Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 08, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Security Exchange Name | NASDAQ | |
Trading Symbol | LIFE | |
Entity Registrant Name | aTYR PHARMA INC | |
Entity Central Index Key | 0001339970 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 3,890,185 | |
Entity File Number | 001-37378 | |
Entity Tax Identification Number | 20-3435077 | |
Entity Address, Address Line One | 3545 John Hopkins Court | |
Entity Address, Address Line Two | Suite #250 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 731-8389 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 17,341 | $ 22,962 |
Available-for-sale investments, short-term | 20,723 | 26,583 |
Prepaid expenses and other assets | 1,080 | 1,258 |
Total current assets | 39,144 | 50,803 |
Property and equipment, net | 1,386 | 1,853 |
Right-of-use assets | 2,994 | |
Other assets | 221 | 90 |
Total assets | 43,745 | 52,746 |
Current liabilities: | ||
Accounts payable | 1,324 | 1,040 |
Accrued expenses | 1,579 | 2,026 |
Contract liability | 352 | |
Current portion of operating lease liability | 729 | |
Current portion of long-term debt, net of issuance costs and discount | 7,844 | 7,767 |
Total current liabilities | 11,828 | 10,833 |
Long-term operating lease liability, net of current portion | 2,439 | |
Long-term debt, net of current portion and issuance costs and discount | 2,742 | 8,263 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 5,000,000 undesignated authorized shares; Class X Convertible Preferred Stock issued and outstanding shares – 1,643,961 and 2,285,952 as of September 30, 2019 and December 31, 2018, respectively | 2 | 2 |
Common stock, $0.001 par value; 10,714,286 authorized shares; issued and outstanding shares – 3,890,185 and 2,186,389 as of September 30, 2019 and December 31, 2018, respectively | 50 | 31 |
Additional paid-in capital | 343,048 | 332,378 |
Accumulated other comprehensive loss | (33) | (60) |
Accumulated deficit | (316,331) | (298,701) |
Total stockholders’ equity | 26,736 | 33,650 |
Total liabilities and stockholders’ equity | $ 43,745 | $ 52,746 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,714,286 | 10,714,286 |
Common stock, shares issued | 3,890,185 | 2,186,389 |
Common stock, shares outstanding | 3,890,185 | 2,186,389 |
Class X Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued | 1,643,961 | 2,285,952 |
Preferred stock, shares outstanding | 1,643,961 | 2,285,952 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 184 | $ 278 | ||
Operating expenses: | ||||
Research and development | 3,799 | $ 4,202 | 10,458 | $ 16,836 |
General and administrative | 1,883 | 2,475 | 6,836 | 10,021 |
Total operating expenses | 5,682 | 6,677 | 17,294 | 26,857 |
Loss from operations | (5,498) | (6,677) | (17,016) | (26,857) |
Total other income (expense), net | (147) | (437) | (614) | (1,336) |
Net loss | $ (5,645) | $ (7,114) | $ (17,630) | $ (28,193) |
Net loss per share attributable to common stock holders, basic and diluted | $ (1.47) | $ (3.33) | $ (5.55) | $ (13.22) |
Weighted average common stock shares outstanding, basic and diluted | 3,846,249 | 2,134,909 | 3,175,177 | 2,133,055 |
Collaboration Revenue [Member] | ||||
Revenues: | ||||
Total revenues | $ 184 | $ 278 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (5,645) | $ (7,114) | $ (17,630) | $ (28,193) |
Other comprehensive gain (loss): | ||||
Change in unrealized gain (loss) on available-for-sale investments, net of tax | (1) | 28 | 27 | 63 |
Comprehensive loss | $ (5,646) | $ (7,086) | $ (17,603) | $ (28,130) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Other Comprehensive Gain/(Loss) [Member] | Accumulated Deficit [Member] | Convertible Preferred Stock [Member] |
Beginning balance at Dec. 31, 2017 | $ 64,245 | $ 30 | $ 328,519 | $ (120) | $ (264,186) | $ 2 |
Begining balance, Shares at Dec. 31, 2017 | 2,129,968 | 2,285,952 | ||||
Issuance of common stock upon exercise of options and release of restricted stock units | 8 | 8 | ||||
Issuance of common stock upon exercise of options and release of restricted stock units, Share | 2,823 | |||||
Stock-based compensation | 928 | 928 | ||||
Net unrealized gain (loss) on investments, net of tax | (16) | (16) | ||||
Net loss | (10,667) | (10,667) | ||||
Ending balance at Mar. 31, 2018 | 54,498 | $ 30 | 329,455 | (136) | (274,853) | $ 2 |
Ending balance, Shares at Mar. 31, 2018 | 2,132,791 | 2,285,952 | ||||
Beginning balance at Dec. 31, 2017 | 64,245 | $ 30 | 328,519 | (120) | (264,186) | $ 2 |
Begining balance, Shares at Dec. 31, 2017 | 2,129,968 | 2,285,952 | ||||
Net unrealized gain (loss) on investments, net of tax | 63 | |||||
Net loss | (28,193) | |||||
Ending balance at Sep. 30, 2018 | 38,986 | $ 30 | 331,390 | (57) | (292,379) | $ 2 |
Ending balance, Shares at Sep. 30, 2018 | 2,135,416 | 2,285,952 | ||||
Beginning balance at Mar. 31, 2018 | 54,498 | $ 30 | 329,455 | (136) | (274,853) | $ 2 |
Begining balance, Shares at Mar. 31, 2018 | 2,132,791 | 2,285,952 | ||||
Issuance of common stock upon exercise of options and release of restricted stock units, Share | 238 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 28 | 28 | ||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 1,778 | |||||
Stock-based compensation | 1,211 | 1,211 | ||||
Net unrealized gain (loss) on investments, net of tax | 51 | 51 | ||||
Net loss | (10,412) | (10,412) | ||||
Ending balance at Jun. 30, 2018 | 45,376 | $ 30 | 330,694 | (85) | (285,265) | $ 2 |
Ending balance, Shares at Jun. 30, 2018 | 2,134,807 | 2,285,952 | ||||
Issuance of common stock upon exercise of options and release of restricted stock units | 6 | 6 | ||||
Issuance of common stock upon exercise of options and release of restricted stock units, Share | 609 | |||||
Stock-based compensation | 690 | 690 | ||||
Net unrealized gain (loss) on investments, net of tax | 28 | 28 | ||||
Net loss | (7,114) | (7,114) | ||||
Ending balance at Sep. 30, 2018 | 38,986 | $ 30 | 331,390 | (57) | (292,379) | $ 2 |
Ending balance, Shares at Sep. 30, 2018 | 2,135,416 | 2,285,952 | ||||
Beginning balance at Dec. 31, 2018 | 33,650 | $ 31 | 332,378 | (60) | (298,701) | $ 2 |
Begining balance, Shares at Dec. 31, 2018 | 2,186,389 | 2,285,952 | ||||
Conversion of preferred stock to common stock | $ 3 | (3) | ||||
Conversion of preferred stock to common stock, shares | 229,283 | (641,991) | ||||
Issuance of common stock from at the market offerings, net of offering costs | 1,381 | $ 3 | 1,378 | |||
Issuance of common stock from at the market offerings, net of offering costs, Shares | 193,670 | |||||
Stock-based compensation | 571 | 571 | ||||
Net unrealized gain (loss) on investments, net of tax | 20 | 20 | ||||
Net loss | (6,137) | (6,137) | ||||
Ending balance at Mar. 31, 2019 | 29,485 | $ 37 | 334,324 | (40) | (304,838) | $ 2 |
Ending balance, Shares at Mar. 31, 2019 | 2,609,342 | 1,643,961 | ||||
Beginning balance at Dec. 31, 2018 | 33,650 | $ 31 | 332,378 | (60) | (298,701) | $ 2 |
Begining balance, Shares at Dec. 31, 2018 | 2,186,389 | 2,285,952 | ||||
Net unrealized gain (loss) on investments, net of tax | 27 | |||||
Net loss | (17,630) | |||||
Ending balance at Sep. 30, 2019 | 26,736 | $ 50 | 343,048 | (33) | (316,331) | $ 2 |
Ending balance, Shares at Sep. 30, 2019 | 3,890,185 | 1,643,961 | ||||
Beginning balance at Mar. 31, 2019 | 29,485 | $ 37 | 334,324 | (40) | (304,838) | $ 2 |
Begining balance, Shares at Mar. 31, 2019 | 2,609,342 | 1,643,961 | ||||
Issuance of common stock upon exercise of options and release of restricted stock units, Share | 7,487 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 8 | 8 | ||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 1,515 | |||||
Issuance of common stock from at the market offerings, net of offering costs | 1,146 | $ 3 | 1,143 | |||
Issuance of common stock from at the market offerings, net of offering costs, Shares | 252,872 | |||||
Issuance of common stock from registered direct offering, net of offering costs | 4,918 | $ 9 | 4,909 | |||
Issuance of common stock from registered direct offering, net of offering costs, Shares | 660,154 | |||||
Stock-based compensation | 509 | 509 | ||||
Net unrealized gain (loss) on investments, net of tax | 8 | 8 | ||||
Net loss | (5,848) | (5,848) | ||||
Ending balance at Jun. 30, 2019 | 30,226 | $ 49 | 340,893 | (32) | (310,686) | $ 2 |
Ending balance, Shares at Jun. 30, 2019 | 3,531,370 | 1,643,961 | ||||
Issuance of common stock from at the market offerings, net of offering costs | 1,878 | $ 1 | 1,877 | |||
Issuance of common stock from at the market offerings, net of offering costs, Shares | 358,815 | |||||
Stock-based compensation | 278 | 278 | ||||
Net unrealized gain (loss) on investments, net of tax | (1) | (1) | ||||
Net loss | (5,645) | (5,645) | ||||
Ending balance at Sep. 30, 2019 | $ 26,736 | $ 50 | $ 343,048 | $ (33) | $ (316,331) | $ 2 |
Ending balance, Shares at Sep. 30, 2019 | 3,890,185 | 1,643,961 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (17,630) | $ (28,193) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 478 | 567 |
Stock-based compensation | 1,358 | 2,829 |
Debt discount accretion and non-cash interest expense | 556 | 743 |
Accretion of discount of available-for-sale investment securities | (245) | (213) |
Amortization of right-of-use assets | 536 | |
Gain on disposal of property and equipment | (28) | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | 9 | 182 |
Accounts payable and accrued expenses | (159) | (2,139) |
Contract liability | 352 | |
Operating lease liability | (324) | |
Net cash used in operating activities | (15,097) | (26,224) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (38) | (585) |
Purchases of available-for-sale investment securities | (34,668) | (23,375) |
Maturities of available-for-sale investment securities | 40,800 | 63,265 |
Proceeds from sale of property and equipment | 51 | |
Net cash provided by investing activities | 6,145 | 39,305 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock through employee stock purchase plan | 8 | 28 |
Proceeds from issuance of common stock through option exercises and release of restricted stock units | 14 | |
Proceeds from issuance of common stock through at the market offerings, net of offering costs | 4,405 | |
Proceeds from issuance of common stock through registered direct offering, net of offering costs | 4,918 | |
Repayments on borrowings | (6,000) | (2,667) |
Net cash provided by (used in) financing activities | 3,331 | (2,625) |
Net change in cash and cash equivalents | (5,621) | 10,456 |
Cash and cash equivalents at beginning of period | 22,962 | 21,091 |
Cash and cash equivalents at the end of period | $ 17,341 | $ 31,547 |
Organization, Business, Basis o
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | 1. Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies Organization and Business aTyr Pharma, Inc. (we, us, and our) was incorporated in the state of Delaware on September 8, 2005. We are focused on the discovery and development of innovative medicines based on novel immunological pathways. Principles of Consolidation Our condensed consolidated financial statements include our accounts and our 98% majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma). All intercompany transactions and balances are eliminated in consolidation. Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) and follow the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In our opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial position and our results of operations and cash flows for periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2018, contained in our Annual Report on Form 10-K filed with the SEC on March 26, 2019. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. Reverse Stock Split On June 28, 2019, we filed a Certificate of Amendment to our Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-14 reverse stock split of our issued and outstanding common stock. The reverse stock split became effective at 5:00 p.m. Eastern Time on June 28, 2019 and our common stock began trading on a split-adjusted basis on The Nasdaq Capital Market on July 1, 2019. The accompanying condensed consolidated financial statements and notes thereto give retrospective effect to the reverse stock split for all periods presented. All issued and outstanding common stock, options and warrants exercisable for common stock, restricted stock units, preferred stock conversions to common stock and per share amounts contained in our condensed consolidated financial statements have been retrospectively adjusted. Liquidity and Financial Condition We have incurred losses and negative cash flows from operations since our inception. As of September 30, 2019, we had an accumulated deficit of $316.3 million and we expect to continue to incur net losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale investments of $38.1 million as of September 30, 2019, will be sufficient to meet our anticipated cash requirements for a period of one year from the filing date of this Quarterly Report. We do not expect to generate any revenues from product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years at a minimum. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we will need to raise substantial additional capital to fund our operations. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our preclinical and clinical development efforts and the timing and nature of the regulatory approval process for our product candidates. We anticipate that we will seek to fund our operations through equity offerings, grant funding, collaborations, strategic partnerships and/or licensing arrangements, and when we are closer to commercialization of our product candidates potentially through debt financings. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such other arrangements when needed would have a negative impact on our financial condition and ability to develop our product candidates. Use of Estimates Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements and accompanying notes. The most significant estimates in our condensed consolidated financial statements relate to clinical trials and research and development expense accruals. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. Leases On January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016‑02, Leases (Topic 842) We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to exclude from our condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases) and we elected to not separate lease components and non-lease components for our long-term leases. Rent expense for the operating lease is recognized on a straight-line basis over the lease term and is included in operating expenses in our condensed consolidated statements of operations. Prior period amounts continue to be reported in accordance with our historical accounting practices under previous lease guidance, Accounting Standards Codification (ASC) 840, Leases Revenue Recognition We have entered into a research collaboration and option agreement. The terms of this arrangement include payments to us for research and development services and potential development milestone payments. Performance of obligations under the agreement began in the second quarter of 2019. We evaluate our agreements under ASC 606, Revenue from Contracts with Customers (Topic 606) and Collaborative Arrangements (Topic 808) . . In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our agreement, we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. As part of the accounting for these arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. We use key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents and adjusted for the weighted average number of common shares outstanding that are subject to repurchase. Diluted net loss per share is calculated by dividing the net loss by the weighted average number of common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of convertible preferred stock, warrants for common stock, common stock options and restricted stock units outstanding under our stock option plan and estimated shares to be purchased under our employee stock purchase plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Potentially dilutive securities not considered for the calculation of diluted net loss per share are as follows (in common share equivalents): Three and Nine Months Ended September 30, 2019 2018 Class X Preferred Stock (if-converted to common stock) 587,445 816,851 Common stock warrants 477,639 477,639 Common stock options and restricted stock units 402,538 401,168 Employee stock purchase plan 2,067 1,942 1,469,689 1,697,600 Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The new standard was effective beginning after December 15, 2018, including interim periods within those periods, using a modified retrospective approach. We adopted ASU No. 2016-02 on January 1, 2019 and recognized a $3.5 million right-of-use asset and $3.5 million lease liability in our condensed consolidated balance sheet for the discounted value of future lease payments from the adoption of this ASU. The adoption did not have any impact on our accumulated deficit. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in ASU No. 2016-13 replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2020, including periods within those fiscal years. We are currently evaluating the impact of ASU No. 2016-13 and do not expect the adoption of this guidance will have a material impact on our condensed consolidated financial position or results of operations. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) n entity to apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) inancing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers . In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements Amendments to Subtopic 718-40, Compensation–Stock Compensation–Income Taxes, deductions that are taken on the entity’s tax return in a different period from when the event that gives rise to the tax deduction occurs and the uncertainty about whether (1) the entity will receive a tax deduction and (2) the amount of the tax deduction is resolved. Some of the amendments in ASU No. 2018-09 do not require transition guidance and are effective immediately and others have transition guidance with effective dates for annual periods beginning after December 15, 2018 which we adopted on January 1, 2019. T In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) clarify the interaction between Topic 808 and Topic 606. A collaborative arrangement, as defined by the guidance in Topic 808, is a contractual arrangement under which two or more parties actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. Topic 808 does not provide comprehensive recognition or measurement guidance for collaborative arrangements, and the accounting for those arrangements is often based on an analogy to other accounting literature or an accounting policy election. Some entities apply revenue guidance directly or by analogy to all or part of their arrangements, and others apply a different accounting method as an accounting policy. Those accounting differences result in diversity in practice on how entities account for transactions on the basis of their view of the economics of the collaborative arrangement. The amendments for ASU No. 2018-18 are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, (1) for public business entities for which financial statements have not yet been issued and (2) for all other entities for periods which financial statements have not yet been made available for issuance. An entity may not adopt the amendments earlier than its adoption date of Topic 606. We early adopted ASU No. 2018-18 in the second quarter of 2019 and the adoption of this guidance did not have a material impact on our condensed consolidated financial position or results of operations. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates currently available to us for loans with similar terms, which is considered a Level 2 input, we believe that the carrying value of our long-term debt approximates its fair value. Investment securities are recorded at fair value. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial assets measured at fair value on a recurring basis consist of investment securities. Investment securities are recorded at fair value, defined as the exit price in the principal market in which we would transact, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Level 2 securities are valued using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data, or discounted cash flow techniques and include our investments in corporate debt securities and commercial paper. We have no financial liabilities measured at fair value on a recurring basis. None of our non-financial assets and liabilities is recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using Total Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2019 Assets: Current: Cash equivalents $ 16,016 $ 16,016 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 4,297 — 4,297 — Commercial paper 9,357 — 9,357 — Corporate debt securities 7,069 — 7,069 — Total short-term investments 20,723 — 20,723 — Total assets measured at fair value $ 36,739 $ 16,016 $ 20,723 $ — Fair Value Measurements Using Total Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2018 Assets: Current: Cash equivalents $ 16,019 $ 16,019 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 7,773 — 7,773 — Commercial paper 6,144 — 6,144 — Corporate debt securities 12,666 — 12,666 — Total short-term investments 26,583 — 26,583 — Total assets measured at fair value $ 42,602 $ 16,019 $ 26,583 $ — As of September 30, 2019 and December 31, 2018, available-for-sale investments are detailed as follows (in thousands): September 30, 2019 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 4,292 $ 5 $ — $ 4,297 Commercial paper 9,357 — — 9,357 Corporate debt securities 7,057 12 — 7,069 $ 20,706 $ 17 $ — $ 20,723 December 31, 2018 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 7,777 $ — $ (4 ) $ 7,773 Commercial paper 6,144 — — 6,144 Corporate debt securities 12,672 — (6 ) 12,666 $ 26,593 $ — $ (10 ) $ 26,583 As of September 30, 2019, all of our available-for-sale investments had a variety of effective maturity dates of less than one year. As of September 30, 2019, all available-for-sale investments were in gross unrealized gain positions. At each reporting date, we perform an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and our intent and ability to hold the investment until recovery of its amortized cost basis. We intend, and have the ability, to hold our investments in unrealized loss positions, if any, until their amortized cost basis has been recovered. |
Research Collaboration
Research Collaboration | 9 Months Ended |
Sep. 30, 2019 | |
Research And Development [Abstract] | |
Research Collaboration | 3. Research Collaboration In March 2019, we entered into a research collaboration and option agreement with CSL for the development of product candidates derived from up to four tRNA synthetases from our preclinical pipeline (CSL Agreement). Under the terms of the CSL Agreement, CSL will fund all research and development activities related to the development of the applicable product candidates for the duration of the collaboration. CSL reimburses us for all research and development activities. The research and development activities will be performed in six phases by both parties. The first phase totaling $0.6 million was funded in May 2019 and future phases will be funded on a quarterly basis. In addition, CSL will pay a total of up to $4.25 million per synthetase program ($17 million if all four synthetase programs advance) in option fees based on achievement of research milestones and CSL’s determination to continue development. As of September 30, 2019, no research milestone had been met. We will grant CSL an option to negotiate licenses for worldwide rights to each investigational new drug (IND) candidate that emerges from this research collaboration. Specific license terms will be negotiated during an exclusivity period following the exercise of each program option. CSL has the right to terminate the research collaboration and option agreement in its entirety or with respect to one or more synthetases upon 45 days notice. Either party has the right to terminate the agreement upon material breach of obligation or insolvency of the other party. We assessed our research collaboration with CSL in accordance with Topic 606 and concluded that CSL is a customer. We identified the following performance obligations under the CSL Agreement: 1) research services; and 2) participation in the Joint Steering Committee. We concluded that the performance obligations are interrelated and do not have a standalone basis. CSL has the right to terminate the research collaboration upon 45 days notice, which is considered to be the legally enforceable contract term. Therefore, during the first phase of research services, we have a 45 day performance obligation and all research services beyond the initial 45 days performance obligation are considered a material right. In addition, each phase of research services represents a separate customer option since CSL must provide written notice of their intent to advance to the next phase. Under the CSL Agreement, CSL is obligated to pay us for the costs incurred by us under the research programs. The payment of $0.6 million for the first phase of the research program received in May 2019 was considered fixed consideration and we will recognize revenue on the payment for the research service performance obligation as the services are performed. We are utilizing a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. We believe this is the best measure of progress because other measures do not reflect how we transfer the performance obligation to our counterparty. In applying the cost-based input methods of revenue recognition, we use actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs and internal full-time equivalent effort. A cost-based input method of revenue recognition requires us to make estimates of costs to complete the performance obligations. The cumulative effect of revisions to estimated costs to complete the performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. The option fees based on research milestones under the CSL Agreement are variable consideration. Because they are binary in nature, we will use the “most-likely” method to evaluate whether the milestones should be included. However, the milestones are only payable upon CSL’s decision to proceed to the next research phase for any program, and are therefore subject to CSL’s sole discretion. Accordingly, the milestones are fully constrained and we will not recognize revenue related to these amounts until we have received notification from CSL that they would like to proceed with the next phase of a research program. For the three and nine months ended September 30, 2019, we recognized $184,000 and $278,000 respectively, as collaboration revenue under the CSL Agreement. |
Debt, Commitments and Contingen
Debt, Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Debt Instruments [Abstract] | |
Debt, Commitments and Contingencies | 4. Debt, Commitments and Contingencies Term Loans In November 2016, we entered into a loan and security agreement and subsequently entered amendments (collectively, the Loan Agreement), for term loans with Silicon Valley Bank and Solar Capital Ltd. (the Lenders), to borrow up to $20.0 million issuable in three separate tranches (the Term Loans), $10.0 million of which was funded in November 2016, $5.0 million of which was funded in June 2017 and $5.0 million of which was funded in December 2017. Under the Loan Agreement, we were obligated to make interest only payments through June 1, 2018. Beginning June 2018, we were obligated to make consecutive equal monthly payments of principal and interest in arrears through the maturity date of November 18, 2020. The Term Loans bear interest at the prime rate, as reported in The Wall Street Journal on the last date of the month preceding the month in which interest will accrue, plus 4.10%. A final payment equal to 8.75% of the funded amounts is payable when the Term Loans become due or upon the prepayment of the respective outstanding balance. We have the option to prepay the outstanding balance of the loan in full, subject to a prepayment fee ranging from 1.0% to 3.0% depending upon when the prepayment occurs. The obligations under the Term Loans are secured by liens on our tangible personal property and we agreed to not encumber any of our intellectual property. The Term Loans include a material adverse change clause, which enables the Lenders to require immediate repayment of the outstanding debt if we experience a material adverse change. The material adverse change clause covers a material impairment in the perfection or priority of the Lenders’ lien in the underlying collateral or in the value of such collateral, material adverse change in business operations or condition or material impairment of our prospects for repayment of any portion of the remaining debt obligation. As of September 30, 2019, the carrying value of our Term Loans consisted of $9.3 million principal outstanding and a $1.4 million accretion of the final payment less the debt issuance costs of $0.2 million. The final payment of $1.8 million is accruing over the life of the Term Loans through interest expense and is due in the fourth quarter of 2020. The debt issuance costs have been recorded as a debt discount which are being accreted to interest expense over the life of the Term Loans. In connection with the first tranche, we issued warrants to each of the Lenders to purchase an aggregate of 3,415 shares of our common stock with an exercise price of $43.93 per share. In connection with the second tranche, we issued warrants to each of the Lenders to purchase an aggregate of 1,489 shares of our common stock with an exercise price of $50.37 per share. In connection with the third tranche, we issued warrants to each of the Lenders to purchase an aggregate of 1,443 shares of our common stock with an exercise price of $51.98 per share. The warrants are immediately exercisable and have a maximum contractual term of seven years. The aggregate fair value of the warrants was determined to be $0.5 million using the Black-Scholes option pricing model and was recorded as a debt discount which is being accreted to interest expense over the life of Term Loans. Term Loans and unamortized discount balances are as follows (in thousands): September 30, 2019 Debt balance $ 9,333 Less debt issuance costs and discount (8 ) Long-term debt, net of issuance costs and discount 9,325 Less current portion of long-term debt (8,000 ) Add accrual of final payment 1,417 Long-term debt, net of current portion and issuance costs and discount $ 2,742 Current portion of long-term debt $ 8,000 Less current portion of debt issuance costs and discount (156 ) Current portion of long-term debt, net of issuance costs and discount $ 7,844 Future principal payments for the Term Loans are as follows (in thousands): September 30, 2019 2019 $ 2,000 2020 7,333 Principal payments balance $ 9,333 Leases W e adopted ASU No. 2016-02, utilizing the modified retrospective transition method on January 1, 2019. We elected the package of practical expedients requiring no reassessment of whether any expired or existing contracts are or contain leases, the lease classification of any expired or existing leases, or initial direct costs for any existing leases. We did not elect the hindsight practical expedient. We also made accounting policy elections not to apply the recognition requirements under ASU No. 2016-02 to any of our short-term leases and to account for each separate lease and associated non-lease components as a single lease component for all of our leases. Under ASU No. 2016-02, we determine if an arrangement is a lease at inception. The adoption of the new lease standard had a material impact on the condensed consolidated balance sheets, but did not have a material impact on the condensed consolidated statements of operations. The impact on the condensed consolidated balance sheet resulted in the recording of a $3.5 million right-of-use asset and a corresponding operating lease liability for the same amount. Our right-of-use assets consist of an operating lease for our facility headquarters. We also have an immaterial amount of prepaid financing leases that are included within other assets in our condensed consolidated balance sheets We have a non-cancelable facility lease that is subject to base lease payments, which escalate over the term of the lease, additional charges for common area maintenance and other costs. In July 2018, we entered into a lease amendment that reduced the space we lease from 24,494 square feet to 20,508 square feet and extended the lease term to May 2023. With the lease amendment, we do not have an option to extend the lease. Future minimum payments under the non-cancelable facility lease and reconciliation to the operating lease liability as of September 30, 2019 were as follows (in thousands): Operating Lease 2019 $ 247 2020 1,002 2021 1,031 2022 1,062 Thereafter 404 Less: Amount representing interest (578 ) Present value of lease payments 3,168 Less: Current portion of operating lease liability (729 ) Long-term operating lease liability $ 2,439 Related Party Transactions We provided funding to The Scripps Research Institute (TSRI) pursuant to a research funding and option agreement to conduct certain research activities. We terminated our research funding and option agreement effective as of November 2018. For the three and nine months ended September 30, 2018, we recognized expense under the agreement in the amount $0.5 million and $1.5 million, respectively. Paul Schimmel, Ph.D., a member of our board of directors, is a faculty member at TSRI and such payments funded a portion of his research activities conducted at TSRI. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 5. Stockholders’ Equity At the Market Offering Program In June 2016, we entered into a sales agreement with Cowen and Company, LLC (Cowen) for at the market offerings (ATM Offering Program), under which we were able to offer and sell shares of our common stock having an aggregate offering price of up to $35.0 million from time to time. In May 2019, we terminated the ATM Offering Program with Cowen. During the year and prior to termination in May 2019, we sold an aggregate of 193,670 shares of common stock at an average price of $7.35 per common share for net proceeds of $1.4 million under the ATM Offering Program with Cowen. In May 2019, we entered into a sales agreement with H.C. Wainwright & Co., LLC (Wainwright) to create an ATM Offering Program under which we may offer and sell shares of our common stock having an aggregate offering price of up to $10.0 million. Wainwright is entitled to a commission at a fixed commission rate equal to 3% of the gross proceeds. During the nine months ended September 30, 2019, we sold an aggregate of 611,687 shares of common stock at an average price of $5.43 per common share for Private Placement of Common Stock, Convertible Preferred Shares and Common Stock Warrants In August 2017, we completed a private placement of common and preferred stock in which a select group of institutional investors, including Viking Global Opportunities Illiquid Investments Sub-Master, LP (VGO Fund) and other accredited investors, certain of whom are affiliated with our directors and officers (collectively, the Purchasers), purchased preferred stock and common stock. We issued to VGO Fund 126,985 shares of our common stock, at a price of $37.10 per share, 2,285,952 shares of our Class X Convertible Preferred Stock, at a price of $13.25 per share, and warrants to purchase up to 353,992 of additional shares of common stock. The remaining Purchasers purchased an aggregate of 292,453 shares of our common stock, at a price of $37.10 per share, and warrants to purchase up to 109,743 additional shares of our common stock. Gross proceeds from the private placement were $45.8 million. The warrants to purchase 463,735 shares of our common stock are exercisable at an exercise price of $64.92 per share, subject to adjustments as provided under the terms of the warrants. The warrants are immediately exercisable and expire on December 31, 2019. Each share of preferred stock is convertible into approximately 0.357 shares of our common stock. In January 2019, the VGO Fund converted 641,991 shares of its preferred stock into 229,283 shares of common stock. Registered Direct Offering In April 2019, we entered into a securities purchase agreement with an institutional investor, The Federated Kaufmann Small Cap Fund . Common Stock Reserved for Future Issuance Pursuant to the automatic increase provisions of our 2015 Stock Option and Incentive Plan (2015 Plan) and 2015 Employee Stock Purchase Plan (2015 ESPP), 87,368 additional shares were reserved for future issuance under the 2015 Plan on January 1, 2019 and 21,842 additional shares were reserved for future issuances under the 2015 ESPP on January 1, 2019. At our 2019 Annual Meeting of Stockholders, our stockholders approved an amendment to our 2015 Plan to increase the number of common stock reserved for issuance under the 2015 Plan by 71,428 shares. Common stock reserved for future issuance is as follows: September 30, 2019 Class X Preferred Stock (if-converted to common stock) 587,445 Common stock warrants 477,639 Common stock options and restricted stock units 402,538 Shares available under the 2015 Plan 222,014 Shares available under the 2015 ESPP 80,299 1,769,935 The following table summarizes our stock option activity under all equity incentive plans for the nine months ended September 30, 2019: Number of Outstanding Options Weighted Average Exercise Price Outstanding as of December 31, 2018 356,353 $ 62.61 Granted 76,472 $ 7.17 Canceled/forfeited/expired (43,119 ) $ 66.09 Outstanding as of September 30, 2019 389,706 $ 51.35 The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expected term (in years) 5.98 – 6.04 6.02 – 6.08 5.51 – 6.07 5.50 – 6.08 Risk-free interest rate 1.4% 2.9% 1.4% – 2.6% 2.3% – 3.0% Expected volatility 100.7% – 101.0% 88.4% – 88.9% 97.2% – 101.0% 88.4% – 98.4% Expected dividend yield 0.0% 0.0% 0.0% 0.0% The following table summarizes our restricted stock unit activity under all equity incentive plans for the nine months ended September 30, 2019: Number of Outstanding Restricted Stock Units Weighted Average Grant Date Fair Value Balance as of December 31, 2018 15,470 $ 11.91 Granted 5,356 $ 7.24 Released (7,487 ) $ 11.91 Forfeited (507 ) $ 11.90 Balance as of September 30, 2019 12,832 $ 9.96 Stock-based Compensation The allocation of stock-based compensation for all options, 2015 ESPP purchase rights and restricted stock units is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 82 $ 204 $ 285 $ 1,064 General and administrative 196 486 1,073 1,765 Total stock-based compensation expense $ 278 $ 690 $ 1,358 $ 2,829 |
Organization, Business, Basis_2
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization and Business | Organization and Business aTyr Pharma, Inc. (we, us, and our) was incorporated in the state of Delaware on September 8, 2005. We are focused on the discovery and development of innovative medicines based on novel immunological pathways. |
Principles of Consolidation | Principles of Consolidation Our condensed consolidated financial statements include our accounts and our 98% majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma). All intercompany transactions and balances are eliminated in consolidation. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) and follow the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In our opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial position and our results of operations and cash flows for periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2018, contained in our Annual Report on Form 10-K filed with the SEC on March 26, 2019. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. |
Reverse Stock Split | Reverse Stock Split |
Liquidity and Financial Condition | Liquidity and Financial Condition We have incurred losses and negative cash flows from operations since our inception. As of September 30, 2019, we had an accumulated deficit of $316.3 million and we expect to continue to incur net losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale investments of $38.1 million as of September 30, 2019, will be sufficient to meet our anticipated cash requirements for a period of one year from the filing date of this Quarterly Report. We do not expect to generate any revenues from product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years at a minimum. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we will need to raise substantial additional capital to fund our operations. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our preclinical and clinical development efforts and the timing and nature of the regulatory approval process for our product candidates. We anticipate that we will seek to fund our operations through equity offerings, grant funding, collaborations, strategic partnerships and/or licensing arrangements, and when we are closer to commercialization of our product candidates potentially through debt financings. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such other arrangements when needed would have a negative impact on our financial condition and ability to develop our product candidates. |
Use of Estimates | Use of Estimates Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements and accompanying notes. The most significant estimates in our condensed consolidated financial statements relate to clinical trials and research and development expense accruals. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. |
Leases | Leases On January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016‑02, Leases (Topic 842) We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to exclude from our condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases) and we elected to not separate lease components and non-lease components for our long-term leases. Rent expense for the operating lease is recognized on a straight-line basis over the lease term and is included in operating expenses in our condensed consolidated statements of operations. Prior period amounts continue to be reported in accordance with our historical accounting practices under previous lease guidance, Accounting Standards Codification (ASC) 840, Leases |
Revenue Recognition | Revenue Recognition We have entered into a research collaboration and option agreement. The terms of this arrangement include payments to us for research and development services and potential development milestone payments. Performance of obligations under the agreement began in the second quarter of 2019. We evaluate our agreements under ASC 606, Revenue from Contracts with Customers (Topic 606) and Collaborative Arrangements (Topic 808) . . In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our agreement, we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. As part of the accounting for these arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. We use key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents and adjusted for the weighted average number of common shares outstanding that are subject to repurchase. Diluted net loss per share is calculated by dividing the net loss by the weighted average number of common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of convertible preferred stock, warrants for common stock, common stock options and restricted stock units outstanding under our stock option plan and estimated shares to be purchased under our employee stock purchase plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Potentially dilutive securities not considered for the calculation of diluted net loss per share are as follows (in common share equivalents): Three and Nine Months Ended September 30, 2019 2018 Class X Preferred Stock (if-converted to common stock) 587,445 816,851 Common stock warrants 477,639 477,639 Common stock options and restricted stock units 402,538 401,168 Employee stock purchase plan 2,067 1,942 1,469,689 1,697,600 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The new standard was effective beginning after December 15, 2018, including interim periods within those periods, using a modified retrospective approach. We adopted ASU No. 2016-02 on January 1, 2019 and recognized a $3.5 million right-of-use asset and $3.5 million lease liability in our condensed consolidated balance sheet for the discounted value of future lease payments from the adoption of this ASU. The adoption did not have any impact on our accumulated deficit. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in ASU No. 2016-13 replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2020, including periods within those fiscal years. We are currently evaluating the impact of ASU No. 2016-13 and do not expect the adoption of this guidance will have a material impact on our condensed consolidated financial position or results of operations. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) n entity to apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) inancing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers . In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements Amendments to Subtopic 718-40, Compensation–Stock Compensation–Income Taxes, deductions that are taken on the entity’s tax return in a different period from when the event that gives rise to the tax deduction occurs and the uncertainty about whether (1) the entity will receive a tax deduction and (2) the amount of the tax deduction is resolved. Some of the amendments in ASU No. 2018-09 do not require transition guidance and are effective immediately and others have transition guidance with effective dates for annual periods beginning after December 15, 2018 which we adopted on January 1, 2019. T In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) clarify the interaction between Topic 808 and Topic 606. A collaborative arrangement, as defined by the guidance in Topic 808, is a contractual arrangement under which two or more parties actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. Topic 808 does not provide comprehensive recognition or measurement guidance for collaborative arrangements, and the accounting for those arrangements is often based on an analogy to other accounting literature or an accounting policy election. Some entities apply revenue guidance directly or by analogy to all or part of their arrangements, and others apply a different accounting method as an accounting policy. Those accounting differences result in diversity in practice on how entities account for transactions on the basis of their view of the economics of the collaborative arrangement. The amendments for ASU No. 2018-18 are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, (1) for public business entities for which financial statements have not yet been issued and (2) for all other entities for periods which financial statements have not yet been made available for issuance. An entity may not adopt the amendments earlier than its adoption date of Topic 606. We early adopted ASU No. 2018-18 in the second quarter of 2019 and the adoption of this guidance did not have a material impact on our condensed consolidated financial position or results of operations. |
Organization, Business, Basis_3
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities Not Considered for Calculation of Diluted Net Loss Per Share | Potentially dilutive securities not considered for the calculation of diluted net loss per share are as follows (in common share equivalents): Three and Nine Months Ended September 30, 2019 2018 Class X Preferred Stock (if-converted to common stock) 587,445 816,851 Common stock warrants 477,639 477,639 Common stock options and restricted stock units 402,538 401,168 Employee stock purchase plan 2,067 1,942 1,469,689 1,697,600 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using Total Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2019 Assets: Current: Cash equivalents $ 16,016 $ 16,016 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 4,297 — 4,297 — Commercial paper 9,357 — 9,357 — Corporate debt securities 7,069 — 7,069 — Total short-term investments 20,723 — 20,723 — Total assets measured at fair value $ 36,739 $ 16,016 $ 20,723 $ — Fair Value Measurements Using Total Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2018 Assets: Current: Cash equivalents $ 16,019 $ 16,019 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 7,773 — 7,773 — Commercial paper 6,144 — 6,144 — Corporate debt securities 12,666 — 12,666 — Total short-term investments 26,583 — 26,583 — Total assets measured at fair value $ 42,602 $ 16,019 $ 26,583 $ — |
Schedule of Available-for-sale Investments | As of September 30, 2019 and December 31, 2018, available-for-sale investments are detailed as follows (in thousands): September 30, 2019 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 4,292 $ 5 $ — $ 4,297 Commercial paper 9,357 — — 9,357 Corporate debt securities 7,057 12 — 7,069 $ 20,706 $ 17 $ — $ 20,723 December 31, 2018 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 7,777 $ — $ (4 ) $ 7,773 Commercial paper 6,144 — — 6,144 Corporate debt securities 12,672 — (6 ) 12,666 $ 26,593 $ — $ (10 ) $ 26,583 |
Debt, Commitments and Conting_2
Debt, Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Instruments [Abstract] | |
Schedule of Term Loans and Unamortized Discount Balances | Term Loans and unamortized discount balances are as follows (in thousands): September 30, 2019 Debt balance $ 9,333 Less debt issuance costs and discount (8 ) Long-term debt, net of issuance costs and discount 9,325 Less current portion of long-term debt (8,000 ) Add accrual of final payment 1,417 Long-term debt, net of current portion and issuance costs and discount $ 2,742 Current portion of long-term debt $ 8,000 Less current portion of debt issuance costs and discount (156 ) Current portion of long-term debt, net of issuance costs and discount $ 7,844 |
Schedule of Future Principal Payments for Term Loans | Future principal payments for the Term Loans are as follows (in thousands): September 30, 2019 2019 $ 2,000 2020 7,333 Principal payments balance $ 9,333 |
Schedule of Future Minimum Payments under Non-cancelable Operating Lease and Reconciliation to Operating Lease Liability | Future minimum payments under the non-cancelable facility lease and reconciliation to the operating lease liability as of September 30, 2019 were as follows (in thousands): Operating Lease 2019 $ 247 2020 1,002 2021 1,031 2022 1,062 Thereafter 404 Less: Amount representing interest (578 ) Present value of lease payments 3,168 Less: Current portion of operating lease liability (729 ) Long-term operating lease liability $ 2,439 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance is as follows: September 30, 2019 Class X Preferred Stock (if-converted to common stock) 587,445 Common stock warrants 477,639 Common stock options and restricted stock units 402,538 Shares available under the 2015 Plan 222,014 Shares available under the 2015 ESPP 80,299 1,769,935 |
Summary of Stock Option Activity | The following table summarizes our stock option activity under all equity incentive plans for the nine months ended September 30, 2019: Number of Outstanding Options Weighted Average Exercise Price Outstanding as of December 31, 2018 356,353 $ 62.61 Granted 76,472 $ 7.17 Canceled/forfeited/expired (43,119 ) $ 66.09 Outstanding as of September 30, 2019 389,706 $ 51.35 |
Schedule of Restricted Stock Unit Activity | The following table summarizes our restricted stock unit activity under all equity incentive plans for the nine months ended September 30, 2019: Number of Outstanding Restricted Stock Units Weighted Average Grant Date Fair Value Balance as of December 31, 2018 15,470 $ 11.91 Granted 5,356 $ 7.24 Released (7,487 ) $ 11.91 Forfeited (507 ) $ 11.90 Balance as of September 30, 2019 12,832 $ 9.96 |
Schedule of Allocation of Stock-Based Compensation for All Options 2015 ESPP Purchase Rights and Restricted Stock Units | The allocation of stock-based compensation for all options, 2015 ESPP purchase rights and restricted stock units is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 82 $ 204 $ 285 $ 1,064 General and administrative 196 486 1,073 1,765 Total stock-based compensation expense $ 278 $ 690 $ 1,358 $ 2,829 |
Employee Stock Option [Member] | |
Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition | The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expected term (in years) 5.98 – 6.04 6.02 – 6.08 5.51 – 6.07 5.50 – 6.08 Risk-free interest rate 1.4% 2.9% 1.4% – 2.6% 2.3% – 3.0% Expected volatility 100.7% – 101.0% 88.4% – 88.9% 97.2% – 101.0% 88.4% – 98.4% Expected dividend yield 0.0% 0.0% 0.0% 0.0% |
Organization, Business, Basis_4
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 28, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Significant Accounting Policies [Line Items] | ||||
Reverse stock split | 1-for-14 | |||
Accumulated deficit | $ 316,331 | $ 298,701 | ||
Cash, cash equivalents and available-for-sale investments | 38,100 | |||
Operating lease, right-of-use asset | 2,994 | $ 3,500 | ||
Operating lease, liability | $ 3,168 | 3,500 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Operating lease, right-of-use asset | 3,500 | |||
Operating lease, liability | $ 3,500 | |||
Pangu BioPharma [Member] | Hong Kong [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Majority-owned subsidiary percentage | 98.00% |
Organization, Business, Basis_5
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Considered for Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not considered for calculation of diluted net loss per share | 1,469,689 | 1,697,600 | 1,469,689 | 1,697,600 |
Class X Preferred Stock (if-converted to common stock) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not considered for calculation of diluted net loss per share | 587,445 | 816,851 | 587,445 | 816,851 |
Common Stock Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not considered for calculation of diluted net loss per share | 477,639 | 477,639 | 477,639 | 477,639 |
Common Stock Options and Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not considered for calculation of diluted net loss per share | 402,538 | 401,168 | 402,538 | 401,168 |
Employee Stock Purchase Plan [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not considered for calculation of diluted net loss per share | 2,067 | 1,942 | 2,067 | 1,942 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 16,016 | $ 16,019 |
Total assets measured at fair value | 36,739 | 42,602 |
Available-for-sale [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 20,723 | 26,583 |
Available-for-sale [Member] | Short-term Investments [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 4,297 | 7,773 |
Available-for-sale [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 9,357 | 6,144 |
Available-for-sale [Member] | Short-term Investments [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 7,069 | 12,666 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 16,016 | 16,019 |
Total assets measured at fair value | 16,016 | 16,019 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 20,723 | 26,583 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 20,723 | 26,583 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 4,297 | 7,773 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 9,357 | 6,144 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | $ 7,069 | $ 12,666 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Available-for-sale Investments (Detail) - Short-term Investments [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | $ 20,706 | $ 26,593 |
Gross Unrealized Gains | 17 | |
Gross Unrealized Losses | (10) | |
Market Value | 20,723 | 26,583 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 9,357 | 6,144 |
Market Value | 9,357 | 6,144 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 4,292 | 7,777 |
Gross Unrealized Gains | 5 | |
Gross Unrealized Losses | (4) | |
Market Value | 4,297 | 7,773 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 7,057 | 12,672 |
Gross Unrealized Gains | 12 | |
Gross Unrealized Losses | (6) | |
Market Value | $ 7,069 | $ 12,666 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale investments effective maturity period | 1 year |
Research Collaboration - Additi
Research Collaboration - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May 31, 2019USD ($) | Mar. 31, 2019USD ($)Program | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Revenue | $ 184,000 | $ 278,000 | ||
Collaboration Revenue [Member] | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Revenue | 184,000 | 278,000 | ||
Research Collaboration and Option Agreement [Member] | CSL Behring [Member] | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Number of programs | Program | 4 | |||
Maximum option fees receivable based on achievement of research milestones per program | $ 4,250,000 | |||
Maximum option fees receivable based on achievement of research milestones | $ 17,000,000 | |||
Proceeds from research and development funded | $ 600,000 | |||
Termination notice period | 45 days | |||
Upfront payment received | $ 600,000 | |||
Research Collaboration and Option Agreement [Member] | CSL Behring [Member] | Collaboration Revenue [Member] | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Revenue | $ 184,000 | $ 278,000 |
Research Collaboration - Addi_2
Research Collaboration - Additional Information (Detail 1) | Sep. 30, 2019 |
Research Collaboration and Option Agreement [Member] | CSL Behring [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | |
Performance obligations period | 45 days |
Debt, Commitments and Conting_3
Debt, Commitments and Contingencies - Additional Information (Detail) | Nov. 01, 2018 | Jul. 30, 2018ft² | Dec. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Nov. 30, 2016USD ($)Tranche$ / sharesshares | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2019 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Apr. 30, 2017ft² |
Debt Instrument [Line Items] | ||||||||||||
Loan and security agreement, payment term | Issuable in three separate tranches (the Term Loans), $10.0 million of which was funded in November 2016, $5.0 million of which was funded in June 2017 and $5.0 million of which was funded in December 2017. | |||||||||||
Lease, practical expedients, package | true | |||||||||||
Operating lease, right-of-use asset | $ 2,994,000 | $ 2,994,000 | $ 3,500,000 | |||||||||
Operating lease, liability | $ 3,168,000 | $ 3,168,000 | $ 3,500,000 | |||||||||
Operating lease, discount rate | 9.60% | 9.60% | ||||||||||
Operating lease cost | $ 200,000 | $ 300,000 | $ 700,000 | $ 800,000 | ||||||||
Operating lease, weighted average remaining lease term | 3 years 8 months 12 days | 3 years 8 months 12 days | ||||||||||
Operating lease, weighted average discount rate | 9.60% | 9.60% | ||||||||||
Lease facility | ft² | 20,508 | 24,494 | ||||||||||
Non-cancelable operating leases termination term | 2023-05 | |||||||||||
Non-cancelable operating lease, existence of option to extend | false | |||||||||||
Non-cancelable operating lease, option to extend | With the lease amendment, we do not have an option to extend the lease | |||||||||||
Research and development expenses | $ 3,799,000 | 4,202,000 | $ 10,458,000 | 16,836,000 | ||||||||
The Scripps Research Institute [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Termination of research funding and option agreement effective month and year | 2018-11 | |||||||||||
Research Funding and Option Agreement [Member] | The Scripps Research Institute [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Research and development expenses | $ 500,000 | $ 1,500,000 | ||||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Available credit under loan and security agreement | $ 20,000,000 | |||||||||||
Number of tranches | Tranche | 3 | |||||||||||
Term loan, principal outstanding before deducting debt issuance cost | 9,300,000 | 9,300,000 | ||||||||||
Accretion of final payment of debt instrument | 1,400,000 | 1,400,000 | ||||||||||
Term loan, debt issuance costs | $ 200,000 | 200,000 | ||||||||||
Final maturity payment accrued over life of term loans through interest expense due in 2020 | $ 1,800,000 | |||||||||||
Warrants expiration year | 7 years | |||||||||||
Aggregate fair value of warrants using black scholes option pricing model | $ 500,000 | |||||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Available credit under loan and security agreement | $ 10,000,000 | |||||||||||
Loan and security agreement funded date | Nov. 30, 2016 | |||||||||||
Exercise price of warrant per share | $ / shares | $ 43.93 | |||||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche One [Member] | Common Stock [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants to purchase number of common stock, shares | shares | 3,415 | |||||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Available credit under loan and security agreement | $ 5,000,000 | |||||||||||
Loan and security agreement funded date | Jun. 30, 2017 | |||||||||||
Exercise price of warrant per share | $ / shares | $ 50.37 | |||||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Two [Member] | Common Stock [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants to purchase number of common stock, shares | shares | 1,489 | |||||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Available credit under loan and security agreement | $ 5,000,000 | |||||||||||
Loan and security agreement funded date | Dec. 31, 2017 | |||||||||||
Exercise price of warrant per share | $ / shares | $ 51.98 | |||||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Three [Member] | Common Stock [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants to purchase number of common stock, shares | shares | 1,443 | |||||||||||
Loan Amendment Agreement with SVB and Solar [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loan and security agreement, payment term | Under the Loan Agreement, we were obligated to make interest only payments through June 1, 2018. Beginning June 2018, we were obligated to make consecutive equal monthly payments of principal and interest in arrears through the maturity date of November 18, 2020. | |||||||||||
Maturity date | Nov. 18, 2020 | |||||||||||
Percentage of funded amounts for final payment | 8.75% | |||||||||||
Loan Amendment Agreement with SVB and Solar [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate spread on variable rate | 4.10% | |||||||||||
Loan Amendment Agreement with SVB and Solar [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment fee percentage | 1.00% | |||||||||||
Loan Amendment Agreement with SVB and Solar [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment fee percentage | 3.00% |
Debt, Commitments and Conting_4
Debt, Commitments and Contingencies - Schedule of Term Loans and Unamortized Discount Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, net of current portion and issuance costs and discount | $ 2,742 | $ 8,263 |
Current portion of long-term debt, net of issuance costs and discount | 7,844 | $ 7,767 |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt balance | 9,333 | |
Less debt issuance costs and discount | (8) | |
Long-term debt, net of issuance costs and discount | 9,325 | |
Less current portion of long-term debt | (8,000) | |
Add accrual of final payment | 1,417 | |
Long-term debt, net of current portion and issuance costs and discount | 2,742 | |
Current portion of long-term debt | 8,000 | |
Less current portion of debt issuance costs and discount | (156) | |
Current portion of long-term debt, net of issuance costs and discount | $ 7,844 |
Debt, Commitments and Conting_5
Debt, Commitments and Contingencies - Schedule of Future Principal Payments for Term Loans (Detail) - Silicon Valley Bank and Solar Capital, Ltd. [Member] $ in Thousands | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
2019 | $ 2,000 |
2020 | 7,333 |
Long-term debt, net of issuance costs and discount | $ 9,333 |
Debt, Commitments and Conting_6
Debt, Commitments and Contingencies - Schedule of Future Minimum Payments under Non-cancelable Operating Lease and Reconciliation to Operating Lease Liability (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Leases Operating [Abstract] | ||
2019 | $ 247 | |
2020 | 1,002 | |
2021 | 1,031 | |
2022 | 1,062 | |
Thereafter | 404 | |
Less: Amount representing interest | (578) | |
Present value of lease payments | 3,168 | $ 3,500 |
Less: Current portion of operating lease liability | (729) | |
Long-term operating lease liability | $ 2,439 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Aug. 31, 2017 | Apr. 30, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | May 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2016 |
2015 Stock Option and Incentive Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional number of common stock shares reserved for issuance | 87,368 | |||||||
2015 Employee Stock Purchase Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional number of common stock shares reserved for issuance | 21,842 | |||||||
Amended 2015 Employee Stock Purchase Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional number of common stock shares reserved for issuance | 71,428 | |||||||
Class X Convertible Preferred Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Preferred stock, shares issued | 1,643,961 | 2,285,952 | ||||||
Common Stock [Member] | Federated Kaufmann Small Cap Fund | Securities Purchase Agreement [Member] | Institutional Investor [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued during the period | 660,154 | |||||||
Shares issued, price per share | $ 7.57 | |||||||
Net proceeds from issuance of common stock | $ 5,000,000 | |||||||
ATM Offering Program [Member] | Cowen Company, LLC (Cowen) [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Net proceeds from issuance of common stock | $ 1,400,000 | |||||||
ATM Offering Program [Member] | Cowen Company, LLC (Cowen) [Member] | Sale Agreement [Member] | Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Agreed upon value of sale of common stock per transaction | $ 35,000,000 | |||||||
ATM Offering Program [Member] | Common Stock [Member] | Cowen Company, LLC (Cowen) [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued during the period | 193,670 | |||||||
Shares issued, price per share | $ 7.35 | |||||||
ATM Offering Program [Member] | H.C. Wainwright & Co., LLC [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Net proceeds from issuance of common stock | $ 3,000,000 | |||||||
Commission rate equal to gross proceeds | 3.00% | |||||||
ATM Offering Program [Member] | H.C. Wainwright & Co., LLC [Member] | Sale Agreement [Member] | Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Agreed upon value of sale of common stock per transaction | $ 10,000,000 | |||||||
ATM Offering Program [Member] | Common Stock [Member] | H.C. Wainwright & Co., LLC [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued during the period | 611,687 | |||||||
Shares issued, price per share | $ 5.43 | |||||||
Private Placement [Member] | VGO Fund [Member] | Securities Purchase Agreement [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Convertible preferred stock, common stock issued upon conversion | 229,283 | |||||||
Private Placement [Member] | VGO Fund [Member] | Securities Purchase Agreement [Member] | Class X Convertible Preferred Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued, price per share | $ 13.25 | |||||||
Preferred stock, shares issued | 2,285,952 | |||||||
Convertible preferred stock, terms of conversion | Each share of preferred stock is convertible into approximately 0.357 shares of our common stock. In January 2019, the VGO Fund converted 641,991 shares of its preferred stock into 229,283 shares of common stock. | |||||||
Convertible preferred stock, common stock issued upon conversion | 0.357 | |||||||
Converted shares of preferred stock | 641,991 | |||||||
Private Placement [Member] | VGO Fund [Member] | Maximum [Member] | Securities Purchase Agreement [Member] | Class X Convertible Preferred Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Warrants to purchase number of common stock, shares | 353,992 | |||||||
Private Placement [Member] | Remaining Purchasers [Member] | Securities Purchase Agreement [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Warrants to purchase number of common stock, shares | 463,735 | |||||||
Gross proceeds from transaction | $ 45,800,000 | |||||||
Private Placement [Member] | Common Stock [Member] | VGO Fund [Member] | Securities Purchase Agreement [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued during the period | 126,985 | |||||||
Shares issued, price per share | $ 37.10 | |||||||
Private Placement [Member] | Common Stock [Member] | Remaining Purchasers [Member] | Securities Purchase Agreement [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued during the period | 292,453 | |||||||
Shares issued, price per share | $ 37.10 | |||||||
Private Placement [Member] | Common Stock [Member] | Remaining Purchasers [Member] | Maximum [Member] | Securities Purchase Agreement [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Warrants to purchase number of common stock, shares | 109,743 | |||||||
Private Placement [Member] | Warrants [Member] | Remaining Purchasers [Member] | Securities Purchase Agreement [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Exercise price of warrant per share | $ 64.92 | |||||||
Warrants expiration date | Dec. 31, 2019 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Detail) | Sep. 30, 2019shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 1,769,935 |
Class X Preferred Stock (if-Converted to Common Stock) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 587,445 |
Common Stock Warrants [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 477,639 |
Common Stock Options and Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 402,538 |
Shares Available Under the 2015 Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 222,014 |
Shares Available Under the 2015 ESPP [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 80,299 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Outstanding Options, Beginning Balance | shares | 356,353 |
Number of Outstanding Options, Granted | shares | 76,472 |
Number of Outstanding Options, Canceled/forfeited/expired | shares | (43,119) |
Number of Outstanding Options, Ending Balance | shares | 389,706 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 62.61 |
Weighted Average Exercise Price, Granted | $ / shares | 7.17 |
Weighted Average Exercise Price, Canceled/forfeited/expired | $ / shares | 66.09 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 51.35 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants, Employee Stock Purchase Plan and Performance Options with Market Condition (Detail) - Employee Stock Option [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.40% | 2.90% | ||
Risk-free interest rate, minimum | 1.40% | 2.30% | ||
Risk-free interest rate, maximum | 2.60% | 3.00% | ||
Expected volatility, minimum | 100.70% | 88.40% | 97.20% | 88.40% |
Expected volatility, maximum | 101.00% | 88.90% | 101.00% | 98.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 11 months 23 days | 6 years 7 months | 5 years 6 months 3 days | 5 years 6 months |
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 14 days | 6 years 29 months | 6 years 25 days | 6 years 29 days |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Unit [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Number of Outstanding Restricted Stock Units, Beginning Balance | shares | 15,470 |
Number of Outstanding Restricted Stock Units, Granted | shares | 5,356 |
Number of Outstanding Restricted Stock Units, Released | shares | (7,487) |
Number of Outstanding Restricted Stock Units, Forfeited | shares | (507) |
Number of Outstanding Restricted Stock Units, Ending Balance | shares | 12,832 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 11.91 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.24 |
Weighted Average Grant Date Fair Value, Released | $ / shares | 11.91 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 11.90 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 9.96 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Allocation of Stock-Based Compensation for All Options 2015 ESPP and Restricted Stock Units (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 278 | $ 690 | $ 1,358 | $ 2,829 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 82 | 204 | 285 | 1,064 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 196 | $ 486 | $ 1,073 | $ 1,765 |