Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 05, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EIGR | ||
Entity Registrant Name | Eiger BioPharmaceuticals, Inc. | ||
Entity Central Index Key | 0001305253 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-36183 | ||
Entity Incorporation, State or Country Code | DE | ||
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 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | Part III incorporates certain information by reference from the registrant’s proxy statement for the 2021 Annual Meeting of Shareholders. Such proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2020. | ||
Entity Common Stock, Shares Outstanding | 33,901,386 | ||
Entity Public Float | $ 257,943,696 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 28,864 | $ 39,373 |
Debt securities, available-for-sale | 99,976 | 55,621 |
Prepaid expenses and other current assets | 8,966 | 5,390 |
Total current assets | 137,806 | 100,384 |
Property and equipment, net | 709 | 590 |
Operating lease right-of-use assets | 1,176 | 1,654 |
Other assets | 3,903 | 2,511 |
Total assets | 143,594 | 105,139 |
Current liabilities: | ||
Accounts payable | 4,640 | 6,414 |
Accrued liabilities | 11,405 | 10,001 |
Current portion of operating lease liabilities | 582 | 534 |
Total current liabilities | 16,627 | 16,949 |
Long term debt, net | 31,194 | 30,390 |
Operating lease liabilities | 738 | 1,320 |
Total liabilities | 48,559 | 48,659 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 200,000,000 shares authorized as of December 31, 2020 and 2019; 33,878,486 and 24,523,381 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 34 | 24 |
Additional paid-in capital | 401,509 | 297,863 |
Accumulated other comprehensive (loss) income | (8) | 42 |
Accumulated deficit | (306,500) | (241,449) |
Total stockholders’ equity | 95,035 | 56,480 |
Total liabilities and stockholders’ equity | $ 143,594 | $ 105,139 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 33,878,486 | 24,523,381 |
Common stock, shares outstanding | 33,878,486 | 24,523,381 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | |||
Research and development | $ 41,590 | $ 51,791 | $ 37,091 |
General and administrative | 20,559 | 17,113 | 13,956 |
Total operating expenses | 62,149 | 68,904 | 51,047 |
Loss from operations | (62,149) | (68,904) | (51,047) |
Interest expense | (3,594) | (3,406) | (2,329) |
Interest income | 704 | 2,073 | 997 |
Other expense, net | (12) | (15) | (12) |
Net loss | $ (65,051) | $ (70,252) | $ (52,391) |
Net loss per common share, basic and diluted | $ (2.31) | $ (3.08) | $ (3.84) |
Weighted-average common shares outstanding, basic and diluted | 28,143,391 | 22,785,611 | 13,634,152 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (65,051) | $ (70,252) | $ (52,391) |
Other comprehensive (loss) gain: | |||
Unrealized (loss) gain on available-for-sale debt securities, net | (50) | 67 | (22) |
Comprehensive loss | $ (65,101) | $ (70,185) | $ (52,413) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2017 | $ 22,522 | $ 11 | $ 141,320 | $ (3) | $ (118,806) |
Beginning Balance, Shares at Dec. 31, 2017 | 10,526,599 | ||||
Issuance of common stock upon public offering, net of issuance costs | 90,642 | $ 8 | 90,634 | ||
Issuance of common stock upon public offering, net of issuance costs, shares | 8,510,918 | ||||
Issuance of common stock upon ESPP purchase | 96 | 96 | |||
Issuance of common stock upon ESPP purchase, Shares | 17,508 | ||||
Issuance of common stock upon stock option exercise | 310 | 310 | |||
Issuance of common stock upon stock option exercises, Shares | 41,208 | ||||
Issuance of common stock under Product Development Agreement | 428 | 428 | |||
Issuance of common stock under Product Development Agreement, Shares | 115,526 | ||||
Stock-based compensation expense | 5,007 | 5,007 | |||
Unrealized (loss) gain on available-for-sale debt securities, net | (22) | (22) | |||
Net loss | (52,391) | (52,391) | |||
Ending Balance at Dec. 31, 2018 | 66,592 | $ 19 | 237,795 | (25) | (171,197) |
Ending Balance, Shares at Dec. 31, 2018 | 19,211,759 | ||||
Issuance of common stock upon public offering, net of issuance costs | 53,194 | $ 5 | 53,189 | ||
Issuance of common stock upon public offering, net of issuance costs, shares | 5,175,000 | ||||
Issuance of common stock upon ESPP purchase | 130 | 130 | |||
Issuance of common stock upon ESPP purchase, Shares | 15,701 | ||||
Issuance of common stock upon stock option exercise | 844 | 844 | |||
Issuance of common stock upon stock option exercises, Shares | 120,921 | ||||
Issuance of common stock under Product Development Agreement | 226 | 226 | |||
Stock-based compensation expense | 5,679 | 5,679 | |||
Unrealized (loss) gain on available-for-sale debt securities, net | 67 | 67 | |||
Net loss | (70,252) | (70,252) | |||
Ending Balance at Dec. 31, 2019 | $ 56,480 | $ 24 | 297,863 | 42 | (241,449) |
Ending Balance, Shares at Dec. 31, 2019 | 24,523,381 | 24,523,381 | |||
Issuance of common stock upon public offering, net of issuance costs | $ 96,760 | $ 10 | 96,750 | ||
Issuance of common stock upon public offering, net of issuance costs, shares | 9,267,760 | ||||
Issuance of common stock upon ESPP purchase | 186 | 186 | |||
Issuance of common stock upon ESPP purchase, Shares | 25,645 | ||||
Issuance of common stock upon stock option exercise | $ 520 | 520 | |||
Issuance of common stock upon stock option exercises, Shares | 61,700 | 61,700 | |||
Issuance of common stock under Product Development Agreement | $ 217 | 217 | |||
Stock-based compensation expense | 5,973 | 5,973 | |||
Unrealized (loss) gain on available-for-sale debt securities, net | (50) | (50) | |||
Net loss | (65,051) | (65,051) | |||
Ending Balance at Dec. 31, 2020 | $ 95,035 | $ 34 | $ 401,509 | $ (8) | $ (306,500) |
Ending Balance, Shares at Dec. 31, 2020 | 33,878,486 | 33,878,486 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Issuance of common stock upon public offering, issuance costs | $ 3,231 | $ 3,731 | $ 5,357 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net loss | $ (65,051) | $ (70,252) | $ (52,391) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 167 | 68 | 54 |
Amortization of debt securities premiums and discounts | 124 | (467) | (426) |
Stock-based compensation | 5,973 | 5,679 | 5,007 |
Non-cash interest expense | 804 | 723 | 592 |
Amortization of operating lease right-of-use assets | 478 | 418 | |
Common stock issued under Product Development Agreement | 217 | 226 | 428 |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (3,563) | (3,698) | (780) |
Other assets | (1,392) | (2,075) | (124) |
Accounts payable | (1,899) | 584 | 2,647 |
Accrued liabilities | 1,491 | 5,610 | 2,110 |
Operating lease liabilities | (534) | (430) | |
Other long term liabilities | 212 | ||
Net cash used in operating activities | (63,185) | (63,614) | (42,671) |
Investing Activities | |||
Purchase of debt securities available-for-sale | (128,295) | (96,267) | (57,193) |
Proceeds from maturities of debt securities available-for-sale | 83,766 | 80,271 | 28,250 |
Purchase of property and equipment | (258) | (475) | (142) |
Net cash used in investing activities | (44,787) | (16,471) | (29,085) |
Financing Activities | |||
Proceeds from issuance of common stock upon public offering,net of issuance costs | 96,779 | ||
Proceeds from issuance of common stock upon stock option exercises | 520 | 844 | 310 |
Proceeds from issuance of common stock upon ESPP purchase | 186 | 130 | 96 |
Payment of deferred offering costs | (22) | (19) | |
Proceeds from borrowings in connection with term loan, net of issuance costs | 6,627 | 9,935 | |
Repayment of accrued exit fee and second amendment fee | (913) | ||
Repayment of term loan | (1,667) | ||
Net cash provided by financing activities | 97,463 | 58,196 | 100,983 |
Net (decrease) increase in cash and cash equivalents | (10,509) | (21,889) | 29,227 |
Cash and cash equivalents at beginning of year | 39,373 | 61,262 | 32,035 |
Cash and cash equivalents at end of year | 28,864 | 39,373 | 61,262 |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 2,791 | 2,638 | 1,652 |
Public Offering [Member] | |||
Financing Activities | |||
Proceeds from issuance of common stock upon public offering,net of issuance costs | $ 53,194 | $ 90,642 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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 commercial-stage biopharmaceutical company focused on the development and commercialization of foundational therapies for Hepatitis Delta Virus (HDV), the most severe form of human viral hepatitis, for which there is currently no FDA-approved therapy. Eiger has reported positive proof-of-concept clinical results across all of our programs and have received Breakthrough Therapy designation for three programs in clinical development. Eiger’s lead clinical programs are complementary treatments for HDV. Lonafarnib is a first-in-class oral farnesylation inhibitor in a global Phase 3 trial, and the only oral therapy in development for HDV. Peginterferon lambda is a first-in-class, well characterized, well-tolerated type III interferon entering Phase 3. The FDA approved the Company’s first commercial product, Zokinvy (lonafarnib) for treatment of Progeria and processing-deficient progeroid laminopathies, ultra-rare and rapidly fatal genetic conditions of accelerated aging in children, November 20, 2020. Eiger’s Marketing Authorization Application (MAA) is under review with the European Medicines Agency (EMA), with a decision expected in the second half of 2021. 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 December 31, 2020, the Company had $128.9 million of cash, cash equivalents and investments, comprised of $28.9 million of cash and cash equivalents and $100.0 million of debt securities available-for-sale. The Company had an accumulated deficit of $306.5 million and negative cash flows from operating activities as of December 31, 2020. As the Company continues to incur losses, its transition to profitability will depend on the successful development, approval, and commercialization of product candidates and on the achievement of sufficient revenues to support its cost structure. The Company may never achieve profitability, and unless and until it does, the Company will need to continue to raise additional capital 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 consolidated financial statements. However, if the Company’s anticipated operating results are not achieved in future periods, the Company believes that planned expenditures may need to be reduced or it would be required to raise funding in order to fund the operations. Additionally, the Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the ongoing COVID-19 pandemic. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The 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 annual reporting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of 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. Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consists of cash, cash equivalents and investments. The Company’s cash is held by a financial institution in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institution is financially sound, and accordingly, minimal credit risk exists with respect to the financial institution. For each product candidate, the Company relies on one supply chain for each of the four product candidates. If any of the single source suppliers in any of the supply chains fail to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect its operating results. Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three months or less from the date of purchase. Cash equivalents consists primarily of amounts invested in money market funds held at financial institutions and corporate debt securities. The recorded carrying amount of cash equivalents approximates their fair value. 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 . Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Depreciation begins at the time the asset is placed into service. Maintenance and repairs are charged to operations as incurred. Property and equipment purchased for specific research and development projects with no alternative uses are expensed as incurred. The useful lives of the property and equipment are as follows: Lab equipment 5 years Furniture 5 years Computer equipment and software 3 years Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. The Company assesses the recoverability of long-lived assets by determining whether or not the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. Through December 31, 2020, the Company has not impaired any long-lived assets. 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 consolidated balance sheets and within research and development expenses in the 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 adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2019. Under ASC 842, the Company determines if an arrangement is or contains a lease at inception. Material leases with a term greater than one year are recognized in right-of-use (“ROU”) assets and current and noncurrent lease liabilities, as applicable, in the Company’s consolidated balance sheets. 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 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 consolidated statements of operations. The Company has 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. Deferred Financing Costs Financing costs incurred with securing a term debt are recorded in the Company’s consolidated balance sheets as an offset to the term debt and amortized to interest expense in the Company’s consolidated statements of operations over the contractual life of the loan using the effective interest method. Research and Development Costs Research and development costs are expensed as incurred and consist of payroll expenses, stock-based compensation expense, lab supplies and allocated facility costs, as well as fees paid to third parties that conduct certain research and development and manufacturing activities on the Company’s behalf. Amounts incurred in connection with license and asset purchase agreements are also included in research and development expenses. Manufacturing costs related to products undergoing regulatory approval are expensed as research and development costs until receipt of such approval. Stock-Based Compensation Stock-based awards to employees and directors, including stock options, are recorded at fair value as of the grant date using the Black-Scholes option pricing model and recognized as expense on a straight line-basis over the employee’s or director’s requisite service period (generally the vesting period). S tock -based awards to non-employees are recorded at their fair value as of the grant date , using the Black-Scholes option pricing model and recognized as expense over the period in which the related services are received. The determination of fair value for stock-based awards on the date of grant using an option pricing model requires management to make certain assumptions for Black-Scholes option pricing model inputs . The Company accounts for forfeitures of s tock -based awards when they occur. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to unrecognized tax benefits. Internal Revenue Code Section 382 limits the use of net operating loss and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. In the event that the Company experiences a change of ownership, utilization of the net operating loss and tax credit carryforwards may be restricted. Comprehensive Loss Comprehensive loss represents all changes in stockholders' equity except those resulting from and distributions to stockholders. The Company’s unrealized gains and losses on debt securities represent the only component of other comprehensive loss that are excluded from the reported net loss and that are presented in the consolidated statements of comprehensive loss. 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): December 31, 2020 2019 2018 Options to purchase common stock 3,697,075 2,767,617 1,996,211 Restricted stock units (unvested) 37,500 — — Total 3,734,575 2,767,617 1,996,211 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) for fair value measurements. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance on January 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (Subtopic 350-40) The Company adopted this guidance on January 1, 2020 using the prospective approach. The adoption did not have a material impact on the Company’s 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. 2020-04, 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 | 12 Months Ended |
Dec. 31, 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). At December 31, 2020 and 2019, the carrying amount of prepaid expenses and other current assets, accounts payable and accrued liabilities approximated their estimate fair value due to their relatively short maturities. Management believes the terms of its 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 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 assets or liabilities classified as Level 3 as of December 31, 2020 and 2019. There were no transfers in 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): December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 20,846 $ — $ — $ 20,846 Corporate debt securities — 33,941 — 33,941 Commercial paper — 21,980 — 21,980 U.S. treasury bills — 39,995 — 39,995 U.S. government bonds — 4,060 — 4,060 Total $ 20,846 $ 99,976 $ — $ 120,822 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 December 31, 2020 and 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): December 31, 2020 Amortized cost Unrealized gain Unrealized loss Estimated Cash equivalents: Money market funds $ 20,846 $ — $ — $ 20,846 Total cash equivalents $ 20,846 $ — $ — $ 20,846 Debt securities: Corporate debt securities $ 33,952 $ 1 $ (12 ) $ 33,941 Commercial paper 21,980 — — 21,980 U.S. treasury bills 39,992 3 — 39,995 U.S. government bonds 4,060 — — 4,060 Total debt securities $ 99,984 $ 4 $ (12 ) $ 99,976 December 31, 2019 Amortized cost Unrealized gain Unrealized loss Estimated 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 December 31, 2020 and 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. As of December 31, 2020, the Company did not recognize any impairment losses. All debt securities with unrealized losses have been in a loss position for 12 months. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consist of the following (in thousands): December 31, 2020 2019 Computer equipment and software $ 520 $ 160 Furniture 111 111 Leasehold improvements 80 61 Lab equipment 271 36 Construction in progress 69 436 Total property and equipment 1,051 804 Less: accumulated depreciation (342 ) (214 ) Property and equipment, net $ 709 $ 590 Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was approximately $167,000, $68,000 and $54,000, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2020 2019 Prepaid contract manufacturing costs $ 6,126 $ 1,374 Prepaid research costs 1,177 1,627 Prepaid insurance 448 421 Other 1,215 1,968 Total prepaid expenses and other current assets $ 8,966 $ 5,390 Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2020 2019 Contract research costs $ 6,062 $ 5,288 Contract manufacturing costs 1,167 2,510 Compensation and related benefits 3,169 1,707 Other 1,007 496 Total accrued liabilities $ 11,405 $ 10,001 |
License, Collaboration, and Pro
License, Collaboration, and Product Development Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Collaboration And License Agreements [Abstract] | |
License, Collaboration, and Product Development Agreements | 5. License, Collaboration, and Product Development Agreements License Agreement with the Trustees of the University of Pennsylvania and the Children’s Hospital of Philadelphia In May 2019, the Company entered into a license agreement (the UPenn/CHOP Agreement) with the Trustees of the University of Pennsylvania (UPenn) and the Children’s Hospital of Philadelphia (CHOP), under which the Company obtained an exclusive, royalty-bearing, worldwide license to develop, manufacture and sell certain Glucagon Like Peptide-1 (GLP-1) receptor antagonist(s) products to treat all human and animal conditions. The Company also obtained an exclusive, royalty-bearing, sublicenseable, worldwide license to certain data developed by CHOP. The Company is responsible for the development and commercialization of the licensed products at its sole cost and expense. As part of the consideration for the rights granted to the Company under the UPenn/CHOP Agreement, the Company paid UPenn a one-time, non-refundable issue fee of $1.0 million, which is recorded in research and development expenses for the year ended December 31, 2019. In addition, the Company is obligated to pay UPenn a specified annual license maintenance fee, up to $2.5 million in certain regulatory milestones, and up to $18.0 million in commercial milestones. The Company will also be required to pay UPenn a flat royalty in the low-single digits on net sales of all licensed products by the Company, subject to specified reductions and offsets, and specified minimum annual royalty payments. The Company’s obligation to pay royalties expires on a product-by-product and country-by-country basis, on the later of: (i) the expiration of the last valid claim in the licensed patents in any country, or (ii) the tenth anniversary of the first commercial sale of the product in such country. No milestones have been achieved as of December 31, 2020. The Company may terminate the UPenn/CHOP Agreement in its entirety for any reason by providing prior written notice to UPenn and CHOP. UPenn or CHOP may terminate the UPenn/CHOP Agreement, upon a written notice, for the Company’s failure to achieve the specified diligence milestones within the specified periods, subject to the Company’s extension rights. Product Development Agreement On August 11, 2018, the Company entered into a Product Development Agreement and a First Project Agreement (the Product Agreements) with RDD International, LLC., pursuant to which the Company will receive development program support services for its hepatitis Delta virus (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 performance of the services and achievement of budget timeline set forth in the Product Agreements. Product Agreements Progeria Research Foundation (PRF) Collaboration Agreement On May 15, 2018, the Company entered into a Collaboration and Supply Agreement (the PRF Collaboration Agreement) with PRF. Under the PRF Collaboration Agreement, the parties agreed to collaborate with respect to the development and pursuit of regulatory approval of lonafarnib for the treatment of progeria and progeroid laminopathies in humans. PRF granted the Company a non-exclusive, world-wide, royalty-free, sub-licensable license pertaining to all intellectual property and data controlled by PRF to prepare and file any NDA for a product containing lonafarnib for progeria and progeroid laminopathies. The Company is obligated to: (i) exclusively supply lonafarnib to PRF for use in clinical trials and non-clinical research in progeria and progeroid laminopathies at the Company’s expense, (ii) prepare and be the sponsor of any NDA submission for lonafarnib for the treatment of progeria and progeroid laminopathies to the FDA, (iii) use commercially reasonable efforts to file a NDA for progeria and progeroid laminopathies by a specified date, (iv) submit a rare pediatric disease designation and a request for expedited approval in connection with a NDA filing, (v) establish a patient support program in progeria and progeroid laminopathies, and (vi) use commercially reasonable efforts to develop a pediatric formulation of lonafarnib for use in progeria and progeroid laminopathies. Under the PRF Collaboration Agreement, the Company is solely responsible for any additional studies necessary for obtaining an NDA for progeria and progeroid laminopathies and is also responsible for any additional costs for such studies up to $2.0 million. The PRF Collaboration Agreement continues for an initial term of ten years and automatically renews for subsequent renewal terms of two years each unless either party terminates earlier. Clinigen Master Service Agreement On April 26, 2018, the Company entered into a master service agreement with Clinigen Healthcare Ltd. (Clinigen) in anticipation of its obligations under the PRF Collaboration Agreement to establish an Expanded Access Program (EAP) for children with progeria and progeroid laminopathies. On May 23, 2018, the Company entered into the first statement of work (SOW) under the agreement. Pursuant to the SOW, Clinigen became an authorized non-exclusive worldwide distributor of lonafarnib, the unlicensed pharmaceutical product (the Product). The Company is responsible for supply of the Product to Clinigen, and Clinigen is responsible for providing the Product to patients as part of the patient support program. Clinigen is also obligated to set up, manage and close-out the patient support program. The agreement will continue on a country-by-country basis until the Product is commercially available in that country. Bristol-Meyers Squibb License Agreement On April 20, 2016, the Company and Bristol-Myers Squibb Company (BMS) entered into a License Agreement (the BMS License Agreement) and a Common Stock Purchase Agreement (the BMS Purchase Agreement). Under the BMS License Agreement, BMS granted the Company an exclusive, worldwide, license to research, develop, manufacture, and sell products containing PEG-interferon Lambda-1a (the Licensed Product) for all therapeutic and diagnostic uses in humans and animals. The Company is responsible for the development and commercialization of the Licensed Product at its sole cost and expense. The Company paid BMS $ 2.0 million and issued 157,587 shares of its common stock at an aggregate fair value of $ 3.2 million in April 2016. The BMS License Agreement also includes development and regulatory milestone payments totaling $ 61.0 million and commercial sales milestones of up to $ 128.0 million. The Company is obligated to pay BMS annual net sales royalties in the range of mid-single to mid-teens, depending on net sales levels. In fourth quarter 2020, the Company recorded in research and development expense a $ 3.0 million milestone, triggered on successful demonstration of proof of concept, as defined by the BMS License Agreement, in a Phase 2 clinical trial. The next milestone is $ 5.0 million triggered on the initiation of a Phase 3 clinical trial. Merck License Agreement In September 2010, the Company entered into an exclusive license agreement with Schering Corporation, subsequently acquired by Merck & Co., Inc. (Merck), which provides the Company with the exclusive right to develop, manufacture, and sell products containing the compounds lonafarnib for the treatment of all human viruses except certain specified viruses such as hepatitis B and hepatitis C alone. As part of consideration, the Company issued 27,350 shares of common stock with a fair value of $0.5 million. The Company is obligated to pay Merck up to an aggregate of $27.0 million in development milestones and will be required to pay tiered royalties based on aggregate annual net sales of all licensed products ranging from mid-single to low double-digit royalties on net sales. In May 2015, the first regulatory milestone was achieved and the Company paid the related milestone payment of $1.0 million to Merck. No additional milestones have been achieved as of December 31, 2020. On May 15, 2018, the Company entered into an amendment to the exclusive license agreement with Merck, which provides for expansion of the existing exclusively licensed field of use under the license agreement with Merck to include all uses of lonafarnib related to the treatment of Hutchinson-Gilford Progeria Syndrome (HGPS or Progeria) in humans at no cost to the Company. On November 3, 2020, the Company entered into an amendment to the exclusive license agreement with Merck which expanded the definition of progeria to also include progeroid laminopathies. The Company has the sole responsibility and the continuing obligation for the manufacture and supply of lonafarnib to the PRF. Merck will not receive milestone payments in relation to lonafarnib for the treatment of progeria and progeroid laminopathies or any royalty payments for sales of a specified quantity of lonafarnib to treat the currently estimated progeria and progeroid laminopathies patient population worldwide. |
Asset Purchase Agreements and R
Asset Purchase Agreements and Related License Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Asset Purchase Agreements And Related License Agreements [Abstract] | |
Asset Purchase Agreements and Related License Agreements | 6. Asset Purchase Agreements and Related License Agreements EGI Asset Purchase Agreement In December 2010, the Company entered into an asset purchase agreement with Eiger Group International, Inc. (EGI). Dr. Jeffrey Glenn, a founder and director of the Company, is the sole owner of EGI. Pursuant to the agreement, the Company purchased all of the assets including the intellectual property rights related to the use of farnesyl transferase inhibitors as anti-viral agents and methods to treat viral infections with those inhibitors and inhibitors of prenylation, prenyl cysteine methyltranferase and a protease as anti-viral agents and methods to treat viral infection with those inhibitors. The Company paid EGI an upfront payment of $0.4 million when the agreement was executed in December 2010. Additionally, the Company will pay EGI a low single-digit royalty based on aggregate annual net sales of products developed using the intellectual property. Within the first ten years after commercialization, the Company may make a one-time payment of $0.5 million for each contract for the three types of product related to such intellectual property that would reduce the payment term for the three products to the tenth anniversary of the first commercial sale. The obligation to pay royalties expires on a country-by-country and product-by-product basis on the later of either when the product is no longer sold in any country or the earliest of the tenth anniversary of the first commercial sale of the product. As of December 31, 2020, the product has not achieved regulatory approval. Avexitide Purchase Agreement and Related Stanford License Agreement In September 2015, the Company entered into an asset purchase agreement with two individuals, Dr. Tracey McLaughlin and Dr. Colleen Craig, (the Sellers), whereby the Company purchased all of the assets related to the compound avexitide (formerly known as exendin 9-39) including any related intellectual property from the Sellers (the Exendin APA). The Company also entered into a consulting agreement with the Sellers as part of the agreement. The Company issued 15,378 shares of common stock that were valued at $0.2 million and with the option to purchase 46,134 shares of common stock with an exercise price of $2.06 per share when the agreement was executed in September 2015. Of the 46,134 options to purchase common stock, 15,378 shares vest monthly over four years as services are provided by the Sellers and 30,756 vest upon the earlier of the first commercial sale of the product or the approval of new drug application by the U.S. Food and Drug Administration (the milestone-vested options). On March 22, 2016, immediately following the closing of the merger, the Company issued additional top-up options to the Sellers to purchase an aggregate of 48,544 shares of common stock, pursuant to the terms of the Exendin APA, with an exercise price of $17.25 per share. The top-up options consist of both time-vested and milestone-vested options. The fair value of the time-vested options is recognized as stock-based compensation expense as the awards vest over time. The fair value of the milestone-vested options will be recognized as research and development expense when it is probable that the earliest milestone will be achieved at their fair value as of the ASU 2018-07 adoption date. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $0.1 million, $0.1 million and $0.1 million of compensation expense related to the time-vested options, respectively. No expense was recognized for the milestone vested options during the years ended December 31, 2020, 2019 and 2018. The Company is also obligated to pay development milestone payments in an aggregate amount of up to $1.0 million to each Seller. Additionally, the Company is obligated to pay each Seller royalties of low single-digits based on aggregate annual net sales of all products developed based on avexitide, subject to certain reductions and exceptions. The Company’s obligation to pay royalties expires on the expiration of the last to expire patent assigned to the Company under the agreement. Additionally, the Company has assumed the license agreement the Sellers had previously entered into with the Board of Trustees of the Leland Stanford Junior University (Stanford). The Company is obligated to pay a royalty to Stanford in the low single-digits on annual net sales after the first commercial sale of any products developed based on avexitide. As of December 31, 2020, the Company has paid a total of $0.1 million in milestone payments to each of the Sellers related to the successful completion of the Phase 2 trials. Asset Purchase Agreement with AbbVie Inc. On November 20, 2020, the Company entered into an asset purchase agreement (AbbVie APA) with AbbVie Inc. (AbbVie) to sell its Rare Pediatric Disease Priority Review Voucher, which was awarded the PRV on November 20, 2020 upon approval by the FDA of the NDA for Zokinvy in Hutchinson-Gilford Progeria Syndrome and processing-deficient Progeroid Laminopathies (the PRV) to AbbVie. The AbbVie Agreement contains customary representations, warranties, covenants, and indemnification provisions subject to certain limitations. In consideration for the PRV, AbbVie agreed to pay the Company $95.0 million. The transaction closed in January 2021. Such consideration was shared equally with The Progeria Research Foundation (“PRF”) in accordance with the terms of the PRF Collaboration Agreement, pursuant to which the Company and PRF will equally share any proceeds from the sale of a priority review voucher that the Company may receive as the sponsor of a rare pediatric disease product application. The Company retained approximately $47.4 million of the proceeds from the sale of the PRV. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 7 . Debt In December 2016, the Company entered into an aggregate $25.0 million loan with Oxford Finance LLC (the Oxford Loan). 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 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 is 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. As of December 31, 2020, the Company was in compliance with all covenants. 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): 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 (2,083 ) (2,887 ) Total long term debt, net $ 31,194 $ 30,390 As of December 31, 2020, future minimum payments of principal, exit fee and interest expense under the Oxford Loan were as follows (in thousands): Year ending December 31, 2021 10,051 2022 11,662 2023 10,734 2024 5,816 Total future payments 38,263 Less: unamortized interest (4,986 ) Less: exit fee (2,083 ) Face value of term loan $ 31,194 On February 23, 2021, the Company entered into the fifth amendment to the Oxford Loan (Note 14). As the Company refinanced the short-term portion of the Oxford Loan on a long-term basis prior to the issuance of the financial statements, the current portion of long-term debt as of December 31, 2020 was reclassified as long-term at the balance sheet date. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 8 . Stockholders’ Equity Common Stock The holders of the Company’s common stock have one vote for each share of common stock. Common stockholders are entitled to dividends when, as, and if declared by the Board of Directors, subject to the prior rights of the convertible preferred stockholders. As of December 31, 2020, no dividends had been declared by the Board of Directors. On April 17, 2019, the Company completed an underwritten public offering of 5,175,000 shares of its common stock, including 675,000 shares sold upon full exercise of the underwriters’ option to purchase additional shares of common stock, at a price of $11.00 per share. The offering was made under the Company’s effective shelf registration statement and resulted in net proceeds to the Company of $53.2 million, after deducting underwriting discounts and commissions and offering expenses. In December 2019, the Company filed a shelf registration statement on Form S-3 (File No. 333-235655) with the Securities and Exchange Commission, which permits the offering, issuance and sale of up to a maximum aggregate offering price of $150.0 million of the company’s common stock, preferred stock, debt securities and warrants. Up to a maximum of $50.0 million of the maximum aggregate offering price of $150.0 million may be issued and sold pursuant to an at-the-market (ATM) financing facility (2019 ATM Facility) under a sales agreement with Jefferies LLC (Jefferies). In August 2020, the Company entered into a new sales agreement with Jefferies for up to $50.0 million of the remaining amount on the shelf registration statement which may be sold pursuant to an ATM financing facility (2020 ATM Facility). As of December 31, 2020 , the Company has completed both the 2019 ATM Facility and the 2020 ATM Facility for a total of 9,267,760 shares resulting in $ million in net proceeds, after deducting commissions . In December 2020, the Company filed a new shelf registration statement on Form S-3 (File No. 333-251497) with the Securities and Exchange Commission, which permits the offering, issuance and sale by the Company up to a maximum aggregate offering price of $200.0 million of our common stock, preferred stock, debt securities and warrants. Up to a maximum of $50.0 million of the maximum aggregate offering price of $200.0 million may be issued and sold pursuant to a new ATM financing facility under a sales agreement with Jefferies. The Company had reserved shares of common stock for issuance as follows: December 31, 2020 2019 Options issued and outstanding 3,697,075 2,767,617 Options available for future grants 1,021,109 823,598 Total 4,718,184 3,591,215 |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 9 . Equity Incentive Plans Restated 2013 Equity Incentive Plan In June 2016, the Company’s Board of Directors adopted and in August 2016 the Company’s stockholders approved the Amended and Restated 2013 Equity Incentive Plan (the Restated 2013 Plan). Under the terms of the Restated 2013 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company. Under the terms of the Plan, options may be granted at an exercise price not less than fair market value. For employees holding more than 10% of the voting rights of all classes of stock, the exercise prices for incentive and non-statutory stock options may not be less than 110% of fair market value, as determined by the Board of Directors. The terms of options granted under the Rested 2013 Plan may not exceed ten years. The vesting schedule of newly issued option grants is generally four years. The following table summarizes stock option activity under both the Company’s stock-based compensation plans during the year ended December 31, 2020 (in thousands, except share and per share data): Shares Available for Grant Number of Options Weighted- Average Exercise Price Per 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 (1,149,750 ) 1,149,750 $ 7.43 Restricted stock units granted (37,500 ) — Exercised — (61,700 ) $ 8.41 Forfeited or cancelled 158,592 (158,592 ) $ 10.27 Outstanding as of December 31, 2020 1,021,109 3,697,075 $ 10.81 7.55 $ 9,048 Vested and exercisable as of December 31, 2020 2,041,834 $ 11.57 6.71 $ 4,125 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the closing price of the Company’s common stock of $12.29 as of December 31, 2020. The aggregate intrinsic value of stock options exercised in 2020, 2019 and 2018 was $0.3 million, $0.6 million and $0.2 million, respectively. During the years ended December 31, 2020, 2019 and 2018, the weighted-average grant date fair value of options granted was $4.78, $8.98 and $7.50 per share, respectively. The Company records stock-based compensation on stock options by estimating the fair value of stock-based awards using the Black-Scholes option pricing model and amortizing 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: Year Ended December 31, 2020 2019 2018 Expected term (in years) 5.00 - 6.08 5.27 - 6.08 5.27 - 6.08 Contractual term (in years) 10.00 10.00 9.67 - 9.84 Volatility 73.00% - 77.00% 73.14% - 83.19% 84.00% - 95.00% Risk free interest rate 0.39% - 1.37% 1.42% - 2.57% 1.67% - 2.68% Dividend yield — — — Expected Term : The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term for employee options). The Company uses the contractual term to determine the non-employee award fair value at the grant date. The contractual term of options granted under the Restated 2013 Plan is ten years. Expected Volatility : Since the Company does not have a long trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, or stage in the life cycle. Beginning in the third quarter of 2019, as the Company had been publicly traded for four and a half years, the Company began to layer in its historical volatility in the calculation of expected volatility. Risk-Free Interest Rate : The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected Dividend : The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. 2013 Employee Stock Purchase Plan In 2013, the Company’s board of directors adopted and in 2016, upon the merger with Celladon, the Company amended and approved the 2013 Employee Stock Purchase Plan (2013 ESPP). The 2013 ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the U.S. Internal Revenue Code and is administered by the Company’s board of directors. The number of shares of common stock initially reserved for issuance under the 2013 ESPP was 100,000 shares with an automatic annual increase to the shares issuable under the 2013 ESPP to the lower of (i) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, and (ii) 165,000 shares of common stock, unless a lower number determined by the board of directors. As of December 31, 2020, a total of 618,831 shares are reserved for issuance and 543,791 shares available for future issuance under the 2013 ESPP. During the years ended December 31, 2020 and December 31, 2019, employees purchased 25,645 shares for $0.2 million and 15,701 shares for $0.1 million, respectively, under the 2013 ESPP. 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. RSUs granted to employees during the year ended December 31, 2020, commence vesting on the one-year anniversary through the two-year anniversary of the grant date. The fair value of all RSUs is 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. During the year ended December 31, 2020, the Company granted 37,500 RSUs with a weighted-average grant date fair value of $6.95 per share. The Company recognized $0.2 million in stock-based compensation expense for the year ended December 31, 2020, which is included in general and administrative expenses. As of December 31, 2020, the total unrecognized compensation expense related to unvested RSUs was $0.1 million, which the Company expects to recognize over an estimated weighted-average period of 0.4 years. Stock-Based Compensation Expense Total stock-based compensation expense recognized was as follows (in thousands): Year Ended December 31, 2020 2019 2018 Research and development $ 1,494 $ 1,550 $ 1,500 General and administrative 4,479 4,129 3,507 Total stock-based compensation expense $ 5,973 $ 5,679 $ 5,007 As of December 31, 2020, the total unrecognized compensation expense related to unvested options was $10.2 million, which the Company expects to recognize over an estimated weighted average period of 2.5 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10 . Income Taxes No provision for income taxes was recorded for the years ended December 31, 2020, 2019 and 2018. The Company has incurred net operating losses (NOL) for all the periods presented. The Company has not reflected any benefit of such NOL carryforwards in the accompanying consolidated financial statements. The Company has established a full valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows: Year Ended December 31, 2020 2019 2018 Federal statutory income tax rate 21.00 % 21.00 % 21.00 % Change in valuation allowance (26.75 ) (27.42 ) (26.02 ) Tax credits 6.43 7.27 5.52 State income taxes, net of federal benefit 0.33 0.25 0.27 Stock-based compensation (1.00 ) (0.89 ) (0.77 ) Other, net (0.01 ) (0.21 ) — Provision (benefit) for income taxes — % — % — % The components of the deferred tax assets and liabilities are as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 54,523 $ 42,761 Tax credits 1,068 7,157 Depreciation and amortization 2,067 1,602 Stock-based compensation 2,452 1,912 Accruals and reserves 606 319 Lease liabilities 278 389 Gross deferred tax assets 60,994 54,140 Valuation allowance (60,747 ) (53,793 ) Total deferred tax assets 247 347 Deferred tax liabilities: Right-of-use assets (247 ) (347 ) Total deferred tax liabilities (247 ) (347 ) Net deferred tax assets $ — $ — Due to the Company’s lack of earnings history, the deferred tax assets have been fully offset by a valuation allowance as of December 31, 2020 and 2019. The net change in the valuation allowance for the years ended December 31, 2020 and 2019 increased by $7.0 million and $7.6 million, respectively. As of December 31, 2020, the Company had approximately $251.7 million and $25.2 million, respectively, of federal and state NOL carryforwards available to reduce future taxable income that will begin to expire in 2030 and 2028, respectively, for federal and state tax purposes. As of December 31, 2020, the Company also had research and development tax credit carryforwards of $1.8 million for state purposes, available to offset future taxable income tax. If not utilized, the state credits can be carried forward indefinitely. The Company’s ability to utilize NOL carryforwards or other tax attributes, such as research tax credits, in any taxable year may be limited if the Company has experienced an ownership change under Section 382 of the Internal Revenue Code (the Code) of 1986, as amended. The Company’s merger with Celladon resulted in such an ownership change and, accordingly, Celladon’s NOL carryforwards and certain other tax attributes will be subject to further limitations on their use. The Company assessed whether it had an ownership change, as defined by Section 382 of the Code from its formation through December 31, 2020. Based upon this assessment, the Company experienced ownership changes on April 20, 2016, October 18, 2018 and December 31, 2020. Due to these ownership changes, reductions were made to the Company’s NOL and tax credit carryforwards under these rules Additional ownership changes in the future could result in additional limitations on the Company’s NOL and tax credit carryforwards. Tax benefits from uncertain tax positions are recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The amount recognized is measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon effective settlement. Uncertain Tax Positions A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 3,277 $ 4,634 $ 3,218 Additions based on tax positions related to prior year — — (61 ) Additions based on tax positions related to current year 81 2,443 1,477 Reductions based on tax positions related to prior year (2,907 ) (3,800 ) — Reductions based on tax positions related to current year — — — Balance at end of year $ 451 $ 3,277 $ 4,634 If the $0.5 million of unrecognized tax benefits is recognized, there would not be an effect on the effective tax rate. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. As of December 31, 2020, the unrecognized tax benefits for uncertain tax positions were offset against deferred tax assets and would not affect the income tax rate if recognized due to the Company being in a full valuation allowance position. The Company’s policy is to account for interest and penalties in tax expense on the consolidated statements of operations. The Company files income tax returns in the U.S. federal and state jurisdictions. All periods since inception are subject to examination by U.S. federal and state jurisdictions. There were no such interest or penalties during the years ended December 31, 2020, 2019 and 2018. |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Matters | 1 1 . Legal Matters From time to time in the ordinary course of business the Company becomes involved in various lawsuits, claims and proceedings, including those pertaining to the defense and enforcement of the Company’s patent or other intellectual property rights and contractual rights. These proceedings are costly and time consuming. Additionally, successful challenges to the Company’s patent or other intellectual property rights through these proceedings could result in a loss of rights in the relevant jurisdiction and may allow third parties to use the Company’s proprietary technologies without a license from the Company or its collaborators. The outcome of such matters, which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12 . Commitments and Contingencies Lease Agreement 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. The lease has a three-year The maturity of the Company’s operating lease liabilities as of December 31, 2020 were as follows (in thousands): Undiscounted lease payments December 31, 2020 2021 $ 673 2022 662 2023 113 2024 1 Total undiscounted payments 1,449 Less: imputed interest (129 ) Present value of future lease payments 1,320 Less: current portion of operating lease liabilities (582 ) Operating lease liabilities $ 738 Rent expense recognized for the Company’s operating leases was $0.6 million, $0.6 million, and $0.8 million for the years ended December 31, 2020, 2019, and 2018, 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 $0.1 The operating cash outflows for the operating lease liabilities were $0.7 million and $0.6 million for the year ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the weighted-average remaining lease term and weighted-average discount rate were 2.1 years and 9.15%, respectively. Other Commitments The Company is obligated to make future payments to third parties under asset purchase and license agreements, including royalties and payments that become due and payable on the achievement of certain development and commercialization milestones. However, the amount and timing of these payments are not known. Manufacturing Service Agreement In the first quarter of 2020, the Company entered into a Master Manufacturing Services Agreement (MMSA) and Product Agreement with Patheon, Inc. (Patheon) for the manufacturing of lonafarnib capsules and packaging of bottles for commercial sale. Under the terms of the agreements, the Company is required to provide Patheon with annual volume forecasts of capsules and Patheon will manufacture 80% of such annual forecasts. If the Company order less than 80% of such annual forecasts, it is required to pay 70% of purchase price for the shortfall. The initial terms of the MMSA and Product Agreement end on December 31, 2025 with automatic renewal for successive two-year |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 1 3 . As disclosed in Note 6, the Company entered into license agreements with EGI, which is owned by the founder of the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 4 . On February 23 , 2021, the Company entered into the fifth amendment to the Oxford Loan. The amendment extended the interest only period by 17 months until September 1, 2022, follow ed by 19 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 six months until March 1, 2023, follow ed by 13 equal monthly payments of principal plus accrued interest. In addition, the Company paid the amendment fees of $ 0.2 million to the lenders on the effective date of the fifth amendment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The 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 annual reporting. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of 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. |
Concentrations of Risk | Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consists of cash, cash equivalents and investments. The Company’s cash is held by a financial institution in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institution is financially sound, and accordingly, minimal credit risk exists with respect to the financial institution. For each product candidate, the Company relies on one supply chain for each of the four product candidates. If any of the single source suppliers in any of the supply chains fail to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect its operating results. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three months or less from the date of purchase. Cash equivalents consists primarily of amounts invested in money market funds held at financial institutions and corporate debt securities. The recorded carrying amount of cash equivalents approximates their fair value. |
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 . |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Depreciation begins at the time the asset is placed into service. Maintenance and repairs are charged to operations as incurred. Property and equipment purchased for specific research and development projects with no alternative uses are expensed as incurred. The useful lives of the property and equipment are as follows: Lab equipment 5 years Furniture 5 years Computer equipment and software 3 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. The Company assesses the recoverability of long-lived assets by determining whether or not the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. Through December 31, 2020, the Company has not impaired any long-lived assets. |
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 consolidated balance sheets and within research and development expenses in the 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 adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2019. Under ASC 842, the Company determines if an arrangement is or contains a lease at inception. Material leases with a term greater than one year are recognized in right-of-use (“ROU”) assets and current and noncurrent lease liabilities, as applicable, in the Company’s consolidated balance sheets. 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 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 consolidated statements of operations. The Company has 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. |
Deferred Financing Costs | Deferred Financing Costs Financing costs incurred with securing a term debt are recorded in the Company’s consolidated balance sheets as an offset to the term debt and amortized to interest expense in the Company’s consolidated statements of operations over the contractual life of the loan using the effective interest method. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred and consist of payroll expenses, stock-based compensation expense, lab supplies and allocated facility costs, as well as fees paid to third parties that conduct certain research and development and manufacturing activities on the Company’s behalf. Amounts incurred in connection with license and asset purchase agreements are also included in research and development expenses. Manufacturing costs related to products undergoing regulatory approval are expensed as research and development costs until receipt of such approval. |
Stock-Based Compensation | Stock-Based Compensation Stock-based awards to employees and directors, including stock options, are recorded at fair value as of the grant date using the Black-Scholes option pricing model and recognized as expense on a straight line-basis over the employee’s or director’s requisite service period (generally the vesting period). S tock -based awards to non-employees are recorded at their fair value as of the grant date , using the Black-Scholes option pricing model and recognized as expense over the period in which the related services are received. The determination of fair value for stock-based awards on the date of grant using an option pricing model requires management to make certain assumptions for Black-Scholes option pricing model inputs . The Company accounts for forfeitures of s tock -based awards when they occur. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to unrecognized tax benefits. Internal Revenue Code Section 382 limits the use of net operating loss and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. In the event that the Company experiences a change of ownership, utilization of the net operating loss and tax credit carryforwards may be restricted. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss represents all changes in stockholders' equity except those resulting from and distributions to stockholders. The Company’s unrealized gains and losses on debt securities represent the only component of other comprehensive loss that are excluded from the reported net loss and that are presented in the consolidated statements of comprehensive loss. |
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): December 31, 2020 2019 2018 Options to purchase common stock 3,697,075 2,767,617 1,996,211 Restricted stock units (unvested) 37,500 — — Total 3,734,575 2,767,617 1,996,211 |
Recently Adopted 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) for fair value measurements. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance on January 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (Subtopic 350-40) The Company adopted this guidance on January 1, 2020 using the prospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements. |
Accounting Pronouncements Not Yet Adopted | 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. 2020-04, 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) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | The useful lives of the property and equipment are as follows: Lab equipment 5 years Furniture 5 years Computer equipment and software 3 years |
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): December 31, 2020 2019 2018 Options to purchase common stock 3,697,075 2,767,617 1,996,211 Restricted stock units (unvested) 37,500 — — Total 3,734,575 2,767,617 1,996,211 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 20,846 $ — $ — $ 20,846 Corporate debt securities — 33,941 — 33,941 Commercial paper — 21,980 — 21,980 U.S. treasury bills — 39,995 — 39,995 U.S. government bonds — 4,060 — 4,060 Total $ 20,846 $ 99,976 $ — $ 120,822 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): December 31, 2020 Amortized cost Unrealized gain Unrealized loss Estimated Cash equivalents: Money market funds $ 20,846 $ — $ — $ 20,846 Total cash equivalents $ 20,846 $ — $ — $ 20,846 Debt securities: Corporate debt securities $ 33,952 $ 1 $ (12 ) $ 33,941 Commercial paper 21,980 — — 21,980 U.S. treasury bills 39,992 3 — 39,995 U.S. government bonds 4,060 — — 4,060 Total debt securities $ 99,984 $ 4 $ (12 ) $ 99,976 December 31, 2019 Amortized cost Unrealized gain Unrealized loss Estimated 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 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consist of the following (in thousands): December 31, 2020 2019 Computer equipment and software $ 520 $ 160 Furniture 111 111 Leasehold improvements 80 61 Lab equipment 271 36 Construction in progress 69 436 Total property and equipment 1,051 804 Less: accumulated depreciation (342 ) (214 ) Property and equipment, net $ 709 $ 590 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2020 2019 Prepaid contract manufacturing costs $ 6,126 $ 1,374 Prepaid research costs 1,177 1,627 Prepaid insurance 448 421 Other 1,215 1,968 Total prepaid expenses and other current assets $ 8,966 $ 5,390 |
Schedule of Components of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): December 31, 2020 2019 Contract research costs $ 6,062 $ 5,288 Contract manufacturing costs 1,167 2,510 Compensation and related benefits 3,169 1,707 Other 1,007 496 Total accrued liabilities $ 11,405 $ 10,001 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 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): 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 (2,083 ) (2,887 ) Total long term debt, net $ 31,194 $ 30,390 |
Schedule of Future Minimum Payments of Principal, Exit Fee and Interest Expense under Oxford Term Loan | As of December 31, 2020, future minimum payments of principal, exit fee and interest expense under the Oxford Loan were as follows (in thousands): Year ending December 31, 2021 10,051 2022 11,662 2023 10,734 2024 5,816 Total future payments 38,263 Less: unamortized interest (4,986 ) Less: exit fee (2,083 ) Face value of term loan $ 31,194 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Common Stock Reserved for Issuance | The Company had reserved shares of common stock for issuance as follows: December 31, 2020 2019 Options issued and outstanding 3,697,075 2,767,617 Options available for future grants 1,021,109 823,598 Total 4,718,184 3,591,215 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock Option Activity | The following table summarizes stock option activity under both the Company’s stock-based compensation plans during the year ended December 31, 2020 (in thousands, except share and per share data): Shares Available for Grant Number of Options Weighted- Average Exercise Price Per 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 (1,149,750 ) 1,149,750 $ 7.43 Restricted stock units granted (37,500 ) — Exercised — (61,700 ) $ 8.41 Forfeited or cancelled 158,592 (158,592 ) $ 10.27 Outstanding as of December 31, 2020 1,021,109 3,697,075 $ 10.81 7.55 $ 9,048 Vested and exercisable as of December 31, 2020 2,041,834 $ 11.57 6.71 $ 4,125 |
Summary of Non-cash Stock Based Compensation Expense | Total stock-based compensation expense recognized was as follows (in thousands): Year Ended December 31, 2020 2019 2018 Research and development $ 1,494 $ 1,550 $ 1,500 General and administrative 4,479 4,129 3,507 Total stock-based compensation expense $ 5,973 $ 5,679 $ 5,007 |
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: Year Ended December 31, 2020 2019 2018 Expected term (in years) 5.00 - 6.08 5.27 - 6.08 5.27 - 6.08 Contractual term (in years) 10.00 10.00 9.67 - 9.84 Volatility 73.00% - 77.00% 73.14% - 83.19% 84.00% - 95.00% Risk free interest rate 0.39% - 1.37% 1.42% - 2.57% 1.67% - 2.68% Dividend yield — — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Effective Income Tax Rate | The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows: Year Ended December 31, 2020 2019 2018 Federal statutory income tax rate 21.00 % 21.00 % 21.00 % Change in valuation allowance (26.75 ) (27.42 ) (26.02 ) Tax credits 6.43 7.27 5.52 State income taxes, net of federal benefit 0.33 0.25 0.27 Stock-based compensation (1.00 ) (0.89 ) (0.77 ) Other, net (0.01 ) (0.21 ) — Provision (benefit) for income taxes — % — % — % |
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities are as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 54,523 $ 42,761 Tax credits 1,068 7,157 Depreciation and amortization 2,067 1,602 Stock-based compensation 2,452 1,912 Accruals and reserves 606 319 Lease liabilities 278 389 Gross deferred tax assets 60,994 54,140 Valuation allowance (60,747 ) (53,793 ) Total deferred tax assets 247 347 Deferred tax liabilities: Right-of-use assets (247 ) (347 ) Total deferred tax liabilities (247 ) (347 ) Net deferred tax assets $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 3,277 $ 4,634 $ 3,218 Additions based on tax positions related to prior year — — (61 ) Additions based on tax positions related to current year 81 2,443 1,477 Reductions based on tax positions related to prior year (2,907 ) (3,800 ) — Reductions based on tax positions related to current year — — — Balance at end of year $ 451 $ 3,277 $ 4,634 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Maturity of Operating Leases Liabilities and Future Minimum Lease Payments | The maturity of the Company’s operating lease liabilities as of December 31, 2020 were as follows (in thousands): Undiscounted lease payments December 31, 2020 2021 $ 673 2022 662 2023 113 2024 1 Total undiscounted payments 1,449 Less: imputed interest (129 ) Present value of future lease payments 1,320 Less: current portion of operating lease liabilities (582 ) Operating lease liabilities $ 738 |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | |
Description Of Business [Abstract] | ||
Entity incorporation, date of incorporation | Nov. 6, 2008 | |
Number of operating segments | Segment | 1 | |
Cash, Cash Equivalents, and Investments | $ 128,900 | |
Cash and cash equivalents | 28,864 | $ 39,373 |
Debt securities, available-for-sale | 99,976 | 55,621 |
Accumulated deficit | $ (306,500) | $ (241,449) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($)SupplyChainProductCandidate | |
Significant Accounting Policies [Line Items] | |
Impairment of long-lived assets | $ 0 |
Interest charged in relation to unrecognized tax benefits | 0 |
Penalties charged in relation to unrecognized tax benefits | $ 0 |
Supplier Concentration Risk [Member] | |
Significant Accounting Policies [Line Items] | |
Concentration risk, supplier | For each product candidate, the Company relies on one supply chain for each of the four product candidates. If any of the single source suppliers in any of the supply chains fail to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect its operating results. |
Number of supply chains for each product candidate | SupplyChain | 1 |
Number of product candidates. | ProductCandidate | 4 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Lab Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 3,734,575 | 2,767,617 | 1,996,211 |
Options Granted to Employees and Non Employees [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 3,697,075 | 2,767,617 | 1,996,211 |
Restricted Stock Units, Unvested [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 37,500 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 120,822,000 | $ 91,475,000 |
Financial liabilities | 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 |
Transfers in or out of level 3 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Assets, Fair Value | $ 120,822,000 | $ 91,475,000 |
US Treasury Bill Securities [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 39,995,000 | |
Corporate Debt Securities [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 33,941,000 | 16,644,000 |
US Government Bonds [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 4,060,000 | 31,520,000 |
Money Market Funds [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 20,846,000 | 35,854,000 |
Commercial Paper [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 21,980,000 | 7,457,000 |
Level 1 [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 20,846,000 | 35,854,000 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 20,846,000 | 35,854,000 |
Level 2 [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 99,976,000 | 55,621,000 |
Level 2 [Member] | US Treasury Bill Securities [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 39,995,000 | |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 33,941,000 | 16,644,000 |
Level 2 [Member] | US Government Bonds [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 4,060,000 | 31,520,000 |
Level 2 [Member] | Commercial Paper [Member] | ||
Financial Assets: | ||
Assets, Fair Value | 21,980,000 | 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash Equivalents and Investment Securities [Line Items] | ||
Cash equivalents, Amortized cost | $ 20,846 | $ 35,854 |
Cash equivalents, Estimated Fair Value | 20,846 | 35,854 |
Debt securities, Amortized cost | 99,984 | 55,579 |
Debt securities, Unrealized gain | 4 | 42 |
Debt securities, Unrealized loss | (12) | |
Debt securities, Estimated Fair Value | 99,976 | 55,621 |
US Treasury Bill Securities [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Cash equivalents, Amortized cost | 39,992 | |
Cash equivalents, Estimated Fair Value | 39,995 | |
Debt securities, Amortized cost | 39,992 | |
Debt securities, Unrealized gain | 3 | |
Debt securities, Estimated Fair Value | 39,995 | |
Corporate Debt Securities [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Debt securities, Amortized cost | 33,952 | 16,633 |
Debt securities, Unrealized gain | 1 | 11 |
Debt securities, Unrealized loss | (12) | |
Debt securities, Estimated Fair Value | 33,941 | 16,644 |
US Government Bonds [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Debt securities, Amortized cost | 4,060 | 31,489 |
Debt securities, Unrealized gain | 31 | |
Debt securities, Estimated Fair Value | 4,060 | 31,520 |
Money Market Funds [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Cash equivalents, Amortized cost | 20,846 | 35,854 |
Cash equivalents, Estimated Fair Value | 20,846 | 35,854 |
Commercial Paper [Member] | ||
Cash Equivalents and Investment Securities [Line Items] | ||
Debt securities, Amortized cost | 21,980 | 7,457 |
Debt securities, Estimated Fair Value | $ 21,980 | $ 7,457 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,051 | $ 804 |
Property and equipment, accumulated depreciation | (342) | (214) |
Property and equipment, net | 709 | 590 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 271 | 36 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 520 | 160 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 111 | 111 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 80 | 61 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 69 | $ 436 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation [Abstract] | |||
Depreciation expense | $ 167 | $ 68 | $ 54 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid contract manufacturing costs | $ 6,126 | $ 1,374 |
Prepaid research costs | 1,177 | 1,627 |
Prepaid insurance | 448 | 421 |
Other | 1,215 | 1,968 |
Total prepaid expenses and other current assets | $ 8,966 | $ 5,390 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Contract research costs | $ 6,062 | $ 5,288 |
Contract manufacturing costs | 1,167 | 2,510 |
Compensation and related benefits | 3,169 | 1,707 |
Other | 1,007 | 496 |
Total accrued liabilities | $ 11,405 | $ 10,001 |
License, Collaboration, and P_2
License, Collaboration, and Product Development Agreements - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 11, 2018 | Apr. 20, 2016 | Mar. 15, 2018 | May 31, 2015 | Sep. 30, 2010 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Research and development | $ 41,590 | $ 51,791 | $ 37,091 | |||||
Weighted-average period for recognition (in years) | 2 years 6 months | |||||||
Aggregate fair value of shares issued | $ 34 | $ 24 | ||||||
Common stock, shares issued | 33,878,486 | 24,523,381 | ||||||
Common Stock [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Sale of common stock | 9,267,760 | 5,175,000 | 8,510,918 | |||||
UPenn/CHOP Agreement [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Non-Refundable Issue Fee | $ 1,000 | |||||||
Milestone payment obligations | $ 0 | |||||||
UPenn/CHOP Agreement [Member] | Maximum [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
License maintenance fee | 2,500 | |||||||
UPenn/CHOP Agreement [Member] | Commercial Sales [Member] | Maximum [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Milestone payment obligations | 18,000 | |||||||
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 | 200 | $ 200 | $ 400 | |||||
Unrecognised compensation expense related to unvested restricted shares | $ 200 | |||||||
Weighted-average period for recognition (in years) | 1 year 3 months 18 days | |||||||
Progeria Research Foundation (PRF) Collaboration Agreement [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Research and development | $ 2,000 | |||||||
Collaboration agreement initial term | 10 years | |||||||
Collaboration agreement subsequent renewal terms | 2 years | |||||||
BMS Transaction [Member] | Licensing Agreements [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Upfront payment | $ 2,000 | |||||||
BMS Transaction [Member] | Common Stock [Member] | BMS Purchase Agreement [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Sale of common stock | 157,587 | |||||||
Aggregate fair value of shares issued | $ 3,200 | |||||||
BMS Transaction [Member] | Commercial Sales [Member] | Maximum [Member] | Licensing Agreements [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Milestone payment obligations | 128,000 | |||||||
BMS Transaction [Member] | Development and Regulatory Milestones [Member] | Licensing Agreements [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Milestone payment obligations | 61,000 | |||||||
BMS Transaction [Member] | Development Phase 2 [Member] | Licensing Agreements [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Milestone payment obligations | 3,000 | |||||||
BMS Transaction [Member] | Development Phase 3 [Member] | Maximum [Member] | Licensing Agreements [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Increase in milestone payment obligations | $ 5,000 | |||||||
Merck Transaction [Member] | Licensing Agreements [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Aggregate fair value of shares issued | $ 500 | |||||||
Common stock, shares issued | 27,350 | |||||||
Milestone payments | $ 1,000 | $ 0 | ||||||
Royalties expiration description | The Company is obligated to pay Merck up to an aggregate of $27.0 million in development milestones and will be required to pay tiered royalties based on aggregate annual net sales of all licensed products ranging from mid-single to low double-digit royalties on net sales. | |||||||
Merck Transaction [Member] | Development [Member] | Maximum [Member] | Licensing Agreements [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Development milestone payment obligations | $ 27,000 |
Asset Purchase Agreements and_2
Asset Purchase Agreements and Related License Agreements - Additional Information (Detail) - USD ($) | Nov. 20, 2020 | Mar. 22, 2016 | Sep. 30, 2015 | Dec. 31, 2010 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Compensation expense related to the time-vested/milestone vested options | $ 5,973,000 | $ 5,679,000 | $ 5,007,000 | ||||
Milestone Vested Options [Member] | |||||||
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Compensation expense related to the time-vested/milestone vested options | $ 0 | 0 | 0 | ||||
Asset Purchase Agreement [Member] | EIG Transaction [Member] | |||||||
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Upfront payment | $ 400,000 | ||||||
Asset purchase description | Within the first ten years after commercialization, the Company may make a one-time payment of $0.5 million for each contract for the three types of product related to such intellectual property that would reduce the payment term for the three products to the tenth anniversary of the first commercial sale. | ||||||
One-time payment | $ 500,000 | ||||||
Asset Purchase Agreement [Member] | EIG Transaction [Member] | Farnesyl Transferase Inhibitors and Related Intellectual Property [Member] | |||||||
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Royalties expiration description | The obligation to pay royalties expires on a country-by-country and product-by-product basis on the later of either when the product is no longer sold in any country or the earliest of the tenth anniversary of the first commercial sale of the product. | ||||||
Avexitide Purchase Agreement [Member] | |||||||
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Shares issued for purchased assets | 15,378 | ||||||
Common stock, value | $ 200,000 | ||||||
Options to purchase common stock | 48,544 | 46,134 | |||||
Options to purchase of common stock exercise price | $ 17.25 | $ 2.06 | |||||
Options to purchase common stock vesting period | 4 years | ||||||
Vesting of options to purchase common stock | 30,756 | ||||||
Compensation expense related to the time-vested/milestone vested options | $ 100,000 | $ 100,000 | $ 0.1 | ||||
License agreement milestone payments paid | $ 100,000 | ||||||
Avexitide Purchase Agreement [Member] | Maximum [Member] | |||||||
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Aggregate potential milestone payments | $ 1,000,000 | ||||||
AbbVie Asset Purchase Agreement [Member] | |||||||
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Payment for asset purchase agreement | $ 95,000,000 | ||||||
AbbVie Asset Purchase Agreement [Member] | Progeria Research Foundation (PRF) Collaboration Agreement [Member] | |||||||
Asset Purchase Agreement And Related License Agreement [Line Items] | |||||||
Proceeds from sale | $ 47,400,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 23, 2021 | Mar. 05, 2019 | Dec. 31, 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. | ||||||
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 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 | ||||||
Oxford Loan [Member] | Amended Tranche A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face value of term loan | 31,194 | ||||||
Loan final repayment exit fees payable | $ 2,083 | ||||||
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 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, maturity period | Mar. 1, 2024 | ||||||
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 | ||||||
Fifth Amended Oxford Loan [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal and interest payment period | 19 months | ||||||
Interest payment period | 17 months | ||||||
Fifth Amended Oxford Loan [Member] | Tranche B [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal and interest payment period | 13 months | ||||||
Interest payment period | 6 months |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt and Unamortized Discount Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | (2,083) | (2,887) |
Total long term debt, net | $ 31,194 | $ 30,390 |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Payments of Principal, Exit Fee and Interest Expense under Oxford Term Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Exit fee | $ 3,277 | $ 3,277 |
Face value of term loan | 30,000 | $ 30,000 |
Oxford Loan [Member] | ||
Debt Instrument [Line Items] | ||
Exit fee | (1,900) | |
Oxford Loan [Member] | Amended Tranche A [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 10,051 | |
2022 | 11,662 | |
2023 | 10,734 | |
2024 | 5,816 | |
Total future payments | 38,263 | |
Less: unamortized interest | (4,986) | |
Exit fee | (2,083) | |
Face value of term loan | $ 31,194 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Aug. 31, 2020 | Apr. 17, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Dividends declared | $ 0 | ||||||
Net proceeds from issuance of common stock | $ 96,779,000 | ||||||
Equity, debt, warrants and units, maximum aggregate offering amount | $ 200,000,000 | $ 150,000,000 | |||||
At-The-Market Offering [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Issuance of common stock upon public offering, net of issuance costs, shares | 9,267,760 | ||||||
Net proceeds from issuance of common stock | $ 97,300,000 | ||||||
Equity, debt, warrants and units, maximum aggregate offering amount | 200,000,000 | 150,000,000 | |||||
Equity, debt, warrants and units, maximum issued and sale | $ 50,000,000 | $ 50,000,000 | |||||
Amount of common stock available for sale | $ 50,000,000 | ||||||
Common Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Issuance of common stock upon public offering, net of issuance costs, shares | 9,267,760 | 5,175,000 | 8,510,918 | ||||
Underwriting Agreement [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Net proceeds from issuance of common stock | $ 53,200,000 | ||||||
Underwriting Agreement [Member] | Common Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Issuance of common stock upon public offering, net of issuance costs, shares | 5,175,000 | ||||||
Number of additional common stock issued | 675,000 | ||||||
Common stock, offering price per share | $ 11 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Reserved for Issuance (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Options issued and outstanding | 3,697,075 | 2,767,617 |
Options available for future grants | 1,021,109 | 823,598 |
Total | 4,718,184 | 3,591,215 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Closing price of common stock | $ 12.29 | |||
Aggregate intrinsic value of options exercised | $ 300 | $ 600 | $ 200 | |
Expected dividend yield | 0.00% | |||
Common Stock Reserved for Issuance | 4,718,184 | 3,591,215 | ||
Number of additional shares authorized | 1,226,169 | |||
Options available for future grants | 1,021,109 | 823,598 | ||
Issuance of common stock upon ESPP purchase | $ 186 | $ 130 | 96 | |
Stock options granted | 1,149,750 | |||
Total unrecognized compensation expense | $ 10,200 | |||
Weighted-average period for recognition (in years) | 2 years 6 months | |||
Compensation expense related to the time-vested/milestone vested options | $ 5,973 | $ 5,679 | $ 5,007 | |
Weighted average period expected to recognized compensation expense (in years) | 2 years 6 months | |||
Employees Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant date fair value of employee option grants | $ 4.78 | $ 8.98 | $ 7.50 | |
Grant date fair value of employee options vested | 5,600,000 | 5,700,000 | 4,700,000 | |
Restricted Stock Units, Unvested [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant date fair value of employee option grants | $ 6.95 | |||
Stock options granted | 37,500 | |||
Total unrecognized compensation expense | $ 100 | |||
Weighted-average period for recognition (in years) | 4 months 24 days | |||
Compensation expense related to the time-vested/milestone vested options | $ 200 | |||
Weighted average period expected to recognized compensation expense (in years) | 4 months 24 days | |||
Restated 2013 Equity Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Issuance of common stock authorized | 4,705,442 | |||
2013 Employee Stock Purchase Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common Stock Reserved for Issuance | 618,831 | 100,000 | ||
Percentage increase in number of shares of common stock reserved for issuance | 1.00% | |||
Number of additional shares authorized | 165,000 | |||
Options available for future grants | 543,791 | |||
Issuance of common stock upon ESPP purchase, Shares | 25,645 | 15,701 | ||
Issuance of common stock upon ESPP purchase | $ 200 | $ 100 | ||
Share-based compensation arrangement by share-based payment award, description | The number of shares of common stock initially reserved for issuance under the 2013 ESPP was 100,000 shares with an automatic annual increase to the shares issuable under the 2013 ESPP to the lower of (i) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, and (ii) 165,000 shares of common stock, unless a lower number determined by the board of directors. As of December 31, 2020, a total of 618,831 shares are reserved for issuance and 543,791 shares available for future issuance under the 2013 ESPP. During the years ended December 31, 2020 and December 31, 2019, employees purchased 25,645 shares for $0.2 million and 15,701 shares for $0.1 million, respectively, under the 2013 ESPP. | |||
Minimum [Member] | Restated 2013 Equity Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Threshold ownership percentage of shareholder for grant of options at pre determined exercise price | 10.00% | |||
Minimum [Member] | Holders Of Ten Percent Or More Of Voting Power | Restated 2013 Equity Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | |||
Maximum [Member] | Restated 2013 Equity Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Contractual terms of options granted under the Plan | 10 years |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | (1,149,750) | |
Shares Available for Grant, Restricted stock units granted | (37,500) | |
Shares Available for Grant, Forfeited or cancelled | 158,592 | |
Shares Available for Grant, Outstanding, Ending balance | 1,021,109 | 823,598 |
Number of Options, Outstanding, Beginning balance | 2,767,617 | |
Number of Options, Granted | 1,149,750 | |
Number of Options, Exercised | (61,700) | |
Number of Options, Forfeited or cancelled | (158,592) | |
Number of Options, Outstanding, Ending balance | 3,697,075 | 2,767,617 |
Number of Options, Vested and exercisable | 2,041,834 | |
Weighted Average Exercise Price Per Option, Outstanding, Beginning balance | $ 12.14 | |
Weighted Average Exercise Price Per Option, Granted | $ 7.43 | |
Restricted stock units granted | 37,500 | |
Weighted Average Exercise Price Per Option, Exercised | $ 8.41 | |
Weighted Average Exercise Price Per Option, Forfeited or cancelled | 10.27 | |
Weighted Average Exercise Price Per Option, Outstanding, Ending balance | 10.81 | $ 12.14 |
Weighted Average Exercise Price Per Option, Vested and exercisable | $ 11.57 | |
Weighted Average Remaining Contractual Life, Ending balance | 7 years 6 months 18 days | 7 years 11 months 8 days |
Weighted Average Remaining Contractual Life, Vested and exercisable | 6 years 8 months 15 days | |
Aggregate Intrinsic Value | $ 9,048 | $ 8,218 |
Aggregate Intrinsic Value, Vested and exercisable | $ 4,125 |
Equity Incentive Plans - Weight
Equity Incentive Plans - Weighted-average assumptions used in Black-Scholes Model to estimate fair value of stock options granted (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Contractual term (in years) | 7 years 6 months 18 days | 7 years 11 months 8 days | |
Dividend yield | 0.00% | ||
Employees Stock Option [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 5 years | 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 |
Non-Employees Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Contractual term (in years) | 10 years | 10 years | |
Non-Employees Stock Option [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Contractual term (in years) | 9 years 8 months 1 day | ||
Non-Employees Stock Option [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Contractual term (in years) | 9 years 10 months 2 days | ||
Employees and Non Employees Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility, minimum | 73.00% | 73.14% | 84.00% |
Volatility, maximum | 77.00% | 83.19% | 95.00% |
Risk free interest rate, minimum | 0.39% | 1.42% | 1.67% |
Risk free interest rate, maximum | 1.37% | 2.57% | 2.68% |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Non-cash Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 5,973 | $ 5,679 | $ 5,007 |
Research and Development [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1,494 | 1,550 | 1,500 |
General and Administrative [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 4,479 | $ 4,129 | $ 3,507 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Provision for income taxes | $ 0 | $ 0 | $ 0 |
Valuation allowance | 7,000,000 | 7,600,000 | |
Unrecognized tax benefits impact on effective tax rate | 500,000 | ||
Accrued interest and penalties associated with uncertain tax positions | 0 | $ 0 | $ 0 |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 251,700,000 | ||
Operating loss carryforwards expiration year | 2030 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 25,200,000 | ||
Operating loss carryforwards expiration year | 2028 | ||
Tax credits | $ 1,800,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Change in valuation allowance | (26.75%) | (27.42%) | (26.02%) |
Tax credits | 6.43% | 7.27% | 5.52% |
State income taxes, net of federal benefit | 0.33% | 0.25% | 0.27% |
Stock-based compensation | (1.00%) | (0.89%) | (0.77%) |
Other, net | (0.01%) | (0.21%) | |
Provision (benefit) for income taxes | 0.00% | 0.00% | 0.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 54,523 | $ 42,761 |
Tax credits | 1,068 | 7,157 |
Depreciation and amortization | 2,067 | 1,602 |
Stock-based compensation | 2,452 | 1,912 |
Accruals and reserves | 606 | 319 |
Lease liabilities | 278 | 389 |
Gross deferred tax assets | 60,994 | 54,140 |
Valuation allowance | (60,747) | (53,793) |
Total deferred tax assets | 247 | 347 |
Deferred tax liabilities: | ||
Right-of-use assets | (247) | (347) |
Total deferred tax liabilities | (247) | (347) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 3,277 | $ 4,634 | $ 3,218 |
Additions based on tax positions related to prior year | (61) | ||
Additions based on tax positions related to current year | 81 | 2,443 | 1,477 |
Reductions based on tax positions related to prior year | (2,907) | (3,800) | |
Balance at end of year | $ 451 | $ 3,277 | $ 4,634 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2017USD ($)ft² | Mar. 31, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Other Commitments [Line Items] | |||||
Rent expense recognized for company's operating leases | $ 0.6 | $ 0.6 | $ 0.8 | ||
Variable lease payments for operating leases | 0.1 | 0.1 | |||
Operating cash outflows for operating lease liabilities | $ 0.7 | $ 0.6 | |||
Weighted-average remaining lease term | 2 years 1 month 6 days | ||||
Weighted-average discount rate | 9.15% | ||||
Patheon, Inc. [Member] | Master Manufacturing Services Agreement [Member] | |||||
Other Commitments [Line Items] | |||||
Percentage of product manufactured on the basics of annual forecasts | 80.00% | ||||
Percentage of purchase price | 70.00% | ||||
Product agreement date of expiration | Dec. 31, 2025 | ||||
Product agreement renewal term | 2 years | ||||
Maximum [Member] | Patheon, Inc. [Member] | Master Manufacturing Services Agreement [Member] | |||||
Other Commitments [Line Items] | |||||
Percentage of product manufactured on the basics of annual forecasts | 80.00% | ||||
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 | $ 0.3 |
Commitments and Contingencies_2
Commitments and Contingencies - Maturity of Operating Leases Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating leases minimum payments, 2021 | $ 673 | |
Operating leases minimum payments, 2022 | 662 | |
Operating leases minimum payments, 2023 | 113 | |
Operating leases minimum payments, 2024 | 1 | |
Total undiscounted payments | 1,449 | |
Less: imputed interest | (129) | |
Present value of future lease payments | 1,320 | |
Less: current portion of operating lease liabilities | (582) | $ (534) |
Operating lease liabilities | $ 738 | $ 1,320 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Fifth Amended Oxford Loan [Member] $ in Millions | Feb. 23, 2021USD ($) |
Subsequent Event [Line Items] | |
Principal and interest payment period | 19 months |
Interest payment period | 17 months |
Tranche B [Member] | |
Subsequent Event [Line Items] | |
Principal and interest payment period | 13 months |
Interest payment period | 6 months |
Amendmend fees Payment | $ 0.2 |