Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Document And Entity Information [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 | |
Entity Registrant Name | Zosano Pharma Corp | |
Entity Central Index Key | 0001587221 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,230,803 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 6,492 | $ 9,140 |
Marketable securities at fair value | 0 | 13,862 |
Prepaid expenses and other current assets | 779 | 358 |
Total current assets | 7,271 | 23,360 |
Restricted cash | 455 | 455 |
Property and equipment, net | 22,936 | 11,916 |
Operating lease right-of-use assets | 5,985 | |
Other long-term assets | 21 | 49 |
Total assets | 36,668 | 35,780 |
Current liabilities: | ||
Accounts payable | 3,811 | 4,450 |
Accrued compensation | 1,836 | 2,092 |
Build-to-suit obligation, current portion | 3,917 | 2,326 |
Operating lease liabilities, current portion | 1,096 | |
Other accrued liabilities | 3,466 | 2,419 |
Total current liabilities | 14,126 | 11,287 |
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount | 5,907 | 4,478 |
Operating lease liabilities, long-term portion | 6,236 | |
Other liabilities | 20 | 18 |
Deferred rent | 1,287 | |
Total liabilities | 26,289 | 17,070 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of September 30, 2019 and December 31, 2018 | 0 | 0 |
Common stock, $0.0001 par value; 250,000,000 shares authorized; 18,230,803 and 11,973,039 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 2 | 1 |
Additional paid-in capital | 300,258 | 279,946 |
Accumulated deficit | (289,881) | (261,232) |
Accumulated other comprehensive loss | 0 | (5) |
Total stockholders’ equity | 10,379 | 18,710 |
Total liabilities and stockholders’ equity | $ 36,668 | $ 35,780 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 18,230,803 | 11,973,039 |
Common stock, shares outstanding (in shares) | 18,230,803 | 11,973,039 |
Condensed Statements of Operati
Condensed 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 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses | ||||
Research and development | 6,486 | 5,899 | 19,742 | 18,238 |
General and administrative | 3,071 | 2,353 | 8,709 | 6,887 |
Total operating expenses | 9,557 | 8,252 | 28,451 | 25,125 |
Loss from operations | (9,557) | (8,252) | (28,451) | (25,125) |
Other income (expense) | ||||
Interest income | 41 | 153 | 203 | 248 |
Interest expense | (281) | (79) | (357) | (347) |
Other income (expense), net | (66) | 9 | (44) | 13 |
Loss before provision for income taxes | (9,863) | (8,169) | (28,649) | (25,211) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | (9,863) | (8,169) | (28,649) | (25,211) |
Unrealized gain on marketable securities, net of tax | 0 | 0 | 5 | 0 |
Comprehensive loss | $ (9,863) | $ (8,169) | $ (28,644) | $ (25,211) |
Net loss per common share – basic and diluted (in USD per share) | $ (0.55) | $ (0.68) | $ (1.84) | $ (2.93) |
Weighted-average shares used in computing net loss per common share – basic and diluted (in shares) | 17,832,092 | 11,973,039 | 15,579,387 | 8,603,076 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2017 | 1,973,039 | ||||
Beginning balance at Dec. 31, 2017 | $ 7,048 | $ 0 | $ 232,922 | $ (225,874) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 139 | 139 | |||
Net loss | (8,206) | (8,206) | |||
Ending balance (in shares) at Mar. 31, 2018 | 1,973,039 | ||||
Ending balance at Mar. 31, 2018 | (1,019) | $ 0 | 233,061 | (234,080) | 0 |
Beginning balance (in shares) at Dec. 31, 2017 | 1,973,039 | ||||
Beginning balance at Dec. 31, 2017 | 7,048 | $ 0 | 232,922 | (225,874) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Unrealized gain on marketable securities | 0 | ||||
Net loss | (25,211) | ||||
Ending balance (in shares) at Sep. 30, 2018 | 11,973,039 | ||||
Ending balance at Sep. 30, 2018 | 28,500 | $ 1 | 279,584 | (251,085) | 0 |
Beginning balance (in shares) at Mar. 31, 2018 | 1,973,039 | ||||
Beginning balance at Mar. 31, 2018 | (1,019) | $ 0 | 233,061 | (234,080) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 330 | 330 | |||
Issuance of common stock (in shares) | 10,000,000 | ||||
Issuance of common stock | 45,605 | $ 1 | 45,604 | ||
Net loss | (8,836) | (8,836) | |||
Ending balance (in shares) at Jun. 30, 2018 | 11,973,039 | ||||
Ending balance at Jun. 30, 2018 | 36,080 | $ 1 | 278,995 | (242,916) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 346 | 346 | |||
Issuance of common stock | 243 | 243 | |||
Unrealized gain on marketable securities | 0 | ||||
Net loss | (8,169) | (8,169) | |||
Ending balance (in shares) at Sep. 30, 2018 | 11,973,039 | ||||
Ending balance at Sep. 30, 2018 | $ 28,500 | $ 1 | 279,584 | (251,085) | 0 |
Beginning balance (in shares) at Dec. 31, 2018 | 11,973,039 | 11,973,039 | |||
Beginning balance at Dec. 31, 2018 | $ 18,710 | $ 1 | 279,946 | (261,232) | (5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 361 | 361 | |||
Unrealized gain on marketable securities | 6 | 6 | |||
Net loss | (9,426) | (9,426) | |||
Ending balance (in shares) at Mar. 31, 2019 | 11,973,039 | ||||
Ending balance at Mar. 31, 2019 | $ 9,651 | $ 1 | 280,307 | (270,658) | 1 |
Beginning balance (in shares) at Dec. 31, 2018 | 11,973,039 | 11,973,039 | |||
Beginning balance at Dec. 31, 2018 | $ 18,710 | $ 1 | 279,946 | (261,232) | (5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Unrealized gain on marketable securities | 5 | ||||
Net loss | $ (28,649) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 18,230,803 | 18,230,803 | |||
Ending balance at Sep. 30, 2019 | $ 10,379 | $ 2 | 300,258 | (289,881) | 0 |
Beginning balance (in shares) at Mar. 31, 2019 | 11,973,039 | ||||
Beginning balance at Mar. 31, 2019 | 9,651 | $ 1 | 280,307 | (270,658) | 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 386 | 386 | |||
Issuance of common stock (in shares) | 5,750,000 | ||||
Issuance of common stock | 18,331 | $ 1 | 18,330 | ||
Unrealized gain on marketable securities | (1) | (1) | |||
Net loss | (9,360) | (9,360) | |||
Ending balance (in shares) at Jun. 30, 2019 | 17,723,039 | ||||
Ending balance at Jun. 30, 2019 | 19,007 | $ 2 | 299,023 | (280,018) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 423 | 423 | |||
Issuance of common stock (in shares) | 507,764 | ||||
Issuance of common stock | 812 | 812 | |||
Unrealized gain on marketable securities | 0 | ||||
Net loss | $ (9,863) | (9,863) | |||
Ending balance (in shares) at Sep. 30, 2019 | 18,230,803 | 18,230,803 | |||
Ending balance at Sep. 30, 2019 | $ 10,379 | $ 2 | $ 300,258 | $ (289,881) | $ 0 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (28,649) | $ (25,211) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,170 | 815 |
Amortization of operating lease right-of-use assets | 619 | |
Depreciation | 518 | 614 |
Deferred rent | 0 | 1,026 |
Other | 269 | (531) |
Change in operating assets and liabilities | ||
Prepaid expenses and other assets | (554) | 362 |
Accounts payable | 1,086 | (306) |
Accrued compensation and other accrued liabilities | (1,108) | 861 |
Operating lease liabilities | (701) | |
Net cash used in operating activities | (27,350) | (22,370) |
Cash flows from investing activities | ||
Proceeds from maturities of marketable securities | 17,400 | 29,255 |
Purchases of marketable securities | (3,476) | (46,700) |
Purchases of property and equipment | (10,939) | (4,082) |
Net cash provided by (used in) investing activities | 2,985 | (21,527) |
Cash flows used in financing activities | ||
Proceeds from public offering of securities, net of underwriting commissions and offering costs | 19,250 | 45,604 |
Proceeds from build-to-suit obligation, net of issuance costs | 4,550 | 5,000 |
Principal payments on financing obligations | (2,083) | (6,396) |
Net cash provided by financing activities | 21,717 | 44,208 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (2,648) | 311 |
Cash, cash equivalents and restricted cash at beginning of period | 9,595 | 11,686 |
Cash, cash equivalents and restricted cash at end of period | 6,947 | 11,997 |
Supplemental cash flow information | ||
Cash paid for interest | 580 | 257 |
Cash paid for taxes | 1 | 0 |
Non-cash investing and financing activities | ||
Acquisition of property and equipment under accounts payable and other accrued liabilities | 3,571 | 0 |
Capitalized effective interest | 410 | 0 |
Accrued offering costs | 107 | 0 |
Right-of-use assets acquired under finance lease obligations | $ 22 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The Company Zosano Pharma Corporation (the “Company”) is a clinical stage biopharmaceutical company focused on providing rapid systemic administration of therapeutics to patients using its proprietary Adhesive Dermally-Applied Microarray, or ADAM™, technology. Basis of Presentation The condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Regulation S-X. They do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 , or any other subsequent period. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2018 , included in the Company’s annual report on Form 10-K and filed with the United States Securities and Exchange Commission (“SEC”) on March 25, 2019. Use of Estimates The preparation of the accompanying condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed financial statements, and the reported amounts of expenses during the periods reported. Actual results could differ from those estimates. Liquidity and Substantial Doubt in Going Concern Since inception, the Company has incurred recurring operating losses and negative cash flows from operating activities, and as of September 30, 2019 , had an accumulated deficit of $289.9 million . As of September 30, 2019 , the Company had approximately $6.5 million in cash and cash equivalents. Presently, the Company does not have sufficient cash and cash equivalents to enable it to fund its anticipated level of operations and meet its obligations as they become due within twelve months following the date of issuance of this Quarterly Report on Form 10-Q. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. On August 22, 2019, the Company terminated its purchase agreement with Lincoln Park Capital Fund LLC (“Lincoln Park”). The agreement provided for the purchase of up to $35.0 million worth of the Company’s common stock over a 30-month-term that commenced on November 21, 2017. No sales of common stock were made under the agreement. On August 19, 2019, the Company entered into a sales agreement with BTIG, LLC, as sales agent (“BTIG”), to establish an at-the-market ("ATM") offering program, under which the Company is permitted to offer and sell, from time to time, shares of common stock having a maximum aggregate offering price of up to $15.0 million . The Company is required to pay BTIG a commission of 3% of the gross proceeds from the sale of shares and has also agreed to provide BTIG with customary indemnification rights. The ATM program will remain in full force and effect until the earlier of the sale of all of the shares under the ATM program or the termination of the sales agreement by the Company or BTIG. During the quarter ended September 30, 2019, the Company issued and sold 507,764 shares of common stock at an average price of $ 2.07 per share under the ATM program. The aggregate net proceeds were approximately $0.8 million after BTIG's commission of $32,000 and other offering expenses. On April 11, 2019, the Company closed a public offering of 5,000,000 shares of common stock at a price to the underwriter of $3.29 per share. On May 8, 2019, the underwriter purchased an additional 750,000 shares at a price to the underwriter of $3.29 per share pursuant to the exercise of the underwriter's option to purchase additional shares. The aggregate net proceeds were approximately $18.3 million , after deducting underwriting costs and offering expenses. The Company plans to raise additional funding through financing, a capital offering, a license or collaboration agreement or a combination of such sources of capital. However, there are no assurances that additional funding will be achieved and that the Company will succeed in its future operations. The Company’s inability to obtain required funding in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected, and it may have to cease operations. The Company will continue to evaluate its timelines, strategic needs, and working capital requirements. There can be no assurance that if the Company attempts to raise additional capital, it will be successful in doing so on terms acceptable to the Company, or at all. Further, there can be no assurance that it will be able to gain access and/or be able to execute on securing new sources of funding, new development opportunities, successfully obtain regulatory approvals for and commercialize new products, achieve significant product revenues from its products (if approved), or achieve or sustain profitability in the future. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are included in “Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . As discussed in the Company's Annual Report, the Company adopted the new leases standard in the first quarter of 2019. In the second quarter of 2019, the Company made an accounting policy election to recognize the impact of stock option forfeitures on stock compensation expense in the period the award is forfeited as permitted under ASC2016-09, Compensation-Stock Compensation (Topic 718) . Previously, the Company estimated the effects of stock option forfeitures at the initial grant date and reduced stock compensation expense for the estimated effect of forfeitures over the requisite service period. There have been no other changes to the Company's significant accounting policies. Leases ASC Topic 842, Leases , requires lessees to recognize right-of-use assets and lease liabilities for most leases on the balance sheet and to provide expanded disclosures about leasing arrangements. The Company adopted Topic 842 effective January 1, 2019 using the optional transition method and did not restate comparative periods. There was no effect on accumulated deficit at adoption. The Company has elected the package of practical expedients to (i) not reassess whether expired or existing contracts are or contain leases, (ii) not reassess the lease classification for any expired or existing leases and (iii) not reassess the accounting for initial direct costs. The adoption of the new leases standard resulted in the following adjustments to the Company's balance sheet as of January 1, 2019: December 31, 2018 Adoption Impact January 1, 2019 (in thousands) (unaudited; in thousands) Operating lease right-of-use assets $ — $ 6,415 $ 6,415 Operating lease liabilities, current portion $ — $ 945 $ 945 Other accrued liabilities $ 2,414 $ (143 ) $ 2,271 Operating lease liabilities, long-term portion $ — $ 6,900 $ 6,900 Deferred rent $ 1,287 $ (1,287 ) $ — As of December 31, 2018 , the short-term portion of deferred rent was recorded in other accrued liabilities. The adoption impact was a non-cash operating activity for the nine months ended September 30, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. If the interest rate implicit in the Company's lease contracts is not readily determinable, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. As of September 30, 2019 and December 31, 2018 , the Company had restricted cash of approximately $0.5 million consisting of deposits of $0.3 million to secure its building lease until the end of the lease term, a deposit of approximately $0.1 million to a utility provider and $35,000 to secure corporate purchasing cards. The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the statement of cash flows: September 30, 2019 September 30, 2018 (unaudited; in thousands) Cash and cash equivalents $ 6,492 $ 11,962 Restricted cash 455 35 Total $ 6,947 $ 11,997 Marketable Securities Marketable securities generally consist of debt securities with original maturities greater than 90 days and remaining maturities of less than one year. Marketable securities with an original maturity greater than one year, if any, would be considered long-term investments. All of the Company's investments are classified as available-for-sale and carried at fair value based upon quoted market price. The change in unrealized gains and losses related to fixed maturity debt securities is reported as a separate component of other comprehensive loss on the statements of operations and comprehensive loss and as a separate component of stockholders' equity on the balance sheets. Interest income includes interest, dividends, amortization and accretion of purchase premiums and discounts and realized gains and losses on sales of securities, if any. The cost of securities sold is based on the specific-identification method. The Company monitors its investment portfolio for potential impairment on a quarterly basis. If the carrying amount of an investment in marketable securities exceeds its fair value and the decline in value is determined to be other-than-temporary, the carrying amount of the security is reduced to fair value and a loss is recognized in operating results for the amount of such decline. In order to determine whether a decline in value is other-than-temporary, the Company evaluates, among other factors, the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, and its intent and ability to hold the security to maturity or expected recovery. Fair Value Instruments The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents and accounts payable approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term financial obligations approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company's long-term financial obligations approximates fair value because interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, common stock warrants and stock options are considered to be potential dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: September 30, 2019 September 30, 2018 (unaudited) Warrants to purchase common stock 274,524 274,524 Options to purchase common stock 1,865,978 1,189,317 Total 2,140,502 1,463,841 Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-05, Financial Instruments - Credit Losses, Targeted Transition Relief in May 2019, ASU2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments in April 2019, and ASU2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses in November 2018. This new guidance is intended to present credit losses on available-for-sale debt securities as an allowance rather than as a write-down. Entities are required to apply the standards' provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. ASU2019-05, ASU2019-04 and ASU2018-19 are effective for the Company in the first quarter of 2020 and are not expected to have a significant impact to its financial statements and disclosures. In August 2018, the FASB issued ASU2018-15, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40) , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU2018-15 is effective for the Company in the first quarter of 2020. Early adoption is permitted. ASU2018-15 permits either a prospective or retrospective transition approach. The Company is currently evaluating ASU2018-15 to determine the impact to its financial statements and disclosures. In August 2018, the FASB issued ASU2018-13, Fair Value Measurement (Topic 820) . The new guidance modifies the disclosure requirements on fair value measurements. ASU2018-13 is effective for the Company beginning in the first quarter of 2020 and must be adopted on a modified retrospective basis, with certain exceptions. Early adoption is permitted. The Company does not expect ASU2018-13 to have a significant impact to its financial statements and disclosures. |
Cash Equivalents and Investment
Cash Equivalents and Investments in Marketable Securities | 9 Months Ended |
Sep. 30, 2019 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Cash Equivalents and Investments in Marketable Securities | Cash Equivalents and Investments in Marketable Securities The following tables present summaries of the Company's cash equivalents and investments in marketable securities measured at fair value on a recurring basis: Fair Value Measurements Total Quoted prices Significant Significant (unaudited; in thousands) As of September 30, 2019: Money market funds $ 2,946 $ 2,946 $ — $ — Classified as: Cash equivalents $ 2,946 Fair Value Measurements Total Quoted prices Significant Significant (in thousands) As of December 31, 2018: Money market funds $ 4,830 $ 4,830 $ — $ — Commercial paper 1,497 — 1,497 — Corporate notes and bonds 6,989 — 6,989 — U.S. treasuries 8,375 8,375 — — Total $ 21,691 $ 13,205 $ 8,486 $ — Classified as: Cash equivalents $ 7,829 Marketable securities at fair value 13,862 Total $ 21,691 The Company did not transfer any marketable securities measured at fair value on a recurring basis to or from Level 1 and Level 2 during the nine months ended September 30, 2019 . The following tables summarize the unrealized positions for available-for-sale securities disaggregated by class of instrument: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) As of December 31, 2018: Money market funds $ 4,830 $ — $ — $ 4,830 Commercial paper 1,497 — — 1,497 Corporate notes and bonds 6,994 — (5 ) 6,989 U.S. treasuries 8,375 — — 8,375 Total $ 21,696 $ — $ (5 ) $ 21,691 |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components The following table summarizes the Company’s prepaid expenses and other current assets for each of the periods presented: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Prepaid services $ 403 $ 88 Prepaid insurance 224 45 Prepaid software and subscriptions 121 42 Deferred offering costs — 114 Other 31 69 Total $ 779 $ 358 The following table summarizes the Company’s property and equipment for each of the periods presented: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Leasehold improvements $ 16,992 $ 16,690 Manufacturing equipment 12,140 10,387 Laboratory and office equipment 1,766 1,434 Computer equipment and software 235 206 Construction-in-progress 19,048 9,558 50,181 38,275 Less: accumulated depreciation (27,245 ) (26,359 ) Total $ 22,936 $ 11,916 Depreciation expense was approximately $0.2 million and $0.2 million for the three months ended September 30, 2019 and 2018 , respectively. Depreciation expense was approximately $0.5 million and $0.6 million for the nine months ended September 30, 2019 and 2018, respectively. The gross property and equipment and accumulated depreciation presented in the above table includes right-of-use assets acquired under finance leases and the related accumulated amortization, respectively. Right-of-use assets under finance leases were comprised of office and computer equipment of approximately $54,000 and $24,000 at September 30, 2019 and December 31, 2018 , respectively. Accumulated amortization related to right-of-use assets under finance leases was approximately $ 23,000 at September 30, 2019 . As of September 30, 2019 , construction-in-progress included $11.5 million of an asset relating to the build-to-suit arrangement for construction of the Company's commercial coating and primary packaging system, of which capitalized construction period interest was $1.1 million (See Note 6. Debt Financing ). The following table summarizes the Company’s other accrued liabilities for each of the periods presented: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Construction-in-progress obligations $ 2,422 $ 395 Contract manufacturing 393 834 Professional service fees 225 112 Pre-clinical and clinical study 219 483 Accrued taxes 30 187 Other 177 408 Total $ 3,466 $ 2,419 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Operating Leases The Company has a non-cancelable operating lease for office, research and development, and manufacturing facilities in Fremont, California through August 31, 2024, with an option to further extend the lease for an additional 60 months subject to certain terms and conditions. The operating lease right-of-use asset and associated lease liability do not consider the option to extend the term after August 31, 2024, as the Company is not reasonably certain of exercising the extension option. The lease agreement calls for monthly base rent of approximately $136,000 for the period commencing September 1, 2017, with annual increases on September 1 of each subsequent year until the lease year beginning September 1, 2023. The agreement also provided for rent abatements, subject to certain conditions, totaling $0.3 million and certain tenant improvements to be completed at the landlord’s expense of approximately $1.0 million . In September 2019, the Company agreed to pay incremental costs of $251,000 in the form of additional rent in equal monthly installments over the remaining term of the lease, for specific work defined in the lease agreement. The Company accounted for the incremental rent as a lease modification by increasing the right-of-use asset and associated liability by $189,000 . The modification was reflected as a non-cash operating activity in the statement of cash flows for the nine months ended September 30, 2019. There were no changes to the lease terms. The Company entered into a three year, non-cancelable lease for telephone equipment in January 2018. Per the terms of the agreements, the Company does not have any residual value guarantees, restrictions or covenants. In calculating the present value of the lease payments, the Company utilized its incremental borrowing rate, as the rates implicit in the leases were not readily determinable. The Company accounts for lease and non-lease components separately. The building lease includes non-lease components (i.e. common area maintenance) which are charged and paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use asset and lease liability but reflected in operating expense in the period incurred. Finance Leases The Company leases certain equipment under non-cancelable agreements which expire between 2021 and 2022 that were accounted for as capital leases under ASC840. The leases were not reassessed at adoption of ASC842 as the Company elected the practical expedient to not reassess existing leases. The finance lease obligations were as follows: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Finance lease obligations, current portion $ 17 $ 5 Finance lease obligations, long-term portion $ 20 $ 18 The components of lease cost were as follows: Description of lease costs Three months ended Nine Months Ended (unaudited; in thousands) Operating lease costs $ 422 $ 1,250 Finance lease costs: Amortization of finance lease right-of-use assets 4 23 Interest on finance lease obligations 3 15 Total $ 429 $ 1,288 Cash payments for leases were as follows: Description of cash payment Nine months ended September 30, 2019 (unaudited; in thousands) Operating cash flows from operating leases - cash paid for operating leases $ 1,332 Operating cash flows from finance leases - cash paid for interest $ 9 Financing cash flows from finance leases - cash paid for principal $ 10 Lease term and discount rate were as follows: September 30, 2019 Description of other lease information Operating leases Finance leases (unaudited) Weighted-average remaining lease term (in years) 4.91 2.05 Weighted average discount rate 11 % 27 % As of September 30, 2019 , annual scheduled lease payments were as follows: Year Operating leases Finance leases (unaudited; in thousands) Remainder of 2019 $ 461 $ 6 2020 1,861 24 2021 1,909 14 2022 1,961 3 2023 2,017 — 2024 1,371 — Total undiscounted cash flows 9,580 47 Less: amount representing interest (2,248 ) (10 ) Present value of lease liabilities $ 7,332 $ 37 |
Leases | Leases Operating Leases The Company has a non-cancelable operating lease for office, research and development, and manufacturing facilities in Fremont, California through August 31, 2024, with an option to further extend the lease for an additional 60 months subject to certain terms and conditions. The operating lease right-of-use asset and associated lease liability do not consider the option to extend the term after August 31, 2024, as the Company is not reasonably certain of exercising the extension option. The lease agreement calls for monthly base rent of approximately $136,000 for the period commencing September 1, 2017, with annual increases on September 1 of each subsequent year until the lease year beginning September 1, 2023. The agreement also provided for rent abatements, subject to certain conditions, totaling $0.3 million and certain tenant improvements to be completed at the landlord’s expense of approximately $1.0 million . In September 2019, the Company agreed to pay incremental costs of $251,000 in the form of additional rent in equal monthly installments over the remaining term of the lease, for specific work defined in the lease agreement. The Company accounted for the incremental rent as a lease modification by increasing the right-of-use asset and associated liability by $189,000 . The modification was reflected as a non-cash operating activity in the statement of cash flows for the nine months ended September 30, 2019. There were no changes to the lease terms. The Company entered into a three year, non-cancelable lease for telephone equipment in January 2018. Per the terms of the agreements, the Company does not have any residual value guarantees, restrictions or covenants. In calculating the present value of the lease payments, the Company utilized its incremental borrowing rate, as the rates implicit in the leases were not readily determinable. The Company accounts for lease and non-lease components separately. The building lease includes non-lease components (i.e. common area maintenance) which are charged and paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use asset and lease liability but reflected in operating expense in the period incurred. Finance Leases The Company leases certain equipment under non-cancelable agreements which expire between 2021 and 2022 that were accounted for as capital leases under ASC840. The leases were not reassessed at adoption of ASC842 as the Company elected the practical expedient to not reassess existing leases. The finance lease obligations were as follows: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Finance lease obligations, current portion $ 17 $ 5 Finance lease obligations, long-term portion $ 20 $ 18 The components of lease cost were as follows: Description of lease costs Three months ended Nine Months Ended (unaudited; in thousands) Operating lease costs $ 422 $ 1,250 Finance lease costs: Amortization of finance lease right-of-use assets 4 23 Interest on finance lease obligations 3 15 Total $ 429 $ 1,288 Cash payments for leases were as follows: Description of cash payment Nine months ended September 30, 2019 (unaudited; in thousands) Operating cash flows from operating leases - cash paid for operating leases $ 1,332 Operating cash flows from finance leases - cash paid for interest $ 9 Financing cash flows from finance leases - cash paid for principal $ 10 Lease term and discount rate were as follows: September 30, 2019 Description of other lease information Operating leases Finance leases (unaudited) Weighted-average remaining lease term (in years) 4.91 2.05 Weighted average discount rate 11 % 27 % As of September 30, 2019 , annual scheduled lease payments were as follows: Year Operating leases Finance leases (unaudited; in thousands) Remainder of 2019 $ 461 $ 6 2020 1,861 24 2021 1,909 14 2022 1,961 3 2023 2,017 — 2024 1,371 — Total undiscounted cash flows 9,580 47 Less: amount representing interest (2,248 ) (10 ) Present value of lease liabilities $ 7,332 $ 37 |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Financing | Debt Financing Build-to-Suit Obligation with Trinity In September 2018, the Company entered into a build-to-suit arrangement with Trinity Capital Fund III, L.P. ("Trinity") in order to obtain financing for the third party construction of the Company's commercial coating and primary packaging system (the "Equipment"), expected to be completed in 2020. Under the agreement, Trinity will make available to the Company $14.0 million for equipment costs and associated soft costs ("Total Cost"), with an initial drawdown of $5.0 million and additional drawdowns in increments of not less than $0.5 million , until March 30, 2020. At March 30, 2020, any unused portion of the $14.0 million will be subject to a non-utilization fee equal to 3% of the unused amount. In consideration of the financing arrangement, as collateral, the Company granted Trinity a first-priority lien and security interest in substantially all of the Company's assets. The Company determined that it controls the Equipment during the construction period due to its involvement in and its obligations related to the construction of the Equipment. Accordingly, construction costs incurred were recorded as construction-in-progress, a component of property and equipment on the balance sheet, and the Trinity financing obligation was recorded as a build-to-suit obligation on the balance sheet. Under the financing arrangement, each individual drawdown represents a separate financing arrangement with its own 36 -month-term and stated interest rate. Each drawdown is non-cancelable, with no prepayment options. Each drawdown has embedded optional purchase options to (i) extend the term for an additional three months , with the option to purchase the equipment at 4% of the Total Cost, which is equal to the drawdown amount, following the end of such extended term, or (ii) purchase the equipment at 12% of the Total Cost, which is equal to the drawdown amount, at the end of the 36 -month-term. The Company intends to exercise the 12% purchase option at the end of each 36 -month-term ("Purchase Option Fee"). The transfer of title from Trinity to the Company will occur at the end of the final 36 -month-term, provided that the purchase option was executed, and the Purchase Option Fee was paid in full at the end of each 36 - month-term . Failure to pay any of the Purchase Option Fees will result in Trinity retaining title to the Equipment and the Company paying a 6% restocking fee. As of September 30, 2019 , the Company had drawn down a total of $12.4 million and had a remaining available balance under the line of credit of $1.6 million , which it will use to fund the construction of the Equipment. As of September 30, 2019 , the Company had an aggregate commercial coating and primary packaging system construction-in-progress ("CIP") balance of $11.5 million that included $1.1 million of interest related to its build-to-suit obligation, and a net build-to-suit obligation of $9.8 million . In connection with the build-to-suit arrangement, the Company issued common stock warrants (“Trinity Warrants”) for a total of 75,000 shares of common stock at an exercise price of $3.59 per share. The Trinity Warrants will expire on September 25, 2025 . Proceeds allocated to the Trinity Warrants based on their relative fair value approximated $243,000 and were recorded as a discount to the initial $5.0 million drawdown under the Trinity financing arrangement and are being amortized as interest over the term of the September 2018 drawdown. The Trinity build-to-suit arrangement requires compliance with various affirmative and restrictive covenants in regard to making certain investments and other restricted payments, engaging in mergers or consolidations, and the sale or transfer of certain assets. Failure to comply with any of these covenants, or pay principal, interest or other amounts when due, would constitute an event of default under the applicable agreement. The Company was in compliance with its covenants with respect to the Trinity build-to-suit arrangement as of September 30, 2019 . The following table summarizes the debt obligations as of September 30, 2019 : Drawdown Date Drawdown Amount Principal Balance Purchase Option Fee Discount on Purchase Option Fee Unamortized Discounts and Issuance Costs Monthly Payment Stated Interest Rate Effective Interest Rate Maturity Date (unaudited; in thousands) 09/25/2018 $ 5,000 $ 3,328 $ 600 $ (74 ) $ (451 ) $ 160 9.43 % 26.28 % 10/01/2021 12/11/2018 2,800 2,085 336 (51 ) (171 ) 90 9.68 % 19.58 % 01/01/2022 06/06/2019 2,300 2,060 276 (61 ) (197 ) 74 9.93 % 19.77 % 07/01/2022 09/13/2019 2,300 2,171 276 (71 ) (232 ) 74 9.93 % 19.93 % 10/01/2022 Total $ 12,400 $ 9,644 $ 1,488 $ (257 ) $ (1,051 ) $ 398 The following table is a summary of the Company's build-to-suit obligation as of September 30, 2019 (unaudited; in thousands) : Build-to-suit obligation principal amount $ 9,644 Build-to-suit obligation Purchase Option Fees at present value 1,231 Less: unamortized Purchase Option Fees (763 ) unamortized fair value of free-standing warrants (123 ) unamortized debt discount (152 ) unamortized debt issuance costs (13 ) Build-to-suit obligation, net of debt issuance costs and discount $ 9,824 Build-to-suit obligation, current portion $ 3,917 Build-to-suit obligation, long-term portion, net of debt issuance costs and discount 5,907 Build-to-suit obligation, net of debt issuance costs and discount $ 9,824 Future minimum payments on the Company’s build-to-suit obligation, including payment of principal and interest and Purchase Option Fees for each year ending December 31 were as follows: Year Principal Interest Purchase Option Fees (unaudited; in thousands) Remainder of 2019 $ 902 $ 218 $ — 2020 4,068 710 — 2021 3,748 301 600 2022 926 38 888 Total $ 9,644 $ 1,267 $ 1,488 Senior Secured Term Loan with Hercules In June 2014 and June 2015, the Company entered into a loan and security agreement and the first amendment to the loan and security agreement, respectively, with Hercules Capital Inc. (“Hercules”). Hercules provided the Company a $15.0 million loan (“Hercules Term Loan”) of which equal installment payments of principal and interest were due monthly, with a scheduled maturity date of December 1, 2018 . The Hercules Term Loan bore interest at a variable rate equal to the greater of (i) 7.95% , or (ii) 7.95% plus the prime rate as quoted in the Wall Street Journal minus 5.25% . On September 25, 2018, the Company paid all its outstanding obligations under the Hercules Term Loan, including an end of term charge of $0.4 million . For the three and nine months ended September 30, 2018 , the Company recorded total interest expense of $0.1 million and $0.3 million , respectively, related to the Hercules Term Loan. |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Warrants | Warrants The following table summarizes the warrants issued and outstanding as of the periods presented: Expiration Date Exercise Price Warrants Warrants (unaudited) PIPE Financing - Series B 8/19/2021 $ 31.00 195,906 195,906 Hercules Term Loan - June 2014 1/27/2020 $ 176.80 1,583 1,583 Amendment to Hercules Term Loan - June 2015 6/23/2020 $ 147.40 2,035 2,035 Trinity - September 2018 9/25/2025 $ 3.59 75,000 75,000 Total 274,524 274,524 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Equipment Purchase Commitments The Company has a remaining commitment of $3.7 million , of which $1.3 million was recorded as a current liability as of September 30, 2019, with an equipment manufacturer for the construction and purchase of a commercial coating and primary packaging system for the production of its product candidate, Qtrypta™ (M207). The terms of the purchase commitment are contingent upon performance of certain milestones. The Company anticipates that the obligation will be paid within the next 12 months. The Company also has commitments with equipment manufacturers to produce its patch assembly machine and its applicator and retainer machinery totaling $1.2 million , of which $0.8 million was a current liability on the balance sheet as of September 30, 2019. Contract Manufacturing Organizations In September 2018, the Company entered into a technology transfer agreement and a manufacturing and supply agreement with a contract manufacturing organization ("CMO") to provide services related to the manufacture and commercialization of Qtrypta™ (M207). During the term of the agreement, the CMO will provide services related to processing, packaging, labeling and storing Qtrypta™ (M207), in addition to other services such as stability testing, quality control and assurance, and waste disposal. The agreements call for annual fees of $1.0 million in 2019 escalating to $14.0 million in 2024 , to be paid in equal monthly installments. Beginning in 2020, the annual fee includes the production of a defined number of units with an option to purchase additional units at a defined price. The agreement contains negotiated representations and warranties, indemnification, limitations of liability, and other provisions. The initial term of the agreement continues until the seventh anniversary of the date on which the Company receives New Drug Application approval of Qtrypta™ (M207) in the United States. The Company may terminate the agreements upon denial of regulatory approvals or if regulatory approvals are withdrawn under certain circumstances. The Company may also elect to terminate the contracts for convenience, which would result in cancellation fees in the amount of 50% of the annual fee due in the year that the contract is terminated, and costs to remove the Company's equipment and restore the CMO's facility to its original condition. The Company or the CMO may terminate the agreement for the other’s uncured material breach, uncured force majeure or bankruptcy or insolvency-related events. The Company had commitments with two CMOs for the construction of manufacturing space and technology transfer fees totaling $7.8 million , of which $1.8 million was a current liability on the balance sheet as of September 30, 2019. Indemnification and Guarantees In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of September 30, 2019 . Legal Proceedings The Company is not party to any material pending legal proceedings. However, it may from time to time become involved in litigation relating to claims arising in the ordinary course of business. Such matters are subject to many uncertainties and outcomes and are not predictable with assurance. The Company accrues for contingencies when it believes that a loss is probable and that it can reasonably estimate the amount of any such loss. To the extent that there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred and the amount of such additional loss would be material, the Company will either disclose the estimated additional loss or state that such an estimate cannot be made. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes stock option activity under the Amended and Restated 2014 Equity and Incentive Plan ("2014 Plan"), the 2012 Stock Incentive Plan ("2012 Plan") and inducement grants issued to new employees outside of the 2014 Plan in accordance with Nasdaq Listing Rule 5635(c)(4) for the nine months ended September 30, 2019 (unaudited) : Number of Shares Subject to Outstanding Stock Options Weighted-Average Exercise Price per Share Stock options outstanding at January 1, 2019 1,309,994 $ 5.91 Stock options granted 603,950 $ 3.01 Stock options canceled/forfeited/expired (47,966 ) $ 5.79 Stock options outstanding at September 30, 2019 1,865,978 $ 4.97 On January 1, 2019, the number of shares of common stock reserved for issuance under the 2014 Plan increased by 419,056 shares. As of September 30, 2019 , 17,121 shares of common stock were available for issuance under the 2014 Plan and no shares were available for issuance under the 2012 Plan, as it was terminated effective as of January 27, 2015. Total stock-based compensation expense recognized was as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (unaudited; in thousands) (unaudited; in thousands) Research and development $ 206 $ 160 $ 549 $ 369 General and administrative 217 186 621 446 Total $ 423 $ 346 $ 1,170 $ 815 Through March 31, 2019, the Company estimated the forfeiture rate based on historical experience and its expectations regarding future pre-vesting termination behavior of employees. In the second quarter of 2019, the Company made an accounting policy election to recognize the impact of forfeitures on compensation cost in the period the award is forfeited. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Regulation S-X. They do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 , or any other subsequent period. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2018 , included in the Company’s annual report on Form 10-K and filed with the United States Securities and Exchange Commission (“SEC”) on March 25, 2019. |
Use of Estimates | Use of Estimates The preparation of the accompanying condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed financial statements, and the reported amounts of expenses during the periods reported. Actual results could differ from those estimates. |
Liquidity and Substantial Doubt in Going Concern | Liquidity and Substantial Doubt in Going Concern Since inception, the Company has incurred recurring operating losses and negative cash flows from operating activities, and as of September 30, 2019 , had an accumulated deficit of $289.9 million . As of September 30, 2019 , the Company had approximately $6.5 million in cash and cash equivalents. Presently, the Company does not have sufficient cash and cash equivalents to enable it to fund its anticipated level of operations and meet its obligations as they become due within twelve months following the date of issuance of this Quarterly Report on Form 10-Q. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. On August 22, 2019, the Company terminated its purchase agreement with Lincoln Park Capital Fund LLC (“Lincoln Park”). The agreement provided for the purchase of up to $35.0 million worth of the Company’s common stock over a 30-month-term that commenced on November 21, 2017. No sales of common stock were made under the agreement. On August 19, 2019, the Company entered into a sales agreement with BTIG, LLC, as sales agent (“BTIG”), to establish an at-the-market ("ATM") offering program, under which the Company is permitted to offer and sell, from time to time, shares of common stock having a maximum aggregate offering price of up to $15.0 million . The Company is required to pay BTIG a commission of 3% of the gross proceeds from the sale of shares and has also agreed to provide BTIG with customary indemnification rights. The ATM program will remain in full force and effect until the earlier of the sale of all of the shares under the ATM program or the termination of the sales agreement by the Company or BTIG. During the quarter ended September 30, 2019, the Company issued and sold 507,764 shares of common stock at an average price of $ 2.07 per share under the ATM program. The aggregate net proceeds were approximately $0.8 million after BTIG's commission of $32,000 and other offering expenses. On April 11, 2019, the Company closed a public offering of 5,000,000 shares of common stock at a price to the underwriter of $3.29 per share. On May 8, 2019, the underwriter purchased an additional 750,000 shares at a price to the underwriter of $3.29 per share pursuant to the exercise of the underwriter's option to purchase additional shares. The aggregate net proceeds were approximately $18.3 million , after deducting underwriting costs and offering expenses. The Company plans to raise additional funding through financing, a capital offering, a license or collaboration agreement or a combination of such sources of capital. However, there are no assurances that additional funding will be achieved and that the Company will succeed in its future operations. The Company’s inability to obtain required funding in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected, and it may have to cease operations. The Company will continue to evaluate its timelines, strategic needs, and working capital requirements. There can be no assurance that if the Company attempts to raise additional capital, it will be successful in doing so on terms acceptable to the Company, or at all. Further, there can be no assurance that it will be able to gain access and/or be able to execute on securing new sources of funding, new development opportunities, successfully obtain regulatory approvals for and commercialize new products, achieve significant product revenues from its products (if approved), or achieve or sustain profitability in the future. |
Leases | Leases ASC Topic 842, Leases , requires lessees to recognize right-of-use assets and lease liabilities for most leases on the balance sheet and to provide expanded disclosures about leasing arrangements. The Company adopted Topic 842 effective January 1, 2019 using the optional transition method and did not restate comparative periods. There was no effect on accumulated deficit at adoption. The Company has elected the package of practical expedients to (i) not reassess whether expired or existing contracts are or contain leases, (ii) not reassess the lease classification for any expired or existing leases and (iii) not reassess the accounting for initial direct costs. The adoption of the new leases standard resulted in the following adjustments to the Company's balance sheet as of January 1, 2019: December 31, 2018 Adoption Impact January 1, 2019 (in thousands) (unaudited; in thousands) Operating lease right-of-use assets $ — $ 6,415 $ 6,415 Operating lease liabilities, current portion $ — $ 945 $ 945 Other accrued liabilities $ 2,414 $ (143 ) $ 2,271 Operating lease liabilities, long-term portion $ — $ 6,900 $ 6,900 Deferred rent $ 1,287 $ (1,287 ) $ — As of December 31, 2018 , the short-term portion of deferred rent was recorded in other accrued liabilities. The adoption impact was a non-cash operating activity for the nine months ended September 30, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. If the interest rate implicit in the Company's lease contracts is not readily determinable, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. |
Marketable Securities | Marketable Securities Marketable securities generally consist of debt securities with original maturities greater than 90 days and remaining maturities of less than one year. Marketable securities with an original maturity greater than one year, if any, would be considered long-term investments. All of the Company's investments are classified as available-for-sale and carried at fair value based upon quoted market price. The change in unrealized gains and losses related to fixed maturity debt securities is reported as a separate component of other comprehensive loss on the statements of operations and comprehensive loss and as a separate component of stockholders' equity on the balance sheets. Interest income includes interest, dividends, amortization and accretion of purchase premiums and discounts and realized gains and losses on sales of securities, if any. The cost of securities sold is based on the specific-identification method. The Company monitors its investment portfolio for potential impairment on a quarterly basis. If the carrying amount of an investment in marketable securities exceeds its fair value and the decline in value is determined to be other-than-temporary, the carrying amount of the security is reduced to fair value and a loss is recognized in operating results for the amount of such decline. In order to determine whether a decline in value is other-than-temporary, the Company evaluates, among other factors, the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, and its intent and ability to hold the security to maturity or expected recovery. |
Fair Value Instruments | Fair Value Instruments The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents and accounts payable approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term financial obligations approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company's long-term financial obligations approximates fair value because interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, common stock warrants and stock options are considered to be potential dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-05, Financial Instruments - Credit Losses, Targeted Transition Relief in May 2019, ASU2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments in April 2019, and ASU2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses in November 2018. This new guidance is intended to present credit losses on available-for-sale debt securities as an allowance rather than as a write-down. Entities are required to apply the standards' provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. ASU2019-05, ASU2019-04 and ASU2018-19 are effective for the Company in the first quarter of 2020 and are not expected to have a significant impact to its financial statements and disclosures. In August 2018, the FASB issued ASU2018-15, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40) , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU2018-15 is effective for the Company in the first quarter of 2020. Early adoption is permitted. ASU2018-15 permits either a prospective or retrospective transition approach. The Company is currently evaluating ASU2018-15 to determine the impact to its financial statements and disclosures. In August 2018, the FASB issued ASU2018-13, Fair Value Measurement (Topic 820) . The new guidance modifies the disclosure requirements on fair value measurements. ASU2018-13 is effective for the Company beginning in the first quarter of 2020 and must be adopted on a modified retrospective basis, with certain exceptions. Early adoption is permitted. The Company does not expect ASU2018-13 to have a significant impact to its financial statements and disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Adoption of New Lease Standard | The adoption of the new leases standard resulted in the following adjustments to the Company's balance sheet as of January 1, 2019: December 31, 2018 Adoption Impact January 1, 2019 (in thousands) (unaudited; in thousands) Operating lease right-of-use assets $ — $ 6,415 $ 6,415 Operating lease liabilities, current portion $ — $ 945 $ 945 Other accrued liabilities $ 2,414 $ (143 ) $ 2,271 Operating lease liabilities, long-term portion $ — $ 6,900 $ 6,900 Deferred rent $ 1,287 $ (1,287 ) $ — |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the statement of cash flows: September 30, 2019 September 30, 2018 (unaudited; in thousands) Cash and cash equivalents $ 6,492 $ 11,962 Restricted cash 455 35 Total $ 6,947 $ 11,997 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the statement of cash flows: September 30, 2019 September 30, 2018 (unaudited; in thousands) Cash and cash equivalents $ 6,492 $ 11,962 Restricted cash 455 35 Total $ 6,947 $ 11,997 |
Schedule of Outstanding Common Stock Equivalents Excluded From Computations of Diluted Net Loss per Common Share | The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: September 30, 2019 September 30, 2018 (unaudited) Warrants to purchase common stock 274,524 274,524 Options to purchase common stock 1,865,978 1,189,317 Total 2,140,502 1,463,841 |
Cash Equivalents and Investme_2
Cash Equivalents and Investments in Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Summary of Cash Equivalents and Marketable Securities | The following tables present summaries of the Company's cash equivalents and investments in marketable securities measured at fair value on a recurring basis: Fair Value Measurements Total Quoted prices Significant Significant (unaudited; in thousands) As of September 30, 2019: Money market funds $ 2,946 $ 2,946 $ — $ — Classified as: Cash equivalents $ 2,946 Fair Value Measurements Total Quoted prices Significant Significant (in thousands) As of December 31, 2018: Money market funds $ 4,830 $ 4,830 $ — $ — Commercial paper 1,497 — 1,497 — Corporate notes and bonds 6,989 — 6,989 — U.S. treasuries 8,375 8,375 — — Total $ 21,691 $ 13,205 $ 8,486 $ — Classified as: Cash equivalents $ 7,829 Marketable securities at fair value 13,862 Total $ 21,691 |
Summary of Available-for-sale Fixed Maturity Debt Securities | The following tables summarize the unrealized positions for available-for-sale securities disaggregated by class of instrument: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) As of December 31, 2018: Money market funds $ 4,830 $ — $ — $ 4,830 Commercial paper 1,497 — — 1,497 Corporate notes and bonds 6,994 — (5 ) 6,989 U.S. treasuries 8,375 — — 8,375 Total $ 21,696 $ — $ (5 ) $ 21,691 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | The following table summarizes the Company’s prepaid expenses and other current assets for each of the periods presented: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Prepaid services $ 403 $ 88 Prepaid insurance 224 45 Prepaid software and subscriptions 121 42 Deferred offering costs — 114 Other 31 69 Total $ 779 $ 358 |
Schedule of Property and Equipment | The following table summarizes the Company’s property and equipment for each of the periods presented: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Leasehold improvements $ 16,992 $ 16,690 Manufacturing equipment 12,140 10,387 Laboratory and office equipment 1,766 1,434 Computer equipment and software 235 206 Construction-in-progress 19,048 9,558 50,181 38,275 Less: accumulated depreciation (27,245 ) (26,359 ) Total $ 22,936 $ 11,916 |
Schedule of Other Accrued Liabilities | The following table summarizes the Company’s other accrued liabilities for each of the periods presented: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Construction-in-progress obligations $ 2,422 $ 395 Contract manufacturing 393 834 Professional service fees 225 112 Pre-clinical and clinical study 219 483 Accrued taxes 30 187 Other 177 408 Total $ 3,466 $ 2,419 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | The finance lease obligations were as follows: September 30, 2019 December 31, 2018 (unaudited; in thousands) (in thousands) Finance lease obligations, current portion $ 17 $ 5 Finance lease obligations, long-term portion $ 20 $ 18 |
Lease, Cost | Cash payments for leases were as follows: Description of cash payment Nine months ended September 30, 2019 (unaudited; in thousands) Operating cash flows from operating leases - cash paid for operating leases $ 1,332 Operating cash flows from finance leases - cash paid for interest $ 9 Financing cash flows from finance leases - cash paid for principal $ 10 The components of lease cost were as follows: Description of lease costs Three months ended Nine Months Ended (unaudited; in thousands) Operating lease costs $ 422 $ 1,250 Finance lease costs: Amortization of finance lease right-of-use assets 4 23 Interest on finance lease obligations 3 15 Total $ 429 $ 1,288 Lease term and discount rate were as follows: September 30, 2019 Description of other lease information Operating leases Finance leases (unaudited) Weighted-average remaining lease term (in years) 4.91 2.05 Weighted average discount rate 11 % 27 % |
Operating Leases, Scheduled Lease Payments | As of September 30, 2019 , annual scheduled lease payments were as follows: Year Operating leases Finance leases (unaudited; in thousands) Remainder of 2019 $ 461 $ 6 2020 1,861 24 2021 1,909 14 2022 1,961 3 2023 2,017 — 2024 1,371 — Total undiscounted cash flows 9,580 47 Less: amount representing interest (2,248 ) (10 ) Present value of lease liabilities $ 7,332 $ 37 |
Operating Leases, Scheduled Lease Payments | As of September 30, 2019 , annual scheduled lease payments were as follows: Year Operating leases Finance leases (unaudited; in thousands) Remainder of 2019 $ 461 $ 6 2020 1,861 24 2021 1,909 14 2022 1,961 3 2023 2,017 — 2024 1,371 — Total undiscounted cash flows 9,580 47 Less: amount representing interest (2,248 ) (10 ) Present value of lease liabilities $ 7,332 $ 37 |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the debt obligations as of September 30, 2019 : Drawdown Date Drawdown Amount Principal Balance Purchase Option Fee Discount on Purchase Option Fee Unamortized Discounts and Issuance Costs Monthly Payment Stated Interest Rate Effective Interest Rate Maturity Date (unaudited; in thousands) 09/25/2018 $ 5,000 $ 3,328 $ 600 $ (74 ) $ (451 ) $ 160 9.43 % 26.28 % 10/01/2021 12/11/2018 2,800 2,085 336 (51 ) (171 ) 90 9.68 % 19.58 % 01/01/2022 06/06/2019 2,300 2,060 276 (61 ) (197 ) 74 9.93 % 19.77 % 07/01/2022 09/13/2019 2,300 2,171 276 (71 ) (232 ) 74 9.93 % 19.93 % 10/01/2022 Total $ 12,400 $ 9,644 $ 1,488 $ (257 ) $ (1,051 ) $ 398 The following table is a summary of the Company's build-to-suit obligation as of September 30, 2019 (unaudited; in thousands) : Build-to-suit obligation principal amount $ 9,644 Build-to-suit obligation Purchase Option Fees at present value 1,231 Less: unamortized Purchase Option Fees (763 ) unamortized fair value of free-standing warrants (123 ) unamortized debt discount (152 ) unamortized debt issuance costs (13 ) Build-to-suit obligation, net of debt issuance costs and discount $ 9,824 Build-to-suit obligation, current portion $ 3,917 Build-to-suit obligation, long-term portion, net of debt issuance costs and discount 5,907 Build-to-suit obligation, net of debt issuance costs and discount $ 9,824 |
Schedule of Maturities of Long-term Debt | Future minimum payments on the Company’s build-to-suit obligation, including payment of principal and interest and Purchase Option Fees for each year ending December 31 were as follows: Year Principal Interest Purchase Option Fees (unaudited; in thousands) Remainder of 2019 $ 902 $ 218 $ — 2020 4,068 710 — 2021 3,748 301 600 2022 926 38 888 Total $ 9,644 $ 1,267 $ 1,488 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Summary of Warrants Issued and Outstanding | The following table summarizes the warrants issued and outstanding as of the periods presented: Expiration Date Exercise Price Warrants Warrants (unaudited) PIPE Financing - Series B 8/19/2021 $ 31.00 195,906 195,906 Hercules Term Loan - June 2014 1/27/2020 $ 176.80 1,583 1,583 Amendment to Hercules Term Loan - June 2015 6/23/2020 $ 147.40 2,035 2,035 Trinity - September 2018 9/25/2025 $ 3.59 75,000 75,000 Total 274,524 274,524 |
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 and Award Activity Excluding Inducement Grants | The following table summarizes stock option activity under the Amended and Restated 2014 Equity and Incentive Plan ("2014 Plan"), the 2012 Stock Incentive Plan ("2012 Plan") and inducement grants issued to new employees outside of the 2014 Plan in accordance with Nasdaq Listing Rule 5635(c)(4) for the nine months ended September 30, 2019 (unaudited) : Number of Shares Subject to Outstanding Stock Options Weighted-Average Exercise Price per Share Stock options outstanding at January 1, 2019 1,309,994 $ 5.91 Stock options granted 603,950 $ 3.01 Stock options canceled/forfeited/expired (47,966 ) $ 5.79 Stock options outstanding at September 30, 2019 1,865,978 $ 4.97 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized was as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (unaudited; in thousands) (unaudited; in thousands) Research and development $ 206 $ 160 $ 549 $ 369 General and administrative 217 186 621 446 Total $ 423 $ 346 $ 1,170 $ 815 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) - USD ($) | Aug. 19, 2019 | May 08, 2019 | Apr. 11, 2019 | Nov. 21, 2017 | May 08, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||||||
Accumulated deficit | $ 289,881,000 | $ 261,232,000 | |||||
Cash, cash equivalents and investments | $ 6,500,000 | ||||||
Consideration from sale of stock | $ 18,300,000 | ||||||
At-the-market Offering | |||||||
Subsequent Event [Line Items] | |||||||
Maximum aggregate offering price | $ 15,000,000 | ||||||
Commissions on proceeds from the sale of shares | 3.00% | ||||||
Shares issued in transaction (in shares) | 507,764 | ||||||
Price of stock sold (in USD per share) | $ 2.07 | ||||||
Commissions and other offering expenses | $ 32,000 | ||||||
Consideration from sale of stock | $ 800,000 | ||||||
Public Stock Offering | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued in transaction (in shares) | 5,000,000 | ||||||
Price of stock sold (in USD per share) | $ 3.29 | ||||||
Over-Allotment Option | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued in transaction (in shares) | 750,000 | ||||||
Price of stock sold (in USD per share) | $ 3.29 | $ 3.29 | |||||
Lincoln Park Capital Fund LLC | Equity Lines Of Credit | |||||||
Subsequent Event [Line Items] | |||||||
Value of shares obligated to purchase, next thirty months | $ 35,000,000 | ||||||
Stock purchase agreement term | 30 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Lease Standards (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 5,985 | $ 6,415 | |
Operating leases liabilities, current portion | 1,096 | 945 | |
Other accrued liabilities | 2,271 | $ 2,414 | |
Operating lease liabilities, long-term portion | $ 6,236 | 6,900 | |
Deferred rent | $ 1,287 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | 6,415 | ||
Operating leases liabilities, current portion | 945 | ||
Other accrued liabilities | (143) | ||
Operating lease liabilities, long-term portion | 6,900 | ||
Deferred rent | $ (1,287) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Cash and Cash Equivalents [Line Items] | |||
Restricted cash | $ 455 | $ 455 | $ 35 |
Deposit, Building Lease | |||
Cash and Cash Equivalents [Line Items] | |||
Restricted cash | 300 | 300 | |
Deposit, Utility Provider | |||
Cash and Cash Equivalents [Line Items] | |||
Restricted cash | 100 | 100 | |
Corporate Purchasing Cards | |||
Cash and Cash Equivalents [Line Items] | |||
Restricted cash | $ 35 | $ 35 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash and Cash Equivalents, 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 | $ 6,492 | $ 9,140 | $ 11,962 | |
Restricted cash | 455 | 455 | 35 | |
Total | $ 6,947 | $ 9,595 | $ 11,997 | $ 11,686 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Outstanding Common Stock Equivalents Excluded From Computations of Diluted Net Loss per Common Share (Detail) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock excluded from computation of diluted net loss per share (in shares) | 2,140,502 | 1,463,841 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock excluded from computation of diluted net loss per share (in shares) | 274,524 | 274,524 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock excluded from computation of diluted net loss per share (in shares) | 1,865,978 | 1,189,317 |
Cash Equivalents and Investme_3
Cash Equivalents and Investments in Marketable Securities - Summary of Cash Equivalents and Investments Carried at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | $ 21,691 | |
Total | $ 6,500 | |
Recurring | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 21,691 | |
Cash equivalents | 2,946 | 7,829 |
Marketable securities at fair value | 13,862 | |
Total | 21,691 | |
Recurring | Level I | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 13,205 | |
Recurring | Level II | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 8,486 | |
Recurring | Level III | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 0 | |
Money market funds | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 4,830 | |
Money market funds | Recurring | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 2,946 | 4,830 |
Money market funds | Recurring | Level I | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 2,946 | 4,830 |
Money market funds | Recurring | Level II | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 0 | 0 |
Money market funds | Recurring | Level III | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | $ 0 | 0 |
Commercial paper | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 1,497 | |
Commercial paper | Recurring | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 1,497 | |
Commercial paper | Recurring | Level I | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 0 | |
Commercial paper | Recurring | Level II | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 1,497 | |
Commercial paper | Recurring | Level III | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 0 | |
Corporate notes and bonds | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 6,989 | |
Corporate notes and bonds | Recurring | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 6,989 | |
Corporate notes and bonds | Recurring | Level I | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 0 | |
Corporate notes and bonds | Recurring | Level II | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 6,989 | |
Corporate notes and bonds | Recurring | Level III | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 0 | |
U.S. treasuries | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 8,375 | |
U.S. treasuries | Recurring | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 8,375 | |
U.S. treasuries | Recurring | Level I | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 8,375 | |
U.S. treasuries | Recurring | Level II | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | 0 | |
U.S. treasuries | Recurring | Level III | ||
Schedule Of Cash Equivalents And Available For Sale Investments [Line Items] | ||
Fair Value | $ 0 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments in Marketable Securities - Summary of Investment Available for Sale (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | $ 21,696 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (5) |
Fair Value | 21,691 |
Money market funds | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 4,830 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Fair Value | 4,830 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 1,497 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Fair Value | 1,497 |
Corporate notes and bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 6,994 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (5) |
Fair Value | 6,989 |
U.S. treasuries | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 8,375 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Fair Value | $ 8,375 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid services | $ 403 | $ 88 |
Prepaid insurance | 224 | 45 |
Prepaid software and subscriptions | 121 | 42 |
Deferred offering costs | 0 | 114 |
Other | 31 | 69 |
Prepaid expenses and other current assets | $ 779 | $ 358 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 50,181 | $ 38,275 |
Less: accumulated depreciation | (27,245) | (26,359) |
Property and equipment, net | 22,936 | 11,916 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16,992 | 16,690 |
Manufacturing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,140 | 10,387 |
Laboratory and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,766 | 1,434 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 235 | 206 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 19,048 | $ 9,558 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (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 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization expense | $ 200 | $ 200 | $ 500 | $ 600 | |
Property and equipment | 22,936 | 22,936 | $ 11,916 | ||
Finance lease, accumulated amortization | 23 | 23 | |||
Property and equipment, gross | 50,181 | 50,181 | 38,275 | ||
Accumulated capitalized interest costs | 1,100 | 1,100 | |||
Assets Held Under Finance Leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 54 | 54 | |||
Assets Held Under Finance Leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 24 | ||||
Construction in Progress, Build-to-suit | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 11,500 | $ 11,500 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Construction-in-progress obligations | $ 2,422 | $ 395 |
Contract manufacturing | 393 | 834 |
Professional service fees | 225 | 112 |
Pre-clinical and clinical study | 219 | 483 |
Accrued taxes | 30 | 187 |
Other | 177 | 408 |
Total | $ 3,466 | $ 2,419 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Sep. 01, 2017 | Sep. 30, 2019 | Jan. 31, 2018 |
Lessee, Lease, Description [Line Items] | |||
Renewal term | 60 months | ||
Monthly base rent | $ 136 | ||
Incentive rent abatements | $ 300 | ||
Landlord's tenant improvements | 1,000 | ||
Incremental lease costs | 251 | ||
Increase in operating lease right-of-use assets | $ 189 | ||
Telephone Equipment | |||
Lessee, Lease, Description [Line Items] | |||
Term of lease | 3 years |
Leases - Finance Lease Obligati
Leases - Finance Lease Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Finance lease obligations, current portion | $ 17 | |
Finance lease obligations, current portion | $ 5 | |
Finance lease obligations, long-term portion | $ 20 | |
Finance lease obligations, long-term portion | $ 18 |
Leases - Description of Lease C
Leases - Description of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease costs | $ 422 | $ 1,250 |
Finance lease costs: | ||
Amortization of finance lease right-of-use assets | 4 | 23 |
Interest on finance lease obligations | 3 | 15 |
Total | $ 429 | $ 1,288 |
Leases - Description of Cash Pa
Leases - Description of Cash Payment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases - cash paid for operating leases | $ 1,332 |
Operating cash flows from finance leases - cash paid for interest | 9 |
Financing cash flows from finance leases - cash paid for principal | $ 10 |
Leases - Description of Other L
Leases - Description of Other Lease Information (Details) | Sep. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term, operating lease | 4 years 331 days |
Weighted average remaining lease term, financing lease | 2 years 19 days |
Weighted average discount rate, operating lease | 11.00% |
Weighted average discount rate, finance lease | 27.00% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating leases | |
Remainder of 2019 | $ 461 |
2020 | 1,861 |
2021 | 1,909 |
2022 | 1,961 |
2023 | 2,017 |
2024 | 1,371 |
Total undiscounted cash flows | 9,580 |
Less: amount representing interest | (2,248) |
Present value of lease liabilities | 7,332 |
Finance leases | |
Remainder of 2019 | 6 |
2020 | 24 |
2021 | 14 |
2022 | 3 |
2023 | 0 |
2024 | 0 |
Total undiscounted cash flows | 47 |
Less: amount representing interest | (10) |
Present value of lease liabilities | $ 37 |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Detail) - USD ($) | Mar. 30, 2020 | Sep. 30, 2018 | Jun. 30, 2014 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Sep. 25, 2018 |
Debt Instrument [Line Items] | ||||||||
Restocking fee | 6.00% | |||||||
Remaining available balance | $ 1,600,000 | |||||||
Property and equipment, gross | 50,181,000 | $ 38,275,000 | ||||||
Accumulated capitalized interest costs | $ 1,100,000 | |||||||
Common stock issued (in shares) | 18,230,803 | 11,973,039 | ||||||
Interest expense | $ 100,000 | $ 300,000 | ||||||
Trinity Capital Fund III, L.P. | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of warrants | $ 243,000 | |||||||
Trinity Capital Fund III, L.P. | Warrants to purchase common stock | ||||||||
Debt Instrument [Line Items] | ||||||||
Common stock issued (in shares) | 75,000 | 75,000 | 75,000 | |||||
Build to Suit Obligation | Trinity Capital Fund III, L.P. | ||||||||
Debt Instrument [Line Items] | ||||||||
Build-to-suit obligation, aggregate principal amount | $ 14,000,000 | $ 14,000,000 | $ 14,000,000 | |||||
Drawdown amount | 5,000,000 | |||||||
Incremental drawdowns, minimum | 500,000 | |||||||
Debt instrument term | 36 months | |||||||
Drawdown amount | $ 12,400,000 | |||||||
Build-to-suit obligation | $ 5,000,000 | $ 5,000,000 | $ 9,800,000 | $ 5,000,000 | ||||
Common stock warrant exercise price (in USD per share) | $ 3.59 | |||||||
Build-to-Suit Obligation, Condition Two | Trinity Capital Fund III, L.P. | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase percentage of equipment cost | 4.00% | |||||||
Build-to-Suit Obligation, Condition One | Trinity Capital Fund III, L.P. | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase percentage of equipment cost | 12.00% | |||||||
Senior Subordinated Notes | Amended Hercules Secured Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Drawdown amount | $ 15,000,000 | |||||||
Effective interest rate | 7.95% | |||||||
Debt variable interest rate | 7.95% | |||||||
Debt additional variable interest rate decrease | 5.25% | |||||||
Additional debt end of term charge | $ 400,000 | |||||||
Construction In Progress, Build-to-suit | ||||||||
Debt Instrument [Line Items] | ||||||||
Property and equipment, gross | $ 11,500,000 | |||||||
Forecast | Build to Suit Obligation | Trinity Capital Fund III, L.P. | ||||||||
Debt Instrument [Line Items] | ||||||||
Non-utilization fee percentage | 3.00% |
Debt Financing - Summary of Deb
Debt Financing - Summary of Debt Obligations (Details) - Build to Suit Obligation $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Debt Instrument [Line Items] | |
Principal Balance | $ 9,644 |
Trinity Capital Fund III, L.P. | |
Debt Instrument [Line Items] | |
Drawdown Amount | 12,400 |
Principal Balance | 9,644 |
Purchase Option Fee | 1,488 |
Discount on Purchase Option Fee | (257) |
Unamortized Discounts and Issuance Costs | (1,051) |
Monthly Payment | 398 |
Drawdown Maturity Date Of October 1, 2021 | Trinity Capital Fund III, L.P. | |
Debt Instrument [Line Items] | |
Drawdown Amount | 5,000 |
Principal Balance | 3,328 |
Purchase Option Fee | 600 |
Discount on Purchase Option Fee | (74) |
Unamortized Discounts and Issuance Costs | (451) |
Monthly Payment | $ 160 |
Stated Interest Rate | 9.43% |
Effective Interest Rate | 26.28% |
Drawdown Maturity Date Of January 1, 2022 | Trinity Capital Fund III, L.P. | |
Debt Instrument [Line Items] | |
Drawdown Amount | $ 2,800 |
Principal Balance | 2,085 |
Purchase Option Fee | 336 |
Discount on Purchase Option Fee | (51) |
Unamortized Discounts and Issuance Costs | (171) |
Monthly Payment | $ 90 |
Stated Interest Rate | 9.68% |
Effective Interest Rate | 19.58% |
Drawdown Maturity Date Of July 1, 2022 | Trinity Capital Fund III, L.P. | |
Debt Instrument [Line Items] | |
Drawdown Amount | $ 2,300 |
Principal Balance | 2,060 |
Purchase Option Fee | 276 |
Discount on Purchase Option Fee | (61) |
Unamortized Discounts and Issuance Costs | (197) |
Monthly Payment | $ 74 |
Stated Interest Rate | 9.93% |
Effective Interest Rate | 19.77% |
Drawdown Maturity Date Of October 1, 2019 | Trinity Capital Fund III, L.P. | |
Debt Instrument [Line Items] | |
Drawdown Amount | $ 2,300 |
Principal Balance | 2,171 |
Purchase Option Fee | 276 |
Discount on Purchase Option Fee | (71) |
Unamortized Discounts and Issuance Costs | (232) |
Monthly Payment | $ 74 |
Stated Interest Rate | 9.93% |
Effective Interest Rate | 19.93% |
Debt Financing - Schedule of L
Debt Financing - Schedule of Long-term Debt Instruments (Details) - Build to Suit Obligation $ in Thousands | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
Build-to-suit obligation principal amount | $ 9,644 |
Build-to-suit obligation Purchase Option Fees at present value | 1,231 |
Less: unamortized Purchase Option Fees | (763) |
unamortized fair value of free-standing warrants | (123) |
unamortized debt discount | (152) |
unamortized debt issuance costs | (13) |
Build-to-suit obligation, net of debt issuance costs and discount | 9,824 |
Build-to-suit obligation, current portion | 3,917 |
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount | $ 5,907 |
Debt Financing - Future Minimu
Debt Financing - Future Minimum Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Principal | |
Remainder of 2019 | $ 902 |
2020 | 4,068 |
2021 | 3,748 |
2022 | 926 |
Total | 9,644 |
Interest | |
Remainder of 2019 | 218 |
2020 | 710 |
2021 | 301 |
2022 | 38 |
Total | 1,267 |
Purchase Option Fees | |
Remainder of 2019 | 0 |
2020 | 0 |
2021 | 600 |
2022 | 888 |
Total | $ 1,488 |
Warrants (Detail)
Warrants (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||
Warrants Outstanding (in shares) | 274,524 | 274,524 |
Hercules Term Loan - June 2014 | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Jan. 27, 2020 | |
Exercise Price (in USD per share) | $ 176.80 | |
Warrants Outstanding (in shares) | 1,583 | 1,583 |
Amendment to Hercules Term Loan - June 2015 | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Jun. 23, 2020 | |
Exercise Price (in USD per share) | $ 147.40 | |
Warrants Outstanding (in shares) | 2,035 | 2,035 |
Trinity - September 2018 | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Sep. 25, 2025 | |
Exercise Price (in USD per share) | $ 3.59 | |
Warrants Outstanding (in shares) | 75,000 | 75,000 |
Private Investment in Public Equity (PIPE) | PIPE Financing - Series B | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Aug. 19, 2021 | |
Exercise Price (in USD per share) | $ 31 | |
Warrants Outstanding (in shares) | 195,906 | 195,906 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2019 | |
Other Commitments [Line Items] | ||
Cancellation fees | 50.00% | |
Commercial Coating and Primary Packaging System | ||
Other Commitments [Line Items] | ||
Purchase commitments related to fixed assets | $ 3.7 | |
Commitment liability | 1.3 | |
Equipment, Patch Assembly and Applicator, Retainer Machinery | ||
Other Commitments [Line Items] | ||
Purchase commitments related to fixed assets | 1.2 | |
Commitment liability | 0.8 | |
Manufacturing Space and Technology | ||
Other Commitments [Line Items] | ||
Commitment liability | 1.8 | |
Construction agreement and transfer fees | $ 7.8 | |
Minimum | ||
Other Commitments [Line Items] | ||
Annual fees | $ 1 | |
Maximum | ||
Other Commitments [Line Items] | ||
Annual fees | $ 14 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | Sep. 30, 2019 | Jan. 01, 2019 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Common stock reserved for future issuance (in shares) | 419,056 | |
Shares available for grant (in shares) | 17,121 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option and Award Activity Excluding Inducement Grants (Detail) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Number of Shares Subject to Outstanding Options | |
Beginning balance (in shares) | shares | 1,309,994 |
Options granted (in shares) | shares | 603,950 |
Options canceled/forfeited/expired (in shares) | shares | (47,966) |
Ending balance (in shares) | shares | 1,865,978 |
Weighted-Average Exercise Price per Share | |
Beginning balance (in USD per share) | $ / shares | $ 5.91 |
Options granted (in USD per share) | $ / shares | 3.01 |
Option canceled/forfeited/expired (in USD per share) | $ / shares | 5.79 |
Ending balance (in USD per share) | $ / shares | $ 4.97 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - 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, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 423 | $ 346 | $ 1,170 | $ 815 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 206 | 160 | 549 | 369 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 217 | $ 186 | $ 621 | $ 446 |