Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Trading Symbol | KDNY | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | CHINOOK THERAPEUTICS, INC. | |
Entity Central Index Key | 0001435049 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 42,158,432 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-37345 | |
Entity Tax Identification Number | 94-3348934 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1600 Fairview Avenue East, Suite 100 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address Postal Zip Code | 98102 | |
City Area Code | (206) | |
Local Phone Number | 485-7051 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 72,569 | $ 59,624 |
Marketable securities | 90,562 | 153,978 |
Accounts receivable | 1,216 | 342 |
Prepaid expenses and other current assets | 2,934 | 3,958 |
Total current assets | 167,281 | 217,902 |
Marketable securities | 8,000 | |
Property and equipment, net | 20,468 | 24,688 |
Operating lease right-of-use assets | 20,162 | 21,110 |
Goodwill | 8,537 | 8,167 |
Intangible assets, net | 19,405 | 18,978 |
Restricted cash | 1,750 | 468 |
Other assets | 1,283 | |
Total assets | 246,886 | 291,313 |
Current liabilities: | ||
Accounts payable | 325 | 414 |
Accrued clinical trial and manufacturing expenses | 2,051 | 4,253 |
Accrued expenses and other liabilities | 6,972 | 8,181 |
Operating lease liabilities | 1,715 | 1,803 |
Deferred revenue | 3,786 | 6,950 |
Total current liabilities | 14,849 | 21,601 |
Contingent consideration | 2,205 | 1,051 |
Deferred revenue | 159,754 | 166,963 |
Deferred tax liabilities | 3,687 | 3,527 |
Operating lease liabilities | 30,414 | 31,636 |
Other long-term liabilities | 1,443 | 940 |
Total liabilities | 212,352 | 225,718 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding at September 30, 2020 and December 31, 2019 | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized; 16,268,861 and 16,147,137 shares issued and outstanding at September 30, 2020 and December 31, 2019 | 2 | 2 |
Additional paid-in capital | 558,920 | 552,083 |
Accumulated other comprehensive income | 1,246 | 414 |
Accumulated deficit | (525,634) | (486,904) |
Total stockholders’ equity | 34,534 | 65,595 |
Total liabilities and stockholders’ equity | $ 246,886 | $ 291,313 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock par value per share | $ 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 per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 300,000,000 | 300,000,000 |
Common stock shares issued | 16,268,861 | 16,147,137 |
Common stock shares outstanding | 16,268,861 | 16,147,137 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||||
Total revenue | $ 3,787 | $ 4,799 | $ 23,311 | $ 13,625 |
Operating expenses: | ||||
Research and development | 9,232 | 15,251 | 36,168 | 49,402 |
General and administrative | 7,604 | 8,601 | 24,707 | 24,657 |
Restructuring and related expense | 1,712 | 341 | 8,066 | 3,702 |
Loss on impairment of intangible assets | 5,006 | 5,006 | ||
Amortization of intangible assets | 146 | 138 | 418 | 417 |
Total operating expenses | 18,694 | 29,337 | 69,359 | 83,184 |
Loss from operations | (14,907) | (24,538) | (46,048) | (69,559) |
Interest income | 164 | 1,366 | 1,497 | 4,334 |
Other income (expense), net | 12 | (32) | (35) | (54) |
Total other income | 176 | 1,334 | 1,462 | 4,280 |
Loss before income tax | (14,731) | (23,204) | (44,586) | (65,279) |
Income tax benefit | 191 | 2,252 | 5,856 | 2,322 |
Net loss | $ (14,540) | $ (20,952) | $ (38,730) | $ (62,957) |
Net loss per common share, basic and diluted | $ (0.90) | $ (1.31) | $ (2.39) | $ (3.94) |
Shares used in computing net loss per common share, basic and diluted | 16,232,971 | 16,046,517 | 16,185,855 | 15,988,032 |
Collaboration and license revenue | ||||
Revenue: | ||||
Total revenue | $ 3,787 | $ 4,799 | $ 23,311 | $ 13,625 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (14,540) | $ (20,952) | $ (38,730) | $ (62,957) |
Other comprehensive loss: | ||||
Unrealized (loss) gain on marketable securities, net of tax of $0 | (68) | (7) | (40) | 324 |
Foreign currency translation adjustments, net of tax of $0 | 875 | (1,213) | 872 | (1,442) |
Other comprehensive gain (loss) | 807 | (1,220) | 832 | (1,118) |
Comprehensive loss | $ (13,733) | $ (22,172) | $ (37,898) | $ (64,075) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Statement Of Income And Comprehensive Income [Abstract] | |
Unrealized (loss) gain on marketable securities, tax | $ 0 |
Foreign currency translation adjustments, tax | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 135,311 | $ 2 | $ 538,901 | $ 940 | $ (404,532) |
Beginning balance, Shares at Dec. 31, 2018 | 15,914,342 | ||||
Issuance of common stock upon exercise of stock options | 251 | 251 | |||
Issuance of common stock upon exercise of stock options, Shares | 50,896 | ||||
Release of restricted stock units | 5,170 | ||||
Stock-based compensation | 3,703 | 3,703 | |||
Other comprehensive income (loss) | (449) | (449) | |||
Net loss | (23,427) | (23,427) | |||
Ending balance at Mar. 31, 2019 | 115,389 | $ 2 | 542,855 | 491 | (427,959) |
Ending balance, Shares at Mar. 31, 2019 | 15,970,408 | ||||
Beginning balance at Dec. 31, 2018 | 135,311 | $ 2 | 538,901 | 940 | (404,532) |
Beginning balance, Shares at Dec. 31, 2018 | 15,914,342 | ||||
Net loss | (62,957) | ||||
Ending balance at Sep. 30, 2019 | 82,046 | $ 2 | 549,711 | (178) | (467,489) |
Ending balance, Shares at Sep. 30, 2019 | 16,102,889 | ||||
Beginning balance at Mar. 31, 2019 | 115,389 | $ 2 | 542,855 | 491 | (427,959) |
Beginning balance, Shares at Mar. 31, 2019 | 15,970,408 | ||||
Issuance of common stock upon exercise of stock options | 188 | 188 | |||
Issuance of common stock upon exercise of stock options, Shares | 34,785 | ||||
Issuance of common stock under Employee Stock Purchase Plan | 164 | 164 | |||
Issuance of common stock under Employee Stock Purchase Plan, Shares | 11,749 | ||||
Release of restricted stock units | 9,111 | ||||
Stock-based compensation | 3,336 | 3,336 | |||
Other comprehensive income (loss) | 551 | 551 | |||
Net loss | (18,578) | (18,578) | |||
Ending balance at Jun. 30, 2019 | 101,050 | $ 2 | 546,543 | 1,042 | (446,537) |
Ending balance, Shares at Jun. 30, 2019 | 16,026,053 | ||||
Issuance of common stock upon exercise of stock options | 93 | 93 | |||
Issuance of common stock upon exercise of stock options, Shares | 24,023 | ||||
Release of restricted stock units | 52,813 | ||||
Stock-based compensation | 3,075 | 3,075 | |||
Other comprehensive income (loss) | (1,220) | (1,220) | |||
Net loss | (20,952) | (20,952) | |||
Ending balance at Sep. 30, 2019 | 82,046 | $ 2 | 549,711 | (178) | (467,489) |
Ending balance, Shares at Sep. 30, 2019 | 16,102,889 | ||||
Beginning balance at Dec. 31, 2019 | $ 65,595 | $ 2 | 552,083 | 414 | (486,904) |
Beginning balance, Shares at Dec. 31, 2019 | 16,147,137 | 16,147,137 | |||
Issuance of common stock upon exercise of stock options | $ 80 | 80 | |||
Issuance of common stock upon exercise of stock options, Shares | 17,691 | ||||
Release of restricted stock units | 2,585 | ||||
Stock-based compensation | 2,035 | 2,035 | |||
Other comprehensive income (loss) | (554) | (554) | |||
Net loss | (7,575) | (7,575) | |||
Ending balance at Mar. 31, 2020 | 59,581 | $ 2 | 554,198 | (140) | (494,479) |
Ending balance, Shares at Mar. 31, 2020 | 16,167,413 | ||||
Beginning balance at Dec. 31, 2019 | $ 65,595 | $ 2 | 552,083 | 414 | (486,904) |
Beginning balance, Shares at Dec. 31, 2019 | 16,147,137 | 16,147,137 | |||
Issuance of common stock upon exercise of stock options, Shares | 21,295 | ||||
Net loss | $ (38,730) | ||||
Ending balance at Sep. 30, 2020 | $ 34,534 | $ 2 | 558,920 | 1,246 | (525,634) |
Ending balance, Shares at Sep. 30, 2020 | 16,268,861 | 16,268,861 | |||
Beginning balance at Mar. 31, 2020 | $ 59,581 | $ 2 | 554,198 | (140) | (494,479) |
Beginning balance, Shares at Mar. 31, 2020 | 16,167,413 | ||||
Issuance of common stock upon exercise of stock options | 3 | 3 | |||
Issuance of common stock upon exercise of stock options, Shares | 596 | ||||
Issuance of common stock under Employee Stock Purchase Plan | 40 | 40 | |||
Issuance of common stock under Employee Stock Purchase Plan, Shares | 8,582 | ||||
Release of restricted stock units | 35,201 | ||||
Stock-based compensation | 3,028 | 3,028 | |||
Other comprehensive income (loss) | 579 | 579 | |||
Net loss | (16,615) | (16,615) | |||
Ending balance at Jun. 30, 2020 | 46,616 | $ 2 | 557,269 | 439 | (511,094) |
Ending balance, Shares at Jun. 30, 2020 | 16,211,792 | ||||
Issuance of common stock upon exercise of stock options | 19 | 19 | |||
Issuance of common stock upon exercise of stock options, Shares | 3,008 | ||||
Release of restricted stock units | 54,061 | ||||
Stock-based compensation | 1,632 | 1,632 | |||
Other comprehensive income (loss) | 807 | 807 | |||
Net loss | (14,540) | (14,540) | |||
Ending balance at Sep. 30, 2020 | $ 34,534 | $ 2 | $ 558,920 | $ 1,246 | $ (525,634) |
Ending balance, Shares at Sep. 30, 2020 | 16,268,861 | 16,268,861 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net loss | $ (38,730) | $ (62,957) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 2,667 | 3,260 |
Amortization of intangible assets | 418 | 417 |
Impairment of property and equipment | 1,576 | 1,177 |
Impairment of intangible assets | 5,006 | |
Non-cash lease expense | 949 | 664 |
Accretion of discounts and amortization of premiums on marketable securities | (448) | (1,371) |
Realized gain (loss) on investments | (2) | |
Stock-based compensation | 6,695 | 10,114 |
Loss from remeasurement of fair value of contingent consideration | 1,107 | 25 |
Gain on disposal of property and equipment | (530) | (4) |
Deferred income tax | (2,320) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (745) | 11,815 |
Prepaid expenses and other assets | (257) | 671 |
Accounts payable | 274 | 409 |
Deferred revenue | (10,373) | (11,468) |
Accrued clinical trial and manufacturing expenses | (2,571) | 1,483 |
Accrued expenses and other liabilities | (985) | (454) |
Operating lease liabilities | (1,316) | 94 |
Net cash used in operating activities | (42,271) | (43,439) |
Cash Flows from Investing Activities | ||
Purchase of marketable securities | (139,496) | (224,927) |
Proceeds from maturities of marketable securities | 195,323 | 196,410 |
Purchase of property and equipment | (129) | (1,183) |
Proceeds from sale of property and equipment | 519 | |
Net cash provided by (used in) investing activities | 56,217 | (29,700) |
Cash Flows from Financing Activities | ||
Proceeds from employee stock purchase plan | 40 | 164 |
Proceeds from exercise of stock options | 102 | 532 |
Net cash provided by financing activities | 142 | 696 |
Effect of exchange rate changes | 139 | (262) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 14,227 | (72,705) |
Cash, cash equivalents and restricted cash at beginning of period | 60,092 | 126,778 |
Cash, cash equivalents and restricted cash at end of period | 74,319 | 54,073 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Purchase of property and equipment in accounts payable and accrued liabilities | 24 | 31 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||
Cash and cash equivalents | 72,569 | 53,605 |
Restricted cash | 1,750 | 468 |
Cash, cash equivalents and restricted cash at end of period | $ 74,319 | $ 54,073 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Nature of Business | 1. Organization and Nature of Business Aduro Biotech, Inc., and its wholly owned subsidiaries, or Aduro, is an immunotherapy company focused on the discovery, development and commercialization of therapies that are designed to harness the body's natural immune system for the treatment of patients with challenging diseases. Aduro is located in Berkeley, California and its wholly-owned subsidiary, Aduro Biotech Holdings, Europe B.V., or Aduro Biotech Europe, is organized in the Netherlands. Aduro operates in one business segment. On June 1, 2020, Aduro entered into an Agreement and Plan of Merger and Reorganization, or the “Merger Agreement”, with Aspire Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Aduro, or Merger Sub, and Chinook Therapeutics U.S., Inc., a Delaware corporation, or Private Chinook, pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Private Chinook, with Private Chinook continuing as a wholly-owned subsidiary of Aduro and the surviving corporation of the merger, or the Merger. The Merger closed on October 5, 2020, and Aduro was renamed “Chinook Therapeutics, Inc.” Following completion of the Merger, the business conducted by Private Chinook became the primary business conducted by the Company, which is a biopharmaceutical company focused on discovering, developing and commercializing precision medicines for kidney diseases. Refer to Note 13 for further information. As the Merger did not close until after the end of the quarter ended September 30, 2020, the historical financial statements presented in this Quarterly Report on Form 10-Q reflect the financial position, results of operations and cash flows of Aduro, the Predecessor Registrant. |
Basis of Presentation, Use of E
Basis of Presentation, Use of Estimates and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Use of Estimates and Recent Accounting Pronouncements | 2. Basis of Presentation, Use of Estimates and Recent Accounting Pronouncements Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and follow the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as Aduro’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of Aduro’s financial information. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period or for any other future year. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2019 included in Aduro’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 9, 2020. The condensed consolidated financial statements include the accounts of Aduro Biotech, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. All of the outstanding common stock share numbers (including shares of common stock subject to Aduro’s options), share prices, exercise prices and per share amounts have been retroactively adjusted to reflect a 5:1 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical trial accruals, contingent consideration, income taxes, right-of-use assets, lease obligations, stock-based compensation, and valuation of intangibles and goodwill. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from these estimates. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2016-13 – Financial Instruments—Credit Losses (Topic 326). The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies and corrects certain unintended applications of the guidance contained in each of the amended Topics. Additionally, in May 2019, the FASB issued ASU No. 2019-05, Financial Instruments – Credit Losses (Topic 326), which provides an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which defers the effective date for ASU No. 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for all periods beginning after December 15, 2018. Aduro does not plan to early adopt and is currently in the process of evaluating the impact the standard will have on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). The standard update simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and also improves consistent application by clarifying and amending existing guidance. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Aduro has evaluated the impact of this guidance and has concluded that adoption of the standard will not have a material impact on its consolidated financial statements. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The standard eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information, and modifies some disclosure requirements. The new standard is effective for fiscal years and interim periods beginning after December 15, 2019. Aduro adopted the new standard on January 1, 2020. As the result of the adoption, Aduro is no longer required to disclose (1) the amount of and the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation process for Level 3 fair value measurements. Additionally, Aduro is required to disclose (1) the changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Refer to Note 3 “Fair Value Measurements” for the newly required disclosures resulting from the adoption of this standard. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The carrying amounts of certain of Aduro’s financial instruments, including cash equivalents, accounts receivable and accounts payable approximate their fair values due to their short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets, as well as assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows: Level 1 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Aduro ’s cash equivalents , which include money market funds , are classified as Level 1 because they are valued using quoted market prices. Aduro ’s cash equivalents consisting of corporate debt securities and commercial paper along with Aduro ’s marketable securities consist ing of available-for-sale securities are generally classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data. When quoted prices in active markets for identical assets or liabilities are not available, Aduro relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, Aduro reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, Aduro assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. In certain cases where there is limited activity or less transparency around the inputs to valuation, securities are classified as Level 3. Level 3 liabilities consist of the contingent consideration liability. The following table sets forth Aduro’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 23,185 $ — $ — $ 23,185 U.S. government and agency securities — 70,952 — 70,952 Corporate debt securities — 10,429 — 10,429 Commercial paper — 59,384 — 59,384 Total $ 23,185 $ 140,765 $ — $ 163,950 Financial Liabilities: Contingent consideration related to acquisition $ — $ — $ 2,205 $ 2,205 Total $ — $ — $ 2,205 $ 2,205 December 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 39,994 $ — $ — $ 39,994 U.S. government and agency securities — 43,333 — 43,333 Corporate debt securities — 54,590 — 54,590 Commercial paper — 67,536 — 67,536 Total $ 39,994 $ 165,459 $ — $ 205,453 Financial Liabilities: Contingent consideration related to acquisition $ — $ — $ 1,051 $ 1,051 Total $ — $ — $ 1,051 $ 1,051 The acquisition-date fair value of the contingent consideration liability represents the future consideration that is contingent upon the achievement of specified development milestones for a product candidate. The fair value of the contingent consideration is based on Aduro’s probability-weighted discounted cash flow assessment that considers probability and timing of future payments. The fair value measurement is based on significant Level 3 unobservable inputs such as the probability of achieving development milestones, anticipated timelines and discount rate, the values of which as of September 30, 2020 are shown in the table below. Changes in the fair value of the liability for contingent consideration will be recognized in the consolidated statement of operations until settlement. Unobservable Input Probability of attaining milestone 18.8 % Period of time to achieve milestone (in years) 7.3 Discount rate 10.0 % Aduro did not have any financial assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019. The following table sets forth a summary of the changes in the fair value of Aduro’s Level 3 financial liabilities (in thousands): Contingent Consideration Balance at December 31, 2019 $ 1,051 Net change in fair value upon remeasurement 1,107 Foreign currency impact on contingent consideration 47 Balance at September 30, 2020 $ 2,205 The following tables summarize the estimated value of Aduro’s cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): September 30, 2020 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 7,181 $ — $ — $ 7,181 Money market funds 23,185 — — 23,185 Commercial paper 42,205 — (2 ) 42,203 Total cash and cash equivalents $ 72,571 $ — $ (2 ) $ 72,569 Marketable securities: U.S. government and agency securities $ 70,942 $ 14 $ (4 ) $ 70,952 Corporate debt securities 10,414 15 — 10,429 Commercial paper 17,179 2 — 17,181 Total marketable securities $ 98,535 $ 31 $ (4 ) $ 98,562 December 31, 2019 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 8,149 $ — $ — $ 8,149 Money market funds 39,994 — — 39,994 Commercial paper 11,482 — (1 ) 11,481 Total cash and cash equivalents $ 59,625 $ — $ (1 ) $ 59,624 Marketable securities: U.S. government and agency securities $ 43,295 $ 40 $ (2 ) $ 43,333 Corporate debt securities 54,563 33 (6 ) 54,590 Commercial paper 56,055 7 (7 ) 56,055 Total marketable securities $ 153,913 $ 80 $ (15 ) $ 153,978 The amortized cost and estimated fair value of Aduro’s available-for-sale marketable securities by contractual maturity are summarized below as of September 30, 2020 (in thousands): Amortized cost Unrealized gains Unrealized losses Estimated Fair Mature in one year or less $ 90,538 $ 28 $ (4 ) $ 90,562 Mature after one year through two years 7,997 3 — 8,000 Total available-for-sale marketable securities $ 98,535 $ 31 $ (4 ) $ 98,562 |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2020 2019 Leasehold improvements $ 27,204 $ 27,288 Lab equipment 4,394 8,817 Computer and office equipment 2,130 2,334 Furniture 1,427 1,590 Construction in progress 77 190 Total property and equipment 35,232 40,219 Less: accumulated depreciation (14,764 ) (15,531 ) Property and equipment, net $ 20,468 $ 24,688 Depreciation expense was $0.8 million and $1.1 million for the three months ended September 30, 2020 and 2019, respectively and $2.7 million and $3.3 million for the nine months ended September 30, 2020 and 2019, respectively. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): September 30, December 31, 2020 2019 Compensation and related benefits $ 3,081 $ 3,677 Professional and consulting services 2,308 2,845 Accrued research expense 608 890 Accrued purchases of property and equipment 24 31 Other 951 738 Total accrued expenses and other liabilities $ 6,972 $ 8,181 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill The gross carrying amount of goodwill was as follows (in thousands): Balance at December 31, 2019 $ 8,167 Foreign currency translation adjustment 370 Balance at September 30, 2020 $ 8,537 Aduro tests goodwill for impairment on an annual basis on November 1, or more frequently if an impairment indicator exists. To determine if an impairment has occurred, Aduro performs a quantitative test in which Aduro compares the fair value of its single reporting unit to its carrying value. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, Aduro records an impairment loss equal to that difference. In the first quarter of 2020, Aduro made plans to close its European site. As a result, Aduro performed a quantitative assessment of goodwill as of March 31, 2020, and concluded that there was no impairment of goodwill as the fair value of Aduro’s reporting unit exceeded its carrying value. Intangible assets The gross carrying amounts and net book value of intangible assets were as follows (in thousands): September 30, 2020 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: License agreement $ 11,595 $ 2,850 $ 8,745 Total intangible assets with finite lives 11,595 2,850 8,745 Acquired IPR&D assets 10,660 — 10,660 Total intangible assets $ 22,255 $ 2,850 $ 19,405 December 31, 2019 Gross Amount Impairment (1) Accumulated Amortization Net Book Value Intangible assets with finite lives: License agreement $ 11,091 $ — $ 2,311 $ 8,780 Total intangible assets with finite lives 11,091 — 2,311 8,780 Acquired IPR&D assets 15,297 5,099 — 10,198 Total intangible assets $ 26,388 $ 5,099 $ 2,311 $ 18,978 (1) The amount includes effects of foreign currency exchange rates. Intangible assets are carried at cost less accumulated amortization and impairment. Amortization is over a period of 20 years and the amortization expense is recorded in operating expenses. Aduro tests its Acquired IPR&D intangible assets for impairment on an annual basis, or more frequently if an impairment indicator exists. In the first quarter of 2020, due to Aduro’s decision to close its European site, Aduro assessed its Acquired IPR&D intangible assets for impairment. Based on the qualitative assessment performed, no impairment of Acquired IPR&D intangible assets was recorded as of March 31, 2020. Amortization expense was $0.1 million for each of the three months ended September 30, 2020 and 2019 and $0.4 million for each of the nine months ended September 30, 2020 and 2019. Based on finite-lived intangible assets recorded as of September 30, 2020, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31, Estimated Amortization Expense 2020 (remaining three months) $ 145 2021 580 2022 580 2023 580 2024 580 2025 580 |
Collaboration Agreements
Collaboration Agreements | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | 6. Collaboration Agreements Novartis Agreement I n March 2015, Aduro entered into a collaboration and license agreement with Novartis Pharmaceuticals Corporation, or Novartis, pursuant to which Aduro is collaborating worldwide with Novartis regarding the development and potential commercialization of product candidates containing an agonist of the molecular target known as STING in the field of oncology, including immuno-oncology and cancer vaccines. Under this agreement, or the Novartis Agreement, Aduro granted Novartis a co-exclusive license to develop such products worldwide, an exclusive license to commercialize such products outside the United States and a non-exclusive license to support Aduro in commercializing such products in the United States if it requests such support. The collaboration is guided by a joint steering committee with each party having final decision-making authority regarding specified areas of development or commercialization. Under the Novartis Agreement, Aduro received an upfront payment of $200.0 million in April 2015. During the second quarter of 2016, Aduro earned a $35.0 million development milestone upon initiation of a Phase 1 trial for the first STING product candidate, ADU-S100, and recognized the payment as revenue in the period. Aduro is also eligible to receive up to an additional $215.0 million in development milestones and up to an additional $250.0 million in regulatory approval milestones. Aduro is responsible for 38% of the joint development costs worldwide and Novartis is responsible for the remaining 62% of the joint development costs worldwide; provided that either party may opt out of early stage clinical trials subject to an obligation to fund and participate in any pivotal trials and reimburse certain early development costs if development of the product progresses into pivotal trials. Aduro will also receive 50% of gross profits on sales of any products commercialized pursuant to this collaboration in the United States and 45% of gross profits for specified European countries and Japan. For each of these profit share countries, each party will be responsible for its respective commercial sharing percentage of all joint commercialization costs incurred in that country. For all other countries where Aduro is not sharing profits, Novartis will be responsible for all commercialization costs and will pay Aduro a royalty in the mid-teens on all net sales of product sold by Novartis, its affiliates and sublicensees, with such percentage subject to reduction post patent and data exclusivity expiration and subject to reduction, capped at a specified percentage, for royalties payable to third party licensors. Novartis’ royalty obligation will run on a country-by-country basis until the later of expiration of the last valid claim covering the product, expiration of data exclusivity for the product or 12 years after first commercial sale of the product in such country. With respect to the United States, specified European countries and/or Japan, Aduro may elect for such region to either reduce by 50% or to eliminate in full Aduro’s development and commercialization cost sharing obligation. If Aduro elects to reduce its cost sharing percentage by 50% in any such region, then its profit share in such region will also be reduced by 50%. If Aduro elects to eliminate its development cost sharing obligation, then such region will be removed from the profit share, and instead Novartis will owe Aduro royalties on any net sales of product for such region, as described above. For revenue recognition purposes, Aduro determined that the duration of the contract begins on the effective date in March 2015 and ends upon receipt of regulatory approval, estimated to occur in 2028. Aduro’s performance period commenced in May 2015. The transaction price consists of the $200.0 million upfront fee, a $35.0 million milestone payment received in the second quarter of 2016 upon commencement of a Phase 1 study, and $2.1 million in reimbursement of research and development costs through September 30, 2020. Aduro determined that the remaining potential milestone payments are probable of significant reversal of cumulative revenue as their achievement is highly dependent on the successful completion of Phase 1 studies. Therefore, these payments are not included in the transaction price. Any consideration related to sales-based royalties and profit-sharing payments will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Novartis and have been excluded from the transaction price. The transaction price of $237.1 million is allocated to one combined performance obligation. Aduro will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Aduro concluded that it will utilize a cost-based input method to measure its progress toward completion of its performance obligation and to calculate the corresponding amount of revenue to recognize each period. Aduro believes this is the best measure of progress because other measures do not reflect how Aduro transfers its performance obligation to Novartis. In applying the cost-based input method of revenue recognition, Aduro uses actual clinical study enrollment figures as well as actual costs incurred relative to budgeted costs expected to be incurred for the combined performance obligation. These costs consist primarily of internal full-time equivalent effort and third-party contract costs relative to the level of patient enrollment in the study. Revenue will be recognized based on the level of costs incurred relative to the total budgeted costs for the performance obligations and it is dependent on the clinical timelines and progress under the research and collaboration agreement. A cost-based input method of revenue recognition requires management to make estimates of costs to complete Aduro's performance obligation. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete Aduro's performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. Cost-sharing payments from Novartis are included in the transaction price and subject to the cost-based input method to determine the amount to be recognized in license and collaboration revenue in Aduro’s consolidated statements of operations, while cost-sharing payments to Novartis are accounted for as research and development expenses in Aduro’s consolidated statements of operations. If Aduro recognizes revenue from the sale of any products commercialized pursuant to this collaboration in the United States, it will retain 50% of the gross profits from such sales and will pay the remaining 50% of the gross profits to Novartis. Aduro will receive from Novartis 45% of gross profits for specified European countries and Japan from the sale of any products commercialized pursuant to this collaboration in such countries. Profit sharing payments made to or received from Novartis will be aggregated by product by territory and reported as expenses or revenues, as applicable. In December 2019, Aduro received notification that Novartis has removed ADU-S100 (MIW815), an intratumoral STING pathway activator product candidate, from Novartis’ portfolio based on clinical data generated to date. This decision was not the result of any safety concern. The collaboration and license agreement between Novartis and Aduro remains in effect, and both parties continue to jointly pursue STING pathway activation through systemic delivery as a therapeutic strategy. The removal of ADU-S100 from Novartis’ portfolio did not have an impact on the overall transaction price nor the revenue recognition methodology being utilized by Aduro. Aduro is solely funding the ongoing study of ADU-S100 and pembrolizumab for squamous cell carcinoma of the head and neck as well as the preparation of the IND application for ADU-S100 in non-muscle invasive bladder cancer, because Novartis has opted out of the evaluation of ADU-S100 in these indications. For the three months ended September 30, 2020 and 2019, Aduro recognized $1.6 million and $2.4 million, respectively, and for the nine months ended September 30, 2020 and 2019, Aduro recognized $7.2 million and $6.8 million, respectively, in revenue from its collaboration with Novartis. The remaining balance of the upfront fee of $161.8 million is included in deferred revenue at September 30, 2020. Lilly Agreement On December 18, 2018, Aduro entered into a research collaboration and exclusive license agreement, or the Lilly Agreement, with Lilly for its cGAS-STING Pathway Inhibitor program for the research and development of novel immunotherapies for autoimmune and other inflammatory diseases. Pursuant to the Lilly Agreement, Aduro granted an exclusive and worldwide license under certain intellectual property rights controlled by Aduro to research, develop, manufacture and commercialize certain cGAS-STING products for the treatment of autoimmune and other inflammatory diseases. The license granted is sublicensable during a specified time period. Under the terms of the Lilly Agreement, Aduro received an upfront payment of $12.0 million in the first quarter of 2019. Aduro will also be eligible for development and commercial milestones of up to approximately $620.0 million per product. Lilly is also obligated to pay Aduro tiered royalty payments at percentages in the single to low-double digits based on annual net sales of the licensed products. Lilly must pay such royalties on a product-by-product and country-by-country basis until the latest to occur of (i) the expiration of the last-to-expire valid claim of certain patents, (ii) the expiration of the data exclusivity period in such country or (iii) a specified anniversary of the first commercial sale of such product in such country. Aduro will be reimbursed for up to a certain amount of research funding spent during the research term. In addition, Aduro has the option to co-fund the clinical development of each product in exchange for an increase in royalty payments and a reduction in certain milestone payments to the extent relevant to such co-funded product. Lilly will be responsible for all costs of global commercialization. For revenue recognition purposes, Aduro determined that Aduro’s performance period commenced in January 2019 and ends upon completion of the research term, estimated to occur in 2021. The transaction price consists of the $12.0 million upfront fee and variable consideration related to reimbursement of research and development costs. Aduro determined that the remaining potential milestone payments are probable of significant reversal of cumulative revenue as their achievement is highly dependent on the successful completion of research activities and advancement through clinical studies. Therefore, these potential milestone payments are not included in the transaction price. Any consideration related to sales-based royalties and profit-sharing payments will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Lilly and have been excluded from the transaction price. The transaction price is allocated to one combined performance obligation. Aduro will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Aduro concluded that it will utilize a cost-based input method to measure its progress toward completion of its performance obligation and to calculate the corresponding amount of revenue to recognize each period. Aduro believes this is the best measure of progress because other measures do not reflect how Aduro transfers its performance obligation to Lilly. In applying the cost-based input method of revenue recognition, Aduro uses actual costs incurred relative to budgeted costs expected to be incurred for the combined performance obligation. These costs consist primarily of internal full-time equivalent effort and third-party contract costs. Revenue will be recognized based on the level of costs incurred relative to the total budgeted costs for the performance obligation. A cost-based input method of revenue recognition requires management to make estimates of costs to complete Aduro's performance obligation. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete Aduro's performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. For the three months ended September 30, 2020 and 2019, Aduro recognized $2.2 million and $2.4 million, respectively, in revenue. For the nine months ended September 30, 2020 and 2019, Aduro recognized $6.1 million and $6.8 million, respectively, in revenue from the Lilly Agreement. Aduro recorded $1.8 million in deferred revenue at September 30, 2020. Merck License Agreement In connection with the acquisition of Aduro Biotech Europe in October 2015, Aduro became party to an agreement with Merck Sharp & Dohme Corp., or Merck. The agreement sets forth the parties’ respective obligations for development, commercialization, regulatory and manufacturing and supply activities for antibody product candidates. Aduro identified the following promises under the agreement: 1) the license, 2) the obligation to provide research activities and 3) the obligation to participate on a Joint Research Committee. Aduro determined that the promises were not distinct which resulted in them being combined into one performance obligation. Aduro completed its performance obligation under the agreement by the end of 2016. Aduro received a milestone payment of $2.0 million in 2017 for the initiation of a Good Laboratory Practice, or GLP, toxicology study and $3.0 million in the first quarter of 2018 for the initiation of a Phase 1 trial for the anti-CD27 antibody and $10.0 million in the first quarter of 2020 for the initiation of a Phase 2 trial for the anti-CD27 antibody. The payments were recognized in revenue when received as Aduro had no remaining performance obligation. Aduro is eligible to receive future contingent payments, including up to $297.0 million in potential development milestone payments, and up to $135.0 million in commercial and net sales milestones for a product candidate. In addition, Aduro is eligible to receive royalties in the mid-single digits to low teens based on net sales of the product. Future milestone payments and royalties will be recognized when earned as Aduro has no remaining performance obligations under this agreement. For the three months ended September 30, 2020, Aduro recognized no revenue from its collaboration with Merck while for the nine months ended September 30, 2020, Aduro recognized a $10.0 million milestone payment related to the initiation of a Phase 2 trial for the anti-CD27 antibody. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Leases Aduro leases one facility in Berkeley, California under an operating lease that has a remaining lease term of approximately 10 years. Aduro also leased one facility in Oss, the Netherlands, under an operating lease that was set to expire in December 2020. In June 2020, Aduro terminated its lease agreement for its leased facility in connection with the closure of its European site in Oss, the Netherlands. Aduro will continue to pay the lease obligation, which is reimbursable to Aduro if the landlord enters into a new lease agreement with a new tenant, until the original expiration of the lease agreement in December 2020. Both leases contain an option to extend for an additional term, however, Aduro is not reasonably certain to exercise the option for the Berkeley lease and Aduro will not be exercising the option for the Oss lease due to the closure of the Oss facility in June 2020. Refer to Note 10 “Restructuring and Related Expense” for additional information. On August 25, 2020, Aduro entered into an agreement to sublease the Berkeley facility, consisting of approximately 112,000 square feet, to Perfect Day, Inc., through the expiration of the master lease in December 2029 st As of September 30, 2020, Aduro is subleasing approximately 60,400 square feet in its Berkeley facility under subleases that expire on or prior to December 31, 2029. Sublease income was $0.6 million and $0.3 million for the three months ended September 30, 2020 and 2019, respectively, and $1.3 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively. During 2016, Aduro established a letter of credit with Bank of America Merrill Lynch as security for the Berkeley lease in the amount of $0.5 million. During the three months ended September 30, 2020, Aduro increased its letter of credit by $1.3 million as security for the Berkeley lease as part of the requirement related to entering into an agreement to sublease the Berkeley facility. The letter of credit is collateralized by a certificate of deposit for a total of $1.8 million which has been included in restricted cash in the consolidated balance sheet as of September 30, 2020. The maturity of Aduro’s operating lease liabilities as of September 30, 2020 is as follows (in thousands): Undiscounted Lease Payments Amounts 2020 (remaining three months) $ 1,436 2021 5,332 2022 5,460 2023 5,570 2024 5,681 Thereafter 30,155 Total undiscounted lease payments 53,634 Present value adjustment 21,505 Total net lease liability $ 32,129 Net lease liability - current $ 1,715 Net lease liability - non-current 30,414 Total net lease liability $ 32,129 Straight-line rent expense recognized for operating leases was $0.5 million and $1.2 million for the three months ended September 30, 2020 and 2019, respectively, and $3.2 million and $3.7 million for the nine months ended September 30, 2020 and 2019, respectively. Variable lease payments, including non-lease components such as common area maintenance fees, recognized as rent expense for operating leases was $0.3 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $1.0 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively. Aduro does not have any finance leases. The following information represents supplemental disclosure for the condensed consolidated statement of cash flows related to operating leases (in thousands): Nine months ended September 30, 2020 2019 Cash flows from operating activities Cash paid for amounts included in the measurement of lease liabilities $ 4,245 $ 4,106 The following summarizes additional information related to operating leases: September 30, 2020 December 31, 2019 Weighted-average remaining lease terms (in years) Operating leases 9.2 9.9 Weighted-average discount rate Operating leases 12 % 12 % Indemnification In the ordinary course of business, Aduro enters into agreements that may include indemnification provisions. Pursuant to such agreements, Aduro may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments Aduro could be required to make under these provisions is not determinable. Aduro has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. Aduro has also entered into indemnification agreements with its directors and officers that may require Aduro to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. Aduro currently has directors’ and officers’ insurance. Legal Aduro is not party to any material legal proceedings at this time. From time to time, Aduro may become involved in various legal proceedings that arise in the ordinary course of its business. Other Commitments Aduro has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, Aduro would only be obligated for the products or services that Aduro had received at the time the termination became effective as well as non-cancelable and non-refundable obligations, including payment obligations for costs or expenses incurred by the vendor for products or services before the termination became effective. In the case of terminating a clinical trial agreement at a particular site, Aduro would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Common Stock | 8. Common Stock Aduro had reserved shares of common stock for future issuance as follows: September 30, 2020 Options issued and outstanding 2,211,466 Shares available for future stock option grants 2,238,444 Restricted stock units 50,182 Common stock warrants 9,549 Total 4,509,641 |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 9. Equity Incentive Plans 2015 Plan In March 2015, Aduro’s board of directors adopted and in April 2015 Aduro’s stockholders approved the 2015 Equity Incentive Plan, or the 2015 Plan, which became effective upon the initial public offering of Aduro’s common stock, or IPO, and provides for the granting of incentive stock options, nonstatutory stock options and other forms of stock awards to its employees, directors and consultants. Aduro’s 2009 Stock Incentive Plan, or the 2009 Plan, terminated on the date the 2015 Plan was adopted. Options granted or shares issued under the 2009 Plan that were outstanding on the date the 2015 Plan became effective will remain subject to the terms of the 2009 Plan. The 2015 Plan is administered by the board of directors or a committee appointed by the board of directors, which determines the types of awards to be granted, including the number of shares subject to the awards, the exercise price and the vesting schedule. The exercise price of incentive stock options and nonqualified stock options will be no less than 100% of the fair value per share of Aduro’s common stock on the date of grant. If an individual owns capital stock representing more than 10% of the voting shares, the price of each share will be at least 110% of the fair value on the date of grant. Options expire after 10 years (five years for stockholders owning greater than 10% of the voting stock). The number of shares of common stock initially reserved for issuance under the 2015 Plan was 1,226,858 shares with an automatic annual increase to the shares issuable under the 2015 Plan to the lower of (i) 4% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or (ii) a lower number determined by the board of directors. On January 1, 2020, the shares issuable under the 2015 Plan increased by 645,885. Aduro had 2,238,444 shares available for future grant under the 2015 Plan as of September 30, 2020. 2009 Plan Aduro’s 2009 Stock Incentive Plan, or the 2009 Plan, terminated on the date the 2015 Plan was adopted. Options granted or shares issued under the 2009 Plan that were outstanding on the date the 2015 Plan became effective will remain subject to the terms of the 2009 Plan. Prior to the 2009 Plan termination, the number of options available for grant was increased by 72,000 shares. At September 30, 2020, 535,550 options under the 2009 Plan remained outstanding. Stock Options The following table summarizes stock option activity for the nine months ended September 30, 2020: Options Outstanding Shares Available for Grant Number of Shares Underlying Options Weighted- Average Exercise Price Aggregate Intrinsic Value (In thousands) Balance—December 31, 2019 1,750,287 2,059,488 $ 27.47 $ 680 Authorized 645,885 — RSUs forfeited, net 17,759 — Granted (627,194 ) 627,194 15.69 Exercised (21,295 ) 4.78 Canceled 451,707 (1) (453,921 ) 29.37 Balance—September 30, 2020 2,238,444 2,211,466 $ 23.94 $ 4,074 Options exercisable—September 30, 2020 1,320,674 $ 28.05 $ 3,746 Options vested and expected to vest—September 30, 2020 2,025,831 $ 24.57 $ 4,000 (1) The aggregate intrinsic value represents the difference between the exercise price of the options and the closing price of Aduro’s common stock. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2020 was $0.2 million. As of September 30, 2020, the total unrecognized compensation expense related to unvested options, net of estimated forfeitures, was $8.1 million, which Aduro expects to recognize over an estimated weighted-average period of 2.7 years. Restricted Stock Units (RSUs) In September 2016, Aduro’s board of directors authorized the issuance of restricted stock units, or RSUs, under the 2015 Plan and adopted a form of restricted stock unit grant notice and restricted stock unit award agreement, which is intended to serve as a standard form agreement for RSU grants issued to employees, executive officers, directors and consultants. The following table summarizes RSU activity for the nine months ended September 30, 2020: RSUs Outstanding Number of Restricted Units Weighted- Average Grant Date Fair Share Balance—December 31, 2019 159,788 $ 37.02 Granted 21,824 16.85 Vested (91,847 ) 29.24 Forfeited (39,583 ) 41.70 Balance—September 30, 2020 50,182 $ 38.82 The fair value of RSUs is determined on the date of grant based on the market price of Aduro’s common stock on that date. As of September 30, 2020, there was $1.5 million of unrecognized stock-based compensation expense, net of estimated forfeitures, related to RSUs which is expected to be recognized over a weighted-average period of 1.7 years. 2015 Employee Stock Purchase Plan In March 2015, Aduro’s board of directors adopted and in April 2015 Aduro’s stockholders approved the 2015 Employee Stock Purchase Plan, or 2015 ESPP, which became effective upon the IPO. The 2015 ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code, or the Code, and is administered by Aduro’s board of directors and the compensation committee of the board of directors. The number of shares of common stock initially reserved for issuance under the 2015 ESPP was 144,000 shares with an automatic annual increase to the shares issuable under the 2015 ESPP equal to the lower of (i) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or (ii) a lower number determined by the board of directors. There was no annual increase of shares issuable under the 2015 ESPP on January 1, 2020. Aduro had 305,651 shares available for future issuance under the 2015 ESPP as of September 30, 2020. As of September 30, 2020, the total unrecognized compensation expense related to the 2015 ESPP was approximately $11,000, which the Company expects to recognize over an estimated weighted-average period of 0.1 years. The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine fair value of Aduro’s common shares to be issued under the 2015 ESPP: Nine Months Ended September 30, 2020 2019 Expected term (in years) 0.5 0.5 Volatility 127.5% 58.9% Risk-free interest rate 0.15% 2.43% Dividend yield —% —% Stock-based Compensation Expense Total stock-based compensation expense recognized for employees and non-employees was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 346 $ 1,555 $ 2,572 $ 5,301 General and administrative 1,286 1,520 4,123 4,813 Total stock-based compensation expense $ 1,632 $ 3,075 $ 6,695 $ 10,114 In determining the fair value of the stock-based awards, Aduro uses the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment. Fair Value of Common Stock — Since Aduro’s IPO, Aduro has used the market closing price of its common stock as reported on the Nasdaq Global Select Market. Expected Term —Aduro’s expected term represents the period that Aduro’s stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term for employee options). Aduro uses the contractual term to determine the non-employee award fair value at the grant date. Expected Volatility —Aduro’s expected volatility is based on the historical volatility of Aduro’s common stock price since its IPO in 2015. Risk-Free Interest Rate —The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected Dividend —Aduro has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, Aduro used an expected dividend yield of zero. The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Nine Months Ended September 30, 2020 2019 Expected term (in years) 6.2 6.0 - 9.7 Volatility 75.0 - 79.7% 69.4 - 70.8% Risk-free interest rate 0.45 - 1.34% 1.52 - 3.19% Dividend yield —% —% |
Restructuring and Related Expen
Restructuring and Related Expense | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Related Expense | 10. Restructuring and Related Expense In January 2020, Aduro’s Board of Directors approved a restructuring to further extend Aduro’s operating capital and align personnel towards executing the clinical development strategy. As of September 30, 2020, Aduro reduced its workforce by 43 employees (approximately 45% of total employees) and intends to reduce its workforce by an additional 9 employees in the remainder of the year under the restructuring plan. Additionally, in June 2020, Aduro closed its European site in Oss, the Netherlands. As of September 30, 2020, Aduro estimates that it will incur aggregate charges of approximately $6.8 million, including $2.4 million in one-time severance and employee termination related costs, approximately $4.1 million in one-time retention costs and relocation costs of approximately $0.3 million. During the three and nine months ended September 30, 2020, Aduro incurred approximately $1.3 million and $6.5 million, respectively, of restructuring compensation and paid approximately $3.5 million and $5.9 million, respectively, of restructuring compensation. As of September 30, 2020, Aduro has a remaining restructuring compensation reserve balance of approximately $0.6 million. The restructuring was substantially complete by the end of the third quarter of 2020. In connection with the completion of the Merger, two employees of Aduro have committed to provide services to the Company through the remainder of the year, at which time their employment will end and Aduro will incur approximately $0.1 million of estimated compensation costs. The restructuring plan includes the closure of the European site leased facility as of June 30, 2020. As a result, Aduro fully impaired the European site’s property and equipment, consisting of lab equipment, computer and office equipment, furniture, and leasehold improvements, during the nine months ended September 30, 2020. Additionally, as a result of the reduction in workforce as part of the restructuring plan, Aduro impaired its property and equipment at its Berkeley facility during the three and nine months ended September 30, 2020. Aduro also accelerated the amortization of the ROU asset associated with the leased facility so that the ROU asset was fully amortized by June 30, 2020 rather than by December 31, 2020, the expiration of the Oss lease. For the three months ended September 30, 2020, Aduro did not record any additional ROU asset amortization expense. However, for the nine months ended September 30, 2020, Aduro recorded an additional ROU asset amortization expense of $0.1 million. On June 10, 2020, Aduro terminated its lease agreement for the European site’s facility and will continue to pay the lease payments until December 31, 2020. Aduro will be reimbursed for rent and fees paid from the termination date until December 31, 2020, if the landlord enters into a new lease agreement with a new tenant. Restructuring and related expense consist of the following (in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Restructuring compensation $ 1,338 $ 6,491 Impairment of property and equipment 374 1,575 Total restructuring and related expense $ 1,712 $ 8,066 For the three and nine months ended September 30, 2019 in the consolidated statement of operations, Aduro reclassified $0.3 million and $3.7 million, respectively, of restructuring and related expense associated with the January 2019 strategic reset from research and development and general and administrative to restructuring and related expense to be consistent with the presentation of the September 30, 2020 condensed consolidated financial statements. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was enacted in response to the COVID-19 global pandemic. The CARES Act, among other things, permits certain net operating losses, or NOLs, to be carried back for the preceding five taxable years to offset 100% of taxable income. Income tax benefit for the three months ended September 30, 2020 and 2019 was approximately $0.2 million and $2.3 million, respectively, and $5.9 million and $2.3 million for the nine months ended September 30, 2020 and 2019, respectively. The income tax benefit recorded for the nine months ended September 30, 2020 was primarily related to the tax refund due to the carryback of NOLs and AMT credit refund. The income tax benefit for the nine months ended September 30, 2019 was primarily related to the foreign deferred tax benefit from the amortization of intangibles. Aduro’s policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense. Aduro files income tax returns in the United States and Netherlands. The federal and state income tax returns are open under the statute of limitations subject to tax examinations for the tax years ended December 31, 2016 through December 31, 2019. To the extent Aduro has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the IRS or state tax authorities to the extent utilized in a future period. For the Netherlands, the tax administration can impose an additional assessment within five years from the year in which the tax debt originated. |
Net Loss Per Common Share
Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 12. Net Loss per Common Share Since Aduro was in a loss position for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per common share calculations because they would be anti-dilutive were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Options to purchase common stock 2,211,466 2,087,815 2,211,466 2,087,815 Restricted stock units 50,182 199,076 50,182 199,076 Common stock committed under ESPP 10,706 43,009 10,706 43,009 Common stock warrants 9,549 9,696 9,549 9,696 Total 2,281,903 2,339,596 2,281,903 2,339,596 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On June 29, 2020, Aduro amended the employee equity vesting policy to permit the acceleration of eligible unvested stock awards of employees terminated between the merger signing date and the merger close date. The amendment also amended the post termination exercise policy for eligible employees. As a result of the amendment, on October 5, 2020, at the close of the Merger, Aduro’s stock-based compensation expense will total approximately $0.2 million. Additionally, in connection with and at the close of the Merger, Aduro paid to the executive management team bonuses and severances totaling approximately $1.2 million and $2.6 million, respectively. On October 2, 2020, the Company effected a 5:1 Additionally, on October 1, 2020, the stockholders of Aduro approved the Merger, which was effective on October 5, 2020, and pursuant to which Merger Sub merged with and into Private Chinook, with Private Chinook continuing as a wholly owned subsidiary of Aduro and the surviving corporation of the Merger. The Merger will be accounted for as a business combination. Private Chinook is deemed to be the acquiring company for accounting purposes based on the terms of the Merger Agreement and other factors including (i) Private Chinook’s largest historic shareholder retains the largest minority interest in the combined business, (ii) Private Chinook directors will hold the largest board of director representation in the combined company, (iii) Private Chinook management will hold a majority of key management positions of the combined company, and (iv) and the combined company will be named Chinook Therapeutics, Inc. and be headquartered in Seattle, Washington. Accordingly, the transaction will be accounted for as a reverse acquisition. Pursuant to the terms of the Merger Agreement, on October 5, 2020, Aduro issued 25,851,249 shares of its common stock to Private Chinook’s stockholders, at an exchange ratio of 0.292188 shares of Aduro common stock, for each share of Private Chinook capital stock outstanding immediately prior to the Merger, such exchange ratio reflecting the aforementioned reverse stock split of Aduro’s common stock. Aduro also assumed all of the stock options outstanding under the Private Chinook 2019 Equity Incentive Plan, as amended, or the “Private Chinook Plan,” with such stock options henceforth representing the right to purchase a number of shares of Aduro common stock equal to 0.292188 multiplied by the number of shares of Private Chinook common stock previously represented by such options. Aduro also assumed the Private Chinook Plan. Immediately following the Merger, Aduro changed its name to “Chinook Therapeutics, Inc.” Following the completion of the Merger, the business conducted by Private Chinook became the primary business conducted by the combined companies, which is a biopharmaceutical company focused on discovering, developing and commercializing precision medicines for kidney diseases. At the effective time of the Merger, Aduro also entered into a Contingent Value Rights Agreement, or a CVR Agreement, with Computershare Trust Company, N.A., as Rights Agent, pursuant to which Aduro’s common stockholders of record as of the close of business on October 2, 2020 received one contingent value right, or a CVR, for each outstanding share of Aduro common stock held by such stockholder on such date. Each CVR represents the contractual right to receive payments from us upon the actual receipt by us of certain contingent proceeds derived from consideration that is paid to us as a result of the disposition or licensing of any of Aduro’s non-renal assets, net of any tax, transaction costs and certain other expenses. In the event that no CVR milestones occur, holders of the CVRs will not receive any payment pursuant to the CVR Agreement. There can be no assurance that any CVR milestones will be achieved or that any holders of CVRs will receive payments with respect thereto. |
Basis of Presentation, Use of_2
Basis of Presentation, Use of Estimates and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and follow the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as Aduro’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of Aduro’s financial information. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period or for any other future year. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2019 included in Aduro’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 9, 2020. The condensed consolidated financial statements include the accounts of Aduro Biotech, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. All of the outstanding common stock share numbers (including shares of common stock subject to Aduro’s options), share prices, exercise prices and per share amounts have been retroactively adjusted to reflect a 5:1 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical trial accruals, contingent consideration, income taxes, right-of-use assets, lease obligations, stock-based compensation, and valuation of intangibles and goodwill. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2016-13 – Financial Instruments—Credit Losses (Topic 326). The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies and corrects certain unintended applications of the guidance contained in each of the amended Topics. Additionally, in May 2019, the FASB issued ASU No. 2019-05, Financial Instruments – Credit Losses (Topic 326), which provides an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which defers the effective date for ASU No. 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for all periods beginning after December 15, 2018. Aduro does not plan to early adopt and is currently in the process of evaluating the impact the standard will have on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). The standard update simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and also improves consistent application by clarifying and amending existing guidance. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Aduro has evaluated the impact of this guidance and has concluded that adoption of the standard will not have a material impact on its consolidated financial statements. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The standard eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information, and modifies some disclosure requirements. The new standard is effective for fiscal years and interim periods beginning after December 15, 2019. Aduro adopted the new standard on January 1, 2020. As the result of the adoption, Aduro is no longer required to disclose (1) the amount of and the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation process for Level 3 fair value measurements. Additionally, Aduro is required to disclose (1) the changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Refer to Note 3 “Fair Value Measurements” for the newly required disclosures resulting from the adoption of this standard. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth Aduro’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 23,185 $ — $ — $ 23,185 U.S. government and agency securities — 70,952 — 70,952 Corporate debt securities — 10,429 — 10,429 Commercial paper — 59,384 — 59,384 Total $ 23,185 $ 140,765 $ — $ 163,950 Financial Liabilities: Contingent consideration related to acquisition $ — $ — $ 2,205 $ 2,205 Total $ — $ — $ 2,205 $ 2,205 December 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 39,994 $ — $ — $ 39,994 U.S. government and agency securities — 43,333 — 43,333 Corporate debt securities — 54,590 — 54,590 Commercial paper — 67,536 — 67,536 Total $ 39,994 $ 165,459 $ — $ 205,453 Financial Liabilities: Contingent consideration related to acquisition $ — $ — $ 1,051 $ 1,051 Total $ — $ — $ 1,051 $ 1,051 |
Schedule of Changes in Fair Value of Liability for Contingent Consideration | Changes in the fair value of the liability for contingent consideration will be recognized in the consolidated statement of operations until settlement. Unobservable Input Probability of attaining milestone 18.8 % Period of time to achieve milestone (in years) 7.3 Discount rate 10.0 % |
Summary of Changes in Fair Value of Level 3 Financial Liabilities | The following table sets forth a summary of the changes in the fair value of Aduro’s Level 3 financial liabilities (in thousands): Contingent Consideration Balance at December 31, 2019 $ 1,051 Net change in fair value upon remeasurement 1,107 Foreign currency impact on contingent consideration 47 Balance at September 30, 2020 $ 2,205 |
Summary of Estimated Value of Cash, Cash Equivalents and Marketable Securities and Gross Unrealized Holding Gains and Losses | The following tables summarize the estimated value of Aduro’s cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): September 30, 2020 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 7,181 $ — $ — $ 7,181 Money market funds 23,185 — — 23,185 Commercial paper 42,205 — (2 ) 42,203 Total cash and cash equivalents $ 72,571 $ — $ (2 ) $ 72,569 Marketable securities: U.S. government and agency securities $ 70,942 $ 14 $ (4 ) $ 70,952 Corporate debt securities 10,414 15 — 10,429 Commercial paper 17,179 2 — 17,181 Total marketable securities $ 98,535 $ 31 $ (4 ) $ 98,562 December 31, 2019 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 8,149 $ — $ — $ 8,149 Money market funds 39,994 — — 39,994 Commercial paper 11,482 — (1 ) 11,481 Total cash and cash equivalents $ 59,625 $ — $ (1 ) $ 59,624 Marketable securities: U.S. government and agency securities $ 43,295 $ 40 $ (2 ) $ 43,333 Corporate debt securities 54,563 33 (6 ) 54,590 Commercial paper 56,055 7 (7 ) 56,055 Total marketable securities $ 153,913 $ 80 $ (15 ) $ 153,978 |
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities by Contractual Maturity | The amortized cost and estimated fair value of Aduro’s available-for-sale marketable securities by contractual maturity are summarized below as of September 30, 2020 (in thousands): Amortized cost Unrealized gains Unrealized losses Estimated Fair Mature in one year or less $ 90,538 $ 28 $ (4 ) $ 90,562 Mature after one year through two years 7,997 3 — 8,000 Total available-for-sale marketable securities $ 98,535 $ 31 $ (4 ) $ 98,562 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2020 2019 Leasehold improvements $ 27,204 $ 27,288 Lab equipment 4,394 8,817 Computer and office equipment 2,130 2,334 Furniture 1,427 1,590 Construction in progress 77 190 Total property and equipment 35,232 40,219 Less: accumulated depreciation (14,764 ) (15,531 ) Property and equipment, net $ 20,468 $ 24,688 |
Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): September 30, December 31, 2020 2019 Compensation and related benefits $ 3,081 $ 3,677 Professional and consulting services 2,308 2,845 Accrued research expense 608 890 Accrued purchases of property and equipment 24 31 Other 951 738 Total accrued expenses and other liabilities $ 6,972 $ 8,181 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The gross carrying amount of goodwill was as follows (in thousands): Balance at December 31, 2019 $ 8,167 Foreign currency translation adjustment 370 Balance at September 30, 2020 $ 8,537 |
Schedule of Intangible Assets | The gross carrying amounts and net book value of intangible assets were as follows (in thousands): September 30, 2020 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: License agreement $ 11,595 $ 2,850 $ 8,745 Total intangible assets with finite lives 11,595 2,850 8,745 Acquired IPR&D assets 10,660 — 10,660 Total intangible assets $ 22,255 $ 2,850 $ 19,405 December 31, 2019 Gross Amount Impairment (1) Accumulated Amortization Net Book Value Intangible assets with finite lives: License agreement $ 11,091 $ — $ 2,311 $ 8,780 Total intangible assets with finite lives 11,091 — 2,311 8,780 Acquired IPR&D assets 15,297 5,099 — 10,198 Total intangible assets $ 26,388 $ 5,099 $ 2,311 $ 18,978 (1) The amount includes effects of foreign currency exchange rates. |
Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense | Based on finite-lived intangible assets recorded as of September 30, 2020, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31, Estimated Amortization Expense 2020 (remaining three months) $ 145 2021 580 2022 580 2023 580 2024 580 2025 580 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Maturity of Operating Lease Liabilities | The maturity of Aduro’s operating lease liabilities as of September 30, 2020 is as follows (in thousands): Undiscounted Lease Payments Amounts 2020 (remaining three months) $ 1,436 2021 5,332 2022 5,460 2023 5,570 2024 5,681 Thereafter 30,155 Total undiscounted lease payments 53,634 Present value adjustment 21,505 Total net lease liability $ 32,129 Net lease liability - current $ 1,715 Net lease liability - non-current 30,414 Total net lease liability $ 32,129 |
Schedule of Supplemental Disclosure Cash Flow Related to Operating Leases | The following information represents supplemental disclosure for the condensed consolidated statement of cash flows related to operating leases (in thousands): Nine months ended September 30, 2020 2019 Cash flows from operating activities Cash paid for amounts included in the measurement of lease liabilities $ 4,245 $ 4,106 |
Schedule of Additional Information Related to Operating Leases | The following summarizes additional information related to operating leases: September 30, 2020 December 31, 2019 Weighted-average remaining lease terms (in years) Operating leases 9.2 9.9 Weighted-average discount rate Operating leases 12 % 12 % |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Common Share Reserved for Future Issuance | Aduro had reserved shares of common stock for future issuance as follows: September 30, 2020 Options issued and outstanding 2,211,466 Shares available for future stock option grants 2,238,444 Restricted stock units 50,182 Common stock warrants 9,549 Total 4,509,641 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Stock Option Plan Activity | Stock Options The following table summarizes stock option activity for the nine months ended September 30, 2020: Options Outstanding Shares Available for Grant Number of Shares Underlying Options Weighted- Average Exercise Price Aggregate Intrinsic Value (In thousands) Balance—December 31, 2019 1,750,287 2,059,488 $ 27.47 $ 680 Authorized 645,885 — RSUs forfeited, net 17,759 — Granted (627,194 ) 627,194 15.69 Exercised (21,295 ) 4.78 Canceled 451,707 (1) (453,921 ) 29.37 Balance—September 30, 2020 2,238,444 2,211,466 $ 23.94 $ 4,074 Options exercisable—September 30, 2020 1,320,674 $ 28.05 $ 3,746 Options vested and expected to vest—September 30, 2020 2,025,831 $ 24.57 $ 4,000 (1) |
Summary of Restricted Stock Unit or RSU Activity | The following table summarizes RSU activity for the nine months ended September 30, 2020: RSUs Outstanding Number of Restricted Units Weighted- Average Grant Date Fair Share Balance—December 31, 2019 159,788 $ 37.02 Granted 21,824 16.85 Vested (91,847 ) 29.24 Forfeited (39,583 ) 41.70 Balance—September 30, 2020 50,182 $ 38.82 |
Summary of Stock-Based Compensation Expense Recognized for Employees and Non-Employees | Total stock-based compensation expense recognized for employees and non-employees was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 346 $ 1,555 $ 2,572 $ 5,301 General and administrative 1,286 1,520 4,123 4,813 Total stock-based compensation expense $ 1,632 $ 3,075 $ 6,695 $ 10,114 |
Schedule of Black-Scholes Option-Pricing Model | The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Nine Months Ended September 30, 2020 2019 Expected term (in years) 6.2 6.0 - 9.7 Volatility 75.0 - 79.7% 69.4 - 70.8% Risk-free interest rate 0.45 - 1.34% 1.52 - 3.19% Dividend yield —% —% |
2015 ESPP | |
Schedule of Black-Scholes Option-Pricing Model | The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine fair value of Aduro’s common shares to be issued under the 2015 ESPP: Nine Months Ended September 30, 2020 2019 Expected term (in years) 0.5 0.5 Volatility 127.5% 58.9% Risk-free interest rate 0.15% 2.43% Dividend yield —% —% |
Restructuring and Related Exp_2
Restructuring and Related Expense (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Expenses | Restructuring and related expense consist of the following (in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Restructuring compensation $ 1,338 $ 6,491 Impairment of property and equipment 374 1,575 Total restructuring and related expense $ 1,712 $ 8,066 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Per Common Share | Potentially dilutive securities that were not included in the diluted per common share calculations because they would be anti-dilutive were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Options to purchase common stock 2,211,466 2,087,815 2,211,466 2,087,815 Restricted stock units 50,182 199,076 50,182 199,076 Common stock committed under ESPP 10,706 43,009 10,706 43,009 Common stock warrants 9,549 9,696 9,549 9,696 Total 2,281,903 2,339,596 2,281,903 2,339,596 |
Organization and Nature of Bu_2
Organization and Nature of Business - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of business segments | 1 |
Basis of Presentation, Use of_3
Basis of Presentation, Use of Estimates and Recent Accounting Pronouncements - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Reverse stock split, ratio | 0.20 |
Reverse stock split, description | 5:1 reverse stock split |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201813Member |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Financial Assets, fair value | $ 163,950 | $ 205,453 |
Financial Liabilities: | ||
Financial Liabilities, fair value | 2,205 | 1,051 |
Contingent Consideration Related To Acquisition | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | 2,205 | 1,051 |
Money Market Funds | ||
Financial Assets: | ||
Financial Assets, fair value | 23,185 | 39,994 |
U.S. Government and Agency Securities | ||
Financial Assets: | ||
Financial Assets, fair value | 70,952 | 43,333 |
Corporate Debt Securities | ||
Financial Assets: | ||
Financial Assets, fair value | 10,429 | 54,590 |
Commercial Paper | ||
Financial Assets: | ||
Financial Assets, fair value | 59,384 | 67,536 |
Level 1 | ||
Financial Assets: | ||
Financial Assets, fair value | 23,185 | 39,994 |
Level 1 | Money Market Funds | ||
Financial Assets: | ||
Financial Assets, fair value | 23,185 | 39,994 |
Level 2 | ||
Financial Assets: | ||
Financial Assets, fair value | 140,765 | 165,459 |
Level 2 | U.S. Government and Agency Securities | ||
Financial Assets: | ||
Financial Assets, fair value | 70,952 | 43,333 |
Level 2 | Corporate Debt Securities | ||
Financial Assets: | ||
Financial Assets, fair value | 10,429 | 54,590 |
Level 2 | Commercial Paper | ||
Financial Assets: | ||
Financial Assets, fair value | 59,384 | 67,536 |
Level 3 | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | 2,205 | 1,051 |
Level 3 | Contingent Consideration Related To Acquisition | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | $ 2,205 | $ 1,051 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Changes in Fair Value of Liability for Contingent Consideration (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Probability of Attaining Milestone | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Contingent consideration liability, measurement input | 0.188 |
Period of Time to Achieve Milestone | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Period of time to achieve milestone (in years) | 7 years 3 months 18 days |
Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Contingent consideration liability, measurement input | 0.100 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Fair Value, Measurements, Nonrecurring - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Financial liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Liabilities (Details) - Contingent Consideration $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | $ 1,051 |
Net change in fair value upon remeasurement | 1,107 |
Foreign currency impact on contingent consideration | 47 |
Ending balance | $ 2,205 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Estimated Value of Cash, Cash Equivalents and Marketable Securities and Gross Unrealized Holding Gains and Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, Amortized cost | $ 72,571 | $ 59,625 |
Cash and cash equivalents, Unrealized losses | (2) | (1) |
Cash and cash equivalents, Estimated Fair Value | 72,569 | 59,624 |
Marketable securities, Amortized cost | 98,535 | 153,913 |
Marketable securities, Unrealized gains | 31 | 80 |
Marketable securities, Unrealized losses | (4) | (15) |
Marketable securities, Estimated Fair Value | 98,562 | 153,978 |
Cash | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, Amortized cost | 7,181 | 8,149 |
Cash and cash equivalents, Estimated Fair Value | 7,181 | 8,149 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, Amortized cost | 23,185 | 39,994 |
Cash and cash equivalents, Estimated Fair Value | 23,185 | 39,994 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, Amortized cost | 42,205 | 11,482 |
Cash and cash equivalents, Unrealized losses | (2) | (1) |
Cash and cash equivalents, Estimated Fair Value | 42,203 | 11,481 |
U.S. Government and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Amortized cost | 70,942 | 43,295 |
Marketable securities, Unrealized gains | 14 | 40 |
Marketable securities, Unrealized losses | (4) | (2) |
Marketable securities, Estimated Fair Value | 70,952 | 43,333 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Amortized cost | 10,414 | 54,563 |
Marketable securities, Unrealized gains | 15 | 33 |
Marketable securities, Unrealized losses | (6) | |
Marketable securities, Estimated Fair Value | 10,429 | 54,590 |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Amortized cost | 17,179 | 56,055 |
Marketable securities, Unrealized gains | 2 | 7 |
Marketable securities, Unrealized losses | (7) | |
Marketable securities, Estimated Fair Value | $ 17,181 | $ 56,055 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Mature in one year or less, Amortized cost | $ 90,538 | |
Mature after one year through two years, Amortized cost | 7,997 | |
Marketable securities, Amortized cost | 98,535 | $ 153,913 |
Mature in one year or less, Unrealized gains | 28 | |
Mature after one year through two years, Unrealized gains | 3 | |
Total available-for-sale marketable securities, Unrealized gains | 31 | 80 |
Mature in one year or less, Unrealized losses | (4) | |
Total available-for-sale marketable securities, Unrealized losses | (4) | (15) |
Mature in one year or less, Estimated Fair Value | 90,562 | |
Mature after one year through two years, Estimated Fair Value | 8,000 | |
Total available-for-sale marketable securities, Estimated Fair Value | $ 98,562 | $ 153,978 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 35,232 | $ 40,219 |
Less: accumulated depreciation | (14,764) | (15,531) |
Property and equipment, net | 20,468 | 24,688 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 27,204 | 27,288 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,394 | 8,817 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,130 | 2,334 |
Furniture | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,427 | 1,590 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 77 | $ 190 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation | $ 800 | $ 1,100 | $ 2,667 | $ 3,260 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Compensation and related benefits | $ 3,081 | $ 3,677 |
Professional and consulting services | 2,308 | 2,845 |
Accrued research expense | 608 | 890 |
Accrued purchases of property and equipment | 24 | 31 |
Other | 951 | 738 |
Total accrued expenses and other liabilities | $ 6,972 | $ 8,181 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 8,167 |
Foreign currency translation adjustment | 370 |
Ending Balance | $ 8,537 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill And Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 0 | |||
Amortization of intangible assets | $ 146,000 | $ 138,000 | 418,000 | $ 417,000 |
Acquired IPR&D intangible assets | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Intangible assets, impairment | $ 0 | |||
Novartis | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Intangible assets, amortization period | 20 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets, Gross Carrying Amount | $ 11,595 | $ 11,091 |
Finite Lived Intangible Assets, Accumulated Amortization | 2,850 | 2,311 |
Finite Lived Intangible Assets, Net Book Value | 8,745 | 8,780 |
Indefinite-Lived Intangible Assets, Impairment | 5,099 | |
Intangible Assets, Gross Carrying Amount | 22,255 | 26,388 |
Intangible assets, Net Book Value | 19,405 | 18,978 |
License agreement | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets, Gross Carrying Amount | 11,595 | 11,091 |
Finite Lived Intangible Assets, Accumulated Amortization | 2,850 | 2,311 |
Finite Lived Intangible Assets, Net Book Value | 8,745 | 8,780 |
Acquired IPR&D assets | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets, Gross Carrying Amount | 10,660 | 15,297 |
Indefinite-Lived Intangible Assets, Impairment | 5,099 | |
Indefinite-Lived Intangible Assets, Net Book Value | $ 10,660 | $ 10,198 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2020 (remaining three months) | $ 145 |
2021 | 580 |
2022 | 580 |
2023 | 580 |
2024 | 580 |
2025 | $ 580 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 66 Months Ended | ||||||
Apr. 30, 2015 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2016 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2017 | Sep. 30, 2020 | |
Novartis Agreement | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Payments received under collaboration agreement | $ 200,000,000 | $ 35,000,000 | $ 2,100,000 | ||||||||
Novartis share of joint development costs | 38.00% | ||||||||||
Period after first commercial sale of product on which Novartis' royalty obligation run on a country to country basis | 12 years | ||||||||||
Remaining performance obligations | $ 237,100,000 | $ 237,100,000 | 237,100,000 | ||||||||
Revenue recognized | 1,600,000 | $ 2,400,000 | 7,200,000 | $ 6,800,000 | |||||||
Deferred revenue | 161,800,000 | $ 161,800,000 | 161,800,000 | ||||||||
Novartis Agreement | United States | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Collaborative arrangement profit share percentage | 50.00% | ||||||||||
Novartis Agreement | European Countries and Japan | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Collaborative arrangement profit share percentage | 45.00% | ||||||||||
Novartis Agreement | United States, Specified European Countries and /or Japan | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Collaborative Agreement, Obligations | With respect to the United States, specified European countries and/or Japan, Aduro may elect for such region to either reduce by 50% or to eliminate in full Aduro’s development and commercialization cost sharing obligation. If Aduro elects to reduce its cost sharing percentage by 50% in any such region, then its profit share in such region will also be reduced by 50%. If Aduro elects to eliminate its development cost sharing obligation, then such region will be removed from the profit share, and instead Novartis will owe Aduro royalties on any net sales of product for such region, as described above. | ||||||||||
Reduction percentage of development cost share | 50.00% | ||||||||||
Reduction percentage of profit share | 50.00% | ||||||||||
Novartis Agreement | Novartis | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Novartis share of joint development costs | 62.00% | ||||||||||
Collaborative arrangement profit share percentage | 50.00% | ||||||||||
Novartis Agreement | Maximum | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Development milestones amount eligible to receive | $ 215,000,000 | ||||||||||
Regulatory approval milestones amount eligible to receive | 250,000,000 | ||||||||||
Lilly Agreement | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Payments received under collaboration agreement | $ 12,000,000 | 12,000,000 | |||||||||
Revenue recognized | 2,200,000 | $ 2,400,000 | 6,100,000 | $ 6,800,000 | |||||||
Deferred revenue | 1,800,000 | $ 1,800,000 | 1,800,000 | ||||||||
Royalty payments receivable terms | Lilly is also obligated to pay Aduro tiered royalty payments at percentages in the single to low-double digits based on annual net sales of the licensed products. Lilly must pay such royalties on a product-by-product and country-by-country basis until the latest to occur of (i) the expiration of the last-to-expire valid claim of certain patents, (ii) the expiration of the data exclusivity period in such country or (iii) a specified anniversary of the first commercial sale of such product in such country. | ||||||||||
Lilly Agreement | Maximum | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone amount eligible to receive for products or product candidates | $ 620,000,000 | ||||||||||
Merck License Agreement | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Payments received under collaboration agreement | $ 10,000,000 | $ 3,000,000 | $ 2,000,000 | ||||||||
Remaining performance obligations | 0 | $ 0 | 0 | $ 0 | $ 0 | ||||||
Revenue recognized | $ 0 | ||||||||||
Milestone payment | 10,000,000 | ||||||||||
Merck License Agreement | Maximum | Product Candidate | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone amount eligible to receive for products or product candidates | 297,000,000 | ||||||||||
Merck License Agreement | Maximum | Product | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone amount eligible to receive for products or product candidates | $ 135,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Aug. 25, 2020USD ($) | Sep. 30, 2020USD ($)ft²LeaseFacility | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²LeaseFacility$ / ft² | Sep. 30, 2019USD ($) | Dec. 31, 2019 | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |||||||
Operating lease, remaining lease term | 9 years 2 months 12 days | 9 years 2 months 12 days | 9 years 10 months 24 days | ||||
Security deposit | $ 1.8 | $ 1.8 | |||||
Operating leases rent expense | 0.5 | $ 1.2 | 3.2 | $ 3.7 | |||
Operating Leases variable lease payments | 0.3 | 0.5 | 1 | 1.1 | |||
Bank Of America Merrill Lynch | |||||||
Operating Leased Assets [Line Items] | |||||||
Letter of credit outstanding | $ 1.3 | $ 1.3 | $ 0.5 | ||||
Berkeley, California | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating lease, remaining lease term | 10 years | 10 years | |||||
Number of lease facility | LeaseFacility | 1 | 1 | |||||
Berkeley, California | Perfect Day, Inc. | |||||||
Operating Leased Assets [Line Items] | |||||||
Initial direct costs incurred in sublease | $ 2.2 | ||||||
Aggregate sublease income to be earned | $ 70.9 | ||||||
Berkeley, California | Sublease | |||||||
Operating Leased Assets [Line Items] | |||||||
Total square footage of leased property | ft² | 60,400 | 60,400 | |||||
Lease expiration date | Dec. 31, 2029 | ||||||
Sublease termination description | Subject to various options, the leased premises will be delivered to the sublessee over time, beginning in August 2020, as the current sublessees vacate the premises upon the expiration or sooner termination of their existing sublease agreements and as Aduro vacates the premises. | ||||||
Sublease Income | $ 0.6 | $ 0.6 | $ 1.3 | $ 1.1 | |||
Berkeley, California | Sublease | Perfect Day, Inc. | |||||||
Operating Leased Assets [Line Items] | |||||||
Sublease agreement term | 2020-08 | ||||||
Total square footage of leased property | ft² | 112,000 | 112,000 | |||||
Lease expiration date | Dec. 31, 2029 | ||||||
Base sublease rent rate | $ / ft² | 5.25 | ||||||
Percentage of cumulative increase in base sublease rent rate per rental square foot | 3.00% | ||||||
Cumulative increase in base sublease rent rate per rental square foot beginning date | Jun. 1, 2021 | ||||||
Oss, Netherlands | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating leases term of expiration | 2020-12 | ||||||
Number of lease facility | LeaseFacility | 1 | 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturity of Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
2020 (remaining three months) | $ 1,436 | |
2021 | 5,332 | |
2022 | 5,460 | |
2023 | 5,570 | |
2024 | 5,681 | |
Thereafter | 30,155 | |
Total undiscounted lease payments | 53,634 | |
Present value adjustment | 21,505 | |
Total net lease liability | 32,129 | |
Net lease liability - current | 1,715 | $ 1,803 |
Net lease liability - non-current | 30,414 | $ 31,636 |
Total net lease liability | $ 32,129 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Supplemental Disclosure Cash Flow Related to Operating Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 4,245 | $ 4,106 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Additional Information Related to Operating Leases (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Weighted-average remaining lease terms (in years) | ||
Operating leases | 9 years 2 months 12 days | 9 years 10 months 24 days |
Weighted-average discount rate | ||
Operating leases | 12.00% | 12.00% |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Share Reserved for Future Issuance (Details) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Common stock, capital shares reserved for future issuance | 4,509,641 | |
Shares available for future stock option grants | 2,238,444 | 1,750,287 |
Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Common stock, capital shares reserved for future issuance | 2,211,466 | |
Restricted Stock Units (RSUs) | ||
Class Of Stock [Line Items] | ||
Common stock, capital shares reserved for future issuance | 50,182 | |
Common Stock Warrants | ||
Class Of Stock [Line Items] | ||
Common stock, capital shares reserved for future issuance | 9,549 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) | Jan. 01, 2020 | Feb. 28, 2015 | Sep. 30, 2020 | Dec. 31, 2019 | Apr. 30, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares issuable increased during the period | 645,885 | ||||
Number of shares available for future grant | 2,238,444 | 1,750,287 | |||
Number of options outstanding | 2,211,466 | 2,059,488 | |||
Aggregate intrinsic value of options exercised | $ 200,000 | ||||
Unrecognized compensation expense | $ 8,100,000 | ||||
Weighted-average period of unrecognized compensation expense | 2 years 8 months 12 days | ||||
Expected dividend yield | 0.00% | ||||
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average period of unrecognized compensation expense | 1 year 8 months 12 days | ||||
Unrecognized stock-based compensation expense related to RSUs | $ 1,500,000 | ||||
Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of exercise price to fair market value common stock on grant date | 100.00% | ||||
Stock option expiration period | 10 years | ||||
2015 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock shares reserved for issuance | 1,226,858 | ||||
Percentage of shares issued on common stock outstanding | 4.00% | ||||
Common Stock Issuance Description | shares issuable under the 2015 Plan to the lower of (i) 4% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or (ii) a lower number determined by the board of directors. | ||||
Shares issuable increased during the period | 645,885 | ||||
Number of shares available for future grant | 2,238,444 | ||||
2009 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares issuable increased during the period | 72,000 | ||||
Number of options outstanding | 535,550 | ||||
2015 ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock shares reserved for issuance | 144,000 | ||||
Percentage of shares issued on common stock outstanding | 1.00% | ||||
Common Stock Issuance Description | shares issuable under the 2015 ESPP equal to the lower of (i) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or (ii) a lower number determined by the board of directors. | ||||
Shares issuable increased during the period | 0 | ||||
Number of shares available for future grant | 305,651 | ||||
Unrecognized compensation expense | $ 11,000 | ||||
Weighted-average period of unrecognized compensation expense | 1 month 6 days | ||||
More Than 10% Voting Shares | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option expiration period | 5 years | ||||
More Than 10% Voting Shares | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of exercise price to fair market value common stock on grant date | 110.00% |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options Outstanding, Shares Available for Grant, Beginning balance | 1,750,287 | |
Options Outstanding, Shares Available for Grant, Authorized | 645,885 | |
Options Outstanding, Shares Available for Grant, RSUs forfeited, net | 17,759 | |
Options Outstanding, Shares Available for Grant, Granted | (627,194) | |
Options Outstanding, Shares Available for Grant, Canceled | 451,707 | |
Options Outstanding, Shares Available for Grant, Ending balance | 2,238,444 | |
Options Outstanding, Number of Shares Underlying Options, Beginning balance | 2,059,488 | |
Options Outstanding, Number of Shares Underlying Options, Granted | 627,194 | |
Options Outstanding, Number of Shares Underlying Options, Exercised | (21,295) | |
Options Outstanding, Number of Shares Underlying Options, Canceled | (453,921) | |
Options Outstanding, Number of Shares Underlying Options, Ending balance | 2,211,466 | |
Options Outstanding, Number of Shares Underlying Options, Options exercisable | 1,320,674 | |
Options Outstanding, Number of Shares Underlying Options, Options vested and expected to vest | 2,025,831 | |
Options Outstanding, Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 27.47 | |
Options Outstanding, Weighted-Average Exercise Price, Granted | $ / shares | 15.69 | |
Options Outstanding, Weighted-Average Exercise Price, Exercised | $ / shares | 4.78 | |
Options Outstanding, Weighted-Average Exercise Price, Canceled | $ / shares | 29.37 | |
Options Outstanding, Weighted-Average Exercise Price, Ending balance | $ / shares | 23.94 | |
Options Outstanding, Weighted-Average Exercise Price, Options exercisable | $ / shares | 28.05 | |
Options Outstanding, Weighted-Average Exercise Price, Options vested and expected to vest | $ / shares | $ 24.57 | |
Options Outstanding, Aggregate Intrinsic Value, Balance | $ | $ 4,074 | $ 680 |
Options Outstanding, Aggregate Intrinsic Value, Options exercisable-March 31, 2019 | $ | 3,746 | |
Options Outstanding, Aggregate Intrinsic Value, Options vested and expected to vest-March 31, 2019 | $ | $ 4,000 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activity (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2020shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of subject to canceled options excluded | 2,214 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of Restricted Stock Unit or RSU Activity (Details) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Stock Units, Beginning balance | shares | 159,788 |
Number of Restricted Stock Units, Granted | shares | 21,824 |
Number of Restricted Stock Units, Vested | shares | (91,847) |
Number of Restricted Stock Units, Forfeited | shares | (39,583) |
Number of Restricted Stock Units, Ending balance | shares | 50,182 |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ / shares | $ 37.02 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 16.85 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 29.24 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 41.70 |
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ / shares | $ 38.82 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Black-Scholes Option-Pricing Model (Details) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 2 months 12 days | |
Volatility, Minimum | 75.00% | 69.40% |
Volatility, Maximum | 79.70% | 70.80% |
Risk-free interest rate, Minimum | 0.45% | 1.52% |
Risk-free interest rate, Maximum | 1.34% | 3.19% |
Dividend yield | 0.00% | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 9 years 8 months 12 days | |
2015 ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 months | 6 months |
Volatility | 127.50% | 58.90% |
Risk-free interest rate | 0.15% | 2.43% |
Equity Incentive Plans - Summ_4
Equity Incentive Plans - Summary of Stock-Based Compensation Expense Recognized for Employees and Non-Employees (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,632 | $ 3,075 | $ 6,695 | $ 10,114 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 346 | 1,555 | 2,572 | 5,301 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,286 | $ 1,520 | $ 4,123 | $ 4,813 |
Restructuring Expense - Additio
Restructuring Expense - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020Employee | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Employee | Sep. 30, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring compensation | $ 1,338,000 | $ 6,491,000 | |||
ROU asset, amortization expense | 0 | $ 100,000 | |||
Lease termination date | Jun. 10, 2020 | ||||
Restructuring and related expense | 1,712,000 | $ 341,000 | $ 8,066,000 | $ 3,702,000 | |
Restructuring | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of employees terminated | Employee | 43 | ||||
Percentage of employees to be terminated | 45.00% | ||||
Expected aggregate charges | 6,800,000 | $ 6,800,000 | |||
One time severance and employee termination related costs | 2,400,000 | 2,400,000 | |||
One time retention costs | 4,100,000 | 4,100,000 | |||
Relocation costs | 300,000 | 300,000 | |||
Restructuring compensation | 1,300,000 | 6,500,000 | |||
Paid for restructuring compensation | 3,500,000 | 5,900,000 | |||
Restructuring reserve balance | 600,000 | $ 600,000 | |||
Number of employees retained through the reminder of the year | Employee | 2 | ||||
Estimated compensation costs | $ 100,000 | $ 100,000 | |||
Restructuring | Scenario, Plan | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of employees terminated | Employee | 9 |
Restructuring Expense - Schedul
Restructuring Expense - Schedule of Restructuring Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring compensation | $ 1,338 | $ 6,491 | ||
Impairment of property and equipment | 374 | 1,575 | ||
Total restructuring and related expense | $ 1,712 | $ 341 | $ 8,066 | $ 3,702 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Contingency [Line Items] | ||||
Income tax benefit | $ 191 | $ 2,252 | $ 5,856 | $ 2,322 |
State | Earliest Tax Year | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year | Dec. 31, 2016 | |||
State | Latest Tax Year | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year | Dec. 31, 2019 | |||
U.S. Federal Tax Authority | Earliest Tax Year | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year | Dec. 31, 2016 | |||
U.S. Federal Tax Authority | Latest Tax Year | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year | Dec. 31, 2019 | |||
California Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Tax assessment additional period | 5 years | |||
CARES Act | ||||
Income Tax Contingency [Line Items] | ||||
Net operating losses carried back term (in taxable years) | 5 years | |||
Net operating losses carried back to offset taxable income percentage | 100.00% |
Net Loss per Common Share - Sch
Net Loss per Common Share - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Per Common Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per common share would be anti-dilutive | 2,281,903 | 2,339,596 | 2,281,903 | 2,339,596 |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per common share would be anti-dilutive | 2,211,466 | 2,087,815 | 2,211,466 | 2,087,815 |
Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per common share would be anti-dilutive | 50,182 | 199,076 | 50,182 | 199,076 |
Common stock committed under ESPP | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per common share would be anti-dilutive | 10,706 | 43,009 | 10,706 | 43,009 |
Common Stock Warrants | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential dilutive securities excluded from diluted net loss per common share would be anti-dilutive | 9,549 | 9,696 | 9,549 | 9,696 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Oct. 05, 2020USD ($)shares | Oct. 02, 2020 | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Subsequent Event [Line Items] | ||||||
Stock-based compensation expense | $ 1,632 | $ 3,075 | $ 6,695 | $ 10,114 | ||
Reverse stock split, description | 5:1 reverse stock split | |||||
Reverse stock split, ratio | 0.20 | |||||
Restructuring | ||||||
Subsequent Event [Line Items] | ||||||
Compensation paid | $ 3,500 | $ 5,900 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Reverse stock split, description | On October 2, 2020, the Company effected a 5:1 reverse stock split of the Company’s issued and outstanding common stock. Upon the effectiveness of the reverse stock split, (i) all shares of outstanding common stock were adjusted; (ii) the number of shares of common stock for which each outstanding option and warrant to purchase common stock is exercisable were adjusted; and (iii) the exercise price of each outstanding option and warrant to purchase common stock were adjusted. | |||||
Reverse stock split, ratio | 0.20 | |||||
Subsequent Event | Aduro's | Merger Agreement | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock issued in connection with merger | shares | 25,851,249 | |||||
Common stock issued, exchange ratio | 0.292188 | |||||
Amended Employee Equity Vesting Policy | Subsequent Event | Aduro's | ||||||
Subsequent Event [Line Items] | ||||||
Stock-based compensation expense | $ 200 | |||||
Amended Employee Equity Vesting Policy | Subsequent Event | Aduro's | Executive Management Team | Bonuses | ||||||
Subsequent Event [Line Items] | ||||||
Compensation paid | 1,200 | |||||
Amended Employee Equity Vesting Policy | Subsequent Event | Aduro's | Executive Management Team | Restructuring | ||||||
Subsequent Event [Line Items] | ||||||
Compensation paid | $ 2,600 |