Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36327 | |
Entity Registrant Name | Neoleukin Therapeutics, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-0542593 | |
Entity Address, Address Line One | 188 East Blaine Street | |
Entity Address, Address Line Two | Suite 450 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98102 | |
City Area Code | 866 | |
Local Phone Number | 245-0312 | |
Title of 12(b) Security | Common Stock, par value $0.000001 | |
Trading Symbol | NLTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,579,852 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001404644 | |
Current Fiscal Year End Date | --12-31 |
Condensed_Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 77,526 | $ 142,467 |
Short-term investments | 38,931 | 0 |
Other current assets | 2,028 | 1,522 |
Total current assets | 118,485 | 143,989 |
Property and equipment, net | 6,241 | 6,452 |
Operating lease right-of-use assets | 10,257 | 10,766 |
Intangible asset, net | 18 | 128 |
Other non-current assets | 2,020 | 1,928 |
Total assets | 137,021 | 163,263 |
Current liabilities | ||
Accounts payable and accrued liabilities | 7,886 | 7,415 |
Operating lease liabilities | 1,267 | 1,166 |
Finance lease liabilities | 118 | 55 |
Total current liabilities | 9,271 | 8,636 |
Non-current operating lease liabilities | 11,032 | 11,696 |
Non-current finance lease liabilities | 10 | 67 |
Total liabilities | 20,313 | 20,399 |
Stockholders’ equity | ||
Common stock - $0.000001 par value - authorized, 100,000,000 as of June 30, 2022 and December 31, 2021; issued and outstanding, 42,579,852 as of June 30, 2022 and 42,457,471 as of December 31, 2021. | 0 | 0 |
Preferred stock - $0.000001 par value - authorized, 5,000,000 as of June 30, 2022 and December 31, 2021; issued and outstanding, 0 as of June 30, 2022 and December 31, 2021. | 0 | 0 |
Additional paid-in capital | 541,317 | 536,362 |
Accumulated other comprehensive income (loss) | (72) | 0 |
Accumulated deficit | (424,537) | (393,498) |
Total stockholders’ equity | 116,708 | 142,864 |
Total liabilities and stockholders’ equity | $ 137,021 | $ 163,263 |
Condensed_Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 42,579,852 | 42,457,471 |
Common stock, shares outstanding (in shares) | 42,579,852 | 42,457,471 |
Preferred stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses | ||||
Research and development | $ 10,956 | $ 9,824 | $ 21,656 | $ 19,506 |
General and administrative | 4,915 | 5,300 | 9,580 | 10,566 |
Total operating expenses | 15,871 | 15,124 | 31,236 | 30,072 |
Loss from operations | (15,871) | (15,124) | (31,236) | (30,072) |
Other income (loss), net | 183 | (5) | 197 | (7) |
Net loss | (15,688) | (15,129) | (31,039) | (30,079) |
Comprehensive income (loss): | ||||
Unrealized loss on available-for-sale securities | (72) | 0 | (72) | 0 |
Comprehensive loss | $ (15,760) | $ (15,129) | $ (31,111) | $ (30,079) |
Net loss per share – basic (in dollars per share) | $ (0.28) | $ (0.27) | $ (0.56) | $ (0.55) |
Net loss per share – diluted (in dollars per share) | $ (0.28) | $ (0.27) | $ (0.56) | $ (0.55) |
Basic weighted average common shares outstanding (in shares) | 55,203,709 | 55,026,404 | 55,173,789 | 54,985,639 |
Diluted weighted average common shares outstanding (in shares) | 55,203,709 | 55,026,404 | 55,173,789 | 54,985,639 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss | $ (31,039) | $ (30,079) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 4,758 | 5,338 |
Depreciation and amortization | 870 | 560 |
Amortization of operating lease right-of-use assets | 509 | 494 |
Accretion (Amortization) of Discounts and Premiums, Investments | 3 | 0 |
Changes in operating assets and liabilities: | ||
Other current assets and other non-current assets | (537) | (1,614) |
Accounts payable and accrued liabilities | 614 | (1,157) |
Operating lease liabilities | (563) | (176) |
Net cash used in operating activities | (25,385) | (26,634) |
Investing activities | ||
Purchase of property and equipment | (684) | (2,280) |
Purchase of available-for-sale securities | (39,067) | 0 |
Net cash used in investing activities | (39,751) | (2,280) |
Financing activities | ||
Proceeds from exercise of stock options | 134 | 376 |
Proceeds from the issuance of common stock under Employee Stock Purchase Plan | 63 | 219 |
Payment on finance lease obligations | (2) | (2) |
Net cash provided by financing activities | 195 | 593 |
Net change in cash, cash equivalents, and restricted cash during the period | (64,941) | (28,321) |
Cash, cash equivalents, and restricted cash, beginning of period | 143,345 | 193,434 |
Cash, cash equivalents, and restricted cash, end of period | 78,404 | 165,113 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Operating lease liabilities arising from obtaining ROU asset | 0 | 1,584 |
Purchases of property and equipment unpaid at period-end | $ 265 | $ 419 |
Condensed Statements of Stockho
Condensed Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income(Loss) | Accumulated Deficit |
Balance, beginning (in shares) at Dec. 31, 2020 | 42,196,296 | ||||
Balance, beginning at Dec. 31, 2020 | $ 191,216 | $ 524,022 | $ (332,806) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued upon exercises of stock options (in shares) | 91,737 | ||||
Shares issued upon exercises of stock options | 282 | 282 | |||
Shares issued upon vesting of restricted stock units (in shares) | 38,000 | ||||
Stock-based compensation | 2,420 | 2,420 | |||
Net loss | (14,950) | (14,950) | |||
Balance, ending (in shares) at Mar. 31, 2021 | 42,326,033 | ||||
Balance, ending at Mar. 31, 2021 | 178,968 | 526,724 | (347,756) | ||
Balance, beginning (in shares) at Dec. 31, 2020 | 42,196,296 | ||||
Balance, beginning at Dec. 31, 2020 | $ 191,216 | 524,022 | (332,806) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued upon exercises of stock options (in shares) | 116,861 | ||||
Unrealized loss on available-for-sale securities | $ 0 | ||||
Net loss | (30,079) | ||||
Balance, ending (in shares) at Jun. 30, 2021 | 42,419,129 | ||||
Balance, ending at Jun. 30, 2021 | 167,071 | 529,956 | (362,885) | ||
Balance, beginning (in shares) at Mar. 31, 2021 | 42,326,033 | ||||
Balance, beginning at Mar. 31, 2021 | 178,968 | 526,724 | (347,756) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued upon exercises of stock options (in shares) | 25,124 | ||||
Shares issued upon exercises of stock options | 95 | 95 | |||
Issuance of shares under Employee Stock Purchase Plan (in shares) | 22,972 | ||||
Issuance of shares under Employee Stock Purchase Plan | 219 | 219 | |||
Shares issued upon vesting of restricted stock units (in shares) | 45,000 | ||||
Stock-based compensation | 2,918 | 2,918 | |||
Unrealized loss on available-for-sale securities | 0 | ||||
Net loss | (15,129) | (15,129) | |||
Balance, ending (in shares) at Jun. 30, 2021 | 42,419,129 | ||||
Balance, ending at Jun. 30, 2021 | 167,071 | 529,956 | (362,885) | ||
Balance, beginning (in shares) at Dec. 31, 2021 | 42,457,471 | ||||
Balance, beginning at Dec. 31, 2021 | 142,864 | 536,362 | $ 0 | (393,498) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued upon exercises of stock options (in shares) | 36,500 | ||||
Shares issued upon exercises of stock options | 134 | 134 | |||
Stock-based compensation | 2,446 | 2,446 | |||
Net loss | (15,351) | (15,351) | |||
Balance, ending (in shares) at Mar. 31, 2022 | 42,493,971 | ||||
Balance, ending at Mar. 31, 2022 | 130,093 | 538,942 | 0 | (408,849) | |
Balance, beginning (in shares) at Dec. 31, 2021 | 42,457,471 | ||||
Balance, beginning at Dec. 31, 2021 | $ 142,864 | 536,362 | 0 | (393,498) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued upon exercises of stock options (in shares) | 36,500 | ||||
Unrealized loss on available-for-sale securities | $ (72) | ||||
Net loss | (31,039) | ||||
Balance, ending (in shares) at Jun. 30, 2022 | 42,579,852 | ||||
Balance, ending at Jun. 30, 2022 | 116,708 | 541,317 | (72) | (424,537) | |
Balance, beginning (in shares) at Mar. 31, 2022 | 42,493,971 | ||||
Balance, beginning at Mar. 31, 2022 | 130,093 | 538,942 | 0 | (408,849) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of shares under Employee Stock Purchase Plan (in shares) | 75,881 | ||||
Issuance of shares under Employee Stock Purchase Plan | 63 | 63 | |||
Shares issued upon vesting of restricted stock units (in shares) | 10,000 | ||||
Stock-based compensation | 2,312 | 2,312 | |||
Unrealized loss on available-for-sale securities | (72) | (72) | |||
Net loss | (15,688) | (15,688) | |||
Balance, ending (in shares) at Jun. 30, 2022 | 42,579,852 | ||||
Balance, ending at Jun. 30, 2022 | $ 116,708 | $ 541,317 | $ (72) | $ (424,537) |
Nature of operations
Nature of operations | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operationsNeoleukin Therapeutics, Inc. (“Neoleukin” or “the Company”) is a biopharmaceutical company creating next generation immunotherapies for cancer, inflammation, and autoimmunity using de novo protein design technology. Neoleukin uses sophisticated computational methods to design proteins that demonstrate specific pharmaceutical properties that provide potentially superior therapeutic benefit over native proteins. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies (a) Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. In management’s opinion, the unaudited condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2022, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2022. (b) Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization and depreciation of property, plant and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates. (c) Leases At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords and payments for lessor-owned assets that are not covered by a tenant improvement allowance. The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of June 30, 2022. For leases of office space and equipment, the Company has elected to not separate the lease components from the non-lease components. For leases with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term. (d) Fair value of financial instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, approximate their fair values because of their nature and/or short maturities. Certain of the Company’s financial instruments are measured at fair value on a recurring basis. The Company determines the fair value of those financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The three levels of the fair value hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed on the measurement date Level 2 - quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities At June 30, 2022, and December 31, 2021, the Company had $76.4 million and $140.9 million in money market funds, respectively. Money market funds and short-term investments, consisting entirely of investments in U.S. treasury securities, are Level 1 financial instruments as they are valued at the closing price reported by the fund sponsor from an actively traded exchange. The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis: June 30, 2022 (in thousands) Total Level 1 Level 2 Level 3 Financial assets Cash equivalents $ 76,431 $ 76,431 $ — $ — Short-term investments 38,931 38,931 — — Total financial assets $ 115,362 $ 115,362 $ — $ — December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Financial assets Cash equivalents $ 140,856 $ 140,856 $ — $ — Short-term investments — — — — Total financial assets $ 140,856 $ 140,856 $ — $ — (e) Investments The Company’s short-term investments consist entirely of investments in U.S. treasury securities. These investments are classified as available-for-sale debt securities and are therefore reported at fair value in the condensed balance sheets. Unrealized gains and losses are included in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the three and six months ended June 30, 2022 and 2021. The Company assesses investments for impairment at each reporting period. An investment is considered impaired when the amortized cost basis exceeds the fair value. When this is the case, the Company assesses whether the impairment is credit-related or noncredit-related based on various factors. When an impairment, or a portion of an impairment, is considered credit-related, an allowance for credit losses is recorded. For the six months ended June 30, 2022, the Company recognized no year-to-date credit losses and no allowance for credit losses is recorded as of June 30, 2022. The aggregate fair value of investments with unrealized losses as of June 30, 2022 is $38.9 million. (f) Net loss per shar e Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Common stock equivalents are included in the calculation of diluted earnings per share only in periods of net income and are excluded in the calculation of diluted net loss per share in periods of net loss as their inclusion would be anti-dilutive. Outstanding pre-funded warrants as of June 30, 2022 and June 30, 2021 are 12,663,010 and are considered outstanding as of their issuance date and are included in basic and diluted net loss per share because they are fully vested and exercisable for nominal cash consideration. (g) Accounting for stock-based compensation The Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and 2020 Employee Stock Purchase Plan ("2020 ESPP") purchases. The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history of the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group. The fair value of each RSU is measured using the closing price of the Company’s common stock on the date of grant. (h) Recently issued and recently adopted accounting standards In June 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives (Topic 815), and Leases (Topic 842). This ASU delayed the required adoption for SEC filers that are smaller reporting companies as of their determination on November 15, 2019, until annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company has elected to adopt this standard in conjunction with the investment in debt securities during the quarter ended June 30, 2022. |
Cash, cash equivalents, and res
Cash, cash equivalents, and restricted cash | 6 Months Ended |
Jun. 30, 2022 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Cash, cash equivalents, and restricted cash | Cash, cash equivalents, and restricted cashThe Company considers all highly liquid investments with an original contractual maturity or a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents as of June 30, 2022 and December 31, 2021 consisted of money market funds. The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed balance sheets t hat sum to the total of the same such amounts shown in the condensed statements of cash flows: (in thousands) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 77,526 $ 142,467 Restricted cash 878 878 Total cash, cash equivalents, and restricted cash $ 78,404 $ 143,345 Restricted cash, included in other non-current assets in the condensed balance sheets, includes $0.9 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letters of credit related to its lease obligations. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The Company's investments consist of the following: June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ 39,003 $ — $ (72) $ 38,931 Money market funds 76,431 — — 76,431 Total $ 115,434 $ — $ (72) $ 115,362 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ — $ — $ — $ — Money market funds 140,856 — — 140,856 Total $ 140,856 $ — $ — $ 140,856 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases. The Company has an operating lease agreement, as amended by the execution of two subsequent amendments, for approximately 33,300 square feet of office space in Seattle, Washington for the Company’s principal executive offices, a laboratory for research and development, and related uses. The lease commenced on January 15, 2020 and expires on February 1, 2029, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of up to $9.5 million, which has been fully utilized. The Company has an operating lease agreement for approximately 6,272 square feet of office space in Seattle, Washington, for additional office and laboratory space for research and development and related uses. In March 2021, the Company executed an amendment to this lease pursuant to which the contractual lease term was extended through September 30, 2026, unless terminated earlier, with the option to extend the lease for an additional 28-month term. The execution of this amendment was accounted for as a modification to the lease due to the extension of the lease term and an increase in lease payments, and the Company recorded an increase in the lease liability and related right-of-use asset of $1.6 million. |
Leases | Leases The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases. The Company has an operating lease agreement, as amended by the execution of two subsequent amendments, for approximately 33,300 square feet of office space in Seattle, Washington for the Company’s principal executive offices, a laboratory for research and development, and related uses. The lease commenced on January 15, 2020 and expires on February 1, 2029, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of up to $9.5 million, which has been fully utilized. The Company has an operating lease agreement for approximately 6,272 square feet of office space in Seattle, Washington, for additional office and laboratory space for research and development and related uses. In March 2021, the Company executed an amendment to this lease pursuant to which the contractual lease term was extended through September 30, 2026, unless terminated earlier, with the option to extend the lease for an additional 28-month term. The execution of this amendment was accounted for as a modification to the lease due to the extension of the lease term and an increase in lease payments, and the Company recorded an increase in the lease liability and related right-of-use asset of $1.6 million. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Equity | Equity (a) Common stock and pre-funded warrants The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.000001 as of June 30, 2022 and December 31, 2021. As of June 30, 2022 and December 31, 2021, the total number of shares of common stock issued and outstanding was 42,579,852 and 42,457,471, respectively. As of June 30, 2022, the Company had pre-funded warrants outstanding to purchase an aggregate of 12,663,010 shares of common stock. The pre-funded warrants are exercisable at any time for an exercise price of $0.000001, except that the pre-funded warrants cannot be exercised by the holders if, after giving effect thereto, the holders would beneficially own more than 9.99% of the outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote on any matter except to the extent required by Delaware law. On November 4, 2021, the Company entered into an ATM or “at-the-market” Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company may offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. The offer and sale of the shares will be made pursuant to a shelf registration statement on Form S-3 and the related prospectus filed on December 11, 2020, and declared effective by the SEC on December 21, 2020, as supplemented by a prospectus supplement dated November 4, 2021. The Company has no obligation to sell any such shares under the Sales Agreement. Through June 30, 2022, no sales of common stock have been made pursuant to the Sales Agreement. (b) Stock-based compensation expense Stock-based compensation expense is classified in the condensed statements of operations as follows: (in thousands) Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development expenses $ 1,051 $ 1,409 $ 2,315 $ 2,427 General and administrative expenses 1,261 1,509 2,443 2,911 Total stock-based compensation expense $ 2,312 $ 2,918 $ 4,758 $ 5,338 Total unrecognized compensation expense for all stock-based compensation plans was $21.0 million as of June 30, 2022. This expense is expected to be recognized over a weighted average remaining vesting period of 2.42 years. The fair values of stock options granted are estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Six Months Ended 2022 2021 2022 2021 Expected volatility 82.68 % 89.12 % 83.01 % 89.19 % Expected dividends 0 % 0 % 0 % 0 % Expected terms (years) 5.73 5.94 5.96 5.95 Risk free rate 2.77 % 1.07 % 2.22 % 1.00 % (c) Stock options A summary of the Company’s stock option activity and related information for the six months ended June 30, 2022 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2021 8,963,945 $ 7.20 8.32 $ 6,912 Options granted 1,079,700 $ 2.06 Options exercised (36,500) $ 3.67 Options cancelled/forfeited (2,368,752) $ 7.87 Outstanding at June 30, 2022 7,638,393 $ 6.29 8.11 $ 4 Exercisable as of June 30, 2022 3,189,117 $ 6.08 7.20 $ — During the six months ended June 30, 2022, 36,500 shares of common stock were issued upon exercise of options with an aggregate intrinsic value of $0.1 million. During the six months ended June 30, 2021, 116,861 shares of common stock were issued upon exercise of options with an aggregate intrinsic value of $1.2 million. The weighted-average grant date fair value of options granted during the six months ended June 30, 2022 and June 30, 2021 was $1.47 and $8.99 per share, respectively. (d) Restricted stock units A summary of the Company’s RSU activity and related information for the six months ended June 30, 2022 is as follows: Number of Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2021 132,000 $ 9.97 Restricted stock units granted 700,000 $ 3.69 Restricted stock units vested (10,000) $ 12.49 Restricted stock units forfeited (219,000) $ 5.13 Non-vested at June 30, 2022 603,000 $ 4.39 (e) Employee stock purchase plan The Company’s 2020 ESPP was adopted by the Company’s Board of Directors in March 2020 and approved by the Company’s stockholders in May 2020. A total of 759,936 shares of common stock have been reserved for issuance under the 2020 ESPP. Subject to share and dollar limits as described in the plan, the 2020 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their earnings for the purchase of shares of the Company’s common stock at the lower of 85% of the closing price of the Company’s common stock on the first trading day of the offering period or 85% of the closing price of the Company’s common stock on the last trading day of the offering period. There are two six-month offering periods during each fiscal year, ending on May 15 and November 15. For the six months ended June 30, 2022, the Company issued 75,881 shares of common stock at a purchase price of $0.83 per share under the 2020 ESPP. Cash received from the purchases under the 2020 ESPP for the six months ended June 30, 2022 was $0.1 million. As of June 30, 2022, $0.1 million of employee contributions are included in accounts payable and accrued liabilities in the accompanying condensed balance sheet. |
Net loss per share
Net loss per share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per shareThe Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented: Three Months Ended Six Months Ended 2022 2021 2022 2021 Outstanding stock options 7,638,393 7,706,353 7,638,393 7,706,353 Restricted stock units 603,000 173,500 603,000 173,500 Shares issuable under 2020 ESPP 76,872 29,102 76,872 29,102 8,318,265 7,908,955 8,318,265 7,908,955 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. In management’s opinion, the unaudited condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2022, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2022. |
Use of estimates and assumptions | Use of estimates and assumptionsThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization and depreciation of property, plant and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates. |
Leases | Leases At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords and payments for lessor-owned assets that are not covered by a tenant improvement allowance. The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of June 30, 2022. For leases of office space and equipment, the Company has elected to not separate the lease components from the non-lease components. For leases with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term. |
Fair value of financial instruments | Fair value of financial instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, approximate their fair values because of their nature and/or short maturities. Certain of the Company’s financial instruments are measured at fair value on a recurring basis. The Company determines the fair value of those financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The three levels of the fair value hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed on the measurement date Level 2 - quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data |
Investments | InvestmentsThe Company’s short-term investments consist entirely of investments in U.S. treasury securities. These investments are classified as available-for-sale debt securities and are therefore reported at fair value in the condensed balance sheets. Unrealized gains and losses are included in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the three and six months ended June 30, 2022 and 2021. The Company assesses investments for impairment at each reporting period. An investment is considered impaired when the amortized cost basis exceeds the fair value. When this is the case, the Company assesses whether the impairment is credit-related or noncredit-related based on various factors. When an impairment, or a portion of an impairment, is considered credit-related, an allowance for credit losses is recorded. |
Net loss per share | Net loss per shar e |
Accounting for stock-based compensation | Accounting for stock-based compensation The Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and 2020 Employee Stock Purchase Plan ("2020 ESPP") purchases. The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history of the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group. |
Recently issued and recently adopted accounting standards | Recently issued and recently adopted accounting standardsIn June 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives (Topic 815), and Leases (Topic 842). This ASU delayed the required adoption for SEC filers that are smaller reporting companies as of their determination on November 15, 2019, until annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company has elected to adopt this standard in conjunction with the investment in debt securities during the quarter ended June 30, 2022. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value, Assets | The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis: June 30, 2022 (in thousands) Total Level 1 Level 2 Level 3 Financial assets Cash equivalents $ 76,431 $ 76,431 $ — $ — Short-term investments 38,931 38,931 — — Total financial assets $ 115,362 $ 115,362 $ — $ — December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Financial assets Cash equivalents $ 140,856 $ 140,856 $ — $ — Short-term investments — — — — Total financial assets $ 140,856 $ 140,856 $ — $ — |
Schedule of Investments | The Company's investments consist of the following: June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ 39,003 $ — $ (72) $ 38,931 Money market funds 76,431 — — 76,431 Total $ 115,434 $ — $ (72) $ 115,362 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ — $ — $ — $ — Money market funds 140,856 — — 140,856 Total $ 140,856 $ — $ — $ 140,856 |
Cash, cash equivalents, and r_2
Cash, cash equivalents, and restricted cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed balance sheets t hat sum to the total of the same such amounts shown in the condensed statements of cash flows: (in thousands) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 77,526 $ 142,467 Restricted cash 878 878 Total cash, cash equivalents, and restricted cash $ 78,404 $ 143,345 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed balance sheets t hat sum to the total of the same such amounts shown in the condensed statements of cash flows: (in thousands) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 77,526 $ 142,467 Restricted cash 878 878 Total cash, cash equivalents, and restricted cash $ 78,404 $ 143,345 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | The Company's investments consist of the following: June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ 39,003 $ — $ (72) $ 38,931 Money market funds 76,431 — — 76,431 Total $ 115,434 $ — $ (72) $ 115,362 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ — $ — $ — $ — Money market funds 140,856 — — 140,856 Total $ 140,856 $ — $ — $ 140,856 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Investments | The Company's investments consist of the following: June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ 39,003 $ — $ (72) $ 38,931 Money market funds 76,431 — — 76,431 Total $ 115,434 $ — $ (72) $ 115,362 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities - due within 1 year $ — $ — $ — $ — Money market funds 140,856 — — 140,856 Total $ 140,856 $ — $ — $ 140,856 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense is classified in the condensed statements of operations as follows: (in thousands) Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development expenses $ 1,051 $ 1,409 $ 2,315 $ 2,427 General and administrative expenses 1,261 1,509 2,443 2,911 Total stock-based compensation expense $ 2,312 $ 2,918 $ 4,758 $ 5,338 |
Schedule of Weighted Average Assumptions | The fair values of stock options granted are estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Six Months Ended 2022 2021 2022 2021 Expected volatility 82.68 % 89.12 % 83.01 % 89.19 % Expected dividends 0 % 0 % 0 % 0 % Expected terms (years) 5.73 5.94 5.96 5.95 Risk free rate 2.77 % 1.07 % 2.22 % 1.00 % |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity and related information for the six months ended June 30, 2022 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2021 8,963,945 $ 7.20 8.32 $ 6,912 Options granted 1,079,700 $ 2.06 Options exercised (36,500) $ 3.67 Options cancelled/forfeited (2,368,752) $ 7.87 Outstanding at June 30, 2022 7,638,393 $ 6.29 8.11 $ 4 Exercisable as of June 30, 2022 3,189,117 $ 6.08 7.20 $ — |
Summary of RSU Activity | A summary of the Company’s RSU activity and related information for the six months ended June 30, 2022 is as follows: Number of Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2021 132,000 $ 9.97 Restricted stock units granted 700,000 $ 3.69 Restricted stock units vested (10,000) $ 12.49 Restricted stock units forfeited (219,000) $ 5.13 Non-vested at June 30, 2022 603,000 $ 4.39 |
Net loss per share (Tables)
Net loss per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Shares From Diluted Net Loss Per Share | The Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented: Three Months Ended Six Months Ended 2022 2021 2022 2021 Outstanding stock options 7,638,393 7,706,353 7,638,393 7,706,353 Restricted stock units 603,000 173,500 603,000 173,500 Shares issuable under 2020 ESPP 76,872 29,102 76,872 29,102 8,318,265 7,908,955 8,318,265 7,908,955 |
Summary of significant accoun_4
Summary of significant accounting policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||||
Short-term investments | $ 38,900,000 | $ 38,900,000 | |||
Allowance for credit loss | $ 0 | $ 0 | |||
Expected dividends | 0% | 0% | 0% | 0% | |
Prefunded Warrants | |||||
Lessee, Lease, Description [Line Items] | |||||
Outstanding pre-funded warrants (in shares) | 12,663,010 | 12,663,010 | 12,663,010 | 12,663,010 | |
Money market funds | |||||
Lessee, Lease, Description [Line Items] | |||||
Cash equivalents | $ 76,400,000 | $ 76,400,000 | $ 140,900,000 | ||
Maximum | Office space | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 12 months | 12 months |
Summary of significant accoun_5
Summary of significant accounting policies - Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 38,900 | |
Fair Value, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 76,431 | $ 140,856 |
Short-term investments | 38,931 | 0 |
Total financial assets | 115,362 | 140,856 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 76,431 | 140,856 |
Short-term investments | 38,931 | 0 |
Total financial assets | 115,362 | 140,856 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Total financial assets | 0 | 0 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Total financial assets | $ 0 | $ 0 |
Cash, cash equivalents, and r_3
Cash, cash equivalents, and restricted cash - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 77,526 | $ 142,467 | ||
Restricted cash | 878 | 878 | ||
Total cash, cash equivalents, and restricted cash | $ 78,404 | $ 143,345 | $ 165,113 | $ 193,434 |
Cash, cash equivalents, and r_4
Cash, cash equivalents, and restricted cash - Additional Information (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Cash deposit | $ 0.9 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 77,526 | $ 142,467 |
Total | 115,434 | 140,856 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (72) | 0 |
Fair Value | 38,900 | |
Total | 115,362 | 140,856 |
U.S. treasury securities - due within 1 year | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 39,003 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (72) | 0 |
Fair Value | 38,931 | 0 |
Money market funds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 76,431 | 140,856 |
Fair Value | $ 76,431 | $ 140,856 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 USD ($) ft² option | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Tenant improvements (up to) | $ 9,500 | ||
Increase in lease liability | (563) | $ (176) | |
Operating lease right-of-use assets | 10,257 | $ 10,766 | |
Finance lease right-of-use assets | $ 200 | $ 200 | |
Washington | Office space, principal executive offices and laboratory | |||
Lessee, Lease, Description [Line Items] | |||
Square feet of office space leased | ft² | 33,300 | ||
Number of option to extend leases | option | 2 | ||
Lease agreement extended period | 5 years | ||
Washington | Office Space, additional offices and laboratory | |||
Lessee, Lease, Description [Line Items] | |||
Square feet of office space leased | ft² | 6,272 | ||
Lease agreement extended period | 28 months | ||
Increase in right-of-use asset | $ 1,600 | ||
Increase in lease liability | $ 1,600 |
Equity - Additional Information
Equity - Additional Information (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 USD ($) offering $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Nov. 04, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.000001 | $ 0.000001 | ||
Common stock, shares issued (in shares) | 42,579,852 | 42,457,471 | ||
Common stock, shares outstanding (in shares) | 42,579,852 | 42,457,471 | ||
Percentage of outstanding stock per stockholder, maximum | 9.99% | |||
Percentage of outstanding stock per stockholder, upon notice, maximum | 19.99% | |||
Warrants, notice period for nominal cash consideration | 61 days | |||
Unrecognized stock-based compensation cost | $ | $ 21 | |||
Unrecognized stock-based compensation cost, weighted-average period recognized | 2 years 5 months 1 day | |||
Shares issued upon exercises of stock options (in shares) | 36,500 | 116,861 | ||
Aggregate intrinsic value of options exercised | $ | $ 0.1 | $ 1.2 | ||
Weighted average grant date fair value for options granted in period (in dollars per share) | $ / shares | $ 1.47 | $ 8.99 | ||
2020 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares reserved for issuance under employee stock purchase plan (in shares) | 759,936 | |||
Issuance of shares under Employee Stock Purchase Plan (in shares) | 75,881 | |||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 0.83 | |||
Proceeds from ESPP | $ | $ 0.1 | |||
Accrued employee benefits | $ | $ 0.1 | |||
Shares issuable under 2020 ESPP | 2020 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
ESPP max contribution rate | 15% | |||
ESPP, purchase price of common stock, percent of market price | 85% | |||
ESPP number of offerings per year | offering | 2 | |||
ESPP offering period | 6 months | |||
Equity Offering Sales Agreement | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase Price | $ | $ 40 | |||
Prefunded Warrants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding pre-funded warrants (in shares) | 12,663,010 | 12,663,010 | ||
Exercise price of pre-funded warrants (in dollars per share) | $ / shares | $ 0.000001 |
Equity - Summary of Stock-based
Equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 2,312 | $ 2,918 | $ 4,758 | $ 5,338 |
Research and development expenses | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,051 | 1,409 | 2,315 | 2,427 |
General and administrative expenses | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 1,261 | $ 1,509 | $ 2,443 | $ 2,911 |
Equity - Schedule of Weighted A
Equity - Schedule of Weighted Average Assumptions (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||
Expected volatility | 82.68% | 89.12% | 83.01% | 89.19% |
Expected dividends | 0% | 0% | 0% | 0% |
Expected terms (years) | 5 years 8 months 23 days | 5 years 11 months 8 days | 5 years 11 months 15 days | 5 years 11 months 12 days |
Risk free rate | 2.77% | 1.07% | 2.22% | 1% |
Equity - Schedule of Stock Opti
Equity - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Number of Shares | |||
Outstanding, beginning balance (in shares) | 8,963,945 | ||
Options granted (in shares) | 1,079,700 | ||
Options exercised (in shares) | (36,500) | (116,861) | |
Options cancelled/ forfeited (in shares) | (2,368,752) | ||
Outstanding, ending balance (in shares) | 7,638,393 | 8,963,945 | |
Weighted Average Exercise Price | |||
Outstanding, beginning balance (in dollars per share) | $ 7.20 | ||
Options granted (in dollars per share) | 2.06 | ||
Options exercised (in dollars per share) | 3.67 | ||
Options cancelled/forfeited (in dollars per share) | 7.87 | ||
Outstanding, ending balance (in dollars per share) | $ 6.29 | $ 7.20 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding, Weighted Average Remaining Contractual Life (in Years) | 8 years 1 month 9 days | 8 years 3 months 25 days | |
Outstanding, Aggregate Intrinsic Value (in Thousands) | $ 4 | $ 6,912 | |
Exercisable, Number of Shares (in shares) | 3,189,117 | ||
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 6.08 | ||
Exercisable, Weighted Average Remaining Contractual Life (in Years) | 7 years 2 months 12 days | ||
Exercisable, Aggregate Intrinsic Value (in Thousands) | $ 0 |
Equity - Summary of Nonvested R
Equity - Summary of Nonvested Restricted Stock Unit Activity (Details) - Restricted stock units | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of Shares | |
Non-vested, beginning balance (in shares) | shares | 132,000 |
Restricted stock units granted (in shares) | shares | 700,000 |
Restricted stock units vested (in shares) | shares | (10,000) |
Restricted stock units forfeited (in shares) | shares | (219,000) |
Non-vested, ending balance (in shares) | shares | 603,000 |
Weighted Average Grant Date Fair Value | |
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 9.97 |
Restricted stock units granted (in dollars per share) | $ / shares | 3.69 |
Restricted stock units vested (in dollars per share) | $ / shares | 12.49 |
Restricted stock units forfeited (in dollars per share) | $ / shares | 5.13 |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 4.39 |
Net loss per share - Schedule o
Net loss per share - Schedule of Potentially Dilutive Shares From Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 8,318,265 | 7,908,955 | 8,318,265 | 7,908,955 |
Outstanding stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 7,638,393 | 7,706,353 | 7,638,393 | 7,706,353 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 603,000 | 173,500 | 603,000 | 173,500 |
Shares issuable under 2020 ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 76,872 | 29,102 | 76,872 | 29,102 |