Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ALDX | |
Entity Registrant Name | ALDEYRA THERAPEUTICS, INC. | |
Entity Central Index Key | 0001341235 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 57,631,203 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36332 | |
Entity Tax Identification Number | 20-1968197 | |
Entity Address, Address Line One | 131 Hartwell Avenue | |
Entity Address, Address Line Two | Suite 320 | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02421 | |
City Area Code | 781 | |
Local Phone Number | 761-4904 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 88,442,379 | $ 52,858,311 |
Cash equivalent - reverse repurchase agreements | 50,000,000 | 25,000,000 |
Prepaid expenses and other current assets | 8,630,543 | 5,200,957 |
Total current assets | 147,072,922 | 83,059,268 |
Right-of-use assets | 175,619 | 233,310 |
Fixed assets, net | 57,559 | 59,925 |
Total assets | 147,306,100 | 83,352,503 |
Current liabilities: | ||
Accounts payable | 448,591 | 381,638 |
Accrued expenses | 5,371,681 | 8,134,765 |
Current portion of credit facility | 5,094,938 | 3,659,776 |
Current portion of operating lease liabilities | 175,619 | 233,310 |
Total current liabilities | 11,090,829 | 12,409,489 |
Long-term debt | 10,140,799 | 11,434,456 |
Total liabilities | 21,231,628 | 23,843,945 |
Commitments and contingencies (Notes 14 and 15) | ||
Stockholders' equity: | ||
Common stock, voting, $0.001 par value; 150,000,000 authorized and 47,651,035 and 38,667,491 shares issued and outstanding, respectively | 47,651 | 38,667 |
Additional paid-in capital | 374,232,411 | 296,385,619 |
Accumulated deficit | (248,205,590) | (236,915,728) |
Total stockholders’ equity | 126,074,472 | 59,508,558 |
Total liabilities and stockholders’ equity | $ 147,306,100 | $ 83,352,503 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 47,651,035 | 47,651,035 |
Common stock, shares outstanding | 38,667,491 | 38,667,491 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses: | ||
Research and development | $ 7,726,342 | $ 6,633,603 |
General and administrative | 3,104,702 | 3,004,841 |
Loss from operations | (10,831,044) | (9,638,444) |
Other income (expense): | ||
Interest income | 23,762 | 210,100 |
Interest expense | (482,580) | (439,816) |
Total other income (expense), net | (458,818) | (229,716) |
Net loss | $ (11,289,862) | $ (9,868,160) |
Net loss per share - basic and diluted | $ (0.25) | $ (0.34) |
Weighted average common shares outstanding - basic and diluted | 45,630,910 | 29,210,889 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (11,289,862) | $ (9,868,160) |
Other comprehensive income: | ||
Unrealized gain on marketable securities, net of tax | 51,728 | |
Total other comprehensive income | 51,728 | |
Comprehensive loss | $ (11,289,862) | $ (9,816,432) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Helio Vision Inc [Member] | Common Voting Stock [Member] | Common Voting Stock [Member]Founders [Member] | Common Voting Stock [Member]Helio Vision Inc [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Founders [Member] | Additional Paid-in Capital [Member]Helio Vision Inc [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2019 | $ 48,082,317 | $ 28,657 | $ 247,409,793 | $ 5,866 | $ (199,361,999) | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 28,656,832 | |||||||||
Stock-based compensation | 1,953,652 | 1,953,652 | ||||||||
Issuance of common stock, acquisition of Helio Vision, Inc. | $ 142 | $ (142) | ||||||||
Issuance of common stock, acquisition of Helio Vision, Inc., Shares | 142,156 | |||||||||
Issuance of common stock, net of issuance costs | 3,172,824 | $ 563 | 3,172,261 | |||||||
Issuance of common stock, net of issuance costs, Shares | 562,669 | |||||||||
Issuance of common stock, exercise of stock options | 10,270 | $ 2 | 10,268 | |||||||
Issuance of common stock, exercise of stock options, Shares | 2,000 | |||||||||
Issuance of common stock, employee stock purchase plan | 69,889 | $ 14 | 69,875 | |||||||
Issuance of common stock, employee stock purchase plan, Shares | 14,151 | |||||||||
Issuance of common stock, vested restricted stock awards | $ 129 | (129) | ||||||||
Issuance of common stock, vested restricted stock awards, Shares | 129,021 | |||||||||
Other comprehensive income (loss) | 51,728 | 51,728 | ||||||||
Net loss | (9,868,160) | (9,868,160) | ||||||||
Ending Balance at Mar. 31, 2020 | 43,472,520 | $ 29,507 | 252,615,578 | $ 57,594 | (209,230,159) | |||||
Ending Balance, Shares at Mar. 31, 2020 | 29,506,829 | |||||||||
Beginning Balance at Dec. 31, 2020 | 59,508,558 | $ 38,667 | 296,385,619 | (236,915,728) | ||||||
Beginning Balance, Shares at Dec. 31, 2020 | 38,667,491 | |||||||||
Stock-based compensation | 1,292,170 | 1,292,170 | ||||||||
Issuance of common stock, acquisition of Helio Vision, Inc. | $ 2,499,991 | $ 35 | $ 247 | $ (35) | $ 2,499,744 | |||||
Issuance of common stock, acquisition of Helio Vision, Inc., Shares | 35,005 | 246,562 | ||||||||
Issuance of common stock, net of issuance costs | 70,049,450 | $ 7,868 | 70,041,582 | |||||||
Issuance of common stock, net of issuance costs, Shares | 7,868,421 | |||||||||
Issuance of common stock, exercise of stock options | $ 4,004,290 | $ 544 | 4,003,746 | |||||||
Issuance of common stock, exercise of stock options, Shares | 543,826 | 543,826 | ||||||||
Issuance of common stock, employee stock purchase plan | $ 9,875 | $ 3 | 9,872 | |||||||
Issuance of common stock, employee stock purchase plan, Shares | 2,786 | |||||||||
Issuance of common stock, vested restricted stock awards | $ 287 | (287) | ||||||||
Issuance of common stock, vested restricted stock awards, Shares | 286,944 | |||||||||
Net loss | (11,289,862) | (11,289,862) | ||||||||
Ending Balance at Mar. 31, 2021 | $ 126,074,472 | $ 47,651 | $ 374,232,411 | $ (248,205,590) | ||||||
Ending Balance, Shares at Mar. 31, 2021 | 47,651,035 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (11,289,862) | $ (9,868,160) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,381,656 | 1,953,652 |
Non-cash interest expense | 141,505 | 141,505 |
Net amortization of premium on debt securities available for sale | (67,220) | |
Depreciation and amortization expense | 67,863 | 72,040 |
Change in assets and liabilities: | ||
Prepaid expenses and other current assets | (3,429,586) | 429,321 |
Accounts payable | 66,953 | 264,595 |
Accrued expenses | (1,410,270) | (8,285,485) |
Net cash used in operating activities | (13,471,741) | (15,359,752) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of fixed assets | (7,806) | |
Purchases of marketable securities | (5,776,090) | |
Sales and maturities of marketable securities | 12,000,000 | |
Net cash (used in) provided by investing activities | (7,806) | 6,223,910 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock, net of issuance costs | 70,049,450 | 3,172,824 |
Proceeds from exercise of stock options | 4,004,290 | 10,270 |
Proceeds from employee stock purchase plan | 9,875 | 69,889 |
Net cash provided by financing activities | 74,063,615 | 3,252,983 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 60,584,068 | (5,882,859) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 77,858,311 | 44,425,830 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 138,442,379 | 38,542,971 |
SUPPLEMENTAL INFORMATION AND DISCLOSURES OF NONCASH ACTIVITIES: | ||
Common stock issued in connection with Helio Vision, Inc. acquisition milestone | 47,651 | |
Helio Vision Inc [Member] | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 341,250 | $ 345,042 |
SUPPLEMENTAL INFORMATION AND DISCLOSURES OF NONCASH ACTIVITIES: | ||
Common stock issued in connection with Helio Vision, Inc. acquisition milestone | $ 2,499,991 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. NATURE OF BUSINESS Aldeyra Therapeutics, Inc., together with its wholly-owned subsidiaries (the “Company” or “Aldeyra”), a Delaware corporation, is a clinical-stage biotechnology company devoted to developing and commercializing next-generation medicines to improve the lives of patients with immune-mediated diseases. The Company’s principal activities to date include raising capital and research and development activities. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying interim condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission on March 11, 2021 (the “2020 Form 10-K”). The financial information as of March 31, 2021, and the three months ended March 31, 2021 and 2020, respectively, is unaudited. In the opinion of management all adjustments, consisting only of normal recurring adjustments considered necessary for the fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented, have been included. The balance sheet data as of December 31, 2020 was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Based on its current operating plan, the Company believes that its cash and cash equivalents, as of March 31, 2021, together with the net proceeds from the sale of common stock from the underwritten public offering in May 2021, will be sufficient to fund currently projected operating expenses through the end of 2023, including potential new drug application (“ NDA”) submission for reproxalap; initial commercialization of reproxalap, if approved; and continued early and late-stage development of our product candidates in ocular and systemic immune-mediated diseases Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s consolidated financial statements include, but are not limited to, estimates related to clinical trial accruals, estimates related to prepaid and accrued research and development costs, acquired in-process research and development (“IPR&D”) expense, contingent liabilities, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Summary of Significant Accounting Policies There were no changes to significant accounting policies during the three months ended March 31, 2021, as compared to the those identified in the 2020 Form 10-K. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The accounting guidance currently in effect is based on an incurred loss model. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2022. The Company is continuing to evaluate the impact of ASU 2016-13 but does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. |
Helio Vision Acquisition
Helio Vision Acquisition | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Helio Vision Acquisition | 3. Helio Vision Acquisition On January 28, 2019 (the “Closing Date”), the Company acquired Helio Vision, Inc. (“Helio”). As a result of the acquisition, the Company initially issued an aggregate of 1,160,444 shares of common stock to the former securityholders and an advisor of Helio. The founders of Helio were issued 568,627 shares and non-founders were issued 591,817 shares. The Helio founders’ shares are subject to vesting based on continued service to the Company over three years from the Closing Date, of which, 79% are vested as of March 31, 2021. The Company recognizes the expense associated with the founders’ restricted shares as research and development compensation expense on a straight-line basis as the shares vest over the three-year In January 2021, pursuant to the terms of the acquisition agreement, the Company issued 246,562 shares of its common stock to the former securityholders of Helio. In addition, the Company, subject to the conditions of the acquisition agreement, is contingently obligated to make additional payments to the former securityholders of Helio as follows:(a) $10.0 million of common stock following approval by the FDA of a new drug approval application for the prevention and/or treatment of proliferative vitreoretinopathy or a substantially similar label prior to the 10th anniversary of the Closing Date; and (b) $2.5 million of common stock following FDA approval of a new drug application for an indication (other than proliferative vitreoretinopathy) prior to the 12th anniversary of the Closing Date (the shares of common stock issuable pursuant to the preceding clauses (a) and (b) are referred to herein as the “Milestone Shares”), provided that in no event shall the Company be obligated to issue more than an aggregate of 5,248,885 shares of common stock (including the shares issued in January 2021). Additionally, in the event of certain change of control or divestitures by the Company, certain former convertible noteholders of Helio will be entitled to a tax gross-up payment in an amount not to exceed $1.0 million. The Company determined that liability accounting is not required for the Milestone Shares under FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company also determined that the Milestone Shares meet the scope exception as a derivative under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), from inception of the Milestone Shares through March 31, 2021. Accordingly, the Milestone Shares are evaluated under FASB ASC Topic 450, Contingencies (“ASC 450”) and the Company will record a liability related to the Milestone Shares if the milestones are achieved, and the obligation to make additional payment(s) becomes probable. At that time, the Company will record the cost of the Milestone Shares issued to the founders as compensation expense and to the Helio non-founders as IPR&D expense if there is no alternative future use. At December 31, 2020, the Milestones Shares associated with the preceding clause (a) were considered probable of issuance and $2.5 million was accrued as contingent consideration payable in stock and the Company recorded $1.8 million to IPR&D (the “Milestone IPR&D”), which included a $0.5 million income tax benefit, and $1.2 million of compensation expense related to these Milestone Shares, which amounted to 246,562 shares and were issued during the quarter ended March 31, 2021. No other milestones related to the Milestone Shares are probable of being achieved as of March 31, 2021. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 4. NET LOSS PER SHARE As of March 31, 2021 and 2020, diluted weighted average common shares outstanding is equal to basic weighted average common shares due to the Company’s net loss position. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three Months Ended March 31, 2021 2020 Options to purchase common stock 3,856,204 5,432,554 Restricted stock units 454,635 936,591 Nonvested founder shares (1) 117,851 284,317 Total of common stock equivalents 4,428,690 6,653,462 (1) Represents 117,851 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at March 31, 2021 and are not included in stockholders’ equity pursuant to GAAP. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 5. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES Cash and cash equivalents, were comprised of: March 31, 2021 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Cash $ 84,073,606 $ — $ — $ 84,073,606 $ 84,073,606 Money market funds 4,368,773 — — 4,368,773 4,368,773 Reverse repurchase agreements 50,000,000 — — 50,000,000 50,000,000 Total Cash and cash equivalents $ 138,442,379 $ — $ — $ 138,442,379 $ 138,442,379 December 31, 2020 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Cash $ 23,494,920 $ — $ — $ 23,494,920 $ 23,494,920 Money market funds 29,363,391 — — 29,363,391 29,363,391 Reverse repurchase agreements 25,000,000 — — 25,000,000 25,000,000 Total Cash and cash equivalents $ 77,858,311 $ — $ — $ 77,858,311 $ 77,858,311 There were no marketable securities held at March 31, 2021 or December 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements Level 1 – Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There were no liabilities measured at fair value at March 31, 2021 or December 31, 2020. Money market funds included in cash and cash equivalents in the consolidated balance sheets, are recorded at fair value and considered as Level 1 inputs under the fair value hierarchy. Reverse repurchase agreements are recorded at fair market value and considered as Level 2 inputs under the fair value hierarchy . Financial instruments including cash equivalents, |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 7. Prepaid expenses and other current assets were comprised of: March 31, December 31, 2021 2020 Deferred research and development expenses 8,277,148 4,793,794 Deferred offering costs 137,569 — Miscellaneous prepaid expenses and other current assets 215,826 407,163 Total prepaid expenses and other current assets $ 8,630,543 $ 5,200,957 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 8 . ACCRUED EXPENSES Accrued expenses were comprised of: March 31, December 31, 2021 2020 Accrued compensation $ 2,387,916 $ 1,323,138 Contingent consideration payable in stock — $ 2,500,000 Accrued research and development 2,343,210 3,944,094 Accrued general and administrative 640,555 367,533 Accrued expenses $ 5,371,681 $ 8,134,765 |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Credit Facility | 9 . The Company’s long-term debt obligation consists of amounts the Company is obligated to repay under its credit facility with Hercules Capital, Inc. (“Hercules”). In March 2019, the Company entered into a Loan and Security Agreement with Hercules and several banks and other financial institutions or entities, from time-to-time parties thereto (collectively, referred to as “Lender”), providing for a term loan of up to $60.0 million, subject to the satisfaction of certain conditions contained therein, that is secured by a lien covering all of the Company’s assets, other than the Company’s intellectual property (the “Loan and Security Agreement” or the “Hercules Credit Facility”). The Loan and Security Agreement provided for (i) an initial term loan advance of up to $5.0 million at the Company’s option, which expired unutilized on April 15, 2019; (ii) three additional term loan advances of up to $15.0 As of March 31, 2021, the term loan bore interest at an annual rate equal to the greater of (i) 9.10% and (ii) the prime rate (as reported in the Wall Street Journal or any successor publication thereto) plus 3.10%. The Loan and Security Agreement provided for interest-only payments until May 1, 2021, with an option to extend the interest-only period to May 1, 2022 based upon the achievement of certain milestones. Repayment of the aggregate outstanding principal balance of the term loan, in monthly installments, was to start upon expiration of the interest-only period and continues through October 1, 2023 (the “Maturity Date”). Associated with this debt facility, the Company incurred a commitment charge of $25,000, transaction costs of $273,186, a fee of $375,000 upon closing, and is required to pay a fee (the “End of Term Charge”) of 6.95% multiplied by the aggregate amount of advances under the Loan and Security Agreement at maturity. The fees, transaction costs, and the End of Term Charge are amortized to interest expense through the Maturity Date using the effective interest method. The effective interest rate was 12.9 % at March 31, 2021 . At the Company’s option, the Company may elect to prepay all, but not less than all, of the outstanding term loan by paying the entire principal balance and all accrued and unpaid interest thereon plus all fees and other amounts due under the Loan and Security Agreement, including a prepayment charge equal to 1.5 % of the principal amount being prepaid . On April 20, 2021, the Company entered into the First Amendment (the “First Amendment”) to Loan and Security Agreement with Hercules, The First Amendment makes certain changes to the Loan and Security Agreement, including, among other things, (i) increasing the Fourth Loan Tranche from $10 million to $20 million; (ii) lowering the variable per annum rate of interest on borrowings under the Loan and Security Agreement to the greater of (a) the Prime Rate plus 3.10% or (b) 8.60%; (iii) extending the expiration of the period in which interest-only payments on borrowings under the Loan and Security Agreement are required from May 1, 2021 to July 1, 2022; and (iv) further extending the expiration of the period in which interest-only payments on borrowings under the Loan and Security Agreement (the “Interest Only Period”) are required from July 1, 2022 to May 1, 2023 in the event certain conditions as set forth in the First Amendment are satisfied. The Interest Only Period extension conditions were satisfied in April 2021, resulting in the Interest Only Period being extended to May 1, 2023. Following the effective time of the First Amendment, an aggregate of $35 million, subject to the terms and conditions of the Loan and Security Agreement, may be made available to the Company for borrowing, $15 million of which was funded prior to the date of the First Amendment. Long-term debt consisted of the following: March 31, December 31, 2021 2020 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 534,556 445,464 Unamortized debt issuance costs (298,819 ) (351,232 ) Less: current portion (5,094,938 ) (3,659,776 ) Total long-term debt $ 10,140,799 $ 11,434,456 Future principal payments, including the End of Term Charge, are as follows: Years Ending December 31, 2021 3,659,776 2022 5,931,718 2023 6,451,006 Total $ 16,042,500 The Loan and Security Agreement also contains certain events of default, representations, warranties and non-financial covenants of the Company. In addition, subject to the terms of the agreement, the Company granted the Lender the right to purchase up to an aggregate of $2.0 million of the Company’s equity securities, or instruments exercisable for or convertible into equity securities, sold to investors in financings upon the same terms and conditions afforded to such other investors. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders Equity | 10 . In December 2018, the Company entered into an Open Market Sales Agreement SM at a volume-weighted average price of $4.62 per share, As of December 31, 2020, the Company had sold the maximum allowable amount and no further sales may be made under the 2018 Jefferies Sales Agreement. In January 2021, the Company sold 7.9 million shares of its common stock in an underwritten public offering at $9.50 per share, for an aggregate gross cash purchase price of $74.7 million or proceeds of $70.0 million after underwriters’ discount, commissions, and other offering expenses In March 2021, the Company entered into an Open Market Sales Agreement SM No sales had been made pursuant to the 2021 Jefferies Sales Agreement as of March 31, 2021. In May 2021, the Company sold 10.0 million shares of its common stock at a public offering price of $12.50 per share, in an underwritten public offering, for an aggregate gross cash purchase price of $125.0 million or proceeds of $117.5 million after underwriters’ discount and expenses. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 1 . INCOME TAXES No provision for federal and state income taxes has been recorded as the Company has incurred losses since inception for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of net deferred taxes in accordance with ASC 740, the Company considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. Based on the weight of available evidence, primarily the incurrence of net losses since inception, anticipated net losses in the near future, reversals of existing temporary differences, and expiration of various federal and state attributes, the Company does not consider it more likely than not that some or all of the net deferred taxes will be realized. Accordingly, a 100% valuation allowance has been applied against net deferred taxes. Under Section 382 of the Internal Revenue Code of 1986, as amended, a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (“NOLs”) and certain other tax assets (tax attributes) to offset future taxable income. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders increases by more than 50 percentage points over such stockholders’ lowest percentage ownership during the testing period (generally three years). Transactions involving the Company’s common stock, within the testing period, even those outside the Company’s control, such as purchases or sales by investors, within the testing period could result in an ownership change. A limitation on the Company’s ability to utilize some or all its NOLs or credits could have a material adverse effect on the Company’s results of operations and cash flows. Prior to December 31, 2017, the Company believes it underwent three ownership changes, however, management believes that sufficient “Built-In-Gains” will offset any Section 382 limitation generated by such ownership changes. Any future ownership changes, including those resulting from the Company’s recent or future financing activities, may cause its existing tax attributes to incur additional limitations. All tax years are open for examination by the taxing authorities for both federal and state purposes. The Company accounts for uncertain tax positions pursuant to ASC 740 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. Accordingly, in the provision for income taxes, the Company recognizes interest accrued related to unrecognized tax benefits and penalties; however, management is currently unaware of any uncertain tax positions. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted in the United States on March 27, 2020. CARES includes several income tax provisions such as NOL carryback and carryforward benefits and other tax deduction benefits. As noted previously, the Company’s U.S. deferred tax asset has a full valuation, accordingly these NOL and other benefit provisions have no impact on the Company’s financial statements for the period ended March 31, 2021. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 2 . STOCK-BASED COMPENSATION The Company has two equity incentive plans that provide for the granting of stock options, restricted stock, stock appreciation rights, stock units, and performance cash awards to certain employees, members of the board of directors, and consultants of the Company with a generally prescribed contractual term of ten years. In 2019 and 2020 the Company granted performance cash awards . The bonus units vest in four annual installments from the date of grant and entitle the employees to receive a cash payment, on the earlier of ( i ) four years from the date of grant or (ii) a change of control, equal in value to the amount by which the then value of the Company’s common stock exceeds the base value. As of March 31, 2021, $ 1.4 million was accrued as compensation expense for vested performance cash award s. The Company recognizes stock-based compensation expense over the requisite service period. The Company’s share-based awards are accounted for as equity instruments. The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans and Helio founders’ shares are as follows: Three Months Ended March 31, 2021 2020 Research and development expenses $ 1,192,867 $ 945,738 General and administrative expenses 1,188,789 1,007,914 Total stock-based compensation expense $ 2,381,656 $ 1,953,652 Stock Options The table below summarizes activity relating to stock options under the incentive plans for the three months ended March 31, 2021: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value(a) Outstanding at December 31, 2020 4,608,311 $ 5.73 Granted 108,115 $ 12.24 Exercised (543,826 ) $ 7.36 Forfeitures (316,396 ) $ 5.23 Outstanding at March 31, 2021 3,856,204 $ 5.72 6.87 $ 23,774,646 Exercisable at March 31, 2021 2,547,247 $ 5.65 5.92 $ 15,863,925 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on March 31, 2021 of $11.88 and the per share exercise price of the underlying options As of March 31, 2021, unamortized stock-based compensation for all stock options outstanding was $4,523,182 and is expected to be recognized over a weighted average period of 2.36 years. Total unrecognized compensation cost will be adjusted for future forfeitures, if necessary. Restricted Stock Units The table below summarizes activity relating to RSUs for the three months ended March 31, 2021: Number of Shares Outstanding at December 31, 2020 927,189 Granted — Cancelled (185,610 ) Vested (286,944 ) Outstanding at March 31, 2021 454,635 There were no RSUs granted during the three months ended March 31, 2021. As of March 31, 2021, the outstanding RSUs had unamortized stock-based compensation of $2.2 million with a weighted-average remaining recognition period of 2.15 years and an aggregate intrinsic value of $5.4 million. Employee Stock Purchase Plan At March 31, 2021, the Company had 1,242,863 shares available for issuance under the 2016 Employee Stock Purchase Plan (“2016 ESPP”). A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows: Three Months Ended March 31, 2021 2020 Weighted-average grant-date fair value per share $ 2.49 $ 2.24 Total stock-based compensation expense $ 12,404 $ 12,332 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 1 3 . LEASES The Company currently leases an office used to conduct business. The exercise of lease renewal options is at the Company’s discretion and the renewal to extend the lease terms are not included in the Company’s Right-Of-Use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As the Company’s lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. As of March 31, 2021, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.2 million based on the present value of the minimum rental payments in accordance with ASC Topic 842, Leases 2021 remaining total lease payments $ 182,345 Less: effect of discounting (6,726 ) Present value of lease liabilities $ 175,619 Current operating lease liabilities $ 175,619 Non-current operating lease liabilities — Total $ 175,619 The Company’s gross future minimum payments under all non-cancelable operating leases as of March 31, 2021, are: Total 2021 2022 2023 2024 Operating lease obligations $ 182,345 $ 182,345 $ — $ — $ — |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 1 4 . LEGAL PROCEEDINGS In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 5 . COMMITMENTS AND CONTINGENCIES There have been no material changes to the Company’s commitments and contingencies from the information provided in Note 14, Commitments and Contingencies |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s consolidated financial statements include, but are not limited to, estimates related to clinical trial accruals, estimates related to prepaid and accrued research and development costs, acquired in-process research and development (“IPR&D”) expense, contingent liabilities, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies There were no changes to significant accounting policies during the three months ended March 31, 2021, as compared to the those identified in the 2020 Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The accounting guidance currently in effect is based on an incurred loss model. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2022. The Company is continuing to evaluate the impact of ASU 2016-13 but does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three Months Ended March 31, 2021 2020 Options to purchase common stock 3,856,204 5,432,554 Restricted stock units 454,635 936,591 Nonvested founder shares (1) 117,851 284,317 Total of common stock equivalents 4,428,690 6,653,462 (1) Represents 117,851 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at March 31, 2021 and are not included in stockholders’ equity pursuant to GAAP. |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash, and Cash Equivalents | Cash and cash equivalents, were comprised of: March 31, 2021 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Cash $ 84,073,606 $ — $ — $ 84,073,606 $ 84,073,606 Money market funds 4,368,773 — — 4,368,773 4,368,773 Reverse repurchase agreements 50,000,000 — — 50,000,000 50,000,000 Total Cash and cash equivalents $ 138,442,379 $ — $ — $ 138,442,379 $ 138,442,379 December 31, 2020 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Cash $ 23,494,920 $ — $ — $ 23,494,920 $ 23,494,920 Money market funds 29,363,391 — — 29,363,391 29,363,391 Reverse repurchase agreements 25,000,000 — — 25,000,000 25,000,000 Total Cash and cash equivalents $ 77,858,311 $ — $ — $ 77,858,311 $ 77,858,311 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets were comprised of: March 31, December 31, 2021 2020 Deferred research and development expenses 8,277,148 4,793,794 Deferred offering costs 137,569 — Miscellaneous prepaid expenses and other current assets 215,826 407,163 Total prepaid expenses and other current assets $ 8,630,543 $ 5,200,957 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses were comprised of: March 31, December 31, 2021 2020 Accrued compensation $ 2,387,916 $ 1,323,138 Contingent consideration payable in stock — $ 2,500,000 Accrued research and development 2,343,210 3,944,094 Accrued general and administrative 640,555 367,533 Accrued expenses $ 5,371,681 $ 8,134,765 |
Credit Facility (Tables)
Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: March 31, December 31, 2021 2020 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 534,556 445,464 Unamortized debt issuance costs (298,819 ) (351,232 ) Less: current portion (5,094,938 ) (3,659,776 ) Total long-term debt $ 10,140,799 $ 11,434,456 |
Schedule of Principal Payments Including End of Term Charges | Future principal payments, including the End of Term Charge, are as follows: Years Ending December 31, 2021 3,659,776 2022 5,931,718 2023 6,451,006 Total $ 16,042,500 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans and Helio founders’ shares are as follows: Three Months Ended March 31, 2021 2020 Research and development expenses $ 1,192,867 $ 945,738 General and administrative expenses 1,188,789 1,007,914 Total stock-based compensation expense $ 2,381,656 $ 1,953,652 |
Summary of Activity Relating to Stock Options | The table below summarizes activity relating to stock options under the incentive plans for the three months ended March 31, 2021: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value(a) Outstanding at December 31, 2020 4,608,311 $ 5.73 Granted 108,115 $ 12.24 Exercised (543,826 ) $ 7.36 Forfeitures (316,396 ) $ 5.23 Outstanding at March 31, 2021 3,856,204 $ 5.72 6.87 $ 23,774,646 Exercisable at March 31, 2021 2,547,247 $ 5.65 5.92 $ 15,863,925 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on March 31, 2021 of $11.88 and the per share exercise price of the underlying options |
Summary of Activity Relating to Restricted Stock Units | The table below summarizes activity relating to RSUs for the three months ended March 31, 2021: Number of Shares Outstanding at December 31, 2020 927,189 Granted — Cancelled (185,610 ) Vested (286,944 ) Outstanding at March 31, 2021 454,635 |
Summary of Employee Stock Purchase Plan Activity | A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows Three Months Ended March 31, 2021 2020 Weighted-average grant-date fair value per share $ 2.49 $ 2.24 Total stock-based compensation expense $ 12,404 $ 12,332 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities | Maturities and balance sheet presentation of our lease liabilities for all operating leases as of March 31, 2021 is as follows: 2021 remaining total lease payments $ 182,345 Less: effect of discounting (6,726 ) Present value of lease liabilities $ 175,619 Current operating lease liabilities $ 175,619 Non-current operating lease liabilities — Total $ 175,619 The Company’s gross future minimum payments under all non-cancelable operating leases as of March 31, 2021, are: Total 2021 2022 2023 2024 Operating lease obligations $ 182,345 $ 182,345 $ — $ — $ — |
Helio Vision Acquisition - Addi
Helio Vision Acquisition - Additional Information (Detail) - USD ($) | Jan. 28, 2019 | Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Allocated Share Based Compensation Expense | $ 2,381,656 | $ 1,953,652 | |||
Research and Development Expenses [Member] | |||||
Business Acquisition [Line Items] | |||||
Allocated Share Based Compensation Expense | 1,192,867 | 945,738 | |||
Helio Vision Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, stock issued | 1,160,444 | 246,562 | |||
Income tax benefit | $ 500,000 | ||||
Helio Vision Inc [Member] | Common Stock after FDA Approval prior to 10th Anniversary [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, contingent consideration liability | $ 10,000,000 | ||||
Helio Vision Inc [Member] | Common Stock after FDA Approval Prior to 12th Anniversary [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, contingent consideration liability | $ 2,500,000 | ||||
Helio Vision Inc [Member] | Common Stock after FDA Approval Prior to 12th Anniversary [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, contingent consideration stock to be issued | 5,248,885 | ||||
Helio Vision Inc [Member] | Tax Gross-up Payment in Event of Change of Control or Divesture [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, contingent consideration liability | $ 1,000,000 | ||||
Helio Vision Inc [Member] | Founders [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, stock issued | 568,627 | ||||
Helio Vision Inc [Member] | Founders [Member] | Service Based Awards [Member] | |||||
Business Acquisition [Line Items] | |||||
Share-based compensation award, vesting period | 3 years | ||||
Vesting percentage of shares of common stock issued former security holders and advisor | 79.00% | ||||
Helio Vision Inc [Member] | Founders [Member] | Restricted Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Share-based compensation award, vesting period | 3 years | ||||
Helio Vision Inc [Member] | Founders [Member] | Research and Development Expenses [Member] | Restricted Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Allocated Share Based Compensation Expense | $ 300,000 | $ 400,000 | |||
Helio Vision Inc [Member] | Non Founders [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, stock issued | 591,817 | ||||
Helio Vision Inc [Member] | Milestone [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, stock issued | 246,562 | ||||
Contingent consideration payable in stock | 2,500,000 | ||||
Helio Vision Inc [Member] | Milestone [Member] | Research and Development Expenses [Member] | Restricted Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Allocated Share Based Compensation Expense | 1,200,000 | ||||
Expense related to the Milestone IPR&D | $ 1,800,000 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total of common stock equivalents | 4,428,690 | 6,653,462 | |
Options to Purchase Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total of common stock equivalents | 3,856,204 | 5,432,554 | |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total of common stock equivalents | 454,635 | 936,591 | |
Nonvested Founder Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total of common stock equivalents | [1] | 117,851 | 284,317 |
[1] | Represents 117,851 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at March 31, 2021 and are not included in stockholders’ equity pursuant to GAAP. |
Net Loss Per Share - Computat_2
Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Parenthetical) (Detail) | Mar. 31, 2021shares |
Restricted Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of common stock shares issued and outstanding subject of vesting shares based on service requirements | 117,851 |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, and Cash Equivalents (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Cash Cash Equivalents And Marketable Securities [Line Items] | ||
Cash | $ 84,073,606 | $ 23,494,920 |
Money market funds | 4,368,773 | 29,363,391 |
Reverse repurchase agreements | 50,000,000 | 25,000,000 |
Total Cash and cash equivalents | 138,442,379 | 77,858,311 |
Cash [Member] | ||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||
Estimated Fair Value | 84,073,606 | 23,494,920 |
Cash and Cash Equivalents | 84,073,606 | 23,494,920 |
Money Market Funds [Member] | ||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||
Estimated Fair Value | 4,368,773 | 29,363,391 |
Cash and Cash Equivalents | 4,368,773 | 29,363,391 |
Reverse Repurchase Agreements [Member] | ||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||
Estimated Fair Value | 50,000,000 | 25,000,000 |
Cash and Cash Equivalents | 50,000,000 | 25,000,000 |
Total Cash and cash equivalents [Member] | ||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||
Estimated Fair Value | 138,442,379 | 77,858,311 |
Cash and Cash Equivalents | $ 138,442,379 | $ 77,858,311 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents [Abstract] | ||
Marketable Securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Liabilities measured at fair value on a recurring basis | $ 0 | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Deferred research and development expenses | $ 8,277,148 | $ 4,793,794 |
Deferred offering costs | 137,569 | |
Miscellaneous prepaid expenses and other current assets | 215,826 | 407,163 |
Total prepaid expenses and other current assets | $ 8,630,543 | $ 5,200,957 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 2,387,916 | $ 1,323,138 |
Contingent consideration payable in stock | 2,500,000 | |
Accrued research and development | 2,343,210 | 3,944,094 |
Accrued general and administrative | 640,555 | 367,533 |
Accrued expenses | $ 5,371,681 | $ 8,134,765 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | Apr. 20, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Line Of Credit Facility [Line Items] | |||
Proceeds from Long-term lines of credit | $ 16,042,500 | ||
Hercules Credit Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Credit facility amount | $ 60,000,000 | ||
Credit facility amount outstanding | 15,000,000 | ||
Additional credit facility available for borrowing | $ 0 | ||
Debt instrument annual interest rate | 9.10% | ||
Interest payment period | May 1, 2021 | ||
Interest payment extension period | May 1, 2022 | ||
Term loan maturity date | Oct. 1, 2023 | ||
Credit facility fee | $ 375,000 | ||
Credit facility commitment fee percentage | 6.95% | ||
Commitment charge | $ 25,000 | ||
Transaction costs | $ 273,186 | ||
Credit facility prepayment fee percentage | 1.50% | ||
Credit facility, interest rate | 12.90% | ||
Hercules Credit Facility [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Loan agreement right to purchase aggregate amount of equity securities | $ 2,000,000 | ||
Hercules Credit Facility [Member] | Subsequent Event [Member] | |||
Line Of Credit Facility [Line Items] | |||
Credit facility amount | $ 35,000,000 | ||
Interest payment period | May 1, 2021 | ||
Interest payment extension period | Jul. 1, 2022 | ||
Interest payment extension period after amendment | May 1, 2023 | ||
Loan funded prior to the date of amendment | $ 15,000,000 | ||
Hercules Credit Facility [Member] | Prime Rate [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument variable annual interest rate | 3.10% | ||
Hercules Credit Facility [Member] | Prime Rate [Member] | Subsequent Event [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument variable annual interest rate | 3.10% | ||
Hercules Credit Facility [Member] | Prime Rate [Member] | Subsequent Event [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument variable annual interest rate | 8.60% | ||
Hercules Credit Facility [Member] | Term Loan Advance One [Member] | |||
Line Of Credit Facility [Line Items] | |||
Credit facility amount | $ 5,000,000 | ||
Hercules Credit Facility [Member] | Term Loan Advance Two [Member] | |||
Line Of Credit Facility [Line Items] | |||
Proceeds from Long-term lines of credit | 15,000,000 | ||
Hercules Credit Facility [Member] | Term Loan Advance Three [Member] | |||
Line Of Credit Facility [Line Items] | |||
Proceeds from Long-term lines of credit | 15,000,000 | ||
Hercules Credit Facility [Member] | Term Loan Advance Four [Member] | |||
Line Of Credit Facility [Line Items] | |||
Proceeds from Long-term lines of credit | 15,000,000 | ||
Hercules Credit Facility [Member] | Term Loan Advance Five [Member] | |||
Line Of Credit Facility [Line Items] | |||
Proceeds from Long-term lines of credit | $ 10,000,000 | ||
Hercules Credit Facility [Member] | Term Loan Advance Five [Member] | Subsequent Event [Member] | |||
Line Of Credit Facility [Line Items] | |||
Proceeds from Long-term lines of credit | $ 10,000,000 | ||
Debt instrument, increase amount | $ 20,000,000 |
Credit Facility - Schedule of L
Credit Facility - Schedule of Long-Term Debt (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Line Of Credit Facility [Abstract] | ||
Term loan payable | $ 15,000,000 | $ 15,000,000 |
End of term charge | 534,556 | 445,464 |
Unamortized debt issuance costs | (298,819) | (351,232) |
Less: current portion | (5,094,938) | (3,659,776) |
Total long-term debt | $ 10,140,799 | $ 11,434,456 |
Credit Facility - Schedule of P
Credit Facility - Schedule of Principal Payments Incuding End of Term Charges (Detail) | Dec. 31, 2020USD ($) |
Line Of Credit Facility [Abstract] | |
2021 | $ 3,659,776 |
2022 | 5,931,718 |
2023 | 6,451,006 |
Total | $ 16,042,500 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | May 31, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2018 | Mar. 31, 2021 | Mar. 31, 2020 |
Class Of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of commissions and other offering costs | $ 70,049,450 | $ 3,172,824 | ||||
Issuance of common stock, net of issuance costs | 70,049,450 | 3,172,824 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 70,049,450 | $ 3,172,824 | ||||
Common Voting Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs, Shares | 7,868,421 | 562,669 | ||||
Issuance of common stock, net of issuance costs | $ 7,868 | $ 563 | ||||
Issuance of common stock, net of issuance costs, Shares | 7,868,421 | 562,669 | ||||
Jefferies Sales Agreement [Member] | Maximum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of commissions and other offering costs | $ 100,000,000 | |||||
Proceeds from issuance of common stock, net of issuance costs | $ 100,000,000 | |||||
Underwritten Public Offering [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of commissions and other offering costs | $ 117,500,000 | $ 70,000,000 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 117,500,000 | $ 70,000,000 | ||||
Underwritten Public Offering [Member] | Common Voting Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs, Shares | 10 | 7.9 | ||||
Shares issued, price per share | $ 12.50 | $ 9.50 | ||||
Issuance of common stock, net of issuance costs | $ 125,000,000 | $ 74,700,000 | ||||
Issuance of common stock, net of issuance costs, Shares | 10 | 7.9 | ||||
Jefferies LLC [Member] | Jefferies Sales Agreement [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Volume-weighted average price | $ 4.62 | |||||
Issuance of common stock, net of issuance costs, Shares | 9.4 | |||||
Proceeds from issuance of common stock, net of commissions and other offering costs | $ 40,700,000 | |||||
Issuance of common stock, net of issuance costs, Shares | 9.4 | |||||
Proceeds from issuance of common stock, net of issuance costs | $ 40,700,000 | |||||
Jefferies LLC [Member] | Jefferies Sales Agreement [Member] | Maximum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Expected aggregate gross proceeds from issuance of stock | $ 50,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Income Tax [Line Items] | |
Deferred tax assets valuation allowance | 100.00% |
State and Federal [Member] | |
Income Tax [Line Items] | |
Income tax benefit | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)NumberofPlanshares | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted period | 4 years | 4 years | |
Share based compensation expense | $ 1,400,000 | ||
Options to Purchase Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized stock-based compensation | $ 4,523,182 | ||
Weighted average recognition period | 2 years 4 months 9 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized stock-based compensation | $ 2,200,000 | ||
Granted | shares | 0 | ||
Weighted average remaining recognition period | 2 years 1 month 24 days | ||
Aggregate intrinsic value of options outstanding | $ 5,400,000 | ||
Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of equity incentive plans | NumberofPlan | 2 | ||
Equity incentive plans, contractual term | ten years | ||
Common stock available for issuance | shares | 3,947,976 | ||
2016 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for issuance | shares | 1,242,863 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share Based Compensation Expense | $ 2,381,656 | $ 1,953,652 |
Research and Development Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share Based Compensation Expense | 1,192,867 | 945,738 |
General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share Based Compensation Expense | $ 1,188,789 | $ 1,007,914 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 3 Months Ended | |
Mar. 31, 2021USD ($)$ / sharesshares | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares Outstanding, Beginning Balance | shares | 4,608,311 | |
Number of Shares, Granted | shares | 108,115 | |
Number of Shares, Exercised | shares | (543,826) | |
Number of Shares, Forfeitures | shares | (316,396) | |
Number of Shares Outstanding, Ending Balance | shares | 3,856,204 | |
Number of Shares Exercisable, Ending Balance | shares | 2,547,247 | |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 5.73 | |
Weighted Average Exercise Price, Granted | $ / shares | 12.24 | |
Weighted Average Exercise Price, Exercised | $ / shares | 7.36 | |
Weighted Average Exercise Price, Forfeitures | $ / shares | 5.23 | |
Weighted Average Exercise Price, Ending Balance | $ / shares | 5.72 | |
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 5.65 | |
Weighted Average Contractual Term, Outstanding | 6 years 10 months 13 days | |
Weighted Average Contractual Term, Exercisable | 5 years 11 months 1 day | |
Aggregate Intrinsic Value, Outstanding | $ | $ 23,774,646 | [1] |
Aggregate Intrinsic Value, Exercisable | $ | $ 15,863,925 | [1] |
[1] | The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on March 31, 2021 of $11.88 and the per share exercise price of the underlying options |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Mar. 31, 2021$ / shares |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Closing market value of common stock | $ 11.88 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Activity Relating to Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning Balance | 927,189 |
Granted | 0 |
Cancelled | (185,610) |
Vested | (286,944) |
Number of Shares Outstanding, Ending Balance | 454,635 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Employee Stock Purchase Plan Activity (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share Based Compensation Expense | $ 2,381,656 | $ 1,953,652 |
2016 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant-date fair value per share | $ 2.49 | $ 2.24 |
Allocated Share Based Compensation Expense | $ 12,404 | $ 12,332 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Leases [Abstract] | |
Operating lease liability | $ 175,619 |
Operating leases, weighted average remaining lease term (years) | 9 months |
Operating leases, weighted average discount rate | 9.10% |
Operating lease, expense | $ 100,000 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 remaining total lease payments | $ 182,345 | |
Less: effect of discounting | (6,726) | |
Present value of lease liabilities | 175,619 | |
Current operating lease liabilities | 175,619 | $ 233,310 |
Non-current operating lease liabilities | 0 | |
Present value of lease liabilities | $ 175,619 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail) | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2021 remaining total lease payments | $ 182,345 |
Operating lease obligations, 2021 | $ 182,345 |