Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
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 | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Entity Common Stock, Shares Outstanding | 52,373,311 | |
Entity Address, State or Province | MA | |
Entity File Number | 001-37566 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1824804 | |
Entity Address, Address Line One | 301 Binney St. | |
Entity Address, Address Line Two | Suite 402 | |
Entity Address, City or Town | Cambridge | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 617 | |
Local Phone Number | 401-9975 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 29,244 | $ 32,507 |
Short-term marketable securities | 86,218 | 67,937 |
Accounts receivable | 1,000 | |
Prepaid expenses and other current assets | 6,219 | 6,402 |
Total current assets | 122,681 | 106,846 |
Property and equipment, net | 9,928 | 10,776 |
Right of use asset - operating lease | 15,008 | 15,527 |
Restricted cash | 1,097 | 1,097 |
Prepaid research and development, net of current portion | 8,164 | 9,590 |
Other assets | 6 | 4 |
Total assets | 156,884 | 143,840 |
Current liabilities: | ||
Accounts payable | 2,121 | 1,995 |
Accrued expenses | 3,615 | 3,773 |
Deferred revenue | 904 | |
Lease liability - operating lease | 2,982 | 2,531 |
Finance lease obligations | 11 | 2 |
Total current liabilities | 9,633 | 8,301 |
Long-term liabilities: | ||
Lease liability - operating lease, net of current portion | 19,018 | 20,273 |
Finance lease obligations, net of current portion | 24 | |
Other long-term liabilities | 131 | 131 |
Total long-term liabilities | 19,173 | 20,404 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity | ||
Common stock, $0.001 par value 250,000,000 shares authorized as of June 30, 2021 and December 31, 2020. 52,375,344 shares issued and outstanding as of June 30, 2021 and 38,183,273 shares issued and outstanding as of December 31, 2020. | 52 | 38 |
Additional paid-in capital | 387,782 | 345,394 |
Accumulated other comprehensive income | 11 | 14 |
Accumulated deficit | (259,767) | (230,311) |
Total stockholders' equity | 128,078 | 115,135 |
Total liabilities and stockholders' equity | $ 156,884 | $ 143,840 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 52,375,344 | 38,183,273 |
Common stock, outstanding | 52,375,344 | 38,183,273 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 246 | $ 445 | $ 246 | $ 545 |
Operating expenses: | ||||
Research and development | 10,719 | 12,909 | 21,899 | 25,586 |
General and administrative | 4,061 | 3,473 | 7,912 | 7,294 |
Total operating expenses | 14,780 | 16,382 | 29,811 | 32,880 |
Loss from operations | (14,534) | (15,937) | (29,565) | (32,335) |
Other income (expense): | ||||
Interest and investment income | 50 | 406 | 110 | 980 |
Interest expense | (1) | (2) | (1) | (5) |
Other expense | (2) | (3) | ||
Other income (expense), net | 49 | 402 | 109 | 972 |
Net loss | $ (14,485) | $ (15,535) | $ (29,456) | $ (31,363) |
Net loss per share - basic and diluted | $ (0.28) | $ (0.44) | $ (0.63) | $ (0.91) |
Weighted-average common stock outstanding - basic and diluted | 52,049,424 | 34,967,761 | 46,876,216 | 34,604,738 |
Comprehensive loss: | ||||
Net loss | $ (14,485) | $ (15,535) | $ (29,456) | $ (31,363) |
Net unrealized (loss) gain on marketable securities | 6 | 159 | (3) | 104 |
Comprehensive loss | $ (14,479) | $ (15,376) | $ (29,459) | $ (31,259) |
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, 2019 | $ 156,905 | $ 33 | $ 327,900 | $ 110 | $ (171,138) | |||
Balance (in Shares) at Dec. 31, 2019 | 32,266,814 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 3,856 | $ 1 | $ 3,855 | |||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 1,778,982 | |||||||
Issuance of restricted stock, shares | 226,335 | |||||||
Cancellation of restricted stock | (127,020) | |||||||
Equity-based compensation expense | 2,170 | 2,170 | ||||||
Unrealized gain (loss) on securities | 104 | 104 | ||||||
Net loss | (31,363) | (31,363) | ||||||
Balance at Jun. 30, 2020 | 131,672 | $ 34 | 333,925 | 214 | (202,501) | |||
Balance (in Shares) at Jun. 30, 2020 | 34,145,111 | |||||||
Balance at Mar. 31, 2020 | 142,117 | $ 33 | 328,995 | 55 | (186,966) | |||
Balance (in Shares) at Mar. 31, 2020 | 32,459,394 | |||||||
Proceeds from issuance of common stock, net of issuance costs | 3,856 | $ 1 | 3,855 | |||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 1,778,982 | |||||||
Cancellation of restricted stock | (93,265) | |||||||
Equity-based compensation expense | 1,075 | 1,075 | ||||||
Unrealized gain (loss) on securities | 159 | 159 | ||||||
Net loss | (15,535) | (15,535) | ||||||
Balance at Jun. 30, 2020 | 131,672 | $ 34 | 333,925 | 214 | (202,501) | |||
Balance (in Shares) at Jun. 30, 2020 | 34,145,111 | |||||||
Balance at Dec. 31, 2020 | 115,135 | $ 38 | 345,394 | 14 | (230,311) | |||
Balance (in Shares) at Dec. 31, 2020 | 38,183,273 | |||||||
Proceeds from issuance of common stock, net of issuance costs | 32,575 | $ 8,050 | $ 11 | $ 3 | 32,564 | $ 8,047 | ||
Proceeds from issuance of common stock, net of issuance costs, Shares | 11,500,000 | 2,447,211 | ||||||
Exercise of options | $ 64 | 64 | ||||||
Exercise of options, shares | 32,113 | 32,113 | ||||||
Issuance of restricted stock, shares | 242,454 | |||||||
Issuance of common stock under employee stock purchase plan | $ 33 | 33 | ||||||
Issuance of common stock under employee stock purchase plan, Shares | 19,061 | |||||||
Restricted stock awards withheld for payment of employees' withholding tax liability | (73) | (73) | ||||||
Restricted stock awards withheld for payment of employees' withholding tax liability, Shares | (18,187) | |||||||
Cancellation of restricted stock | (30,581) | |||||||
Equity-based compensation expense | 1,753 | 1,753 | ||||||
Unrealized gain (loss) on securities | (3) | (3) | ||||||
Net loss | (29,456) | (29,456) | ||||||
Balance at Jun. 30, 2021 | 128,078 | $ 52 | 387,782 | 11 | (259,767) | |||
Balance (in Shares) at Jun. 30, 2021 | 52,375,344 | |||||||
Balance at Mar. 31, 2021 | 109,050 | $ 41 | 354,286 | 5 | (245,282) | |||
Balance (in Shares) at Mar. 31, 2021 | 40,873,526 | |||||||
Proceeds from issuance of common stock, net of issuance costs | 32,575 | $ 11 | 32,564 | |||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 11,500,000 | |||||||
Exercise of options | 64 | 64 | ||||||
Exercise of options, shares | 31,897 | |||||||
Restricted stock awards withheld for payment of employees' withholding tax liability | (8) | (8) | ||||||
Restricted stock awards withheld for payment of employees' withholding tax liability, Shares | (2,217) | |||||||
Cancellation of restricted stock | (27,862) | |||||||
Equity-based compensation expense | 876 | 876 | ||||||
Unrealized gain (loss) on securities | 6 | 6 | ||||||
Net loss | (14,485) | (14,485) | ||||||
Balance at Jun. 30, 2021 | $ 128,078 | $ 52 | $ 387,782 | $ 11 | $ (259,767) | |||
Balance (in Shares) at Jun. 30, 2021 | 52,375,344 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (29,456) | $ (31,363) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 1,232 | 1,326 |
Equity-based compensation expense | 1,753 | 2,170 |
Accretion/amortization of investment securities | 184 | (29) |
Reduction in carrying amount of operating lease right of use asset | 979 | 848 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,000) | |
Prepaid expenses and other current assets | 183 | 582 |
Prepaid research and development, net of current portion | 1,426 | 8,849 |
Accounts payable and accrued expenses | (260) | (2,524) |
Deferred revenue | 904 | (544) |
Operating lease liabilities | (1,264) | (864) |
Other long-term liabilities | 82 | |
Other assets | (2) | |
Net cash used in operating activities | (25,321) | (21,467) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (74,010) | (35,744) |
Proceeds from maturity of marketable securities | 54,272 | 43,732 |
Proceeds from redemption of marketable securities | 1,270 | 15,247 |
Purchases of property and equipment | (123) | (320) |
Net cash (used in) provided by investing activities | (18,591) | 22,915 |
Cash flows from financing activities: | ||
Payments on finance lease obligations | (3) | (138) |
Proceeds from issuance of common stock, net of issuance costs | 32,578 | |
Proceeds from employee stock purchases and exercise of stock options | 97 | |
Payment of employee withholding taxes relating to restricted stock awards | (73) | |
Net cash provided by financing activities | 40,649 | 3,718 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (3,263) | 5,166 |
Cash, cash equivalents and restricted cash at beginning of period | 33,604 | 27,281 |
Cash, cash equivalents and restricted cash at end of period | 30,341 | 32,447 |
Supplemental disclosure of non-cash investing activities: | ||
Assets acquired under operating lease obligation | 460 | |
Property and equipment purchases included in accounts payable and accrued expenses | 225 | 41 |
Supplemental disclosure of non-cash financing activities: | ||
Purchase under finance lease | 36 | |
Issuance costs included in accounts payable and accrued expenses | 3 | 10 |
Cash paid for interest | 1 | 5 |
At-the-market Offering | ||
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | $ 8,050 | $ 3,856 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2021 | |
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 drug 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 synthetic biology to develop beneficial microbes, which perform or deliver critical therapeutic functions. Synthetic Biotic medicines are designed to metabolize a toxic substance or compensate for missing or damaged metabolic pathways. 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. On August 28, 2017, Synlogic, Inc., formerly known as Mirna Therapeutics, Inc. (NASDAQ: MIRN) (“Mirna”), completed a business combination with Synlogic, a private company, pursuant to the Agreement and Plan of Merger and Reorganization, dated as of May 15, 2017 (the “Merger Agreement”), pursuant to which the private Synlogic entity survived 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 June 30, 2021, the Company had approximately $115.5 million in cash, cash equivalents, and short-term marketable securities, $1.1 million of restricted cash and an accumulated deficit of approximately $259.8 million. Since its inception through June 30, 2021, 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 | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on March 25, 2021 (the “2020 Annual Report”), have had no material changes during the three and six months ended June 30, 2021. Basis of Presentation The accompanying consolidated financial statements and the related disclosures as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 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 2020 and 2019 audited consolidated financial statements and notes included in the Company’s 2020 Annual Report. The December 31, 2020 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 six months ended June 30, 2021 and 2020 . The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2021 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 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. The Company adopted the new guidance effective on January 1, 2021 which had an immaterial impact on its consolidated financial statements. Recently Issued 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 May 2021, the FASB issued Accounting Standards Update 2021-04 — Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options . The standard provides a principles-based framework to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. The Company is currently evaluating the potential impact ASU 2021-04 will have on its consolidated financial statements and disclosures. The Company has evaluated other recently issued accounting pronouncements and has concluded that that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, the Company has classified assets measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements at Reporting Date Using June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) Money market funds $ 29,243 $ 29,243 $ — $ — Commercial paper 67,959 — 67,959 — Corporate debt securities 9,481 — 9,481 — U.S. government agency securities and treasuries 8,778 8,778 — — Total $ 115,461 $ 38,021 $ 77,440 $ — 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 2020 (Level 1) (Level 2) (Level 3) Money market funds $ 32,506 $ 32,506 $ — $ — Commercial paper 40,477 — 40,477 — Corporate debt securities 18,637 — 18,637 — U.S. government agency securities and treasuries 8,823 8,823 — — Total $ 100,443 $ 41,329 $ 59,114 $ — Cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses at June 30, 2021 and December 31, 2020 are carried at amounts that approximate fair value due to their short-term maturities. Finance lease obligations at June 30, 2021 and December 31, 2020 approximate fair value as they bear interest at a rate approximating a market interest rate. |
Available-for-Sale Investments
Available-for-Sale Investments | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 67,947 $ 13 $ (1 ) $ 67,959 Corporate debt securities 9,484 — (3 ) 9,481 U.S. government agency securities 8,776 2 — 8,778 Total $ 86,207 $ 15 $ (4 ) $ 86,218 December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 40,467 $ 11 $ (1 ) $ 40,477 Corporate debt securities 18,634 4 (1 ) 18,637 U.S. government agency securities 8,822 1 — 8,823 Total $ 67,923 $ 16 $ (2 ) $ 67,937 The contractual maturity of all securities held at June 30, 2021 was ten months or less. There were five and eight investments in an unrealized loss position at June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020 was $15.5 million and $20.1 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 June 30, 2021. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | ( 5 ) Property and Equipment, net Property and equipment, net consists of the following (in thousands): June 30, December 31, 2021 2020 Laboratory equipment $ 7,871 $ 7,793 Computer and office equipment 769 769 Furniture and fixtures 421 421 Leasehold improvements 9,514 9,514 Construction in progress 823 528 19,398 19,025 Less accumulated depreciation (9,470 ) (8,249 ) $ 9,928 $ 10,776 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | ( 6 ) Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, December 31, 2021 2020 Payroll related $ 2,248 $ 3,005 Professional fees 475 215 Research and development 647 230 Other 245 323 $ 3,615 $ 3,773 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | ( 7 ) Stockholders’ Equity In June 2019, the Company issued to Ginkgo Bioworks, Inc. (“Ginkgo”) 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. No 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 months ended June 30, 2021, no shares of common stock were sold pursuant to the ATM. During the six months ended June 30, 2021, 2,447,211 shares of common stock were sold pursuant to the ATM, resulting in net proceeds of approximately $8.1 million. The Company has reserved for future issuance the following shares of common stock related to the potential exercise of Pre-Funded Warrants, exercise of stock options, and the employee stock purchase plan: June 30, 2021 Common stock issuable under pre-funded warrants 2,548,117 Options exercisable to purchase common stock 1,807,951 Employee Stock Purchase Plan 20,480 Total 4,376,548 |
Equity-based Compensation and E
Equity-based Compensation and Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-based Compensation and Equity Incentive Plans | ( 8 ) Equity‑based Compensation and Equity Incentive Plans Equity Plans The Company currently has three active equity plans. Pursuant to the evergreen provision of the 2015 Equity Incentive Award Plan (the “2015 Plan”), which allows for an annual increase in the number of shares of common stock available for issuance, the Company added 1,909,163 shares to the 2015 Plan on January 1, 2021. Pursuant to the evergreen provision of the 2015 Employee Stock Purchase Plan (“ESPP”), which allows for an annual increase in the number of shares of common stock available for issuance, the Company added 381,832 shares to the ESPP on January 1, 2021. There were no options exercised to purchase shares of common stock under the ESPP during the three months ended June 30, 2021 and 19,061 options were exercised during the six months ended June 30, 2021. As of June 30, 2021, there were an aggregate of 1,633,453 shares available for future grant under the 2017 Stock Incentive Plan (the “2017 Plan”) and the 2015 Plan, and 708,433 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 six months ended June 30, 2021. Stock options outstanding Weighted average Weighted remaining Aggregate average contractual intrinsic Number of exercise term value (a) options price (in years) (in thousands) Outstanding at December 31, 2020 3,343,836 $ 6.00 8.4 $ 399 Granted 1,642,296 3.52 Exercised (32,113 ) 2.06 Cancelled/Forfeited (348,305 ) 4.67 Outstanding at June 30, 2021 4,605,714 5.25 8.5 3,475 Vested or expected to vest at June 30, 2021 4,605,714 5.25 8.5 $ 3,475 Exercisable at June 30, 2021 1,807,951 7.89 7.5 $ 998 (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 June 30, 2021 and December 31, 2020. 3,100,835 and 970,826 options were in the money at June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, there was $6.5 million of unrecognized share-based compensation related to unvested stock option grants which is expected to be recognized over a weighted average period of 2.6 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 six months ended June 30, 2021: Restricted stock awards Weighted average grant date Number of fair value shares (per share) Unvested at December 31, 2020 478,207 $ 2.19 Granted 242,454 3.50 Vested (343,619 ) 2.39 Forfeited (30,581 ) 2.88 Unvested at June 30, 2021 346,461 $ 2.86 As of June 30, 2021, there was approximately $0.9 million of unrecognized share-based compensation related to restricted stock awards granted, which is expected to be recognized over a weighted average period of 3.5 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 periods. The compensation cost for the three and six months ended June 30, 2021 was $14,000 and $20,000, respectively. The compensation expense related to the ESPP for the three and six months ended June 30, 2020 was $12,000. Equity Compensation The Company has recorded total equity-based compensation expense of approximately $0.9 million and $1.8 million during the three and six months ended June 30, 2021, respectively and $1.1 million and $2.2 million during the three and six months ended June 30, 2020, respectively. The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 359 $ 486 $ 774 $ 927 General and administrative 517 589 979 1,243 $ 876 $ 1,075 $ 1,753 $ 2,170 The following table summarizes equity‑based compensation expense by type of award for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options $ 800 $ 890 $ 1,499 $ 1,765 Restricted stock awards 62 173 234 393 Employee stock purchase plan 14 12 20 12 $ 876 $ 1,075 $ 1,753 $ 2,170 |
Collaboration Agreements
Collaboration Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | ( 9 ) Collaboration Agreements Roche Collaboration In June 2021, the Company entered into a Pilot Collaboration and Option Agreement (the “Roche Collaboration and Option Agreement”) with F. Hoffmann-La Roche Ltd (“Roche Basel”) and Hoffmann-La Roche Inc. (“Roche US”, and together with Roche Basel, “Roche”). Under the terms of the Roche Collaboration and Option Agreement, the Company and Roche will seek to collaborate to research and pre-clinically develop a Synthetic Biotic medicine for addressing an undisclosed novel target for the treatment of inflammatory bowel disease (the “Product Candidate”). Pursuant to the Roche Collaboration and Option Agreement, Roche agreed to pay the Company, an upfront, nonrefundable technology access fee of $1.0 million, which the Company received in July 2021. In addition, the Company is eligible to receive up to $5.0 million in milestone payments upon the achievement of certain success criteria. Following the research period, Roche holds an exclusive option right (the “Option”) to negotiate a definitive Collaboration and License Agreement (“CLA”) for further development and commercialization of the Product Candidate. Pursuant to the Roche Collaboration and Option Agreement, during the term of such agreement, each party has granted to the other party a non-exclusive, non-transferrable, non-sublicensable, royalty-free right and license to certain intellectual property and know-how controlled by such party, solely as necessary for the party to perform its obligations under the Roche Collaboration and Option Agreement. The parties will establish a Joint Research Committee (“JRC”) to oversee and manage the execution of the underlying study plan for the Roche Collaboration and Option Agreement. The Roche Collaboration and Option Agreement includes various representations, warranties, covenants, indemnities, and other customary provisions. Roche may terminate the Roche Collaboration and Option Agreement without cause immediately upon written notice where certain success criteria have been met for parts of the study plan, or upon ninety (90) days’ prior written notice to the Company. Either party may terminate the Roche Collaboration and Option Agreement in the event of an uncured material breach of the other party. The research and development will be performed by the Company for approximately 12 to 18 months according to three phases of research as defined in the research plan. The Company is eligible to receive milestone payments from Roche upon the achievement of success criteria for respective milestones. The Company assessed this arrangement in accordance with ASC 606, Revenue from Contracts with Customers, The Company next evaluated the milestone payments relating to the three phases of research as defined in the research plan and the option to negotiate and enter into the CLA, to determine whether they provide Roche with any material rights. The Company concluded that the option was 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 Roche elects to exercise the options, the additional consideration will be 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 Roche Collaboration and Option Agreement, which consists of: (1) the non-exclusive license and (2) the research and development activities. At the outset of the arrangement, the transaction price included only the $1.0 million up-front consideration received and which was allocated to the single performance obligation. The milestone payments that may be received are excluded from the transaction price until each respective milestone has been achieved. The Company will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust its estimate of the transaction price. In June 2021, the Company began work on the research and development services for the first phase of the research plan and the $1.0 million upfront payment is being recognized over the time of the first phase of the research plan. Upon the Company’s completion of these activities and subject to Roche’s termination right, the additional milestone payments based on the achievement of specific events outlined in the Roche Collaboration and Option Agreement will become due. Revenue associated with performance obligations under the Roche Collaboration and Option Agreement are recognized as the research and development services are provided using an input method, according to the full-time equivalents incurred. The transfer of control occurs over time and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheet. For the three and six months ended June 30, 2021, the Company recognized revenue of $0.2 Ginkgo Collaboration In 2017, the Company established a technology collaboration with Ginkgo. 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 (See Note 7). 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 June 30, 2021 consolidated balance sheet. At June 30, 2021, the Company had remaining balances of $4.5 million and $7.5 million of current and non-current pre-paid research and development costs related to this transaction, respectively. AbbVie Collaboration Agreement 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. 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 June 30, 2021 and $0.4 million for the corresponding period in 2020. There is no deferred revenue on the Company’s consolidated balance sheet related to the AbbVie collaboration as of June 30, 2021, as the remainder of the revenue was recognized when the agreement was terminated. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 2020 Unvested restricted common stock awards 346,461 669,140 Outstanding options to purchase common stock 4,605,714 3,176,092 Potential shares issuable under the ESPP 10,240 — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 and the notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2021, have had no material changes during the six months ended June 30, 2021. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021, 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 2020 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 June 30, 2021, the Company had remaining balances of $4.5 million and $7.5 million of current and non-current pre-paid research and development costs related to this transaction, respectively. The Company used $0.7 million and $1.6 million of the pre-paid research and development expenses for the three and six months ended June 30, 2021, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and the related disclosures as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 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 2020 and 2019 audited consolidated financial statements and notes included in the Company’s 2020 Annual Report. The December 31, 2020 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 six months ended June 30, 2021 and 2020 . The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2021 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 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. The Company adopted the new guidance effective on January 1, 2021 which had an immaterial impact on its consolidated financial statements. |
Recently Issued Pronouncements | Recently Issued 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 May 2021, the FASB issued Accounting Standards Update 2021-04 — Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options . The standard provides a principles-based framework to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. The Company is currently evaluating the potential impact ASU 2021-04 will have on its consolidated financial statements and disclosures. The Company has evaluated other recently issued accounting pronouncements and has concluded that that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Classified Assets Measured at Fair Value on Recurring Basis | At June 30, 2021 and December 31, 2020, the Company has classified assets measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements at Reporting Date Using June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) Money market funds $ 29,243 $ 29,243 $ — $ — Commercial paper 67,959 — 67,959 — Corporate debt securities 9,481 — 9,481 — U.S. government agency securities and treasuries 8,778 8,778 — — Total $ 115,461 $ 38,021 $ 77,440 $ — 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 2020 (Level 1) (Level 2) (Level 3) Money market funds $ 32,506 $ 32,506 $ — $ — Commercial paper 40,477 — 40,477 — Corporate debt securities 18,637 — 18,637 — U.S. government agency securities and treasuries 8,823 8,823 — — Total $ 100,443 $ 41,329 $ 59,114 $ — |
Available-for-Sale Investments
Available-for-Sale Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities Held | The following tables summarize the available-for-sale securities held at June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 67,947 $ 13 $ (1 ) $ 67,959 Corporate debt securities 9,484 — (3 ) 9,481 U.S. government agency securities 8,776 2 — 8,778 Total $ 86,207 $ 15 $ (4 ) $ 86,218 December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 40,467 $ 11 $ (1 ) $ 40,477 Corporate debt securities 18,634 4 (1 ) 18,637 U.S. government agency securities 8,822 1 — 8,823 Total $ 67,923 $ 16 $ (2 ) $ 67,937 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): June 30, December 31, 2021 2020 Laboratory equipment $ 7,871 $ 7,793 Computer and office equipment 769 769 Furniture and fixtures 421 421 Leasehold improvements 9,514 9,514 Construction in progress 823 528 19,398 19,025 Less accumulated depreciation (9,470 ) (8,249 ) $ 9,928 $ 10,776 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): June 30, December 31, 2021 2020 Payroll related $ 2,248 $ 3,005 Professional fees 475 215 Research and development 647 230 Other 245 323 $ 3,615 $ 3,773 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Shares of Common Stock Reserved for Future Issuance | The Company has reserved for future issuance the following shares of common stock related to the potential exercise of Pre-Funded Warrants, exercise of stock options, and the employee stock purchase plan: June 30, 2021 Common stock issuable under pre-funded warrants 2,548,117 Options exercisable to purchase common stock 1,807,951 Employee Stock Purchase Plan 20,480 Total 4,376,548 |
Equity-based Compensation and_2
Equity-based Compensation and Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2021 Stock options outstanding Weighted average Weighted remaining Aggregate average contractual intrinsic Number of exercise term value (a) options price (in years) (in thousands) Outstanding at December 31, 2020 3,343,836 $ 6.00 8.4 $ 399 Granted 1,642,296 3.52 Exercised (32,113 ) 2.06 Cancelled/Forfeited (348,305 ) 4.67 Outstanding at June 30, 2021 4,605,714 5.25 8.5 3,475 Vested or expected to vest at June 30, 2021 4,605,714 5.25 8.5 $ 3,475 Exercisable at June 30, 2021 1,807,951 7.89 7.5 $ 998 (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 June 30, 2021 and December 31, 2020. 3,100,835 and 970,826 options were in the money at June 30, 2021 and December 31, 2020, respectively. |
Schedule of Restricted Common Stock Activity | The following table shows restricted stock activity during the six months ended June 30, 2021: Restricted stock awards Weighted average grant date Number of fair value shares (per share) Unvested at December 31, 2020 478,207 $ 2.19 Granted 242,454 3.50 Vested (343,619 ) 2.39 Forfeited (30,581 ) 2.88 Unvested at June 30, 2021 346,461 $ 2.86 |
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 six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 359 $ 486 $ 774 $ 927 General and administrative 517 589 979 1,243 $ 876 $ 1,075 $ 1,753 $ 2,170 |
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 six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options $ 800 $ 890 $ 1,499 $ 1,765 Restricted stock awards 62 173 234 393 Employee stock purchase plan 14 12 20 12 $ 876 $ 1,075 $ 1,753 $ 2,170 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 2020 Unvested restricted common stock awards 346,461 669,140 Outstanding options to purchase common stock 4,605,714 3,176,092 Potential shares issuable under the ESPP 10,240 — |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Cash, cash equivalents, and short-term marketable securities | $ 115,500 | |
Restricted cash | 1,097 | $ 1,097 |
Accumulated deficit | $ 259,767 | $ 230,311 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - ASU 2017-08 | Jun. 30, 2021 |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | $ 115,461 | $ 100,443 |
Money market funds | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 29,243 | 32,506 |
Commercial paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 67,959 | 40,477 |
U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 8,778 | 8,823 |
Corporate debt securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 9,481 | 18,637 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 38,021 | 41,329 |
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 | 29,243 | 32,506 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 8,778 | 8,823 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 77,440 | 59,114 |
Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 67,959 | 40,477 |
Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 9,481 | 18,637 |
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 |
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 | $ 0 |
Available-for-Sale Investment_2
Available-for-Sale Investments - Summary of Available-for-Sale Securities Held (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 86,207 | $ 67,923 |
Gross unrealized gains | 15 | 16 |
Gross unrealized losses | (4) | (2) |
Fair Value | 86,218 | 67,937 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 67,947 | 40,467 |
Gross unrealized gains | 13 | 11 |
Gross unrealized losses | (1) | (1) |
Fair Value | 67,959 | 40,477 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 9,484 | 18,634 |
Gross unrealized gains | 4 | |
Gross unrealized losses | (3) | (1) |
Fair Value | 9,481 | 18,637 |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 8,776 | 8,822 |
Gross unrealized gains | 2 | 1 |
Fair Value | $ 8,778 | $ 8,823 |
Available-for-Sale Investment_3
Available-for-Sale Investments - Additional Information (Detail) $ in Millions | Jun. 30, 2021USD ($)InvestmentSecurity | Dec. 31, 2020USD ($)Investment |
Investments Debt And Equity Securities [Abstract] | ||
Number of investments in unrealized loss position | 5 | 8 |
Number of investments in unrealized loss position, more than twelve months | 0 | 0 |
Aggregate fair value of securities in unrealized loss position | $ | $ 15.5 | $ 20.1 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 19,398 | $ 19,025 |
Less accumulated depreciation | (9,470) | (8,249) |
Property and equipment, net | 9,928 | 10,776 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,871 | 7,793 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 769 | 769 |
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 | $ 823 | $ 528 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Payroll related | $ 2,248 | $ 3,005 |
Professional fees | 475 | 215 |
Research and development | 647 | 230 |
Other | 245 | 323 |
Total accrued expenses | $ 3,615 | $ 3,773 |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2021 | |
Class Of Stock [Line Items] | |||
Proceeds from issuance of common stock, net of issuance costs | $ 32,578 | ||
Common Stock | |||
Class Of Stock [Line Items] | |||
Sale of common stock, shares | 6,340,771 | 11,500,000 | 11,500,000 |
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] | |||
Sale of stock, price 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] | |||
Sale of common stock, shares | 6,340,771 | ||
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 | ||
Warrants exercised | 0 | 0 | |
Cowen and Company, LLC | ATM | |||
Class Of Stock [Line Items] | |||
Sale of common stock, shares | 0 | 2,447,211 | |
Proceeds from issuance of common stock, net of issuance costs | $ 8,100 |
Stockholders Equity - Schedule
Stockholders Equity - Schedule of Shares of Common Stock Reserved for Future Issuance (Detail) | Jun. 30, 2021shares |
Class Of Stock [Line Items] | |
Total Shares of Common Stock Reserved for Future Issuance | 4,376,548 |
Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Total Shares of Common Stock Reserved for Future Issuance | 20,480 |
Options Exercisable to Purchase Common Stock | |
Class Of Stock [Line Items] | |
Total Shares of Common Stock Reserved for Future Issuance | 1,807,951 |
Common Stock Issuable Under Pre-Funded Warrants | |
Class Of Stock [Line Items] | |
Total Shares of Common Stock Reserved for Future Issuance | 2,548,117 |
Equity-based Compensation and_3
Equity-based Compensation and Equity Incentive Plans - Additional Information (Detail) - USD ($) | Jan. 01, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options exercised to purchase shares of common stock under ESPP | 32,113 | ||||
Employee unrecognized compensation expense | $ 6,500,000 | $ 6,500,000 | |||
Employee unrecognized compensation cost, period of recognition | 2 years 7 months 6 days | ||||
Equity-based compensation expense | 876,000 | $ 1,075,000 | $ 1,753,000 | $ 2,170,000 | |
Restricted Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee unrecognized compensation expense | 900,000 | $ 900,000 | |||
Employee unrecognized compensation cost, period of recognition | 3 years 6 months | ||||
Equity-based compensation expense | $ 62,000 | 173,000 | $ 234,000 | 393,000 | |
ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares available for issuance (in shares) | 381,832 | ||||
Options exercised to purchase shares of common stock under ESPP | 0 | 19,061 | |||
Shares available for future grants | 708,433 | 708,433 | |||
Equity-based compensation expense | $ 14,000 | $ 12,000 | $ 20,000 | $ 12,000 | |
Plan 2015 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares available for issuance (in shares) | 1,909,163 | ||||
2017 Plan and 2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 1,633,453 | 1,633,453 |
Equity-based Compensation and_4
Equity-based Compensation and Equity Incentive Plans - Schedule of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Outstanding Beginning balance, Number of options | shares | 3,343,836 | |
Granted, Number of options | shares | 1,642,296 | |
Exercised, Number of options | shares | (32,113) | |
Cancelled/Forfeited, Number of options | shares | (348,305) | |
Outstanding Ending balance, Number of options | shares | 4,605,714 | 3,343,836 |
Number of options, Vested or expected to vest | shares | 4,605,714 | |
Number of options, Exercisable | shares | 1,807,951 | |
Beginning balance, Weighted-average price | $ / shares | $ 6 | |
Granted, Weighted-average price | $ / shares | 3.52 | |
Exercised, Weighted-average price | $ / shares | 2.06 | |
Cancelled/Forfeited, Weighted-average price | $ / shares | 4.67 | |
Ending balance, Weighted-average price | $ / shares | 5.25 | $ 6 |
Weighted-average price Vested or expected to vest | $ / shares | 5.25 | |
Weighted-average price, Exercisable | $ / shares | $ 7.89 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 6 months | 8 years 4 months 24 days |
Weighted average remaining contractual term, Vested or expected to vest | 8 years 6 months | |
Weighted average remaining contractual term, Exercisable | 7 years 6 months | |
Beginning balance, Aggregate Intrinsic value | $ | $ 399 | |
Ending balance, Aggregate Intrinsic value | $ | 3,475 | $ 399 |
Aggregate Intrinsic value, Vested or expected to vest at March 31, 2021 | $ | 3,475 | |
Aggregate Intrinsic value, Exercisable at March 31, 2021 | $ | $ 998 |
Equity-based Compensation and_5
Equity-based Compensation and Equity Incentive Plans - Schedule of Stock Option Activity (Parenthetical) (Detail) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract] | ||
Number of options in money | 3,100,835 | 970,826 |
Equity-based Compensation and_6
Equity-based Compensation and Equity Incentive Plans - Schedule of Restricted Common Stock Activity (Detail) - Restricted Common Stock | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Beginning balance, Number of unvested shares/units | shares | 478,207 |
Granted, Number of shares/units | shares | 242,454 |
Vested, Number of shares/units | shares | (343,619) |
Forfeited, Number of shares/units | shares | (30,581) |
Ending balance, Number of unvested shares/units | shares | 346,461 |
Beginning balance, Unvested Grant date fair value | $ / shares | $ 2.19 |
Granted, Grant date fair value | $ / shares | 3.50 |
Vested, Grant date fair value | $ / shares | 2.39 |
Forfeited, Grant date fair value | $ / shares | 2.88 |
Ending balance, Unvested Grant date fair value | $ / shares | $ 2.86 |
Equity-based Compensation and_7
Equity-based Compensation and Equity Incentive Plans - Schedule of Equity-based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 876 | $ 1,075 | $ 1,753 | $ 2,170 |
Research and Development Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | 359 | 486 | 774 | 927 |
General and Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 517 | $ 589 | $ 979 | $ 1,243 |
Equity-based Compensation and_8
Equity-based Compensation and Equity Incentive Plans - Schedule of Equity-based Compensation Expenses by Award Type (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 876,000 | $ 1,075,000 | $ 1,753,000 | $ 2,170,000 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | 800,000 | 890,000 | 1,499,000 | 1,765,000 |
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | 62,000 | 173,000 | 234,000 | 393,000 |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense | $ 14,000 | $ 12,000 | $ 20,000 | $ 12,000 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Recognition of revenue | $ 246,000 | $ 445,000 | $ 246,000 | $ 545,000 | ||
Current deferred revenue | 904,000 | 904,000 | ||||
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 | 4,500,000 | 4,500,000 | ||||
Non-current pre-paid research and development | 7,500,000 | 7,500,000 | ||||
Roche Collaboration and Option Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront, nonrefundable technology access fee | 1,000,000 | 1,000,000 | ||||
Milestones payment upon achievement of certain success criteria | 5,000,000 | 5,000,000 | ||||
Upfront non refundable payment | 1,000,000 | 1,000,000 | ||||
Recognition of revenue | 200,000 | 200,000 | ||||
Roche Collaboration and Option Agreement | Current Liabilities | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Current deferred revenue | 800,000 | $ 800,000 | ||||
Roche Collaboration and Option Agreement | Minimum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Collaboration in research and development | 12 months | |||||
Roche Collaboration and Option Agreement | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Collaboration in research and development | 18 months | |||||
AbbVie Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Recognition of revenue | $ 0 | $ 400,000 | ||||
Current deferred revenue | $ 0 | |||||
AbbVie Agreement | IBD Programs | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Collaboration in research and development | 54 months |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2021 | |
Common Stock $0.001 Par Value | |||
Number of shares sold | 6,340,771 | 11,500,000 | 11,500,000 |
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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
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 | 346,461 | 669,140 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially Common Shares Excluded from Calculation of Net Loss Per share | 4,605,714 | 3,176,092 |
Potential Shares Issuable under ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially Common Shares Excluded from Calculation of Net Loss Per share | 10,240 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Common stock, outstanding | 52,375,344 | 52,375,344 | 38,183,273 | |
Ginkgo Bioworks, Inc. | ||||
Related Party Transaction [Line Items] | ||||
Common stock, outstanding | 6,340,771 | 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 | $ 4.5 | $ 4.5 | ||
Non Current Pre-Paid Research and Development | 7.5 | 7.5 | ||
Prepaid research and development expenses | $ 0.7 | $ 1.6 |