Kineta (KANT) 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 12, 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
Trading Symbol	PTI
Entity Registrant Name	Proteostasis Therapeutics, Inc.
Entity Central Index Key	0001445283
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		52,184,755
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, State or Province	MA
Entity File Number	001-37695
Entity Tax Identification Number	20-8436652
Entity Address, Address Line One	80 Guest Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Boston
Entity Address, Postal Zip Code	02135
City Area Code	617
Local Phone Number	225-0096
Title of 12(b) Security	Common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 35,752	$ 25,008
Short-term investments	5,000	44,459
Prepaids and other current assets	821	1,404
Total current assets	41,573	70,871
Operating lease, right-of-use asset	11,682	12,631
Property and equipment, net	268	394
Restricted cash	828	828
Total assets	54,351	84,724
Current liabilities:
Accounts payable	882	2,283
Accrued expenses	3,670	6,864
Operating lease liabilities	1,231	1,153
Short-term borrowings	369
Total current liabilities	6,152	10,300
Derivative liability	3	3
Operating lease liabilities, net of current portion	11,109	12,043
Total liabilities	17,264	22,346
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of September 30, 2020 and December 31, 2019
Common stock, $0.001 par value; 125,000,000 shares authorized; 52,180,380 and 52,116,629 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	52	52
Additional paid-in capital	400,635	398,979
Accumulated other comprehensive income		7
Accumulated deficit	(363,600)	(336,660)
Total stockholders’ equity	37,087	62,378
Total liabilities and stockholders’ equity	$ 54,351	$ 84,724

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	52,180,380	52,116,629
Common stock, shares outstanding	52,180,380	52,116,629

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue				$ 5,000
Operating expenses:
Research and development	$ 1,240	$ 10,145	$ 12,342	43,217
General and administrative	4,536	3,154	12,489	10,781
Restructuring costs	2,401		2,401
Total operating expenses	8,177	13,299	27,232	53,998
Loss from operations	(8,177)	(13,299)	(27,232)	(48,998)
Interest income	8	224	269	879
Interest expense	(4)		(13)
Other income, net	4	242	36	850
Net loss	$ (8,169)	$ (12,833)	$ (26,940)	$ (47,269)
Net loss per share—basic and diluted	$ (0.16)	$ (0.25)	$ (0.52)	$ (0.93)
Weighted average common shares outstanding—basic and diluted	52,177,557	51,099,307	52,157,355	51,058,339
Other comprehensive income:
Unrealized gain (loss) on investments		$ (17)	$ (7)	$ 15
Comprehensive loss	$ (8,169)	$ (12,850)	$ (26,947)	$ (47,254)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2018	$ 114,342	$ 51	$ 391,825	$ 1	$ (277,535)
Beginning balance, shares at Dec. 31, 2018		50,808,422
Exercise of stock options	3		3
Exercise of stock options, shares		2,543
Stock-based compensation expense	2,710		2,710
Issuance of common stock for payment of consulting services	242		242
Issuance of common stock for payment of consulting services, shares		102,302
Issuance of common stock pursuant to employee stock purchase plan	78		78
Issuance of common stock pursuant to employee stock purchase plan, shares		52,284
Issuance of common stock for restricted stock units, shares		163,425
Other comprehensive income (loss)	15			15
Net loss	(47,269)				(47,269)
Ending balance at Sep. 30, 2019	70,121	$ 51	394,858	16	(324,804)
Ending balance, shares at Sep. 30, 2019		51,128,976
Beginning balance at Jun. 30, 2019	81,985	$ 51	393,872	33	(311,971)
Beginning balance, shares at Jun. 30, 2019		51,099,307
Stock-based compensation expense	961		961
Issuance of common stock for payment of consulting services	25		25
Issuance of common stock for payment of consulting services, shares		29,669
Other comprehensive income (loss)	(17)			(17)
Net loss	(12,833)				(12,833)
Ending balance at Sep. 30, 2019	70,121	$ 51	394,858	16	(324,804)
Ending balance, shares at Sep. 30, 2019		51,128,976
Beginning balance at Dec. 31, 2019	$ 62,378	$ 52	398,979	7	(336,660)
Beginning balance, shares at Dec. 31, 2019	52,116,629	52,116,629
Stock-based compensation expense	$ 1,598		1,598
Issuance of common stock pursuant to employee stock purchase plan	58		58
Issuance of common stock pursuant to employee stock purchase plan, shares		59,232
Issuance of common stock for restricted stock units, shares		4,519
Other comprehensive income (loss)	(7)			$ (7)
Net loss	(26,940)				(26,940)
Ending balance at Sep. 30, 2020	$ 37,087	$ 52	400,635		(363,600)
Ending balance, shares at Sep. 30, 2020	52,180,380	52,180,380
Beginning balance at Jun. 30, 2020	$ 44,936	$ 52	400,315		(355,431)
Beginning balance, shares at Jun. 30, 2020		52,147,656
Stock-based compensation expense	287		287
Issuance of common stock pursuant to employee stock purchase plan	33		33
Issuance of common stock pursuant to employee stock purchase plan, shares		28,205
Issuance of common stock for restricted stock units, shares		4,519
Net loss	(8,169)				(8,169)
Ending balance at Sep. 30, 2020	$ 37,087	$ 52	$ 400,635		$ (363,600)
Ending balance, shares at Sep. 30, 2020	52,180,380	52,180,380

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (26,940)	$ (47,269)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	126	150
Non-cash lease expense	949	909
Accretion of short-term investments	(38)	(850)
Stock-based compensation expense	1,598	2,710
Stock issued for consulting services		242
Changes in operating assets and liabilities:
Prepaids and other current assets	583	548
Other assets		(112)
Accounts payable	(1,401)	2,184
Accrued expenses	(3,194)	716
Operating lease liabilities	(856)	(783)
Net cash used in operating activities	(29,173)	(41,555)
Cash flows from investing activities:
Purchases of short-term investments	(16,227)	(63,040)
Proceeds received from maturities of short-term investments	55,717	111,017
Purchases of property and equipment		(9)
Net cash provided by investing activities	39,490	47,968
Cash flows from financing activities:
Proceeds from exercise of stock options		3
Proceeds from issuance of common stock pursuant to employee stock purchase plan	58	78
Proceeds from issuance of short-term borrowings	1,220
Repayment of short-term borrowings	(851)
Net cash provided by financing activities	427	81
Net increase in cash, cash equivalents and restricted cash	10,744	6,494
Cash, cash equivalents and restricted cash at beginning of period	25,836	29,638
Cash, cash equivalents and restricted cash at end of period	$ 36,580	$ 36,132

Nature of the Business

Nature of the Business	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of the Business	1. Nature of the Business Proteostasis Therapeutics, Inc. (the “Company”) was incorporated in Delaware on December 13, 2006. The Company is a clinical stage biopharmaceutical company committed to the discovery and development of novel therapeutics to treat cystic fibrosis (“CF”) through theratyping, or the process of matching modulators to individual response to treatment regardless of cystic fibrosis transmembrane conductance regulator (“CFTR”) mutations. CF is a disease caused by defects in the function or abundance of CFTR protein. Since its inception, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, acquiring and developing product and technology rights, and conducting research and development activities. It has funded its operations to date with proceeds from the sale of preferred stock, the issuance of convertible promissory notes, proceeds from its initial public offering in February 2016, proceeds from its follow-on public offerings, and payments received in connection with collaboration agreements and a research grant, as well as funds from the sale of stock under at-the-market offering programs. In August 2020, the Company announced that after consideration of various financing and strategic alternatives for its CF portfolio, with the goal of maximizing stockholder value of these assets, it has decided to continue its operations while exploring business and strategic options related to its research and discovery platform and intellectual property portfolio. On August 14, 2020, the Company formed Pangolin Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”). After conducting a process of evaluating strategic alternatives for the Company, on August 22, 2020, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Yumanity Therapeutics, Inc., a Delaware corporation (“Yumanity”), Yumanity Holdings, LLC, a Delaware limited liability company (“Holdings) and the Merger Sub, which was subsequently amended on November 6, 2020. Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, including approval of the transaction by the Company’s stockholders and Yumanity’s stockholders and the consolidation of Yumanity and Holdings prior to the closing of the transaction, Merger Sub will be merged with and into Yumanity (the “Merger”), with Yumanity surviving the Merger as a wholly-owned subsidiary of the Company. If the Merger is completed, the business of the Company will become the business of Yumanity. The Merger is expected to be treated by the Company as a reverse merger accounted for as an asset acquisition in accordance with accounting principles generally accepted in the United States (“GAAP”). For accounting purposes, Yumanity is considered to be acquiring the Company in the Merger. In accordance with the accounting guidance under Accounting Standard Updates (or “ASU”) 2017-01, the Merger is considered an asset acquisition. Accordingly, the assets and liabilities of the Company will be recorded as of the closing date of the Merger at the purchase price of the accounting acquirer. The Merger is expected to close in the fourth quarter of 2020, subject to the approval by the Company’s stockholders at a special meeting of the Company’s stockholders to be held on December 16, 2020, as well as other customary conditions. Upon completion of the Merger, the combined company will be renamed Yumanity Therapeutics, Inc., and is expected to trade on the Nasdaq Capital Market under the ticker symbol “YMTX”. On August 22, 2020, due to the entry into of the Merger Agreement with Yumanity, the Company’s Board of Directors (the “Board”) committed to reducing its workforce by approximately 79% to a total of five full-time employees, who will remain with the Company until the closing of the Merger to assist with its day-to-day business operations, including the maintenance of the sale and disposition of the Company’s intellectual property and assets relating to its cystic fibrosis clinical program (the “CF Assets”), and those activities necessary to complete the proposed Merger. The Company has also retained its core intellectual property, licenses, collaborations with research institutions and universities, and proprietary equipment. The Company has incurred certain restructuring costs related to a reduction in its workforce, totaling $2.4 million through September 30, 2020. At September 30, 2020, the Company has have accrued one-time termination benefits of $1.6 million, of which the majority of this amount is anticipated to be incurred in the fourth quarter of 2020. In addition to restructuring costs, the Company has incurred approximately $1.6 million in other merger-related costs, which are included in the general and administrative costs on the Company’s statement of operations and consists primarily of professional fees. Although the Company has entered into the Merger Agreement and intends to consummate the Merger, there is no assurance that it will be able to successfully consummate the Merger on a timely basis, or at all. If, for any reason, the Merger does not close, the Company’s Board may elect to, among other things, attempt to complete another strategic transaction like the Merger, attempt to sell or otherwise dispose of the Company’s various assets, resume the Company’s research and development activities and continue to operate the Company’s business or dissolve and liquidate its assets. If the Company decides to dissolve and liquidate its assets, it would be required to pay all of its debts and contractual obligations, and set aside certain reserves for potential future claims, and there can be no assurances as to the amount or timing of available cash left, if any, to distribute to the Company’s stockholders after paying its debts and other obligations and setting aside funds for reserves. If the Company were to continue its business, it would need to raise a substantial amount of cash to fund ongoing operations and future development activities for its existing product candidates. The Company has not generated any commercial revenue since inception. As a result, the Company has incurred recurring losses and requires significant cash resources to execute its business plans. In accordance with ASC 205-40, Going Concern . As of September 30, 2020, the Company had an accumulated deficit of $363.6 million. The Company has incurred losses and negative cash flows from operations since its inception. During the nine months ended September 30, 2020, the Company incurred losses of $26.9 million and used $29.2 million of cash in operations. $40.8 million will be sufficient to fund its operating expenses and capital requirements, based upon its current operating plan, for at least 12 months from the date that these consolidated financial statements are issued. The novel coronavirus (“COVID-19”)

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Consolidated Financial Information The condensed balance sheet as of December 31, 2019 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying condensed consolidated financial statements, as of September 30, 2020 and for the three and nine months ended September 30, 2020, are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 10, 2020. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, as necessary for the fair statement of the Company’s financial position as of September 30, 2020, results of its operations for the three and nine months ended September 30, 2020, stockholders’ equity for the three and nine months ended September 30, 2020, and cash flows for the nine months ended September 30, 2020, have been made. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2020. Summary of Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2019 and the notes thereto, are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 10, 2020 (the “Annual Report”). There were no changes to significant accounting policies during the three and nine months ended September 30, 2020. Risks and Uncertainties The Company is monitoring the potential impact of the ongoing COVID-19 pandemic, if any, on the carrying value of certain assets. To date, the Company has not experienced material business disruption, nor has it incurred impairment of any assets as a result of the COVID-19 pandemic. The extent to which these events may impact the Company’s business, clinical development and regulatory efforts, and the value of its common stock, will depend on future developments, which are highly uncertain and cannot be predicted at this time. The duration and intensity of these impacts and resulting disruption to the Company’s operations is uncertain and the Company will continue to assess the financial impact. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, including the ability to execute the proposed Merger, it may also have the effect of heightening many of the other risks and uncertainties discussed in the Annual Report. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual for research and development expenses, and the valuation the derivative liability. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. An adjustment has also been made to the condensed statement of cash flows for the period ended September 30, 2019, to reclassify non-cash lease expense out of depreciation and amortization. Consolidation These consolidated financial statements include Pangolin Merger Sub, Inc., the Company’s wholly-owned subsidiary. All intercompany transactions and balances are eliminated in consolidation. Recently Adopted Accounting Pronouncements ASU No. 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Short-Term Investments

Short-Term Investments	9 Months Ended
	Sep. 30, 2020
Cash Cash Equivalents And Short Term Investments [Abstract]
Short-Term Investments	3. Short-Term Investments The following table summarizes the Company’s short-term investments as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 5,000 $ — $ — $ 5,000 $ 5,000 $ — $ — $ 5,000 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government-sponsored enterprise securities $ 20,456 $ 2 $ (1 ) $ 20,457 U.S. treasury securities 23,996 7 (1 ) 24,002 $ 44,452 $ 9 $ (2 ) $ 44,459 Short-term investments represent holdings of available-for-sale debt securities and are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. The Company did not have any realized gains or losses on its short-term investments for the three and nine months ended September 30, 2020 and 2019 2019

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	4. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements as of September 30, 2020 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 27,820 $ — $ — $ 27,820 U.S. treasury securities — 5,999 — 5,999 U.S. government-sponsored enterprise securities — 1,000 — 1,000 Short-term investments: U.S. treasury securities — 5,000 — 5,000 $ 27,820 $ 11,999 $ — $ 39,819 Liabilities: Derivative liability $ — $ — $ 3 $ 3 Fair Value Measurements as of December 31, 2019 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 23,906 $ — $ — $ 23,906 Short-term investments: U.S. government-sponsored enterprise securities — 20,457 — 20,457 U.S. treasury securities — 24,002 — 24,002 $ 23,906 $ 44,459 $ — $ 68,365 Liabilities: Derivative liability $ — $ — $ 3 $ 3 During the periods ended September 30, 2020 and December 31, 2019, there were no transfers between Level 1, Level 2, and Level 3. The derivative liability relates to a cash settlement option associated with the change of control provision in the Company’s Cystic Fibrosis Foundation, Inc. (“CFF”) agreement, which meets the definition of a derivative. The fair value of the derivative liability is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the derivative instrument was originally determined using the Monte-Carlo simulation analysis. In determining the fair value of the derivative liability, the inputs impacting fair value include the fair value of the Company’s common stock, expected term of the derivative instrument, expected volatility of the common stock price, risk-free interest rate, expected sales-based milestone payments, discount rate, probability of a change of control event, and the probability that the counterparty would elect to accept the alternative cash payment in lieu of its right to the future sales-based milestone payments. The fair value of the derivative liability was not material at September 30, 2020 and December 31, 2019.

Prepaids and Other Current Asse

Prepaids and Other Current Assets	9 Months Ended
	Sep. 30, 2020
Prepaid Expense And Other Assets Current [Abstract]
Prepaids and Other Current Assets	5. Prepaids and Other Current Assets Prepaids and other current assets consisted of the following (in thousands): September 30, December 31, 2020 2019 Prepaid clinical, manufacturing and scientific expenses $ 80 $ 767 Prepaid insurance expenses 684 125 Other prepaid expenses and other current assets 57 512 $ 821 $ 1,404

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2020
Payables And Accruals [Abstract]
Accrued Expenses	6. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, December 31, 2020 2019 Accrued payroll and related expenses 2,334 3,203 Accrued research and development expenses $ 685 $ 3,186 Accrued professional fees 635 397 Accrued other 16 78 $ 3,670 $ 6,864

Short-Term Borrowings

Short-Term Borrowings	9 Months Ended
	Sep. 30, 2020
Short Term Borrowings [Abstract]
Short-Term Borrowings	7. Short-Term Borrowings As of September 30, 2020, the Company had short-term borrowings of $0.4 million consisting of a Commercial Insurance Premium Finance and Security Agreement (the “Finance and Security Agreement”) entered into on February 27, 2020. The Finance and Security Agreement has a ten-month repayment period with an annual interest rate of 2.59% and a maturity of December 11, 2020. Collateral under the Finance and Security Agreement includes the right, title, and interest in the underlying business insurance policies. As of September 30, 2020, the Company has paid less than $0.1 million in interest on short-term borrowings.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	8 . Stock-Based Compensation 2016 Stock Option and Incentive Plan On February 3, 2016, the Company’s stockholders approved the 2016 Stock Option and Incentive Plan (the “2016 Plan”), which became effective on February 9, 2016. The 2016 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards and other stock-based awards. The number of shares initially reserved for issuance under the 2016 Plan was 1,581,839 shares. The number of shares of common stock that may be issued under the 2016 Plan will automatically increase each January 1, beginning January 1, 2017, by the lesser of 3% of the shares of the Company’s common stock outstanding on the immediately preceding December 31, or an amount determined by the Company’s board of directors or the compensation committee of the board of directors. The shares of common stock underlying any awards that are forfeited, canceled, repurchased, or are otherwise terminated by the Company under the 2016 Plan and the 2008 Equity Incentive Plan, as amended (the “2008 Plan”) will be added back to the shares of common stock available for issuance under the 2016 Plan. On January 1, 2020, an additional 1,563,498 shares were reserved for issuance under the 2016 Plan. As of September 30, 2020, the total number of shares of the Company’s common stock reserved for issuance under the 2016 Plan was 6,914,838, of which 2,749,403 shares are available for future issuance under the 2016 Plan. 2016 Employee Stock Purchase Plan On February 3, 2016, the Company’s stockholders approved the 2016 Employee Stock Purchase Plan (the “2016 ESPP”), which became effective in connection with the completion of the Company’s initial public offering. A total of 138,757 shares of common stock were initially reserved for issuance under the 2016 ESPP. In addition, the number of shares of common stock that may be issued under the 2016 ESPP will automatically increase each January 1, beginning January 1, 2017, by the lesser of (i) 138,757 shares of common stock, (ii) 1% of the Company’s shares of common stock outstanding on the immediately preceding December 31, or (iii) an amount determined by the Company’s board of directors or the compensation committee of the board of directors. During the nine months ended September 30, 2020, 59,232 shares of common stock were issued pursuant to the 2016 ESPP. As of September 30, 2020, the total number of shares reserved under the 2016 ESPP was 552,537 shares. The Company recognized less than $0.1 million of stock-based compensation during the three and nine months ended September 30, 2020 related to the 2016 ESPP. Restricted Stock Units (RSUs) On February 4, 2020, the Company’s Board approved payment to be made to a nonemployee through a grant of RSUs based on the February 4, 2020 closing share price of the Company’s common stock. The requisite service period for the awards was from February 4, 2020 to August 4, 2020 (the vesting period). The Company recognized employee stock-based compensation expense for the RSU grant on a straight-line basis over the vesting period of the awards. As of September 30, 2020, 4,519 RSUs have vested and the Company recognized less than $0.1 million of stock-based compensation expense during the three and nine months ended September 30, 2020. On June 29, 2020, the Company’s Board approved the grant of RSU awards with an aggregate fair market value equal to the RSU value of $1.2 million (each, an “Award”) to two consultants (each, a “Grantee”) in consideration for services. Each Award shall vest in full immediately prior to, but subject to the occurrence of, a specific strategic event (the “Vesting Date”), so long as the respective Grantee remains in service to the Company through the Vesting Date. If the Awards vest as provided for above, the Company shall issue a number of shares of stock equal to the RSU value, divided by the volume-weighted average price per share of the Company’s stock for the 10-day period ending on the Vesting Date. The Company also has the option to issue each Grantee the respective cash equivalent of the Award in part or in full satisfaction of the delivery of the stock in connection with the vesting of each Award. The Company believes equity classification of the RSUs is appropriate as the Company, not the Grantee, has the ability to determine whether to settle the Awards in cash or shares as of the reporting date and it reasonably expects to deliver the share equivalent of the Awards at the settlement date. As of September 30, 2020, the Company did not recognize compensation costs associated with the Awards as the occurrence of such strategic event is outside of the Company’s control and therefore, cannot be considered probable. Stock-Based Compensation Stock-based compensation expense, including shares issued to consultants for services, was classified in the statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ (52 ) $ 460 $ 443 $ 1,228 General and administrative 340 501 1,155 1,724 $ 288 $ 961 $ 1,598 $ 2,952 The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2020 (in thousands except share and per share amounts): Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Years) Outstanding at December 31, 2019 4,364,839 $ 5.30 7.32 $ 132 Granted 1,663,000 1.56 Forfeited (1,862,404 ) 3.52 Outstanding at September 30, 2020 4,165,435 $ 4.60 6.90 $ 7 Exercisable at September 30, 2020 2,776,235 $ 5.58 6.19 $ 7 Vested and expected to vest at September 30, 2020 4,082,185 $ 4.65 7.03 $ 7 The grant date fair value of options granted during the period was $1.8 million, or $1.09 per share on a weighted-average basis, and will be recognized as compensation expense over the requisite service period of four years. As of September 30, 2020, there was $1.6 million of unrecognized compensation cost related to employee and nonemployee unvested stock options granted under the 2016 Plan, which is expected to be recognized over a weighted-average remaining service period of 2.1 years. Stock compensation costs have not been capitalized by the Company. Prior to 2013, the Company issued options to purchase 203,964 shares of common stock to nonemployees, primarily members of the Company’s scientific advisory board, that vest upon the achievement of specified development and clinical milestones. As of September 30, 2020, options for the purchase of 83,250 shares held by nonemployees remained unvested, pending achievement of the specified milestones.

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2020
Restructuring Costs [Abstract]
Restructuring Costs	9. Restructuring Costs On August 22, 2020, due to the entry into the Merger Agreement with Yumanity, the Company’s Board committed to reducing its workforce by approximately 79% to a total of five full-time employees, who will remain with the Company until the closing of the proposed Merger to assist with its day-to-day business operations, including the maintenance of the rights of all or any part of the Company’s intellectual property portfolio relating to its cystic fibrosis clinical programs (the “CF Assets”), and those activities necessary to complete the proposed Merger. All employees affected by the workforce reduction are eligible to receive, among other things, severance payments based on the applicable employee’s level and years of service with the Company and the continuation of group health insurance coverage for a specified time period post-termination. In addition, certain affected employees are eligible for an extension of the post-termination exercise period for their outstanding stock options. Each affected employee’s eligibility for the severance benefits was contingent upon such employee’s execution of a separation agreement, which includes a general release of claims against the Company. The following table represents activity related to the Company’s restructuring costs liability for nine months ended September 30, 2020 (in thousands): One-Time Termination Benefits Balance at December 31, 2019 $ — Costs incurred and charged to expense 2,401 Costs paid or otherwise settled (796 ) Balance at September 30, 2020 $ 1,605 As a result of the workforce reduction, the Company has recorded restructuring costs, primarily related to severance-related payments, in the amount of $2.4 million. The Company expects to incur total restructuring costs between $4.2 million to $4.7 million related to the Company’s restructuring plan.

Significant Agreements

Significant Agreements	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Significant Agreements	10 . Significant Agreements Genentech In December 2018, the Company entered into a Technology Transfer and License Agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”) under which the Company granted Genentech an exclusive worldwide license for technology and materials relating to potential therapeutic small molecule modulators of an undisclosed target within the proteostasis network. The rights do not include CFTR modulators and are unrelated to the Company’s investigational medicines or other ongoing research programs in cystic fibrosis. In connection with the terms of the Genentech Agreement, the Company was entitled to a nonrefundable cash payment of $5.0 million following the successful completion of the technology and materials transfer to Genentech and future milestone payments in the aggregate of approximately $96.0 million upon the achievement of specified development, regulatory, and commercial milestones. In addition, Genentech is obligated to pay the Company tiered royalties in the low single-digits based on net sales of products covered by the licenses granted under the Genentech Agreement. There are no cancellation, termination, or refund provisions in the Genentech Agreement that contain material financial consequences to the Company. Unless earlier terminated, the Genentech Agreement continues in full force and effect until the passing or expiration of all royalty payment obligations. Reciprocal termination rights under the agreement include termination for breach and termination for bankruptcy. Genentech may terminate the Genentech Agreement in its entirety, for convenience, upon thirty days’ notice to the Company. The Company evaluated the Genentech Agreement in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company measured the transaction price solely in reference to the $5.0 million payment due upon receipt of notice from Genentech regarding the satisfactory completion of the technology and materials transfer. None of the variable consideration payable under the arrangement has been included in the transaction price. As of September 30, 2020, the Company has not achieved any research, development, regulatory, or commercial milestones, or earned any royalties under the Genentech Agreement. The Company utilizes “the most likely” amount method to estimate the amount of research, development, and regulatory milestone payments to be received. As part of the evaluation for the research and development milestone payments, the Company considers several factors including the stage of research and development of the compounds included in the arrangement, the risk associated with the remaining research and development work required to achieve the milestone, and the Company’s level of involvement in the research and development activities. Regulatory milestone payments are triggered upon the first commercial sale following receipt of regulatory approval from the FDA or other global regulatory authorities; therefore, such amounts will be excluded from the transaction price until the associated regulatory approval is received. The commercial milestone payments and royalties are subject to the royalty recognition constraint whereby such amounts will be recognized as revenue upon the later of: (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the payment has been allocated has been satisfied, or partially satisfied, because the exclusive license is deemed to be the sole or predominant item to which the payments relate. As all performance obligations are satisfied, the Company will recognize royalty revenue at the date the sales occur. The Company did not adjust the promised amount of consideration for the effects of a significant financing component because the Company expects that the period between when the promised goods and services are transferred and when the customer pays for those goods and services will be one year or less. There were no changes in the transaction price for the nine months ended September 30, 2020. The transaction price of $5.0 million allocated to the combined performance obligation was recognized as revenue in February 2019 at the point in time that Genentech provided notice regarding the satisfactory completion of the technology and materials transfer. Upon that successful execution of the technology and materials transfer, control was deemed to be transferred for both the exclusive license and the technology and materials transfer promises, therefore the risks and rewards of ownership had been conveyed. As of September 30, 2020, the Company did not have any receivables or deferred revenue related to the Genentech Agreement because no payments under the arrangement became due, nor had the underlying performance obligation been satisfied.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company did not record a federal or state income tax benefit for its losses for the three and nine months ended September 30, 2020 and 2019, respectively, due to the conclusion that a full valuation allowance is required against the Company’s deferred tax assets. All the Company’s losses before income taxes were generated in the United States.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Loss per Share	12. Net Loss per Share Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net loss $ (8,169 ) $ (12,833 ) $ (26,940 ) $ (47,269 ) Denominator: Weighted average number of common shares outstanding—basic and diluted 52,177,557 51,099,307 52,157,355 51,058,339 Net loss per share—basic and diluted $ (0.16 ) $ (0.25 ) $ (0.52 ) $ (0.93 ) The following common stock equivalents have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact : September 30, 2020 2019 Options to purchase common stock 4,165,435 4,545,064 Restricted stock units (1) — — 4,165,435 4,545,064 (1) Certain restricted stock units are excluded from the table as the number of shares of stock to be issued will be determined based on a computation at the vesting date, as described in Note 8.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	13. Leases The Company has an operating lease for office and laboratory space for its corporate headquarters in Boston, Massachusetts. The lease commenced in January 2018 and rent payments began in April 2018. This lease has a ten-year initial term with an option to extend for seven additional years. The Company has the right to terminate the lease in the event of the inability to use the space due to substantial damage while the lessor has the right to terminate the lease if the Company defaults on the lease financial obligations. Per the terms of the lease agreement, the Company does not have any residual value guarantees. In calculating the present value of the lease payments, the Company utilized its incremental borrowing rate, which is based on rates that would be incurred to borrow on a collateralized basis over a term equal to the lease payments in a similar economic environment. The Company has allocated all the contract considerations to the one lease component. This may result in the initial and subsequent measurement of the balances of the right-of-use asset and lease liability for leases being greater than if the policy election was not applied. The Company’s real estate lease in Boston is considered a net lease, as the non-lease components (i.e., common area maintenance) are paid separately from rent, based on actual costs incurred. Therefore, the variable non-lease components were not included in the right-of-use asset and liability and are reflected as an expense in the period incurred. As of September 30, 2020, and December 31, 2019, assets under operating lease were $11.7 million and $12.6 million, respectively. The elements of lease expense were as follows (in thousands): For the Three Months Ended September 30, 2020 2019 Lease cost Operating lease cost $ 462 $ 462 Variable lease cost (1) 158 182 Total lease cost $ 620 $ 644 For the Nine Months Ended September 30, 2020 2019 Lease cost Operating lease cost $ 1,387 $ 1,387 Variable lease cost (1) 420 494 Total lease cost $ 1,807 $ 1,881 Other information Operating cash flows used for operating leases $ 1,296 $ 1,261 Weighted-average remaining lease term 7.59 years 8.59 years Weighted-average discount rate 4.50 % 4.50 % (1) The variable lease costs for the three and nine months ended September 30, 2020 and 2019 Future lease payments under no ncancelable leases as of September 30, 2020 (in thousands): Future Operating Lease Payments 2020 $ 437 2021 1,780 2022 1,829 2023 1,880 2024 1,931 Thereafter 6,825 Total lease payments 14,682 Less: imputed interest (2,342 ) Total operating lease liabilities $ 12,340

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Unaudited Interim Consolidated Financial Information	Unaudited Interim Consolidated Financial Information The condensed balance sheet as of December 31, 2019 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying condensed consolidated financial statements, as of September 30, 2020 and for the three and nine months ended September 30, 2020, are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 10, 2020. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, as necessary for the fair statement of the Company’s financial position as of September 30, 2020, results of its operations for the three and nine months ended September 30, 2020, stockholders’ equity for the three and nine months ended September 30, 2020, and cash flows for the nine months ended September 30, 2020, have been made. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2020.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2019 and the notes thereto, are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 10, 2020 (the “Annual Report”). There were no changes to significant accounting policies during the three and nine months ended September 30, 2020.
Risks and Uncertainties	Risks and Uncertainties The Company is monitoring the potential impact of the ongoing COVID-19 pandemic, if any, on the carrying value of certain assets. To date, the Company has not experienced material business disruption, nor has it incurred impairment of any assets as a result of the COVID-19 pandemic. The extent to which these events may impact the Company’s business, clinical development and regulatory efforts, and the value of its common stock, will depend on future developments, which are highly uncertain and cannot be predicted at this time. The duration and intensity of these impacts and resulting disruption to the Company’s operations is uncertain and the Company will continue to assess the financial impact. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, including the ability to execute the proposed Merger, it may also have the effect of heightening many of the other risks and uncertainties discussed in the Annual Report.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual for research and development expenses, and the valuation the derivative liability. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Reclassification	Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. An adjustment has also been made to the condensed statement of cash flows for the period ended September 30, 2019, to reclassify non-cash lease expense out of depreciation and amortization.
Consolidation	Consolidation
Recently Issued and Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ASU No. 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Short-Term Investments (Tables)

Short-Term Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Cash Cash Equivalents And Short Term Investments [Abstract]
Summary of Short-Term Investments	The following table summarizes the Company’s short-term investments as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 5,000 $ — $ — $ 5,000 $ 5,000 $ — $ — $ 5,000 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government-sponsored enterprise securities $ 20,456 $ 2 $ (1 ) $ 20,457 U.S. treasury securities 23,996 7 (1 ) 24,002 $ 44,452 $ 9 $ (2 ) $ 44,459

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements as of September 30, 2020 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 27,820 $ — $ — $ 27,820 U.S. treasury securities — 5,999 — 5,999 U.S. government-sponsored enterprise securities — 1,000 — 1,000 Short-term investments: U.S. treasury securities — 5,000 — 5,000 $ 27,820 $ 11,999 $ — $ 39,819 Liabilities: Derivative liability $ — $ — $ 3 $ 3 Fair Value Measurements as of December 31, 2019 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 23,906 $ — $ — $ 23,906 Short-term investments: U.S. government-sponsored enterprise securities — 20,457 — 20,457 U.S. treasury securities — 24,002 — 24,002 $ 23,906 $ 44,459 $ — $ 68,365 Liabilities: Derivative liability $ — $ — $ 3 $ 3

Prepaids and Other Current As_2

Prepaids and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Prepaid Expense And Other Assets Current [Abstract]
Schedule of Prepaids and Other Current Assets	Prepaids and other current assets consisted of the following (in thousands): September 30, December 31, 2020 2019 Prepaid clinical, manufacturing and scientific expenses $ 80 $ 767 Prepaid insurance expenses 684 125 Other prepaid expenses and other current assets 57 512 $ 821 $ 1,404

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, December 31, 2020 2019 Accrued payroll and related expenses 2,334 3,203 Accrued research and development expenses $ 685 $ 3,186 Accrued professional fees 635 397 Accrued other 16 78 $ 3,670 $ 6,864

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-based Compensation Expense, Including Shares Issued to Consultants for Services	Stock-based compensation expense, including shares issued to consultants for services, was classified in the statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ (52 ) $ 460 $ 443 $ 1,228 General and administrative 340 501 1,155 1,724 $ 288 $ 961 $ 1,598 $ 2,952
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2020 (in thousands except share and per share amounts): Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Years) Outstanding at December 31, 2019 4,364,839 $ 5.30 7.32 $ 132 Granted 1,663,000 1.56 Forfeited (1,862,404 ) 3.52 Outstanding at September 30, 2020 4,165,435 $ 4.60 6.90 $ 7 Exercisable at September 30, 2020 2,776,235 $ 5.58 6.19 $ 7 Vested and expected to vest at September 30, 2020 4,082,185 $ 4.65 7.03 $ 7

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring Costs [Abstract]
Schedule of activity related to our restructuring costs liability	The following table represents activity related to the Company’s restructuring costs liability for nine months ended September 30, 2020 (in thousands): One-Time Termination Benefits Balance at December 31, 2019 $ — Costs incurred and charged to expense 2,401 Costs paid or otherwise settled (796 ) Balance at September 30, 2020 $ 1,605

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share	Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net loss $ (8,169 ) $ (12,833 ) $ (26,940 ) $ (47,269 ) Denominator: Weighted average number of common shares outstanding—basic and diluted 52,177,557 51,099,307 52,157,355 51,058,339 Net loss per share—basic and diluted $ (0.16 ) $ (0.25 ) $ (0.52 ) $ (0.93 )
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding	The following common stock equivalents have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact : September 30, 2020 2019 Options to purchase common stock 4,165,435 4,545,064 Restricted stock units (1) — — 4,165,435 4,545,064 (1) Certain restricted stock units are excluded from the table as the number of shares of stock to be issued will be determined based on a computation at the vesting date, as described in Note 8.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Lessee Disclosure [Abstract]
Elements of Lease Expense	The elements of lease expense were as follows (in thousands): For the Three Months Ended September 30, 2020 2019 Lease cost Operating lease cost $ 462 $ 462 Variable lease cost (1) 158 182 Total lease cost $ 620 $ 644 For the Nine Months Ended September 30, 2020 2019 Lease cost Operating lease cost $ 1,387 $ 1,387 Variable lease cost (1) 420 494 Total lease cost $ 1,807 $ 1,881 Other information Operating cash flows used for operating leases $ 1,296 $ 1,261 Weighted-average remaining lease term 7.59 years 8.59 years Weighted-average discount rate 4.50 % 4.50 % (1) The variable lease costs for the three and nine months ended September 30, 2020 and 2019
Schedule of Future Lease Payments under Noncancelable Leases	Future lease payments under no ncancelable leases as of September 30, 2020 (in thousands): Future Operating Lease Payments 2020 $ 437 2021 1,780 2022 1,829 2023 1,880 2024 1,931 Thereafter 6,825 Total lease payments 14,682 Less: imputed interest (2,342 ) Total operating lease liabilities $ 12,340

Nature of the Business - Additi

Nature of the Business - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 22, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Nature of Business [Line Items]
Restructuring costs		$ 2,401		$ 2,401
Accumulated deficit		(363,600)		(363,600)		$ (336,660)
Cash, cash equivalents and short-term investments		40,800		40,800
Net loss		(8,169)	$ (12,833)	(26,940)	$ (47,269)
Cash in operations				29,173	$ 41,555
Yumanity [Member]
Nature of Business [Line Items]
Percentage of reduction in workforce	79.00%
Restructuring costs				2,400
General and Administrative Costs [Member] | Yumanity [Member]
Nature of Business [Line Items]
Other merger related costs				1,600
One-Time Termination Benefits [Member]
Nature of Business [Line Items]
Accrued termination benefits		$ 1,600		$ 1,600

Short-Term Investments - Summar

Short-Term Investments - Summary of Short-Term Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 5,000	$ 44,452
Gross Unrealized Gains		9
Gross Unrealized Losses		(2)
Fair Value	5,000	44,459
U.S. Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,000	23,996
Gross Unrealized Gains		7
Gross Unrealized Losses		(1)
Fair Value	$ 5,000	24,002
U.S Government-Sponsored Enterprise Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		20,456
Gross Unrealized Gains		2
Gross Unrealized Losses		(1)
Fair Value		$ 20,457

Short-Term Investments - Additi

Short-Term Investments - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments Debt And Equity Securities [Abstract]
Realized gains (losses) on short-term investments	$ 0	$ 0	$ 0	$ 0
Other-than-temporary impairments recognized	$ 0	$ 0	$ 0	$ 0

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Total assets	$ 11,999	$ 44,459
Liabilities:
Derivative liability	3	3
U.S Government-Sponsored Enterprise Securities [Member]
Assets:
Cash equivalents	1,000
Short-term investments		20,457
U.S. Treasury Securities [Member]
Assets:
Cash equivalents	5,999
Short-term investments	5,000	24,002
Fair Value, Measurements, Recurring [Member]
Assets:
Total assets	39,819	68,365
Liabilities:
Derivative liability	3	3
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Assets:
Cash equivalents	27,820	23,906
Fair Value, Measurements, Recurring [Member] | U.S Government-Sponsored Enterprise Securities [Member]
Assets:
Cash equivalents	1,000
Short-term investments		20,457
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member]
Assets:
Cash equivalents	5,999
Short-term investments	5,000	24,002
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets:
Total assets	27,820	23,906
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents	27,820	23,906
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Liabilities:
Derivative liability	$ 3	$ 3

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Transfer of assets from level 1 to level 2	$ 0	$ 0
Transfer of assets from level 2 to level 1	0	0
Transfer of liabilities from level 1 to level 2	0	0
Transfer of liabilities from level 2 to level 1	$ 0	0
Fair value determination model	Monte-Carlo simulation analysis
Fair value of derivative liability	$ 0	$ 0

Prepaids and Other Current As_3

Prepaids and Other Current Assets - Schedule of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
Prepaid clinical, manufacturing and scientific expenses	$ 80	$ 767
Prepaid insurance expenses	684	125
Other prepaid expenses and other current assets	57	512
Prepaids and other current assets	$ 821	$ 1,404

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued payroll and related expenses	$ 2,334	$ 3,203
Accrued research and development expenses	685	3,186
Accrued professional fees	635	397
Accrued other	16	78
Total accrued expenses	$ 3,670	$ 6,864

Short-Term Borrowings - Additio

Short-Term Borrowings - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Short Term Debt [Line Items]
Short-term borrowings	$ 369
Finance And Security Agreement
Short Term Debt [Line Items]
Short-term borrowings	$ 400
Agreement commencement date	Feb. 27, 2020
Debt instrument, term	10 months
Short-term debt, annual interest rate	2.59%
Debt instrument, maturity date	Dec. 11, 2020
Interest on short-term borrowings	$ 100

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	Jun. 29, 2020USD ($)Consultant	Feb. 04, 2020	Feb. 03, 2016shares	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Jan. 01, 2020shares	Dec. 31, 2019shares	Dec. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance								1,563,498
Stock-based compensation | $				$ 288,000	$ 961,000	$ 1,598,000	$ 2,952,000
Stock option grants						1,663,000
RSUs outstanding				4,165,435		4,165,435			4,364,839
Grant date fair value of options | $						$ 1,800,000
Weighted average grant date fair value | $ / shares						$ 1.09
Requisite service period						4 years
Bonus Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $				$ 100,000		$ 100,000
RSUs outstanding				4,519		4,519
Vesting of restricted stock units | $	$ 1,200,000
Compensation costs associated with awards | $	$ 0
Award vesting terms						Company shall issue a number of shares of stock equal to the RSU value, divided by the volume-weighted average price per share of the Company’s stock for the 10-day period ending on the Vesting Date. The Company also has the option to issue each Grantee the respective cash equivalent of the Award in part or in full satisfaction of the delivery of the stock in connection with the vesting of each Award.
Number of consultants for services | Consultant	2
Nonemployees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options unvested				83,250		83,250
Nonemployees [Member] | Prior to 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option issued to purchase common stock						203,964
Maximum [Member] | Bonus Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards requisite service period date		Aug. 4, 2020
Minimum [Member] | Bonus Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards requisite service period date		Feb. 4, 2020
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance			1,581,839	2,749,403		2,749,403
Common stock reserved for issuance, percentage of number of shares of common stock outstanding			3.00%
Unrecognized compensation cost related to the unvested stock-based awards | $				$ 1,600,000		$ 1,600,000
Compensation cost not yet recognized, period for recognition						2 years 1 month 6 days
2016 Plan and 2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance				6,914,838		6,914,838
2016 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance			138,757	552,537		552,537
Common stock reserved for issuance, percentage of number of shares of common stock outstanding			1.00%
Common stock available for issuance										138,757
Number of shares issued						59,232
2016 ESPP [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $				$ 100,000		$ 100,000

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense, Including Shares Issued to Consultants for Services (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-based compensation expense	$ 288	$ 961	$ 1,598	$ 2,952
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-based compensation expense	(52)	460	443	1,228
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-based compensation expense	$ 340	$ 501	$ 1,155	$ 1,724

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Number of Shares
Outstanding at December 31, 2019	4,364,839
Granted	1,663,000
Forfeited	(1,862,404)
Outstanding at September 30, 2020	4,165,435	4,364,839
Exercisable at September 30, 2020	2,776,235
Vested and expected to vest at September 30, 2020	4,082,185
Weighted Average Exercise Price Per Share
Outstanding at December 31, 2019	$ 5.30
Granted	1.56
Forfeited	3.52
Outstanding at September 30, 2020	4.60	$ 5.30
Exercisable at September 30, 2020	5.58
Vested and expected to vest at September 30, 2020	$ 4.65
Weighted Average Remaining Contractual Term, Outstanding	6 years 10 months 24 days	7 years 3 months 25 days
Weighted Average Remaining Contractual Term, Exercisable at March 31, 2020	6 years 2 months 8 days
Weighted Average Remaining Contractual Term, Vested and expected to vest at March 31, 2020	7 years 10 days
Aggregate Intrinsic Value, Outstanding	$ 7	$ 132
Aggregate Intrinsic Value, Exercisable at March 31, 2020	7
Aggregate Intrinsic Value, Vested and expected to vest at March 31, 2020	$ 7

Restructuring Costs - Additiona

Restructuring Costs - Additional Information (Detail) - Yumanity [Member] - USD ($) $ in Millions	Aug. 22, 2020	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring and Related Cost, Description		On August 22, 2020, due to the entry into the Merger Agreement with Yumanity, the Company’s Board committed to reducing its workforce by approximately 79% to a total of five full-time employees, who will remain with the Company until the closing of the proposed Merger to assist with its day-to-day business operations, including the maintenance of the rights of all or any part of the Company’s intellectual property portfolio relating to its cystic fibrosis clinical programs (the “CF Assets”), and those activities necessary to complete the proposed Merger. All employees affected by the workforce reduction are eligible to receive, among other things, severance payments based on the applicable employee’s level and years of service with the Company and the continuation of group health insurance coverage for a specified time period post-termination. In addition, certain affected employees are eligible for an extension of the post-termination exercise period for their outstanding stock options. Each affected employee’s eligibility for the severance benefits was contingent upon such employee’s execution of a separation agreement, which includes a general release of claims against the Company.
Percentage of reduction in workforce	79.00%
Employee Severance [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring costs		$ 2.4
Restructuring Plan | Employee Severance [Member] | Minimum [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring costs		4.2
Restructuring Plan | Employee Severance [Member] | Maximum [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring costs		$ 4.7

Restructuring Costs - Schedule

Restructuring Costs - Schedule of activity related to our restructuring costs liability (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Restructuring Costs [Abstract]
Costs incurred and charged to expense	$ 2,401
Costs paid or otherwise settled	(796)
Balance at September 30, 2020	$ 1,605

Significant Agreements - Additi

Significant Agreements - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 28, 2019	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue		$ 5,000
Genentech [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Nonrefundable cash payment			$ 5,000	$ 5,000
Future milestone payment				$ 96,000
Revenue	$ 5,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Federal income tax benefit	$ 0	$ 0	$ 0	$ 0
State income tax benefit	$ 0	$ 0	$ 0	$ 0

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net loss	$ (8,169)	$ (12,833)	$ (26,940)	$ (47,269)
Denominator:
Weighted average common shares outstanding—basic and diluted	52,177,557	51,099,307	52,157,355	51,058,339
Net loss per share—basic and diluted	$ (0.16)	$ (0.25)	$ (0.52)	$ (0.93)

Net Loss per Share - Schedule_2

Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding (Detail) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	4,165,435	4,545,064
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	4,165,435	4,545,064

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jan. 19, 2018
Leases [Abstract]
Operating lease, initial term			10 years
Operating lease, option to extend additional term			7 years
Operating lease assets	$ 11,682	$ 12,631

Leases - Elements of Lease Expe

Leases - Elements of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lease cost
Operating lease cost	$ 462	$ 462	$ 1,387	$ 1,387
Variable lease cost	158	182	420	494
Total lease cost	$ 620	$ 644	1,807	1,881
Other information
Operating cash flows used for operating leases			$ 1,296	$ 1,261
Weighted-average remaining lease term	7 years 7 months 2 days	8 years 7 months 2 days	7 years 7 months 2 days	8 years 7 months 2 days
Weighted-average discount rate	4.50%	4.50%	4.50%	4.50%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments under Noncancelable Leases (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
2020	$ 437
2021	1,780
2022	1,829
2023	1,880
2024	1,931
Thereafter	6,825
Total lease payments	14,682
Less: imputed interest	(2,342)
Total operating lease liabilities	$ 12,340