Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 05, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ALRN | |
Entity Registrant Name | Aileron Therapeutics Inc | |
Entity Central Index Key | 0001420565 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 27,810,358 | |
Entity File Number | 001-38130 | |
Entity Tax Identification Number | 13-4196017 | |
Entity Address, Address Line One | 490 Arsenal Way | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Watertown | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02472 | |
City Area Code | 617 | |
Local Phone Number | 995-0900 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 6,867 | $ 10,635 |
Investments | 17,694 | 10,060 |
Prepaid expenses and other current assets | 1,911 | 1,055 |
Restricted cash | 25 | 25 |
Total current assets | 26,497 | 21,775 |
Operating lease, right-of-use asset | 6,224 | |
Property and equipment, net | 361 | 7,290 |
Restricted cash, non-current | 568 | 568 |
Other assets | 302 | 679 |
Total assets | 33,952 | 30,312 |
Current liabilities: | ||
Accounts payable | 2,349 | 1,731 |
Accrued expenses and other current liabilities | 3,653 | 3,639 |
Operating lease liabilities | 426 | |
Total current liabilities | 6,428 | 5,370 |
Operating lease liabilities, net of current portion | 4,708 | |
Construction financing liability | 5,342 | |
Total liabilities | 11,136 | 10,712 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized at September 30, 2019 and December 31, 2018, respectively; no shares issued and outstanding at September 30, 2019 and December 31, 2018 | ||
Common stock, $0.001 par value; 150,000,000 shares authorized at September 30, 2019 and December 31, 2018; 27,810,358 and 14,748,475 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 28 | 15 |
Additional paid-in capital | 213,671 | 188,083 |
Accumulated other comprehensive gain/(loss) | 17 | (5) |
Accumulated deficit | (190,900) | (168,493) |
Total stockholders’ equity | 22,816 | 19,600 |
Total liabilities and stockholders’ equity | $ 33,952 | $ 30,312 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 27,810,358 | 14,748,475 |
Common stock, shares outstanding | 27,810,358 | 14,748,475 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Research and development | 4,475 | 4,321 | 12,953 | 14,487 |
General and administrative | 3,440 | 3,177 | 9,654 | 10,433 |
Total operating expenses | 7,915 | 7,498 | 22,607 | 24,920 |
Loss from operations | (7,915) | (7,498) | (22,607) | (24,920) |
Interest income | 166 | 64 | 473 | 407 |
Net loss | $ (7,749) | $ (7,434) | $ (22,134) | $ (24,513) |
Net loss per share — basic and diluted | $ (0.28) | $ (0.50) | $ (0.95) | $ (1.66) |
Weighted average common shares outstanding—basic and diluted | 27,810,358 | 14,737,402 | 23,431,823 | 14,735,660 |
Comprehensive loss: | ||||
Net loss | $ (7,749) | $ (7,434) | $ (22,134) | $ (24,513) |
Other comprehensive gain (loss): | ||||
Unrealized gain (loss) on investments, net of tax of $0 | (7) | 9 | 22 | 30 |
Total other comprehensive gain (loss) | (7) | 9 | 22 | 30 |
Total comprehensive loss | $ (7,756) | $ (7,425) | $ (22,112) | $ (24,483) |
Condensed Statements of Opera_2
Condensed Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Unrealized loss on investments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Statement of Stockhol
Condensed Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Common Stock and Common Warrants [Member] | Pre-funded Warrants and Common Warrants [Member] | Pre-funded Warrants [Member] | Common Stock [Member] | Common Stock [Member]Common Stock and Common Warrants [Member] | Common Stock [Member]Pre-funded Warrants and Common Warrants [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Common Stock and Common Warrants [Member] | Additional Paid-in Capital [Member]Pre-funded Warrants and Common Warrants [Member] | Additional Paid-in Capital [Member]Pre-funded Warrants [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2017 | $ 47,797 | $ 15 | $ 184,761 | $ (33) | $ (136,946) | ||||||||
Beginning balance, shares at Dec. 31, 2017 | 14,723,818 | ||||||||||||
Exercise of stock options | 16 | 16 | |||||||||||
Exercise of stock options, shares | 10,565 | ||||||||||||
Stock-based compensation expense | 767 | 767 | |||||||||||
Unrealized gain (loss) on investments | (17) | (17) | |||||||||||
Net loss | (7,588) | (7,588) | |||||||||||
Ending balance at Mar. 31, 2018 | 40,975 | $ 15 | 185,544 | (50) | (144,534) | ||||||||
Ending balance, shares at Mar. 31, 2018 | 14,734,383 | ||||||||||||
Beginning balance at Dec. 31, 2017 | 47,797 | $ 15 | 184,761 | (33) | (136,946) | ||||||||
Beginning balance, shares at Dec. 31, 2017 | 14,723,818 | ||||||||||||
Unrealized gain (loss) on investments | 30 | ||||||||||||
Net loss | (24,513) | ||||||||||||
Ending balance at Sep. 30, 2018 | 26,031 | $ 15 | 187,478 | (3) | (161,459) | ||||||||
Ending balance, shares at Sep. 30, 2018 | 14,737,402 | ||||||||||||
Beginning balance at Mar. 31, 2018 | 40,975 | $ 15 | 185,544 | (50) | (144,534) | ||||||||
Beginning balance, shares at Mar. 31, 2018 | 14,734,383 | ||||||||||||
Exercise of stock options | 12 | 12 | |||||||||||
Exercise of stock options, shares | 3,019 | ||||||||||||
Stock-based compensation expense | 1,334 | 1,334 | |||||||||||
Unrealized gain (loss) on investments | 38 | 38 | |||||||||||
Net loss | (9,491) | (9,491) | |||||||||||
Ending balance at Jun. 30, 2018 | 32,868 | $ 15 | 186,890 | (12) | (154,025) | ||||||||
Ending balance, shares at Jun. 30, 2018 | 14,737,402 | ||||||||||||
Stock-based compensation expense | 588 | 588 | |||||||||||
Unrealized gain (loss) on investments | 9 | 9 | |||||||||||
Net loss | (7,434) | (7,434) | |||||||||||
Ending balance at Sep. 30, 2018 | 26,031 | $ 15 | 187,478 | (3) | (161,459) | ||||||||
Ending balance, shares at Sep. 30, 2018 | 14,737,402 | ||||||||||||
Beginning balance at Dec. 31, 2018 | $ 19,600 | $ 15 | 188,083 | (5) | (168,493) | ||||||||
Beginning balance, shares at Dec. 31, 2018 | 14,748,475 | 14,748,475 | |||||||||||
Exercise of stock options | $ 165 | 165 | |||||||||||
Exercise of stock options, shares | 126,560 | ||||||||||||
Stock-based compensation expense | 563 | 563 | |||||||||||
Adoption of ASC 842, Leases | ASU No. 2016-02 [Member] | (273) | (273) | |||||||||||
Unrealized gain (loss) on investments | 5 | 5 | |||||||||||
Net loss | (7,213) | (7,213) | |||||||||||
Ending balance at Mar. 31, 2019 | 12,847 | $ 15 | 188,811 | (175,979) | |||||||||
Ending balance, shares at Mar. 31, 2019 | 14,875,035 | ||||||||||||
Beginning balance at Dec. 31, 2018 | $ 19,600 | $ 15 | 188,083 | (5) | (168,493) | ||||||||
Beginning balance, shares at Dec. 31, 2018 | 14,748,475 | 14,748,475 | |||||||||||
Exercise of stock options, shares | 126,560 | ||||||||||||
Unrealized gain (loss) on investments | $ 22 | ||||||||||||
Net loss | (22,134) | ||||||||||||
Ending balance at Sep. 30, 2019 | $ 22,816 | $ 28 | 213,671 | 17 | (190,900) | ||||||||
Ending balance, shares at Sep. 30, 2019 | 27,810,358 | 27,810,358 | |||||||||||
Beginning balance at Mar. 31, 2019 | $ 12,847 | $ 15 | 188,811 | (175,979) | |||||||||
Beginning balance, shares at Mar. 31, 2019 | 14,875,035 | ||||||||||||
Stock issued during period, value | $ 21,622 | $ 2,203 | $ 12 | $ 1 | $ 21,610 | $ 2,202 | |||||||
Stock issued during period, shares | 11,838,582 | 1,096,741 | |||||||||||
Stock-based compensation expense | 460 | 460 | |||||||||||
Unrealized gain (loss) on investments | 24 | 24 | |||||||||||
Net loss | (7,172) | (7,172) | |||||||||||
Ending balance at Jun. 30, 2019 | 29,984 | $ 28 | 213,083 | 24 | (183,151) | ||||||||
Ending balance, shares at Jun. 30, 2019 | 27,810,358 | ||||||||||||
Exercise of warrants | $ 11 | $ 11 | |||||||||||
Issuance costs | (37) | (37) | |||||||||||
Stock-based compensation expense | 614 | 614 | |||||||||||
Unrealized gain (loss) on investments | (7) | (7) | |||||||||||
Net loss | (7,749) | (7,749) | |||||||||||
Ending balance at Sep. 30, 2019 | $ 22,816 | $ 28 | $ 213,671 | $ 17 | $ (190,900) | ||||||||
Ending balance, shares at Sep. 30, 2019 | 27,810,358 | 27,810,358 |
Condensed Statement of Stockh_2
Condensed Statement of Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Common Stock and Common Warrants [Member] | |
Sale of common stock and common warrants, Issuance costs | $ 2,175 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (22,134) | $ (24,513) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 80 | 169 |
Net amortization of premiums and discounts on investments | (170) | (184) |
Stock-based compensation expense | 1,637 | 2,689 |
Change in deferred rent | (11) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (871) | (315) |
Other assets | 852 | 15 |
Accounts payable | 603 | (44) |
Operating lease liabilities | (267) | |
Accrued expenses and other current liabilities | 101 | 931 |
Net cash used in operating activities | (20,169) | (21,263) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (136) | (2,491) |
Purchases of investments | (24,510) | (26,231) |
Proceeds from sales or maturities of investments | 17,068 | 45,105 |
Net cash provided by (used in) investing activities | (7,578) | 16,383 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, common warrants and pre-funded warrants, net of issuance costs | 23,814 | |
Proceeds from exercise of stock options | 165 | 28 |
Increase in construction financing liability | 1,210 | |
Net cash provided by financing activities | 23,979 | 1,238 |
Net decrease in cash, cash equivalents and restricted cash | (3,768) | (3,642) |
Cash, cash equivalents and restricted cash at beginning of period | 11,228 | 11,951 |
Cash, cash equivalents and restricted cash at end of period | $ 7,460 | $ 8,309 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Aileron Therapeutics, Inc. (“Aileron” or the “Company”) is a clinical-stage biopharmaceutical company advancing a proprietary platform of cell-permeating alpha-helical peptides. The stabilized helical structure of the Company’s peptides allows the design of cell-permeating therapeutic agents with large molecular surfaces for optimal target binding properties, resulting in product candidates like ALRN-6924, the Company’s lead product candidate. The Company’s current focus is to improve the standard of care for patients with cancer by developing safe and effective therapies and cancer supportive care treatments that leverage its proprietary peptide platform. Based on preclinical data and preliminary evidence of safety and anti-tumor activity in the Company’s ongoing clinical trials, the Company believes that there may be a significant opportunity to develop ALRN-6924 in combination with other drugs for the treatment of a wide variety of cancers. Additionally, preclinical experiments have shown that, in normal, non-cancer cells, ALRN-6924 induces cell cycle arrest when administered using a different schedule and lower doses than those used to induce cell death in cancer cells. Based on this preclinical data, the Company believes that a significant myelopreservation opportunity exists, to protect against chemotherapy-related toxicities. The Company’s clinical development program for ALRN-6924 is currently focused on an ongoing Phase 2a expansion cohort studying the combination of ALRN-6924 and palbociclib (Ibrance™), marketed by Pfizer, Inc., for the treatment of MDM2-amplified advanced solid tumors and an ongoing Phase 1b/2 clinical trial to evaluate ALRN-6924 as a myelopreservative agent, to protect against chemotherapy-related toxicities. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities. The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary governmental regulatory approval or that any approved products will be commercially viable. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its key employees and consultants. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Liquidity In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern On April 2, 2019, the Company issued and sold in a private placement an aggregate of (i) 11,838,582 units, consisting of 11,838,582 shares of its common stock and associated warrants (the “common warrants”) to purchase an aggregate of 11,838,582 shares of common stock, for a combined price of $2.01 per unit and (ii) 1,096,741 units, consisting of (a) pre-funded warrants to purchase 1,096,741 shares of the Company’s common stock and (b) associated common warrants to purchase 1,096,741 shares of common stock, for a combined price of $2.01 per unit. The pre-funded warrants had an exercise price of $0.01 per share and had no expiration. The common warrants are exercisable at an exercise price of $2.00 per share and expire five years from the date of issuance. The securities were sold pursuant to a securities purchase agreement entered into with accredited investors on March 28, 2019. The Company received aggregate gross proceeds from the private placement of approximately $26,000, before deducting placement agent fees and offering expenses of $2,175, and excluding the exercise of any warrants. In July 2019, all outstanding pre-funded warrants were exercised for 1,096,741 shares of common stock. The Company’s interim financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. Through September 30, 2019, the Company has funded its operations with net proceeds of $23,825 from its private placement on April 2, 2019, $50,009 from its initial public offering on July 5, 2017, $131,211 from sales of preferred stock prior to the Company’s initial public offering, $552 from the exercise of stock options and $34,910 from a collaboration agreement. As of September 30, 2019, the Company had cash, cash equivalents and investments of $24,561. The Company has incurred losses and negative cash flows from operations and had an accumulated deficit of $190,900 as of September 30, 2019. The Company expects to continue to generate losses for the foreseeable future. On July 12, 2019, the Company received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying it that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Global Market, referred to as the minimum bid price rule. In accordance with Nasdaq Listing Rules, the Company has an initial period of 180 calendar days, or until January 8, 2020, to regain compliance with the minimum bid price rule. If at any time before January 8, 2020 the bid price for the Company’s common stock closes at $1.00 or more per share for a minimum of 10 consecutive business days, the Nasdaq Listing Qualifications Department staff will provide written notification to the Company that it is in compliance with the minimum bid price rule, unless the staff exercises its discretion to extend this 10-day period pursuant to the Nasdaq Listing Rules . The Company is actively monitoring its stock price and will consider any and all options available to the Company to maintain compliance. The alternatives to trading on the Nasdaq Global Market or another national securities exchange are generally considered to be less efficient and less broad-based than the national securities exchanges and the liquidity of the Company’s common stock will likely be reduced if we fail to regain compliance with the minimum bid price rule. As of November 7, 2019, the date of issuance of these unaudited interim condensed financial statements, the Company expects that its cash, cash equivalents and investments of $24,561 as of September 30, 2019, will be sufficient to fund its current business plan including related operating expenses and capital expenditure requirements into the fourth quarter of 2020. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern as the Company does not believe that its cash, cash equivalents and investments will be sufficient to fund such business plan for at least twelve months from the date of issuance of these interim financial statements. The Company plans to address this condition by seeking to raise additional capital to finance its operations. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing and therefore it is not considered probable, as defined in accounting standards ASU No. 2014-15 (subtopic 205-40), that the Company’s plans to raise additional capital will alleviate the substantial doubt regarding its ability to continue as a going concern. To execute its business plans beyond the fourth quarter of 2020, the Company will need substantial funding to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through the sale of common stock in public offerings and/or private placements, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion plans or commercialization efforts, which could adversely affect its business prospects. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Unaudited Interim Financial Information The accompanying unaudited condensed financial statements as of September 30, 2019 and for the nine months ended September 30, 2019 and 2018 have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 that was filed with the SEC on March 29, 2019. The unaudited interim condensed financial statements have been prepared on the same basis as the audited annual 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 September 30, 2019, the results of its operations for the three and nine months ended September 30, 2019 and 2018 and its cash flows for the nine months ended September 30, 2019 and 2018. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2019 and 2018 are unaudited. The results for the nine months ended September 30, 2019 are not necessarily indicative of results to be expected for the year ending December 31, 2019, any other interim periods, or any future year or period. The accompanying balance sheet as of December 31, 2018 has been derived from the Company’s audited financial statements for the year ended December 31, 2018 previously filed with the SEC. Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Cash equivalents, which consist of money market accounts, corporate notes and commercial paper, are stated at fair value. Restricted Cash As of September 30, 2019 and December 31, 2018, current restricted cash consisted of $25 of cash deposited in a separate restricted bank account as a security deposit for the Company’s corporate credit cards. As of September 30, 2019 and December 31, 2018, non-current restricted cash consisted of $568 of cash deposited in a separate restricted bank account as a security deposit for Investments The Company classifies its available-for-sale debt security investments as current assets on the balance sheet if they mature within one year from the balance sheet date. The Company classifies all of its investments as available-for-sale securities. The Company’s investments are measured and reported at fair value using quoted prices in active markets for similar securities or using other inputs that are observable or can be corroborated by observable market data. Unrealized gains and losses on available-for-sale securities are reported as accumulated other comprehensive income (loss), which is a separate component of stockholders’ equity (deficit). The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense) within the statements of operations and comprehensive loss. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary”, the Company reduces the investment to fair value through a charge to the statements of operations and comprehensive loss. No such adjustments were necessary during the periods presented. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. 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 must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable. • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be 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, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and investments are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair value due to the short-term nature of these liabilities. Net Loss per Share The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) is computed by adjusting income (loss) per share to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding options to purchase common stock are considered potential dilutive common shares. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases The Company adopted the standard effective January 1, 2019. It has implemented the standard using the required modified retrospective approach and has also elected to utilize the package of practical expedients. The expedients used by the Company are as follows: (1) allowing an entity to not reassess the lease classification for any expired or existing leases, (2) allowing an entity to not reassess the treatment of initial direct costs as they related to existing leases, and (3) allowing an entity to not reassess whether expired or existing contracts are or contain leases. The Company elected to adopt the standard at the beginning of the period of adoption. As a result of the adoption of ASU 2016-02, the Company de-recognized $7,079 of the building asset and $81 of accumulated depreciation related to its corporate headquarters at 490 Arsenal Way. Prior to the adoption of ASU 2016-02, the Company classified facility improvements associated with the 490 Arsenal Way building as a component of its building asset. Subsequent to the adoption of ASU 2016-02, these improvements were reclassified to leasehold improvements. January 1, 2019 prior to ASC 842 Adoption ASC 842 Adjustment January 1, 2019 as adjusted Operating lease right-of-use assets, net $ — $ 6,697 $ 6,697 Property and equipment, net 7,290 (6,998 ) 292 Construction financing liability 5,342 (5,342 ) — Other liabilities, current 3,639 (87 ) 3,552 Operating lease liabilities, current — 334 334 Operating lease liabilities, net of current portion — 5,067 5,067 Accumulated deficit (168,493 ) (273 ) (168,766 ) Recently Issued Accounting Pronouncements Fair Value of Financial Instruments In |
Fair Value of Financial Assets
Fair Value of Financial Assets | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets | 3. Fair Value of Financial Assets The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of September 30, 2019 using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,363 $ — $ — $ 5,363 Investments: Corporate notes — 10,744 — 10,744 Commercial paper — 6,950 — 6,950 $ 5,363 $ 17,694 $ — $ 23,057 Fair Value Measurements as of December 31, 2018 using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,041 $ — $ — $ 6,041 Corporate notes — 998 — 998 Commercial paper — 2,495 — 2,495 Investments: Corporate notes — 3,644 — 3,644 Commercial paper — 6,416 — 6,416 $ 6,041 $ 13,553 $ — $ 19,594 As of September 30, 2019 and December 31, 2018, the Company’s cash equivalents and investments were invested in money market funds, corporate notes and commercial paper and were valued based on Level 1 and Level 2 inputs. In determining the fair value of its corporate notes and commercial paper at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. The Company’s cash equivalents have original maturities of less than 90 days from the date of purchase. All available-for-sale investments have contractual maturities of less than one year. During the nine months ended September 30, 2019 and the year ended December 31, 2018, there were no transfers between Level 1, Level 2 and Level 3. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 4. Investments As of September 30, 2019 and December 31, 2018, the fair value of available-for-sale investments by type of security was as follows: September 30, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Investments: Corporate notes $ 10,736 $ 8 $ — $ 10,744 Commercial paper 6,941 9 — 6,950 $ 17,677 $ 17 $ — $ 17,694 December 31, 2018 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Investments: Corporate notes $ 3,647 $ — $ (3 ) $ 3,644 Commercial paper 6,418 — (2 ) 6,416 $ 10,065 $ — $ (5 ) $ 10,060 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: September 30, 2019 December 31, 2018 External research and development services $ 1,459 $ 1,307 Payroll and payroll-related costs 1,168 1,473 Professional fees 683 436 Other 343 423 $ 3,653 $ 3,639 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity On April 2, 2019, the Company issued and sold in a private placement an aggregate of (i) 11,838,582 units, consisting of 11,838,582 shares of its common stock and associated warrants, (the “common warrants”), to purchase an aggregate of 11,838,582 shares of common stock, for a combined price of $2.01 per unit and (ii) 1,096,741 units, consisting of (a) pre-funded warrants to purchase 1,096,741 shares of the Company’s common stock and (b) associated common warrants to purchase 1,096,741 shares of common stock, for a combined price of $2.01 per unit. The pre-funded warrants had an exercise price of $0.01 per share and had no expiration. The common warrants are exercisable at an exercise price of $2.00 per share and expire five years from the date of issuance. The securities were sold pursuant to a securities purchase agreement entered into with accredited investors on March 28, 2019. The Company received aggregate gross proceeds from the private placement of approximately $26,000, before deducting placement agent fees and offering expenses of $2,175, and excluding the exercise of any warrants. The Company evaluated the terms of the common warrants issued and determined that they should be classified as equity instruments. The grant date fair value of the common warrants was estimated to be $1.78 per share, for a total of approximately $23,025. The Company estimated the fair value of the common warrants using a Black-Scholes model utilizing the following key valuation assumptions: the Company’s stock price, a risk free rate of 2.23%, an expected life of five years and an expected volatility of 76%. The Company evaluated the terms of the pre-funded warrants and classified them as equity. The pre-funded warrants were exercised in full in July 2019. |
Stock-Based Awards
Stock-Based Awards | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Awards | 7. Stock-Based Awards 2017 Stock Incentive Plan The Company’s 2017 Stock Incentive Plan (the “2017 Plan”) was approved by the Company’s stockholders on June 16, 2017 and became effective on June 28, 2017. Under the 2017 Plan, the Company may grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, awards of restricted stock units and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2017 Plan; however, incentive stock options may only be granted to employees. The 2017 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board. The number of shares of common stock covered by options and the date those options become exercisable, type of options to be granted, exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the 2017 Plan with service-based vesting conditions generally vest over four years and may not have a duration in excess of ten years, although options have been granted with vesting terms of less than four years. The total number of shares of common stock that may be issued under the 2017 Plan was 3,634,735 as of September 30, 2019, of which 450,594 shares remained available for grant. The Company initially reserved During the nine months ended September 30, 2019, pursuant to the terms of the 2017 Plan, the Company granted (i) options to employees and directors to purchase 1,692,150 shares of common stock at a weighted average exercise price of $1.63 per share and (ii) 50,000 restricted stock units with a weighted average grant date fair value of $1.75 that vest upon the satisfaction of specified performance milestones. Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards. The exercise price for stock options granted may not be less than the fair market value of the common stock as of the date of grant. 2017 Employee Stock Purchase Plan On June 16, 2017, the Company’s stockholders approved the 2017 Employee Stock Purchase Plan (the “2017 ESPP”), which became effective on June 28, 2017. A total of 150,000 shares of common stock were initially reserved for issuance under this plan. The number of shares of common stock that may be issued under the 2017 ESPP will automatically increase on each January 1, beginning with the fiscal year ending December 31, 2018 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2027, equal to the least of (i) 622,408 shares, (ii) 1% of the outstanding shares of common stock on such date and (iii) an amount determined by the Company’s board of directors. On December 13, 2018, the Company’s compensation committee of the board of directors determined that the number of shares of common stock that may be issued under the 2017 ESPP would not be increased on January 1, 2018 or January 1, 2019. The Company has not issued any shares under the 2017 ESPP. 2016 Stock Incentive Plan The Company’s 2016 Stock Incentive Plan (the “2016 Plan”) provided for the Company to grant incentive stock options or nonqualified stock options, restricted stock, restricted stock units and other equity awards to employees, directors and consultants of the Company. The 2016 Plan was administered by the board of directors or, at the discretion of the board of directors, by a committee of the board. The exercise prices, vesting and other restrictions were determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the 2016 Plan with service-based vesting conditions vest over four years and expire after ten years. As of the effective date of the 2017 Plan, the board of directors determined to grant no further awards under the 2016 Plan. No stock options or other awards have been made under the 2016 Plan since the adoption of the 2017 Plan. Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards under the 2017 Plan. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards under the 2017 Plan. 2006 Stock Incentive Plan The Company’s 2006 Stock Incentive Plan, as amended, (the “2006 Plan”) provided for the Company to grant incentive stock options or nonqualified stock options, restricted stock, restricted stock units and other equity awards to employees, directors and consultants of the Company. The 2006 Plan was administered by the board of directors or, at the discretion of the board of directors, by a committee of the board. The exercise prices, vesting and other restrictions were determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the 2006 Plan with service-based vesting conditions generally vest over four years and expire after ten years, although options have been granted with vesting terms of less than four years. The 2006 Plan expired in 2016. Since its expiration no further awards have been made under the 2006 Plan. Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards under the 2017 Plan. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards under the 2017 Plan. Stock Option Valuation The assumptions that the Company used to determine the grant-date fair value of the stock options granted to employees and directors during the nine months ended September 30, 2019 and 2018 were as follows, presented on a weighted average basis: Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Risk-free interest rate 2.35 % 2.77 % Expected term (in years) 6.3 6.2 Expected volatility 76.0 % 76.0 % Expected dividend yield 0 % 0 % Stock Options The following table summarizes the Company’s stock option activity since January 1, 2019: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) Outstanding at December 31, 2018 2,528,297 $ 6.31 6.7 $ — Granted 1,692,150 1.63 Exercised (126,560 ) 1.30 Canceled (188,228 ) 5.86 Forfeited (414,299 ) 6.63 Outstanding at September 30, 2019 3,491,360 $ 4.21 7.5 $ — Options exercisable at September 30, 2019 1,364,172 $ 6.55 4.7 $ — Options vested and expected to vest at September 30, 2019 3,421,857 $ 4.24 4.7 $ — Options exercisable at December 31, 2018 1,214,016 $ 6.29 3.9 $ — Options vested and expected to vest at December 31, 2018 2,485,495 $ 6.31 6.6 $ — The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2019 and 2018 was $1.11 and $3.65, respectively. The aggregate fair value of stock options that vested during the nine months ended September 30, 2019 and 2018 was $1,836 and $2,633, respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2019 and 2018 was $109 and $93, respectively. Restricted Stock Units On April 15, 2019, the Company granted restricted stock units under the 2017 Stock Incentive Plan. The following table summarizes the Company’s restricted stock unit activity during the nine months ended September 30, 2019: Weighted-Average Grant Date Units per Unit Outstanding, non-vested at December 31, 2018 — — Issued 50,000 $ 1.75 Vested — — Canceled/forfeited — — Outstanding, non-vested at September 30, 2019 50,000 $ 1.75 Stock-Based Compensation The Company recorded stock-based compensation expense related to stock options and restricted stock units in the following expense categories of its statements of operations and comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development expenses $ 177 $ 226 $ 370 $ 736 General and administrative expenses 437 362 1,267 1,953 $ 614 $ 588 $ 1,637 $ 2,689 During the three and nine months ended September 30, 2019 the Company recognized stock-based compensation expense of $68 and $91, respectively, included in the table above, related to performance-based awards for which achievement of such performance-based conditions were deemed probable. The Company used an estimated forfeiture rate of 2.43% to calculate its stock compensation expense for each of the nine months ended September 30, 2019 and 2018. As of September 30, 2019, the Company had an aggregate of $3,694 of unrecognized stock-based compensation expense, which it expects to recognize over a weighted average period of 2.5 years. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 8. Net Loss per Share Basic and diluted net loss per share was calculated as follows : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ (7,749 ) $ (7,434 ) $ (22,134 ) $ (24,513 ) Denominator: Weighted average common shares outstanding—basic and diluted. 27,810,358 14,737,402 23,431,823 14,735,660 Total 27,810,358 14,737,402 23,431,823 14,735,660 Net loss per share —basic and diluted $ (0.28 ) $ (0.50 ) $ (0.95 ) $ (1.66 ) The Company’s potential dilutive securities, which include stock options and warrants, have been excluded from the computation of diluted net loss per share whenever the effect of including them would be to reduce the net loss per share. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Nine Months Ended September 30, 2019 2018 Stock options to purchase common stock 3,491,260 2,182,640 Warrants to purchase common stock 11,838,582 — Restricted stock units to purchase common stock 50,000 — Total 15,379,842 2,182,640 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Operating Lease 490 Arsenal Way On April 4, 2018, the Company entered into a lease agreement for office and laboratory space located in a building (the “Building”) at 490 Arsenal Way, Watertown, Massachusetts (the “490 Arsenal Way Lease”), which is now the Company’s corporate headquarters. Under the terms of the 490 Arsenal Way Lease, starting on August 21, 2018, the Company leases approximately 18,768 square feet of office and laboratory space at $52.55 per square foot per year, or $986 per year in base rent, which is subject to scheduled annual rent increases plus certain operating expenses and taxes. The Company currently maintains a $568 security deposit related to the 490 Arsenal Way Lease. Pursuant to the 490 Arsenal Way Lease, the landlord contributed an aggregate of $2,419 toward the cost of construction and tenant improvements for the Building. The Company has occupied the Building beginning on August 21, 2018 and the 490 Arsenal Way Lease will continue until August 31, 2026. The Company has the option to extend the 490 Arsenal Way Lease for one five-year terms. The Company is accounting for this lease under ASC 842 using its initial eight-year term through August 31, 2026 and will reassess the lease term on a quarterly basis. Due to the Company’s involvement in the construction project, including having responsibility to pay for a portion of the costs of finish work and mechanical, electrical, and plumbing elements of the Building, among other items, the Company was deemed for accounting purposes to be the owner of the Building during the construction period, per ASC 840. Accordingly, under ASC 840, construction costs that were incurred by the landlord directly or indirectly through reimbursement to the Company as part of its tenant improvement allowance were recorded as an asset in Property, plant and equipment, net on the Company’s consolidated balance sheets. The Company evaluated the 490 Arsenal Way Lease upon occupancy on August 21, 2018 and determined that the 490 Arsenal Way Lease did not meet the criteria for “sale-leaseback” treatment under ASC 840. This determination was based on, among other things, the Company's continuing involvement with the property in the form of non-recourse financing to the lessor. Accordingly, upon occupancy, the Company commenced depreciating the portion of the building in service over a useful life of 30 years and incurred interest expense related to the financing obligation. As part of its adoption of ASC 842, the Company de-recognized the building asset and corresponding financing obligation recorded on the Company’s consolidated balance sheets as of January 1, 2019, in accordance with the ASC 842 transition guidance. In applying the ASC 842 transition guidance, the Company classified this lease as an operating lease and recorded a right-of-use asset of $6,697 and lease liability of $5,401 on the effective date. The Company is recognizing rent expense on a straight-line basis throughout the remaining term of the lease. Summary of all lease costs recognized under ASC 842 The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost (1) Operating lease cost $ 317 $ 950 Total lease cost $ 317 $ 950 Other Information Operating cash flows used for operating leases $ 250 $ 743 Weighted average remaining lease term (in years) 7.0 7.0 Weighted average discount rate 12.0 % 12.0 % (1) Short-term lease costs and variable lease costs incurred by the Company for the nine months ended September 30, 2019 were immaterial. As of September 30, 2019, future minimum commitments under ASC 842 under the Company’s operating leases were as follows: As of September 30, 2019 2019 (excluding the nine months ended September 30, 2019) $ 254 2020 1,026 2021 1,058 2022 1,089 2023 1,122 2024 and thereafter 3,126 Total lease payments 7,675 Less: imputed interest (2,541 ) Total operating lease liabilities $ 5,134 As of December 31, 2018, future minimum commitments under ASC 840 under the Company’s operating leases were as follows: As of December 31, 2018 2019 $ 997 2020 1,026 2021 1,058 2022 1,089 2023 1,122 2024 and thereafter 3,126 Total lease payments 8,418 Intellectual Property Licenses Harvard and Dana-Farber Agreement In August 2006, the Company entered into an exclusive license agreement with President and Fellows of Harvard College (“Harvard”) and Dana-Farber Cancer Institute (“DFCI”). The agreement granted the Company an exclusive worldwide license, with the right to sublicense, under specified patents and patent applications to develop, obtain regulatory approval for and commercialize specified product candidates based on cell-permeating peptides. Under the agreement, the Company is obligated to use commercially reasonable efforts to develop and commercialize one or more licensed products and to achieve specified milestone events by specified dates. In connection with entering into the agreement, the Company paid an upfront license fee and issued to Harvard and DFCI shares of its common stock. In February 2010, the agreement was amended and restated (the “Harvard/DFCI agreement”) under which additional patent rights were added to the scope of the license agreement and the annual license maintenance fees were increased. Under the Harvard/DFCI agreement, the Company is obligated to make aggregate milestones payments of up to $7,700 per licensed therapeutic product upon the Company’s achievement of specified clinical, regulatory and sales milestones with respect to such product and up to $700 per licensed diagnostic product upon the Company’s achievement of specified regulatory and sales milestones with respect to such product. In addition, the Company is obligated to pay royalties of low single-digit percentages on annual net sales of licensed products sold by the Company, its affiliates or its sublicensees. The royalties are payable on a product-by-product and country-by-country basis, and may be reduced in specified circumstances. In addition, the agreement obligates the Company to pay a percentage, up to the mid-twenties, of fees received by the Company in connection with its sublicense of the licensed products. In accordance with the terms of the agreement, the Company’s sublicense payment obligations may be subject to specified reductions. The Harvard/DFCI agreement requires the Company to pay annual license maintenance fees of $145 each year. Any payments made in connection with the annual license maintenance fees will be credited against any royalties due. The Company As of September 30, 2019, the Company had not developed a commercial product using the licensed technologies and no royalties under the agreement had been paid or were due. Under the Harvard/DFCI agreement, the Company is responsible for all patent expenses related to the prosecution and maintenance of the licensed patents and applications in-licensed under the agreement as well as cost reimbursement of amounts incurred for all documented patent-related expenses. The agreement will expire on a product-by-product and country-by-country basis upon the last to expire of any valid patent claim pertaining to licensed products covered under the agreement. Umicore Agreement In December 2006, the Company entered into a license agreement with Materia, Inc. (“Materia”), under which it was granted a non-exclusive worldwide license, with the right to sublicense, under specified patent and patent applications to utilize Materia’s catalysts to develop, obtain regulatory approval for and commercialize specified peptides owned or controlled by Materia and the right to manufacture specified compositions owned or controlled by Materia. In February 2017, Materia assigned the license agreement (the “Umicore agreement”) to Umicore Precious Metals Chemistry USA, LLC (“Umicore”), and Umicore agreed to continue to supply the Company under the agreement. Under the Umicore agreement, the Company is obligated to make aggregate milestone payments to Umicore of up to $6,400 upon the Company’s achievement of specified clinical, regulatory and sales milestones with respect to each licensed product. In addition, the Company is obligated to pay tiered royalties ranging in the low single-digit percentages on annual net sales of licensed products sold by the Company or its sublicensees. The royalties are payable on a product-by-product and country-by-country basis and may be reduced in specified circumstances. The Umicore agreement requires the Company to pay annual license fees of $50. The Company incurred license fees of $50 during the nine months ended September 30, 2019 and did not incur any license fees during the nine months ended September 30, 2018. In addition, the Company did not make any milestone payments during the three and nine months ended September 30, 2019 and 2018. As of September 30, 2019, no additional milestones had been achieved and no liabilities for additional milestone payments had been recorded in the Company’s financial statements. The agreement expires upon the expiration of the Company’s obligation to pay royalties in each territory covered under the agreement. Scripps Agreement In October 2010, the Company entered into a patent license agreement (the “Scripps agreement”) with The Scripps Research Institute (“Scripps”) under which it was granted a license, with the right to sublicense, for the exclusive worldwide rights to utilize Scripps’ “Click” chemistry for therapeutics and non-exclusive worldwide rights for diagnostics with the Company’s stabilized peptide and protein technology platforms. Under the agreement, the Company is obligated to make aggregate milestone payments to Scripps of up to $1,900 for each licensed peptide product and up to $950 for each licensed protein product upon achieving of specified clinical, regulatory and commercial milestones. In addition, the Company is obligated to pay tiered royalties ranging in the low single-digit percentages on annual net sales of licensed products sold by the Company or its sublicensees. The royalties are payable on a product-by-product and country-by-country basis. The Scripps agreement requires the Company to pay annual license fees of $50. The Company did not incur any license fees during the three and nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, no milestones had been achieved and no liabilities for milestone payments had been recorded in the Company’s financial statements. As of September 30, 2019, the Company had not developed a commercial product using the licensed technologies and no royalties under the agreement had been paid or were due. The agreement expires upon expiration of the last of any patent rights covered under the agreement. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it had not accrued any liabilities related to such obligations in its financial statements as of September 30, 2019 or December 31, 2018. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The Company did not provide for any income taxes for the three and nine months ended September 30, 2019 and 2018. The Company has evaluated the positive and negative evidence bearing upon the realizability of its U.S. net deferred tax assets. As required by the provisions of ASC 740, Income Taxes, management has determined that it is more-likely-than-not that the Company will not utilize the benefits of federal and state U.S. net deferred tax assets for financial reporting purposes. Accordingly, the net deferred tax assets are subject to a valuation allowance at September 30, 2019 and December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited condensed financial statements as of September 30, 2019 and for the nine months ended September 30, 2019 and 2018 have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 that was filed with the SEC on March 29, 2019. The unaudited interim condensed financial statements have been prepared on the same basis as the audited annual 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 September 30, 2019, the results of its operations for the three and nine months ended September 30, 2019 and 2018 and its cash flows for the nine months ended September 30, 2019 and 2018. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2019 and 2018 are unaudited. The results for the nine months ended September 30, 2019 are not necessarily indicative of results to be expected for the year ending December 31, 2019, any other interim periods, or any future year or period. The accompanying balance sheet as of December 31, 2018 has been derived from the Company’s audited financial statements for the year ended December 31, 2018 previously filed with the SEC. |
Cash Equivalents | Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Cash equivalents, which consist of money market accounts, corporate notes and commercial paper, are stated at fair value. |
Restricted Cash | Restricted Cash As of September 30, 2019 and December 31, 2018, current restricted cash consisted of $25 of cash deposited in a separate restricted bank account as a security deposit for the Company’s corporate credit cards. As of September 30, 2019 and December 31, 2018, non-current restricted cash consisted of $568 of cash deposited in a separate restricted bank account as a security deposit for |
Investments | Investments The Company classifies its available-for-sale debt security investments as current assets on the balance sheet if they mature within one year from the balance sheet date. The Company classifies all of its investments as available-for-sale securities. The Company’s investments are measured and reported at fair value using quoted prices in active markets for similar securities or using other inputs that are observable or can be corroborated by observable market data. Unrealized gains and losses on available-for-sale securities are reported as accumulated other comprehensive income (loss), which is a separate component of stockholders’ equity (deficit). The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense) within the statements of operations and comprehensive loss. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary”, the Company reduces the investment to fair value through a charge to the statements of operations and comprehensive loss. No such adjustments were necessary during the periods presented. |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. 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 must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable. • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be 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, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and investments are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair value due to the short-term nature of these liabilities. |
Net Loss per Share | Net Loss per Share The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) is computed by adjusting income (loss) per share to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding options to purchase common stock are considered potential dilutive common shares. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases The Company adopted the standard effective January 1, 2019. It has implemented the standard using the required modified retrospective approach and has also elected to utilize the package of practical expedients. The expedients used by the Company are as follows: (1) allowing an entity to not reassess the lease classification for any expired or existing leases, (2) allowing an entity to not reassess the treatment of initial direct costs as they related to existing leases, and (3) allowing an entity to not reassess whether expired or existing contracts are or contain leases. The Company elected to adopt the standard at the beginning of the period of adoption. As a result of the adoption of ASU 2016-02, the Company de-recognized $7,079 of the building asset and $81 of accumulated depreciation related to its corporate headquarters at 490 Arsenal Way. Prior to the adoption of ASU 2016-02, the Company classified facility improvements associated with the 490 Arsenal Way building as a component of its building asset. Subsequent to the adoption of ASU 2016-02, these improvements were reclassified to leasehold improvements. January 1, 2019 prior to ASC 842 Adoption ASC 842 Adjustment January 1, 2019 as adjusted Operating lease right-of-use assets, net $ — $ 6,697 $ 6,697 Property and equipment, net 7,290 (6,998 ) 292 Construction financing liability 5,342 (5,342 ) — Other liabilities, current 3,639 (87 ) 3,552 Operating lease liabilities, current — 334 334 Operating lease liabilities, net of current portion — 5,067 5,067 Accumulated deficit (168,493 ) (273 ) (168,766 ) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Fair Value of Financial Instruments In |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
ASU No. 2016-02 [Member] | |
Schedule of Impact of Adoption of ASC 842 | January 1, 2019 prior to ASC 842 Adoption ASC 842 Adjustment January 1, 2019 as adjusted Operating lease right-of-use assets, net $ — $ 6,697 $ 6,697 Property and equipment, net 7,290 (6,998 ) 292 Construction financing liability 5,342 (5,342 ) — Other liabilities, current 3,639 (87 ) 3,552 Operating lease liabilities, current — 334 334 Operating lease liabilities, net of current portion — 5,067 5,067 Accumulated deficit (168,493 ) (273 ) (168,766 ) |
Fair Value of Financial Assets
Fair Value of Financial Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of September 30, 2019 using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,363 $ — $ — $ 5,363 Investments: Corporate notes — 10,744 — 10,744 Commercial paper — 6,950 — 6,950 $ 5,363 $ 17,694 $ — $ 23,057 Fair Value Measurements as of December 31, 2018 using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,041 $ — $ — $ 6,041 Corporate notes — 998 — 998 Commercial paper — 2,495 — 2,495 Investments: Corporate notes — 3,644 — 3,644 Commercial paper — 6,416 — 6,416 $ 6,041 $ 13,553 $ — $ 19,594 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Fair Value of Available for Sale Investments | As of September 30, 2019 and December 31, 2018, the fair value of available-for-sale investments by type of security was as follows: September 30, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Investments: Corporate notes $ 10,736 $ 8 $ — $ 10,744 Commercial paper 6,941 9 — 6,950 $ 17,677 $ 17 $ — $ 17,694 December 31, 2018 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Investments: Corporate notes $ 3,647 $ — $ (3 ) $ 3,644 Commercial paper 6,418 — (2 ) 6,416 $ 10,065 $ — $ (5 ) $ 10,060 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: September 30, 2019 December 31, 2018 External research and development services $ 1,459 $ 1,307 Payroll and payroll-related costs 1,168 1,473 Professional fees 683 436 Other 343 423 $ 3,653 $ 3,639 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Valuation Assumptions of Stock Options Granted | The assumptions that the Company used to determine the grant-date fair value of the stock options granted to employees and directors during the nine months ended September 30, 2019 and 2018 were as follows, presented on a weighted average basis: Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Risk-free interest rate 2.35 % 2.77 % Expected term (in years) 6.3 6.2 Expected volatility 76.0 % 76.0 % Expected dividend yield 0 % 0 % |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity since January 1, 2019: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) Outstanding at December 31, 2018 2,528,297 $ 6.31 6.7 $ — Granted 1,692,150 1.63 Exercised (126,560 ) 1.30 Canceled (188,228 ) 5.86 Forfeited (414,299 ) 6.63 Outstanding at September 30, 2019 3,491,360 $ 4.21 7.5 $ — Options exercisable at September 30, 2019 1,364,172 $ 6.55 4.7 $ — Options vested and expected to vest at September 30, 2019 3,421,857 $ 4.24 4.7 $ — Options exercisable at December 31, 2018 1,214,016 $ 6.29 3.9 $ — Options vested and expected to vest at December 31, 2018 2,485,495 $ 6.31 6.6 $ — |
Summary of Restricted Stock Unit Activity | On April 15, 2019, the Company granted restricted stock units under the 2017 Stock Incentive Plan. The following table summarizes the Company’s restricted stock unit activity during the nine months ended September 30, 2019: Weighted-Average Grant Date Units per Unit Outstanding, non-vested at December 31, 2018 — — Issued 50,000 $ 1.75 Vested — — Canceled/forfeited — — Outstanding, non-vested at September 30, 2019 50,000 $ 1.75 |
Summary of Stock Based Compensation Expense | The Company recorded stock-based compensation expense related to stock options and restricted stock units in the following expense categories of its statements of operations and comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development expenses $ 177 $ 226 $ 370 $ 736 General and administrative expenses 437 362 1,267 1,953 $ 614 $ 588 $ 1,637 $ 2,689 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss per Share | Basic and diluted net loss per share was calculated as follows : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ (7,749 ) $ (7,434 ) $ (22,134 ) $ (24,513 ) Denominator: Weighted average common shares outstanding—basic and diluted. 27,810,358 14,737,402 23,431,823 14,735,660 Total 27,810,358 14,737,402 23,431,823 14,735,660 Net loss per share —basic and diluted $ (0.28 ) $ (0.50 ) $ (0.95 ) $ (1.66 ) |
Summary of Potential Common Shares Excluded from Calculation of Diluted Net Loss per Share | The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Nine Months Ended September 30, 2019 2018 Stock options to purchase common stock 3,491,260 2,182,640 Warrants to purchase common stock 11,838,582 — Restricted stock units to purchase common stock 50,000 — Total 15,379,842 2,182,640 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Lease Costs Recognized Under ASC 842 and Other Information Pertaining to Operating Leases | The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost (1) Operating lease cost $ 317 $ 950 Total lease cost $ 317 $ 950 Other Information Operating cash flows used for operating leases $ 250 $ 743 Weighted average remaining lease term (in years) 7.0 7.0 Weighted average discount rate 12.0 % 12.0 % (1) Short-term lease costs and variable lease costs incurred by the Company for the nine months ended September 30, 2019 were immaterial. |
Future Minimum Commitments Under ASC 842 Under Operating Leases | As of September 30, 2019, future minimum commitments under ASC 842 under the Company’s operating leases were as follows: As of September 30, 2019 2019 (excluding the nine months ended September 30, 2019) $ 254 2020 1,026 2021 1,058 2022 1,089 2023 1,122 2024 and thereafter 3,126 Total lease payments 7,675 Less: imputed interest (2,541 ) Total operating lease liabilities $ 5,134 |
Future Minimum Commitments Under ASC 840 Under Operating Leases | As of December 31, 2018, future minimum commitments under ASC 840 under the Company’s operating leases were as follows: As of December 31, 2018 2019 $ 997 2020 1,026 2021 1,058 2022 1,089 2023 1,122 2024 and thereafter 3,126 Total lease payments 8,418 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 02, 2019 | Mar. 28, 2019 | Jul. 05, 2017 | Sep. 30, 2019 | Sep. 30, 2019 | Jul. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | |||||||
Placement agent fees | $ 37 | ||||||
Proceeds from exercise of stock options | $ 552 | ||||||
Proceeds from collaboration agreement | 34,910 | ||||||
Cash, cash equivalents and investments | 24,561 | 24,561 | |||||
Accumulated deficit | $ (190,900) | $ (190,900) | $ (168,493) | ||||
Net proceeds from issuance of private placement | $ 23,825 | ||||||
Stock market bidding requirements, description | On July 12, 2019, the Company received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying it that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Global Market, referred to as the minimum bid price rule. In accordance with Nasdaq Listing Rules, the Company has an initial period of 180 calendar days, or until January 8, 2020, to regain compliance with the minimum bid price rule. If at any time before January 8, 2020 the bid price for the Company’s common stock closes at $1.00 or more per share for a minimum of 10 consecutive business days, the Nasdaq Listing Qualifications Department staff will provide written notification to the Company that it is in compliance with the minimum bid price rule, unless the staff exercises its discretion to extend this 10-day period pursuant to the Nasdaq Listing Rules. The Company is actively monitoring its stock price and will consider any and all options available to the Company to maintain compliance. The alternatives to trading on the Nasdaq Global Market or another national securities exchange are generally considered to be less efficient and less broad-based than the national securities exchanges and the liquidity of the Company’s common stock will likely be reduced if we fail to regain compliance with the minimum bid price rule. | ||||||
Minimum closing bid requirement, price per share | $ 1 | ||||||
Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Pre-funded warrants, exercised | 1,096,741 | ||||||
Net proceeds from issuance of initial public offering | $ 50,009 | ||||||
Preferred Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Proceeds from sales of stock | $ 131,211 | ||||||
Private Placement [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Aggregate gross proceeds from private placement | 26,000 | $ 26,000 | |||||
Placement agent fees | $ 2,175 | $ 2,175 | |||||
Private Placement [Member] | Stock Units [Member] | Purchase Agreement One [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issue and sale of aggregate shares | 11,838,582 | ||||||
Sale of stock, combined price per unit | $ 2.01 | ||||||
Private Placement [Member] | Stock Units [Member] | Purchase Agreement Two [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issue and sale of aggregate shares | 1,096,741 | ||||||
Sale of stock, combined price per unit | $ 2.01 | ||||||
Private Placement [Member] | Common Warrants [Member] | Purchase Agreement One [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Aggregate shares purchase for warrants | 11,838,582 | ||||||
Warrants exercisable, exercise price | $ 2 | ||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||
Private Placement [Member] | Common Stock [Member] | Purchase Agreement One [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stock repurchase program, number of shares to be purchased | 11,838,582 | ||||||
Private Placement [Member] | Common Stock [Member] | Purchase Agreement Two [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stock repurchase program, number of shares to be purchased | 1,096,741 | ||||||
Private Placement [Member] | Pre-funded Warrants [Member] | Purchase Agreement Two [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Aggregate shares purchase for warrants | 1,096,741 | ||||||
Warrants exercisable, exercise price | $ 0.01 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash, current | $ 25 | $ 25 |
Restricted cash, non-current | 568 | 568 |
490 Arsenal Way [Member] | Operating Lease Agreements [Member] | ASU No. 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
De-recognized building asset | 7,079 | |
De-recognition of accumulated depreciation | 81 | |
Security Deposit Related to Credit Card Accounts [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash, current | 25 | 25 |
Security Deposit Related to Lease Facility [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash, non-current | $ 568 | $ 568 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Impact of Adoption of ASC 842 (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease right-of-use assets, net | $ 6,224 | ||
Property and equipment, net | 361 | $ 7,290 | |
Construction financing liability | 5,342 | ||
Operating lease liabilities, current | 426 | ||
Operating lease liabilities, net of current portion | 4,708 | ||
Accumulated deficit | $ (190,900) | (168,493) | |
Prior to ASC 842 Adoption [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Property and equipment, net | 7,290 | ||
Construction financing liability | 5,342 | ||
Other liabilities, current | 3,639 | ||
Accumulated deficit | $ (168,493) | ||
ASU No. 2016-02 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease right-of-use assets, net | $ 6,697 | ||
Property and equipment, net | 292 | ||
Other liabilities, current | 3,552 | ||
Operating lease liabilities, current | 334 | ||
Operating lease liabilities, net of current portion | 5,067 | ||
Accumulated deficit | (168,766) | ||
ASU No. 2016-02 [Member] | ASC 842 Adjustment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease right-of-use assets, net | 6,697 | ||
Property and equipment, net | (6,998) | ||
Construction financing liability | (5,342) | ||
Other liabilities, current | (87) | ||
Operating lease liabilities, current | 334 | ||
Operating lease liabilities, net of current portion | 5,067 | ||
Accumulated deficit | $ (273) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | $ 17,694 | $ 10,060 |
Corporate Notes [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 10,744 | 3,644 |
Commercial Paper [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 6,950 | 6,416 |
Recurring [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total assets | 23,057 | 19,594 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total assets | 5,363 | 6,041 |
Recurring [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total assets | 17,694 | 13,553 |
Recurring [Member] | Corporate Notes [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 10,744 | 3,644 |
Recurring [Member] | Corporate Notes [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 10,744 | 3,644 |
Recurring [Member] | Commercial Paper [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 6,950 | 6,416 |
Recurring [Member] | Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 6,950 | 6,416 |
Recurring [Member] | Money Market Funds [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 5,363 | 6,041 |
Recurring [Member] | Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 5,363 | 6,041 |
Recurring [Member] | Corporate Notes [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 998 | |
Recurring [Member] | Corporate Notes [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 998 | |
Recurring [Member] | Commercial Paper [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,495 | |
Recurring [Member] | Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 2,495 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Available-for-sale investments, maximum contractual maturity period | 1 year | |
Fair value, assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value, assets transfers from Level 2 to Level 1 | 0 | 0 |
Fair Value, assets transfers into (out of) Level 3 | $ 0 | $ 0 |
Investments - Summary of Fair V
Investments - Summary of Fair Value of Available for Sale Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Amortized Cost | $ 17,677 | $ 10,065 |
Investments, Gross Unrealized Gain | 17 | |
Investments, Gross Unrealized Loss | (5) | |
Investments, Fair Value | 17,694 | 10,060 |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Amortized Cost | 10,736 | 3,647 |
Investments, Gross Unrealized Gain | 8 | |
Investments, Gross Unrealized Loss | (3) | |
Investments, Fair Value | 10,744 | 3,644 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Amortized Cost | 6,941 | 6,418 |
Investments, Gross Unrealized Gain | 9 | |
Investments, Gross Unrealized Loss | (2) | |
Investments, Fair Value | $ 6,950 | $ 6,416 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
External research and development services | $ 1,459 | $ 1,307 |
Payroll and payroll-related costs | 1,168 | 1,473 |
Professional fees | 683 | 436 |
Other | 343 | 423 |
Total accrued expenses and other current liabilities | $ 3,653 | $ 3,639 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 02, 2019USD ($)$ / sharesshares | Mar. 28, 2019USD ($) | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares |
Class Of Stock [Line Items] | ||||
Placement agent fees | $ | $ 37 | |||
Grant date fair value of the common warrants, per share | $ / shares | $ 1.78 | $ 1.78 | ||
Grant date fair value of the common warrants | $ | $ 23,025 | |||
Risk Free Rate [Member] | ||||
Class Of Stock [Line Items] | ||||
Warrants and rights, measurement input | 2.23 | 2.23 | ||
Expected Term [Member] | ||||
Class Of Stock [Line Items] | ||||
Warrants and Rights Outstanding, Term | 5 years | 5 years | ||
Volatility [Member] | ||||
Class Of Stock [Line Items] | ||||
Warrants and rights, measurement input | 76 | 76 | ||
Private Placement [Member] | ||||
Class Of Stock [Line Items] | ||||
Aggregate gross proceeds from private placement | $ | $ 26,000 | $ 26,000 | ||
Placement agent fees | $ | $ 2,175 | $ 2,175 | ||
Private Placement [Member] | Stock Units [Member] | Purchase Agreement One [Member] | ||||
Class Of Stock [Line Items] | ||||
Issue and sale of aggregate shares | 11,838,582 | |||
Sale of stock, combined price per unit | $ / shares | $ 2.01 | |||
Private Placement [Member] | Stock Units [Member] | Purchase Agreement Two [Member] | ||||
Class Of Stock [Line Items] | ||||
Issue and sale of aggregate shares | 1,096,741 | |||
Sale of stock, combined price per unit | $ / shares | $ 2.01 | |||
Private Placement [Member] | Common Warrants [Member] | Purchase Agreement One [Member] | ||||
Class Of Stock [Line Items] | ||||
Aggregate shares purchase for warrants | 11,838,582 | |||
Warrants exercisable, exercise price | $ / shares | $ 2 | |||
Warrants and Rights Outstanding, Term | 5 years | |||
Private Placement [Member] | Common Stock [Member] | Purchase Agreement One [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock repurchase program, number of shares to be purchased | 11,838,582 | |||
Private Placement [Member] | Common Stock [Member] | Purchase Agreement Two [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock repurchase program, number of shares to be purchased | 1,096,741 | |||
Private Placement [Member] | Pre-funded Warrants [Member] | Purchase Agreement Two [Member] | ||||
Class Of Stock [Line Items] | ||||
Aggregate shares purchase for warrants | 1,096,741 | |||
Warrants exercisable, exercise price | $ / shares | $ 0.01 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2019 | Jan. 01, 2018 | Jun. 16, 2017 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options granted | 1,692,150 | |||||||
Options granted, weighted average exercise price per share | $ 1.63 | |||||||
Weighted average grant-date fair value of stock options | $ 1.11 | $ 3.65 | ||||||
Aggregate fair value of stock options vested | $ 1,836 | $ 2,633 | ||||||
Aggregate intrinsic value of stock options exercised | $ 109 | 93 | ||||||
Share based compensation expense estimated forfeiture rate | 2.43% | |||||||
Aggregate unrecognized stock-based compensation expense | $ 3,694 | $ 3,694 | ||||||
Unrecognized stock-based compensation expense, weighted average period expects for recognition | 2 years 6 months | |||||||
Recognized stock-based compensation expense | 614 | $ 588 | $ 1,637 | $ 2,689 | ||||
Performance-based Awards [[Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Recognized stock-based compensation expense | $ 68 | $ 91 | ||||||
2017 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted vesting period | 4 years | |||||||
Number of shares, available for grant | 3,634,735 | 3,634,735 | ||||||
Number of shares remained available for grant | 450,594 | 450,594 | ||||||
Stock reserved for future issuance | 1,244,816 | 1,244,816 | ||||||
Maximum annual increase in common stock reserved for future issuance | 1,244,816 | |||||||
Percentage of common stock shares outstanding | 4.00% | |||||||
Increase to shares authorized for issuance | 589,939 | 588,953 | ||||||
Options granted | 1,692,150 | |||||||
Options granted, weighted average exercise price per share | $ 1.63 | |||||||
2017 Stock Incentive Plan [Member] | Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Units granted | 50,000 | |||||||
Units granted, weighted average grant date fair value | $ 1.75 | |||||||
2016 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted vesting period | 4 years | |||||||
Stock option expiration period | 10 years | |||||||
Number of shares issued | 0 | |||||||
2016 Stock Incentive Plan [Member] | Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock reserved for future issuance | 424,601 | 424,601 | ||||||
2017 Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares, available for grant | 0 | 0 | ||||||
Stock reserved for future issuance | 150,000 | |||||||
Maximum annual increase in common stock reserved for future issuance | 622,408 | |||||||
Percentage of common stock shares outstanding | 1.00% | |||||||
Increase to shares authorized for issuance | 0 | 0 | ||||||
Stock incentive plan description | On June 16, 2017, the Company’s stockholders approved the 2017 Employee Stock Purchase Plan (the “2017 ESPP”), which became effective on June 28, 2017. A total of 150,000 shares of common stock were initially reserved for issuance under this plan. The number of shares of common stock that may be issued under the 2017 ESPP will automatically increase on each January 1, beginning with the fiscal year ending December 31, 2018 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2027, equal to the least of (i) 622,408 shares, (ii) 1% of the outstanding shares of common stock on such date and (iii) an amount determined by the Company’s board of directors. On December 13, 2018, the Company’s compensation committee of the board of directors determined that the number of shares of common stock that may be issued under the 2017 ESPP would not be increased on January 1, 2018 or January 1, 2019. The Company has not issued any shares under the 2017 ESPP. | |||||||
2006 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted vesting period | 4 years | |||||||
Stock option expiration period | 10 years | |||||||
Number of shares issued | 0 | |||||||
Stock incentive plan termination year | 2016 | |||||||
Maximum [Member] | 2017 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted vesting period | 4 years | |||||||
Stock option expiration period | 10 years | |||||||
Maximum [Member] | 2006 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock option granted vesting period | 4 years |
Stock-Based Awards - Valuation
Stock-Based Awards - Valuation Assumptions of Stock Options Granted (Detail) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate | 2.35% | 2.77% |
Expected term (in years) | 6 years 3 months 18 days | 6 years 2 months 12 days |
Expected volatility | 76.00% | 76.00% |
Expected dividend yield | 0.00% | 0.00% |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Stock Option Activity (Detail) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Beginning balance | 2,528,297 | |
Number of Shares, Granted | 1,692,150 | |
Number of Shares, Exercised | (126,560) | |
Number of Shares, Canceled | (188,228) | |
Number of Shares, Forfeited | (414,299) | |
Number of Shares, Ending balance | 3,491,360 | 2,528,297 |
Number of Shares, Options exercisable | 1,364,172 | 1,214,016 |
Number of Shares, Options vested and expected to vest | 3,421,857 | 2,485,495 |
Weighted Average Exercise Price, Beginning balance | $ 6.31 | |
Weighted Average Exercise Price, Granted | 1.63 | |
Weighted Average Exercise Price, Exercised | 1.30 | |
Weighted Average Exercise Price,Canceled | 5.86 | |
Weighted Average Exercise Price, Forfeited | 6.63 | |
Weighted Average Exercise Price, Ending balance | 4.21 | $ 6.31 |
Weighted Average Exercise Price, Options exercisable | 6.55 | 6.29 |
Weighted Average Exercise Price, Options vested and expected to vest | $ 4.24 | $ 6.31 |
Weighted-Average Remaining Contractual Term, Outstanding | 7 years 6 months | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Term, Options exercisable | 4 years 8 months 12 days | 3 years 10 months 24 days |
Weighted Average Remaining Contractual Term, Options vested and expected to vest | 4 years 8 months 12 days | 6 years 7 months 6 days |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Restricted Stock Unit Activity (Detail) - 2017 Stock Incentive Plan [Member] - Restricted Stock Units [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Units | |
Issued | shares | 50,000 |
Ending balance | shares | 50,000 |
Weighted-Average Grant Date per Unit | |
Issued | $ / shares | $ 1.75 |
Ending balance | $ / shares | $ 1.75 |
Stock-Based Awards - Summary _3
Stock-Based Awards - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 614 | $ 588 | $ 1,637 | $ 2,689 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 177 | 226 | 370 | 736 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 437 | $ 362 | $ 1,267 | $ 1,953 |
Net Loss per Share - Basic and
Net Loss per Share - Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||||||
Net loss | $ (7,749) | $ (7,172) | $ (7,213) | $ (7,434) | $ (9,491) | $ (7,588) | $ (22,134) | $ (24,513) |
Denominator: | ||||||||
Weighted average common shares outstanding—basic and diluted. | 27,810,358 | 14,737,402 | 23,431,823 | 14,735,660 | ||||
Total | 27,810,358 | 14,737,402 | 23,431,823 | 14,735,660 | ||||
Net loss per share —basic and diluted | $ (0.28) | $ (0.50) | $ (0.95) | $ (1.66) |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Potential Common Shares Excluded from Calculation of Diluted Net Loss per Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from calculation of diluted net loss per share | 15,379,842 | 2,182,640 |
Stock Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from calculation of diluted net loss per share | 3,491,260 | 2,182,640 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from calculation of diluted net loss per share | 11,838,582 | |
Restricted Stock Units to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from calculation of diluted net loss per share | 50,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Apr. 04, 2018USD ($)ft²$ / ft² | Oct. 31, 2010USD ($) | Feb. 28, 2010USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)OptionMilestone | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2006USD ($) |
Other Commitments [Line Items] | ||||||||||
Operating lease, right-of-use asset | $ 6,224,000 | $ 6,224,000 | ||||||||
Operating lease, liability | 5,134,000 | $ 5,134,000 | ||||||||
ASU No. 2016-02 [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Operating lease, right-of-use asset | $ 6,697,000 | |||||||||
Operating lease, liability | $ 5,401,000 | |||||||||
Operating Lease Agreements [Member] | Building [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |||||||||
Lessee Operating Lease Option To Extend | The Company has the option to extend the 490 Arsenal Way Lease for one five-year terms. | |||||||||
Harvard and Dana-Farber Agreement [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Milestone payments | 0 | $ 0 | $ 0 | $ 0 | ||||||
Milestones achieved | Milestone | 0 | |||||||||
Additional liabilities for milestone payments | 0 | $ 0 | ||||||||
Non-refundable cash payment | 4,718,000 | $ 4,573,000 | ||||||||
Payments for royalties | 0 | |||||||||
Harvard and Dana-Farber Agreement [Member] | Therapeutic Product [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Aggregate milestones payments | $ 7,700,000 | |||||||||
Harvard and Dana-Farber Agreement [Member] | Diagnostic Product [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Aggregate milestones payments | 700,000 | |||||||||
Harvard and Dana-Farber Agreement [Member] | License and Maintenance [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Annual license maintenance fees | $ 145,000 | |||||||||
Harvard and Dana-Farber Agreement [Member] | License [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Annual license maintenance fees | 145,000 | 145,000 | ||||||||
Umicore Agreement [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Aggregate milestones payments | $ 6,400,000 | |||||||||
Milestone payments | 0 | 0 | $ 0 | 0 | ||||||
Milestones achieved | Milestone | 0 | |||||||||
Additional liabilities for milestone payments | 0 | $ 0 | ||||||||
Umicore Agreement [Member] | License and Maintenance [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Annual license maintenance fees | 50,000 | |||||||||
Umicore Agreement [Member] | License [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Annual license maintenance fees | $ 50,000 | 0 | ||||||||
Scripps Agreement [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Milestones achieved | Milestone | 0 | |||||||||
Additional liabilities for milestone payments | 0 | $ 0 | ||||||||
Payments for royalties | 0 | |||||||||
Scripps Agreement [Member] | License and Maintenance [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Annual license maintenance fees | $ 50,000 | |||||||||
Scripps Agreement [Member] | License [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Annual license maintenance fees | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Scripps Agreement [Member] | Peptide Product [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Aggregate milestones payments | 1,900,000 | |||||||||
Scripps Agreement [Member] | Protein Product [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Aggregate milestones payments | $ 950,000 | |||||||||
Watertown, Massachusetts [Member] | Operating Lease Agreements [Member] | 490 Arsenal Way [Member] | Building [Member] | ||||||||||
Other Commitments [Line Items] | ||||||||||
Area of Land | ft² | 18,768 | |||||||||
Operating lease price per square foot per year | $ / ft² | 52.55 | |||||||||
Base rent per year | $ 986,000 | |||||||||
Security deposit | 568,000 | |||||||||
Cost of construction and tenant improvements | $ 2,419,000 | |||||||||
Period of contract | Aug. 31, 2026 | |||||||||
Number of option to extend | Option | 1 | |||||||||
Lease initial term | 8 years | 8 years | ||||||||
Lease extension term | 5 years | 5 years | ||||||||
Building in service over a useful life | 30 years |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Lease Costs Recognized Under ASC 842 and Other Information Pertaining to Operating Leases (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |||
Lease cost | ||||
Operating lease cost | $ 317 | [1] | $ 950 | [1] |
Total lease cost | 317 | [1] | 950 | [1] |
Other Information | ||||
Operating cash flows used for operating leases | $ 250 | $ 743 | ||
Weighted average remaining lease term (in years) | 7 years | 7 years | ||
Weighted average discount rate | 12.00% | 12.00% | ||
[1] | Short-term lease costs and variable lease costs incurred by the Company for the nine months ended September 30, 2019 were immaterial. |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Commitments Under ASC 842 Under Operating Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 (excluding the nine months ended September 30, 2019) | $ 254 |
2020 | 1,026 |
2021 | 1,058 |
2022 | 1,089 |
2023 | 1,122 |
2024 and thereafter | 3,126 |
Total lease payments | 7,675 |
Less: imputed interest | (2,541) |
Total operating lease liabilities | $ 5,134 |
Commitments and Contingencies_4
Commitments and Contingencies - Future Minimum Commitments Under ASC 840 Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 997 |
2020 | 1,026 |
2021 | 1,058 |
2022 | 1,089 |
2023 | 1,122 |
2024 and thereafter | 3,126 |
Total lease payments | $ 8,418 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 |