Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Entity Registrant Name | ARSANIS, INC. | |
Entity Central Index Key | 1,501,697 | |
Trading Symbol | ASNS | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 14,315,410 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 40,753 | $ 76,793 |
Grant and incentive receivables | 2,870 | 1,608 |
Restricted cash | 51 | |
Prepaid expenses and other current assets | 1,260 | 1,129 |
Total current assets | 44,934 | 79,530 |
Property and equipment, net | 323 | 421 |
Restricted cash | 543 | 355 |
Other assets | 101 | 948 |
Total assets | 45,901 | 81,254 |
Current liabilities: | ||
Accounts payable | 2,126 | 1,893 |
Accrued expenses | 3,092 | 5,779 |
Unearned income | 727 | 694 |
Loans payable, net of discount | 2,908 | 2,314 |
Total current liabilities | 8,853 | 10,680 |
Loan payable, net of discount and current portion | 7,827 | 9,922 |
Unearned income | 1,318 | 1,936 |
Other long-term liabilities | 6 | 9 |
Total liabilities | 18,004 | 22,547 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 200,000,000 shares authorized as of September 30, 2018 and December 31, 2017; 14,315,410 and 14,294,383 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively | 14 | 15 |
Additional paid-in capital | 153,667 | 150,830 |
Accumulated other comprehensive income (loss) | 144 | 127 |
Accumulated deficit | (125,928) | (92,265) |
Total stockholders’ equity | 27,897 | 58,707 |
Total liabilities and stockholders’ equity | $ 45,901 | $ 81,254 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 14,315,410 | 14,294,383 |
Common stock, shares outstanding | 14,315,410 | 14,294,383 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating expenses: | ||||
Research and development | $ 9,572 | $ 10,601 | $ 26,635 | $ 18,898 |
General and administrative | 3,275 | 2,455 | 9,778 | 5,629 |
Total operating expenses | 12,847 | 13,056 | 36,413 | 24,527 |
Loss from operations | (12,847) | (13,056) | (36,413) | (24,527) |
Other income (expense): | ||||
Grant and incentive income | 2,016 | 1,618 | 2,977 | 3,180 |
Interest expense | (259) | (343) | (785) | (1,806) |
Interest income | 196 | 90 | 637 | 90 |
Change in fair value of warrant liability | 5 | 16 | ||
Change in fair value of derivative liability | 762 | |||
Loss on extinguishment of debt | (462) | |||
Other income (expense), net | (6) | 86 | (79) | 57 |
Total other income (expense), net | 1,947 | 1,456 | 2,750 | 1,837 |
Net loss | (10,900) | (11,600) | (33,663) | (22,690) |
Accretion of redeemable convertible preferred stock to redemption value | (16) | (36) | ||
Net loss attributable to common stockholders | $ (10,900) | $ (11,616) | $ (33,663) | $ (22,726) |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.76) | $ (22.60) | $ (2.35) | $ (44.22) |
Weighted average common shares outstanding—basic and diluted | 14,315,410 | 513,900 | 14,304,721 | 513,900 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (10,900) | $ (11,600) | $ (33,663) | $ (22,690) |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | (33) | (212) | 17 | (591) |
Comprehensive loss | $ (10,933) | $ (11,812) | $ (33,646) | $ (23,281) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (33,663) | $ (22,690) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 2,684 | 627 |
Depreciation and amortization expense | 121 | 148 |
Non-cash interest expense | 593 | 1,575 |
Non-cash rent expense | (17) | |
Loss on extinguishment of debt | 462 | |
Change in fair value of warrant liability | (16) | |
Change in fair value of derivative liability | (762) | |
Changes in operating assets and liabilities: | ||
Grant and incentive receivables | (1,355) | 57 |
Prepaid expenses and other assets | 721 | 958 |
Accounts payable | 270 | 2,342 |
Accrued expenses | (2,680) | 2,063 |
Unearned income | (508) | 289 |
Net cash used in operating activities | (33,817) | (14,964) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (34) | (59) |
Net cash used in investing activities | (34) | (59) |
Cash flows from financing activities: | ||
Proceeds from issuance of redeemable convertible preferred stock | 40,053 | |
Proceeds from issuance of convertible promissory notes | 4,935 | |
Proceeds from issuance of loans under funding agreements | 685 | |
Proceeds from exercise of stock options | 152 | |
Repayments of loans payable | (1,750) | (1,750) |
Payments of issuance costs of convertible promissory notes | (17) | |
Payments of issuance costs of redeemable convertible preferred stock | (197) | |
Payments of initial public offering costs | (43) | (795) |
Net cash provided by (used in) financing activities | (1,641) | 42,914 |
Effect of exchange rate changes on cash | (309) | 402 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (35,801) | 28,293 |
Cash, cash equivalents and restricted cash at beginning of period | 77,148 | 3,429 |
Cash, cash equivalents and restricted cash at end of period | $ 41,347 | 31,722 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Deferred offering costs included in accounts payable and accrued expenses | 1,322 | |
Issuance of redeemable convertible preferred stock upon extinguishment of convertible promissory notes | 11,102 | |
Derivative liability in connection with issuance of convertible promissory notes | 403 | |
Extinguishment of convertible promissory notes | 8,405 | |
Extinguishment of derivative liability in connection with extinguishment of convertible promissory notes | 2,234 | |
Accretion of redeemable convertible preferred stock to redemption value | $ 36 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Arsanis, Inc. (the “Company”) is a clinical-stage biopharmaceutical company focused on applying monoclonal antibody, or mAb, immunotherapies to address serious infectious diseases. The Company possesses a deep understanding of the pathogenesis of infection, paired with access to what the Company believes to be some of the most advanced mAb discovery techniques and platforms available today. The Company’s pipeline is comprised of mAbs targeting multiple serious bacterial and viral pathogens, including Staphylococcus aureus S. aureus On June 28, 2018, the Company announced the discontinuation of its Phase 2 clinical trial of ASN100 for the prevention of S. aureus In light of the discontinuation of the clinical development of ASN100, the Company is considering strategic options that may potentially result in changes to its business strategy and future operations. Pending any decision to change its strategic direction, the Company’s current operating plan provides for its ongoing review of the data from the ASN100 clinical trial, the continued development of its ASN500 program, as well as supporting its collaborators across its ASN200 and ASN300 programs, both of which were outlicensed to subsidiaries of Bravos Biosciences, LLC during the first half of 2018. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the Company’s ability to successfully execute on its strategic plans, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Any product candidates will require significant research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. On November 3, 2017, the Company effected a one-for-3.4130 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s redeemable convertible preferred stock. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios. On November 20, 2017, the Company completed an initial public offering (“IPO”) of its common stock, and issued and sold 4,000,000 common shares at a price to the public of $10.00 per share. Concurrent to the IPO, (i) the Company issued an additional 600,000 common shares at a price of $10.00 per share pursuant to the exercise of the underwriters’ over-allotment option and (ii) New Enterprise Associates 16, L.P., or NEA, purchased 2,000,000 shares of the Company’s common stock at the initial per share public offering price of $10.00 in a private placement. The aggregate net proceeds to the Company from the IPO, inclusive of the over-allotment exercise, and the private placement were $58.1 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all of the outstanding redeemable convertible preferred stock of the Company automatically converted into 7,180,483 shares of the Company’s common stock. The Company had an accumulated deficit of $125.9 million at September 30, 2018. During the nine months ended September 30, 2018, the Company incurred a net loss of $33.7 million and used $33.8 million of cash in operations. The Company expects to continue to generate operating losses for the foreseeable future. Based on its current operating plan, the Company expects that its cash and cash equivalents of $40.8 million as of September 30, 2018, will be sufficient to fund its operating expenses, capital expenditure requirements and debt service payments for at least 12 months from the issuance date of these condensed consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Arsanis is incorporated under the laws of the State of Delaware and is headquartered in Waltham, Massachusetts, with a wholly-owned subsidiary that is primarily focused on discovery research in Vienna, Austria. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiary, Arsanis Biosciences GmbH. All intercompany balances and transactions have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Unaudited Interim Financial Statements The condensed balance sheet at December 31, 2017 was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying condensed financial statements as of September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 are unaudited. The accompanying unaudited interim financial statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 9, 2018. In the opinion of management, all adjustments, consisting only of normal recurring adjustments as necessary, for the fair statement of the Company’s condensed financial position as of September 30, 2018 and condensed results of its operations for the three and nine months ended September 30, 2018 and 2017 and cash flows for the nine months ended September 30, 2018 and 2017 have been made. The results of operations for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2018. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of common stock and stock options. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Fair Value Measurements Certain assets of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of cash equivalents, other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s loan and security agreement with Silicon Valley Bank (“SVB”) approximates its fair value because the debt bears interest at a market rate. The carrying value of the loans received under the funding agreements with Österreichische Forschungsförderungsgesellschaft mbH (“FFG”) approximates their fair value because the Company records imputed interest expense based on rates that approximate market rates of interest as of the issuance date of each FFG loan. Comprehensive Gain (Loss) Comprehensive gain (loss) includes net gain (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. Comprehensive gain (loss) included $(33) thousand and $(0.2) million for the three months ended September 30, 2018 and 2017, respectively, and $17 thousand and $(0.6) million for the nine months ended September 30, 2018 and 2017, respectively, of foreign currency translation gain (loss) adjustments. Net Income (Loss) per Share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. For purpose of this calculation, options to purchase common stock, redeemable convertible preferred stock, warrants to purchase common stock and warrants to purchase redeemable convertible preferred stock are considered potential dilutive common shares. The Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends but contractually did not require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash The restricted cash as of September 30, 2018 and December 31, 2017 is held as letters of credit for the benefit of the landlords in connection with the Company’s office leases. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. September 30, September 30, 2018 2017 Cash and cash equivalents $ 40,753 $ 26,254 Restricted cash – current 51 5,118 Restricted cash – non-current 543 350 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 41,347 $ 31,722 In January 2017, FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 The Company will continue to assess the impact that various provisions will have on its business. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. Recently Issued Accounting Pronouncements In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | 3. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of September 30, 2018 Level 1 Total Assets: Cash equivalents - Money Market Funds $ 38,597 $ 38,597 $ 38,597 $ 38,597 As of December 31, 2017 Level 1 Total Assets: Cash equivalents - Money Market Funds $ 70,891 $ 70,891 $ 70,891 $ 70,891 There were no changes to the valuation methods during the nine months ended September 30, 2018 and the year ended December 31, 2017. There were no transfers within the fair value hierarchy during the nine months ended September 30, 2018 and the year ended December 31, 2017. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 4 . Accrued expenses consisted of the following (in thousands): September 30, December 31, 2018 2017 Accrued clinical trial costs $ 778 $ 2,317 Accrued compensation and benefits 1,479 2,454 Accrued professional fees 449 510 Accrued other 386 498 $ 3,092 $ 5,779 Accrued Clinical Trial Costs In connection with the Company’s decision to discontinue the Phase 2 clinical trial for ASN100, spending and activities related to ASN100 significantly declined and the Company does not expect to incur material costs for this program beyond the fourth quarter of 2018. Restructuring Costs On August 10, 2018, the Company’s board of directors approved a reduction in workforce to reduce operating costs and better align the Company’s workforce with the needs of its business following the Company’s discontinuation of the clinical development of ASN100. As part of this reduction in workforce, the Company is in the process of eliminating 19 positions across the company, representing approximately 44% of its workforce. The Company anticipates that it will substantially complete the implementation of the reduction in workforce by the end of the fourth quarter of 2018. Also, in August 2018, the Company’s board of directors approved employee retention arrangements to incentivize certain employees to remain with the Company through early 2019. The Company currently estimates that it will incur total expenses relating to the reduction in workforce of approximately $2.8 million, which is comprised of notice and employee severance and retention payments. The Company records these charges in accordance with ASC 420, Exit or Disposal Cost Obligations The following table summarizes the Company’s restructuring activities for the nine months ended September 30, 2018, which is included in accrued compensation and benefits as a component of accrued expenses on the Company's condensed consolidated balance sheet as of September 30, 2018 (in thousands): September 30, 2018 Employee severance benefits $ 254 Employee retention benefits 260 Payments (84 ) Total $ 430 |
Collaboration, License and Fund
Collaboration, License and Funding Arrangements | 9 Months Ended |
Sep. 30, 2018 | |
Collaboration [Abstract] | |
Collaboration, License and Funding Arrangements | 5. Adimab Option and License Agreement In February 2017, the Company entered into an option and license agreement with Adimab, LLC (“Adimab”), a related party (see Note 11) (the “Adimab Option Agreement”). Under the Adimab Option Agreement, Adimab has provided to the Company certain proprietary antibodies against RSV (“RSV antibodies”) for its evaluation during a specified option period and has granted the Company an exclusive, non-sublicensable license in a specified field under certain Adimab patent rights and know-how during the option period. Under the Adimab Option Agreement, the Company has an exclusive option, exercisable during the option period upon payment of an option fee to Adimab, to require Adimab to assign to the Company all rights in up to a specified number of RSV antibodies selected by the Company and certain patent rights owned by Adimab that cover these antibodies, and to obtain from Adimab a non-exclusive license in a specified field, with the right to grant sublicenses, under certain other patent rights and know-how owned by Adimab. In February 2017, the Company entered into a grant agreement with the Bill & Melinda Gates Foundation (the “Gates Foundation”) pursuant to which the Company has no payment obligations under the Adimab Option Agreement with respect to sales of products based on licensed RSV antibodies to the extent they are sold at cost in developing countries. However, if such products are sold in developing countries for an amount that exceeds cost, then the amount of such excess will be subject to certain royalty payment obligations described in the agreement. The Company recognized research and development expenses of less than $0.1 million and $0 during the three months ended September 30, 2018 and 2017, respectively, and $0.1 million and $0.1 million during the nine months ended September 30, 2018 and 2017, respectively, in connection with the Adimab Option Agreement, which consisted of reimbursement for services performed by Adimab. February 2017 and August 2018 Amended and Restated Gates Foundation Grant Agreement In February 2017, the Company entered into the above-referenced grant agreement with the Gates Foundation, under which the Gates Foundation agreed to provide the Company up to $9.3 million to conduct preclinical development of mAbs for the prevention of RSV infection in newborns (the “RSV project”). In March 2017, the Company received a payment of $1.6 million from the Gates Foundation under the grant agreement. The funds received from the Gates Foundation were incurred on qualifying expenses attributable to the RSV project, and the Company recognized grant income of $1.6 million under the grant agreement during the year ended December 31, 2017. In August 2018, the Company entered into an amended and restated grant agreement which replaces the February 2017 grant agreement in its entirety. The amended and restated grant agreement includes amendments to conform to current Gates Foundation audit, reporting, and other administrative requirements, as well as to make the perpetual Gates Foundation license grant described below irrevocable. The Company recognized grant income of $0 million during the three and nine months ended September 30, 2018, and $0.6 million and $1.2 million during the three and nine months ended September 30, 2017, respectively, under the grant agreement with the Gates Foundation upon incurring qualifying expenses. As of September 30, 2018 and December 31, 2017, unearned income under the grant agreement with the Gates Foundation was $0. August 2018 Gates Foundation Grant Agreement In August 2018, the Company entered into an additional grant agreement with the Gates Foundation pursuant to which the Gates Foundation granted to the Company up to $1.1 million to conduct preclinical development activities for the RSV project that were not included in the February 2017 grant agreement, as amended and restated in August 2018. In return, the Company has agreed to conduct the RSV project in a manner that ensures that the knowledge and information gained from the project will be promptly and broadly disseminated, and that the products, technologies, materials, processes and other intellectual property resulting from the RSV project (collectively referred to as the funded developments) will be made available and accessible at an affordable price to people most in need within developing countries. These obligations survive any expiration or termination of the grant agreement. To this end, the Company has granted to the Gates Foundation a non-exclusive, perpetual, irrevocable, royalty-free, fully paid up, sublicensable license to make, use, sell, offer to sell, import, distribute, copy, modify, create derivative works, publicly perform and display the funded developments and, to the extent incorporated into a funded development or required to use a funded development, any other technology created outside of the RSV project that was used as part of the RSV project, for the benefit of people in developing countries. The Company has also agreed to seek prompt publication of data and results developed under the RSV project under “open access” terms and conditions. This license and these publication obligations survive any expiration or termination of the grant agreements. The Company recognized grant income of $1.1 million during the three and nine months ended September 30, 2018, under the August 2018 grant agreement with the Gates Foundation upon incurring qualifying expenses. Accordingly, unearned income under the August 2018 grant agreement with the Gates Foundation was $0 as of September 30, 2018. Gates Foundation Letter Agreement and Investment In April 2017, the Company entered into a letter agreement with the Gates Foundation. In connection with the letter agreement, the Gates Foundation purchased 2,464,799 shares of the Company’s Series D preferred stock, which converted into 722,179 The letter agreement contains certain global access obligations as well as requirements relating to the Company’s use of the funds received from the Gates Foundation investment. In the event that the Company fails to comply with these obligations or requirements or any related U.S. legal obligations set forth in the letter agreement, the Gates Foundation will have the right, after expiration of a specified cure period, to require the Company to redeem all of the shares owned by the Gates Foundation or to locate a third party that will purchase such shares. For any redemption or purchase resulting from such default, the shares of the Company’s stock held by the Gates Foundation will be redeemed at an amount equal to the greater of the original purchase price (plus specified interest) or the fair market value of such stock on the date of such redemption. The term of the letter agreement continues in perpetuity. In connection with this letter agreement, the Company has granted to the Gates Foundation and/or Gates Foundation-supported entities certain licenses, including a non-exclusive, non-terminable, royalty-free (except as required under the Adimab Collaboration Agreement), sublicensable license to products, technologies, materials, processes and other intellectual property developed using funds provided by the Gates Foundation or a Gates Foundation-supported entity, or developed in connection with the Company’s conduct of any funded project or additional funded project, as well as all of the Company’s background intellectual property, to utilize and exploit products and services directed at pathogens or other targets subject to any funded project or additional funded project. The proceeds received from the Gates Foundation in connection with the Company’s sale and issuance of Series D preferred stock were incurred on qualifying expenses under the letter agreement during the year ended December 31, 2017. The Company incurred qualifying expenses of $0 during the three and nine months ended September 30, 2018, and $2.6 million and $ 3.3 Funding Agreements with FFG Between September 2011 and March 2017, the Company entered into a series of funding agreements with FFG that provided for loans and grants to fund between 50% and 70% of qualifying research and development expenditures of the Company’s subsidiary in Austria on a project-by-project basis, as approved by FFG. FFG Grants For grants under the funding agreements with FFG, the Company recognized grant income of $0 and $0.1 million during the three months ended September 30, 2018 and 2017, respectively, and $0 and $0.4 million during the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018 and December 31, 2017, the Company recorded grant receivables from FFG of $0.1 million and $0.1 million, respectively, for qualifying expenses incurred that were reimbursable under the funding agreements. As of September 30, 2018 and December 31, 2017, there were no amounts recorded as unearned income in connection with the FFG grants. FFG Loans Loans under the funding agreements with FFG bear interest at rates that are below market rates of interest. The Company accounts for the imputed benefit arising from the difference between a market rate of interest and the rate of interest charged by FFG as additional grant funding from FFG. On the date that FFG loan proceeds are received, the Company recognizes the portion of the loan proceeds allocated to grant funding as a discount to the carrying value of the loan and as unearned income, which is recognized as additional grant income over the term of the funding agreement. The Company recognized grant income of $0.2 million and $0.1million during the three months ended September 30, 2018 and 2017, respectively, and $0.5 million and $0.4 million during the nine months ended September 30, 2018 and 2017, respectively, related to the recognition of the unearned income recorded for the imputed benefit of FFG loans at below-market interest rates. Unearned income (current) related to the imputed benefit of FFG loans at below-market interest rates was $0.7 million and $0.7 million as of September 30, 2018 and December 31, 2017, respectively, and unearned income (non-current) related to such benefit was $1.3 million and $1.9 million as of September 30, 2018 and December 31, 2017, respectively. Research and Development Incentive The Company participates in a research and development incentive program provided by the Austrian government whereby the Company is entitled to reimbursement by the Austrian government for a percentage of qualifying research and development expenses incurred by the Company’s subsidiary in Austria. Under the program, the reimbursement rate for qualifying research and development expenses incurred by the Company through its subsidiary in Austria was 12% for the year ended December 31, 2017, and is 14% for the year ended December 31, 2018. The Company recognizes incentive income from Austrian research and development incentives when qualifying expenses have been incurred, there is reasonable assurance that the payment will be received, and the consideration can be reliably measured. Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive program described above. At each reporting date, management estimates the reimbursable incentive income available to the Company based on available information at the time. The Company recognized incentive income of $0.7 million and $0.6 million during the three months ended September 30, 2018 and 2017, respectively, and $1.3 million and $1.1 million during the nine months ended September 30, 2018 and 2017, respectively, in connection with the Austrian research and development incentive program. As of September 30, 2018 and December 31, 2017, the Company recorded receivables for amounts due under the program of $2.8 million and $1.5 million, respectively, which are included in grant and incentive receivables in the condensed consolidated balance sheet. |
Loans Payable
Loans Payable | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Loans Payable | 6 . The aggregate principal amount of debt outstanding as of September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, December 31, 2018 2017 Term loans under 2012 Loan Agreement $ 2,917 $ 4,667 FFG loans 9,872 10,225 $ 12,789 $ 14,892 Current and non-current debt obligations reflected in the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, December 31, 2018 2017 Current liabilities: Term loans under 2012 Loan Agreement $ 2,917 $ 2,333 FFG loans — — Unamortized debt discount (9 ) (19 ) Loans payable, net of discount 2,908 2,314 Non-current liabilities: Term loans under 2012 Loan Agreement $ — $ 2,334 FFG loans 9,872 10,225 Unamortized debt discount (2,045 ) (2,637 ) Loans payable, net of discount and current portion 7,827 9,922 Total loans payable, net of discount $ 10,735 $ 12,236 2012 Loan Agreement On December 7, 2012, the Company entered into a loan and security agreement (the “2012 Loan Agreement”) with SVB, and borrowed an aggregate of $2.5 million in two separate tranches: $0.5 million in December 2012 (the “2012 Term Loan A Advance”), and $2.0 million in February 2013 (the “2012 Term Loan B Advance”). In connection with the 2012 Loan Agreement, the Company issued a Series A-2 warrant to SVB, which became exercisable with respect to 2,202 shares of Series A-2 preferred stock on December 12, 2012 in connection with the 2012 Term Loan A Advance, and with respect to 8,811 shares of Series A-2 preferred stock on February 25, 2013 in connection with the 2012 Term Loan B Advance. At the time of grant, the Series A-2 warrant was exercisable at a price of $4.54 per share. The Series A-2 warrant expires on December 6, 2022. On February 19, 2016, the Company entered into the First Amendment to the 2012 Loan Agreement (the “First Amendment”). The First Amendment provided for an additional borrowing of $3.5 million (“2016 Term Loan A Advance”), with a requirement that a portion of the proceeds be used to pay in full, all amounts then outstanding, under the 2012 Term Loan A Advance and the 2012 Term Loan B Advance. The First Amendment provided for two additional advances not to exceed, in the aggregate, $3.5 million, with each advance being for a minimum of $0.5 million (collectively the “2016 Term Loan B Advance”), and total borrowings under the 2012 Loan Agreement not to exceed $7.0 million. The Company borrowed the full $7.0 million available in two separate tranches: $3.5 million under the 2016 Term Loan A Advance, which was borrowed on February 29, 2016, and $3.5 million under the 2016 Term Loan B Advance, which was borrowed on August 23, 2016. Following these borrowings in February and August 2016, no additional amounts were available to be borrowed under the 2012 Loan Agreement. In connection with the First Amendment to the 2012 Loan Agreement, the Company issued a Series B warrant to SVB which became exercisable with respect to 7,251 shares of Series B preferred stock on February 29, 2016 in connection with the 2016 Term Loan A Advance, and with respect to 7,251 shares of Series B preferred stock on August 23, 2016 in connection with the 2016 Term Loan B Advance. At the time of grant, the Series B warrant was exercisable at a price of $7.24 per share. The Series B warrant expires on February 18, 2026. Upon the closing of the IPO in November 2017, the Series A-2 warrant converted into a common stock warrant to purchase up to 3,940 shares of common stock at an exercise price of $12.70 per share. The Series B warrant converted into a common stock warrant to purchase up to 6,474 shares of common stock at an exercise price of $16.22 per share. At September 30, 2018, these warrants to purchase up to 3,940 shares of common stock at an exercise price of $12.70 and 6,474 shares of common stock at an exercise price of $16.22 remained outstanding. On October 31, 2018, the Company voluntarily remitted payment on its outstanding obligations under the 2012 Loan Agreement with SVB. Total outstanding obligations paid to SVB under the 2012 Loan Agreement on October 31, 2018 consisted of $2.7 million of principal, $0.4 million of final payment and less than $0.1 million of interest. All obligations under the 2012 Loan Agreement were satisfied by the Company on October 31, 2018. Borrowings under the 2016 Term Loan A Advance and 2016 Term Loan B Advance (collectively, the “2016 Term Loan Advance”) bear interest at a rate per annum equal to the greater of 3.25% and The Wall Street Journal prime rate, in each case minus 0.25%; provided, however, that in an event of default, as defined in the 2012 Loan Agreement, the interest rate applicable to borrowings under the First Amendment will be increased by 4.0%. As of September 30, 2018 and December 31, 2017, the interest rate applicable to borrowings under the 2016 Term Loan Advance was 5.00% and 4.25%, respectively. The Company is required to make equal monthly payments of principal as well as accrued interest beginning January 1, 2017 through December 1, 2019 (the “First Amendment Maturity Date”), when all unpaid principal and interest become due and payable. The First Amendment also provided that the Company could voluntarily prepay all (but not less than all) of the outstanding principal at any time prior to the maturity date, subject to a prepayment fee, which ranges from 1% to 2% of the outstanding principal if paid prior to February 19, 2018, which was the second anniversary of the First Amendment effective date. The prepayment fee is 0% subsequent to the second anniversary of the First Amendment effective date. A final payment of 5.0% multiplied by the principal amount of the borrowings under the 2016 Term Loan Advance is due upon the earlier to occur of the First Amendment Maturity Date or prepayment of all outstanding principal. The final payment is being accreted to interest expense through the First Amendment Maturity Date. In connection with the First Amendment, the Company paid an arrangement fee of $20,000 to SVB and incurred legal costs of $7,000, both of which were recorded as a debt discount. The debt discount is reflected as a reduction of the carrying value of the loan payable on the Company’s consolidated balance sheet and is being amortized to interest expense over the term of the loan using the effective interest method. The Company was in compliance with all covenants under the 2012 Loan Agreement as of December 31, 2017. In March 2018, the Company entered into an Option and License Agreement with BB100, LLC, a subsidiary of Bravos Biosciences, LLC, under which BB100, LLC secured an exclusive, worldwide preclinical development license, and an option to a clinical development and commercialization license, to mAbs targeting E. coli K. pneumoniae In addition to the default in connection with the Option and License Agreements, the Company has discussed with SVB whether its decision to discontinue its Phase 2 clinical trial of ASN100 may be considered a material adverse change in the business, operations or condition (financial or otherwise) of the Company and, accordingly, an event of default under the terms of the 2012 Loan Agreement. SVB has not agreed that the discontinuation of the trial does not constitute an event of default as of September 30, 2018. If the trial discontinuation does constitute a material adverse change in the Company’s business, operations or condition, SVB would have the right to accelerate the Company's outstanding obligations under the 2012 Loan Agreement. Because the Company’s obligations under the 2012 Loan Agreement could be accelerated at the election of SVB upon the expiration of the Forbearance Agreement, or earlier if another event of default occurs, including but not limited to if the ASN100 Phase 2 clinical trial discontinuation constitutes a material adverse change in the Company’s business, operations or condition, the Company has presented the SVB loan payable as current on the consolidated balance sheet as of September 30, 2018. The Company recognized interest expense under the 2012 Loan Agreement, as amended, of $0.1 million and $0.1 million during the three months ended September 30, 2018 and 2017, respectively, and $0.2 million and $0.3 million during the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018 and December 31, 2017, the unamortized debt discount related to the 2012 Loan Agreement was $9,000 and $26,000, respectively. The Company made aggregate principal payments in connection with the 2012 Loan Agreement of $0.6 million and $0.6 million during the three months ended September 30, 2018 and 2017, respectively, and $1.8 million and $1.8 million during the nine months ended September 30, 2018 and 2017, respectively. FFG Loans In connection with the funding agreements with FFG (see Note 5), the Company received loans from FFG. Loans from FFG were made on a project-by-project basis and had an aggregate principal amount outstanding of $9.9 million and $10.2 million as of September 30, 2018 and December 31, 2017, respectively. Amounts due under the FFG loans bear interest at rates ranging from 0.75% to 2.0% per annum and mature at various dates between June 2020 and March 2023. Interest on amounts due under the loans is payable semi-annually in arrears, with all principal and remaining accrued interest due upon maturity. In addition, the Company has recorded a discount to the carrying value of each FFG loan for the portion of the loan proceeds allocated to grant funding, which is being amortized to interest expense over the term of the loan using the effective interest method. As of September 30, 2018 and December 31, 2017, the unamortized debt discount related to FFG loans was $2.0 million and $2.6 million, respectively. The Company recognized interest expense of $0.2 million and $0.2 million during the three months ended September 30, 2018 and 2017, respectively, and $0.5 million and $0.5 million during the nine months ended September 30, 2018 and 2017, respectively, related to the FFG loans. There were no principal payments due or paid under the FFG loans during the three and nine months ended September 30, 2018 and 2017. The Company may be required to return all or a portion of the FFG loans and/or grants (see Note 5) if it does not comply with the terms of the related FFG funding agreements and related guidelines, including specified requirements as to continued operations with respect to certain locations and funded projects. To date, FFG has not requested the return of any amounts received by the Company under the funding agreements. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Common Stock | 7 . As of September 30, 2018 and December 31, 2017, the Company had reserved 2,738,039 shares and 2,187,252 shares of common stock, respectively, for the exercise of outstanding stock options, the number of shares remaining available for grant under the Company’s 2017 Equity Incentive Plan and 2017 Employee Stock Purchase Plan and the exercise of outstanding warrants to purchase shares of common stock. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8 . The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) provides for the grant by the Company of incentive stock options, non-qualified options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. Incentive stock options may be granted only to the Company’s employees, including officers and directors who are also employees. Awards other than incentive stock options may be granted to employees, officers, members of the board of directors, advisors and consultants of the Company. Following the adoption of the 2017 Plan, no further grants will be made under the Company’s 2010 Special Stock Incentive Plan (“Special Plan”) and 2011 Stock Incentive Plan (“2011 Plan”). Upon its adoption, the number of shares of the Company’s common stock initially reserved for issuance under the 2017 Plan was the sum of 585,994 shares, plus the number of shares of the Company’s common stock available for issuance under the Special Plan and the 2011 Plan immediately prior to the effectiveness of the 2017 Plan. In addition, the number of shares of the Company’s common stock subject to outstanding awards under the Special Plan and 2011 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be available for future grant under the 2017 Plan. The number of shares of common stock reserved for issuance under this plan will automatically increase on January 1 of each year, through January 1, 2027, in an amount equal to the lowest of 1,025,490 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on January 1 of each year and an amount determined by the Company’s board of directors. Shares that are expired, terminated, surrendered or canceled under the 2017 Plan without having been fully exercised will be available for future awards. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards. Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Research and development expenses $ 292 $ 101 $ 1,776 $ 225 General and administrative expenses 774 172 908 402 $ 1,066 $ 273 $ 2,684 $ 627 As of September 30, 2018 and December 31, 2017, total unrecognized compensation cost related to the unvested stock-based awards was $10.1 million and $4.0 million, respectively, which is expected to be recognized over weighted average periods of 2.87 and 2.76 years, respectively. The following table summarizes the Company’s stock option activity since December 31, 2017 (in thousands, except share and per share amounts): Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term Value (in years) Outstanding as of December 31, 2017 1,403,119 $ 6.26 8.81 $ 9,128 Granted 829,500 17.19 Exercised (21,027 ) 7.25 Forfeited (163,383 ) 10.75 Outstanding as of September 30, 2018 2,048,209 $ 10.32 8.30 $ — Options exercisable as of September 30, 2018 610,562 $ 6.41 6.48 $ — Options unvested as of September 30, 2018 1,437,647 $ 11.79 9.07 $ — The Company did not grant stock options during the three months ended September 30, 2018. The weighted average grant-date fair value per share of stock options granted during the nine months ended September 30, 2018 was $11.77. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 9 . Net Loss per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net loss $ (10,900 ) $ (11,600 ) $ (33,663 ) $ (22,690 ) Accretion of redeemable convertible preferred stock to redemption value — (16 ) — (36 ) Net loss attributable to common stockholders $ (10,900 ) $ (11,616 ) $ (33,663 ) $ (22,726 ) Denominator: Weighted average common shares outstanding—basic and diluted 14,315,410 513,900 14,304,721 513,900 Net loss per share attributable to common stockholders — basic and diluted $ (0.76 ) $ (22.60 ) $ (2.35 ) $ (44.22 ) The Company’s potentially dilutive securities, which include options to purchase common stock, redeemable convertible preferred stock, warrants to purchase common stock and warrants to purchase redeemable convertible preferred stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: For the Three and Nine Months Ended September 30, 2018 2017 Options to purchase common stock 2,048,209 1,197,120 Redeemable convertible preferred stock (as converted to common stock) — 7,180,483 Warrants to purchase common stock 10,414 — Warrants to purchase redeemable convertible preferred stock (as converted to common stock) — 10,414 2,058,623 8,388,017 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 0 . Lease Agreements In November 2010, the Company entered into a lease agreement for office, laboratory, parking and storage space in Vienna, Austria (“Vienna Lease”), which expires on April 30, 2021. The Company has the option to extend the lease agreement for an additional year. The Vienna Lease includes a rent escalation clause based on an inflation index. In July 2015, the Company entered into a lease agreement for an animal-use facility in Vienna, Austria (“Animal-use Lease”). The lease initially had a one-year noncancelable term, which expired in June 2016, after which the lease became cancelable by either party upon six months’ prior written notice. Base rent for the Animal-use Lease is approximately $0.4 million annually, accordingly, rent expense is being recognized on a straight-line basis over the lease term. On August 31, 2018 and in accordance with the terms of the Animal-use Lease, the Company provided the landlord with written notice that the lease agreement will terminate no later than February 28, 2019. In November 2015, the Company entered into a lease agreement for office and laboratory space in Waltham, MA (“Waltham Lease”), which expires on January 31, 2019. The Waltham Lease includes a rent escalation clause, and accordingly, rent expense is being recognized on a straight-line basis over the lease term. In June 2018, the Company entered into a lease agreement for office space in Waltham, MA (“Lease Agreement”) with BP Bay Colony LLC (the “Lessor”). The Company amended the Lease Agreement in August 2018 The Company recognizes rent expense over the respective lease period and has recorded deferred rent for rent expense incurred but not yet paid. The Company recorded rent expense of $0.3 million and $0.3 million during the three months ended September 30, 2018 and 2017, respectively, and $1.0 million and $0.9 million during the nine months ended September 30, 2018 and 2017. The following table summarizes the future minimum lease payments due under the Company’s operating leases as of September 30, 2018 (in thousands): Year Ending December 31, 2018 $ 387 2019 823 2020 796 2021 441 2022 263 Thereafter 263 $ 2,973 License Agreements The Company entered into the Adimab Option Agreement in February 2017 under which it is obligated to make contingent and non-contingent payments should the Company exercise its option to obtain rights to certain RSV antibodies (see Note 5). If the Company chose to exercise its option, it would be obligated to pay Adimab an option fee of $0.3 million and make clinical and regulatory milestone payments of up to $24.4 million, as well as royalty payments on a product-by-product and country-by-country basis of a mid single-digit percentage based on net sales by the Company, its affiliates, licensees or sublicensees of products based on certain RSV antibodies during the applicable term for such product in that country. The Company may choose to exercise its option under the terms of the Adimab Option Agreement at any time on or before August 31, 2019. As of September 30, 2018 and December 31, 2017, the Company had not exercise its option under the Adimab Option Agreement. Manufacturing Commitments In July 2016, the Company entered into an agreement with Boehringer Ingelheim International GmbH (“BI”), a contract manufacturing organization, for the manufacture and supply of ASN100 drug product for the Company’s completed Phase 1 and discontinued Phase 2 clinical trials. In March 2016, the Company entered into an agreement with Cytovance Biologics, Inc. (“Cytovance”) for process development and the manufacture and supply of ASN100 drug product. Under such agreements, the Company is obligated to pay BI and Cytovance development and manufacturing milestones, in addition to reimbursement of certain material production-related costs. Additionally, the Company is required to make prepayments for process development services and manufacture and delivery of ASN100 material. The terms of these agreements require future delivery and formal acceptance of the clinical material upon delivery from BI and Cytovance. Formal acceptance includes validation of the clinical material and that established specifications have been met and good manufacturing practices, or GMP, standards have been followed during the manufacture of the material. It is only after acceptance that title and risks and rewards of ownership pass to the Company and at that time advance payments will be applied to the purchase of clinical materials required to be produced under the agreements. The purchase of the clinical material will, at the point of delivery, be charged to research and development expense. The Company’s policy is to expense research and development costs as incurred (i.e., as services are provided by the Company’s vendors or as qualifying materials are delivered). As of September 30, 2018, BI had completed the manufacturer of ASN100 drug product, accordingly, the Company expensed all advance payments previously made to BI and accrued for any final payments owed. All commitments and obligations under the manufacture and supply agreement pertaining to the workorder with BI for the delivery of the clinical materials were met by BI and the Company as of September 30, 2018. The Company currently expects the development activities and manufacturing of ASN100 drug product under the agreement with Cytovance to be completed in the fourth quarter of 2018. As of September 30, 2018, the Company had committed to minimum payments under this agreement totaling $0.5 million. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11 . Agreements with Adimab, LLC The Company made payments to Adimab of $16,000 and $58,000 during the three months ended September 30, 2018 and 2017, respectively, and $0.1 million and $0.1 million during the nine months ended September 30, 2018 and 2017, respectively, under the Adimab Option Agreement. The Company recognized less than $0.1 million and $0 during the three months ended September 30, 2018 and 2017, respectively, and $0.1 million and $0.1 million during the nine months ended September 30, 2018 and 2017, respectively, of research and development expense under the Adimab Option Agreement. As of September 30, 2018 and December 31, 2017, the Company owed $0 and $21,000, respectively, to Adimab under the Adimab Option Agreement. The chairman of the Company’s board of directors is a co-founder of Adimab and currently serves as Adimab’s Chief Executive Officer. Services and Facilities Agreement with EveliQure Biotechnologies GmbH The Company’s wholly owned subsidiary, Arsanis Biosciences GmbH, leases office and lab space in Vienna, Austria from a third party. In February 2015, Arsanis Biosciences GmbH entered into a services and facilities agreement with EveliQure Biotechnologies GmbH (“EveliQure”) under which the Company provides certain laboratory services and sublets office and lab space to EveliQure. Tamas Henics, the husband of Eszter Nagy, the Company’s former Chief Scientific Officer, serves as Chief Scientific Officer at EveliQure. On June 28, 2018 and in accordance with the terms of this agreement with EveliQure, the Company provided EveliQure with written notice that the services and facilities agreement will terminate and EveliQure will vacate the sublet space no later than December 31, 2018. During the three and nine months ended September 30, 2018, the Company received payments from EveliQure under the agreement of less than $0.1 million and $0.1 million, respectively, and less than $0.1 million and less than $0.1 million during the three and nine months ended September 30, 2017, respectively. During the three and nine months ended September 30, 2018 and 2017, the Company recognized other income under the agreement of less than $0.1 million in each period. As of September 30, 2018 and December 31, 2017, amounts due from EveliQure totaled less than $0.1 million and $0.1 million, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. 2012 Loan Agreement with Silicon Valley Bank On October 31, 2018, the Company voluntarily remitted payment on its outstanding obligations under the 2012 Loan Agreement with SVB. Total outstanding obligations paid to SVB under the 2012 Loan Agreement on October 31, 2018 was approximately $3.1 million. See Note 6 for further discussion. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The condensed balance sheet at December 31, 2017 was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying condensed financial statements as of September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 are unaudited. The accompanying unaudited interim financial statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 9, 2018. In the opinion of management, all adjustments, consisting only of normal recurring adjustments as necessary, for the fair statement of the Company’s condensed financial position as of September 30, 2018 and condensed results of its operations for the three and nine months ended September 30, 2018 and 2017 and cash flows for the nine months ended September 30, 2018 and 2017 have been made. The results of operations for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2018. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of common stock and stock options. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements Certain assets of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of cash equivalents, other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s loan and security agreement with Silicon Valley Bank (“SVB”) approximates its fair value because the debt bears interest at a market rate. The carrying value of the loans received under the funding agreements with Österreichische Forschungsförderungsgesellschaft mbH (“FFG”) approximates their fair value because the Company records imputed interest expense based on rates that approximate market rates of interest as of the issuance date of each FFG loan. |
Comprehensive Gain (Loss) | Comprehensive Gain (Loss) Comprehensive gain (loss) includes net gain (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. Comprehensive gain (loss) included $(33) thousand and $(0.2) million for the three months ended September 30, 2018 and 2017, respectively, and $17 thousand and $(0.6) million for the nine months ended September 30, 2018 and 2017, respectively, of foreign currency translation gain (loss) adjustments. |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. For purpose of this calculation, options to purchase common stock, redeemable convertible preferred stock, warrants to purchase common stock and warrants to purchase redeemable convertible preferred stock are considered potential dilutive common shares. The Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends but contractually did not require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. |
Recently Adopted/Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash The restricted cash as of September 30, 2018 and December 31, 2017 is held as letters of credit for the benefit of the landlords in connection with the Company’s office leases. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. September 30, September 30, 2018 2017 Cash and cash equivalents $ 40,753 $ 26,254 Restricted cash – current 51 5,118 Restricted cash – non-current 543 350 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 41,347 $ 31,722 In January 2017, FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 The Company will continue to assess the impact that various provisions will have on its business. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. Recently Issued Accounting Pronouncements In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) |
FFG Loans | FFG Loans Loans under the funding agreements with FFG bear interest at rates that are below market rates of interest. The Company accounts for the imputed benefit arising from the difference between a market rate of interest and the rate of interest charged by FFG as additional grant funding from FFG. On the date that FFG loan proceeds are received, the Company recognizes the portion of the loan proceeds allocated to grant funding as a discount to the carrying value of the loan and as unearned income, which is recognized as additional grant income over the term of the funding agreement. In addition, the Company has recorded a discount to the carrying value of each FFG loan for the portion of the loan proceeds allocated to grant funding, which is being amortized to interest expense over the term of the loan using the effective interest method. |
Research and Development Incentive | Research and Development Incentive The Company participates in a research and development incentive program provided by the Austrian government whereby the Company is entitled to reimbursement by the Austrian government for a percentage of qualifying research and development expenses incurred by the Company’s subsidiary in Austria. Under the program, the reimbursement rate for qualifying research and development expenses incurred by the Company through its subsidiary in Austria was 12% for the year ended December 31, 2017, and is 14% for the year ended December 31, 2018. The Company recognizes incentive income from Austrian research and development incentives when qualifying expenses have been incurred, there is reasonable assurance that the payment will be received, and the consideration can be reliably measured. Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive program described above. At each reporting date, management estimates the reimbursable incentive income available to the Company based on available information at the time. |
2012 Loan Agreement | 2012 Loan Agreement The debt discount is reflected as a reduction of the carrying value of the loan payable on the Company’s consolidated balance sheet and is being amortized to interest expense over the term of the loan using the effective interest method. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. September 30, September 30, 2018 2017 Cash and cash equivalents $ 40,753 $ 26,254 Restricted cash – current 51 5,118 Restricted cash – non-current 543 350 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 41,347 $ 31,722 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of September 30, 2018 Level 1 Total Assets: Cash equivalents - Money Market Funds $ 38,597 $ 38,597 $ 38,597 $ 38,597 As of December 31, 2017 Level 1 Total Assets: Cash equivalents - Money Market Funds $ 70,891 $ 70,891 $ 70,891 $ 70,891 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): September 30, December 31, 2018 2017 Accrued clinical trial costs $ 778 $ 2,317 Accrued compensation and benefits 1,479 2,454 Accrued professional fees 449 510 Accrued other 386 498 $ 3,092 $ 5,779 |
Schedule of Restructuring Activities Included in Accrued Compensation and Benefits as Component of Accrued Expenses on Condensed Consolidated Balance Sheet | The following table summarizes the Company’s restructuring activities for the nine months ended September 30, 2018, which is included in accrued compensation and benefits as a component of accrued expenses on the Company's condensed consolidated balance sheet as of September 30, 2018 (in thousands): September 30, 2018 Employee severance benefits $ 254 Employee retention benefits 260 Payments (84 ) Total $ 430 |
Loans Payable (Tables)
Loans Payable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Aggregate Principal Amount of Debt Outstanding | The aggregate principal amount of debt outstanding as of September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, December 31, 2018 2017 Term loans under 2012 Loan Agreement $ 2,917 $ 4,667 FFG loans 9,872 10,225 $ 12,789 $ 14,892 |
Schedule of Current and Non-current Debt obligations | Current and non-current debt obligations reflected in the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, December 31, 2018 2017 Current liabilities: Term loans under 2012 Loan Agreement $ 2,917 $ 2,333 FFG loans — — Unamortized debt discount (9 ) (19 ) Loans payable, net of discount 2,908 2,314 Non-current liabilities: Term loans under 2012 Loan Agreement $ — $ 2,334 FFG loans 9,872 10,225 Unamortized debt discount (2,045 ) (2,637 ) Loans payable, net of discount and current portion 7,827 9,922 Total loans payable, net of discount $ 10,735 $ 12,236 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense Classification | Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Research and development expenses $ 292 $ 101 $ 1,776 $ 225 General and administrative expenses 774 172 908 402 $ 1,066 $ 273 $ 2,684 $ 627 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity since December 31, 2017 (in thousands, except share and per share amounts): Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term Value (in years) Outstanding as of December 31, 2017 1,403,119 $ 6.26 8.81 $ 9,128 Granted 829,500 17.19 Exercised (21,027 ) 7.25 Forfeited (163,383 ) 10.75 Outstanding as of September 30, 2018 2,048,209 $ 10.32 8.30 $ — Options exercisable as of September 30, 2018 610,562 $ 6.41 6.48 $ — Options unvested as of September 30, 2018 1,437,647 $ 11.79 9.07 $ — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net loss $ (10,900 ) $ (11,600 ) $ (33,663 ) $ (22,690 ) Accretion of redeemable convertible preferred stock to redemption value — (16 ) — (36 ) Net loss attributable to common stockholders $ (10,900 ) $ (11,616 ) $ (33,663 ) $ (22,726 ) Denominator: Weighted average common shares outstanding—basic and diluted 14,315,410 513,900 14,304,721 513,900 Net loss per share attributable to common stockholders — basic and diluted $ (0.76 ) $ (22.60 ) $ (2.35 ) $ (44.22 ) |
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders | The Company’s potentially dilutive securities, which include options to purchase common stock, redeemable convertible preferred stock, warrants to purchase common stock and warrants to purchase redeemable convertible preferred stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: For the Three and Nine Months Ended September 30, 2018 2017 Options to purchase common stock 2,048,209 1,197,120 Redeemable convertible preferred stock (as converted to common stock) — 7,180,483 Warrants to purchase common stock 10,414 — Warrants to purchase redeemable convertible preferred stock (as converted to common stock) — 10,414 2,058,623 8,388,017 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments Due under Operating Leases | The following table summarizes the future minimum lease payments due under the Company’s operating leases as of September 30, 2018 (in thousands): Year Ending December 31, 2018 $ 387 2019 823 2020 796 2021 441 2022 263 Thereafter 263 $ 2,973 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | Nov. 20, 2017USD ($)$ / sharesshares | Nov. 03, 2017 | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Reverse stock split, description | one-for-3.4130 | ||||||
Reverse stock split, conversion ratio | 0.2930 | ||||||
Net proceeds from offerings | $ 58,100 | ||||||
Conversion of redeemable convertible preferred stock into common stock | shares | 7,180,483 | ||||||
Accumulated deficit | $ 125,928 | $ 125,928 | $ 92,265 | ||||
Net loss | 10,900 | $ 11,600 | 33,663 | $ 22,690 | |||
Cash and cash equivalents | 40,753 | $ 26,254 | 40,753 | $ 26,254 | $ 76,793 | ||
ASU 2014-15 | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Accumulated deficit | 125,900 | 125,900 | |||||
Net loss | 33,700 | ||||||
Cash used in operations | 33,800 | ||||||
Cash and cash equivalents | $ 40,800 | $ 40,800 | |||||
Initial Public Offering | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Shares issued | shares | 4,000,000 | ||||||
Shares issued, price per share | $ / shares | $ 10 | ||||||
Over-Allotment Option | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Shares issued | shares | 600,000 | ||||||
Shares issued, price per share | $ / shares | $ 10 | ||||||
Private Placement | New Enterprise Associates 16, L.P. | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Shares issued | shares | 2,000,000 | ||||||
Shares issued, price per share | $ / shares | $ 10 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Significant Accounting Policies [Line Items] | ||||
Foreign currency translation gain (loss) | $ (33) | $ (212) | $ 17 | $ (591) |
Waltham Lease | ||||
Significant Accounting Policies [Line Items] | ||||
Lease expiration end date | 2019-01 | |||
Animal-use Lease | ||||
Significant Accounting Policies [Line Items] | ||||
Lease expiration end date | 2019-02 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 40,753 | $ 76,793 | $ 26,254 | |
Restricted cash – current | 51 | 5,118 | ||
Restricted cash – non-current | 543 | 355 | 350 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 41,347 | $ 77,148 | $ 31,722 | $ 3,429 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Schedule of Assets Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash equivalents | $ 38,597 | $ 70,891 |
Money Market Funds | ||
Assets | ||
Cash equivalents | 38,597 | 70,891 |
Level 1 | ||
Assets | ||
Cash equivalents | 38,597 | 70,891 |
Level 1 | Money Market Funds | ||
Assets | ||
Cash equivalents | $ 38,597 | $ 70,891 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Transfers between fair value levels | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Accrued clinical trial costs | $ 778 | $ 2,317 |
Accrued compensation and benefits | 1,479 | 2,454 |
Accrued professional fees | 449 | 510 |
Accrued other | 386 | 498 |
Total accrued expenses | $ 3,092 | $ 5,779 |
Accrued Expenses - Additional I
Accrued Expenses - Additional Information (Details) $ in Thousands | Aug. 10, 2018Employee | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) |
Accrued Expenses [Line Items] | |||||
Number of eliminated positions | Employee | 19 | ||||
Percentage of eliminated positions | 44.00% | ||||
Estimated total expenses relating to reduction in workforce | $ 2,800 | ||||
Severance and retention expense | $ 400 | $ 430 | |||
Scenario Forecast | |||||
Accrued Expenses [Line Items] | |||||
Severance and retention expense | $ 2,400 | $ 2,400 |
Accrued Expenses - Schedule o_2
Accrued Expenses - Schedule of Restructuring Activities Included in Accrued Compensation and Benefits as Component of Accrued Expenses on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Payables And Accruals [Abstract] | ||
Employee severance benefits | $ 254 | |
Employee retention benefits | 260 | |
Payments | (84) | |
Total | $ 400 | $ 430 |
Collaboration, License and Fu_2
Collaboration, License and Funding Arrangements - Additional Information (Details) | Nov. 20, 2017shares | Nov. 03, 2017shares | Apr. 30, 2017USD ($)shares | Mar. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Aug. 31, 2018USD ($) | Feb. 28, 2017USD ($) |
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Research and development expense | $ 9,572,000 | $ 10,601,000 | $ 26,635,000 | $ 18,898,000 | ||||||||
Grant income | 2,016,000 | 1,618,000 | $ 2,977,000 | 3,180,000 | ||||||||
Conversion of redeemable convertible preferred stock into common stock | shares | 7,180,483 | |||||||||||
Reverse stock split, description | one-for-3.4130 | |||||||||||
Reverse stock split, conversion ratio | 0.2930 | |||||||||||
Grant receivable | 2,870,000 | $ 2,870,000 | $ 1,608,000 | |||||||||
Unearned income | 727,000 | 727,000 | 694,000 | |||||||||
Unearned income | 1,318,000 | 1,318,000 | $ 1,936,000 | |||||||||
Austria | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Grant income | 12.00% | |||||||||||
Austria | Scenario Forecast | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Grant income | 14.00% | |||||||||||
February 2017 Grant Agreement | Gates Foundation | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Grant receivable | $ 9,300,000 | |||||||||||
Proceeds from related party | $ 1,600,000 | |||||||||||
Grant income | 0 | 600,000 | 0 | 1,200,000 | $ 1,600,000 | |||||||
Unearned income | 0 | 0 | 0 | |||||||||
August 2018 Grant Agreement | Gates Foundation | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Grant receivable | $ 1,100,000 | |||||||||||
Grant income | 1,100,000 | 1,100,000 | ||||||||||
Unearned income | 0 | 0 | ||||||||||
Grant Agreement | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Qualifying expenses related to letter agreement | 0 | 2,600,000 | $ 0 | 3,300,000 | ||||||||
Grant Agreement | Gates Foundation | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Conversion of redeemable convertible preferred stock into common stock | shares | 722,179 | |||||||||||
Reverse stock split, description | one-for-3.4130 reverse-stock-split | |||||||||||
Reverse stock split, conversion ratio | 0.2930 | |||||||||||
Grant Agreement | Gates Foundation | Series D Redeemable Convertible Preferred Stock | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Shares issued | shares | 2,464,799 | |||||||||||
Shares purchased | $ 8,000,000 | |||||||||||
FFG Grants | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Grant income | 0 | 100,000 | $ 0 | 400,000 | ||||||||
Unearned income | 0 | 0 | 0 | |||||||||
Grant receivable | 100,000 | 100,000 | 100,000 | |||||||||
FFG Loans | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Grant income | 200,000 | 100,000 | 500,000 | 400,000 | ||||||||
Unearned income | 700,000 | 700,000 | 700,000 | |||||||||
Unearned income | 1,300,000 | 1,300,000 | 1,900,000 | |||||||||
Research and Development Incentive | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Grant income | 700,000 | 600,000 | 1,300,000 | 1,100,000 | ||||||||
Grant receivable | 2,800,000 | 2,800,000 | $ 1,500,000 | |||||||||
Adimab, LLC | Adimab Option Agreement | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Collaboration payment obligations | 0 | 0 | ||||||||||
Research and development expense | 100,000 | $ 0 | $ 100,000 | $ 100,000 | ||||||||
Minimum | Funding Agreements with FFG | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Percentage of loans and grants to fund | 50.00% | |||||||||||
Maximum | Funding Agreements with FFG | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Percentage of loans and grants to fund | 70.00% | |||||||||||
Maximum | Adimab, LLC | Adimab Option Agreement | ||||||||||||
Collaboration License And Funding Arrangements [Line Items] | ||||||||||||
Research and development expense | $ 100,000 |
Loans Payable - Schedule of Agg
Loans Payable - Schedule of Aggregate Principal Amount of Debt Outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal amount of debt outstanding | $ 12,789 | $ 14,892 |
Term Loans under 2012 Loan Agreement | ||
Debt Instrument [Line Items] | ||
Principal amount of debt outstanding | 2,917 | 4,667 |
FFG Loans | ||
Debt Instrument [Line Items] | ||
Principal amount of debt outstanding | $ 9,872 | $ 10,225 |
Loans Payable - Schedule of Cur
Loans Payable - Schedule of Current and Non-current Debt obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current liabilities: | ||
Loans payable, net of discount | $ 2,908 | $ 2,314 |
Unamortized debt discount | (9) | (19) |
Non-current liabilities: | ||
Unamortized debt discount | (2,045) | (2,637) |
Loan payable, net of discount and current portion | 7,827 | 9,922 |
Total loans payable, net of discount | 10,735 | 12,236 |
Term Loans under 2012 Loan Agreement | ||
Current liabilities: | ||
Loans payable, net of discount | 2,917 | 2,333 |
Non-current liabilities: | ||
Loans payable, non-current | 2,334 | |
FFG Loans | ||
Non-current liabilities: | ||
Loans payable, non-current | $ 9,872 | $ 10,225 |
Loans Payable - Additional Info
Loans Payable - Additional Information (Details) | Feb. 18, 2018 | Aug. 23, 2016USD ($)shares | Feb. 29, 2016USD ($)shares | Feb. 19, 2016USD ($)$ / shares | Dec. 07, 2012USD ($)$ / sharesshares | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Tranche$ / sharesshares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Feb. 25, 2013shares |
Debt Instrument [Line Items] | ||||||||||||
Tranches | Tranche | 2 | |||||||||||
Prepayment fee percentage to outstanding principal amount | 0.00% | |||||||||||
Aggregate principal loan amount outstanding | $ 12,789,000 | $ 12,789,000 | $ 14,892,000 | |||||||||
Exercise Price One | Common Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants issued to purchase stock | shares | 3,940 | 3,940 | ||||||||||
Warrants exercise price | $ / shares | $ 12.70 | $ 12.70 | ||||||||||
Exercise Price Two | Common Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants issued to purchase stock | shares | 6,474 | 6,474 | ||||||||||
Warrants exercise price | $ / shares | $ 16.22 | $ 16.22 | ||||||||||
Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment fee percentage to outstanding principal amount | 1.00% | |||||||||||
Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment fee percentage to outstanding principal amount | 2.00% | |||||||||||
Series A-2 Warrants | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants exercise price | $ / shares | $ 4.54 | |||||||||||
Warrants expiration date | Dec. 6, 2022 | |||||||||||
Series B Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants exercise price | $ / shares | $ 7.24 | |||||||||||
Warrants expiration date | Feb. 18, 2026 | |||||||||||
Series B Preferred Stock | Common Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants issued to purchase stock | shares | 6,474 | 6,474 | ||||||||||
Warrants exercise price | $ / shares | $ 16.22 | $ 16.22 | ||||||||||
2012 Term Loan A Advance | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings | $ 500,000 | |||||||||||
2012 Term Loan A Advance | Series A-2 Warrants | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants issued to purchase stock | shares | 2,202 | |||||||||||
2012 Loan Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings | $ 2,500,000 | |||||||||||
Maximum borrowing capacity | $ 7,000,000 | $ 7,000,000 | ||||||||||
Additional amounts available to be borrowed | 0 | $ 0 | ||||||||||
Interest rate increase percentage | 4.00% | |||||||||||
2012 Term Loan B Advance | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings | $ 2,000,000 | |||||||||||
2012 Term Loan B Advance | Series A-2 Warrants | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants issued to purchase stock | shares | 8,811 | |||||||||||
2016 Term Loan A Advance | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings | $ 3,500,000 | |||||||||||
Maximum borrowing capacity | $ 3,500,000 | |||||||||||
2016 Term Loan A Advance | Series B Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants issued to purchase stock | shares | 7,251 | |||||||||||
2016 Term Loan B Advance | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings | $ 3,500,000 | |||||||||||
2016 Term Loan B Advance | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Advance amount | 500,000 | $ 500,000 | ||||||||||
2016 Term Loan B Advance | Series B Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants issued to purchase stock | shares | 7,251 | |||||||||||
Term Loans under 2012 Loan Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest expense recognized | 100,000 | $ 100,000 | 200,000 | $ 300,000 | ||||||||
Unamortized debt discount | 9,000,000 | 9,000,000 | 26,000,000 | |||||||||
Aggregate principal payments | 600,000 | 600,000 | 1,800,000 | 1,800,000 | ||||||||
Aggregate principal loan amount outstanding | 2,917,000 | $ 2,917,000 | $ 4,667,000 | |||||||||
Term Loans under 2012 Loan Agreement | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding obligations paid of principal amount | $ 2,700,000 | |||||||||||
Final payment of outstanding obligations | 400,000 | |||||||||||
Term Loans under 2012 Loan Agreement | Maximum | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest expense recognized | $ 100,000 | |||||||||||
2016 Term Loan Advance | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of loan | 5.00% | 4.25% | ||||||||||
Percentage minus Wall Street Journal prime rate | 0.25% | |||||||||||
Prepayment fee percentage to outstanding principal amount | 5.00% | |||||||||||
2016 Term Loan Advance | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of loan | 3.25% | |||||||||||
First Amendment | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Arrangement fee | 20,000 | $ 20,000 | ||||||||||
Legal costs | 7,000 | 7,000 | ||||||||||
FFG Loans | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest expense recognized | 200,000 | 200,000 | 500,000 | 500,000 | ||||||||
Unamortized debt discount | 2,000,000 | 2,000,000 | $ 2,600,000 | |||||||||
Aggregate principal payments | 0 | $ 0 | 0 | $ 0 | ||||||||
Aggregate principal loan amount outstanding | $ 9,872,000 | $ 9,872,000 | $ 10,225,000 | |||||||||
Loan amount maturity start date | Jun. 30, 2020 | |||||||||||
Loan amount maturity end date | Mar. 31, 2023 | |||||||||||
FFG Loans | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of loan | 0.75% | |||||||||||
FFG Loans | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of loan | 2.00% |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Common stock reserved for future issuance | 2,738,039 | 2,187,252 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation arrangement, number of options granted to purchase shares | 0 | 829,500 | ||
Unrecognized compensation cost related to the unvested stock-based awards | $ 10.1 | $ 10.1 | $ 4 | |
Weighted average period over which unrecognized compensation cost related to unvested awards is expected to be recognized | 2 years 10 months 13 days | 2 years 9 months 3 days | ||
Weighted average grant-date fair value per share of stock options granted | $ 11.77 | |||
2017 Equity Incentive Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation arrangement, number of options granted to purchase shares | 585,994 | |||
2010 Special Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation arrangement, number of options granted to purchase shares | 0 | |||
2011 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation arrangement, number of options granted to purchase shares | 0 | |||
Board of Directors | 2017 Equity Incentive Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of number of common stock outstanding | 4.00% | |||
Board of Directors | Maximum | 2017 Equity Incentive Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation arrangement, number of additional shares authorized | 1,025,490 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,066 | $ 273 | $ 2,684 | $ 627 |
Research and Development Expenses | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 292 | 101 | 1,776 | 225 |
General and Administrative Expenses | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 774 | $ 172 | $ 908 | $ 402 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Outstanding, Beginning Balance | 1,403,119 | ||
Number of Shares Granted | 0 | 829,500 | |
Number of Shares Exercised | (21,027) | ||
Number of Shares Forfeited | (163,383) | ||
Number of Shares Outstanding, Ending Balance | 2,048,209 | 2,048,209 | 1,403,119 |
Number of Share Options exercisable as of June 30, 2018 | 610,562 | 610,562 | |
Number of Share Options unvested as of June 30, 2018 | 1,437,647 | 1,437,647 | |
Number of Shares Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 6.26 | ||
Number of Shares Granted, Weighted Average Exercise Price | 17.19 | ||
Number of Shares Exercised, Weighted Average Exercise Price | 7.25 | ||
Number of Shares Forfeited, Weighted Average Exercise Price | 10.75 | ||
Number of Shares Outstanding, Weighted Average Exercise Price, Ending Balance | $ 10.32 | 10.32 | $ 6.26 |
Number of Share Options exercisable, Weighted Average Exercise Price as of June 30, 2018 | 6.41 | 6.41 | |
Number Share Options unvested, Weighted Average Exercise Price as of June 30, 2018 | $ 11.79 | $ 11.79 | |
Number of Shares Outstanding, Weighted Average Remaining Contractual Term at End of Period | 8 years 3 months 18 days | 8 years 9 months 21 days | |
Number of Share Options exercisable, Weighted Average Remaining Contractual Term as of June 30, 2018 | 6 years 5 months 23 days | ||
Number of Share Options unvested, Weighted Average Remaining Contractual Term as of June 30, 2018 | 9 years 25 days | ||
Number of Share Options Outstanding, Aggregate Intrinsic Value Ending Balance | $ 9,128 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net loss | $ (10,900) | $ (11,600) | $ (33,663) | $ (22,690) |
Accretion of redeemable convertible preferred stock to redemption value | (16) | (36) | ||
Net loss attributable to common stockholders | $ (10,900) | $ (11,616) | $ (33,663) | $ (22,726) |
Weighted average common shares outstanding—basic and diluted | 14,315,410 | 513,900 | 14,304,721 | 513,900 |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.76) | $ (22.60) | $ (2.35) | $ (44.22) |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 2,058,623 | 8,388,017 |
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 | 2,048,209 | 1,197,120 |
Warrants to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 10,414 | |
Redeemable Convertible Preferred Stock (as Converted to 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 | 7,180,483 | |
Warrants to Purchase Redeemable Convertible Preferred Stock (as Converted to 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 | 10,414 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2018USD ($)ft² | Nov. 30, 2015 | Jul. 31, 2015USD ($) | Nov. 30, 2010 | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Commitments And Contingencies [Line Items] | ||||||||
Current office space under lease agreement | ft² | 5,711 | |||||||
Original office space under lease agreement | ft² | 10,290 | |||||||
Lease, term of contract | 5 years | |||||||
Lease agreement extension description | The Company has the option to extend the term for one additional five-year period upon the Company’s written notice to the Lessor at least nine months and no more than 12 months in advance of the extension. | |||||||
Lease, renewal term of contract | 5 years | |||||||
Base rent | $ 0.3 | |||||||
Rent expense | $ 0.3 | $ 0.3 | $ 1 | $ 0.9 | ||||
Adimab Option Agreement | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Milestone payments | 24.4 | |||||||
Option fee | 0.3 | |||||||
Restricted Cash | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Security deposit | 0.3 | $ 0.3 | ||||||
Minimum | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Period of written notice for extension | 9 months | |||||||
Maximum | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Period of written notice for extension | 12 months | |||||||
Vienna Lease | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease expiration date | Apr. 30, 2021 | |||||||
Option to extend the lease agreement | The Company has the option to extend the lease agreement for an additional year. | |||||||
Animal-use Lease | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease expiration date | Feb. 28, 2019 | |||||||
Description of term of lease | The lease initially had a one-year noncancelable term, which expired in June 2016, after which the lease became cancelable by either party upon six months’ prior written notice. | |||||||
Base rent | $ 0.4 | |||||||
Waltham Lease | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease expiration date | Jan. 31, 2019 | |||||||
Lease Agreement for Office Space in Waltham MA | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease description | In June 2018, the Company entered into a lease agreement for office space in Waltham, MA (“Lease Agreement”) with BP Bay Colony LLC (the “Lessor”). The Company amended the Lease Agreement in August 2018 (“Amended Lease Agreement”). | |||||||
Manufacturing Commitments | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Minimum payments under agreement with a contract manufacturing organization | $ 0.5 | $ 0.5 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments Due under Operating Leases (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,018 | $ 387 |
2,019 | 823 |
2,020 | 796 |
2,021 | 441 |
2,022 | 263 |
Thereafter | 263 |
Future minimum lease payments due | $ 2,973 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Research and development | $ 9,572,000 | $ 10,601,000 | $ 26,635,000 | $ 18,898,000 | |
Adimab, LLC | Adimab Option Agreement | |||||
Related Party Transaction [Line Items] | |||||
Payments to related party | 16,000 | 58,000 | 100,000 | 100,000 | |
Research and development | 100,000 | 0 | 100,000 | 100,000 | |
Owed to related party | 0 | 0 | $ 21,000 | ||
Adimab, LLC | Adimab Option Agreement | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Research and development | 100,000 | ||||
EveliQure Biotechnologies GmbH | Services and Facilities Agreement | |||||
Related Party Transaction [Line Items] | |||||
Payments received from related party | 100,000 | 100,000 | |||
Due from related party | $ 100,000 | ||||
EveliQure Biotechnologies GmbH | Services and Facilities Agreement | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Payments received from related party | 100,000 | 100,000 | |||
Other income from related party | 100,000 | $ 100,000 | 100,000 | $ 100,000 | |
Due from related party | $ 100,000 | $ 100,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Subsequent Event | Term Loans under 2012 Loan Agreement | |
Subsequent Event [Line Items] | |
Outstanding obligations paid | $ 3.1 |