Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 30, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Pulmatrix, Inc. | |
Entity Central Index Key | 0001574235 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | PULM | |
Security Exchange Name | NASDAQ | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock | |
Entity Address, State or Province | MA | |
Entity Common Stock, Shares Outstanding | 19,994,560 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 27,879 | $ 2,563 |
Prepaid expenses and other current assets | 960 | 717 |
Total current assets | 28,839 | 3,280 |
Property and equipment, net | 305 | 394 |
Long-term restricted cash | 204 | 204 |
Goodwill | 3,577 | 10,845 |
Total assets | 32,925 | 14,723 |
Current liabilities: | ||
Accounts payable | 1,159 | 1,183 |
Accrued expenses | 1,265 | 1,696 |
Deferred revenue | 9,304 | 0 |
Total current liabilities | 11,728 | 2,879 |
Deferred revenue, net of current portion | 6,471 | 0 |
Total liabilities | 18,199 | 2,879 |
Commitments (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value—500,000 authorized and 0 issued and outstanding at September 30, 2019 and December 31, 2018 | ||
Common stock, $0.0001 par value—200,000,000 shares authorized; 19,994,560, and 4,932,723 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively. | 2 | |
Additional paid-in capital | 225,844 | 206,409 |
Accumulated deficit | (211,120) | (194,565) |
Total stockholders' equity | 14,726 | 11,844 |
Total liabilities and stockholders' equity | $ 32,925 | $ 14,723 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
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 | 19,994,560 | 4,932,723 |
Common stock, shares outstanding | 19,994,560 | 4,932,723 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,406 | $ 6,225 | $ 153 | |
Operating expenses | ||||
Research and development | 3,297 | $ 3,056 | 8,637 | 10,290 |
General and administrative | 1,785 | 1,769 | 6,900 | 5,930 |
Impairment of goodwill | 7,268 | |||
Total operating expenses | 5,082 | 4,825 | 22,805 | 16,220 |
Loss from operations | (3,676) | (4,825) | (16,580) | (16,067) |
Interest income | 121 | 8 | 227 | 23 |
Interest expense | (186) | |||
Settlement expense | (200) | |||
Other income/(expense), net | 1 | (2) | 5 | |
Net loss | $ (3,555) | $ (4,816) | $ (16,555) | $ (16,225) |
Net loss per share, basic and diluted | $ (0.18) | $ (1.03) | $ (1.07) | $ (4.23) |
Weighted average shares of common stock used to compute basic and diluted net loss per share | 20,294,560 | 4,692,723 | 15,533,983 | 3,839,385 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] |
Beginning balance at Dec. 31, 2017 | $ 10,137 | $ 184,139 | $ (174,002) | |
Beginning balance, shares at Dec. 31, 2017 | 2,104,750 | |||
Issuance of common stock, net of issuance costs | 1,847 | 1,847 | ||
Issuance of common stock, net of issuance costs, shares | 123,266 | |||
Stock-based compensation | 765 | 765 | ||
Net loss | (5,221) | (5,221) | ||
Ending balance at Mar. 31, 2018 | 7,528 | 186,751 | (179,223) | |
Ending balance, shares at Mar. 31, 2018 | 2,228,016 | |||
Beginning balance at Dec. 31, 2017 | 10,137 | 184,139 | (174,002) | |
Beginning balance, shares at Dec. 31, 2017 | 2,104,750 | |||
Net loss | (16,225) | |||
Ending balance at Sep. 30, 2018 | 12,634 | 202,861 | (190,227) | |
Ending balance, shares at Sep. 30, 2018 | 4,692,723 | |||
Beginning balance at Mar. 31, 2018 | 7,528 | 186,751 | (179,223) | |
Beginning balance, shares at Mar. 31, 2018 | 2,228,016 | |||
Issuance of common stock, net of issuance costs | 14,449 | 14,447 | ||
Issuance of common stock, net of issuance costs, shares | 1,681,000 | |||
Exercise of pre-funded warrants | 76 | 78 | ||
Exercise of pre-funded warrants, shares | 783,707 | |||
Stock-based compensation | 933 | 933 | ||
Net loss | (6,188) | (6,188) | ||
Ending balance at Jun. 30, 2018 | 16,798 | 202,209 | (185,411) | |
Ending balance, shares at Jun. 30, 2018 | 4,692,723 | |||
Shares issuance costs | (8) | (8) | ||
Stock-based compensation | 660 | 660 | ||
Net loss | (4,816) | (4,816) | ||
Ending balance at Sep. 30, 2018 | 12,634 | 202,861 | (190,227) | |
Ending balance, shares at Sep. 30, 2018 | 4,692,723 | |||
Beginning balance at Dec. 31, 2018 | 11,844 | 206,409 | (194,565) | |
Beginning balance, shares at Dec. 31, 2018 | 4,932,723 | |||
Adjustment for reverse stock split, shares | 2,717 | |||
Issuance of common stock, net of issuance costs | 2,979 | $ 1 | 2,978 | |
Issuance of common stock, net of issuance costs, shares | 2,394,955 | |||
Exercise of pre-funded warrants | 70 | 70 | ||
Exercise of pre-funded warrants, shares | 697,500 | |||
Stock-based compensation | 459 | 459 | ||
Net loss | (5,156) | (5,156) | ||
Ending balance at Mar. 31, 2019 | 10,196 | $ 1 | 209,916 | (199,721) |
Ending balance, shares at Mar. 31, 2019 | 8,027,895 | |||
Beginning balance at Dec. 31, 2018 | 11,844 | 206,409 | (194,565) | |
Beginning balance, shares at Dec. 31, 2018 | 4,932,723 | |||
Net loss | (16,555) | |||
Ending balance at Sep. 30, 2019 | 14,726 | $ 2 | 225,844 | (211,120) |
Ending balance, shares at Sep. 30, 2019 | 19,994,560 | |||
Beginning balance at Mar. 31, 2019 | 10,196 | $ 1 | 209,916 | (199,721) |
Beginning balance, shares at Mar. 31, 2019 | 8,027,895 | |||
Issuance of common stock, net of issuance costs | 14,566 | 14,566 | ||
Issuance of common stock, net of issuance costs, shares | 3,319,553 | |||
Exercise of pre-funded warrants | 83 | $ 1 | 82 | |
Exercise of pre-funded warrants, shares | 8,277,112 | |||
Stock-based compensation | 1,091 | 1,091 | ||
Net loss | (7,844) | (7,844) | ||
Ending balance at Jun. 30, 2019 | $ 18,092 | $ 2 | 225,655 | (207,565) |
Ending balance, shares at Jun. 30, 2019 | 19,624,560 | |||
Issuance of common stock, net of issuance costs, shares | 370,000 | |||
Exercise of pre-funded warrants | $ 4 | 4 | ||
Exercise of pre-funded warrants, shares | 370,000 | |||
Stock-based compensation | 185 | 185 | ||
Net loss | (3,555) | (3,555) | ||
Ending balance at Sep. 30, 2019 | $ 14,726 | $ 2 | $ 225,844 | $ (211,120) |
Ending balance, shares at Sep. 30, 2019 | 19,994,560 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (16,555) | $ (16,225) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 139 | 175 |
Stock-based compensation | 1,735 | 2,358 |
Impairment of goodwill | 7,268 | |
Deferred rent | (17) | |
Non-cash interest expense | 55 | |
Non-cash debt issuance expense | 3 | |
Gain on disposal of property and equipment | (1) | |
Fair value adjustment on derivative liability | (1) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (243) | (218) |
Accounts payable | (24) | 910 |
Accrued expenses | (414) | 347 |
Deferred revenue | 15,775 | |
Net cash provided by (used in) operating activities | 7,663 | (12,596) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (49) | (8) |
Net cash used in investing activities | (49) | (8) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 17,545 | 16,286 |
Proceeds from the exercise of pre-funded warrants | 157 | 78 |
Term loan principal payments | (3,259) | |
End of term payments | (245) | |
Net cash provided by financing activities | 17,702 | 12,860 |
Net increase in cash and cash equivalents | 25,316 | 256 |
Cash, cash equivalents and restricted cash — beginning of period | 2,767 | 3,754 |
Cash, cash equivalents and restricted cash — end of period | $ 28,083 | $ 4,010 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, Inc. changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. The Company is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE ™ On February 5, 2019, the Company effectuated a 1-for-10 reverse |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Standards | 2. Summary of Significant Accounting Policies and Recent Accounting Standards Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, 10-01. 10-K Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, recognition of research and development and license revenues, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. Revenue Recognition Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606, Revenue From Contracts With Customers Revenue Recognition This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. non-refundable, Research and Development Services. co-development Customer Options. As of September 30, 2019, the Company does not have any active arrangements that contain customer options. Milestone Payments. catch-up As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones. Royalties. For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.” Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Nine months Ended 2019 2018 Cash and cash equivalents $ 27,879 $ 3,806 Restricted Cash 204 204 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 28,083 $ 4,010 Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. During the nine months ended September 30, 2019, the Company’s common stock value declined, accordingly, the Company determined that its carrying value is in excess of its fair value and as such, recorded an impairment charge of $7,268 and revalued goodwill to $3,577. During the three months ended September 30, 2019, no additional impairment charge was recorded. Significant Accounting Policies Except for the change in revenue recognition policy as disclosed above, during the nine months ended Form 10-K. Recent Accounting Standards In November 2018, the FASB issued ASU No. 2018-18, Clarifying the Interaction between Topic 808 and Topic 2018-18 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement 2018-13 ASU 2018-13 No. 2018-13 In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 505-50, Non-Employees, 2018-07 In February 2018, the FASB issued ASU No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” 2018-02”), 2018-02 2018-02 In July 2017, FASB issued ASU No. 2017-11, 2017-11 470-20, re-characterize 2017-11 In February 2016, the FASB issued authoritative guidance under ASU 2016-02, 2016-02 2016-02, 2016-02 right-of-use 2018-01, 2018-10, 2016-02 2018-11, |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Prepaid Expenses and Other Current Assets | 3. Prepaid Expenses and Other Current Assets Prepaid expenses consisted of the following: At September At December 31, 2018 Prepaid Insurance $ 301 $ 243 Prepaid Clinical Trials 394 419 Prepaid Other 158 27 Deferred Operating Costs 107 28 Total prepaid expenses and other current assets $ 960 $ 717 |
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 consisted of the following: At September At December 31, 2018 Laboratory equipment $ 1,538 $ 1,529 Computer equipment 216 185 Office furniture and equipment 217 217 Leasehold improvements 581 579 Total property and equipment 2,552 2,510 Less accumulated depreciation and amortization (2,247 ) (2,116 ) Property and equipment, net $ 305 $ 394 Depreciation and amortization expense for the three months and nine months ended September 30, 2019, was $44 and $139, respectively. Depreciation and amortization expense for the three months and nine months ended September 30, 2018, was $57 and $175, respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following: At September At December 31, 2018 Accrued vacation $ 58 $ 59 Accrued wages and incentive 582 915 Accrued clinical & consulting 450 517 Accrued legal & patent 70 67 Deferred rent 50 67 Accrued other expenses 55 71 Total accrued expenses $ 1,265 $ 1,696 |
Collaborations
Collaborations | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations | 6. Collaborations On April 15, 2019 (“Effective Date”), the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla Technologies, LLC. for the worldwide development and commercialization of Pulmazole (the “Product”), an inhaled formulation of the anti-fungal drug itraconazole, developed using iSPERSE technology designed to treat allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma. Pursuant to the Cipla Agreement, the Company is responsible for the development of the Product in accordance with the development plan, which includes completion of the Phase 2 ABPA study, as well as any additional Phase 2/2b and/or Phase 3 clinical studies that may be required for regulatory approval. In addition, the Company will be responsible for submission of investigational new drug (“IND”) applications, annual reports and other regulatory filings to the extent required to conduct the development activities, including any clinical studies. Subsequent to regulatory approval of the Product for marketing in the U.S. or in any other country, Cipla will be responsible for the implementation of the commercialization plan, including all activities, arrangements and other matters related to commercialization. The Company received a non-refundable “Co-Development The Company and Cipla have established a joint steering committee (the “JSC”). The JSC will, among other powers and responsibilities, direct the further development and commercialization activities, including all budgetary activities in relation to the Product. The JSC will oversee the performance of the Company and Cipla under the Cipla Agreement and will provide a forum for sharing advice, progress and results relating to such activities. The JSC is also responsible for reviewing and approving the development plan developed by the Company, and the commercialization plan developed by Cipla. The Cipla Agreement will remain in effect in perpetuity, unless otherwise earlier terminated in accordance with its terms. In the event of circumstances affecting the continuity of development of the Product in line with the Cipla Agreement, the JSC will evaluate the cause and effect and make a recommendation as to the most optimal option available to Cipla and the Company. In any event, either the Company or Cipla may elect to terminate (a “Terminating Party”) its obligation to fund additional costs and expenses for the development and/or commercialization of the Product. If the non-Terminating The Cipla Agreement also contains customary representations, warranties and covenants by both parties, as well as customary provisions relating to indemnification, confidentiality and other matters. Accounting Treatment The Company concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of ASC 808 Collaborative Arrangements (“ASC 808”) for accounting purposes. Contemplating the guidance of ASU 2018-18, The Company determined the total transaction price to be $22,000 – comprised of $12,000 for research and development services for the Product and $10,000 for the irrevocable license to the Assigned Assets Co-Development Revenue associated with the combined research and development services for the Product and the irrevocable license to the Assigned Assets is recognized as revenue as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. None of the performance obligations have been fully satisfied as of September 30, 2019. The Company received the $22,000 Upfront Payment in May 2019. During the three months that ended September 30, 2019, the Company recognized revenue of $1,154 that related to the portion of the performance obligations delivered for research and development services and $252 that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. During the nine months that ended September 30, 2019, the Company recognized revenue of $4,929 that related to the portion of the performance obligations delivered for research and development services and $1,296 that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. The aggregate amount of the transaction price related to the Company’s unsatisfied performance obligations and at September 30, 2019 the Company recorded $15,775 in deferred revenue, of which $9,304 is current. The Company expects to recognize the deferred revenue according to costs incurred, over the remaining research term, which is expected to be up to three years as of September |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Common Stock | 7. Common Stock 2019 Public Offering On April 8, 2019, the Company closed its underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and H.C. Wainwright & Co., LLC, as representative of the underwriters, dated April 3, 2019, the Company issued and sold an aggregate of (i) 1,719,554 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share and one warrant to purchase one share of common stock and (ii) 8,947,112 pre-funded pre-funded pre-funded pre-funded The common warrants issued on April 8, 2019 have a fair value of $0.997 per share. 370,000 pre-funded e during the t hree months ending September 30, 2019 which resulted in the issuance of 370,000 with net proceeds of $4. 8,647,112 of the 8,947,112 pre-funded warrants issued in the offering were exercised during the nine months ending September 30, 2019 which resulted in the issuance of 8,647,112 shares of common stock with net proceeds of $87. Warrants were also issued to the underwriters to purchase 797,334 shares of common stock with and a fair value of $ 1 2632 per After giving effect to the exercise of the Underwriters’ overallotment option and the exercise of 8,647,112 pre-funded For the nine months ending September 30 , 2019 , after giving effect to fees, commissions and other expenses of approximately $1,904 , the Company recorded net proceeds of $14,653 in aggregate for the sale of the public offering and the pre-funded warrant Confidential Marketed Public Offering (“CMPO”) On January 31, 2019 and February 4, 2019, the Company closed two CMPOs, pursuant to which the Company sold 156,118 and 532,353 shares of common stock, respectively, at $1.70 per share and issued warrants to exercise 10,151 and 34,605 shares of common stock, respectively, to underwriters at an exercise price of $2.125 per share with expiration dates of January 26, 2024 and January 30, 2024, respectively. The underwriter warrants had a fair value of $0.9332 and $1.1946 per share at the January 31, 2019 and February 4, 2019 issuance date, respectively. Registered Direct Offering On February 12, 2019, the Company sold 1,706,484 shares at $1.465 per share for gross proceeds of approximately $2,500. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34 and a fair value of $0.5962 , respectively, with The underwriter warrants had a fair value of $0.5314 per share at the issuance date. Exercise of Warrants During the three months ended March 31, 2019, 697,500 pre-funded warrants, For the three months ending March , , after giving effect to fees, commissions and other expenses of approximately $ , the Company recorded net proceeds of $ in aggregate for the sale of the CMPOs, the registered direct offering and the pre-funded warrant exercises. For the nine months ending September 30, 2019, after giving effect to fees, commissions and other expenses of approximately $2,595, the Company recorded net proceeds of $17,702 in aggregate for the sale of the public offering, CMPOs, the registered direct offering and the pre-funded warrant 2018 Public Offering On April 3, 2018, the Company closed its previously announced underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and Oppenheimer & Co. Inc., as representative of the underwriters, dated March 28, 2018, the Company issued and sold (i) 1,566,000 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share, one Series A warrant to purchase one share of common stock and one Series B warrant to purchase one share of common stock, and (ii) 784,000 pre-funded pre-funded pre-funded pre-funded In addition, on April 4, 2018, the Company closed on the sale of 115,000 additional common units pursuant to the underwriters’ option, under the underwriting agreement, to purchase up to an additional 115,000 common and pre-funded All of the pre-funded The Series A Warrants included in the common units and the pre-funded expired the pre-funded or pre-funded warrants the pre-funded the pre-funded The Company agreed to pay Oppenheimer & Co., Inc. a commission of (a) 7% of the gross proceeds raised up to $5,000 and (b) 6.5% of the gross proceeds raised in excess of $5,000. The Company also agreed to pay or reimburse certain expenses on behalf of Oppenheimer. A total of $1,497 of commissions and other issuance costs were associated with the public offering. The net proceeds to the Company from the Offering of the common units and pre-funded At-the-Market On March 17, 2017, the Company entered into an At-The-Market at-the-market we S-3, No. 333-212546), ed BTIG received During the nine -month September |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Warrants | 8. Warrants A rollforward of the common stock warran t Number of Common Number of Pre-Funded Weighted Weighted Aggregate Outstanding January 1, 2019 3,730,944 697,500 $ 10.78 0 $ 0 Adjustment for Reverse Stock Split 16 0 $ 0 0 0 Warrants issued 14,926,161 0 $ 1.37 0 0 Pre-funded 0 8,947,112 $ 0.01 0 0 Pre-funded 0 (9,344,612 ) $ 0.01 0 0 Expirations (3,926 ) 0 $ 226.60 0 0 Outstanding September 30, 2019 18,653,195 300,000 $ 3.61 4.36 $ 0 The following represents a summary of the warrants outstanding at each of the dates ide n Classification Exercise Expiration Number of Shares For the Period Ended Issue Date 2019 2018 April 8, 2019 Equity $ 0.01 — 300,000 — April 8, 2019 Equity $ 1.35 April 8, 2024 12,266,665 — April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 — February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 — February 12, 2019 Equity $ 1.34 August 12, 2024 1,706,484 — February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 — January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 — December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 — April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 4,815,000 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 230,000 August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000 June 15, 2015 Equity $ 75.50 May 6, 2024 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 2,515 2,515 June 15, 2015 Equity $ 83.50 Mar 21, 2019 0 3,926 Adjustment for Reverse Stock Split 0 (5 ) Total Outstanding 18,953,195 5,258,444 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of September 30, 2019, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 2,933,044 shares remained available for future grant. In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of September 30, 2019, a total of 16,037 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan. Options No options were granted to employees, directors or consultants during the three months e nded S eptember 30, 2019 The following table summarizes stock opti o Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2019 972,569 $ 23.85 0 $ 0 Granted 651,600 $ 1.06 0 0 Exercised 0 $ 0 0 0 Forfeited or expired (535,493 ) $ 23.77 0 0 Outstanding — September 30, 2019 1,088,676 $ 10.25 8.86 $ 0 Exercisable — September 30, 2019 355,845 $ 26.24 7.77 $ 0 Vested and expected to vest — September 30, 2019 1,082,710 $ 10.28 8.86 $ 0 The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Expected option life (years) 0 6.05 6.02 5.58 Risk-free interest rate 0 2.79 % 2.22 % 2.77 % Expected volatility 0 78.91 % 74.14 % 79.67 % Expected dividend yield 0 0 % 0 % 0 % The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the historical volatility for industry peers and used an average of those volatilities. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. As of September 30, 2019, there was $1,345 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 1.9 years. The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine months Ended 2019 2018 2019 2018 Research and development $ 14 $ 244 $ 81 $ 760 General and administrative 171 416 $ 1,654 $ 1,598 Total stock - $ 185 $ 660 $ 1,735 $ 2,358 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 0 The Company has total deferred tax assets of $44,770 and a full valuation allowance recorded against the assets. In general, if the Company experiences a greater than 50 percent aggregate change in ownership of certain significant stockholders over a three-year period, or a Section 382 ownership change, utilization of the Company’s pre-change |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 12. Net Loss Per Share The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class two-class The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of September 30, 2019 2018 Options to purchase common stock 1,088,676 1,041,407 Warrants to purchase common stock 18,653,195 5,258,444 |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 1 2 Future minimum lease payments under the non-cancelable Amount 2019 $ 169 2020 698 Total $ 867 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, 10-01. 10-K |
Use of Estimates | Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, recognition of research and development and license revenues, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. |
Revenue Recognition | Revenue Recognition Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606, Revenue From Contracts With Customers Revenue Recognition This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. non-refundable, Research and Development Services. co-development Customer Options. As of September 30, 2019, the Company does not have any active arrangements that contain customer options. Milestone Payments. catch-up As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones. Royalties. For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.” |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Nine months Ended 2019 2018 Cash and cash equivalents $ 27,879 $ 3,806 Restricted Cash 204 204 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 28,083 $ 4,010 |
Goodwill | Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. During the nine months ended September 30, 2019, the Company’s common stock value declined, accordingly, the Company determined that its carrying value is in excess of its fair value and as such, recorded an impairment charge of $7,268 and revalued goodwill to $3,577. During the three months ended September 30, 2019, no additional impairment charge was recorded. |
Significant Accounting Policies | Significant Accounting Policies Except for the change in revenue recognition policy as disclosed above, during the nine months ended Form 10-K. |
Recent Accounting Standards | Recent Accounting Standards In November 2018, the FASB issued ASU No. 2018-18, Clarifying the Interaction between Topic 808 and Topic 2018-18 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement 2018-13 ASU 2018-13 No. 2018-13 In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 505-50, Non-Employees, 2018-07 In February 2018, the FASB issued ASU No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” 2018-02”), 2018-02 2018-02 In July 2017, FASB issued ASU No. 2017-11, 2017-11 470-20, re-characterize 2017-11 In February 2016, the FASB issued authoritative guidance under ASU 2016-02, 2016-02 2016-02, 2016-02 right-of-use 2018-01, 2018-10, 2016-02 2018-11, |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Nine months Ended 2019 2018 Cash and cash equivalents $ 27,879 $ 3,806 Restricted Cash 204 204 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 28,083 $ 4,010 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses consisted of the following: At September At December 31, 2018 Prepaid Insurance $ 301 $ 243 Prepaid Clinical Trials 394 419 Prepaid Other 158 27 Deferred Operating Costs 107 28 Total prepaid expenses and other current assets $ 960 $ 717 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following: At September At December 31, 2018 Laboratory equipment $ 1,538 $ 1,529 Computer equipment 216 185 Office furniture and equipment 217 217 Leasehold improvements 581 579 Total property and equipment 2,552 2,510 Less accumulated depreciation and amortization (2,247 ) (2,116 ) Property and equipment, net $ 305 $ 394 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: At September At December 31, 2018 Accrued vacation $ 58 $ 59 Accrued wages and incentive 582 915 Accrued clinical & consulting 450 517 Accrued legal & patent 70 67 Deferred rent 50 67 Accrued other expenses 55 71 Total accrued expenses $ 1,265 $ 1,696 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of Common Stock Warrants Outstanding | A rollforward of the common stock warran t Number of Common Number of Pre-Funded Weighted Weighted Aggregate Outstanding January 1, 2019 3,730,944 697,500 $ 10.78 0 $ 0 Adjustment for Reverse Stock Split 16 0 $ 0 0 0 Warrants issued 14,926,161 0 $ 1.37 0 0 Pre-funded 0 8,947,112 $ 0.01 0 0 Pre-funded 0 (9,344,612 ) $ 0.01 0 0 Expirations (3,926 ) 0 $ 226.60 0 0 Outstanding September 30, 2019 18,653,195 300,000 $ 3.61 4.36 $ 0 |
Summary of the Warrants Outstanding | The following represents a summary of the warrants outstanding at each of the dates ide n Classification Exercise Expiration Number of Shares For the Period Ended Issue Date 2019 2018 April 8, 2019 Equity $ 0.01 — 300,000 — April 8, 2019 Equity $ 1.35 April 8, 2024 12,266,665 — April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 — February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 — February 12, 2019 Equity $ 1.34 August 12, 2024 1,706,484 — February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 — January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 — December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 — April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 4,815,000 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 230,000 August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000 June 15, 2015 Equity $ 75.50 May 6, 2024 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 2,515 2,515 June 15, 2015 Equity $ 83.50 Mar 21, 2019 0 3,926 Adjustment for Reverse Stock Split 0 (5 ) Total Outstanding 18,953,195 5,258,444 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock opti o Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2019 972,569 $ 23.85 0 $ 0 Granted 651,600 $ 1.06 0 0 Exercised 0 $ 0 0 0 Forfeited or expired (535,493 ) $ 23.77 0 0 Outstanding — September 30, 2019 1,088,676 $ 10.25 8.86 $ 0 Exercisable — September 30, 2019 355,845 $ 26.24 7.77 $ 0 Vested and expected to vest — September 30, 2019 1,082,710 $ 10.28 8.86 $ 0 |
Calculation of Fair Value Assumptions Using Black Scholes Option Model | The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Expected option life (years) 0 6.05 6.02 5.58 Risk-free interest rate 0 2.79 % 2.22 % 2.77 % Expected volatility 0 78.91 % 74.14 % 79.67 % Expected dividend yield 0 0 % 0 % 0 % |
Stock-Based Compensation Expense | The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine months Ended 2019 2018 2019 2018 Research and development $ 14 $ 244 $ 81 $ 760 General and administrative 171 416 $ 1,654 $ 1,598 Total stock based compensation expense $ 185 $ 660 $ 1,735 $ 2,358 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Diluted Weighted-Average Shares Outstanding Anti-Dilutive | The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of September 30, 2019 2018 Options to purchase common stock 1,088,676 1,041,407 Warrants to purchase common stock 18,653,195 5,258,444 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under the Non-Cancelable Operating Lease for Office and Lab Space | Future minimum lease payments under the non-cancelable Amount 2019 $ 169 2020 698 Total $ 867 |
Organization - Additional Infor
Organization - Additional Information (Detail) - shares | Feb. 03, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Organization And Basis Of Presentation [Line Items] | |||
Reverse stock split | 1-for-10 | ||
Common stock shares of outstanding | 10 | 19,994,560 | 4,932,723 |
Common stock shares of issued | 10 | 19,994,560 | 4,932,723 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Standards - Cash and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 27,879 | $ 2,563 | $ 3,806 | |
Restricted Cash | 204 | 204 | ||
Total cash, cash equivalents and restricted cash in the statement of cash flows | $ 28,083 | $ 2,767 | $ 4,010 | $ 3,754 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Recent Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Summary of Significant Accounting Policies [Line Items] | |||
Goodwill impairment | $ 7,268 | ||
Goodwill | 3,577 | $ 10,845 | |
Restricted Cash and Cash Equivalents | $ 204 | $ 204 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid Insurance | $ 301 | $ 243 |
Prepaid Clinical Trials | 394 | 419 |
Prepaid Other | 158 | 27 |
Deferred Operating Costs | 107 | 28 |
Total prepaid expenses and other current assets | $ 960 | $ 717 |
Property and Equipment, net - S
Property and Equipment, net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 2,552 | $ 2,510 |
Less accumulated depreciation and amortization | (2,247) | (2,116) |
Property and equipment - net | 305 | 394 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 1,538 | 1,529 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 216 | 185 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 217 | 217 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 581 | $ 579 |
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 And Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 44 | $ 57 | $ 139 | $ 175 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 58 | $ 59 |
Accrued wages and incentive | 582 | 915 |
Accrued clinical & consulting | 450 | 517 |
Accrued legal & patent | 70 | 67 |
Deferred rent | 50 | 67 |
Accrued other expenses | 55 | 71 |
Total accrued expenses | $ 1,265 | $ 1,696 |
Collaborations (Detail)
Collaborations (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 15, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Deferred Revenue Current | $ 9,304 | $ 9,304 | $ 0 | ||
Cipla Technologies, LLC [Member] | Cipla Agreement [Member] | |||||
Proceeds from up front fee | $ 22,000 | $ 22,000 | 22,000 | ||
Development costs allocation terms | After the Initial Development Funding is depleted, the Company and Cipla will each be responsible for 50% of the development costs actually incurred (the “Co-Development Phase”). | ||||
Deferred Revenue | 15,775 | 15,775 | |||
Deferred Revenue Current | 9,304 | 9,304 | |||
Contract with customer transaction cost | $ 22,000 | ||||
Deferred Revenue Revenue Recognition Terms | 3 years | ||||
Cipla Technologies, LLC [Member] | Cipla Agreement [Member] | Research And Development Service [Member] | |||||
Proceeds from up front fee | $ 12,000 | ||||
Revenue recognized | 1,154 | 4,929 | |||
Cipla Technologies, LLC [Member] | Cipla Agreement [Member] | Irrevocable License [Member] | |||||
Proceeds from up front fee | 10,000 | ||||
Revenue recognized | $ 252 | $ 1,296 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 08, 2019USD ($)$ / sharesshares | Feb. 12, 2019USD ($)$ / sharesshares | Feb. 04, 2019$ / sharesshares | Feb. 04, 2019$ / sharesshares | Apr. 04, 2018USD ($)shares | Apr. 03, 2018USD ($)$ / sharesshares | Jan. 31, 2019$ / sharesshares | Apr. 30, 2018USD ($)shares | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019shares | Mar. 31, 2019USD ($)shares | Jun. 30, 2018shares | Mar. 31, 2018shares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)$ / shares | Aug. 12, 2019 | Feb. 03, 2019$ / shares |
Temporary Equity [Line Items] | ||||||||||||||||||
Sale of stock, number of shares sold in transaction | shares | 1,706,484 | |||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||
Average selling price of common stock | $ / shares | $ 1.465 | |||||||||||||||||
Number of shares issued and sold | shares | 370,000 | |||||||||||||||||
Number of warrants exercised | shares | 15,000 | 8,947,112 | ||||||||||||||||
Issuance of common stock shares | shares | 797,334 | 797,334 | ||||||||||||||||
Proceeds from Issuance of Warrants | $ 157 | $ 78 | ||||||||||||||||
Class of Warrant or Right Issued | shares | 110,922 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.8313 | $ 2.125 | $ 2.125 | $ 2.125 | $ 7.50 | $ 7.50 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 2,500 | |||||||||||||||||
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Jan. 26, 2024 | |||||||||||||||||
Proceeds from Issuance of Common Stock and Warrants | $ 17,545 | $ 16,286 | ||||||||||||||||
Class of warrant or right fair value per warrant | 0.5314% | |||||||||||||||||
Estimate of Fair Value Measurement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Class of warrant or right fair value per warrant | 1.2362% | 1.2362% | ||||||||||||||||
Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Payment of commissions and other issuance cost | $ 1,904 | $ 1,497 | ||||||||||||||||
Proceeds from sale of common stock | $ 14,517 | |||||||||||||||||
Underwriting Agreement [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Class of warrant or right fair value per warrant | 0.997% | |||||||||||||||||
Investor [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Stock issued during period, shares | shares | 1,706,484 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.34 | $ 1.34 | $ 1.34 | |||||||||||||||
Class of warrant or right fair value per warrant | 0.5962% | |||||||||||||||||
Warrant [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Payment of commissions and other issuance cost | $ 691 | $ 2,595 | ||||||||||||||||
Proceeds from sale of common stock | $ 3,049 | $ 17,702 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 83.50 | $ 83.50 | ||||||||||||||||
Proceeds from Warrant Exercises | $ 70 | |||||||||||||||||
Gross Proceeds Up To Five Thousand [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Commission rate on sale of stock | 7 | 7 | ||||||||||||||||
Gross Proceeds In Excess Of Five Thousand [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Commission rate on sale of stock | 6.5 | |||||||||||||||||
Series A Warrant [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 6.50 | $ 6.50 | ||||||||||||||||
Prefunded Warrants Issued [Member] | Warrant [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Class of Warrant or Right Issued | shares | 697,500 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of shares issued and sold | shares | 3,319,553 | 2,394,955 | 1,681,000 | 123,266 | ||||||||||||||
Common Stock [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||||||||||||
Number of shares | shares | 1 | |||||||||||||||||
Common Units [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Proceeds from sale of common stock | $ 16,557 | $ 15,944 | ||||||||||||||||
Proceeds from Issuance of Warrants | $ 8,647,112 | |||||||||||||||||
Common Units [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Proceeds from sale of common stock | $ 15,197 | |||||||||||||||||
Average selling price of common stock | $ / shares | $ 1.35 | $ 6.50 | ||||||||||||||||
Number of shares issued and sold | shares | 1,719,554 | 1,566,000 | ||||||||||||||||
Common Units [Member] | Common Stock [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||||||||||||
Prefunded Units [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Average selling price of common stock | $ / shares | $ 1.34 | $ 6.40 | ||||||||||||||||
Number of shares issued and sold | shares | 8,947,112 | 784,000 | 8,647,112 | |||||||||||||||
Number of warrants exercised | shares | 8,647,112 | |||||||||||||||||
Pre Funded Warrants [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Gross proceeds from sale of shares | $ 78 | $ 4 | $ 87 | |||||||||||||||
Number of shares issued and sold | shares | 783,707 | |||||||||||||||||
Number of warrants exercised | shares | 370,000 | 8,277,112 | ||||||||||||||||
Pre Funded Warrants [Member] | Underwriter Warrants [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Proceeds from sale of common stock | 14,653 | |||||||||||||||||
Maximum [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Gross proceeds from sale of shares | 5,000 | |||||||||||||||||
Minimum [Member] | Underwriting Agreement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Gross proceeds from sale of shares | $ 5,000 | |||||||||||||||||
BTIG LLC [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Fixed commission rate entitled to placement agent | 3.00% | |||||||||||||||||
At the Market Offering [Member] | BTIG LLC [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Sale of stock, number of shares sold in transaction | shares | 123,266 | |||||||||||||||||
Proceeds from sale of common stock | $ 1,847 | |||||||||||||||||
Fixed commission rate entitled to placement agent | 3.00% | |||||||||||||||||
Average selling price of common stock | $ / shares | $ 15.40 | $ 15.40 | ||||||||||||||||
Gross proceeds from sale of shares | $ 1,904 | |||||||||||||||||
At the Market Offering [Member] | BTIG LLC [Member] | Maximum [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Aggregate offering on sale of common stock | $ 11,000 | 11,000 | ||||||||||||||||
Over-Allotment Option [Member] | Common Units [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of shares issued and sold | shares | 1,599,999 | 115,000 | ||||||||||||||||
Confidential Marketed Public Offering [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Sale of stock, number of shares sold in transaction | shares | 532,353 | 156,118 | ||||||||||||||||
Average selling price of common stock | $ / shares | $ 1.70 | $ 1.70 | ||||||||||||||||
Class of Warrant or Right Issued | shares | 34,605 | 10,151 | ||||||||||||||||
Proceeds from Issuance of Common Stock and Warrants | $ 1,170 | |||||||||||||||||
Confidential Marketed Public Offering [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Class of warrant or right fair value per warrant | 1.1946% | 1.1946% | 0.9332% | |||||||||||||||
IPO [Member] | Underwriter Warrants [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.6875 | $ 1.6875 |
Warrants - Summary of rollforwa
Warrants - Summary of rollforward of the common stock warrants outstanding (Details) - $ / shares | Feb. 12, 2019 | Apr. 30, 2018 | Sep. 30, 2019 |
Class of Warrant or Right [Line Items] | |||
Class Of Warrant Or Right Issued | 110,922 | ||
Class Of Warrant Or Right Exercised | 15,000 | 8,947,112 | |
Common Warrants | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants, Outstanding, Beginning balance | shares | 3,730,944 | ||
Number of warrants, Outstanding, Ending balance | shares | 18,653,195 | ||
Weighted average exercise price, Beginning balance | $ / shares | $ 10.78 | ||
Weighted average exercise price, Ending balance | $ / shares | $ 3.61 | ||
Weighted average remaining contractual term, Ending balance | 4 years 4 months 9 days | ||
Common Warrants | Adjustment for Reverse Stock Split [Member] | |||
Class of Warrant or Right [Line Items] | |||
Adjustment for reverse stock split | 16 | ||
Common Warrants | Warrants Issued [Member] | |||
Class of Warrant or Right [Line Items] | |||
Class Of Warrant Or Right Issued | 14,926,161 | ||
Weighted average exercise price, Warrants issued | $ / shares | $ 1.37 | ||
Common Warrants | Pre-funded warrants issued [Member] | |||
Class of Warrant or Right [Line Items] | |||
Class Of Warrant Or Right Issued | 8,947,112 | ||
Weighted average exercise price, Warrants issued | $ / shares | $ 0.01 | ||
Common Warrants | Pre-funded warrants exercised [Member] | |||
Class of Warrant or Right [Line Items] | |||
Class Of Warrant Or Right Exercised | (9,344,612) | ||
Weighted average exercise price, Warrants exercised | $ / shares | $ 0.01 | ||
Common Warrants | Representative warrants expiration [Member] | |||
Class of Warrant or Right [Line Items] | |||
Class Of Warrant Or Right Expired | (3,926) | ||
Weighted average exercise price, Warrants exercised | $ / shares | $ 226.60 | ||
Pre Funded Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants, Outstanding, Beginning balance | shares | 697,500 | ||
Number of warrants, Outstanding, Ending balance | shares | 300,000 |
Warrants - Summary of the Warra
Warrants - Summary of the Warrants Outstanding (Detail) - $ / shares | 9 Months Ended | ||||
Sep. 30, 2019 | Feb. 12, 2019 | Feb. 04, 2019 | Jan. 31, 2019 | Sep. 30, 2018 | |
Class of Warrant or Right [Line Items] | |||||
Warrants, Exercise Price | $ 7.50 | $ 1.8313 | $ 2.125 | $ 2.125 | |
Warrants Outstanding | 18,953,195 | 5,258,444 | |||
Warrant [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 83.50 | ||||
Warrants, Expiration Date | Mar. 21, 2019 | ||||
Warrants Outstanding | 3,926 | ||||
Underwriter [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 1.8313 | ||||
Warrants, Expiration Date | Feb. 7, 2024 | ||||
Warrants Outstanding | 110,922 | ||||
Investor [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 1.34 | $ 1.34 | |||
Warrants, Expiration Date | Aug. 12, 2024 | ||||
Warrants Outstanding | 1,706,484 | ||||
Underwriter One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 2.125 | ||||
Warrants, Expiration Date | Jan. 30, 2024 | ||||
Warrants Outstanding | 34,605 | ||||
Underwriter Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 2.125 | ||||
Warrants, Expiration Date | Jan. 26, 2024 | ||||
Warrants Outstanding | 10,151 | ||||
Underwriter Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 1.6875 | ||||
Warrants, Expiration Date | Apr. 3, 2024 | ||||
Warrants Outstanding | 797,334 | ||||
Warrants Issued [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 3.90 | ||||
Warrants, Expiration Date | Jun. 3, 2024 | ||||
Warrants Outstanding | 937,500 | ||||
Public Offering One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 7.50 | ||||
Warrants, Expiration Date | Apr. 3, 2023 | ||||
Warrants Outstanding | 2,350,011 | 4,815,000 | |||
Public Offering Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 7.50 | ||||
Warrants, Expiration Date | Apr. 4, 2023 | ||||
Warrants Outstanding | 115,000 | 230,000 | |||
Private Placement Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 75.50 | ||||
Warrants, Expiration Date | May 6, 2024 | ||||
Warrants Outstanding | 319,008 | 319,008 | |||
Hercules Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 83.50 | ||||
Warrants, Expiration Date | Jun. 16, 2020 | ||||
Warrants Outstanding | 2,515 | 2,515 | |||
MTS Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 118 | ||||
Warrants, Expiration Date | Aug. 31, 2020 | ||||
Warrants Outstanding | 3,000 | 3,000 | |||
Public Offering Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 0.01 | ||||
Warrants Outstanding | 300,000 | ||||
Public Offering Four [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants, Classification | Equity | ||||
Warrants, Exercise Price | $ 1.35 | ||||
Warrants, Expiration Date | Apr. 8, 2024 | ||||
Warrants Outstanding | 12,266,665 | ||||
Adjustment for Reverse Stock Split [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants Outstanding | (5) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)shares | Sep. 30, 2019USD ($)Installmentshares | Dec. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 1,088,676 | 1,088,676 | 972,569 |
Number of options to purchase common stock, Granted | 651,600 | ||
Unrecognized stock-based compensation expenses | $ | $ 1,345 | $ 1,345 | |
Unrecognized stock-based compensation expense, period for recognition | 1 year 10 months 24 days | ||
Employee Stock Option [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options to purchase common stock, Granted | 0 | 561,600 | |
Aggregate weighted average amount of fair value of options | $ | $ 393 | ||
Employee Stock Option [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options to purchase common stock, Granted | 0 | 90,000 | |
Aggregate weighted average amount of fair value of options | $ | $ 63 | ||
Employee Stock Option [Member] | Time Based Options Vesting 36 Month [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 36 days | ||
Number of equal vesting installments | Installment | 36 | ||
Award vesting term | 25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date | ||
Employee Stock Option [Member] | Time Based Options Vesting 48 Month [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 48 days | ||
Number of equal vesting installments | Installment | 36 | ||
Award vesting term | 25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date | ||
2013 Employee, Director and Consultant Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate shares of Common Stock that may be delivered under options outstanding | 4,060,000 | 4,060,000 | |
Shares available for future grant | 2,933,044 | 2,933,044 | |
Legacy Share Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 16,037 | 16,037 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of options, Outstanding beginning balance | 972,569 |
Number of options, Granted | 651,600 |
Number of options, Forfeited or expired | (535,493) |
Number of options, Outstanding ending balance | 1,088,676 |
Number of options, Exercisable | 355,845 |
Number of options, Vested and expected to vest | 1,082,710 |
Weighted average exercise price, Outstanding beginning balance | $ 23.85 |
Weighted average exercise price, Granted | 1.06 |
Weighted average exercise price, Forfeited or expired | 23.77 |
Weighted average exercise price, Outstanding ending balance | 10.25 |
Weighted average exercise price, Exercisable | 26.24 |
Weighted average exercise price, Vested and expected to vest | $ 10.28 |
Weighted average remaining contractual term, Outstanding ending balance | 8 years 10 months 9 days |
Weighted average remaining contractual term, Exercisable | 7 years 9 months 7 days |
Weighted average remaining contractual term, Vested and expected to vest | 8 years 10 months 9 days |
Stock-Based Compensation - Esti
Stock-Based Compensation - Estimated Fair Values of Employee Stock Options Granted (Detail) - Employee Stock Option [Member] | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected option life (years) | 6 years 18 days | 6 years 7 days | 5 years 6 months 29 days |
Risk-free interest rate | 2.79% | 2.22% | 2.77% |
Expected volatility | 78.91% | 74.14% | 79.67% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - 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 | $ 185 | $ 660 | $ 1,735 | $ 2,358 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 14 | 244 | 81 | 760 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 171 | $ 416 | $ 1,654 | $ 1,598 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets | $ 44,770 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Diluted Weighted-Average Shares Outstanding Anti-Dilutive (Detail) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Warrants To Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 18,653,195 | 5,258,444 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 1,088,676 | 1,041,407 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Lease Payments under the Non-Cancelable Operating Lease for Office and Lab Space (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 169 |
2020 | 698 |
Total | $ 867 |