Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | KURA | |
Entity Registrant Name | KURA ONCOLOGY, INC. | |
Entity Central Index Key | 0001422143 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 66,896,972 | |
Entity File Number | 001-37620 | |
Entity Tax Identification Number | 61-1547851 | |
Entity Address, Address Line One | 12730 High Bluff Drive | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92130 | |
City Area Code | 858 | |
Local Phone Number | 500-8800 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 90,937 | $ 90,672 |
Short-term investments | 336,838 | 427,288 |
Prepaid expenses and other current assets | 8,616 | 4,329 |
Total current assets | 436,391 | 522,289 |
Property and equipment, net | 2,734 | 2,673 |
Restricted cash | 210 | 210 |
Operating lease right-of-use assets | 4,284 | 5,573 |
Other long-term assets | 4,369 | 3,306 |
Total assets | 447,988 | 534,051 |
Current liabilities: | ||
Accounts payable and accrued expenses | 22,441 | 20,192 |
Current operating lease liabilities | 2,304 | 2,263 |
Total current liabilities | 24,745 | 22,455 |
Long-term operating lease liabilities | 3,080 | 4,612 |
Other long-term liabilities | 542 | 375 |
Total liabilities | 28,367 | 27,442 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value; 200,000 shares authorized; 66,894 and 66,572 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 7 | 7 |
Additional paid-in capital | 964,724 | 941,359 |
Accumulated other comprehensive loss | (9,416) | (1,789) |
Accumulated deficit | (535,694) | (432,968) |
Total stockholders' equity | 419,621 | 506,609 |
Total liabilities and stockholders' equity | $ 447,988 | $ 534,051 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 66,894,000 | 66,572,000 |
Common stock, shares outstanding | 66,894,000 | 66,572,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Expenses: | ||||
Research and development | $ 24,973 | $ 22,367 | $ 70,144 | $ 63,765 |
General and administrative | 11,621 | 11,310 | 34,565 | 34,455 |
Total operating expenses | 36,594 | 33,677 | 104,709 | 98,220 |
Other Income (Expense): | ||||
Interest and other income, net | 1,090 | 311 | 1,983 | 911 |
Interest expense | (414) | |||
Total other income, net | 1,090 | 311 | 1,983 | 497 |
Net Loss | $ (35,504) | $ (33,366) | $ (102,726) | $ (97,723) |
Net loss per share, basic | $ (0.53) | $ (0.50) | $ (1.54) | $ (1.47) |
Net loss per share, diluted | $ (0.53) | $ (0.50) | $ (1.54) | $ (1.47) |
Weighted average number of shares used in computing net loss per share, basic | 66,889 | 66,353 | 66,723 | 66,285 |
Weighted average number of shares used in computing net loss per share, diluted | 66,889 | 66,353 | 66,723 | 66,285 |
Comprehensive Loss: | ||||
Net loss | $ (35,504) | $ (33,366) | $ (102,726) | $ (97,723) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on marketable securities and foreign currency | (1,601) | 199 | (7,627) | (240) |
Comprehensive Loss | $ (37,105) | $ (33,167) | $ (110,353) | $ (97,963) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid- In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2020 | $ 610,905 | $ 7 | $ 913,354 | $ 46 | $ (302,502) |
Beginning balance (in shares) at Dec. 31, 2020 | 66,194 | ||||
Share-based compensation expense | 17,182 | 17,182 | |||
Issuance of common stock under equity plans | 3,632 | 3,632 | |||
Issuance of common stock under equity plans, shares | 310 | ||||
Other comprehensive income (loss) | (240) | (240) | |||
Net loss | (97,723) | (97,723) | |||
Ending balance at Sep. 30, 2021 | 533,756 | $ 7 | 934,168 | (194) | (400,225) |
Ending balance (in shares) at Sep. 30, 2021 | 66,504 | ||||
Beginning balance at Jun. 30, 2021 | 558,551 | $ 7 | 925,796 | (393) | (366,859) |
Beginning balance (in shares) at Jun. 30, 2021 | 66,296 | ||||
Share-based compensation expense | 6,114 | 6,114 | |||
Issuance of common stock under equity plans | 2,258 | 2,258 | |||
Issuance of common stock under equity plans, shares | 208 | ||||
Other comprehensive income (loss) | 199 | 199 | |||
Net loss | (33,366) | (33,366) | |||
Ending balance at Sep. 30, 2021 | 533,756 | $ 7 | 934,168 | (194) | (400,225) |
Ending balance (in shares) at Sep. 30, 2021 | 66,504 | ||||
Beginning balance at Dec. 31, 2021 | 506,609 | $ 7 | 941,359 | (1,789) | (432,968) |
Beginning balance (in shares) at Dec. 31, 2021 | 66,572 | ||||
Share-based compensation expense | 19,513 | 19,513 | |||
Issuance of common stock under equity plans | 3,852 | 3,852 | |||
Issuance of common stock under equity plans, shares | 322 | ||||
Other comprehensive income (loss) | (7,627) | (7,627) | |||
Net loss | (102,726) | (102,726) | |||
Ending balance at Sep. 30, 2022 | 419,621 | $ 7 | 964,724 | (9,416) | (535,694) |
Ending balance (in shares) at Sep. 30, 2022 | 66,894 | ||||
Beginning balance at Jun. 30, 2022 | 449,491 | $ 7 | 957,489 | (7,815) | (500,190) |
Beginning balance (in shares) at Jun. 30, 2022 | 66,838 | ||||
Share-based compensation expense | 6,355 | 6,355 | |||
Issuance of common stock under equity plans | 880 | 880 | |||
Issuance of common stock under equity plans, shares | 56 | ||||
Other comprehensive income (loss) | (1,601) | (1,601) | |||
Net loss | (35,504) | (35,504) | |||
Ending balance at Sep. 30, 2022 | $ 419,621 | $ 7 | $ 964,724 | $ (9,416) | $ (535,694) |
Ending balance (in shares) at Sep. 30, 2022 | 66,894 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net loss | $ (102,726) | $ (97,723) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 19,513 | 17,182 |
Amortization of premium and accretion of discounts on marketable securities, net | 2,264 | 3,175 |
Depreciation expense | 553 | 392 |
Non-cash interest expense | 399 | |
Loss on extinguishment of debt | 212 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (4,287) | (1,488) |
Other long-term assets | 226 | (746) |
Accounts payable and accrued expenses | 758 | (2,549) |
Other long-term liabilities | 167 | (39) |
Net cash used in operating activities | (83,532) | (81,185) |
Investing Activities | ||
Maturities of marketable securities | 245,091 | 229,469 |
Purchases of marketable securities | (164,532) | (429,320) |
Purchases of property and equipment | (614) | (1,045) |
Net cash provided by (used in) investing activities | 79,945 | (200,896) |
Financing Activities | ||
Proceeds from issuance of stock under equity plans | 3,852 | 3,632 |
Repayment of long-term debt | (7,250) | |
Payment of fees related to extinguishment of debt | (611) | |
Net cash provided by (used in) financing activities | 3,852 | (4,229) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 265 | (286,310) |
Cash, cash equivalents and restricted cash at beginning of period | 90,882 | 325,703 |
Cash, cash equivalents and restricted cash at end of period | $ 91,147 | $ 39,393 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation The Company Kura Oncology, Inc. is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Our pipeline consists of small molecule product candidates that target cancer signaling pathways where there is a strong scientific and clinical rationale to improve outcomes, and we intend to pair them with molecular or cellular diagnostics to identify those patients most likely to respond to treatment. We plan to advance our product candidates through a combination of internal development and strategic partnerships while maintaining significant development and commercial rights. References in these Notes to Unaudited Condensed Financial Statements to the “Company,” “we,” “our” or “us,” refer to Kura Oncology, Inc. Basis of Presentation The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 24, 2022, from which we derived our balance sheet as of December 31, 2021. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of the unaudited condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Though the impact of the COVID-19 pandemic to our business and operating results presents additional uncertainty, we continue to use the best information available to inform our critical accounting estimates. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. The extent to which the COVID-19 pandemic has impacted and may continue to impact our business will depend on future developments, which are highly uncertain and cannot be predicted with any confidence, such as the duration and severity of the COVID-19 pandemic, steps required or mandated by governments to mitigate the impact of COVID-19 or the effectiveness of actions to prevent, contain and treat COVID-19, particularly in the geographies where we, our third-party manufacturers, contract research organizations or current and planned clinical trial sites operate. We cannot presently predict the scope and severity of any potential business disruptions, interruptions or shutdowns. If we or any of the third parties with whom we engage, however, were to experience shutdowns or other business disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially and negatively affected, which could have a material adverse impact on our business and our results of operations and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation. Restricted Cash Under the terms of an office lease entered into in March 2020, we are required to maintain a standby letter of credit during the term of the lease. As of September 30, 2022 , restricted cash of $ 0.2 million was pledged as collateral for the letter of credit. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed balance sheets that sum to the total of the amounts shown in the unaudited condensed statements of cash flows, in thousands: September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents $ 90,937 $ 90,672 $ 39,183 $ 325,493 Restricted cash 210 210 210 210 Total $ 91,147 $ 90,882 $ 39,393 $ 325,703 Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss. We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on our unaudited condensed balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. As we have reported net loss for the three and nine months ended September 30, 2022 and 2021, dilutive net loss per common share is the same as basic net loss per common share for those periods. Common stock equivalents outstanding are comprised of stock options, restricted stock units, a warrant and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Common stock equivalents outstanding at September 30, 2022 and 2021 totaling approxim ately 9,111,000 and 6,950,000 , respectively, were excluded from the computation of dilutive weighted-average shares outstanding because their effect would be anti-dilutive. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that we adopt as of the specified effective date. We have evaluated recently issued accounting pronouncements and, based on our preliminary assessment, we do not believe any will have a material impact on our unaudited condensed financial statements or related footnote disclosures. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Investments | 3. Investments We invest in available-for-sale securities consisting of money market funds, U.S. Treasury securities, corporate debt securities, commercial paper, non-U.S. government debt securities, supranational debt securities and U.S. Agency bonds. Available-for-sale securities are classified as either cash and cash equivalents or short-term investments on our unaudited condensed balance sheets. The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands: September 30, 2022 Maturities Amortized Unrealized Unrealized Fair Value Cash equivalents: Money market funds 1 or less $ 80,905 $ — $ — $ 80,905 Short-term investments: U.S. Treasury securities 2 or less 146,343 — ( 3,403 ) 142,940 Corporate debt securities 2 or less 126,894 — ( 4,687 ) 122,207 Commercial paper 1 or less 37,718 — — 37,718 Non-U.S. government and supranational debt securities 2 or less 26,302 — ( 1,089 ) 25,213 U.S. Agency bonds 1 or less 8,997 — ( 237 ) 8,760 Total short-term investments 346,254 — ( 9,416 ) 336,838 Total $ 427,159 $ — $ ( 9,416 ) $ 417,743 December 31, 2021 Maturities Amortized Unrealized Unrealized Fair Value Cash equivalents: Money market funds 1 or less $ 79,895 $ — $ — $ 79,895 Short-term investments: U.S. Treasury securities 3 or less 135,452 — ( 619 ) 134,833 Corporate debt securities 3 or less 208,064 — ( 892 ) 207,172 Commercial paper 1 or less 53,439 — — 53,439 Non-U.S. government and supranational debt securities 3 or less 23,122 — ( 214 ) 22,908 U.S. Agency bonds 2 or less 8,994 — ( 58 ) 8,936 Total short-term investments 429,071 — ( 1,783 ) 427,288 Total $ 508,966 $ — $ ( 1,783 ) $ 507,183 Short-term investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. As of September 30, 2022 and December 31, 2021, short-term investments of $ 179.2 million and $ 246.9 million, respectively, had maturities less than one year, and short-term investments of $ 157.6 million and $ 180.4 million, respectively, had maturities between one to three years. We had no realized gains or losses for the nine months ended September 30, 2022 and 2021. As of September 30, 2022, 35 av ailable-for-sale securities with a fair market value of $ 299.1 million w ere in gross unrealized loss positio ns, $ 110.6 million of wh ich were in a continuous unrealized loss position for greater than 12 months. We do not intend to sell these available-for-sale securities, and it is not more likely than not that we will be required to sell these securities prior to recovery of their amortized cost basis. Based on our review of these available-for-sale securities, the unrealized losses at September 30, 2022 were primarily due to changes in interest rates and not due to increased credit risks associated with specific securities. W e have no allowance for credit losses as of September 30, 2022 and December 31, 2021. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive (income) loss. Accrued interest receivable on available-for-sale securities was $ 1.1 million and $ 1.4 million at September 30, 2022 and December 31, 2021, respectively. We have not written off any accrued interest receivables for the nine months ended September 30, 2022 and 2021 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements As of September 30, 2022 and December 31, 2021, we had cash equivalents and short-term investments measured at fair value on a recurring basis. Available-for-sale securities consist of U.S. Treasury securities, which are measured at fair value using Level 1 inputs, and corporate debt securities, commercial paper, non-U.S. government debt securities, supranational debt securities and U.S. Agency bonds which are measured at fair value using Level 2 inputs. We determine the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. We validate the fair values of Level 2 financial instruments by comparing these fair values to a third-party pricing source. The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: September 30, 2022 Total Level 1 Level 2 Cash equivalents: Money market funds $ 80,905 $ 80,905 $ — Short-term investments: U.S. Treasury securities 142,940 142,940 — Corporate debt securities 122,207 — 122,207 Commercial paper 37,718 — 37,718 Non-U.S. government and supranational debt securities 25,213 — 25,213 U.S. Agency bonds 8,760 — 8,760 Total short-term investments 336,838 142,940 193,898 Total $ 417,743 $ 223,845 $ 193,898 December 31, 2021 Total Level 1 Level 2 Cash equivalents: Money market funds $ 79,895 $ 79,895 $ — Short-term investments: U.S. Treasury securities 134,833 134,833 — Corporate debt securities 207,172 — 207,172 Commercial paper 53,439 — 53,439 Non-U.S. government and supranational debt securities 22,908 — 22,908 U.S. Agency bonds 8,936 — 8,936 Total short-term investments 427,288 134,833 292,455 Total $ 507,183 $ 214,728 $ 292,455 |
Balance Sheet Detail
Balance Sheet Detail | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | 5. Balance Sheet Detail Property and equipment consisted of the following, in thousands: September 30, 2022 December 31, 2021 Laboratory and computer equipment $ 1,556 $ 953 Leasehold improvements 1,543 1,532 Furniture and fixtures 1,032 1,032 Property and equipment, gross 4,131 3,517 Less: accumulated depreciation ( 1,397 ) ( 844 ) Property and equipment, net $ 2,734 $ 2,673 Accounts payable and accrued expenses consisted of the following, in thousands: September 30, 2022 December 31, 2021 Accounts payable $ 1,746 $ 3,236 Accrued clinical trial research and development expenses 5,471 2,619 Accrued other research and development expenses 5,400 5,341 Accrued compensation and benefits 7,966 7,923 Other accrued expenses 1,858 1,073 Total accounts payable and accrued expenses $ 22,441 $ 20,192 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 6. Leases We currently have three operating leases for administrative and research and development office and lab space in San Diego, California and Boston, Massachusetts that expire between July 2024 and November 2025. Under the terms of the operating leases, we are required to pay our proportionate share of property taxes, insurance and normal maintenance costs. Two of our leases include renewal options for an additional five years , which were not included in the determination of the right-of-use, or ROU, asset or lease liability as the renewal was not reasonably certain at the inception of the lease . Our San Diego corporate headquarters lease and our San Diego lease for lab and office space provided for $ 1.0 million and $ 0.1 million, respectively, in reimbursements for allowable tenant improvements, which effectively reduced the total lease payments owed. Under the terms of our office lease in Boston, we are required to maintain a standby letter of credit of approximately $ 0.2 million during the term of the lease. Maturities of lease liabilities as of September 30, 2022 are as follows, in thousands: Year Ending December 31, 2022 (remaining) $ 586 2023 2,375 2024 1,863 2025 929 Total lease payments 5,753 Less: imputed interest ( 369 ) Total operating lease liabilities $ 5,384 As of September 30, 2022 and December 31, 2021 , the weighted-average discount rate was 5.5 % for both periods, and the weighted-average remaining lease term was 2.6 years and 3.3 years, respectively. Total cash paid for amounts included in the measurement of operating lease liabilities was $ 1.7 million and $ 1.5 million for the nine months ended September 30, 2022 and 2021 , respectively. There were no operating lease ROU assets obtained in exchange for operating lease liabilities for the nine months ended September 30, 2022 and 2021. Total operating lease expense for the three months ended September 30, 2022 and 2021 was approximately $ 0.5 million in both periods. Total operating lease expense for the nine months ended September 30, 2022 and 2021 was approximately $ 1.5 million in both periods. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity In February 2022, we terminated the Common Stock Sales Agreement with SVB Leerink LLC and Stifel, Nicolaus & Company, Incorporated and entered into a new Common Stock Sales Agreement with SVB Securities LLC, Credit Suisse Securities (USA) LLC and Cantor Fitzgerald & Co., or the ATM Facility, under which we may offer and sell, from time to time, at our sole discretion, shares of our common stock having an aggregate offering price of up to $ 150.0 million. We have no t sold any shares of our common stock under the ATM Facility. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation The following table summarizes share-based compensation expense for all share-based compensation arrangements, in thousands: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 2,492 $ 2,059 $ 7,545 $ 5,277 General and administrative 3,863 4,055 11,968 11,905 Total share-based compensation expense $ 6,355 $ 6,114 $ 19,513 $ 17,182 As of September 30, 2022, unrecognized estimated compensation expense related to stock options and restricted stock units was approximate ly $ 48.4 million and $ 10.8 million, re spectively, which is expected to be recognized over a weighted average period of approximatel y 2.6 years for both stock options and restricted stock units. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events Loan and Security Agreement On November 2, 2022, we entered into a loan and security agreement, or Loan Agreement, with several banks and other financial institutions or entities party thereto, or collectively Lenders, and Hercules Capital, Inc., or Hercules, in its capacity as administrative agent and collateral agent for itself and the Lenders, or in such capacity, Agent. Under the terms of the Loan Agreement, we borrowed $ 10.0 million of an initial $ 25.0 million tranche of term loans, or the Tranche 1 Loan, and we may, at our sole discretion, borrow the remaining $ 15.0 million in respect of the Tranche 1 Loan at any time until September 15, 2023 . Thereafter, we may borrow (i) additional tranches of term loans in the amounts of up to $ 35.0 million, or the Tranche 2 Loan, and $ 40.0 million, or the Tranche 3 Loan, respectively, which will become available to us upon our satisfaction of certain terms and conditions set forth in the Loan Agreement, and (ii) a final tranche of term loans in the amount of up to $ 25.0 million, or the Tranche 4 Loan, subject to the Lenders’ investment committee approval in its sole discretion. All of the Term Loans have a maturity date of November 2, 2027 , or the Maturity Date. Repayment of the Term Loans is interest only through (a) initially, November 1, 2024 , (b) if we satisfy the Interest Only Milestone 1 Conditions (as defined in the Loan Agreement), May 1, 2025 , (c) if we satisfy the Interest Only Milestone 2 Conditions (as defined in the Loan Agreement), November 1, 2025 , and (d) if we satisfy the Approval Milestone (as defined in the Loan Agreement), November 1, 2026 . After the interest-only payment period, borrowings under the Loan Agreement are repayable in equal monthly payments of principal and accrued interest until the Maturity Date. The per annum interest rate for the Term Loans is the greater of (i) the prime rate as reported in The Wall Street Journal minus 6.25% plus 8.65% and (ii) 8.65%. At our option, we may prepay all or any portion of the outstanding Term Loans at any time. Prepayments made on or prior to the third anniversary of the date of the Loan Agreement will be subject to a prepayment fee equal to 1.50 % of the principal amount being prepaid. In addition, we paid a $ 125,000 facility charge upon closing and will pay additional facility charges in connection with any borrowing of the Tranche 2 Loan, Tranche 3 Loan or Tranche 4 Loan, in each case in the amount of 0.50 % of the amount of such tranche of loans. The Loan Agreement also provides for an end of term fee in an amount equal to the greater of (i) $ 1,512,500 (which is 6.05 % of the maximum amount of the first tranche of loans) or (ii) 6.05 % of the aggregate principal amount of loan advances actually made under the Loan Agreement, which fee is due and payable on the earliest to occur of (i) the Maturity Date, (ii) the date we prepay the outstanding loans in full, and (iii) the date that the secured obligations become due and payable. Our obligations under the Loan Agreement are secured by substantially all of our assets other than our intellectual property, but including proceeds from the sale, licensing or other disposition of our intellectual property. Our intellectual property is subject to negative covenants, which, among other things, prohibit us from selling, transferring, assigning, mortgaging, pledging, leasing, granting a security interest in or otherwise encumbering our intellectual property, subject to limited exceptions. In addition, in connection with the entry into the Loan Agreement, we issued warrants to certain of the Lenders, or collectively, the Warrants, to acquire up to 26,078 shares of our common stock at an exercise price of $ 14.38 per share, or the Warrant Shares. The Warrants may be exercised through the earlier of (i) the seventh anniversary of November 2, 2022 and (ii) the consummation of certain acquisition transactions involving us, as set forth in the Warrants. The number of Warrant Shares for which the Warrants are exercisable and the associated exercise price are subject to certain customary proportional adjustments for fundamental events, including stock splits and reverse stock splits, as set forth in the Warrants. If we make additional draws on the Tranche 2 Loan, Tranche 3 Loan or Tranche 4 Loan, upon the funding of such additional tranches, the Warrants shall become exercisable for an additional aggregate number of shares of our common stock equal to 1.50 % of each drawn amount divided by $ 14.38 per share, the exercise price per share. Securities Purchase Agreement On November 2, 2022, we entered into a securities purchase agreement with Bristol-Myers Squibb Company, or BMS, pursuant to which BMS has agreed to purchase an aggregate of 1,370,171 shares of common stock in a registered direct offering, at a purchase price of approximately $ 18.25 per share, for gross proceeds of approximately $ 25.0 million. The BMS Offering is anticipated to close on or about November 3, 2022 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation. |
Restricted Cash | Restricted Cash Under the terms of an office lease entered into in March 2020, we are required to maintain a standby letter of credit during the term of the lease. As of September 30, 2022 , restricted cash of $ 0.2 million was pledged as collateral for the letter of credit. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed balance sheets that sum to the total of the amounts shown in the unaudited condensed statements of cash flows, in thousands: September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents $ 90,937 $ 90,672 $ 39,183 $ 325,493 Restricted cash 210 210 210 210 Total $ 91,147 $ 90,882 $ 39,393 $ 325,703 |
Allowance for Credit Losses on Available-for-Sale Debt Securities | Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss. We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on our unaudited condensed balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. |
Net Loss per Share | Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. As we have reported net loss for the three and nine months ended September 30, 2022 and 2021, dilutive net loss per common share is the same as basic net loss per common share for those periods. Common stock equivalents outstanding are comprised of stock options, restricted stock units, a warrant and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Common stock equivalents outstanding at September 30, 2022 and 2021 totaling approxim ately 9,111,000 and 6,950,000 , respectively, were excluded from the computation of dilutive weighted-average shares outstanding because their effect would be anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that we adopt as of the specified effective date. We have evaluated recently issued accounting pronouncements and, based on our preliminary assessment, we do not believe any will have a material impact on our unaudited condensed financial statements or related footnote disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed balance sheets that sum to the total of the amounts shown in the unaudited condensed statements of cash flows, in thousands: September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents $ 90,937 $ 90,672 $ 39,183 $ 325,493 Restricted cash 210 210 210 210 Total $ 91,147 $ 90,882 $ 39,393 $ 325,703 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Investments Measured at Fair Value on Recurring Basis | The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands: September 30, 2022 Maturities Amortized Unrealized Unrealized Fair Value Cash equivalents: Money market funds 1 or less $ 80,905 $ — $ — $ 80,905 Short-term investments: U.S. Treasury securities 2 or less 146,343 — ( 3,403 ) 142,940 Corporate debt securities 2 or less 126,894 — ( 4,687 ) 122,207 Commercial paper 1 or less 37,718 — — 37,718 Non-U.S. government and supranational debt securities 2 or less 26,302 — ( 1,089 ) 25,213 U.S. Agency bonds 1 or less 8,997 — ( 237 ) 8,760 Total short-term investments 346,254 — ( 9,416 ) 336,838 Total $ 427,159 $ — $ ( 9,416 ) $ 417,743 December 31, 2021 Maturities Amortized Unrealized Unrealized Fair Value Cash equivalents: Money market funds 1 or less $ 79,895 $ — $ — $ 79,895 Short-term investments: U.S. Treasury securities 3 or less 135,452 — ( 619 ) 134,833 Corporate debt securities 3 or less 208,064 — ( 892 ) 207,172 Commercial paper 1 or less 53,439 — — 53,439 Non-U.S. government and supranational debt securities 3 or less 23,122 — ( 214 ) 22,908 U.S. Agency bonds 2 or less 8,994 — ( 58 ) 8,936 Total short-term investments 429,071 — ( 1,783 ) 427,288 Total $ 508,966 $ — $ ( 1,783 ) $ 507,183 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Measurements, By Major Security Type | The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: September 30, 2022 Total Level 1 Level 2 Cash equivalents: Money market funds $ 80,905 $ 80,905 $ — Short-term investments: U.S. Treasury securities 142,940 142,940 — Corporate debt securities 122,207 — 122,207 Commercial paper 37,718 — 37,718 Non-U.S. government and supranational debt securities 25,213 — 25,213 U.S. Agency bonds 8,760 — 8,760 Total short-term investments 336,838 142,940 193,898 Total $ 417,743 $ 223,845 $ 193,898 December 31, 2021 Total Level 1 Level 2 Cash equivalents: Money market funds $ 79,895 $ 79,895 $ — Short-term investments: U.S. Treasury securities 134,833 134,833 — Corporate debt securities 207,172 — 207,172 Commercial paper 53,439 — 53,439 Non-U.S. government and supranational debt securities 22,908 — 22,908 U.S. Agency bonds 8,936 — 8,936 Total short-term investments 427,288 134,833 292,455 Total $ 507,183 $ 214,728 $ 292,455 |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following, in thousands: September 30, 2022 December 31, 2021 Laboratory and computer equipment $ 1,556 $ 953 Leasehold improvements 1,543 1,532 Furniture and fixtures 1,032 1,032 Property and equipment, gross 4,131 3,517 Less: accumulated depreciation ( 1,397 ) ( 844 ) Property and equipment, net $ 2,734 $ 2,673 |
Summary of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following, in thousands: September 30, 2022 December 31, 2021 Accounts payable $ 1,746 $ 3,236 Accrued clinical trial research and development expenses 5,471 2,619 Accrued other research and development expenses 5,400 5,341 Accrued compensation and benefits 7,966 7,923 Other accrued expenses 1,858 1,073 Total accounts payable and accrued expenses $ 22,441 $ 20,192 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of September 30, 2022 are as follows, in thousands: Year Ending December 31, 2022 (remaining) $ 586 2023 2,375 2024 1,863 2025 929 Total lease payments 5,753 Less: imputed interest ( 369 ) Total operating lease liabilities $ 5,384 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Share-based Compensation Expense | The following table summarizes share-based compensation expense for all share-based compensation arrangements, in thousands: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 2,492 $ 2,059 $ 7,545 $ 5,277 General and administrative 3,863 4,055 11,968 11,905 Total share-based compensation expense $ 6,355 $ 6,114 $ 19,513 $ 17,182 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash pledged as collateral | $ 210 | $ 210 | $ 210 | $ 210 |
Total potentially dilutive securities | 9,111,000 | 6,950,000 | ||
Collateral Pledged | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash pledged as collateral | $ 200 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 90,937 | $ 90,672 | $ 39,183 | $ 325,493 |
Restricted cash | 210 | 210 | 210 | 210 |
Total | $ 91,147 | $ 90,882 | $ 39,393 | $ 325,703 |
Investments - Investments Measu
Investments - Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Fair Value | $ 336,838 | $ 427,288 |
Fair Value Measurements on Recurring Basis | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | 346,254 | 429,071 |
Short-term investments, Unrealized Losses | (9,416) | (1,783) |
Short-term investments, Fair Value | 336,838 | 427,288 |
Cash equivalents and Short-term investments, Amortized Cost | 427,159 | 508,966 |
Cash equivalents and Short-term investments, Unrealized Losses | (9,416) | (1,783) |
Cash equivalents and Short-term investments, Estimated Fair Value | $ 417,743 | $ 507,183 |
Fair Value Measurements on Recurring Basis | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 or less | 1 or less |
Cash equivalents, Amortized Cost | $ 80,905 | $ 79,895 |
Cash equivalents, Fair Value | 80,905 | 79,895 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | 146,343 | 135,452 |
Short-term investments, Unrealized Losses | (3,403) | (619) |
Short-term investments, Fair Value | $ 142,940 | $ 134,833 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 years | 3 years |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 126,894 | $ 208,064 |
Short-term investments, Unrealized Losses | (4,687) | (892) |
Short-term investments, Fair Value | $ 122,207 | $ 207,172 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 years | 3 years |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 37,718 | $ 53,439 |
Short-term investments, Fair Value | $ 37,718 | $ 53,439 |
Fair Value Measurements on Recurring Basis | Commercial Paper | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 year | 1 year |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 26,302 | $ 23,122 |
Short-term investments, Unrealized Losses | (1,089) | (214) |
Short-term investments, Fair Value | $ 25,213 | $ 22,908 |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 years | 3 years |
Fair Value Measurements on Recurring Basis | U.S. Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 8,997 | $ 8,994 |
Short-term investments, Unrealized Losses | (237) | (58) |
Short-term investments, Fair Value | $ 8,760 | $ 8,936 |
Fair Value Measurements on Recurring Basis | U.S. Agency Bonds | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 year | 2 years |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) Security | Dec. 31, 2021 USD ($) | |
Investments, All Other Investments [Abstract] | ||
Short-term investments with maturities less than one year | $ 179,200 | $ 246,900 |
Short-term investments with maturities between one to three years | $ 157,600 | 180,400 |
Short-term investments maturities, description | As of September 30, 2022 and December 31, 2021, short-term investments of $179.2 million and $246.9 million, respectively, had maturities less than one year, and short-term investments of $157.6 million and $180.4 million, respectively, had maturities between one to three years. | |
Allowance for credit losses | $ 0 | 0 |
Available for sale securities gross unrealized loss positions | 299,100 | |
Available for sale securities gross unrealized loss positions greater than 12 months | $ 110,600 | |
Number of available-for-sale securities | Security | 35 | |
Accrued interest receivable on available-for-sale securities | $ 1,100 | $ 1,400 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Fair Value Measurements, By Major Security Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 336,838 | $ 427,288 |
Fair Value Measurements on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 336,838 | 427,288 |
Cash equivalents and short-term investments | 417,743 | 507,183 |
Fair Value Measurements on Recurring Basis | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 142,940 | 134,833 |
Cash equivalents and short-term investments | 223,845 | 214,728 |
Fair Value Measurements on Recurring Basis | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 193,898 | 292,455 |
Cash equivalents and short-term investments | 193,898 | 292,455 |
Fair Value Measurements on Recurring Basis | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 80,905 | 79,895 |
Fair Value Measurements on Recurring Basis | Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 80,905 | 79,895 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 142,940 | 134,833 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 142,940 | 134,833 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 122,207 | 207,172 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 122,207 | 207,172 |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 37,718 | 53,439 |
Fair Value Measurements on Recurring Basis | Commercial Paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 37,718 | 53,439 |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 25,213 | 22,908 |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 25,213 | 22,908 |
Fair Value Measurements on Recurring Basis | U S Agency Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 8,760 | 8,936 |
Fair Value Measurements on Recurring Basis | U S Agency Bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 8,760 | $ 8,936 |
Balance Sheet Detail - Summary
Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 4,131 | $ 3,517 |
Less: accumulated depreciation | (1,397) | (844) |
Property and equipment, net | 2,734 | 2,673 |
Laboratory and Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,556 | 953 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,543 | 1,532 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,032 | $ 1,032 |
Balance Sheet Detail - Summar_2
Balance Sheet Detail - Summary of Current Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 1,746 | $ 3,236 |
Accrued clinical trial research and development expenses | 5,471 | 2,619 |
Accrued other research and development expenses | 5,400 | 5,341 |
Accrued compensation and benefits | 7,966 | 7,923 |
Other accrued expenses | 1,858 | 1,073 |
Total accounts payable and accrued expenses | $ 22,441 | $ 20,192 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
May 31, 2020 | Mar. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | May 31, 2022 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | ||||||||
Lessee, operating lease, expiration period | We currently have three operating leases for administrative and research and development office and lab space in San Diego, California and Boston, Massachusetts that expire between July 2024 and November 2025. | |||||||
Lease option to extend, description | Two of our leases include renewal options for an additional five years, which were not included in the determination of the right-of-use, or ROU, asset or lease liability as the renewal was not reasonably certain at the inception of the lease | |||||||
Weighted-average discount rate | 5.50% | 5.50% | 5.50% | |||||
Weighted-average remaining lease term | 2 years 7 months 6 days | 2 years 7 months 6 days | 3 years 3 months 18 days | |||||
Total cash paid for amounts included in the measurement of lease liabilities | $ 1,700,000 | $ 1,500,000 | ||||||
ROU assets obtained in exchange for operating lease liabilities | 0 | 0 | ||||||
ASC 842 | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Total operating lease rent expense | $ 500,000 | $ 500,000 | 1,500,000 | $ 1,500,000 | ||||
San Diego Corporate Headquarters Lease | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease, existence of option to extend | true | |||||||
Lease agreement additional extended lease term | 5 years | |||||||
Tenant improvement allowance | $ 1,000,000 | |||||||
San Diego Lease for Lab and Office Space | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Tenant improvement allowance | $ 100,000 | |||||||
Office Lease in Boston | Letter of Credit | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Letter of Credit | $ 200,000 | $ 200,000 | ||||||
Boston Lease | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease, existence of option to extend | true | |||||||
Lease agreement additional extended lease term | 5 years |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (remaining) | $ 586 |
2023 | 2,375 |
2024 | 1,863 |
2025 | 929 |
Total lease payments | 5,753 |
Less: imputed interest | (369) |
Operating Lease Liability | $ 5,384 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - SVB Securities LLC, Credit Suisse Securities (USA) LLC and Cantor Fitzgerald & Co. - ATM Facility - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Feb. 28, 2022 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||
Common stock, shares issued | 0 | |
Maximum | ||
Class of Stock [Line Items] | ||
Aggregate offering price | $ 150 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6,355 | $ 6,114 | $ 19,513 | $ 17,182 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | 2,492 | 2,059 | 7,545 | 5,277 |
General and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 3,863 | $ 4,055 | $ 11,968 | $ 11,905 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Employee Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized estimated stock option compensation expenses | $ 48.4 |
Weighted average service period | 2 years 7 months 6 days |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized estimated restricted stock units compensation expenses | $ 10.8 |
Weighted average service period | 2 years 7 months 6 days |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 9 Months Ended | |
Nov. 02, 2022 | Sep. 30, 2022 | |
Securities Purchase Agreement | ||
Subsequent Event [Line Items] | ||
Stock offering, Transaction date | Nov. 03, 2022 | |
Term Loan | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Tranche 1 availability end date | Nov. 02, 2027 | |
Principal and interest payments start date | Nov. 01, 2024 | |
Term loan facility per annum interest rate terms | The per annum interest rate for the Term Loans is the greater of (i) the prime rate as reported in The Wall Street Journal minus 6.25% plus 8.65% and (ii) 8.65%. | |
Interest Only Milestone 1 Conditions | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Repayment of term loan facility start date | May 01, 2025 | |
Interest Only Milestone 2 Conditions | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Repayment of term loan facility start date | Nov. 01, 2025 | |
Approval Milestone | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Repayment of term loan facility start date | Nov. 01, 2026 | |
Subsequent Event | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Warrant issued | 26,078 | |
Warrants exercisable exercise price | $ 14.38 | |
Subsequent Event | Securities Purchase Agreement | ||
Subsequent Event [Line Items] | ||
Common stock, shares issued | 1,370,171 | |
Common stock, issued price per share | $ 18.25 | |
Proceeds from issuances of common stock, gross | $ 25,000,000 | |
Subsequent Event | Tranche 1 Loan | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity under term loans | 25,000,000 | |
Remaining borrowing capacity under term loans | $ 15,000,000 | |
Tranche 1 availability end date | Sep. 15, 2023 | |
Subsequent Event | Tranche 1 draw | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Principal amount outstanding on loan | $ 10,000,000 | |
Subsequent Event | Tranche 2 Loan | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity under term loans | 35,000,000 | |
Subsequent Event | Tranche 3 Loan | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity under term loans | 40,000,000 | |
Subsequent Event | Tranche 4 Loan | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity under term loans | $ 25,000,000 | |
Subsequent Event | Additional Tranche | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Warrants exercisable exercise price | $ 14.38 | |
Percentage of additional warrant | 1.50% | |
Subsequent Event | Term Loan | Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Commitment fees | $ 125,000 | |
Percentage of prepayment fee to be paid due to early payment | 1.50% | |
Percentage of facility charge | 0.50% | |
Final payment | $ 1,512,500 | |
Final payment percentage | 6.05% | |
Subsequent Event | Term Loan | Loan and Security Agreement | Maximum | ||
Subsequent Event [Line Items] | ||
Final payment percentage | 6.05% |