Kura Oncology (KURA) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

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