Reata Pharmaceuticals (RETA) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
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	RETA
Entity Registrant Name	Reata Pharmaceuticals, Inc.
Entity Central Index Key	0001358762
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	001-37785
Entity Tax Identification Number	11-3651945
Entity Address, Address Line One	5320 Legacy Drive
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address Postal Zip Code	75024
City Area Code	972
Local Phone Number	865-2219
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A Common Stock, Par Value $0.001 Per Share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Common Stock A
Document Information [Line Items]
Entity Common Stock Shares Outstanding		31,368,320
Common Stock B
Document Information [Line Items]
Entity Common Stock Shares Outstanding		4,909,492

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 777,624	$ 818,150
Prepaid expenses and other current assets	5,646	6,960
Income tax receivable	22,250	22,228
Total current assets	805,520	847,338
Property and equipment, net	4,922	4,912
Other assets	4,642	5,348
Total assets	815,084	857,598
Liabilities and stockholders’ equity
Accounts payable	8,255	4,790
Accrued direct research liabilities	12,618	14,023
Other current liabilities	14,443	22,264
Payable to collaborators	75,150	73,437
Deferred revenue	3,893	4,688
Total current liabilities	114,359	119,202
Other long-term liabilities	5,013	5,511
Liability related to sale of future royalties, net	326,379	315,454
Total noncurrent liabilities	331,392	320,965
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	1,394,997	1,375,640
Accumulated deficit	(1,025,700)	(958,245)
Total stockholders’ equity	369,333	417,431
Total liabilities and stockholders’ equity	815,084	857,598
Common Stock A
Stockholders’ equity:
Common stock value	31	31
Total stockholders’ equity	31	31
Common Stock B
Stockholders’ equity:
Common stock value	5	5
Total stockholders’ equity	$ 5	$ 5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common Stock A
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	31,360,256	31,109,154
Common stock, shares outstanding	31,360,256	31,109,154
Common Stock B
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	4,909,554	5,044,931
Common stock, shares outstanding	4,909,554	5,044,931

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Collaboration revenue
Collaboration revenue	$ 944	$ 1,353
Expenses
Research and development	34,880	47,653
General and administrative	20,704	20,787
Depreciation	274	278
Total expenses	55,858	68,718
Other income (expense), net	(12,556)	(3,814)
Loss before taxes on income	(67,470)	(71,179)
Benefit from (provision for) taxes on income	15	22,240
Net loss	$ (67,455)	$ (48,939)
Net loss per share—basic and diluted	$ (1.86)	$ (1.47)
Weighted-average number of common shares used in net loss per share basic and diluted	36,203,631	33,222,085
License and milestone
Collaboration revenue
Collaboration revenue	$ 795	$ 1,169
Other revenue
Collaboration revenue
Collaboration revenue	$ 149	$ 184

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock A	Common Stock B	Additional Paid-In Capital	Total Accumulated Deficit
Balance, value at Dec. 31, 2019	$ 256,857	$ 28	$ 5	$ 967,317	$ (710,493)
Balance, shares at Dec. 31, 2019		27,878,550	5,318,157
Net loss	(48,939)				(48,939)
Compensation expense related to stock options	19,307			19,307
Exercise of options, value	1,422			1,422
Exercise of options, shares			40,216
Conversion of common stock Class B to Class A, shares		288,102	(288,102)
Balance, value at Mar. 31, 2020	228,647	$ 28	$ 5	988,046	(759,432)
Balance, shares at Mar. 31, 2020		28,166,652	5,070,271
Balance, value at Dec. 31, 2020	417,431	$ 31	$ 5	1,375,640	(958,245)
Balance, shares at Dec. 31, 2020		31,109,154	5,044,931
Net loss	(67,455)				(67,455)
Compensation expense related to stock options	14,679			14,679
Exercise of options, value	$ 4,678			4,678
Exercise of options, shares	112,423		112,423
Issuance of common stock upon vesting of restricted stock units, shares			3,302
Conversion of common stock Class B to Class A, shares		251,102	(251,102)
Balance, value at Mar. 31, 2021	$ 369,333	$ 31	$ 5	$ 1,394,997	$ (1,025,700)
Balance, shares at Mar. 31, 2021		31,360,256	4,909,554

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net loss	$ (67,455)	$ (48,939)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	274	278
Amortization of debt issuance costs and imputed interest	1,714	489
Non-cash interest expense on liability related to sale of future royalty	10,925	0
Stock-based compensation expense	14,679	19,307
Changes in operating assets and liabilities:
Income tax receivable and payable	(22)	(22,218)
Prepaid expenses and other current assets and other assets	1,330	809
Accounts payable	3,629	10,668
Accrued direct research, other current and long-term liabilities	(9,290)	(1,976)
Payable to collaborators	0	1,578
Deferred revenue	(795)	(1,169)
Net cash used in operating activities	(45,011)	(41,173)
Investing activities
Purchases of property and equipment	(193)	(85)
Net cash used in investing activities	(193)	(85)
Financing activities
Exercise of options	4,678	1,422
Net cash provided by financing activities	4,678	1,422
Net decrease in cash and cash equivalents	(40,526)	(39,836)
Cash and cash equivalents at beginning of year	818,150	664,324
Cash and cash equivalents at end of period	777,624	624,488
Supplemental disclosures
Cash paid for interest	0	3,174
Non-cash activity:
Purchases of equipment in accounts payable, accrued direct research, other current, and long-term liabilities	$ 2,523	$ 1,398

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	1. Description of Business The Company’s mission is to identify, develop, and commercialize innovative therapies that change patients’ lives for the better. The Company focuses on small-molecule therapeutics with novel mechanisms of action for the treatment of severe, life-threatening diseases with few or no approved therapies. The Company’s lead programs are in rare forms of chronic kidney disease (CKD) and a rare neurological disease. The Company announced positive topline data from registrational trials for both of its lead product candidates, bardoxolone methyl (bardoxolone) in patients with CKD caused by Alport syndrome and omaveloxolone in patients with a neurological disorder called Friedreich’s ataxia (FA). Both bardoxolone and omaveloxolone activate the transcription factor Nrf2 to normalize mitochondrial function, restore redox balance, and resolve inflammation. Because mitochondrial dysfunction, oxidative stress, and inflammation are features of many diseases, the Company believes bardoxolone, omaveloxolone, and our next-generation Nrf2 activators have many potential clinical applications. Reata possesses exclusive, worldwide rights to develop, manufacture, and commercialize bardoxolone, omaveloxolone, and our next-generation Nrf2 activators, excluding certain Asian markets for bardoxolone in certain indications, which are licensed to Kyowa Kirin Co., Ltd. (KKC). The Company’s consolidated financial statements include the accounts of all majority-owned subsidiaries. Accordingly, the Company’s share of net earnings and losses from these subsidiaries is included in the consolidated statements of operations. Intercompany profits, transactions, and balances have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The consolidated balance sheet at December 31, 2020, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the annual consolidated financial statements and footnotes thereto of the Company. Summary of Significant Accounting Policies The significant accounting policies used in the preparation of these condensed consolidated financial statements for the three months ended March 31, 2021 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. The FASB issued this update as part of its Simplification Initiative to improve areas of U.S. GAAP and reduce cost and complexity while maintaining usefulness. The main provision that impacts the Company is the removal of the exception to the incremental approach of intra-period tax allocation when there is a loss from continuing operations and income or gain from other items. ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 and its adoption did not have material impact to the Company’s consolidated financial statements and related disclosure .

Collaboration Agreements

Collaboration Agreements	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration Agreements	3. Collaboration Agreements KKC In December 2009, the Company entered into an exclusive license with KKC (the KKC Agreement) to develop and commercialize bardoxolone in the licensed territory. The terms of the agreement include payment to the Company of a nonrefundable, up-front license fee of $35.0 million and additional development and commercial milestone payments. As of March 31, 2021, the Company has received $45.0 million related to regulatory development milestone payments from KKC and has the potential in the future to achieve another $52.0 million from six regulatory milestones and $140.0 million from four commercial milestones. The Company also has the potential to achieve tiered royalties ranging from the low teens to the low 20 percent range, depending on the country of sale and the amount of annual net sales, on net sales by KKC in the licensed territory. The Company is participating on a joint steering committee with KKC to oversee the development and commercialization activities related to bardoxolone. Any future milestones and royalties received are subject to mid to lower single digit percent declining tiered commissions to certain consultants as compensation for negotiations of the KKC Agreement. The up-front payment and regulatory milestones are accounted for as a single unit of accounting. The Company regularly evaluates its remaining performance obligation under the KKC Agreement. Accordingly, revenue may fluctuate from period to period due to changes to its estimated performance obligation period and variable considerations. The Company began recognizing revenue related to the up-front payment upon execution of the KKC Agreement. In March 2021, the Company's performance obligation period under the KKC Agreement was extended to June 2022, which decreased revenue by approximately $0.4 million for the three months ended March 31, 2021, compared to the three months ended March 31, 2020. The Company recognized collaboration revenue totaling approximately $0.8 and $1.2 million during each of the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company recorded deferred revenue totaling approximately $3.9 million, which is reflected as the current portion of deferred revenue. AbbVie In September 2010, the Company entered into a license agreement with AbbVie Inc. (AbbVie) (the AbbVie License Agreement) for an exclusive license to develop and commercialize bardoxolone in the Licensee Territory (as defined in the AbbVie License Agreement). In December 2011, the Company entered into a collaboration agreement with AbbVie (the Collaboration Agreement) to jointly research, develop, and commercialize the Company’s portfolio of second and later generation oral Nrf2 activators. In October 2019, the Company and AbbVie entered into an Amended and Restated License Agreement (the Reacquisition Agreement) pursuant to which the Company reacquired the development, manufacturing, and commercialization rights concerning its proprietary Nrf2 activator product platform originally licensed to AbbVie in the AbbVie License Agreement and the Collaboration Agreement. In exchange for such rights, the Company agreed to pay AbbVie $330.0 million, of which total payments of $250.0 million have been made as of March 31, 2021, with the remaining $80.0 million payable on November 30, 2021. Additionally, the Company will pay AbbVie an escalating, low single-digit royalty on worldwide net sales, on a product-by-product basis, of omaveloxolone and certain next-generation Nrf2 activators. The execution of the Reacquisition Agreement ended our performance obligations under the Collaboration Agreement and included the write off of the remaining related deferred revenue balance, after which no further revenue was recognized. Accordingly, there was no revenue recognized in 2020. The Company recognized interest expense related to the Reacquisition Agreement of approximately $1.7 million and $1.6 million, during the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company’s payable to collaborators was $80.0 million, with a present value of $75.2 million .

Term Loan

Term Loan	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Term Loan	4. Term Loan On October 9, 2019, the Company entered into the First Amendment to the Amended and Restated Loan and Security Agreement (the Amended Restated Loan Agreement), under which it borrowed $155.0 million as of December 20, 2019. On June 24, 2020, the Company paid off the total outstanding balance of the term loans under the Amended Restated Loan Agreement (Term Loans) prior to the maturity date. The payoff consisted of (i) the outstanding principal balance of $155.0 million, (ii) exit fees of $6.7 million, which has been partially accrued up to the date of repayment, (iii) prepayment fees of $5.4 million, and (iv) accrued and unpaid interest of $1.0 million. At the time of payoff, all liabilities and obligations under the Amended Restated Loan Agreement were terminated. The Company recognized approximately $0 and $5.9 million in interest expense for three months ended March 31, 2021 and 2020, respectively.

Liability Related to Sale of Fu

Liability Related to Sale of Future Royalties	3 Months Ended
	Mar. 31, 2021
Liability Related To Sale Of Future Royalties [Abstract]
Liability Related to Sale of Future Royalties	5. Liability Related to Sale of Future Royalties On June 24, 2020, the Company closed on the Development and Commercialization Funding Agreement with an affiliate of Blackstone Life Sciences, LLC (BXLS), which provides funding for the development and commercialization of bardoxolone for the treatment of CKD caused by Alport syndrome, autosomal dominant polycystic kidney disease, and certain other rare CKD indications in return for future royalties (the Development Agreement). The Development Agreement includes a $300.0 million payment by an affiliate of BXLS in return for various percentage royalty payments on worldwide net sales of bardoxolone, once approved in the United States or certain specified European countries, by Reata and its licensees, other than KKC. The royalty percentage will initially be in the mid-single digits and, in future years, can vary between higher-mid single digit percentages to low-single digit percentages depending on various milestones, including indication approval dates, cumulative royalty payments, and cumulative net sales. Pursuant to the Development Agreement, we have granted BXLS a security interest in substantially all of our assets. In addition, concurrent with the Development Agreement, the Company entered into a common stock purchase agreement (the Purchase Agreement) with affiliates of BXLS to sell an aggregate of 340,793 shares of the Company’s Class A common stock at $146.72 per share for a total of $50.0 million. The Company concluded that there were two units of accounting for the consideration received, comprised of the liability related to the sale of future royalties and the common shares. The Company allocated the $300.0 million from the Development Agreement and $50.0 million from the Purchase Agreement between the two units of accounting on a relative fair value basis at the time of the transaction. The Company allocated $294.5 million, which includes $0.8 million in transaction costs incurred, in transaction consideration to the liability, and $55.5 million to the common shares. The Company determined the fair value of the common shares based on the closing stock price on the June 24, 2020, the closing date of the Development Agreement. The effective interest rate under the Development Agreement, including transaction costs, is approximately 13.8%. The following table shows the activity within the liability related to sale of future royalties for the three months ended March 31, 2021: Liability Related to Sale of Future Royalties (in thousands) Balance at December 31, 2020 $ 316,305 Non-cash interest expense recognized, net of transaction cost amortization 10,909 Balance at March 31, 2021 327,214 Less: Unamortized transaction cost (835 ) Carrying value at March 31, 2021 $ 326,379

Other Income (Expense), Net

Other Income (Expense), Net	3 Months Ended
	Mar. 31, 2021
Other Income And Expenses [Abstract]
Other Income (Expense), Net	6 . Other Income (Expense), Net Three Months Ended March 31 2021 2020 Other income (expense), net Investment income $ 80 $ 2,055 Interest expense (1,714 ) (5,869 ) Non-cash interest expense on liability related to sale of future royalty (10,925 ) — Other income (expense) 3 — Total other income (expense), net $ (12,556 ) $ (3,814 ) Investment Income Interest income consists primarily of interest generated from our cash and cash equivalents. Interest Expense Interest expense consists primarily of interest on our borrowing activities under our loan agreements and the imputed interest from amount due to AbbVie under the Reacquisition Agreement. Non-Cash Interest Expense on Liability Related to Sale of Future Royalties Non-cash interest expense consists of recognition of interest expense based on the Company’s current estimate of future royalties expensed to be paid over the estimated term of the Development Agreement. Other Income (Expense) Other income (expense) consists primarily of gains and losses on foreign currency exchange.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	7. Leases The Company’s headquarters are located in Plano, Texas, where it leases approximately 122,000 square feet of office space. On September 2, 2020, the Company’s sublease agreement for its offices in Plano, Texas, was terminated due to the bankruptcy filing of its lessor. On October 1, 2020, the Company entered into a lease agreement with the owner of its offices in Plano, Texas, with lease terms extending through June 30, 2022 and an option to renew up to three months. The Company leases additional office and laboratory space of approximately 34,890 square feet located in Irving, Texas, with lease terms extending through April 30, 2022 with an option to renew up to four successive three-month The Company has elected to net the amortization of the right-of-use assets and the reduction of the lease liabilities principal in accrued direct research and other current and long-term liabilities in the consolidated statements of cash flows. During the three months ended March 31, 2021, cash paid for amounts included for the measurement of lease liabilities was $0.8 million. During the three months ended March 31, 2021, the Company recorded operating lease expense of $0.8 million. Supplemental balance sheet information related to the Company’s operating leases is as follows: As of March 31, Balance Sheet Classification 2021 2020 (in thousands, except for years and %) Non-current right-of-use assets Other assets $ 4,509 $ 8,369 Current lease liabilities Other current liabilities $ 2,905 $ 3,367 Non-current lease liabilities Other long-term liabilities $ 1,730 $ 6,107 Weighted-average remaining lease term (in years) 1.5 2.6 Weighted-average discount rate 8.1 % 9.6 % Maturities of lease liabilities by fiscal year for the Company’s operating leases: As of March 31, 2021 (in thousands) 2021 (remaining nine months) $ 2,376 2022 2,570 Total lease payments 4,946 Less: Imputed interest (311 ) Present value of lease liabilities $ 4,635 The Company has an additional lease of a single-tenant, build-to-suit building of approximately 327,400 square feet of office and laboratory space located in Plano, Texas with an initial lease term of 16 years. The Company entered into the lease agreement on October 15, 2019 (the 2019 Lease Agreement), and at the Company’s option, it may renew the lease for two consecutive five-year renewal periods or one ten-year renewal period. The Company does not have control of the space or the construction prior to completion of construction. Therefore, no right-of-use or lease liabilities were recorded in connection with the 2019 Lease Agreement as of March 31, 2021. Under the First Amendment to the Lease Agreement executed in May 2020, the landlord will fund the Company’s leasehold improvements up to $31.3 million, of which the Company has recorded a leasehold incentive obligation of approximately $2.7 million as other long-term liabilities as of March 31, 2021. The initial annual base rent will be determined based on the project cost, subject to an initial annual cap of approximately $13.3 million, which may increase in certain circumstances. Beginning in the third lease year, the base rent will increase 1.95% per annum each year. In addition to the annual base rent, the Company will pay for taxes, insurance, utilities, operating expenses, assessments under private covenants, maintenance and repairs, certain capital repairs and replacements, and building management fees.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes On March 27, 2020, the United States enacted the CARES Act. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the U.S. economy and to provide assistance to individuals, families, and businesses affected by COVID-19. Accordingly, under its provisions, in March 2020, the Company recognized tax benefits and receivables totaling $22.2 million associated with the ability to carryback an applicable prior year’s net operating losses to a preceding year, which had previously been fully reserved by its valuation allowance. In April 2021, the Company received $2.9 million out of the $22.2 million of the income tax receivable as of March 31, 2021. For the three months ended March 31, 2021, the Company’s effective tax rate was 0% compared to a benefit of 31.3% for the three months ended March 31, 2020. The Company’s effective tax rate for the three months ended March 31, 2021 varies with the statutory rate primarily due to changes in the valuation allowance related to certain deferred tax assets generated or utilized in the applicable period. Deferred tax assets are regularly reviewed for recoverability by jurisdiction and valuation allowances are established based on historical and projected future taxable losses and the expected timing of the reversals of existing temporary differences. The Company has recorded valuation allowances against the majority of its deferred tax assets as of March 31, 2021, and the Company expects to maintain these valuation allowance s until there is sufficient evidence that future earnings can be achieved, which is uncertain at this time .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation The following table summarizes time-based and performance-based stock compensation expense reflected in the consolidated statements of operations (in thousands): Three Months Ended March 31 2021 2020 Research and development $ 6,808 $ 11,516 General and administrative 7,871 7,791 Total stock compensation expense $ 14,679 $ 19,307 Restricted Stock Units (RSUs) The following table summarizes RSU activity as of March 31, 2021, under the Second Amended and Restated Long Term Incentive Plan (LTIP Plan) agreement: Number of RSUs Weighted-Average Grant Date Fair Value Outstanding at January 1, 2021 108,551 $ 115.54 Granted 260,408 121.46 Vested (3,302 ) 212.12 Forfeited (12,199 ) 128.19 Outstanding at March 31, 2021 353,458 $ 118.56 As of March 31, 2021, total unrecognized compensation expense related to RSU awards was approximately $8.1 million, which excludes 291,072 shares of unvested performance-based RSUs that were deemed not probable of vesting totaling unrecognized stock-based compensation expense of $33.1 million. Stock Options The following table summarizes stock option activity as of March 31, 2021, under the LTIP Plan and standalone option agreements: Number of Options Weighted- Average Price Outstanding at January 1, 2021 4,306,269 $ 79.47 Granted 697,538 123.39 Exercised (112,423 ) 41.59 Forfeited (94,271 ) 138.30 Expired (30,727 ) 205.84 Outstanding at March 31, 2021 4,766,386 $ 84.81 Exercisable at March 31, 2021 2,282,312 $ 46.62 Stock-based compensation expense for the three months ended March 31, 2021, included accelerated recognition of expense of $1.4 million due to modifications of outstanding stock options as a result of employees who entered into consulting agreements at the termination of employment, which were considered to be non-substantive services. As of March 31, 2021, total unrecognized compensation expense related to stock options was approximately $125.5 million, which excludes 482,800 shares of unvested performance-based stock options that were deemed not probable of vesting totaling unrecognized stock-based compensation expense of $48.8 million. The total intrinsic value of all outstanding options and exercisable options at March 31, 2021 was $183.7 million and $139.6 million, respectively.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	10. Employee Benefit Plans In 2010, we adopted an Employee Investment Plan, qualified under Section 401(k) of the Internal Revenue Code, which is a retirement savings plan covering substantially all of our U.S. employees (the Plan). The Plan is administered under the “safe harbor” provision of ERISA. Under the Plan, an eligible employee may elect to contribute a percentage of their salary on a pre-tax basis, subject to federal statutory limitations. Beginning in January 2019, the Company implemented a discretionary employer matching contribution of $1.00 for every $1.00 contributed by a participating employee up to $5,000 annually, which such matching contributions become fully vested after four years of service. The Company recorded expense of $0.8 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively, which includes the Company’s contributions and administrative costs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Litigation From time to time, the Company is a party to legal proceedings in the course of its business, including the matters described below. The outcome of any such legal proceedings, regardless of the merits, is inherently uncertain. In addition, litigation and related matters are costly and may divert the attention of our management and other resources that would otherwise be engaged in other activities. If the Company were unable to prevail in any such legal proceedings, its business, results of operations, liquidity and financial condition could be adversely affected. The Company recognizes accruals for litigations to the extent that it can conclude that a loss is both probable and reasonably estimable and recognizes legal expenses as incurred. Patel Litigation On October 15, 2020, Toshif Patel filed a complaint for alleged violation of federal securities laws against the Company, its Chief Executive Officer and its Chief Financial Officer in the United States District Court for the Eastern District of Texas. The complaint purports to bring a federal securities class action on behalf of a class of persons who acquired the Company’s common stock between October 15, 2019 and August 7, 2020. The complaint alleges, among other things, that the defendants made false and misleading statements regarding the sufficiency of its MOXIe Part 2 study results to support a single study marketing approval of omaveloxolone for the treatment of FA in the United States. The plaintiff seeks, among other things, the designation of this action as a class action, an award of unspecified compensatory damages and interest, costs, and expenses, including counsel fees and expert fees. The Company believes that the allegations contained in the complaint are without merit and intends to defend the case vigorously. The Company cannot predict at this point the length of time that this action will be ongoing or the liability, if any, which may arise therefrom. Indemnifications ASC 460, Guarantees As permitted under Delaware law and in accordance with the Company’s bylaws, officers and directors are indemnified for certain events or occurrences, subject to certain limits, while the officer or director is or was serving in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company has obtained director and officer insurance that limits its exposure and may enable recoverability of a portion of any future amounts paid. The Company believes the fair value for these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations as of March 31, 2021 . The Company has certain agreements with licensors, licensees, and collaborators that contain indemnification provisions. In such provisions, the Company typically agrees to indemnify the licensor, licensee, or collaborator against certain types of third-party claims. The Company accrues for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for expenses related to indemnification issues for any period presented.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss per Share	12. Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31 2021 2020 Numerator Net loss $ (67,455 ) $ (48,939 ) Denominator Weighted-average number of common shares used in net loss per share—basic 36,203,631 33,222,085 Dilutive potential common shares — — Weighted-average number of common shares used in net loss per share—diluted 36,203,631 33,222,085 Net loss per share – basic $ (1.86 ) $ (1.47 ) Net loss per share – diluted $ (1.86 ) $ (1.47 ) The number of weighted average options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive represented 4,766,386 and 4,861,425 shares as of March 31, 2021 and 2020, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The consolidated balance sheet at December 31, 2020, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the annual consolidated financial statements and footnotes thereto of the Company.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies used in the preparation of these condensed consolidated financial statements for the three months ended March 31, 2021 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. The FASB issued this update as part of its Simplification Initiative to improve areas of U.S. GAAP and reduce cost and complexity while maintaining usefulness. The main provision that impacts the Company is the removal of the exception to the incremental approach of intra-period tax allocation when there is a loss from continuing operations and income or gain from other items. ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 and its adoption did not have material impact to the Company’s consolidated financial statements and related disclosure .

Liability Related to Sale of _2

Liability Related to Sale of Future Royalties (Tables)	3 Months Ended
	Mar. 31, 2021
Liability Related To Sale Of Future Royalties [Abstract]
Schedule of Activity Within Liability Related to Sale of Future Royalties	The following table shows the activity within the liability related to sale of future royalties for the three months ended March 31, 2021: Liability Related to Sale of Future Royalties (in thousands) Balance at December 31, 2020 $ 316,305 Non-cash interest expense recognized, net of transaction cost amortization 10,909 Balance at March 31, 2021 327,214 Less: Unamortized transaction cost (835 ) Carrying value at March 31, 2021 $ 326,379

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	3 Months Ended
	Mar. 31, 2021
Other Income And Expenses [Abstract]
Summary of Other Income (Expense), Net	Three Months Ended March 31 2021 2020 Other income (expense), net Investment income $ 80 $ 2,055 Interest expense (1,714 ) (5,869 ) Non-cash interest expense on liability related to sale of future royalty (10,925 ) — Other income (expense) 3 — Total other income (expense), net $ (12,556 ) $ (3,814 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Summary of Supplemental Balance Sheet and Other Information Related to Operating Leases	Supplemental balance sheet information related to the Company’s operating leases is as follows: As of March 31, Balance Sheet Classification 2021 2020 (in thousands, except for years and %) Non-current right-of-use assets Other assets $ 4,509 $ 8,369 Current lease liabilities Other current liabilities $ 2,905 $ 3,367 Non-current lease liabilities Other long-term liabilities $ 1,730 $ 6,107 Weighted-average remaining lease term (in years) 1.5 2.6 Weighted-average discount rate 8.1 % 9.6 %
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities by fiscal year for the Company’s operating leases: As of March 31, 2021 (in thousands) 2021 (remaining nine months) $ 2,376 2022 2,570 Total lease payments 4,946 Less: Imputed interest (311 ) Present value of lease liabilities $ 4,635

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Time Based and Performance-Based Stock Compensation Expense	The following table summarizes time-based and performance-based stock compensation expense reflected in the consolidated statements of operations (in thousands): Three Months Ended March 31 2021 2020 Research and development $ 6,808 $ 11,516 General and administrative 7,871 7,791 Total stock compensation expense $ 14,679 $ 19,307
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity as of March 31, 2021, under the Second Amended and Restated Long Term Incentive Plan (LTIP Plan) agreement: Number of RSUs Weighted-Average Grant Date Fair Value Outstanding at January 1, 2021 108,551 $ 115.54 Granted 260,408 121.46 Vested (3,302 ) 212.12 Forfeited (12,199 ) 128.19 Outstanding at March 31, 2021 353,458 $ 118.56
Summary of Stock Option Activity	The following table summarizes stock option activity as of March 31, 2021, under the LTIP Plan and standalone option agreements: Number of Options Weighted- Average Price Outstanding at January 1, 2021 4,306,269 $ 79.47 Granted 697,538 123.39 Exercised (112,423 ) 41.59 Forfeited (94,271 ) 138.30 Expired (30,727 ) 205.84 Outstanding at March 31, 2021 4,766,386 $ 84.81 Exercisable at March 31, 2021 2,282,312 $ 46.62

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31 2021 2020 Numerator Net loss $ (67,455 ) $ (48,939 ) Denominator Weighted-average number of common shares used in net loss per share—basic 36,203,631 33,222,085 Dilutive potential common shares — — Weighted-average number of common shares used in net loss per share—diluted 36,203,631 33,222,085 Net loss per share – basic $ (1.86 ) $ (1.47 ) Net loss per share – diluted $ (1.86 ) $ (1.47 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - ASU 2019-12 (Topic 740)	Mar. 31, 2021
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2009USD ($)	Mar. 31, 2021USD ($)Milestone	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Nov. 30, 2021USD ($)	Oct. 31, 2019USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Decrease in revenue		$ 795,000	$ 1,169,000
Collaboration revenue		944,000	1,353,000
Current portion of deferred revenue		3,893,000		$ 4,688,000
Payable to collaborators, current		75,150,000		73,437,000
Interest expense		1,714,000	5,869,000
KKC Agreement | License Agreement Terms
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront license fee received	$ 35,000,000
Collaboration revenue, milestone payments received		45,000,000
Collaboration revenue, potential milestone payments		$ 52,000,000
Number of regulatory development milestones | Milestone		6
Collaboration revenue, additional potential commercial milestone payments		$ 140,000,000
Number of commercial milestones | Milestone		4
Decrease in revenue		$ 400,000
Collaboration revenue		800,000	1,200,000
Deferred Revenue		3,900,000
Current portion of deferred revenue		3,900,000
AbbVie
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payable to collaborators		80,000,000				$ 330,000,000
Payable to collaborators, current		250,000,000
Interest expense		1,700,000	$ 1,600,000
Payable to collaborators, net of current portion		$ 75,200,000
AbbVie | Collaborative Arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue				$ 0
AbbVie | Forecast
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payable to collaborators					$ 80,000,000

Term Loan - Additional Informat

Term Loan - Additional Information (Details) - Amended Restated Loan Agreement - Term Loan - USD ($) $ in Millions	Jun. 24, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 20, 2019
Debt Instrument [Line Items]
Loan principal amount				$ 155
Repayment of outstanding principal amount	$ 155
Debt instrument, exit fee	6.7
Debt instrument, prepayment fee	5.4
Debt instrument, accrued and unpaid interest	$ 1
Interest expense recognized		$ 0	$ 5.9

Liability Related to Sale of _3

Liability Related to Sale of Future Royalties - Additional Information (Details) $ / shares in Units, $ in Millions	Jun. 24, 2020USD ($)Account$ / sharesshares
Liability Related To Sale Of Future Royalties [Line Items]
Number of units of accounting related to consideration received | Account	2
Liability related to sale of future royalties, net	$ 294.5
Transaction cost of liability related to sale of future royalties	0.8
Transaction consideration allocated to common shares	$ 55.5
Effective interest rate including transaction costs	13.80%
Development Agreement
Liability Related To Sale Of Future Royalties [Line Items]
Proceeds from royalty agreement	$ 300
Purchase Agreement
Liability Related To Sale Of Future Royalties [Line Items]
Proceeds from issuance of common stock, net	50
Purchase Agreement | Common Stock A | BXLS
Liability Related To Sale Of Future Royalties [Line Items]
Proceeds from issuance of common stock, net	$ 50
Issuance of common stock | shares	340,793
Shares issued, price per share | $ / shares	$ 146.72

Liability Related to Sale of _4

Liability Related to Sale of Future Royalties - Schedule of Activity Within Liability Related to Sale of Future Royalties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Liability Related To Sale Of Future Royalties [Abstract]
Liability related to sale of future royalties, Balance at December 31, 2020	$ 316,305
Non-cash interest expense recognized, net of transaction cost amortization	10,909
Liability related to sale of future royalties, Balance at March 31, 2021	327,214
Less: Unamortized transaction cost	(835)
Liability related to sale of future royalties, Carrying value at March 31, 2021	$ 326,379

Other Income (Expense), Net - S

Other Income (Expense), Net - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other income (expense), net
Investment income	$ 80	$ 2,055
Interest expense	(1,714)	(5,869)
Non-cash interest expense on liability related to sale of future royalty	(10,925)	0
Other income (expense)	3	0
Total other income (expense), net	$ (12,556)	$ (3,814)

Leases - Additional Information

Leases - Additional Information (Details)	Oct. 01, 2020	Oct. 15, 2019USD ($)ft²	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)
Lessee Lease Description [Line Items]
Cash paid for amounts included in the measurement of lease liabilities			$ 800,000
Operating lease, expense			800,000
Operating lease right-of-use asset			4,509,000	$ 8,369,000
Operating lease liability			$ 4,635,000
Plano Texas
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Operating lease, option to extend			extending through June 30, 2022
Lease expiration date	Jun. 30, 2022
Operating lease, renewal Term	3 months
Plano Texas | Office Space
Lessee Lease Description [Line Items]
Area of real estate property | ft²			122,000
Plano Texas | Office And Laboratory Space | 2019 Lease Agreement
Lessee Lease Description [Line Items]
Area of real estate property | ft²		327,400
Operating lease, existence of option to extend		true
Renewal lease term, option one			two consecutive five-year renewal periods
Lease initial term		16 years
Renewal lease term, option two			one ten-year renewal period
Operating lease right-of-use asset		$ 0
Operating lease liability		0
Leasehold improvement maximum amount funded by landlord		31,300,000
Leasehold incentive obligation included in other long-term liabilities			$ 2,700,000
Initial annual base rent expense		$ 13,300,000
Percentage of increase in base rent per annum after two years		1.95%
Irving Texas
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend			true
Operating lease, option to extend			extending through April 30, 2022
Lease expiration date			Apr. 30, 2022
Renewal lease term, option one			four successive three-month periods
Irving Texas | Maximum
Lessee Lease Description [Line Items]
Operating lease, renewal Term			3 months
Irving Texas | Office And Laboratory Space
Lessee Lease Description [Line Items]
Area of real estate property | ft²			34,890

Leases - Summary of Supplementa

Leases - Summary of Supplemental Balance Sheet and Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Non-current right-of-use assets	$ 4,509	$ 8,369
Right-of-use asset, Statement of financial position [Extensible List]	Other assets	Other assets
Current lease liabilities	$ 2,905	$ 3,367
Operating lease liability current, Statement of financial position [Extensible List]	Other current liabilities	Other current liabilities
Non-current lease liabilities	$ 1,730	$ 6,107
Operating lease liability noncurrent, Statement of financial position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Weighted-average remaining lease term (in years)	1 year 6 months	2 years 7 months 6 days
Weighted-average discount rate	8.10%	9.60%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021 (remaining nine months)	$ 2,376
2022	2,570
Total lease payments	4,946
Less: Imputed interest	(311)
Present value of lease liabilities	$ 4,635

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Line Items]
Income tax receivable as per CARES Act		$ 22.2
Effective income tax rate		0.00%	(31.30%)
Subsequent Event
Income Tax Disclosure [Line Items]
Income tax received	$ 2.9

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Time Based and Performance-Based Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock compensation expense	$ 14,679	$ 19,307
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock compensation expense	6,808	11,516
General and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock compensation expense	$ 7,871	$ 7,791

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Unit (RSUs)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of RSUs
Number of RSUs - Beginning balance | shares	108,551
Number of RSUs, Granted | shares	260,408
Number of RSUs, Vested | shares	(3,302)
Number of RSUs, Forfeited | shares	(12,199)
Number of RSUs - Ending balance | shares	353,458
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value - Beginning balance | $ / shares	$ 115.54
Weighted-Average Grant Date Fair Value, Granted | $ / shares	121.46
Weighted-Average Grant Date Fair Value, Vested | $ / shares	212.12
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	128.19
Weighted-Average Grant Date Fair Value - Ending balance | $ / shares	$ 118.56

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 14,679	$ 19,307
Total intrinsic value of outstanding options	183,700
Total intrinsic value of exercisable options	139,600
Restricted Stock Unit (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	8,100
Performance-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 33,100
Performance-based stock options deemed not probable of vesting	291,072
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 125,500
Stock-based compensation expense	1,400
Performance-based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 48,800
Performance-based stock options deemed not probable of vesting	482,800

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Options, Abstract
Number of Options, Outstanding - Beginning balance | shares	4,306,269
Number of Options, Granted | shares	697,538
Number of Options, Exercised | shares	(112,423)
Number of Options, Forfeited | shares	(94,271)
Number of Options, Expired | shares	(30,727)
Number of Options, Outstanding - Ending balance | shares	4,766,386
Number of Options, Exercisable | shares	2,282,312
Weighted Average Price, Abstract
Weighted-Average Price, Outstanding - Beginning balance | $ / shares	$ 79.47
Weighted-Average Price, Granted | $ / shares	123.39
Weighted-Average Price, Exercised | $ / shares	41.59
Weighted-Average Price, Forfeited | $ / shares	138.30
Weighted-Average Price, Expired | $ / shares	205.84
Weighted-Average Price, Outstanding - Ending balance | $ / shares	84.81
Weighted-Average Price, Exercisable | $ / shares	$ 46.62

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Defined benefit plan, description	we adopted an Employee Investment Plan, qualified under Section 401(k) of the Internal Revenue Code, which is a retirement savings plan covering substantially all of our U.S. employees (the Plan).
Defined contribution plan employer discretionary contribution amount	$ 1,000	$ 1,000
Maximum employee contributions to the plan annually	$ 5,000,000
Period of matching contributions to vest	4 years	4 years
Defined contribution plan including contributions and administrative costs expenses	$ 800,000	$ 600,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Accrual expenses related to indemnification	$ 0

Net Loss per Share - Computatio

Net Loss per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator
Net loss	$ (67,455)	$ (48,939)
Denominator
Weighted-average number of common shares used in net loss per share—basic	36,203,631	33,222,085
Dilutive potential common shares	0	0
Weighted-average number of common shares used in net loss per share—diluted	36,203,631	33,222,085
Net loss per share – basic	$ (1.86)	$ (1.47)
Net loss per share – diluted	$ (1.86)	$ (1.47)

Net Loss per Share - Additional

Net Loss per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted average anti-dilutive shares excludes from computation of earnings per share	4,766,386	4,861,425