Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ANNX | |
Entity Registrant Name | Annexon, Inc. | |
Entity Central Index Key | 0001528115 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39402 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-5414423 | |
Entity Address, Address Line One | 180 Kimball Way | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 822-5500 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,157,618 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 370,686 | $ 43,931 |
Prepaid expenses and other current assets | 2,889 | 1,475 |
Total current assets | 373,575 | 45,406 |
Property and equipment, less accumulated depreciation of $1,695 and $1,304 as of September 30, 2020, and December 31, 2019, respectively | 2,039 | 2,138 |
Other long-term assets | 2,354 | |
Total assets | 375,614 | 49,898 |
Current liabilities: | ||
Accounts payable | 3,954 | 2,371 |
Accrued liabilities | 4,649 | 2,194 |
Deferred rent, current | 385 | 366 |
Total current liabilities | 8,988 | 4,931 |
Deferred rent | 1,147 | 1,437 |
Total liabilities | 10,135 | 6,368 |
Commitments and contingencies (Note 6) | ||
Stockholders’ Equity (Deficit): | ||
Preferred stock, $0.001 par value; 5,000,000 and 0 shares authorized as of September 30, 2020, and December 31, 2019, respectively; 0 issued and outstanding as of September 30, 2020, and December 31, 2019, respectively | ||
Common stock, $0.001 par value; 300,000,000 and 150,000,000 shares authorized as of September 30, 2020, and December 31, 2019, respectively; 38,157,618 and 433,749 shares issued and outstanding as of September 30, 2020, and December 31, 2019, respectively | 38 | 4 |
Additional paid-in capital | 508,318 | 2,202 |
Accumulated other comprehensive loss | (78) | (80) |
Accumulated deficit | (142,799) | (102,580) |
Total stockholders’ equity (deficit) | 365,479 | (100,454) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ 375,614 | 49,898 |
Redeemable Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Redeemable convertible preferred stock, $0.001 par value; 0 and 119,155,472 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 0 and 111,748,065 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively; liquidation preference of $0 and $137,814 as of September 30, 2020 and December 31, 2019, respectively | $ 143,984 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated depreciation on property plant and equipment | $ 1,695 | $ 1,304 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 150,000,000 |
Common stock, shares issued | 38,157,618 | 433,749 |
Common stock, shares outstanding | 38,157,618 | 433,749 |
Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, par value per share | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 119,155,472 |
Temporary equity, shares issued | 0 | 111,748,065 |
Temporary equity, shares outstanding | 0 | 111,748,065 |
Temporary equity, liquidation preference | $ 0 | $ 137,814 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 11,775 | $ 7,089 | $ 31,279 | $ 17,729 |
General and administrative | 3,810 | 1,981 | 8,999 | 5,660 |
Total operating expenses | 15,585 | 9,070 | 40,278 | 23,389 |
Loss from operations | (15,585) | (9,070) | (40,278) | (23,389) |
Loss on remeasurement of redeemable convertible preferred stock liability | (1,340) | (5,670) | ||
Other (expense) income, net | (52) | 224 | 64 | 821 |
Net loss before taxes | (15,637) | (10,186) | (40,214) | (28,238) |
Provision for income taxes | 1 | 2 | 5 | 3 |
Net loss | (15,638) | (10,188) | (40,219) | (28,241) |
Accretion on redeemable convertible preferred stock | (145) | (281) | (705) | (815) |
Deemed dividend – beneficial conversion feature on redeemable convertible preferred stock | (6,219) | (6,219) | ||
Net loss attributable to common stockholders | $ (22,002) | $ (10,469) | $ (47,143) | $ (29,056) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.77) | $ (24.14) | $ (4.79) | $ (67.04) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 28,465,156 | 433,749 | 9,845,754 | 433,406 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (15,638) | $ (10,188) | $ (40,219) | $ (28,241) |
Other comprehensive gain (loss): | ||||
Foreign currency translation adjustment | 4 | (7) | 2 | (17) |
Comprehensive loss | $ (15,634) | $ (10,195) | $ (40,217) | $ (28,258) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance, Shares at Dec. 31, 2018 | 89,525,848 | |||||
Beginning Balance, Values at Dec. 31, 2018 | $ 102,082 | |||||
Beginning Balance, Shares at Dec. 31, 2018 | 432,309 | |||||
Beginning Balance, Values at Dec. 31, 2018 | $ (64,202) | $ 4 | $ 1,257 | $ (66) | $ (65,397) | |
Accretion on redeemable convertible preferred stock | $ 262 | |||||
Accretion on redeemable convertible preferred stock | (262) | (262) | ||||
Stock option exercises, Shares | 1,440 | |||||
Stock option exercises, Values | 3 | 3 | ||||
Stock-based compensation | 466 | 466 | ||||
Foreign currency translation adjustment | (6) | (6) | ||||
Net loss | (8,652) | (8,652) | ||||
Ending Balance, Shares at Mar. 31, 2019 | 89,525,848 | |||||
Ending Balance, Values at Mar. 31, 2019 | $ 102,344 | |||||
Ending Balance, Shares at Mar. 31, 2019 | 433,749 | |||||
Ending Balance, Values at Mar. 31, 2019 | (72,653) | $ 4 | 1,464 | (72) | (74,049) | |
Beginning Balance, Shares at Dec. 31, 2018 | 89,525,848 | |||||
Beginning Balance, Values at Dec. 31, 2018 | $ 102,082 | |||||
Beginning Balance, Shares at Dec. 31, 2018 | 432,309 | |||||
Beginning Balance, Values at Dec. 31, 2018 | (64,202) | $ 4 | 1,257 | (66) | (65,397) | |
Foreign currency translation adjustment | (17) | |||||
Net loss | (28,241) | |||||
Ending Balance, Shares at Sep. 30, 2019 | 111,748,065 | |||||
Ending Balance, Values at Sep. 30, 2019 | $ 143,704 | |||||
Ending Balance, Shares at Sep. 30, 2019 | 433,749 | |||||
Ending Balance, Values at Sep. 30, 2019 | (91,759) | $ 4 | 1,958 | (83) | (93,638) | |
Beginning Balance, Shares at Mar. 31, 2019 | 89,525,848 | |||||
Beginning Balance, Values at Mar. 31, 2019 | $ 102,344 | |||||
Beginning Balance, Shares at Mar. 31, 2019 | 433,749 | |||||
Beginning Balance, Values at Mar. 31, 2019 | (72,653) | $ 4 | 1,464 | (72) | (74,049) | |
Accretion on redeemable convertible preferred stock | $ 272 | |||||
Accretion on redeemable convertible preferred stock | (272) | (272) | ||||
Stock-based compensation | 437 | 437 | ||||
Foreign currency translation adjustment | (4) | (4) | ||||
Net loss | (9,401) | (9,401) | ||||
Ending Balance, Shares at Jun. 30, 2019 | 89,525,848 | |||||
Ending Balance, Values at Jun. 30, 2019 | $ 102,616 | |||||
Ending Balance, Shares at Jun. 30, 2019 | 433,749 | |||||
Ending Balance, Values at Jun. 30, 2019 | (81,893) | $ 4 | 1,629 | (76) | (83,450) | |
Issuance of redeemable convertible preferred stock, net of issuance costs, Shares | 22,222,217 | |||||
Issuance of redeemable convertible preferred stock, net of issuance costs, Values | $ 40,807 | |||||
Accretion on redeemable convertible preferred stock | $ 281 | |||||
Accretion on redeemable convertible preferred stock | (281) | (281) | ||||
Stock-based compensation | 610 | 610 | ||||
Foreign currency translation adjustment | (7) | (7) | ||||
Net loss | (10,188) | (10,188) | ||||
Ending Balance, Shares at Sep. 30, 2019 | 111,748,065 | |||||
Ending Balance, Values at Sep. 30, 2019 | $ 143,704 | |||||
Ending Balance, Shares at Sep. 30, 2019 | 433,749 | |||||
Ending Balance, Values at Sep. 30, 2019 | (91,759) | $ 4 | 1,958 | (83) | (93,638) | |
Beginning Balance, Shares at Dec. 31, 2019 | 111,748,065 | |||||
Beginning Balance, Values at Dec. 31, 2019 | $ 143,984 | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 433,749 | |||||
Beginning Balance, Values at Dec. 31, 2019 | (100,454) | $ 4 | 2,202 | (80) | (102,580) | |
Accretion on redeemable convertible preferred stock | $ 279 | |||||
Accretion on redeemable convertible preferred stock | (279) | (279) | ||||
Stock-based compensation | 663 | 663 | ||||
Foreign currency translation adjustment | (11) | (11) | ||||
Net loss | (12,341) | (12,341) | ||||
Ending Balance, Shares at Mar. 31, 2020 | 111,748,065 | |||||
Ending Balance, Values at Mar. 31, 2020 | $ 144,263 | |||||
Ending Balance, Shares at Mar. 31, 2020 | 433,749 | |||||
Ending Balance, Values at Mar. 31, 2020 | (112,422) | $ 4 | 2,586 | (91) | (114,921) | |
Beginning Balance, Shares at Dec. 31, 2019 | 111,748,065 | |||||
Beginning Balance, Values at Dec. 31, 2019 | $ 143,984 | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 433,749 | |||||
Beginning Balance, Values at Dec. 31, 2019 | (100,454) | $ 4 | 2,202 | (80) | (102,580) | |
Beneficial conversion feature on Series D redeemable convertible preferred stock | $ 6,297 | |||||
Stock option exercises, Shares | 9,528 | |||||
Foreign currency translation adjustment | $ 2 | |||||
Net loss | (40,219) | |||||
Ending Balance, Shares at Sep. 30, 2020 | 0 | |||||
Ending Balance, Shares at Sep. 30, 2020 | 38,157,618 | |||||
Ending Balance, Values at Sep. 30, 2020 | 365,479 | $ 38 | 508,318 | (78) | (142,799) | |
Beginning Balance, Shares at Mar. 31, 2020 | 111,748,065 | |||||
Beginning Balance, Values at Mar. 31, 2020 | $ 144,263 | |||||
Beginning Balance, Shares at Mar. 31, 2020 | 433,749 | |||||
Beginning Balance, Values at Mar. 31, 2020 | (112,422) | $ 4 | 2,586 | (91) | (114,921) | |
Issuance of redeemable convertible preferred stock, net of issuance costs, Shares | 71,719,859 | |||||
Issuance of redeemable convertible preferred stock, net of issuance costs, Values | $ 96,807 | |||||
Beneficial conversion feature on Series D redeemable convertible preferred stock | (6,297) | |||||
Beneficial conversion feature on Series D redeemable convertible preferred stock | 6,297 | 6,297 | ||||
Accretion on redeemable convertible preferred stock | $ 281 | |||||
Accretion on redeemable convertible preferred stock | (281) | (281) | ||||
Stock-based compensation | 763 | 763 | ||||
Foreign currency translation adjustment | 9 | 9 | ||||
Net loss | (12,240) | (12,240) | ||||
Ending Balance, Shares at Jun. 30, 2020 | 183,467,924 | |||||
Ending Balance, Values at Jun. 30, 2020 | $ 235,054 | |||||
Ending Balance, Shares at Jun. 30, 2020 | 433,749 | |||||
Ending Balance, Values at Jun. 30, 2020 | (117,874) | $ 4 | 9,365 | (82) | (127,161) | |
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares | (183,467,924) | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | $ (241,418) | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 241,418 | $ 21 | 241,397 | |||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares | 20,824,938 | |||||
Deemed dividend of beneficial conversion feature on conversion of redeemable convertible preferred stock | (6,219) | (6,219) | ||||
Deemed dividend of beneficial conversion feature on conversion of redeemable convertible preferred stock | 6,219 | |||||
Accretion on redeemable convertible preferred stock | $ 145 | |||||
Accretion on redeemable convertible preferred stock | (145) | (145) | ||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $24.7 million, Shares | 16,889,403 | |||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $24.7 million, Values | 262,440 | $ 13 | 262,427 | |||
Stock option exercises, Shares | 9,528 | |||||
Stock option exercises, Values | 22 | 22 | ||||
Stock-based compensation | 1,471 | 1,471 | ||||
Foreign currency translation adjustment | 4 | 4 | ||||
Net loss | (15,638) | (15,638) | ||||
Ending Balance, Shares at Sep. 30, 2020 | 0 | |||||
Ending Balance, Shares at Sep. 30, 2020 | 38,157,618 | |||||
Ending Balance, Values at Sep. 30, 2020 | $ 365,479 | $ 38 | $ 508,318 | $ (78) | $ (142,799) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Payments of stock issuance costs | $ 2,974 | $ 759 | ||||
Common Stock [Member] | ||||||
Payments of stock issuance costs | $ 24,700 | |||||
Series D Redeemable Convertible Preferred Stock [Member] | ||||||
Payments of stock issuance costs | $ 5,200 | $ 5,193 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Payments of stock issuance costs | $ 3 | |||||
Redeemable convertible preferred stock liability | $ 10,810 | $ 10,810 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net loss | $ (40,219) | $ (28,241) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 391 | 364 |
Stock-based compensation | 2,897 | 1,513 |
Change in fair value of redeemable convertible preferred stock liability | 5,670 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,414) | 491 |
Other long-term assets | 96 | |
Accounts payable | 1,733 | 885 |
Accrued liabilities | 2,956 | 3 |
Deferred rent | (271) | (254) |
Net cash used in operating activities | (33,831) | (19,569) |
Investing activities: | ||
Purchases of property and equipment | (292) | (168) |
Net cash used in investing activities | (292) | (168) |
Financing activities: | ||
Proceeds from the exercise common stock options | 22 | 3 |
Proceeds from Paycheck Protection Program loan | 500 | |
Repayments of Paycheck Protection Program loan | (500) | |
Proceeds from issuance of redeemable convertible preferred stock | 102,000 | 29,997 |
Payments of issuance costs related to redeemable convertible preferred stock | (5,193) | |
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | 267,021 | |
Payments of offering costs related to initial public offering | (2,974) | (759) |
Net cash provided by financing activities | 360,876 | 29,241 |
Net increase in cash and cash equivalents | 326,753 | 9,504 |
Effect of exchange rate changes on cash and cash equivalents | 2 | (17) |
Cash and cash equivalents at beginning of period | 43,931 | 44,175 |
Cash and cash equivalents at end of period | 370,686 | 53,662 |
Non-cash investing and financing activities: | ||
Reclassification of redeemable convertible preferred stock to common stock upon initial public offering | 241,418 | |
Reclassification of redeemable convertible preferred stock liability to redeemable convertible preferred stock | 10,810 | |
Accretion on redeemable convertible preferred stock | 705 | 815 |
Deferred offering costs included in accounts payable and accrued liabilities | 837 | |
Purchase of property and equipment included in accounts payable | $ 55 | |
Beneficial conversion feature recognized upon issuance of redeemable convertible preferred stock | 6,297 | |
Deemed dividend arising from conversion of beneficial conversion feature | $ 6,219 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization | 1. Organization Annexon, Inc., or the Company, is a clinical-stage biopharmaceutical company targeting C1q and initiating molecules of the classical complement pathway to develop transformative therapies for autoimmune and neurodegenerative disorders of the brain, body and eye. The Company is located in South San Francisco, California and was incorporated in Delaware in March 2011. The Company’s wholly-owned subsidiary, Annexon Biosciences Australia Pty Ltd, or the Subsidiary, is a proprietary limited company incorporated in 2016 and domiciled in Australia. The Subsidiary is also engaged in research and development activities in support of its parent company. Initial Public Offering On July 23 14,750,000 2,139,403 262.4 Reverse Stock Split On July 17, 2020, the Company’s board of directors approved an amendment to the Company’s certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a one-for-8.81 basis, or the Reverse Stock Split. The number of authorized shares and the par values of the common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. In connection with the Reverse Stock Split, the conversion ratio for the Company’s outstanding redeemable convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. All references to common stock and options to purchase common stock share data, per share data and related information contained in the consolidated financial statements have been retroactively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Liquidity Since inception, the Company has been involved primarily in performing research and development activities, conducting clinical trials, hiring personnel, and raising capital to support and expand these activities. The Company has experienced losses and negative cash flows from operations since its inception and, as of September 30, 2020, had an accumulated deficit of $142.8 million and cash and cash equivalents of $370.7 million. The Company has historically funded its operations through the issuance of shares of its redeemable convertible preferred stock and common stock. Based on projected activities, management projects that cash on hand is sufficient to support operations for at least the next 12 months following issuance of these condensed consolidated financial statements. Management expects to continue to incur losses and negative cash flows from operations for at least the next several years. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the SEC regarding interim financial reporting. The condensed consolidated balance sheet as of September 30, 2020, the condensed consolidated statements of operations, comprehensive loss, changes in redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2020 and 2019 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position as of September 30, 2020 and its results of operations and cash flows for the nine months ended September 30, 2020 and 2019. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three- and nine-month periods are also unaudited. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the prospectus dated July 23, 2020 that forms a part of the Company's Registration Statement on Form S-1 (File No. 333-239647), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including but not limited to the fair value of common stock, redeemable convertible preferred stock, redeemable convertible preferred stock liability, stock options, income taxes and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the operations of Annexon, Inc. and its wholly-owned subsidiary and include the results of operations and cash flows of these entities. All intercompany balances and transactions have been eliminated in consolidation. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, audit and filing fees relating to an IPO, are capitalized. As of December 31, 2019, $2.3 million of deferred offering costs were capitalized, which are included in other long-term assets in the accompanying consolidated balance sheets. In July 2020, upon the closing of the IPO, all deferred offering costs were offset against the Company’s IPO proceeds. Redeemable Convertible Preferred Stock Liability The obligation to issue additional shares of the Company’s Series C redeemable convertible preferred stock at a future date was determined to be a freestanding financial instrument that should be accounted for as a liability. At initial recognition, the Company recorded the redeemable convertible preferred stock liability on the balance sheet at its estimated fair value. The liability was subject to remeasurement at each balance sheet date, with changes in fair value recognized as gain (loss) on remeasurement of redeemable convertible preferred stock liability on the consolidated statement of operations. Upon settlement of the redeemable convertible preferred stock liability in August 2019, the Company remeasured the liability and reclassified the final value associated with the redeemable convertible preferred stock liability to the carrying value of the Series C redeemable convertible preferred stock. Foreign Currencies The Company’s reporting currency is the U.S. dollar. The functional currency of the Company’s subsidiary located in Australia is the Australian Dollar. Balance sheets prepared in the functional currencies are translated to the reporting currency at exchange rates in effect at the end of the accounting period, except for stockholders’ equity accounts, which are translated at rates in effect when these balances were originally recorded. Revenue and expense accounts are translated using a weighted-average rate during the year. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive loss in the accompanying consolidated balance sheets. Foreign exchange translation gain (loss) for the three and nine months ended September 30, 2020 and 2019 were not material. Gains and losses resulting from exchange rate changes on transactions denominated in a currency other than the local currency are included in earnings as incurred. Research and Development Expense Research and development expenses consist primarily of direct and indirect costs incurred for the development of the Company’s product candidates. Direct expenses include (i) preclinical and clinical outside service costs associated with discovery, preclinical and clinical testing of the Company’s product candidates; (ii) professional services agreements with third-party contract organizations, investigative clinical trial sites and consultants that conduct research and development activities on the Company’s behalf; (iii) contract manufacturing costs to produce clinical trial materials; and (iv) laboratory supplies and materials. Indirect expenses include (A) compensation and personnel-related expenses (including stock-based compensation), (B) allocated expenses for facilities and depreciation; and (C) other indirect costs. Research and development costs are expensed as incurred. Payments made to third parties are under agreements that are generally cancelable by the Company. Advance payments for research and development activities are deferred as prepaid expenses. The prepaid amounts are expensed as the related services are performed. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the period over which services will be performed and the level of effort to be expended in each period. These estimates are based on the Company’s communications with the third-party service providers and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies significantly from the estimate, the Company will adjust the accrual accordingly to reflect the best information available at the time of the financial statement issuance. The Company has not experienced any material differences between accrued costs and actual costs incurred since its inception. Stock-Based Compensation The Company accounts for stock-based compensation arrangements using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments, including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards to employees on the date of grant using the Black-Scholes option pricing model. The Company grants certain employees performance-based stock options. For awards that include performance conditions, no compensation cost is recognized until the performance goals are probable of being met, at which time the cumulative compensation expense from the service inception date would be recognized. Stock-based compensation costs are based on the fair value of the underlying option calculated using the Black-Scholes option pricing model and recognized as expense on a straight-line basis (for all but performance based awards for which the accelerated method is used) over the requisite service period, which is the vesting period. Determining the appropriate fair value model and related assumptions requires judgment, including estimating the fair value of the underlying common stock, expected term, expected stock price volatility, risk-free interest rate and dividend yield. The Company accounts for forfeitures as they occur. Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. As the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders because the effects of potentially dilutive securities are antidilutive. Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), , Leases Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In June 2020, the FASB issued ASU No. 2020-05 in response to the ongoing impacts to businesses in response to the COVID-19 pandemic. ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842), provides a limited deferral of the effective dates for implementing previously issued Topic 606 and Topic 842 to give some relief to businesses and the difficulties they are facing during the pandemic. The leasing standard’s effective dates are fiscal years beginning after December 15, 2019 as originally issued (ASU 2016-02) and fiscal years beginning after December 15, 2020 as amended by ASU 2019-10. As amended by ASU No. 2020-05, the leasing standard’s effective date for the Company is the fiscal years beginning after December 15, 2021. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. On a recurring basis, the Company measures certain financial assets and liabilities at fair value. The following tables summarize the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 370,093 $ — $ — $ 370,093 Total assets $ 370,093 $ — $ — $ 370,093 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 43,621 $ — $ — $ 43,621 Total assets $ 43,621 $ — $ — $ 43,621 For the three months ended September 30, 2020 and 2019 and for the nine months ended September 30, 2020 and 2019, the Company recognized no material realized gains or losses on financial instruments. In August 2019, the redeemable convertible preferred stock liability was settled upon the completion of the second closing of the Company’s Series C redeemable convertible preferred stock financing. In light of the Company’s progress towards an IPO, the liability was remeasured at the settlement date using a probability-weighted expected return method, or PWERM, whereby the Company’s total equity value was estimated under various exit scenarios and allocated to the Company’s different classes of equity. The PWERM included two scenarios, IPO or staying private, that considered an estimate of the timing of each scenario and were weighted based on the Company’s estimate of the probability of each event occurring. The equity value under the IPO scenario was based on recent IPO values of comparable companies and weighted 50%. The equity value under the staying private scenario was based on the recent Series C redeemable convertible preferred stock financing and was weighted 50%. The liability was remeasured to its fair value of $10.8 million upon settlement and the carrying value of the liability was reclassified to the carrying value of the Series C redeemable convertible preferred stock. The Company recorded a loss of $1.3 million and $5.7 million in the condensed consolidated statements of operations for the three and nine months ended September 30, 2019, respectively, for the change in the fair value of the liability. The changes in the carrying value of the liability were as follows (in thousands): Fair value as of December 31, 2018 $ 5,140 Change in fair value 5,670 Reclassification to redeemable convertible preferred stock upon settlement (10,810 ) Fair value as of September 30, 2019 $ — There were no transfers between Levels 1, 2 or 3 for the periods presented. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Balance Sheet Components [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): September 30, 2020 December 31, 2019 Prepaid research and development costs $ 510 $ 1,086 Prepaid expenses 2,375 310 Other receivables 4 79 Total prepaid expenses and other current assets $ 2,889 $ 1,475 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued research and development expenses $ 2,630 $ 459 Accrued professional services 168 733 Accrued compensation 1,514 926 Other accrued expenses 337 76 Total accrued liabilities $ 4,649 $ 2,194 |
Promissory Note
Promissory Note | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Promissory Note | 5. Promissory Note Pursuant to the Coronavirus Aid, Relief, and Economic Security Act, the Company obtained a $0.5 million promissory note from the U.S. Small Business Administration on April 21, 2020, which was repaid in full on May 1, 2020 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Leases The Company leases its offices and laboratory in South San Francisco, California under a 7-year noncancelable lease agreement that ends in June 2024 with a 5-year renewal option. Rent expense is recognized on a straight-line basis over the non-cancelable term of the lease and, accordingly, the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability on the accompanying condensed consolidated balance sheet. Rent expense for each of the three months ended September 30, 2020 and 2019 was $88,000. Rent expense for each of the nine months ended September 30, 2020 and 2019 was $264,000. License and Other Agreements In November 2011, the Company entered into an exclusive licensing agreement, or the Stanford Agreement, with The Board of Trustees of the Leland Stanford Junior University, or Stanford, whereby the Company was granted an exclusive, worldwide, royalty-bearing, sublicensable license, under certain patent rights, or the Licensed Patents, to make, use, offer for sale, sell, import and otherwise commercialize products covered by the Licensed Patents for human or animal diseases, disorders or conditions. Under the Stanford Agreement, the Company made an upfront payment and is obligated to pay Stanford annual license maintenance fees, potential future milestone payments totaling up to $600,000, and royalty payments at a rate equal to a low single-digit percentage of worldwide net sales of licensed products. In December 2016, the Company entered into a Sponsored Research Agreement with a not-for-profit entity to perform research on multiple sclerosis. The Sponsored Research Agreement was amended in March 2019. Under the terms of the Sponsored Research Agreement, the Company may receive up to $651,000, which was amended from $693,000, in funding. If within 15 years of the end of the Sponsored Research Agreement the Company files a marketing authorization application for a product treating multiple sclerosis, the Company will be obligated to pay milestone payments up to four times the amounts received under the Sponsored Research Agreement. The Company has received $455,000 in funding to date. The Company received $190,000 representing the final amount received under the Sponsored Research Agreement, which was recorded as other income for the nine months ended September 30, 2019. No funding was received for the three and nine months ended September 30, 2020 and the three months ended September 30, 2019. Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of September 30, 2020, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock and Stockholder's Equity (Deficit) | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity [Abstract] | |
Redeemable Convertible Preferred Stock and Stockholder's Equity (Deficit) | 7. Redeemable Convertible Preferred Stock and Stockholder’s Equity (Deficit) Redeemable Convertible Preferred Stock As of December 31, 2019, redeemable convertible preferred stock consisted of the following: Shares Authorized Shares Outstanding Net Carrying Value (in thousands) Liquidation Preference (in thousands) Series A 1,015,434 1,015,434 $ 1,000 $ 1,000 Series A-1 16,398,995 16,398,995 17,144 17,219 Series B 38,778,091 38,778,090 44,505 44,595 Series C 62,962,952 55,555,546 81,335 75,000 Total 119,155,472 111,748,065 $ 143,984 $ 137,814 In June 2020, the Company completed its financing of Series D redeemable convertible preferred stock, which resulted in the Company issuing 71,719,859 shares of Series D redeemable convertible preferred stock, including 9,773,587 shares issued to related parties who were 10% or greater holders of the Company, at a price per share of $1.4222 for aggregate proceeds of $96.8 million, net of issuance costs of $5.2 million. The shares of Series D redeemable convertible preferred stock are convertible at any time, at the holders’ option, into shares of common stock. In connection with the issuance and sale of the Series D redeemable convertible preferred stock, the Company recognized a beneficial conversion feature of approximately $6.3 million. A beneficial conversion feature represents the intrinsic value of the conversion feature, as determined by comparing the effective conversion price at the commitment date with the estimated fair value of the Company’s common stock. The beneficial conversion feature was recorded in additional paid-in capital on the issuance date resulting in a discount to the carrying value of the Series D redeemable convertible preferred stock. In July 2020, immediately prior to the completion of the IPO (see Note 1), all outstanding shares of redeemable convertible preferred stock were automatically converted into 20,824,938 shares of common stock. Common Stock The Company has reserved the following shares of common stock for issuance as follows: September 30, 2020 December 31, 2019 Redeemable convertible preferred stock outstanding on an as- converted basis — 12,684,214 Options issued and outstanding 3,514,773 2,007,222 Options available for future grant 3,103,047 454,110 Total common stock reserved 6,617,820 15,145,546 |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | 8. Equity Incentive Plan On July 23, 2020, the Company adopted the 2020 Incentive Award Plan, or the 2020 Plan, and the Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the IPO. The Company has reserved 3,600,868 shares of common stock for future issuance under the 2020 Plan and 360,086 shares under the ESPP, respectively. As a result, the Company may not grant any additional awards under the 2011 Equity Incentive Plan (the 2011 Plan). The 2011 Plan will continue to govern outstanding equity awards granted thereunder. In addition, the number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of January, commencing on January 1, 2021 and ending in 2030, in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. As of September 30, 2020, there were 3,103,047 shares available for issuance under the 2020 Plan. Stock option activity under the 2011 Plan and the 2020 Plan was as follows: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balances as of December 31, 2019 454,110 2,007,222 $ 4.91 8.26 $ 21,623 Additional shares authorized 4,166,016 — Stock options granted (1,519,719 ) 1,519,719 $ 14.77 Stock options exercised — (9,528 ) $ 2.33 Stock options cancelled 2,640 (2,640 ) $ 4.67 Balances as of September 30, 2020 3,103,047 3,514,773 $ 9.18 8.48 $ 73,985 Exercisable as of September 30, 2020 1,179,057 $ 4.15 6.91 $ 30,746 There were 9,528 options exercised during the nine months ended September 30, 2020. The total intrinsic value of options exercised during the three and nine months ended September 30, 2019 was $0 and $8,000, respectively. The total intrinsic value of options exercised during each of the three and nine months ended September 30, 2020 was $0.2 million. The intrinsic value is the difference between the fair value of the Company’s common stock at the time of exercise and the exercise price of the stock option. Stock-Based Compensation Expense The total stock-based compensation expense recognized for options granted was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 624 $ 159 $ 1,284 $ 391 General and administrative 847 451 1,613 1,122 Total stock-based compensation expense $ 1,471 $ 610 $ 2,897 $ 1,513 As of September 30, 2020, the total unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $20.2 million, which the Company expects to recognize over an estimated weighted-average period of 3.21 years. To determine the value of stock option awards for stock-based compensation purposes, the Company uses the Black-Scholes option pricing model and the assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment. Expected Term —The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company’s historical share option exercise information is limited due to a lack of sufficient data points, and did not provide a reasonable basis upon which to estimate an expected term. The expected term for option grants is therefore determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). Expected Volatility —Because the Company does not have sufficient trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded life science companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on the similar size, stage in the life cycle, or area of specialty. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Risk-Free Interest Rate —The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option. Dividend Yield —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. The fair value of each award issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Expected term (in years) 6.02 - 6.08 — 5.00 - 6.08 6.02 - 6.08 Expected volatility 91% - 93% — 85% - 93% 76% -77% Risk-free interest rate 0.36% - 0.38% — 0.33% - 1.45% 1.87% - 2.61% Dividend yield — — — — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For the three and nine months ended September 30, 2020 and 2019, the Company incurred insignificant amounts for an income tax provision. The U.S. federal and California deferred tax assets generated from the Company’s net operating losses have been fully reserved, as the Company believes it is not more likely than not that the benefit will be realized. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 10. Net Loss Per Share Attributable to Common Stockholders The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Redeemable convertible preferred stock on an as-converted basis — 12,684,214 — 12,684,214 Stock options to purchase common stock 3,514,773 2,081,291 3,514,773 2,081,291 Total 3,514,773 14,765,505 3,514,773 14,765,505 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the SEC regarding interim financial reporting. The condensed consolidated balance sheet as of September 30, 2020, the condensed consolidated statements of operations, comprehensive loss, changes in redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2020 and 2019 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position as of September 30, 2020 and its results of operations and cash flows for the nine months ended September 30, 2020 and 2019. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three- and nine-month periods are also unaudited. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the prospectus dated July 23, 2020 that forms a part of the Company's Registration Statement on Form S-1 (File No. 333-239647), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including but not limited to the fair value of common stock, redeemable convertible preferred stock, redeemable convertible preferred stock liability, stock options, income taxes and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the operations of Annexon, Inc. and its wholly-owned subsidiary and include the results of operations and cash flows of these entities. All intercompany balances and transactions have been eliminated in consolidation. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, audit and filing fees relating to an IPO, are capitalized. As of December 31, 2019, $2.3 million of deferred offering costs were capitalized, which are included in other long-term assets in the accompanying consolidated balance sheets. In July 2020, upon the closing of the IPO, all deferred offering costs were offset against the Company’s IPO proceeds. |
Redeemable Convertible Preferred Stock Liability | Redeemable Convertible Preferred Stock Liability The obligation to issue additional shares of the Company’s Series C redeemable convertible preferred stock at a future date was determined to be a freestanding financial instrument that should be accounted for as a liability. At initial recognition, the Company recorded the redeemable convertible preferred stock liability on the balance sheet at its estimated fair value. The liability was subject to remeasurement at each balance sheet date, with changes in fair value recognized as gain (loss) on remeasurement of redeemable convertible preferred stock liability on the consolidated statement of operations. Upon settlement of the redeemable convertible preferred stock liability in August 2019, the Company remeasured the liability and reclassified the final value associated with the redeemable convertible preferred stock liability to the carrying value of the Series C redeemable convertible preferred stock. |
Foreign Currencies | Foreign Currencies The Company’s reporting currency is the U.S. dollar. The functional currency of the Company’s subsidiary located in Australia is the Australian Dollar. Balance sheets prepared in the functional currencies are translated to the reporting currency at exchange rates in effect at the end of the accounting period, except for stockholders’ equity accounts, which are translated at rates in effect when these balances were originally recorded. Revenue and expense accounts are translated using a weighted-average rate during the year. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive loss in the accompanying consolidated balance sheets. Foreign exchange translation gain (loss) for the three and nine months ended September 30, 2020 and 2019 were not material. Gains and losses resulting from exchange rate changes on transactions denominated in a currency other than the local currency are included in earnings as incurred. |
Research and Development Expense | Research and Development Expense Research and development expenses consist primarily of direct and indirect costs incurred for the development of the Company’s product candidates. Direct expenses include (i) preclinical and clinical outside service costs associated with discovery, preclinical and clinical testing of the Company’s product candidates; (ii) professional services agreements with third-party contract organizations, investigative clinical trial sites and consultants that conduct research and development activities on the Company’s behalf; (iii) contract manufacturing costs to produce clinical trial materials; and (iv) laboratory supplies and materials. Indirect expenses include (A) compensation and personnel-related expenses (including stock-based compensation), (B) allocated expenses for facilities and depreciation; and (C) other indirect costs. Research and development costs are expensed as incurred. Payments made to third parties are under agreements that are generally cancelable by the Company. Advance payments for research and development activities are deferred as prepaid expenses. The prepaid amounts are expensed as the related services are performed. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the period over which services will be performed and the level of effort to be expended in each period. These estimates are based on the Company’s communications with the third-party service providers and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies significantly from the estimate, the Company will adjust the accrual accordingly to reflect the best information available at the time of the financial statement issuance. The Company has not experienced any material differences between accrued costs and actual costs incurred since its inception. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation arrangements using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments, including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards to employees on the date of grant using the Black-Scholes option pricing model. The Company grants certain employees performance-based stock options. For awards that include performance conditions, no compensation cost is recognized until the performance goals are probable of being met, at which time the cumulative compensation expense from the service inception date would be recognized. Stock-based compensation costs are based on the fair value of the underlying option calculated using the Black-Scholes option pricing model and recognized as expense on a straight-line basis (for all but performance based awards for which the accelerated method is used) over the requisite service period, which is the vesting period. Determining the appropriate fair value model and related assumptions requires judgment, including estimating the fair value of the underlying common stock, expected term, expected stock price volatility, risk-free interest rate and dividend yield. The Company accounts for forfeitures as they occur. |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. As the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders because the effects of potentially dilutive securities are antidilutive. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), , Leases Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In June 2020, the FASB issued ASU No. 2020-05 in response to the ongoing impacts to businesses in response to the COVID-19 pandemic. ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842), provides a limited deferral of the effective dates for implementing previously issued Topic 606 and Topic 842 to give some relief to businesses and the difficulties they are facing during the pandemic. The leasing standard’s effective dates are fiscal years beginning after December 15, 2019 as originally issued (ASU 2016-02) and fiscal years beginning after December 15, 2020 as amended by ASU 2019-10. As amended by ASU No. 2020-05, the leasing standard’s effective date for the Company is the fiscal years beginning after December 15, 2021. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 370,093 $ — $ — $ 370,093 Total assets $ 370,093 $ — $ — $ 370,093 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 43,621 $ — $ — $ 43,621 Total assets $ 43,621 $ — $ — $ 43,621 |
Summary of Changes in the Carrying Value of the Liability | The changes in the carrying value of the liability were as follows (in thousands): Fair value as of December 31, 2018 $ 5,140 Change in fair value 5,670 Reclassification to redeemable convertible preferred stock upon settlement (10,810 ) Fair value as of September 30, 2019 $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Balance Sheet Components [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): September 30, 2020 December 31, 2019 Prepaid research and development costs $ 510 $ 1,086 Prepaid expenses 2,375 310 Other receivables 4 79 Total prepaid expenses and other current assets $ 2,889 $ 1,475 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued research and development expenses $ 2,630 $ 459 Accrued professional services 168 733 Accrued compensation 1,514 926 Other accrued expenses 337 76 Total accrued liabilities $ 4,649 $ 2,194 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock and Stockholder's Equity (Deficit) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity [Abstract] | |
Summary of Redeemable Convertible Preferred Stock | As of December 31, 2019, redeemable convertible preferred stock consisted of the following: Shares Authorized Shares Outstanding Net Carrying Value (in thousands) Liquidation Preference (in thousands) Series A 1,015,434 1,015,434 $ 1,000 $ 1,000 Series A-1 16,398,995 16,398,995 17,144 17,219 Series B 38,778,091 38,778,090 44,505 44,595 Series C 62,962,952 55,555,546 81,335 75,000 Total 119,155,472 111,748,065 $ 143,984 $ 137,814 |
Schedule of Common Stock Reserved for Future Issuance | The Company has reserved the following shares of common stock for issuance as follows: September 30, 2020 December 31, 2019 Redeemable convertible preferred stock outstanding on an as- converted basis — 12,684,214 Options issued and outstanding 3,514,773 2,007,222 Options available for future grant 3,103,047 454,110 Total common stock reserved 6,617,820 15,145,546 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity under the 2011 Plan and the 2020 Plan was as follows: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balances as of December 31, 2019 454,110 2,007,222 $ 4.91 8.26 $ 21,623 Additional shares authorized 4,166,016 — Stock options granted (1,519,719 ) 1,519,719 $ 14.77 Stock options exercised — (9,528 ) $ 2.33 Stock options cancelled 2,640 (2,640 ) $ 4.67 Balances as of September 30, 2020 3,103,047 3,514,773 $ 9.18 8.48 $ 73,985 Exercisable as of September 30, 2020 1,179,057 $ 4.15 6.91 $ 30,746 |
Summary of Stock-Based Compensation Expense | The total stock-based compensation expense recognized for options granted was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 624 $ 159 $ 1,284 $ 391 General and administrative 847 451 1,613 1,122 Total stock-based compensation expense $ 1,471 $ 610 $ 2,897 $ 1,513 |
Summary of Fair Value of Each Award Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model | The fair value of each award issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Expected term (in years) 6.02 - 6.08 — 5.00 - 6.08 6.02 - 6.08 Expected volatility 91% - 93% — 85% - 93% 76% -77% Risk-free interest rate 0.36% - 0.38% — 0.33% - 1.45% 1.87% - 2.61% Dividend yield — — — — |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Redeemable convertible preferred stock on an as-converted basis — 12,684,214 — 12,684,214 Stock options to purchase common stock 3,514,773 2,081,291 3,514,773 2,081,291 Total 3,514,773 14,765,505 3,514,773 14,765,505 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 04, 2020shares | Jul. 24, 2020USD ($)$ / sharesshares | Jul. 17, 2020 | Sep. 30, 2020USD ($)shares | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | $ 262,400 | $ 267,021 | ||||||
Payment of deferred offering costs | 2,974 | $ 759 | ||||||
Redeemable convertible preferred stock, shares issued upon conversion | shares | 20,824,938 | |||||||
Accumulated deficit | $ (142,799) | (142,799) | $ (102,580) | |||||
Cash and cash equivalents | $ 370,686 | $ 370,686 | $ 53,662 | $ 43,931 | $ 44,175 | |||
Common Stock [Member] | ||||||||
Shares issued during the period | shares | 16,889,403 | |||||||
Payment of deferred offering costs | $ 24,700 | |||||||
Description of reverse stock split | one-for-8.81 basis | |||||||
Reverse stock split, conversion ratio | 0.113507378 | |||||||
IPO [Member] | ||||||||
Shares issued during the period | shares | 14,750,000 | |||||||
Shares issued price per share | $ / shares | $ 17 | |||||||
Payments for underwriting expense | $ 20,100 | |||||||
Payment of deferred offering costs | $ 4,600 | |||||||
Over-Allotment Option [Member] | ||||||||
Shares issued during the period | shares | 2,139,403 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||
Deferred offering costs | $ 2.3 | |
ASU 2018-07 [Member] | ||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||
Change in accounting principle, ASU adopted | true | |
Change in accounting principle, ASU, adoption date | Jan. 1, 2020 | |
Change in accounting principle, ASU, Immaterial effect | true | |
ASU 2018-13 [Member] | ||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||
Change in accounting principle, ASU adopted | true | |
Change in accounting principle, ASU, adoption date | Jan. 1, 2020 | |
Change in accounting principle, ASU, Immaterial effect | true |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Total assets | $ 370,093 | $ 43,621 |
Level 1 [Member] | ||
Assets: | ||
Total assets | 370,093 | 43,621 |
Money Market Funds [Member] | ||
Assets: | ||
Total assets | 370,093 | 43,621 |
Money Market Funds [Member] | Level 1 [Member] | ||
Assets: | ||
Total assets | $ 370,093 | $ 43,621 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Liability remeasured to its fair value | $ 5,140,000 | ||||
Operational loss | $ 1,300,000 | $ 5,670,000 | |||
Fair value assets, level 1 to level 2 transfers amount | $ 0 | $ 0 | |||
Fair value assets, level 2 to level 1 transfers amount | 0 | 0 | |||
Fair value asset, transfers into level 3 | 0 | 0 | |||
Fair value asset, transfers out of level 3 | 0 | 0 | |||
Fair value liabilities, level 1 to level 2 transfers amount | 0 | 0 | |||
Fair value liabilities, level 2 to level 1 transfers amount | 0 | 0 | |||
Fair value liabilities, transfers into level 3 | 0 | 0 | |||
Fair value liabilities, transfers out of level 3 | 0 | $ 0 | |||
Redeemable Convertible Preferred Stock Liability [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Liability remeasured to its fair value | $ 10,800,000 | ||||
IPO Scenario [Member] | Redeemable Convertible Preferred Stock Liability [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Weighted average equity value percentage | 50.00% | ||||
Staying Private Scenario [Member] | Redeemable Convertible Preferred Stock Liability [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Weighted average equity value percentage | 50.00% |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in the Carrying Value of the Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Fair value as of December 31, 2018 | $ 5,140 | |
Change in fair value | $ 1,300 | 5,670 |
Reclassification to redeemable convertible preferred stock upon settlement | $ (10,810) |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid research and development costs | $ 510 | $ 1,086 |
Prepaid expenses | 2,375 | 310 |
Other receivables | 4 | 79 |
Total prepaid expenses and other current assets | $ 2,889 | $ 1,475 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accrued Liabilities Current [Abstract] | ||
Accrued research and development expenses | $ 2,630 | $ 459 |
Accrued professional services | 168 | 733 |
Accrued compensation | 1,514 | 926 |
Other accrued expenses | 337 | 76 |
Total accrued liabilities | $ 4,649 | $ 2,194 |
Promissory Note - Additional In
Promissory Note - Additional Information (Detail) - USD ($) $ in Thousands | May 01, 2020 | Apr. 21, 2020 | Sep. 30, 2020 |
Short Term Debt [Line Items] | |||
Proceeds from short term notes payable | $ 500 | ||
Repayment of short term notes payable | $ 500 | ||
U S Small Business Administration Loan [Member] | |||
Short Term Debt [Line Items] | |||
Proceeds from short term notes payable | $ 500 | ||
Repayment of short term notes payable | $ 500 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 46 Months Ended | ||||
Mar. 31, 2019USD ($) | Nov. 30, 2011USD ($) | Sep. 30, 2020USD ($)Claim | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Claim | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Claim | Dec. 31, 2016USD ($) | |
Gain Contingencies [Line Items] | ||||||||
Operating lease, term of contract | 7 years | 7 years | 7 years | |||||
Operating lease, expiration month and year | Jun. 30, 2024 | |||||||
Operating lease, renewal term | 5 years | 5 years | 5 years | |||||
Operating leases, rent expense | $ 88,000 | $ 88,000 | $ 264,000 | $ 264,000 | ||||
Loss contingency accrual | $ 0 | $ 0 | $ 0 | |||||
Indemnification Agreement [Member] | ||||||||
Gain Contingencies [Line Items] | ||||||||
Loss contingency pending claims | Claim | 0 | 0 | 0 | |||||
Stanford Agreement [Member] | Research and Development Arrangement [Member] | ||||||||
Gain Contingencies [Line Items] | ||||||||
Sponsor research agreements, commitment amount | $ 600,000 | |||||||
Sponsored Research Agreement [Member] | ||||||||
Gain Contingencies [Line Items] | ||||||||
Maximum threshold period allowed for filing market authorization | 15 years | |||||||
Proceeds from funding | $ 455,000 | |||||||
Sponsored Research Agreement [Member] | Other Income [Member] | ||||||||
Gain Contingencies [Line Items] | ||||||||
Proceeds from funding | $ 0 | $ 0 | $ 0 | $ 190,000 | ||||
Sponsored Research Agreement [Member] | Research and Development Arrangement [Member] | ||||||||
Gain Contingencies [Line Items] | ||||||||
Maximum expected research funding | $ 651,000 | $ 693,000 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock and Stockholder's Equity (Deficit) - Summary of Redeemable Convertible Preferred Stock (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Series A [Member] | ||||||||
Temporary Equity [Line Items] | ||||||||
Shares Authorized | 1,015,434 | |||||||
Shares Outstanding | 1,015,434 | |||||||
Net Carrying Value | $ 1,000 | |||||||
Liquidation Preference | $ 1,000 | |||||||
Series A-1 [Member] | ||||||||
Temporary Equity [Line Items] | ||||||||
Shares Authorized | 16,398,995 | |||||||
Shares Outstanding | 16,398,995 | |||||||
Net Carrying Value | $ 17,144 | |||||||
Liquidation Preference | $ 17,219 | |||||||
Series B [Member] | ||||||||
Temporary Equity [Line Items] | ||||||||
Shares Authorized | 38,778,091 | |||||||
Shares Outstanding | 38,778,090 | |||||||
Net Carrying Value | $ 44,505 | |||||||
Liquidation Preference | $ 44,595 | |||||||
Series C [Member] | ||||||||
Temporary Equity [Line Items] | ||||||||
Shares Authorized | 62,962,952 | |||||||
Shares Outstanding | 55,555,546 | |||||||
Net Carrying Value | $ 81,335 | |||||||
Liquidation Preference | $ 75,000 | |||||||
Redeemable Convertible Preferred Stock [Member] | ||||||||
Temporary Equity [Line Items] | ||||||||
Shares Authorized | 0 | 119,155,472 | ||||||
Shares Outstanding | 0 | 183,467,924 | 111,748,065 | 111,748,065 | 111,748,065 | 89,525,848 | 89,525,848 | 89,525,848 |
Net Carrying Value | $ 143,984 | |||||||
Liquidation Preference | $ 0 | $ 137,814 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock and Stockholder's Equity (Deficit) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 24, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Temporary Equity [Line Items] | |||||||
Aggregate proceeds from redeemable convertible preferred stock | $ 102,000 | $ 29,997 | |||||
Net issuance cost | 2,974 | 759 | |||||
Recognized a beneficial conversion feature | $ 145 | $ 281 | 705 | $ 815 | |||
Conversion of redeemable preferred stock into common shares | 20,824,938 | ||||||
Increase in the carrying value of redeemable convertible preferred stock | $ 6,200 | ||||||
Carrying value of the redeemable convertible preferred stock reclassified to equity | $ 241,400 | $ 6,297 | |||||
Series D Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock issued | 71,719,859 | ||||||
Redeemable convertible preferred stock issue price per share | $ 1.4222 | $ 1.4222 | |||||
Aggregate proceeds from redeemable convertible preferred stock | $ 96,800 | ||||||
Net issuance cost | 5,200 | $ 5,193 | |||||
Recognized a beneficial conversion feature | $ 6,300 | ||||||
Series D Preferred Stock [Member] | Principal Owner [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock issued | 9,773,587 |
Redeemable Convertible Prefer_5
Redeemable Convertible Preferred Stock and Stockholder's Equity (Deficit) - Schedule of Common Stock Reserved for Future Issuance (Detail) - shares | Sep. 30, 2020 | Jul. 24, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||
Redeemable convertible preferred stock outstanding on an as- converted basis | 20,824,938 | ||
Options issued and outstanding | 3,514,773 | 2,007,222 | |
Options available for future grant | 3,103,047 | 454,110 | |
Total common stock reserved | 6,617,820 | 15,145,546 | |
Redeemable Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable convertible preferred stock outstanding on an as- converted basis | 12,684,214 | ||
Options Issued and Outstanding [Member] | |||
Class of Stock [Line Items] | |||
Options issued and outstanding | 3,514,773 | 2,007,222 | |
Options Available for Future Grant [Member] | |||
Class of Stock [Line Items] | |||
Options available for future grant | 3,103,047 | 454,110 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jul. 23, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock for future issuance | 6,617,820 | 6,617,820 | 15,145,546 | |||
Percentage of number of shares of capital stock outstanding on last day of preceding year | 4.00% | |||||
Options available for future grant | 3,103,047 | 3,103,047 | 454,110 | |||
Options exercised | 9,528 | |||||
Intrinsic value of options exercised | $ 200,000 | $ 0 | $ 200,000 | $ 8,000 | ||
Unrecognized stock-based compensation cost | $ 20,200,000 | $ 20,200,000 | ||||
Unrecognized stock-based compensation cost expected period for recognition | 3 years 2 months 15 days | |||||
2020 Incentive Award Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock for future issuance | 3,600,868 | |||||
Options available for future grant | 3,103,047 | 3,103,047 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock for future issuance | 360,086 |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares available for grant, Beginning balance | 454,110 | |
Shares available for grant, Additional shares authorized | 4,166,016 | |
Shares available for grant, Stock options granted | (1,519,719) | |
Shares available for grant, Stock options exercised | (9,528) | |
Shares available for grant, Stock options cancelled | 2,640 | |
Shares available for grant, Ending balance | 3,103,047 | 454,110 |
Shares available for grant, Exercisable | 1,179,057 | |
Number of shares, Beginning balance | 2,007,222 | |
Number of shares, Stock options granted | 1,519,719 | |
Number of shares, Stock options cancelled | (2,640) | |
Number of shares, Ending balance | 3,514,773 | 2,007,222 |
Weighted- average exercise price per share, Beginning balance | $ / shares | $ 4.91 | |
Weighted- average exercise price per share, Stock options granted | $ / shares | 14.77 | |
Weighted- average exercise price per share, Stock options exercised | $ / shares | 2.33 | |
Weighted- average exercise price per share, Stock options cancelled | $ / shares | 4.67 | |
Weighted- average exercise price per share, Ending balance | $ / shares | 9.18 | $ 4.91 |
Weighted- average exercise price per share, Exercisable | $ / shares | $ 4.15 | |
Weighted- average remaining contractual term | 8 years 5 months 23 days | 8 years 3 months 3 days |
Weighted- average remaining contractual term, Exercisable | 6 years 10 months 28 days | |
Aggregate intrinsic value | $ | $ 73,985 | $ 21,623 |
Aggregate intrinsic value, Exercisable | $ | $ 30,746 |
Equity Incentive Plan - Summa_2
Equity Incentive Plan - Summary of Stock-Based Compensation Expense (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 [Line Items] | ||||
Total stock-based compensation expense | $ 1,471 | $ 610 | $ 2,897 | $ 1,513 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 624 | 159 | 1,284 | 391 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 847 | $ 451 | $ 1,613 | $ 1,122 |
Equity Incentive Plan - Summa_3
Equity Incentive Plan - Summary of Fair Value of Each Award Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model (Detail) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, Minimum | 91.00% | 85.00% | 76.00% |
Expected volatility, Maximum | 93.00% | 93.00% | 77.00% |
Risk-free interest rate, Minimum | 0.36% | 0.33% | 1.87% |
Risk-free interest rate, Maximum | 0.38% | 1.45% | 2.61% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 7 days | 5 years | 6 years 7 days |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 29 days | 6 years 29 days | 6 years 29 days |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Summary of Outstanding Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 3,514,773 | 14,765,505 | 3,514,773 | 14,765,505 |
Redeemable Convertible Preferred Stock on an as-converted Basis [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 12,684,214 | 12,684,214 | ||
Stock Options to Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 3,514,773 | 2,081,291 | 3,514,773 | 2,081,291 |