Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SYBX | |
Entity Registrant Name | SYNLOGIC, INC. | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0001527599 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Entity Common Stock, Shares Outstanding | 34,833,584 | |
Entity Address, State or Province | MA | |
Entity File Number | 001-37566 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1824804 | |
Entity Address, Address Line One | 301 Binney St. | |
Entity Address, Address Line Two | Suite 402 | |
Entity Address, City or Town | Cambridge | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 617 | |
Local Phone Number | 401-9975 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 26,815 | $ 26,184 |
Short-term marketable securities | 75,151 | 93,387 |
Prepaid expenses and other current assets | 8,677 | 13,675 |
Total current assets | 110,643 | 133,246 |
Long-term marketable securities | 7,502 | |
Property and equipment, net | 11,418 | 13,021 |
Right of use asset - operating lease | 15,977 | 17,263 |
Restricted cash | 1,097 | 1,097 |
Prepaid research and development, net of current portion | 9,217 | 16,381 |
Other assets | 64 | |
Total assets | 148,352 | 188,574 |
Current liabilities: | ||
Accounts payable | 1,382 | 2,165 |
Accrued expenses | 2,892 | 3,946 |
Deferred revenue | 544 | |
Lease liability - operating lease | 2,444 | 2,000 |
Finance lease obligations | 20 | 208 |
Total current liabilities | 6,738 | 8,863 |
Long-term liabilities: | ||
Lease liability - operating lease, net of current portion | 20,941 | 22,804 |
Finance lease obligations, net of current portion | 2 | |
Other long-term liabilities | 176 | |
Total long-term liabilities | 21,117 | 22,806 |
Commitments and contingencies (Note 11) | ||
Stockholders' Equity | ||
Common stock, $0.001 par value 250,000,000 shares authorized as of September 30, 2020 and December 31, 2019. 34,672,052 and 32,266,814 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively. | 35 | 33 |
Additional paid-in capital | 336,106 | 327,900 |
Accumulated other comprehensive loss | 79 | 110 |
Accumulated deficit | (215,723) | (171,138) |
Total stockholders' equity | 120,497 | 156,905 |
Total liabilities and stockholders' equity | $ 148,352 | $ 188,574 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 250,000,000 | 250,000,000 |
Common stock, Issued | 34,672,052 | 32,266,814 |
Common stock, outstanding | 34,672,052 | 32,266,814 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 305 | $ 545 | $ 993 | |
Operating expenses: | ||||
Research and development | $ 10,481 | 10,564 | 36,067 | 30,651 |
General and administrative | 2,956 | 3,879 | 10,250 | 11,272 |
Total operating expenses | 13,437 | 14,443 | 46,317 | 41,923 |
Loss from operations | (13,437) | (14,138) | (45,772) | (40,930) |
Other income (expense): | ||||
Interest and investment income | 216 | 857 | 1,196 | 2,373 |
Interest expense | (1) | (5) | (6) | (17) |
Other income (expense) | 1 | (3) | (1) | |
Other income (expense), net | 215 | 853 | 1,187 | 2,355 |
Net loss | $ (13,222) | $ (13,285) | $ (44,585) | $ (38,575) |
Net loss per share - basic and diluted | $ (0.36) | $ (0.39) | $ (1.27) | $ (1.33) |
Weighted-average common stock outstanding - basic and diluted | 36,297,780 | 34,213,096 | 35,174,203 | 28,956,280 |
Comprehensive loss: | ||||
Net loss | $ (13,222) | $ (13,285) | $ (44,585) | $ (38,575) |
Net unrealized (loss) gain on marketable securities | (135) | 46 | (31) | 179 |
Comprehensive loss | $ (13,357) | $ (13,239) | $ (44,616) | $ (38,396) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | At-the-market Offering | Common Stock $0.001 Par Value | Common Stock $0.001 Par ValueAt-the-market Offering | Additional Paid-in Capital | Additional Paid-in CapitalAt-the-market Offering | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2018 | $ 124,098 | $ 25 | $ 243,903 | $ (65) | $ (119,765) | |||
Balance (in Shares) at Dec. 31, 2018 | 25,401,479 | |||||||
Proceeds from issuance of common stock, net of issuance costs | 56,997 | $ 7 | 56,990 | |||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 6,340,771 | |||||||
Proceeds from pre-funded common stock warrants, net of issuance costs | 22,874 | 22,874 | ||||||
Issuance of restricted stock | $ 1 | (1) | ||||||
Issuance of restricted stock, shares | 585,600 | |||||||
Cancellation of restricted stock | (37,036) | |||||||
Equity-based compensation expense | 3,094 | 3,094 | ||||||
Unrealized loss on securities | 179 | 179 | ||||||
Net loss | (38,575) | (38,575) | ||||||
Balance at Sep. 30, 2019 | 168,667 | $ 33 | 326,860 | 114 | (158,340) | |||
Balance (in Shares) at Sep. 30, 2019 | 32,290,814 | |||||||
Balance at Jun. 30, 2019 | 180,823 | $ 32 | 325,778 | 68 | (145,055) | |||
Balance (in Shares) at Jun. 30, 2019 | 31,719,719 | |||||||
Issuance of restricted stock | $ 1 | (1) | ||||||
Issuance of restricted stock, shares | 585,600 | |||||||
Cancellation of restricted stock | (14,505) | |||||||
Adjustment to accrued common stock issuance costs | 14 | 14 | ||||||
Equity-based compensation expense | 1,069 | 1,069 | ||||||
Unrealized loss on securities | 46 | 46 | ||||||
Net loss | (13,285) | (13,285) | ||||||
Balance at Sep. 30, 2019 | 168,667 | $ 33 | 326,860 | 114 | (158,340) | |||
Balance (in Shares) at Sep. 30, 2019 | 32,290,814 | |||||||
Balance at Dec. 31, 2019 | 156,905 | $ 33 | 327,900 | 110 | (171,138) | |||
Balance (in Shares) at Dec. 31, 2019 | 32,266,814 | |||||||
Issuance of common stock under employee stock purchase plan | 42 | 42 | ||||||
Issuance of common stock under employee stock purchase plan, Shares | 29,857 | |||||||
Exercise of options | 1 | 1 | ||||||
Exercise of options, shares | 724 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 5,060 | $ 2 | $ 5,058 | |||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 2,312,693 | |||||||
Issuance of restricted stock, shares | 226,335 | |||||||
Cancellation of restricted stock | (164,371) | |||||||
Equity-based compensation expense | 3,105 | 3,105 | ||||||
Unrealized loss on securities | (31) | (31) | ||||||
Net loss | (44,585) | (44,585) | ||||||
Balance at Sep. 30, 2020 | 120,497 | $ 35 | 336,106 | 79 | (215,723) | |||
Balance (in Shares) at Sep. 30, 2020 | 34,672,052 | |||||||
Balance at Jun. 30, 2020 | 131,672 | $ 34 | 333,925 | 214 | (202,501) | |||
Balance (in Shares) at Jun. 30, 2020 | 34,145,111 | |||||||
Issuance of common stock under employee stock purchase plan | 42 | 42 | ||||||
Issuance of common stock under employee stock purchase plan, Shares | 29,857 | |||||||
Exercise of options | 1 | 1 | ||||||
Exercise of options, shares | 724 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 1,204 | $ 1 | $ 1,203 | |||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 533,711 | |||||||
Cancellation of restricted stock | (37,351) | |||||||
Equity-based compensation expense | 935 | 935 | ||||||
Unrealized loss on securities | (135) | (135) | ||||||
Net loss | (13,222) | (13,222) | ||||||
Balance at Sep. 30, 2020 | $ 120,497 | $ 35 | $ 336,106 | $ 79 | $ (215,723) | |||
Balance (in Shares) at Sep. 30, 2020 | 34,672,052 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (44,585) | $ (38,575) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,983 | 2,030 |
Equity-based compensation expense | 3,105 | 3,094 |
Accretion/amortization of investment securities | (50) | (1,177) |
Reduction in carrying amount of operating lease right-of-use asset | 1,286 | 959 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 5,062 | (9,444) |
Prepaid research and development, net of current portion | 7,164 | (20,571) |
Accounts payable and accrued expenses | (1,843) | (670) |
Deferred revenue | (544) | 1,507 |
Operating lease liabilities | (1,419) | (1,407) |
Other long-term liabilities | 176 | |
Net cash used in operating activities | (29,665) | (64,254) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (52,726) | (129,517) |
Proceeds from maturity of marketable securities | 61,736 | 131,146 |
Proceeds from redemption of marketable securities | 16,747 | |
Purchases of property and equipment | (384) | (842) |
Net cash provided by investing activities | 25,373 | 787 |
Cash flows from financing activities: | ||
Payments on finance lease obligations | (190) | (198) |
Proceeds from issuance of common stock, net of issuance costs | 56,997 | |
Proceeds from employee stock purchases and exercise of stock options | 43 | |
Proceeds from issuance of pre-funded common stock warrants, net of issuance costs | 22,874 | |
Net cash provided by financing activities | 4,923 | 79,673 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 631 | 16,206 |
Cash, cash equivalents and restricted cash at beginning of period | 27,281 | 12,349 |
Cash, cash equivalents and restricted cash at end of period | 27,912 | 28,555 |
Supplemental disclosure of non-cash investing activities: | ||
Property and equipment purchases included in accounts payable and accrued expenses | (4) | (365) |
Assets acquired under operating lease obligation | 2,714 | |
Supplemental disclosure of non-cash financing activities: | ||
Issuance costs included in accounts payable and accrued expenses | 10 | 26 |
Cash paid for interest | 6 | $ 17 |
At-the-market Offering | ||
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | $ 5,070 |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | (1) Nature of Business Organization Synlogic, Inc., together with its wholly owned and consolidated subsidiaries (“Synlogic” or the “Company”), is a clinical-stage biopharmaceutical company focused on the discovery and development of Synthetic Biotic™ medicines. Synthetic Biotic medicines are generated from Synlogic’s proprietary drug discovery and development platform, leveraging a reproducible, modular approach to microbial engineering to develop beneficial microbes which perform or deliver critical therapeutic functions. Synthetic Biotic medicines can be designed to sense a local disease context within a patient’s body and respond by metabolizing a toxic substance, compensating for missing or damaged metabolic pathways, or by delivering combinations of therapeutic factors. Synlogic’s goal is to discover, develop, and, ultimately, commercialize Synthetic Biotic medicines. Since incorporation, the Company has devoted substantially all of its efforts to the research and development of its product candidates. Synlogic, Inc. (“Private Synlogic” when referred to prior to the Merger (as defined below)) was founded and began operations on March 14, 2014, as TMC Therapeutics, Inc., located in Cambridge, Massachusetts. On July 15, 2014, TMC Therapeutics, Inc. changed its name to Synlogic, Inc. On July 2, 2015, the common and preferred stockholders of Private Synlogic executed the Synlogic, LLC Contribution Agreement (the “Contribution Agreement”), pursuant to which such common and preferred stockholders contributed such stockholders’ equity interests in Private Synlogic in exchange for common and preferred units in a newly formed parent company named Synlogic, LLC. In addition, Synlogic IBDCo, Inc. (“IBDCo”) was formed as a subsidiary of Synlogic, LLC (the “2015 Reorganization”). In conjunction with the 2015 Reorganization, Private Synlogic entered into a license, option and merger agreement with AbbVie S.à.r.l. (“AbbVie”), for the development of treatments for inflammatory bowel disease (“IBD”). See Note 9, Collaboration Agreements – AbbVie Collaboration Agreement. In May 2017, Private Synlogic completed a reorganization (“2017 Reorganization”) pursuant to which Synlogic, LLC merged with and into Private Synlogic, with Private Synlogic continuing as the surviving corporation. Pursuant to the 2017 Reorganization, the common units and preferred units of Synlogic, LLC, together consisting of Class A preferred units, contingently redeemable Class A preferred units and Class B preferred units, were exchanged for common stock and preferred stock of Private Synlogic, respectively. Additionally, Private Synlogic issued equity awards under the Synlogic 2017 Stock Incentive Plan (“2017 Plan”) to replace the canceled incentive units pursuant to the termination of the Synlogic, LLC 2015 Equity Incentive Plan (“2015 LLC Plan”). On August 28, 2017, Synlogic, Inc., formerly known as Mirna Therapeutics, Inc. (NASDAQ: MIRN) (“Mirna”), completed its business combination with Private Synlogic pursuant to the Agreement and Plan of Merger and Reorganization, dated as of May 15, 2017, by and among Mirna, Meerkat Merger Sub, Inc. (“Merger Sub”), and Private Synlogic (the “Merger Agreement”), pursuant to which Merger Sub merged with and into Private Synlogic, with Private Synlogic surviving as a wholly owned subsidiary of Mirna (the “Merger”). Immediately after completion of the Merger, Mirna changed its name to “Synlogic, Inc.” (NASDAQ: SYBX). Risks and Uncertainties At September 30, 2020, the Company had approximately $102.0 million in cash, cash equivalents, and short-term marketable securities, $1.1 million of restricted cash and an accumulated deficit of approximately $215.7 million. Since its inception through September 30, 2020, the Company has primarily financed its operations through the issuance of preferred stock, units and warrants, the sale of its common stock, the AbbVie collaboration, and cash received in the Merger. In the absence of positive cash flows from operations, the Company is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing. Management believes that the Company has sufficient cash to fund its operations through at least twelve months from the issuance of these financial statements. As an early-stage company, the Company is subject to a number of risks common to other life science companies, including, but not limited to, raising additional capital, development by its competitors of new technological innovations, risk of failure in preclinical and clinical studies, safety and efficacy of its product candidates in clinical trials, the risk of relying on external parties such as contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), the regulatory approval process, market acceptance of the Company’s products once approved, lack of marketing and sales history, dependence on key personnel and protection of proprietary technology. The Company’s therapeutic programs are currently pre-commercial, spanning discovery through early development and will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization of any product candidates. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company may never achieve profitability, and unless and until it does, it will continue to need to raise additional capital or obtain financing from other sources, such as strategic collaborations or partnerships. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | ( 2) Summary of Significant Accounting Policies The significant accounting policies described in the Company’s audited financial statements as of and for the year ended December 31, 2019, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020 (the “2019 Annual Report”), have had no material changes during the three and nine months ended September 30, 2020. The updated accounting policy and the impact of adoption are discussed in the “Recently Adopted Accounting Pronouncements” section in this note. Basis of Presentation The accompanying consolidated financial statements and the related disclosures as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim consolidated financial statements should be read in conjunction with the Company’s 2019 and 2018 audited consolidated financial statements and notes included in the Company’s 2019 Annual Report. The December 31, 2019 consolidated balance sheet included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2020 and 2019. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other interim period or future year or period. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Synlogic and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 – Income Taxes – (Topic 740): Simplifying the Accounting for Income Taxes , which provides amended guidance on income tax accounting. The amended guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted. The amended guidance, which simplifies the accounting for income taxes, includes the removal of exceptions to the general principles of ASC 740. The standard removed the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The Company adopted the new guidance effective on January 1, 2020 which had an immaterial impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 - Measurement of Credit Losses on Financial Statements Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates In October 2020, the FASB issued an amendment, ASU 2020-08- Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendment shall be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. The Company is currently evaluating the potential impact that ASU 2020-08 will have on its consolidated financial statements and disclosures. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | ( 3 ) Fair Value of Financial Instruments The tables below present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, as described under Note 2 , Summary of Significant Accounting Policies, The Company’s investment portfolio includes many fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company applied other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, model processes were used to assess interest rate impact and develop prepayment scenarios. These models take into consideration relevant credit information, perceived market movements, sector news and economic events. The inputs into these models may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads and other relevant data. At September 30, 2020 and December 31, 2019, the Company has classified assets measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2020 (Level 1) (Level 2) (Level 3) Money market funds $ 19,847 $ 19,847 $ — $ — Commercial paper (included in cash and cash equivalents) 2,000 $ — 2,000 Commercial paper (included in marketable securities) 46,968 — 46,968 — Corporate debt securities (included in marketable securities) 27,183 — 27,183 — U.S. government agency securities and treasuries 1,000 — 1,000 — Total $ 96,998 $ 19,847 $ 77,151 $ — Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2019 (Level 1) (Level 2) (Level 3) Money market funds $ 3,240 $ 3,240 $ — $ — Commercial paper (included in cash and cash equivalents) 4,249 — 4,249 — Commercial paper (included in marketable securities) 20,501 — 20,501 — Corporate debt securities (included in cash and cash equivalents) 6,005 — 6,005 — Corporate debt securities (included in marketable securities) 71,383 — 71,383 — U.S. government agency securities and treasuries 9,005 — 9,005 — Total $ 114,383 $ 3,240 $ 111,143 $ — Cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses at September 30, 2020 and December 31, 2019 are carried at amounts that approximate fair value due to their short-term maturities. Finance lease obligations at September 30, 2020 and December 31, 2019 approximate fair value as they bear interest at a rate approximating a market interest rate. |
Available-for-Sale Investments
Available-for-Sale Investments | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Investments | ( 4 ) Available-for-Sale Investments The following tables summarize the available-for-sale securities held at September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 46,925 $ 45 $ (2 ) $ 46,968 Corporate debt securities 27,147 36 — 27,183 U.S. government agency securities 1,000 — 1,000 Total $ 75,072 $ 81 $ (2 ) $ 75,151 December 31, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 20,484 $ 18 $ (1 ) $ 20,501 Corporate debt securities 71,288 96 (1 ) 71,383 U.S. government agency securities 9,005 2 (2 ) 9,005 Total $ 100,777 $ 116 $ (4 ) $ 100,889 The contractual maturity of all securities held at September 30, 2020 was nine months or less. There were four and nine investments in an unrealized loss position at September 30, 2020 and December 31, 2019, respectively, none of which had been in an unrealized loss position for more than twelve months. The aggregate fair value of the securities in an unrealized loss position at September 30, 2020 and December 31, 2019 was $10.0 million and $24.8 million, respectively. The Company reviews its investments for other-than-temporary impairment whenever the fair value of an investment is less than amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. The Company did not hold any securities with an other-than-temporary impairment at September 30, 2020. Gross realized gains and losses on the sales of investments have not been material to the Company’s consolidated statement of operations. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | ( 5 ) Property and Equipment, net Property and equipment, net consists of the following (in thousands): September 30, December 31, 2020 2019 Laboratory equipment $ 7,799 $ 7,523 Computer and office equipment 782 782 Furniture and fixtures 421 421 Leasehold improvements 9,514 9,514 Construction in progress 516 412 19,032 18,652 Less accumulated depreciation (7,614 ) (5,631 ) $ 11,418 $ 13,021 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | ( 6 ) Accrued Expenses Accrued expenses consist of the following (in thousands): September 30, December 31, 2020 2019 Payroll related $ 2,345 $ 2,372 Professional fees 238 444 Research and development 203 1,005 Other 106 125 $ 2,892 $ 3,946 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | ( 7 ) Stockholders’ Equity In June 2019, the Company issued to Ginkgo Bioworks, Inc. an aggregate of 6,340,771 shares of common stock at a purchase price per share of $9.00, and pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 2,548,117 shares of common stock at an exercise price of $9.00 per share, with $8.99 of such exercise price paid at the closing of the offering. The net proceeds to the Company were approximately $79.9 million. The Pre-Funded Warrants may be exercised at any time until all of the Pre-Funded Warrants are exercised in full to the extent that, after giving effect to such issuance after exercise, Ginkgo would not beneficially own in excess of 19.99% of the number of shares of common stock outstanding immediately after giving effect to the issuance. The Pre-Funded Warrants were classified as a component of permanent equity and were recorded at the issuance date using a relative fair value allocation method. The Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of common shares upon exercise. In addition, such warrants do not provide any guarantee of value or return. None of the Pre-Funded Warrants have been exercised as of September 30, 2020. On October 13, 2017 the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”) with respect to an at-the-market (“ATM”) offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, through Cowen as its sales agent. In an ATM offering, exchange-listed companies incrementally sell newly issued shares into the secondary trading market through a designated broker-dealer at prevailing market prices. During the three and nine months ended September 30, 2020, 533,711 and 2,312,693 shares of common stock were sold pursuant to the ATM, respectively, resulting in net proceeds of approximately $1.2 million and $5.1 million, respectively. |
Equity-based Compensation and E
Equity-based Compensation and Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-based Compensation and Equity Incentive Plans | ( 8 ) Equity‑based Compensation and Equity Incentive Plans The Company is displaying all equity in its post-Merger amounts. Equity Plans The Company currently has three active equity plans. The 2015 Equity Incentive Award Plan (the “2015 Plan”) was adopted by Mirna in 2015 and remains active after the Merger, now functioning as the primary equity plan for the Company. The 2015 Plan provides for the granting of a variety of stock‑based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, deferred stock awards, dividend equivalent awards, stock payment awards, performance awards and other stock‑based awards. Pursuant to the evergreen provision of the 2015 Plan, which allows for an annual increase in the number of shares of common stock available for issuance, the Company added 1,613,340 shares to the 2015 Plan on January 1, 2020. The 2017 Stock Incentive Plan (the “2017 Plan”) was adopted by Private Synlogic in 2017 at the time of the 2017 Reorganization and assumed by the Company during the Merger. The 2017 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted and unrestricted stock awards and other stock-based awards. The 2015 Employee Stock Purchase Plan (“ESPP”) was adopted by Mirna in 2015 and allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP generally provides for set offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. The Company suspended the ESPP in 2017. In December 2019, the Board reactivated the ESPP and approved an amendment to the ESPP to (i) reduce the permitted aggregate yearly payroll deduction and maximum number of shares of the Company’s common stock that a participant may purchase per offering period under the ESPP and (ii) establish a period for enrollment for eligible participants. The reactivation of the ESPP was effective immediately. The Company’s executive officers are eligible to participate in the ESPP. There were 29,857 options exercised to purchase shares of common stock under the ESPP during the three and nine months ended September 30, 2020. As of September 30, 2020, there were an aggregate of 1,128,752 shares available for future grant under the 2017 Plan and the 2015 Plan, and 345,662 shares available for future grant under the ESPP. For a full description of the Company’s equity plans, refer to Note 9, Equity-based Compensation and Equity Incentive Plans Stock Options The following table summarizes stock option activity during the nine months ended September 30, 2020 under the 2015 Plan and the 2017 Plan. Stock options outstanding Weighted Weighted average Aggregate average remaining Intrinsic Number of exercise contractual value (a) options price term (in years) (in thousands) Outstanding at December 31, 2019 2,286,419 $ 9.24 8.7 $ 43 Granted 1,554,904 1.89 Exercised (724 ) 1.70 — Forfeited (440,645 ) 7.94 Outstanding at September 30, 2020 3,399,954 6.05 8.6 $ 286 Vested or expected to vest at September 30, 2020 3,399,954 6.05 8.6 286 Exercisable at September 30, 2020 1,267,259 9.51 7.8 $ 25 (a) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair market value of the underlying common stock for the options that were in the money at September 30, 2020 and December 31, 2019. As of September 30, 2020, there was $5.2 million of unrecognized share-based compensation related to unvested stock option grants which is expected to be recognized over a weighted average period of 2.2 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur. Restricted Common Stock The following table shows restricted stock activity during the nine months ended September 30, 2020: Restricted stock awards Grant date Number of fair value shares (per share) Unvested at December 31, 2019 586,929 $ 2.97 Granted 226,335 1.70 Vested (24,041 ) 13.55 Forfeited (164,371 ) 2.36 Unvested at September 30, 2020 624,852 $ 2.26 As of September 30, 2020, there was approximately $0.6 million of unrecognized share-based compensation related to restricted stock awards granted, which is expected to be recognized over a weighted average period of 1.9 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur. Employee Stock Purchase Plan The ESPP is considered a compensatory plan with the related compensation cost expensed over the six-month offering period starting on April 1 and ending on October 1. The compensation cost for the three and nine months ended September 30, 2020 was $6,000 and $18,000, respectively. There was no compensation expense related to the ESPP for the three and nine months ended September 30, 2019. Equity Compensation The Company has recorded total equity-based compensation expense of approximately $0.9 million and $3.1 million during the three and nine months ended September 30, 2020, respectively and $1.1 million and $3.1 million during the three and nine months ended September 30, 2019, respectively. The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 422 $ 353 $ 1,349 $ 986 General and administrative 513 716 $ 1,756 2,108 $ 935 $ 1,069 $ 3,105 $ 3,094 The following table summarizes equity‑based compensation expense by type of award for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Stock options $ 764 $ 1,026 $ 2,529 $ 2,999 Restricted stock awards 165 43 $ 558 95 Employee stock purchase plan 6 — $ 18 — $ 935 $ 1,069 $ 3,105 $ 3,094 |
Collaboration Agreements
Collaboration Agreements | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | ( 9 ) Collaboration Agreements Ginkgo Collaboration In 2017, the Company established a technology collaboration with Ginkgo Bioworks, Inc. (“Ginkgo”). In June 2019, in connection with the issuance to Ginkgo of an aggregate of 6,340,771 shares of common stock and Pre-Funded warrants to purchase an aggregate of 2,548,117 common stock (See Note 7), the Company expanded its collaboration and entered into an agreement with Ginkgo for the research and development of engineered microbial therapeutic products. Under the 2019 expanded agreement, the Company made a prepayment to Ginkgo of $30.0 million for its foundry services that will be provided to the Company over an initial term of five years. The prepayment of foundry services is recorded in Prepaid expenses and other current assets and Prepaid research and development, net of current portion on the September 30, 2020 consolidated balance sheet. At September 30, 2020, the Company had remaining balances of $7.2 million and $8.6 million of current and non-current pre-paid research and development costs related to this transaction, respectively. AbbVie Collaboration Agreement In July 2015, the Company entered into the AbbVie Agreement under which the Company granted AbbVie an exclusive option to purchase IBDCo and, in exchange, agreed to collaborate in researching and developing an Investigational New Drug (“IND”) candidate for the treatment of IBD. The AbbVie Agreement sets forth the Company’s and AbbVie’s respective obligations for development and delivery of an IND candidate package using reasonable commercial efforts. In May 2020, we announced the termination of our collaboration with AbbVie to develop Synthetic Biotic medicines for the treatment of types of IBD, including Crohn’s disease and ulcerative colitis. Upon termination, we regained all rights to develop these and new IBD Synthetic Biotic medicines for all effectors targeting IBD. This allows us to fully leverage our expertise in strain engineering, quantitative biology, regulatory, and manufacturing to expand our wholly owned GI-based program portfolio to include IBD. We further regained the rights to partner these IBD programs. Under the now terminated collaboration, i n exchange for the exclusive option to acquire IBDCo, initial research and development services for drug discovery and pre-clinical development, and participation on the joint research committee (“JRC”), AbbVie agreed to pay IBDCo an upfront, non - refundable cash payment of $ 2.0 million, which IBDCo received in December 2015. AbbVie also agreed to pay IBDCo up to $ 16.5 million in milestone payments associated with specified research and pre-clinical events, which were determined to represent customer options for accounting purposes, as well as an option exercise fee upon the execution of their option to buy IBDCo and other royalty and milestone payments . The upfront cash payment and any payments for option fees and royalties are non-refundable, non-creditable and not subject to set-off. The research and development was performed by the Company over four phases of research defined in the research plan. The Company was eligible to receive payments from AbbVie upon the election to continue the research and development at the achievement of certain milestone events. The JRC was tasked with making a determination as to the continuation of the collaboration at the achievement of research and pre-clinical milestones, except for the final milestone, which AbbVie had the discretion to determine achievement without the approval of the JRC. If the parties make the determination to continue on with the AbbVie Agreement upon achievement of each milestone event, then AbbVie would have had to pay the consideration associated with that milestone and the collaboration would have continued through the remaining term of the option to purchase IBDCo, which was initially considered to be approximately 54 months. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, AbbVie, was considered a customer. The Company identified the following material promises at the outset of the arrangement: (1) a non-exclusive royalty-free research and development license; (2) research and development services for pre-clinical activities under the research plan through to the first research and development phase (or an estimated 17 months); (3) three option rights for AbbVie to continue the collaboration as related to three phases of research and development; (4) participation on the JRC; and (5) the transfer of ownership of IBDCo upon exercise of the option to buy IBDCo. The Company determined that the license and research and development activities were not distinct from one another. Participation on the JRC to oversee the research and development activities was determined to be quantitatively and qualitatively immaterial and therefore is excluded from performance obligations. As such, the Company determined that the license and research and development services should be combined into a single performance obligation. The Company evaluated the milestone payments, which represent customer options as described above, and the option to purchase IBDCo, to determine whether they provide AbbVie with any material rights. The Company concluded that the options were not issued at a significant and incremental discount, and therefore do not provide material rights. As such, they were excluded as performance obligations at the outset of the arrangement. If AbbVie elected to exercise the options, the additional consideration would have been added to the transaction price and allocated to the resulting performance obligations. Based on these assessments, the Company identified one performance obligation at the outset of the AbbVie Agreement, which consists of: (1) the non-exclusive license and (2) the research and development activities through the first research and development phase. At the outset of the arrangement, the transaction price included only the $2.0 million up-front consideration received . The option exercise fees ($16.5 million for the milestones and the IBDCo purchase option exercise fee) that may have been received were excluded from the transaction price until each customer option was exercised. The Company reevaluated the transaction price at the end of each reporting period and as uncertain events were resolved or other changes in circumstances occurred, and, if necessary, adjusted our estimate of the transaction price. In May 2017, the Company completed the research and development services for the first phase of the research plan and was paid $2.0 million to commence the second phase of the research plan. At this time, the $2.0 million was added to the transaction price and allocated to a new performance obligation consisting of the underlying license and research and development services to be performed over the second phase of the research plan. On September 27, 2018, AbbVie and the Company signed an amendment (the “Second Amendment”) to the AbbVie Agreement. The Second Amendment clarified the requirements necessary to complete the second phase which resulted in additional time and effort in the second phase of the research plan. Additionally, the Second Amendment split the next milestone payment under the AbbVie Agreement into two payments: a milestone payment of $2.0 million earned by the Company upon execution of the Second Amendment and the remaining milestone payment of the balance due upon the successful achievement of specified research and pre-clinical events and the advancement to the third phase of the research plan. On December 18, 2018, AbbVie and the Company signed an amendment (the “Third Amendment”) to the AbbVie Agreement. The Third Amendment provided that in the event AbbVie determined that it was necessary to enter into license agreements with certain third parties in a particular country or other jurisdiction which, but for such license, would be infringed by the manufacture, use or sale of any product governed by the AbbVie Agreement, AbbVie would have been entitled to deduct certain expenses related to such license agreements from particular payments made to the Company. The Company determined that the Amendment represented a modification to the AbbVie Agreement. The additional research and development services were not distinct from the remaining research and development services under the second phase of the research plan of the AbbVie Agreement. The Amendment was accounted for as part of the original AbbVie Agreement and the services form part of the single performance obligation that was partially satisfied as of the date of the contract modification. As a result, the transaction price for the current performance obligation associated with the second phase of the research plan increased by $2.0 million. The impact of the contract modification on the transaction price and the measure of progress toward completion of the performance obligation was recognized as an adjustment to revenue upon execution of the Amendment on a cumulative catch-up basis. The cumulative catch-up adjustment to revenue, as a result of the contract modification, was $1.8 million during 2018 On February 28, 2019, the JRC concluded that the remaining milestone of $2.5 million under the Second Amendment was achieved upon the achievement of specified research and pre-clinical events under the second phase of the research plan and the advancement to the third phase of the research plan. Revenue associated with performance obligations under the AbbVie Agreement was recognized as the research and development services were provided using an input method, according to the full-time equivalents incurred. The research and development activities were expected to be performed over a period of approximately 54 months. The transfer of control occurs over time and, in management’s judgment, was the best measure of progress towards satisfying the performance obligation. The amounts received that had not yet been recognized as revenue were recorded in deferred revenue on the Company’s consolidated balance sheet. The Company recognized no revenue for the three months ended September 30, 2020 and $0.3 million for the corresponding period in 2019. The Company recognized revenue of $0.5 million and $1.0 million for the nine months ended September 30, 2020 and 2019, respectively, as collaboration revenue in the Company’s consolidated statements of operations and comprehensive loss. There is no deferred revenue on the Company’s consolidated balance sheet as of September 30, 2020, as the remainder of the revenue was recognized when the agreement was terminated. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | ( 10 ) Net Loss per Share Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the sum of the weighted-average number of shares of common stock outstanding during the period and if dilutive, the weighted-average number of potential shares of common stock, including unvested restricted common stock and outstanding stock options. In June 2019, the Company sold 6,340,771 shares of common stock and Pre-Funded Warrants to purchase an aggregate of 2,548,117 shares of common stock at an exercise price of $9.00 per share, with $8.99 of such exercise price paid at the closing of the offering (see Note 10 , Ginkgo Collaboration, The Company’s potentially dilutive shares, which include outstanding stock options and unvested restricted common stock/units, are considered to be common share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of the diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect. As of September 30, 2020 2019 Unvested restricted common stock awards 624,852 620,637 Outstanding options to purchase common stock 3,399,954 2,401,999 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ( 11 ) Commitments and Contingencies In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred. The Company is not currently a party to any material legal proceedings. The Company’s commitments described in the Company’s consolidated financial statements as of and for the year ended December 31, 2019 and the notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2020, have had no material changes during the nine months ended September 30, 2020. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | (1 2 ) Related-Party Transactions In June 2019, the Company expanded its collaboration and entered into an agreement with Ginkgo for the research and development of engineered microbial therapeutic products. As of June 30, 2020, Ginkgo owns 6,340,771 shares of the Company’s outstanding common stock. See Note 10, Ginkgo Collaboration, in the audited financial statements included in the Company’s 2019 Annual Report. Under the agreement the Company made a prepayment to Ginkgo of $30.0 million for its foundry services that will be provided to the Company over an initial term of five years. At September 30, 2020, the Company had remaining balances of $7.2 million and $8.6 million of current and non-current pre-paid research and development costs related to this transaction, respectively. The Company used $2.6 million and $11.5 million of the pre-paid research and development expenses for the three and nine months ended September 30, 2020, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and the related disclosures as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim consolidated financial statements should be read in conjunction with the Company’s 2019 and 2018 audited consolidated financial statements and notes included in the Company’s 2019 Annual Report. The December 31, 2019 consolidated balance sheet included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2020 and 2019. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other interim period or future year or period. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Synlogic and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 – Income Taxes – (Topic 740): Simplifying the Accounting for Income Taxes , which provides amended guidance on income tax accounting. The amended guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted. The amended guidance, which simplifies the accounting for income taxes, includes the removal of exceptions to the general principles of ASC 740. The standard removed the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The Company adopted the new guidance effective on January 1, 2020 which had an immaterial impact on its consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 - Measurement of Credit Losses on Financial Statements Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates In October 2020, the FASB issued an amendment, ASU 2020-08- Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendment shall be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. The Company is currently evaluating the potential impact that ASU 2020-08 will have on its consolidated financial statements and disclosures. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Classified Assets Measured at Fair Value on Recurring Basis | At September 30, 2020 and December 31, 2019, the Company has classified assets measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2020 (Level 1) (Level 2) (Level 3) Money market funds $ 19,847 $ 19,847 $ — $ — Commercial paper (included in cash and cash equivalents) 2,000 $ — 2,000 Commercial paper (included in marketable securities) 46,968 — 46,968 — Corporate debt securities (included in marketable securities) 27,183 — 27,183 — U.S. government agency securities and treasuries 1,000 — 1,000 — Total $ 96,998 $ 19,847 $ 77,151 $ — Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2019 (Level 1) (Level 2) (Level 3) Money market funds $ 3,240 $ 3,240 $ — $ — Commercial paper (included in cash and cash equivalents) 4,249 — 4,249 — Commercial paper (included in marketable securities) 20,501 — 20,501 — Corporate debt securities (included in cash and cash equivalents) 6,005 — 6,005 — Corporate debt securities (included in marketable securities) 71,383 — 71,383 — U.S. government agency securities and treasuries 9,005 — 9,005 — Total $ 114,383 $ 3,240 $ 111,143 $ — |
Available-for-Sale Investments
Available-for-Sale Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities Held | The following tables summarize the available-for-sale securities held at September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 46,925 $ 45 $ (2 ) $ 46,968 Corporate debt securities 27,147 36 — 27,183 U.S. government agency securities 1,000 — 1,000 Total $ 75,072 $ 81 $ (2 ) $ 75,151 December 31, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 20,484 $ 18 $ (1 ) $ 20,501 Corporate debt securities 71,288 96 (1 ) 71,383 U.S. government agency securities 9,005 2 (2 ) 9,005 Total $ 100,777 $ 116 $ (4 ) $ 100,889 |
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, Net | Property and equipment, net consists of the following (in thousands): September 30, December 31, 2020 2019 Laboratory equipment $ 7,799 $ 7,523 Computer and office equipment 782 782 Furniture and fixtures 421 421 Leasehold improvements 9,514 9,514 Construction in progress 516 412 19,032 18,652 Less accumulated depreciation (7,614 ) (5,631 ) $ 11,418 $ 13,021 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): September 30, December 31, 2020 2019 Payroll related $ 2,345 $ 2,372 Professional fees 238 444 Research and development 203 1,005 Other 106 125 $ 2,892 $ 3,946 |
Equity-based Compensation and_2
Equity-based Compensation and Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Restricted Common Stock Activity | The following table shows restricted stock activity during the nine months ended September 30, 2020: Restricted stock awards Grant date Number of fair value shares (per share) Unvested at December 31, 2019 586,929 $ 2.97 Granted 226,335 1.70 Vested (24,041 ) 13.55 Forfeited (164,371 ) 2.36 Unvested at September 30, 2020 624,852 $ 2.26 |
Schedule of Equity-based Compensation Expenses | The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 422 $ 353 $ 1,349 $ 986 General and administrative 513 716 $ 1,756 2,108 $ 935 $ 1,069 $ 3,105 $ 3,094 |
Schedule of Equity-based Compensation Expenses by Award Type | The following table summarizes equity‑based compensation expense by type of award for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Stock options $ 764 $ 1,026 $ 2,529 $ 2,999 Restricted stock awards 165 43 $ 558 95 Employee stock purchase plan 6 — $ 18 — $ 935 $ 1,069 $ 3,105 $ 3,094 |
2015 and 2017 Plan | |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the nine months ended September 30, 2020 under the 2015 Plan and the 2017 Plan. Stock options outstanding Weighted Weighted average Aggregate average remaining Intrinsic Number of exercise contractual value (a) options price term (in years) (in thousands) Outstanding at December 31, 2019 2,286,419 $ 9.24 8.7 $ 43 Granted 1,554,904 1.89 Exercised (724 ) 1.70 — Forfeited (440,645 ) 7.94 Outstanding at September 30, 2020 3,399,954 6.05 8.6 $ 286 Vested or expected to vest at September 30, 2020 3,399,954 6.05 8.6 286 Exercisable at September 30, 2020 1,267,259 9.51 7.8 $ 25 (a) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair market value of the underlying common stock for the options that were in the money at September 30, 2020 and December 31, 2019. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Common Shares Excluded from Calculation of Net Loss Per share | The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of the diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect. As of September 30, 2020 2019 Unvested restricted common stock awards 624,852 620,637 Outstanding options to purchase common stock 3,399,954 2,401,999 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Cash, cash equivalents, and short-term marketable securities | $ 102,000 | |
Restricted cash | 1,097 | $ 1,097 |
Accumulated deficit | $ (215,723) | $ (171,138) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Company's Classified Assets Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | $ 96,998 | $ 114,383 |
Money market funds | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 19,847 | 3,240 |
Commercial paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 2,000 | 4,249 |
Marketable securities | 46,968 | 20,501 |
U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 1,000 | 9,005 |
Corporate debt securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 6,005 | |
Marketable securities | 27,183 | 71,383 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 19,847 | 3,240 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 19,847 | 3,240 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 77,151 | 111,143 |
Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 2,000 | 4,249 |
Marketable securities | 46,968 | 20,501 |
Significant Other Observable Inputs (Level 2) | U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 1,000 | 9,005 |
Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 6,005 | |
Marketable securities | 27,183 | 71,383 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | |
Marketable securities | $ 0 | $ 0 |
Available-for-Sale Investment_2
Available-for-Sale Investments - Summary of Available-for-Sale Securities Held (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 75,072 | $ 100,777 |
Gross unrealized gains | 81 | 116 |
Gross unrealized losses | (2) | (4) |
Fair Value | 75,151 | 100,889 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 46,925 | 20,484 |
Gross unrealized gains | 45 | 18 |
Gross unrealized losses | (2) | (1) |
Fair Value | 46,968 | 20,501 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 27,147 | 71,288 |
Gross unrealized gains | 36 | 96 |
Gross unrealized losses | (1) | |
Fair Value | 27,183 | 71,383 |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 1,000 | 9,005 |
Gross unrealized gains | 2 | |
Gross unrealized losses | (2) | |
Fair Value | $ 1,000 | $ 9,005 |
Available-for-Sale Investment_3
Available-for-Sale Investments - Additional Information (Detail) $ in Millions | Sep. 30, 2020USD ($)InvestmentSecurity | Dec. 31, 2019USD ($)Investment |
Investments Debt And Equity Securities [Abstract] | ||
Number of investments in unrealized loss position | 4 | 9 |
Number of investments in unrealized loss position, more than twelve months | 0 | 0 |
Aggregate fair value of securities in unrealized loss position | $ | $ 10 | $ 24.8 |
Number of securities with other than temporary impairment | Security | 0 |
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 | $ 19,032 | $ 18,652 |
Less accumulated depreciation | (7,614) | (5,631) |
Property and equipment, net | 11,418 | 13,021 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,799 | 7,523 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 782 | 782 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 421 | 421 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 9,514 | 9,514 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 516 | $ 412 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Payroll related | $ 2,345 | $ 2,372 |
Professional fees | 238 | 444 |
Research and development | 203 | 1,005 |
Other | 106 | 125 |
Total accrued expenses | $ 2,892 | $ 3,946 |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Class Of Stock [Line Items] | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 56,997 | |||
Common Stock | ||||
Class Of Stock [Line Items] | ||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 6,340,771 | 6,340,771 | ||
Pre-Funded Warrants | ||||
Class Of Stock [Line Items] | ||||
Warrants to purchase shares of common stock | 2,548,117 | |||
Warrants exercise price per share | $ 9 | |||
Warrants exercise price per share paid at closing of offering | 8.99 | |||
Ginkgo Bioworks, Inc. | ||||
Class Of Stock [Line Items] | ||||
Exercise price of warrants, per share | $ 9 | |||
Proceeds from issuance of common stock and pre-funded warrants | $ 79,900 | |||
Ginkgo Bioworks, Inc. | Common Stock | ||||
Class Of Stock [Line Items] | ||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 6,340,771 | |||
Ginkgo Bioworks, Inc. | Pre-Funded Warrants | ||||
Class Of Stock [Line Items] | ||||
Warrants exercised | 0 | 0 | ||
Ginkgo Bioworks, Inc. | Pre-Funded Warrants | Maximum | ||||
Class Of Stock [Line Items] | ||||
Unbeneficial percentage of ownership after exercise of common stock outstanding effect to issuance | 19.99% | |||
Ginkgo Bioworks, Inc. | Pre-Funded Warrants | ||||
Class Of Stock [Line Items] | ||||
Warrants to purchase shares of common stock | 2,548,117 | |||
Warrants exercise price per share | $ 9 | |||
Warrants exercise price per share paid at closing of offering | $ 8.99 | |||
Cowen and Company, LLC | ATM | ||||
Class Of Stock [Line Items] | ||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 533,711 | 2,312,693 | ||
Proceeds from issuance of common stock, net of issuance costs | $ 1,200 | $ 5,100 |
Equity-based Compensation and_3
Equity-based Compensation and Equity Incentive Plans - Additional Information (Detail) - USD ($) | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee unrecognized compensation expense | $ 5,200,000 | $ 5,200,000 | |||
Employee unrecognized compensation cost, period of recognition | 2 years 2 months 12 days | ||||
Equity-based compensation expense | 935,000 | $ 1,069,000 | $ 3,105,000 | $ 3,094,000 | |
Restricted Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee unrecognized compensation expense | 600,000 | $ 600,000 | |||
Employee unrecognized compensation cost, period of recognition | 1 year 10 months 24 days | ||||
Equity-based compensation expense | $ 165,000 | 43,000 | $ 558,000 | 95,000 | |
ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of discount for employees under ESPP | 15.00% | ||||
Purchase price as a percentage of fair value under ESPP | 85.00% | ||||
Options exercised to purchase shares of common stock under ESPP | 29,857 | 29,857 | |||
Shares available for future grants | 345,662 | 345,662 | |||
Equity-based compensation expense | $ 6,000 | $ 0 | $ 18,000 | $ 0 | |
Plan 2015 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares available for issuance (in shares) | 1,613,340 | ||||
2015 and 2017 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options exercised to purchase shares of common stock under ESPP | 724 | ||||
Shares available for future grants | 1,128,752 | 1,128,752 |
Equity-based Compensation and_4
Equity-based Compensation and Equity Incentive Plans - Schedule of Stock Option Activity Under 2015 and 2017 Plan (Detail) - 2015 and 2017 Plan $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Beginning balance, Number of options | shares | 2,286,419 | |
Granted, Number of options | shares | 1,554,904 | |
Exercised, Number of options | shares | (724) | |
Forfeited, Number of options | shares | (440,645) | |
Outstanding Ending balance, Number of options | shares | 3,399,954 | |
Number of options, Vested or expected to vest | shares | 3,399,954 | |
Number of options, Exercisable | shares | 1,267,259 | |
Beginning balance, Weighted-average price | $ / shares | $ 9.24 | |
Granted, Weighted-average price | $ / shares | 1.89 | |
Exercised, Weighted-average price | $ / shares | 1.70 | |
Forfeited, Weighted-average price | $ / shares | 7.94 | |
Ending balance, Weighted-average price | $ / shares | 6.05 | |
Weighted-average price Vested or expected to vest | $ / shares | 6.05 | |
Weighted-average price, Exercisable | $ / shares | $ 9.51 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 7 months 6 days | 8 years 8 months 12 days |
Weighted average remaining contractual term, Vested or expected to vest | 8 years 7 months 6 days | |
Weighted average remaining contractual term, Exercisable | 7 years 9 months 18 days | |
Beginning balance, Aggregate Intrinsic value | $ | $ 43 | |
Ending balance, Aggregate Intrinsic value | $ | 286 | |
Aggregate Intrinsic value, Vested or expected to vest at June 30, 2020 | $ | 286 | |
Aggregate Intrinsic value, Exercisable at June 30, 2020 | $ | $ 25 |
Equity-based Compensation and_5
Equity-based Compensation and Equity Incentive Plans - Schedule of Restricted Common Stock Activity (Detail) - Restricted Common Stock | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Beginning balance, Number of unvested shares/units | shares | 586,929 |
Granted, Number of shares/units | shares | 226,335 |
Vested, Number of shares/units | shares | (24,041) |
Forfeited, Number of shares/units | shares | (164,371) |
Ending balance, Number of unvested shares/units | shares | 624,852 |
Beginning balance, Unvested Grant date fair value | $ / shares | $ 2.97 |
Granted, Grant date fair value | $ / shares | 1.70 |
Vested, Grant date fair value | $ / shares | 13.55 |
Forfeited, Grant date fair value | $ / shares | 2.36 |
Ending balance, Unvested Grant date fair value | $ / shares | $ 2.26 |
Equity-based Compensation and_6
Equity-based Compensation and Equity Incentive Plans - Schedule of Equity-based Compensation Expenses (Detail) - 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, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 935 | $ 1,069 | $ 3,105 | $ 3,094 |
Research and Development Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | 422 | 353 | 1,349 | 986 |
General and Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 513 | $ 716 | $ 1,756 | $ 2,108 |
Equity-based Compensation and_7
Equity-based Compensation and Equity Incentive Plans - Schedule of Equity-based Compensation Expenses by Award Type (Detail) - 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, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 935 | $ 1,069 | $ 3,105 | $ 3,094 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | 764 | 1,026 | 2,529 | 2,999 |
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | 165 | $ 43 | 558 | $ 95 |
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 6 | $ 18 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Detail) | Sep. 27, 2018USD ($)Milestone | Jun. 30, 2019USD ($)shares | May 31, 2017USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Feb. 28, 2019USD ($) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Recognition of revenue | $ 305,000 | $ 545,000 | $ 993,000 | ||||||||
Current deferred revenue | $ 544,000 | ||||||||||
Pre-Funded Warrants | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Warrants to purchase shares of common stock | shares | 2,548,117 | ||||||||||
Common Stock | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Number of shares sold | shares | 6,340,771 | 6,340,771 | |||||||||
Ginkgo Collaboration | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Prepayment to related party for collaboration agreement | $ 30,000,000 | ||||||||||
Related party transaction collaboration agreement, initial term | 5 years | ||||||||||
Current pre-paid research and development | $ 7,200,000 | 7,200,000 | |||||||||
Non-current pre-paid research and development | 8,600,000 | 8,600,000 | |||||||||
Ginkgo Collaboration | Pre-Funded Warrants | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Warrants to purchase shares of common stock | shares | 2,548,117 | ||||||||||
Ginkgo Collaboration | Common Stock | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Number of shares sold | shares | 6,340,771 | ||||||||||
AbbVie Agreement | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Number of mile stone payments under second phase | Milestone | 2 | ||||||||||
Initial milestone payment upon execution of amendment | $ 2,000,000 | ||||||||||
Increase in transaction price of performance obligation of second phase | $ 2,000,000 | ||||||||||
Cumulative catch-up adjustment to revenue, contract modification | $ 1,800,000 | ||||||||||
Remaining milestone achieved | $ 2,500,000 | ||||||||||
Recognition of revenue | 0 | $ 300,000 | 500,000 | $ 1,000,000 | |||||||
Current deferred revenue | $ 0 | 0 | |||||||||
AbbVie Agreement | IBDCo | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Upfront non-refundable payment | $ 2,000,000 | ||||||||||
Potential milestone payment | $ 16,500,000 | ||||||||||
Collaboration in research and development | 54 months | ||||||||||
Milestone payment | $ 2,000,000 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) - $ / shares | 1 Months Ended | 9 Months Ended |
Jun. 30, 2019 | Sep. 30, 2019 | |
Common Stock | ||
Number of shares sold | 6,340,771 | 6,340,771 |
Pre-Funded Warrants | ||
Warrants to purchase shares of common stock | 2,548,117 | |
Warrants exercise price per share | $ 9 | |
Warrants exercise price per share paid at closing of offering | $ 8.99 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Common Shares Excluded from Calculation of Net Loss Per share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Unvested Restricted Common Stock Awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially Common Shares Excluded from Calculation of Net Loss Per share | 624,852 | 620,637 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially Common Shares Excluded from Calculation of Net Loss Per share | 3,399,954 | 2,401,999 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Common stock, outstanding | 34,672,052 | 34,672,052 | 32,266,814 | ||
Ginkgo Bioworks, Inc. | |||||
Related Party Transaction [Line Items] | |||||
Common stock, outstanding | 6,340,771 | ||||
Prepayment to related party for collaboration agreement | $ 30 | ||||
Related party transaction collaboration agreement, initial term | 5 years | ||||
Current Pre-Paid Research and Development | $ 7.2 | $ 7.2 | |||
Non Current Pre-Paid Research and Development | 8.6 | 8.6 | |||
Prepaid research and development expenses | $ 2.6 | $ 11.5 |