Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 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 | CNST | |
Entity Registrant Name | CONSTELLATION PHARMACEUTICALS INC | |
Entity Central Index Key | 0001434418 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity File Number | 001-38584 | |
Entity Tax Identification Number | 26-1741721 | |
Entity Address, Address Line One | 215 First Street | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 617 | |
Local Phone Number | 714-0555 | |
Entity Common Stock, Shares Outstanding | 47,500,032 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 179,112 | $ 334,332 |
Marketable securities | 341,401 | 49,602 |
Prepaid expenses and other current assets | 2,586 | 3,055 |
Total current assets | 523,099 | 386,989 |
Property and equipment, net | 1,443 | 971 |
Restricted cash | 425 | 425 |
Operating lease, right-of-use assets | 9,378 | 10,745 |
Other assets | 453 | |
Total assets | 534,798 | 399,130 |
Current liabilities: | ||
Accounts payable | 5,659 | 7,278 |
Accrued expenses and other current liabilities | 16,538 | 12,915 |
Current portion of long-term debt, net of discount | 2,150 | |
Current portion of lease liabilities - operating lease | 2,937 | 2,562 |
Total current liabilities | 27,284 | 22,755 |
Long-term debt, net of current portion and discount | 27,569 | 29,642 |
Operating lease liabilities, net of current portion | 7,248 | 8,759 |
Other long-term liabilities | 716 | 390 |
Total liabilities | 62,817 | 61,546 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding at June 30, 2020 and December 31, 2019, respectively | ||
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2020 and December 31, 2019, respectively; 47,500,032 and 41,719,039 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 5 | 4 |
Additional paid-in capital | 846,305 | 656,973 |
Accumulated other comprehensive gain (loss) | 255 | (6) |
Accumulated deficit | (374,584) | (319,387) |
Total stockholders' equity | 471,981 | 337,584 |
Total liabilities and stockholders' equity | $ 534,798 | $ 399,130 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 47,500,032 | 41,719,039 |
Common stock, shares outstanding | 47,500,032 | 41,719,039 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ 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 | $ 22,627 | $ 15,955 | $ 42,702 | $ 31,632 |
General and administrative | 6,960 | 4,886 | 12,868 | 9,315 |
Total operating expenses | 29,587 | 20,841 | 55,570 | 40,947 |
Loss from operations | (29,587) | (20,841) | (55,570) | (40,947) |
Other income (expense): | ||||
Interest income | 686 | 652 | 2,090 | 1,407 |
Gain on disposal of equipment | 29 | 29 | ||
Interest expense | (857) | (578) | (1,707) | (653) |
Total other income (expense), net | (142) | 74 | 412 | 754 |
Loss before income taxes | (29,729) | (20,767) | (55,158) | (40,193) |
Income tax expense | 24 | 39 | ||
Net loss | $ (29,753) | $ (20,767) | $ (55,197) | $ (40,193) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.70) | $ (0.80) | $ (1.31) | $ (1.56) |
Weighted average number of common shares used in net loss per share attributable to common stockholders, basic and diluted | 42,589,415 | 25,809,556 | 42,177,523 | 25,807,132 |
Comprehensive loss: | ||||
Net loss | $ (29,753) | $ (20,767) | $ (55,197) | $ (40,193) |
Other comprehensive gain: | ||||
Unrealized gain on marketable securities | 345 | 2 | 261 | 11 |
Total other comprehensive gain | 345 | 2 | 261 | 11 |
Comprehensive loss | $ (29,408) | $ (20,765) | $ (54,936) | $ (40,182) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | IPO [Member] | Common Stock [Member] | Common Stock [Member]IPO [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]IPO [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2018 | $ 104,158 | $ 3 | $ 337,992 | $ (233,837) | ||||
Beginning balance, shares at Dec. 31, 2018 | 25,803,135 | |||||||
Stock-based compensation expense | 1,313 | 1,313 | ||||||
Vesting of common stock issued upon early exercise of unvested options, shares | 85 | |||||||
Stock option exercises | 21 | 21 | ||||||
Stock option exercises, shares | 3,754 | |||||||
Unrealized gain (loss) on marketable securities | 9 | $ 9 | ||||||
Net loss | (19,426) | (19,426) | ||||||
Ending balance at Mar. 31, 2019 | 86,075 | $ 3 | 339,326 | 9 | (253,263) | |||
Ending balance, shares at Mar. 31, 2019 | 25,806,974 | |||||||
Beginning balance at Dec. 31, 2018 | 104,158 | $ 3 | 337,992 | (233,837) | ||||
Beginning balance, shares at Dec. 31, 2018 | 25,803,135 | |||||||
Net loss | (40,193) | |||||||
Ending balance at Jun. 30, 2019 | 67,184 | $ 3 | 341,200 | 11 | (274,030) | |||
Ending balance, shares at Jun. 30, 2019 | 25,819,423 | |||||||
Beginning balance at Dec. 31, 2018 | 104,158 | $ 3 | 337,992 | (233,837) | ||||
Beginning balance, shares at Dec. 31, 2018 | 25,803,135 | |||||||
Net loss | (85,600) | |||||||
Ending balance at Dec. 31, 2019 | 337,584 | $ 4 | 656,973 | (6) | (319,387) | |||
Ending balance, shares at Dec. 31, 2019 | 41,719,039 | |||||||
Beginning balance at Mar. 31, 2019 | 86,075 | $ 3 | 339,326 | 9 | (253,263) | |||
Beginning balance, shares at Mar. 31, 2019 | 25,806,974 | |||||||
Stock-based compensation expense | 1,797 | 1,797 | ||||||
Vesting of common stock issued upon early exercise of unvested options, shares | 85 | |||||||
Stock option exercises | 77 | 77 | ||||||
Stock option exercises, shares | 12,364 | |||||||
Unrealized gain (loss) on marketable securities | 2 | 2 | ||||||
Net loss | (20,767) | (20,767) | ||||||
Ending balance at Jun. 30, 2019 | 67,184 | $ 3 | 341,200 | 11 | (274,030) | |||
Ending balance, shares at Jun. 30, 2019 | 25,819,423 | |||||||
Beginning balance at Dec. 31, 2019 | 337,584 | $ 4 | 656,973 | (6) | (319,387) | |||
Beginning balance, shares at Dec. 31, 2019 | 41,719,039 | |||||||
Stock-based compensation expense | 2,559 | 2,559 | ||||||
Stock option exercises | 911 | 911 | ||||||
Stock option exercises, shares | 103,025 | |||||||
Unrealized gain (loss) on marketable securities | (84) | (84) | ||||||
Net loss | (25,444) | (25,444) | ||||||
Ending balance at Mar. 31, 2020 | 315,526 | $ 4 | 660,443 | (90) | (344,831) | |||
Ending balance, shares at Mar. 31, 2020 | 41,822,064 | |||||||
Beginning balance at Dec. 31, 2019 | 337,584 | $ 4 | 656,973 | (6) | (319,387) | |||
Beginning balance, shares at Dec. 31, 2019 | 41,719,039 | |||||||
Net loss | (55,197) | |||||||
Ending balance at Jun. 30, 2020 | 471,981 | $ 5 | 846,305 | 255 | (374,584) | |||
Ending balance, shares at Jun. 30, 2020 | 47,500,032 | |||||||
Beginning balance at Mar. 31, 2020 | 315,526 | $ 4 | 660,443 | (90) | (344,831) | |||
Beginning balance, shares at Mar. 31, 2020 | 41,822,064 | |||||||
Stock-based compensation expense | 3,635 | 3,635 | ||||||
Issuance of stock, net of issuance costs | $ 180,727 | $ 1 | $ 180,726 | |||||
Issuance of stock, net of issuance costs, shares | 5,500,000 | |||||||
Stock option exercises | 1,501 | 1,501 | ||||||
Stock option exercises, shares | 177,968 | |||||||
Unrealized gain (loss) on marketable securities | 345 | 345 | ||||||
Net loss | (29,753) | (29,753) | ||||||
Ending balance at Jun. 30, 2020 | $ 471,981 | $ 5 | $ 846,305 | $ 255 | $ (374,584) | |||
Ending balance, shares at Jun. 30, 2020 | 47,500,032 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (55,197) | $ (40,193) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 267 | 364 |
Stock-based compensation expense | 6,194 | 3,110 |
Non-cash interest expense | 403 | 158 |
Amortization and accretion on marketable securities | (374) | (523) |
Gain on disposal of equipment | (29) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 469 | 257 |
Operating lease, right-of-use assets | 1,367 | 1,461 |
Accounts payable | (2,197) | 801 |
Accrued expenses and other current liabilities | 3,623 | (131) |
Operating lease liabilities | (1,136) | (1,484) |
Other assets | (453) | |
Net cash used in operating activities | (47,063) | (36,180) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (373,417) | (63,123) |
Purchases of property and equipment | (161) | (469) |
Proceeds from sale of property and equipment | 29 | |
Proceeds from maturities and sales of marketable securities | 82,253 | 20,600 |
Net cash used in investing activities | (291,296) | (42,992) |
Cash flows from financing activities: | ||
Proceeds from common stock offerings, net of underwriting discounts and commissions | 180,727 | |
Proceeds from issuance of long-term debt | 19,650 | |
Payment of debt issuance costs | (125) | |
Proceeds from issuance of common stock upon stock option exercises | 2,412 | 98 |
Net cash provided by financing activities | 183,139 | 19,623 |
Net decrease in cash, cash equivalents and restricted cash | (155,220) | (59,549) |
Cash, cash equivalents and restricted cash at beginning of period | 334,757 | 115,017 |
Cash, cash equivalents and restricted cash at end of period | 179,537 | 55,468 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 1,304 | 347 |
Income taxes paid | 24 | |
Supplemental disclosure of noncash investing and financing information: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 578 | $ 41 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Constellation Pharmaceuticals, Inc. (“Constellation” or the “Company”) is a clinical-stage biopharmaceutical company using its expertise in epigenetics to discover and develop novel therapeutics that address serious unmet medical needs in patients with cancers associated with abnormal gene expression or drug resistance. The Company was incorporated in January 2008 as EpiGenetiX, Inc. under the laws of the State of Delaware. On March 31, 2008, the Company changed its name to Constellation Pharmaceuticals, Inc. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The accompanying financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has funded its operations with the proceeds of sales of convertible preferred stock, payments received in connection with collaboration agreements, borrowings under loan agreements, and proceeds from sales of its common stock public and private offerings. On June 19, 2020, the Company completed a public offering of an aggregate of 5,500,000 of its common stock and received net proceeds of approximately $180.7 million. The Company has incurred losses since inception, including net losses of $29.8 million and $55.2 for the three and six months ended June 30, 2020, respectively, and $85.6 million for the year ended December 31, 2019. As of June 30, 2020, the Company had an accumulated deficit of $374.6 million. The Company expects to continue to generate operating losses in the foreseeable future. Based on the Company’s current operating plan, the Company expects that its cash, cash equivalents and marketable securities at June 30, 2020, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the interim financial statements. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all. The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). |
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 Unaudited Interim Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim consolidated financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”). The unaudited condensed consolidated financial statements include the accounts of Constellation Pharmaceuticals, Inc. and its wholly owned subsidiary, Constellation Securities Corporation. All intercompany transactions and balances of the subsidiary have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2020, and results of operations for the three and six months ended June 30, 2020 and 2019, stockholders’ equity for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019 have been made. The Company’s results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. Concentrations of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains most of its cash, cash equivalents and marketable securities at two accredited financial institutions in amounts that could exceed federally insured limits. Cash equivalents are invested in an institutional money market fund. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” to the Consolidated Financial Statements included in the Annual Report. There have been no material changes to the significant accounting policies previously disclosed in the Annual Report other than as noted below. Cash, Cash Equivalents and Restricted Cash Cash equivalents consists of highly liquid investments that are readily convertible into cash with original maturities of three months or less from the date of purchase. The Company has a policy of making investments only in government securities or with commercial institutions that have at least an investment grade credit rating. The Company invests its cash primarily in reverse repurchase agreements (RRAs), government securities and obligations, corporate debt securities and money market funds. RRAs are collateralized by deposits in the form of government securities and obligations for an amount not less than 102% of their value. The Company does not record an asset or liability as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least the prevailing credit rating of US Government Treasuries and Agencies. The Company utilizes a third-party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the RRAs on a daily basis. RRAs have stated maturities of less than 30 days. As of June 30, 2020, the Company classified $0.4 million as restricted cash related to a letter of credit issued as a security deposit in connection with Company's lease of its corporate office facilities (Note 10). Cash, cash equivalents and restricted cash consists of the following (in thousands): June 30, 2020 December 31, 2019 Cash and cash equivalents $ 179,112 $ 334,332 Restricted cash 425 425 Cash, cash equivalents and restricted cash $ 179,537 $ 334,757 Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. The carrying value of the Company’s outstanding debt as of June 30 , 2020 (see Note 7 ) approximated fair value (a Level 3 measurement) based on interest rates currently available to the Company. Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception . In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued , Intangibles - Goodwill and Other - Internal-Use Software . This ASU addresses the accounting for implementation, setup and other upfront costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The guidance can be adopted either retrospectively or prospectively. The adoption of ASU 2018-15 on January 1, 2020 prospectively did not have a material impact on the Company’s financial position, results of operations or cash flows. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808), Clarifying the Interaction between Topic 808 and Topic 606. ASC 606 ASC 606 ASU 2018-18 The adoption of ASU 2018-18 on January 1, 2020 did not have a material impact on the Company’s financial position, results of operations or cash flows. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842) Codification Improvements Recently issued accounting pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | 3. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 179,112 $ — $ — $ 179,112 $ 179,112 $ — $ — $ 179,112 Marketable securities: Corporate debt securities $ — $ 45,133 $ — $ 45,133 Commercial paper — 71,278 — 71,278 Government securities — 224,990 — 224,990 Total $ — $ 341,401 $ — $ 341,401 December 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 303,345 $ — $ — $ 303,345 Commercial paper — 8,986 — 8,986 Corporate debt securities — 2,001 — 2,001 Reverse Repurchase Agreements (RRAs) — 20,000 — 20,000 $ 303,345 $ 30,987 $ — $ 334,332 Marketable securities: Corporate debt securities $ — $ 12,748 $ — $ 12,748 Commercial paper — 26,808 — 26,808 Government securities — 10,046 — 10,046 Total $ — $ 49,602 $ — $ 49,602 Money market funds were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 1 measurement within the fair value hierarchy. During the six months ended June 30, 2020 and the year ended December 31, 2019, there were no |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Marketable Securities | 4. Marketable Securities The following table summarizes the Company’s marketable securities and cash equivalents as of June 30, 2020, and December 31, 2019, respectively (in thousands): June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 179,112 $ — $ — $ 179,112 Total cash equivalents $ 179,112 $ — $ — $ 179,112 Marketable securities: Corporate debt securities $ 44,960 $ 176 $ (3 ) $ 45,133 Commercial paper 71,278 — — 71,278 Government securities 224,908 86 (4 ) 224,990 Total marketable securities $ 341,146 $ 262 $ (7 ) $ 341,401 Total cash equivalents and marketable securities $ 520,258 $ 262 $ (7 ) $ 520,513 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 303,345 $ — $ — $ 303,345 Commercial paper 8,986 — — 8,986 Corporate debt securities 2,001 — — 2,001 Reverse Repurchase Agreements (RRAs) 20,000 — — 20,000 Total cash equivalents $ 334,332 $ — $ — $ 334,332 Marketable securities: Corporate debt securities $ 12,753 $ — $ (5 ) $ 12,748 Commercial paper 26,808 — — 26,808 Government securities 10,047 — (1 ) 10,046 Total marketable securities $ 49,608 $ — $ (6 ) $ 49,602 Total cash equivalents and marketable securities $ 383,940 $ — $ (6 ) $ 383,934 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2020 December 31, 2019 Accrued employee compensation and benefits $ 2,868 $ 4,527 Accrued external research and development expense 12,716 7,707 Accrued professional fees 425 184 Other 529 497 $ 16,538 $ 12,915 |
Collaboration Agreement
Collaboration Agreement | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreement | 6. Collaboration Agreement The Company has a collaboration agreement (the “LLS Agreement”) with the Leukemia and Lymphoma Society, (“LLS”) pursuant to which LLS committed to provide funding to the Company for research and development services, conditional on (i) the achievement of milestones in accordance with the LLS Agreement and (ii) equal funding being provided by the Company. Through December 31, 2019, the Company received funding totaling $7.3 million from LLS upon the achievement of specified milestones, which were recorded as a reduction of research and development expense. There was no additional funding received in the six months ended June 30, 2020. The LLS Agreement requires the Company to make payments to LLS upon the Company’s achievement of specified milestones that could total up to $25.0 million in aggregate (see Note 11). |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt On March 20, 2019, the Company entered into a loan agreement with Hercules (“the Loan Agreement”) as administrative and collateral agent, and various other lenders, The term loan bears interest at an annual rate equal to the greater of 8.55% and the prime rate of interest plus 2.55%. As of June 30, 2020 and December 31, 2019, debt payable consisted of the following (in thousands): June 30, 2020 December 31, 2019 Principal amount of term loans $ 30,000 $ 30,000 Debt discount current portion (153 ) — Less: Current portion (2,150 ) — Long-term debt, net of current portion 27,697 30,000 Debt discount net of current portion (128 ) (358 ) Long-term debt, net of discount and current portion $ 27,569 $ 29,642 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Equity | 8. Equity Preferred Stock The Company has authorized preferred stock amounting to 5,000,000 shares as of June 30, 2020 and December 31, 2019, respectively. The authorized preferred stock was classified under stockholders’ equity at June 30, 2020 and December 31, 2019, respectively. Common Stock As of June 30, 2020, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 200,000,000 shares of common stock, $0.0001 par value per share. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the Company’s board of directors. No dividends have been declared or paid by the Company since its inception. At-the-Market Offering In August 2019, the Company entered into an Open Market Sale Agreement SM Follow-On Offering On June 19, 2020, the Company completed a public offering of an aggregate of 5,500,000 of its common stock and received net proceeds of approximately $180.7 million. Warrants to Purchase Common Stock As of June 30, 2020, the Company had outstanding warrants to purchase common stock as follows: Issuance Date Term (in years) Exercise Price Number of Common Shares Issuable under Warrant May 23, 2011 10 $ 1.55 61,868 June 28, 2013 10 $ 13.22 7,569 September 30, 2014 10 $ 13.22 15,139 84,576 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation 2018 Equity Incentive Plan In June 2018, the Company’s stockholders approved the 2018 Plan, which became effective on July 18, 2018. The 2018 Plan provides for the grant of incentive stock options, non-qualified options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares initially reserved for issuance under the 2018 Plan was 3,025,101. The number of shares reserved shall be annually increased on January 1, 2019 and each January 1 thereafter through January 1, 2028 by the least of (i) 2,216,368 shares, (ii) 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or (iii) an amount determined by the Company’s board of directors. The shares of common stock underlying any awards that are expired, forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2018 Plan or any predecessor plan such as the 2008 Equity Incentive Plan will be added back to the shares of common stock available for issuance under the 2018 Plan. In January 2020, the shares available for issuance under the 2018 Plan were increased by 1,668,762 shares pursuant to the annual increase described above. As of June 30, 2020, 2,271,872 shares remained available for future issuance under the 2018 Plan. 2018 Employee Stock Purchase Plan In June 2018, the Company’s stockholders approved the 2018 Employee Stock Purchase Plan which became effective on July 18, 2018. A total of 272,504 shares of common stock were reserved for issuance under this plan. The number of shares reserved shall be annually increased on each January 1 through January 1, 2028 by the least of (i) 545,008 shares, (ii) 1% of the number of shares of the Company’s common stock outstanding on the first day of the year or (iii) an amount determined by the Company’s board of directors. In January 2020, the shares available for issuance under the 2018 Plan were increased by 417,190 shares pursuant to the annual increase described above. As of June 30, 2020, no offering periods have commenced, and 689,694 shares remained available for future issuance under the 2018 Plan. Stock Option Issuances The following is a summary of stock option activity for the six months ended June 30, 2020: Weighted Weighted Average Average Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2019 4,211,068 $ 8.95 8.39 $ 160,689 Granted 1,167,482 $ 36.22 Exercised (280,993 ) $ 8.58 Forfeited (92,649 ) $ 13.33 Outstanding as of June 30, 2020 5,004,908 $ 15.25 8.33 $ 82,120 Vested and expected to vest as of June 30, 2020 5,004,908 $ 15.25 8.33 $ 82,120 Options exercisable as of June 30, 2020 1,681,244 $ 8.53 7.58 $ 36,496 During the six months ended June 30, 2020, the Company granted options to employees and directors for the purchase of 1,167,482 shares of common stock with a weighted average exercise price of $36.22 per share and a weighted average grant-date fair value of $25.41 per share. The Company estimated the fair value of each stock option award using the Black-Scholes option-pricing model based on the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Risk-free interest rate 0.47 % 2.06 % 1.21 % 2.44 % Expected volatility 84.78 % 83.08 % 82.85 % 82.24 % Expected dividend yield — — — — Expected term (in years) 5.90 5.68 6.02 6.02 As of June 30, 2020, total unrecognized compensation cost related to the unvested stock-based awards was $41.1 million, which is expected to be recognized over a weighted average period of 3.02 years. Stock-Based Compensation The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development expenses $ 1,402 $ 732 $ 2,408 $ 1,256 General and administrative expenses 2,233 1,065 3,786 1,854 Total $ 3,635 $ 1,797 $ 6,194 $ 3,110 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 10. Leases The Company has leases for office and laboratory space. The Company occupies approximately 47,546 square feet of office and laboratory space in Cambridge, Massachusetts under a lease that expires on June 30, 2023. The Company determined that these leases are operating leases. In June 2019, the Company entered into a sublease agreement for a portion of its office space consisting of approximately 4,422 square feet. The sub-lease was originally expired on June 20, 2020. On June 19, 2020, the Company executed an amendment to extend the term of the sub-lease until July 31, 2020. We recognize our minimum rental expense on a straight-line basis over the term of the lease beginning with the date of initial control of the asset. We recognized all leases with terms greater than 12 months in duration on our Condensed Consolidated Balance Sheets as right-of-use assets and lease liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Research Agreements The LLS Agreement requires the Company to make certain milestone payments to LLS, that could total up to $25.0 million in the aggregate, upon the receipt of payments by the Company associated with the licensing or transfer of rights to the related compound (or a product) to a third party, upon first regulatory approval of a product in the U.S., or upon the first regulatory approval of a product in Europe or Japan. As of June 30, 2020, and December 31, 2019, no events have occurred that would require payment of the milestones. The Company has several in-license agreements with academic organizations. The Company is obligated to pay annual license maintenance fees of less than $0.1 million per year as well as reimburse certain institutions for costs incurred related to the filing, prosecution and maintenance of patent rights licensed under the agreements. In addition, the Company may be obligated to pay contingent milestone payments of up to a maximum of $15.7 million upon the achievement of certain defined events as well as royalties of low single-digit percentages of sales of licensed products. In certain cases, the maximum payments to the academic organizations are capped. If the Company grants any sublicense rights under the license agreements, the Company has agreed to pay a percentage of sublicense fees received by the Company to the licensors. As of June 30, 2020, and December 31, 2019, no events have occurred that would require payment of the milestones, royalties, or sublicense fees. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its financial statements as of June 30, 2020 or December 31, 2019. Legal Proceedings The Company is not a party to any material legal matters or claims and did not have contingency reserves established for any litigation liabilities as of June 30, 2020 or December 31, 2019. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 12. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss $ (29,753 ) $ (20,767 ) $ (55,197 ) $ (40,193 ) Net loss attributable to common stockholders $ (29,753 ) $ (20,767 ) $ (55,197 ) $ (40,193 ) Denominator: Weighted average common shares outstanding, basic and diluted 42,589,415 25,809,556 42,177,523 25,807,132 Net loss per share attributable to common stockholders, basic and diluted $ (0.70 ) $ (0.80 ) $ (1.31 ) $ (1.56 ) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: June 30, 2020 2019 Warrants for the purchase of common stock 84,576 95,930 Options to purchase common stock 5,004,908 4,829,732 Total 5,089,484 4,925,662 |
Retirement Plan
Retirement Plan | 6 Months Ended |
Jun. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plan | 13. Retirement Plan The Company has a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. As currently established, the Company is not required to make contributions to the 401(k) Plan. The Company made matching contributions of $0.1 million for each of the three months ended June 30, 2020 and 2019, respectively. The Company made matching contributions of $0.3 million and $0.2 million for each of the six months ended June 30, 2020 and 2019, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Unaudited interim consolidated financial information | Unaudited Interim Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim consolidated financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”). The unaudited condensed consolidated financial statements include the accounts of Constellation Pharmaceuticals, Inc. and its wholly owned subsidiary, Constellation Securities Corporation. All intercompany transactions and balances of the subsidiary have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2020, and results of operations for the three and six months ended June 30, 2020 and 2019, stockholders’ equity for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019 have been made. The Company’s results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. |
Concentrations of credit risk and of significant suppliers | Concentrations of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains most of its cash, cash equivalents and marketable securities at two accredited financial institutions in amounts that could exceed federally insured limits. Cash equivalents are invested in an institutional money market fund. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. |
Cash, cash equivalents and restricted cash | Cash, Cash Equivalents and Restricted Cash Cash equivalents consists of highly liquid investments that are readily convertible into cash with original maturities of three months or less from the date of purchase. The Company has a policy of making investments only in government securities or with commercial institutions that have at least an investment grade credit rating. The Company invests its cash primarily in reverse repurchase agreements (RRAs), government securities and obligations, corporate debt securities and money market funds. RRAs are collateralized by deposits in the form of government securities and obligations for an amount not less than 102% of their value. The Company does not record an asset or liability as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least the prevailing credit rating of US Government Treasuries and Agencies. The Company utilizes a third-party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the RRAs on a daily basis. RRAs have stated maturities of less than 30 days. As of June 30, 2020, the Company classified $0.4 million as restricted cash related to a letter of credit issued as a security deposit in connection with Company's lease of its corporate office facilities (Note 10). Cash, cash equivalents and restricted cash consists of the following (in thousands): June 30, 2020 December 31, 2019 Cash and cash equivalents $ 179,112 $ 334,332 Restricted cash 425 425 Cash, cash equivalents and restricted cash $ 179,537 $ 334,757 |
Fair value measurements | Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. The carrying value of the Company’s outstanding debt as of June 30 , 2020 (see Note 7 ) approximated fair value (a Level 3 measurement) based on interest rates currently available to the Company. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception . In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued , Intangibles - Goodwill and Other - Internal-Use Software . This ASU addresses the accounting for implementation, setup and other upfront costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The guidance can be adopted either retrospectively or prospectively. The adoption of ASU 2018-15 on January 1, 2020 prospectively did not have a material impact on the Company’s financial position, results of operations or cash flows. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808), Clarifying the Interaction between Topic 808 and Topic 606. ASC 606 ASC 606 ASU 2018-18 The adoption of ASU 2018-18 on January 1, 2020 did not have a material impact on the Company’s financial position, results of operations or cash flows. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842) Codification Improvements |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash consists of the following (in thousands): June 30, 2020 December 31, 2019 Cash and cash equivalents $ 179,112 $ 334,332 Restricted cash 425 425 Cash, cash equivalents and restricted cash $ 179,537 $ 334,757 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 179,112 $ — $ — $ 179,112 $ 179,112 $ — $ — $ 179,112 Marketable securities: Corporate debt securities $ — $ 45,133 $ — $ 45,133 Commercial paper — 71,278 — 71,278 Government securities — 224,990 — 224,990 Total $ — $ 341,401 $ — $ 341,401 December 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 303,345 $ — $ — $ 303,345 Commercial paper — 8,986 — 8,986 Corporate debt securities — 2,001 — 2,001 Reverse Repurchase Agreements (RRAs) — 20,000 — 20,000 $ 303,345 $ 30,987 $ — $ 334,332 Marketable securities: Corporate debt securities $ — $ 12,748 $ — $ 12,748 Commercial paper — 26,808 — 26,808 Government securities — 10,046 — 10,046 Total $ — $ 49,602 $ — $ 49,602 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Marketable Securities and Cash Equivalents | The following table summarizes the Company’s marketable securities and cash equivalents as of June 30, 2020, and December 31, 2019, respectively (in thousands): June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 179,112 $ — $ — $ 179,112 Total cash equivalents $ 179,112 $ — $ — $ 179,112 Marketable securities: Corporate debt securities $ 44,960 $ 176 $ (3 ) $ 45,133 Commercial paper 71,278 — — 71,278 Government securities 224,908 86 (4 ) 224,990 Total marketable securities $ 341,146 $ 262 $ (7 ) $ 341,401 Total cash equivalents and marketable securities $ 520,258 $ 262 $ (7 ) $ 520,513 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 303,345 $ — $ — $ 303,345 Commercial paper 8,986 — — 8,986 Corporate debt securities 2,001 — — 2,001 Reverse Repurchase Agreements (RRAs) 20,000 — — 20,000 Total cash equivalents $ 334,332 $ — $ — $ 334,332 Marketable securities: Corporate debt securities $ 12,753 $ — $ (5 ) $ 12,748 Commercial paper 26,808 — — 26,808 Government securities 10,047 — (1 ) 10,046 Total marketable securities $ 49,608 $ — $ (6 ) $ 49,602 Total cash equivalents and marketable securities $ 383,940 $ — $ (6 ) $ 383,934 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2020 December 31, 2019 Accrued employee compensation and benefits $ 2,868 $ 4,527 Accrued external research and development expense 12,716 7,707 Accrued professional fees 425 184 Other 529 497 $ 16,538 $ 12,915 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Components of Debt Payable | As of June 30, 2020 and December 31, 2019, debt payable consisted of the following (in thousands): June 30, 2020 December 31, 2019 Principal amount of term loans $ 30,000 $ 30,000 Debt discount current portion (153 ) — Less: Current portion (2,150 ) — Long-term debt, net of current portion 27,697 30,000 Debt discount net of current portion (128 ) (358 ) Long-term debt, net of discount and current portion $ 27,569 $ 29,642 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Warrant Activities | As of June 30, 2020, the Company had outstanding warrants to purchase common stock as follows: Issuance Date Term (in years) Exercise Price Number of Common Shares Issuable under Warrant May 23, 2011 10 $ 1.55 61,868 June 28, 2013 10 $ 13.22 7,569 September 30, 2014 10 $ 13.22 15,139 84,576 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Company's Option Activity | The following is a summary of stock option activity for the six months ended June 30, 2020: Weighted Weighted Average Average Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2019 4,211,068 $ 8.95 8.39 $ 160,689 Granted 1,167,482 $ 36.22 Exercised (280,993 ) $ 8.58 Forfeited (92,649 ) $ 13.33 Outstanding as of June 30, 2020 5,004,908 $ 15.25 8.33 $ 82,120 Vested and expected to vest as of June 30, 2020 5,004,908 $ 15.25 8.33 $ 82,120 Options exercisable as of June 30, 2020 1,681,244 $ 8.53 7.58 $ 36,496 |
Schedule of Weighted Average Basis Assumptions Used in Black-Scholes Option-Pricing Model | The Company estimated the fair value of each stock option award using the Black-Scholes option-pricing model based on the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Risk-free interest rate 0.47 % 2.06 % 1.21 % 2.44 % Expected volatility 84.78 % 83.08 % 82.85 % 82.24 % Expected dividend yield — — — — Expected term (in years) 5.90 5.68 6.02 6.02 |
Schedule of Stock Based Compensation Expense Related to Statements of Operations and Comprehensive Loss | The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development expenses $ 1,402 $ 732 $ 2,408 $ 1,256 General and administrative expenses 2,233 1,065 3,786 1,854 Total $ 3,635 $ 1,797 $ 6,194 $ 3,110 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Net Loss per Share | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss $ (29,753 ) $ (20,767 ) $ (55,197 ) $ (40,193 ) Net loss attributable to common stockholders $ (29,753 ) $ (20,767 ) $ (55,197 ) $ (40,193 ) Denominator: Weighted average common shares outstanding, basic and diluted 42,589,415 25,809,556 42,177,523 25,807,132 Net loss per share attributable to common stockholders, basic and diluted $ (0.70 ) $ (0.80 ) $ (1.31 ) $ (1.56 ) |
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: June 30, 2020 2019 Warrants for the purchase of common stock 84,576 95,930 Options to purchase common stock 5,004,908 4,829,732 Total 5,089,484 4,925,662 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 19, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Issuance of stock, net of issuance costs, shares | 5,500,000 | |||||||
Proceeds from common stock offerings, net of underwriting discounts and commissions | $ 180,700 | $ 180,727 | ||||||
Net losses | $ 29,753 | $ 25,444 | $ 20,767 | $ 19,426 | 55,197 | $ 40,193 | $ 85,600 | |
Accumulated deficit | $ 374,584 | $ 374,584 | $ 319,387 | |||||
Common Stock [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Issuance of stock, net of issuance costs, shares | 5,500,000 | |||||||
Proceeds from common stock offerings, net of underwriting discounts and commissions | $ 180,700 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | ||
Percentage Securities for Reverse Repurchase Agreements | 102.00% | |
Restricted cash | $ 425 | $ 425 |
Letter of Credit [Member] | ||
Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 400 | |
Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Percentage Securities for Reverse Repurchase Agreements | 102.00% | |
Reverse repurchase agreements maturity period | 30 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 179,112 | $ 334,332 | ||
Restricted cash | 425 | 425 | ||
Cash, cash equivalents and restricted cash | $ 179,537 | $ 334,757 | $ 55,468 | $ 115,017 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash equivalents: | ||
Cash and cash equivalents | $ 179,112 | $ 334,332 |
Marketable securities: | ||
Marketable securities | 341,401 | 49,602 |
Commercial Paper [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 8,986 | |
Marketable securities: | ||
Marketable securities | 71,278 | 26,808 |
Government Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 224,990 | 10,046 |
Reverse Repurchase Agreements (RRAs) | ||
Cash equivalents: | ||
Cash and cash equivalents | 20,000 | |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 179,112 | 303,345 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 30,987 | |
Marketable securities: | ||
Marketable securities | 341,401 | 49,602 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 8,986 | |
Marketable securities: | ||
Marketable securities | 71,278 | 26,808 |
Fair Value, Inputs, Level 2 [Member] | Government Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 224,990 | 10,046 |
Fair Value, Inputs, Level 2 [Member] | Reverse Repurchase Agreements (RRAs) | ||
Cash equivalents: | ||
Cash and cash equivalents | 20,000 | |
Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 179,112 | 303,345 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 179,112 | 303,345 |
Corporate Debt Securities [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 2,001 | |
Marketable securities: | ||
Marketable securities | 45,133 | 12,748 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash and cash equivalents | 2,001 | |
Marketable securities: | ||
Marketable securities | $ 45,133 | $ 12,748 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Fair value of assets transfers level 1 to level 2 | $ 0 | $ 0 |
Fair value of assets transfers level 2 to level 1 | 0 | 0 |
Fair value of liabilities transfers level 1 to level 2 | 0 | 0 |
Fair value of liabilities transfers level 2 to level 1 | $ 0 | $ 0 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities and Cash Equivalents (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | $ 520,258 | $ 383,940 |
Unrealized Gains | 262 | |
Unrealized Losses | (7) | (6) |
Fair Value | 520,513 | 383,934 |
Total Cash Equivalents [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 179,112 | 334,332 |
Fair Value | 179,112 | 334,332 |
Total marketable securities [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 341,146 | 49,608 |
Unrealized Gains | 262 | |
Unrealized Losses | (7) | (6) |
Fair Value | 341,401 | 49,602 |
Corporate Debt Securities [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 44,960 | 12,753 |
Unrealized Gains | 176 | |
Unrealized Losses | (3) | (5) |
Fair Value | 45,133 | 12,748 |
Commercial Paper [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 71,278 | 26,808 |
Fair Value | 71,278 | 26,808 |
Government Securities [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 224,908 | 10,047 |
Unrealized Gains | 86 | |
Unrealized Losses | (4) | (1) |
Fair Value | 224,990 | 10,046 |
Money Market Funds [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 179,112 | 303,345 |
Fair Value | $ 179,112 | 303,345 |
Commercial Paper [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 8,986 | |
Fair Value | 8,986 | |
Corporate Debt Securities [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 2,001 | |
Fair Value | 2,001 | |
Reverse Repurchase Agreements (RRAs) [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 20,000 | |
Fair Value | $ 20,000 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued employee compensation and benefits | $ 2,868 | $ 4,527 |
Accrued external research and development expense | 12,716 | 7,707 |
Accrued professional fees | 425 | 184 |
Other | 529 | 497 |
Accrued expenses and other current liabilities | $ 16,538 | $ 12,915 |
Collaboration Agreement - Addit
Collaboration Agreement - Additional Information (Detail) - LLS Agreement [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Milestone method revenue recognized | $ 0 | $ 7,300,000 |
Milestone payments maximum amount | $ 25,000,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Loan Agreement [Member] - USD ($) | Mar. 20, 2019 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||
Loan amount | $ 30,000,000 | |
Unused amount expired | $ 10,000,000 | |
Debt instrument, interest rate terms | The term loan bears interest at an annual rate equal to the greater of 8.55% and the prime rate of interest plus 2.55%. | |
Frequency of periodic payment | The Loan Agreement provides for interest-only payments until April 30, 2021, and repayment of the aggregate outstanding principal balance of the term loan in monthly installments starting on May 1, 2021 and continuing through April 1, 2023 (the “Maturity Date”). | |
Loan Agreement maturity date | Apr. 1, 2023 | |
Debt instrument, fee description | The Company paid a fee of $0.3 million upon closing and is required to pay a fee of 6.35% of the aggregate amount of advances under the Loan Agreement at maturity. | |
Debt instrument closing fee | $ 300,000 | |
Debt instrument, redemption, description | At its option, the Company may elect to prepay all or a portion of the outstanding advances by paying the entire principal balance (or a portion thereof) and all accrued and unpaid interest thereon plus a prepayment charge equal to the following percentage of the principal amount being prepaid: 2% if an advance is prepaid during the first 12 months following the applicable advance date, 1% if an advance is prepaid after 12 months but prior to 24 months following the applicable advance date, and 0.5% if an advance is prepaid any time after 24 months following the applicable advance date but prior to the Maturity Date. | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Loan amount | $ 40,000,000 |
Debt - Components of Debt Payab
Debt - Components of Debt Payable (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Principal amount of term loans | $ 30,000 | $ 30,000 |
Debt discount current portion | (153) | |
Less: Current portion | (2,150) | |
Long-term debt, net of current portion | 27,697 | 30,000 |
Debt discount net of current portion | (128) | (358) |
Long-term debt, net of discount and current portion | $ 27,569 | $ 29,642 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Jun. 19, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Sale of stock | 47,500,032 | 41,719,039 | |
Shares issued | 5,500,000 | ||
Net proceeds from issuance of initial public offering | $ 180,700,000 | $ 180,727,000 | |
Maximum [Member] | Sales Agreement [Member] | |||
Class Of Stock [Line Items] | |||
Gross proceeds from issuance of common shares | $ 50,000,000 | ||
Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Shares issued | 5,500,000 | ||
Net proceeds from issuance of initial public offering | $ 180,700,000 | ||
Common Stock [Member] | Sales Agreement [Member] | |||
Class Of Stock [Line Items] | |||
Commission, percentage of gross proceeds of common stock | 3.00% | ||
Sale of stock | 0 |
Equity - Schedule of Warrant Ac
Equity - Schedule of Warrant Activities (Detail) - Common Stock [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Number of Common Shares Issuable under Warrant | 84,576 |
Warrant One [Member] | |
Class of Warrant or Right [Line Items] | |
Warrant Issue date | May 23, 2011 |
Warrant Term | 10 years |
Warrants exercise price | $ / shares | $ 1.55 |
Number of Common Shares Issuable under Warrant | 61,868 |
Warrant Two [Member] | |
Class of Warrant or Right [Line Items] | |
Warrant Issue date | Jun. 28, 2013 |
Warrant Term | 10 years |
Warrants exercise price | $ / shares | $ 13.22 |
Number of Common Shares Issuable under Warrant | 7,569 |
Warrant Three [Member] | |
Class of Warrant or Right [Line Items] | |
Warrant Issue date | Sep. 30, 2014 |
Warrant Term | 10 years |
Warrants exercise price | $ / shares | $ 13.22 |
Number of Common Shares Issuable under Warrant | 15,139 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2020 | Jun. 30, 2018 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost related to unvested stock-based awards | $ 41.1 | ||
Unvested stock based weighted average period | 3 years 7 days | ||
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted | 1,167,482 | ||
Weighted average exercise price | $ 36.22 | ||
Weighted average grant-date fair value per share | $ 25.41 | ||
2018 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares reserved for issuance | 3,025,101 | ||
Shares remained available for future issuance | 2,271,872 | ||
Number of shares increased reserved for issuance under plan | 1,668,762 | ||
2018 Plan [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares of common stock available for issuance | 2,216,368 | ||
Percentage of shares of common stock available for issuance | 4.00% | ||
ESPP [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares reserved for issuance | 272,504 | ||
Shares remained available for future issuance | 689,694 | ||
Number of shares increased reserved for issuance under plan | 417,190 | ||
ESPP [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares of common stock available for issuance | 545,008 | ||
Percentage of shares of common stock available for issuance | 1.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Company's Option Activity (Detail) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares Outstanding, Beginning Balance | shares | 4,211,068 | |
Number of Shares, Granted | shares | 1,167,482 | |
Number of Shares, Exercised | shares | (280,993) | |
Number of Shares, Forfeited | shares | (92,649) | |
Number of Shares Outstanding, Ending Balance | shares | 5,004,908 | 4,211,068 |
Number of Shares, Vested and expected to vest | shares | 5,004,908 | |
Number of Shares, Options exercisable | shares | 1,681,244 | |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 8.95 | |
Weighted Average Exercise Price, Granted | $ / shares | 36.22 | |
Weighted Average Exercise Price, Exercised | $ / shares | 8.58 | |
Weighted Average Exercise Price, Forfeited | $ / shares | 13.33 | |
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares | 15.25 | $ 8.95 |
Weighted Average Exercise Price, Vested and expected to vest | $ / shares | 15.25 | |
Weighted Average Exercise Price, Options exercisable | $ / shares | $ 8.53 | |
Weighted Average Contractual Term (in years) Outstanding | 8 years 3 months 29 days | 8 years 4 months 20 days |
Weighted Average Contractual Term (in years), Vested and expected to vest | 8 years 3 months 29 days | |
Weighted Average Contractual Term (in years), Options exercisable | 7 years 6 months 29 days | |
Aggregate Intrinsic Value Outstanding, Beginning Balance | $ | $ 82,120 | $ 160,689 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 82,120 | |
Exercisable at June 30, 2020 | $ | $ 36,496 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted Average Basis Assumptions Used in Black-Scholes Option-Pricing Model (Detail) - Valuation Technique, Option Pricing Model | 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] | ||||
Risk-free interest rate | 0.47% | 2.06% | 1.21% | 2.44% |
Expected volatility | 84.78% | 83.08% | 82.85% | 82.24% |
Expected term (in years) | 5 years 10 months 24 days | 5 years 8 months 4 days | 6 years 7 days | 6 years 7 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense Related to Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 3,635 | $ 1,797 | $ 6,194 | $ 3,110 |
Research and Development Expenses [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,402 | 732 | 2,408 | 1,256 |
General and Administrative Expenses [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 2,233 | $ 1,065 | $ 3,786 | $ 1,854 |
Leases - Additional Information
Leases - Additional Information (Detail) - ft² | Jun. 19, 2020 | Jun. 30, 2019 | Jun. 30, 2020 |
Leases [Line Items] | |||
Office and laboratory space | 47,546 | ||
Lease expiration date | Jun. 30, 2023 | ||
2019 Sublease | |||
Leases [Line Items] | |||
Rentable office space under sublease | 4,422 | ||
Sublease extended date | Jul. 31, 2020 | ||
Sublease expiration date | Jun. 20, 2020 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Line Items] | ||
License maintenance fees | $ 100,000 | |
Contingent milestone payments | 15,700,000 | |
Contingency reserve for litigation liabilities | 0 | $ 0 |
LLS Agreement [Member] | ||
Commitments And Contingencies [Line Items] | ||
Milestone payments maximum amount | $ 25,000,000 |
Net Loss Per Share - Calculatio
Net Loss Per Share - Calculations of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Numerator: | |||||||
Net loss | $ (29,753) | $ (25,444) | $ (20,767) | $ (19,426) | $ (55,197) | $ (40,193) | $ (85,600) |
Net loss attributable to common stockholders | $ (29,753) | $ (20,767) | $ (55,197) | $ (40,193) | |||
Denominator: | |||||||
Weighted average common shares outstanding, basic and diluted | 42,589,415 | 25,809,556 | 42,177,523 | 25,807,132 | |||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.70) | $ (0.80) | $ (1.31) | $ (1.56) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 5,089,484 | 4,925,662 |
Warrants for the purchase of common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 84,576 | 95,930 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 5,004,908 | 4,829,732 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Matching contributions made | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.2 |
Defined Contribution Plan, Plan Name [Extensible List] | us-gaap:RetirementPlanNameOtherMember |