Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KURA | |
Entity Registrant Name | KURA ONCOLOGY, INC. | |
Entity Central Index Key | 0001422143 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 66,273,680 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 110,835 | $ 325,493 |
Short-term investments | 493,038 | 307,827 |
Prepaid expenses and other current assets | 6,832 | 3,972 |
Total current assets | 610,705 | 637,292 |
Property and equipment, net | 2,069 | 2,021 |
Restricted cash | 210 | 210 |
Operating lease right-of-use assets | 5,949 | 6,334 |
Other long-term assets | 1,330 | 1,355 |
Total assets | 620,263 | 647,212 |
Current liabilities: | ||
Accounts payable and accrued expenses | 22,139 | 23,024 |
Current portion of long-term debt | 3,000 | 3,000 |
Total current liabilities | 25,139 | 26,024 |
Long-term debt | 3,500 | 4,250 |
Long-term operating lease liabilities | 5,196 | 5,638 |
Other long-term liabilities | 441 | 395 |
Total liabilities | 34,276 | 36,307 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value; 200,000 shares authorized; 66,263 and 66,194 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 7 | 7 |
Additional paid-in capital | 919,258 | 913,354 |
Accumulated other comprehensive income (loss) | (82) | 46 |
Accumulated deficit | (333,196) | (302,502) |
Total stockholders' equity | 585,987 | 610,905 |
Total liabilities and stockholders' equity | $ 620,263 | $ 647,212 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 66,263,000 | 66,194,000 |
Common stock, shares outstanding | 66,263,000 | 66,194,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Expenses: | ||
Research and development (includes related party amounts of nil and $132 for the three months ended March 31, 2021 and 2020, respectively) | $ 20,324,000 | $ 12,575,000 |
General and administrative (includes related party amounts of nil and $111 for the three months ended March 31, 2021 and 2020, respectively) | 10,572,000 | 7,625,000 |
Total operating expenses | 30,896,000 | 20,200,000 |
Other Income (Expense): | ||
Management fee income, related party | 8,000 | 15,000 |
Interest income, net | 302,000 | 1,119,000 |
Interest expense | (108,000) | (144,000) |
Total other income | 202,000 | 990,000 |
Net Loss | $ (30,694,000) | $ (19,210,000) |
Net loss per share, basic and diluted | $ (0.46) | $ (0.42) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 66,218 | 45,411 |
Comprehensive Loss: | ||
Net loss | $ (30,694,000) | $ (19,210,000) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities and foreign currency | (128,000) | 230,000 |
Comprehensive Loss | $ (30,822,000) | $ (18,980,000) |
Condensed Statements of Opera_2
Condensed Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Income Statement [Abstract] | |
Research and development, related party | $ 132 |
General and administrative, related party | $ 111 |
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, 2019 | $ 218,781 | $ 5 | $ 431,322 | $ 331 | $ (212,877) |
Beginning balance (in shares) at Dec. 31, 2019 | 45,384 | ||||
Share-based compensation expense | 3,153 | 3,153 | |||
Issuance of common stock from exercise of options | 247 | 247 | |||
Issuance of common stock from exercise of options (in shares) | 46 | ||||
Other comprehensive income (loss) | 230 | 230 | |||
Net loss | (19,210) | (19,210) | |||
Ending balance at Mar. 31, 2020 | 203,201 | $ 5 | 434,722 | 561 | (232,087) |
Ending balance (in shares) at Mar. 31, 2020 | 45,430 | ||||
Beginning balance at Dec. 31, 2020 | 610,905 | $ 7 | 913,354 | 46 | (302,502) |
Beginning balance (in shares) at Dec. 31, 2020 | 66,194 | ||||
Share-based compensation expense | 5,075 | 5,075 | |||
Issuance of common stock from exercise of options | 829 | 829 | |||
Issuance of common stock from exercise of options (in shares) | 69 | ||||
Other comprehensive income (loss) | (128) | (128) | |||
Net loss | (30,694) | (30,694) | |||
Ending balance at Mar. 31, 2021 | $ 585,987 | $ 7 | $ 919,258 | $ (82) | $ (333,196) |
Ending balance (in shares) at Mar. 31, 2021 | 66,263 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net loss | $ (30,694) | $ (19,210) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 5,075 | 3,153 |
Depreciation expense | 108 | |
Amortization of premium and accretion of discounts on marketable securities, net | 850 | (110) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (2,860) | (1,483) |
Other long-term assets | 410 | 160 |
Accounts payable and accrued expenses | (1,452) | (2,391) |
Other long-term liabilities | 46 | 59 |
Net cash used in operating activities | (28,517) | (19,822) |
Investing Activities | ||
Purchases of marketable securities | (223,158) | (11,274) |
Maturities of marketable securities | 36,969 | 39,246 |
Purchases of property and equipment | (31) | (511) |
Net cash (used in) provided by investing activities | (186,220) | 27,461 |
Financing Activities | ||
Proceeds from exercise of stock options | 829 | 247 |
Repayment of long-term debt | (750) | |
Net cash provided by financing activities | 79 | 247 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (214,658) | 7,886 |
Cash, cash equivalents and restricted cash at beginning of period | 325,703 | 26,135 |
Cash, cash equivalents and restricted cash at end of period | $ 111,045 | $ 34,021 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020, as filed with the Securities and Exchange Commission on February 24, 2021, from which we derived our balance sheet as of December 31, 2020. 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, 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: March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents $ 110,835 $ 325,493 $ 33,811 $ 26,135 Restricted cash 210 210 210 — Total $ 111,045 $ 325,703 $ 34,021 $ 26,135 Allowance for Credit Losses For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents outstanding are comprised of stock options, restricted stock units, a warrant and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Because of our net loss for the three months ended March 31, 2021 and 2020 , |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments All Other Investments [Abstract] | |
Investments | 3. Investments We invest in available-for-sale securities consisting of money market funds, commercial paper, corporate debt securities and U.S. Treasury securities. 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 short-term investments that are measured at fair value on a recurring basis, in thousands: March 31, 2021 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 105,195 $ — $ — $ 105,195 Short-term investments: Commercial paper 1 or less 169,353 — — 169,353 Corporate debt securities 2 or less 163,162 12 (142 ) 163,032 U.S. Treasury securities 2 or less 160,607 46 — 160,653 Total short-term investments 493,122 58 (142 ) 493,038 Total $ 598,317 $ 58 $ (142 ) $ 598,233 December 31, 2020 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 311,239 $ — $ — $ 311,239 Commercial paper 1 or less 5,998 — — 5,998 Total cash equivalents 317,237 — — 317,237 Short-term investments: Commercial paper 1 or less 106,350 — — 106,350 Corporate debt securities 2 or less 113,020 36 (36 ) 113,020 U.S. Treasury securities 1 or less 88,409 50 (2 ) 88,457 Total short-term investments 307,779 86 (38 ) 307,827 Total $ 625,016 $ 86 $ (38 ) $ 625,064 Short-term investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. As of March 31, 2021 and December 31, 2020, short-term investments of $310.2 million and $242.6 million, respectively, had maturities less than one year, and short-term investments of $182.8 million and $65.2 million, respectively, had maturities between one to two years. Realized gains and losses were de minimis for the three months ended March 31, 2021 and 2020. As of March 31, 2021, 16 available-for-sale debt securities with a fair market value of $149.5 million |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements As of March 31, 2021 and December 31, 2020, 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 are measured at fair value using Level 1 inputs, and commercial paper and corporate debt securities which are measured at fair value using Level 2 inputs. We determine the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. We validate the fair values of Level 2 financial instruments by comparing these fair values to a third-party pricing source. The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: March 31, 2021 Total Level 1 Level 2 Cash equivalents: Money market funds $ 105,195 $ 105,195 $ — Short-term investments: Commercial paper 169,353 — 169,353 Corporate debt securities 163,032 — 163,032 U.S. Treasury securities 160,653 160,653 — Total short-term investments 493,038 160,653 332,385 Total $ 598,233 $ 265,848 $ 332,385 December 31, 2020 Total Level 1 Level 2 Cash equivalents: Money market funds $ 311,239 $ 311,239 $ — Commercial paper 5,998 — 5,998 Total cash equivalents 317,237 311,239 5,998 Short-term investments: Commercial paper 106,350 — 106,350 Corporate debt securities 113,020 — 113,020 U.S. Treasury securities 88,457 88,457 — Total short-term investments 307,827 88,457 219,370 Total $ 625,064 $ 399,696 $ 225,368 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 | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | 5. Balance Sheet Detail Property and equipment consisted of the following, in thousands: March 31, 2021 December 31, 2020 Leasehold improvements $ 1,278 $ 1,169 Furniture and fixtures 909 862 Computer software and equipment and laboratory equipment 276 276 Property and equipment, gross 2,463 2,307 Less: accumulated depreciation (394 ) (286 ) Property and equipment, net $ 2,069 $ 2,021 Accounts payable and accrued expenses consisted of the following, in thousands: March 31, 2021 December 31, 2020 Accounts payable $ 958 $ 2,753 Accrued clinical trial research and development expenses 6,789 4,080 Accrued other research and development expenses 6,661 5,581 Accrued compensation and benefits 3,858 7,016 Operating lease liability, current portion 2,102 2,089 Other accrued expenses 1,771 1,505 Total accounts payable and accrued expenses $ 22,139 $ 23,024 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases In January 2020, we entered into an office lease agreement for our corporate offices in San Diego, California. This agreement was originally scheduled to commence in May 2020 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 was 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 on the lease commencement date during the quarter ended June 30, 2020. In May 2020, we entered into a two-year unaudited condensed Maturities of lease liabilities as of March 31, 2021 are as follows, in thousands: Year Ending December 31, 2021 (remaining) $ 1,614 2022 2,098 2023 2,080 2024 1,558 2025 722 Total lease payments 8,072 Less: imputed interest (774 ) Total operating lease liabilities $ 7,298 As of March 31, 2021 and December 31, 2020, total operating lease ROU assets were $5.9 million and $6.3 million, respectively. As of March 31, 2021, total operating lease liabilities were $7.3 million, of which $5.2 million were recorded as long-term lease liabilities. As of December 31, 2020, total operating lease liabilities were $7.7 million, of which $5.6 million were recorded as long-term lease liabilities. As of March 31, 2021 and December 31, 2020, the weighted-average discount rate was 5.5%, and the weighted-average remaining lease term was 3.8 years and 4.1 years, respectively. Total cash paid for amounts included in the measurement of operating lease liabilities was $0.5 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. There were no Total operating lease expense was approximately $0.5 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. We have also entered into short-term operating leases that are not recorded on the unaudited condensed balance sheets |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 7. Share-Based Compensation The following table summarizes share-based compensation expense for all share-based compensation arrangements, in thousands: Three Months Ended March 31, 2021 2020 Research and development $ 1,371 $ 1,170 General and administrative 3,704 1,983 Total share-based compensation expense $ 5,075 $ 3,153 During the three months ended March 31, 2021, we began issuing restricted stock units, or RSUs. As of March 31, 2021, unrecognized estimated compensation expense related to stock options and RSUs was approximately $61.4 million and $5.7 million, respectively, which is expected to be recognized over a weighted average period of approximately 2.9 years and 3.8 years, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Our president and chief executive officer is also the sole managing member and a significant stockholder of Araxes Pharma LLC, or |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, 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: March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents $ 110,835 $ 325,493 $ 33,811 $ 26,135 Restricted cash 210 210 210 — Total $ 111,045 $ 325,703 $ 34,021 $ 26,135 |
Allowance for Credit Losses on Available-for-Sale Debt Securities | Allowance for Credit Losses For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. |
Net Loss per Share | Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents outstanding are comprised of stock options, restricted stock units, a warrant and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Because of our net loss for the three months ended March 31, 2021 and 2020 , |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents $ 110,835 $ 325,493 $ 33,811 $ 26,135 Restricted cash 210 210 210 — Total $ 111,045 $ 325,703 $ 34,021 $ 26,135 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments All Other Investments [Abstract] | |
Investments Measured at Fair Value on Recurring Basis | The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands: March 31, 2021 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 105,195 $ — $ — $ 105,195 Short-term investments: Commercial paper 1 or less 169,353 — — 169,353 Corporate debt securities 2 or less 163,162 12 (142 ) 163,032 U.S. Treasury securities 2 or less 160,607 46 — 160,653 Total short-term investments 493,122 58 (142 ) 493,038 Total $ 598,317 $ 58 $ (142 ) $ 598,233 December 31, 2020 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 311,239 $ — $ — $ 311,239 Commercial paper 1 or less 5,998 — — 5,998 Total cash equivalents 317,237 — — 317,237 Short-term investments: Commercial paper 1 or less 106,350 — — 106,350 Corporate debt securities 2 or less 113,020 36 (36 ) 113,020 U.S. Treasury securities 1 or less 88,409 50 (2 ) 88,457 Total short-term investments 307,779 86 (38 ) 307,827 Total $ 625,016 $ 86 $ (38 ) $ 625,064 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 Total Level 1 Level 2 Cash equivalents: Money market funds $ 105,195 $ 105,195 $ — Short-term investments: Commercial paper 169,353 — 169,353 Corporate debt securities 163,032 — 163,032 U.S. Treasury securities 160,653 160,653 — Total short-term investments 493,038 160,653 332,385 Total $ 598,233 $ 265,848 $ 332,385 December 31, 2020 Total Level 1 Level 2 Cash equivalents: Money market funds $ 311,239 $ 311,239 $ — Commercial paper 5,998 — 5,998 Total cash equivalents 317,237 311,239 5,998 Short-term investments: Commercial paper 106,350 — 106,350 Corporate debt securities 113,020 — 113,020 U.S. Treasury securities 88,457 88,457 — Total short-term investments 307,827 88,457 219,370 Total $ 625,064 $ 399,696 $ 225,368 |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following, in thousands: March 31, 2021 December 31, 2020 Leasehold improvements $ 1,278 $ 1,169 Furniture and fixtures 909 862 Computer software and equipment and laboratory equipment 276 276 Property and equipment, gross 2,463 2,307 Less: accumulated depreciation (394 ) (286 ) Property and equipment, net $ 2,069 $ 2,021 |
Summary of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following, in thousands: March 31, 2021 December 31, 2020 Accounts payable $ 958 $ 2,753 Accrued clinical trial research and development expenses 6,789 4,080 Accrued other research and development expenses 6,661 5,581 Accrued compensation and benefits 3,858 7,016 Operating lease liability, current portion 2,102 2,089 Other accrued expenses 1,771 1,505 Total accounts payable and accrued expenses $ 22,139 $ 23,024 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of March 31, 2021 are as follows, in thousands: Year Ending December 31, 2021 (remaining) $ 1,614 2022 2,098 2023 2,080 2024 1,558 2025 722 Total lease payments 8,072 Less: imputed interest (774 ) Total operating lease liabilities $ 7,298 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 2020 Research and development $ 1,371 $ 1,170 General and administrative 3,704 1,983 Total share-based compensation expense $ 5,075 $ 3,153 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash pledged as collateral | $ 210 | $ 210 | $ 210 |
Total potentially dilutive securities | 6,834,000 | 5,368,000 | |
Collateral Pledged | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash pledged as collateral | $ 200 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 110,835 | $ 325,493 | $ 33,811 | $ 26,135 |
Restricted cash | 210 | 210 | 210 | |
Total | $ 111,045 | $ 325,703 | $ 34,021 | $ 26,135 |
Investments - Investments Measu
Investments - Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Fair Value | $ 493,038 | $ 307,827 |
Fair Value Measurements on Recurring Basis | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, Amortized Cost | 317,237 | |
Cash equivalents, Fair Value | 317,237 | |
Short-term investments, Amortized Cost | 493,122 | 307,779 |
Short-term investments, Unrealized Gains | 58 | 86 |
Short-term investments, Unrealized Losses | (142) | (38) |
Short-term investments, Fair Value | 493,038 | 307,827 |
Cash equivalents and Short-term investments, Amortized Cost | 598,317 | 625,016 |
Cash equivalents and Short-term investments, Unrealized Gains | 58 | 86 |
Cash equivalents and Short-term investments, Unrealized Losses | (142) | (38) |
Cash equivalents and Short-term investments, Estimated Fair Value | $ 598,233 | $ 625,064 |
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 | $ 105,195 | $ 311,239 |
Cash equivalents, Fair Value | $ 105,195 | $ 311,239 |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 or less | |
Cash equivalents, Amortized Cost | $ 5,998 | |
Cash equivalents, Fair Value | $ 5,998 | |
Maturities (years) | 1 or less | 1 or less |
Short-term investments, Amortized Cost | $ 169,353 | $ 106,350 |
Short-term investments, Fair Value | $ 169,353 | $ 106,350 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 or less | 2 or less |
Short-term investments, Amortized Cost | $ 163,162 | $ 113,020 |
Short-term investments, Unrealized Gains | 12 | 36 |
Short-term investments, Unrealized Losses | (142) | (36) |
Short-term investments, Fair Value | $ 163,032 | $ 113,020 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 or less | 1 or less |
Short-term investments, Amortized Cost | $ 160,607 | $ 88,409 |
Short-term investments, Unrealized Gains | 46 | 50 |
Short-term investments, Unrealized Losses | (2) | |
Short-term investments, Fair Value | $ 160,653 | $ 88,457 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($) | |
Investments All Other Investments [Abstract] | ||
Short-term investments with maturities less than one year | $ 310,200 | $ 242,600 |
Short-term investments with maturities between one to two years | $ 182,800 | 65,200 |
Short-term investments maturities, description | As of March 31, 2021 and December 31, 2020, short-term investments of $310.2 million and $242.6 million, respectively, had maturities less than one year, and short-term investments of $182.8 million and $65.2 million, respectively, had maturities between one to two years. | |
Available for sale debt securities allowance for credit losses | $ 0 | |
Allowance for credit losses | 0 | $ 0 |
Available for sale debt securities gross unrealized loss positions for less than twelve months | $ 149,500 | |
Number of available-for-sale securities | security | 16 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Fair Value Measurements, By Major Security Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 493,038 | $ 307,827 |
Fair Value Measurements on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 317,237 | |
Short-term investments | 493,038 | 307,827 |
Cash equivalents and short-term investments | 598,233 | 625,064 |
Fair Value Measurements on Recurring Basis | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 311,239 | |
Short-term investments | 160,653 | 88,457 |
Cash equivalents and short-term investments | 265,848 | 399,696 |
Fair Value Measurements on Recurring Basis | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,998 | |
Short-term investments | 332,385 | 219,370 |
Cash equivalents and short-term investments | 332,385 | 225,368 |
Fair Value Measurements on Recurring Basis | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 105,195 | 311,239 |
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 | 105,195 | 311,239 |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,998 | |
Short-term investments | 169,353 | 106,350 |
Fair Value Measurements on Recurring Basis | Commercial Paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,998 | |
Short-term investments | 169,353 | 106,350 |
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 | 163,032 | 113,020 |
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 | 163,032 | 113,020 |
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 | 160,653 | 88,457 |
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 | $ 160,653 | $ 88,457 |
Balance Sheet Detail - Summary
Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,463 | $ 2,307 |
Less: accumulated depreciation | (394) | (286) |
Property and equipment, net | 2,069 | 2,021 |
Computer Software and Equipment and Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 276 | 276 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 909 | 862 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,278 | $ 1,169 |
Balance Sheet Detail - Summar_2
Balance Sheet Detail - Summary of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 958 | $ 2,753 |
Accrued clinical trial research and development expenses | 6,789 | 4,080 |
Accrued other research and development expenses | 6,661 | 5,581 |
Accrued compensation and benefits | 3,858 | 7,016 |
Operating lease liability, current portion | 2,102 | 2,089 |
Other accrued expenses | 1,771 | 1,505 |
Total accounts payable and accrued expenses | $ 22,139 | $ 23,024 |
Leases - Additional Information
Leases - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |||||
May 31, 2020USD ($)Option | Mar. 31, 2020USD ($)Option | Jan. 31, 2020 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | |
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use assets | $ 5,949,000 | $ 6,334,000 | |||||
Operating leases, liability | 7,298,000 | 7,700,000 | |||||
Long-term operating lease liabilities | $ 5,196,000 | $ 5,638,000 | |||||
Weighted-average discount rate | 5.50% | 5.50% | |||||
Weighted-average remaining lease term | 3 years 9 months 18 days | 4 years 1 month 6 days | |||||
Total cash paid for amounts included in the measurement of lease liabilities | $ 500,000 | $ 200,000 | |||||
ROU assets obtained in exchange for operating lease liabilities | 0 | 2,200,000 | |||||
Total operating lease rent expense | 500,000 | 300,000 | |||||
ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Total operating lease rent expense | $ 500,000 | 200,000 | |||||
San Diego Lease | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease commencement date | May 31, 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 | ||||||
Operating lease right-of-use assets | $ 2,200,000 | 2,200,000 | |||||
Operating leases, liability | $ 2,200,000 | $ 2,200,000 | |||||
Boston Lease | |||||||
Lessee Lease Description [Line Items] | |||||||
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 | 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 | ||||||
Lease expiration date | Jul. 31, 2024 | ||||||
Boston Lease | Letter of Credit | |||||||
Lessee Lease Description [Line Items] | |||||||
Letter of Credit | $ 200,000 | $ 200,000 | |||||
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 | ||||||
Sublease | One Year | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease, monthly minimum rent payable | $ 12,500 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (remaining) | $ 1,614 | |
2022 | 2,098 | |
2023 | 2,080 | |
2024 | 1,558 | |
2025 | 722 | |
Total lease payments | 8,072 | |
Less: imputed interest | (774) | |
Total operating lease liabilities | $ 7,298 | $ 7,700 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 5,075 | $ 3,153 |
Research and development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | 1,371 | 1,170 |
General and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 3,704 | $ 1,983 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 5,700 |
Weighted average service period | 3 years 9 months 18 days |
Employee Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 61,400,000 |
Weighted average service period | 2 years 10 months 24 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Management fee income, related party | $ 8,000 | $ 15,000 |