Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 06, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SBPH | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | Spring Bank Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001566373 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,476,342 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-37718 | |
Entity Address, Address Line One | 35 Parkwood Drive | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Hopkinton | |
Entity Address, State or Province | MA | |
City Area Code | 508 | |
Entity Address, Postal Zip Code | 01748 | |
Local Phone Number | 473-5993 | |
Entity Tax Identification Number | 52-2386345 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 34,371 | $ 14,724 |
Marketable securities | 28,778 | 32,914 |
Prepaid expenses and other current assets | 1,727 | 1,649 |
Total current assets | 64,876 | 49,287 |
Marketable securities, long-term | 16,804 | |
Property and equipment, net | 2,264 | 2,319 |
Operating lease right-of-use assets | 2,784 | |
Restricted cash | 234 | 234 |
Other assets | 35 | 167 |
Total | 70,193 | 68,811 |
Current liabilities: | ||
Accounts payable | 2,986 | 1,880 |
Accrued expenses and other current liabilities | 1,998 | 2,367 |
Operating lease liabilities, current | 343 | |
Total current liabilities | 5,327 | 4,247 |
Term loan, net of unamortized discount | 19,011 | |
Warrant liabilities | 450 | 8,511 |
Operating lease liabilities, noncurrent | 2,962 | |
Other long-term liabilities | 27 | 193 |
Total liabilities | 27,777 | 12,951 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value—authorized, 10,000,000 shares at September 30, 2019 and December 31, 2018; no shares issued or outstanding at September 30, 2019 and December 31, 2018 | ||
Common stock, $0.0001 par value—authorized, 200,000,000 shares at September 30, 2019 and December 31, 2018; 16,476,342 and 16,434,614 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 2 | 2 |
Additional paid-in capital | 161,382 | 157,931 |
Accumulated deficit | (118,730) | (102,068) |
Accumulated other comprehensive loss | (238) | (5) |
Total stockholders’ equity | 42,416 | 55,860 |
Total | $ 70,193 | $ 68,811 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 16,476,342 | 16,434,614 |
Common stock, shares outstanding | 16,476,342 | 16,434,614 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 5,228 | $ 5,656 | $ 18,070 | $ 15,188 |
General and administrative | 2,247 | 2,059 | 7,547 | 6,681 |
Total operating expenses | 7,475 | 7,715 | 25,617 | 21,869 |
Loss from operations | (7,475) | (7,715) | (25,617) | (21,869) |
Other income (expense): | ||||
Interest income | 271 | 271 | 957 | 603 |
Interest expense | (63) | (63) | ||
Change in fair value of warrant liabilities | 355 | (1,336) | 8,061 | 3,837 |
Net loss | (6,912) | (8,780) | (16,662) | (17,429) |
Unrealized loss on marketable securities | (20) | (14) | (233) | (13) |
Comprehensive loss | $ (6,932) | $ (8,794) | $ (16,895) | $ (17,442) |
Net loss per common share: | ||||
Basic | $ (0.42) | $ (0.59) | $ (1.01) | $ (1.27) |
Diluted | $ (0.42) | $ (0.59) | $ (1.01) | $ (1.39) |
Weighted-average number of shares outstanding: | ||||
Basic | 16,459,155 | 14,841,197 | 16,446,582 | 13,677,375 |
Diluted | 16,459,155 | 14,841,197 | 16,446,582 | 15,311,152 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | At-The-Market Offering [Member] | Common Stock [Member] | Common Stock [Member]At-The-Market Offering [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]At-The-Market Offering [Member] | Accumulated Deficit [Member] | Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2017 | $ 34,748 | $ 1 | $ 113,984 | $ (79,214) | $ (23) | |||
Balance, shares at Dec. 31, 2017 | 12,961,993 | |||||||
Stock-based compensation | 1,978 | 1,978 | ||||||
Issuance of common stock for services rendered | 76 | 76 | ||||||
Issuance of common stock for services rendered, shares | 5,770 | |||||||
Issuance of common stock in connection with offering, net of issuance costs | 37,960 | $ 3,212 | $ 1 | 37,959 | $ 3,212 | |||
Issuance of common stock in connection with offering, net of issuance costs, shares | 3,246,079 | 217,329 | ||||||
Net unrealized gain (loss) on marketable securities | (13) | (13) | ||||||
Net loss | (17,429) | (17,429) | ||||||
Balance at Sep. 30, 2018 | 60,532 | $ 2 | 157,209 | (96,643) | (36) | |||
Balance, shares at Sep. 30, 2018 | 16,431,171 | |||||||
Balance at Dec. 31, 2017 | 34,748 | $ 1 | 113,984 | (79,214) | (23) | |||
Balance, shares at Dec. 31, 2017 | 12,961,993 | |||||||
Balance at Dec. 31, 2018 | 55,860 | $ 2 | 157,931 | (102,068) | (5) | |||
Balance, shares at Dec. 31, 2018 | 16,434,614 | |||||||
Balance at Jun. 30, 2018 | 30,657 | $ 1 | 118,541 | (87,863) | (22) | |||
Balance, shares at Jun. 30, 2018 | 13,182,567 | |||||||
Stock-based compensation | 680 | 680 | ||||||
Issuance of common stock for services rendered | 30 | 30 | ||||||
Issuance of common stock for services rendered, shares | 2,525 | |||||||
Issuance of common stock in connection with offering, net of issuance costs | 37,960 | $ 1 | 37,959 | |||||
Issuance of common stock in connection with offering, net of issuance costs, shares | 3,246,079 | |||||||
Issuance costs in connection with at-the-market offering | (1) | (1) | ||||||
Net unrealized gain (loss) on marketable securities | (14) | (14) | ||||||
Net loss | (8,780) | (8,780) | ||||||
Balance at Sep. 30, 2018 | 60,532 | $ 2 | 157,209 | (96,643) | (36) | |||
Balance, shares at Sep. 30, 2018 | 16,431,171 | |||||||
Balance at Dec. 31, 2018 | 55,860 | $ 2 | 157,931 | (102,068) | (5) | |||
Balance, shares at Dec. 31, 2018 | 16,434,614 | |||||||
Stock-based compensation | 2,647 | 2,647 | ||||||
Issuance of common stock for services rendered | 202 | 202 | ||||||
Issuance of common stock for services rendered, shares | 41,128 | |||||||
Issuance of common stock in connection with offering, net of issuance costs | $ 6 | $ 6 | ||||||
Issuance of common stock in connection with offering, net of issuance costs, shares | 600 | |||||||
Issuance of warrants in connection with term loan | 552 | 552 | ||||||
Issuance of warrants to a service provider | 19 | 19 | ||||||
Offering costs in connection with common stock offering | 25 | 25 | ||||||
Net unrealized gain (loss) on marketable securities | (233) | (233) | ||||||
Net loss | (16,662) | (16,662) | ||||||
Balance at Sep. 30, 2019 | 42,416 | $ 2 | 161,382 | (118,730) | (238) | |||
Balance, shares at Sep. 30, 2019 | 16,476,342 | |||||||
Balance at Jun. 30, 2019 | 47,941 | $ 2 | 159,975 | (111,818) | (218) | |||
Balance, shares at Jun. 30, 2019 | 16,459,155 | |||||||
Stock-based compensation | 752 | 752 | ||||||
Issuance of common stock for services rendered | 59 | 59 | ||||||
Issuance of common stock for services rendered, shares | 17,187 | |||||||
Issuance of warrants in connection with term loan | 552 | 552 | ||||||
Issuance of warrants to a service provider | 19 | 19 | ||||||
Offering costs in connection with common stock offering | 25 | 25 | ||||||
Net unrealized gain (loss) on marketable securities | (20) | (20) | ||||||
Net loss | (6,912) | (6,912) | ||||||
Balance at Sep. 30, 2019 | $ 42,416 | $ 2 | $ 161,382 | $ (118,730) | $ (238) | |||
Balance, shares at Sep. 30, 2019 | 16,476,342 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||
Net loss | $ (16,662) | $ (17,429) | |||
Adjustments for: | |||||
Depreciation and amortization | 263 | 193 | |||
Loss on the disposal of property and equipment | 16 | ||||
Operating lease right-of-use asset amortization | 196 | ||||
Change in fair value of warrant liabilities | $ (355) | $ 1,336 | (8,061) | (3,837) | |
Non-cash interest expense | 10 | ||||
Non-cash investment income | (60) | 361 | |||
Non-cash stock-based compensation | 2,825 | 2,062 | |||
Non-cash issuance of warrants to a service provider | 19 | ||||
Changes in operating assets and liabilities: | |||||
Prepaid expenses and other current assets | (78) | (449) | |||
Other assets | 132 | (46) | |||
Accounts payable | 1,106 | (326) | |||
Accrued expenses and other liabilities | (82) | 1,098 | |||
Operating lease liabilities | (79) | ||||
Net cash used in operating activities | (20,471) | (18,357) | |||
Cash flows from investing activities: | |||||
Proceeds from sale of marketable securities | 26,767 | 28,837 | |||
Purchases of marketable securities | (6,000) | (50,000) | |||
Purchases of property and equipment | (208) | (1,913) | |||
Net cash provided by (used in) investing activities | 20,559 | (23,076) | |||
Cash flows from financing activities: | |||||
Proceeds from term loan and warrants | 20,000 | ||||
Issuance costs in connection with term loan and warrants | (447) | ||||
Proceeds from issuance of common stock in connection with at-the-market offering, net of issuance costs | 6 | 3,212 | |||
Proceeds from issuance of common stock, net of issuance costs | 37,959 | ||||
Cash provided by financing activities | 19,559 | 41,171 | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 19,647 | (262) | |||
Cash, cash equivalents and restricted cash, beginning of period | 14,958 | 24,133 | $ 24,133 | ||
Cash, cash equivalents and restricted cash, end of period | $ 34,605 | $ 23,871 | 34,605 | 23,871 | $ 14,958 |
Supplemental disclosures of cash flow information: | |||||
Cash paid for taxes | 21 | $ 3 | |||
Cash paid for interest, net | $ 53 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Spring Bank Pharmaceuticals, Inc. (the “Company”) is a clinical-stage biopharmaceutical company engaged in the discovery and development of a novel class of therapeutics using a proprietary small molecule nucleotide platform. The Company is developing its most advanced product candidate, inarigivir soproxil (“inarigivir”), for the treatment of chronic hepatitis B virus. Since inception in 2002 and prior to its initial public offering (“IPO”) in May 2016, the Company built its technology platform and product candidate pipeline, supported by grants and through private financings. The Company has three wholly owned subsidiaries: Sperovie Biosciences, Inc. formed in September 2015, SBP Securities Corporation formed in December 2016 and SBP International Limited formed in May 2019. The Company’s success is dependent upon its ability to successfully complete clinical development and obtain regulatory approval of its product candidates, successfully commercialize approved products, generate revenue, and, ultimately, attain profitable operations. The Company’s operations to date have been primarily limited to the development of inarigivir, SB 11285, SB 9225 and the Company’s other product candidates. Basis of Presentation and Liquidity The accompanying consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). The accompanying interim financial statements as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018, and related interim information contained within the notes to the financial statements, are unaudited. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the Company’s audited financial statements and include all adjustments (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of September 30, 2019, results of operations for the three and nine months ended September 30, 2019 and 2018, statement of stockholders’ equity for the three and nine months ended September 30, 2019 and 2018 and its cash flows for the nine months ended September 30, 2019 and 2018. These interim financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission (“SEC”) on March 11, 2019. The results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results expected for the full fiscal year or any interim period. As of September 30, 2019, the Company had an accumulated deficit of $118.7 million and $63.1 million in cash, cash equivalents and marketable securities. The Company expects to continue to incur significant and increasing losses for the foreseeable future. The Company anticipates that its expenses will increase significantly as it continues to develop inarigivir, SB 11285, SB 9225 and its other product candidates. The Company does not have any committed external source of funds. As a result, the Company will need additional financing to support its continuing operations. Adequate additional funds may not be available to the Company on acceptable terms, or at all. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, stockholders’ ownership interests will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect common stockholder rights. If the Company raises additional funds through collaborations, strategic alliances or licensing arrangements with third parties, the Company may have to relinquish valuable rights to its technologies, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to the Company. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Sperovie Biosciences, Inc., SBP Securities Corporation and SBP International Limited. Sperovie Biosciences, Inc. had operations consisting mainly of legal fees associated with intellectual property activities as of September 30, 2019. Sperovie Biosciences, Inc. is a joint borrower with the Company under the Company’s term loan (see Note 9). SBP Securities Corporation had assets primarily related to investments in marketable securities and operations consisting primarily of interest income as of September 30, 2019. SBP International Limited had operations consisting mainly of clinical trial oversight, including European data protection oversight, as of September 30, 2019. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying financial statements related to the fair value of warrants, accounting for stock-based compensation, income taxes, useful lives of long-lived assets, and accounting for certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates. Cash and Cash Equivalents Cash equivalents are stated at fair value and include short-term, highly liquid investments with remaining maturities of 90 days or less at the date of purchase. Included in cash and cash equivalents as of September 30, 2019 and December 31, 2018 are money market fund investments of $32.5 million and $13.3 million, respectively, which are reported at fair value (see Note 5). Restricted Cash As of September 30, 2019 and December 31, 2018, restricted cash consists of approximately $234,000, which is held as a security deposit required in conjunction with a lease agreement for the Company’s principal office and laboratory space entered into in October 2017. Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and marketable securities. Substantially all of the Company’s cash is held at financial institutions that management believes to be of high credit quality. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits may be redeemed upon demand and, therefore, bear minimal risk. Investments in Marketable Securities The Company invests excess cash balances in short-term and long-term marketable securities. The Company classifies investments in marketable securities as either held-to-maturity or available-for-sale based on facts and circumstances present at the time of purchase. At each balance sheet date presented, all investments in securities are classified as available-for-sale. The Company reports available-for-sale investments at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s consolidated statements of operations and comprehensive loss. Property and Equipment, Net Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements Lesser of 10 years or the remaining term of the respective lease Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities and operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This is the rate the Company would have to pay if borrowing on a collateralized basis over a similar term to each lease. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying value, an impairment loss is recorded for the difference between the carrying value and fair value of the asset. As of September 30, 2019, no such impairment has occurred. Research and Development Costs Research and development expenses consist primarily of costs incurred for the Company’s research activities, including discovery efforts, and the development of product candidates, which include: • expenses incurred under agreements with third parties, including contract research organizations, or CROs, that conduct research, preclinical activities and clinical trials on the Company’s behalf as well as contract manufacturing organizations, or CMOs, that manufacture drug products for use in the Company’s preclinical and clinical trials; • salaries, benefits and other related costs, including stock-based compensation expense, for personnel in the Company’s research and development functions; • costs of outside consultants, including their fees, stock-based compensation and related travel expenses; • the cost of laboratory supplies and acquiring, developing and manufacturing preclinical study and clinical trial materials; • costs related to compliance with regulatory requirements; and • facility-related expenses, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs. The Company expenses research and development costs as incurred. The Company recognizes external development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its vendors and its clinical investigative sites. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the Company’s consolidated financial statements as prepaid or accrued research and development expenses. Warrants The Company accounts for freestanding warrants within stockholders equity or as liabilities based on the characteristics and provisions of each instrument. The Company evaluates outstanding warrants in accordance with ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging Stock-Based Compensation The Company’s stock-based payments include stock options, performance-based restricted stock units (“RSUs”) and grants of common stock, including common stock subject to vesting. The Company accounts for all stock-based payment awards granted to employees and nonemployees using a fair value method. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, which is generally the vesting period, on a straight-line basis. The Company accounts for forfeitures as they occur. The Company measures the fair value of the performance-based restricted stock units relating to the total share return performance using a Monte Carlo valuation model. The Company measures the fair value of the performance-based restricted stock units relating to the milestone performance goals using the fair value method and the probability that the specified performance criteria will be met. Each quarter the Company updates its assessment of the probability that the specified milestone criteria will be achieved and adjusts its estimate of the fair value, if necessary. Stock-based compensation expense is classified in the accompanying consolidated statements of operations and comprehensive loss based on the department to which the related services are provided. Financial Instruments The Company’s financial instruments consist of cash equivalents, marketable securities, accounts payable, a term loan and liability classified warrants. The carrying amounts of cash and cash equivalents and accounts payable approximate their fair value due to the short-term nature of those financial instruments. The fair value of the marketable securities and liability classified warrants are remeasured to fair value each reporting period (see Note 5). The fair value of the term loan approximates its face value given the close proximity of the execution of the term loan to September 30, 2019. Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value on a recurring basis include cash equivalents, marketable securities and warrant liabilities. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period, determined using the treasury-stock method and the as if-converted method, for convertible securities, if inclusion of these instruments is dilutive. For the three and nine months ended September 30, 2019, both methods are equivalent and for the three months ended September 30, 2018, both methods are equivalent. For the nine months ended September 30, 2018, diluted net loss per share amounts were calculated based on the dilutive effect of the total number of shares of common stock related to the November 2016 Private Placement warrants and the change in the fair value of the warrant liability. Basic and diluted net loss per share is described further in Note 2. Income Taxes Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and for loss and credit carryforwards using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the consolidated financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of interest expense. As of September 30, 2019 and December 31, 2018, the Company has not identified any material uncertain tax positions. Guarantees and Indemnifications As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The Company leases its principal office and laboratory space in Hopkinton, Massachusetts and previously leased research and development space in Milford, Massachusetts under non-cancelable operating leases. The Company has standard indemnification arrangements under these leases that require it to indemnify the landlords against liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or nonperformance under the Company’s lease. Through September 30, 2019, the Company had not experienced any losses related to these indemnification obligations and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. Segment Information Operating segments are identified as components of an enterprise about which separate and discrete financial information is available for evaluation by the chief operating decision maker, the Company’s chief executive officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment and does not track expenses on a program-by-program basis. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirement for Fair Value Measurement . In February 2016, the FASB issued ASU No. 2016-02, Leases “Codification Improvements to Topic 842, Leases” The Company adopted the standard on the effective date of January 1, 2019 by applying the new lease requirements at the effective date. Prior periods continue to be presented based on the accounting standards originally in effect for such periods. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allows the Company to carry forward the historical lease classification. The Company will also apply the practical expedient not to separate lease and non-lease components for new and modified leases commencing after adoption. The standard had an impact of approximately $3.0 million on the Company’s assets and $3.4 million on its liabilities, as of January 1, 2019, for the recognition of right-of-use assets and lease liabilities, which are primarily related to the lease of its corporate headquarters in Hopkinton, Massachusetts. The standard did not have a material impact on the Company’s results of operations or liquidity (see Note 10) In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception . |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 2. NET LOSS PER SHARE The following table summarizes the computation of basic and diluted net loss per share of the Company for such periods (in thousands, except share and per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net loss $ (6,912 ) $ (8,780 ) $ (16,662 ) $ (17,429 ) Less: decrease in change in fair value of warrant liabilities (3,837 ) Net loss available to common shareholders $ (21,266 ) Weighted-average number of shares outstanding: Basic 16,459,155 14,841,197 16,446,582 13,677,375 Effect of dilutive securities: Common stock warrants 1,633,777 Dilutive potential common shares 15,311,152 Net loss per common share: Basic $ (0.42 ) $ (0.59 ) $ (1.01 ) $ (1.27 ) Diluted $ (0.42 ) $ (0.59 ) $ (1.01 ) $ (1.39 ) For the three and nine months ended September 30, 2019, the diluted net loss per common share is the same as basic net loss per common share and for the three months ended September 30, 2018, the diluted net loss per common share is the same as basic net loss per common share. For the nine months ended September 30, 2018, the diluted net loss per common share amounts were calculated based on the dilutive effect of the total number of shares of common stock related to the November 2016 Private Placement warrants of 1,633,777 shares and the change in the fair value of the warrant liability of $3.8 million. The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Convertible debt 2,329,143 — 2,329,143 — Common stock warrants 1,927,124 1,662,124 1,927,124 28,347 Stock options, RSUs and inducement awards 1,948,115 1,349,565 1,948,115 1,349,565 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 3. INVESTMENTS Cash in excess of the Company’s immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. The following table summarizes the Company’s investments, by category, as of September 30, 2019 and December 31, 2018 (in thousands): September 30, December 31, Investments - Current: 2019 2018 Debt securities - available for sale $ 28,778 $ 32,914 Total $ 28,778 $ 32,914 Investments - Noncurrent: Debt securities - available for sale $ — $ 16,804 Total $ — $ 16,804 A summary of the Company’s available-for-sale classified investments as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): At September 30, 2019 Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value Investments - Current: Corporate bonds $ 11,055 $ — $ (74 ) $ 10,981 United States treasury securities 17,961 — (164 ) $ 17,797 Total $ 29,016 $ — $ (238 ) $ 28,778 At December 31, 2018 Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value Investments - Current: Corporate bonds $ 16,028 $ — $ (19 ) $ 16,009 United States treasury securities 16,913 — (8 ) 16,905 Total $ 32,941 $ — $ (27 ) $ 32,914 Investments - Noncurrent: Corporate bonds $ 4,930 $ 2 $ — $ 4,932 United States treasury securities 11,852 20 — 11,872 Total $ 16,782 $ 22 $ — $ 16,804 The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of September 30, 2019 consisted of the following (in thousands): Amortized Cost Fair Value Due in one year or less $ 29,016 $ 28,778 Due after one year through two years — — Total $ 29,016 $ 28,778 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. PROPERTY AND EQUIPMENT, NET Property and equipment as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, December 31, 2019 2018 Equipment $ 1,278 $ 1,064 Furniture and fixtures 385 400 Leasehold improvements 1,356 1,347 Total property and equipment 3,019 2,811 Less: accumulated depreciation and amortization (755 ) (492 ) Property and equipment, net $ 2,264 $ 2,319 Depreciation expense for the three and nine months ended September 30, 2019 was $92,000 and $263,000, respectively. Depreciation expense for the three and nine months ended September 30, 2018 was $107,000 and $193,000, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. A summary of the assets and liabilities that are measured at fair value as of September 30, 2019 and December 31, 2018 is as follows (in thousands): Fair Value Measurement at September 30, 2019 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 32,526 $ 32,526 $ — $ — Fixed income securities 28,778 — 28,778 — Total $ 61,304 $ 32,526 $ 28,778 $ — Liabilities: Warrant liabilities $ 450 $ — $ — $ 450 Total $ 450 $ — $ — $ 450 Fair Value Measurement at December 31, 2018 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 13,264 $ 13,264 $ — $ — Fixed income securities 49,718 — 49,718 — Total $ 62,982 $ 13,264 $ 49,718 $ — Liabilities: Warrant liabilities $ 8,511 $ — $ — $ 8,511 Total $ 8,511 $ — $ — $ 8,511 (1) Money market funds are included within cash and cash equivalents in the accompanying consolidated balance sheets and are recognized at fair value. The Company classified its money market funds within Level 1 because their fair values are based on their quoted market prices. The Company classified its commercial paper, corporate bonds and United States treasury securities within Level 2 because their fair values are determined using alternative pricing sources or models that utilized market observable inputs. The following table reflects the change in the Company’s Level 3 liabilities, which consists of the warrants issued in a private placement in November 2016 (see Note 7), for the period ended September 30, 2019 (in thousands): November Private Placement Warrants Balance at December 31, 2017 $ 13,128 Change in fair value (4,617 ) Balance at December 31, 2018 8,511 Change in fair value (8,061 ) Balance at September 30, 2019 $ 450 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, December 31, 2019 2018 Clinical $ 1,032 $ 941 Compensation and benefits 526 830 Accounting and legal 238 227 Other 202 369 Total accrued expenses and other current liabilities $ 1,998 $ 2,367 |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Warrants | 7. WARRANTS In connection with the amendment and restatement of a license agreement with BioHEP Technologies Ltd. (“BioHEP”) in February 2016, the Company issued a warrant to purchase 125,000 shares of the Company’s common stock to BioHEP (the “BioHEP Warrant”). The BioHEP Warrant had an exercise price of $16.00 per share and expired unexercised on August 1, 2018. The Company evaluated the terms of the warrant and concluded that it should be equity-classified. The fair value of the warrant, $0.8 million, was estimated on the issuance date using a Black-Scholes pricing model based on the following assumptions: an expected term of two and a half years, expected stock price volatility of 71%, a risk-free interest rate of 1.01%, and a dividend yield of 0%. The fair value was expensed as research and development costs. In connection with the Company’s IPO, the Company issued to the sole book-running manager for the IPO a warrant to purchase 27,600 shares of common stock in May 2016 and a warrant to purchase 747 shares of common stock in June 2016 (together, the “IPO Warrants”). The IPO Warrants are exercisable at an exercise price of $15.00 per share and expire on May 5, 2021. The Company evaluated the terms of the IPO Warrants and concluded that they should be equity-classified. The fair value of the May 2016 IPO Warrants was estimated on the applicable issuance dates using a Black-Scholes pricing model based on the following assumptions: an expected term of 4.99 years; expected stock price volatility of 87%; a risk-free interest rate of 1.20%; and a dividend yield of 0%. The fair value of the June 2016 IPO Warrants was estimated on the applicable issuance dates using a Black-Scholes pricing model based on the following assumptions: an expected term of 4.92 years; expected stock price volatility of 87%; a risk-free interest rate of 1.23%; and a dividend yield of 0%. The aggregate fair value of the IPO Warrants was approximately $0.2 million. In November 2016, the Company entered into a definitive agreement with respect to the private placement of 1,644,737 shares of common stock and warrants to purchase 1,644,737 shares of common stock (the “November 2016 Private Placement Warrants”) to a group of accredited investors. These investors paid $9.12 for each share of common stock and warrant to purchase one share of common stock. The November 2016 Private Placement Warrants are exercisable at an exercise price of $10.79 per share and expire on November 23, 2021. The Company evaluated the terms of these warrants and concluded that they are liability-classified. In November 2016, the Company recorded the fair value of these warrants of approximately $8.3 million using a Black-Scholes pricing model. The Company must recognize any change in the value of the warrant liability each reporting period in the statement of operations. As of September 30, 2019 and December 31, 2018, the fair value of the November 2016 Private Placement Warrants was approximately $0.5 million and $8.5 million, respectively (see Note 5). A summary of the Black-Scholes pricing model assumptions used to record the fair value of the warrants is as follows: September 30, 2019 December 31, 2018 Risk-free interest rate 1.6 % 2.5 % Expected term (in years) 2.1 2.9 Expected volatility 62.3 % 78.1 % Expected dividend yield 0 % 0 % In September 2019, the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Pontifax Medison Finance (Israel) L.P. and Pontifax Medison Finance (Cayman) L.P., as lenders, and Pontifax Medison Finance GP, L.P., in its capacity as administrative agent and collateral agent for itself and the lenders, providing for a $20.0 million term loan (see Note 9) In connection with the Company’s Loan and Security Agreement, the Company issued to certain lenders warrants to purchase 250,000 shares of common stock (the “Pontifax Warrants”). The Pontifax Warrants are exercisable at an exercise price of $6.57 per share and expire on September 19, 2025. The Company evaluated the terms of the Pontifax Warrants and concluded that they are equity-classified. The fair value of the Pontifax Warrants was estimated on the issuance date using a Black-Scholes pricing model based on the following assumptions: an expected term of 6.0 years; expected stock price volatility of 83.2%; a risk-free interest rate of 1.7%; and a dividend yield of 0%. The aggregate fair value of the Pontifax Warrants was approximately $0.6 million and was recorded as a discount to the term loan and will be amortized over the life of the term loan using the effective interest rate method. In September 2019, the Company issued warrants to a service provider to purchase 15,000 shares of common stock (the “September 2019 Warrants”). The September 2019 Warrants are exercisable at an exercise price of $4.21 per share and expire on September 19, 2021. The Company evaluated the terms of the September 2019 Warrants and concluded that they are equity-classified. The fair value of the September 2019 Warrants was estimated on the applicable issuance date using a Black-Scholes pricing model based on the following assumptions: an expected term of 2.0 years; expected stock price volatility of 69.4%; a risk-free interest rate of 1.7%; and a dividend yield of 0%. The aggregate fair value of the September 2019 Warrants was approximately $19,000 and will be expensed over the life of the service contract. A summary of the warrant activity for the nine months ended September 30, 2019 and for the year ended December 31, 2018 is as follows: Warrants Outstanding at December 31, 2017 1,787,124 Grants — Exercises — Expirations/cancellations (125,000 ) Outstanding at December 31, 2018 1,662,124 Grants 265,000 Exercises — Expirations/cancellations — Outstanding at September 30, 2019 1,927,124 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 8. STOCKHOLDERS’ EQUITY Common and Preferred Stock In August 2017, the Company entered into a Controlled Equity Offering SM In August 2018, the Company issued and sold in an underwritten public offering an aggregate of 3,246,079 shares of its common stock at $12.50 per share, which included 246,079 shares pursuant to the exercise of an option to purchase additional shares granted to the underwriters in connection with the offering. The offering resulted in $38.0 million of net proceeds, after deducting underwriting discounts and commissions and other offering expenses payable by the Company. 2014 Stock Incentive Plan and 2015 Stock Incentive Plan In April 2014, the Company’s Board of Directors approved the 2014 Stock Incentive Plan (the “2014 Plan”) and authorized 750,000 shares of common stock to be issued under the 2014 Plan. The Company’s 2015 Stock Incentive Plan (the “2015 Plan”) became effective immediately prior to the closing of the Company’s IPO on May 11, 2016. Upon the effectiveness of the 2015 Plan, 116,863 shares of common stock that remained available for grant under the 2014 Plan became available for grant under the 2015 Plan, and no further awards were available to be issued under the 2014 Plan. The Company’s Board of Directors initially adopted the 2015 Plan in December 2015, subject to stockholder approval, and authorized 750,000 shares of Common Stock to be issued under the 2015 Plan. The 2014 Plan and 2015 Plan provide for the issuance of common stock, stock options and other stock-based awards to employees, officers, directors, consultants and advisors of the Company. Amended and Restated 2015 Stock Incentive Plan In June 2018, upon receipt of stockholder approval at the Company’s 2018 annual meeting, the 2015 Plan was amended and restated in its entirety increasing the authorized number of shares of common stock reserved for issuance by 800,000 shares (together with the 2014 Plan, the 2015 Plan, the “Stock Incentive Plans”). The Board approved the Amended and Restated 2015 Plan on March 9, 2018. Pursuant to the Amended and Restated 2015 Plan, there are 1,666,863 shares authorized for issuance. In addition, to the extent any outstanding awards under the 2014 Plan expire, terminate or are otherwise surrendered, cancelled or forfeited after the closing of the Company’s IPO, those shares are added to the authorized shares under the Amended and Restated 2015 Plan. The total amount of shares authorized for issuance under both the 2014 Plan and the Amended and Restated 2015 Plan is 2,300,000. As of September 30, 2019, the Company had 339,644 shares available for issuance under the Amended and Restated 2015 Plan. The exercise price of stock options cannot be less than the fair value of the common stock on the date of grant. Stock options awarded under the Stock Incentive Plans expire 10 years after the grant date, unless the Board sets a shorter term. There were no stock options granted prior to 2015. The following table summarizes the option activity under the Stock Incentive Plans for the nine months ended September 30, 2019 and the year ended December 31, 2018: Options Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value Options outstanding at December 31, 2017 988,565 $ 10.83 $ 2,617,859 Granted 311,000 12.28 — Exercised — — — Cancelled — — — Outstanding at December 31, 2018 1,299,565 11.18 881,385 Granted 395,500 9.61 — Exercised — — — Cancelled (22,750 ) 13.36 — Options outstanding at September 30, 2019 1,672,315 $ 10.78 $ — Options exercisable at September 30, 2019 1,016,449 $ 11.23 $ — As of September 30, 2019, all options outstanding have a weighted-average remaining contractual life of 7.5 years. The weighted-average fair value of all stock options granted for the nine months ended September 30, 2019 was $6.74. Intrinsic value at September 30, 2019 and December 31, 2018 is based on the closing price of the Company’s common stock on that date of $3.44 per share and $10.39 per share, respectively. In January 2018, the Company issued a stock option award as an inducement grant for the purchase of an aggregate of 50,000 shares of the Company’s common stock, outside of the Stock Incentive Plans, at an exercise price of $12.02 per share. In February 2019, the Company issued a stock option award as an inducement grant for the purchase of an aggregate of 40,000 shares of the Company’s common stock, outside of the Stock Incentive Plans, at an exercise price of $10.39 per share. These inducement grants are excluded from the option activity table above. The assumptions the Company used to determine the fair value of stock options granted to employees and directors during the nine months ended September 30, 2019 and 2018 are as follows, presented on a weighted-average basis: For the Nine Months Ended September 30, 2019 2018 Risk-free interest rate 2.5 % 2.5 % Expected term (in years) 5.9 6.1 Expected volatility 81.1 % 82.5 % Expected dividend yield 0 % 0 % Performance-Based Restricted Stock Units In January 2019, the Company issued RSUs to senior management under the 2015 Plan that represent shares potentially issuable in the future subject to the satisfaction of certain performance milestones as well as a service condition The Company estimates the fair value of total shareholder return RSUs at the date of grant using a Monte Carlo valuation methodology and amortizes those fair values over the requisite service period for each separately vesting tranche of the award. The Monte Carlo methodology that the Company uses to estimate the fair value of total shareholder return RSUs at the date of grant incorporates into the valuation the possibility that the market condition may not be satisfied. Provided that the requisite service is rendered, the total fair value of the total shareholder return RSUs at the date of grant must be recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria. The Company estimates the fair value of milestone-based RSUs at the date of grant using the fair value method and the probability that the specified performance criteria will be met. Each quarter the Company updates its assessment of the probability that the specified milestone criteria will be achieved and adjusts its estimate of the fair value, if necessary. The Company amortizes the fair values of milestone-based RSUs over the requisite service period for each separately vesting tranche of the award. As of September 30, 2019, the Company estimates that it is currently not probable that it will achieve the December 31, 2019 clinical milestone applicable to the milestone-based RSUs and has not recognized stock-based compensation expense for these RSUs as it relates to the December 31, 2019 milestone base goal. As of September 30, 2019, the Company estimates that it is currently probable that it will achieve the December 31, 2020 clinical milestone applicable to the milestone-based RSUs and has recognized the stock-based compensation expense for these RSUs as it relates to the December 31, 2020 milestone. The total stock-based compensation recognized for the three and nine months ended September 30, 2019 for the RSUs was approximately $0.1 million and $0.4 million, respectively. As of September 30, 2019, the Company adjusted stock-based compensation approximately $0.1 million for previously recognized stock-based compensation for the December 31, 2019 clinical milestone currently estimated to be not probable. The following table is a rollforward of RSU activity under the Stock Incentive Plans for the nine months ended September 30, 2019: Restricted Stock Units Weighted-Average Grant Date Fair Value Total nonvested units at December 31, 2018 — $ — Granted 203,700 8.49 Exercised — — Vested — — Cancelled (17,900 ) 8.49 Total nonvested units at September 30, 2019 185,800 $ 8.49 The assumptions used to determine the fair value of the RSUs granted to management during the nine months ended September 30, 2019 for the performance goal milestone units is based on the market price of the award on the grant date, which was a weighted average fair value for the nine months ended September 30, 2019 of $10.35 per share. The fair value of the performance-based RSUs granted to management in 2019 for the Company’s relative total share return units is based on the Monte Carlo Simulation method on the grant date, which the weighted average fair value as of the nine months ended September 30, 2019 was $6.62 per share. Stock-Based Compensation The following table summarizes the Company’s stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Stock-based compensation: 2019 2018 2019 2018 Research and development $ 314 $ 214 $ 971 $ 628 General and administrative 497 499 1,854 1,434 Total Stock-based compensation $ 811 $ 713 $ 2,825 $ 2,062 The fair value of stock options vested during the nine months ended September 30, 2019 was $2.4 million. At September 30, 2019, there was $4.6 million of unrecognized stock-based compensation expense relating to stock options granted pursuant to the Stock Incentive Plans, which will be recognized over the weighted-average remaining vesting period of 2.6 years. The expense recognized is partially dependent upon the Company’s estimate of the number of shares that will ultimately be issued. At September 30, 2019, there was $0.7 million of unrecognized stock-based compensation expense relating to performance-based RSUs granted pursuant to the Stock Incentive Plans, which will be recognized over the weighted-average remaining vesting period of 1.3 years. Reserved Shares As of September 30, 2019 and December 31, 2018, the Company reserved the following shares of common stock for issuance of shares resulting from exercise of outstanding warrants, convertible shares from the Loan and Security Agreement, options and performance-based RSUs, as well as issuance of shares available for grant under the Stock Incentive Plans: September 30, December 31, 2019 2018 IPO warrants 28,347 28,347 November private placement warrants 1,633,777 1,633,777 Loan and security agreement 2,329,143 — Pontifax warrants 250,000 — September 2019 warrants 15,000 — 2015 amended and restated stock incentive plan 2,197,759 2,238,887 Inducement awards 90,000 50,000 Total 6,544,026 3,951,011 |
Convertible Debt
Convertible Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Debt | 9. CONVERTIBLE DEBT In September 2019, the Company entered into a Loan and Security Agreement with Pontifax Medison Finance (Israel) L.P. and Pontifax Medison Finance (Cayman) L.P., as lenders, and Pontifax Medison Finance GP, L.P., in its capacity as administrative agent and collateral agent for itself and the lenders (collectively, the “Lenders”), providing for a $20.0 million term loan (the “Convertible Term Loan”), which the Company received on September 19, 2019 (the “Closing Date”). The Convertible Term Loan bears interest at an annual rate of 8.0%. The Loan and Security Agreement provides for interest-only payments for twenty-four months and repayment of the aggregate outstanding principal balance of the Convertible Term Loan in quarterly installments starting upon expiration of the interest only period and continuing through September 19, 2023 (the “Maturity Date”). The Company incurred issuance costs of $0.4 million. The Convertible Term Loan issuance costs are shown as an offset to the Convertible Term Loan on the balance sheet and are amortized using the effective interest method to interest expense through the Maturity Date. The Company may, at its option, prepay some or all of the then outstanding principal balance and all accrued and unpaid interest on the Convertible Term Loan, together with a prepayment charge equal to 3% of the principal amount being prepaid. The Company’s obligations are secured by a security interest, senior to any current and future debts and to any security interest, in all of the Company’s right, title, and interest in, to and under all of its property and other assets, subject to limited exceptions including the Company’s intellectual property. The Loan and Security Agreement contains customary events of default, representations, warranties and covenants, including a material adverse effect clause. The Company must maintain a minimum cash balance of $7.0 million in Spring Bank Pharmaceuticals, Inc. accounts, or it is in breach of the Loan and Security Agreement, which the Company is in compliance with as of September 30, 2019. Upon the occurrence of an event of default, a default interest rate of an additional 4% per annum may be applied to the outstanding loan balances, and the Lenders may declare all outstanding obligations immediately due and payable and exercise all of its rights and remedies as set forth in the Loan and Security Agreement and under applicable law. In addition, the Company issued the Lenders warrants to purchase an aggregate of 250,000 shares of the Company’s common stock. The Pontifax Warrants are exercisable for a period of six years from the Closing Date at an exercise price of $6.57 per share, which is equal to 1.5 times 30-day VWAP. The aggregate fair value of the Pontifax Warrants was approximately $0.6 million and was recorded as a discount to the term loan and will be amortized over the life of the term loan using the effective interest rate method During the three and nine months ended September 30, 2019, the Company recorded interest expense of approximately $63,000 in connection with the Convertible Term Loan. The fair value of the term loan as of September 30, 2019 approximates its face value given the close proximity of the execution to September 30, 2019 and due to market terms. The Company evaluated the accounting for the Loan and Security Agreement and identified an embedded derivative related to the contingent interest feature. The Company determined the fair value of the contingent interest feature to be di minimis and will re-value the derivative at the end of each reporting period. The following table summarizes the Company’s future principal debt payments on the Convertible Term Loan as of September 30, 2019 (in thousands): September 30, 2019 2019 $ — 2020 — 2021 2,500 2022 10,000 2023 7,500 Total principal payments $ 20,000 Less: unamortized debt discount (989 ) Term loan, long-term $ 19,011 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 10. LEASES The Company has operating leases for its principal office and laboratory space and the Company’s former headquarters. The Company’s leases have remaining lease terms of approximately 8.5 years for its principal office and laboratory space, which includes an option to extend the lease for up to 5 years, and approximately 2 years for its former headquarters. The Company’s former headquarters location is subleased through the remainder of the lease term. Other information related to leases was as follows: For the Nine Months Ended September 30, Cash paid for amounts included in the measurement of lease liabilities: 2019 Operating cash flow from operating leases (in thousands) $ 273 Right-of-use assets obtained in exchange for lease obligations: Operating leases (in thousands) $ 2,980 Weighted Average Remaining Lease Term Operating leases 8.5 years Weighted Average Discount Rate Operating leases 8.0 % Operating lease costs under the leases for the three and nine months ended September 30, 2019 were approximately $130,000 and $390,000, respectively. Total operating lease costs for the three and nine months ended September 30, 2019 were offset by $22,000 and $59,000, respectively, for sublease income and variable lease cost payments. Total rent expense for the three and nine months ended September 30, 2018 was $144,000 and $286,000 respectively, which included payments for a lease of the Company’s research and development facility. The lease term of the research and development facility ended as of June 30, 2018. The following table summarizes the Company’s maturities of operating lease liabilities as of September 30, 2019 (in thousands): Year 2019 (excluding the nine months ended September 30, 2019) $ 144 2020 588 2021 508 2022 450 2023 462 Thereafter 2,405 Total lease payments $ 4,557 Less: present value discount (1,252 ) Total $ 3,305 For comparative purposes, the Company’s aggregate future minimum non-cancellable commitments under operating leases as of December 31, 2018 were as follows (in thousands): Year 2019 $ 417 2020 588 2021 508 2022 450 Thereafter 2,867 Total minimum lease payments $ 4,830 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES BioHEP Technologies Ltd. License Agreement In January 2016, the Company entered into an amended and restated license agreement with BioHEP, which became effective on February 1, 2016. Under the amended and restated license agreement, the Company agreed to pay BioHEP up to $3.5 million in development and regulatory milestone payments for disease(s) caused by each distinct virus for which the Company develops licensed product(s). BioHEP is also eligible to receive tiered royalties in the low-to-mid single-digits on net product sales of licensed products by the Company and its affiliates and sub licensees, and a specified share of non-royalty sublicensing revenues the Company and its affiliates receive from sub licensees, which share of sublicensing revenues is capped at a maximum aggregate of $2.0 million under all such sublicenses. Milestone and royalty payments associated with the Company’s amended and restated license agreement with BioHEP cannot be reasonably estimated as to whether or when they will occur. As of September 30, 2019, there have been no milestone or royalty payments made to BioHEP. Contingencies The Company accrues for contingent liabilities to the extent that the liability is probable and estimable. There are no accruals for contingent liabilities in these consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date on which the consolidated financial statements were issued, to ensure that this submission includes appropriate disclosure of events both recognized in the consolidated financial statements and events which occurred subsequently but were not recognized in the consolidated financial statements. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Liquidity | Basis of Presentation and Liquidity The accompanying consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). The accompanying interim financial statements as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018, and related interim information contained within the notes to the financial statements, are unaudited. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the Company’s audited financial statements and include all adjustments (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of September 30, 2019, results of operations for the three and nine months ended September 30, 2019 and 2018, statement of stockholders’ equity for the three and nine months ended September 30, 2019 and 2018 and its cash flows for the nine months ended September 30, 2019 and 2018. These interim financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission (“SEC”) on March 11, 2019. The results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results expected for the full fiscal year or any interim period. As of September 30, 2019, the Company had an accumulated deficit of $118.7 million and $63.1 million in cash, cash equivalents and marketable securities. The Company expects to continue to incur significant and increasing losses for the foreseeable future. The Company anticipates that its expenses will increase significantly as it continues to develop inarigivir, SB 11285, SB 9225 and its other product candidates. The Company does not have any committed external source of funds. As a result, the Company will need additional financing to support its continuing operations. Adequate additional funds may not be available to the Company on acceptable terms, or at all. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, stockholders’ ownership interests will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect common stockholder rights. If the Company raises additional funds through collaborations, strategic alliances or licensing arrangements with third parties, the Company may have to relinquish valuable rights to its technologies, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to the Company. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Sperovie Biosciences, Inc., SBP Securities Corporation and SBP International Limited. Sperovie Biosciences, Inc. had operations consisting mainly of legal fees associated with intellectual property activities as of September 30, 2019. Sperovie Biosciences, Inc. is a joint borrower with the Company under the Company’s term loan (see Note 9). SBP Securities Corporation had assets primarily related to investments in marketable securities and operations consisting primarily of interest income as of September 30, 2019. SBP International Limited had operations consisting mainly of clinical trial oversight, including European data protection oversight, as of September 30, 2019. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying financial statements related to the fair value of warrants, accounting for stock-based compensation, income taxes, useful lives of long-lived assets, and accounting for certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are stated at fair value and include short-term, highly liquid investments with remaining maturities of 90 days or less at the date of purchase. Included in cash and cash equivalents as of September 30, 2019 and December 31, 2018 are money market fund investments of $32.5 million and $13.3 million, respectively, which are reported at fair value (see Note 5). |
Restricted Cash | Restricted Cash As of September 30, 2019 and December 31, 2018, restricted cash consists of approximately $234,000, which is held as a security deposit required in conjunction with a lease agreement for the Company’s principal office and laboratory space entered into in October 2017. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and marketable securities. Substantially all of the Company’s cash is held at financial institutions that management believes to be of high credit quality. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits may be redeemed upon demand and, therefore, bear minimal risk. |
Investments in Marketable Securities | Investments in Marketable Securities The Company invests excess cash balances in short-term and long-term marketable securities. The Company classifies investments in marketable securities as either held-to-maturity or available-for-sale based on facts and circumstances present at the time of purchase. At each balance sheet date presented, all investments in securities are classified as available-for-sale. The Company reports available-for-sale investments at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s consolidated statements of operations and comprehensive loss. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements Lesser of 10 years or the remaining term of the respective lease |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities and operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This is the rate the Company would have to pay if borrowing on a collateralized basis over a similar term to each lease. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying value, an impairment loss is recorded for the difference between the carrying value and fair value of the asset. As of September 30, 2019, no such impairment has occurred. |
Research and Development Costs | Research and Development Costs Research and development expenses consist primarily of costs incurred for the Company’s research activities, including discovery efforts, and the development of product candidates, which include: • expenses incurred under agreements with third parties, including contract research organizations, or CROs, that conduct research, preclinical activities and clinical trials on the Company’s behalf as well as contract manufacturing organizations, or CMOs, that manufacture drug products for use in the Company’s preclinical and clinical trials; • salaries, benefits and other related costs, including stock-based compensation expense, for personnel in the Company’s research and development functions; • costs of outside consultants, including their fees, stock-based compensation and related travel expenses; • the cost of laboratory supplies and acquiring, developing and manufacturing preclinical study and clinical trial materials; • costs related to compliance with regulatory requirements; and • facility-related expenses, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs. The Company expenses research and development costs as incurred. The Company recognizes external development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its vendors and its clinical investigative sites. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the Company’s consolidated financial statements as prepaid or accrued research and development expenses. |
Warrants | Warrants The Company accounts for freestanding warrants within stockholders equity or as liabilities based on the characteristics and provisions of each instrument. The Company evaluates outstanding warrants in accordance with ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based payments include stock options, performance-based restricted stock units (“RSUs”) and grants of common stock, including common stock subject to vesting. The Company accounts for all stock-based payment awards granted to employees and nonemployees using a fair value method. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, which is generally the vesting period, on a straight-line basis. The Company accounts for forfeitures as they occur. The Company measures the fair value of the performance-based restricted stock units relating to the total share return performance using a Monte Carlo valuation model. The Company measures the fair value of the performance-based restricted stock units relating to the milestone performance goals using the fair value method and the probability that the specified performance criteria will be met. Each quarter the Company updates its assessment of the probability that the specified milestone criteria will be achieved and adjusts its estimate of the fair value, if necessary. Stock-based compensation expense is classified in the accompanying consolidated statements of operations and comprehensive loss based on the department to which the related services are provided. |
Financial Instruments | Financial Instruments The Company’s financial instruments consist of cash equivalents, marketable securities, accounts payable, a term loan and liability classified warrants. The carrying amounts of cash and cash equivalents and accounts payable approximate their fair value due to the short-term nature of those financial instruments. The fair value of the marketable securities and liability classified warrants are remeasured to fair value each reporting period (see Note 5). The fair value of the term loan approximates its face value given the close proximity of the execution of the term loan to September 30, 2019. |
Fair Value Measurements | Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value on a recurring basis include cash equivalents, marketable securities and warrant liabilities. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period, determined using the treasury-stock method and the as if-converted method, for convertible securities, if inclusion of these instruments is dilutive. For the three and nine months ended September 30, 2019, both methods are equivalent and for the three months ended September 30, 2018, both methods are equivalent. For the nine months ended September 30, 2018, diluted net loss per share amounts were calculated based on the dilutive effect of the total number of shares of common stock related to the November 2016 Private Placement warrants and the change in the fair value of the warrant liability. Basic and diluted net loss per share is described further in Note 2. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and for loss and credit carryforwards using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the consolidated financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of interest expense. As of September 30, 2019 and December 31, 2018, the Company has not identified any material uncertain tax positions. |
Guarantees and Indemnifications | Guarantees and Indemnifications As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The Company leases its principal office and laboratory space in Hopkinton, Massachusetts and previously leased research and development space in Milford, Massachusetts under non-cancelable operating leases. The Company has standard indemnification arrangements under these leases that require it to indemnify the landlords against liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or nonperformance under the Company’s lease. Through September 30, 2019, the Company had not experienced any losses related to these indemnification obligations and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. |
Segment Information | Segment Information Operating segments are identified as components of an enterprise about which separate and discrete financial information is available for evaluation by the chief operating decision maker, the Company’s chief executive officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment and does not track expenses on a program-by-program basis. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirement for Fair Value Measurement . In February 2016, the FASB issued ASU No. 2016-02, Leases “Codification Improvements to Topic 842, Leases” The Company adopted the standard on the effective date of January 1, 2019 by applying the new lease requirements at the effective date. Prior periods continue to be presented based on the accounting standards originally in effect for such periods. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allows the Company to carry forward the historical lease classification. The Company will also apply the practical expedient not to separate lease and non-lease components for new and modified leases commencing after adoption. The standard had an impact of approximately $3.0 million on the Company’s assets and $3.4 million on its liabilities, as of January 1, 2019, for the recognition of right-of-use assets and lease liabilities, which are primarily related to the lease of its corporate headquarters in Hopkinton, Massachusetts. The standard did not have a material impact on the Company’s results of operations or liquidity (see Note 10) In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception . |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Property and Equipment | Depreciation is provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements Lesser of 10 years or the remaining term of the respective lease |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table summarizes the computation of basic and diluted net loss per share of the Company for such periods (in thousands, except share and per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net loss $ (6,912 ) $ (8,780 ) $ (16,662 ) $ (17,429 ) Less: decrease in change in fair value of warrant liabilities (3,837 ) Net loss available to common shareholders $ (21,266 ) Weighted-average number of shares outstanding: Basic 16,459,155 14,841,197 16,446,582 13,677,375 Effect of dilutive securities: Common stock warrants 1,633,777 Dilutive potential common shares 15,311,152 Net loss per common share: Basic $ (0.42 ) $ (0.59 ) $ (1.01 ) $ (1.27 ) Diluted $ (0.42 ) $ (0.59 ) $ (1.01 ) $ (1.39 ) |
Summary of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Convertible debt 2,329,143 — 2,329,143 — Common stock warrants 1,927,124 1,662,124 1,927,124 28,347 Stock options, RSUs and inducement awards 1,948,115 1,349,565 1,948,115 1,349,565 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Investments by Category | The following table summarizes the Company’s investments, by category, as of September 30, 2019 and December 31, 2018 (in thousands): September 30, December 31, Investments - Current: 2019 2018 Debt securities - available for sale $ 28,778 $ 32,914 Total $ 28,778 $ 32,914 Investments - Noncurrent: Debt securities - available for sale $ — $ 16,804 Total $ — $ 16,804 |
Summary of Available-for-Sale Classified Investments | A summary of the Company’s available-for-sale classified investments as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): At September 30, 2019 Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value Investments - Current: Corporate bonds $ 11,055 $ — $ (74 ) $ 10,981 United States treasury securities 17,961 — (164 ) $ 17,797 Total $ 29,016 $ — $ (238 ) $ 28,778 At December 31, 2018 Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value Investments - Current: Corporate bonds $ 16,028 $ — $ (19 ) $ 16,009 United States treasury securities 16,913 — (8 ) 16,905 Total $ 32,941 $ — $ (27 ) $ 32,914 Investments - Noncurrent: Corporate bonds $ 4,930 $ 2 $ — $ 4,932 United States treasury securities 11,852 20 — 11,872 Total $ 16,782 $ 22 $ — $ 16,804 |
Schedule of Amortized Cost and Fair Value of Available-for-Sale Investments, by Contract Maturity | The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of September 30, 2019 consisted of the following (in thousands): Amortized Cost Fair Value Due in one year or less $ 29,016 $ 28,778 Due after one year through two years — — Total $ 29,016 $ 28,778 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, December 31, 2019 2018 Equipment $ 1,278 $ 1,064 Furniture and fixtures 385 400 Leasehold improvements 1,356 1,347 Total property and equipment 3,019 2,811 Less: accumulated depreciation and amortization (755 ) (492 ) Property and equipment, net $ 2,264 $ 2,319 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | A summary of the assets and liabilities that are measured at fair value as of September 30, 2019 and December 31, 2018 is as follows (in thousands): Fair Value Measurement at September 30, 2019 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 32,526 $ 32,526 $ — $ — Fixed income securities 28,778 — 28,778 — Total $ 61,304 $ 32,526 $ 28,778 $ — Liabilities: Warrant liabilities $ 450 $ — $ — $ 450 Total $ 450 $ — $ — $ 450 Fair Value Measurement at December 31, 2018 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 13,264 $ 13,264 $ — $ — Fixed income securities 49,718 — 49,718 — Total $ 62,982 $ 13,264 $ 49,718 $ — Liabilities: Warrant liabilities $ 8,511 $ — $ — $ 8,511 Total $ 8,511 $ — $ — $ 8,511 (1) Money market funds are included within cash and cash equivalents in the accompanying consolidated balance sheets and are recognized at fair value. |
Summary of Change in Company's Level 3 Liabilities, Warrants Issued in Private Placement | The following table reflects the change in the Company’s Level 3 liabilities, which consists of the warrants issued in a private placement in November 2016 (see Note 7), for the period ended September 30, 2019 (in thousands): November Private Placement Warrants Balance at December 31, 2017 $ 13,128 Change in fair value (4,617 ) Balance at December 31, 2018 8,511 Change in fair value (8,061 ) Balance at September 30, 2019 $ 450 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, December 31, 2019 2018 Clinical $ 1,032 $ 941 Compensation and benefits 526 830 Accounting and legal 238 227 Other 202 369 Total accrued expenses and other current liabilities $ 1,998 $ 2,367 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Summary of Assumptions Used to Record Fair Value of Warrants | A summary of the Black-Scholes pricing model assumptions used to record the fair value of the warrants is as follows: September 30, 2019 December 31, 2018 Risk-free interest rate 1.6 % 2.5 % Expected term (in years) 2.1 2.9 Expected volatility 62.3 % 78.1 % Expected dividend yield 0 % 0 % |
Summary of Warrant Activity | A summary of the warrant activity for the nine months ended September 30, 2019 and for the year ended December 31, 2018 is as follows: Warrants Outstanding at December 31, 2017 1,787,124 Grants — Exercises — Expirations/cancellations (125,000 ) Outstanding at December 31, 2018 1,662,124 Grants 265,000 Exercises — Expirations/cancellations — Outstanding at September 30, 2019 1,927,124 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of Option Activity | The following table summarizes the option activity under the Stock Incentive Plans for the nine months ended September 30, 2019 and the year ended December 31, 2018: Options Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value Options outstanding at December 31, 2017 988,565 $ 10.83 $ 2,617,859 Granted 311,000 12.28 — Exercised — — — Cancelled — — — Outstanding at December 31, 2018 1,299,565 11.18 881,385 Granted 395,500 9.61 — Exercised — — — Cancelled (22,750 ) 13.36 — Options outstanding at September 30, 2019 1,672,315 $ 10.78 $ — Options exercisable at September 30, 2019 1,016,449 $ 11.23 $ — |
Summary of Assumptions to Determine Fair Value of Stock Options Granted to Employees and Directors | The assumptions the Company used to determine the fair value of stock options granted to employees and directors during the nine months ended September 30, 2019 and 2018 are as follows, presented on a weighted-average basis: For the Nine Months Ended September 30, 2019 2018 Risk-free interest rate 2.5 % 2.5 % Expected term (in years) 5.9 6.1 Expected volatility 81.1 % 82.5 % Expected dividend yield 0 % 0 % |
Summary of RSU Activity | The following table is a rollforward of RSU activity under the Stock Incentive Plans for the nine months ended September 30, 2019: Restricted Stock Units Weighted-Average Grant Date Fair Value Total nonvested units at December 31, 2018 — $ — Granted 203,700 8.49 Exercised — — Vested — — Cancelled (17,900 ) 8.49 Total nonvested units at September 30, 2019 185,800 $ 8.49 |
Summary of Stock-Based Compensation Expense | The following table summarizes the Company’s stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Stock-based compensation: 2019 2018 2019 2018 Research and development $ 314 $ 214 $ 971 $ 628 General and administrative 497 499 1,854 1,434 Total Stock-based compensation $ 811 $ 713 $ 2,825 $ 2,062 |
Summary of Shares of Common Stock Reserved | As of September 30, 2019 and December 31, 2018, the Company reserved the following shares of common stock for issuance of shares resulting from exercise of outstanding warrants, convertible shares from the Loan and Security Agreement, options and performance-based RSUs, as well as issuance of shares available for grant under the Stock Incentive Plans: September 30, December 31, 2019 2018 IPO warrants 28,347 28,347 November private placement warrants 1,633,777 1,633,777 Loan and security agreement 2,329,143 — Pontifax warrants 250,000 — September 2019 warrants 15,000 — 2015 amended and restated stock incentive plan 2,197,759 2,238,887 Inducement awards 90,000 50,000 Total 6,544,026 3,951,011 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal Payments on Convertible Term Loan | The following table summarizes the Company’s future principal debt payments on the Convertible Term Loan as of September 30, 2019 (in thousands): September 30, 2019 2019 $ — 2020 — 2021 2,500 2022 10,000 2023 7,500 Total principal payments $ 20,000 Less: unamortized debt discount (989 ) Term loan, long-term $ 19,011 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Other Information Related to Leases | Other information related to leases was as follows: For the Nine Months Ended September 30, Cash paid for amounts included in the measurement of lease liabilities: 2019 Operating cash flow from operating leases (in thousands) $ 273 Right-of-use assets obtained in exchange for lease obligations: Operating leases (in thousands) $ 2,980 Weighted Average Remaining Lease Term Operating leases 8.5 years Weighted Average Discount Rate Operating leases 8.0 % |
Summary of Maturities of Operating Lease Liabilities | The following table summarizes the Company’s maturities of operating lease liabilities as of September 30, 2019 (in thousands): Year 2019 (excluding the nine months ended September 30, 2019) $ 144 2020 588 2021 508 2022 450 2023 462 Thereafter 2,405 Total lease payments $ 4,557 Less: present value discount (1,252 ) Total $ 3,305 |
Summary of Aggregate Future Minimum Non-Cancellable Commitments Under Operating Leases | For comparative purposes, the Company’s aggregate future minimum non-cancellable commitments under operating leases as of December 31, 2018 were as follows (in thousands): Year 2019 $ 417 2020 588 2021 508 2022 450 Thereafter 2,867 Total minimum lease payments $ 4,830 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2019USD ($)SubsidiarySegment | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of wholly owned subsidiaries | Subsidiary | 3 | ||
Accumulated deficit | $ (118,730,000) | $ (102,068,000) | |
Cash, cash equivalents and marketable securities | 63,100,000 | ||
Restricted cash | 234,000 | 234,000 | |
Impairment of long-lived assets | 0 | ||
Income tax benefit | 0 | ||
Uncertain tax positions | 0 | 0 | |
Indemnification obligations loss | 0 | ||
Outstanding material claims | 0 | ||
Indemnification obligation reserve | $ 0 | ||
Number of operating segment | Segment | 1 | ||
Right-of-use-assets | $ 2,784,000 | ||
Lease liabilities | 3,305,000 | ||
ASU 2016-02 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Right-of-use-assets | $ 3,000,000 | ||
Lease liabilities | $ 3,400,000 | ||
Money Market Funds [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents fair value | $ 32,500,000 | $ 13,300,000 |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | Lesser of 10 years or the remaining term of the respective lease |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share Basic And Diluted [Abstract] | ||||
Net loss | $ (6,912) | $ (8,780) | $ (16,662) | $ (17,429) |
Less: decrease in change in fair value of warrant liabilities | $ (355) | $ 1,336 | $ (8,061) | (3,837) |
Net loss available to common shareholders | $ (21,266) | |||
Weighted-average number of shares outstanding: | ||||
Basic | 16,459,155 | 14,841,197 | 16,446,582 | 13,677,375 |
Effect of dilutive securities: | ||||
Common stock warrants | 1,633,777 | |||
Dilutive potential common shares | 15,311,152 | |||
Net loss per common share: | ||||
Basic | $ (0.42) | $ (0.59) | $ (1.01) | $ (1.27) |
Diluted | $ (0.42) | $ (0.59) | $ (1.01) | $ (1.39) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Common stock warrant | 6,544,026 | 6,544,026 | 3,951,011 | ||
Change in fair value of warrant liabilities | $ 355 | $ (1,336) | $ 8,061 | $ 3,837 | |
Private Placement [Member] | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Common stock warrant | 1,633,777 | 1,633,777 |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Convertible Debt [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted-average shares outstanding | 2,329,143 | 2,329,143 | ||
Common Stock Warrants [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted-average shares outstanding | 1,927,124 | 1,662,124 | 1,927,124 | 28,347 |
Stock Options, Restricted Stock Units and Inducement Awards [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted-average shares outstanding | 1,948,115 | 1,349,565 | 1,948,115 | 1,349,565 |
Investments - Summary of Invest
Investments - Summary of Investments by Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investments - Current: | ||
Debt securities - available for sale | $ 28,778 | $ 32,914 |
Total | $ 28,778 | 32,914 |
Investments - Noncurrent: | ||
Debt securities - available for sale | 16,804 | |
Total | $ 16,804 |
Investments - Summary of Availa
Investments - Summary of Available-for-Sale Classified Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | $ 29,016 | |
Fair Value | 28,778 | |
Investments - Current [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 29,016 | $ 32,941 |
Accumulated Unrealized Losses | (238) | (27) |
Fair Value | 28,778 | 32,914 |
Investments - Current [Member] | Corporate Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 11,055 | 16,028 |
Accumulated Unrealized Losses | (74) | (19) |
Fair Value | 10,981 | 16,009 |
Investments - Current [Member] | United States Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 17,961 | 16,913 |
Accumulated Unrealized Losses | (164) | (8) |
Fair Value | $ 17,797 | 16,905 |
Investments - Noncurrent [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 16,782 | |
Accumulated Unrealized Gains | 22 | |
Fair Value | 16,804 | |
Investments - Noncurrent [Member] | Corporate Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 4,930 | |
Accumulated Unrealized Gains | 2 | |
Fair Value | 4,932 | |
Investments - Noncurrent [Member] | United States Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 11,852 | |
Accumulated Unrealized Gains | 20 | |
Fair Value | $ 11,872 |
Investments - Schedule of Amort
Investments - Schedule of Amortized Cost and Fair Value of Available-for-Sale Investments, by Contract Maturity (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 29,016 |
Cost Basis | 29,016 |
Due in one year or less, Fair Value | 28,778 |
Total, Fair Value | $ 28,778 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 3,019 | $ 2,811 |
Less: accumulated depreciation and amortization | (755) | (492) |
Property and equipment, net | 2,264 | 2,319 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,278 | 1,064 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 385 | 400 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,356 | $ 1,347 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 92 | $ 107 | $ 263 | $ 193 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 32,500 | $ 13,300 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Total | 61,304 | 62,982 |
Liabilities, Total | 450 | 8,511 |
Carrying Value [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 32,526 | 13,264 |
Carrying Value [Member] | Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities | 28,778 | 49,718 |
Carrying Value [Member] | Warrant Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 450 | 8,511 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Total | 32,526 | 13,264 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 32,526 | 13,264 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Total | 28,778 | 49,718 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities | 28,778 | 49,718 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, Total | 450 | 8,511 |
Significant Unobservable Inputs (Level 3) [Member] | Warrant Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | $ 450 | $ 8,511 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Change in Company's Level 3 Liabilities, Warrants Issued in Private Placement (Detail) - Private Placement [Member] - Warrants [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 8,511 | $ 13,128 |
Change in fair value | (8,061) | (4,617) |
Ending balance | $ 450 | $ 8,511 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Clinical | $ 1,032 | $ 941 |
Compensation and benefits | 526 | 830 |
Accounting and legal | 238 | 227 |
Other | 202 | 369 |
Total accrued expenses and other current liabilities | $ 1,998 | $ 2,367 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Nov. 30, 2016 | Jun. 30, 2016 | May 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 19, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||||||||
Dividend yield | 0.00% | 0.00% | ||||||
Expected life (in years) | 5 years 10 months 24 days | 6 years 1 month 6 days | ||||||
Long-term debt | $ 20,000 | $ 20,000 | ||||||
Loan and Security agreement [Member] | Convertible Term Loan [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Long-term debt | $ 20,000 | |||||||
May 2016 IPO warrants [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Expected volatility of common stock Minimum | 87.00% | |||||||
Risk free interest rate | 1.20% | |||||||
Dividend yield | 0.00% | |||||||
Expected life (in years) | 4 years 11 months 26 days | |||||||
June 2016 IPO warrants [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Expected volatility of common stock Minimum | 87.00% | |||||||
Risk free interest rate | 1.23% | |||||||
Dividend yield | 0.00% | |||||||
Expected life (in years) | 4 years 11 months 1 day | |||||||
September 2019 Warrants [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Fair value of equity | $ 19,000 | $ 19,000 | ||||||
Expected volatility of common stock Minimum | 69.40% | |||||||
Risk free interest rate | 1.70% | |||||||
Dividend yield | 0.00% | |||||||
Expected life (in years) | 2 years | |||||||
Exercise price | $ 4.21 | $ 4.21 | ||||||
Warrants expiration date | Sep. 19, 2021 | |||||||
Warrants issued to purchase shares of common stock | 15,000 | 15,000 | ||||||
IPO [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Fair value of equity | $ 200 | $ 200 | ||||||
Exercise price | $ 15 | |||||||
Warrants expiration date | May 5, 2021 | |||||||
Warrants issued to purchase shares of common stock | 747 | 27,600 | ||||||
Private Placement [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issuance of common stock | 1,644,737 | |||||||
Exercise price | $ 10.79 | |||||||
Warrants expiration date | Nov. 23, 2021 | |||||||
Warrants issued to purchase shares of common stock | 1,644,737 | |||||||
Shares issued price per share | $ 9.12 | |||||||
Common Stock Warrants [Member] | Pontifax [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Fair value of equity | $ 600 | $ 600 | ||||||
Expected volatility of common stock Minimum | 83.20% | |||||||
Risk free interest rate | 1.70% | |||||||
Dividend yield | 0.00% | |||||||
Expected life (in years) | 6 years | 6 years | ||||||
Exercise price | $ 6.57 | $ 6.57 | ||||||
Warrants expiration date | Sep. 19, 2025 | |||||||
Warrants issued to purchase shares of common stock | 250,000 | 250,000 | ||||||
Common Stock Warrants [Member] | Private Placement [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Fair value of equity | $ 500 | $ 8,300 | $ 500 | $ 8,500 | ||||
Common Stock Warrants [Member] | BioHEP Technologies Ltd. [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issuance of common stock | 125,000 | |||||||
Fair value of equity | $ 800 | $ 800 | ||||||
Expected volatility of common stock Minimum | 71.00% | |||||||
Risk free interest rate | 1.01% | |||||||
Dividend yield | 0.00% | |||||||
Expected life (in years) | 2 years 6 months | |||||||
Exercise price | $ 16 | $ 16 | ||||||
Warrants expiration date | Aug. 1, 2018 |
Warrants - Summary of Assumptio
Warrants - Summary of Assumptions Used to Record Fair Value of Warrants (Detail) - Warrants [Member] | Sep. 30, 2019 | Dec. 31, 2018 |
Risk-Free Interest Rate [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value input | 1.60% | 2.50% |
Expected Term [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value input (in years) | 2 years 1 month 6 days | 2 years 10 months 24 days |
Expected Volatility [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value input | 62.30% | 78.10% |
Expected Dividend Yield [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value input | 0.00% | 0.00% |
Warrants - Summary of Warrant A
Warrants - Summary of Warrant Activity (Detail) - Common Stock Warrants [Member] - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||
Outstanding, Beginning Balance | 1,662,124 | 1,787,124 |
Grants | 265,000 | 0 |
Exercises | 0 | 0 |
Expirations/cancellations | 0 | (125,000) |
Outstanding, Ending balance | 1,927,124 | 1,662,124 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | May 11, 2016 | Feb. 28, 2019 | Jan. 31, 2019 | Aug. 31, 2018 | Jun. 18, 2018 | Jan. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2015 | Mar. 09, 2018 | Aug. 31, 2017 | Apr. 30, 2014 |
Class of Stock [Line Items] | |||||||||||||||
Net proceeds from initial public offering of common stock | $ 37,959,000 | ||||||||||||||
Stock options granted | 0 | ||||||||||||||
Stock-based compensation expense | $ 2,825,000 | $ 2,062,000 | |||||||||||||
2018 New Hire Inducement Stock Option Award [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of common stock | 50,000 | ||||||||||||||
Shares issued price per share | $ 12.02 | ||||||||||||||
2019 New Hire Inducement Stock Option Award [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of common stock | 40,000 | ||||||||||||||
Shares issued price per share | $ 10.39 | ||||||||||||||
Performance-Based Restricted Stock Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | In January 2019, the Company issued RSUs to senior management under the 2015 Plan that represent shares potentially issuable in the future subject to the satisfaction of certain performance milestones as well as a service condition. | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award, Vesting Description | The vesting of 50% of the RSUs is based upon the Company’s performance relative to a peer group over a two-year performance period, from January 1, 2019 through December 31, 2020, measured by the Company’s relative total shareholder return. The vesting of 25% of the RSUs is based on the achievement of a performance goal milestone as of December 31, 2019 and the vesting of the remaining 25% of the RSUs is based upon the achievement of a performance goal milestone as of December 31, 2020. | ||||||||||||||
Stock-based compensation expense | $ 100,000 | $ 400,000 | |||||||||||||
Adjusted stock-based compensation | $ 100,000 | $ 100,000 | |||||||||||||
Weighted-average fair value of restricted stock units granted | $ 8.49 | ||||||||||||||
Performance-Based Restricted Stock Units [Member] | Performance Relative to a Peer Group over a Two-year Performance Period, from January 1, 2019 through December 31, 2020 [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting percentage | 50.00% | ||||||||||||||
Performance-Based Restricted Stock Units [Member] | Achievement of a Performance Goal Milestone as of December 31, 2019 [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting percentage | 25.00% | ||||||||||||||
Performance-Based Restricted Stock Units [Member] | Achievement of a Performance Goal Milestone as of December 31, 2020 [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting percentage | 25.00% | ||||||||||||||
Performance Goal Milestone Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Weighted-average fair value of restricted stock units granted | 10.35 | ||||||||||||||
Relative Total Share Return Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Weighted-average fair value of restricted stock units granted | $ 6.62 | ||||||||||||||
2014 Stock Incentive Plan [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of authorized shares of common stock to be issued | 750,000 | ||||||||||||||
Number of shares remain available for grant | 0 | ||||||||||||||
Weighted-average remaining contractual life | 7 years 6 months | ||||||||||||||
Weighted-average fair value of all stock options granted | $ 6.74 | ||||||||||||||
2015 Stock Incentive Plan [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of authorized shares of common stock to be issued | 1,666,863 | ||||||||||||||
Number of shares remain available for grant | 339,644 | 339,644 | |||||||||||||
Number of shares common stock reserved for issuance, increase | 800,000 | ||||||||||||||
Expiry date of stock options awarded | 10 years | ||||||||||||||
2014 and 2015 Stock Incentive Plans [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of authorized shares of common stock to be issued | 2,300,000 | ||||||||||||||
Stock options granted | 395,500 | 311,000 | |||||||||||||
Fair value of stock options vested | $ 2,400,000 | ||||||||||||||
Unrecognized stock-based compensation expense | $ 4,600,000 | $ 4,600,000 | |||||||||||||
Weighted-average remaining vesting period | 2 years 7 months 6 days | ||||||||||||||
2014 and 2015 Stock Incentive Plans [Member] | Performance-Based Restricted Stock Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Unrecognized stock-based compensation expense | $ 700,000 | $ 700,000 | |||||||||||||
Weighted-average remaining vesting period | 1 year 3 months 18 days | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of common stock | 3,246,079 | 3,246,079 | |||||||||||||
Common Stock [Member] | 2014 Stock Incentive Plan [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares issued price per share | $ 3.44 | $ 3.44 | $ 10.39 | ||||||||||||
Common Stock [Member] | 2014 Stock Incentive Plan [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of common stock | 3,246,079 | ||||||||||||||
Net proceeds from initial public offering of common stock | $ 38,000,000 | ||||||||||||||
Shares issued price per share | $ 12.50 | ||||||||||||||
Exercise of an option to purchase additional shares granted to underwriters in connection with offering | 246,079 | ||||||||||||||
Maximum [Member] | 2015 Stock Incentive Plan [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares remain available for grant | 116,863 | ||||||||||||||
Sales Agreement [Member] | Cantor Fitzgerald & Co. [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Sales commission percentage on common stock | 3.00% | ||||||||||||||
Issuance of common stock | 217,329 | ||||||||||||||
Weighted average selling price per share | $ 15.42 | ||||||||||||||
Net proceeds from initial public offering of common stock | $ 3,200,000 | ||||||||||||||
Sales Agreement [Member] | Cantor Fitzgerald & Co. [Member] | Maximum [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate offering price | $ 50,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Option Activity (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Granted | 0 | ||
2014 and 2015 Stock Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding, Beginning Balance | 1,299,565 | 988,565 | |
Options Granted | 395,500 | 311,000 | |
Options Cancelled | (22,750) | ||
Options outstanding, Ending balance | 1,672,315 | 1,299,565 | |
Options exercisable | 1,016,449 | ||
Weighted-Average Exercise Price Per Share, Options outstanding, Beginning Balance | $ 11.18 | $ 10.83 | |
Weighted-Average Exercise Price Per Share, Granted | 9.61 | 12.28 | |
Weighted-Average Exercise Price Per Share, Cancelled | 13.36 | ||
Weighted-Average Exercise Price Per Share, Options outstanding, Ending Balance | 10.78 | $ 11.18 | |
Weighted-Average Exercise Price Per Share, Options exercisable | $ 11.23 | ||
Aggregate Intrinsic Value, Options outstanding, Beginning Balance | $ 881,385 | $ 2,617,859 | |
Aggregate Intrinsic Value, Options outstanding, Ending Balance | $ 881,385 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Assumptions to Determine Fair Value of Stock Options Granted to Employees and Directors (Detail) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate | 2.50% | 2.50% |
Expected term (in years) | 5 years 10 months 24 days | 6 years 1 month 6 days |
Expected volatility | 81.10% | 82.50% |
Expected dividend yield | 0.00% | 0.00% |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of RSU Activity (Detail) - Performance-Based Restricted Stock Units [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested units, Granted | shares | 203,700 |
Nonvested units, Cancelled | shares | (17,900) |
Nonvested units, Ending Balance | shares | 185,800 |
Weighted-Average Grant Date Fair Value Granted | $ / shares | $ 8.49 |
Weighted-Average Grant Date Fair Value Cancelled | $ / shares | 8.49 |
Weighted-Average Grant Date Fair Value Nonvested units, Ending Balance | $ / shares | $ 8.49 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,825 | $ 2,062 | ||
2014 and 2015 Stock Incentive Plans [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 811 | $ 713 | 2,825 | 2,062 |
2014 and 2015 Stock Incentive Plans [Member] | Stock Options [Member] | Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 314 | 214 | 971 | 628 |
2014 and 2015 Stock Incentive Plans [Member] | Stock Options [Member] | General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 497 | $ 499 | $ 1,854 | $ 1,434 |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of Shares of Common Stock Reserved (Detail) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 6,544,026 | 3,951,011 |
IPO Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 28,347 | 28,347 |
November Private Placement Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 1,633,777 | 1,633,777 |
Loan and Security agreement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 2,329,143 | |
Pontifax Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 250,000 | |
September 2019 Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 15,000 | |
2015 Amended and Restated Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 2,197,759 | 2,238,887 |
Inducement Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 90,000 | 50,000 |
Convertible Debt - Additional I
Convertible Debt - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)Day$ / sharesshares | Sep. 30, 2018 | Sep. 19, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||
Expected life (in years) | 5 years 10 months 24 days | 6 years 1 month 6 days | |||
Pontifax [Member] | Common Stock Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Warrants issued to purchase shares of common stock | shares | 250,000 | 250,000 | 250,000 | ||
Exercise price | $ / shares | $ 6.57 | $ 6.57 | $ 6.57 | ||
Expected life (in years) | 6 years | 6 years | |||
Fair value of equity | $ 600,000 | $ 600,000 | $ 600,000 | ||
Convertible Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, convertible, conversion price | $ / shares | $ 8.76 | $ 8.76 | $ 8.76 | ||
Prepayment charge percentage | 3.00% | 3.00% | 3.00% | ||
Debt instrument, convertible, threshold trading days | Day | 30 | ||||
Interest expense, debt | $ 63,000 | $ 63,000 | |||
Loan and Security agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum cash balance maintained in accounts | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | ||
Loan and Security agreement [Member] | Convertible Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 20,000,000 | ||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | 8.00% | ||
Debt instrument, payment terms | The Loan and Security Agreement provides for interest-only payments for twenty-four months and repayment of the aggregate outstanding principal balance of the Convertible Term Loan in quarterly installments starting upon expiration of the interest only period and continuing through September 19, 2023 (the “Maturity Date”). | ||||
Debt instrument, maturity date | Sep. 19, 2023 | ||||
Debt issuance cost | $ 400,000 | $ 400,000 | $ 400,000 | ||
Additional interest rate upon occurrence of an event of default | 4.00% |
Convertible Debt - Future Princ
Convertible Debt - Future Principal Debt Payments on Convertible Term Loan (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 2,500 |
2022 | 10,000 |
2023 | 7,500 |
Total principal payments | 20,000 |
Less: unamortized debt discount | (989) |
Term loan, long-term | $ 19,011 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Lessee Lease Description [Line Items] | ||||
Operating leases, remaining lease term | 8 years 6 months | 8 years 6 months | ||
Operating lease costs | $ 130,000 | $ 390,000 | ||
Sublease income and variable lease cost payments | $ 22,000 | $ 59,000 | ||
Operating leases, total rent expense | $ 144,000 | $ 286,000 | ||
Principal Office and Laboratory Space [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating leases, remaining lease term | 8 years 6 months | 8 years 6 months | ||
Operating leases, extendable lease term | 5 years | 5 years | ||
Operating leases, option to extend lease | an option to extend the lease for up to 5 years | |||
Operating Lease, existence of option to extend | true | |||
Former Headquarters [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating leases, remaining lease term | 2 years | 2 years | ||
Research and Development Facility [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lease term expiration date | Jun. 30, 2018 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flow from operating leases (in thousands) | $ 273 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases (in thousands) | $ 2,980 |
Weighted Average Remaining Lease Term | |
Operating leases | 8 years 6 months |
Weighted Average Discount Rate | |
Operating leases | 8.00% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding the nine months ended September 30, 2019) | $ 144 |
2020 | 588 |
2021 | 508 |
2022 | 450 |
2023 | 462 |
Thereafter | 2,405 |
Total lease payments | 4,557 |
Less: present value discount | (1,252) |
Total | $ 3,305 |
Leases - Summary of Aggregate F
Leases - Summary of Aggregate Future Minimum Non-Cancellable Commitments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 417 |
2020 | 588 |
2021 | 508 |
2022 | 450 |
Thereafter | 2,867 |
Total minimum lease payments | $ 4,830 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Commitments And Contingencies [Line Items] | |
Accruals for contingent liabilities | $ 0 |
License Agreement [Member] | BioHEP Technologies Ltd. [Member] | |
Commitments And Contingencies [Line Items] | |
Maximum estimated development and regulatory milestone payments | 3,500,000 |
Maximum aggregate sublicensing revenues | 2,000,000 |
Milestone and royalty payments | $ 0 |