Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SNDX | |
Entity Registrant Name | Syndax Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001395937 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 56,565,165 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-37708 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0162505 | |
Entity Address, Address Line One | 35 Gatehouse Drive | |
Entity Address, Address Line Two | Building D | |
Entity Address, Address Line Three | Floor 3 | |
Entity Address, City or Town | Waltham | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02451 | |
City Area Code | 781 | |
Local Phone Number | 419-1400 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 120,239 | $ 221,965 |
Restricted cash | 115 | 115 |
Short-term investments | 246,552 | 217,971 |
Collaboration receivable, net | 13,102 | |
Short-term deposits | 9,887 | 6,894 |
Prepaid expenses and other current assets | 2,392 | 1,451 |
Total current assets | 392,287 | 448,396 |
Long-term investments | 12,125 | |
Property and equipment, net | 256 | 278 |
Right-of-use asset, net | 774 | 983 |
Other assets | 995 | |
Total assets | 406,437 | 449,657 |
Current liabilities: | ||
Accounts payable | 6,438 | 5,669 |
Accrued expenses and other current liabilities | 16,974 | 14,465 |
Current portion of term loan | 7,212 | |
Current portion of right-of-use liability | 299 | 361 |
Current portion of capital lease | 2 | 1 |
Derivative liability | 187 | |
Total current liabilities | 30,925 | 20,683 |
Long-term liabilities: | ||
Right-of-use liability, less current portion | 570 | 711 |
Capital lease, less current portion | 8 | |
Term loan, less current portion | 12,994 | 19,895 |
Total long-term liabilities | 13,572 | 20,606 |
Total liabilities | 44,497 | 41,289 |
Commitments | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 shares outstanding at June 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 56,398,764 and 54,983,105 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 6 | 6 |
Additional paid-in capital | 981,712 | 952,019 |
Accumulated other comprehensive (income) loss | (1,335) | 45 |
Accumulated deficit | (618,443) | (543,702) |
Total stockholders’ equity | 361,940 | 408,368 |
Total liabilities and stockholders’ equity | $ 406,437 | $ 449,657 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 56,399,734 | 54,983,105 |
Common stock, shares outstanding | 56,399,734 | 54,983,105 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Total revenues | $ 379 | $ 758 | ||
Type of revenue [extensible list] | us-gaap:LicenseMember | us-gaap:LicenseMember | ||
Operating expenses: | ||||
Research and development | $ 29,734 | $ 16,871 | $ 59,756 | $ 38,742 |
General and administrative | 7,990 | 5,842 | 14,827 | 11,513 |
Total operating expenses | 37,724 | 22,713 | 74,583 | 50,255 |
Loss from operations | (37,724) | (22,334) | (74,583) | (49,497) |
Other income (expense): | ||||
Interest expense | (695) | (634) | (1,346) | (1,258) |
Interest income | 878 | 108 | 1,103 | 229 |
Other (expense) income, net | (31) | (50) | 85 | (107) |
Total other income (expense) | 152 | (576) | (158) | (1,136) |
Net loss | (37,572) | (22,910) | (74,741) | (50,633) |
Other comprehensive loss: | ||||
Unrealized (loss) gain on marketable securities | (695) | 8 | (1,380) | 21 |
Comprehensive loss | (38,267) | (22,902) | (76,121) | (50,612) |
Net loss attributable to common stockholders - basic | $ (37,572) | $ (22,910) | $ (74,741) | $ (50,633) |
Net loss per share attributable to common stockholders—basic | $ (0.62) | $ (0.44) | $ (1.25) | $ (0.98) |
Net loss per share attributable to common stockholders—diluted | $ (0.62) | $ (0.44) | $ (1.25) | $ (0.98) |
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders —basic | 60,156,653 | 51,603,286 | 59,570,888 | 51,551,844 |
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—diluted | 60,156,653 | 51,603,286 | 59,570,888 | 51,551,844 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (74,741) | $ (50,633) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation | 22 | 25 |
Amortization and accretion of investments | (320) | 300 |
Non-cash operating lease expense | 209 | 197 |
Non-cash interest expense | 311 | 234 |
Changes in fair value of derivative liability | (187) | |
Stock-based compensation | 7,416 | 6,007 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (4,930) | (2,357) |
Other receivables | (13,102) | |
Accounts payable | 769 | 116 |
Deferred revenue | (758) | |
Accrued expenses and other liabilities | 2,316 | 235 |
Net cash used in operating activities | (82,237) | (46,634) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of short-term investments | (164,632) | (126,548) |
Proceeds from sales and maturities of short-term investments | 122,866 | 119,000 |
Net cash used in investing activities | (41,766) | (7,548) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock in at-the-market stock offering, net | 19,427 | 5,131 |
Proceeds from Employee Stock Purchase Plan | 150 | 143 |
Proceeds from stock option exercises | 2,700 | 1,706 |
Net cash provided by financing activities | 22,277 | 6,980 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (101,726) | (47,202) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—beginning of period | 222,080 | 115,358 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —end of period | 120,354 | 68,156 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | $ 960 | $ 996 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Syndax Pharmaceuticals, Inc. (“we,” “us,” “our” or the “Company”) is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. We were incorporated in Delaware in 2005. We base our operations in Waltham, Massachusetts and we operate in one segment. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The interim unaudited condensed financial statements have been prepared on the same basis as the annual audited financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2022, and the results of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 1, 2022. In 2011, the Company established a wholly owned subsidiary in the United Kingdom, in 2014 the Company established a wholly owned U.S. subsidiary, and in 2021, the Company established a wholly owned subsidiary in the Netherlands. There have been no material activities for these entities to date. All intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, and the notes thereto are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 1, 2022. Since the date of filing, there have been no material changes to the Company’s significant accounting policies except as noted below. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Significant Risks and Uncertainties We have implemented business continuity plans designed to address and mitigate the impact of the ongoing COVID-19 pandemic on our business. We anticipate that the COVID-19 pandemic could have an impact on the clinical development timelines for one or more of our clinical programs. The extent to which the COVID-19 pandemic impacts our business, our clinical development, manufacturing of clinical and commercial drug substance and drug product, and regulatory efforts, our corporate development objectives and the value of and market for our common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the U.S., Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, we are subject to other challenges and risks specific to our business and our ability to execute on our strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of our late-stage product candidate; delays or problems in the supply of our products, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing our intellectual property rights; complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects our business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other accounting standard setting bodies that we adopt as of the specified effective date. Unless otherwise discussed below, we do not believe that the adoption of recently issued standards have or may have a material impact on our consolidated statements or disclosures. |
Collaborative Research and Lice
Collaborative Research and License Agreements | 6 Months Ended |
Jun. 30, 2022 | |
Research And Development [Abstract] | |
Collaborative Research and License Agreements | Collaborative Research and License Agreements Incyte Collaboration In September 2021, the Company entered into the Incyte License and Collaboration Agreement with Incyte covering the worldwide development and commercialization of SNDX-6352 (axatilimab) (the “Incyte License”) and the Company entered into a share purchase agreement with Incyte (the “Incyte Share Purchase Agreement”) and collective with the Incyte License, the “Incyte Agreements”). These agreements are collectively referred to as the Incyte Agreements. Under the terms of the Incyte Agreements, Incyte will receive exclusive commercialization rights outside of the United States, subject to tiered royalty payment obligations. In the United States, Incyte and the Company will co-commercialize axatilimab, with the Company having the right to co-promote axatilimab, subject to the Company’s exercise of its co-promotion option. Incyte will be responsible for leading all aspects of commercialization of axatilimab in the United States. The Company and Incyte have agreed to co-develop axatilimab and to share development costs associated with the global and U.S. – specific clinical trials, with Incyte responsible for 55 % of such costs and the Company responsible for 45 % of such costs. Incyte is responsible for 100 % of future development costs for trials that are specific to ex-U.S. countries. Each company will be responsible for funding any of its own independent development of activities. All development costs related to the collaboration will be subject to a joint development plan. The Company is eligible to receive up to $ 220 million in future contingent development and regulatory milestones and up to $ 230 million in commercialization milestones. In addition, the Company is eligible to receive tiered royalties on potential net sales of the licensed product comprising axatilimab ranging from the low to mid double-digit percentages. In December 2021, the Company received the upfront cash payment of $ 117 million and the Company issued 1,421,523 shares of common stock for an aggregate purchase price of $ 35 million, or $ 24.62 per share. Additionally, Incyte and the Company entered into a letter agreement which permitted Incyte to terminate the Incyte Agreement under circumstances under which the upfront payment of $ 117 million would be returned to Incyte and a cash settlement on the sale of the Company's common stock would be made to make the parties whole (the "Letter Agreement"). In connection with the closing of this transaction in December 2021, the Company determined that the cash settlement feature of the Letter Agreement represented an embedded derivative requiring bifurcation and separate accounting recognition at fair value. Accordingly, the Company recorded the common stock issued to Incyte at fair value of $ 24.8 million, $ 0.6 million as a derivative liability and $ 126.6 million as license revenue as of December 31, 2021. The Letter Agreement terminated in March 2022. As of June 30, 2022, the Company has recorded $ 13.5 million as a collaboration receivable due from Incyte related to development costs under the Agreement. Additionally, the Company has recorded approximately $ 0.4 million as a collaboration payable, due to Incyte for development costs incurred by Incyte. Both expense and cost offset are recorded as part of research and development expense. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 5. Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands, except share and per (In thousands, except share and per Numerator—basic and diluted: Net loss $ ( 37,572 ) $ ( 22,910 ) $ ( 74,741 ) $ ( 50,633 ) Net loss attributable to common $ ( 37,572 ) $ ( 22,910 ) $ ( 74,741 ) $ ( 50,633 ) Net loss per share attributable to common $ ( 0.62 ) $ ( 0.44 ) $ ( 1.25 ) $ ( 0.98 ) Denominator—basic and diluted: Weighted-average number of common shares 60,156,653 51,603,286 59,570,888 51,551,844 The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares): June 30, 2022 2021 Options to purchase common stock 8,046,741 7,406,760 Employee Stock Purchase Plan 10,805 8,214 Non-vested restricted stock units (RSUs) 259,788 124,083 In January 2020, the Company sold 3,036,719 shares of common stock at $ 8.00 per share and pre-funded warrants to purchase 1,338,287 shares of common stock. In February 2021, 250,000 pre-funded warrants were exchanged for shares of common stock in a cash exercise and in November 2021, 475,784 pre-funded warrants were exchanged for shares of common stock in a cashless exercise. As of June 30, 2022, 3,975,024 pre-funded warrants were considered issued and outstanding . |
Significant Agreements
Significant Agreements | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Significant Agreements | 6. Significant Agreements Vitae Pharmaceuticals, Inc. In October 2017, the Company entered into a license agreement (the “Allergan License Agreement”) with Vitae Pharmaceuticals, Inc., a subsidiary of Allergan (“Allergan”), under which Allergan granted the Company an exclusive, sublicensable, worldwide license to a portfolio of preclinical, orally available, small molecule inhibitors of the interaction of menin with Mixed Lineage Leukemia (“MLL”) protein (the “Menin Assets”). Subject to the achievement of certain milestone events, the Company may be required to pay Allergan up to $ 99.0 million in one-time development and regulatory milestone payments over the term of the Allergan License Agreement. In the event that the Company or any of its affiliates or sublicensees commercializes the Menin Assets, the Company will also be obligated to pay Allergan low single to low double-digit royalties on sales, subject to reduction in certain circumstances, as well as up to an aggregate of $ 70.0 million in potential one-time, sales-based milestone payments based on achievement of certain annual sales thresholds. The Company is solely responsible for the development and commercialization of the Menin Assets. Each party may terminate the Allergan License Agreement for the other party’s uncured material breach or insolvency; and the Company may terminate the Allergan License Agreement at will at any time upon advance written notice to Allergan. Allergan may terminate the Allergan License Agreement if the Company or any of its affiliates or sublicensees institutes a legal challenge to the validity, enforceability, or patentability of the licensed patent rights. Unless terminated earlier in accordance with its terms, the Allergan License Agreement will continue on a country-by-country and product-by-product basis until the later of: (i) the expiration of all of the licensed patent rights in such country; (ii) the expiration of all regulatory exclusivity applicable to the product in such country; and (iii) 10 years from the date of the first commercial sale of the product in such country. As of the date of the Allergan License Agreement, the asset acquired had no alternative future use nor had it reached a stage of technological feasibility. As the processes or activities that were acquired along with the license do not constitute a “business,” the transaction has been accounted for as an asset acquisition. In June 2019, the Company achieved certain development and regulatory milestones and recorded $ 4.0 million as research and development expense. In February 2022, the Company achieved certain development and regulatory milestones and recorded $ 2.0 million as research and development expense. UCB Biopharma Sprl In 2016, the Company entered into a license agreement (the “UCB License Agreement”), as amended from time to time, with UCB Biopharma Sprl (“UCB”), under which UCB granted to the Company a worldwide, sublicenseable, exclusive license to UCB6352, which the Company refers to as axatilimab, an investigational new drug (“IND”) ready anti-CSF-1R monoclonal antibody. Subject to the achievement of certain milestone events, the Company may be required to pay UCB up to $ 119.5 million in one-time development and regulatory milestone payments over the term of the UCB License Agreement. In the event that the Company or any of its affiliates or sublicensees commercializes axatilimab, the Company will also be obligated to pay UCB low double-digit royalties on sales, subject to reduction in certain circumstances, as well as up to an aggregate of $ 250.0 million in potential one-time, sales-based milestone payments based on achievement of certain annual sales thresholds. Under certain circumstances, the Company may be required to share a percentage of non-royalty income from sublicensees, subject to certain deductions, with UCB. The Company is solely responsible for the development and commercialization of axatilimab, except that UCB is performing a limited set of transitional chemistry, manufacturing and control tasks related to axatilimab. Each party may terminate the UCB License Agreement for the other party’s uncured material breach or insolvency; and the Company may terminate the UCB License Agreement at will at any time upon advance written notice to UCB. UCB may terminate the UCB License Agreement if the Company or any of its affiliates or sublicensees institutes a legal challenge to the validity, enforceability, or patentability of the licensed patent rights. Unless terminated earlier in accordance with its terms, the UCB License Agreement will continue on a country-by-country and product-by-product basis until the later of: (i) the expiration of all of the licensed patent rights in such country; (ii) the expiration of all regulatory exclusivity applicable to the product in such country; and (iii) 10 years from the date of the first commercial sale of the product in such country. As of the date of the UCB License Agreement, the asset acquired had no alternative future use nor had it reached a stage of technological feasibility. As the processes or activities that were acquired along with the license do not constitute a “business,” the transaction has been accounted for as an asset acquisition. As a result, in 2016, the upfront payment of $ 5.0 million was recorded as research and development expense in the consolidated statements of operations. Since the start of the license agreement, the Company achieved certain development and regulatory milestones and has recorded $ 6.0 million as research and development expense. Additionally, in connection with its most recent amendment of the UCB License Agreement, the Company paid UCB $ 5.8 million, which it recognized as a milestone expense in the six months ended June 30, 2022. Bayer Pharma AG (formerly known as Bayer Schering Pharma AG) In March 2007, the Company entered into a license agreement (the “Bayer Agreement”) with Bayer Schering Pharma AG (“Bayer”) for a worldwide, exclusive license to develop and commercialize entinostat and any other products containing the same active ingredient. The Company will pay Bayer royalties on a sliding scale based on net sales, if any, and make future milestone payments to Bayer of up to $ 150.0 million in the event that certain specified development and regulatory goals and sales levels are achieved. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, accounts payable, and accrued expenses approximated their estimated fair values due to the short-term nature of these financial instruments. 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. The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: Level 1— Quoted prices (unadjusted) 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. The table below presents information about the Company’s assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques the Company utilized to determine such fair values (in thousands): Fair Value Measurements Using Quoted Prices Significant (unadjusted) Other Significant Total in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2022 Assets: Cash and cash equivalents $ 120,240 $ 68,248 $ 51,992 $ — Short-term investments 246,552 — 246,552 — Long-term investments 12,125 — 12,125 — Total assets $ 378,917 $ 68,248 $ 310,669 $ — December 31, 2021 Assets: Cash and cash equivalents $ 221,965 $ 96,816 $ 125,149 $ — Short-term investments 217,971 — 217,971 — Total assets $ 439,936 $ 96,816 $ 343,120 $ — Liabilities: Derivative liability 187 — — 187 Total liabilities $ 187 $ — $ — $ 187 There have been no material impairments of our assets measured and carried at fair value during the period ended June 30, 2022 and 2021. In addition, there have been no changes in valuation techniques during the period ended June 30, 2022 and 2021. The fair value of Level 1 instruments classified as cash equivalents are valued using quoted market prices in active markets. The fair value of Level 2 instruments classified as cash equivalents and short – term investments was determined other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date and fair value is determined using models or other valuation methodologies. The fair value of the Level 3 instrument is determined using unobservable inputs and the Company utilized a Black Scholes valuation model as of December 9, 2021 (initial recognition) and December 31, 2021, respectively. The following table summarizes the fair value rollforward (in thousands): Fair Value Derivative Liability: Beginning Balance 12/31/21 $ 187 Change in fair value ( 187 ) Ending Balance 6/30/22 $ — The change in fair value of the Level 3 instrument was directly related to the expiration of the Letter Agreement in March 2022. At the time of the expiration of the Letter Agreement, Incyte no longer had the ability to terminate the contract, as such the probability of payment to Incyte was assessed to be zero. Accordingly, the Company released the remaining $ 187,000 liability related to the Letter Agreement as of March 31, 2022. The short-term and long-term investments are classified as available-for-sale securities. As of June 30, 2022 , the remaining contractual maturities of the available-for-sale securities were 1 to 13 months, and the balance in the Company’s accumulated other comprehensive income was comprised solely of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities during the six months ended June 30, 2022 and 2021. As a result, the Company did not reclassify any amounts out of accumulated other comprehensive income for the same periods. The Company has a limited number of available-for-sale securities in insignificant loss positions as of June 30, 2022, which the Company does not intend to sell and has concluded it will not be required to sell before recovery of the amortized cost for the investment at maturity The following table summarizes the available-for-sale securities: Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) June 30, 2022 Commercial paper $ 201,084 $ — $ ( 697 ) $ 200,387 Corporate bonds 4,067 1 — 4,068 US Treasury and federal bonds 106,852 — ( 638 ) 106,214 $ 312,003 $ 1 $ ( 1,335 ) $ 310,669 December 31, 2021 Commercial paper $ 306,715 $ 70 $ ( 17 ) $ 306,768 Corporate bonds 22,147 — ( 6 ) 22,141 US Treasury and federal bonds 14,212 — ( 2 ) 14,210 $ 343,074 $ 70 $ ( 25 ) $ 343,119 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 8. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2022 December 31, 2021 Prepaid insurance $ 1,564 $ 642 Interest receivable on investments 410 429 Prepaid subscription 235 230 Other 183 150 Total prepaid expenses and other current assets $ 2,392 $ 1,451 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2022 December 31, 2021 Accrued clinical costs $ 10,519 $ 7,760 Accrued compensation and related costs 2,736 4,342 Accrued professional fees 553 662 Other 3,166 1,701 Total accrued expenses and other current liabilities $ 16,974 $ 14,465 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation In January 2022, the number of shares of common stock available for issuance under the 2015 Omnibus Incentive Plan (“2015 Plan”) was increased by 2,198,134 shares due to the automatic annual provision to increase shares available under the 2015 Plan. As of June 30, 2022, the total number of shares of common stock available for issuance under the 2015 Plan was 1,647,345 . The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees and related to the 2015 Employee Stock Purchase Plan (“ESPP”) in the condensed consolidated statements of comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Research and development $ 1,358 $ 1,093 $ 2,710 $ 1,996 General and administrative 2,580 2,147 4,706 4,011 Total $ 3,938 $ 3,240 $ 7,416 $ 6,007 Compensation expense by type of award in the three and six months ended June 30, 2022 and 2021 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Stock options $ 3,188 $ 2,615 $ 6,113 $ 4,961 Restricted Stock Units 722 597 1,238 977 Employee Stock Purchase Plan 28 28 65 69 Total $ 3,938 $ 3,240 $ 7,416 $ 6,007 During the six months ended June 30, 2022 , the Company granted 1,993,450 stock options to certain executives, consultants and employees having service-based vesting conditions. The grant date fair value of the options granted in the six months ended June 30, 2022 , was $ 21.8 million, or $ 10.93 per share on a weighted-average basis and will be recognized as compensation expense over the requisite service period of two to four years. In 2019, the Company granted to certain employees 583,000 performance-based stock options (“2019 Performance Awards”), primarily related to the achievement of certain clinical and regulatory development milestones related to product candidates. Additionally, in 2022, the Company granted to certain employees 140,000 performance-based stock options (“2022 Performance Awards”), primarily related to the achievement of certain regulatory development milestones related to product candidates. Recognition of stock-based compensation expense associated with these performance-based stock options commences when the performance condition is probable of achievement, using management’s best estimates, which consider the inherent risk and uncertainty regarding the future outcomes of the milestones. In the fourth quarter of 2020 one of the performance milestones of the 2019 Performance Awards was achieved and of the associated 194,331 stock options, 64,777 stock options vested, and 388,669 options were cancelled. In 2021, 64,780 stock options vested. As of June 30, 2022, 56,999 options (net of cancellations) remain to vest. For the remaining milestones, the performance conditions were not met as of June 30, 2022 . Therefore, no expense has been recognized related to these awards for the six months ended June 30, 2022 , and 7,778 options were canceled in 2022. In the first quarter of 2022, management estimated one of the milestones, for the 2022 Performance Awards, was probable of achievement and, as such, the Company recorded approximately $ 214,000 of stock compensation expense for these awards for the six months ended June 30, 2022. As of June 30, 2022 , 140,000 stock options outstanding were unvested, and no options had been cancelled. During the six months ended June 30, 2022 , 286,572 options were exercised for cash proceeds of $ 2.7 million. During the six months ended June 30, 2021 , 191,394 options were exercised for cash proceeds of $ 1.7 million. Restricted stock units RSUs awarded to Board of Directors or employees vest on either i) on the one – year anniversary date of the related grant or ii) 25% on each anniversary for 4 years. The following table summarizes our RSU activity: Number of Weighted Unvested — December 31, 2021 132,333 $ 20.11 Granted (1) 131,205 $ 15.79 Vested ( 3,750 ) $ 9.47 Forfeited - $ - Unvested—June 30, 2022 259,788 $ 18.08 (1) RSU’s granted in 2022 and 2021 had a weighted average grant date fair value of $ 15.79 and $ 21.19 , respectively. The fair values of RSU’s vested in 2022 and 2021 totaled $ 36,000 and $ 60,000 , respectively. As of June 30, 2022, there was $ 35.9 million of unrecognized compensation costs related to employee and non-employee unvested stock options and RSUs granted under the 2015 and 2007 Plans, which is expected to be recognized over a weighted-average remaining service period of 2.9 years. Stock compensation costs have not been capitalized by the Company. |
Loan Payable
Loan Payable | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Loan Payable | 11. Loan Payable In February 2020, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc. (“Hercules”). In December 2021, the Company entered into Amendment No. 1 to the Company’s Loan Agreement (the “First Amendment” and the Loan Agreement, as amended, the “Amended Loan Agreement”) with several banks and financial institutions or entities from time-to-time party thereto (collectively, the “Lender”) and Hercules, in its capacity as administrative agent for itself and the Lender (in such capacity, the “Agent”). The First Amendment provides for an aggregate maximum borrowing of up to $ 80.0 million, consisting of (i) a term loan of up to $ 20 million ( the “Initial Advance”), (ii) second tranche (“Tranche 2”) of up to $ 30.0 million with $ 15.0 million being available at the Company’s option through April 30, 2022 and the remaining $ 15.0 million being available at the Company’s option through November 30, 2022, which availability period will be extended to April 30, 2023 if the first $ 15.0 million is drawn prior to April 30, 2022 , and (iii) third tranche (‘Tranche 3”) of up to $ 30.0 million which is available, subject to the Agent’s investment committee approval, through the Interest-Only Period. The Company did not draw the first $ 15.0 million from Tranche 2. The Company is obligated to make monthly interest-only payments through January 1, 2023. Borrowings under the Amended Loan Agreement bear interest at an annual interest rate from the greater of (y) 9.25 % or (z) 6.00 % plus the Wall Street Journal prime rate. After the interest – only payment period, borrowings under the Amended Loan Agreement are repayable in equal monthly payments of principal and accrued interest until the maturity date of the loan, which is April 1, 2024. At the Company’s option, the Company may prepay all, but not less than all, of the outstanding borrowings, subject to a prepayment premium equal to (i) 2.0 % of the principal amount outstanding if the prepayment occurs during the first year following the First Amendment, (ii) 1.5 % of the principal amount outstanding if the prepayment occurs during the second year following the First Amendment, and (iii) 1.0 % of the principal amount outstanding at any time thereafter but prior to the Maturity Date. The Amended Loan Agreement also applies a 4.99 % end of term charge to any future draws payable on the maturity date. The final payment will be accrued over the term of the debt. Borrowings under the Amended Loan Agreement are collateralized by substantially all of the Company’s and its subsidiaries personal property and other assets, other than its intellectual property. The Amended Loan Agreement includes a minimum cash covenant of $ 12.5 million, subject to reduction upon satisfaction of certain conditions as set forth in the Amended Loan Agreement. As of December 31, 2020, the conditions set forth in the Amended Loan Agreement were met. The cash covenant of $ 12.5 million was waived. In addition, the Amended Loan Agreement includes customary affirmative and restrictive covenants and representations and warranties, including a covenant against the occurrence of a “change in control,” financial reporting obligations, and certain limitations on indebtedness, liens (including a negative pledge on intellectual property and other assets), investments, distributions (including dividends), collateral, investments, distributions, transfers, mergers or acquisitions, taxes, corporate changes, and deposit accounts. The Amended Loan Agreement also includes customary events of default, including payment defaults, breaches of covenants following any applicable cure period, the occurrence of certain events that could reasonably be expected to have a “material adverse effect” as set forth in the Amended Loan Agreement, cross acceleration to third-party indebtedness and certain events relating to bankruptcy or insolvency. Upon the occurrence of an event of default, a default interest rate of an additional 5.0 % may be applied to the outstanding principal balance, and Hercules may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the Amended Loan Agreement. In connection with the Amended Loan Agreement, the Company was required to enter into separate deposit account control agreements with the lender in order to perfect the lender’s security interest in the cash collateral in the Company’s operating accounts. In the event of a default under the Loan Agreement, the lender would have the right to take control of the operating accounts and restrict the Company’s access to the operating accounts and the funds therein. During the six months ended June 30, 2022 and 2021 , the Company recognized $ 1.3 million and $ 1.2 million, respectively, of interest expense related to the Initial Advance pursuant to the Amended Loan Agreement. As of June 30, 2022, the Company’s maturities of principal obligations under its long-term debt are as follows (in thousands): Amount Remainder of 2022 $ — 2023 14,765 2024 5,235 Total principal outstanding 20,000 Amortized final fee 293 Unamortized debt issuance costs ( 87 ) Total 20,206 Term loan, current portion 7,212 Term loan, less current portion $ 12,994 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 12. Stockholders’ Equity The following table presents the changes in stockholders’ equity for the three and six months ended June 30, 2022: (In thousands, except share data) Common Stock Additional Accumulated Accumulated Total Shares Amount Balance as of December 31, 2021 54,983,105 $ 6 $ 952,019 $ 45 $ ( 543,702 ) $ 408,368 Stock purchase under ESPP 18,946 — — — — — Stock-based compensation expense — — 3,478 — — 3,478 Unrealized gains on short-term investments — — — ( 685 ) — ( 685 ) Employee withholdings ESPP — — 92 — — 92 Proceeds from exercise of stock options 28,839 — 465 — — 465 Net loss — — — — ( 37,169 ) ( 37,169 ) Balance as of March 31, 2022 55,030,890 $ 6 $ 956,054 $ ( 640 ) $ ( 580,871 ) $ 374,549 Proceeds from ATM sales 1,111,111 — 19,427 — — 19,427 Stock-based compensation expense — — 3,938 — — 3,938 Unrealized gains on short-term investments — — — ( 695 ) — ( 695 ) Employee withholdings ESPP — — 58 — — 58 Proceeds from exercise of stock options 257,733 — 2,235 — — 2,235 Net loss — — — — ( 37,572 ) ( 37,572 ) Balance as of June 30, 2022 56,399,734 $ 6 $ 981,712 $ ( 1,335 ) $ ( 618,443 ) $ 361,940 The following table presents the changes in stockholders’ equity for the three and six months ended June 30, 2021: (In thousands, except share data) Common Stock Additional Accumulated Accumulated Total Shares Amount Balance as of December 31, 2020 47,881,223 $ 5 $ 820,815 $ ( 4 ) $ ( 568,628 ) $ 252,188 Stock purchase under ESPP 16,382 — — — — — Stock-based compensation expense — — 2,767 — — 2,767 Unrealized gains on short-term investments 13 13 Prefunded warrant exchange 250,000 — — — — Employee withholdings ESPP — — 79 — — 79 Proceeds from exercise of stock options 100,954 — 881 — — 881 Net loss — — — — ( 27,723 ) ( 27,723 ) Balance as of March 31, 2021 48,248,559 $ 5 $ 824,542 $ 9 $ ( 596,351 ) $ 228,205 Stock-based compensation expense — — 3,240 — — 3,240 Unrealized gains on short-term investments — — — 8 — 8 Employee withholdings ESPP — — 64 — — 64 Proceeds from ATM Offering, net $ 200 offering expense 277,629 — 5,131 — — 5,131 Proceeds from exercise of stock options 90,440 — 825 — 825 Net loss — — — — ( 22,910 ) ( 22,910 ) Balance as of June 30, 2021 48,616,628 $ 5 $ 833,802 $ 17 $ ( 619,261 ) $ 214,563 In March 2021, the Company entered into a new sales agreement with Cowen and Company, LLC (“Cowen”) under which the Company may issue and sell shares of its common stock having aggregate sales proceeds of up to $ 75.0 million from time to time through Cowen, acting as agent, in a series of one or more ATM equity offerings (the “2021 ATM Program”). Cowen is not required to sell any specific amount but acts as the Company’s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. Shares sold pursuant to the sales agreement will be sold pursuant to a shelf registration statement on Form S-3ASR (Registration No. 333-254661), which became automatically effective upon filing on March 24, 2021. The Company’s common stock will be sold at prevailing market prices at the time of the sale; and as a result, prices may vary. For the period ended June 30, 2022, the Company sold 1,111,111 additional shares of common stock under the 2021 ATM Program, with net proceeds of approximately $ 19.4 million. In December 2021, in connection with the Incyte License and Collaboration Agreement and Share Purchase Agreement, the Company issued 1,421,523 shares of common stock, with net proceeds of approximately $ 35.0 million. The Company recorded the equity issuance at a fair value of $ 24.8 million based on the market price of the stock on the date of issuance. The Company has reserved for future issuance the following shares of common stock related to the potential warrant exercise, exercise of stock options and the employee stock purchase plan: June 30, 2022 Common stock issuable under pre-funded warrants 3,975,024 Options to purchase common stock 9,953,874 Employee Stock Purchase Plan 1,527,464 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies From time to time, the Company may be subject to various claims and proceedings in the ordinary course of business. If the potential loss from any claim, asserted or unasserted, or proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss. There were no contingent liabilities recorded as of June 30, 2022, or 2021. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | In 2011, the Company established a wholly owned subsidiary in the United Kingdom, in 2014 the Company established a wholly owned U.S. subsidiary, and in 2021, the Company established a wholly owned subsidiary in the Netherlands. There have been no material activities for these entities to date. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. |
Significant Risks and Uncertainties | Significant Risks and Uncertainties We have implemented business continuity plans designed to address and mitigate the impact of the ongoing COVID-19 pandemic on our business. We anticipate that the COVID-19 pandemic could have an impact on the clinical development timelines for one or more of our clinical programs. The extent to which the COVID-19 pandemic impacts our business, our clinical development, manufacturing of clinical and commercial drug substance and drug product, and regulatory efforts, our corporate development objectives and the value of and market for our common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the U.S., Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, we are subject to other challenges and risks specific to our business and our ability to execute on our strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of our late-stage product candidate; delays or problems in the supply of our products, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing our intellectual property rights; complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects our business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. |
New Accounting Pronouncements | New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other accounting standard setting bodies that we adopt as of the specified effective date. Unless otherwise discussed below, we do not believe that the adoption of recently issued standards have or may have a material impact on our consolidated statements or disclosures. |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands, except share and per (In thousands, except share and per Numerator—basic and diluted: Net loss $ ( 37,572 ) $ ( 22,910 ) $ ( 74,741 ) $ ( 50,633 ) Net loss attributable to common $ ( 37,572 ) $ ( 22,910 ) $ ( 74,741 ) $ ( 50,633 ) Net loss per share attributable to common $ ( 0.62 ) $ ( 0.44 ) $ ( 1.25 ) $ ( 0.98 ) Denominator—basic and diluted: Weighted-average number of common shares 60,156,653 51,603,286 59,570,888 51,551,844 |
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share | The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares): June 30, 2022 2021 Options to purchase common stock 8,046,741 7,406,760 Employee Stock Purchase Plan 10,805 8,214 Non-vested restricted stock units (RSUs) 259,788 124,083 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value | The table below presents information about the Company’s assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques the Company utilized to determine such fair values (in thousands): Fair Value Measurements Using Quoted Prices Significant (unadjusted) Other Significant Total in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2022 Assets: Cash and cash equivalents $ 120,240 $ 68,248 $ 51,992 $ — Short-term investments 246,552 — 246,552 — Long-term investments 12,125 — 12,125 — Total assets $ 378,917 $ 68,248 $ 310,669 $ — December 31, 2021 Assets: Cash and cash equivalents $ 221,965 $ 96,816 $ 125,149 $ — Short-term investments 217,971 — 217,971 — Total assets $ 439,936 $ 96,816 $ 343,120 $ — Liabilities: Derivative liability 187 — — 187 Total liabilities $ 187 $ — $ — $ 187 |
Summary of Fair Value | The following table summarizes the fair value rollforward (in thousands): Fair Value Derivative Liability: Beginning Balance 12/31/21 $ 187 Change in fair value ( 187 ) Ending Balance 6/30/22 $ — |
Summary of Available-for-Sale Securities | The following table summarizes the available-for-sale securities: Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) June 30, 2022 Commercial paper $ 201,084 $ — $ ( 697 ) $ 200,387 Corporate bonds 4,067 1 — 4,068 US Treasury and federal bonds 106,852 — ( 638 ) 106,214 $ 312,003 $ 1 $ ( 1,335 ) $ 310,669 December 31, 2021 Commercial paper $ 306,715 $ 70 $ ( 17 ) $ 306,768 Corporate bonds 22,147 — ( 6 ) 22,141 US Treasury and federal bonds 14,212 — ( 2 ) 14,210 $ 343,074 $ 70 $ ( 25 ) $ 343,119 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2022 December 31, 2021 Prepaid insurance $ 1,564 $ 642 Interest receivable on investments 410 429 Prepaid subscription 235 230 Other 183 150 Total prepaid expenses and other current assets $ 2,392 $ 1,451 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2022 December 31, 2021 Accrued clinical costs $ 10,519 $ 7,760 Accrued compensation and related costs 2,736 4,342 Accrued professional fees 553 662 Other 3,166 1,701 Total accrued expenses and other current liabilities $ 16,974 $ 14,465 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees Related to Employee Stock Purchase Plan | The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees and related to the 2015 Employee Stock Purchase Plan (“ESPP”) in the condensed consolidated statements of comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Research and development $ 1,358 $ 1,093 $ 2,710 $ 1,996 General and administrative 2,580 2,147 4,706 4,011 Total $ 3,938 $ 3,240 $ 7,416 $ 6,007 |
Compensation Expense by Type of Award | Compensation expense by type of award in the three and six months ended June 30, 2022 and 2021 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Stock options $ 3,188 $ 2,615 $ 6,113 $ 4,961 Restricted Stock Units 722 597 1,238 977 Employee Stock Purchase Plan 28 28 65 69 Total $ 3,938 $ 3,240 $ 7,416 $ 6,007 |
Summary of Restricted Stock Units Activity | RSUs awarded to Board of Directors or employees vest on either i) on the one – year anniversary date of the related grant or ii) 25% on each anniversary for 4 years. The following table summarizes our RSU activity: Number of Weighted Unvested — December 31, 2021 132,333 $ 20.11 Granted (1) 131,205 $ 15.79 Vested ( 3,750 ) $ 9.47 Forfeited - $ - Unvested—June 30, 2022 259,788 $ 18.08 (1) RSU’s granted in 2022 and 2021 had a weighted average grant date fair value of $ 15.79 and $ 21.19 , respectively. The fair values of RSU’s vested in 2022 and 2021 totaled $ 36,000 and $ 60,000 , respectively. As of June 30, 2022, there was $ 35.9 million of unrecognized compensation costs related to employee and non-employee unvested stock options and RSUs granted under the 2015 and 2007 Plans, which is expected to be recognized over a weighted-average remaining service period of 2.9 years. Stock compensation costs have not been capitalized by the Company. |
Loan Payable (Tables)
Loan Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Maturities of Principal Obligations Under Long-term Debt | As of June 30, 2022, the Company’s maturities of principal obligations under its long-term debt are as follows (in thousands): Amount Remainder of 2022 $ — 2023 14,765 2024 5,235 Total principal outstanding 20,000 Amortized final fee 293 Unamortized debt issuance costs ( 87 ) Total 20,206 Term loan, current portion 7,212 Term loan, less current portion $ 12,994 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of Changes in Stockholders' Equity | The following table presents the changes in stockholders’ equity for the three and six months ended June 30, 2022: (In thousands, except share data) Common Stock Additional Accumulated Accumulated Total Shares Amount Balance as of December 31, 2021 54,983,105 $ 6 $ 952,019 $ 45 $ ( 543,702 ) $ 408,368 Stock purchase under ESPP 18,946 — — — — — Stock-based compensation expense — — 3,478 — — 3,478 Unrealized gains on short-term investments — — — ( 685 ) — ( 685 ) Employee withholdings ESPP — — 92 — — 92 Proceeds from exercise of stock options 28,839 — 465 — — 465 Net loss — — — — ( 37,169 ) ( 37,169 ) Balance as of March 31, 2022 55,030,890 $ 6 $ 956,054 $ ( 640 ) $ ( 580,871 ) $ 374,549 Proceeds from ATM sales 1,111,111 — 19,427 — — 19,427 Stock-based compensation expense — — 3,938 — — 3,938 Unrealized gains on short-term investments — — — ( 695 ) — ( 695 ) Employee withholdings ESPP — — 58 — — 58 Proceeds from exercise of stock options 257,733 — 2,235 — — 2,235 Net loss — — — — ( 37,572 ) ( 37,572 ) Balance as of June 30, 2022 56,399,734 $ 6 $ 981,712 $ ( 1,335 ) $ ( 618,443 ) $ 361,940 The following table presents the changes in stockholders’ equity for the three and six months ended June 30, 2021: (In thousands, except share data) Common Stock Additional Accumulated Accumulated Total Shares Amount Balance as of December 31, 2020 47,881,223 $ 5 $ 820,815 $ ( 4 ) $ ( 568,628 ) $ 252,188 Stock purchase under ESPP 16,382 — — — — — Stock-based compensation expense — — 2,767 — — 2,767 Unrealized gains on short-term investments 13 13 Prefunded warrant exchange 250,000 — — — — Employee withholdings ESPP — — 79 — — 79 Proceeds from exercise of stock options 100,954 — 881 — — 881 Net loss — — — — ( 27,723 ) ( 27,723 ) Balance as of March 31, 2021 48,248,559 $ 5 $ 824,542 $ 9 $ ( 596,351 ) $ 228,205 Stock-based compensation expense — — 3,240 — — 3,240 Unrealized gains on short-term investments — — — 8 — 8 Employee withholdings ESPP — — 64 — — 64 Proceeds from ATM Offering, net $ 200 offering expense 277,629 — 5,131 — — 5,131 Proceeds from exercise of stock options 90,440 — 825 — 825 Net loss — — — — ( 22,910 ) ( 22,910 ) Balance as of June 30, 2021 48,616,628 $ 5 $ 833,802 $ 17 $ ( 619,261 ) $ 214,563 |
Schedule of Common Stock Reserved for Future Issuance | The Company has reserved for future issuance the following shares of common stock related to the potential warrant exercise, exercise of stock options and the employee stock purchase plan: June 30, 2022 Common stock issuable under pre-funded warrants 3,975,024 Options to purchase common stock 9,953,874 Employee Stock Purchase Plan 1,527,464 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Date of incorporation | Oct. 11, 2005 |
State of incorporation | DE |
Collaborative Research and Li_2
Collaborative Research and License Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Jan. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||
Common stock shares purchased | 3,036,719 | |||||
Purchase price per share | $ 8 | |||||
Aggregate purchase price | $ 19,427,000 | $ 5,131,000 | ||||
Collaboration receivable | 13,102,000 | |||||
Incyte Agreement [Member] | ||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||
License agreement upfront payment received | $ 117,000,000 | |||||
Common stock shares purchased | 1,421,523 | |||||
Purchase price per share | $ 24.62 | |||||
Aggregate purchase price | $ 35,000,000 | |||||
Upfront payments returned upon termination of agreement | 117,000,000 | |||||
Common stock issued at fair value | 24,800,000 | |||||
Allocated consideration received to derivative liability | 600,000 | |||||
Revenue recognized upon transfer of license agreement | $ 126,600,000 | |||||
Liability related to letter agreement | $ 187,000 | |||||
Collaboration receivable | 13,500,000 | |||||
Collaboration expense due to counterparty | $ 400,000 | |||||
Incyte Agreement [Member] | Maximum [Member] | ||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||
Potential milestone payments to be made | $ 220,000,000 | |||||
Commercialization milestones and tiered royalties | $ 230,000,000 | |||||
Global and U.S. [Member] | Incyte Agreement [Member] | ||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||
Development costs associated with clinical trials | 45% | |||||
Global and U.S. [Member] | Incyte Agreement [Member] | Incyte Corporation [Member] | ||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||
Development costs associated with clinical trials | 55% | |||||
Ex-U.S. Countries [Member] | Incyte Agreement [Member] | ||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||
Development costs associated with clinical trials | 100% |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator—basic and diluted: | ||||||
Net loss | $ (37,572) | $ (37,169) | $ (22,910) | $ (27,723) | $ (74,741) | $ (50,633) |
Net loss attributable to common stockholders - basic | (37,572) | (22,910) | (74,741) | (50,633) | ||
Net loss attributable to common stockholders - diluted | $ (37,572) | $ (22,910) | $ (74,741) | $ (50,633) | ||
Net loss per share attributable to common stockholders—basic | $ (0.62) | $ (0.44) | $ (1.25) | $ (0.98) | ||
Net loss per share attributable to common stockholders— diluted | $ (0.62) | $ (0.44) | $ (1.25) | $ (0.98) | ||
Denominator—basic and diluted: | ||||||
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—basic | 60,156,653 | 51,603,286 | 59,570,888 | 51,551,844 | ||
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—diluted | 60,156,653 | 51,603,286 | 59,570,888 | 51,551,844 |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholders - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per common share | 8,046,741 | 7,406,760 |
Employee Stock Purchase Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per common share | 10,805 | 8,214 |
Non-Vested Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per common share | 259,788 | 124,083 |
Net Loss per Share Attributab_5
Net Loss per Share Attributable to Common Stockholders - Additional Information (Detail) - $ / shares | 1 Months Ended | 6 Months Ended | ||
Nov. 30, 2021 | Feb. 28, 2021 | Jan. 31, 2020 | Jun. 30, 2022 | |
Earnings Per Share Basic [Line Items] | ||||
Common stock shares purchased | 3,036,719 | |||
Purchase price per share | $ 8 | |||
Pre-funded warrants exchange | 250,000 | |||
Pre-funded warrants cashless exchange | 475,784 | |||
Pre Funded Warrants [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Warrant issued | 1,338,287 | 3,975,024 | ||
Warrants Outstanding | 3,975,024 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2022 | Jul. 31, 2020 | Jun. 30, 2019 | Oct. 31, 2017 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2016 | Mar. 31, 2007 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Research and development expense | $ 29,734,000 | $ 16,871,000 | $ 59,756,000 | $ 38,742,000 | ||||||
Allergan License Agreement Member | Vitae Pharmaceuticals Inc [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Potential milestone payments to be made | $ 99,000,000 | |||||||||
Aggregate potential milestone payable | $ 70,000,000 | |||||||||
License expiration year | 10 years | |||||||||
Research and development expense | $ 2,000,000 | $ 4,000,000 | ||||||||
UCB License Agreement [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Milestone payment payable | $ 5,800,000 | |||||||||
UCB License Agreement [Member] | UCB Biopharma [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Potential milestone payments to be made | $ 119,500,000 | |||||||||
Aggregate potential milestone payable | $ 250,000,000 | |||||||||
License expiration year | 10 years | |||||||||
Research and development expense | $ 6,000,000 | $ 5,000,000 | ||||||||
License Agreement [Member] | Bayer Pharma AG [Member] | Maximum [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Aggregate payment obligation | $ 150,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 246,552 | $ 217,971 |
Long-term investments | 12,125 | |
Carrying Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 120,240 | 221,965 |
Short-term investments | 246,552 | 217,971 |
Long-term investments | 12,125 | |
Total assets | 378,917 | 439,936 |
Derivative liability | 187 | |
Total liabilities | 187 | |
Quoted Prices (Unadjusted) in Active Markets Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 68,248 | 96,816 |
Total assets | 68,248 | 96,816 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,992 | 125,149 |
Short-term investments | 246,552 | 217,971 |
Long-term investments | 12,125 | |
Total assets | $ 310,669 | 343,120 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative liability | 187 | |
Total liabilities | $ 187 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Derivative Liability: | |
Beginning Balance 12/31/21 | $ 187 |
Change in fair value | (187) |
Ending Balance 6/30/22 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Fair Value Measurements [Line Items] | |||
Realized gains or losses recognized on the sale or maturity of available-for-sale securities | $ 0 | $ 0 | |
Incyte Agreement [Member] | |||
Fair Value Measurements [Line Items] | |||
Liability related to letter agreement | $ 187,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 312,003 | $ 343,074 |
Unrealized Gains | 1 | 70 |
Unrealized Losses | (1,335) | (25) |
Fair Value | 310,669 | 343,119 |
Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 201,084 | 306,715 |
Unrealized Gains | 70 | |
Unrealized Losses | (697) | (17) |
Fair Value | 200,387 | 306,768 |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,067 | 22,147 |
Unrealized Gains | 1 | |
Unrealized Losses | (6) | |
Fair Value | 4,068 | 22,141 |
US Treasury and Federal bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 106,852 | 14,212 |
Unrealized Losses | (638) | (2) |
Fair Value | $ 106,214 | $ 14,210 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 1,564 | $ 642 |
Interest receivable on investments | 410 | 429 |
Prepaid subscriptions | 235 | 230 |
Other | 183 | 150 |
Total prepaid expenses and other current assets | $ 2,392 | $ 1,451 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued clinical costs | $ 10,519 | $ 7,760 |
Accrued compensation and related costs | 2,736 | 4,342 |
Accrued professional fees | 553 | 662 |
Other | 3,166 | 1,701 |
Total accrued expenses and other current liabilities | $ 16,974 | $ 14,465 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | Jan. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation, stock options cancelled | 7,778 | |||||||
Share based compensation expense, total | $ 3,938,000 | $ 3,240,000 | $ 7,416,000 | $ 6,007,000 | ||||
Stock options exercised, shares | 286,572 | 191,394 | ||||||
Proceeds from stock option exercises | $ 2,700,000 | $ 1,706,000 | ||||||
2019 Performance Awards [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted to certain executives, consultants and employees | 583,000 | |||||||
2022 Performance Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation, stock options vested | 140,000 | 140,000 | ||||||
Share-based compensation, stock options cancelled | 0 | |||||||
Share based compensation expense, total | $ 214,000 | |||||||
2022 Performance Awards [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted to certain executives, consultants and employees | 140,000 | |||||||
Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expense, total | $ 722,000 | $ 597,000 | $ 1,238,000 | $ 977,000 | ||||
Fair value of restricted stock units vested | $ 15.79 | $ 21.19 | ||||||
Weighted average grant date fair value per share | $ 36,000,000 | $ 60,000,000 | ||||||
2015 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for issuance | 2,198,134 | |||||||
2015 Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for issuance | 1,647,345 | 1,647,345 | ||||||
2007 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted to certain executives, consultants and employees | 1,993,450 | |||||||
Options grant date fair value amount | $ 21.8 | |||||||
Weighted average grant date fair value of options | $ 10.93 | |||||||
2007 Plan [Member] | 2019 Performance Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation, stock options granted | 194,331 | |||||||
Share-based compensation, stock options vested | 64,777 | 64,780 | ||||||
Share-based compensation, stock options net of cancellations | 56,999 | |||||||
Share-based compensation, stock options cancelled | 388,669 | |||||||
Recognized compensation expense related to stock option not met | $ 0 | |||||||
2015 and 2007 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 35.9 | $ 35.9 | ||||||
Weighted average period to recognize compensation expense | 2 years 10 months 24 days |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees Related to Employee Stock Purchase Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | $ 3,938 | $ 3,240 | $ 7,416 | $ 6,007 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | 1,358 | 1,093 | 2,710 | 1,996 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | $ 2,580 | $ 2,147 | $ 4,706 | $ 4,011 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | $ 3,938 | $ 3,240 | $ 7,416 | $ 6,007 |
Options to Purchase Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | 28 | 2,615 | 6,113 | 4,961 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | 722 | 597 | 1,238 | 977 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | $ 3,188 | $ 28 | $ 65 | $ 69 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Non-Vested Restricted Stock Units (RSUs) [Member] - $ / shares | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Unvested, Beginning balance | 132,333 | ||
Number of Shares, Granted | [1] | 131,205 | |
Number of Shares, Vested | (3,750) | ||
Number of Shares, Unvested, Ending balance | 259,788 | ||
Weighted Average Grant Date Fair Value, Unvested, Beginning balance | $ 18.08 | $ 20.11 | |
Weighted Average Grant Date Fair Value, Granted | [1] | 15.79 | |
Weighted Average Grant Date Fair Value, Vested | $ 9.47 | ||
[1] (1) RSU’s granted in 2022 and 2021 had a weighted average grant date fair value of $ 15.79 and $ 21.19 , respectively. The fair values of RSU’s vested in 2022 and 2021 totaled $ 36,000 and $ 60,000 , respectively. |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) (Parenthetical) - Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of restricted stock units vested | $ 15.79 | $ 21.19 |
Weighted average grant date fair value per share | $ 36,000 | $ 60,000 |
Loan Payable - Additional Infor
Loan Payable - Additional Information (Detail) - Hercules [Member] - USD ($) | 6 Months Ended | 12 Months Ended | ||
Oct. 01, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
First Amendment to Loan Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate maximum borrowings | $ 80,000,000 | |||
Interest rate description | Borrowings under the Amended Loan Agreement bear interest at an annual interest rate from the greater of (y) 9.25% or (z) 6.00% plus the Wall Street Journal prime rate. | |||
Percentage of prepayment premium of principal amount outstanding in first year | 2% | |||
Percentage of prepayment premium of principal amount outstanding in second year | 1.50% | |||
Percentage of prepayment premium of principal amount outstanding thereafter prior to maturity date | 1% | |||
First Amendment to Loan Agreement [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 9.25% | |||
First Amendment to Loan Agreement [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of end of term charge to future draws | 4.99% | |||
First Amendment to Loan Agreement [Member] | Maximum [Member] | Wall Street Journal Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 6% | |||
First Amendment to Loan Agreement [Member] | Tranche 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate maximum borrowings | $ 30,000,000 | |||
Interest rate description | second tranche (“Tranche 2”) of up to $30.0 million with $15.0 million being available at the Company’s option through April 30, 2022 and the remaining $15.0 million being available at the Company’s option through November 30, 2022, which availability period will be extended to April 30, 2023 if the first $15.0 million is drawn prior to April 30, 2022 | |||
First Amendment to Loan Agreement [Member] | Tranche 2 [Member] | Available through April 30, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate maximum borrowings | $ 15,000,000 | |||
First Amendment to Loan Agreement [Member] | Tranche 2 [Member] | Not to Draw First from Tranche 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate maximum borrowings | 15,000,000 | |||
First Amendment to Loan Agreement [Member] | Tranche 2 [Member] | Available through November 30, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate maximum borrowings | 15,000,000 | |||
First Amendment to Loan Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate maximum borrowings | 20,000,000 | |||
First Amendment to Loan Agreement [Member] | Tranche 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate maximum borrowings | 30,000,000 | |||
Loan Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Minimum cash covenant | $ 12,500,000 | |||
Minimum cash covenant waived | $ 12,500,000 | |||
Default interest rate | 5% | |||
Interest expense related to the loan agreement | $ 1,300,000 | $ 1,200,000 |
Loan Payable - Summary of Matur
Loan Payable - Summary of Maturities of Principal Obligations Under Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Remainder of 2022 | $ 0 | |
2023 | 14,765 | |
2024 | 5,235 | |
Total principal outstanding | 20,000 | |
Amortized final fee | 293 | |
Unamortized debt issuance costs | (87) | |
Total | 20,206 | |
Current portion of term loan | 7,212 | |
Long Term Loans Payable | $ 12,994 | $ 19,895 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||||||
Beginning balance | $ 374,549,000 | $ 408,368,000 | $ 228,205,000 | $ 252,188,000 | $ 408,368,000 | $ 252,188,000 |
Stock-based compensation expense | 3,938 | 3,478,000 | 3,240,000 | 2,767,000 | ||
Unrealized gains on short-term investments | (695,000) | (685,000) | 8,000 | 13,000 | $ (1,380,000) | $ 21,000 |
Employee withholdings ESPP | 58 | 92,000 | 64,000 | 79,000 | ||
Proceeds from ATM sales | 19,427 | 5,131,000 | ||||
Proceeds from exercise of stock options | 2,235 | 465,000 | 825,000 | 881,000 | ||
Proceeds from exercise of stock options, shares | 286,572 | 191,394 | ||||
Net loss | (37,572,000) | (37,169,000) | (22,910,000) | (27,723,000) | $ (74,741,000) | $ (50,633,000) |
Ending balance | 361,940,000 | 374,549,000 | 214,563,000 | 228,205,000 | 361,940,000 | 214,563,000 |
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | $ 6,000 | $ 6,000 | $ 5,000 | $ 5,000 | $ 6,000 | $ 5,000 |
Beginning balance, Shares | 55,030,890 | 54,983,105 | 48,248,559 | 47,881,223 | 54,983,105 | 47,881,223 |
Stock purchase under ESPP, Shares | 18,946 | 16,382 | ||||
Prefunded warrant exchange, shares | 250,000 | |||||
Proceeds from ATM sales, shares | 1,111,111 | 277,629 | ||||
Proceeds from exercise of stock options, shares | 257,733 | 28,839 | 90,440 | 100,954 | ||
Ending balance | $ 6,000 | $ 6,000 | $ 5,000 | $ 5,000 | $ 6,000 | $ 5,000 |
Ending balance, Shares | 56,399,734 | 55,030,890 | 48,616,628 | 48,248,559 | 56,399,734 | 48,616,628 |
Additional Paid-In Capital [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | $ 956,054,000 | $ 952,019,000 | $ 824,542,000 | $ 820,815,000 | $ 952,019,000 | $ 820,815,000 |
Stock-based compensation expense | 3,938,000 | 3,478,000 | 3,240,000 | 2,767,000 | ||
Employee withholdings ESPP | 58,000 | 92,000 | 64,000 | 79,000 | ||
Proceeds from ATM sales | 19,427,000 | 5,131,000 | ||||
Proceeds from exercise of stock options | 2,235,000 | 465,000 | 825,000 | 881,000 | ||
Ending balance | 981,712,000 | 956,054,000 | 833,802,000 | 824,542,000 | 981,712,000 | 833,802,000 |
Accumulated Other Comprehensive Income / (Loss) [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | (640,000) | 45,000 | 9,000 | (4,000) | 45,000 | (4,000) |
Unrealized gains on short-term investments | (695,000) | (685,000) | 8,000 | 13,000 | ||
Ending balance | (1,335,000) | (640,000) | 17,000 | 9,000 | (1,335,000) | 17,000 |
Accumulated Deficit [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | (580,871,000) | (543,702,000) | (596,351,000) | (568,628,000) | (543,702,000) | (568,628,000) |
Net loss | (37,572,000) | (37,169,000) | (22,910,000) | (27,723,000) | ||
Ending balance | $ (618,443,000) | $ (580,871,000) | $ (619,261,000) | $ (596,351,000) | $ (618,443,000) | $ (619,261,000) |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Changes in Stockholders' Equity (Parenthetical) (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2021 USD ($) | |
Equity [Abstract] | |
ATM Offering, offering cost | $ 200 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Mar. 31, 2021 | Jan. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class Of Stock [Line Items] | |||||
Proceeds from issuance of common stock in follow-on public stock offering, net | $ 19,427 | $ 5,131 | |||
Common stock, new shares issued | 3,036,719 | ||||
Incyte Collaboration Agreement and Share Purchase Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Proceeds from issuance of common stock in follow-on public stock offering, net | $ 35,000 | ||||
Common stock, new shares issued | 1,421,523 | ||||
Common stock issued at fair value | $ 24,800 | ||||
At The Market Equity Offering Sales Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Proceeds from issuance of common stock in follow-on public stock offering, net | $ 19,400 | ||||
Common stock, new shares issued | 1,111,111 | ||||
Cowen and Company LLC [Member] | At The Market Equity Offering Sales Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Proceeds from issuance of common stock in follow-on public stock offering, net | $ 75,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Detail) | Jun. 30, 2022 shares |
Pre Funded Warrants [Member] | |
Class Of Stock [Line Items] | |
Common Stock Capital Shares Reserved For Future Issuance | 3,975,024 |
Options to Purchase Common Stock [Member] | |
Class Of Stock [Line Items] | |
Common Stock Capital Shares Reserved For Future Issuance | 9,953,874 |
Employee Stock Purchase Plan [Member] | |
Class Of Stock [Line Items] | |
Common Stock Capital Shares Reserved For Future Issuance | 1,527,464 |