Cover Page
Cover Page - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Nov. 02, 2020 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Sep. 30, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-38295 | ||
Entity Registrant Name | X4 PHARMACEUTICALS, INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-3181608 | ||
Entity Address, Address Line One | 61 North Beacon Street | ||
Entity Address, Address Line Two | 4th Floor | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02134 | ||
City Area Code | 857 | ||
Local Phone Number | 529-8300 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | XFOR | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 16,286,645 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q3 | ||
Entity Central Index Key | 0001501697 | ||
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 88,812 | $ 126,184 |
Research and development incentive receivable | 629 | 1,998 |
Prepaid expenses and other current assets | 4,472 | 1,096 |
Total current assets | 93,913 | 129,278 |
Property and equipment, net | 1,334 | 403 |
Goodwill | 27,109 | 27,109 |
Right-of-use assets | 8,222 | 1,959 |
Other assets | 2,548 | 1,949 |
Total assets | 133,126 | 160,698 |
Current liabilities: | ||
Accounts payable | 3,891 | 2,088 |
Accrued expenses | 8,532 | 6,461 |
Current portion of lease liability | 756 | 898 |
Total current liabilities | 13,179 | 9,447 |
Long-term debt, including accretion, net of discount | 25,537 | 20,097 |
Lease liabilities | 4,677 | 1,918 |
Other liabilities | 25 | 16 |
Total liabilities | 43,418 | 31,478 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 125,000,000 and 33,333,333 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 16,286,645 and 16,128,862 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 16 | 16 |
Additional paid-in capital | 265,586 | 261,367 |
Accumulated other comprehensive loss | (119) | (119) |
Accumulated deficit | (175,775) | (132,044) |
Total stockholders’ equity | 89,708 | 129,220 |
Total liabilities and stockholders’ equity | $ 133,126 | $ 160,698 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 33,333,333 |
Common stock, shares issued | 16,286,645 | 16,128,862 |
Common stock, shares outstanding | 16,286,645 | 16,128,862 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
License revenue | $ 0 | $ 0 | $ 3,000 | $ 0 |
Operating expenses: | ||||
Research and development | 11,381 | 8,589 | 29,634 | 23,098 |
General and administrative | 5,599 | 4,383 | 15,585 | 13,726 |
Loss on transfer of non-financial assets | 0 | 4,004 | 0 | 4,004 |
Total operating expenses | 16,980 | 16,976 | 45,219 | 40,828 |
Loss from operations | (16,980) | (16,976) | (42,219) | (40,828) |
Other income (expense): | ||||
Interest income | 0 | 464 | 272 | 927 |
Interest expense | (697) | (688) | (1,968) | (1,599) |
Change in fair value of preferred stock warrant liability | 0 | 0 | 0 | (288) |
Change in fair value of derivative liability | 0 | 0 | 0 | 183 |
Other income | 228 | 52 | 494 | 201 |
Loss on extinguishment of debt | 0 | (566) | (162) | (566) |
Total other expense, net | (469) | (738) | (1,364) | (1,142) |
Loss before provision for income taxes | (17,449) | (17,714) | (43,583) | (41,970) |
Provision for income taxes | 0 | 0 | 148 | 0 |
Net loss | (17,449) | (17,714) | (43,731) | (41,970) |
Accruing dividends on Series A convertible preferred stock | 0 | 0 | 0 | (592) |
Net loss attributable to common stockholders | $ (17,449) | $ (17,714) | $ (43,731) | $ (42,562) |
Net loss per share attributable to common stock holders—basic and diluted (usd per share) | $ (0.87) | $ (1.22) | $ (2.18) | $ (4.31) |
Weighted average common shares outstanding—basic and diluted (in shares) | 20,085,000 | 14,562,000 | 20,035,000 | 9,866,000 |
Net loss | $ (17,449) | $ (17,714) | $ (43,731) | $ (41,970) |
Currency translation adjustments | 0 | (77) | 0 | (119) |
Total comprehensive loss | $ (17,449) | $ (17,791) | $ (43,731) | $ (42,089) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Series Seed, A and B Convertible Preferred | Redeemable Common Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Convertible preferred shares, beginning balance, shares at Dec. 31, 2018 | 40,079,567 | ||||||
Convertible preferred shares, beginning balance at Dec. 31, 2018 | $ 64,675 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Conversion of convertible preferred shares into common stock, shares | (40,079,567) | 3,808,430 | |||||
Conversion of convertible preferred shares into common stock | $ 64,675 | $ (64,675) | $ 4 | $ 64,671 | |||
Convertible preferred shares, ending balance, shares at Mar. 31, 2019 | 0 | ||||||
Convertible preferred shares, ending balance at Mar. 31, 2019 | $ 0 | ||||||
Beginning balance, shares at Dec. 31, 2018 | 107,364 | 351,652 | |||||
Beginning balance at Dec. 31, 2018 | (77,086) | $ 734 | $ 0 | 2,151 | $ 0 | $ (79,237) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of redeemable common stock into common stock, shares | 107,364 | 107,364 | |||||
Conversion of redeemable common stock into common stock | 733 | $ (734) | $ 0 | 733 | |||
Exchange of common stock in connection with Merger, shares | 2,440,582 | ||||||
Exchange of common stock in connection with Merger | 45,541 | $ 2 | 45,539 | ||||
Fair value of replacement equity awards | 817 | 817 | |||||
Reclassification of warrant liability to permanent equity | 5,235 | 5,235 | |||||
Exercise of stock options, shares | 16,483 | ||||||
Exercise of stock options | 113 | 113 | |||||
Stock-based compensation expense | 262 | 262 | |||||
Currency translation adjustment | 23 | 23 | |||||
Net loss | (10,873) | (10,873) | |||||
Ending balance, shares at Mar. 31, 2019 | 0 | 6,724,511 | |||||
Ending balance at Mar. 31, 2019 | 29,440 | $ 0 | $ 6 | 119,521 | 23 | (90,110) | |
Convertible preferred shares, beginning balance, shares at Dec. 31, 2018 | 40,079,567 | ||||||
Convertible preferred shares, beginning balance at Dec. 31, 2018 | $ 64,675 | ||||||
Beginning balance, shares at Dec. 31, 2018 | 107,364 | 351,652 | |||||
Beginning balance at Dec. 31, 2018 | (77,086) | $ 734 | $ 0 | 2,151 | 0 | (79,237) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of redeemable common stock into common stock | 734 | ||||||
Net loss | (41,970) | ||||||
Ending balance, shares at Sep. 30, 2019 | 12,436,205 | ||||||
Ending balance at Sep. 30, 2019 | 79,107 | $ 12 | 200,421 | (119) | (121,207) | ||
Convertible preferred shares, beginning balance, shares at Mar. 31, 2019 | 0 | ||||||
Convertible preferred shares, beginning balance at Mar. 31, 2019 | $ 0 | ||||||
Convertible preferred shares, ending balance, shares at Jun. 30, 2019 | 0 | ||||||
Convertible preferred shares, ending balance at Jun. 30, 2019 | $ 0 | ||||||
Beginning balance, shares at Mar. 31, 2019 | 0 | 6,724,511 | |||||
Beginning balance at Mar. 31, 2019 | 29,440 | $ 0 | $ 6 | 119,521 | 23 | (90,110) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, New Issues | 5,670,000 | ||||||
Stock Issued During Period, Value, New Issues | 79,297 | $ 6 | 79,291 | ||||
Exercise of stock options, shares | 700 | ||||||
Exercise of stock options | 5 | 5 | |||||
Exercise of warrants | 440 | 440 | |||||
Stock Issued During Period Shares Warrants Exercised | 33,846 | ||||||
Stock-based compensation expense | 433 | 433 | |||||
Currency translation adjustment | (65) | (65) | |||||
Net loss | (13,383) | (13,383) | |||||
Ending balance, shares at Jun. 30, 2019 | 0 | 12,429,057 | |||||
Ending balance at Jun. 30, 2019 | 96,167 | $ 0 | $ 12 | 199,690 | (42) | (103,493) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options, shares | 7,148 | ||||||
Exercise of stock options | 40 | 40 | |||||
Stock-based compensation expense | 691 | 691 | |||||
Currency translation adjustment | (77) | (77) | |||||
Net loss | (17,714) | (17,714) | |||||
Ending balance, shares at Sep. 30, 2019 | 12,436,205 | ||||||
Ending balance at Sep. 30, 2019 | 79,107 | $ 12 | 200,421 | (119) | (121,207) | ||
Beginning balance, shares at Dec. 31, 2019 | 16,128,862 | ||||||
Beginning balance at Dec. 31, 2019 | 129,220 | $ 16 | 261,367 | (119) | (132,044) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options, shares | 13,006 | ||||||
Exercise of stock options | 96 | 96 | |||||
Stock-based compensation expense | 613 | 613 | |||||
Net loss | (11,138) | (11,138) | |||||
Ending balance, shares at Mar. 31, 2020 | 16,141,868 | ||||||
Ending balance at Mar. 31, 2020 | 118,791 | $ 16 | 262,076 | (119) | (143,182) | ||
Beginning balance, shares at Dec. 31, 2019 | 16,128,862 | ||||||
Beginning balance at Dec. 31, 2019 | 129,220 | $ 16 | 261,367 | (119) | (132,044) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of redeemable common stock into common stock | $ 0 | ||||||
Exercise of stock options, shares | 17,689 | ||||||
Net loss | $ (43,731) | ||||||
Ending balance, shares at Sep. 30, 2020 | 16,286,645 | ||||||
Ending balance at Sep. 30, 2020 | $ 89,708 | $ 16 | 265,586 | (119) | (175,775) | ||
Beginning balance, shares at Mar. 31, 2020 | 16,141,868 | ||||||
Beginning balance at Mar. 31, 2020 | 118,791 | $ 16 | 262,076 | (119) | (143,182) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options, shares | 407 | ||||||
Exercise of stock options | 2 | 2 | |||||
Issuance of shares under employee stock purchase plan, shares | 10,057 | ||||||
Issuance of shares under employee stock purchase plan | 76 | 76 | |||||
Vesting of restricted stock units, less shares withheld and retired to satisfy tax obligations, shares | 23,822 | ||||||
Vesting of restricted stock units, less shares withheld and retired to satisfy tax obligations | (14) | $ (14) | |||||
Stock-based compensation expense | 1,173 | 1,173 | |||||
Net loss | $ (15,144) | (15,144) | |||||
Ending balance, shares at Jun. 30, 2020 | 16,176,154 | ||||||
Ending balance at Jun. 30, 2020 | $ 104,884 | $ 16 | 263,313 | (119) | (158,326) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options, shares | 4,276 | ||||||
Exercise of stock options | 29 | 29 | |||||
Vesting of restricted stock units, less shares withheld and retired to satisfy tax obligations | 2,244 | $ 2,244 | |||||
Stock-based compensation expense | (17,449) | ||||||
Net loss | $ (17,449) | ||||||
Ending balance, shares at Sep. 30, 2020 | 16,286,645 | ||||||
Ending balance at Sep. 30, 2020 | $ 89,708 | $ 16 | $ 265,586 | $ (119) | $ (175,775) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (43,731) | $ (41,970) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 4,030 | 1,386 |
Depreciation and amortization expense | 248 | 71 |
Loss on transfer of non-financial assets | 0 | 4,004 |
Non-cash lease expense | 588 | 416 |
Accretion of debt discount | 389 | 584 |
Loss on extinguishment of debt | 162 | 566 |
Change in fair value of preferred stock warrant liability | 0 | 288 |
Change in fair value of derivative liability | 0 | (183) |
Other | (219) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses, other current assets and research and development incentive receivable | (2,420) | 290 |
Accounts payable | 121 | (3,131) |
Accrued expenses | 1,722 | (595) |
Lease liabilities | (904) | (540) |
Operating lease right-of-use asset, net of non-cash portion | 1,300 | 0 |
Net cash used in operating activities | (41,314) | (38,814) |
Cash flows from investing activities: | ||
Cash, cash equivalents and restricted cash acquired in connection with the Merger | 0 | 26,406 |
Proceeds from transfer of non-financial assets | 0 | 896 |
Acquisition of property, equipment and intangible assets | (1,060) | (91) |
Net cash (used in) provided by investing activities | (1,060) | 27,211 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and warrants | 468 | 605 |
Employee taxes paid related to net share settlement of vested restricted stock units | (278) | 0 |
Proceeds from borrowings under loan and security agreements, net of issuance costs | 4,888 | 9,849 |
Proceeds from sale of common stock and warrants, net of issuance costs | (313) | 79,291 |
Repayments of borrowings under loan and security agreement | 0 | (9,368) |
Net cash provided by financing activities | 4,765 | 80,377 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 240 | (266) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (37,369) | 68,508 |
Cash, cash equivalents and restricted cash at beginning of period | 128,086 | 8,498 |
Cash, cash equivalents and restricted cash at end of period | 90,717 | 77,006 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Acquisition of property, equipment and right-of-use assets included in accounts payable and accrued expenses | 2,052 | 38 |
Acquisition of right-of-use asset financed by lease liabilities | 4,646 | 0 |
Issuance costs not yet paid | 178 | 0 |
Conversion of convertible preferred stock into common stock | 0 | 64,675 |
Conversion of redeemable common stock into common stock | 0 | 734 |
Conversion of convertible preferred stock warrants into common stock warrants | 0 | 5,235 |
Fair value of net assets acquired in the Merger | $ 0 | $ 46,358 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | Nature of the Business and Basis of Presentation X4 Pharmaceuticals, Inc. (together with its subsidiaries, the “Company”) is a late-stage clinical biopharmaceutical company focused on the research, development and commercialization of novel therapeutics for the treatment of rare diseases. The Company’s lead product candidate, mavorixafor, is a potential first-in-class, once-daily, oral inhibitor of CXCR4 and is currently in a Phase 3 clinical trial for the treatment of Warts, Hypogammaglobulinemia, Infections, and Myelokathexis (“WHIM”) syndrome, a rare, inherited, primary immunodeficiency disease caused by genetic mutations in the CXCR4 receptor gene. The Company is also conducting a 14-day, proof-of-concept Phase 1b clinical trial of mavorixafor in patients with severe congenital neutropenia (“SCN”) and a Phase 1b clinical trial of mavorixafor in combination with ibrutinib in Waldenström’s macroglobulinemia (“Waldenström’s”). Liquidity— As of September 30, 2020, the Company had $88.8 million of cash and cash equivalents and an accumulated deficit of $175.8 million. As of the issuance date of these condensed consolidated financial statements, the Company expects that its cash and cash equivalents will be sufficient to fund its forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance date of these condensed consolidated financial statements. Since its inception, the Company has incurred significant operating losses and negative cash flows from operations. The Company has not yet commercialized a product and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, will need additional capital to fund its future operations, which it may raise through a combination of equity offerings, debt financings, other third-party funding, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements. The Company has funded its operations to date primarily with proceeds from sales of common stock, warrants and prefunded warrants for the purchase of shares of preferred stock and shares of common stock, sales of preferred stock, proceeds from the issuance of convertible debt and borrowings under loan and security agreements. If the Company is unable to obtain future funding when needed, the Company may be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or pre-commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. There is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. Impact of the COVID-19 Pandemic— The impact of the COVID-19 pandemic has been and is expected to continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. Impacts to the Company’s business have included temporary closures or postponements of activation of its clinical trial sites or facilities, disruptions or restrictions on its employees’ ability to travel, disruptions to or delays in ongoing clinical trials, including patient enrollment at a slower pace than initially projected and the diversion of healthcare resources away from the conduct of the Company’s clinical trials as a result of the ongoing COVID-19 pandemic, including the diversion of hospitals serving as the Company’s clinical trial sites and hospital staff supporting the conduct of the Company's clinical trials. Merger with Arsanis— On November 26, 2018, Arsanis, Inc., a publicly held Delaware corporation (“Arsanis”), Artemis AC Corp., a Delaware corporation and a wholly-owned subsidiary of Arsanis (“Merger Sub”), and X4 Therapeutics, Inc. (“X4”) entered into an Agreement and Plan of Merger, as amended on December 20, 2018 and March 8, 2019 (the “Merger Agreement”), pursuant to which the Merger Sub merged with and into X4, with X4 surviving the merger as a wholly-owned subsidiary of Arsanis. The transactions described in the foregoing sentence may be referred to in these condensed consolidated financial statements as “the Merger.” On March 13, 2019, Arsanis, X4 and Merger Sub completed the Merger pursuant to the terms of the Merger Agreement. Pursuant to the terms of the Merger Agreement, each outstanding share of X4’s common stock and preferred stock was exchanged for 0.5702 shares of Arsanis’ common stock (the “Exchange Ratio”). In addition, all outstanding options exercisable for common stock and warrants exercisable for convertible preferred stock of X4 became options and warrants exercisable for the same number of shares of common stock of Arsanis multiplied by the Exchange Ratio. In connection with the Merger, X4 changed its name to X4 Therapeutics, Inc. Following the closing of the Merger, X4 Therapeutics, Inc. became a wholly-owned |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant Accounting Policies— The Company’s significant accounting policies are disclosed in the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the notes thereto filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2020. Since the date of those consolidated financial statements, there have been no material changes to the Company's significant accounting policies other than as listed below. Risks and Uncertainties— With the global spread of the ongoing COVID-19 pandemic in the first half of 2020, the Company has implemented and continues to evaluate business continuity measures designed to address and mitigate the impact of the COVID-19 pandemic on its business. The COVID-19 pandemic has impacted and is expected to continue to impact the clinical development timelines for certain of the Company's clinical programs. The extent to which the COVID-19 pandemic impacts the Company’s business, its clinical development and regulatory efforts, its corporate development objectives and the value of and market for its common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. While the Company is experiencing limited financial impacts at this time, the duration and intensity of these impacts and resulting disruption to the Company's operations is uncertain and the Company will continue to assess the financial impact. In addition, the Company is subject to other challenges and risks specific to its business and its ability to execute on its business plan and strategy, as well as risks and uncertainties common to companies in the biotechnology industry with research and development operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of its product candidates; delays or problems in obtaining clinical supply, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing its intellectual property rights; and the challenges of complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it is expected also to have the effect of heightening many of the other risks and uncertainties discussed above. Principles of Consolidation— The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including X4 Pharmaceuticals (Austria) GmbH, which is incorporated in Vienna, Austria (“X4 GmbH”), and X4 Therapeutics, Inc. All significant intercompany accounts and transactions have been eliminated. Unaudited Interim Condensed Consolidated Financial Statements— The condensed consolidated balance sheet at December 31, 2019 that is presented in these interim condensed consolidated financial statements was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements are unaudited. The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Accordingly, 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 interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 12, 2020. 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, condensed results of its operations and cash flows have been made. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. Use of Estimates— The preparation of the Company’s condensed consolidated 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 condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, the impairment or lack of impairment of long-lived assets including operating lease right-of-use assets and goodwill, and the constraint of variable consideration from contracts with customers. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The COVID-19 pandemic has impacted and is expected to continue to impact the clinical development timelines for certain of the Company's clinical programs. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. Cash and Cash Equivalents— The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of September 30, 2020 and December 31, 2019. Restricted Cash— (in thousands) As of September 30, 2020 As of December 31, 2019 Letter of credit security: Cambridge lease $ 264 $ 264 Letter of credit security: Waltham lease 250 250 Letter of credit security: Vienna Austria lease 97 94 Letter of credit security: Boston lease 1,144 1,144 Corporate credit card collateral 150 150 Total restricted cash (non-current) $ 1,905 $ 1,902 In connection with the Company’s lease agreements for its facilities in Massachusetts and Austria, the Company maintains letters of credit, which are secured by restricted cash, for the benefit of the respective landlord. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the sum of the total of amounts shown in the Company’s condensed consolidated statements of cash flows as of September 30, 2020, December 31, 2019, September 30, 2019 and December 31, 2018: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 Cash and cash equivalents $ 88,812 $ 126,184 $ 76,251 $ 8,134 Restricted cash, non-current 1,905 1,902 755 364 Total cash, cash equivalents and restricted cash $ 90,717 $ 128,086 $ 77,006 $ 8,498 Goodwill— Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. The Company has determined that it operates in a single operating segment and has a single reporting unit. The Company assesses qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If after assessing the totality of events or circumstances, the Company were to determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company would perform an interim quantitative impairment test, whereby the Company compares the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value of its net assets, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than its carrying value, the Company measures the amount of impairment loss, if any, as the excess of the carrying value over the fair value of the reporting unit. Given the declaration of the COVID-19 pandemic and associated volatility reflected in the global financial markets and uncertain impact on the Company’s operations, management conducted an interim test of its goodwill as of March 31, 2020 and determined that goodwill was not impaired as of that date. There were no additional triggering events during the nine months ended September 30, 2020 that necessitated an interim impairment test of goodwill. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, (“ASU 2018-15”). The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The new standard was effective beginning January 1, 2020 and was adopted by the Company on that date. The adoption of ASU 2018-15 did not have an impact on the Company's consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which removes, adds and modifies certain disclosure requirements for fair value measurements in Topic 820. The Company will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy as well as the valuation processes of Level 3 fair value measurements. The Company will be required to provide additional disclosure related to the changes in unrealized gains and losses included in other comprehensive loss for recurring Level 3 fair value measurements and the range and weighted average of assumptions used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for the Company on January 1, 2020 and was adopted on that date. The adoption of ASU 2018-13 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes, including the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company does not anticipate that the adoption of ASU 2019-12 will have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13"), as amended. ASU 2016-13 requires that financial assets measured at amortized cost, such as trade receivables, be presented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions, and future expectation for each pool of similar financial asset. The new guidance requires enhanced disclosures related to trade receivables and associated credit losses. In accordance with ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivative and Hedging (Topic 815), and Leases (Topic 842)- Effective Dates, |
License, Collaboration, and Fun
License, Collaboration, and Funding Agreements | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
License, Collaboration, and Funding Agreements | License, Collaboration and Funding Agreements There were no material modifications of the Company’s license, collaboration or funding agreements during the three months ended September 30, 2020. Research and Development Incentive Program 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 is 14% for the years ended December 31, 2020 and 2019. As of September 30, 2020, the amount due under the program is $0.6 million, which amount was included in research and development incentive receivable in the condensed consolidated balance sheet. During the three and nine months ended September 30, 2020, the Company recorded $97 thousand and $267 thousand of income, respectively, related to the program within the condensed consolidated statements of operations as “other income”. Abbisko Agreement In July 2019, the Company entered into a license agreement, (the “Abbisko Agreement”) with Abbisko Therapeutics Co., Ltd., (“Abbisko”). Under the terms of the Abbisko Agreement, the Company granted Abbisko the exclusive right to develop, manufacture and commercialize mavorixafor in mainland China, Taiwan, Hong Kong and Macau, the (“Abbisko Territory”). The agreement provides Abbisko with the exclusive rights in the Abbisko Territory to develop and commercialize mavorixafor in combination with checkpoint inhibitors or other agents in multiple oncology indications. The Company retains the full rest-of-world rights to develop and commercialize mavorixafor outside of the Abbisko Territory for all indications and the Company has the ability to utilize data generated pursuant to the Abbisko collaboration for rest-of-world development. Assuming mavorixafor is developed by Abbisko in six indications, the Company would be entitled to milestone payments of up to $208 million, which will vary based on the ultimate sales, if any, of the approved licensed products. In addition, upon commercialization of mavorixafor in the Abbisko Territory, the Company is eligible to receive a tiered royalty, with a percentage range in the low double-digits, on net sales of approved licensed products. Abbisko is obligated to use commercially reasonable efforts to develop and commercialize mavorixafor in the Abbisko Territory. Following the closing of a qualified financing (as such term is defined in the Abbisko Agreement), Abbisko was required to pay the Company a one-time, non-refundable, non-creditable financial milestone payment of $3.0 million. Abbisko achieved such qualified financing in March 2020 and, as a result, the Company was eligible to receive the milestone payment, which was received by the Company in April 2020. The Company is also eligible to receive potential development and regulatory milestone payments, which vary based on the number of indications developed, and potential commercial milestone payments based on annual net sales of mavorixafor-based licensed products. Upon entering into the Abbisko Agreement, the Company evaluated the agreement under Accounting Standards Codification Topic 606 (“ASC 606”) and determined the agreement contained a single performance obligation related to the exclusive license to develop and commercialize mavorixafor and the transfer of know-how that was satisfied at the inception of the arrangement. The transaction price related to the transfer of the license and know-how was fully constrained at the inception of the arrangement and the Company ascribed no transaction price to the development, regulatory and commercial milestones under the “most-likely-amount” method. The Company concluded that any consideration related to the initial transfer of the license and know-how will be recognized when it is probable that Abbisko will achieve the related financial milestone and other operational milestones. As a result of Abbisko’s achievement of the qualified financing, the Company reversed the constraint related to this milestone and recognized $3.0 million of license revenue during the three months ended March 31, 2020. As of September 30, 2020, Abbisko has not achieved any additional development or regulatory operational milestones, other than as noted above and, therefore, the Company continues to fully constrain the value of any future milestone payments. The Company will continue to re-evaluate the transaction price and associated constrained amounts in each reporting period and as uncertain events are resolved or other changes in circumstances occur. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair Value Measurements as of September 30, 2020 Using: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 46,815 $ 1,843 $ — $ 48,658 $ 46,815 $ 1,843 $ — $ 48,658 Liabilities: None Fair Value Measurements as of December 31, 2019 Using: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 23,638 $ 39,999 $ — $ 63,637 $ 23,638 $ 39,999 $ — $ 63,637 Liabilities: None The Company’s cash equivalents consisted of money market funds invested in U.S. Treasury securities. The money market funds were valued based on reported market pricing for the identical assets, which represents a Level 1 measurement, or by using inputs observable in active markets for similar securities, which represents a Level 2 measurement. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following: (in thousands) September 30, December 31, 2019 Leasehold improvements $ 216 $ 299 Furniture and fixtures 913 139 Computer equipment 47 37 Software 33 33 Lab equipment 296 159 1,505 667 Less: Accumulated depreciation and amortization (171) (264) $ 1,334 $ 403 Depreciation and amortization expense related to property and equipment was $248 thousand and $71 thousand for the nine months ended September 30, 2020 and 2019 respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following: (in thousands) September 30, December 31, Accrued employee compensation and benefits $ 3,968 2,916 Accrued external research and development expenses 3,086 1,977 Accrued professional fees 768 1,347 Accrued lease construction costs 207 — Other 503 221 $ 8,532 $ 6,461 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: (in thousands) September 30, December 31, Principal amount of long-term debt $ 25,000 $ 20,000 Debt discount, net of accretion 229 (317) Cumulative accretion of final payment due at maturity 308 414 Long-term debt, including accretion $ 25,537 $ 20,097 Hercules Loan Agreements In October 2018, the Company entered into the Loan and Security Agreement, as amended in December 2019 (the “Hercules Loan Agreement”), under which the Company borrowed an aggregate of $10.0 million under a term loan. In June 2019, the Company refinanced the Hercules Loan Agreement and entered into an Amended and Restated Loan and Security Agreement (the “Amended and Restated Loan Agreement”) with Hercules. The Amended and Restated Loan Agreement provided for aggregate maximum borrowings of $35.0 million, under which $20.0 million was borrowed, including $10.0 million that was previously outstanding and $10.0 million in new borrowings. Borrowings under the Amended and Restated Agreement accrued interest at a variable rate equal to the greater of (i) 8.75% or (ii) The Wall Street Journal prime rate plus 2.75%. In an event of default and until such event is no longer continuing, the interest rate applicable to borrowings under the Amended and Restated Agreement would be increased by 4.0%. On March 13, 2020, the Company entered into a First Amendment to the Amended and Restated Loan and Security Agreement dated June 27, 2019 (collectively the “Amended Loan Agreement”) with Hercules, which provides for aggregate maximum borrowings of up to $50.0 million. The Amended Loan Agreement provides for (i) a term loan of $25.0 million, including the $20.0 million previously outstanding under the Amended and Restated Loan Agreement and an additional $5.0 million drawn at the closing of the first amendment on March 13, 2020, (ii) subject to the achievement of certain performance milestones and other conditions, a right of the Company to request that Hercules make additional term loan advances in an aggregate amount of up to $7.5 million through June 30, 2021, (iii) subject to the achievement of certain performance milestones and conditions, a right of the Company to request that Hercules make additional term loan advances in an aggregate amount of up to $7.5 million through June 30, 2022 and (iv) subject to Hercules investment committee’s sole discretion, a right of the Company to request that Hercules make additional term loan advances in an aggregate amount of up to $10.0 million through December 31, 2022. Borrowings under the Amended Loan Agreement bear interest at a variable rate equal to a per annum rate of interest equal to the greater of either (i) 3.75% plus the prime rate as reported in The Wall Street Journal , and (ii) 8.75%. In an event of default, as defined in the Amended Loan Agreement, and until such event is no longer continuing, the interest rate applicable to borrowings under the Amended Loan Agreement would be increased by 4.0%. Borrowings under the Amended Loan Agreement are repayable in monthly interest-only payments through January 1, 2022, and in equal monthly payments of principal and accrued interest from February 1, 2022 until the maturity date of the loan, which is July 1, 2023. The Company may prepay all, but not less than all, of the outstanding borrowings, subject to a prepayment premium of up to 2.0%, 1.0% or 0.5% of the principal amount outstanding as of the date of repayment, in each case depending on when such repayment is made. In addition, the Amended Loan Agreement provides for payments of (i) $0.8 million payable upon the earlier of November 1, 2021 or the repayment in full of all obligations under the Amended Loan Agreement, and (ii) 4.0% of the aggregate principal amount of all Term Loan Advances drawn under the Amended Loan Agreement, payable upon the earlier of the maturity of the Amended Loan Agreement or the repayment in full of all obligations under the Amended Loan Agreement. Borrowings under the Amended Loan Agreement are collateralized by substantially all of the Company’s personal property and other assets except for their intellectual property (but including rights to payment and proceeds from the sale, licensing or disposition of the intellectual property). Under the Amended Loan Agreement, the Company has agreed to affirmative and negative covenants to which it will remain subject until maturity or repayment of the loan in full. The covenants include, without limitation: (a) Effective upon the date the outstanding principal amount of the advances under the Amended Loan Agreement exceeds $25.0 million, which has not yet occurred, the Company at all times thereafter must maintain cash in an account or accounts in which Hercules has a first priority security interest, in an aggregate amount greater than or equal to the greater of (i) $30.0 million or (ii) 6 multiplied by a metric based on prior months’ cash expenditures (“RML”); provided, however, that from and after the Company’s achievement of certain performance milestones, the required level shall be reduced to the greater of (x) $20.0 million, or (y) 3 multiplied by the current RML; and provided further, that subject to the achievement of certain milestones, this covenant shall be extinguished. (b) Restrictions on the Company’s ability to incur additional indebtedness, pay dividends, encumber its intellectual property, or engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses, with certain exceptions. The Company’s obligations under the Amended Loan Agreement are subject to acceleration upon the occurrence of specified events of default, including payment default, insolvency and a material adverse change in the Borrower’s business, operations or financial or other condition. In addition, under the Amended Loan Agreement, Hercules has the right to participate, in a cumulative amount of up to $3.0 million in the aggregate, of which $1.0 million has already been exercised, and subject to exceptions as provided in the Amended Loan Agreement, in any future offering of the Company’s equity securities for cash that is solely for financing purposes and is broadly marketed to multiple investors. The Company concluded that the previous debt under the Amended and Restated Loan Agreement was extinguished based on the difference in the cash flows of the previous and new debt. Accordingly, the difference between the carrying amount of the previous debt, including the unamortized debt discount, and the fair value of the new debt under the Amended Loan Agreement was recorded as a $162 thousand loss on extinguishment of debt for the nine months ended September 30, 2020. Legal and consulting fees paid to third parties directly related to the new debt have been deferred and will be amortized to interest expense over the life of the new debt arrangement using the effective interest method. The Company recognized aggregate interest expense under its loan agreements with Hercules of $0.7 million and $2.0 million during the three and nine months ended September 30, 2020, respectively, and $0.4 million and $0.7 million for the three and nine months ended September 30, 2019, respectively. Interest expense includes $0.1 million and $0.4 million for the three and nine months ended September 30, 2020, respectively, related to the accretion of the debt discount and the final payment. The annual effective interest rate of the Amended Loan Agreement as of September 30, 2020 is 10.7%. There were no principal payments due or paid under the Amended Loan Agreement during the nine months ended September 30, 2020. As of September 30, 2020, future principal payments and the final payment due under the Amended Loan Agreement were as follows (in thousands): Year Ending December 31, Total 2020 $ — 2021 — 2022 14,871 2023 10,129 Long-term debt $ 25,000 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company has lease agreements for its facilities in Boston, Massachusetts, which is the Company’s principal executive office; Vienna, Austria, which is the Company’s research and development center; and Waltham, Massachusetts, Arsanis' former research offices which the Company has sublet to a third party. The Company terminated its former office lease in Cambridge, Massachusetts as of September 30, 2020 as described below. There are no restrictions or financial covenants associated with any of the lease agreements. Cambridge Lease— In August 2017, the Company entered into a non-cancellable operating lease agreement for office space of approximately thirteen thousand square feet in Cambridge, Massachusetts (“Cambridge Lease”) which had an original expiration date of July 31, 2022. The Company reached an agreement with the landlord on July 17, 2020 to terminate the lease effective September 30, 2020 in exchange for a fee. The Company accounted for the lease modification prospectively from the date of the termination through the new lease termination date of September 30, 2020. As of September 30, 2020, the right-of-use asset and associated lease liabilities were retired from the condensed consolidated balance sheet. The Company must maintain a letter of credit of $264 thousand, which is secured by restricted cash, for the benefit of the landlord until October 30, 2020. Waltham Lease— The Company leases approximately six thousand square feet of office space in Waltham, Massachusetts (“Waltham Lease”). The Waltham Lease, as amended, commenced on January 1, 2019, and expires approximately five years from the commencement date. The base rent is approximately $262 thousand annually. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes, which costs are not included in the determination of the leases’ right-of-use assets or lease liabilities. The Company is subleasing the space to a third party for the duration of the lease. The right-of-use asset is being amortized to rent expense over the five Vienna Austria Leases— The Company has an operating lease, as amended, for approximately 400 square meters of laboratory and office space in Vienna, Austria ("2019 Vienna Lease"), which commenced on March 1, 2019, as amended, for a term of 2 years and is cancellable by the Company upon three months’ notice with no penalty. The annual base rent for the 2019 Vienna Lease is approximately $155 thousand. The Company classified the 2019 Vienna Lease as a short-term lease as it is not reasonably certain that the Company would not terminate the lease within one year and, accordingly, the lease is not recorded as a right-of-use asset. In September 2020, the Company entered into a new operating lease for approximately 1,200 square meters of laboratory and office space in Vienna, Austria ("Vienna Lease"), which is expected to commence in March 2021 for a term of 7 years and will replace the 2019 Vienna Lease. The Company will contribute approximately $575 thousand to building improvements in connection with the Vienna Lease. The annual base rent for the Vienna Lease, following a 6-month rent free period, will be approximately $300 thousand. The Company will record a right-of-use asset and associated lease liabilities upon the commencement of the Vienna Lease in 2021. Boston Lease — On November 11, 2019, the Company entered into a lease agreement for approximately 28,000 square feet of office space that was subsequently constructed in a vacant building located in Boston, Massachusetts (“Boston Lease”). The office space is the Company’s current headquarters replacing the Cambridge Lease. Monthly rent payments under the Boston Lease commenced in May 2020. Base rental payments will be approximately $1.0 million annually, plus certain operating expenses. The term of the Boston Lease will continue until November 2026, unless earlier terminated. The Company has the right to sublease the premises, subject to landlord consent and also has the right to renew the Boston Lease for an additional five years at the then prevailing effective market rental rate. The Company is required to maintain a security deposit in the form of a letter of credit for $1.1 million for the benefit of the landlord. For the Boston lease, the Company participated in the construction of the office space and has incurred construction costs to prepare the office space for its use, which have been partially reimbursed by the landlord. The Company has concluded that these construction costs generate and enhance the landlord’s assets, and, as such, unreimbursed construction costs incurred by the Company to prepare the office space for its use have been classified a part of the right-of-use asset. The commencement date for the Boston Lease was September 1, 2020 upon substantial completion of the landlord's asset. On the commencement date, the Company recognized a lease liability of $4.6 million reflecting the future rent payments for the term of the Boston Lease discounted at the Company's collateralized borrowing rate, and a right-of-use asset of $8.0 million measured as the lease liability plus rent payments made and unreimbursed construction costs incurred prior to the commencement date. The Company began recognizing rent expense following the commencement date. As the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The components of lease expense for the three and nine months ended September 30, 2020 and 2019 were as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Lease Cost 2020 2019 2020 2019 Fixed operating lease cost $ 413 $ 225 $ 847 $ 610 Short-term lease costs 40 38 116 84 Total lease expense $ 453 $ 263 $ 963 $ 694 Other information Right-of-use asset obtained in exchange for operating lease liabilities $ 4,646 Operating cash flows from operating leases $ 479 $ 268 $ 963 $ 737 Sublease income $ 49 $ — $ 146 $ — Weighted-average remaining lease term—operating leases 5.8 years Weighted-average discount rate—operating leases 11.2 % Maturities of lease liabilities due under lease agreements that have commenced as of September 30, 2020 are as follows (in thousands): Maturity of lease liabilities Operating 2020 $ 313 2021 1,273 2022 1,301 2023 1,329 2024 1,094 2025 1,122 Thereafter 1,052 Total lease payments 7,484 Less: interest (2,051) Total operating lease liabilities as of September 30, 2020 $ 5,433 |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | Commitments and ContingenciesThe Company has agreements with clinical research organizations (“CROs”) pursuant to which the Company and the CROs are conducting clinical trials of mavorixafor for the treatment of WHIM syndrome, Waldenström’s and SCN. The Company may terminate these agreements by providing notice pursuant to the contractual provisions of such agreements and would incur early termination fees. The Company also has agreements with contract manufacturing organizations (“CMOs”) for the production of mavorixafor for use in clinical trials. Indemnification Agreements— In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnification obligations. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of September 30, 2020 or December 31, 2019. License Agreements— In February 2017, Arsanis entered into an option and license agreement with Adimab to obtain rights to certain RSV antibodies, which are being used in the ASN500 program. The Company exercised this option for an up-front payment of $250 thousand. In July 2019, the Company transferred the intellectual property related to the ASN500 program through an exclusive, worldwide license with a third party. The third party subsequently cancelled the sublicense agreement effective October 2020. The Company is obligated to make payments to Adimab based on future clinical and regulatory milestones of up to approximately $25.0 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 of products based on certain RSV antibodies during the applicable term for such product in that country. Legal Proceedings— The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to any legal proceedings. |
Preferred and Common Stock Warr
Preferred and Common Stock Warrants | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Preferred and Common Stock Warrants | Preferred and Common Stock Warrants In connection with its issuance of common stock in public offerings that closed on April 16, 2019 and November 29, 2019, the Company issued 3,900,000 Class A warrants, which are exercisable for the Company’s common stock, and 5,416,667 Class B warrants, which are exercisable for shares of the Company’s common stock or prefunded warrants to purchase shares of the Company's common stock. The Class A warrants have an exercise price of $13.20 per share, expire on April 15, 2024 and were immediately exercisable. The Class B warrants were immediately exercisable upon issuance, have an initial exercise price of $15.00 per share and expire on a date that is the earlier of (a) the date that is 30 calendar days from the date on which the Company issues a press release announcing top-line data from its Phase 3 clinical trial of mavorixafor for the treatment of patients with WHIM syndrome (or, if such date is not a business day, the next business day) and (b) November 28, 2024. The Class B warrants have a contingent price adjustment feature pursuant to which the exercise price of the Class B warrants will be adjusted to the lowest weighted average offering price at which the Company sells its common stock or certain securities convertible into or exercisable for the Company's common stock in one or more subsequent offerings, if the weighted average offering price for such offering is below $15.00. As of September 30, 2020, no such subsequent offerings have occurred but may in the future. In addition, in connection with the April 16, 2019 and November 29, 2019 offerings, the Company issued 2,130,000 and 1,750,000 prefunded warrants, respectively, for proceeds of $10.999 and $11.999 per share, respectively. Each of the prefunded warrants is exercisable into one share of the Company's common stock, has a remaining exercise price of $0.001 per share and was immediately exercisable upon issuance. Prior to the Merger (see Note 1), the Company issued warrants for the purchase of its convertible preferred stock. Upon the closing of the Merger, pursuant to the Merger Agreement, all of the outstanding X4 preferred stock was converted to Arsanis common stock and the X4 preferred stock warrants converted to warrants for the purchase of common stock. The following table provides a roll forward of outstanding warrants for the nine month period ended September 30, 2019: Number of Weighted Weighted Outstanding and exercisable warrants to purchase preferred shares as of December 31, 2018 5,146,400 4.23 Conversion of warrants to purchase preferred shares to warrants for the purchase of common stock and adjusted for the Exchange Ratio and Reverse Stock Split (4,657,350) Issuance of warrants for the purchase of common stock 6,035,000 12.43 Exercised (33,846) 13.20 Outstanding warrants to purchase common shares as of September 30, 2019 6,490,204 $ 13.03 2.98 The following table provides a roll forward of outstanding warrants for the nine month period ended September 30, 2020: Number of warrants Weighted Average Exercise Price Weighted Average Contractual Term (Years) Outstanding and exercisable warrants to purchase common shares as of December 31, 2019 13,656,871 $13.68 4.59 Cancelled (150,831) Outstanding and exercisable warrants to purchase common shares as of September 30, 2020 13,506,040 $13.59 3.90 As of September 30, 2020, the Company’s outstanding warrants to purchase shares of common stock consisted of the following: Issuance Date Number of Exercise Classification Expiration Date October 25, 2016 5,155 $ 19.78 Equity October 24, 2026 November 1, 2017 130,609 $ 19.78 Equity October 31, 2020 November 17, 2017 8,442 $ 19.78 Equity November 16, 2020 December 4, 2017 5,661 $ 19.78 Equity December 3, 2020 December 28, 2017 6,925 $ 19.78 Equity December 27, 2020 December 28, 2017 115,916 $ 19.78 Equity December 28, 2027 September 12, 2018 25,275 $ 19.78 Equity September 12, 2021 September 12, 2018 20,220 $ 19.78 Equity September 12, 2028 October 19, 2018 20,016 $ 19.78 Equity October 19, 2028 March 13, 2019 5,000 $ 19.80 Equity March 12, 2029 April 16, 2019 3,866,154 $ 13.20 Equity April 15, 2024 April 16, 2019 2,130,000 $ 11.00 Equity n/a November 29, 2019 5,416,667 $ 15.00 Equity November 28, 2024 November 29, 2019 1,750,000 $ 12.00 Equity n/a 13,506,040 |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Common Stock | Common Stock Common Stock— On June 10, 2020, the Company's stockholders approved an amendment to the Company's Restated Certificate of Incorporation, as amended, to increase the number of the Company's authorized shares of common stock, par value $0.001 per shares, from 33,333,333 shares to 125,000,000 shares. As of September 30, 2020, the Company’s Restated Certificate of Incorporation, as amended through such date (the “Restated Certificate”), authorized the Company to issue 125,000,000 shares of common stock. The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of any preferred stock that may be issued. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any. No cash dividends have been declared or paid to date. On August 7, 2020, the Company entered into a Controlled Equity Offering SM Sales Agreement (the "ATM Sales Agreement") with B. Riley Securities, Inc., Cantor Fitzgerald & Co., and Stifel, Nicolaus & Company, Incorporated (collectively the “Sales Agents”), pursuant to which the Company may offer and sell, at the Company's sole discretion through one or more of the Sales Agents, shares of its common stock having an aggregate offering price of up to $50.0 million. The Sales Agents may sell the common stock by any method deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including, without limitation, sales made directly on the Nasdaq Capital Market or any other existing trading market for the Company's common stock. Any shares of common stock sold will be issued pursuant to the Company's shelf registration statement on Form S-3 (File No. 33-242372). No shares of common stock were sold pursuant to the ATM Sales Agreement during the three or nine months ended September 30, 2020. On October 14, 2020, the Company entered into a common stock purchase agreement (the “Aspire Purchase Agreement”) with Aspire Capital Fund, LLC, (“Aspire Capital”), which provides that, upon the terms and subject to the conditions and limitations set forth in the Aspire Purchase Agreement, Aspire Capital is committed to purchase up to an aggregate of $50.0 million of shares of the Company’s common stock at the Company’s request from time to time during the 36-month term of the Purchase Agreement. Concurrently with entry into the Aspire Purchase Agreement, the Company also entered into a registration rights agreement with Aspire Capital (the “Registration Rights Agreement”), pursuant to which the Company filed with the SEC a prospectus supplement to the Company’s shelf registration statement on Form S-3 (File No. 333-242372), registering the |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Summary of Plans— Upon completion of the Merger with Arsanis on March 13, 2019, X4’s 2015 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2015 Plan”), Arsanis’ 2017 Equity Incentive Plan (the “2017 Plan”) and Arsanis’ 2017 Employee Stock Purchase Plan (the “2017 ESPP”) were assumed by the Company. In June 2019, the Company adopted the 2019 Inducement Equity Incentive Plan (the “Inducement Plan” and collectively with the 2015 Plan, 2017 Plan and 2017 ESPP, the “Plans”). These plans are administered by the Board of Directors or by a committee of the Board of Directors. The exercise prices, vesting and other restrictions are determined at the discretion of the Board of Directors, or its committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of the stock option may not be greater than ten years. Incentive stock options granted to employees and restricted stock awards granted to employees, officers, members of the board of directors, advisors, and consultants of the Company typically vest over four years. Non-statutory options granted to employees, officers, members of the board of directors, advisors, and consultants of the Company typically vest over three 2015 Employee, Director and Consultant Equity Incentive Plan— In 2015, the Board of Directors and shareholders of the Company adopted the 2015 Plan, which provides for the Company to grant incentive stock options or nonqualified stock options, restricted stock awards and other stock-based awards to employees, directors and consultants of the Company. The total number of shares of common stock that may be issued under the 2015 Plan is 969,340 shares. Shares that are expired, forfeited, canceled or otherwise terminated without having been fully exercised will be available for future grant under the 2015 Plan. As of November 2, 2020, there were a de minimis number shares available for issuance under the 2015 Plan. 2017 Equity Incentive Plan— Under the 2017 Plan, the Company may grant 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. On June 10, 2020, the Company's stockholders approved the amendment and restatement of the 2017 Plan (the “Amended and Restated 2017 Plan”). The amendments increased the number of shares of common stock reserved for issuance under the 2017 Plan by an additional 474,465 shares (subject to adjustment for certain corporate events) and amended the “evergreen” provision of the 2017 Plan to provide for an automatic increase in the share reserve on the first day of each year, beginning on January 1, 2021 and ending on January 1, 2027, by an amount equal to the lesser of (a) 4% of the Company's outstanding shares on such date and (b) a number of shares determined by the Board of Directors. As of November 2, 2020, approximately 30,000 shares were available for future issuance under the Amended and Restated 2017 Plan. 2017 Employee Stock Purchase Plan— The 2017 ESPP provides participating employees with the opportunity to purchase shares of the Company’s common stock at defined purchase prices over six 2019 Inducement Equity Incentive Plan— On June 17, 2019, the Board of Directors approved the adoption of the Inducement Plan, which is used exclusively for the grant of equity awards to individuals who were not previously employees of the Company (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). The Board of Directors approved amendments to the Inducement Plan in December 2019 and October 2020, increasing the total number of shares of common stock that may be issued under the Inducement Plan to 650,000 shares. Shares that are expired, forfeited, canceled or otherwise terminated without having been fully exercised will be available for future grant under the Inducement Plan. 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 future grants. As of November 2, 2020, approximately 290,000 shares were available for future issuance under the Inducement Plan. Stock Option Valuation— The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees, directors and non- employees: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Risk-free interest rate 0.4 % 1.6 % 0.6 % 2.0 % Expected term (in years) 6.1 6.0 6.0 6.0 Expected volatility 95.1 % 84.5 % 94.9 % 88.0 % Expected dividend yield 0 % 0 % 0 % 0 % Stock Options The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2020: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2019 1,297,029 $ 17.05 8.4 $ 1,286 Granted 498,662 9.13 Exercised (17,689) 7.25 Forfeited (164,978) 21.68 Outstanding as of September 30, 2020 1,613,024 $ 14.24 8.2 $ — Exercisable as of September 30, 2020 682,632 $ 18.23 7.0 $ — Vested and expected to vest as of September 30, 2020 1,404,246 $ 14.43 8.1 $ — The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2020 and 2019 was $43 thousand and $184 thousand, respectively. The weighted average grant-date fair value per share of stock options granted during the nine months ended September 30, 2020 and 2019 was $6.93 and $11.33, respectively. Restricted Stock Units— The following table summarizes the Company's restricted stock unit activity for the nine months ended September 30, 2020 Number of Unvested as of December 31, 2019 101,773 Granted 681,081 Vested (131,574) Forfeited (39,291) Unvested as of September 30, 2020 611,989 During the nine months ended September 30, 2020, the Company granted 678,581 performance based restricted stock units, which vest in part based on the Company's achievement of operational milestones and over time thereafter for the subsequent two years as the grantee continues to provide services to the Company. As of September 30, 2020, two out of the four performance criteria had been met. The Company believes that the achievement of the remaining operational milestones is probable and, accordingly, stock-based compensation expense has been recognized for the awards using the accelerated attribution model based on the fair value of the awards as of the date of grant and management's best estimate of the date each operational milestone will be achieved. The Company will update its estimates related to the probability and timing of achievement of the operational milestones each period until the award either vests or is forfeited. Stock-Based Compensation— As of September 30, 2020, total unrecognized compensation expense related to unvested stock options and restricted stock units was $9.1 million, which is expected to be recognized over a weighted average period of 2.3 years. Stock-based compensation expense was classified in the consolidated statements of operations as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development expense $ 1,006 $ 301 $ 1,711 $ 599 General and administrative expense 1,238 390 2,319 787 Total stock-based compensation $ 2,244 $ 691 4,030 1,386 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company did not record a federal or state income tax benefit for its losses for the three months ended September 30, 2020 and 2019, respectively, or the nine month period ended September 30, 2019, due to the conclusion that a full valuation allowance is required against the Company’s deferred tax assets in all jurisdictions. For the nine months ended September 30, 2020, t |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follow: Three Months Ended Nine Months Ended (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net loss $ (17,449) $ (17,714) $ (43,731) $ (41,970) Accruing dividends on Series A convertible preferred stock — — — (592) Net loss attributable to common stockholders $ (17,449) $ (17,714) $ (43,731) $ (42,562) Denominator: Weighted average common shares outstanding—basic and diluted 20,085 14,562 20,035 9,866 Net loss per share attributable to common stockholders— basic and diluted $ (0.87) $ (1.22) $ (2.18) $ (4.31) The Company has included 107,371 shares of redeemable common stock, which were converted to common shares upon the Merger on March 13, 2019, in its computation of basic and diluted weighted average common shares outstanding for the nine months ended September 30, 2019 as this class of stock participated in losses similarly to other common stockholders. Basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2020 also include the weighted average effect of 3,880,000 pre-funded warrants for the purchase of common shares for which the remaining unfunded exercise price is less than $0.01 per share. The Company’s potentially dilutive securities include outstanding stock options, restricted stock units and warrants to purchase shares of common stock for the three and nine months ended September 30, 2020 and 2019. All potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” 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: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Options to purchase common stock 1,613,024 1,271,141 1,613,024 1,271,141 Unvested restricted stock units 611,994 116,689 611,994 116,689 Warrants to purchase common stock (excluding prefunded warrants, which are included in basic shares outstanding) 9,626,040 4,360,204 9,626,040 4,360,204 11,851,058 5,748,034 11,851,058 5,748,034 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation— The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including X4 Pharmaceuticals (Austria) GmbH, which is incorporated in Vienna, Austria (“X4 GmbH”), and X4 Therapeutics, Inc. All significant intercompany accounts and transactions have been eliminated. |
Unaudited Interim Financial Statements | Unaudited Interim Condensed Consolidated Financial Statements— The condensed consolidated balance sheet at December 31, 2019 that is presented in these interim condensed consolidated financial statements was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements are unaudited. The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Accordingly, 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 interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 12, 2020. 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, condensed results of its operations and cash flows have been made. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. |
Use of Estimates | Use of Estimates— The preparation of the Company’s condensed consolidated 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 condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, the impairment or lack of impairment of long-lived assets including operating lease right-of-use assets and goodwill, and the constraint of variable consideration from contracts with customers. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The COVID-19 pandemic has impacted and is expected to continue to impact the clinical development timelines for certain of the Company's clinical programs. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents— The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of September 30, 2020 and December 31, 2019. |
Goodwill | Goodwill— Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. The Company has determined that it operates in a single operating segment and has a single reporting unit. The Company assesses qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If after assessing the totality of events or circumstances, the Company were to determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company would perform an interim quantitative impairment test, whereby the Company |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, (“ASU 2018-15”). The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The new standard was effective beginning January 1, 2020 and was adopted by the Company on that date. The adoption of ASU 2018-15 did not have an impact on the Company's consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which removes, adds and modifies certain disclosure requirements for fair value measurements in Topic 820. The Company will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy as well as the valuation processes of Level 3 fair value measurements. The Company will be required to provide additional disclosure related to the changes in unrealized gains and losses included in other comprehensive loss for recurring Level 3 fair value measurements and the range and weighted average of assumptions used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for the Company on January 1, 2020 and was adopted on that date. The adoption of ASU 2018-13 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes, including the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company does not anticipate that the adoption of ASU 2019-12 will have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13"), as amended. ASU 2016-13 requires that financial assets measured at amortized cost, such as trade receivables, be presented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions, and future expectation for each pool of similar financial asset. The new guidance requires enhanced disclosures related to trade receivables and associated credit losses. In accordance with ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivative and Hedging (Topic 815), and Leases (Topic 842)- Effective Dates, |
Research and Development Expense, Policy |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Restricted Cash | Restricted Cash— (in thousands) As of September 30, 2020 As of December 31, 2019 Letter of credit security: Cambridge lease $ 264 $ 264 Letter of credit security: Waltham lease 250 250 Letter of credit security: Vienna Austria lease 97 94 Letter of credit security: Boston lease 1,144 1,144 Corporate credit card collateral 150 150 Total restricted cash (non-current) $ 1,905 $ 1,902 |
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 condensed consolidated balance sheets to the sum of the total of amounts shown in the Company’s condensed consolidated statements of cash flows as of September 30, 2020, December 31, 2019, September 30, 2019 and December 31, 2018: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 Cash and cash equivalents $ 88,812 $ 126,184 $ 76,251 $ 8,134 Restricted cash, non-current 1,905 1,902 755 364 Total cash, cash equivalents and restricted cash $ 90,717 $ 128,086 $ 77,006 $ 8,498 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair Value Measurements as of September 30, 2020 Using: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 46,815 $ 1,843 $ — $ 48,658 $ 46,815 $ 1,843 $ — $ 48,658 Liabilities: None Fair Value Measurements as of December 31, 2019 Using: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 23,638 $ 39,999 $ — $ 63,637 $ 23,638 $ 39,999 $ — $ 63,637 Liabilities: None |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consisted of the following: (in thousands) September 30, December 31, 2019 Leasehold improvements $ 216 $ 299 Furniture and fixtures 913 139 Computer equipment 47 37 Software 33 33 Lab equipment 296 159 1,505 667 Less: Accumulated depreciation and amortization (171) (264) $ 1,334 $ 403 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: (in thousands) September 30, December 31, Accrued employee compensation and benefits $ 3,968 2,916 Accrued external research and development expenses 3,086 1,977 Accrued professional fees 768 1,347 Accrued lease construction costs 207 — Other 503 221 $ 8,532 $ 6,461 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt consisted of the following: (in thousands) September 30, December 31, Principal amount of long-term debt $ 25,000 $ 20,000 Debt discount, net of accretion 229 (317) Cumulative accretion of final payment due at maturity 308 414 Long-term debt, including accretion $ 25,537 $ 20,097 |
Schedule of Future Principal Payments and the Final Payments Due | As of September 30, 2020, future principal payments and the final payment due under the Amended Loan Agreement were as follows (in thousands): Year Ending December 31, Total 2020 $ — 2021 — 2022 14,871 2023 10,129 Long-term debt $ 25,000 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense for the three and nine months ended September 30, 2020 and 2019 were as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Lease Cost 2020 2019 2020 2019 Fixed operating lease cost $ 413 $ 225 $ 847 $ 610 Short-term lease costs 40 38 116 84 Total lease expense $ 453 $ 263 $ 963 $ 694 Other information Right-of-use asset obtained in exchange for operating lease liabilities $ 4,646 Operating cash flows from operating leases $ 479 $ 268 $ 963 $ 737 Sublease income $ 49 $ — $ 146 $ — Weighted-average remaining lease term—operating leases 5.8 years Weighted-average discount rate—operating leases 11.2 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities due under lease agreements that have commenced as of September 30, 2020 are as follows (in thousands): Maturity of lease liabilities Operating 2020 $ 313 2021 1,273 2022 1,301 2023 1,329 2024 1,094 2025 1,122 Thereafter 1,052 Total lease payments 7,484 Less: interest (2,051) Total operating lease liabilities as of September 30, 2020 $ 5,433 |
Preferred and Common Stock Wa_2
Preferred and Common Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Warrants | The following table provides a roll forward of outstanding warrants for the nine month period ended September 30, 2019: Number of Weighted Weighted Outstanding and exercisable warrants to purchase preferred shares as of December 31, 2018 5,146,400 4.23 Conversion of warrants to purchase preferred shares to warrants for the purchase of common stock and adjusted for the Exchange Ratio and Reverse Stock Split (4,657,350) Issuance of warrants for the purchase of common stock 6,035,000 12.43 Exercised (33,846) 13.20 Outstanding warrants to purchase common shares as of September 30, 2019 6,490,204 $ 13.03 2.98 The following table provides a roll forward of outstanding warrants for the nine month period ended September 30, 2020: Number of warrants Weighted Average Exercise Price Weighted Average Contractual Term (Years) Outstanding and exercisable warrants to purchase common shares as of December 31, 2019 13,656,871 $13.68 4.59 Cancelled (150,831) Outstanding and exercisable warrants to purchase common shares as of September 30, 2020 13,506,040 $13.59 3.90 As of September 30, 2020, the Company’s outstanding warrants to purchase shares of common stock consisted of the following: Issuance Date Number of Exercise Classification Expiration Date October 25, 2016 5,155 $ 19.78 Equity October 24, 2026 November 1, 2017 130,609 $ 19.78 Equity October 31, 2020 November 17, 2017 8,442 $ 19.78 Equity November 16, 2020 December 4, 2017 5,661 $ 19.78 Equity December 3, 2020 December 28, 2017 6,925 $ 19.78 Equity December 27, 2020 December 28, 2017 115,916 $ 19.78 Equity December 28, 2027 September 12, 2018 25,275 $ 19.78 Equity September 12, 2021 September 12, 2018 20,220 $ 19.78 Equity September 12, 2028 October 19, 2018 20,016 $ 19.78 Equity October 19, 2028 March 13, 2019 5,000 $ 19.80 Equity March 12, 2029 April 16, 2019 3,866,154 $ 13.20 Equity April 15, 2024 April 16, 2019 2,130,000 $ 11.00 Equity n/a November 29, 2019 5,416,667 $ 15.00 Equity November 28, 2024 November 29, 2019 1,750,000 $ 12.00 Equity n/a 13,506,040 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Valuation | The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees, directors and non- employees: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Risk-free interest rate 0.4 % 1.6 % 0.6 % 2.0 % Expected term (in years) 6.1 6.0 6.0 6.0 Expected volatility 95.1 % 84.5 % 94.9 % 88.0 % Expected dividend yield 0 % 0 % 0 % 0 % |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2020: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2019 1,297,029 $ 17.05 8.4 $ 1,286 Granted 498,662 9.13 Exercised (17,689) 7.25 Forfeited (164,978) 21.68 Outstanding as of September 30, 2020 1,613,024 $ 14.24 8.2 $ — Exercisable as of September 30, 2020 682,632 $ 18.23 7.0 $ — Vested and expected to vest as of September 30, 2020 1,404,246 $ 14.43 8.1 $ — |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Restricted Stock Units— The following table summarizes the Company's restricted stock unit activity for the nine months ended September 30, 2020 Number of Unvested as of December 31, 2019 101,773 Granted 681,081 Vested (131,574) Forfeited (39,291) Unvested as of September 30, 2020 611,989 |
Summary of Stock-Based Compensation Expense Classification | Stock-based compensation expense was classified in the consolidated statements of operations as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development expense $ 1,006 $ 301 $ 1,711 $ 599 General and administrative expense 1,238 390 2,319 787 Total stock-based compensation $ 2,244 $ 691 4,030 1,386 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 follow: Three Months Ended Nine Months Ended (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net loss $ (17,449) $ (17,714) $ (43,731) $ (41,970) Accruing dividends on Series A convertible preferred stock — — — (592) Net loss attributable to common stockholders $ (17,449) $ (17,714) $ (43,731) $ (42,562) Denominator: Weighted average common shares outstanding—basic and diluted 20,085 14,562 20,035 9,866 Net loss per share attributable to common stockholders— basic and diluted $ (0.87) $ (1.22) $ (2.18) $ (4.31) |
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders | 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: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Options to purchase common stock 1,613,024 1,271,141 1,613,024 1,271,141 Unvested restricted stock units 611,994 116,689 611,994 116,689 Warrants to purchase common stock (excluding prefunded warrants, which are included in basic shares outstanding) 9,626,040 4,360,204 9,626,040 4,360,204 11,851,058 5,748,034 11,851,058 5,748,034 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) $ in Thousands | Mar. 13, 2019 | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 88,812 | $ 126,184 | $ 76,251 | $ 8,134 | |
Accumulated deficit | $ (175,775) | $ (132,044) | |||
Arsanis | |||||
Business Acquisition [Line Items] | |||||
Business acquisition share exchange ratio | 0.5702 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Compensating Balance Arrangements (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash (non-current) | $ 1,905 | $ 1,902 | $ 755 | $ 364 |
Corporate Credit Card Collateral | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash (non-current) | 150 | 150 | ||
Letter of Credit | Cambridge Lease Agreement | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash (non-current) | 264 | 264 | ||
Letter of Credit | Waltham Lease | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash (non-current) | 250 | 250 | ||
Letter of Credit | Vienna Austria Lease | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash (non-current) | 97 | 94 | ||
Letter of Credit | Allston Lease Agreement | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash (non-current) | $ 1,144 | $ 1,144 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 88,812 | $ 126,184 | $ 76,251 | $ 8,134 |
Restricted cash, non-current | 1,905 | 1,902 | 755 | 364 |
Total cash, cash equivalents and restricted cash | $ 90,717 | $ 128,086 | $ 77,006 | $ 8,498 |
License, Collaboration, and F_2
License, Collaboration, and Funding Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Collaboration License And Funding Arrangements [Line Items] | |||||
Other income | $ 228 | $ 52 | $ 494 | $ 201 | |
License revenue | 0 | $ 0 | $ 3,000 | $ 0 | |
AUSTRIA | |||||
Collaboration License And Funding Arrangements [Line Items] | |||||
Grant income (in percentage) | 14.00% | ||||
Research and Development Incentive | |||||
Collaboration License And Funding Arrangements [Line Items] | |||||
Grant receivable | 600 | $ 600 | |||
Other income | 97 | 267 | |||
Abbisko Agreement | |||||
Collaboration License And Funding Arrangements [Line Items] | |||||
Potential milestone payments receivable | 208,000 | 208,000 | |||
One time upfront payment | $ 3,000 | ||||
License revenue | 3,000 | ||||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 3,000 | $ 3,000 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value (Detail) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
The Amended Loan Agreement | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Debt instrument, fair value | $ 25,300 | |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cash equivalents | 48,658 | $ 63,637 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cash equivalents | 46,815 | 23,638 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cash equivalents | 1,843 | 39,999 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Measurement Input, Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Debt instrument, measurement input | 0.115 | |
Minimum | Measurement Input, Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Debt instrument, measurement input | 0.105 | |
Maximum | Measurement Input, Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Debt instrument, measurement input | 0.125 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,505 | $ 667 |
Less: Accumulated depreciation and amortization | (171) | (264) |
Property and equipment, net | 1,334 | 403 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 216 | 299 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 913 | 139 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 47 | 37 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 33 | 33 |
Lab equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 296 | $ 159 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 248 | $ 71 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation and benefits | $ 3,968 | $ 2,916 |
Accrued external research and development expenses | 3,086 | 1,977 |
Accrued professional fees | 768 | 1,347 |
Accrued lease construction costs | 207 | 0 |
Other | 503 | 221 |
Total accrued expenses | $ 8,532 | $ 6,461 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Principal amount of long-term debt | $ 25,000 | $ 20,000 |
Debt discount, net of accretion | 229 | (317) |
Cumulative accretion of final payment due at maturity | 308 | 414 |
Long-term debt, including accretion | $ 25,537 | $ 20,097 |
Long Term Debt - Hercules Loan
Long Term Debt - Hercules Loan Agreement - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2019 | Oct. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Schedule Of Long Term Debt [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ (566,000) | $ (162,000) | $ (566,000) | |||
Hercules Loan Agreement | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Proceeds from lines of credit | $ 10,000,000 | ||||||
Amended and Restated Loan Agreement | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 | ||||||
Long-term line of credit | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Line of credit facility, outstanding | 10,000,000 | ||||||
Debt instrument variable percentage | 8.75% | ||||||
Interest rate increase percentage | 4.00% | ||||||
Amended and Restated Loan Agreement | Prime Rate | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Debt instrument variable percentage | 2.75% | ||||||
Amended and Restated Loan Agreement | New Borrowings | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Line of credit facility, current borrowing capacity | 10,000,000 | ||||||
The Amended Loan Agreement | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 50,000,000 | $ 50,000,000 | |||||
Debt instrument variable percentage | 8.75% | ||||||
Interest rate increase percentage | 4.00% | ||||||
Contingent additional term loan advances, tranche one | 7,500,000 | $ 7,500,000 | |||||
Contingent additional term loan advances, tranche two | 7,500,000 | 7,500,000 | |||||
Contingent additional term loan advances, tranche three | 10,000,000 | 10,000,000 | |||||
Line of credit facility periodic payment | $ 800,000 | ||||||
Line of credit principal amount drawn percentage | 4.00% | ||||||
Threshold outstanding principal amount of advances | 25,000,000 | $ 25,000,000 | |||||
Cash on hand requirement | $ 30,000,000 | $ 30,000,000 | |||||
Cash on hand requirement, multiplier | 6 | 6 | |||||
Cash on hand requirement, reduction level | $ 20,000,000 | $ 20,000,000 | |||||
Cash on hand requirement, multiplier, reduction level | 3 | 3 | |||||
Maximum rights to purchase equity securities | $ 3,000,000 | $ 3,000,000 | |||||
Rights to purchase equity securities, amount exercised | 1,000,000 | ||||||
Loss on extinguishment of debt | 162,000 | ||||||
Interest expense, debt | $ 700,000 | $ 400,000 | $ 2,000,000 | $ 700,000 | |||
Effective interest rate of loan | 10.70% | 10.70% | |||||
Principal payments | $ 0 | ||||||
The Amended Loan Agreement | Interest Expense | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Amortization of debt discount | $ 100,000 | ||||||
Accretion in period | $ 400,000 | ||||||
The Amended Loan Agreement | Prime Rate | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Debt instrument variable percentage | 3.75% | ||||||
The Amended Loan Agreement | Maximum | Period One | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Debt instrument prepayment premium, percentage | 2.00% | 2.00% | |||||
The Amended Loan Agreement | Maximum | Period Two | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Debt instrument prepayment premium, percentage | 1.00% | 1.00% | |||||
The Amended Loan Agreement | Maximum | Period Three | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Debt instrument prepayment premium, percentage | 0.50% | 0.50% | |||||
The Amended Loan Agreement | Term Loan | |||||||
Schedule Of Long Term Debt [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | $ 25,000,000 | |||||
Additional borrowing capacity | $ 5,000,000 |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Principal Payments and the Final Payments Due (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2020 | $ 0 | |
2021 | 0 | |
2022 | 14,871 | |
2022 | 10,129 | |
Principal amount of long-term debt | $ 25,000 | $ 20,000 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Nov. 11, 2019USD ($)ft² | Aug. 31, 2017ft² | Sep. 30, 2020USD ($)ft²m² | Sep. 01, 2020USD ($) | Dec. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |||||
Operating lease, liability | $ 5,433 | ||||
Right-of-use assets | $ 8,222 | $ 1,959 | |||
Cambridge Lease Agreement | |||||
Lessee, Lease, Description [Line Items] | |||||
Current office space under lease agreement | ft² | 13,000 | ||||
Waltham Lease | |||||
Lessee, Lease, Description [Line Items] | |||||
Current office space under lease agreement | ft² | 6,000 | ||||
Operating lease expiration (years) | 5 years | ||||
Current base rent | $ 262 | ||||
Lease, term of contract (years) | 5 years | ||||
Vienna Lease | |||||
Lessee, Lease, Description [Line Items] | |||||
Current office space under lease agreement | m² | 400 | ||||
Current base rent | $ 155 | ||||
Lease, term of contract (years) | 2 years | ||||
Period for written notice for cancellable (months) | 3 months | ||||
Office space | m² | 1,200 | ||||
Lease not yet commenced, term of contract | 7 years | ||||
Building improvements | $ 575 | ||||
Annual base rent | $ 300 | ||||
Rent-free period (days) | 6 months | ||||
Allston Lease | |||||
Lessee, Lease, Description [Line Items] | |||||
Current office space under lease agreement | ft² | 28,000 | ||||
Lease not yet commenced | $ 1,000 | ||||
Lease, renewal term of contract (years) | 5 years | ||||
Security deposit liability | $ 1,100 | ||||
Operating lease, liability | $ 4,600 | ||||
Right-of-use assets | $ 8,000 | ||||
Cambridge Lease [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Security deposit liability | $ 264 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Fixed operating lease cost | $ 413 | $ 225 | $ 847 | $ 610 |
Short-term lease costs | 40 | 38 | 116 | 84 |
Total lease expense | 453 | 263 | 963 | 694 |
Right-of-use asset obtained in exchange for operating lease liabilities | 4,646 | |||
Operating cash flows from operating leases | 479 | 268 | 963 | 737 |
Sublease income | $ 49 | $ 0 | $ 146 | $ 0 |
Weighted-average remaining lease term-operating leases (in years) | 5 years 9 months 18 days | 5 years 9 months 18 days | ||
Weighted-average discount rate-operating leases | 11.20% | 11.20% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 313 |
2021 | 1,273 |
2022 | 1,301 |
2023 | 1,329 |
2024 | 1,094 |
2025 | 1,122 |
Thereafter | 1,052 |
Total lease payments | 7,484 |
Less: interest | (2,051) |
Operating lease, liability | $ 5,433 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | |||
Jul. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | Feb. 28, 2017 | |
Indemnification Agreements | ||||
Contingencies And Commitments [Line Items] | ||||
Accrued liabilities | $ 0 | $ 0 | ||
Adimab Option and License Agreement | ||||
Contingencies And Commitments [Line Items] | ||||
Option fee including up front payment | $ 250 | |||
Potential milestone payments | $ 25,000 |
Preferred and Common Stock Wa_3
Preferred and Common Stock Warrants - Additional Information (Detail) - $ / shares | Nov. 29, 2019 | Nov. 26, 2019 | Apr. 16, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||||
Number of warrants, Issuance of warrants for the purchase of common stock (in shares) | 6,035,000 | |||||
Class of warrants or rights expiration period (in years) | 30 days | |||||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 | ||||
Class A Warrant | ||||||
Class of Stock [Line Items] | ||||||
Number of warrants, Issuance of warrants for the purchase of common stock (in shares) | 3,900,000 | |||||
Warrant exercise price (usd per share) | $ 13.20 | |||||
Class B Warrants | ||||||
Class of Stock [Line Items] | ||||||
Number of warrants, Issuance of warrants for the purchase of common stock (in shares) | 5,416,667 | |||||
Warrant exercise price (usd per share) | $ 15 | |||||
Pre Funded Warrant | ||||||
Class of Stock [Line Items] | ||||||
Number of warrants, Issuance of warrants for the purchase of common stock (in shares) | 1,750,000 | 2,130,000 | ||||
Warrant exercise price (usd per share) | $ 11.999 | $ 10.999 | ||||
Number of warrants for purchase of convertible preferred shares (in shares) | 1 | |||||
Common stock, par value (in usd per share) | $ 0.001 |
Preferred and Common Stock Wa_4
Preferred and Common Stock Warrants - Schedule of Outstanding Warrants (Detail) - $ / shares | 9 Months Ended | 36 Months Ended | 46 Months Ended | 55 Months Ended | 60 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2022 | Jul. 31, 2024 | Jul. 30, 2024 | Dec. 31, 2023 | |
Number of warrants | ||||||
Number of warrants, Outstanding and exercisable warrants, Beginning Balance (in shares) | 13,656,871 | 5,146,400 | 6,490,204 | 13,506,040 | 13,656,871 | 5,146,400 |
Conversion of warrant to purchase preferred shares to warrants for the purchase of common stock and adjusted for the Exchange Ratio and Reverse Stock split (in shares) | (4,657,350) | |||||
Number of warrants, Issuance of warrants for the purchase of common stock (in shares) | 6,035,000 | |||||
Number of warrants, Exercised (in shares) | (33,846) | |||||
Number of warrants, Cancelled (in shares) | (150,831) | |||||
Number of warrants, Outstanding and exercisable warrants, Ending Balance (in shares) | 13,506,040 | 6,490,204 | ||||
Weighted Average Exercise Price | ||||||
Weighted Average Exercise Price, Outstanding and exercisable warrants, Beginning Balance (in usd per share) | $ 13.68 | $ 13.03 | $ 13.59 | $ 13.68 | ||
Weighted Average Exercise Price, Issuance of warrants for the purchase of common stock (in usd per share) | 12.43 | |||||
Weighted Average Exercise Price, Exercised (in usd per share) | 13.20 | |||||
Weighted Average Exercise Price, Outstanding and exercisable warrants, Ending Balance (in usd per share) | $ 13.59 | $ 13.03 | ||||
Weighted Average Contractual Term (Years) | 2 years 11 months 23 days | 3 years 10 months 24 days | 4 years 7 months 2 days | 4 years 2 months 23 days |
Preferred and Common Stock Wa_5
Preferred and Common Stock Warrants - Summary of Outstanding Warrants to Purchase Shares of Common Stock (Detail) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 13,506,040 | 13,656,871 | 6,490,204 | 5,146,400 |
Issuance On October 25, 2016 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 5,155 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On November 1, 2017 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 130,609 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On November 17, 2017 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 8,442 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On December 4, 2017 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 5,661 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On December 28, 2017 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 6,925 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On December 28, 2017 One | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 115,916 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On September 12, 2018 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 25,275 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On September 12, 2018 One | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 20,220 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On October 19, 2018 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 20,016 | |||
Exercise Price (usd per share) | $ 19.78 | |||
Issuance On March 13, 2019 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 5,000 | |||
Exercise Price (usd per share) | $ 19.80 | |||
Issuance On April 16, 2019 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 3,866,154 | |||
Exercise Price (usd per share) | $ 13.20 | |||
Issuance On April 16, 2019 One | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 2,130,000 | |||
Exercise Price (usd per share) | $ 11 | |||
Issuance On November 29, 2019 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 5,416,667 | |||
Exercise Price (usd per share) | $ 15 | |||
Issuance On November 29, 2019 One | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares of Common Stock Issuable (in shares) | 1,750,000 | |||
Exercise Price (usd per share) | $ 12 |
Common Stock, Redeemable Common
Common Stock, Redeemable Common Stock, and Convertible Preferred Stock (converted to Common Stock) - Additional Information (Detail) | Oct. 14, 2020USD ($) | Aug. 07, 2020USD ($) | Sep. 30, 2020USD ($)vote$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Redeemable Noncontrolling Interest [Line Items] | ||||
Common stock, par value (in usd per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common stock, authorized shares | shares | 125,000,000 | 33,333,333 | ||
Number of votes per share | vote | 1 | |||
Dividends on common stock declared or paid | $ 0 | |||
Equity Unit Purchase Agreements | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Purchase agreement, term | 36 months | |||
Common Stock | Sales Agents | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Sale of stock, number of shares authorized in transaction, amount | $ 50,000,000 | |||
Common Stock | Equity Unit Purchase Agreements | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Sale of stock, number of shares authorized in transaction, amount | $ 50,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 25, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum percentage of fair market value of common stock | 100.00% | 100.00% | ||
Aggregate intrinsic value, options exercised | $ 43 | $ 184 | ||
Options granted, weighted average grant date fair value (in usd per share) | $ 6.93 | $ 11.33 | ||
Share based compensation, restricted stock units granted (in shares) | 681,081 | |||
Employee Stock Option | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period (in years) | 10 years | |||
Incentive Stock Options And Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares based compensation, vested period (in years) | 4 years | |||
Non-Statutory Options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares based compensation, vested period (in years) | 4 years | |||
Non-Statutory Options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares based compensation, vested period (in years) | 3 years | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost of stock based awards | $ 9,100 | $ 9,100 | ||
Unrecognized compensation cost of stock based awards, recognition period | 2 years 3 months 18 days | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 678,581 | |||
2017 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Offering period (months) | 6 months | |||
Shares of common stock issued (in shares) | 10,057 | |||
2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ordinary share issued (in shares) | 969,340 | 969,340 | ||
2017 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance | 30,000 | 30,000 | ||
Proposed Amendment to the 2017 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of number of common stock outstanding | 4.00% | |||
Additional shares authorized (in shares) | 474,465 | |||
2019 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ordinary share issued (in shares) | 650,000 | 650,000 | ||
Shares reserved for issuance | 290,000 | 290,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used in Black-Scholes Option-Pricing Model to Determine Grant-date Fair Value of Stock Options Granted (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Risk-free interest rate (in percentage) | 0.40% | 1.60% | 0.60% | 2.00% |
Expected term (in years) | 6 years 1 month 6 days | 6 years | 6 years | 6 years |
Expected volatility (in percentage) | 95.10% | 84.50% | 94.90% | 88.00% |
Expected dividend yield (in percentage) | 0.00% | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | |
Number of Shares | ||
Beginning balance (in shares) | shares | 1,297,029 | 1,297,029 |
Granted (in shares) | shares | 498,662 | |
Exercised (in shares) | shares | (17,689) | |
Forfeited (in shares) | shares | (164,978) | |
Ending balance (in shares) | shares | 1,613,024 | |
Number of shares Options, Exercisable (in shares) | shares | 682,632 | |
Number of shares Options, Vested and expected to vest (in shares) | shares | 1,404,246 | |
Weighted Average Exercise Price | ||
Beginning balance (in usd per share) | $ / shares | $ 17.05 | $ 17.05 |
Granted (in usd per share) | $ / shares | 9.13 | |
Exercised (in usd per share) | $ / shares | 7.25 | |
Forfeited (in usd per share) | $ / shares | 21.68 | |
Ending balance (in usd per share) | $ / shares | 14.24 | |
Weighted average exercise price, Exercisable (in usd per share) | $ / shares | 18.23 | |
Weighted average exercise price, Vested and expected to vest (in usd per share) | $ / shares | $ 14.43 | |
Weighted average contractual term outstanding (in years) | 8 years 4 months 24 days | 8 years 2 months 12 days |
Weighted average contractual term outstanding, Exercisable (in years) | 7 years | |
Weighted average contractual term outstanding, Vested and expected to vest (in years) | 8 years 1 month 6 days | |
Aggregate intrinsic value, Beginning balance | $ | $ 1,286 | $ 1,286 |
Aggregate intrinsic value, Ending balance | $ | 0 | |
Aggregate intrinsic value, exercisable | $ | 0 | |
Aggregate intrinsic value, vested and expected to vest | $ | $ 0 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 9 Months Ended |
Sep. 30, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Granted (in shares) | 681,081 |
Vested (in shares) | (131,574) |
Forfeited (in shares) | (39,291) |
Nonvested ending balance (in shares) | 611,989 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested beginning balance (in shares) | 101,773 |
Stock-Based Compensation Summar
Stock-Based Compensation Summary of Stock-Based Compensation Expense Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 2,244 | $ 691 | $ 4,030 | $ 1,386 |
Research and development expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 1,006 | 301 | 1,711 | 599 |
General and administrative expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 1,238 | $ 390 | $ 2,319 | $ 787 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax benefit | $ 0 | $ 0 | ||
State income tax benefit | 0 | 0 | ||
Provision for income taxes | $ 0 | $ 0 | $ 148 | $ 0 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Basic and Diluted Net loss per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||||||
Net loss | $ (17,449) | $ (15,144) | $ (11,138) | $ (17,714) | $ (13,383) | $ (10,873) | $ (43,731) | $ (41,970) |
Accruing dividends on Series A convertible preferred stock | 0 | 0 | 0 | (592) | ||||
Net loss attributable to common stockholders | $ (17,449) | $ (17,714) | $ (43,731) | $ (42,562) | ||||
Denominator: | ||||||||
Weighted average common shares outstanding—basic and diluted (in shares) | 20,085,000 | 14,562,000 | 20,035,000 | 9,866,000 | ||||
Net loss per share attributable to common stock holders—basic and diluted (usd per share) | $ (0.87) | $ (1.22) | $ (2.18) | $ (4.31) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) - $ / shares | Mar. 13, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Nov. 29, 2019 | Apr. 16, 2019 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Weighted average common shares outstanding—basic and diluted (in shares) | 20,085,000 | 14,562,000 | 20,035,000 | 9,866,000 | |||
Pre Funded Warrant | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Weighted average common shares outstanding—basic and diluted (in shares) | 3,880,000 | ||||||
Exercise Price (usd per share) | $ 11.999 | $ 10.999 | |||||
Pre Funded Warrant | Maximum | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Exercise Price (usd per share) | $ 0.01 | $ 0.01 | |||||
Redeemable Common Stock | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Weighted average common shares outstanding—basic and diluted (in shares) | 107,371 |
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 (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of diluted net loss per share (in shares) | 11,851,058 | 5,748,034 | 11,851,058 | 5,748,034 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of diluted net loss per share (in shares) | 1,613,024 | 1,271,141 | 1,613,024 | 1,271,141 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of diluted net loss per share (in shares) | 611,994 | 116,689 | 611,994 | 116,689 |
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of diluted net loss per share (in shares) | 9,626,040 | 4,360,204 | 9,626,040 | 4,360,204 |