Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 11, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Clearside Biomedical, Inc. | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CLSD | ||
Document Type | 10-K | ||
Entity Central Index Key | 0001539029 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 36,039,245 | ||
Entity Public Float | $ 298,881,000 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 8,043 | $ 9,224 |
Short-term investments | 32,835 | 28,416 |
Prepaid expenses | 2,049 | 1,445 |
Other current assets | 17 | 116 |
Total current assets | 42,944 | 39,201 |
Property and equipment, net | 790 | 885 |
Restricted cash | 360 | 360 |
Other assets | 26 | 47 |
Total assets | 44,120 | 40,493 |
Current liabilities: | ||
Accounts payable | 6,869 | 5,384 |
Accrued liabilities | 2,923 | 4,716 |
Current portion of long-term debt | 556 | 3,200 |
Current portion of deferred rent | 128 | 199 |
Other current liabilities | 20 | |
Total current liabilities | 10,476 | 13,519 |
Long-term debt | 9,419 | 4,809 |
Deferred rent | 605 | 610 |
Deferred revenue | 140 | |
Total liabilities | 20,500 | 19,078 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no shares issued at December 31, 2018 and 2017 | ||
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2018 and 2017; 32,119,227 and 25,354,651 shares issued and outstanding at December 31, 2018 and 2017, respectively | 32 | 25 |
Additional paid-in capital | 230,475 | 145,618 |
Accumulated deficit | (206,887) | (124,220) |
Accumulated other comprehensive loss | (8) | |
Total stockholders’ equity | 23,620 | 21,415 |
Total liabilities and stockholders’ equity | $ 44,120 | $ 40,493 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 32,119,227 | 25,354,651 |
Common stock, shares outstanding | 32,119,227 | 25,354,651 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
License and collaboration revenue | $ 30 | $ 345 | $ 520 |
Type of Revenue [Extensible List] | clsd:LicenseAndCollaborationMember | clsd:LicenseAndCollaborationMember | clsd:LicenseAndCollaborationMember |
Operating expenses: | |||
Research and development | $ 68,291 | $ 49,053 | $ 19,455 |
General and administrative | 14,684 | 9,700 | 6,263 |
Total operating expenses | 82,975 | 58,753 | 25,718 |
Loss from operations | (82,945) | (58,408) | (25,198) |
Other income (expense) | 127 | (567) | (684) |
Net loss | $ (82,818) | $ (58,975) | $ (25,882) |
Net loss per share of common stock — basic and diluted | $ (2.69) | $ (2.33) | $ (1.97) |
Weighted average shares outstanding — basic and diluted | 30,733,600 | 25,311,614 | 13,111,067 |
Net loss | $ (82,818) | $ (58,975) | $ (25,882) |
Unrealized gain (loss) on available-for-sale investments | 5 | (13) | |
Comprehensive loss | $ (82,818) | $ (58,970) | $ (25,895) |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In-Capital | Additional Paid-In-CapitalRedeemable Convertible Preferred Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2015 | $ (36,659) | $ 3 | $ 2,701 | $ (39,363) | |||
Beginning balance, shares at Dec. 31, 2015 | 2,659,262 | ||||||
Exercise of stock options | 31 | 31 | |||||
Exercise of stock options, shares | 10,724 | ||||||
Vesting of restricted stock, shares | 6,485 | ||||||
Issuance of common stock upon exercise of warrants | 410 | 410 | |||||
Issuance of common stock upon exercise of warrants, Shares | 133,560 | ||||||
Issuance of common stock in initial public offering | 51,377 | $ 8 | 51,369 | ||||
Issuance of common stock in initial public offering, Shares | 8,148,843 | ||||||
Issuance of common stock in follow-on offering | 33,459 | $ 4 | 33,455 | ||||
Issuance of common stock in follow-on offering, Shares | 4,000,000 | ||||||
Conversion of preferred stock to common stock | 48,198 | $ 10 | 48,188 | ||||
Conversion of preferred stock to common stock, Shares | 9,614,159 | ||||||
Issuance of warrants to purchase common stock | 308 | 308 | |||||
Other comprehensive gain (loss) | (13) | $ (13) | |||||
Accretion of stock issuance costs | $ (884) | $ (884) | |||||
Share-based compensation expense | 1,314 | 1,314 | |||||
Net loss | (25,882) | (25,882) | |||||
Ending balance at Dec. 31, 2016 | 71,659 | $ 25 | 136,892 | (65,245) | (13) | ||
Ending balance, shares at Dec. 31, 2016 | 24,573,033 | ||||||
Issuance of common shares under employee stock purchase plan | 66 | 66 | |||||
Issuance of common shares under employee stock purchase plan, shares | 9,692 | ||||||
Exercise of stock options | 239 | 239 | |||||
Exercise of stock options, shares | 171,926 | ||||||
Issuance of common stock in follow-on offering | 5,057 | 5,057 | |||||
Issuance of common stock in follow-on offering, Shares | 600,000 | ||||||
Other comprehensive gain (loss) | 5 | 5 | |||||
Share-based compensation expense | 3,364 | 3,364 | |||||
Net loss | (58,975) | (58,975) | |||||
Ending balance at Dec. 31, 2017 | 21,415 | $ 25 | 145,618 | (124,220) | (8) | ||
Ending balance, shares at Dec. 31, 2017 | 25,354,651 | ||||||
Cumulative effect of accounting change | 159 | 151 | $ 8 | ||||
Issuance of common shares under employee stock purchase plan | 50 | 50 | |||||
Issuance of common shares under employee stock purchase plan, shares | 12,595 | ||||||
Exercise of stock options | 465 | 465 | |||||
Exercise of stock options, shares | 203,269 | ||||||
Issuance of common stock in follow-on offering | 79,564 | $ 7 | 79,557 | ||||
Issuance of common stock in follow-on offering, Shares | 6,548,712 | ||||||
Share-based compensation expense | 4,785 | 4,785 | |||||
Net loss | (82,818) | (82,818) | |||||
Ending balance at Dec. 31, 2018 | $ 23,620 | $ 32 | $ 230,475 | $ (206,887) | |||
Ending balance, shares at Dec. 31, 2018 | 32,119,227 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Net loss | $ (82,818) | $ (58,975) | $ (25,882) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 189 | 182 | 65 |
Share-based compensation expense | 4,785 | 3,364 | 1,314 |
Non-cash interest expense | 154 | 211 | 283 |
Accretion of debt discount | 112 | 212 | 108 |
Change in fair value of warrant liability | 156 | ||
Amortization and accretion on available-for-sale investments, net | (748) | (31) | (43) |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (505) | (833) | (487) |
Other assets | 21 | (5) | 882 |
Accounts payable and accrued liabilities | (314) | 4,715 | 1,424 |
Deferred revenue | (20) | (520) | |
Deferred rent | (76) | 97 | (9) |
Net cash used in operating activities | (79,200) | (51,083) | (22,709) |
Investing activities | |||
Purchase of available-for-sale investments | (80,142) | (48,116) | (54,485) |
Maturities of available-for-sale-investments | 76,470 | 68,543 | 5,708 |
Change in restricted cash | (360) | ||
Acquisition of property and equipment | (88) | (306) | (3) |
Net cash (used in) provided by investing activities | (3,760) | 20,121 | (49,140) |
Financing activities | |||
Proceeds from follow-on offering, net of issuance costs | 79,564 | 5,057 | 33,456 |
Proceeds from initial public offering, net of issuance costs | 51,376 | ||
Proceeds from exercise of stock options | 465 | 239 | 31 |
Proceeds from shares issued under employee stock purchase plan | 50 | 66 | |
Proceeds from issuance of long-term debt | 10,000 | 7,857 | |
Principal payments made on long-term debt | (8,300) | (6,330) | |
Net cash provided by financing activities | 81,779 | 5,362 | 86,390 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (1,181) | (25,600) | 14,541 |
Cash, cash equivalents and restricted cash, beginning of period | 9,584 | 35,184 | 20,643 |
Cash, cash equivalents and restricted cash, end of period | 8,403 | 9,584 | 35,184 |
Supplemental disclosure | |||
Interest paid | $ 751 | 653 | 250 |
Tenant improvements paid by landlord | $ 637 | ||
Conversion of convertible preferred stock to common stock | 48,198 | ||
Reclassification of deferred initial public offering costs | 1,597 | ||
Issuance of warrants to purchase common stock | 308 | ||
Accretion of redeemable convertible preferred stock to redemption value | 884 | ||
Unpaid initial public offering costs in accounts payable and accrued expenses | $ 507 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | 1. The Company Clearside Biomedical, Inc. (the “Company”) is a late-stage clinical biopharmaceutical company developing first-in-class pharmacological therapies to restore and preserve vision for people with serious eye diseases. The Company’s current product candidates focus on treatments for diseases affecting the retina, choroid and sclera and are injected into the suprachoroidal space (“SCS”) using its proprietary SCS Microinjector. Incorporated in the State of Delaware on May 26, 2011, the Company has its corporate headquarters in Alpharetta, Georgia. The Company’s activities since inception have primarily consisted of developing product and technology rights, raising capital and performing research and development activities. The Company has no current source of revenue to sustain present activities, and does not expect to generate meaningful revenue until and unless the Company receives regulatory approval of and successfully commercializes its product candidates. The Company is subject to a number of risks and uncertainties similar to those of other life science companies at a similar stage of development, including, among others, the need to obtain adequate additional financing, successful development efforts including regulatory approval of products, compliance with government regulations, successful commercialization of potential products, protection of proprietary technology and dependence on key individuals. Liquidity On June 1, 2016, the Company’s registration statement on Form S-1 relating to its initial public offering of its common stock (the “IPO”) was declared effective by the Securities and Exchange Commission (“SEC”). The IPO closed on June 7, 2016 and the Company received net proceeds of $45.3 million. On June 30, 2016, the underwriters of the IPO partially exercised their option to purchase additional shares, and on July 6, 2016, the Company received net proceeds of $6.1 million. On December 9, 2016, the Company’s registration statement on Form S-1 relating to its follow-on public offering of its common stock was declared effective by the SEC. The follow-on public offering closed on December 14, 2016 and the Company received net proceeds of $33.4 million. On December 30, 2016, the underwriters of the follow-on public offering exercised their option to purchase additional shares and on January 6, 2017, the Company received net proceeds of $5.1 million. On June 30, 2017, the Company entered into an at-the-market sales agreement with Cowen and Company LLC (“Cowen”), under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $50.0 million through Cowen acting as its sales agent. Subsequent to December 31, 2018, the Company has sold 3.9 million shares of its common stock for net proceeds of $5.6 million under the at-the-market facility. On March 12, 2018, the Company closed a follow-on public offering in which it sold 6,538,462 shares of common stock at a public offering price of $13.00 per share, resulting in net proceeds of $79.6 million after deducting underwriting discounts and commissions and estimated offering expenses. On May 14, 2018, the Company entered into a second amended and restated loan and security agreement (the “2 nd nd Of the remaining $10.0 million, $5.0 million is no longer available for draw as the Company’s SAPPHIRE clinical trial did not meet its primary endpoint. The other $5.0 million (the “Term C Loan”) is available for draw until March 31, 2019 or, if earlier, an event of default. through October 31, 2019, or if the Term C Loan is made during the applicable draw period, through December 31, 2019, followed by consecutive equal monthly payments of principal and interest in arrears continuing through the maturity date of October 1, 2022 3 The term loans under the 2 nd The Company has funded its operations primarily through the sale of convertible preferred stock and common stock and the issuance of long-term debt. The Company will continue to need to obtain additional financing to fund future operations, including completing the development and commercialization of its primary product candidates. The Company will need to obtain additional financing to conduct additional trials for the regulatory approval of its product candidates if requested by regulatory bodies, and completing the development of any additional product candidates that might be acquired. If such products were to receive regulatory approval, the Company would need to prepare for the potential commercialization of its product candidates and fund the commercial launch of the products, if the Company decides to commercialize the products on its own. Moreover, the Company’s fixed expenses such as rent and other contractual commitments are substantial and are expected to increase in the future. The Company had cash, cash equivalents and short-term investments of $40.9 million as of December 31, 2018. In the absence of product or other revenues, the amount, timing, nature or source of which cannot be predicted, the Company’s losses will continue as it conducts its research and development activities. Until the Company can generate sufficient revenue, the Company may finance future cash needs through public or private equity offerings, license agreements, debt financings, collaborations, strategic alliances and marketing or distribution arrangements. The Company has suffered recurring losses, negative cash flows from operations since inception and anticipates incurring additional losses until such time, if ever, that it can obtain FDA approval to sell, and then generate significant sales of its lead product candidate, XIPERE. The Company will need additional financing to fund its operations and to develop and commercialize XIPERE. Based on its current research and development plans, including the discontinuation of clinical development of XIPERE together with an anti-vascular endothelial growth factor agent for the treatment of retinal vein occlusion, its plans to reduce certain administrative expenses and its timing expectations related to the approval of its NDA submission, the Company expect that its existing cash, cash equivalents and short-term investments will enable it to fund its operating expenses and capital expenditure requirements into the first quarter of 2020. Accordingly, the Company has plans to mitigate this going concern risk, which primarily consist of raising additional capital, potentially in a combination of equity or debt financings, or entering into potential collaborations, partnering and other strategic arrangements. The Company has based this estimate on assumptions that may prove to be wrong, and the Company could exhaust its capital resources sooner than it expects. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of Estimates The preparation of financial statements in conformity with U.S. 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 reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the accounting for useful lives to calculate depreciation and amortization, clinical trial accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment. Property and Equipment, Net Property and equipment is recorded at historical cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, or for leasehold improvement the lesser of the useful life or remaining lease term. Repairs and maintenance are expensed when incurred. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the determination of net income. Debt Discount All debt discounts are recorded against the related debt obligation and are amortized using the effective interest rate method over the term of the underlying debt obligation and reflected in interest expense. Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures Income Taxes Deferred tax assets or liabilities are recorded for temporary differences between financial statement and tax basis of assets and liabilities, using enacted rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that a deferred tax asset will not be realized. The Company has provided a full valuation allowance on its deferred tax assets, which primarily consist of cumulative net operating losses for the period from May 26, 2011 (inception) to December 31, 2018. Due to its history of operating losses since inception and losses expected to be incurred in the foreseeable future, a full valuation allowance was considered necessary. Research and Development Costs Research and development costs are charged to expense as incurred and include: • employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical and preclinical studies; • costs associated with preclinical and development activities; • costs associated with submitting regulatory approval applications for the Company’s product candidates; • costs associated with technology and intellectual property licenses; • costs for the Company’s research and development facility; and • depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical studies, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued liabilities No material adjustments to these estimates have been recorded in these financial statements. Share-Based Compensation Compensation cost related to share-based awards granted to employees is measured based on the estimated fair value of the award at the grant date. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Compensation expense for options granted to non-employees is determined as the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of awards granted to non-employees is re-measured each period until the related service is complete. Share-based compensation costs are expensed on a straight-line basis (net of estimated forfeitures) over the relevant vesting period. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six month withholding period prior to the purchase date. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the underlying employees’ roles within the Company. Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase. Short-Term Investments Short-term investments are investments with original maturities of between 90 and 365 days when purchased and are comprised of certificates of deposit, commercial paper, corporate and government bonds and treasury bills. The Company classifies its short-term investments as available-for-sale securities. Short-term investments are recorded at fair value and unrealized gains and losses are recorded within interest income. In addition, the Company evaluates the short-investments with unrealized losses to determine whether such losses are other-than-temporary. Restricted Cash The Company is required to maintain a stand-by letter of credit as a security deposit for its facility lease in Alpharetta, Georgia. The Company’s bank requires the Company to maintain a restricted cash balance to serve as collateral for the letter of credit issued to the landlord by the bank. As of December 31, 2018, the restricted cash balance was invested in a commercial money market account. Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) Revenue from Contracts with Customers The Company adopted the standard effective January 1, 2018 using the modified retrospective transition method. After evaluating its current and prior license agreements, as well as its other collaboration agreements, the Company recorded the remaining $160,000 of deferred revenue under those agreements as a cumulative adjustment to accumulated deficit. The adoption of the new standard did not have a material impact on the Company’s financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, w In August 2016, the FASB Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Restricted Cash, The following table is a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total amounts in the statements of cash flows (in thousands). December 31, 2018 2017 2016 Cash and cash equivalents $ 8,043 $ 9,224 $ 34,824 Restricted cash 360 360 360 Cash, cash equivalents and restricted cash shown on the statements of cash flows $ 8,403 $ 9,584 $ 35,184 Restricted cash consists of amounts held by a financial institution under a contractual agreement. In May 2017, the FASB issued ASU 2017-9 , Compensation-Stock Compensation: Scope of Stock Compensation Modification Accounting financial statements and related disclosure will depend on any future modifications to its share-based awards. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation: Improvements to Nonemployee Shared-Based Payment Accounting Revenue from Contracts with Customers The Company is currently assessing the impact that adopting this new accounting standard will have on its financial statements and related disclosures. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 3. Property and Equipment, Net Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated Useful Lives (Years) December31, 2018 2017 Furniture and fixtures 5 $ 382 $ 303 Machinery and equipment 5 121 121 Computer equipment 3 19 41 Leasehold improvements Lesser of useful life remaining lease term 677 667 Total property and equipment 1,199 1,132 Less: Accumulated depreciation (409 ) (247 ) Property and equipment, net $ 790 $ 885 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 4. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 2018 2017 Accrued research and development $ 1,263 $ 3,360 Accrued bonuses 1,088 920 Accrued professional fees 63 62 Accrued vacation 103 113 Accrued interest payable 76 58 Accrued expense 330 203 $ 2,923 $ 4,716 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Loan and Security Agreements In September 2016, the Company entered into an amended and restated loan and security agreement, which was subsequently amended on October 31, 2017 (as amended, the “1 st st Under the terms of the 1 st st st On May 14, 2018, the Company entered into the 2 nd st nd The Company borrowed an initial tranche of $10.0 million on May 14, 2018, of which $7.0 million was used to repay all amounts outstanding under the 1 st Of the remaining $10.0 million available under the 2 nd nd followed by consecutive equal monthly payments of principal and interest in arrears continuing through the maturity date of October 1, 2022 3 The Company accounted for the 2 nd Debt st st nd The term loans under the 2 nd Interest expense on the borrowings under the original loan agreement, the 1 st nd st nd st nd As of December 31, 2018, the scheduled payments for the loan agreement, including the scheduled final payment in 2020, were as follows (in thousands): Year Ending December 31, Principal Interest and Final Total 2019 $ 556 $ 845 $ 1,401 2020 3,333 651 3,984 2021 3,333 366 3,699 2022 2,778 638 3,416 $ 10,000 $ 2,500 $ 12,500 |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Preferred and Common Stock | 6. Preferred and Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue 10,000,000 shares of $0.001 par value of preferred stock. As of December 31, 2018 and 2017, there were 10,000,000 shares of preferred stock authorized, none of which were issued and outstanding. The Company’s amended and restated certificate of incorporation authorizes the Company to issue 100,000,000 shares of $0.001 par value common stock. As of December 31, 2018 and 2017, there were 32,119,227 and 25,354,651 shares of common stock outstanding, respectively. |
Common Stock Warrants
Common Stock Warrants | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock Warrants [Abstract] | |
Common Stock Warrants | 7. Common Stock Warrants In September 2016, in connection with the loan agreement, the Company issued warrants to the Lenders to purchase up to 29,796 shares of common stock at a price per share of $10.74. The warrants expire in September 2026, or earlier upon the occurrence of specified mergers or acquisitions of the Company, and are immediately exercisable . |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation Stock Options In January 2016, the Company’s board of directors adopted and approved the Clearside Biomedical, Inc. 2016 Equity Incentive Plan (the “2016 Plan”) which became effective on June 1, 2016. The 2016 Plan provides for the grant of share-based awards to employees, directors and consultants of the Company. The Company reserved 1,818,182 shares of common stock for issuance under the 2016 Plan. The 2016 Plan provides for the grant of incentive stock options to employees, and for the grant of nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to the Company’s employees, directors, and non-employee third parties. The number of shares of common stock reserved for issuance under the 2016 Plan will automatically increase on January 1 each year, for a period of ten years, from January 1, 2017 through January 1, 2026, by 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. At December 31, 2018, under the 2016 Plan, options to purchase 2,606,231 shares of the Company’s common stock were outstanding at a weighted average price of $7.86 per share and 1,164,683 shares remained available for future grant. As of January 1, 2019, the number of shares of common stock that may be issued under the 2016 Plan was automatically increased by 1,284,769 shares, representing 4% of the total number of shares of common stock outstanding on December 31, 2018, increasing the number of shares of common stock available for issuance under the 2016 Plan as of that date to 2,449,452 shares. As a result of the adoption of the 2016 Plan, no further grants may be made under the Company’s 2011 Stock Incentive Plan (the “2011 Plan”). The 2011 Plan provided for the grant of share-based awards to employees, directors and consultants of the Company. At December 31, 2018, options to purchase 839,629 shares of the Company’s common stock were outstanding under the 2011 Plan at a weighted average exercise price of $2.76 per share. The Company has granted stock option awards to employees, directors and consultants. The total share-based compensation expense recognized is reflected in the statements of operations as follows (in thousands): Year Ended December 31, 2018 2017 2016 Research and development $ 1,766 $ 1,348 $ 539 General and administrative 3,004 1,988 775 Total $ 4,770 $ 3,336 $ 1,314 Share-based compensation is accounted for in accordance with the provisions of ASC 718, Compensation-Stock Compensation The following table sets forth the weighted average assumptions utilized in the fair value calculation for the underlying common stock for the years ended December 31, 2018, 2017 and 2016. Year Ended December 31, 2018 2017 2016 Expected term (years) 7.00 7.00 7.00 Expected stock price volatility 93.08 % 96.85 % 97.45 % Risk-free interest rate 2.87 % 2.20 % 2.20 % Expected dividend yield 0.00 % 0.00 % 0.00 % Expected term (in years): The Company utilized the guidance set forth in ASC 718 to determine the expected term of options. The Company utilized the simplified method as prescribed by ASC 718, as the Company does not have sufficient historical exercise and post-vesting termination data to provide a reasonable basis upon which to estimate the expected term of stock options granted to employees. Risk-free interest rate : The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected time to a possible liquidity event. Expected dividend yield : The Company has not paid and does not anticipate paying any dividends in the foreseeable future. Expected stock price volatility : For the year ended December 31, 2018, t he expected volatility is based on the Company’s historical volatility. For the years ended December 31, 2017 and 2016, t he volatility assumption is based on the historical volatilities of the stock of several public entities that are similar to the Company, as the Company did not have sufficient historical transactions in its own shares on which to base expected volatility. The Company selected representative companies from the pharmaceutical industry with similar characteristics, including stage of product development and therapeutic focus. Forfeitures: As of January 1, 2017, upon adopting ASU 2016-09, the Company began recording forfeitures as they occurred. In prior years, the Company had estimated its forfeiture rate to be zero for the periods presented and any expense true-ups for terminated employees have been immaterial. The following table summarizes the activity related to stock options during the year ended December 31, 2018: Weighted Number of Average Shares Exercise Price Options outstanding at January 1, 2018 3,075,349 $ 6.17 Granted 889,500 7.44 Exercised (203,269 ) 2.29 Cancelled/Forfeited (298,484 ) 7.29 Options outstanding at December 31, 2018 3,463,096 6.62 Options exercisable at December 31, 2017 1,114,286 3.94 Options exercisable at December 31, 2018 1,583,749 5.63 The following table provides additional information about the Company’s stock options that were outstanding and exercisable at December 31, 2018 (aggregate intrinsic values in thousands): Weighted Weighted Weighted Average Weighted Average Average Aggregate Remaining Average Aggregate Remaining Exercise Options Exercise Intrinsic Contractual Options Exercise Intrinsic Contractual Price Outstanding Price Value Life (Years) Exercisable Price Value Life (Years) $0.02 - $2.22 364,949 5.02 319,949 4.33 $3.08 - $6.99 1,887,380 8.03 731,702 6.32 $7.00 - $8.99 868,989 7.68 464,384 7.22 $9.11 - $20.84 341,778 8.95 67,714 8.03 3,463,096 $ 6.62 $ 218 7.72 1,583,749 $ 5.63 $ 218 6.26 As of December 31, 2018, the Company had $10.3 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 2.7 years. The weighted-average fair values of all stock options granted for the years ended December 31, 2018, 2017 and 2016 was $5.98 per share, $5.25 per share and $7.89 per share, respectively. The intrinsic value is calculated as the difference between the fair market value and the exercise price per share of the stock options. The fair market value per share of common stock as of December 31, 2018 was $1.07, which was the closing sale price of the Company’s common stock on the Nasdaq Global Market on that date. Employee Stock Purchase Plan In January 2016, the Company’s board of directors adopted and approved the Clearside Biomedical, Inc. 2016 Employee Stock Purchase Plan (the “2016 ESPP”) which became effective on June 1, 2016. The 2016 ESPP permits employees to purchase shares of the Company’s common stock through payroll deductions up to 15% of their earnings. The Company reserved 181,818 shares of common stock for issuance under the 2016 ESPP. Additionally, the number of shares reserved for issuance under the 2016 ESPP will automatically increase for a period of ten years, from January 1, 2017 through January 1, 2026, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, (ii) 454,545 shares of common stock or (iii) a lesser number of shares as may be determined by the Company’s board of directors. The Company’s board of directors elected not to increase the shares reserved for issuance on January 1, 2019. The number of shares of common stock available for issuance under the 2016 ESPP as of December 31, 2018 was 658,807 shares. The first offering period for the 2016 ESPP commenced on January 1, 2017. The 2016 ESPP is considered a compensatory plan and the fair value of the discount and the look-back period are estimated using the Black-Scholes option pricing model and expense is recognized over the six-month withholding period prior to the purchase date. During the years ended December 31, 2018 and 2017, the Company issued 12,595 and 9,692 shares, respectively, of common stock purchased under the 2016 ESPP. The share-based compensation expense recognized for the 2016 ESPP is reflected in the statements of operations as follows (in thousands): Year Ended December 31, 2018 2017 Research and development $ 5 $ 7 General and administrative 10 21 Total $ 15 $ 28 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes No provision for U.S. federal or state income taxes has been recorded as the Company has incurred net operating losses since inception. Significant components of the Company’s net deferred income tax assets consist of the following (in thousands): December 31, 2018 2017 2016 Deferred tax asset (liability) Net operating loss carryforwards $ 41,152 $ 27,999 $ 23,391 Non-deductible accrued expenses 245 248 358 Deferred rent 148 49 1 Deferred revenue — 38 69 Stock compensation expense 899 387 101 Depreciation differences (125 ) (18 ) (13 ) Federal tax credits 6,481 3,437 1,232 State tax credits 757 524 301 Charitable contributions 6 6 6 Valuation allowance (49,563 ) (32,670 ) (25,446 ) Net deferred tax asset $ — $ — $ — A reconciliation of the statutory tax rates and the effective tax rates is as follows: Year Ended December 31, 2018 2017 2016 U.S. federal tax rate 21.00 % 34.00 % 34.00 % State tax rate (0.73 ) 2.42 3.79 Permanent difference and other (0.33 ) (2.84 ) (1.98 ) Tax credit 3.96 3.97 1.62 Valuation allowance (20.39 ) (12.42 ) (37.43 ) ASC 740-10 (3.51 ) — — Impact of federal rate change — (25.13 ) — 0.00 % 0.00 % 0.00 % In December 2017, the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”) was signed into law. The 2017 Tax Act significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 34% to 21%, eliminating certain deductions, imposing a mandatory one-time tax on accumulated earnings of foreign subsidiaries, introducing new tax regimes, and changing how foreign earnings are subject to U.S. tax. The 2017 Tax Act also enhanced and extended through 2026 the option to claim accelerated depreciation deductions on qualified property. As of December 31, 2017, the Company recorded a provisional tax expense of the impact of the 2017 Tax Act of approximately $14.9 million. This amount was primarily comprised of the re-measurement of federal deferred tax liabilities resulting from the permanent reduction in the U.S. statutory corporate tax rate to 21% from 34%. As of December 31, 2018, the Company has completed the accounting for the effects of the 2017 Tax Act and recorded an insignificant adjustment to the provisional estimate recognized as of December 31, 2017. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported as deferred income taxes. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefit that, based on available evidence, is not expected to be realized. The Company establishes a valuation allowance for deferred tax assets for which realization is not likely. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. At December 31, 2018, the Company had a valuation allowance of $49.6 million recorded against the benefit of certain deferred tax assets. The valuation allowance was primarily related to federal and state net operating loss ("NOL") carryforwards that, in the judgment of management, are not more likely than not to be realized. In assessing the recoverability of the Company’s deferred tax assets, management considered, among other things, its deferred tax liabilities, its historical earnings and losses, projections of future income, and tax-planning strategies available to the Company in the relevant jurisdiction. The Company will release this valuation allowance when management determines that it is more likely than not that its deferred tax asset will be realized. At December 31, 2018, the Company had income tax NOL carryforwards for federal and state purposes of $195.2 million and $7.6 million, respectively. The Company has recorded a deferred tax asset for both federal and state carryforwards of $41.0 million and $150,000, respectively. If not utilized, the federal NOL carryforwards will begin to expire beginning in 2031, and the state NOL carryforwards will begin to expire at various dates beginning in 2027. Additionally, under the 2017 Tax Act, federal net operating losses incurred in 2018 and beyond may be carried forward indefinitely. However, the deductibility of such federal net operating losses is limited. Certain states have also adopted the indefinite carryforward period beginning with the 2018 tax year, but state conformity varies state by state. Ownership changes, as defined by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), may limit the amount of net operating losses that a company may utilize to offset future taxable income and taxes payable. Pursuant to Section 382 of the Code, an ownership change occurs when the stock ownership of 5% stockholders increases by more than 50% over a testing period of three years. It is possible that the Company has undergone an ownership change as defined by Section 382 of the Code or that the Company may undergo such a change in the future. Any such ownership change may limit the Company’s ability to utilize net operating losses. The Company is subject to taxation in the United States and certain state jurisdictions. The U.S. federal statute of limitations remains open for the periods from inception and forward. The Company has not been the subject of examination by the taxing authorities. Liabilities for uncertain tax positions are recognized based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. Once it is determined that the position meets the recognition threshold, the second step requires the Company to estimate and measure the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. The difference between the amount of recognizable tax benefit and the total amount of tax benefit from positions filed or to be filed with the tax authorities is recorded as a liability for uncertain tax benefits. During 2018, the Company analyzed its uncertain tax positions and recorded an ASC 740-10 reserve in the amount of $2.9 million against its prior year Georgia NOLs. There are no other ASC 740-10 reserves as of December 31, 2018. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Lease Commitment Summary The Company had previously leased office space under non-cancelable operating leases which expired in March 2017. In November 2016, the Company signed a new office lease agreement to lease approximately 20,000 square feet of office space in Alpharetta, Georgia for its corporate headquarters. The lease agreement is for a six and one-half year term with a renewal option for one additional five-year term. Rental payments are $35,145 per month subject to an increase of 3% per year. Rent expense under this lease is recognized on a straight-line basis over the term of the lease. In addition, the lease agreement requires payment of the pro-rata share of the annual operating expenses associated with the premises. The Company relocated to this new space in March 2017. In August 2018, the Company signed an office lease agreement to lease approximately 3,500 square feet of office space in Berkeley, California for its commercial operations. The lease agreement is for a two-year term with a renewal option for an additional one-year term. Rental payments are $12,775 per month subject to a 3% increase per year. Rent expense under this lease is recognized on a straight-line basis over the term of the lease. The Company will pay a pro-rata share of the annual operating expenses associated with the premises. Minimum lease payments were as follows at December 31, 2018 (in thousands): Year ending December 31, 2019 $ 623 2020 574 2021 496 2022 511 2023 393 Total minimum lease payments $ 2,597 Rent expense was $316,000, $214,000 and $81,000 for the years ended December 31, 2018, 2017 and 2016, respectively. Contract Service Providers In the course of the Company’s normal business operations, it has agreements with contract service providers to assist in the performance of its research and development, clinical research and manufacturing. Substantially all of these contracts are on an as needed basis. In May 2018, the Company entered into a manufacturing supply agreement (the “Supply Agreement”), with Gerresheimer Regensburg GmbH, a company incorporated under the laws of Germany (“Gerresheimer”). Gerresheimer will manufacture and supply the Company’s proprietary SCS Microinjector. The Company will provide Gerresheimer with a rolling forecast schedule of its projected purchase orders for at least the next four calendar quarters. The Supply Agreement contains an initial five-year term that will automatically renew for successive periods of three years, unless terminated by either party at least 12 months prior to the end of the applicable term. |
License and Collaboration Agree
License and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2018 | |
License And Collaboration Agreements [Abstract] | |
License and Collaboration Agreements | 11. License and Collaboration Agreements In August 2014, the Company entered into a royalty-bearing license agreement with NovaMedica LLC (“NovaMedica”). Under this agreement, the Company granted to NovaMedica the right to use the Company’s intellectual property to develop and commercialize the intended products (the “Covered Products”) and to have the exclusive right to sell those products in Russia and specified adjacent territories involving the use of the corticosteroid triamcinolone acetonide as the sole active pharmaceutical ingredient for administration in the SCS. In connection with this royalty-bearing license, NovaMedica made an upfront payment to the Company of $200,000. The Company is currently developing product candidates that when completed would be subject to this license giving NovaMedica the exclusive right to then sell the products in the specified geographic territories. In mid-December 2015, the Company received positive results from the Phase 2 clinical trial relating to the product candidate and determined, based on these results, that the intellectual property could become commercially feasible. Beginning in the quarter ended March 31, 2016, the Company began recognizing the $200,000 to revenue over the period of time to complete clinical development and commercialization of the Covered Products and the beginning of the first set of patent expirations in 2027. The Company recorded $20,000 of license revenue during each of the years ended December 31, 2017 and 2016 for this license agreement. On January 1, 2018, upon the adoption of ASU 2014-09, the Company accelerated the recognition of the deferred revenue and recorded the remaining balance of $160,000 as a cumulative adjustment to accumulated deficit. In April 2015, the Company entered into a license and collaboration agreement (the “Spark Agreement”) with Spark Therapeutics, Inc. (“Spark”) under which Spark could acquire the exclusive rights to license the Company’s microinjector technology and access to the SCS within the eye for development and ultimate commercialization of Spark’s gene therapy treatments to be delivered via the microinjector. In conjunction with executing the Spark Agreement, Spark made an upfront, non-refundable payment to the Company of $500,000. In February 2016, the initial study was completed and Spark elected not to extend the arrangement nor license the technology which terminated the Spark Agreement in accordance with the agreement terms. During the quarter ended March 31, 2016, the Company recorded as revenue the $500,000 upfront payment as the amount was non-refundable and the Company had no further obligations under the Spark Agreement. The Company has periodically entered into other short-term collaboration agreements to evaluate the potential use of its proprietary SCS microinjector with third-party product candidates for the treatment of various diseases. Funds received from these collaboration agreements are recognized as revenue over the term of the agreement. The Company recorded $30,000 and $325,000 of revenue from these collaboration agreements during the years ended December 31, 2018 and 2017, respectively. |
Available-for-Sale Investments
Available-for-Sale Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Investments | 12. Available-for-Sale Investments The following table summarizes the Company’s available-for-sale investments as of December 31, 2018 (in thousands): December 31, 2018 Amortized Unrealized Fair Cost Loss Value Commercial paper $ 25,346 $ — $ 25,346 Treasury bills 7,490 (1 ) 7,489 Total available-for-sale investments $ 32,836 $ (1 ) $ 32,835 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Unadjusted quoted prices in active, accessible markets for identical assets or liabilities. • Level 2—Other inputs that are directly or indirectly observable in the marketplace. • Level 3—Unobservable inputs that are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s material financial instruments at December 31, 2018 and 2017 consisted primarily of cash and cash equivalents, short-term investments and long-term debt. The fair value of cash and cash equivalents, government bonds, treasury bills, other current assets and accounts payable approximate their respective carrying values due to the short term nature of these instruments and are classified as Level 1 in the fair value hierarchy. The fair value of long-term debt approximates the carrying value due to variable interest rates that correspond to market rates. The Company has determined its short-term investments, comprised of certificates of deposit, corporate bonds and commercial paper, to be Level 2 in the fair value hierarchy. The fair value was determined using a market approach, based on prices and other relevant information generated by market transactions involving similar assets. The short-term investments consist of investments with original maturity dates from date of acquisition of 90 to 365 days and are classified as available-for-sale. There were no significant transfers between Levels 1, 2 and 3 during the years ended December 31, 2018 and 2017. The following tables summarize the fair value of financial assets and liabilities that are measured at fair value and the classification by level of input within the fair value hierarchy (in thousands): December 31, 2018 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 8,042 $ — $ — $ 8,042 Restricted cash money market 360 — — 360 Treasury bills 7,490 — — 7,490 Commercial paper — 25,346 — 25,346 Total financial assets $ 15,892 $ 25,346 $ — $ 41,238 December 31, 2017 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 9,224 $ — $ — $ 9,224 Restricted cash money market 360 — — 360 Government bonds and treasury bills 11,238 — — 11,238 Certificates of deposit — 1,960 — 1,960 Corporate bonds — 5,064 — 5,064 Commercial paper — 10,154 — 10,154 Total financial assets $ 20,822 $ 17,178 $ — $ 38,000 |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration of the dilutive effect of potential common stock equivalents. Diluted net loss per share gives effect to all dilutive potential shares of common stock outstanding during this period. For all periods presented, the Company’s potential common stock equivalents, which included convertible preferred stock, stock options, unvested restricted stock and stock purchase warrants, have been excluded from the computation of diluted net loss per share as their inclusion would have the effect of reducing the net loss per share. Therefore, the denominator used to calculate both basic and diluted net loss per share is the same in all periods presented. The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Year Ended December 31, 2018 2017 2016 Outstanding stock options 3,463,096 3,075,349 2,243,575 Stock purchase warrants 29,796 29,796 29,796 3,492,892 3,105,145 2,273,371 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | 15. Quarterly Financial Information (unaudited) Summarized quarterly financial information for each of the years ended December 31, 2018 and 2017 are as follows (in thousands except per share data): Quarter Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating expenses $ (16,453 ) $ (20,904 ) $ (23,956 ) $ (21,662 ) Net loss $ (16,607 ) $ (20,701 ) $ (23,872 ) $ (21,638 ) Net loss per share of common stock — basic and diluted $ (0.62 ) $ (0.65 ) $ (0.75 ) $ (0.68 ) Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Operating expenses $ (10,261 ) $ (13,768 ) $ (18,348 ) $ (16,376 ) Net loss $ (10,373 ) $ (13,773 ) $ (18,336 ) $ (16,493 ) Net loss per share of common stock — basic and diluted $ (0.41 ) $ (0.54 ) $ (0.72 ) $ (0.65 ) |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. 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 reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the accounting for useful lives to calculate depreciation and amortization, clinical trial accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates. |
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment is recorded at historical cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, or for leasehold improvement the lesser of the useful life or remaining lease term. Repairs and maintenance are expensed when incurred. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the determination of net income. |
Debt Discount | Debt Discount All debt discounts are recorded against the related debt obligation and are amortized using the effective interest rate method over the term of the underlying debt obligation and reflected in interest expense. |
Fair Value Measurements | Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures |
Income Taxes | Income Taxes Deferred tax assets or liabilities are recorded for temporary differences between financial statement and tax basis of assets and liabilities, using enacted rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that a deferred tax asset will not be realized. The Company has provided a full valuation allowance on its deferred tax assets, which primarily consist of cumulative net operating losses for the period from May 26, 2011 (inception) to December 31, 2018. Due to its history of operating losses since inception and losses expected to be incurred in the foreseeable future, a full valuation allowance was considered necessary. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred and include: • employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical and preclinical studies; • costs associated with preclinical and development activities; • costs associated with submitting regulatory approval applications for the Company’s product candidates; • costs associated with technology and intellectual property licenses; • costs for the Company’s research and development facility; and • depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical studies, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued liabilities No material adjustments to these estimates have been recorded in these financial statements. |
Share-Based Compensation | Share-Based Compensation Compensation cost related to share-based awards granted to employees is measured based on the estimated fair value of the award at the grant date. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Compensation expense for options granted to non-employees is determined as the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of awards granted to non-employees is re-measured each period until the related service is complete. Share-based compensation costs are expensed on a straight-line basis (net of estimated forfeitures) over the relevant vesting period. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six month withholding period prior to the purchase date. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the underlying employees’ roles within the Company. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase. |
Short-Term Investments | Short-Term Investments Short-term investments are investments with original maturities of between 90 and 365 days when purchased and are comprised of certificates of deposit, commercial paper, corporate and government bonds and treasury bills. The Company classifies its short-term investments as available-for-sale securities. Short-term investments are recorded at fair value and unrealized gains and losses are recorded within interest income. In addition, the Company evaluates the short-investments with unrealized losses to determine whether such losses are other-than-temporary. |
Restricted Cash | Restricted Cash The Company is required to maintain a stand-by letter of credit as a security deposit for its facility lease in Alpharetta, Georgia. The Company’s bank requires the Company to maintain a restricted cash balance to serve as collateral for the letter of credit issued to the landlord by the bank. As of December 31, 2018, the restricted cash balance was invested in a commercial money market account. |
Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits | Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) Revenue from Contracts with Customers The Company adopted the standard effective January 1, 2018 using the modified retrospective transition method. After evaluating its current and prior license agreements, as well as its other collaboration agreements, the Company recorded the remaining $160,000 of deferred revenue under those agreements as a cumulative adjustment to accumulated deficit. The adoption of the new standard did not have a material impact on the Company’s financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, w In August 2016, the FASB Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Restricted Cash, The following table is a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total amounts in the statements of cash flows (in thousands). December 31, 2018 2017 2016 Cash and cash equivalents $ 8,043 $ 9,224 $ 34,824 Restricted cash 360 360 360 Cash, cash equivalents and restricted cash shown on the statements of cash flows $ 8,403 $ 9,584 $ 35,184 Restricted cash consists of amounts held by a financial institution under a contractual agreement. In May 2017, the FASB issued ASU 2017-9 , Compensation-Stock Compensation: Scope of Stock Compensation Modification Accounting financial statements and related disclosure will depend on any future modifications to its share-based awards. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation: Improvements to Nonemployee Shared-Based Payment Accounting Revenue from Contracts with Customers The Company is currently assessing the impact that adopting this new accounting standard will have on its financial statements and related disclosures. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table is a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total amounts in the statements of cash flows (in thousands). December 31, 2018 2017 2016 Cash and cash equivalents $ 8,043 $ 9,224 $ 34,824 Restricted cash 360 360 360 Cash, cash equivalents and restricted cash shown on the statements of cash flows $ 8,403 $ 9,584 $ 35,184 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated Useful Lives (Years) December31, 2018 2017 Furniture and fixtures 5 $ 382 $ 303 Machinery and equipment 5 121 121 Computer equipment 3 19 41 Leasehold improvements Lesser of useful life remaining lease term 677 667 Total property and equipment 1,199 1,132 Less: Accumulated depreciation (409 ) (247 ) Property and equipment, net $ 790 $ 885 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): December 2018 2017 Accrued research and development $ 1,263 $ 3,360 Accrued bonuses 1,088 920 Accrued professional fees 63 62 Accrued vacation 103 113 Accrued interest payable 76 58 Accrued expense 330 203 $ 2,923 $ 4,716 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Scheduled Payments for the Loan Agreement | As of December 31, 2018, the scheduled payments for the loan agreement, including the scheduled final payment in 2020, were as follows (in thousands): Year Ending December 31, Principal Interest and Final Total 2019 $ 556 $ 845 $ 1,401 2020 3,333 651 3,984 2021 3,333 366 3,699 2022 2,778 638 3,416 $ 10,000 $ 2,500 $ 12,500 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Share-based Compensation Expense | The total share-based compensation expense recognized is reflected in the statements of operations as follows (in thousands): Year Ended December 31, 2018 2017 2016 Research and development $ 1,766 $ 1,348 $ 539 General and administrative 3,004 1,988 775 Total $ 4,770 $ 3,336 $ 1,314 |
Weighted Average Assumptions Used in Fair Value Calculation for Underlying Common Stock | The following table sets forth the weighted average assumptions utilized in the fair value calculation for the underlying common stock for the years ended December 31, 2018, 2017 and 2016. Year Ended December 31, 2018 2017 2016 Expected term (years) 7.00 7.00 7.00 Expected stock price volatility 93.08 % 96.85 % 97.45 % Risk-free interest rate 2.87 % 2.20 % 2.20 % Expected dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Activity Related to Stock Options | The following table summarizes the activity related to stock options during the year ended December 31, 2018: Weighted Number of Average Shares Exercise Price Options outstanding at January 1, 2018 3,075,349 $ 6.17 Granted 889,500 7.44 Exercised (203,269 ) 2.29 Cancelled/Forfeited (298,484 ) 7.29 Options outstanding at December 31, 2018 3,463,096 6.62 Options exercisable at December 31, 2017 1,114,286 3.94 Options exercisable at December 31, 2018 1,583,749 5.63 |
Additional Information about the Stock Option Outstanding and Exercisable | The following table provides additional information about the Company’s stock options that were outstanding and exercisable at December 31, 2018 (aggregate intrinsic values in thousands): Weighted Weighted Weighted Average Weighted Average Average Aggregate Remaining Average Aggregate Remaining Exercise Options Exercise Intrinsic Contractual Options Exercise Intrinsic Contractual Price Outstanding Price Value Life (Years) Exercisable Price Value Life (Years) $0.02 - $2.22 364,949 5.02 319,949 4.33 $3.08 - $6.99 1,887,380 8.03 731,702 6.32 $7.00 - $8.99 868,989 7.68 464,384 7.22 $9.11 - $20.84 341,778 8.95 67,714 8.03 3,463,096 $ 6.62 $ 218 7.72 1,583,749 $ 5.63 $ 218 6.26 |
2016 Employee Stock Purchase Plan | |
Summary of Share-based Compensation Expense | The share-based compensation expense recognized for the 2016 ESPP is reflected in the statements of operations as follows (in thousands): Year Ended December 31, 2018 2017 Research and development $ 5 $ 7 General and administrative 10 21 Total $ 15 $ 28 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Net Deferred Tax Assets | Significant components of the Company’s net deferred income tax assets consist of the following (in thousands): December 31, 2018 2017 2016 Deferred tax asset (liability) Net operating loss carryforwards $ 41,152 $ 27,999 $ 23,391 Non-deductible accrued expenses 245 248 358 Deferred rent 148 49 1 Deferred revenue — 38 69 Stock compensation expense 899 387 101 Depreciation differences (125 ) (18 ) (13 ) Federal tax credits 6,481 3,437 1,232 State tax credits 757 524 301 Charitable contributions 6 6 6 Valuation allowance (49,563 ) (32,670 ) (25,446 ) Net deferred tax asset $ — $ — $ — |
Schedule of Statutory and Effective Income Tax Rate Reconciliation | A reconciliation of the statutory tax rates and the effective tax rates is as follows: Year Ended December 31, 2018 2017 2016 U.S. federal tax rate 21.00 % 34.00 % 34.00 % State tax rate (0.73 ) 2.42 3.79 Permanent difference and other (0.33 ) (2.84 ) (1.98 ) Tax credit 3.96 3.97 1.62 Valuation allowance (20.39 ) (12.42 ) (37.43 ) ASC 740-10 (3.51 ) — — Impact of federal rate change — (25.13 ) — 0.00 % 0.00 % 0.00 % |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Commitments Due Under Non-Cancelable Operating Leases | Minimum lease payments were as follows at December 31, 2018 (in thousands): Year ending December 31, 2019 $ 623 2020 574 2021 496 2022 511 2023 393 Total minimum lease payments $ 2,597 |
Available-for-Sale Investments
Available-for-Sale Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Company's Available-For-Sale Investments | The following table summarizes the Company’s available-for-sale investments as of December 31, 2018 (in thousands): December 31, 2018 Amortized Unrealized Fair Cost Loss Value Commercial paper $ 25,346 $ — $ 25,346 Treasury bills 7,490 (1 ) 7,489 Total available-for-sale investments $ 32,836 $ (1 ) $ 32,835 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The following tables summarize the fair value of financial assets and liabilities that are measured at fair value and the classification by level of input within the fair value hierarchy (in thousands): December 31, 2018 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 8,042 $ — $ — $ 8,042 Restricted cash money market 360 — — 360 Treasury bills 7,490 — — 7,490 Commercial paper — 25,346 — 25,346 Total financial assets $ 15,892 $ 25,346 $ — $ 41,238 December 31, 2017 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 9,224 $ — $ — $ 9,224 Restricted cash money market 360 — — 360 Government bonds and treasury bills 11,238 — — 11,238 Certificates of deposit — 1,960 — 1,960 Corporate bonds — 5,064 — 5,064 Commercial paper — 10,154 — 10,154 Total financial assets $ 20,822 $ 17,178 $ — $ 38,000 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share | The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Year Ended December 31, 2018 2017 2016 Outstanding stock options 3,463,096 3,075,349 2,243,575 Stock purchase warrants 29,796 29,796 29,796 3,492,892 3,105,145 2,273,371 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Summary of Quarterly Financial Information | Summarized quarterly financial information for each of the years ended December 31, 2018 and 2017 are as follows (in thousands except per share data): Quarter Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating expenses $ (16,453 ) $ (20,904 ) $ (23,956 ) $ (21,662 ) Net loss $ (16,607 ) $ (20,701 ) $ (23,872 ) $ (21,638 ) Net loss per share of common stock — basic and diluted $ (0.62 ) $ (0.65 ) $ (0.75 ) $ (0.68 ) Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Operating expenses $ (10,261 ) $ (13,768 ) $ (18,348 ) $ (16,376 ) Net loss $ (10,373 ) $ (13,773 ) $ (18,336 ) $ (16,493 ) Net loss per share of common stock — basic and diluted $ (0.41 ) $ (0.54 ) $ (0.72 ) $ (0.65 ) |
The Company - Additional Inform
The Company - Additional Information (Details) - USD ($) | Jan. 01, 2019 | May 14, 2018 | Mar. 12, 2018 | Jun. 30, 2017 | Dec. 14, 2016 | Sep. 28, 2016 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 06, 2017 | Jul. 06, 2016 | Jun. 07, 2016 |
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Entity incorporation date | May 26, 2011 | ||||||||||||
Public offering closing date | Dec. 14, 2016 | ||||||||||||
Issuance of common stock for follow-on public offering, value | $ 33,400,000 | $ 79,564,000 | $ 5,057,000 | $ 33,459,000 | |||||||||
Issuance of common stock in initial public offering | 51,377,000 | ||||||||||||
Issuance of common stock for follow-on public offering, shares | 6,538,462 | ||||||||||||
Common stock, Share offering price | $ 13 | ||||||||||||
Net proceeds after deducting underwriting discounts and commissions and estimated offering expenses | $ 79,600,000 | ||||||||||||
Long term debt | 10,000,000 | ||||||||||||
Cash, cash equivalents and short-term investments | $ 40,900,000 | ||||||||||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Second Amended and Restated Loan and Security Agreement | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | ||||||||||||
Fixed interest rate | 6.50% | ||||||||||||
Debt instrument, description of variable rate basis | 30-day U.S. LIBOR | ||||||||||||
Variable interest rate | 1.89% | ||||||||||||
Long term debt | $ 10,000,000 | ||||||||||||
Line of credit facility remaining borrowing capacity not available for withdraw | 5,000,000 | ||||||||||||
Debt instrument, maturity date | Oct. 1, 2022 | ||||||||||||
Final payment during maturity, percentage | 5.50% | ||||||||||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | First Amended and Restated Loan and Security Agreement, Initial Tranche | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Long term debt | 10,000,000 | ||||||||||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Prepayment Prior the First Anniversary | Second Amended and Restated Loan and Security Agreement | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Prepayment fee percentage of the original principal amount of the each term loan | 3.00% | ||||||||||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Prepayment on or After First Anniversary but Prior to October 1, 2022 | Second Amended and Restated Loan and Security Agreement | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Prepayment fee percentage of the original principal amount of the each term loan | 2.00% | ||||||||||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Term C Loan | Second Amended and Restated Loan and Security Agreement | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Line of credit facility, remaining borrowing capacity | 5,000,000 | ||||||||||||
Silicon Valley Bank, MidCap Funding XII Trust and MidCap Financial Trust | First Amended and Restated Loan and Security Agreement | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | ||||||||||||
Fixed interest rate | 7.00% | ||||||||||||
Debt instrument, description of variable rate basis | 30-day U.S. LIBOR | ||||||||||||
Variable interest rate | 0.50% | ||||||||||||
Long term debt | $ 8,000,000 | ||||||||||||
Repay all the amount outstanding under the amended and restated loan | $ 5,300,000 | ||||||||||||
Line of credit facility, remaining borrowing capacity | $ 7,000,000 | ||||||||||||
Debt instrument, maturity date | Jun. 1, 2020 | ||||||||||||
Silicon Valley Bank, MidCap Funding XII Trust and MidCap Financial Trust | Final Payment | First Amended and Restated Loan and Security Agreement | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Repay all the amount outstanding under the amended and restated loan | $ 7,000,000 | ||||||||||||
Common Stock | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Issuance of common stock for follow-on public offering, value | $ 7,000 | 4,000 | |||||||||||
Issuance of common stock in initial public offering | $ 8,000 | ||||||||||||
Issuance of common stock for follow-on public offering, shares | 6,548,712 | 600,000 | 4,000,000 | ||||||||||
IPO | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
IPO, closing date | Jun. 7, 2016 | ||||||||||||
Net proceeds from issuance of stock | $ 45,300,000 | ||||||||||||
Over-allotment option by underwriters | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Net proceeds from issuance of stock | $ 5,100,000 | $ 6,100,000 | |||||||||||
At-the-market sales agreement | Cowen and Company LLC | Common Stock | Subsequent Event | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Net proceeds from issuance of stock | $ 5,600,000 | ||||||||||||
Number of shares sold under facility | 3,900,000 | ||||||||||||
At-the-market sales agreement | Cowen and Company LLC | Common Stock | Maximum | |||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||||||||
Issuance of common stock in initial public offering | $ 50,000,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2018USD ($) | Dec. 31, 2018USD ($)Segment |
Significant Accounting Policies [Line Items] | ||
Number of operating segments | Segment | 1 | |
Short-term investments maturity start period | 90 days | |
Short-term investments maturity end period | 365 days | |
Cumulative adjustment to accumulated deficit | $ (159,000) | |
ASU 2014-09 | ||
Significant Accounting Policies [Line Items] | ||
Cumulative adjustment to accumulated deficit | $ 160,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule on Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 8,043 | $ 9,224 | $ 34,824 | |
Restricted cash | 360 | 360 | 360 | |
Cash, cash equivalents and restricted cash shown on the statements of cash flows | $ 8,403 | $ 9,584 | $ 35,184 | $ 20,643 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 1,199 | $ 1,132 |
Less: Accumulated depreciation | (409) | (247) |
Property and equipment, net | 790 | 885 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 382 | 303 |
Estimated Useful Lives (Years) | 5 years | |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 121 | 121 |
Estimated Useful Lives (Years) | 5 years | |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 19 | 41 |
Estimated Useful Lives (Years) | 3 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 677 | $ 667 |
Estimated Useful Lives (Years) | Lesser of useful life or remaining lease term |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Accrued research and development | $ 1,263 | $ 3,360 |
Accrued bonuses | 1,088 | 920 |
Accrued professional fees | 63 | 62 |
Accrued vacation | 103 | 113 |
Accrued interest payable | 76 | 58 |
Accrued expense | 330 | 203 |
Accrued liabilities, current | $ 2,923 | $ 4,716 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | May 14, 2018 | Sep. 28, 2016 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Long term debt | $ 10,000,000 | |||||
Interest expense on borrowings | 791,000 | $ 653,000 | $ 287,000 | |||
Accretion of scheduled final payment | 154,000 | 211,000 | 283,000 | |||
Accretion of deferred closing costs | $ 112,000 | $ 212,000 | $ 261,000 | |||
Silicon Valley Bank, MidCap Funding XII Trust and MidCap Financial Trust | First Amended and Restated Loan and Security Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 7.00% | |||||
Variable interest rate | 0.50% | |||||
Debt instrument, description of variable rate basis | 30-day U.S. LIBOR | |||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |||||
Long term debt | $ 8,000,000 | |||||
Line of credit facility, remaining borrowing capacity | $ 7,000,000 | |||||
Debt Instrument, Payment Terms | The Company was required to pay accrued interest only on the outstanding $8.0 million balance through December 31, 2017, followed by 30 equal payments of principal and accrued interest. | |||||
Final payment during maturity | $ 500,000 | |||||
Debt instrument, maturity date | Jun. 1, 2020 | |||||
Repay all the amount outstanding under the loan agreement including fees | $ 5,300,000 | |||||
Silicon Valley Bank, MidCap Funding XII Trust and MidCap Financial Trust | First Amended and Restated Loan and Security Agreement | Final Payment | ||||||
Debt Instrument [Line Items] | ||||||
Repay all the amount outstanding under the loan agreement including fees | $ 7,000,000 | |||||
Silicon Valley Bank, MidCap Funding XII Trust and MidCap Financial Trust | First Amended and Restated Loan and Security Agreement | Prepayment Through May 31, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment fee percentage of the original principal amount of the aggregate term loans | 2.00% | |||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Second Amended and Restated Loan and Security Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 6.50% | |||||
Variable interest rate | 1.89% | |||||
Debt instrument, description of variable rate basis | 30-day U.S. LIBOR | |||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |||||
Long term debt | 10,000,000 | |||||
Debt instrument, maturity date | Oct. 1, 2022 | |||||
Line of credit facility remaining borrowing capacity not available for withdraw | 5,000,000 | |||||
Final payment during maturity, percentage | 5.50% | |||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Second Amended and Restated Loan and Security Agreement | Term C Loan | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, remaining borrowing capacity | 5,000,000 | |||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Second Amended and Restated Loan and Security Agreement | Prepayment Prior the First Anniversary | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment fee percentage of the original principal amount of the each term loan | 3.00% | |||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | Second Amended and Restated Loan and Security Agreement | Prepayment on or After First Anniversary but Prior to October 1, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment fee percentage of the original principal amount of the each term loan | 2.00% | |||||
Silicon Valley Bank, MidCap Funding III Trust and MidCap Financial Trust | First Amended and Restated Loan and Security Agreement, Initial Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt | $ 10,000,000 |
Long-Term Debt - Scheduled Paym
Long-Term Debt - Scheduled Payments for the Loan Agreement (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
Principal, 2019 | $ 556 |
Principal, 2020 | 3,333 |
Principal, 2021 | 3,333 |
Principal, 2022 | 2,778 |
Principal | 10,000 |
Interest and Final Payment, 2019 | 845 |
Interest and Final Payment, 2020 | 651 |
Interest and Final Payment, 2021 | 366 |
Interest and Final Payment, 2022 | 638 |
Interest and Final Payment | 2,500 |
Total, 2019 | 1,401 |
Total, 2020 | 3,984 |
Total, 2021 | 3,699 |
Total, 2022 | 3,416 |
Total | $ 12,500 |
Preferred and Common Stock - Ad
Preferred and Common Stock - Additional Information (Detail) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 32,119,227 | 25,354,651 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Details) - Convertible Stock Warrant - First Amended and Restated Loan and Security Agreement - $ / shares | 1 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2018 | |
Class Of Warrant Or Right [Line Items] | ||
Class of warrant Exercise | $ 10.74 | |
Warrants expiration term | 2026-09 | |
Weighted average remaining life of warrants | 7 years 9 months | |
Maximum | ||
Class Of Warrant Or Right [Line Items] | ||
Number of stock that can be purchased by each warrant | 29,796 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2019 | Jan. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
2016 Stock Incentive Plan | Subsequent Event | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares common stock reserved for issuance | 2,449,452 | ||||
Annual increase of common stock reserved for issuance | 4.00% | ||||
Increase in common stock for future issuance, shares | 1,284,769 | ||||
2016 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares common stock reserved for issuance | 181,818 | 658,807 | |||
Share based compensation arrangement description | the number of shares reserved for issuance under the 2016 ESPP will automatically increase for a period of ten years, from January 1, 2017 through January 1, 2026, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, (ii) 454,545 shares of common stock or (iii) a lesser number of shares as may be determined by the Company’s board of directors. | ||||
Annual increase of common stock reserved for issuance | 1.00% | ||||
Employee payroll deductions, percent | 15.00% | ||||
Number of shares reserved for issuance increase in years | 10 years | ||||
Addition of common stock shares reserved for future issuance | 454,545 | ||||
Common stock purchased | 12,595 | 9,692 | |||
Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares grants | 889,500 | ||||
Option to purchase common stock shares outstanding | 3,463,096 | 3,075,349 | |||
Weighted average exercise price | $ 6.62 | $ 6.17 | |||
Unrecognized compensation expense related to unvested stock options | $ 10.3 | ||||
Expected to be recognized over a weighted average period | 2 years 8 months 12 days | ||||
Weighted-average fair values granted | $ 5.98 | $ 5.25 | $ 7.89 | ||
Fair market value per share of common stock | $ 1.07 | ||||
Stock Options | 2016 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares common stock reserved for issuance | 1,818,182 | ||||
Share based compensation arrangement description | The number of shares of common stock reserved for issuance under the 2016 Plan will automatically increase on January 1 each year, for a period of ten years, from January 1, 2017 through January 1, 2026, by 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. | ||||
Annual increase of common stock reserved for issuance | 4.00% | ||||
Option to purchase common stock shares outstanding | 2,606,231 | ||||
Weighted average exercise price | $ 7.86 | ||||
Shares available for future grant | 1,164,683 | ||||
Stock Options | 2011 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares grants | 0 | ||||
Option to purchase common stock shares outstanding | 839,629 | ||||
Weighted average exercise price | $ 2.76 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
2016 Employee Stock Purchase Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 15 | $ 28 | |
Research and Development | 2016 Employee Stock Purchase Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 5 | 7 | |
General and Administrative | 2016 Employee Stock Purchase Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 10 | 21 | |
Stock Options | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 4,770 | 3,336 | $ 1,314 |
Stock Options | Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 1,766 | 1,348 | 539 |
Stock Options | General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 3,004 | $ 1,988 | $ 775 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Assumptions Used in Fair Value Calculation for Underlying Common Stock (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Expected term (years) | 7 years | 7 years | 7 years |
Expected stock price volatility | 93.08% | 96.85% | 97.45% |
Risk-free interest rate | 2.87% | 2.20% | 2.20% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Activity Related to Stock Options (Details) - Stock Options - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Options outstanding, Beginning balance | 3,075,349 | |
Number of Shares, Granted | 889,500 | |
Number of Shares, Exercised | (203,269) | |
Number of Shares, Cancelled/Forfeited | (298,484) | |
Number of Shares, Options outstanding, Ending balance | 3,463,096 | 3,075,349 |
Number of Shares, Options exercisable | 1,583,749 | 1,114,286 |
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ 6.17 | |
Weighted Average Exercise Price, Granted | 7.44 | |
Weighted Average Exercise Price, Exercised | 2.29 | |
Weighted Average Exercise Price, Cancelled/Forfeited | 7.29 | |
Weighted Average Exercise Price, Options outstanding, Ending balance | 6.62 | $ 6.17 |
Weighted Average Exercise Price, Options exercisable | $ 5.63 | $ 3.94 |
Share-Based Compensation - Ad_2
Share-Based Compensation - Additional Information about the Stock Option Outstanding and Exercisable (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding | 3,463,096 | 3,075,349 |
Weighted Average Exercise Price | $ 6.62 | $ 6.17 |
Aggregate Intrinsic Value | $ 218 | |
Weighted Average Remaining Contractual Life (Years) | 7 years 8 months 19 days | |
Options Exercisable | 1,583,749 | 1,114,286 |
Weighted Average Exercise Price | $ 5.63 | $ 3.94 |
Aggregate Intrinsic Value | $ 218 | |
Weighted Average Remaining Contractual Life (Years) | 6 years 3 months 3 days | |
$0.02 - $0.40 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Lower Range Limit | $ 0.02 | |
Exercise Price Upper Range Limit | $ 2.22 | |
Options Outstanding | 364,949 | |
Weighted Average Remaining Contractual Life (Years) | 5 years 7 days | |
Options Exercisable | 319,949 | |
Weighted Average Remaining Contractual Life (Years) | 4 years 3 months 29 days | |
$3.08 - $5.89 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Lower Range Limit | $ 3.08 | |
Exercise Price Upper Range Limit | $ 6.99 | |
Options Outstanding | 1,887,380 | |
Weighted Average Remaining Contractual Life (Years) | 8 years 10 days | |
Options Exercisable | 731,702 | |
Weighted Average Remaining Contractual Life (Years) | 6 years 3 months 25 days | |
$6.16 - $8.90 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Lower Range Limit | $ 7 | |
Exercise Price Upper Range Limit | $ 8.99 | |
Options Outstanding | 868,989 | |
Weighted Average Remaining Contractual Life (Years) | 7 years 8 months 4 days | |
Options Exercisable | 464,384 | |
Weighted Average Remaining Contractual Life (Years) | 7 years 2 months 19 days | |
$9.11 - $20.84 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Lower Range Limit | $ 9.11 | |
Exercise Price Upper Range Limit | $ 20.84 | |
Options Outstanding | 341,778 | |
Weighted Average Remaining Contractual Life (Years) | 8 years 11 months 12 days | |
Options Exercisable | 67,714 | |
Weighted Average Remaining Contractual Life (Years) | 8 years 10 days |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | |||
U.S. federal tax rate | 21.00% | 34.00% | 34.00% |
Tax Cuts and Jobs Act of 2017,Provisional Income Tax Expense | $ 14,900,000 | ||
Deferred tax assets, valuation allowance | $ 49,563,000 | 32,670,000 | $ 25,446,000 |
Deferred tax assets, operating loss carryforwards | $ 41,152,000 | $ 27,999,000 | $ 23,391,000 |
Operating loss carryforwards, limitations on use | Ownership changes, as defined by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), may limit the amount of net operating losses that a company may utilize to offset future taxable income and taxes payable. Pursuant to Section 382 of the Code, an ownership change occurs when the stock ownership of 5% stockholders increases by more than 50% over a testing period of three years. It is possible that the Company has undergone an ownership change as defined by Section 382 of the Code or that the Company may undergo such a change in the future. Any such ownership change may limit the Company’s ability to utilize net operating losses. | ||
Reserve for tax positions of prior years | $ 2,900,000 | ||
U.S. Federal or State Income Taxes | |||
Income Tax Disclosure [Line Items] | |||
Provision for income taxes | 0 | ||
Federal | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 195,200,000 | ||
Deferred tax assets, operating loss carryforwards | $ 41,000,000 | ||
Federal | Earliest Tax Year | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards expiration period | 2031 | ||
State | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 7,600,000 | ||
Deferred tax assets, operating loss carryforwards | $ 150,000 | ||
State | Earliest Tax Year | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards expiration period | 2027 |
Schedule of Net Deferred Tax As
Schedule of Net Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax asset (liability) | |||
Net operating loss carryforwards | $ 41,152,000 | $ 27,999,000 | $ 23,391,000 |
Deferred tax asset (liability) Non-deductible accrued expenses | 245,000 | 248,000 | 358,000 |
Deferred rent | 148,000 | 49,000 | 1,000 |
Deferred revenue | 38,000 | 69,000 | |
Stock compensation expense | 899,000 | 387,000 | 101,000 |
Depreciation differences | (125,000) | (18,000) | (13,000) |
Charitable contributions | 6,000 | 6,000 | 6,000 |
Valuation allowance | (49,563,000) | (32,670,000) | (25,446,000) |
Federal | |||
Deferred tax asset (liability) | |||
Net operating loss carryforwards | 41,000,000 | ||
Tax credits | 6,481,000 | 3,437,000 | 1,232,000 |
State | |||
Deferred tax asset (liability) | |||
Net operating loss carryforwards | 150,000 | ||
Tax credits | $ 757,000 | $ 524,000 | $ 301,000 |
Schedule of Statutory and Effec
Schedule of Statutory and Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal tax rate | 21.00% | 34.00% | 34.00% |
State tax rate | (0.73%) | 2.42% | 3.79% |
Permanent difference and other | (0.33%) | (2.84%) | (1.98%) |
Tax credit | 3.96% | 3.97% | 1.62% |
Valuation allowance | (20.39%) | (12.42%) | (37.43%) |
ASC 740-10 | (3.51%) | ||
Impact of federal rate change | (25.13%) | ||
Total income tax provision (benefit) | 0.00% | 0.00% | 0.00% |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018USD ($)ft² | May 31, 2018 | Nov. 30, 2016USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitment And Contingencies [Line Items] | ||||||
Non-cancelable operating leases, expiration date | 2017-03 | |||||
Rent expense | $ 316,000 | $ 214,000 | $ 81,000 | |||
Manufacturing Supply Agreement | Gerresheimer Regensburg GmbH | ||||||
Commitment And Contingencies [Line Items] | ||||||
Initial term of agreement | 5 years | |||||
Renewal term of agreement | 3 years | |||||
GEORGIA | ||||||
Commitment And Contingencies [Line Items] | ||||||
Area of office leased | ft² | 20,000 | |||||
Operating lease agreement term | 6 years 6 months | |||||
Operating lease agreement renewal option term | 5 years | |||||
Minimum monthly lease payments | $ 35,145 | |||||
Percentage of increase per year | 3.00% | |||||
CALIFORNIA | ||||||
Commitment And Contingencies [Line Items] | ||||||
Area of office leased | ft² | 3,500 | |||||
Operating lease agreement term | 2 years | |||||
Operating lease agreement renewal option term | 1 year | |||||
Minimum monthly lease payments | $ 12,775 | |||||
Percentage of increase per year | 3.00% |
Commitment and Contingencies _2
Commitment and Contingencies - Future Minimum Commitments Due Under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 623 |
2020 | 574 |
2021 | 496 |
2022 | 511 |
2023 | 393 |
Total minimum lease payments | $ 2,597 |
License and Collaboration Agr_2
License and Collaboration Agreements - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2015 | Aug. 31, 2014 |
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Revenue | $ 30,000 | $ 345,000 | $ 520,000 | ||||
Cumulative adjustment to accumulated deficit | (159,000) | ||||||
Collaboration Agreements | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Revenue | $ 30,000 | 325,000 | |||||
ASU 2014-09 | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Cumulative adjustment to accumulated deficit | $ 160,000 | ||||||
NovaMedica | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Patent expirations period | 2027 | ||||||
NovaMedica | License | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Revenue | $ 20,000 | $ 20,000 | |||||
NovaMedica | ASU 2014-09 | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Cumulative adjustment to accumulated deficit | $ 160,000 | ||||||
NovaMedica | Upfront payment | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Deferred revenue | $ 200,000 | $ 200,000 | |||||
Spark Therapeutics, Inc. | Upfront payment | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Upfront, non-refundable payment | $ 500,000 | ||||||
Spark Therapeutics, Inc. | Upfront payment | License | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Revenue | $ 500,000 |
Available-for-Sale Investment_2
Available-for-Sale Investments - Summary of Company's Available-For-Sale Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 32,836 | |
Unrealized Loss | (1) | |
Fair Value | 32,835 | $ 28,416 |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,346 | |
Fair Value | 25,346 | |
Treasury Bills | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,490 | |
Unrealized Loss | (1) | |
Fair Value | $ 7,489 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Short-term investments maturity start period | 90 days | |
Short-term investments maturity end period | 365 days | |
Significant transfers between Levels 1, 2 and 3 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Assets: | ||
Total financial assets | $ 41,238 | $ 38,000 |
Treasury Bills | ||
Financial Assets: | ||
Total financial assets | 7,490 | |
Government Bonds and Treasury Bills | ||
Financial Assets: | ||
Total financial assets | 11,238 | |
Corporate Bonds | ||
Financial Assets: | ||
Total financial assets | 5,064 | |
Commercial Paper | ||
Financial Assets: | ||
Total financial assets | 25,346 | 10,154 |
Level 1 | ||
Financial Assets: | ||
Total financial assets | 15,892 | 20,822 |
Level 1 | Treasury Bills | ||
Financial Assets: | ||
Total financial assets | 7,490 | |
Level 1 | Government Bonds and Treasury Bills | ||
Financial Assets: | ||
Total financial assets | 11,238 | |
Level 2 | ||
Financial Assets: | ||
Total financial assets | 25,346 | 17,178 |
Level 2 | Corporate Bonds | ||
Financial Assets: | ||
Total financial assets | 5,064 | |
Level 2 | Commercial Paper | ||
Financial Assets: | ||
Total financial assets | 25,346 | 10,154 |
Cash and Money Markets | ||
Financial Assets: | ||
Total financial assets | 8,042 | 9,224 |
Cash and Money Markets | Level 1 | ||
Financial Assets: | ||
Total financial assets | 8,042 | 9,224 |
Restricted Cash Money Market | ||
Financial Assets: | ||
Total financial assets | 360 | 360 |
Restricted Cash Money Market | Level 1 | ||
Financial Assets: | ||
Total financial assets | $ 360 | 360 |
Certificates of Deposit | ||
Financial Assets: | ||
Total financial assets | 1,960 | |
Certificates of Deposit | Level 2 | ||
Financial Assets: | ||
Total financial assets | $ 1,960 |
Net Loss Per Share - Potential
Net Loss Per Share - Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 3,492,892 | 3,105,145 | 2,273,371 |
Outstanding Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 3,463,096 | 3,075,349 | 2,243,575 |
Stock Purchase Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 29,796 | 29,796 | 29,796 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Summary of Quarterly Financial Information - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Operating expenses | $ (21,662) | $ (23,956) | $ (20,904) | $ (16,453) | $ (16,376) | $ (18,348) | $ (13,768) | $ (10,261) | $ (82,975) | $ (58,753) | $ (25,718) |
Net loss | $ (21,638) | $ (23,872) | $ (20,701) | $ (16,607) | $ (16,493) | $ (18,336) | $ (13,773) | $ (10,373) | $ (82,818) | $ (58,975) | $ (25,882) |
Net loss per share of common stock — basic and diluted | $ (0.68) | $ (0.75) | $ (0.65) | $ (0.62) | $ (0.65) | $ (0.72) | $ (0.54) | $ (0.41) | $ (2.69) | $ (2.33) | $ (1.97) |