 113 Total undiscounted payments 1,766 Less: imputed interest 194 Present value of future lease payments 1,572 Less: current portion of operating lease liabilities 548 Operating lease liabilities $ 1,024 |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)shares | Mar. 31, 2020shares | Jun. 30, 2019shares | Jun. 30, 2020USD ($)Segmentshares | Dec. 31, 2019USD ($) | |
Description Of Business [Line Items] | |||||
Entity incorporation, date of incorporation | Nov. 6, 2008 | ||||
Number of operating segments | Segment | 1 | ||||
Cash, Cash Equivalents, and Investments | $ 90,800 | $ 90,800 | |||
Cash and cash equivalents | 62,813 | 62,813 | $ 39,373 | ||
Debt securities, available-for-sale | 27,962 | 27,962 | 55,621 | ||
Accumulated deficit | $ (272,014) | (272,014) | $ (241,449) | ||
Net proceeds from issuance of common stock | 28,790 | ||||
Common Stock [Member] | |||||
Description Of Business [Line Items] | |||||
Issuance of common stock upon offering at-the-market, net of issuance costs, Shares | shares | 2,612,476 | 32,751 | 5,175,000 | ||
Underwriting Agreement [Member] | |||||
Description Of Business [Line Items] | |||||
Net proceeds from issuance of common stock | $ 29,000 | ||||
Underwriting Agreement [Member] | Common Stock [Member] | |||||
Description Of Business [Line Items] | |||||
Issuance of common stock upon offering at-the-market, net of issuance costs, Shares | shares | 2,645,227 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 3,733,742 | 2,758,556 | 3,733,742 | 2,758,556 |
Options Granted to Employees and Non Employees [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 3,696,242 | 2,758,556 | 3,696,242 | 2,758,556 |
Restricted Stock Units, Unvested [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 37,500 | 37,500 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 88,649,000 | $ 91,475,000 |
Financial liabilities | 0 | 0 |
Transfers between levels | 0 | $ 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 | 1 year |
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 ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Assets, Fair Value | $ 88,649,000 | $ 91,475,000 |
U.S. Treasury Bills [Member] | ||
Financial assets: | ||
Assets, Fair Value | 18,994,000 | |
Corporate Debt Securities [Member] | ||
Financial assets: | ||
Assets, Fair Value | 8,968,000 | 16,644,000 |
U.S. Government Bonds [Member] | ||
Financial assets: | ||
Assets, Fair Value | 31,520,000 | |
Money Market Funds [Member] | ||
Financial assets: | ||
Assets, Fair Value | 60,687,000 | 35,854,000 |
Commercial Paper [Member] | ||
Financial assets: | ||
Assets, Fair Value | 7,457,000 | |
Level 1 [Member] | ||
Financial assets: | ||
Assets, Fair Value | 60,687,000 | 35,854,000 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets: | ||
Assets, Fair Value | 60,687,000 | 35,854,000 |
Level 2 [Member] | ||
Financial assets: | ||
Assets, Fair Value | 27,962,000 | 55,621,000 |
Level 2 [Member] | U.S. Treasury Bills [Member] | ||
Financial assets: | ||
Assets, Fair Value | 18,994,000 | |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Assets, Fair Value | 8,968,000 | 16,644,000 |
Level 2 [Member] | U.S. Government Bonds [Member] | ||
Financial assets: | ||
Assets, Fair Value | 31,520,000 | |
Level 2 [Member] | Commercial Paper [Member] | ||
Financial assets: | ||
Assets, Fair Value | 7,457,000 | |
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) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash Equivalents and Investment Securities [Line Items] | ||
Cash equivalents, Amortized cost | $ 60,687 | $ 35,854 |
Cash equivalents, Estimated Fair Value | 60,687 | 35,854 |
Debt securities, Amortized cost | 27,917 | 55,579 |
Debt securities, Unrealized gain | 45 | 42 |
Debt securities, Estimated Fair Value | 27,962 | 55,621 |
U.S. Treasury Bills [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Debt securities, Amortized cost | 18,981 | |
Debt securities, Unrealized gain | 13 | |
Debt securities, Estimated Fair Value | 18,994 | |
Money Market Funds [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Cash equivalents, Amortized cost | 60,687 | 35,854 |
Cash equivalents, Estimated Fair Value | 60,687 | 35,854 |
Commercial Paper [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Debt securities, Amortized cost | 7,457 | |
Debt securities, Estimated Fair Value | 7,457 | |
Corporate Debt Securities [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Debt securities, Amortized cost | 8,936 | 16,633 |
Debt securities, Unrealized gain | 32 | 11 |
Debt securities, Estimated Fair Value | $ 8,968 | 16,644 |
U.S. Government Bonds [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Debt securities, Amortized cost | 31,489 | |
Debt securities, Unrealized gain | 31 | |
Debt securities, Estimated Fair Value | $ 31,520 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Contract research costs | $ 3,358 | $ 5,288 |
Compensation and related benefits | 1,908 | 1,707 |
Contract manufacturing costs | 1,240 | 2,510 |
Other | 630 | 496 |
Total accrued liabilities | $ 7,136 | $ 10,001 |
Product Development Agreement -
Product Development Agreement - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 11, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Research and development | $ 9,754 | $ 12,936 | $ 19,235 | $ 25,804 | |
Weighted-average period for recognition (in years) | 2 years 9 months 18 days | 2 years 9 months 18 days | |||
Product Development Agreement [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Product development fees | $ 10,000 | ||||
Expert consultant fees and pass through costs | 800 | ||||
Incentive-based regulatory milestone fees | $ 1,000 | ||||
Number of common stock issued subject to quarterly vesting requirements | 115,526 | ||||
Product agreement termination notice period | 90 days | ||||
Research and development | $ 100 | $ 100 | |||
Unrecognised compensation expense related to unvested restricted shares | $ 300 | $ 300 | |||
Weighted-average period for recognition (in years) | 1 year 9 months 18 days |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 05, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 03, 2018 | May 31, 2018 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Face value of term loan | $ 30,000 | $ 30,000 | ||||
Loan final repayment exit fees payable | $ (3,277) | $ (3,277) | ||||
Loan agreement, covenant noncompliance penalty | 5.00% | |||||
Loan agreement, covenant description | The 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, restrict access to additional borrowings under the loan and security agreement, | |||||
Loan agreement, covenant compliance | and accelerate the maturity of the debt. | |||||
Oxford Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, aggregate borrowing capacity | $ 25,000 | |||||
Loan, maturity period | Jul. 1, 2021 | |||||
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%. | |||||
Principal and interest payment period | 30 months | |||||
Percentage of exit fee on principal balance | 7.50% | |||||
Loan final repayment exit fees payable | $ 1,900 | |||||
Loan origination fees and debt issuance costs | 400 | |||||
Repayments of loan agreement exit fee | $ 900 | |||||
Oxford Loan [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, interest rate | 6.95% | |||||
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 | |||||
Oxford Loan [Member] | Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan final repayment exit fees payable | $ 100 | |||||
Amendment [Member] | Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face value of term loan | $ 5,000 | |||||
Amendment [Member] | Tranche C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face value of term loan | $ 5,000 | |||||
Amended Oxford Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, aggregate borrowing capacity | $ 35,000 | |||||
Loan, maturity period | Mar. 1, 2024 | |||||
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 6.64% or 9.15% | |||||
Principal and interest payment period | 36 months | |||||
Percentage of exit fee on principal balance | 7.50% | |||||
Loan final repayment exit fees payable | $ 2,300 | |||||
Loan origination fees and debt issuance costs | 200 | |||||
Loan outstanding | 23,300 | |||||
Borrowings from loan agreement | 6,700 | |||||
Loan final repayment additional exit fees payable | $ 1,000 | |||||
Prepayment of loan fee, description | calculated as of the loan origination date, equal to (i) 2.0% of the loan prepaid during the first 12 months and (ii) 1.0% of the loan prepaid in months 13-24. | |||||
Amended Oxford Loan [Member] | Loan Prepaid During First 12 Months [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument prepayment fee percentage | 2.00% | |||||
Amended Oxford Loan [Member] | Loan Prepaid During 13 to 24 Months [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument prepayment fee percentage | 1.00% | |||||
Amended 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 | |||||
Amended Oxford Loan [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, interest rate | 9.15% | |||||
Amended Oxford Loan [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, percentage to be added to the interest rate under condition | 6.64% | |||||
Amended Oxford Loan [Member] | Amended Tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, aggregate borrowing capacity | 30,000 | |||||
Amended Oxford Loan [Member] | Amended Tranche A [Member] | Food and Drug Administration [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee payable maximum period from funding | 10 years | |||||
Amended Oxford Loan [Member] | Amended Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal and interest payment period | 24 months | |||||
Loan agreement, remaining borrowing capacity | $ 5,000 | |||||
Extended term of interest only payment period | 1 year |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt and Unamortized Discount Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Face value of long-term debt | $ 30,000 | $ 30,000 |
Exit fee | 3,277 | 3,277 |
Unamortized debt discount associated with exit fee, debt issuance costs and loan origination fees | (2,499) | (2,887) |
Total long-term debt | 30,778 | 30,390 |
Less: current portion of long-term debt, net | (3,283) | |
Long-term debt, net | $ 27,495 | $ 30,390 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract] | ||
Shares Available for Grant, Outstanding, Beginning balance | 823,598 | |
Shares Available for Grant, Additional options authorized | 1,226,169 | |
Shares Available for Grant, Granted | (1,064,750) | |
Shares Available for Grant, Restricted stock units granted | (37,500) | |
Shares Available for Grant, Canceled and forfeited | 74,425 | |
Shares Available for Grant, Outstanding, Ending balance | 1,021,942 | 823,598 |
Number of Options, Outstanding, Beginning balance | 2,767,617 | |
Number of Options, Granted | 1,064,750 | |
Number of Options, Exercised | (61,700) | |
Number of Options, Canceled and forfeited | (74,425) | |
Number of Options, Outstanding, Ending balance | 3,696,242 | 2,767,617 |
Number of Options, Vested and exercisable | 1,683,700 | |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 12.14 | |
Weighted-Average Exercise Price, Granted | $ / shares | 7.13 | |
Weighted-Average Exercise Price, Exercised | $ / shares | 8.41 | |
Weighted-Average Exercise Price, Canceled and forfeited | $ / shares | 11.06 | |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | 10.78 | $ 12.14 |
Weighted-Average Exercise Price, Vested and exercisable | $ / shares | $ 11.89 | |
Weighted Average Remaining Contractual Life, Ending balance | 8 years 18 days | 7 years 11 months 8 days |
Weighted-Average Remaining Contractual Life, Vested and exercisable | 6 years 11 months 4 days | |
Aggregate Intrinsic Value | $ | $ 4,425 | $ 8,218 |
Aggregate Intrinsic Value, Vested and exercisable | $ | $ 1,484 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 1,064,750 | |||
Total unrecognized compensation expense | $ 12,800 | $ 12,800 | ||
Weighted-average period for recognition (in years) | 2 years 9 months 18 days | 2 years 9 months 18 days | ||
Stock-based compensation expense | $ 1,462 | $ 1,487 | $ 3,091 | $ 2,682 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 50,600 | 81,000 | 1,064,750 | 862,750 |
Weighted-average grant date fair value of employee option grants | $ 5.69 | $ 7.77 | $ 4.59 | $ 9.48 |
Restricted Stock Units, Unvested [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 0 | 37,500 | ||
Weighted-average grant date fair value of employee option grants | $ 6.95 | |||
Total unrecognized compensation expense | $ 200 | $ 200 | ||
Weighted-average period for recognition (in years) | 10 months 24 days | 10 months 24 days | ||
Stock-based compensation expense | $ 100 | $ 100 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-average assumptions used in Black-Scholes Model to estimate fair value of stock options granted (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Contractual term (in years) | 8 years 18 days | 7 years 11 months 8 days | |||
Employees Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (in years) | 6 years 7 days | 5 years 9 months 7 days | 5 years 3 months 7 days | 5 years 3 months 7 days | |
Employees Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (in years) | 6 years 29 days | 6 years 29 days | 6 years 29 days | 6 years 29 days | |
Non Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Contractual term (in years) | 10 years | 10 years | 10 years | ||
Employees and Non Employees Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Volatility, minimum | 76.00% | 80.69% | 73.00% | 79.62% | |
Risk free interest rate, minimum | 0.39% | 2.23% | 0.39% | 2.23% | |
Employees and Non Employees Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Volatility, maximum | 77.00% | 81.25% | 77.00% | 83.19% | |
Risk free interest rate, maximum | 0.45% | 2.42% | 1.37% | 2.57% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Non-cash Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,462 | $ 1,487 | $ 3,091 | $ 2,682 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 398 | 442 | 787 | 807 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,064 | $ 1,045 | $ 2,304 | $ 1,875 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2017USD ($)ft² | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||||||
Rent expense recognized for company's operating leases | $ 100,000 | $ 200,000 | $ 300,000 | $ 300,000 | ||
Variable lease payments for operating leases | $ 23,000 | $ 27,000 | 46,000 | 100,000 | ||
Operating cash outflows for operating lease liabilities | $ 400,000 | $ 300,000 | ||||
Weighted-average remaining lease term | 2 years 8 months 12 days | 2 years 8 months 12 days | 3 years 1 month 6 days | |||
Weighted-average discount rate | 9.15% | 9.15% | 9.15% | |||
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 | Feb. 28, 2023 | |||||
Lease renewal term | 3 years | |||||
Security deposit of collateral for lease | $ 300,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Maturity of Operating Leases Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating leases minimum payments, 2020 | $ 317 | |
Operating leases minimum payments, 2021 | 674 | |
Operating leases minimum payments, 2022 | 662 | |
Operating leases minimum payments, 2023 | 113 | |
Total undiscounted payments | 1,766 | |
Less: imputed interest | 194 | |
Present value of future lease payments | 1,572 | |
Less: current portion of operating lease liabilities | 548 | $ 534 |
Operating lease liabilities | $ 1,024 | $ 1,320 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 06, 2020 | Jul. 31, 2020 | Jun. 30, 2020 |
Subsequent Event [Line Items] | |||
Net proceeds from issuance of common stock | $ 28,790 | ||
2019 ATM Facility [Member] | |||
Subsequent Event [Line Items] | |||
Common stock shares offering | 2,645,227 | ||
Net proceeds from issuance of common stock | $ 29,000 | ||
2019 ATM Facility [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock sales agreement aggregate sales proceeds | $ 50,000 | ||
Common stock shares offering | 4,646,554 | ||
Net proceeds from issuance of common stock | $ 48,600 | ||
2020 ATM Facility | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock sales agreement aggregate sales proceeds | $ 50,000 | ||
Commission on gross sales proceeds of common stock | 3.00% |