Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Unity Biotechnology, Inc. | ||
Entity Central Index Key | 0001463361 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding | 47,613,143 | ||
Entity Public Float | $ 276,736,207 | ||
Entity File Number | 001-38470 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-4726035 | ||
Entity Address, Address Line One | 285 East Grand Ave. | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 416-1192 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, par value $0.0001 | ||
Security Exchange Name | NASDAQ | ||
Trading Symbol | UBX | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement relating to the 2020 Annual Meeting of Shareholders, scheduled to be held on June18, 2020, are incorporated by reference into Part III of this Report. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K. |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 37,473 | $ 15,399 |
Short-term marketable securities | 84,508 | 155,736 |
Strategic investments | 5,507 | |
Prepaid expenses and other current assets | 1,999 | 1,830 |
Total current assets | 129,487 | 172,965 |
Property and equipment, net | 16,636 | 6,238 |
Long-term marketable securities | 3,025 | |
Restricted cash | 1,446 | 550 |
Other long-term assets | 627 | 1,622 |
Total assets | 151,221 | 181,375 |
Current liabilities: | ||
Accounts payable | 5,185 | 4,847 |
Accrued compensation | 5,905 | 3,791 |
Accrued and other current liabilities | 4,995 | 4,990 |
Settlement liability | 2,059 | |
Contingent consideration liability | 1,131 | 895 |
Total current liabilities | 17,216 | 16,582 |
Deferred rent, net of current portion | 13,298 | 2,467 |
Contingent consideration liability, net of current portion | 1,588 | |
Other non-current liabilities | 45 | |
Total liabilities | 30,514 | 20,682 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity (deficit): | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2019 and 2018; 47,227,065 and 42,414,294 shares issued and outstanding as of December 31, 2019 and 2018, respectively | 5 | 4 |
Additional paid-in capital | 366,695 | 324,663 |
Related party promissory notes for purchase of common stock | (210) | (201) |
Employee promissory notes for purchase of common stock | (418) | (400) |
Accumulated other comprehensive loss | 90 | (95) |
Accumulated deficit | (245,455) | (163,278) |
Total stockholders’ equity | 120,707 | 160,693 |
Total liabilities and stockholders’ equity | $ 151,221 | $ 181,375 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Feb. 28, 2018 |
Statement Of Financial Position [Abstract] | ||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Convertible preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Convertible preferred stock, shares issued | 0 | 0 | ||
Convertible preferred stock, shares outstanding | 0 | 0 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 140,000,000 | 122,000,000 |
Common stock, shares issued | 47,227,065 | 42,414,294 | ||
Common stock, shares outstanding | 47,227,065 | 42,414,294 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Contribution revenue | $ 1,382 | ||
Operating expenses: | |||
Research and development | $ 70,957 | $ 58,907 | 37,373 |
General and administrative | 20,046 | 16,016 | 9,617 |
Change in fair value of contingent consideration | (1,352) | 4,542 | |
Total operating expenses | 89,651 | 79,465 | 46,990 |
Loss from operations | (89,651) | (79,465) | (45,608) |
Interest income | 3,289 | 3,312 | 1,055 |
Other income (expense), net | 4,185 | (245) | (103) |
Net loss | (82,177) | (76,398) | (44,656) |
Other comprehensive loss | |||
Unrealized gain (loss) on marketable debt securities, net of tax | 185 | 9 | (104) |
Comprehensive loss | $ (81,992) | $ (76,389) | $ (44,760) |
Net loss per share, basic and diluted | $ (1.88) | $ (2.70) | $ (13.97) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 43,624,807 | 28,269,907 | 3,197,516 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Series A-1, A-2, B and C convertible preferred Stock | ATM Equity offering program | Common Stock | Common StockATM Equity offering program | Additional Paid-In Capital | Additional Paid-In CapitalATM Equity offering program | Related Party Promissory Notes for Purchase of Commmon Stock | Employee Promissory Notes for Purchase of Commmon Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance at Dec. 31, 2016 | $ (41,536) | $ 1 | $ 889 | $ (202) | $ (42,224) | |||||||||
Beginning balance, (in shares) at Dec. 31, 2016 | 24,620,615 | |||||||||||||
Beginning balance at Dec. 31, 2016 | $ 131,089 | |||||||||||||
Beginning balance, (in shares) at Dec. 31, 2016 | 4,303,538 | |||||||||||||
Issuance of convertible preferred stock per share for cash, net of issuance costs (in shares) | 3,539,109 | |||||||||||||
Issuance of convertible preferred stock per share for cash, net of issuance costs | $ 42,867 | |||||||||||||
Issuance of common stock upon exercise of stock options, net of amount related to early exercised options | 8 | 8 | ||||||||||||
Issuance of common stock upon exercise of stock options, net of amount related to early exercised options (in shares) | 43,727 | |||||||||||||
Vesting of early exercised options | 97 | 97 | ||||||||||||
Issuance of restricted stock | 625,931 | |||||||||||||
Common stock granted/ issued to third parties | 44 | 44 | ||||||||||||
Common stock granted/ issued to third parties (in shares) | 12,711 | |||||||||||||
Stock-based compensation | 3,034 | 3,034 | ||||||||||||
Repurchase of early exercised shares of common stock (in Shares) | (155,518) | |||||||||||||
Unrealized loss on marketable securities, net of tax | (104) | $ (104) | ||||||||||||
Net loss | (44,656) | (44,656) | ||||||||||||
Ending balance at Dec. 31, 2017 | (83,113) | $ 1 | 4,072 | (202) | (104) | (86,880) | ||||||||
Ending balance, (in shares) at Dec. 31, 2017 | 28,159,724 | |||||||||||||
Ending balance at Dec. 31, 2017 | $ 173,956 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 4,830,389 | |||||||||||||
Issuance of convertible preferred stock per share for cash, net of issuance costs (in shares) | 3,913,425 | |||||||||||||
Issuance of convertible preferred stock per share for cash, net of issuance costs | $ 59,881 | |||||||||||||
Conversion of Series A-1, A-2, B and C convertible preferredstock to common stock | 233,839 | $ 2 | 233,837 | |||||||||||
Conversion of Series A-1, A-2, B and C convertible preferred stock to common stock (in Shares) | (32,073,149) | |||||||||||||
Conversion of Series A-1, A-2, B and C convertible preferred stock to common stock | $ (233,837) | |||||||||||||
Conversion of Series A-1, A-2, B and C convertible preferred stock to common stock (in Shares) | 32,073,149 | |||||||||||||
Vesting of early exercised options | 584 | 584 | ||||||||||||
Common stock granted/ issued to third parties | 75,852 | $ 1 | 75,851 | |||||||||||
Common stock granted/ issued to third parties (in shares) | 5,000,000 | |||||||||||||
Issuance of common stock upon exercise of warrants and stock options,net of amount related to early exercised options | 374 | 374 | ||||||||||||
Issuance of common stock upon exercise of warrants and stock options,net of amount related to early exercised options (in shares) | 510,756 | |||||||||||||
Stock-based compensation | 9,441 | 9,441 | ||||||||||||
Receipt of promissory note from related party for purchase of common stock | (390) | (390) | ||||||||||||
Receipt of promissory note from employee for purchase of common stock | (400) | $ (400) | ||||||||||||
Repayment of promissory note from related party | 895 | 504 | 391 | |||||||||||
Unrealized loss on marketable securities, net of tax | 9 | 9 | ||||||||||||
Net loss | (76,398) | (76,398) | ||||||||||||
Ending balance at Dec. 31, 2018 | $ 160,693 | $ 4 | 324,663 | (201) | (400) | (95) | (163,278) | |||||||
Ending balance, (in shares) at Dec. 31, 2018 | 0 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 42,414,294 | 42,414,294 | ||||||||||||
Issuance of common stock upon exercise of stock options, net of amount related to early exercised options | $ 840 | 840 | ||||||||||||
Issuance of common stock upon exercise of stock options, net of amount related to early exercised options (in shares) | 505,226 | 505,226 | ||||||||||||
Vesting of early exercised options | $ 647 | 647 | ||||||||||||
Common stock granted/ issued to third parties | 2,995 | $ 26,086 | $ 1 | 3,022 | $ 26,085 | (9) | (18) | |||||||
Common stock granted/ issued to third parties (in shares) | 253,334 | 3,974,908 | ||||||||||||
Stock-based compensation | 10,852 | 10,852 | ||||||||||||
Issuance of common stock under employee stock purchase plan (“ESPP”) | 586 | 586 | ||||||||||||
Issuance of common stock under employee stock purchase plan (“ESPP”) (in Shares) | 83,584 | |||||||||||||
Receipt of promissory note from related party for purchase of common stock | (27) | |||||||||||||
Repurchase of early exercised shares of common stock (in Shares) | (4,281) | |||||||||||||
Unrealized loss on marketable securities, net of tax | 185 | 185 | ||||||||||||
Net loss | (82,177) | (82,177) | ||||||||||||
Ending balance at Dec. 31, 2019 | $ 120,707 | $ 5 | $ 366,695 | $ (210) | $ (418) | $ 90 | $ (245,455) | |||||||
Ending balance, (in shares) at Dec. 31, 2019 | 0 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 47,227,065 | 47,227,065 |
Statements of Convertible Pre_2
Statements of Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amount of early exercised options | $ 1,212 | $ 5 |
Issuance cost | $ 9,149 | |
Series B Convertible Preferred Stock | ||
Issuance price per share | $ 12.125 | |
Issuance cost | $ 43 | |
Series C Convertible Preferred Stock | ||
Issuance price per share | $ 15.3317 | |
Issuance cost | $ 119 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net loss | $ (82,177) | $ (76,398) | $ (44,656) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 2,663 | 2,180 | 1,304 |
Net accretion and amortization of premium and discounts on marketable securities | (1,151) | (955) | 182 |
Stock-based compensation | 10,852 | 9,441 | 3,034 |
Loss on disposal of property and equipment | 45 | 15 | |
Common stock granted to third party | 965 | 44 | |
Change in fair value of strategic investments | (4,507) | ||
Accretion of tenant improvement allowance | (1,275) | (605) | (605) |
Change in fair value of contingent consideration for license agreements | (1,352) | 4,542 | |
Changes in operating assets and liabilities: | |||
Contribution receivable | 1,382 | (1,382) | |
Prepaid expenses and other current assets | (169) | (842) | (746) |
Other long-term assets | (31) | (604) | 23 |
Accounts payable | (227) | 2,228 | 1,198 |
Accrued compensation | 2,114 | 1,610 | 1,607 |
Accrued liabilities and other current liabilities | (587) | 1,446 | 1,258 |
Deferred rent, net of current portion | 2,461 | (93) | 366 |
Net cash used in operating activities | (72,421) | (56,623) | (38,358) |
Investing activities | |||
Purchase of marketable securities | (119,270) | (204,086) | (134,465) |
Maturities of marketable securities | 188,809 | 133,644 | 49,849 |
Purchase of investment in stock | (500) | ||
Purchase of property and equipment | (1,586) | (1,264) | (1,689) |
Net cash provided by (used in) investing activities | 67,953 | (72,206) | (86,305) |
Financing activities | |||
Proceeds from issuance of common stock under ATM offering program, net of issuance costs | 26,085 | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 59,881 | 42,867 | |
Proceeds from issuance of common stock upon exercise of stock options, net of repurchases | 840 | 374 | (37) |
Proceeds from issuance of common stock under ESPP | 586 | ||
Proceeds from initial public offering, net of issuance costs | 79,055 | ||
Payment of initial public offering costs | (3,201) | ||
Proceeds from repayment of recourse notes | 895 | ||
Payments made on capital lease obligations | (73) | (74) | (55) |
Net cash provided by financing activities | 27,438 | 136,930 | 42,775 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 22,970 | 8,101 | (81,888) |
Cash, cash equivalents and restricted cash at beginning of year | 15,949 | 7,848 | 89,736 |
Cash, cash equivalents and restricted cash at end of year | 38,919 | 15,949 | 7,848 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities | |||
Property and equipment included in accounts payable | 565 | 241 | 314 |
Property and equipment acquired under capital leases | 243 | ||
Lessor funded lease incentives included in property and equipment | 10,651 | $ 3,881 | |
Receipt of promissory note for purchase of common stock | 400 | ||
Receipt of promissory note from related party for purchase of common stock | $ 27 | $ 390 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Unity Biotechnology, Inc. (the “Company”) is a biotechnology company engaged in the research and development of therapeutics to extend human healthspan. The Company devotes substantially all of its time and efforts to performing research and development, raising capital and recruiting personnel. The Company’s headquarters are located in South San Francisco, California and was incorporated in the State of Delaware in 2009. Need for Additional Capital The Company has incurred operating losses and has an accumulated deficit as a result of ongoing efforts to develop drug product candidates, including conducting preclinical and clinical trials and providing general and administrative support for these operations. The Company had an accumulated deficit of $245.5 million as of December 31, 2019. During the year ended December 31, 2019, the Company incurred a net loss of $82.2 million and used $72.4 million of cash in operating activities. To date, none of the Company’s drug candidates have been approved for sale. The Company has not generated any revenue from contracts with customers and does not expect positive cash flows from operations in the foreseeable future. The Company has financed its operations primarily through private placements of preferred stock and promissory notes and more recently through our IPO and proceeds from our ATM Offering Program, and will continue to be dependent upon equity and/or debt financing until we are able to generate positive cash flows from our operations. To date, none of the Company’s drug candidates have been approved for sale and therefore the Company has not generated any revenue from contracts with customers. The Company had cash, cash equivalents and marketable securities of $125.0 million as of December 31, 2019. The Company has evaluated and concluded there are no conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a period of 12 months following the date that these financial statements are issued. Management expects operating losses to continue for the foreseeable future. As a result, the Company will need to raise additional capital. If sufficient funds on acceptable terms are not available when needed, the Company could be required to significantly reduce its operating expenses and delay, reduce the scope of, or eliminate one or more of its development programs. Failure to manage discretionary spending or raise additional financing, as needed, may adversely impact the Company’s ability to achieve its intended business objectives. Reverse Stock Split On April 19, 2018, the Company’s board of directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 1-for-2.95 reverse split (“Reverse Split”) of shares of the Company’s common and convertible preferred stock, which was effected on April 20, 2018. The par value and authorized shares of common stock and convertible preferred stock were not adjusted as a result of the Reverse Split. All of the share and per share information included in the accompanying financial statements has been adjusted to reflect the Reverse Split. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of Securities and Exchange Commission (“SEC”) for reporting. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amount of expenses and income reported for each of the periods presented are affected by estimates and assumptions, which are used for, but are not limited to, determining the fair value of assets and liabilities, contingent consideration liability, common stock valuation, and stock-based compensation. Actual results could differ from such estimates or assumptions. Segments The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of 90 days or less from the date of purchase to be cash equivalents. Cash equivalents primarily include money market funds that invest in U.S. Treasury obligations which are stated at fair value. The Company has issued letters of credit under its lease agreements which have been collateralized. This cash is classified as noncurrent restricted cash on the balance sheet based on the term of the underlying lease. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the same amounts shown in the statements of cash flows (in thousands). December 31, 2019 2018 2017 Cash and cash equivalents $ 37,473 $ 15,399 $ 7,298 Restricted cash 1,446 550 550 Total cash, cash equivalents, and restricted cash $ 38,919 $ 15,949 $ 7,848 Marketable Securities The Company generally invests its excess cash in investment grade, short to intermediate-term, fixed income securities. Such investments are considered available-for-sale debt securities, and reported at fair value with unrealized gains and losses included as a component of stockholders’ deficit. Marketable securities with original maturities of greater than 90 days from the date of purchase but less than one year from the balance sheet date that are available to be converted into cash to fund current operations are classified as short-term, while marketable securities with maturities in one year or beyond one year from the balance sheet date are classified as long-term. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the statements of operations and comprehensive loss. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on marketable securities are included in interest income (expense), net. The cost of securities sold is determined using the specific identification method. The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and management’s strategy and intentions for holding the marketable security. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. Strategic Investments The Company may make investments in strategic partners. The Company does not intend to have a controlling interest or significant influence when it makes these strategic investments. Investments in equity securities of strategic partners with readily determinable fair values are measured using quoted market prices in with changes recorded through other income (expense), net in the statement of operations. The Company currently holds a non-controlling equity investment in the common stock of a Hong-Kong based clinical-stage biopharmaceutical company called Ascentage Pharma Group International (“Ascentage International”), which was acquired in connection with certain license agreements (see Note 5, “License Agreements”). In October 2019, Ascentage International completed an initial public offering of shares of its common stock on the Hong Kong stock exchange at HK$34.20 (approximately USD $4.36) per share. The Company is subject to a lock-up agreement with Ascentage International that precludes the Company from selling shares prior to April 2020. Fair Value Measurements The Company’s financial instruments during the periods presented consist of cash and cash equivalents, restricted cash, marketable securities, strategic investments, prepaid expenses and other current assets, accounts payable, accrued compensation, accrued and other current liabilities and contingent consideration liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of judgment. Concentrations of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and marketable securities. Substantially all of the Company’s cash and cash equivalents and restricted cash is deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits have and will continue to exceed federally insured limits. The Company maintains its cash with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash deposits. The contribution receivable is unsecured and is concentrated with one third-party organization, and accordingly the Company may be exposed to credit risk. To date, the Company has not experienced any loss related to its contributions receivable. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents, restricted cash and marketable securities and issuers of marketable securities to the extent recorded on the balance sheets. As of December 31, 2019, the Company had no off-balance sheet concentrations of credit risk. The Company is also exposed to market risk in its strategic investments. As of December 31, 2019, the Company held an investment in common stock which is publicly traded. The Company depends on third-party suppliers for key raw materials used in its manufacturing processes and is subject to certain risks related to the loss of these third-party suppliers or their inability to supply the Company with adequate raw materials. Contribution Revenue The Company recognizes contribution revenue related to the receipt of cash from third-party resource providers not considered to be customers and where the transfer of assets is not an exchange transaction or financing of research and development. Contribution revenue and related receivables are recognized for conditional contributions as the conditions related to the contribution are relieved. In July 2017, the Company entered an arrangement with a third-party organization under which the Company would be provided with up to $1.5 million of funding for the performance of certain research and development activities during the 90-day period following the arrangement in pursuit of the third-party organization’s philanthropic mission. All conditions related to this contribution were met during 2017 and the Company recognized $1.4 million under this arrangement, which was recorded as contribution revenue in the statement of operations. Research and Development Expenses and Accruals Costs related to research, design and development of drug candidates are charged to research and development expense as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses for personnel contributing to research and development activities, laboratory supplies, outside services, licenses acquired to be used in research and development, manufacturing of clinical material, pre-clinical testing and consultants and allocated overhead, including rent, equipment, depreciation and utilities. Research and development costs are expensed as incurred unless there is an alternative future use in other research and development projects. Payments made prior to the receipt of goods or services to be used in research and development are deferred and recognized as expense in the period in which the related goods are received or services are rendered. Such payments are evaluated for current or long-term classification based on when they will be realized. As part of the process of preparing our financial statements, we are required to estimate expenses resulting from our obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Our objective is to reflect the appropriate expenses in our financial statements by matching those expenses with the period in which services and efforts are expended. We account for these expenses according to the progress of the production of clinical trial materials or based on progression of the ur understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in our reporting changes in estimates in any particular period. Adjustments to prior period estimates have not been material for the years ended December 31, 2019 and 2018. We have and may continue to enter into license agreements to access and utilize certain technology. We evaluate if the license agreement is an acquisition of an asset or a business. To date none of our license agreements have been considered to be an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval, are immediately recognized as research and development expense when due, provided there is no alternative future use of the rights in other research and development projects. These license agreements may also include contingent consideration in the form of cash and additional issuances of our common stock. Contingent Consideration Liability The Company has entered into and may continue to enter into, license agreements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval, are immediately recognized as research and development expense when due, provided there is no alternative future use of the rights in other research and development projects. These license agreements also include contingent consideration in the form of additional issuances of the Company’s common stock based on the achievement of certain milestones. For asset acquisitions, the Company assesses on a continuous basis whether such contingent consideration meets the definition of a derivative and can or cannot be classified within stockholders’ equity, until such time that equity classification criteria are met or the milestones expire. The derivative related to this contingent consideration is measured at fair value as of each balance sheet date with the related change in fair value being reflected in operating expenses. Upon a reassessment event that results in the contingent consideration no longer meeting the definition of a derivative and/or meeting equity classification criteria, the final change in fair value of the instrument is recorded within operating expenses and the liability is reclassified into stockholders’ equity. Variable Interest Entities The Company reviews agreements it enters into with third-party entities, pursuant to which the Company may have a variable interest in the entity, in order to determine if the entity is a variable interest entity (“VIE”). If the entity is a VIE, the Company assesses whether or not it is the primary beneficiary of that entity. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. If the Company determines it is the primary beneficiary of a VIE, it consolidates that VIE into the Company’s financial statements. The Company’s determination about whether it should consolidate such VIEs is made continuously as changes to existing relationships or future transactions may result in a consolidation or deconsolidation event. Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, generally three years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Depreciation and amortization begins at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred and costs of improvement are capitalized. Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets through an impairment charge, to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. No impairment losses have been recorded for the periods presented. Leases The Company leases office space and laboratory facilities under non-cancelable operating lease agreements and recognizes related rent expense on a straight-line basis over the term of the lease. Incentives granted under the Company’s facilities lease, including allowances to fund leasehold improvements and rent holidays, and are recognized as reductions to rental expense on a straight-line basis over the term of the lease. Lessor funded leasehold improvement incentives not yet received are recorded in prepaid expense and other current assets on the balance sheet. The Company does not assume renewals in its determination of the lease term unless they are deemed to be reasonably assured at the inception of the lease and begins recognizing rent expense on the date that it obtains the legal right to use and control the leased space. Deferred rent consists of the difference between cash payments and the rent expense recognized. The Company recognizes a liability for costs that will continue to be incurred under a lease contract for its remaining term without economic benefit at its fair value when the entity ceases using the right conveyed by the contract, which is it when the space is completely vacated. The Company entered into capital lease agreements for certain equipment with a lease term of three years. The current portion of capital lease obligations is included in accrued and other liabilities and the noncurrent capital lease obligations is included in other noncurrent liabilities in the balance sheet. Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value. For stock-based awards with service conditions only, stock-based compensation expense is recognized over the requisite service period using the straight-line method. For awards with performance conditions, the Company evaluates the probability of achieving performance condition at each reporting date. The Company begins to recognize stock-based compensation expense using an accelerated attribution method when it is deemed probable that the performance condition will be met. Forfeitures are recognized as they occur. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock option awards that do not contain market conditions. The Black-Scholes option-pricing model requires assumptions to be made related to the expected term of an award, expected dividends, expected volatility and risk-free rate. The Company uses the lattice models to estimate the fair value of stock option awards that contain market conditions. Lattice models require the use of subjective and complex assumptions which determine the fair value of such awards including price volatility of the underlying stock and derived service periods. The Company recognizes stock-based compensation expense for stock options granted to non-employees based on the estimated fair value of the award as it is more readily measurable than the fair value of the services received. The fair value of stock options granted to non-employees is estimated at grant date and re-measured at each reporting period using the Black-Scholes option-pricing model until the awards vest and the resulting change in value, if any, is recognized in the statements of operations. Income Taxes The Company uses the asset and liability method of accounting for income taxes, in which deferred tax assets and liabilities are recognized for future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized. The Company’s tax positions are subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in its tax provision. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties. Net Loss per Common Share Basic net loss per share is calculated by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock and potential dilutive common stock equivalents outstanding during the period if the effect is dilutive. The calculation of diluted earnings (loss) per share also requires that, to the extent the presumed issuance of additional shares as contingent consideration is dilutive to earnings (loss) per share for the period, adjustments to net income or net loss used in the calculation are required to remove the change in fair value of the contingent consideration liability for the period. Likewise, adjustments to the denominator are required to reflect the related dilutive shares. In all periods presented, the Company’s outstanding stock options, convertible preferred stock, early exercised common stock subject to future vesting, restricted stock accounted for as options common and preferred stock warrants and presumed issuance of additional shares as contingent consideration were excluded from the calculation of diluted net loss per share because their effects were antidilutive. Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ deficit that are excluded from net loss, primarily unrealized losses on the Company’s marketable securities. Recently Adopted Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Ascentage International subsequent to their initial public offering In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230: Classification of Certain Cash Receipts and Cash Payments) Recently Issued Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-15, Intangibles (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 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 In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company determines the fair value of financial and non-financial assets and liabilities based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritized the inputs into three broad levels as follows: • Level 1: Quoted prices in active markets for identical instruments • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) The carrying amounts of financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other current assets, accounts payable, accrued compensation, accrued and other current liabilities approximate the related fair values due to the short maturities of these instruments. The fair value of the Company’s cost method investment was measured when it was deemed to be other-than-temporarily impaired until the nature of the underlying investment changed to be an equity security with a readily determinable fair value which is measured at fair value on a recurring basis. The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands): December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 29,377 $ 29,377 $ — $ — U.S. and foreign commercial paper 4,999 — 4,999 — U.S government debt securities 2,550 — 2,550 — Total cash equivalents 36,926 29,377 7,549 — Short-term marketable securities: U.S. treasuries 15,063 — 15,063 — U.S. and foreign commercial paper 11,972 — 11,972 — U.S. and foreign corporate debt securities 8,755 — 8,755 — U.S. government debt securities 48,718 — 48,718 — Total short-term marketable securities 84,508 — 84,508 — Strategic investments Foreign equity securities 5,507 5,507 — — Total strategic investments 5,507 5,507 — — Long-term marketable securities U.S. treasuries 3,025 — 3,025 — Total long-term marketable securities 3,025 — 3,025 — Total assets subject to fair value measurements on a recurring basis $ 129,966 $ 34,884 $ 95,082 $ — Liabilities: Contingent consideration liability $ 1,131 $ — $ — $ 1,131 Total liabilities subject to fair value measurements on a recurring basis $ 1,131 $ — $ — $ 1,131 December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 14,131 $ 14,131 $ — $ — Total cash equivalents 14,131 14,131 — — Short-term marketable securities: U.S. treasuries 34,121 — 34,121 — U.S. and foreign commercial paper 10,635 — 10,635 — U.S. and foreign corporate debt securities 26,533 — 26,533 — Asset-backed securities 2,748 — 2,748 — U.S. government debt securities 81,699 — 81,699 — Total short-term marketable securities 155,736 — 155,736 — Total assets subject to fair value measurements on a recurring basis $ 169,867 $ 14,131 $ 155,736 $ — Liabilities: Contingent consideration liability $ 2,483 $ — $ — $ 2,483 Total liabilities subject to fair value measurements on a recurring basis $ 2,483 $ — $ — $ 2,483 The Company estimates the fair value of its money market funds, U.S. and foreign commercial paper, U.S. and foreign corporate debt securities, asset-backed securities, U.S. treasuries, U.S. government debt securities and foreign debt securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs. The fair value of the contingent consideration liability includes inputs not observable in the market and thus represents a Level 3 measurement. The Company has recorded a contingent consideration liability related to three agreements with a clinical-stage biopharmaceutical company (see Note 5, “License Agreements”). As of December 31, 2019, these Commercial Agreements included contingent consideration of up to an aggregate of 533,336 additional shares of common stock to be issued in specified portions to Ascentage Pharma and an academic institution from which Ascentage Pharma had previously in-licensed the underlying technology based on achievement of certain specified preclinical and clinical development and sales milestone events. The probability of achieving the defined milestone events under the Commercial Agreements is estimated on a quarterly basis by the Company’s management using a probability-weighted valuation approach model which reflects the probability and timing of future issuances of shares. Total contingent consideration may change significantly as preclinical and clinical development related to the compounds covered by the Commercial Agreements progresses and additional data is obtained, impacting the Company’s assumptions regarding probabilities of and timing for successful achievement of the related milestone events. For example, significant increases in the estimated probability of achieving a milestone would result in a significant higher fair value measurement while significant decreases in the estimated probability of achieving a milestone would result in a significantly lower fair value measurement. The potential outstanding contingent consideration value results in shares to be issued ranging from zero, if none of the milestones are achieved, to a maximum of $4.6 million (using the Company’s stock price as of December 31, 2019). As of December 31, 2019, and December 31, 2018, none of the commercial milestones had been achieved and no royalties were due from the sales of licensed products. As of December 31, 2018, the Company determined that the net settlement criteria of the definition of a derivative had been met for 133,333 shares of common stock to the third parties and recorded a settlement liability of $2.0 million. The Company issued 106,667 of these shares in January 2019 and the remaining 26,667 shares in March 2019. The settlement liability recorded at December 31, 2018 was reclassified to stockholders’ equity upon the issuance of these shares. The Company recorded a contingent consideration liability of $1.1 million at December 31, 2019 related to additional potential shares subject to the achievement of certain specified clinical development and sales milestone events under the agreements. The following table provides a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands): Amount Balance at December 31, 2018 $ 2,483 Additions — Settlements — Change in fair value (1,352 ) Balance at December 31, 2019 $ 1,131 The Company holds an equity investment in a clinical-stage biopharmaceutical company. The equity interest represents an insignificant level of ownership in the investee and has been recorded within strategic investments on the Company’s balance sheet (see Note 5, “License Agreements”). In October 2019, the investee completed an initial public offering of common stock on the Hong Kong stock exchange at HK$34.20 (approximately USD $4.36) per share. Following the initial public offering, the underlying investment changed to be an equity security with a readily determinable fair value which is measured at fair value on a recurring basis based on quoted stock price available on the Hong Kong Stock Exchange, which are considered observable inputs (Level 1). The investment was $5.5 million as of December 31, 2019 and is included in strategic investments. The investment was $1.0 million as of December 31, 2018 and is included in other long-term assets. The change in fair value of this investment for the twelve months ended December 31, 2019 and December 31, 2018 was $4.5 million and zero, respectively. There were no transfers between the hierarchies during the years ended December 31, 2019 and 2018. See Note 4, ‘Investments,” for further information regarding the carrying value of the Company's financial instruments. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 4. Investments Marketable Securities Marketable debt securities, which are classified as available-for-sale, consisted of the following (in thousands): December 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 29,377 $ — $ — $ 29,377 U.S. and foreign commercial paper 4,999 — — 4,999 U.S. government debt securities 2,550 — — 2,550 Total cash equivalents 36,926 — — 36,926 Short-term marketable securities: U.S. and foreign commercial paper 11,965 7 — 11,972 U.S. and foreign corporate debt securities 8,748 8 (1 ) 8,755 U.S. government debt securities 48,647 71 — 48,718 U.S. treasuries 15,057 6 — 15,063 Total short-term marketable securities 84,417 92 (1 ) 84,508 Long-term marketable securities U.S. treasuries 3,025 — — 3,025 Total long-term marketable securities 3,025 — — 3,025 Total marketable securities $ 124,368 $ 92 $ (1 ) $ 124,459 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 14,131 $ — $ — $ 14,131 Total cash equivalents 14,131 — — 14,131 Short-term marketable securities: U.S. and foreign commercial paper 10,638 — (3 ) 10,635 U.S. and foreign corporate debt securities 26,552 2 (21 ) 26,533 Asset-backed securities 2,750 — (2 ) 2,748 U.S. government debt securities 81,755 1 (57 ) 81,699 U.S. treasuries 34,136 1 (16 ) 34,121 Total short-term marketable securities 155,831 4 (99 ) 155,736 Total marketable securities $ 169,962 $ 4 $ (99 ) $ 169,867 At December 31, 2019, the remaining contractual maturities of available-for-sale debt securities were less than two years. There have been no significant realized gains or losses on available-for-sale debt securities for the periods presented. Available-for-sale debt securities that were in a continuous loss position but were not deemed to be other than temporarily impaired were immaterial at both December 31, 2019 and 2018. The Company does not intend to and believes it is not more likely than not that it will be required to sell these debt securities before their maturities. See Note 3, “Fair Value Measurements,” for further information regarding the fair value of the Company's financial instruments. |
License Agreements
License Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Research And Development [Abstract] | |
License Agreements | 5. License Agreements License and Compound Library and Option Agreement and Related License Agreements with Ascentage The Company is a party to three agreements with Ascentage Pharma Group Corp. Limited, a clinical-stage biopharmaceutical company based in Hong Kong, China (“Ascentage Pharma”): (a) a compound library and option agreement executed in February 2016 granting the Company the right to identify and take licenses to research, develop, and seek and obtain marketing approval for library compounds for the treatment of indications outside of oncology, (b) an initial license agreement executed in February 2016 granting the Company rights to an initial licensed compound, and (c) a second license agreement executed in January 2019 granting the Company rights to a second licensed compound (collectively, the “Commercial Agreements”). As of December 31, 2019, as part of these agreements, the Company had issued 640,002 shares of common stock to Ascentage Pharma and 160,000 shares of common stock to an academic institution from whom Ascentage Pharma had previously licensed the technology. The Commercial Agreements referenced above include cash payments of up to $70.3 million as well as remaining equity payments of up to an aggregate 533,336 additional shares of common stock, in each case to be issued based on the Company’s achievement of certain specified clinical development and sales milestone events. The milestones include the filing of an investigational drug application, the commencement of clinical studies, Food and Drug Administration and/or European Medicines Agency approval, and a net sales threshold. The license agreement also includes tiered royalties in the low-single digits based on sales of licensed products. In December 2018, the Company elected to advance the second compound into formal preclinical development which gave rise to an obligation under the compound library and option agreement to issue 133,334 shares of common stock to Ascentage Pharma and the academic institution. These shares were issued to Ascentage Pharma in January 2019 and the academic institution in March 2019. In connection with the additional shares of common stock that the Company may be obligated to issue under the Commercial Agreements upon achievement of the specified milestones events, the Company recorded a contingent consideration liability of $1.1 million at December 31, 2019 and $2.5 million at December 31, 2018. The $1.1 million contingent consideration liability was recorded as a current liability based on the latest estimates for milestone achievements. To date, no royalties were due from the sales of licensed products. In April 2016, in connection with the Commercial Agreements the Company purchased an interest in an affiliate of Ascentage Pharma for an aggregate purchase price of $0.5 million. In May 2018, this interest was exchanged for an interest in a newly formed affiliate of Ascentage Pharma called Ascentage Pharma Group International (“Ascentage International”) as part of a reorganization of those entities. The Company also invested an additional $0.5 million in Ascentage International in May 2018 which was recorded within other long-term assets on the Company’s balance sheet as of December 31, 2018. In October 2019, Ascentage International completed an initial public offering of shares of its common stock on the Hong Kong stock exchange at HK$34.20 (approximately USD $4.36) per share. In connection with Ascentage International’s initial public offering, the Company’s interest converted into shares of common stock of Ascentage International. The Company determined that its investment in Ascentage International met the definition of an equity security with a readily determinable fair value which is measured at fair value on a recurring basis based on quoted stock price available on the Hong Kong Stock Exchange. The Company is subject to a lock-up agreement with that precludes the Company from selling shares prior to April 2020. The Company agreed to provide funding to Ascentage Pharma for research and development work performed at a cost of up to $2.0 million through February 2020. The research and development expense under the research services agreement was $0.5 million and $0.5 million for the years ended December 31, 2019 and 2018. Under the consolidation guidance, the Company had previously determined that Ascentage Pharma was a VIE and the Company did not have the power to direct the activities that most significantly affect the economic performance of this entity. As such, the Company was not the primary beneficiary and consolidation is not required. Upon completion of its initial public offering of common stock on the Hong Kong stock exchange, the Company determined that Ascentage Pharma no longer meets the definition of a VIE. As of December 31, 2019 and 2018, the Company has not provided financial, or other, support to Ascentage Pharma that was not contractually required. Other License Agreements with Research Institutions In May 2019, the Company entered into a license agreement with The Regents of the University of California on behalf its San Francisco campus (collectively, “UCSF”) which provides the Company the rights to certain patents and related know-how to make, use, sell, offer for sale and import certain products and practice certain methods for use in the development of human therapeutics, which excludes the provision of services to third parties for consideration of any kind. The license to the Company is subject to UCSF’s reserved rights under the licensed intellectual property for educational and non-commercial research purposes and a requirement to substantially manufacture any licensed products in the United States. The Company is obligated to use diligent efforts to develop and obtain regulatory approval for at least one product commercialized pursuant to the agreement, and must meet certain regulatory and development milestones. In June 2019, as part of this license agreement, the Company issued 120,000 shares of its common stock to UCSF. In addition, the Company is obligated to pay an annual license maintenance fee and may be obligated to make milestone payments or issue up to an additional 34,000 shares of its common stock upon the occurrence of specified development events, up to aggregate milestone payments of $13.6 million for each product licensed under the agreement, and upon commercialization, to make royalty payments in the low single digit percentages (subject to a specified minimum annual royalty) based on net sales of products commercialized pursuant to the agreement. None of these events had occurred and no milestone payments or royalty payments had been recognized as of December 31, 2019. The upfront issuance of 120,000 shares of the Company’s common stock was valued at $1.0 million at the time of issuance and recorded as additional paid-in capital upon issuance in June 2019. The Company has also entered into license agreements with various research institutions which have provided the Company with rights to patents, and in certain cases, research “know-how” and proprietary research tools to research, develop and commercialize drug candidates. In addition to upfront consideration paid to these various research institutions in either cash or shares of the Company’s common stock, the Company may be obligated to make milestone payments, payable in cash and/or the issuance of shares of the Company’s common stock upon achievement of certain specified clinical development and/or sales events. The contingent consideration liability considered to be a derivative associated with the potential issuance of common stock related to these license agreements was not significant at December 31, 2019 or 2018. To date, none of these events has occurred and no contingent consideration, milestone or royalty payments have been recognized. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | 6. Balance Sheet Components Property and Equipment, Net Property and equipment, net, consists of the following (in thousands): December 31, 2019 2018 Laboratory equipment $ 5,219 $ 4,162 Computer equipment 472 247 Furniture and fixtures 825 113 Leasehold improvements 16,436 5,366 Total property and equipment 22,952 9,888 Less: accumulated depreciation and amortization (6,316 ) (3,650 ) Total property and equipment, net $ 16,636 $ 6,238 Depreciation expense related to property and equipment was $2.7 million, $2.2 million and $1.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): December 31, 2019 2018 Accrued research and development $ 2,214 $ 1,837 Deferred rent, current portion 1,849 783 Liability related to early exercise shares 237 885 Accrued other 695 1,485 $ 4,995 $ 4,990 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Operating Lease In February 2019, the Company entered into a lease agreement for new office and laboratory space in South San Francisco, California. The term of the lease agreement commenced in May 2019. The lease has an initial term of ten years from the commencement date, and the Company has an option to extend the initial term for an additional eight years at the then market rental rates as determined pursuant to the lease agreement. The total base rent payment escalates annually based on a fixed percentage beginning from the 13th month of the lease agreement. The Company will also be responsible for the operating expenses and tax expenses allocated to the building, and the operating expenses and tax expenses attributable to the common areas. Pursuant to the lease agreement, the landlord provided the Company with a tenant improvement allowance of up to $7.8 million and will finance up to $2.9 million for additional tenant improvements subject to repayment provisions as described in the lease agreement. The value of this tenant improvement allowance of $10.7 million was included in deferred rent and leasehold improvements on the balance sheet at December 31, 2019. In connection with the execution of the lease agreement, the Company delivered a letter of credit of approximately $0.9 million to the landlord. In May 2016, the Company executed a non-cancellable lease agreement for office and laboratory space in Brisbane, California which commenced in May 2016 and continues through October 2022. The lease agreement includes an escalation clause for increased rent and a renewal provision allowing the Company to extend this lease for an additional four years by giving the landlord written notice of the election to exercise the option at least fifteen months prior to the original expiration of the lease term. The lease provides for monthly base rent amounts escalating over the term of the lease and the lessor provided the Company a $3.9 million tenant improvement allowance to complete the laboratory and office renovation which was recorded as deferred rent liability and leasehold improvements within property and equipment, net. In May 2017, the Company entered into an amendment to expand the leased space and received a three-month rent holiday for the expanded space. As of December 31, 2019, the Company’s future minimum payments under the noncancelable operating leases were as follows (in thousands): Amount 2020 $ 5,373 2021 6,230 2022 5,859 2023 4,386 2024 and later 29,272 Total future minimum lease payments $ 51,120 Rent expense was $4.5 million, $1.8 million and $2.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Indemnifications The Company indemnifies each of its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with the Company’s amended and restated certificate of incorporation and bylaws. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable the Company to recover a portion of any future amounts paid. The Company believes that the fair value of these potential indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 8. Related-Party Transactions Recourse Notes In December 2015, April 2016, and July 2016, the Company issued three full-recourse promissory notes to two executive officers for an aggregate principal amount of $0.2 million with an interest rate of 2.5% per annum. All of the principal was used to early exercise options for 667,253 shares of the Company’s common stock, in aggregate. All of these related party full-recourse notes were repaid on April 4, 2018 in accordance with the terms of such notes. In October 2017, the Company issued two promissory notes to an executive officer for $1.6 million and $0.5 million, each with an interest rate of 1.85% per annum. The aggregate principal amount of $2.1 million was used to purchase 625,084 shares of restricted stock. The promissory notes were considered to be non-recourse in substance and accordingly, the shares sold subject to such promissory notes are considered to be an option for accounting purposes. In April 2018, the Company’s board of directors approved the forgiveness of all outstanding principal and accrued interest of the $1.6 million non-recourse promissory note. The non-recourse promissory note outstanding of $0.5 million was repaid on April 4, 2018 in accordance with the terms of the note. The forgiveness of the promissory note was accounted for as a modification of a share-based payment. The Company recorded an incremental charge of $1.5 million related to the modification for the year ended December 31, 2018. In January 2018, the Company issued full-recourse promissory notes to an executive and an executive officer of the Company for an aggregate principal amount of $0.4 million with an interest rate of 2.5% per annum. All of the principal was used to early exercise options for 114,406 shares of the Company’s common stock. The full recourse note of $0.2 million for the executive officer was repaid on April 4, 2018 in accordance with the terms of the note Financing Activities During the year ended December 31, 2018, the Company issued convertible preferred stock for total proceeds of $3.0 million to shareholders who are considered to be related parties. |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common and Preferred Stock | 9. Common and Preferred Stock The Company has 10,000,000 shares of convertible preferred stock authorized for issuance, par value of $0.0001 per share. As of December 31, 2019 and 2018, no shares of preferred stock were issued and outstanding. In connection with the Company’s IPO, all outstanding shares of convertible preferred stock were automatically converted into 32.1 million shares of common stock. The Company has 300,000,000 shares of common stock authorized for issuance, par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote per share. As of December 31, 2019 and 2018, there were 47,227,065 and 42,414,294 shares of common stock issued and outstanding. Sale of Common and Preferred Stock In March 2017, the Company issued an In June 2017, the Company closed the second and final tranche of its Series B convertible preferred stock round of financing by selling an aggregate of 2,879,288 shares of Series B convertible preferred stock at $12.125 per share for gross proceeds of $34.9 million. In March 2018, the Company amended and restated its certificate of incorporation to, among other things, (i) increase its authorized shares of common stock from 122,000,000 to 140,000,000 shares, (ii) increase its authorized shares of preferred stock from 91,739,149 to 103,283,818 shares, of which 11,544,669 shares were designated as Series C convertible preferred stock, and (iii) set forth the rights, preferences and privileges of the Series C convertible preferred stock. In March 2018, the Company sold 3,590,573 shares of Series C convertible preferred stock at $15.3317 per share for net proceeds of $54.9 million and in On May 7, 2018, the Company closed its initial public offering (“IPO”), of 5,000,000 shares of common stock, at an offering price to the public of $17.00 per share. The Company received net proceeds of approximately $75.9 million, after deducting underwriting discounts, commissions and offering related transaction costs of approximately $9.1 million. In connection with the IPO, all of the Company’s outstanding shares of convertible preferred stock were automatically converted into 32,073,149 shares of common stock. In addition, all of the Company’s convertible preferred stock warrants were converted into warrants to purchase shares of common stock. In connection with the completion of its IPO, on May 7, 2018, the Company’s certificate of incorporation was amended and restated to provide for 300,000,000 authorized shares of common stock with a par value of $0.0001 per share and 10,000,000 authorized shares of preferred stock with a par value of $0.0001 per share. In June 2019, the Company filed a Registration Statement on Form S-3 (the “Shelf Registration Statement”), covering the offering of up to $250.0 million of common stock, preferred stock, debt securities, warrants and units. The Shelf Registration Statement included a prospectus covering the offering, issuance and sale of up to $75.0 million of the Company’s common stock from time to time through an “at-the-market” offering under the Securities Act of 1933, as amended (the “ATM Offering Program”). The SEC declared the Shelf Registration Statement effective on June 6, 2019. In June 2019, the Company also entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) to sell shares of the Company’s common stock, from time to time, with aggregate gross sales proceeds of up to $75.0 million, through the ATM Offering Program under which Cowen will act as its sales agent Cowen is entitled to compensation for its services equal to up to 3.0% of the gross proceeds of any shares of common stock sold through Cowen under the Sales Agreement. In addition, the Company has agreed to reimburse a portion of the expenses of Cowen in connection with the offering up to a maximum of $0.1 million. During the year ended December 31, 2019, the Company issued and sold 3,974,908 shares of its common stock through its ATM Offering Program and received net proceeds of approximately $26.1 million, after deducting commissions and other offering expenses of $1.4 million. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Equity Incentive Plans In March 2018, the Company’s board of directors adopted the Company’s 2018 Incentive Award Plan (the “2018 Plan”). The 2018 Plan was approved by the Company’s stockholders in April 2018 and became effective on May 2, 2018. The 2018 Plan initially reserved 4,289,936 shares for the issuance of stock options as well as any automatic annual increases in the number of shares of common stock reserved for future issuance under the 2018 Plan. Awards granted under the 2018 Plan expire no later than ten years from the date of grant. For stock options, the option price shall not be less than 100% of the estimated fair value on the day of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. Unvested options not exercised at the time of an employee’s termination of employment are added back to the 2018 Plan. Following the Company’s IPO and in connection with the effectiveness of the 2018 Plan, the 2013 Equity Incentive Plan (the “2013 Plan”) terminated and no further awards will be granted under that plan. All outstanding awards under the 2013 Plan will continue to be governed by their existing terms and the shares that remained outstanding for issuance under the 2013 Plan were transferred into the 2018 Plan. As of December 31, 2019, there was an aggregate 6,846,928 shares of common stock authorized for issuance under the 2018 Plan. Prior to its termination, the 2013 Plan provided for the granting of incentive stock options (“ISOs”), non-statutory stock options (“NSOs”) and restricted shares to employees, directors, and consultants at the discretion of management and the Board of Directors. The exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, and the exercise price of an ISO and NSO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant. For awards granted between September 2017 and February 2018 with an exercise price of $3.42, a deemed fair value ranging from $3.95 to $8.47 per share was used in calculating stock-based compensation expense, which was determined using management hindsight. Options granted under the 2013 Plan expire no later than 10 years from the date of grant and generally vest over a four-year period but may be granted with different vesting terms. Unvested options not exercised at the time of an employee’s termination of employment are added back to the 2018 Plan. Under the 2013 Plan, the Company permitted early exercise of certain stock options prior to vesting. These unvested shares are subject to repurchase by the Company at the original issuance price in the event the optionee’s employment is terminated either voluntarily or involuntarily. The amounts paid for shares purchased under an early exercise of stock options and subject to repurchase by the Company are reported as a liability and reclassified into additional paid-in capital as the shares vest. Stock Options and Restricted Stock Units (RSUs) Activity A summary of the Company’s stock option activity under the 2013 and 2018 Plan is as follows: Shares Available for Grant Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contract Term Aggregate Intrinsic Value (in Years) (in thousands) Balance at December 31, 2018 3,027,802 5,500,531 $ 6.75 Shares Added 2,357,131 — — Granted (2,935,629 ) 2,582,912 8.78 Exercised — (505,226 ) 1.66 Canceled 467,016 (671,319 ) 9.47 Balance at December 31, 2019 2,916,320 6,906,898 $ 7.62 8.20 $ 12,297 Vested and exercisable at December 31, 2019 2,574,677 $ 6.21 7.36 $ 7,269 Vested and expected to vest at December 31, 2019 6,906,898 $ 7.62 8.20 $ 12,297 The total intrinsic value of options exercised was $5.8 million, $1.5 million and $0.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. The weighted-average estimated fair value of stock options granted was $7.12, $13.20 and $3.40 for the years ended December 31, 2019, 2018 and 2017, respectively. The aggregate intrinsic value of options exercisable was $7.3 million and $21.9 million as of December 31, 2019 and 2018, respectively. The following table summarizes the Company’s RSU activity for the year ended December 31, 2019. Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2018 — $ — Granted 352,717 $ 9.00 Forfeited (26,830 ) $ 9.00 Unvested at December 31, 2019 325,887 $ 9.00 As of December 31, 2019, the total stock-based compensation cost related to options and RSUs granted but not yet amortized was $28.1 million and will be recognized over a weighted-average period of approximately 3.5 years. The total grant-date fair value of stock options granted to employees that vested during the years ended December 31, 2019 and 2018 was approximately $14.2 million and $3.5 million, respectively. Stock Options Granted to Employees with Service-Based Vesting The fair value of stock options granted to employees was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Year Ended December 31, 2019 2018 2017 Expected dividend yield — — — Expected term of options (in years) 6.1 6.1 5.6–6.7 Risk-free interest rate 1.59%-2.27% 2.6%-3.0% 1.8%–2.2% Expected stock price volatility 99.4%-111.3% 87.4%-92.6% 77.0%–82.0% The valuation assumptions were determined as follows: Expected Term —The expected term represents the period that the options granted 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) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term. Expected Volatility —The Company used an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends as the Company does not have a sufficient historical trading history for its own common stock. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Risk-Free Interest Rate —The Company based the risk-free interest rate over the expected term of the options based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant. Expected Dividends —The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future. Therefore, the expected dividend yield is zero. Performance Contingent Stock Options Granted to Employees During the year ended December 31, 2018, the Board of Directors granted performance contingent stock option awards exercisable for 53,575 shares, to certain members of the Company’s executive team. These awards had a weighted average exercise price of $3.42 which was based on the fair market value on the grant date, as determined by the Board of Directors, and vest upon the successful achievement of one or more specified performance goals. The total estimated fair value of these awards was $0.4 million at the date of grant and was estimated using a Black-Scholes option-pricing model using the same assumptions as the stock options granted to employees with service-based vesting conditions. As of December 31, 2018, there were 329,499 total performance contingent stock option awards outstanding with a total grant date fair value of $0.7 million. During the year ended December 31, 2019, the Company determined that the achievement of the requisite performance conditions was probable and, as a result, compensation cost of $0.7 million was recognized for these awards. Performance and Market Contingent Stock Options Granted to Employees During the year ended December 31, 2018, the Board of Directors granted performance and market contingent stock option awards exercisable for 160,727 shares of common stock to certain members of the Company’s executive team. These awards had a weighted average exercise price of $3.42, which was based on the fair market value on the grant date, as determined by the Board of Directors. The total estimated grant-date fair value of these options was $1.0 million. Key assumptions in the valuation model included expected volatility, a risk-free interest rate, expected dividend yield, and an expected term unique to the terms of these awards. Under the performance and market contingent awards, 53,575 of the shares have three separate market triggers for vesting based upon (i) the closing of a financing where the Company sells shares of its equity securities to institutional investors at a minimum price per share, (ii) a change in control with aggregate proceeds payable for the Company’s common stock at a minimum price per share, or (iii) an initial public offering that becomes effective at a minimum specified price per share. The remaining 107,152 shares have three separate market triggers for vesting based upon (i) the closing of a financing where the Company sells shares of its equity securities to institutional investors at a minimum pre-money valuation, (ii) a change in control with minimum aggregate proceeds payable for the Company’s common stock at a minimum price per share, or (iii) either an initial public offering or an achievement of a minimum market capitalization, as measured by a trailing 30 day volume-weighted average price. By definition, the market condition in these awards can only be achieved after the performance condition of a liquidity event has been achieved. As such, the requisite service period is based on the estimated period over which the market condition can be achieved. When a performance goal is deemed to be probable of achievement, which for liquidity events is generally upon achievement, time-based vesting and recognition of stock-based compensation expense commence. As of December 31, 2019 and 2018, there were 454,584 performance and market contingent stock option awards outstanding with a grant date total fair value of $1.5 million, respectively. As of December 31, 2019 and 2018, the Company determined that the achievement of the requisite performance conditions was not probable and, as a result, no compensation cost was recognized for these awards. Stock-Based Compensation for Nonemployees The Company has granted options to purchase shares of common stock to consultants in exchange for services performed. During the year ended December 31, 2018, the Company granted options to purchase an aggregate of 20,337 shares (of which an aggregate of 169,491 were issued outside of the 2018 and 2013 Plans) of the Company’s common stock with a weighted average exercise price of $6.19 per share. The fair value of stock options granted to nonemployees was estimated on the date of grant using the Black-Scholes option pricing model. The valuation assumptions used were substantially consistent with the assumption used to value the employee options with the exception of the expected term which was based on the contractual term of the award. During the years ended December 31, 2019 and 2018, stock-based compensation expense recognized related to nonemployee options was $0.4 million and $1.2 million, respectively. Restricted Stock A summary of the Company’s restricted stock activity for the year ended December 31, 2019 is as follows: Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2018 359,229 $ 4.57 Vested (359,229 ) $ 4.57 Unvested at December 31, 2019 — $ — In October 2017, the Company and an executive officer entered into two restricted stock agreements whereby the executive officer purchased an aggregate of 625,084 shares of restricted stock of which 146,113 shares vested immediately, 119,742 shares vest on January 1, 2018 and 359,229 shares vest on January 1, 2019. As discussed in Note 8, Related-Party Transactions, the purchase of the restricted stock was through the issuance of promissory notes which were considered to be non-recourse in substance and accordingly, considered an option for accounting purposes. The Company measured compensation cost for this option based on its fair value on the grant date using the Black-Scholes option pricing model considering an expected term commensurate with the expected timing to a liquidity event which would trigger repayment of these promissory notes and an exercise price consistent with the repayment term of the promissory notes. The Company recognized compensation cost over the requisite service period with an offsetting credit to additional paid-in capital. The shares of restricted stock have only been included in the shares issued and outstanding as such shares are legally issued. 2018 Employee Stock Purchase Plan In March 2018, the Company’s board of directors adopted the Company’s 2018 Employee Stock Purchase Plan (the “2018 ESPP”). The 2018 ESPP was approved by the Company’s stockholders in April 2018 and became effective on May 2, 2018. The 2018 ESPP reserved 536,242 shares of common stock for issuance pursuant to future awards, as well as any automatic increases in the number of shares of our common stock reserved for future issuance under this plan. Under the 2018 ESPP, employees are offered the option to purchase the Company’s common stock at a discount during the offering periods, at semi-annual intervals, with their accumulated payroll deductions. The option purchase price will be 85% of the lower of the closing trading price per share at the beginning of the offering period or at the purchase date. The 2018 ESPP provides for consecutive offering periods and eligible employees may elect to withhold up to 15% of their compensation through payroll deductions during the offering period for the purchase of stock. The maximum number of shares that may be purchased by any one participant is limited to 15,000 shares in each offering period and $25,000 in fair market value during any calendar year per the Internal Revenue Code limits. The first offering period commenced on September 16, 2018. Stock-Based Compensation Expense The following table sets forth the total stock-based compensation expense for all options granted to employees and nonemployees, including shares sold through the issuance of non-recourse promissory notes which are considered to be options for accounting purposes, and costs associated with the Company’s 2018 ESPP included in the Company’s statement of operations (in thousands): Year Ended December 31, 2019 2018 2017 Research and development $ 4,979 $ 6,043 $ 1,695 General and administrative 5,873 3,398 1,339 Total $ 10,852 $ 9,441 $ 3,034 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Warrants | 11. Warrants In June 2013, the Company granted warrants to its then Chief Executive Officer (“CEO”), considered to be a related party, to purchase 192,823 shares of Series A-1 convertible preferred stock with an exercise price of $0.65 per share and 190,226 shares of Series A-2 convertible preferred stock at a price of $0.66 per share as compensation. In January 2015, the Company granted warrants to the aforementioned CEO to purchase an aggregate of 380,452 shares of Series A-2 convertible preferred stock with an exercise price of $0.66 per share as compensation. Upon the completion of the IPO, these warrants converted to common stock warrants. These warrants were exercisable beginning on January 1, 2018 and expired on the earlier of (i) December 31, 2018, (ii) December 31 of the year in which a change of control occurs or (iii) December 31 of the year in which the holder terminates service. All of the vested warrants expired unexercised on December 31, 2018. In October 2013, the Company granted warrants to a nonemployee to purchase an aggregate of 96,610 shares of common stock with an exercise price of $0.18 per share of which 9,425 warrants vested immediately. During April 2018 the nonemployee exercised the vested shares and the remaining unvested warrants expired on May 3, 2018 upon the closing of the IPO. |
Net Loss per Common Share
Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 12. Net Loss per Common Share Basic net loss per share is calculated by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock and potential dilutive common stock equivalents outstanding during the period if the effect is dilutive. The calculation of diluted earnings (loss) per share also requires that, to the extent the presumed issuance of additional shares as contingent consideration is dilutive to earnings (loss) per share for the period, adjustments to net income or net loss used in the calculation are required to remove the change in fair value of the contingent consideration liability for the period. Likewise, adjustments to the denominator are required to reflect the related dilutive shares. In all periods presented, the Company’s outstanding stock options, convertible preferred stock, early exercised common stock subject to future vesting, restricted stock accounted for as options common and preferred stock warrants, shares subject to the 2018 ESPP and presumed issuance of additional shares as contingent consideration were excluded from the calculation of diluted net loss per share because their effects were antidilutive. A reconciliation of the numerators and denominators used in computing net loss from continuing operations per share is as follows (in thousands, except per share amounts): December 31, 2019 2018 2017 (in thousands, except share and per share amounts) Numerator: Net loss $ (82,177 ) $ (76,398 ) $ (44,656 ) Denominator: Weighted average number of shares outstanding—basic and diluted 43,624,807 28,269,907 3,197,516 Net loss per share—basic and diluted $ (1.88 ) $ (2.70 ) $ (13.97 ) Since the Company was in a loss position for all periods presented, basic net loss per common share is the same as diluted net loss per common share 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 share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2019 2018 2017 Convertible preferred stock — — 28,159,724 Options to purchase common stock 6,906,898 5,500,531 4,365,694 Early exercised common stock subject to future vesting 146,915 704,028 831,439 Restricted stock accounted for as options — 359,228 625,084 RSUs 325,887 — — Warrants to purchase convertible preferred stock — — 763,501 Warrants to purchase common stock — — 96,610 Shares subject to the 2018 ESPP 47,597 27,622 — Total 7,427,297 6,591,409 34,842,052 Up to 640,218 shares may be contingently issued, if certain performance conditions are met under the Company’s in-licensing agreements . |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | 13. Defined Contribution Plan The Company sponsors a 401(k) Plan that stipulates that eligible employees can elect to contribute to the 401(k) Plan, subject to certain limitations, on a pretax basis. The Company does not match any employee contributions. In January 2019, the Company began to match 4% of employees’ salary. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The Company has incurred net operating losses for all the periods presented. The Company has not reflected the benefit of any such net operating loss carryforwards in the accompanying financial statements. The Company has established a full valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. All losses to date have been incurred domestically as the Company has no international operations or subsidiaries. No provision for U.S. income taxes exists due to tax losses incurred in all periods presented. All losses incurred were U.S. based. The effective tax rate for the years ended December 31, 2019, 2018 and 2017 is different from the federal statutory rate primarily due to the valuation allowance against deferred tax assets as a result of insufficient sources of income. The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate as follows: Year Ended December 31, 2019 2018 2017 Taxes at the U.S. statutory income tax rate 21.0 % 21.0 % 34.0 % State tax, net of federal benefit (2.2 ) 0.9 — Other (0.9 ) (0.1 ) (2.2 ) Stock-based compensation (0.5 ) 0.3 — Research and development tax credits (0.2 ) 1.0 — Reduction to state net operating losses (3.9 ) — — Change in valuation allowance (13.3 ) (23.1 ) (13.3 ) Change in income tax rate due to Tax Act — — (18.5 ) Total provision for income taxes — % — % — % On December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act contains, among other things, significant changes to corporate taxation, including reduction of the corporate tax rate from a top marginal rate of 35% to a flat rate of 21% for tax years beginning after December 31, 2017, limitation of the deduction for net operating losses to 80% of current year taxable income and elimination of net operating loss carrybacks, implementing a territorial tax system, and requiring a mandatory one-time tax on U.S. owned undistributed foreign earnings and profits known as the transition tax. Pursuant to SAB 118, an entity may select between one of three scenarios to determine a reasonable estimate arising from the Tax Act. The scenarios are (i) a final estimate which effectively closes the measurement window; (ii) a reasonable estimate leaving the measurement window open for future revisions; and (iii) no estimate as the law is still being analyzed. The Company was able to provide a reasonable estimate for the revaluation of deferred taxes. As such, the Company recorded a $8.3 million reduction in deferred tax assets for the revaluation of deferred taxes in 2017 which was offset by a corresponding decrease to the Company’s full valuation allowance. The ultimate impact of the Act did not differ materially from provision amounts recorded. Adjustments, if any, would not have impacted the statement of operations and comprehensive loss due to the full valuation allowance on the Company’s deferred tax assets Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the Company’s deferred tax assets are as follows: December 31, 2019 2018 (in thousands) Deferred tax assets: Federal and state operating loss carryforwards $ 40,435 $ 29,926 Research and development tax credits 3,436 3,865 Stock-based compensation 3,514 1,839 Accruals and other 1,473 1,040 Contingent consideration 670 954 Charitable contributions 253 253 Total deferred tax assets 49,781 37,877 Deferred tax liabilities: Unrealized gain on equity investment (947 ) — Total deferred tax liabilities (947 ) — Valuation allowance (48,834 ) (37,877 ) Net deferred tax assets $ — $ — The tax benefit of net operating losses, temporary differences and credit carryforwards should be recorded as an asset to the extent that management assesses that their realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. Realization of the net deferred tax assets is dependent upon future taxable income, if any, the amount and timing of which is uncertain. Based on the weight of available positive and negative objective evidence, management believes it more likely than not that the Company’s deferred tax assets are not realizable. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. Net operating losses and tax credit carryforwards as of December 31, 2019 are as follows: Amount Expiration Years Net operating losses, federal (post December 31, 2017) $ 137,097 Do Not Expire Net operating losses, federal (pre January 1, 2018) 64,136 2030 - 2037 Net operating losses, state 26,123 2030 - 2036 Research and development tax credits, federal 5,931 2031 - 2039 Research and development tax credits, state 5,216 Indefinite Federal and state laws impose restrictions on the utilization of net operating loss carryforwards and R&D credit carryforwards in the event of a change in ownership of the Company, which constitutes an 'ownership change' as defined by Internal Revenue Code Section 382 and 383. The Company experienced an ownership change in the past that impacts the availability of its net operating losses and tax credits. The amounts indicated in the above tables reflect the reduction of net operating losses and credit carryforwards as a result of previous ownership changes that the Company experienced. Should there be additional ownership changes in the future, the Company's ability to utilize existing carryforwards could be substantially restricted. The Company determines its uncertain tax positions based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings is more likely than not to be sustained upon examination by the relevant income tax authorities. As of December 31, 2019, the Company has no accrued interest or penalties related to uncertain tax positions. The following table summarizes the activity related to our unrecognized tax benefits: December 31, 2019 2018 (in thousands) Gross unrecognized tax benefits at January 1 $ 3,714 $ 3,065 Additions for tax positions taken in the current year 6,221 753 Reductions for tax positions taken in the prior year (173 ) (104 ) Gross unrecognized tax benefits at December 31 $ 9,762 $ 3,714 If recognized, none of the unrecognized tax benefits as of December 31, 2019 and 2018 would reduce the annual effective tax rate, primarily due to corresponding adjustments to the valuation allowance. The Company will recognize both accrued interest and penalties related to unrecognized benefits in income tax expense. As of December 31, 2019 and 2018, no liability has been recorded for potential interest or penalties. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction and California, Colorado and Delaware. The Company is not currently under audit by the Internal Revenue Service or other similar state or local authorities. All tax years remain open to examination by major taxing jurisdictions to which the Company is subject. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 15. Selected Quarterly Financial Data (Unaudited) The following tables show a summary of the Company’s quarterly financial information for each of the four quarters of 2019 and 2018 and have been prepared in accordance with GAAP for interim financial reporting (in thousands, except for per share data): Quarter Year Ended December 31, 2019 First Second Third Fourth Loss from operations $ (19,737 ) $ (24,470 ) $ (22,354 ) $ (23,090 ) Net loss $ (18,767 ) $ (23,673 ) $ (21,710 ) $ (18,027 ) Net loss per common share, basic and diluted $ (0.44 ) $ (0.56 ) $ (0.51 ) $ (0.39 ) Quarter Year Ended December 31, 2018 First Second Third Fourth Loss from operations $ (16,482 ) $ (20,798 ) $ (19,377 ) $ (22,808 ) Net loss $ (16,133 ) $ (20,002 ) $ (18,346 ) $ (21,917 ) Net loss per common share, basic and diluted $ (4.69 ) $ (0.76 ) $ (0.45 ) $ (0.53 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Need for Additional Capital | Need for Additional Capital The Company has incurred operating losses and has an accumulated deficit as a result of ongoing efforts to develop drug product candidates, including conducting preclinical and clinical trials and providing general and administrative support for these operations. The Company had an accumulated deficit of $245.5 million as of December 31, 2019. During the year ended December 31, 2019, the Company incurred a net loss of $82.2 million and used $72.4 million of cash in operating activities. To date, none of the Company’s drug candidates have been approved for sale. The Company has not generated any revenue from contracts with customers and does not expect positive cash flows from operations in the foreseeable future. The Company has financed its operations primarily through private placements of preferred stock and promissory notes and more recently through our IPO and proceeds from our ATM Offering Program, and will continue to be dependent upon equity and/or debt financing until we are able to generate positive cash flows from our operations. To date, none of the Company’s drug candidates have been approved for sale and therefore the Company has not generated any revenue from contracts with customers. The Company had cash, cash equivalents and marketable securities of $125.0 million as of December 31, 2019. The Company has evaluated and concluded there are no conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a period of 12 months following the date that these financial statements are issued. Management expects operating losses to continue for the foreseeable future. As a result, the Company will need to raise additional capital. If sufficient funds on acceptable terms are not available when needed, the Company could be required to significantly reduce its operating expenses and delay, reduce the scope of, or eliminate one or more of its development programs. Failure to manage discretionary spending or raise additional financing, as needed, may adversely impact the Company’s ability to achieve its intended business objectives. |
Reverse Stock Split | Reverse Stock Split On April 19, 2018, the Company’s board of directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 1-for-2.95 reverse split (“Reverse Split”) of shares of the Company’s common and convertible preferred stock, which was effected on April 20, 2018. The par value and authorized shares of common stock and convertible preferred stock were not adjusted as a result of the Reverse Split. All of the share and per share information included in the accompanying financial statements has been adjusted to reflect the Reverse Split. |
Basis of Presentation | Basis of Presentation These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of Securities and Exchange Commission (“SEC”) for reporting. |
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 amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amount of expenses and income reported for each of the periods presented are affected by estimates and assumptions, which are used for, but are not limited to, determining the fair value of assets and liabilities, contingent consideration liability, common stock valuation, and stock-based compensation. Actual results could differ from such estimates or assumptions. |
Segments | Segments The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of 90 days or less from the date of purchase to be cash equivalents. Cash equivalents primarily include money market funds that invest in U.S. Treasury obligations which are stated at fair value. The Company has issued letters of credit under its lease agreements which have been collateralized. This cash is classified as noncurrent restricted cash on the balance sheet based on the term of the underlying lease. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the same amounts shown in the statements of cash flows (in thousands). |
Marketable Securities | Marketable Securities The Company generally invests its excess cash in investment grade, short to intermediate-term, fixed income securities. Such investments are considered available-for-sale debt securities, and reported at fair value with unrealized gains and losses included as a component of stockholders’ deficit. Marketable securities with original maturities of greater than 90 days from the date of purchase but less than one year from the balance sheet date that are available to be converted into cash to fund current operations are classified as short-term, while marketable securities with maturities in one year or beyond one year from the balance sheet date are classified as long-term. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the statements of operations and comprehensive loss. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on marketable securities are included in interest income (expense), net. The cost of securities sold is determined using the specific identification method. The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and management’s strategy and intentions for holding the marketable security. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. |
Strategic Investments | Strategic Investments The Company may make investments in strategic partners. The Company does not intend to have a controlling interest or significant influence when it makes these strategic investments. Investments in equity securities of strategic partners with readily determinable fair values are measured using quoted market prices in with changes recorded through other income (expense), net in the statement of operations. The Company currently holds a non-controlling equity investment in the common stock of a Hong-Kong based clinical-stage biopharmaceutical company called Ascentage Pharma Group International (“Ascentage International”), which was acquired in connection with certain license agreements (see Note 5, “License Agreements”). In October 2019, Ascentage International completed an initial public offering of shares of its common stock on the Hong Kong stock exchange at HK$34.20 (approximately USD $4.36) per share. The Company is subject to a lock-up agreement with Ascentage International that precludes the Company from selling shares prior to April 2020. |
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments during the periods presented consist of cash and cash equivalents, restricted cash, marketable securities, strategic investments, prepaid expenses and other current assets, accounts payable, accrued compensation, accrued and other current liabilities and contingent consideration liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of judgment. The Company determines the fair value of financial and non-financial assets and liabilities based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritized the inputs into three broad levels as follows: • Level 1: Quoted prices in active markets for identical instruments • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) The carrying amounts of financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other current assets, accounts payable, accrued compensation, accrued and other current liabilities approximate the related fair values due to the short maturities of these instruments. The fair value of the Company’s cost method investment was measured when it was deemed to be other-than-temporarily impaired until the nature of the underlying investment changed to be an equity security with a readily determinable fair value which is measured at fair value on a recurring basis. |
Concentration of Risk | Concentrations of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and marketable securities. Substantially all of the Company’s cash and cash equivalents and restricted cash is deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits have and will continue to exceed federally insured limits. The Company maintains its cash with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash deposits. The contribution receivable is unsecured and is concentrated with one third-party organization, and accordingly the Company may be exposed to credit risk. To date, the Company has not experienced any loss related to its contributions receivable. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents, restricted cash and marketable securities and issuers of marketable securities to the extent recorded on the balance sheets. As of December 31, 2019, the Company had no off-balance sheet concentrations of credit risk. The Company is also exposed to market risk in its strategic investments. As of December 31, 2019, the Company held an investment in common stock which is publicly traded. The Company depends on third-party suppliers for key raw materials used in its manufacturing processes and is subject to certain risks related to the loss of these third-party suppliers or their inability to supply the Company with adequate raw materials. |
Contribution Revenue | Contribution Revenue The Company recognizes contribution revenue related to the receipt of cash from third-party resource providers not considered to be customers and where the transfer of assets is not an exchange transaction or financing of research and development. Contribution revenue and related receivables are recognized for conditional contributions as the conditions related to the contribution are relieved. In July 2017, the Company entered an arrangement with a third-party organization under which the Company would be provided with up to $1.5 million of funding for the performance of certain research and development activities during the 90-day period following the arrangement in pursuit of the third-party organization’s philanthropic mission. All conditions related to this contribution were met during 2017 and the Company recognized $1.4 million under this arrangement, which was recorded as contribution revenue in the statement of operations. |
Research and Development Expenses and Accruals | Research and Development Expenses and Accruals Costs related to research, design and development of drug candidates are charged to research and development expense as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses for personnel contributing to research and development activities, laboratory supplies, outside services, licenses acquired to be used in research and development, manufacturing of clinical material, pre-clinical testing and consultants and allocated overhead, including rent, equipment, depreciation and utilities. Research and development costs are expensed as incurred unless there is an alternative future use in other research and development projects. Payments made prior to the receipt of goods or services to be used in research and development are deferred and recognized as expense in the period in which the related goods are received or services are rendered. Such payments are evaluated for current or long-term classification based on when they will be realized. As part of the process of preparing our financial statements, we are required to estimate expenses resulting from our obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Our objective is to reflect the appropriate expenses in our financial statements by matching those expenses with the period in which services and efforts are expended. We account for these expenses according to the progress of the production of clinical trial materials or based on progression of the ur understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in our reporting changes in estimates in any particular period. Adjustments to prior period estimates have not been material for the years ended December 31, 2019 and 2018. We have and may continue to enter into license agreements to access and utilize certain technology. We evaluate if the license agreement is an acquisition of an asset or a business. To date none of our license agreements have been considered to be an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval, are immediately recognized as research and development expense when due, provided there is no alternative future use of the rights in other research and development projects. These license agreements may also include contingent consideration in the form of cash and additional issuances of our common stock. |
Contingent Consideration Liability | Contingent Consideration Liability The Company has entered into and may continue to enter into, license agreements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval, are immediately recognized as research and development expense when due, provided there is no alternative future use of the rights in other research and development projects. These license agreements also include contingent consideration in the form of additional issuances of the Company’s common stock based on the achievement of certain milestones. For asset acquisitions, the Company assesses on a continuous basis whether such contingent consideration meets the definition of a derivative and can or cannot be classified within stockholders’ equity, until such time that equity classification criteria are met or the milestones expire. The derivative related to this contingent consideration is measured at fair value as of each balance sheet date with the related change in fair value being reflected in operating expenses. Upon a reassessment event that results in the contingent consideration no longer meeting the definition of a derivative and/or meeting equity classification criteria, the final change in fair value of the instrument is recorded within operating expenses and the liability is reclassified into stockholders’ equity. |
Variable Interest Entities | Variable Interest Entities The Company reviews agreements it enters into with third-party entities, pursuant to which the Company may have a variable interest in the entity, in order to determine if the entity is a variable interest entity (“VIE”). If the entity is a VIE, the Company assesses whether or not it is the primary beneficiary of that entity. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. If the Company determines it is the primary beneficiary of a VIE, it consolidates that VIE into the Company’s financial statements. The Company’s determination about whether it should consolidate such VIEs is made continuously as changes to existing relationships or future transactions may result in a consolidation or deconsolidation event. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, generally three years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Depreciation and amortization begins at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred and costs of improvement are capitalized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets through an impairment charge, to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. No impairment losses have been recorded for the periods presented. |
Leases | Leases The Company leases office space and laboratory facilities under non-cancelable operating lease agreements and recognizes related rent expense on a straight-line basis over the term of the lease. Incentives granted under the Company’s facilities lease, including allowances to fund leasehold improvements and rent holidays, and are recognized as reductions to rental expense on a straight-line basis over the term of the lease. Lessor funded leasehold improvement incentives not yet received are recorded in prepaid expense and other current assets on the balance sheet. The Company does not assume renewals in its determination of the lease term unless they are deemed to be reasonably assured at the inception of the lease and begins recognizing rent expense on the date that it obtains the legal right to use and control the leased space. Deferred rent consists of the difference between cash payments and the rent expense recognized. The Company recognizes a liability for costs that will continue to be incurred under a lease contract for its remaining term without economic benefit at its fair value when the entity ceases using the right conveyed by the contract, which is it when the space is completely vacated. The Company entered into capital lease agreements for certain equipment with a lease term of three years. The current portion of capital lease obligations is included in accrued and other liabilities and the noncurrent capital lease obligations is included in other noncurrent liabilities in the balance sheet. |
Stock-Based Compensation | Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value. For stock-based awards with service conditions only, stock-based compensation expense is recognized over the requisite service period using the straight-line method. For awards with performance conditions, the Company evaluates the probability of achieving performance condition at each reporting date. The Company begins to recognize stock-based compensation expense using an accelerated attribution method when it is deemed probable that the performance condition will be met. Forfeitures are recognized as they occur. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock option awards that do not contain market conditions. The Black-Scholes option-pricing model requires assumptions to be made related to the expected term of an award, expected dividends, expected volatility and risk-free rate. The Company uses the lattice models to estimate the fair value of stock option awards that contain market conditions. Lattice models require the use of subjective and complex assumptions which determine the fair value of such awards including price volatility of the underlying stock and derived service periods. The Company recognizes stock-based compensation expense for stock options granted to non-employees based on the estimated fair value of the award as it is more readily measurable than the fair value of the services received. The fair value of stock options granted to non-employees is estimated at grant date and re-measured at each reporting period using the Black-Scholes option-pricing model until the awards vest and the resulting change in value, if any, is recognized in the statements of operations. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes, in which deferred tax assets and liabilities are recognized for future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized. The Company’s tax positions are subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in its tax provision. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per share is calculated by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock and potential dilutive common stock equivalents outstanding during the period if the effect is dilutive. The calculation of diluted earnings (loss) per share also requires that, to the extent the presumed issuance of additional shares as contingent consideration is dilutive to earnings (loss) per share for the period, adjustments to net income or net loss used in the calculation are required to remove the change in fair value of the contingent consideration liability for the period. Likewise, adjustments to the denominator are required to reflect the related dilutive shares. In all periods presented, the Company’s outstanding stock options, convertible preferred stock, early exercised common stock subject to future vesting, restricted stock accounted for as options common and preferred stock warrants and presumed issuance of additional shares as contingent consideration were excluded from the calculation of diluted net loss per share because their effects were antidilutive. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ deficit that are excluded from net loss, primarily unrealized losses on the Company’s marketable securities. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Ascentage International subsequent to their initial public offering In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230: Classification of Certain Cash Receipts and Cash Payments) |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-15, Intangibles (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 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 In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the same amounts shown in the statements of cash flows (in thousands). December 31, 2019 2018 2017 Cash and cash equivalents $ 37,473 $ 15,399 $ 7,298 Restricted cash 1,446 550 550 Total cash, cash equivalents, and restricted cash $ 38,919 $ 15,949 $ 7,848 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis and Level of Inputs Used in Measurements | The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands): December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 29,377 $ 29,377 $ — $ — U.S. and foreign commercial paper 4,999 — 4,999 — U.S government debt securities 2,550 — 2,550 — Total cash equivalents 36,926 29,377 7,549 — Short-term marketable securities: U.S. treasuries 15,063 — 15,063 — U.S. and foreign commercial paper 11,972 — 11,972 — U.S. and foreign corporate debt securities 8,755 — 8,755 — U.S. government debt securities 48,718 — 48,718 — Total short-term marketable securities 84,508 — 84,508 — Strategic investments Foreign equity securities 5,507 5,507 — — Total strategic investments 5,507 5,507 — — Long-term marketable securities U.S. treasuries 3,025 — 3,025 — Total long-term marketable securities 3,025 — 3,025 — Total assets subject to fair value measurements on a recurring basis $ 129,966 $ 34,884 $ 95,082 $ — Liabilities: Contingent consideration liability $ 1,131 $ — $ — $ 1,131 Total liabilities subject to fair value measurements on a recurring basis $ 1,131 $ — $ — $ 1,131 December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 14,131 $ 14,131 $ — $ — Total cash equivalents 14,131 14,131 — — Short-term marketable securities: U.S. treasuries 34,121 — 34,121 — U.S. and foreign commercial paper 10,635 — 10,635 — U.S. and foreign corporate debt securities 26,533 — 26,533 — Asset-backed securities 2,748 — 2,748 — U.S. government debt securities 81,699 — 81,699 — Total short-term marketable securities 155,736 — 155,736 — Total assets subject to fair value measurements on a recurring basis $ 169,867 $ 14,131 $ 155,736 $ — Liabilities: Contingent consideration liability $ 2,483 $ — $ — $ 2,483 Total liabilities subject to fair value measurements on a recurring basis $ 2,483 $ — $ — $ 2,483 |
Summary of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | As of December 31, 2018, the Company determined that the net settlement criteria of the definition of a derivative had been met for 133,333 shares of common stock to the third parties and recorded a settlement liability of $2.0 million. The Company issued 106,667 of these shares in January 2019 and the remaining 26,667 shares in March 2019. The settlement liability recorded at December 31, 2018 was reclassified to stockholders’ equity upon the issuance of these shares. The Company recorded a contingent consideration liability of $1.1 million at December 31, 2019 related to additional potential shares subject to the achievement of certain specified clinical development and sales milestone events under the agreements. The following table provides a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands): Amount Balance at December 31, 2018 $ 2,483 Additions — Settlements — Change in fair value (1,352 ) Balance at December 31, 2019 $ 1,131 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Debt Securities Classified as Available-for-Sale | Marketable debt securities, which are classified as available-for-sale, consisted of the following (in thousands): December 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 29,377 $ — $ — $ 29,377 U.S. and foreign commercial paper 4,999 — — 4,999 U.S. government debt securities 2,550 — — 2,550 Total cash equivalents 36,926 — — 36,926 Short-term marketable securities: U.S. and foreign commercial paper 11,965 7 — 11,972 U.S. and foreign corporate debt securities 8,748 8 (1 ) 8,755 U.S. government debt securities 48,647 71 — 48,718 U.S. treasuries 15,057 6 — 15,063 Total short-term marketable securities 84,417 92 (1 ) 84,508 Long-term marketable securities U.S. treasuries 3,025 — — 3,025 Total long-term marketable securities 3,025 — — 3,025 Total marketable securities $ 124,368 $ 92 $ (1 ) $ 124,459 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 14,131 $ — $ — $ 14,131 Total cash equivalents 14,131 — — 14,131 Short-term marketable securities: U.S. and foreign commercial paper 10,638 — (3 ) 10,635 U.S. and foreign corporate debt securities 26,552 2 (21 ) 26,533 Asset-backed securities 2,750 — (2 ) 2,748 U.S. government debt securities 81,755 1 (57 ) 81,699 U.S. treasuries 34,136 1 (16 ) 34,121 Total short-term marketable securities 155,831 4 (99 ) 155,736 Total marketable securities $ 169,962 $ 4 $ (99 ) $ 169,867 |
Balance Sheet Components (Tabl
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net, consists of the following (in thousands): December 31, 2019 2018 Laboratory equipment $ 5,219 $ 4,162 Computer equipment 472 247 Furniture and fixtures 825 113 Leasehold improvements 16,436 5,366 Total property and equipment 22,952 9,888 Less: accumulated depreciation and amortization (6,316 ) (3,650 ) Total property and equipment, net $ 16,636 $ 6,238 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): December 31, 2019 2018 Accrued research and development $ 2,214 $ 1,837 Deferred rent, current portion 1,849 783 Liability related to early exercise shares 237 885 Accrued other 695 1,485 $ 4,995 $ 4,990 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments under Non-cancellable Operating Lease | As of December 31, 2019, the Company’s future minimum payments under the noncancelable operating leases were as follows (in thousands): Amount 2020 $ 5,373 2021 6,230 2022 5,859 2023 4,386 2024 and later 29,272 Total future minimum lease payments $ 51,120 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity under the 2013 and 2018 Plan is as follows: Shares Available for Grant Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contract Term Aggregate Intrinsic Value (in Years) (in thousands) Balance at December 31, 2018 3,027,802 5,500,531 $ 6.75 Shares Added 2,357,131 — — Granted (2,935,629 ) 2,582,912 8.78 Exercised — (505,226 ) 1.66 Canceled 467,016 (671,319 ) 9.47 Balance at December 31, 2019 2,916,320 6,906,898 $ 7.62 8.20 $ 12,297 Vested and exercisable at December 31, 2019 2,574,677 $ 6.21 7.36 $ 7,269 Vested and expected to vest at December 31, 2019 6,906,898 $ 7.62 8.20 $ 12,297 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the year ended December 31, 2019. Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2018 — $ — Granted 352,717 $ 9.00 Forfeited (26,830 ) $ 9.00 Unvested at December 31, 2019 325,887 $ 9.00 |
Summary of Valuation Assumption to Estimate Fair Value of Stock Options | The fair value of stock options granted to employees was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Year Ended December 31, 2019 2018 2017 Expected dividend yield — — — Expected term of options (in years) 6.1 6.1 5.6–6.7 Risk-free interest rate 1.59%-2.27% 2.6%-3.0% 1.8%–2.2% Expected stock price volatility 99.4%-111.3% 87.4%-92.6% 77.0%–82.0% |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity for the year ended December 31, 2019 is as follows: Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2018 359,229 $ 4.57 Vested (359,229 ) $ 4.57 Unvested at December 31, 2019 — $ — |
Summary of Stock-based Compensation Expense | The following table sets forth the total stock-based compensation expense for all options granted to employees and nonemployees, including shares sold through the issuance of non-recourse promissory notes which are considered to be options for accounting purposes, and costs associated with the Company’s 2018 ESPP included in the Company’s statement of operations (in thousands): Year Ended December 31, 2019 2018 2017 Research and development $ 4,979 $ 6,043 $ 1,695 General and administrative 5,873 3,398 1,339 Total $ 10,852 $ 9,441 $ 3,034 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerators and Denominators Used In Computing Net Loss From Continuing Operations Per Share | A reconciliation of the numerators and denominators used in computing net loss from continuing operations per share is as follows (in thousands, except per share amounts): December 31, 2019 2018 2017 (in thousands, except share and per share amounts) Numerator: Net loss $ (82,177 ) $ (76,398 ) $ (44,656 ) Denominator: Weighted average number of shares outstanding—basic and diluted 43,624,807 28,269,907 3,197,516 Net loss per share—basic and diluted $ (1.88 ) $ (2.70 ) $ (13.97 ) |
Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Per Share | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2019 2018 2017 Convertible preferred stock — — 28,159,724 Options to purchase common stock 6,906,898 5,500,531 4,365,694 Early exercised common stock subject to future vesting 146,915 704,028 831,439 Restricted stock accounted for as options — 359,228 625,084 RSUs 325,887 — — Warrants to purchase convertible preferred stock — — 763,501 Warrants to purchase common stock — — 96,610 Shares subject to the 2018 ESPP 47,597 27,622 — Total 7,427,297 6,591,409 34,842,052 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate of Provision for Income Taxes Differs From Federal Statutory Rate | The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate as follows: Year Ended December 31, 2019 2018 2017 Taxes at the U.S. statutory income tax rate 21.0 % 21.0 % 34.0 % State tax, net of federal benefit (2.2 ) 0.9 — Other (0.9 ) (0.1 ) (2.2 ) Stock-based compensation (0.5 ) 0.3 — Research and development tax credits (0.2 ) 1.0 — Reduction to state net operating losses (3.9 ) — — Change in valuation allowance (13.3 ) (23.1 ) (13.3 ) Change in income tax rate due to Tax Act — — (18.5 ) Total provision for income taxes — % — % — % |
Schedule of Components of Deferred Tax Assets | The tax effects of significant items comprising the Company’s deferred tax assets are as follows: December 31, 2019 2018 (in thousands) Deferred tax assets: Federal and state operating loss carryforwards $ 40,435 $ 29,926 Research and development tax credits 3,436 3,865 Stock-based compensation 3,514 1,839 Accruals and other 1,473 1,040 Contingent consideration 670 954 Charitable contributions 253 253 Total deferred tax assets 49,781 37,877 Deferred tax liabilities: Unrealized gain on equity investment (947 ) — Total deferred tax liabilities (947 ) — Valuation allowance (48,834 ) (37,877 ) Net deferred tax assets $ — $ — |
Summary of Net Operating Losses and Tax Credit Carryforwards | Net operating losses and tax credit carryforwards as of December 31, 2019 are as follows: Amount Expiration Years Net operating losses, federal (post December 31, 2017) $ 137,097 Do Not Expire Net operating losses, federal (pre January 1, 2018) 64,136 2030 - 2037 Net operating losses, state 26,123 2030 - 2036 Research and development tax credits, federal 5,931 2031 - 2039 Research and development tax credits, state 5,216 Indefinite |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits: December 31, 2019 2018 (in thousands) Gross unrecognized tax benefits at January 1 $ 3,714 $ 3,065 Additions for tax positions taken in the current year 6,221 753 Reductions for tax positions taken in the prior year (173 ) (104 ) Gross unrecognized tax benefits at December 31 $ 9,762 $ 3,714 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables show a summary of the Company’s quarterly financial information for each of the four quarters of 2019 and 2018 and have been prepared in accordance with GAAP for interim financial reporting (in thousands, except for per share data): Quarter Year Ended December 31, 2019 First Second Third Fourth Loss from operations $ (19,737 ) $ (24,470 ) $ (22,354 ) $ (23,090 ) Net loss $ (18,767 ) $ (23,673 ) $ (21,710 ) $ (18,027 ) Net loss per common share, basic and diluted $ (0.44 ) $ (0.56 ) $ (0.51 ) $ (0.39 ) Quarter Year Ended December 31, 2018 First Second Third Fourth Loss from operations $ (16,482 ) $ (20,798 ) $ (19,377 ) $ (22,808 ) Net loss $ (16,133 ) $ (20,002 ) $ (18,346 ) $ (21,917 ) Net loss per common share, basic and diluted $ (4.69 ) $ (0.76 ) $ (0.45 ) $ (0.53 ) |
Organization - Additional Infor
Organization - Additional Information (Details) $ in Thousands | Apr. 20, 2018 | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Organization [Line Items] | ||||||||||||
Net loss | $ (18,027) | $ (21,710) | $ (23,673) | $ (18,767) | $ (21,917) | $ (18,346) | $ (20,002) | $ (16,133) | $ (82,177) | $ (76,398) | $ (44,656) | |
Cash used in operations | (72,421) | (56,623) | $ (38,358) | |||||||||
Accumulated deficit | (245,455) | $ (163,278) | (245,455) | $ (163,278) | ||||||||
Cash, cash equivalents and marketable securities | $ 125,000 | $ 125,000 | ||||||||||
Reverse split of shares of common and convertible preferred stock, conversion ratio | 0.33898 | |||||||||||
Reverse split of shares of common and convertible preferred stock, effective date | Apr. 20, 2018 | |||||||||||
Amended and Restated Certificate of Incorporation | ||||||||||||
Organization [Line Items] | ||||||||||||
Reverse split of shares of common and convertible preferred stock | 1-for-2.95 reverse split |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||||
Dec. 31, 2019USD ($)Segment | Dec. 31, 2017USD ($) | Oct. 31, 2019$ / shares | Oct. 31, 2019$ / shares | May 07, 2018$ / shares | Jul. 30, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of segments | Segment | 1 | |||||
Off-balance sheet concentrations of credit risk description | As of December 31, 2019, the Company had no off-balance sheet concentrations of credit risk. | |||||
Off-balance sheet concentrations of credit risk | $ 0 | |||||
Recognition of revenue | $ 1,382,000 | |||||
Capital lease term | 3 years | |||||
Maximum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Funding provided for the research and development activities | $ 1,500,000 | |||||
Maximum | Accounting Standards Update 2016-02 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease, right of use assets | $ 27,000,000 | |||||
Operating lease liability | 42,000,000 | |||||
Minimum | Accounting Standards Update 2016-02 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease, right of use assets | 22,000,000 | |||||
Operating lease liability | $ 37,000,000 | |||||
IPO | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Issuance price per share | $ / shares | $ 17 | |||||
IPO | License and Compound Library and Option Agreement | Common Stock | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Issuance price per share | (per share) | $ 4.36 | $ 34.20 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 37,473 | $ 15,399 | $ 7,298 | |
Restricted cash | 1,446 | 550 | 550 | |
Total cash, cash equivalents, and restricted cash | $ 38,919 | $ 15,949 | $ 7,848 | $ 89,736 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis and Level of Inputs Used in Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Short-term marketable securities | $ 84,508 | $ 155,736 |
Strategic investments | 5,507 | |
Long-term marketable securities | 3,025 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 36,926 | 14,131 |
Short-term marketable securities | 84,508 | 155,736 |
Strategic investments | 5,507 | |
Long-term marketable securities | 3,025 | |
Total assets subject to fair value measurements on a recurring basis | 129,966 | 169,867 |
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | 2,483 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Cash equivalents | 29,377 | 14,131 |
Strategic investments | 5,507 | |
Total assets subject to fair value measurements on a recurring basis | 34,884 | 14,131 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Cash equivalents | 7,549 | |
Short-term marketable securities | 84,508 | 155,736 |
Long-term marketable securities | 3,025 | |
Total assets subject to fair value measurements on a recurring basis | 95,082 | 155,736 |
Fair Value, Measurements, Recurring | Level 3 | ||
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | 2,483 |
Fair Value, Measurements, Recurring | Contingent Consideration Liability | ||
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | 2,483 |
Fair Value, Measurements, Recurring | Contingent Consideration Liability | Level 3 | ||
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | 2,483 |
Money market funds | Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 29,377 | 14,131 |
Money market funds | Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Cash equivalents | 29,377 | 14,131 |
U.S. and Foreign Commercial Paper | Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 4,999 | |
Short-term marketable securities | 11,972 | 10,635 |
U.S. and Foreign Commercial Paper | Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Cash equivalents | 4,999 | |
Short-term marketable securities | 11,972 | 10,635 |
US Government Debt Securities | Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 2,550 | |
Short-term marketable securities | 48,718 | 81,699 |
US Government Debt Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Cash equivalents | 2,550 | |
Short-term marketable securities | 48,718 | 81,699 |
U.S. Treasuries | Fair Value, Measurements, Recurring | ||
Assets: | ||
Short-term marketable securities | 15,063 | 34,121 |
Long-term marketable securities | 3,025 | |
U.S. Treasuries | Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Short-term marketable securities | 15,063 | 34,121 |
Long-term marketable securities | 3,025 | |
U.S. and Foreign Corporate Debt Securities | Fair Value, Measurements, Recurring | ||
Assets: | ||
Short-term marketable securities | 8,755 | 26,533 |
U.S. and Foreign Corporate Debt Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Short-term marketable securities | 8,755 | 26,533 |
Asset-backed Securities | Fair Value, Measurements, Recurring | ||
Assets: | ||
Short-term marketable securities | 2,748 | |
Asset-backed Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Short-term marketable securities | $ 2,748 | |
Foreign Equity Securities | Fair Value, Measurements, Recurring | ||
Assets: | ||
Strategic investments | 5,507 | |
Foreign Equity Securities | Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Strategic investments | $ 5,507 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | May 07, 2018$ / sharesshares | Mar. 31, 2019shares | Jan. 31, 2019shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Oct. 31, 2019$ / shares | Oct. 31, 2019$ / shares |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Settlement liability | $ 2,000,000 | $ 2,000,000 | |||||||
Strategic investments | $ 5,507,000 | ||||||||
Fair value assets hierarchy levels transfers amount | $ 0 | $ 0 | |||||||
Common Stock | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 253,334 | 5,000,000 | 12,711 | ||||||
IPO | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 5,000,000 | ||||||||
Issuance price per share | $ / shares | $ 17 | ||||||||
Level 3 | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Liabilities fair value disclosure | $ 1,100,000 | ||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | Maximum | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Contingent consideration additional common stock issued | shares | 533,336 | ||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | Contingent Consideration | Maximum | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Maximum amount of potential contingent consideration value | $ 4,600,000 | ||||||||
Compound Library And Option Agreement | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Common shares expected to be issued | shares | 133,334 | 133,333 | |||||||
Strategic investments | 5,500,000 | ||||||||
Compound Library And Option Agreement | Other Long-Term Assets | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Investment at cost | $ 1,000,000 | $ 1,000,000 | |||||||
Compound Library And Option Agreement | Academic Institution | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 26,667 | ||||||||
Compound Library And Option Agreement | Clinical Stage Biopharmaceutical Company | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 106,667 | ||||||||
License and Compound Library and Option Agreement | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Change in fair value of investment | $ 4,500,000 | $ 0 | |||||||
License and Compound Library and Option Agreement | IPO | Common Stock | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance price per share | (per share) | $ 4.36 | $ 34.20 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Measurements, Recurring - Level 3 $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance at December 31, 2018 | $ 2,483 |
Change in fair value | (1,352) |
Balance at December 31, 2019 | $ 1,131 |
Investments - Summary of Market
Investments - Summary of Marketable Debt Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | $ 124,368 | $ 169,962 |
Unrealized Gains | 92 | 4 |
Unrealized Losses | (1) | (99) |
Fair Value | 124,459 | 169,867 |
Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 36,926 | 14,131 |
Fair Value | 36,926 | 14,131 |
Cash Equivalents | Money market funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 29,377 | 14,131 |
Fair Value | 29,377 | 14,131 |
Cash Equivalents | U.S. and Foreign Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 4,999 | |
Fair Value | 4,999 | |
Cash Equivalents | US Government Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 2,550 | |
Fair Value | 2,550 | |
Short-Term Marketable Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 84,417 | 155,831 |
Unrealized Gains | 92 | 4 |
Unrealized Losses | (1) | (99) |
Fair Value | 84,508 | 155,736 |
Short-Term Marketable Securities | U.S. and Foreign Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 11,965 | 10,638 |
Unrealized Gains | 7 | |
Unrealized Losses | (3) | |
Fair Value | 11,972 | 10,635 |
Short-Term Marketable Securities | US Government Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 48,647 | 81,755 |
Unrealized Gains | 71 | 1 |
Unrealized Losses | (57) | |
Fair Value | 48,718 | 81,699 |
Short-Term Marketable Securities | U.S. and Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 8,748 | 26,552 |
Unrealized Gains | 8 | 2 |
Unrealized Losses | (1) | (21) |
Fair Value | 8,755 | 26,533 |
Short-Term Marketable Securities | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 15,057 | 34,136 |
Unrealized Gains | 6 | 1 |
Unrealized Losses | (16) | |
Fair Value | 15,063 | 34,121 |
Short-Term Marketable Securities | Asset-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 2,750 | |
Unrealized Losses | (2) | |
Fair Value | $ 2,748 | |
Long Term Marketable Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 3,025 | |
Fair Value | 3,025 | |
Long Term Marketable Securities | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 3,025 | |
Fair Value | $ 3,025 |
Investments - Additional Inform
Investments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Long-term available-for sale debt securities maximum remaining contractual maturity | 2 years |
Realized gains or losses on available-for-sale debt securities | $ 0 |
License Agreements - Additional
License Agreements - Additional Information (Details) | Jun. 03, 2019USD ($) | May 07, 2018$ / sharesshares | Jun. 30, 2019USD ($)shares | Jan. 31, 2019shares | Dec. 31, 2018USD ($)shares | Apr. 30, 2016USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Oct. 31, 2019$ / shares | Oct. 31, 2019$ / shares | May 31, 2018USD ($) | Jul. 30, 2017USD ($) |
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Common stock, shares issued | shares | 42,414,294 | 47,227,065 | 42,414,294 | ||||||||||
Compound library and option agreement execution month and year | 2016-02 | ||||||||||||
Strategic investments | $ 5,507,000 | ||||||||||||
Research and development expense | 70,957,000 | $ 58,907,000 | $ 37,373,000 | ||||||||||
Upfront consideration | $ 2,995,000 | $ 75,852,000 | $ 44,000 | ||||||||||
Common Stock | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Issuance of common stock | shares | 253,334 | 5,000,000 | 12,711 | ||||||||||
Upfront consideration | $ 1,000 | ||||||||||||
Additional Paid-In Capital | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Upfront consideration | $ 3,022,000 | 75,851,000 | $ 44,000 | ||||||||||
IPO | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Issuance price per share | $ / shares | $ 17 | ||||||||||||
Issuance of common stock | shares | 5,000,000 | ||||||||||||
Licensed Products | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Royalties due from sales | $ 0 | ||||||||||||
Maximum | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Funding provided for the research and development under the agreement | $ 1,500,000 | ||||||||||||
Upfront consideration | $ 250,000,000 | ||||||||||||
Initial License Agreement | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
License agreement execution month and year | 2016-02 | ||||||||||||
Second License Agreement | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
License agreement execution month and year | 2019-01 | ||||||||||||
Commercial Agreements | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Funding provided for the research and development under the agreement in period | 2020-02 | ||||||||||||
Research and development expense | $ 500,000 | $ 500,000 | |||||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Common stock, shares issued | shares | 640,002 | ||||||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | Maximum | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Milestone payments | $ 70,300,000 | ||||||||||||
Contingent consideration additional common stock issued | shares | 533,336 | ||||||||||||
Funding provided for the research and development under the agreement | $ 2,000,000 | ||||||||||||
Commercial Agreements | Academic Institution | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Common stock, shares issued | shares | 160,000 | ||||||||||||
Commercial Agreements | Affiliate of Clinical-Stage Biopharmaceutical Company | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Aggregate purchase price of interest | $ 500,000 | ||||||||||||
Additional amount invested | $ 500,000 | ||||||||||||
Compound Library And Option Agreement | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Common shares expected to be issued | shares | 133,334 | 133,333 | |||||||||||
Contingent consideration liability | $ 2,500,000 | $ 1,100,000 | $ 2,500,000 | ||||||||||
Strategic investments | 5,500,000 | ||||||||||||
Compound Library And Option Agreement | Other Long-Term Assets | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Investment in fair value | 1,000,000 | 1,000,000 | |||||||||||
Compound Library And Option Agreement | Clinical Stage Biopharmaceutical Company | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Issuance of common stock | shares | 106,667 | ||||||||||||
License and Compound Library and Option Agreement | IPO | Common Stock | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Issuance price per share | (per share) | $ 4.36 | $ 34.20 | |||||||||||
Other Licensing Agreements with Research Institutions | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Contingent consideration, milestone or royalty payments | $ 0 | 0 | $ 0 | ||||||||||
Other Licensing Agreements with Research Institutions | UCSF | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Common shares expected to be issued | shares | 34,000 | ||||||||||||
Contingent consideration, milestone or royalty payments | $ 0 | ||||||||||||
Milestone payments | $ 13,600,000 | ||||||||||||
Other Licensing Agreements with Research Institutions | UCSF | Common Stock | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Issuance of common stock | shares | 120,000 | ||||||||||||
Other Licensing Agreements with Research Institutions | UCSF | Additional Paid-In Capital | |||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||||||||
Upfront consideration | $ 1,000,000 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 22,952 | $ 9,888 |
Less: accumulated depreciation and amortization | (6,316) | (3,650) |
Total property and equipment, net | 16,636 | 6,238 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 5,219 | 4,162 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 472 | 247 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 825 | 113 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 16,436 | $ 5,366 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 2.7 | $ 2.2 | $ 1.3 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued research and development | $ 2,214 | $ 1,837 |
Deferred rent, current portion | 1,849 | 783 |
Liability related to early exercise shares | 237 | 885 |
Accrued other | 695 | 1,485 |
Accrued and other current liabilities | $ 4,995 | $ 4,990 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
South San Francisco, California | |||
Commitments And Contingencies [Line Items] | |||
Lessee, operating lease, description | The term of the lease agreement commenced in May 2019 | ||
Lease, term | 10 years | ||
Operating lease, renewal term | 8 years | ||
Letter of credit, lease agreement | $ 900,000 | ||
South San Francisco, California | Deferred Rent and Leasehold Improvements | |||
Commitments And Contingencies [Line Items] | |||
Tenant improvement allowance | $ 10,700,000 | ||
Brisbane, California | |||
Commitments And Contingencies [Line Items] | |||
Operating lease, renewal term | 4 years | ||
Tenant improvement allowance | $ 3,900,000 | ||
Operating lease, expiration date | Oct. 31, 2022 | ||
Operating leases rent holiday period for expanded space | 3 months | ||
Rent expense, operating lease | $ 4,500,000 | $ 1,800,000 | $ 2,000,000 |
Maximum | South San Francisco, California | |||
Commitments And Contingencies [Line Items] | |||
Tenant improvement allowance | 7,800,000 | ||
Operating lease, Right-of-use Asset | $ 2,900,000 | ||
Minimum | Brisbane, California | |||
Commitments And Contingencies [Line Items] | |||
Operating lease option exercise notice period | 15 months |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Non-cancellable Operating Lease (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 5,373 |
2021 | 6,230 |
2022 | 5,859 |
2023 | 4,386 |
2024 and later | 29,272 |
Total future minimum lease payments | $ 51,120 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) $ in Thousands | Apr. 04, 2018USD ($) | Dec. 31, 2019USD ($)PromissoryNoteExecutive | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($)shares | Oct. 31, 2017USD ($)Promissoryshares | Jul. 31, 2016USD ($)shares | Apr. 30, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | ||||||||||
Number of promissory notes | PromissoryNote | 3 | |||||||||
Number of executive officers | Executive | 2 | |||||||||
Proceeds from convertible preferred stock | $ 59,881 | $ 42,867 | ||||||||
Executive Officer | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from related parties | $ 2,100 | |||||||||
Restricted stock purchased by related party, shares | shares | 625,084 | |||||||||
Forgiveness of promissory note accounted as modification of share based payment | 1,500 | |||||||||
Stockholders | Financing Activities | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from convertible preferred stock | $ 3,000 | |||||||||
Promissory Note | Executive Officer | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of promissory notes | Promissory | 2 | |||||||||
Due from related parties | $ 200 | $ 400 | $ 200 | $ 200 | $ 200 | |||||
Interest rate | 1.51% | 2.50% | 2.50% | 2.50% | 2.50% | |||||
Promissory Note | Common Stock | Executive Officer | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Early exercise options in aggregate | shares | 114,406 | 667,253 | 667,253 | 667,253 | ||||||
Promissory Note One | Executive Officer | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from related parties | $ 1,600 | |||||||||
Interest rate | 1.85% | |||||||||
Promissory Note Two | Executive Officer | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from related parties | $ 500 | |||||||||
Interest rate | 1.85% | |||||||||
Non-Recourse Promissory Note | Executive Officer | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Outstanding principal and accrued interest, forgiveness | $ 1,600 | |||||||||
Repayment of promissory notes | $ 500 | |||||||||
Full-recourse Notes | Executive Officer | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Repayment of promissory notes | $ 200 |
Common and Preferred Stock - Ad
Common and Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 03, 2019 | May 07, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2018 | Dec. 31, 2016 |
Class Of Stock [Line Items] | |||||||||||
Convertible preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||||
Number of stock, par value per share | $ 0.0001 | $ 0.0001 | |||||||||
Number of stock, shares issued | 0 | 0 | |||||||||
Number of stock, shares outstanding | 0 | 0 | |||||||||
Common stock, shares authorized | 140,000,000 | 300,000,000 | 300,000,000 | 122,000,000 | |||||||
Common stock, par value per share | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, shares issued | 47,227,065 | 42,414,294 | |||||||||
Common stock, shares outstanding | 47,227,065 | 42,414,294 | |||||||||
Preferred stock, shares authorized | 103,283,818 | 91,739,149 | |||||||||
Net proceeds from sale of convertible preferred stock | $ 59,881 | $ 42,867 | |||||||||
Net proceeds from issuance initial public offering after Deducting Underwriting Discounts Commissions and offering related transaction costs | $ 79,055 | ||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||||
Shares issued offering value | $ 2,995 | $ 75,852 | $ 44 | ||||||||
Proceeds from sale of common stock | $ 26,085 | ||||||||||
Maximum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued offering value | $ 250,000 | ||||||||||
Series B Convertible Preferred Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of stock, shares issued | 2,879,288 | 659,821 | |||||||||
Shares price per share | $ 12.125 | $ 12.125 | |||||||||
Gross proceeds from issuance of convertible preferred stock | $ 34,900 | $ 8,000 | |||||||||
Issuance price per share | $ 12.125 | ||||||||||
Series C Convertible Preferred Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of stock, shares issued | 322,852 | 3,590,573 | |||||||||
Shares price per share | $ 15.3317 | $ 15.3317 | |||||||||
Preferred stock, shares designated | 11,544,669 | ||||||||||
Net proceeds from sale of convertible preferred stock | $ 5,000 | $ 54,900 | |||||||||
Issuance price per share | $ 15.3317 | ||||||||||
Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common shares issued upon conversion of preferred shares | 32,073,149 | ||||||||||
Common stock, shares outstanding | 47,227,065 | 42,414,294 | 4,830,389 | 4,303,538 | |||||||
Issuance of common stock | 253,334 | 5,000,000 | 12,711 | ||||||||
Shares issued offering value | $ 1 | ||||||||||
IPO | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock, shares authorized | 300,000,000 | ||||||||||
Common stock, par value per share | $ 0.0001 | ||||||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||||
Issuance of common stock | 5,000,000 | ||||||||||
Issuance price per share | $ 17 | ||||||||||
Net proceeds from issuance initial public offering after Deducting Underwriting Discounts Commissions and offering related transaction costs | $ 75,900 | ||||||||||
Approximate underwriting discounts commissions and offering related transaction costs | $ 9,100 | ||||||||||
Common stock, par value | $ 0.0001 | ||||||||||
Preferred stock, par value | $ 0.0001 | ||||||||||
IPO | Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common shares issued upon conversion of preferred shares | 32,073,149 | 32,100,000 | |||||||||
ATM Equity offering program | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued offering value | $ 26,086 | ||||||||||
ATM Equity offering program | Sales Agreement | Cowen | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of common stock | 3,974,908 | ||||||||||
Proceeds from sale of common stock | $ 26,100 | ||||||||||
Payments for commissions and other offering expenses | $ 1,400 | ||||||||||
ATM Equity offering program | Sales Agreement | Cowen | Maximum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Proceeds from sale of common stock | $ 75,000 | ||||||||||
Percentage of gross sales proceeds of common stock payable as compensation | 3.00% | ||||||||||
Reimbursement of expenses | $ 100 | ||||||||||
ATM Equity offering program | Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of common stock | 3,974,908 | ||||||||||
Shares issued offering value | $ 1 | ||||||||||
ATM Equity offering program | Common Stock | Maximum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued offering value | $ 75,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018USD ($)shares | Oct. 31, 2017Agreementshares | Jun. 30, 2013 | Feb. 28, 2018$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock, shares authorized | 140,000,000 | 122,000,000 | 300,000,000 | 300,000,000 | |||
Intrinsic value of options exercised | $ | $ 5,800,000 | $ 1,500,000 | $ 100,000 | ||||
Weighted-average estimated fair value of stock options granted | $ / shares | $ 7.12 | $ 13.20 | $ 3.40 | ||||
Exercisable, aggregate intrinsic value | $ | $ 7,269,000 | $ 21,900,000 | |||||
Stock option awards outstanding | 6,906,898 | 5,500,531 | |||||
Stock option awards, grant date fair value | $ | $ 12,297,000 | ||||||
Options granted in period to purchase an aggregate of shares | 2,582,912 | ||||||
Weighted-Average Exercise Price, Options granted | $ / shares | $ 8.78 | ||||||
Stock-based compensation expense | $ | $ 10,852,000 | $ 9,441,000 | $ 3,034,000 | ||||
2018 Employee Stock Purchase Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 536,242 | ||||||
Option purchase date price percentage lower of closing trading price per share | 85.00% | ||||||
Employees subscription rate during the offering period | 15.00% | ||||||
Maximum number of shares may be purchased by an employee | 15,000 | ||||||
Maximum fair market value of shares may be purchased by an employee | $ | $ 25,000 | ||||||
Non Employee | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Options granted in period to purchase an aggregate of shares | 20,337 | ||||||
Aggregate of shares issued outside the plan | 169,491 | ||||||
Weighted-Average Exercise Price, Options granted | $ / shares | $ 6.19 | ||||||
Stock-based compensation expense | $ | 400,000 | $ 1,200,000 | |||||
Stock Option and RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation cost not yet amortized | $ | $ 28,100,000 | ||||||
Weighted-average period for recognition | 3 years 6 months | ||||||
Total grant-date fair value of stock options vested | $ | $ 14,200,000 | $ 3,500,000 | |||||
Performance Contingent Stock Options Granted to Employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Estimated fair value of awards granted | $ | 400,000 | ||||||
Stock option awards outstanding | 329,499 | ||||||
Stock option awards, grant date fair value | $ | $ 700,000 | ||||||
Compensation cost recognized | $ | $ 700,000 | ||||||
Performance Contingent Stock Options Granted to Employees | Executive Team | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option awards exercisable upon the achievement of performance goals | 53,575 | ||||||
Weighted average exercise price | $ / shares | $ 3.42 | ||||||
Performance and Market Contingent Stock Options Granted to Employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option awards outstanding | 454,584 | 454,584 | |||||
Stock option awards, grant date fair value | $ | $ 1,500,000 | $ 1,500,000 | |||||
Compensation cost recognized | $ | $ 0 | $ 0 | |||||
Performance and Market Contingent Stock Options Granted to Employees | Vesting 1 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option awards exercisable upon the achievement of performance goals | 53,575 | ||||||
Vesting rights | (i) the closing of a financing where the Company sells shares of its equity securities to institutional investors at a minimum price per share, (ii) a change in control with aggregate proceeds payable for the Company’s common stock at a minimum price per share, or (iii) an initial public offering that becomes effective at a minimum specified price per share. | ||||||
Trailing period for Initial public offering that becomes effective or achievement with a minimum market capitalization | 30 days | ||||||
Performance and Market Contingent Stock Options Granted to Employees | Share-based Payment Arrangement, Tranche Two | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option awards exercisable upon the achievement of performance goals | 107,152 | ||||||
Vesting rights | (i) the closing of a financing where the Company sells shares of its equity securities to institutional investors at a minimum pre-money valuation, (ii) a change in control with minimum aggregate proceeds payable for the Company’s common stock at a minimum price per share, or (iii) either an initial public offering or an achievement of a minimum market capitalization, as measured by a trailing 30 day volume-weighted average price. | ||||||
Performance and Market Contingent Stock Options Granted to Employees | Executive Team | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted average exercise price | $ / shares | $ 3.42 | ||||||
Estimated fair value of awards granted | $ | $ 1,000,000 | ||||||
Stock option awards exercisable | 160,727 | ||||||
Restricted Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares vested immediately | 359,229 | ||||||
Restricted Stock | Executive Officer | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of restricted stock agreements | Agreement | 2 | ||||||
Shares purchased | 625,084 | ||||||
Shares vested immediately | 146,113 | ||||||
Restricted Stock | Executive Officer | Vesting 1 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares vested immediately | 119,742 | ||||||
Restricted Stock | Executive Officer | Share-based Payment Arrangement, Tranche Two | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares vested immediately | 359,229 | ||||||
2018 Incentive Award Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 4,289,936 | ||||||
Vesting period, options | 4 years | ||||||
Common stock, shares authorized | 6,846,928 | ||||||
2018 Incentive Award Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expiration period from the date of grant, options | 10 years | ||||||
2018 Incentive Award Plan | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Exercise price as a percentage of estimated fair value of the shares on the date of grant | 100.00% | ||||||
2013 Equity Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period, options | 4 years | ||||||
Exercise price | $ / shares | $ 3.42 | ||||||
Exercise price range, lower range limit | $ / shares | 3.95 | ||||||
Exercise price range, upper range limit | $ / shares | $ 8.47 | ||||||
2013 Equity Incentive Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expiration period from the date of grant, options | 10 years | ||||||
2013 Equity Incentive Plan | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Exercise price as a percentage of estimated fair value of the shares on the date of grant | 100.00% | ||||||
Exercise price as a percentage of estimated grant date fair value of shares for a 10% shareholder | 110.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares Available for Grant | ||
Shares Available for Grant, Beginning Balance | 3,027,802 | |
Shares Available for Grant, Shares Added | 2,357,131 | |
Shares Available for Grant, Granted | (2,935,629) | |
Shares Available for Grant, Canceled | 467,016 | |
Shares Available for Grant, Ending Balance | 2,916,320 | 3,027,802 |
Outstanding Options | ||
Outstanding options, Beginning Balance | 5,500,531 | |
Outstanding options, Granted | 2,582,912 | |
Outstanding options, Exercised | (505,226) | |
Outstanding options, Canceled | (671,319) | |
Outstanding options, Ending Balance | 6,906,898 | 5,500,531 |
Outstanding options, Vested and exercisable at December 31, 2019 | 2,574,677 | |
Outstanding options. Vested and expected to vest at December 31, 2019 | 6,906,898 | |
Weighted-Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning Balance | $ 6.75 | |
Weighted-Average Exercise Price, Options granted | 8.78 | |
Weighted-Average Exercise Price, Options exercised | 1.66 | |
Weighted-Average Exercise Price, Options canceled | 9.47 | |
Weighted-Average Exercise Price, Ending Balance | 7.62 | $ 6.75 |
Weighted-Average Exercise Price, Vested exercisable as of December 31, 2019 | 6.21 | |
Weighted-Average Exercise Price, Options vested and expected to vest as of December 31, 2019 | $ 7.62 | |
Weighted-Average Remaining Contract Term | ||
Balance at December 31, 2019 | 8 years 2 months 12 days | |
Exercisable, weighted average remaining contractual term (Year) | 7 years 4 months 9 days | |
Options vested or expected to vest at end of period, weighted average remaining contractual term (Year) | 8 years 2 months 12 days | |
Aggregate Intrinsic Value | ||
Outstanding end of period, aggregate intrinsic value | $ 12,297 | |
Exercisable, aggregate intrinsic value | 7,269 | $ 21,900 |
Options vested or expected to vest at end of period, aggregate intrinsic value | $ 12,297 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Granted | shares | 352,717 |
Shares, Forfeited | shares | (26,830) |
Shares, Unvested at December 31, 2019 | shares | 325,887 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 9 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 9 |
Weighted Average Grant Date Fair Value, Unvested at December 31, 2019 | $ / shares | $ 9 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Valuation Assumption to Estimate Fair Value of Stock Options (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate, Minimum | 1.59% | 2.60% | 1.80% |
Risk-free interest rate, Maximum | 2.27% | 3.00% | 2.20% |
Expected stock price volatility, Minimum | 99.40% | 87.40% | 77.00% |
Expected stock price volatility, Maximum | 111.30% | 92.60% | 82.00% |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term of options (in years) | 5 years 7 months 6 days | ||
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term of options (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 8 months 12 days |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested at December 31, 2018 | shares | 359,229 |
Shares, Vested | shares | (359,229) |
Weighted Average Grant Date Fair Value, Unvested at December 31, 2018 | $ / shares | $ 4.57 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 4.57 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 10,852 | $ 9,441 | $ 3,034 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 4,979 | 6,043 | 1,695 |
General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 5,873 | $ 3,398 | $ 1,339 |
Warrants - Additional Informati
Warrants - Additional Information (Details) - $ / shares | Oct. 31, 2013 | Dec. 31, 2019 | Jan. 31, 2015 | Jun. 30, 2013 |
Non Employee | Common Stock | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants granted | 96,610 | |||
Warrants granted, exercise price | $ 0.18 | |||
Unvested warrants expiration date | May 3, 2018 | |||
Warrants vested | 9,425 | |||
Series A-1 Convertible Preferred Stock | Chief Executive Officer | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants granted | 192,823 | |||
Warrants granted, exercise price | $ 0.65 | |||
Series A-2 Convertible Preferred Stock | Chief Executive Officer | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants granted | 380,452 | 190,226 | ||
Warrants granted, exercise price | $ 0.66 | $ 0.66 | ||
Convertible Preferred Stock | Chief Executive Officer | ||||
Class Of Warrant Or Right [Line Items] | ||||
Unvested warrants expiration date | Dec. 31, 2018 |
Net Loss per Common Share - Sch
Net Loss per Common Share - Schedule of Reconciliation of Numerators and Denominators Used In Computing Net Loss From Continuing Operations Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net loss | $ (18,027) | $ (21,710) | $ (23,673) | $ (18,767) | $ (21,917) | $ (18,346) | $ (20,002) | $ (16,133) | $ (82,177) | $ (76,398) | $ (44,656) |
Denominator: | |||||||||||
Weighted average number of shares outstanding—basic and diluted | 43,624,807 | 28,269,907 | 3,197,516 | ||||||||
Net loss per share, basic and diluted | $ (0.39) | $ (0.51) | $ (0.56) | $ (0.44) | $ (0.53) | $ (0.45) | $ (0.76) | $ (4.69) | $ (1.88) | $ (2.70) | $ (13.97) |
Net Loss per Common Share - Sum
Net Loss per Common Share - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 7,427,297 | 6,591,409 | 34,842,052 |
Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 28,159,724 | ||
Options to Purchase Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 6,906,898 | 5,500,531 | 4,365,694 |
Early Exercised Common Stock Subject to Future Vesting | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 146,915 | 704,028 | 831,439 |
Restricted Stock Accounted For as Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 359,228 | 625,084 | |
RSUs | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 325,887 | ||
Warrants to Purchase Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 763,501 | ||
Warrants to Purchase Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 96,610 | ||
Shares Subject to the 2018 ESPP | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 47,597 | 27,622 |
Net Loss per Common Share - Add
Net Loss per Common Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Maximum | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Shares contingently issued | 640,218 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) - 401(k) Plan | 1 Months Ended |
Jan. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |
Percent of employer matching contribution of employees' salary | 4.00% |
Defined Contribution Plan, Sponsor Location [Extensible List] | country:US |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate of Provision for Income Taxes Differs From Federal Statutory Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Taxes at the U.S. statutory income tax rate | 21.00% | 21.00% | 34.00% |
State tax, net of federal benefit | (2.20%) | 0.90% | |
Other | (0.90%) | (0.10%) | (2.20%) |
Stock-based compensation | (0.50%) | 0.30% | |
Research and development tax credits | (0.20%) | 1.00% | |
Reduction to state net operating losses | (3.90%) | ||
Change in valuation allowance | (13.30%) | (23.10%) | (13.30%) |
Change in income tax rate due to Tax Act | (18.50%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Federal corporate income tax rate | 21.00% | 21.00% | 34.00% |
Percentage of net operating loss carry forward deductible from current year taxable income | 80.00% | ||
Decrease in deferred tax valuation allowance | $ 8,300,000 | ||
Increase in the valuation allowance | $ 11,000,000 | $ 17,600,000 | $ 9,400,000 |
Accrued interest or penalties related to uncertain tax position | 0 | ||
Unrecognized tax benefits that would impact effective tax rate | 0 | 0 | |
Liability recorded for potential interest or penalties | $ 0 | $ 0 | |
Maximum | |||
Income Taxes [Line Items] | |||
Federal corporate income tax rate | 35.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Federal and state operating loss carryforwards | $ 40,435 | $ 29,926 |
Research and development tax credits | 3,436 | 3,865 |
Stock-based compensation | 3,514 | 1,839 |
Accruals and other | 1,473 | 1,040 |
Contingent consideration | 670 | 954 |
Charitable contributions | 253 | 253 |
Total deferred tax assets | 49,781 | 37,877 |
Deferred tax liabilities: | ||
Unrealized gain on equity investment | (947) | |
Total deferred tax liabilities | (947) | |
Valuation allowance | $ (48,834) | $ (37,877) |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Losses and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Federal | ||
Income Taxes [Line Items] | ||
Net operating losses | $ 137,097 | $ 64,136 |
Operating losses carryforwards expiration years | Do Not Expire | 2030 - 2037 |
Federal | Research and Development Tax Credits | ||
Income Taxes [Line Items] | ||
Research and development tax credits | $ 5,931 | |
Research and development tax credits carryforwards expiration years | 2031 - 2039 | |
State | ||
Income Taxes [Line Items] | ||
Net operating losses | $ 26,123 | |
Operating losses carryforwards expiration years | 2030 - 2036 | |
State | Research and Development Tax Credits | ||
Income Taxes [Line Items] | ||
Research and development tax credits | $ 5,216 | |
Research and development tax credits carryforwards expiration years | Indefinite |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at January 1 | $ 3,714 | $ 3,065 |
Additions for tax positions taken in the current year | 6,221 | 753 |
Reductions for tax positions taken in the prior year | (173) | (104) |
Gross unrecognized tax benefits at December 31 | $ 9,762 | $ 3,714 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Loss from operations | $ (23,090) | $ (22,354) | $ (24,470) | $ (19,737) | $ (22,808) | $ (19,377) | $ (20,798) | $ (16,482) | $ (89,651) | $ (79,465) | $ (45,608) |
Net loss | $ (18,027) | $ (21,710) | $ (23,673) | $ (18,767) | $ (21,917) | $ (18,346) | $ (20,002) | $ (16,133) | $ (82,177) | $ (76,398) | $ (44,656) |
Net loss per share, basic and diluted | $ (0.39) | $ (0.51) | $ (0.56) | $ (0.44) | $ (0.53) | $ (0.45) | $ (0.76) | $ (4.69) | $ (1.88) | $ (2.70) | $ (13.97) |