Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 | Non-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 | 54,699,491 | ||
Entity Public Float | $ 326,317,326 | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.0001 | ||
Security Exchange Name | NASDAQ | ||
Trading Symbol | UBX | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement relating to the 2021 Annual Meeting of Shareholders, scheduled to be held on June 24, 2021, are incorporated by reference into Part III of this Report. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K. |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 17,807 | $ 37,473 |
Short-term marketable securities | 79,892 | 84,508 |
Strategic investment | 0 | 5,507 |
Prepaid expenses and other current assets | 3,167 | 1,999 |
Total current assets | 100,866 | 129,487 |
Property and equipment, net | 12,627 | 16,636 |
Operating lease right-of-use assets | 23,509 | 0 |
Long-term marketable securities | 17,871 | 3,025 |
Restricted cash | 1,446 | 1,446 |
Other long-term assets | 0 | 627 |
Total assets | 156,319 | 151,221 |
Current liabilities: | ||
Accounts payable | 2,558 | 5,185 |
Accrued compensation | 5,355 | 5,905 |
Accrued and other current liabilities | 6,550 | 4,995 |
Contingent consideration liability | 0 | 1,131 |
Total current liabilities | 14,463 | 17,216 |
Operating lease liability, net of current portion | 34,468 | 0 |
Deferred rent, net of current portion | 0 | 13,298 |
Long-term debt, net | 24,508 | 0 |
Total liabilities | 73,439 | 30,514 |
Commitments and contingencies (Note 7) | ||
Convertible preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2020 and 2019; 53,253,213 and 47,227,065 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 5 | 5 |
Additional paid-in capital | 422,379 | 366,695 |
Related party promissory notes for purchase of common stock | (210) | (210) |
Employee promissory notes for purchase of common stock | 0 | (418) |
Accumulated other comprehensive gain | 5 | 90 |
Accumulated deficit | (339,299) | (245,455) |
Total stockholders’ equity | 82,880 | 120,707 |
Total liabilities and stockholders’ equity | $ 156,319 | $ 151,221 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 |
Common stock, shares issued | 53,253,213 | 47,227,065 |
Common stock, shares outstanding | 53,253,213 | 47,227,065 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | |||
Research and development | $ 67,309 | $ 70,957 | $ 58,907 |
General and administrative | 24,025 | 20,046 | 16,016 |
Change in fair value of contingent consideration | (33) | (1,352) | 4,542 |
Impairment of long-lived assets | 2,629 | 0 | 0 |
Total operating expenses | 93,930 | 89,651 | 79,465 |
Loss from operations | (93,930) | (89,651) | (79,465) |
Interest income | 1,196 | 3,289 | 3,312 |
Interest expense | (1,292) | 0 | 0 |
Other income (expense), net | 182 | 4,185 | (245) |
Net loss | (93,844) | (82,177) | (76,398) |
Other comprehensive loss | |||
Unrealized gain (loss) on marketable debt securities | (85) | 185 | 9 |
Comprehensive loss | $ (93,929) | $ (81,992) | $ (76,389) |
Net loss per share, basic and diluted | $ (1.84) | $ (1.88) | $ (2.70) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 50,864,889 | 43,624,807 | 28,269,907 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Series C Convertible Preferred Stock | Series A One A Two B And C Convertible Preferred Stock | At The Market Equity Offering Program | Common Stock | Common StockAt The Market Equity Offering Program | Additional Paid-In Capital | Additional Paid-In CapitalAt The Market Equity Offering Program | Related Party Promissory Notes for Purchase of Common Stock | Employee Promissory Notes for Purchase of Common Stock | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2017 | $ (83,113) | $ 1 | $ 4,072 | $ (202) | $ (104) | $ (86,880) | |||||||
Beginning balance, (in shares) at Dec. 31, 2017 | 28,159,724 | ||||||||||||
Beginning balance at Dec. 31, 2017 | $ 173,956 | ||||||||||||
Beginning balance, (in shares) at Dec. 31, 2017 | 4,830,389 | ||||||||||||
Issuance of Series C convertible preferred stock at $15.3317 per share for cash, net of issuance costs of $119 | $ 59,881 | ||||||||||||
Issuance of convertible preferred stock per share for cash, net of issuance costs (in shares) | 3,913,425 | ||||||||||||
Issuance of common stock upon initial public offering, net of issuance costs of $9,149 | 75,852 | $ 1 | 75,851 | ||||||||||
Issuance Of Common Stock Upon Initial Public Offering Share | 5,000,000 | ||||||||||||
Conversion of Series A-1, A-2, B and C convertible preferred stock 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 | ||||||||||||
Issuance of common stock upon exercise of warrants and stock options, net of amount related to early exercised options of $1,212 | 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 | ||||||||||||
Vesting of early exercised stock options | 584 | 584 | |||||||||||
Stock-based compensation | 9,441 | 9,441 | |||||||||||
Unrealized gain (loss) on marketable debt securities | 9 | 9 | |||||||||||
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 | ||||||||||
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 | 42,414,294 | ||||||||||||
Issuance of common stock, net of issuance costs, underat-the-market ("ATM") equity offering program | $ 26,086 | $ 1 | $ 26,085 | ||||||||||
Issuance of common stock (in shares) | 3,974,908 | ||||||||||||
Issuance of common stock upon exercise of stock options | 840 | 840 | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 505,226 | ||||||||||||
Vesting of early exercised stock options | 647 | 647 | |||||||||||
Stock-based compensation | 10,852 | 10,852 | |||||||||||
Common stock issued to third parties | 2,995 | 3,022 | (9) | (18) | |||||||||
Common stock issued to third parties, (in shares) | 253,334 | ||||||||||||
Repurchased shares (in shares) | (4,281) | ||||||||||||
Issuance of common stock under employee stock purchase plan (“2018 ESPP”) | 586 | 586 | |||||||||||
Issuance of common stock under employee stock purchase plan ("2018 ESPP") (in Shares) | 83,584 | ||||||||||||
Unrealized gain (loss) on marketable debt securities | 185 | 185 | |||||||||||
Receipt of promissory note from related party for purchase of common stock | (27) | ||||||||||||
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 | |||||||||||
Issuance of common stock, net of issuance costs, underat-the-market ("ATM") equity offering program | $ 37,270 | $ 37,270 | |||||||||||
Issuance of common stock (in shares) | 5,002,257 | ||||||||||||
Issuance of common stock upon exercise of stock options | $ 1,510 | 1,510 | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 308,484 | 410,484 | |||||||||||
Issuance of common stock from restricted stock units, shares | 103,020 | ||||||||||||
Vesting of early exercised stock options | $ 216 | 216 | |||||||||||
Stock-based compensation | 13,746 | 13,746 | |||||||||||
Common stock issued for services | 100 | 100 | |||||||||||
Shares issued for services, shares | 43,550 | ||||||||||||
Common stock issued to third parties for milestone payments | 2,310 | 2,310 | |||||||||||
Common stock issued to third parties for milestone payments, (in shares) | 361,644 | ||||||||||||
Repayment Of Promissory Note From Related Party From Purchase Of Common Stock | 374 | 374 | |||||||||||
Repayment of promissory note from employee through repurchase of early exercise shares | (44) | $ 44 | |||||||||||
Repayment of promissory note from employee through repurchase of early exercise shares (in shares) | (12,909) | ||||||||||||
Issuance of common stock under employee stock purchase plan (“2018 ESPP”) | 576 | 576 | |||||||||||
Issuance of common stock under employee stock purchase plan ("2018 ESPP") (in Shares) | 118,102 | ||||||||||||
Unrealized gain (loss) on marketable debt securities | (85) | (85) | |||||||||||
Receipt of promissory note from related party for purchase of common stock | 0 | ||||||||||||
Net loss | (93,844) | (93,844) | |||||||||||
Ending balance at Dec. 31, 2020 | $ 82,880 | $ 5 | $ 422,379 | $ (210) | $ 5 | $ (339,299) | |||||||
Ending balance, (in shares) at Dec. 31, 2020 | 0 | ||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 53,253,213 | 53,253,213 |
Statements of Convertible Pre_2
Statements of Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Initial Public Offering Issuance Cost | $ 9,149 |
Amount of early exercised options | $ 1,212 |
Series C Convertible Preferred Stock | |
Issuance price per share | $ / shares | $ 15.3317 |
Issuance cost | $ 119 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net loss | $ (93,844) | $ (82,177) | $ (76,398) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 3,449 | 2,663 | 2,180 |
Amortization of debt issuance costs | 318 | 0 | 0 |
Net accretion and amortization of premium and discounts on marketable securities | 256 | (1,151) | (955) |
Stock-based compensation | 13,813 | 10,852 | 9,441 |
Loss on disposal of property and equipment | 0 | 0 | 45 |
Common stock issued to third parties | 1,211 | 965 | 0 |
Non-cash rent expense | (1,076) | 0 | 0 |
Impairment of long-lived assets | 2,629 | 0 | 0 |
Change in fair value of strategic investment | (502) | (4,507) | 0 |
Accretion of tenant improvement allowance | 0 | (1,275) | (605) |
Change in fair value of contingent consideration | (33) | (1,352) | 4,542 |
Changes in operating assets and liabilities: | |||
Contribution receivable | 0 | 0 | 1,382 |
Prepaid expenses and other current assets | (1,168) | (169) | (842) |
Other long-term assets | 628 | (31) | (604) |
Accounts payable | (2,640) | (227) | 2,228 |
Accrued compensation | (517) | 2,114 | 1,610 |
Accrued liabilities and other current liabilities | (857) | (587) | 1,446 |
Deferred rent, net of current portion | 0 | 2,461 | (93) |
Net cash used in operating activities | (78,333) | (72,421) | (56,623) |
Investing activities | |||
Purchase of marketable securities | (138,486) | (119,270) | (204,086) |
Maturities of marketable securities | 127,915 | 188,809 | 133,644 |
Sale of strategic investments | 6,009 | 0 | 0 |
Purchase of investment in stock | 0 | 0 | (500) |
Purchase of property and equipment | (646) | (1,586) | (1,264) |
Net cash provided by (used in) investing activities | (5,208) | 67,953 | (72,206) |
Financing activities | |||
Proceeds from issuance of common stock under ATM offering program, net of issuance costs | 37,270 | 26,085 | 0 |
Proceeds from repayment of employee promissory notes | 374 | 0 | 0 |
Proceeds from long-term debt, net of issuance costs to lender | 24,550 | 0 | 0 |
Payment of long-term debt non-lender issuance costs | (360) | 0 | 0 |
Proceeds from issuance of convertible preferred stock, net of issuance costs | 0 | 0 | 59,881 |
Proceeds from issuance of common stock upon exercise of stock options, net of repurchases | 1,510 | 840 | 374 |
Proceeds from issuance of common stock under the 2018 ESPP | 576 | 586 | 0 |
Proceeds from initial public offering, net of issuance costs | 0 | 0 | 79,055 |
Payment of initial public offering costs | 0 | 0 | (3,201) |
Proceeds from repayment of recourse notes | 0 | 0 | 895 |
Payments made on capital lease obligations | (45) | (73) | (74) |
Net cash provided by financing activities | 63,875 | 27,438 | 136,930 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (19,666) | 22,970 | 8,101 |
Cash, cash equivalents and restricted cash at beginning of year | 38,919 | 15,949 | 7,848 |
Cash, cash equivalents and restricted cash at end of year | 19,253 | 38,919 | 15,949 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 773 | 0 | 0 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities | |||
Property and equipment included in accounts payable | 13 | 565 | 241 |
Issuance of common stock in settlement of contingent consideration milestone | 1,098 | 0 | 0 |
Issuance of shares in settlement of share-based liability | 100 | 0 | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 27,714 | 0 | 0 |
Lessor funded lease incentives included in property and equipment | 0 | 10,651 | 0 |
Receipt of promissory note for purchase of common stock | 0 | 0 | 400 |
Receipt of promissory note from related party for purchase of common stock | $ 0 | $ 27 | $ 390 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
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 slow, halt, or reverse diseases of aging. 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. The Company was incorporated in the State of Delaware in 2009 and operates in one segment. Liquidity 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 $339.3 million as of December 31, 2020. During the year ended December 31, 2020, the Company incurred a net loss of $93.8 million and used $78.3 million of cash in operating activities. 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 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, public equity issuances and more recently, from its ATM Offering Program (as defined below) and the Term Loan Facility (as defined below), and will continue to be dependent upon equity and/or debt financing until the Company is able to generate positive cash flows from its operations. See Note 8, “Term Loan Facility”. The Company had cash, cash equivalents and marketable securities of $115.6 million as of December 31, 2020. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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, the fair value of right-of-use assets and lease liabilities, 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, 2020 2019 2018 Cash and cash equivalents $ 17,807 $ 37,473 $ 15,399 Restricted cash 1,446 1,446 550 Total cash, cash equivalents, and restricted cash $ 19,253 $ 38,919 $ 15,949 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’ equity (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 has previously made investments in strategic partners and may do so again in the future. 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, with changes recorded through other income (expense), net in the statement of operations and comprehensive loss. 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, contingent consideration liabilities, and long-term debt. 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 Company’s investment policy limits investments in marketable securities 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, 2020, the Company had no off-balance sheet concentrations of credit risk. 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. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. To date, the Company’s operations have not been significantly impacted by the COVID-19 pandemic. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and results of operations, including ongoing and planned clinical studies. The impact of the COVID-19 pandemic on the financial performance of the Company will depend on future developments. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain. The Company continues to monitor the impact the COVID-19 pandemic may have on the clinical development of its product candidates, including potential delays or modifications to its ongoing and planned studies . 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 its financial statements, the Company is required to estimate expenses resulting from its 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. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of the production of clinical trial materials or based on progression of the During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company m ake s estimates of accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of contract research organizations , contract manufacturers and other third-party vendors. Although the Company do es not expect its estimates to be materially different from amounts actually incurred, its 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 reporting changes in estimates in any particular period. Adjustments to prior period estimates have not been material for the years ended December 31, 20 20 and 201 9 . 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 whether the license agreement results in the acquisition of an asset or a business. To date, all of the Company’s license agreements have been considered acquisitions of assets and none have been considered acquisitions of a business. For license agreements that are considered to be acquisitions of assets, the upfront payments for such license, 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. Some of the Company’s license agreements also include contingent consideration in the form of an obligation to issue additional shares of the Company’s common stock based on the achievement of certain milestones. The Company assesses on a continuous basis whether (i) such contingent consideration meets the definition of a derivative, and (ii) whether it can be classified within stockholders’ equity. Until such time when equity classification criteria are met or the milestones expire, the contingent consideration is classified as a liability. 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. Leases Prior to January 1, 2020, the Company accounted for its leases of office space and laboratory facilities under non-cancelable operating lease agreements and recognized 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, were 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 were recorded in prepaid expenses and other current assets on the balance sheets. The Company did not assume renewals in its determination of the lease term unless they were deemed to be reasonably assured at the inception of the lease and began recognizing rent expense on the date that it obtained the legal right to use and control the leased space. Deferred rent consisted of the difference between cash payments and the rent expense recognized. The Company recognized a liability for costs that would continue to be incurred under a lease contract for its remaining term without economic benefit at its fair value when the entity ceased using the right conveyed by the contract, which was when the space was completely vacated. The Company also entered into capital lease agreements for certain equipment with a lease term of three years . The current portion of capital lease obligations was included in accrued and other current liabilities and the noncurrent capital lease obligations was included in other noncurrent liabilities on the balance sheets. Subsequent to January 1, 2020, the Company determines whether the arrangement is or contains a lease at the inception of the arrangement and if so, whether such a lease is classified as a financing lease or an operating lease. Operating leases are included in operating lease right-of-use assets, (“ROU assets”), operating lease liabilities, net of current portion, and accrued and other current liabilities on the Company’s balance sheets. The Company has elected not to recognize on the balance sheets leases with terms of one year or less. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and are considered long-lived assets for purposes of identifying, recognizing and measuring impairment. Operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the expected lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made or incentives received and impairment charges if the Company determines the ROU asset is impaired and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options to extend or terminate the lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected to not separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The lease components resulting in a ROU asset have been recorded on the balance sheets and are amortized as lease expense on a straight-line basis over the lease term. The Company does not have any material financing leases. 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 value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the year ended December 31, 2020, the Company evaluated indicators of impairment for the ROU asset and related leasehold improvements considering the current economic environment and COVID-19 outbreak, its impact on subleasing activity and the exit of its previous headquarters located in Brisbane, California. The Company concluded the carrying value of these assets were not fully recoverable and recorded an impairment charge of $2.6 million. See Note 7, “Commitments and Contingencies”. Determining estimated discounted cash flows for purposes of an impairment analysis requires the Company to make estimates and assumptions regarding the amount and timing of sublease income. There are often risks and uncertainties associated with the intent to sublease offices and laboratory space. Consequently, the eventual realized sublease revenues may vary from estimates as of the impairment testing date and adjustments may occur in future periods . Stock-Based Compensation The Company measures 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 has used the lattice model to estimate the fair value of stock option awards that contain both performance and market conditions and the Monte-Carlo option-pricing model to estimate the fair value of stock option awards that contain only 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 Monte-Carlo option pricing model uses similar input assumptions as the Black-Scholes model; however, it further incorporates into the fair-value determination the possibility that the market condition may not be satisfied. Restructuring The Company recognizes restructuring charges related to reorganization plans that have been committed to by management and when liabilities have been incurred. In connection with these activities, the Company records restructuring charges at fair value for a) contractual employee termination benefits when obligations are associated to services already rendered, rights to such benefits have vested, and payment of benefits is probable and can be reasonably estimated, and b) one-time employee termination benefits when management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the details of termination benefits are complete, it is unlikely changes to the plan will be made or the plan will be withdrawn and communication to such employees has occurred. One-time employee termination benefits are recognized in their entirety when communication has occurred, and future services are not required. Contract termination costs to be incurred over the remaining contract term without economic benefit are recorded in their entirety when the contract is canceled. The recognition of restructuring charges requires the Company to make certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned reorganization plan. At the end of each reporting period, the Company evaluates the remaining accrued restructuring balances to ensure that no excess accruals are retained, and the utilization of the provisions are for their intended purpose in accordance with developed restructuring plans. 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. On March 18, 2020, the Families First Coronavirus Response Act (“FFCR Act”), and on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous tax-related provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. On June 29, 2020 California State Assembly Bill 85 (the “Trailer Bill”) was enacted which suspends the use of California net operating loss (“NOL”) deductions and certain tax credits, including research and development tax credits, for the 2020, 2021, and 2022 tax years. In December 2020, the Consolidated Appropriations Act, 2021 (the “CAA” ) was signed into law. The CAA included additional funding through tax credits as part of its economic package for 2021. The FFCR Act, CARES Act, Trailer Bill and CAA did not have a material impact on the Company’s financial statements as of December 31, 2020; however, the Company continues to examine the impacts the FFCR Act, CARES Act and Trailer Bill may have on its business, results of operations, financial condition and liquidity. 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. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share as the effects of potentially dilutive securities are antidilutive. Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss, primarily unrealized losses on the Company’s marketable securities. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 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 years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this standard on January 1, 2020. The adoption of this ASU did not have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company adopted this standard on January 1, 2020 using the modified retrospective approach with a cumulative effect adjustment to accumulated deficit at the beginning of the period of adoption, if any. The Company elected the package of practical expedients permitted under the transition guidance within Topic 842, which allowed the Company to carry forward the historical lease classification, retain the initial direct costs for any leases that existed prior to the adoption of the standard and not reassess whether any contracts entered into prior to the adoption are leases. The Company also elected to account for lease and non-lease components in its lease agreements as a single lease component in determining lease assets and liabilities. In addition, the Company elected not to recognize the right-of-use assets and liabilities for leases with lease terms of one year or less. The Company did not elect the practical expedient allowing the use-of-hindsight, which would require the Company to reassess the lease term of its leases based on all facts and circumstances through the effective date and did not elect the practical expedient pertaining to land easements as this is not applicable to the current contract portfolio. Upon adoption of Topic 842, the Company recorded $42.4 million of operating lease liabilities and $27.2 million of right-of-use assets after reclassification of deferred rent of $15.3 million, as of January 1, 2020. The adoption did not have a material impact on the Company’s statements of operations and comprehensive loss or statements of cash flows. See Note 7, “Commitments and Contingencies” for additional information. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2020, the FASB issued ASU 2020-10, Codification Improvements The ASU contains improvements to the Codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the Codification. The ASU also improves various topics in the Codification so that entities can apply guidance more consistently on codifications that are varied in nature where the original guidance may have been unclear. The amendments in ASU 2020-10 are effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company does not expect the adoption of ASU 2020-10 to have a material impact on its financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06 , Debt - Debt with Conversion and Other Options Derivatives and Hedging - Contracts in Entity’s Own Equity 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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. As the long-term debt is subject to variable interest rates that are based on market rates which are regularly reset, considering level 2 inputs, the Company believes the carrying value of the long-term debt approximates its fair value. 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, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 13,686 $ 13,686 $ — $ — Total cash equivalents 13,686 13,686 — — Short-term marketable securities: U.S. treasuries 55,349 — 55,349 — U.S. and foreign commercial paper 11,999 — 11,999 — U.S. and foreign corporate debt securities 1,001 — 1,001 — U.S. government debt securities 11,543 — 11,543 — Total short-term marketable securities 79,892 — 79,892 — Long-term marketable securities U.S. treasuries 7,370 — 7,370 — U.S. government debt securities 10,501 — 10,501 — Total long-term marketable securities 17,871 — 17,871 — Total assets subject to fair value measurements on a recurring basis $ 111,449 $ 13,686 $ 97,763 $ — 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 The Company estimates the fair value of its money market funds, U.S. and foreign commercial paper, U.S. and foreign corporate debt securities, U.S. treasuries, U.S. government debt securities and foreign equity 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. See Note 4, “Marketable Securities,” for further information regarding the carrying value of the Company's financial instruments. The Company held an equity investment in Ascentage International, an affiliate of Ascentage Pharma. The equity interest represented an insignificant level of ownership in the investee and was recorded within strategic investment on the Company’s balance sheets. See Note 5, “License Agreements and Strategic Investment”. In October 2019, Ascentage International completed an initial public offering of common stock on the Hong Kong Stock Exchange. Following the initial public offering, the Company’s underlying investment changed to be an equity security with a readily determinable fair value which was measured at fair value on a recurring basis based on quoted stock prices available on the Hong Kong Stock Exchange, which are considered observable inputs (Level 1). During the year ended December 31, 2020, the Company sold its entire equity investment in Ascentage International. The fair value of the Company’s equity investment in Ascentage International was zero and $5.5 million as of December 31, 2020 and 2019, respectively, and was included in strategic investment on the Company’s balance sheets. The change in fair value of this investment was $0.5 million and $4.5 million for the years ended December 31, 2020 and 2019, respectively, and was recorded in other income (expense), net on the statements of operations and comprehensive loss. The Company had previously recorded a contingent consideration liability related to three agreements (the “Commercial Agreements”) with Ascentage Pharma Group Corp. Limited, a clinical-stage biopharmaceutical company based in Hong Kong China (“Ascentage Pharma”). See Note 5, “License Agreements and Strategic Investment”. The fair value of the contingent consideration liability at December 31, 2019 included inputs not observable in the market and thus represented a Level 3 measurement. The probability of achieving the defined milestone events under the Commercial Agreements was estimated on a quarterly basis by the Company’s management using a probability-weighted valuation approach model which utilized current stock price and reflected the probability and timing of future issuances of shares. As a result of settlements and changes made to the Commercial Agreements, there was no contingent consideration liability at December 31, 2020. The following table provides a reconciliation of 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 Additions — Settlements (1,098 ) Change in fair value (33 ) Balance at December 31, 2020 $ — |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities Marketable securities, which are classified as available-for-sale, consisted of the following (in thousands): December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 13,686 $ — $ — $ 13,686 Total cash equivalents 13,686 — — 13,686 Short-term marketable securities: U.S. and foreign commercial paper 11,998 1 — 11,999 U.S. and foreign corporate debt securities 1,001 — — 1,001 U.S. government debt securities 11,541 2 — 11,543 U.S. treasuries 55,350 2 (3 ) 55,349 Total short-term marketable securities 79,890 5 (3 ) 79,892 Long-term marketable securities U.S. treasuries 7,369 1 — 7,370 U.S. government debt securities 10,498 3 — 10,501 Total long-term marketable securities 17,867 4 — 17,871 Total marketable securities $ 111,443 $ 9 $ (3 ) $ 111,449 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 At December 31, 2020, the remaining contractual maturities of available-for-sale debt securities were less than one year. 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, 2020 and 2019. 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 and Strategi
License Agreements and Strategic Investment | 12 Months Ended |
Dec. 31, 2020 | |
Research And Development [Abstract] | |
License Agreements and Strategic Investment | 5. License Agreements and Strategic Investment License and Compound Library and Option Agreement The Company is a party to three agreements with 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 (the “Library Agreement”), (b) an initial license agreement executed in February 2016 granting the Company rights to an initial Ascentage Pharma compound known as APG1252 (the “APG1252 License Agreement”), and (c) a second license agreement executed in January 2019 granting the Company rights to a second licensed compound (this second license agreement, the “Bcl License Agreement” and collectively with the Library Agreement and APG1252 License Agreement, the “Commercial Agreements”). On July 30, 2020, the Company notified Ascentage Pharma of its termination of the APG1252 License Agreement due to the Company’s decision to prioritize the progression of other compounds from Ascentage International’s library of Bcl-2 inhibitors, such as UBX1325 and UBX1967. The Commercial Agreements referenced above include cash payments of up to $70.3 million as well as the equity payments of up to an aggregate of (a) 933,337 shares of common stock in the event there is only one licensed product, and (b) 1,333,338 shares of common stock in the event there are two or more licensed products, in each case to be issued based on the Company’s achievement of certain preclinical and clinical development and sales milestone events. The Company is required to make 80% of all equity payments to Ascentage Pharma and the remaining 20% to an academic institution from whom Ascentage Pharma had previously licensed the technology. The milestones include the advancement of additional compounds into Investigational New Drug application (“IND”) enabling studies, the filing of an IND, the commencement of clinical studies, Food and Drug Administration (“FDA”) and/or European Medicines Agency approval, and a net sales threshold. The Bcl 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 a 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 June 2020, the Company entered into a third amendment to the Bcl License Agreement. Under the terms of the original Bcl License Agreement, Ascentage Pharma granted the Company exclusive development and commercialization rights and non-exclusive manufacturing rights to an Ascentage Bcl inhibitor compound known as UBX1967 as well as the right to continue its preclinical development efforts with another Ascentage-controlled Bcl inhibitor compound, known as UBX1325, a small molecule inhibitor of the anti-apoptotic Bcl-2 family member, Bcl-xL, that served as a back-up compound to UBX1967. Under the terms of the third amendment to the Bcl License Agreement, the status of UBX1967 and UBX1325 were switched such that UBX1325 became the licensed compound and UBX1967 became the back-up compound under the Bcl License Agreement. In July 2020, the Company filed an IND for the Phase 1 clinical study for UBX1325, which gave rise to an obligation under the Bcl License Agreement to issue an additional 133,334 shares of common stock to Ascentage Pharma and the academic institution. These shares were issued to Ascentage Pharma and the academic institution in August 2020. In October 2020, the Company initiated a Phase 1 safety and tolerability study of UBX1325 in patients with diabetic macular edema and age-related macular degeneration. As a result of the first patient dosed in the UBX1325 study, the Company triggered a milestone payment of $1.0 million to Ascentage Pharma, which the Company elected to settle in shares of the Company’s common stock. The Company issued 228,310 shares of its common stock to Ascentage Pharma in November 2020 with a fair market value of $1.2 million at settlement date. The payment was recognized as research and development expense in the statement of operations and comprehensive loss during the year ended December 31, 2020. As of December 31, 2020, the Company had issued 974,980 shares of common stock to Ascentage Pharma and 186,667 shares of common stock to the academic institution from whom Ascentage Pharma had previously licensed the technology. The Commercial Agreements included contingent consideration in the form of additional issuances of shares of the Company’s common stock based on the achievement of the specified milestones. Upon the July 2020 termination of the license to APG1252, the Company determined that the contingency no longer applied and adjusted the fair value of the contingent consideration liability to zero. The Company had recorded a contingent consideration liability of $1.1 million at December 31, 2019 based on the estimates for milestone achievements at the time. To date, no royalties were due from the sales of licensed products. Strategic Investment 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 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 was measured at fair value on a recurring basis based on quoted stock price available on the Hong Kong Stock Exchange. The Company was subject to a lock-up agreement with Ascentage International that precluded the Company from selling shares prior to April 28, 2020. During the year ended December 31, 2020, the Company sold its entire holdings in Ascentage International for cash proceeds of $6.0 million and recorded a corresponding loss of $2.2 million. The Company’s total original investment in Ascentage was $1.0 million. The fair value of the Company’s investment in Ascentage International as of December 31, 2019 was $5.5 million, which was included in strategic investment. 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 not material. 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, 2020. The upfront issuance of 120,000 shares of the Company’s common stock was valued at $1.0 million 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, 2020 or 2019. 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, 2020 | |
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, 2020 2019 Laboratory equipment $ 5,960 $ 5,219 Computer equipment 501 472 Furniture and fixtures 825 825 Leasehold improvements 15,083 16,436 Total property and equipment 22,369 22,952 Less: accumulated depreciation and amortization (9,742 ) (6,316 ) Total property and equipment, net $ 12,627 $ 16,636 Depreciation and amortization expense related to property and equipment was $3.4 million, $2.7 million and $2.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): December 31, 2020 2019 Operating lease liability - current portion $ 4,520 $ — Accrued research and development 1,638 2,214 Deferred rent, current portion — 1,849 Liability related to early exercise shares 21 237 Accrued other 371 695 $ 6,550 $ 4,995 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Leases 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. 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 real estate taxes allocated to the building and common areas. Pursuant to the lease agreement, the landlord provided the Company with a tenant improvement allowance of $10.7 million, which 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 The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature. The following table summarizes the components of lease expense, which are included in operating expenses in the Company’s statements of operations and comprehensive loss (in thousands): Year ended December 31, 2020 Operating lease cost $ 4,721 Variable lease cost 1,168 Impairment of operating lease right-of-use asset 1,409 Total lease cost $ 7,298 Variable lease payments include amounts relating to common area maintenance, real estate taxes and insurance and are recognized in the statements of operations and comprehensive loss as incurred. Rent expense for the years ended December 31, 2019 and 2018 was $4.5 million and $1.8 million, respectively. The following table summarizes supplemental information related to leases (in thousands): Year Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,797 Weighted-average remaining lease term (years) Operating leases 8.5 Weighted-average discount rate (percentage) Operating leases 5.8 % The following table summarizes the maturities of lease liabilities as of December 31, 2020 (in thousands): Amount 2021 6,653 2022 6,283 2023 4,810 2024 4,964 2025 5,123 Thereafter 22,179 Total future minimum lease payments 50,012 Less: Amount representing interest (11,024 ) Present value of future minimum lease payments 38,988 Less: Current portion of operating lease liability (4,520 ) Noncurrent portion of operating lease liability $ 34,468 The cumulative effect on the Company’s balance sheets at January 1, 2020 from the adoption of Topic 842 was as follows (in thousands): December 31, 2019 Topic 842 Adjustments January 1, 2020 Operating lease right-of-use assets $ — $ 27,174 $ 27,174 Accrued and other current liabilities 4,995 (1,970 ) 3,025 Operating lease liabilities, current portion — 3,455 3,455 Deferred rent, net of current portion 13,298 (13,298 ) — Operating lease liabilities, net of current portion — 38,988 38,988 In February 2020, the Company completed its move into the new office and laboratory space in South San Francisco, exited its previous offices and laboratory space in Brisbane, California, and began to actively market this space for sublease. Concurrent with this move and in consideration of real estate market conditions, in particular due to the COVID-19 pandemic in March 2020, the Company identified indicators of impairment in the related asset group, which included the leased ROU asset and related leasehold improvements associated with the lease. The Company subsequently evaluated and compared the net book value of the asset group to the estimated undiscounted future cash flows over the remaining term of the lease and concluded that an impairment had occurred. The discounted estimated future cash flows include d estimates of sublease rentals through the end of the lease term, which ends on October 31, 2022, utilizing a discount rate of 3.5 % based on the Company’s estimated incremental b orrowing rate at that time . The estimated discounted cash flows were compared to the net book value of the ROU asset and leasehold improvements resulting in an impairment loss of $ million. The loss was recorded at the end of the first quarter of 2020 in operating expense in the statements of operations and comprehensive loss.. During the remainder of the year, the Company continued to review the assets for indicators of impairment. During year end, the Company updated its estimates of sublease rental income, based on the sublease that was executed for this space in February 2021 and market factors on leasing activity caused by the COVID-19 pandemic, in the discounted estimated future cash flows, and utilizing a discount rate of 2.935%, determined when compared to the net book value of the ROU asset and leasehold improvements, there was further impairment of the assets. The Company recorded an additional impairment charge of $0.4 million, resulting in a total impairment loss of $2.6 million for the year ended December 31, 2020. The impairment loss was allocated proportionally to the right-of-use asset of $ million and leasehold improvements of $ million and recorded in operating expense in the statements of operations and comprehensive loss for the year ended December 31, 2020. After recording the impairment, the remaining balance of the ROU asset and leasehold improvements was $ million and $ 0.8 million, 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. |
Term Loan Facility
Term Loan Facility | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Term Loan Facility | 8. Term Loan Facility On August 3, 2020, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Hercules Capital, Inc. (“Hercules”). Under the Loan Agreement, Hercules provided the Company with access to a term loan with an aggregate principal amount of up to $80.0 million (the “Term Loan Facility”), available in four tranches, subject to certain terms and conditions. The first tranche of $25.0 million was advanced to the Company on the date the Loan Agreement was executed. The milestones for the remaining tranches have not yet been reached and as of December 31, 2020 will not be reached as they were dependent, in whole or in part, upon continued advancement in the clinical development of UBX0101 in patients with osteoarthritis of the knee. The Company expects to make interest only payments through September 1, 2022, or extended to March 1, 2023 upon satisfaction of certain milestones, and expects to then repay the principal balance and interest in equal monthly installments through August 1, 2024. The Company may prepay advances under the Loan Agreement, in whole or in part, at any time subject to a prepayment charge of up to 1.50% of any amount prepaid, depending upon when the prepayment occurs. Upon prepayment or repayment of all or any of the term loans under the Term Loan Facility, the Company is required to pay an end of term fee (“End of Term Fee”) equal to 6.25% of the total aggregate amount of the term loans being prepaid or repaid, which has been recorded as a discount on the principal balance upon issuance. Interest on the term loan accrues at a per annum rate equal to the greater of (i) the Wall Street Journal prime rate plus 6.10% and (ii) 9.35%. On December 31, 2020, the rate was 9.35%. Interest expense is calculated using the effective interest method and is inclusive of non-cash amortization of capitalized loan issuance costs. At December 31, 2020, the effective interest rate was 12.40%. Under the terms of the Loan Agreement, the Company granted first priority liens and security interests in substantially all of the Company’s intellectual property as collateral for the obligations thereunder. The Company also granted Hercules the right, at their discretion, to participate in any closing of any single subsequent financing up to a maximum aggregate amount of $2.0 million. The Loan Agreement also contains representations and warranties by the Company and Hercules, indemnification provisions in favor of Hercules and customary affirmative and negative covenants (including a liquidity covenant beginning July 1, 2021, requiring the Company to maintain at least a $15.0 million cash reserve), and events of default, including a material adverse change in the Company’s business, payment defaults, breaches of covenants following any applicable cure period, and a material impairment in the perfection or priority of Hercules’ security interest in the collateral. In the event of default by the Company under the Loan Agreement, the Company may be required to repay all amounts then outstanding under the Loan Agreement. As of December 31, 2020, the Company was in compliance with all covenants under the Loan Agreement. As of December 31, 2020, the carrying value of the term loan consists of $25.0 million principal outstanding less the debt discount and issuance costs of approximately $2.1 million. The End of Term Fee of $1.6 million is treated as deferred financing costs, recognized over the life of the term loan and accreted to interest expense using the effective interest method. The debt issuance costs have been recorded as a debt discount which are being amortized to interest expense through the maturity date of the term loan. Interest expense relating to the term loan, which is included in interest expense in the statements of operations and comprehensive loss, was $1.3 million for the year ended December 31, 2020. Future principal payments for the long-term debt are as follows (in thousands): December 31, 2020 2021 $ — 2022 3,838 2023 12,272 2024 8,890 Total principal payments 25,000 End of term fee due at maturity in 2024 1,562 Total principal and end of term fee payments 26,562 Unamortized discount and debt issuance costs (2,054 ) Long-term debt, net $ 24,508 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 9. Related Party Transactions Recourse 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 |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common and Preferred Stock | 10. 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, 2020 and 2019, 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 32,073,149 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, 2020 and 2019, there were 53,253,213 and 47,227,065 shares of common stock issued and outstanding. Preferred Stock Offering 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 Initial Public Offering 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. At-the-Market Offerings 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 “June 2019 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 acts 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 June 2019 Sales Agreement. During the year ended December 31, 2020, the Company issued and sold 5,002,257 shares of its common stock through its ATM Offering Program and received net proceeds of approximately $37.3 million, after deducting commissions and other offering expenses of $1.3 million. In July 2020, the Company filed an additional prospectus supplement to the Shelf Registration Statement. This prospectus supplement covers the offering, issuance and sale of up to an additional $50.0 million of the Company’s common stock from time to time through an additional “at-the-market” offering under the Securities Act of 1933, as amended (the “Additional ATM Offering Program”). In July 2020, the Company entered into a second sales agreement (the “July 2020 Sales Agreement”) with Cowen to sell shares of the Company’s common stock, from time to time, with aggregate gross sales proceeds of up to $50.0 million, through the Additional ATM Offering Program under which Cowen will act as its sales agent. The issuance and sale of shares of common stock by the Company pursuant to the July 2020 Sales Agreement are also deemed an “at-the-market” offering under the Securities Act of 1933, as amended (the “Securities Act”). 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 July 2020 Sales Agreement. During the third and fourth quarters of 2020 , there were no shares of the Company’s common stock sold through the Additional ATM Offering Program. |
Corporate Restructuring
Corporate Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Corporate Restructuring | 11. Corporate Restructuring In September 2020 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation Summary of 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 in May 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 four-year 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, 2020, there was an aggregate 12,001,501 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 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. In March 2020, the Company’s board of directors approved the Company’s 2020 Employment Inducement Incentive Plan (“the 2020 Plan”), to provide for grants to newly hired employees as a material inducement for them to commence employment with the Company. The 2020 Plan initially reserved 1,100,000 shares for the issuance of stock options, and in November 2020, the Company reserved an additional 1,500,000 shares of common stock for future issuance under the 2020 Plan. Awards granted under the 2020 Plan expire no later than ten years four-year Equity Incentive Plan Activity The following sections summarize activity under the Company’s equity incentive plans. Stock Options, Restricted Stock Units (RSUs) and Performance Stock Units (“PSUs”) Activity A summary of the Company’s stock option activity under the 2013 and 2020 Plan for the year ended December 31, 2020 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, 2019 2,916,320 6,906,898 $ 7.62 Shares added 5,587,088 — — Granted (7,887,420 ) 4,236,256 6.37 Exercised — (308,484 ) 3.78 Canceled 3,654,776 (3,359,198 ) 8.04 Balance at December 31, 2020 4,270,764 7,475,472 $ 6.88 6.8 $ 5,261 Vested and exercisable at December 31, 2020 3,925,216 $ 6.87 5.1 $ 4,086 Vested and expected to vest at December 31, 2020 7,475,472 $ 6.88 6.8 $ 5,261 The total intrinsic value of options exercised was $1.5 million, $5.8 million and $1.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The weighted-average estimated fair value of stock options granted was $4.83, $7.12 and $13.20 for the years ended December 31, 2020, 2019 and 2018, respectively. The aggregate intrinsic value of options exercisable was $4.1 million and $7.3 million as of December 31, 2020 and 2019, respectively. In September 2020, the board of directors granted retention stock-based awards to employees covering an aggregate of 3.2 million shares of common stock, including options to purchase an aggregate of 250,000 shares of common stock and 2,959,850 of restricted stock units. The awards are all time-based vesting and vest over three to four years. During the year ended December 31, 2020 the Company issued 13,550 shares in settlement of stock-based compensation awards accounted for as liability awards. The following table summarizes the Company’s RSU, RSA and PSU activity for the year ended December 31, 2020. Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2019 325,887 $ 9.00 Granted 3,651,164 $ 3.44 Released (133,020 ) $ 9.00 Canceled (921,954 ) $ 4.77 Unvested at December 31, 2020 2,922,077 $ 3.44 As of December 31, 2020, the total stock-based compensation cost related to options, RSUs and PSUs granted but not yet amortized was $25.1 million and will be recognized over a weighted-average period of approximately 3.3 years. The total grant date fair value of RSUs and RSAs vested during the year ended December 31, 2020 was approximately $1.2 million. No RSUs or RSAs vested during 2019 and 2018. In March 2020, the board of directors granted the Company’s newly hired Chief Executive Officer stock-based awards covering an aggregate of 1.1 million shares of common stock, including options to purchase an aggregate of 800,000 shares of common stock, 120,000 RSUs, 150,000 PSUs and 30,000 shares of common stock. The stock-based awards were granted pursuant to the 2020 Plan. See Note 16, “Subsequent Events”. The 30,000 shares of common stock were fully vested on the date of grant and thus, the related compensation expense of $0.2 million was recognized on the grant date. The stock options and RSUs will vest subject to continued service through the applicable vesting date. Valuation of Stock Options The Company uses the Black-Scholes option-pricing model for determining the estimated fair value and stock-based compensation related to stock options and ESPP awards. 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, 2020 2019 2018 Expected term of options (in years) 6.1 6.1 6.1 Expected stock price volatility 92.6%-107.9% 99.4%-111.3% 87.4%-92.6% Risk-free interest rate 0.29%-0.52% 1.59%-2.27% 2.6%-3.0% Expected dividend yield — — — 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). Expected Volatility —The Company used an average historical stock price volatility based on a combined weighted average of the Company’s historical average volatility and that of a selected peer group 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 of 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 Dividend Yield —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. The fair value of ESPP awards was not material for all periods presented. Performance Stock Units The PSUs granted in March 2020 vest as to 50,000 PSUs upon the attainment of (a) a volume-weighted average per share closing trading price of the Company’s common stock of at least $36.875 over a trailing 30-day period or (b) a change in control transaction in which the price per share to the holders of the Company’s common stock is at least $36.875 and as to 100,000 PSUs (x) at such time as the Company’s market capitalization reaches at least $2.5 billion, as measured based on the volume weighted-average closing trading price over a trailing 30 day period or (y) a change in control transaction in which the consideration paid to stockholders is equal to at least $2.5 billion, as determined by the Company’s board of directors For the PSU awards, the Company used the Monte-Carlo option pricing model to determine the fair value of awards at the date of grant. The Monte-Carlo option pricing model uses similar input assumptions as the Black-Scholes model; however, it further incorporates into the fair-value determination the possibility that the market condition may not be satisfied. Compensation costs related to awards with a market-based condition are recognized regardless of whether the market condition is ultimately satisfied. Compensation cost is not reversed if the achievement of the market condition does not occur. The total grant date fair value of the PSU awards was determined to be $0.7 million and will be recognized as compensation expense over the weighted-average derived service period of approximately 4.3 years. Performance Contingent Stock Options 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, 2019, 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. These awards vested during the third quarter of 2019. As of December 31, 2020, the 329,499 performance contingent stock option awards are still outstanding. Performance and Market Contingent Stock Options 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, 2020 and 2019, there were 87,521 and 454,584 performance and market contingent stock option awards outstanding with a grant date total fair value of $0.3 million and $1.5 million, respectively. As of December 31, 2020 and 2019, 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. 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 the Company’s 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 and costs associated with the Company’s 2018 ESPP included in the Company’s statement of operations (in thousands): Year Ended December 31, 2020 2019 2018 Research and development $ 6,563 $ 4,979 $ 6,043 General and administrative 7,250 5,873 3,398 Total $ 13,813 $ 10,852 $ 9,441 Stock-based compensation for the year ended December 31, 2020 includes $0.1 million of expense related to awards accounted for as liability awards. During the years ended December 31, 2020 and 2019, stock-based compensation expense recognized related to nonemployee options was $0.3 million and $0.4 million, respectively. |
Net Loss per Common Share
Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 13. 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 contingencies are satisfied during the period and 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, RSUs (including PSUs), early exercised common stock subject to future vesting, restricted stock accounted for as options, 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, 2020 2019 2018 (in thousands, except share and per share amounts) Numerator: Net loss $ (93,844 ) $ (82,177 ) $ (76,398 ) Denominator: Weighted average number of shares outstanding—basic and diluted 50,864,889 43,624,807 28,269,907 Net loss per share—basic and diluted $ (1.84 ) $ (1.88 ) $ (2.70 ) 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, 2020 2019 2018 Options to purchase common stock 7,540,472 6,906,898 5,500,531 Early exercised common stock subject to future vesting 66,741 146,915 704,028 Restricted stock accounted for as options — — 359,228 RSUs 2,832,077 325,887 — PSUs 150,000 — — Shares subject to the 2018 ESPP 111,383 47,597 27,622 Total 10,700,673 7,427,297 6,591,409 Up to 89,900 shares may be contingently issued, if certain performance conditions are met under the Company’s in-licensing agreements. See Note 5, “License Agreements and Strategic Investment,” to the Company’s financial statements for additional information. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | 14. 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. In January 2019, the Company began to match 4% of employees’ salary. During the years ended December 31, 2020 and 2019, the Company recorded matching contributions of $0.6 million and $0.8 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. 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, 20 20 , 201 9 and 201 8 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, 2020 2019 2018 Taxes at the U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit — (2.2 ) 0.9 Other 0.9 (0.9 ) (0.1 ) Stock-based compensation (0.7 ) (0.5 ) 0.3 Research and development tax credits 2.2 (0.2 ) 1.0 Reduction to state net operating losses 0.1 (3.9 ) — Change in valuation allowance (23.5 ) (13.3 ) (23.1 ) Total provision for income taxes — % — % — % 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 income taxes are as follows: December 31, 2020 2019 (in thousands) Deferred tax assets: Federal and state operating loss carryforwards $ 57,126 $ 40,435 Research and development tax credits 5,411 3,436 Stock-based compensation 4,326 3,514 Accruals and other 1,145 1,232 Intangibles 1,181 241 Contingent consideration — 670 Charitable contributions 254 253 Operating lease liabilities 8,203 — Total deferred tax assets 77,646 49,781 Deferred tax liabilities: Operating lease right-of-use assets (4,946 ) — Fixed assets (1,750 ) — Unrealized gain on equity investment — (947 ) Total deferred tax liabilities (6,696 ) (947 ) Valuation allowance (70,950 ) (48,834 ) 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, 2020 are as follows: Amount (in thousands) Expiration Years Net operating losses, federal (post December 31, 2017) $ 207,752 Do Not Expire Net operating losses, federal (pre January 1, 2018) 64,136 2029-2037 Net operating losses, state 26,589 2029-2036 Research and development tax credits, federal 5,874 2034-2040 Research and development tax credits, state 4,949 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. The following table summarizes the activity related to the Company’s unrecognized tax benefits: December 31, 2020 2019 (in thousands) Gross unrecognized tax benefits at January 1 $ 9,762 $ 3,714 Additions for tax positions taken in the current year 255 6,221 Reductions for tax positions taken in the prior year (2,875 ) (173 ) Gross unrecognized tax benefits at December 31 $ 7,142 $ 9,762 If recognized, none of the unrecognized tax benefits as of December 31, 2020 and 2019 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, 2020 and 2019, 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 and Colorado. 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events In January 2021, the board of directors granted the Company’s Chief Executive Officer stock-based awards covering an aggregate of 400,000 shares of common stock, including options to purchase an aggregate of 150,000 shares of common stock and 250,000 RSUs. The stock-based awards were granted pursuant to the 2018 Plan. During the first quarter of 2021, the board of directors granted to new executives an additional 580,000 options to purchase common stock. These stock-based awards were granted pursuant to the 2020 Plan. The stock options and RSUs will vest subject to continued service through the applicable vesting dates . Subsequent to the year ended December 31, 2020, the Company has issued and sold 1,187,068 shares of its common stock through its ATM Offering Program and received net proceeds of approximately $8.7 million, after deducting commissions and other offering expenses of $0.3 million. The Company also issued and sold 33,561 shares of its common stock through its Additional ATM Offering Program and received net proceeds of approximately $0.3 million, after deducting commissions and other offering expenses of $8,500. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 17. 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 2020 and 2019 and have been prepared in accordance with GAAP for interim financial reporting (in thousands, except for per share data): Quarter Year Ended December 31, 2020 First Second Third Fourth Loss from operations $ (27,156 ) $ (23,349 ) $ (24,642 ) $ (18,783 ) Net loss $ (28,038 ) $ (18,667 ) $ (27,552 ) $ (19,587 ) Net loss per common share, basic and diluted $ (0.59 ) $ (0.38 ) $ (0.52 ) $ (0.37 ) 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 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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, the fair value of right-of-use assets and lease liabilities, 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’ equity (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 has previously made investments in strategic partners and may do so again in the future. 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, with changes recorded through other income (expense), net in the statement of operations and comprehensive loss. |
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, contingent consideration liabilities, and long-term debt. 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 | 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 Company’s investment policy limits investments in marketable securities 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, 2020, the Company had no off-balance sheet concentrations of credit risk. 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. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. To date, the Company’s operations have not been significantly impacted by the COVID-19 pandemic. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and results of operations, including ongoing and planned clinical studies. The impact of the COVID-19 pandemic on the financial performance of the Company will depend on future developments. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain. The Company continues to monitor the impact the COVID-19 pandemic may have on the clinical development of its product candidates, including potential delays or modifications to its ongoing and planned studies . |
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 its financial statements, the Company is required to estimate expenses resulting from its 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. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of the production of clinical trial materials or based on progression of the During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company m ake s estimates of accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of contract research organizations , contract manufacturers and other third-party vendors. Although the Company do es not expect its estimates to be materially different from amounts actually incurred, its 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 reporting changes in estimates in any particular period. Adjustments to prior period estimates have not been material for the years ended December 31, 20 20 and 201 9 . |
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 whether the license agreement results in the acquisition of an asset or a business. To date, all of the Company’s license agreements have been considered acquisitions of assets and none have been considered acquisitions of a business. For license agreements that are considered to be acquisitions of assets, the upfront payments for such license, 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. Some of the Company’s license agreements also include contingent consideration in the form of an obligation to issue additional shares of the Company’s common stock based on the achievement of certain milestones. The Company assesses on a continuous basis whether (i) such contingent consideration meets the definition of a derivative, and (ii) whether it can be classified within stockholders’ equity. Until such time when equity classification criteria are met or the milestones expire, the contingent consideration is classified as a liability. 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. |
Leases | Leases Prior to January 1, 2020, the Company accounted for its leases of office space and laboratory facilities under non-cancelable operating lease agreements and recognized 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, were 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 were recorded in prepaid expenses and other current assets on the balance sheets. The Company did not assume renewals in its determination of the lease term unless they were deemed to be reasonably assured at the inception of the lease and began recognizing rent expense on the date that it obtained the legal right to use and control the leased space. Deferred rent consisted of the difference between cash payments and the rent expense recognized. The Company recognized a liability for costs that would continue to be incurred under a lease contract for its remaining term without economic benefit at its fair value when the entity ceased using the right conveyed by the contract, which was when the space was completely vacated. The Company also entered into capital lease agreements for certain equipment with a lease term of three years . The current portion of capital lease obligations was included in accrued and other current liabilities and the noncurrent capital lease obligations was included in other noncurrent liabilities on the balance sheets. Subsequent to January 1, 2020, the Company determines whether the arrangement is or contains a lease at the inception of the arrangement and if so, whether such a lease is classified as a financing lease or an operating lease. Operating leases are included in operating lease right-of-use assets, (“ROU assets”), operating lease liabilities, net of current portion, and accrued and other current liabilities on the Company’s balance sheets. The Company has elected not to recognize on the balance sheets leases with terms of one year or less. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and are considered long-lived assets for purposes of identifying, recognizing and measuring impairment. Operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the expected lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made or incentives received and impairment charges if the Company determines the ROU asset is impaired and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options to extend or terminate the lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected to not separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The lease components resulting in a ROU asset have been recorded on the balance sheets and are amortized as lease expense on a straight-line basis over the lease term. The Company does not have any material financing leases. |
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 value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the year ended December 31, 2020, the Company evaluated indicators of impairment for the ROU asset and related leasehold improvements considering the current economic environment and COVID-19 outbreak, its impact on subleasing activity and the exit of its previous headquarters located in Brisbane, California. The Company concluded the carrying value of these assets were not fully recoverable and recorded an impairment charge of $2.6 million. See Note 7, “Commitments and Contingencies”. Determining estimated discounted cash flows for purposes of an impairment analysis requires the Company to make estimates and assumptions regarding the amount and timing of sublease income. There are often risks and uncertainties associated with the intent to sublease offices and laboratory space. Consequently, the eventual realized sublease revenues may vary from estimates as of the impairment testing date and adjustments may occur in future periods . |
Stock-Based Compensation | Stock-Based Compensation The Company measures 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 has used the lattice model to estimate the fair value of stock option awards that contain both performance and market conditions and the Monte-Carlo option-pricing model to estimate the fair value of stock option awards that contain only 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 Monte-Carlo option pricing model uses similar input assumptions as the Black-Scholes model; however, it further incorporates into the fair-value determination the possibility that the market condition may not be satisfied. |
Restructurings | Restructuring The Company recognizes restructuring charges related to reorganization plans that have been committed to by management and when liabilities have been incurred. In connection with these activities, the Company records restructuring charges at fair value for a) contractual employee termination benefits when obligations are associated to services already rendered, rights to such benefits have vested, and payment of benefits is probable and can be reasonably estimated, and b) one-time employee termination benefits when management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the details of termination benefits are complete, it is unlikely changes to the plan will be made or the plan will be withdrawn and communication to such employees has occurred. One-time employee termination benefits are recognized in their entirety when communication has occurred, and future services are not required. Contract termination costs to be incurred over the remaining contract term without economic benefit are recorded in their entirety when the contract is canceled. The recognition of restructuring charges requires the Company to make certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned reorganization plan. At the end of each reporting period, the Company evaluates the remaining accrued restructuring balances to ensure that no excess accruals are retained, and the utilization of the provisions are for their intended purpose in accordance with developed restructuring plans. |
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. On March 18, 2020, the Families First Coronavirus Response Act (“FFCR Act”), and on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous tax-related provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. On June 29, 2020 California State Assembly Bill 85 (the “Trailer Bill”) was enacted which suspends the use of California net operating loss (“NOL”) deductions and certain tax credits, including research and development tax credits, for the 2020, 2021, and 2022 tax years. In December 2020, the Consolidated Appropriations Act, 2021 (the “CAA” ) was signed into law. The CAA included additional funding through tax credits as part of its economic package for 2021. The FFCR Act, CARES Act, Trailer Bill and CAA did not have a material impact on the Company’s financial statements as of December 31, 2020; however, the Company continues to examine the impacts the FFCR Act, CARES Act and Trailer Bill may have on its business, results of operations, financial condition and liquidity. |
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. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share as the effects of potentially dilutive securities are antidilutive. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity (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 December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 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 years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this standard on January 1, 2020. The adoption of this ASU did not have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company adopted this standard on January 1, 2020 using the modified retrospective approach with a cumulative effect adjustment to accumulated deficit at the beginning of the period of adoption, if any. The Company elected the package of practical expedients permitted under the transition guidance within Topic 842, which allowed the Company to carry forward the historical lease classification, retain the initial direct costs for any leases that existed prior to the adoption of the standard and not reassess whether any contracts entered into prior to the adoption are leases. The Company also elected to account for lease and non-lease components in its lease agreements as a single lease component in determining lease assets and liabilities. In addition, the Company elected not to recognize the right-of-use assets and liabilities for leases with lease terms of one year or less. The Company did not elect the practical expedient allowing the use-of-hindsight, which would require the Company to reassess the lease term of its leases based on all facts and circumstances through the effective date and did not elect the practical expedient pertaining to land easements as this is not applicable to the current contract portfolio. Upon adoption of Topic 842, the Company recorded $42.4 million of operating lease liabilities and $27.2 million of right-of-use assets after reclassification of deferred rent of $15.3 million, as of January 1, 2020. The adoption did not have a material impact on the Company’s statements of operations and comprehensive loss or statements of cash flows. See Note 7, “Commitments and Contingencies” for additional information. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In October 2020, the FASB issued ASU 2020-10, Codification Improvements The ASU contains improvements to the Codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the Codification. The ASU also improves various topics in the Codification so that entities can apply guidance more consistently on codifications that are varied in nature where the original guidance may have been unclear. The amendments in ASU 2020-10 are effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company does not expect the adoption of ASU 2020-10 to have a material impact on its financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06 , Debt - Debt with Conversion and Other Options Derivatives and Hedging - Contracts in Entity’s Own Equity 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Cash and cash equivalents $ 17,807 $ 37,473 $ 15,399 Restricted cash 1,446 1,446 550 Total cash, cash equivalents, and restricted cash $ 19,253 $ 38,919 $ 15,949 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 13,686 $ 13,686 $ — $ — Total cash equivalents 13,686 13,686 — — Short-term marketable securities: U.S. treasuries 55,349 — 55,349 — U.S. and foreign commercial paper 11,999 — 11,999 — U.S. and foreign corporate debt securities 1,001 — 1,001 — U.S. government debt securities 11,543 — 11,543 — Total short-term marketable securities 79,892 — 79,892 — Long-term marketable securities U.S. treasuries 7,370 — 7,370 — U.S. government debt securities 10,501 — 10,501 — Total long-term marketable securities 17,871 — 17,871 — Total assets subject to fair value measurements on a recurring basis $ 111,449 $ 13,686 $ 97,763 $ — 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 |
Summary of Reconciliation of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | The following table provides a reconciliation of 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 Additions — Settlements (1,098 ) Change in fair value (33 ) Balance at December 31, 2020 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities Classified as Available-for-Sale | Marketable securities, which are classified as available-for-sale, consisted of the following (in thousands): December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 13,686 $ — $ — $ 13,686 Total cash equivalents 13,686 — — 13,686 Short-term marketable securities: U.S. and foreign commercial paper 11,998 1 — 11,999 U.S. and foreign corporate debt securities 1,001 — — 1,001 U.S. government debt securities 11,541 2 — 11,543 U.S. treasuries 55,350 2 (3 ) 55,349 Total short-term marketable securities 79,890 5 (3 ) 79,892 Long-term marketable securities U.S. treasuries 7,369 1 — 7,370 U.S. government debt securities 10,498 3 — 10,501 Total long-term marketable securities 17,867 4 — 17,871 Total marketable securities $ 111,443 $ 9 $ (3 ) $ 111,449 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 |
Balance Sheet Components (Tabl
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Laboratory equipment $ 5,960 $ 5,219 Computer equipment 501 472 Furniture and fixtures 825 825 Leasehold improvements 15,083 16,436 Total property and equipment 22,369 22,952 Less: accumulated depreciation and amortization (9,742 ) (6,316 ) Total property and equipment, net $ 12,627 $ 16,636 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): December 31, 2020 2019 Operating lease liability - current portion $ 4,520 $ — Accrued research and development 1,638 2,214 Deferred rent, current portion — 1,849 Liability related to early exercise shares 21 237 Accrued other 371 695 $ 6,550 $ 4,995 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Components of Lease Expense | The following table summarizes the components of lease expense, which are included in operating expenses in the Company’s statements of operations and comprehensive loss (in thousands): Year ended December 31, 2020 Operating lease cost $ 4,721 Variable lease cost 1,168 Impairment of operating lease right-of-use asset 1,409 Total lease cost $ 7,298 |
Summary of Supplemental Information Related to Leases | The following table summarizes supplemental information related to leases (in thousands): Year Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,797 Weighted-average remaining lease term (years) Operating leases 8.5 Weighted-average discount rate (percentage) Operating leases 5.8 % |
Summary of Maturities of Lease Liabilities | The following table summarizes the maturities of lease liabilities as of December 31, 2020 (in thousands): Amount 2021 6,653 2022 6,283 2023 4,810 2024 4,964 2025 5,123 Thereafter 22,179 Total future minimum lease payments 50,012 Less: Amount representing interest (11,024 ) Present value of future minimum lease payments 38,988 Less: Current portion of operating lease liability (4,520 ) Noncurrent portion of operating lease liability $ 34,468 |
Adoption of New Accounting Pronouncements Cumulative Effect on Condensed Balance Sheets | The cumulative effect on the Company’s balance sheets at January 1, 2020 from the adoption of Topic 842 was as follows (in thousands): December 31, 2019 Topic 842 Adjustments January 1, 2020 Operating lease right-of-use assets $ — $ 27,174 $ 27,174 Accrued and other current liabilities 4,995 (1,970 ) 3,025 Operating lease liabilities, current portion — 3,455 3,455 Deferred rent, net of current portion 13,298 (13,298 ) — Operating lease liabilities, net of current portion — 38,988 38,988 |
Term Loan Facility (Tables)
Term Loan Facility (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal Payments for Long-Term Debt | Future principal payments for the long-term debt are as follows (in thousands): December 31, 2020 2021 $ — 2022 3,838 2023 12,272 2024 8,890 Total principal payments 25,000 End of term fee due at maturity in 2024 1,562 Total principal and end of term fee payments 26,562 Unamortized discount and debt issuance costs (2,054 ) Long-term debt, net $ 24,508 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 Plan for the year ended December 31, 2020 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, 2019 2,916,320 6,906,898 $ 7.62 Shares added 5,587,088 — — Granted (7,887,420 ) 4,236,256 6.37 Exercised — (308,484 ) 3.78 Canceled 3,654,776 (3,359,198 ) 8.04 Balance at December 31, 2020 4,270,764 7,475,472 $ 6.88 6.8 $ 5,261 Vested and exercisable at December 31, 2020 3,925,216 $ 6.87 5.1 $ 4,086 Vested and expected to vest at December 31, 2020 7,475,472 $ 6.88 6.8 $ 5,261 |
Summary of Restricted Stock Units and Performance Stock Units Activity | The following table summarizes the Company’s RSU, RSA and PSU activity for the year ended December 31, 2020. Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2019 325,887 $ 9.00 Granted 3,651,164 $ 3.44 Released (133,020 ) $ 9.00 Canceled (921,954 ) $ 4.77 Unvested at December 31, 2020 2,922,077 $ 3.44 |
Summary of Valuation Assumption to Estimate Fair Value of Stock Options | The Company uses the Black-Scholes option-pricing model for determining the estimated fair value and stock-based compensation related to stock options and ESPP awards. 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, 2020 2019 2018 Expected term of options (in years) 6.1 6.1 6.1 Expected stock price volatility 92.6%-107.9% 99.4%-111.3% 87.4%-92.6% Risk-free interest rate 0.29%-0.52% 1.59%-2.27% 2.6%-3.0% Expected dividend yield — — — |
Summary of Stock-based Compensation Expense | The following table sets forth the total stock-based compensation expense and costs associated with the Company’s 2018 ESPP included in the Company’s statement of operations (in thousands): Year Ended December 31, 2020 2019 2018 Research and development $ 6,563 $ 4,979 $ 6,043 General and administrative 7,250 5,873 3,398 Total $ 13,813 $ 10,852 $ 9,441 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 (in thousands, except share and per share amounts) Numerator: Net loss $ (93,844 ) $ (82,177 ) $ (76,398 ) Denominator: Weighted average number of shares outstanding—basic and diluted 50,864,889 43,624,807 28,269,907 Net loss per share—basic and diluted $ (1.84 ) $ (1.88 ) $ (2.70 ) |
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, 2020 2019 2018 Options to purchase common stock 7,540,472 6,906,898 5,500,531 Early exercised common stock subject to future vesting 66,741 146,915 704,028 Restricted stock accounted for as options — — 359,228 RSUs 2,832,077 325,887 — PSUs 150,000 — — Shares subject to the 2018 ESPP 111,383 47,597 27,622 Total 10,700,673 7,427,297 6,591,409 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate as follows: Year Ended December 31, 2020 2019 2018 Taxes at the U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit — (2.2 ) 0.9 Other 0.9 (0.9 ) (0.1 ) Stock-based compensation (0.7 ) (0.5 ) 0.3 Research and development tax credits 2.2 (0.2 ) 1.0 Reduction to state net operating losses 0.1 (3.9 ) — Change in valuation allowance (23.5 ) (13.3 ) (23.1 ) Total provision for income taxes — % — % — % |
Schedule of Components of Deferred Income Taxes | The tax effects of significant items comprising the Company’s deferred income taxes are as follows: December 31, 2020 2019 (in thousands) Deferred tax assets: Federal and state operating loss carryforwards $ 57,126 $ 40,435 Research and development tax credits 5,411 3,436 Stock-based compensation 4,326 3,514 Accruals and other 1,145 1,232 Intangibles 1,181 241 Contingent consideration — 670 Charitable contributions 254 253 Operating lease liabilities 8,203 — Total deferred tax assets 77,646 49,781 Deferred tax liabilities: Operating lease right-of-use assets (4,946 ) — Fixed assets (1,750 ) — Unrealized gain on equity investment — (947 ) Total deferred tax liabilities (6,696 ) (947 ) Valuation allowance (70,950 ) (48,834 ) Net deferred tax assets $ — $ — |
Summary of Net Operating Losses and Tax Credit Carryforwards | Net operating losses and tax credit carryforwards as of December 31, 2020 are as follows: Amount (in thousands) Expiration Years Net operating losses, federal (post December 31, 2017) $ 207,752 Do Not Expire Net operating losses, federal (pre January 1, 2018) 64,136 2029-2037 Net operating losses, state 26,589 2029-2036 Research and development tax credits, federal 5,874 2034-2040 Research and development tax credits, state 4,949 Indefinite |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: December 31, 2020 2019 (in thousands) Gross unrecognized tax benefits at January 1 $ 9,762 $ 3,714 Additions for tax positions taken in the current year 255 6,221 Reductions for tax positions taken in the prior year (2,875 ) (173 ) Gross unrecognized tax benefits at December 31 $ 7,142 $ 9,762 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 and 2019 and have been prepared in accordance with GAAP for interim financial reporting (in thousands, except for per share data): Quarter Year Ended December 31, 2020 First Second Third Fourth Loss from operations $ (27,156 ) $ (23,349 ) $ (24,642 ) $ (18,783 ) Net loss $ (28,038 ) $ (18,667 ) $ (27,552 ) $ (19,587 ) Net loss per common share, basic and diluted $ (0.59 ) $ (0.38 ) $ (0.52 ) $ (0.37 ) 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 ) |
Organization - Additional Infor
Organization - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||
Number of operating segment | Segment | 1 | ||||||||||
Net loss | $ (19,587) | $ (27,552) | $ (18,667) | $ (28,038) | $ (18,027) | $ (21,710) | $ (23,673) | $ (18,767) | $ (93,844) | $ (82,177) | $ (76,398) |
Accumulated deficit | (339,299) | $ (245,455) | (339,299) | (245,455) | |||||||
Cash used in operations | (78,333) | $ (72,421) | $ (56,623) | ||||||||
Cash, cash equivalents and marketable securities | $ 115,600 | $ 115,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)Segment | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of segments | Segment | 1 | |||
Off-balance sheet concentrations of credit risk description | As of December 31, 2020, the Company had no off-balance sheet concentrations of credit risk. | |||
Off-balance sheet concentrations of credit risk | $ 0 | |||
Capital lease agreements, term of contract | 3 years | |||
Impairment charge | $ 2,600,000 | |||
Operating lease, right of use assets | 23,509,000 | $ 0 | $ 0 | |
Operating lease liability | $ 38,988,000 | |||
Accounting Standards Update 2016-02 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease, right of use assets | $ 27,200,000 | |||
Operating lease liability | 42,400,000 | |||
Deferred rent | $ 15,300,000 | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lease term where right-of-use asset and lease liability not recognized | 1 year |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 17,807 | $ 37,473 | $ 15,399 | |
Restricted cash | 1,446 | 1,446 | 550 | |
Total cash, cash equivalents, and restricted cash | $ 19,253 | $ 38,919 | $ 15,949 | $ 7,848 |
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, 2020 | Dec. 31, 2019 |
Assets: | ||
Short-term marketable securities | $ 79,892 | $ 84,508 |
Strategic investments | 0 | 5,507 |
Long-term marketable securities | 17,871 | 3,025 |
Fair Value, Recurring | ||
Assets: | ||
Cash equivalents | 13,686 | 36,926 |
Short-term marketable securities | 79,892 | 84,508 |
Strategic investments | 5,507 | |
Long-term marketable securities | 17,871 | 3,025 |
Total assets subject to fair value measurements on a recurring basis | 111,449 | 129,966 |
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | |
Fair Value, Recurring | Contingent Consideration Liability | ||
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | |
Fair Value, Recurring | Level 1 | ||
Assets: | ||
Cash equivalents | 13,686 | 29,377 |
Strategic investments | 5,507 | |
Total assets subject to fair value measurements on a recurring basis | 13,686 | 34,884 |
Fair Value, Recurring | Level 2 | ||
Assets: | ||
Cash equivalents | 7,549 | |
Short-term marketable securities | 79,892 | 84,508 |
Long-term marketable securities | 17,871 | 3,025 |
Total assets subject to fair value measurements on a recurring basis | 97,763 | 95,082 |
Fair Value, Recurring | Level 3 | ||
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | |
Fair Value, Recurring | Level 3 | Contingent Consideration Liability | ||
Liabilities: | ||
Total liabilities subject to fair value measurements on a recurring basis | 1,131 | |
Money market funds | Fair Value, Recurring | ||
Assets: | ||
Cash equivalents | 13,686 | 29,377 |
Money market funds | Fair Value, Recurring | Level 1 | ||
Assets: | ||
Cash equivalents | 13,686 | 29,377 |
U.S. Treasuries | Fair Value, Recurring | ||
Assets: | ||
Short-term marketable securities | 55,349 | 15,063 |
Long-term marketable securities | 7,370 | 3,025 |
U.S. Treasuries | Fair Value, Recurring | Level 2 | ||
Assets: | ||
Short-term marketable securities | 55,349 | 15,063 |
Long-term marketable securities | 7,370 | 3,025 |
U.S. and Foreign Commercial Paper | Fair Value, Recurring | ||
Assets: | ||
Cash equivalents | 4,999 | |
Short-term marketable securities | 11,999 | 11,972 |
U.S. and Foreign Commercial Paper | Fair Value, Recurring | Level 2 | ||
Assets: | ||
Cash equivalents | 4,999 | |
Short-term marketable securities | 11,999 | 11,972 |
U.S. and Foreign Corporate Debt Securities | Fair Value, Recurring | ||
Assets: | ||
Short-term marketable securities | 1,001 | 8,755 |
U.S. and Foreign Corporate Debt Securities | Fair Value, Recurring | Level 2 | ||
Assets: | ||
Short-term marketable securities | 1,001 | 8,755 |
US Government Debt Securities | Fair Value, Recurring | ||
Assets: | ||
Cash equivalents | 2,550 | |
Short-term marketable securities | 11,543 | 48,718 |
Long-term marketable securities | 10,501 | |
US Government Debt Securities | Fair Value, Recurring | Level 2 | ||
Assets: | ||
Cash equivalents | 2,550 | |
Short-term marketable securities | 11,543 | 48,718 |
Long-term marketable securities | $ 10,501 | |
Foreign Equity Securities | Fair Value, Recurring | ||
Assets: | ||
Strategic investments | 5,507 | |
Foreign Equity Securities | Fair Value, Recurring | Level 1 | ||
Assets: | ||
Strategic investments | $ 5,507 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Strategic investments | $ 0 | $ 5,507 |
Commercial Agreements | Clinical Stage Biopharmaceutical Company | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Strategic investments | 0 | 5,500 |
Change in fair value of investment | $ 500 | $ 4,500 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Reconciliation of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance at December | $ 1,131 | $ 2,483 |
Settlements | (1,098) | 0 |
Change in fair value | (33) | (1,352) |
Balance at December | $ 0 | $ 1,131 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | $ 111,443 | $ 124,368 |
Unrealized Gains | 9 | 92 |
Unrealized Losses | (3) | (1) |
Fair Value | 111,449 | 124,459 |
Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 13,686 | 36,926 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 13,686 | 36,926 |
Cash Equivalents | Money market funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 13,686 | 29,377 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 13,686 | 29,377 |
Cash Equivalents | U.S. and Foreign Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 4,999 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 4,999 | |
Cash Equivalents | U.S. and Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 2,550 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 2,550 | |
Short Term Marketable Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 79,890 | 84,417 |
Unrealized Gains | 5 | 92 |
Unrealized Losses | (3) | (1) |
Fair Value | 79,892 | 84,508 |
Short Term Marketable Securities | US Government Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 11,541 | 48,647 |
Unrealized Gains | 2 | 71 |
Unrealized Losses | 0 | 0 |
Fair Value | 11,543 | 48,718 |
Short Term Marketable Securities | U.S. and Foreign Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 11,998 | 11,965 |
Unrealized Gains | 1 | 7 |
Unrealized Losses | 0 | 0 |
Fair Value | 11,999 | 11,972 |
Short Term Marketable Securities | U.S. and Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 1,001 | 8,748 |
Unrealized Gains | 0 | 8 |
Unrealized Losses | 0 | (1) |
Fair Value | 1,001 | 8,755 |
Short Term Marketable Securities | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 55,350 | 15,057 |
Unrealized Gains | 2 | 6 |
Unrealized Losses | (3) | 0 |
Fair Value | 55,349 | 15,063 |
Long Term Marketable Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 17,867 | 3,025 |
Unrealized Gains | 4 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 17,871 | 3,025 |
Long Term Marketable Securities | US Government Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 10,498 | |
Unrealized Gains | 3 | |
Unrealized Losses | 0 | |
Fair Value | 10,501 | |
Long Term Marketable Securities | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 7,369 | 3,025 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 7,370 | $ 3,025 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Marketable Securities [Line Items] | |
Realized gains or losses on available-for-sale debt securities | $ 0 |
Maximum | |
Marketable Securities [Line Items] | |
Available-for sale securities, remaining contractual maturity | 1 year |
License Agreements and Strate_2
License Agreements and Strategic Investment - Additional Information (Details) | May 07, 2018$ / sharesshares | Oct. 31, 2020USD ($) | Jul. 31, 2020shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Apr. 30, 2016USD ($) | Dec. 31, 2020USD ($)shares | Nov. 30, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Oct. 31, 2019$ / shares | Oct. 31, 2019$ / shares | May 31, 2018USD ($) |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||||||||
Common stock, shares issued | shares | 53,253,213 | 47,227,065 | ||||||||||
Compound library and option agreement execution month and year | 2016-02 | |||||||||||
Common stock shares issued | shares | 53,253,213 | 47,227,065 | ||||||||||
Strategic investment | $ 0 | $ 5,507,000 | ||||||||||
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 | |||||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | ||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||||||||
Common stock, shares issued | shares | 974,980 | 228,310 | ||||||||||
Milestone payments | $ 1,000,000 | |||||||||||
Equity payments percentage | 80.00% | |||||||||||
Common shares expected to be issued | shares | 133,334 | |||||||||||
Common stock shares issued | shares | 974,980 | 228,310 | ||||||||||
Common stock fair market value | $ 1,200,000 | |||||||||||
Contingent consideration liability | $ 0 | 1,100,000 | ||||||||||
Strategic investment | $ 0 | 5,500,000 | ||||||||||
Funding provided for the research and development under the agreement in period | 2020-02 | |||||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | IPO | Common Stock | ||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||||||||
Issuance price per share | (per share) | $ 4.36 | $ 34.20 | ||||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | Maximum | ||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||||||||
Contingent consideration additional common stock issued for one licensed product | shares | 933,337 | |||||||||||
Contingent consideration additional common stock issued for two or more licensed product | shares | 1,333,338 | |||||||||||
Milestone payments | $ 70,300,000 | |||||||||||
Funding provided for the research and development under the agreement | $ 2,000,000 | |||||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | Initial License Agreement | ||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||||||||
License agreement execution month and year | 2016-02 | |||||||||||
Commercial Agreements | Clinical Stage Biopharmaceutical Company | Second License Agreement | ||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||||||||
License agreement execution month and year | 2019-01 | |||||||||||
Commercial Agreements | Academic Institution | ||||||||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||||||||||
Common stock, shares issued | shares | 186,667 | |||||||||||
Equity payments percentage | 20.00% | |||||||||||
Common stock shares issued | shares | 186,667 | |||||||||||
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 | |||||||||||
Strategic investment | 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 | |||||||||||
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 | ||||||||||
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] | ||||||||||||
Common stock issued to third parties | $ 1,000,000 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 22,369 | $ 22,952 |
Less: accumulated depreciation and amortization | (9,742) | (6,316) |
Total property and equipment, net | 12,627 | 16,636 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 5,960 | 5,219 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 501 | 472 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 825 | 825 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 15,083 | $ 16,436 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 3.4 | $ 2.7 | $ 2.2 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Operating lease liability - current portion | $ 4,520 | $ 0 |
Accrued research and development | 1,638 | 2,214 |
Deferred rent, current portion | 1,849 | |
Liability related to early exercise shares | 21 | 237 |
Accrued other | 371 | 695 |
Accrued and other current liabilities | $ 6,550 | $ 4,995 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | |||
Rent expense | $ 4,500 | $ 1,800 | |
Operating lease, right of use assets | $ 23,509 | 0 | $ 0 |
South San Francisco, California | |||
Commitments And Contingencies [Line Items] | |||
Lessee, operating lease, description | 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. | ||
Operating lease, initial lease term | 10 years | ||
Operating lease, renewal term | 8 years | ||
Letter of credit, delivered in connection of lease agreement | $ 900 | ||
Lease commencement date | 2019-05 | ||
Operating lease, option to extend description | option to extend the initial term for an additional eight years | ||
Operating lease, existence of option to extend | true | ||
Estimated discount rate | 3.50% | ||
Impairment loss | $ 2,200 | ||
Operating lease, right of use assets | 1,000 | ||
Leasehold improvements | 800 | ||
South San Francisco, California | Right of Use Assets | |||
Commitments And Contingencies [Line Items] | |||
Impairment loss | 1,400 | ||
South San Francisco, California | Leasehold Improvements | |||
Commitments And Contingencies [Line Items] | |||
Impairment loss | $ 1,200 | ||
South San Francisco, California | Deferred Rent and Leasehold Improvements | |||
Commitments And Contingencies [Line Items] | |||
Tenant improvement allowance | $ 10,700 | ||
Brisbane, California | |||
Commitments And Contingencies [Line Items] | |||
Operating lease, renewal term | 4 years | ||
Tenant improvement allowance | $ 3,900 | ||
Operating lease, option to extend description | 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. | ||
Operating lease, expiration date | 2022-10 | ||
Operating leases rent holiday period for expanded space | 3 months | ||
Brisbane, California | Minimum | |||
Commitments And Contingencies [Line Items] | |||
Operating lease option exercise notice period | 15 months |
Commitments and Contingencies_2
Commitments and Contingencies -Summary of Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Lease, Cost [Abstract] | |
Operating lease cost | $ 4,721 |
Variable lease cost | 1,168 |
Impairment of operating lease right-of-use asset | 1,409 |
Total lease cost | $ 7,298 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Supplemental Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Operating cash flows from operating leases | $ 5,797 |
Operating leases, Weighted-average remaining lease term (years) | 8 years 6 months |
Operating leases, Weighted-average discount rate (percentage) | 5.80% |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
2021 | $ 6,653 | |
2022 | 6,283 | |
2023 | 4,810 | |
2024 | 4,964 | |
2025 | 5,123 | |
Thereafter | 22,179 | |
Total future minimum lease payments | 50,012 | |
Less: Amount representing interest | (11,024) | |
Present value of future minimum lease payments | 38,988 | |
Less: Current portion of operating lease liability | (4,520) | $ 0 |
Noncurrent portion of operating lease liability | $ 34,468 | $ 0 |
Commitments and Contingencies_5
Commitments and Contingencies - Adoption of New Accounting Pronouncements Cumulative Effect on Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Item Effected [Line Items] | ||||
Operating lease right-of-use assets | $ 23,509 | $ 0 | $ 0 | |
Accrued and other current liabilities | 6,550 | 4,995 | ||
Operating lease liability - current portion | 4,520 | 0 | ||
Deferred rent, net of current portion | 0 | 13,298 | ||
Operating lease liability, net of current portion | $ 34,468 | 0 | ||
Topic 842 | ||||
Item Effected [Line Items] | ||||
Accrued and other current liabilities | 4,995 | |||
Operating lease liability - current portion | 0 | |||
Deferred rent, net of current portion | $ 13,298 | |||
Topic 842 | Topic 842 Adjustments | ||||
Item Effected [Line Items] | ||||
Operating lease right-of-use assets | $ 27,174 | |||
Accrued and other current liabilities | (1,970) | |||
Operating lease liability - current portion | 3,455 | |||
Deferred rent, net of current portion | (13,298) | |||
Operating lease liability, net of current portion | 38,988 | |||
Topic 842 | Net of Topic 842 Adjustments | ||||
Item Effected [Line Items] | ||||
Operating lease right-of-use assets | 27,174 | |||
Accrued and other current liabilities | 3,025 | |||
Operating lease liability - current portion | 3,455 | |||
Operating lease liability, net of current portion | $ 38,988 |
Term Loan Facility - Additional
Term Loan Facility - Additional Information (Details) $ in Thousands | Aug. 03, 2020USD ($)Tranche | Dec. 31, 2020USD ($) | Jul. 01, 2021USD ($) |
Debt Instrument [Line Items] | |||
Debt instrument aggregate principal amount | $ 25,000 | ||
Total principal payments | 25,000 | ||
Unamortized discount and debt issuance costs | (2,054) | ||
End of term fee due at maturity | 1,562 | ||
Term Loan | Loan Agreement | Hercules Capital | |||
Debt Instrument [Line Items] | |||
Debt instrument aggregate principal amount | $ 25,000 | ||
Number of tranches | Tranche | 4 | ||
Principal amount of first tranche | $ 25,000 | ||
Long-term debt, maturity date | Aug. 1, 2024 | ||
Final payment fee of the total term loan advanced | 6.25% | ||
Debt instrument, interest rate terms | Interest on the term loan accrues at a per annum rate equal to the greater of (i) the Wall Street Journal prime rate plus 6.10% and (ii) 9.35%. On December 31, 2020, the rate was 9.35%. Interest expense is calculated using the effective interest method and is inclusive of non-cash amortization of capitalized loan issuance costs. At December 31, 2020, the effective interest rate was 12.40%. | ||
Debt instrument, interest rate, stated percentage | 9.35% | ||
Debt instrument, interest rate, effective percentage | 12.40% | ||
Maximum amount of debt that can be purchased by lender. | $ 2,000 | ||
Total principal payments | 25,000 | ||
Unamortized discount and debt issuance costs | 2,100 | ||
End of term fee due at maturity | 1,600 | ||
Term Loan | Loan Agreement | Hercules Capital | Interest And Other Expense | |||
Debt Instrument [Line Items] | |||
Interest expense | $ 1,300 | ||
Term Loan | Loan Agreement | Hercules Capital | Wall Street Journal Prime Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, basis spread on variable rate | 6.10% | ||
Term Loan | Loan Agreement | Hercules Capital | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument aggregate principal amount | 80,000 | ||
Prepayment fee | 1.50% | ||
Total principal payments | $ 80,000 | ||
Term Loan | Loan Agreement | Hercules Capital | Minimum | Scenario Forecast | |||
Debt Instrument [Line Items] | |||
Debt instrument, cash reserve | $ 15,000 |
Term Loan Facility - Schedule o
Term Loan Facility - Schedule of Future Principal Payments for Long-Term Debt (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 0 |
2022 | 3,838 |
2023 | 12,272 |
2024 | 8,890 |
Total principal payments | 25,000 |
End of term fee due at maturity in 2024 | 1,562 |
Total principal and end of term fee payments | 26,562 |
Unamortized discount and debt issuance costs | (2,054) |
Long-term debt, net | $ 24,508 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) $ in Millions | Apr. 04, 2018USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($)shares | Oct. 31, 2017USD ($)Promissoryshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2018USD ($) |
Common Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Issuance of common stock from restricted stock units, shares | shares | 103,020 | ||||||
Executive Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related parties | $ 2.1 | ||||||
Issuance of common stock from restricted stock units, shares | shares | 625,084 | ||||||
Forgiveness of promissory note accounted as modification of share based payment | $ 1.5 | ||||||
Executive Officer | Promissory Note | |||||||
Related Party Transaction [Line Items] | |||||||
Number of promissory notes | Promissory | 2 | ||||||
Due from related parties | $ 0.2 | $ 0.4 | $ 0.2 | ||||
Interest rate | 1.51% | 2.50% | |||||
Executive Officer | Promissory Note | Common Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Early exercise options in aggregate | shares | 114,406 | ||||||
Executive Officer | Promissory Note One | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related parties | $ 1.6 | ||||||
Interest rate | 1.85% | ||||||
Executive Officer | Promissory Note Two | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related parties | $ 0.5 | ||||||
Interest rate | 1.85% | ||||||
Executive Officer | Non Recourse Promissory Note | |||||||
Related Party Transaction [Line Items] | |||||||
Outstanding principal and accrued interest, forgiveness | $ 1.6 | ||||||
Repayment of promissory notes | $ 0.5 | ||||||
Executive Officer | Full Recourse Notes | |||||||
Related Party Transaction [Line Items] | |||||||
Repayment of promissory notes | $ 0.2 |
Common and Preferred Stock - Ad
Common and Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 03, 2019 | May 07, 2018 | Jul. 31, 2020 | Apr. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2017 |
Class Of Stock [Line Items] | ||||||||||||
Number of stock, authorized for issuance | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||
Number of stock, par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Number of stock, shares issued | 0 | 0 | 0 | |||||||||
Number of stock, shares outstanding | 0 | 0 | 0 | |||||||||
Common stock, shares authorized | 140,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 122,000,000 | |||||||
Common stock, par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, shares issued | 53,253,213 | 53,253,213 | 47,227,065 | |||||||||
Common stock, shares outstanding | 53,253,213 | 53,253,213 | 47,227,065 | |||||||||
Convertible preferred stock, shares authorized | 103,283,818 | 10,000,000 | 10,000,000 | 10,000,000 | 91,739,149 | |||||||
Net proceeds from sale of convertible preferred stock | $ 0 | $ 0 | $ 59,881 | |||||||||
Net proceeds from issuance initial public offering after Deducting Underwriting Discounts Commissions and offering related transaction costs | $ 0 | $ 0 | 79,055 | |||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Proceeds from sale of common stock | $ 37,270 | $ 26,085 | $ 0 | |||||||||
Series C Convertible Preferred Stock | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number of stock, shares issued | 322,852 | 3,590,573 | ||||||||||
Preferred stock, shares designated | 11,544,669 | |||||||||||
Shares price per share | $ 15.3317 | $ 15.3317 | ||||||||||
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 | 53,253,213 | 53,253,213 | 47,227,065 | 42,414,294 | 4,830,389 | |||||||
IPO | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number of stock, authorized for issuance | 10,000,000 | |||||||||||
Number of stock, par value per share | $ 0.0001 | |||||||||||
Common stock, shares authorized | 300,000,000 | |||||||||||
Common stock, par value per share | $ 0.0001 | |||||||||||
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 | 32,073,149 | ||||||||||
At The Market Equity Offering Program | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued offering value | $ 37,270 | $ 26,086 | ||||||||||
At The Market Equity Offering Program | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued offering value | $ 250,000 | |||||||||||
At The Market Equity Offering Program | Sales Agreement | Cowen | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Issuance of common stock | 5,002,257 | |||||||||||
Proceeds from sale of common stock | $ 37,300 | |||||||||||
Payments for commissions and other offering expenses | $ 1,300 | |||||||||||
At The Market 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% | |||||||||||
At The Market Equity Offering Program | July 2020 Sales Agreement | Cowen | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Issuance of common stock | 0 | 0 | ||||||||||
At The Market Equity Offering Program | July 2020 Sales Agreement | Cowen | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Proceeds from sale of common stock | $ 50,000 | |||||||||||
Percentage of gross sales proceeds of common stock payable as compensation | 3.00% | |||||||||||
At The Market Equity Offering Program | Common Stock | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Issuance of common stock | 5,002,257 | 3,974,908 | ||||||||||
Shares issued offering value | $ 1 | |||||||||||
Equity financing, authorized amount | $ 50,000 | |||||||||||
At The Market Equity Offering Program | Common Stock | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued offering value | $ 75,000 |
Corporate Restructuring - Addit
Corporate Restructuring - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Sep. 30, 2020Position | Dec. 31, 2020USD ($) | |
Restructuring Cost And Reserve [Line Items] | ||
Severance charge in operating expenses | $ 1.8 | |
Restructuring implementation date | Sep. 30, 2020 | |
Number of positions eliminated | Position | 33 | |
Percentage of positions eliminated | 32.00% | |
Research And Development Expense | ||
Restructuring Cost And Reserve [Line Items] | ||
Severance charge in operating expenses | $ 1.5 | |
General And Administrative Expense | ||
Restructuring Cost And Reserve [Line Items] | ||
Severance charge in operating expenses | $ 0.3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2018 | Jun. 30, 2013 | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2020 | |
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 | $ 1,500,000 | $ 5,800,000 | $ 1,500,000 | ||||||
Weighted-average estimated fair value of stock options granted | $ 4.83 | $ 7.12 | $ 13.20 | ||||||
Exercisable, aggregate intrinsic value | $ 4,086,000 | $ 7,300,000 | |||||||
Number of shares authorized for issuance | 3,200,000 | ||||||||
Settlement of stock based compensation for liability awards | 13,550 | ||||||||
Compensation cost recognized | $ 200,000 | ||||||||
Stock option awards outstanding | 7,475,472 | 6,906,898 | |||||||
Stock option awards, grant date fair value | $ 5,261,000 | ||||||||
Stock based compensation expense for liability awards | 100,000 | ||||||||
Stock-based compensation expense | 13,813,000 | $ 10,852,000 | $ 9,441,000 | ||||||
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] | |||||||||
Stock-based compensation expense | 300,000 | 400,000 | |||||||
Stock Options | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 250,000 | ||||||||
RSUs | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 2,959,850 | ||||||||
Stock Options, RSUs and PSUs | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock-based compensation cost not yet amortized | $ 25,100,000 | ||||||||
Weighted-average period for recognition | 3 years 3 months 18 days | ||||||||
RSUs and RSAs | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Total grant-date fair value of stock vested | $ 1,200,000 | 0 | $ 0 | ||||||
Performance Contingent Stock Options Granted to Employees | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation cost recognized | $ 700,000 | ||||||||
Estimated fair value of awards granted | $ 400,000 | ||||||||
Stock option awards outstanding | 329,499 | 329,499 | |||||||
Stock option awards, grant date fair value | $ 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 | $ 3.42 | ||||||||
Performance and Market Contingent Stock Options Granted to Employees | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation cost recognized | $ 0 | $ 0 | |||||||
Stock option awards outstanding | 87,521 | 454,584 | |||||||
Stock option awards, grant date fair value | $ 300,000 | $ 1,500,000 | |||||||
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 | $ 3.42 | ||||||||
Estimated fair value of awards granted | $ 1,000,000 | ||||||||
Stock option awards exercisable | 160,727 | ||||||||
Performance and Market Contingent Stock Options Granted to Employees | Tranche One | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
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. | ||||||||
Stock option awards exercisable upon the achievement of performance goals | 53,575 | ||||||||
Performance and Market Contingent Stock Options Granted to Employees | Tranche Two | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
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. | ||||||||
Stock option awards exercisable upon the achievement of performance goals | 107,152 | ||||||||
Trailing period for Initial public offering that becomes effective or achievement with a minimum market capitalization | 30 days | ||||||||
Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period, options | 4 years | ||||||||
Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period, options | 3 years | ||||||||
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 | 12,001,501 | ||||||||
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 | $ 3.42 | ||||||||
Exercise price range, lower range limit | 3.95 | ||||||||
Exercise price range, upper range limit | $ 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% | ||||||||
2020 Employment Inducement Incentive Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Common stock, capital shares reserved for future issuance | 1,100,000 | 1,500,000 | |||||||
Vesting period, options | 4 years | ||||||||
Common stock, shares authorized | 2,570,000 | ||||||||
Number of shares authorized for issuance | 1,100,000 | ||||||||
2020 Employment Inducement Incentive Plan | Common Stock | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 30,000 | ||||||||
Number of shares vested | 30,000 | ||||||||
Vesting rights | The stock options and RSUs will vest subject to continued service through the applicable vesting date | ||||||||
2020 Employment Inducement Incentive Plan | Stock Options | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 800,000 | ||||||||
2020 Employment Inducement Incentive Plan | RSUs | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 120,000 | ||||||||
2020 Employment Inducement Incentive Plan | PSUs | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 150,000 | ||||||||
Weighted-average period for recognition | 4 years 3 months 18 days | ||||||||
Grant date fair value | $ 700,000 | ||||||||
2020 Employment Inducement Incentive Plan | PSUs | Tranche One | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 50,000 | ||||||||
Volume-weighted average per Share closing trading price | $ 36.875 | ||||||||
Trailing period | 30 days | ||||||||
2020 Employment Inducement Incentive Plan | PSUs | Tranche Two | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares authorized for issuance | 100,000 | ||||||||
Trailing period | 30 days | ||||||||
Price per share to holders of company’s common stock | $ 36.875 | ||||||||
Market capitalization trigger | $ 2,500,000,000 | $ 2,500,000,000 | |||||||
2020 Employment Inducement Incentive Plan | Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expiration period from the date of grant, options | 10 years | ||||||||
2020 Employment Inducement 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% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shares Available for Grant | ||
Shares Available for Grant, Beginning Balance | 2,916,320 | |
Shares Available for Grant, Shares Added | 5,587,088 | |
Shares Available for Grant, Granted | (7,887,420) | |
Shares Available for Grant, Canceled | 3,654,776 | |
Shares Available for Grant, Ending Balance | 4,270,764 | 2,916,320 |
Outstanding Options | ||
Outstanding options, Beginning Balance | 6,906,898 | |
Outstanding options, Granted | 4,236,256 | |
Outstanding options, Exercised | (308,484) | |
Outstanding options, Canceled | (3,359,198) | |
Outstanding options, Ending Balance | 7,475,472 | 6,906,898 |
Outstanding options, Vested and exercisable at December 31, 2020 | 3,925,216 | |
Outstanding options. Vested and expected to vest at December 31, 2020 | 7,475,472 | |
Weighted-Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning Balance | $ 7.62 | |
Weighted-Average Exercise Price, Options granted | 6.37 | |
Weighted-Average Exercise Price, Options exercised | 3.78 | |
Weighted-Average Exercise Price, Options canceled | 8.04 | |
Weighted-Average Exercise Price, Ending Balance | 6.88 | $ 7.62 |
Weighted-Average Exercise Price, Vested exercisable as of December 31, 2020 | 6.87 | |
Weighted-Average Exercise Price, Options vested and expected to vest as of December 31, 2020 | $ 6.88 | |
Weighted-Average Remaining Contract Term | ||
Balance at December 31, 2020 | 6 years 9 months 18 days | |
Exercisable, weighted average remaining contractual term (Year) | 5 years 1 month 6 days | |
Options vested or expected to vest at end of period, weighted average remaining contractual term (Year) | 6 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Outstanding end of period, aggregate intrinsic value | $ 5,261 | |
Exercisable, aggregate intrinsic value | 4,086 | $ 7,300 |
Options vested or expected to vest at end of period, aggregate intrinsic value | $ 5,261 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Units and Performance Stock Units Activity (Details) - RSU, RSA and PSU | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested at December 31, 2019 | shares | 325,887 |
Shares, Granted | shares | 3,651,164 |
Shares, Released | shares | (133,020) |
Shares, Canceled | shares | (921,954) |
Shares, Unvested at December 31, 2020 | shares | 2,922,077 |
Weighted Average Grant Date Fair Value, Unvested at December 31, 2019 | $ / shares | $ 9 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 3.44 |
Weighted Average Grant Date Fair Value, Released | $ / shares | 9 |
Weighted Average Grant Date Fair Value, Canceled | $ / shares | 4.77 |
Weighted Average Grant Date Fair Value, Unvested at December 31, 2020 | $ / shares | $ 3.44 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 1 month 6 days |
Expected stock price volatility, Minimum | 92.60% | 99.40% | 87.40% |
Expected stock price volatility, Maximum | 107.90% | 111.30% | 92.60% |
Risk-free interest rate, Minimum | 0.29% | 1.59% | 2.60% |
Risk-free interest rate, Maximum | 0.52% | 2.27% | 3.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 13,813 | $ 10,852 | $ 9,441 |
Research And Development Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 6,563 | 4,979 | 6,043 |
General And Administrative Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 7,250 | $ 5,873 | $ 3,398 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net loss | $ (19,587) | $ (27,552) | $ (18,667) | $ (28,038) | $ (18,027) | $ (21,710) | $ (23,673) | $ (18,767) | $ (93,844) | $ (82,177) | $ (76,398) |
Denominator: | |||||||||||
Weighted average number of shares outstanding—basic and diluted | 50,864,889 | 43,624,807 | 28,269,907 | ||||||||
Net loss per share, basic and diluted | $ (0.37) | $ (0.52) | $ (0.38) | $ (0.59) | $ (0.39) | $ (0.51) | $ (0.56) | $ (0.44) | $ (1.84) | $ (1.88) | $ (2.70) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 10,700,673 | 7,427,297 | 6,591,409 |
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 | 7,540,472 | 6,906,898 | 5,500,531 |
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 | 66,741 | 146,915 | 704,028 |
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 | 0 | 0 | 359,228 |
RSUs | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 2,832,077 | 325,887 | 0 |
PSUs | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 150,000 | 0 | 0 |
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 | 111,383 | 47,597 | 27,622 |
Net Loss per Common Share - Add
Net Loss per Common Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
Maximum | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Shares contingently issued | 89,900 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) - 401(k) Plan - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2020 | Dec. 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 | ||
Matching contributions | $ 0.6 | $ 0.8 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Taxes at the U.S. statutory income tax rate | 21.00% | 21.00% | 21.00% |
State tax, net of federal benefit | 0.00% | (2.20%) | 0.90% |
Other | 0.90% | (0.90%) | (0.10%) |
Stock-based compensation | (0.70%) | (0.50%) | 0.30% |
Research and development tax credits | 2.20% | (0.20%) | 1.00% |
Reduction to state net operating losses | 0.10% | (3.90%) | 0.00% |
Change in valuation allowance | (23.50%) | (13.30%) | (23.10%) |
Total provision for income taxes | 0.00% | 0.00% | 0.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Federal and state operating loss carryforwards | $ 57,126 | $ 40,435 |
Research and development tax credits | 5,411 | 3,436 |
Stock-based compensation | 4,326 | 3,514 |
Accruals and other | 1,145 | 1,232 |
Intangibles | 1,181 | 241 |
Contingent consideration | 0 | 670 |
Charitable contributions | 254 | 253 |
Operating lease liabilities | 8,203 | 0 |
Total deferred tax assets | 77,646 | 49,781 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | (4,946) | 0 |
Fixed assets | (1,750) | 0 |
Unrealized gain on equity investment | 0 | (947) |
Total deferred tax liabilities | (6,696) | (947) |
Valuation allowance | (70,950) | (48,834) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Increase in the valuation allowance | $ 22,100,000 | $ 11,000,000 |
Unrecognized tax benefits that would impact effective tax rate | 0 | 0 |
Liability recorded for potential interest or penalties | $ 0 | $ 0 |
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, 2020 | Dec. 31, 2018 | |
Federal | ||
Income Taxes [Line Items] | ||
Net operating losses | $ 207,752 | $ 64,136 |
Operating losses carryforwards expiration years | Do Not Expire | 2029-2037 |
Federal | Research and Development Tax Credits | ||
Income Taxes [Line Items] | ||
Research and development tax credits | $ 5,874 | |
Research and development tax credits carryforwards expiration years | 2034-2040 | |
State | ||
Income Taxes [Line Items] | ||
Net operating losses | $ 26,589 | |
Operating losses carryforwards expiration years | 2029-2036 | |
State | Research and Development Tax Credits | ||
Income Taxes [Line Items] | ||
Research and development tax credits | $ 4,949 | |
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, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at January 1 | $ 9,762 | $ 3,714 |
Additions for tax positions taken in the current year | 255 | 6,221 |
Reductions for tax positions taken in the prior year | (2,875) | (173) |
Gross unrecognized tax benefits at December 31 | $ 7,142 | $ 9,762 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 3,200,000 | ||||||
Proceeds from issuance of common stock under ATM offering program, net of issuance costs | $ 37,270,000 | $ 26,085,000 | $ 0 | ||||
Subsequent Event | At The Market Equity Offering Program | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock (in shares) | 1,187,068 | ||||||
Proceeds from issuance of common stock under ATM offering program, net of issuance costs | $ 8,700,000 | ||||||
Payments for other offering expenses | $ 300,000 | ||||||
Subsequent Event | Additional ATM Offering Program | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock (in shares) | 33,561 | ||||||
Proceeds from issuance of common stock under ATM offering program, net of issuance costs | $ 300,000 | ||||||
Payments for other offering expenses | $ 8,500 | ||||||
Stock Options | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 250,000 | ||||||
RSUs | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 2,959,850 | ||||||
2018 Incentive Award Plan | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 400,000 | ||||||
2018 Incentive Award Plan | Stock Options | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 150,000 | ||||||
2018 Incentive Award Plan | RSUs | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 250,000 | ||||||
2020 Employment Inducement Incentive Plan | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 1,100,000 | ||||||
2020 Employment Inducement Incentive Plan | Stock Options | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 800,000 | ||||||
2020 Employment Inducement Incentive Plan | Stock Options | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 580,000 | ||||||
2020 Employment Inducement Incentive Plan | RSUs | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized for issuance | 120,000 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Loss from operations | $ (18,783) | $ (24,642) | $ (23,349) | $ (27,156) | $ (23,090) | $ (22,354) | $ (24,470) | $ (19,737) | $ (93,930) | $ (89,651) | $ (79,465) |
Net loss | $ (19,587) | $ (27,552) | $ (18,667) | $ (28,038) | $ (18,027) | $ (21,710) | $ (23,673) | $ (18,767) | $ (93,844) | $ (82,177) | $ (76,398) |
Net loss per share, basic and diluted | $ (0.37) | $ (0.52) | $ (0.38) | $ (0.59) | $ (0.39) | $ (0.51) | $ (0.56) | $ (0.44) | $ (1.84) | $ (1.88) | $ (2.70) |