Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ADVM | |
Entity Registrant Name | Adverum Biotechnologies, Inc. | |
Entity Central Index Key | 0001501756 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true | |
Entity Common Stock Shares Outstanding | 64,588,046 | |
Entity Shell Company | false | |
Entity File Number | 001-36579 | |
Entity Tax Identification Number | 20-5258327 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1035 O’Brien Drive | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 272-6269 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 73,171 | $ 154,949 |
Short-term investments | 88,814 | 50,130 |
Prepaid expenses and other current assets | 5,617 | 3,675 |
Total current assets | 167,602 | 208,754 |
Operating lease right-of-use asset | 21,511 | |
Property and equipment, net | 15,249 | 3,586 |
Restricted cash | 999 | 999 |
Deposit and other long-term assets | 164 | 156 |
Total assets | 205,525 | 213,495 |
Current liabilities: | ||
Accounts payable | 3,382 | 1,707 |
Accrued expenses and other current liabilities | 10,320 | 8,784 |
Lease liability, current portion | 4,044 | |
Deferred rent, current portion | 228 | |
Total current liabilities | 17,746 | 10,719 |
Deferred rent, net of current portion | 1,366 | |
Lease liability, net of current portion | 23,380 | |
Other noncurrent liabilities | 185 | 243 |
Total liabilities | 41,311 | 12,328 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock | ||
Common stock | 7 | 6 |
Additional paid-in capital | 531,056 | 522,503 |
Accumulated other comprehensive loss | (745) | (799) |
Accumulated deficit | (366,104) | (320,543) |
Total stockholders’ equity | 164,214 | 201,167 |
Total liabilities and stockholders' equity | $ 205,525 | $ 213,495 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Collaboration and license revenue | $ 250 | $ 833 | $ 250 | $ 1,542 |
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember |
Operating expenses: | ||||
Research and development | $ 9,944 | $ 14,480 | $ 29,045 | $ 38,491 |
General and administrative | 7,389 | 4,826 | 20,097 | 19,373 |
Impairment of intangible asset | 5,000 | 5,000 | ||
Total operating expenses | 17,333 | 24,306 | 49,142 | 62,864 |
Operating loss | (17,083) | (23,473) | (48,892) | (61,322) |
Other income, net | 965 | 1,265 | 3,331 | 3,104 |
Net loss before income tax benefit | (16,118) | (22,208) | (45,561) | (58,218) |
Income tax benefit | 1,250 | 1,250 | ||
Net loss | (16,118) | (20,958) | (45,561) | (56,968) |
Other comprehensive loss: | ||||
Net unrealized gain on marketable securities | 4 | 53 | 27 | 129 |
Foreign currency translation adjustment | (11) | 27 | (21) | |
Comprehensive loss | $ (16,125) | $ (20,905) | $ (45,507) | $ (56,860) |
Net loss per share — basic and diluted | $ (0.25) | $ (0.34) | $ (0.71) | $ (0.94) |
Weighted-average common shares used to compute net loss per share - basic and diluted | 64,484 | 62,454 | 63,764 | 60,856 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2017 | $ 184,028 | $ 5 | $ 439,048 | $ (963) | $ (254,062) |
Balance, shares at Dec. 31, 2017 | 49,015,339 | ||||
Stock-based compensation expense | 3,429 | 3,429 | |||
Adoption of Topic 606 | 6,146 | 6,146 | |||
Issuance of common stock upon follow-on offerings, net of issuance costs | 70,191 | $ 2 | 70,189 | ||
Issuance of common stock upon follow-on offerings, net of issuance costs, shares | 11,642,128 | ||||
Issuance of common stock upon exercise of stock options | 308 | 308 | |||
Issuance of common stock upon exercise of stock options, shares | 1,361,546 | ||||
Issuance of common stock upon release of restricted stock units, shares | 328,952 | ||||
Restricted stock surrendered for taxes, shares | (115,593) | ||||
Taxes paid for RSUs | (801) | (801) | |||
Foreign currency translation adjustments | (75) | (75) | |||
Unrealized gain on marketable securities, net | 17 | 17 | |||
Net loss | (17,200) | (17,200) | |||
Balance at Mar. 31, 2018 | 246,043 | $ 7 | 512,173 | (1,021) | (265,116) |
Balance, shares at Mar. 31, 2018 | 62,232,372 | ||||
Balance at Dec. 31, 2017 | 184,028 | $ 5 | 439,048 | (963) | (254,062) |
Balance, shares at Dec. 31, 2017 | 49,015,339 | ||||
Foreign currency translation adjustments | (21) | ||||
Unrealized gain on marketable securities, net | 129 | ||||
Net loss | (56,968) | ||||
Balance at Sep. 30, 2018 | 215,553 | $ 6 | 521,286 | (855) | (304,884) |
Balance, shares at Sep. 30, 2018 | 62,826,416 | ||||
Balance at Mar. 31, 2018 | 246,043 | $ 7 | 512,173 | (1,021) | (265,116) |
Balance, shares at Mar. 31, 2018 | 62,232,372 | ||||
Stock-based compensation expense | 5,826 | 5,826 | |||
Issuance of common stock upon follow-on offerings, net of issuance costs | (2) | (2) | |||
Issuance of common stock upon exercise of stock options | 264 | 264 | |||
Issuance of common stock upon exercise of stock options, shares | 127,554 | ||||
Purchase and common stock issued under employee stock purchase plan | 149 | 149 | |||
Purchase and common stock issued under employee stock purchase plan, shares | 58,294 | ||||
Issuance of common stock upon release of restricted stock units, shares | 241,764 | ||||
Restricted stock surrendered for taxes | (1) | $ (1) | |||
Restricted stock surrendered for taxes, shares | (22,873) | ||||
Taxes paid for RSUs | (135) | (135) | |||
Foreign currency translation adjustments | 54 | 54 | |||
Unrealized gain on marketable securities, net | 59 | 59 | |||
Net loss | (18,810) | (18,810) | |||
Balance at Jun. 30, 2018 | 233,447 | $ 6 | 518,275 | (908) | (283,926) |
Balance, shares at Jun. 30, 2018 | 62,637,111 | ||||
Stock-based compensation expense | 2,995 | 2,995 | |||
Issuance of common stock upon follow-on offerings, net of issuance costs | 2 | 2 | |||
Issuance of common stock upon exercise of stock options | 115 | 115 | |||
Issuance of common stock upon exercise of stock options, shares | 107,037 | ||||
Issuance of common stock upon release of restricted stock units, shares | 101,250 | ||||
Taxes paid for RSUs | (101) | (101) | |||
Unrealized gain on marketable securities, net | 53 | 53 | |||
Net loss | (20,958) | (20,958) | |||
Balance at Sep. 30, 2018 | 215,553 | $ 6 | 521,286 | (855) | (304,884) |
Balance, shares at Sep. 30, 2018 | 62,826,416 | ||||
Restricted stock unit withholdings, shares | (18,982) | ||||
Balance at Dec. 31, 2018 | 201,167 | $ 6 | 522,503 | (799) | (320,543) |
Balance, shares at Dec. 31, 2018 | 62,965,468 | ||||
Stock-based compensation expense | 1,762 | 1,762 | |||
Issuance of common stock upon exercise of stock options | 162 | 162 | |||
Issuance of common stock upon exercise of stock options, shares | 118,482 | ||||
Issuance of common stock upon release of restricted stock units, shares | 397,302 | ||||
Restricted stock surrendered for taxes, shares | (145,603) | ||||
Taxes paid for RSUs | (504) | (504) | |||
Foreign currency translation adjustments | 42 | 42 | |||
Unrealized gain on marketable securities, net | 3 | 3 | |||
Net loss | (14,489) | (14,489) | |||
Balance at Mar. 31, 2019 | 188,143 | $ 6 | 523,923 | (754) | (335,032) |
Balance, shares at Mar. 31, 2019 | 63,335,649 | ||||
Balance at Dec. 31, 2018 | $ 201,167 | $ 6 | 522,503 | (799) | (320,543) |
Balance, shares at Dec. 31, 2018 | 62,965,468 | ||||
Issuance of common stock upon exercise of stock options, shares | 1,133,000 | ||||
Foreign currency translation adjustments | $ 27 | ||||
Unrealized gain on marketable securities, net | 27 | ||||
Net loss | (45,561) | ||||
Balance at Sep. 30, 2019 | 164,214 | $ 7 | 531,056 | (745) | (366,104) |
Balance, shares at Sep. 30, 2019 | 64,581,538 | ||||
Balance at Mar. 31, 2019 | 188,143 | $ 6 | 523,923 | (754) | (335,032) |
Balance, shares at Mar. 31, 2019 | 63,335,649 | ||||
Stock-based compensation expense | 2,626 | 2,626 | |||
Issuance of common stock upon follow-on offerings, net of issuance costs | 134 | 134 | |||
Issuance of common stock upon follow-on offerings, net of issuance costs, shares | 20,000 | ||||
Issuance of common stock upon exercise of stock options | 2,312 | 2,312 | |||
Issuance of common stock upon exercise of stock options, shares | 823,028 | ||||
Purchase and common stock issued under employee stock purchase plan | 163 | 163 | |||
Purchase and common stock issued under employee stock purchase plan, shares | 51,112 | ||||
Issuance of common stock upon release of restricted stock units, shares | 219,704 | ||||
Restricted stock surrendered for taxes, shares | (72,516) | ||||
Taxes paid for RSUs | (700) | (700) | |||
Foreign currency translation adjustments | (4) | (4) | |||
Unrealized gain on marketable securities, net | 20 | 20 | |||
Net loss | (14,954) | (14,954) | |||
Balance at Jun. 30, 2019 | 177,740 | $ 6 | 528,458 | (738) | (349,986) |
Balance, shares at Jun. 30, 2019 | 64,376,977 | ||||
Stock-based compensation expense | 2,661 | 2,661 | |||
Issuance of common stock upon exercise of stock options | 145 | $ 1 | 144 | ||
Issuance of common stock upon exercise of stock options, shares | 191,371 | ||||
Issuance of common stock upon release of restricted stock units, shares | 27,350 | ||||
Restricted stock surrendered for taxes, shares | (14,160) | ||||
Taxes paid for RSUs | (207) | (207) | |||
Foreign currency translation adjustments | (11) | (11) | |||
Unrealized gain on marketable securities, net | 4 | 4 | |||
Net loss | (16,118) | (16,118) | |||
Balance at Sep. 30, 2019 | $ 164,214 | $ 7 | $ 531,056 | $ (745) | $ (366,104) |
Balance, shares at Sep. 30, 2019 | 64,581,538 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (45,561) | $ (56,968) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,219 | 1,361 |
Stock-based compensation expense | 7,049 | 12,250 |
Amortization of premium and accrued interest on marketable securities | (813) | 199 |
Impairment of intangible asset | 5,000 | |
Amortization of operating lease right-of-use asset | 1,620 | |
Other | 46 | (15) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,868) | (1,518) |
Accounts payable | (680) | 5 |
Accrued expenses and other current liabilities | 1,891 | 353 |
Deferred revenue | (884) | |
Deferred rent | 233 | |
Lease liability | 2,762 | |
Deferred tax liability | (1,250) | |
Net cash used in operating activities | (34,335) | (41,234) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (133,144) | (55,924) |
Maturities of marketable securities | 95,155 | 117,993 |
Purchases of property and equipment | (10,874) | (652) |
Net cash (used in) provided by investing activities | (48,863) | 61,417 |
Cash flows from financing activities: | ||
Proceeds from offerings of common stock, net of issuance costs | 70,189 | |
Proceeds from issuance of common stock | 134 | |
Proceeds from issuance of common stock pursuant to option exercises | 2,618 | 687 |
Taxes paid related to net share settlement of restricted stock units | (1,411) | (1,037) |
Proceeds from employee stock purchase plan | 163 | 149 |
Proceeds from a financing arrangement | 100 | |
Repayment of loan | (84) | (118) |
Net cash provided by financing activities | 1,420 | 69,970 |
Net increase (decrease) in cash and cash equivalents and restricted cash | (81,778) | 90,153 |
Cash and cash equivalents and restricted cash at beginning of period | 155,948 | 70,519 |
Cash and cash equivalents and restricted cash at end of period | 74,170 | 160,672 |
Supplemental schedule of noncash investing and financing information | ||
Fixed assets in accounts payable, accrued expenses and other current liabilities | $ 3,625 | $ 278 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Adverum Biotechnologies, Inc. (the “Company”) is a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases. The Company develops gene therapy product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein. The Company’s core capabilities include clinical development, novel vector discovery, and in‑house manufacturing expertise, specifically in scalable process development, assay development, and current Good Manufacturing Practices (“cGMP”) quality control. Since the Company’s inception, it has devoted its efforts to performing research and development activities, filing patent applications, hiring personnel and raising capital to support these activities. The Company has not generated any revenue from the sale of products since its inception. The Company has experienced net losses since its inception and had an accumulated deficit of $366.1 million as of September 30, 2019. The Company expects to incur losses and have negative net cash flows from operating activities as it engages in further research and development activities. The Company believes that it has sufficient funds to continue operations into 2021. Basis of Presentation —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s consolidated financial information. The results of operations for the three and nine months ended September 30, 2019, are not necessarily indicative of the results to be expected for the full year or any other future period. The balance sheet as of December 31, 2018 is derived from the audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements Leases The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (“Topic 842”) on January 1, 2019. For its long-term operating leases, the Company recognizes a right-of-use asset and a lease liability on its condensed consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach and recorded a lease liability of $24.7 million, and a right‑to‑use asset of $23.1 million, and made no adjustment to the accumulated deficit. In connection with the adoption of the lease standard, the Company also derecognized deferred rent of $1.5 million. The adoption of Topic 842 did not have an impact on the condensed consolidated statement of operations. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. In order to estimate the incremental borrowing rate, management estimated its credit rating, adjusted the credit rating for the nature of the collateral, and benchmarked the borrowing rate against observable yields on comparable securities with a similar term. As of the adoption date, the Company estimated the incremental borrowing rate to be 8.5%. The Company based the right-of-use asset on the liability adjusted for any prepaid or deferred rent. The Company determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for the operating lease is recognized on a straight-line basis over the lease term and is included it in operating expenses on the statements of operations and comprehensive loss. Variable lease payments include lease operating expenses. The Company elected the practical expedients permitted under Topic 842, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2019. The Company elected to exclude from its condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real-estate leases. Share-based payment to nonemployees In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“Topic 718”) that expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The Company adopted ASU 2018–07 on January 1, 2019 and the impact of the adoption resulted in lower stock-based compensation of $1.4 million in the nine months ended September 30, 2019. Under the new standard, our share-based payment transactions with non-employees have a fixed measurement and are not remeasured over the vesting period. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | 3. Fair Value Measurements and Fair Value of Financial Instruments The authoritative guidance on the fair value hierarchy for disclosure of fair value measurements is as follows: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of Level 1 securities is determined using quoted prices in active markets for identical assets. Level 1 securities consist of highly liquid money market funds. Financial assets and liabilities are considered Level 2 when their fair values are determined using inputs that are observable in the market or can be derived principally from or corroborated by observable market data such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, Level 2 financial instruments are valued using comparisons to like-kind financial instruments and models that use readily observable market data as their basis. U.S. government and agency securities, commercial paper, corporate bond and certificates of deposit are valued primarily using market prices of comparable securities, bid/ask quotes, interest rate yields and prepayment spreads and are included in Level 2. In certain cases, where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3 within the valuation hierarchy. The following is a summary of the Company’s cash equivalents and short-term investments: September 30, 2019 Amortized Cost Basis Unrealized Gains Unrealized Loses Estimated Fair Value (In thousands) Level 1: Money market funds $ 145 $ — $ — $ 145 Level 2: U.S. government and agency securities 31,704 7 (1 ) 31,710 Commercial paper 103,129 2 (6 ) 103,125 Corporate bonds 23,844 11 (1 ) 23,854 Total cash equivalents and short-term investments 158,822 20 (8 ) 158,834 Less: cash equivalents (70,023 ) (1 ) 4 (70,020 ) Total short-term investments $ 88,799 $ 19 $ (4 ) $ 88,814 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Loses Estimated Fair Value (In thousands) Level 1: Money market funds $ 126 $ — $ — $ 126 Level 2: U.S. government and agency securities 25,792 1 (4 ) 25,789 Commercial paper 147,606 — — 147,606 Corporate bonds 27,778 5 (17 ) 27,766 Certificates of deposit 1,420 — — 1,420 Total cash equivalents and short-term investments 202,722 6 (21 ) 202,707 Less: cash equivalents (152,577 ) — — (152,577 ) Total short-term investments $ 50,145 $ 6 $ (21 ) $ 50,130 There were no transfers within the fair value hierarchy during the three and nine months ended September 30, 2019 or 2018. The Company’s marketable securities as of September 30, 2019 mature within one year. Management regularly reviews all of the Company’s investments for other-than-temporary declines in estimated fair value. Management’s review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether management has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. Management determined that the gross unrealized losses on the Company’s marketable securities as of September 30, 2019 were temporary in nature. Therefore, none of the Company’s marketable securities were other-than-temporarily impaired as of September 30, 2019. |
Significant Agreements
Significant Agreements | 9 Months Ended |
Sep. 30, 2019 | |
Research And Development [Abstract] | |
Significant Agreements | 4. Significant Agreements Editas— In January 2018, the Company entered into an agreement to amend its collaboration, option and license agreement with Editas Medicine, Inc. (“Editas”). The Company originally entered into an agreement with Editas in August 2016 pursuant to which the Company and Editas collaborated on certain studies using AAV vectors in connection with Editas’ genome editing technology and the Company granted to Editas an exclusive option to obtain certain exclusive rights to use the Company’s proprietary vectors in up to five ophthalmic indications. Under the terms of the agreement, as amended, Editas had until November 2018 to exercise the option with respect to a designated initial indication, which Editas declined to do. With respect to the four other indications, Editas had until August 2019 to exercise the option, otherwise all options would expire. Editas did not exercise the option, and the agreement terminated on August 8, 2019. Under Topic 606, the transaction price is $1.5 million, which includes the $1.0 million non-refundable upfront payment for license and research services at contract inception and the one-time, non-refundable cash payment of $0.5 million made by Editas in February 2018 in consideration for extending the agreement. The arrangement provides for additional payments to the Company when certain development and regulatory milestones are achieved. Because these milestone payments are not within the control of the Company and are not considered probable of being achieved until the events occur, the Company did not include them in the transaction price. The transaction price of $1.5 million was allocated to a single performance obligation: research and development. During the three and nine months ended September 30, 2018, the Company recognized revenue of $0.5 million and $0.7 million associated with Editas. The remaining performance obligations for Editas were completed during 2018. During the three and nine months ended September 30, 2019, the Company had no recognized revenue from the Editas collaboration agreement. GenSight - In February 2014, the Company entered into an agreement with GenSight Biologics, S.A, in which the Company granted GenSight a non-exclusive license to its proprietary AAV.7m8 vector to develop gene therapy products to deliver certain therapeutic transgenes. Under the agreement, the Company is eligible to receive development, regulatory and commercial milestones. Also, the Company is eligible to receive low to mid-single digit royalties on sales of GenSight’s licensed products. During the three and nine month ended September 30, 2019, GenSight achieved a clinical development milestone pursuant to the agreement. This milestone was previously constrained under Topic 606. The Company earned a $250,000 milestone payment, which was recognized as revenue in the condensed consolidated statement of operations and comprehensive loss for the three and nine month ended September 30, 2019 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 5. Leases In June 2018, the Company entered into an operating lease agreement for new office and laboratory space which consists of approximately 81,000 square feet located in Redwood City, California. The lease term is 10 years beginning September 2018 through February 2029 with two options to extend the lease term for a period of seven years each. The Company has the right to make tenant improvements, including the addition of laboratory space, with a lease incentive allowance of $8.1 million. The rent payments began on March 1, 2019. The lease agreement provides for an escalation of rent payments each year after an abatement period. In connection with the lease, the Company has provided the landlord with a letter of credit in the amount of $1.0 million. The security for the letter of credit of $1.0 million is classified as restricted cash under long term assets on the condensed consolidated balance sheet. The Company also has an operating lease agreement for its Menlo Park office building which expires on May 8, 2020. The Company may extend this lease for up to four years. The lease agreement provides for an escalation of rent payments each year. The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (See Note 2) and recorded right-of-use assets of $23.1 million and a lease liability of $24.7 million as of January 1, 2019. The estimated incremental borrowing rate used to measure the lease liability is 8.5%. Rent expense for the three months ended September 30, 2019 and 2018 was $1.7 million, and $0.8 million, respectively, which includes variable lease costs for utilities, parking, maintenance, and real estate taxes. Variable lease expenses for the three months ended September 30, 2019 and 2018 were $0.4 million and $0.2 million, respectively. Rent expense for the nine months ended September 30, 2019 and 2018 was $4.8 million, and $1.8 million, respectively, including variable lease cost of $0.9 million and $0.7 million, respectively. The Company recognizes rent expense on a straight‑line basis over the lease period. The undiscounted future non-cancellable lease payments under the Company’s operating leases as of September 30, 2019 is as follows: Year ending December 31, (In thousands) 2019 (remaining 3 months) $ 1,142 2020 4,221 2021 4,683 2022 4,846 2023 5,016 Thereafter 28,837 Total undiscounted lease payments 48,745 Less: Present value adjustment (16,046 ) Less: Tenant improvement allowance (5,275 ) Total $ 27,424 |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 6. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following: September 30, 2019 December (In thousands) Computer equipment and software $ 697 $ 646 Laboratory equipment 6,170 5,470 Furniture and fixtures 678 678 Leasehold improvements 1,602 1,602 Construction in progress 13,735 1,612 Total property and equipment 22,882 10,008 Less accumulated depreciation and amortization (7,633 ) (6,422 ) Property and equipment, net $ 15,249 $ 3,586 Depreciation and amortization expense related to property and equipment for the three months ended September 30, 2019 and 2018 was $0.4 million, and $0.4 million, respectively, and for the nine months ended September 30, 2019 and 2018 was $1.2 million, and $1.4 million, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: September 30, 2019 December (In thousands) Accrued professional services $ 4,623 $ 2,291 Employee compensation 3,037 2,944 Accrued preclinical, clinical and process development costs 1,248 1,850 Other 1,412 1,699 Total accrued expenses and other current liabilities $ 10,320 $ 8,784 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies The Company was a party to a master services agreement (“MSA”) with Cornell University (“Cornell”) originally established in August 2014 and amended in December 2015. Under the MSA, Cornell provided assistance in regulatory affairs, overall project management, and parameter development. This MSA included services relating to gene therapy programs directed to A1AT deficiency, HAE and severe allergy. The MSA, as amended, provided for the Company to pay Cornell $13.3 million ratably over four years for these services as services were performed. In December 2016, the Company informed Cornell that the Company decided to terminate the MSA for material breach, effective January 6, 2017. Subsequently, Cornell informed the Company that it disputed the validity of the Company’s termination of the MSA. In June 2019, Cornell and the Company entered into a settlement agreement, as a result of which the Company paid Cornell a $2.0 million settlement payment. There was no current period expense from the settlement, as the estimated costs associated with the termination of the MSA were previously accrued during the year ended December 31, 2017. The Company’s license agreements with Cornell for A1AT deficiency and HAE remain in effect. Legal Proceedings From time to time, the Company may become involved in litigation and other legal actions. The Company estimates the range of liability related to any pending litigation where the amount and range of loss can be estimated. The Company records its best estimate of a loss when the loss is considered probable. Where a liability is probable and there is a range of estimated loss with no best estimate in the range, the Company records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (ii) the range of loss can be reasonably estimated. There have been no material changes from the legal proceedings described in the Company’s annual report on Form 10-K for the year ended December 31, 2018. |
Equity Incentive Awards
Equity Incentive Awards | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Awards | 8. Equity Incentive Awards The following table summarizes the Company’s option activity and related information: Number of Options (in thousands) Weighted- Average Exercise Price Balance at December 31, 2018 6,447 $ 5.83 Options granted 4,265 7.13 Options exercised (1,133 ) 2.31 Options cancelled (924 ) 3.77 Balance at September 30, 2019 8,655 $ 7.15 Exercisable as of September 30, 2019 3,563 $ 7.59 Restricted Stock Units (“RSUs”) The following table summarizes the Company’s RSUs activity and related information: Number of Units (in thousands) Weighted- Average Grant- Date Fair Value Outstanding at December 31, 2018 2,397 $ 9.23 Granted 250 3.95 Vested and released (676 ) 4.88 Forfeited (834 ) 4.75 Outstanding at September 30, 2019 1,137 $ 4.66 On July 30, 2019, the Company’s Board of Directors amended the 2017 Inducement Plan to increase the number of shares issuable thereunder by 1,500,000 to 3,100,000 shares. Stock-Based Compensation Expense The following table presents, by operating expense, the Company’s stock-based compensation expense: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Research and development $ 1,352 $ 1,693 $ 2,829 $ 4,892 General and administrative 1,309 1,303 4,220 7,358 Total stock-based compensation expense $ 2,661 $ 2,996 $ 7,049 $ 12,250 On May 1, 2019, the Chair of the Board of Directors of the Company resigned. In connection with the resignation, the Company approved the modification of stock options to accelerate vesting and to extend the exercise period of certain awards. As a result of the modification, the Company recorded additional stock-based compensation expense of $0.9 million in the nine months ended September 30, 2019. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 9. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. Outstanding stock options, RSUs, rights under the employee stock purchase plan (“ESPP”) and warrants are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The Company excluded approximately 10.0 million and 9.1 million shares of potentially dilutive securities as of September 30, 2019 and 2018, respectively, from the computations of diluted weighted-average shares outstanding because their effect would be anti-dilutive. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions In May 2019, the Company entered into a common stock purchase agreement with James Scopa, a member of the Board, and Anne Kenner, as Trustees for the James P. Scopa and Anne E. Kenner Family Trust (the “Trust”), pursuant to which the Trust purchased an aggregate of 20,000 shares of the Company’s common stock at a price of $6.71 per share, for an aggregate cash purchase price of $0.1 million. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
Leases | Recently Adopted Accounting Pronouncements Leases The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (“Topic 842”) on January 1, 2019. For its long-term operating leases, the Company recognizes a right-of-use asset and a lease liability on its condensed consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach and recorded a lease liability of $24.7 million, and a right‑to‑use asset of $23.1 million, and made no adjustment to the accumulated deficit. In connection with the adoption of the lease standard, the Company also derecognized deferred rent of $1.5 million. The adoption of Topic 842 did not have an impact on the condensed consolidated statement of operations. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. In order to estimate the incremental borrowing rate, management estimated its credit rating, adjusted the credit rating for the nature of the collateral, and benchmarked the borrowing rate against observable yields on comparable securities with a similar term. As of the adoption date, the Company estimated the incremental borrowing rate to be 8.5%. The Company based the right-of-use asset on the liability adjusted for any prepaid or deferred rent. The Company determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for the operating lease is recognized on a straight-line basis over the lease term and is included it in operating expenses on the statements of operations and comprehensive loss. Variable lease payments include lease operating expenses. The Company elected the practical expedients permitted under Topic 842, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2019. The Company elected to exclude from its condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real-estate leases. |
Accounting Standard Update Recently Adopted | Share-based payment to nonemployees In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“Topic 718”) that expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The Company adopted ASU 2018–07 on January 1, 2019 and the impact of the adoption resulted in lower stock-based compensation of $1.4 million in the nine months ended September 30, 2019. Under the new standard, our share-based payment transactions with non-employees have a fixed measurement and are not remeasured over the vesting period. |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash Equivalents and Short-term Investments | The following is a summary of the Company’s cash equivalents and short-term investments: September 30, 2019 Amortized Cost Basis Unrealized Gains Unrealized Loses Estimated Fair Value (In thousands) Level 1: Money market funds $ 145 $ — $ — $ 145 Level 2: U.S. government and agency securities 31,704 7 (1 ) 31,710 Commercial paper 103,129 2 (6 ) 103,125 Corporate bonds 23,844 11 (1 ) 23,854 Total cash equivalents and short-term investments 158,822 20 (8 ) 158,834 Less: cash equivalents (70,023 ) (1 ) 4 (70,020 ) Total short-term investments $ 88,799 $ 19 $ (4 ) $ 88,814 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Loses Estimated Fair Value (In thousands) Level 1: Money market funds $ 126 $ — $ — $ 126 Level 2: U.S. government and agency securities 25,792 1 (4 ) 25,789 Commercial paper 147,606 — — 147,606 Corporate bonds 27,778 5 (17 ) 27,766 Certificates of deposit 1,420 — — 1,420 Total cash equivalents and short-term investments 202,722 6 (21 ) 202,707 Less: cash equivalents (152,577 ) — — (152,577 ) Total short-term investments $ 50,145 $ 6 $ (21 ) $ 50,130 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Undiscounted Future Lease Payments under Operating Lease | The undiscounted future non-cancellable lease payments under the Company’s operating leases as of September 30, 2019 is as follows: Year ending December 31, (In thousands) 2019 (remaining 3 months) $ 1,142 2020 4,221 2021 4,683 2022 4,846 2023 5,016 Thereafter 28,837 Total undiscounted lease payments 48,745 Less: Present value adjustment (16,046 ) Less: Tenant improvement allowance (5,275 ) Total $ 27,424 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: September 30, 2019 December (In thousands) Computer equipment and software $ 697 $ 646 Laboratory equipment 6,170 5,470 Furniture and fixtures 678 678 Leasehold improvements 1,602 1,602 Construction in progress 13,735 1,612 Total property and equipment 22,882 10,008 Less accumulated depreciation and amortization (7,633 ) (6,422 ) Property and equipment, net $ 15,249 $ 3,586 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: September 30, 2019 December (In thousands) Accrued professional services $ 4,623 $ 2,291 Employee compensation 3,037 2,944 Accrued preclinical, clinical and process development costs 1,248 1,850 Other 1,412 1,699 Total accrued expenses and other current liabilities $ 10,320 $ 8,784 |
Equity Incentive Awards (Tables
Equity Incentive Awards (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Options Activity | The following table summarizes the Company’s option activity and related information: Number of Options (in thousands) Weighted- Average Exercise Price Balance at December 31, 2018 6,447 $ 5.83 Options granted 4,265 7.13 Options exercised (1,133 ) 2.31 Options cancelled (924 ) 3.77 Balance at September 30, 2019 8,655 $ 7.15 Exercisable as of September 30, 2019 3,563 $ 7.59 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSUs activity and related information: Number of Units (in thousands) Weighted- Average Grant- Date Fair Value Outstanding at December 31, 2018 2,397 $ 9.23 Granted 250 3.95 Vested and released (676 ) 4.88 Forfeited (834 ) 4.75 Outstanding at September 30, 2019 1,137 $ 4.66 |
Stock-Based Compensation Expense | The following table presents, by operating expense, the Company’s stock-based compensation expense: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Research and development $ 1,352 $ 1,693 $ 2,829 $ 4,892 General and administrative 1,309 1,303 4,220 7,358 Total stock-based compensation expense $ 2,661 $ 2,996 $ 7,049 $ 12,250 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accumulated deficit | $ (366,104) | $ (320,543) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Lease liability | $ 27,424 | $ 27,424 | |||
Right-to-use asset | 21,511 | 21,511 | |||
Stock-based compensation | $ (2,661) | $ (2,996) | $ (7,049) | $ (12,250) | |
ASU No. 2016-2, Leases [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Lease liability | $ 24,700 | ||||
Right-to-use asset | 23,100 | ||||
Adjustment to accumulated deficit | $ 0 | ||||
Estimated incremental borrowing rate | 8.50% | 8.50% | 8.50% | ||
Restatement Adjustment [Member] | ASU No. 2016-2, Leases [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Derecognized deferred rent | $ 1,500 | ||||
Restatement Adjustment [Member] | ASU 2018-07 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based compensation | $ 1,400 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments - Summary of Cash Equivalents and Short-term Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | $ 88,799 | $ 50,145 |
Unrealized Gains | 19 | 6 |
Unrealized Loses | (4) | (21) |
Estimated Fair Value | 88,814 | 50,130 |
Less: Cash Equivalents, Amortized Cost Basis | (70,023) | (152,577) |
Less: Cash Equivalents, Unrealized Gains | (1) | 0 |
Less: Cash Equivalents, Unrealized Loses | 4 | 0 |
Less: Cash Equivalents, Estimated Fair Value | (70,020) | (152,577) |
Money Market Funds [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 145 | 126 |
Estimated Fair Value | 145 | 126 |
U.S. Government Agency Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 31,704 | 25,792 |
Unrealized Gains | 7 | 1 |
Unrealized Loses | (1) | (4) |
Estimated Fair Value | 31,710 | 25,789 |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 103,129 | 147,606 |
Unrealized Gains | 2 | |
Unrealized Loses | (6) | |
Estimated Fair Value | 103,125 | 147,606 |
Certificates of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 1,420 | |
Estimated Fair Value | 1,420 | |
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 23,844 | 27,778 |
Unrealized Gains | 11 | 5 |
Unrealized Loses | (1) | (17) |
Estimated Fair Value | 23,854 | 27,766 |
Total Cash Equivalents and Short-term Investments [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 158,822 | 202,722 |
Unrealized Gains | 20 | 6 |
Unrealized Loses | (8) | (21) |
Estimated Fair Value | $ 158,834 | $ 202,707 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Available For Sale Securities [Abstract] | ||||
Liabilities transferred within Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Marketable securities other-than-temporarily impaired | $ 0 | $ 0 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2018 | Aug. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
License Agreement [Line Items] | ||||||
Revenue recognized | $ 250,000 | $ 833,000 | $ 250,000 | $ 1,542,000 | ||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | ||
Editas Medicine Inc [Member] | ||||||
License Agreement [Line Items] | ||||||
Revenue recognized | $ 0 | $ 500,000 | $ 0 | $ 700,000 | ||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | ||
Editas Medicine Inc [Member] | Topic 606 [Member] | ||||||
License Agreement [Line Items] | ||||||
Collaboration, option and license agreement fee receivable per indication | $ 1,500,000 | |||||
Non-refundable upfront payment received | $ 1,000,000 | |||||
Initial payments received | $ 500,000 | |||||
GenSight Biologics [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
License Agreement [Line Items] | ||||||
Revenue recognized | $ 250,000,000 | $ 250,000,000 | ||||
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Lessee Lease Description [Line Items] | ||||||
Restricted cash | $ 999 | $ 999 | $ 999 | |||
Right-of-use assets | 21,511 | 21,511 | ||||
Lease liability | 27,424 | 27,424 | ||||
Rent expense | 1,700 | $ 800 | 4,800 | $ 1,800 | ||
Variable lease costs | $ 400 | $ 200 | $ 900 | $ 700 | ||
ASU No. 2016-2, Leases [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Right-of-use assets | $ 23,100 | |||||
Lease liability | $ 24,700 | |||||
Estimated incremental borrowing rate | 8.50% | 8.50% | 8.50% | |||
Redwood City [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Lease entered date | Jun. 30, 2018 | |||||
Lease, area of land | ft² | 81,000 | 81,000 | ||||
Lease term | 10 years | 10 years | ||||
Lease renewal term | 7 years | 7 years | ||||
Lease description | The lease term is 10 years beginning September 2018 through February 2029 with two options to extend the lease term for a period of seven years each. | |||||
Lease, option to extend | true | |||||
Lease incentive allowance | $ 8,100 | |||||
Restricted cash | $ 1,000 | $ 1,000 | ||||
Menlo Park [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Lease renewal term | 4 years | 4 years | ||||
Lease, option to extend | true | |||||
Lease expiration date | May 8, 2020 | |||||
Letter of Credit [Member] | Redwood City [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Security deposit | $ 1,000 | $ 1,000 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Future Lease Payments under Operating Lease (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (remaining 3 months) | $ 1,142 |
2020 | 4,221 |
2021 | 4,683 |
2022 | 4,846 |
2023 | 5,016 |
Thereafter | 28,837 |
Total undiscounted lease payments | 48,745 |
Less: Present value adjustment | (16,046) |
Less: Tenant improvement allowance | (5,275) |
Total | $ 27,424 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 22,882 | $ 10,008 |
Less accumulated depreciation and amortization | (7,633) | (6,422) |
Property and equipment, net | 15,249 | 3,586 |
Computer Equipment and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 697 | 646 |
Laboratory Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 6,170 | 5,470 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 678 | 678 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,602 | 1,602 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 13,735 | $ 1,612 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 400 | $ 400 | $ 1,219 | $ 1,361 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Accrued professional services | $ 4,623 | $ 2,291 |
Employee compensation | 3,037 | 2,944 |
Accrued preclinical, clinical and process development costs | 1,248 | 1,850 |
Other | 1,412 | 1,699 |
Total accrued expenses and other current liabilities | $ 10,320 | $ 8,784 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Cornell University [Member] - Master Service Agreement [Member] - USD ($) | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2015 | Sep. 30, 2019 | |
Other Commitments [Line Items] | |||
Service purchase commitment amount | $ 13,300,000 | ||
Service expenses payment period | 4 years | ||
Payment for settlement agreement | $ 2,000,000 | ||
Settlement agreement current period expense | $ 0 |
Equity Incentive Awards - Summa
Equity Incentive Awards - Summary of Stock Options Activity (Detail) - $ / shares shares in Thousands | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Options Outstanding [Roll Forward] | |
Number of Options, Beginning Balance | 6,447 |
Number of Options, Options granted | 4,265 |
Number of Options, Options exercised | (1,133) |
Number of Options, Options cancelled | (924) |
Number of Options, Ending Balance | 8,655 |
Number of Options, Exercisable | 3,563 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Exercise Price, Beginning Balance | $ 5.83 |
Weighted-Average Exercise Price, Options granted | 7.13 |
Weighted-Average Exercise Price, Options exercised | 2.31 |
Weighted-Average Exercise Price, Options cancelled | 3.77 |
Weighted-Average Exercise Price, Ending Balance | 7.15 |
Weighted-Average Exercise Price, Exercisable | $ 7.59 |
Equity Incentive Awards - Sum_2
Equity Incentive Awards - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Beginning Balance | shares | 2,397 |
Number of Units, Granted | shares | 250 |
Number of Units, Vested and released | shares | (676) |
Number of Units, Forfeited | shares | (834) |
Number of Units, Ending Balance | shares | 1,137 |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 9.23 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 3.95 |
Weighted-Average Grant-Date Fair Value, Vested and released | $ / shares | 4.88 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 4.75 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 4.66 |
Equity Incentive Awards - Addit
Equity Incentive Awards - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Jul. 30, 2019 | Jul. 29, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Additional stock-based compensation expense | $ 0.9 | ||
Restricted Stock Units [Member] | 2017 Inducement Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Number of shares issuable under Inducement plan | 3,100,000 | 1,500,000 |
Equity Incentive Awards - Stock
Equity Incentive Awards - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 2,661 | $ 2,996 | $ 7,049 | $ 12,250 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,352 | 1,693 | 2,829 | 4,892 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,309 | $ 1,303 | $ 4,220 | $ 7,358 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 10 | 9.1 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May 31, 2019 | Jun. 30, 2019 | Mar. 31, 2018 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||||
Cash purchase price | $ 134 | |||
Common Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of common stock | 20,000 | 11,642,128 | ||
Common Stock [Member] | Trust [Member] | ||||
Related Party Transaction [Line Items] | ||||
Issuance of common stock | 20,000 | |||
Share price | $ 6.71 | |||
Cash purchase price | $ 100 |