Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
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 | 56,283,079 | |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 134,758 | $ 26,135 |
Short-term investments | 204,111 | 210,756 |
Prepaid expenses and other current assets | 3,317 | 2,712 |
Total current assets | 342,186 | 239,603 |
Property and equipment, net | 1,652 | 44 |
Restricted cash | 210 | |
Operating lease right-of-use assets | 7,108 | 234 |
Other long-term assets | 1,844 | 2,091 |
Total assets | 353,000 | 241,972 |
Current liabilities: | ||
Accounts payable and accrued expenses | 16,801 | 15,314 |
Current portion of long-term debt, net | 1,750 | 250 |
Total current liabilities | 18,551 | 15,564 |
Long-term debt, net | 5,750 | 7,250 |
Operating lease liabilities, long-term | 6,019 | |
Other long-term liabilities | 306 | 377 |
Total liabilities | 30,626 | 23,191 |
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; 56,214 and 45,384 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 6 | 5 |
Additional paid-in capital | 574,385 | 431,322 |
Accumulated other comprehensive income | 557 | 331 |
Accumulated deficit | (252,574) | (212,877) |
Total stockholders' equity | 322,374 | 218,781 |
Total liabilities and stockholders' equity | $ 353,000 | $ 241,972 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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 | 56,214,000 | 45,384,000 |
Common stock, shares outstanding | 56,214,000 | 45,384,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Expenses: | ||||
Research and development (includes related party amounts of $63 and $98 for the three months ended June 30, 2020 and 2019, respectively, and $195 and $151 for the six months ended June 30, 2020 and 2019, respectively) | $ 13,697 | $ 11,440 | $ 26,272 | $ 21,822 |
General and administrative (includes related party amounts of $76 and $88 for the three months ended June 30, 2020 and 2019, respectively, and $187 and $175 for the six months ended June 30, 2020 and 2019, respectively) | 7,476 | 4,451 | 15,101 | 9,020 |
Total operating expenses | 21,173 | 15,891 | 41,373 | 30,842 |
Other Income (Expense): | ||||
Management fee income, related party | 12 | 74 | 27 | 200 |
Interest income | 818 | 1,022 | 1,937 | 2,052 |
Interest expense | (144) | (148) | (288) | (293) |
Total other income | 686 | 948 | 1,676 | 1,959 |
Net Loss | $ (20,487) | $ (14,943) | $ (39,697) | $ (28,883) |
Net loss per share, basic and diluted | $ (0.40) | $ (0.38) | $ (0.82) | $ (0.75) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 51,633 | 38,928 | 48,522 | 38,550 |
Comprehensive Loss: | ||||
Net loss | $ (20,487) | $ (14,943) | $ (39,697) | $ (28,883) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on marketable securities and foreign currency | (4) | 143 | 226 | 292 |
Comprehensive Loss | $ (20,491) | $ (14,800) | $ (39,471) | $ (28,591) |
Condensed Statements of Opera_2
Condensed Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Research and development, related party | $ 63 | $ 98 | $ 195 | $ 151 |
General and administrative, related party | $ 76 | $ 88 | $ 187 | $ 175 |
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, 2018 | $ 160,985 | $ 4 | $ 310,849 | $ (131) | $ (149,737) |
Beginning balance (in shares) at Dec. 31, 2018 | 38,148 | ||||
Issuance of common stock, net of offering costs | 108,109 | $ 1 | 108,108 | ||
Issuance of common stock, net of offering costs, (in shares) | 6,785 | ||||
Share-based compensation expense | 4,518 | 4,518 | |||
Issuance of common stock from exercise of options and employee stock purchase plan | 1,560 | 1,560 | |||
Issuance of common stock from exercise of options and employee stock purchase plan (in shares) | 256 | ||||
Other comprehensive income (loss) | 292 | 292 | |||
Net loss | (28,883) | (28,883) | |||
Ending balance at Jun. 30, 2019 | 246,581 | $ 5 | 425,035 | 161 | (178,620) |
Ending balance (in shares) at Jun. 30, 2019 | 45,189 | ||||
Beginning balance at Mar. 31, 2019 | 149,565 | $ 4 | 313,220 | 18 | (163,677) |
Beginning balance (in shares) at Mar. 31, 2019 | 38,169 | ||||
Issuance of common stock, net of offering costs | 108,109 | $ 1 | 108,108 | ||
Issuance of common stock, net of offering costs, (in shares) | 6,785 | ||||
Share-based compensation expense | 2,249 | 2,249 | |||
Issuance of common stock from exercise of options and employee stock purchase plan | 1,458 | 1,458 | |||
Issuance of common stock from exercise of options and employee stock purchase plan (in shares) | 235 | ||||
Other comprehensive income (loss) | 143 | 143 | |||
Net loss | (14,943) | (14,943) | |||
Ending balance at Jun. 30, 2019 | 246,581 | $ 5 | 425,035 | 161 | (178,620) |
Ending balance (in shares) at Jun. 30, 2019 | 45,189 | ||||
Beginning balance at Dec. 31, 2019 | 218,781 | $ 5 | 431,322 | 331 | (212,877) |
Beginning balance (in shares) at Dec. 31, 2019 | 45,384 | ||||
Issuance of common stock, net of offering costs | 134,924 | $ 1 | 134,923 | ||
Issuance of common stock, net of offering costs, (in shares) | 10,465 | ||||
Share-based compensation expense | 5,705 | 5,705 | |||
Issuance of common stock from exercise of options and employee stock purchase plan | 2,435 | 2,435 | |||
Issuance of common stock from exercise of options and employee stock purchase plan (in shares) | 365 | ||||
Other comprehensive income (loss) | 226 | 226 | |||
Net loss | (39,697) | (39,697) | |||
Ending balance at Jun. 30, 2020 | 322,374 | $ 6 | 574,385 | 557 | (252,574) |
Ending balance (in shares) at Jun. 30, 2020 | 56,214 | ||||
Beginning balance at Mar. 31, 2020 | 203,201 | $ 5 | 434,722 | 561 | (232,087) |
Beginning balance (in shares) at Mar. 31, 2020 | 45,430 | ||||
Issuance of common stock, net of offering costs | 134,924 | $ 1 | 134,923 | ||
Issuance of common stock, net of offering costs, (in shares) | 10,465 | ||||
Share-based compensation expense | 2,552 | 2,552 | |||
Issuance of common stock from exercise of options and employee stock purchase plan | 2,188 | 2,188 | |||
Issuance of common stock from exercise of options and employee stock purchase plan (in shares) | 319 | ||||
Other comprehensive income (loss) | (4) | (4) | |||
Net loss | (20,487) | (20,487) | |||
Ending balance at Jun. 30, 2020 | $ 322,374 | $ 6 | $ 574,385 | $ 557 | $ (252,574) |
Ending balance (in shares) at Jun. 30, 2020 | 56,214 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Activities | ||
Net loss | $ (39,697) | $ (28,883) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 5,705 | 4,518 |
Depreciation expense | 12 | |
Amortization of premium and accretion of discount on marketable securities, net | (134) | (859) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (367) | (13) |
Other long-term assets | 533 | (215) |
Accounts payable and accrued expenses | (537) | (3,300) |
Other long-term liabilities | (71) | 70 |
Net cash used in operating activities | (34,556) | (28,682) |
Investing Activities | ||
Maturities and sales of marketable securities | 103,823 | 126,556 |
Purchases of marketable securities | (96,818) | (101,872) |
Purchases of property and equipment | (1,231) | |
Net cash provided by investing activities | 5,774 | 24,684 |
Financing Activities | ||
Proceeds from issuance of common stock, net | 135,180 | 108,399 |
Proceeds from exercise of stock options and purchases under employee stock purchase plan | 2,435 | 1,560 |
Net cash provided by financing activities | 137,615 | 109,959 |
Net increase in cash, cash equivalents and restricted cash | 108,833 | 105,961 |
Cash, cash equivalents and restricted cash at beginning of period | 26,135 | 16,119 |
Cash, cash equivalents and restricted cash at end of period | $ 134,968 | $ 122,080 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019, as filed with the Securities and Exchange Commission on February 25, 2020, from which we derived our balance sheet as of December 31, 2019. 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 may 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 operation and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, 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: June 30, 2020 December 31, 2019 June 30, 2019 December 31, 2018 Cash and cash equivalents $ 134,758 $ 26,135 $ 122,080 $ 16,119 Restricted cash 210 — — — Total $ 134,968 $ 26,135 $ 122,080 $ 16,119 Net Loss per Share 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. For purposes of this calculation, outstanding stock options, an outstanding warrant and employee stock purchase plan rights are excluded from the calculation of diluted net loss per common share for the periods presented as their effect would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the antidilutive effect of the securities. More specifically, for the three and six months ended June 30, 2020 and 2019 , Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, in order to improve financial reporting of expected credit losses on financial instruments and other commitments to extend credit. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology in prior GAAP with a methodology that requires consideration of a broader range of information to estimate credit losses, and establishes additional disclosures related to credit risks. We adopted ASU 2016-13 on January 1, 2020. The |
Investments
Investments | 6 Months Ended |
Jun. 30, 2020 | |
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 and commercial paper. Available-for-sale securities are classified as part of either cash and cash equivalents or short-term investments on our unaudited condensed balance sheets. The following tables summarize, by major security type, our investments that are measured at fair value on a recurring basis, in thousands: June 30, 2020 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 129,433 $ — $ — $ 129,433 Short-term investments: U.S. Treasury securities 1 or less 77,164 322 (1 ) 77,485 Corporate debt securities 1 or less 68,197 241 (4 ) 68,434 Commercial paper 1 or less 58,192 — — 58,192 Total short-term investments 203,553 563 (5 ) 204,111 Total $ 332,986 $ 563 $ (5 ) $ 333,544 December 31, 2019 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 18,445 $ — $ — $ 18,445 Short-term investments: U.S. Treasury securities 2 or less 76,108 149 — 76,257 Corporate debt securities 2 or less 113,466 182 — 113,648 Commercial paper 1 or less 20,851 — — 20,851 Total short-term investments 210,425 331 — 210,756 Total $ 228,870 $ 331 $ — $ 229,201 The available-for-sale 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 June 30, 2020, all of our short-term investments had maturities less than one year. Realized gains and losses were de minimus for the three and six months ended June 30, 2020. We evaluate our available-for-sale debt securities for credit losses when the amortized cost basis exceeds fair value. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive income (loss). When evaluating an investment for impairment, we review factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, our intent to sell or the likelihood that we would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. As of June 30, 2020, marketable securities with a fair market value of $40.7 million were in immaterial gross unrealized loss positions. Based on our review of these securities, we believe none of the unrealized loss is a result of a credit loss as of June 30, 2020 because we do not intend to sell these 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. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements As of June 30, 2020 and December 31, 2019, we had cash equivalents and short-term investments measured at fair value on a recurring basis. Available-for-sale marketable securities consist of U.S. Treasury securities, which were measured at fair value using Level 1 inputs, and corporate debt securities and commercial paper, which were 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: June 30, 2020 Balance Level 1 Level 2 Cash equivalents: Money market funds $ 129,433 $ 129,433 $ — Short-term investments: U.S. Treasury securities 77,485 77,485 — Corporate debt securities 68,434 — 68,434 Commercial paper 58,192 — 58,192 Total short-term investments 204,111 77,485 126,626 Total $ 333,544 $ 206,918 $ 126,626 December 31, 2019 Balance Level 1 Level 2 Cash equivalents: Money market funds $ 18,445 $ 18,445 $ — Short-term investments: U.S. Treasury securities 76,257 76,257 — Corporate debt securities 113,648 — 113,648 Commercial paper 20,851 — 20,851 Total short-term investments 210,756 76,257 134,499 Total $ 229,201 $ 94,702 $ 134,499 We believe that our term loan facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the term loan facility approximates fair value. The fair value of our term loan facility is determined using Level 2 inputs in the fair value hierarchy. |
Balance Sheet Detail
Balance Sheet Detail | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | 5. Balance Sheet Detail Property and equipment consisted of the following, in thousands: June 30, 2020 December 31, 2019 Computer software and equipment and laboratory equipment $ 180 $ 136 Furniture and fixtures 546 — Leasehold improvements 1,030 — Property and equipment, gross 1,756 136 Less: accumulated depreciation (104 ) (92 ) Property and equipment, net $ 1,652 $ 44 Accounts payable and accrued liabilities consisted of the following, in thousands: June 30, 2020 December 31, 2019 Accounts payable $ 786 $ 3,526 Accrued research and development expenses 9,455 6,970 Accrued compensation and benefits 3,041 3,694 Lease liability, current portion 1,745 252 Other accrued expenses 1,774 872 Total accounts payable and accrued expenses $ 16,801 $ 15,314 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt On April 3, 2020, we entered into the First Amendment to Loan and Security Agreement with Silicon Valley Bank to extend the additional draw period. Under the terms of the loan and security agreement, as amended, we may, at our sole discretion, borrow up to an additional $12.5 million at any time until November 30, 2020. There were no other changes to the terms of the loan and security agreement. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases We had a sublease with a related party for office space in San Diego, California, or Sublease, and a lease for office space in Cambridge, Massachusetts, that existed before January 1, 2019 and were classified as operating leases. In March 2019, the Sublease was amended to extend the expiration date from October 31, 2019 to April 30, 2020 with the monthly rent increased from approximately $16,000 to approximately $24,000 per month effective November 1, 2019. In April 2020, the Sublease was amended to extend the expiration date from April 30, 2020 to June 30, 2020 with no change to the amount of monthly rent. The Sublease was terminated in June 2020 In January 2020, we entered into an office lease agreement for our corporate offices in San Diego, California, which would have commenced on May 1, 2020. In May 2020, we entered into an amendment to such office lease agreement that subsequently amended the commencement date to August 1, 2020 and extended the lease expiration to unaudited condensed In March 2020, we entered into a lease agreement for office space in Boston, Massachusetts, or the Boston Lease, which commenced on April 1, 2020 and expires on July 31, 2024. The Boston Lease provides for a one-time option to extend the Boston Lease for a period of five additional years after the expiration of the initial lease term. Under the terms of the Boston Lease, monthly base rent is approximately $105,500 for the first year, subject to an annual fixed percentage increase of 2.0% on April 1 st We recorded an operating lease ROU asset and operating lease liability of approximately $5.1 million on our balance sheet. In May 2020, we entered into a two-year unaudited condensed Maturities of lease liabilities as of June 30, 2020 are as follows, in thousands: Year Ending December 31, 2020 (remaining)* $ 250 2021 2,141 2022 2,098 2023 2,080 2024 1,558 2025 722 Total lease payments 8,849 Less: imputed interest (1,086 ) Total operating lease liabilities $ 7,763 * Includes the remaining tenant incentives of $0.5 million to be received from the landlord in 2020. As of December 31, 2019, we had remaining lease liabilities of approximately $0.3 million which will mature in 2020. ROU assets are recorded in other long-term assets on our unaudited condensed balance sheets. Current and non-current lease liabilities are recorded in accounts payable and accrued expenses and other long-term liabilities, respectively, on our unaudited condensed balance sheets. Total cash paid for amounts included in the measurement of lease liabilities, net of tenant improvement reimbursements, was $0.1 million and $0.2 million for the six months ended June 30, 2020 and 2019, respectively. ROU assets obtained in exchange for operating lease liabilities were $7.5 million and $0.7 million for the six months ended June 30, 2020 and 2019, respectively. Total operating lease expense was approximately $0.6 million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively. Total operating lease expense was approximately $0.7 million and $0.2 million for the six months ended June 30, 2020 and 2019, respectively. We have entered into short-term operating leases that are not recorded on the unaudited condensed balance sheet. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity In May 2020, we completed a public offering in which we sold an aggregate of 10,465,000 shares of common stock at a price of $13.75 per share. Net proceeds from the public offering, after deducting underwriting discounts, commissions and offering expenses, were approximately $134.9 million. In June 2019, we completed a public offering in which we sold an aggregate of 6,785,000 shares of common stock at a price of $17.00 per share. Net proceeds from the public offering, after deducting underwriting discounts, commissions and offering expenses, were approximately $108.1 million. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 9. Share-Based Compensation The following table summarizes share-based compensation expense for all share-based compensation arrangements, in thousands: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ 445 $ 884 $ 1,615 $ 1,681 General and administrative 2,107 1,365 4,090 2,837 Total share-based compensation expense $ 2,552 $ 2,249 $ 5,705 $ 4,518 As of June 30, 2020, unrecognized compensation costs related to employee stock options was approximately $28.6 million, which is expected to be recognized over a weighted average period of approximately 2.8 years. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions Our president and chief executive officer is also the sole managing member of Araxes Pharma LLC, or • Facility Sublease We subleased office space in San Diego, California from Araxes pursuant to the Sublease. The Sublease commenced in June 2017 In March 2019, the Sublease was amended to extend until April 30, 2020, and the monthly rent increased to approximately $24,000 per month effective November 1, 2019, corresponding to the increase in Araxes’ monthly re June 2020 $0.1 million • Management Fees We have a management services agreement with Araxes pursuant to which Araxes pays us monthly fees for management services calculated based on costs incurred by us in the provision of services to Araxes, plus a reasonable mark-up. For the three months ended June 30, 2020 and 2019, we recorded approximately $0.1 million in management fee income in both periods. For the six months ended June 30, 2020 and 2019, we recorded approximately $0.1 million and $0.2 million in management fee income, respectively. In addition, the agreement allows for Araxes to reimburse us an amount equal to the number of full-time equivalents, or FTE, performing research and development services for Araxes, at an annual FTE rate of approximately $382,000, plus actual expenses as reasonably incurred. The initial term of this agreement expired on December 31, 2015 but, pursuant to the terms of the agreement, renews automatically for additional consecutive one-year periods. The agreement may be terminated by either party with a notice of at least 30 days prior to the expiration of the then-renewal term. For the three and six months ended June 30, 2020 and 2019, we recorded reimbursements of nil and approximately $0.1 million, respectively, for research and development services provided to Araxes, which was recorded as a reduction to research and development expenses, on our unaudited condensed statements of operations and comprehensive loss. • Services Agreement We have a services agreement with Wellspring Biosciences, Inc., or |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, 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: June 30, 2020 December 31, 2019 June 30, 2019 December 31, 2018 Cash and cash equivalents $ 134,758 $ 26,135 $ 122,080 $ 16,119 Restricted cash 210 — — — Total $ 134,968 $ 26,135 $ 122,080 $ 16,119 |
Net Loss per Share | Net Loss per Share 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. For purposes of this calculation, outstanding stock options, an outstanding warrant and employee stock purchase plan rights are excluded from the calculation of diluted net loss per common share for the periods presented as their effect would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the antidilutive effect of the securities. More specifically, for the three and six months ended June 30, 2020 and 2019 , |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, in order to improve financial reporting of expected credit losses on financial instruments and other commitments to extend credit. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology in prior GAAP with a methodology that requires consideration of a broader range of information to estimate credit losses, and establishes additional disclosures related to credit risks. We adopted ASU 2016-13 on January 1, 2020. The |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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: June 30, 2020 December 31, 2019 June 30, 2019 December 31, 2018 Cash and cash equivalents $ 134,758 $ 26,135 $ 122,080 $ 16,119 Restricted cash 210 — — — Total $ 134,968 $ 26,135 $ 122,080 $ 16,119 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments All Other Investments [Abstract] | |
Investments Measured at Fair Value on Recurring Basis | The following tables summarize, by major security type, our investments that are measured at fair value on a recurring basis, in thousands: June 30, 2020 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 129,433 $ — $ — $ 129,433 Short-term investments: U.S. Treasury securities 1 or less 77,164 322 (1 ) 77,485 Corporate debt securities 1 or less 68,197 241 (4 ) 68,434 Commercial paper 1 or less 58,192 — — 58,192 Total short-term investments 203,553 563 (5 ) 204,111 Total $ 332,986 $ 563 $ (5 ) $ 333,544 December 31, 2019 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 18,445 $ — $ — $ 18,445 Short-term investments: U.S. Treasury securities 2 or less 76,108 149 — 76,257 Corporate debt securities 2 or less 113,466 182 — 113,648 Commercial paper 1 or less 20,851 — — 20,851 Total short-term investments 210,425 331 — 210,756 Total $ 228,870 $ 331 $ — $ 229,201 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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: June 30, 2020 Balance Level 1 Level 2 Cash equivalents: Money market funds $ 129,433 $ 129,433 $ — Short-term investments: U.S. Treasury securities 77,485 77,485 — Corporate debt securities 68,434 — 68,434 Commercial paper 58,192 — 58,192 Total short-term investments 204,111 77,485 126,626 Total $ 333,544 $ 206,918 $ 126,626 December 31, 2019 Balance Level 1 Level 2 Cash equivalents: Money market funds $ 18,445 $ 18,445 $ — Short-term investments: U.S. Treasury securities 76,257 76,257 — Corporate debt securities 113,648 — 113,648 Commercial paper 20,851 — 20,851 Total short-term investments 210,756 76,257 134,499 Total $ 229,201 $ 94,702 $ 134,499 |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following, in thousands: June 30, 2020 December 31, 2019 Computer software and equipment and laboratory equipment $ 180 $ 136 Furniture and fixtures 546 — Leasehold improvements 1,030 — Property and equipment, gross 1,756 136 Less: accumulated depreciation (104 ) (92 ) Property and equipment, net $ 1,652 $ 44 |
Summary of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consisted of the following, in thousands: June 30, 2020 December 31, 2019 Accounts payable $ 786 $ 3,526 Accrued research and development expenses 9,455 6,970 Accrued compensation and benefits 3,041 3,694 Lease liability, current portion 1,745 252 Other accrued expenses 1,774 872 Total accounts payable and accrued expenses $ 16,801 $ 15,314 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of June 30, 2020 are as follows, in thousands: Year Ending December 31, 2020 (remaining)* $ 250 2021 2,141 2022 2,098 2023 2,080 2024 1,558 2025 722 Total lease payments 8,849 Less: imputed interest (1,086 ) Total operating lease liabilities $ 7,763 * Includes the remaining tenant incentives of $0.5 million to be received from the landlord in 2020. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ 445 $ 884 $ 1,615 $ 1,681 General and administrative 2,107 1,365 4,090 2,837 Total share-based compensation expense $ 2,552 $ 2,249 $ 5,705 $ 4,518 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash pledged as collateral | $ 210 | $ 210 | ||
Total potentially dilutive securities | 5,141,000 | 4,140,000 | 5,141,000 | 4,140,000 |
Collateral Pledged | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash pledged as collateral | $ 200 | $ 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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 134,758 | $ 26,135 | $ 122,080 | $ 16,119 |
Restricted cash | 210 | |||
Total | $ 134,968 | $ 26,135 | $ 122,080 | $ 16,119 |
Investments - Investments Measu
Investments - Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Fair Value | $ 204,111 | $ 210,756 |
Fair Value Measurements on Recurring Basis | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | 203,553 | 210,425 |
Short-term investments, Unrealized Gains | 563 | 331 |
Short-term investments, Unrealized Losses | (5) | |
Short-term investments, Fair Value | 204,111 | 210,756 |
Cash equivalents and Short-term investments, Amortized Cost | 332,986 | 228,870 |
Cash equivalents and Short-term investments, Unrealized Gains | 563 | 331 |
Cash equivalents and Short-term investments, Unrealized Losses | (5) | |
Cash equivalents and Short-term investments, Fair Value | $ 333,544 | $ 229,201 |
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 | $ 129,433 | $ 18,445 |
Cash equivalents, Fair Value | $ 129,433 | $ 18,445 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 or less | 2 or less |
Short-term investments, Amortized Cost | $ 77,164 | $ 76,108 |
Short-term investments, Unrealized Gains | 322 | 149 |
Short-term investments, Unrealized Losses | (1) | |
Short-term investments, Fair Value | $ 77,485 | $ 76,257 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 or less | 2 or less |
Short-term investments, Amortized Cost | $ 68,197 | $ 113,466 |
Short-term investments, Unrealized Gains | 241 | 182 |
Short-term investments, Unrealized Losses | (4) | |
Short-term investments, Fair Value | $ 68,434 | $ 113,648 |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 or less | 1 or less |
Short-term investments, Amortized Cost | $ 58,192 | $ 20,851 |
Short-term investments, Fair Value | $ 58,192 | $ 20,851 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | |
Investments All Other Investments [Abstract] | ||
Short-term investments maturities, description | As of June 30, 2020, all of our short-term investments had maturities less than one year. | As of June 30, 2020, all of our short-term investments had maturities less than one year. |
Marketable securities gross unrealized loss positions for less than twelve months | $ 40,700 | $ 40,700 |
Allowance for credit losses | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Fair Value Measurements, By Major Security Type (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 204,111 | $ 210,756 |
Fair Value Measurements on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 204,111 | 210,756 |
Cash equivalents and short-term investments | 333,544 | 229,201 |
Fair Value Measurements on Recurring Basis | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 77,485 | 76,257 |
Cash equivalents and short-term investments | 206,918 | 94,702 |
Fair Value Measurements on Recurring Basis | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 126,626 | 134,499 |
Cash equivalents and short-term investments | 126,626 | 134,499 |
Fair Value Measurements on Recurring Basis | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 129,433 | 18,445 |
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 | 129,433 | 18,445 |
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 | 77,485 | 76,257 |
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 | 77,485 | 76,257 |
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 | 68,434 | 113,648 |
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 | 68,434 | 113,648 |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 58,192 | 20,851 |
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 | $ 58,192 | $ 20,851 |
Balance Sheet Detail - Summary
Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,756 | $ 136 |
Less: accumulated depreciation | (104) | (92) |
Property and equipment, net | 1,652 | 44 |
Computer Software and Equipment and Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 180 | $ 136 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 546 | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,030 |
Balance Sheet Detail - Summar_2
Balance Sheet Detail - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 786 | $ 3,526 |
Accrued research and development expenses | 9,455 | 6,970 |
Accrued compensation and benefits | 3,041 | 3,694 |
Lease liability, current portion | 1,745 | 252 |
Other accrued expenses | 1,774 | 872 |
Total accounts payable and accrued expenses | $ 16,801 | $ 15,314 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Millions | Apr. 30, 2020USD ($) |
Silicon Valley Bank | |
Debt Instrument [Line Items] | |
Term loan unused facility | $ 12.5 |
Leases - Additional Information
Leases - Additional Information (Detail) | Oct. 31, 2019USD ($) | Mar. 05, 2019USD ($) | May 31, 2020USD ($)Option | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($)Option | Jan. 31, 2020 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | |||||||||||
Operating lease right-of-use assets | $ 7,108,000 | $ 7,108,000 | $ 234,000 | ||||||||
Operating leases, liability | 7,763,000 | 7,763,000 | 300,000 | ||||||||
Remaining lease liabilities | $ 300,000 | ||||||||||
Operating lease liabilities, long-term | $ 6,019,000 | $ 6,019,000 | |||||||||
Weighted-average discount rate | 5.50% | 5.50% | 6.50% | ||||||||
Weighted-average remaining lease term | 4 years 6 months | 4 years 6 months | 6 months | ||||||||
Total cash paid for amounts included in the measurement of lease liabilities | $ 100,000 | $ 200,000 | |||||||||
ROU assets obtained in exchange for operating lease liabilities | 7,500,000 | 700,000 | |||||||||
Total operating lease rent expense | $ 600,000 | $ 100,000 | 900,000 | 300,000 | |||||||
ASC 842 | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Total operating lease rent expense | 600,000 | $ 100,000 | 700,000 | $ 200,000 | |||||||
San Diego Lease | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Lease commencement date | May 1, 2020 | ||||||||||
Lease commencement amendment date | Aug. 1, 2020 | ||||||||||
Lease extended expiration date | Nov. 30, 2025 | ||||||||||
Operating lease, existence of option to extend | true | ||||||||||
Description of operating lease, option to extend | a one-time option to extend for a period of five additional years. | ||||||||||
Number of options to extend lease | Option | 1 | ||||||||||
Lease agreement additional extended lease term | 5 years | ||||||||||
Lease, monthly minimum rent payable | $ 58,000 | ||||||||||
Operating lease rate of increase in annual rent | 3.00% | ||||||||||
Lease allowance | $ 1,000,000 | $ 500,000 | $ 500,000 | ||||||||
Operating lease right-of-use assets | 2,100,000 | ||||||||||
Operating leases, liability | $ 2,100,000 | ||||||||||
Boston Lease | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Lease expiration date | Jul. 31, 2024 | ||||||||||
Lease commencement date | Apr. 1, 2020 | ||||||||||
Operating lease, existence of option to extend | true | ||||||||||
Description of operating lease, option to extend | one-time option to extend the Boston Lease for a period of five additional years after the expiration of the initial lease term | ||||||||||
Number of options to extend lease | Option | 1 | ||||||||||
Lease agreement additional extended lease term | 5 years | ||||||||||
Lease, monthly minimum rent payable | $ 105,500 | ||||||||||
Operating lease rate of increase in annual rent | 2.00% | ||||||||||
Operating lease right-of-use assets | $ 5,100,000 | ||||||||||
Operating leases, liability | 5,100,000 | ||||||||||
Boston Lease | Letter of Credit | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Letter of Credit | $ 200,000 | ||||||||||
Kumquat Sublease | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Operating lease rate of increase in annual rent | 5.00% | ||||||||||
Operating lease right-of-use assets | $ 300,000 | ||||||||||
Operating leases, liability | $ 300,000 | ||||||||||
Sublease commencement date | Jun. 9, 2020 | ||||||||||
Sublease term | 2 years | ||||||||||
Kumquat Sublease | One Year | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Lease, monthly minimum rent payable | $ 12,500 | ||||||||||
Cambridge, MA Lease | Cambridge, Massachusetts | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Lease expiration date | Jul. 31, 2020 | ||||||||||
Cambridge, MA Lease | San Diego, California | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Sublease expiration date | Oct. 31, 2019 | ||||||||||
Sublease extended expiration date | Apr. 30, 2020 | Jun. 30, 2020 | |||||||||
Amended sublease effective date | Nov. 1, 2019 | ||||||||||
Amended change in amount of rent expense | $ 0 | ||||||||||
Sublease termination date | Jun. 30, 2020 | ||||||||||
Cambridge, MA Lease | San Diego, California | Monthly | |||||||||||
Lessee Lease Description [Line Items] | |||||||||||
Rent expense | $ 16,000 | $ 24,000 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 (remaining)* | $ 250 | |
2021 | 2,141 | |
2022 | 2,098 | |
2023 | 2,080 | |
2024 | 1,558 | |
2025 | 722 | |
Total lease payments | 8,849 | |
Less: imputed interest | (1,086) | |
Total operating lease liabilities | $ 7,763 | $ 300 |
Leases - Schedule of Maturiti_2
Leases - Schedule of Maturities of Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | May 31, 2020 |
San Diego Lease | ||
Lessee Lease Description [Line Items] | ||
Tenant Incentives | $ 0.5 | $ 1 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
May 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | ||||
Common stock, shares issued | 10,465,000 | 6,785,000 | ||
Common stock, issued price per share | $ 13.75 | $ 17 | $ 17 | |
Proceeds from issuance of common stock, net | $ 134,900 | $ 108,100 | $ 135,180 | $ 108,399 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 2,552 | $ 2,249 | $ 5,705 | $ 4,518 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | 445 | 884 | 1,615 | 1,681 |
General and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 2,107 | $ 1,365 | $ 4,090 | $ 2,837 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - Employee Stock Option $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 28.6 |
Weighted average service period | 2 years 9 months 18 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jun. 01, 2017 | Apr. 30, 2016 | Oct. 01, 2014 | Apr. 30, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Related Party Transaction [Line Items] | |||||||||
Rent expense related to office space sublease | $ 600,000 | $ 100,000 | $ 900,000 | $ 300,000 | |||||
Management fee income, related party | 12,000 | 74,000 | 27,000 | 200,000 | |||||
Research and development, related party | $ 63,000 | 98,000 | 195,000 | 151,000 | |||||
Araxes Pharma LLC | Management Fees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Research and development services reimbursement, description | In addition, the agreement allows for Araxes to reimburse us an amount equal to the number of full-time equivalents, or FTE, performing research and development services for Araxes, at an annual FTE rate of approximately $382,000, plus actual expenses as reasonably incurred. The initial term of this agreement expired on December 31, 2015 but, pursuant to the terms of the agreement, renews automatically for additional consecutive one-year periods. The agreement may be terminated by either party with a notice of at least 30 days prior to the expiration of the then-renewal term. | ||||||||
Management fee income, related party | $ 100,000 | 100,000 | $ 100,000 | 200,000 | |||||
Service Agreement for research and development | $ 382,000 | ||||||||
Agreement expiration date | Dec. 31, 2015 | ||||||||
Agreement termination notice period | 30 days | ||||||||
Reimbursements of research and development services | 100,000 | 100,000 | |||||||
Araxes Pharma LLC | San Diego, California | |||||||||
Related Party Transaction [Line Items] | |||||||||
Sublease commencement date | Jun. 30, 2017 | ||||||||
Sublease expiration date | Oct. 31, 2019 | Jun. 30, 2020 | |||||||
Sublease extended expiration date | Jun. 30, 2020 | Apr. 30, 2020 | |||||||
Amended change in amount of rent expense | $ 0 | ||||||||
Amended sublease effective date | Nov. 1, 2019 | ||||||||
Araxes Pharma LLC | San Diego, California | Monthly | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amended change in amount of rent expense | $ 0 | ||||||||
Rent expense, amended sublease | $ 24,000 | ||||||||
Araxes Pharma LLC | San Diego, California | Sublease | |||||||||
Related Party Transaction [Line Items] | |||||||||
Rent expense related to office space sublease | $ 100,000 | 100,000 | $ 200,000 | 200,000 | |||||
Wellspring Biosciences Inc | Service Agreements | |||||||||
Related Party Transaction [Line Items] | |||||||||
Agreement expiration date | Dec. 31, 2015 | ||||||||
Agreement termination notice period | 30 days | ||||||||
Research and development services expense at full time equivalents rate | $ 400,000 | ||||||||
Research and development expense payment, description | We have a services agreement with Wellspring Biosciences, Inc., or Wellspring, a wholly owned subsidiary of Araxes, pursuant to which we pay Wellspring for research and development services provided to us in an amount equal to the number of FTE’s performing the services, at an annual FTE rate of $400,000, plus actual expenses as reasonably incurred. The initial term of this services agreement expired on December 31, 2015 but, pursuant to the terms of the agreement, renews automatically for additional consecutive one-year periods. The agreement may be terminated by either party with a notice of at least 30 days prior to the expiration of the then-renewal term. | ||||||||
Research and development, related party | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 |