Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 15, 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 | |
Trading Symbol | TPTX | |
Entity Registrant Name | Turning Point Therapeutics, Inc. | |
Entity Central Index Key | 0001595893 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 35,849,541 | |
Entity File Number | 001-38871 | |
Entity Tax Identification Number | 463826166 | |
Entity Address, Address Line One | 10628 Science Center Drive, Ste. 200 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | California | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 926-5251 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 172,421 | $ 101,029 |
Marketable securities | 251,154 | |
Prepaid expenses and other current assets | 5,795 | 494 |
Total current assets | 429,370 | 101,523 |
Property and equipment, net | 2,184 | 1,000 |
Right-of-use assets from operating leases | 4,761 | |
Security deposits | 73 | 73 |
Deferred financing costs | 684 | |
Total assets | 436,388 | 103,280 |
Current liabilities: | ||
Accounts payable | 3,811 | 1,494 |
Accrued expenses and other current liabilities | 2,950 | 2,415 |
Accrued compensation | 3,784 | 1,413 |
Current portion of operating lease liabilities | 1,175 | |
Total current liabilities | 11,720 | 5,322 |
Operating lease liabilities, net of current portion | 4,144 | 448 |
Commitments and contingencies (Note 7) | ||
Convertible preferred stock, $0.0001 par value; zero shares issued and outstanding as of September 30, 2019 and 65,423,901 shares issued and outstanding as of December 31, 2018; aggregate liquidation preference of $0 and $146,460 as of September 30, 2019 and December 31, 2018, respectively | 145,916 | |
Stockholders' equity (deficit): | ||
Common stock, $0.0001 par value; 200,000,000 shares authorized as of September 30, 2019 and 104,000,000 shares authorized as of December 31, 2018; 35,839,196 shares issued and outstanding as of September 30, 2019; 3,411,516 shares issued and outstanding at December 31, 2018 | 4 | 1 |
Additional paid-in capital | 522,123 | 2,346 |
Accumulated other comprehensive income | 322 | |
Accumulated deficit | (101,925) | (50,753) |
Total stockholders’ equity (deficit) | 420,524 | (48,406) |
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) | $ 436,388 | $ 103,280 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares issued | 0 | 65,423,901 |
Temporary equity, shares outstanding | 0 | 65,423,901 |
Temporary equity, liquidation preference | $ 0 | $ 146,460 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 104,000,000 |
Common stock, shares issued | 35,839,196 | 3,411,516 |
Common stock, shares outstanding | 35,839,196 | 3,411,516 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 16,640 | $ 5,129 | $ 40,802 | $ 13,841 |
General and administrative | 5,500 | 1,000 | 13,857 | 2,319 |
Total operating expenses | 22,140 | 6,129 | 54,659 | 16,160 |
Loss from operations | (22,140) | (6,129) | (54,659) | (16,160) |
Interest income | 1,657 | 132 | 3,487 | 393 |
Net loss | (20,483) | (5,997) | (51,172) | (15,767) |
Other comprehensive income: | ||||
Unrealized gain (loss) on marketable securities, net of tax | (24) | 322 | ||
Comprehensive loss | $ (20,507) | $ (5,997) | $ (50,850) | $ (15,767) |
Net loss per share, basic and diluted | $ (0.63) | $ (1.77) | $ (2.54) | $ (4.66) |
Weighted-average common shares outstanding, basic and diluted | 32,312,814 | 3,394,423 | 20,178,979 | 3,381,404 |
Condensed Statements of Convert
Condensed Statements of Convertible Preferred Stock and Stockholders' Equity Deficit (Unaudited) - USD ($) $ in Thousands | Total | IPO [Member] | Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]IPO [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]IPO [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2017 | $ (24,844) | $ 1 | $ 1,123 | $ (25,968) | |||||
Balance, shares at Dec. 31, 2017 | 39,135,778 | ||||||||
Balance at Dec. 31, 2017 | $ 66,161 | ||||||||
Balance, Shares at Dec. 31, 2017 | 3,367,742 | ||||||||
Option exercises | 6 | 6 | |||||||
Option exercises, Shares | 2,597 | ||||||||
Stock-based compensation expense | 85 | 85 | |||||||
Net loss | (4,733) | (4,733) | |||||||
Balance at Mar. 31, 2018 | (29,486) | $ 1 | 1,214 | (30,701) | |||||
Balance, Shares at Mar. 31, 2018 | 39,135,778 | ||||||||
Balance at Mar. 31, 2018 | $ 66,161 | ||||||||
Balance, Shares at Mar. 31, 2018 | 3,370,339 | ||||||||
Balance at Dec. 31, 2017 | (24,844) | $ 1 | 1,123 | (25,968) | |||||
Balance, shares at Dec. 31, 2017 | 39,135,778 | ||||||||
Balance at Dec. 31, 2017 | $ 66,161 | ||||||||
Balance, Shares at Dec. 31, 2017 | 3,367,742 | ||||||||
Net loss | (15,767) | ||||||||
Balance at Sep. 30, 2018 | (40,139) | $ 1 | 1,595 | (41,735) | |||||
Balance, Shares at Sep. 30, 2018 | 39,135,778 | ||||||||
Balance at Sep. 30, 2018 | $ 66,161 | ||||||||
Balance, Shares at Sep. 30, 2018 | 3,408,594 | ||||||||
Balance at Mar. 31, 2018 | (29,486) | $ 1 | 1,214 | (30,701) | |||||
Balance, shares at Mar. 31, 2018 | 39,135,778 | ||||||||
Balance at Mar. 31, 2018 | $ 66,161 | ||||||||
Balance, Shares at Mar. 31, 2018 | 3,370,339 | ||||||||
Option exercises | 39 | 39 | |||||||
Option exercises, Shares | 20,777 | ||||||||
Stock-based compensation expense | 137 | 137 | |||||||
Net loss | (5,037) | (5,037) | |||||||
Balance at Jun. 30, 2018 | (34,347) | $ 1 | 1,390 | (35,738) | |||||
Balance, Shares at Jun. 30, 2018 | 39,135,778 | ||||||||
Balance at Jun. 30, 2018 | $ 66,161 | ||||||||
Balance, Shares at Jun. 30, 2018 | 3,391,116 | ||||||||
Option exercises | 26 | 26 | |||||||
Option exercises, Shares | 17,478 | ||||||||
Stock-based compensation expense | 179 | 179 | |||||||
Net loss | (5,997) | (5,997) | |||||||
Balance at Sep. 30, 2018 | (40,139) | $ 1 | 1,595 | (41,735) | |||||
Balance, Shares at Sep. 30, 2018 | 39,135,778 | ||||||||
Balance at Sep. 30, 2018 | $ 66,161 | ||||||||
Balance, Shares at Sep. 30, 2018 | 3,408,594 | ||||||||
Balance at Dec. 31, 2018 | $ (48,406) | $ 1 | 2,346 | (50,753) | |||||
Balance, shares at Dec. 31, 2018 | 65,423,901 | 65,423,901 | |||||||
Balance at Dec. 31, 2018 | $ 145,916 | $ 145,916 | |||||||
Balance, Shares at Dec. 31, 2018 | 3,411,516 | 3,411,516 | |||||||
Option exercises | $ 22 | 22 | |||||||
Option exercises, Shares | 12,337 | ||||||||
Stock-based compensation expense | 1,926 | 1,926 | |||||||
Net loss | (13,547) | (13,547) | |||||||
Balance at Mar. 31, 2019 | (60,005) | $ 1 | 4,294 | (64,300) | |||||
Balance, Shares at Mar. 31, 2019 | 65,423,901 | ||||||||
Balance at Mar. 31, 2019 | $ 145,916 | ||||||||
Balance, Shares at Mar. 31, 2019 | 3,423,853 | ||||||||
Balance at Dec. 31, 2018 | $ (48,406) | $ 1 | 2,346 | (50,753) | |||||
Balance, shares at Dec. 31, 2018 | 65,423,901 | 65,423,901 | |||||||
Balance at Dec. 31, 2018 | $ 145,916 | $ 145,916 | |||||||
Balance, Shares at Dec. 31, 2018 | 3,411,516 | 3,411,516 | |||||||
Option exercises, Shares | 296,986 | ||||||||
Net loss | $ (51,172) | ||||||||
Balance at Sep. 30, 2019 | $ 420,524 | $ 4 | 522,123 | $ 322 | (101,925) | ||||
Balance, Shares at Sep. 30, 2019 | 0 | 35,839,196 | |||||||
Balance, Shares at Sep. 30, 2019 | 35,839,196 | ||||||||
Balance at Mar. 31, 2019 | $ (60,005) | $ 1 | 4,294 | (64,300) | |||||
Balance, shares at Mar. 31, 2019 | 65,423,901 | ||||||||
Balance at Mar. 31, 2019 | $ 145,916 | ||||||||
Balance, Shares at Mar. 31, 2019 | 3,423,853 | ||||||||
Issuance of common stock in connection with an initial public/equity offering, net of underwriting discounts, commissions, and offering costs | $ 175,151 | $ 1 | $ 175,150 | ||||||
Issuance of common stock in connection with an initial public/equity offering, net of underwriting discounts, commissions, and offering costs, Shares | 10,637,500 | ||||||||
Conversion of convertible preferred stock into common stock | 145,916 | $ (145,916) | $ 2 | 145,914 | |||||
Conversion of convertible preferred stock into common stock, Shares | (65,423,901) | 16,993,194 | |||||||
Option exercises | 591 | 591 | |||||||
Option exercises, Shares | 242,876 | ||||||||
Stock-based compensation expense | 3,059 | 3,059 | |||||||
Net loss | (17,142) | (17,142) | |||||||
Other comprehensive income (loss) | 345 | 345 | |||||||
Balance at Jun. 30, 2019 | 247,915 | $ 4 | 329,008 | 345 | (81,442) | ||||
Balance, Shares at Jun. 30, 2019 | 31,297,423 | ||||||||
Issuance of common stock in connection with an initial public/equity offering, net of underwriting discounts, commissions, and offering costs | $ 189,526 | $ 189,526 | |||||||
Issuance of common stock in connection with an initial public/equity offering, net of underwriting discounts, commissions, and offering costs, Shares | 4,500,000 | ||||||||
Option exercises | 96 | 96 | |||||||
Option exercises, Shares | 41,773 | ||||||||
Stock-based compensation expense | 3,493 | 3,493 | |||||||
Net loss | (20,483) | (20,483) | |||||||
Other comprehensive income (loss) | (23) | (23) | |||||||
Balance at Sep. 30, 2019 | $ 420,524 | $ 4 | $ 522,123 | $ 322 | $ (101,925) | ||||
Balance, Shares at Sep. 30, 2019 | 0 | 35,839,196 | |||||||
Balance, Shares at Sep. 30, 2019 | 35,839,196 |
Condensed Statement Of Cash Flo
Condensed Statement Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net loss | $ (51,172) | $ (15,767) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 8,478 | 401 |
Depreciation | 322 | 64 |
Accretion of discount on marketable securities | (846) | |
Amortization of right-of-use operating lease asset | 707 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (4,618) | (49) |
Accounts payable | 1,196 | 506 |
Accrued expenses and other current liabilities | (122) | (1,257) |
Accrued compensation | 2,370 | 427 |
Net cash used in operating activities | (43,685) | (15,675) |
Investing activities | ||
Purchases of marketable securities | (264,909) | |
Maturities of marketable securities | 14,923 | |
Purchases of property and equipment | (983) | (221) |
Net cash used in investing activities | (250,969) | (221) |
Financing activities | ||
Proceeds from issuance of common stock in initial public offering, net | 175,151 | |
Proceeds from issuance of common stock in public offering, net | 190,186 | |
Proceeds from issuance of common stock from stock option exercises | 709 | 71 |
Net cash provided by financing activities | 366,046 | 71 |
Net increase (decrease) in cash and cash equivalents | 71,392 | (15,825) |
Cash and cash equivalents at the beginning of period | 101,029 | 45,033 |
Cash and cash equivalents at the end of period | 172,421 | 29,208 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 1 | $ 1 |
Supplemental disclosure of non-cash investing and financing information: | ||
Purchases of property and equipment in accounts payable | 523 | |
Costs incurred in connection with the public offering included in accounts payable and accrued expenses | 660 | |
Operating lease liabilities arising from obtaining right-of-use assets | $ 5,554 |
Formation and Business of the C
Formation and Business of the Company; Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Formation and Business of the Company; Basis of Presentation | 1. Formation and Business of the Company; Basis of Presentation Organization Turning Point Therapeutics, Inc. (the Company) was organized in 2013 and commenced operations in 2014. The Company is a clinical stage biopharmaceutical company designing and developing novel small molecule, targeted oncology therapies. The Company’s principal operations are in the United States and the Company operates in one segment, with its headquarters in San Diego, California. The Company’s primary activities since inception have been to build infrastructure, conduct research and development, including clinical trials, perform business and financial planning, and raise capital. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, since they are interim statements, the accompanying condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited interim financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The condensed balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. The operating results presented in these unaudited condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. These unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in the Company’s prospectus dated April 16, 2019 that forms a part of the Company’s Registration Statements on Form S-1, as filed with the SEC pursuant to Rule 424 promulgated under the Securities Act of 1933, as amended, on April 18, 2019. Public Offerings On April 22, 2019, the Company completed an initial public offering (IPO) of its common stock. In connection with its IPO, the Company issued and sold 10,637,500 shares of its common stock at a price to the public of $18.00 per share. The net proceeds from the IPO were approximately $175.2 million after deducting underwriting discounts and commissions of $13.4 million and offering expenses of approximately $2.9 million paid by the Company. At the closing of the IPO, 65,423,901 shares of outstanding convertible preferred stock were automatically converted into 16,993,194 shares of common stock. Following the IPO, there were no shares of preferred stock outstanding. On September 10, 2019, the Company completed an underwritten public offering of its common stock, which resulted in the issuance and sale of an aggregate of 4,500,000 shares of common stock at a public offering price of $45.00 per share. $189.5 million, Reverse Stock Split On April 5, 2019, the Company effected a 1-for-3.85 reverse stock split of its common stock. The par value and the authorized number of shares of the common stock were not adjusted as a result of the reverse stock split. The accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented. Liquidity Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year from the financial statement issuance date. The Company determined that there are no conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that the condensed financial statements for the quarter ended September 30, 2019 are issued. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to preclinical and clinical study accruals and stock-based compensation costs Marketable securities The Company classifies all marketable securities as available for sale, as the sale of such securities may be required prior to maturity. These marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis and are also included in interest income. The Company’s marketable securities are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and the Company’s intent and ability to hold the investment until recovery of the amortized cost basis. The Company intends, and has the ability, to hold its investments until their amortized cost basis has been recovered. Concentration of Credit Risk Substantially all the Company’s cash and money market funds are held with a single financial institution. Due to its size, the Company believes this financial institution represents a minimal credit risk. Cash amounts held at financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At September 30, 2019, the Company had $423.4 million in excess of the FDIC insured limit. At September 30, 2019, the Company’s money market funds and marketable securities are not subject to FDIC insurance. The Company’s money market funds and marketable securities are invested in short term, high grade securities. As a result, the Company believes its money market and marketable securities represent a minimal credit risk. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets, which ranges between three to seven years. Tenant improvements are stated at cost and depreciated over the shorter of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. Intellectual Property The legal and professional costs incurred by the Company to maintain its patent rights have been expensed as part of general and administrative expenses since inception. As of September 30, 2019, the Company has determined that these expenses have not met the criteria to be capitalized. Intellectual property related expenses were $0.3 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively and were $0.6 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively. Research and Development Expenses Research and development costs are expensed as incurred. These costs consist primarily of salaries and other personnel-related expenses, including stock-based compensation; facility-related expenses; depreciation of facilities and equipment; laboratory consumables; and services performed by clinical research organizations, clinical manufacturing services, research institutions, and other outside service providers. Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates which will be in effect when the differences reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax asset will be realized. The Company follows the provisions of the Income Taxes Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification that defines a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Under the Income Taxes Topic, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Stock-Based Compensation Stock -based compensation expense represents the cost of the grant date fair value of employee and non-employee stock option grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis, net of actual forfeitures during the period. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model. Prior to the Company’s IPO, the exercise price for all stock options granted was at the estimated fair value of the underlying common stock as determined on the date of grant by the Company’s Board of Directors. Net Loss Per Share The Company computes basic loss per share by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options and convertible preferred stock, which is convertible into shares of the Company’s common stock. No shares related to the convertible preferred stock were included in the diluted net loss calculation for the three and nine months ended 30, 2019 or 2018 because the inclusion of such shares would have had an anti-dilutive effect. The shares to be issued upon exercise of certain outstanding stock options were also excluded from the diluted net loss calculation for the three and nine months ended 30, 2019 and 2018 because such shares are anti-dilutive. Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Convertible preferred stock (as converted) – 10,165,120 – 10,165,120 Common stock options 5,119,383 1,030,176 5,119,383 1,030,176 Total 5,119,383 11,195,296 5,119,383 11,195,296 Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Adopted Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, “ Leases Additionally, the Company elected the hindsight provision for determining the lease term and elected to aggregate all lease and non-lease components for each class of underlying assets into a single lease component. The Company currently has one operating lease for office and laboratory spaces in San Diego, California. The operating lease was impacted by the new accounting standard and resulted in the present values of the future lease payments being presented as a right-to-use asset, with a corresponding lease liability at the date of adoption. The financial impact from the adoption of this guidance is discussed in Note 7. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The Company invests its excess cash in marketable securities, including debt instruments of financial institutions, corporations with investment grade credit ratings, commercial paper and government agencies. At September 30, 2019, marketable securities consisted of the following (in thousands): Unrealized Maturity Amortized Cost Gains Losses Fair Value U.S. government agency securities 2 years or less $ 28,607 $ 13 $ (4 ) $ 28,616 Corporate debt securities 2 years or less 119,313 233 (6 ) 119,540 Commercial paper 1 years or less 102,913 101 (16 ) 102,998 Total marketable securities $ 250,833 $ 347 $ (26 ) $ 251,154 The Company’s marketable securities are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. G ross realized gains and losses on available for sale securities were immaterial during the three and nine months ended , 2019. At December 31, 2018, the Company had no marketable securities. None of the investments have been in a gross unrealized loss for a period greater than 12 months. The Company did not identify any other-than-temporary losses as of September |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: Level 1 – Inputs which include quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted market prices included in Level 1) that are either directly or indirectly observable, 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 instrument’s anticipated life. Level 3 – Unobservable inputs for assets or liabilities and include little or no market activity. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. During the three and nine months ended September 30, 2019, the Company had no Level 3 financial assets or liabilities that were subject to fair value measurements on a recurring basis. During the three and nine months ended September 30, 2018, the Company had no Level 2 or 3 financial assets or liabilities that were subject to fair value measurements on a recurring basis. The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands) Fair Value Measurements at September 30, 2019 Using: Level 1 Level 2 Level 3 Total Money market funds included in cash and cash equivalents $ 163,403 $ - $ - $ 163,403 U.S. government agency securities - 28,616 - 28,616 Corporate debt securities - 119,540 - 119,540 Commercial paper - 111,608 - 111,608 Total marketable securities $ 163,403 $ 259,764 $ - $ 423,167 Fair Value Measurements at December 31, 2018 Using: Level 1 Level 2 Level 3 Total Money market funds included in cash and cash equivalents $ 98,268 - - $ 98,268 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands) September 30, December 31, 2019 2018 Laboratory equipment $ 785 $ 388 Computer equipment and software 708 138 Tenant improvements 911 679 Furniture and fixtures 201 66 2,605 1,271 Less: accumulated depreciation (421 ) (271 ) Total $ 2,184 $ 1,000 Depreciation expense was $0.1 million and $25,000 for the three months ended September 30, 2019 and 2018, respectively and depreciation expense was $0.3 million and $0.1 million for the nine months ended September 30, 2019 and 2018, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands) September 30, December 31, 2019 2018 Accrued research and development expenses $ 2,514 $ 1,677 Accrued general and administrative expenses 332 548 Other current liabilities 104 190 Total $ 2,950 $ 2,415 |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Operating Leases The Company entered into a lease agreement during January 2016, which commenced in July 2016, for its current office and primary research facility located in San Diego, California. In June 2018, the Company amended its existing lease agreement to expand its office and laboratory space within the same building, which the Company occupied commencing September 2018. The amended lease term for all leased premises had an expiration date of December 31, 2021, and an option to extend the lease term on all leased space for one additional five-year term. As of the date of adoption of ASC 842, the Company was not reasonably certain that it would exercise the extension option, and as such, did not include this option in the determination of the total lease term. On January 1, 2019, in conjunction with the adoption of the guidance in ASU 2016-02 - “ Leases”, In June 2019, the Company amended the terms of its existing facility lease in conjunction with entering into a lease for additional office and laboratory space and agreed to surrender a portion of its current laboratory and office space and to extend the lease term for its remaining laboratory and office space to June 30, 2023. The execution of the new lease and the amendment to the Company’s existing facility lease were accounted for as a single contract for accounting purposes, as the counterparty to both contracts is the Company’s existing landlord and both agreements were negotiated contemporaneously as a whole to achieve the same commercial objective. In June 2019, the Company accounted for the partial surrender of office and laboratory space as a reduction to its existing right-of-use asset and liability totaling $0.6 million, and $0.9 million, respectively. The difference between these amounts was recorded as a deferred gain of $0.3 million. The deferred gain was recorded as an offset to the right of use asset recorded by the Company on July 1, 2019. In June 2019, and in connection with the extension of the lease term of the Company’s previously existing office and laboratory space, the Company recognized an incremental increase of $0.5 million to its existing right of use asset and lease liability. The adjustment was computed assuming a lease term ending in June 2023 and an estimated incremental borrowing rate of 8.5%. This right-of-use asset was recorded net of $0.3 million associated with the lease extension, which represents the Company’s net unamortized capitalized tenant improvement allowance and deferred rent. The new lease commenced in July 2019 and the lease expiration date is June 30, 2023. In addition to base rental payments under this lease, which escalate over the term of the lease, the Company will also be responsible for the payment of its share of the estimated annual operating expenses, property tax expenses, and utilities costs related to this lease of additional space. The lease also contains an option to extend the lease term on all leased space for one additional five-year term. As of July 1, 2019, the Company was not reasonably certain that it would exercise the extension option, and as such, will not include this option in the determination of the total lease term for accounting purposes. The right-of-use asset and corresponding lease liability was estimated assuming the remaining lease term of 48 months at July 1, 2019, and an estimated discount rate of 8.5%, which was the Company’s incremental borrowing rate at the date of the lease commencement. The Company recorded a lease liability of $4.0 million and a right-of-use asset of $3.7 million, which is net of $0.3 million of the Company’s deferred gain from the office and laboratory space surrendered in June 2019. Future minimum payments under the amended lease as of September 30, 2019 are as follows (in thousands) 2019 (Three months remaining) $ 375 2020 1,619 2021 1,668 2022 1,718 2023 872 Total future minimum lease payments 6,252 Less: Amounts representing interest (933 ) Total lease liability $ 5,319 Remaining lease term 3.8 years Rent expense was $0.4 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively and was $0.7 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively. The Company made cash payments related to its operating lease agreement of $0.4 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively and $0.8 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8 . Related Party Transactions The Company has entered into several contracts for drug product development and manufacturing with a vendor for which one of the Company’s former directors is a co-founder and part owner. The Company paid this related party |
Equity
Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity | 9. Equity The Company’s 2019 Equity Incentive Plan as amended (the Plan), provides for the grant of stock options, restricted stock and other equity awards of the Company’s common stock to employees, officers, consultants, and directors. As of September 30, 2019, the Plan had a maximum of 2,834,049 total shares available for issuance. Options expire within a period of not more than ten years from the date of grant. Initial option grants to employees typically vest 25% after one year and monthly thereafter over a three-year period and expire between one and three months after employee termination. Subsequent option grants to employees and grants to non-employees typically vest monthly over a four-year period. The majority of options outstanding at September 30, 2019, had vesting periods of four years. The weighted-average grant-date fair value of options granted to employees was $ 32.92 zero 20.12 3.64 . The following summarizes option activity under the Plan for the nine months ended September 30, 2019 (amounts in thousands, except share amounts): Outstanding Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balances as of December 31, 2018 3,597,638 $ 4.40 9.50 $ 15,056 Options granted 2,120,923 $ 24.59 Options exercised (296,986 ) $ 2.39 Options cancelled (302,192 ) $ 6.14 Balances as of September 30, 2019 5,119,383 $ 12.78 9.08 $ 133,525 Options exercisable as of September 30, 2019 924,997 $ 4.44 8.17 $ 30,681 Stock-Based Compensation Expense The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows: Expected Term — The Company uses the “simplified method” for estimating the expected term of employee options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option (generally 10 years). Expected Volatility — Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company estimates expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards . Risk-Free Interest Rate —The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the stock options. Expected Dividend — The Company has not issued any dividends and does not expect to issue dividends over the life of the options. As a result, the Company has estimated the dividend yield to be zero. The fair values of the employee stock options granted under the Plan were estimated using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Risk-free interest rate 1.64% –% 2.18% 2.79% Volatility 80.2% –% 79.6% 82.5% Expected term (in years) 6.06 — 6.05 6.04 Dividend yield –% –% –% –% Stock-based compensation expense, net of forfeitures, is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 1,771 $ 120 $ 4,052 $ 237 General and administrative 1,722 59 4,426 163 Total stock-based compensation $ 3,493 $ 179 $ 8,478 $ 400 As of 30, 2019, there was $ 50.7 million in total unrecognized compensation expense to be recognized over a weighted average period of 3.11 y ears Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following: September 30, December 31, 2019 2018 Conversion of preferred stock outstanding – 16,993,194 Common stock options outstanding 5,119,383 3,597,638 Shares available for issuance under equity incentive plans 2,834,049 1,816,266 Total 7,953,432 22,407,098 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Marketable Securities | Marketable securities The Company classifies all marketable securities as available for sale, as the sale of such securities may be required prior to maturity. These marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis and are also included in interest income. The Company’s marketable securities are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and the Company’s intent and ability to hold the investment until recovery of the amortized cost basis. The Company intends, and has the ability, to hold its investments until their amortized cost basis has been recovered. |
Concentration of Credit Risk | Concentration of Credit Risk Substantially all the Company’s cash and money market funds are held with a single financial institution. Due to its size, the Company believes this financial institution represents a minimal credit risk. Cash amounts held at financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At September 30, 2019, the Company had $423.4 million in excess of the FDIC insured limit. At September 30, 2019, the Company’s money market funds and marketable securities are not subject to FDIC insurance. The Company’s money market funds and marketable securities are invested in short term, high grade securities. As a result, the Company believes its money market and marketable securities represent a minimal credit risk. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets, which ranges between three to seven years. Tenant improvements are stated at cost and depreciated over the shorter of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. |
Intellectual Property | Intellectual Property The legal and professional costs incurred by the Company to maintain its patent rights have been expensed as part of general and administrative expenses since inception. As of September 30, 2019, the Company has determined that these expenses have not met the criteria to be capitalized. Intellectual property related expenses were $0.3 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively and were $0.6 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. These costs consist primarily of salaries and other personnel-related expenses, including stock-based compensation; facility-related expenses; depreciation of facilities and equipment; laboratory consumables; and services performed by clinical research organizations, clinical manufacturing services, research institutions, and other outside service providers. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates which will be in effect when the differences reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax asset will be realized. The Company follows the provisions of the Income Taxes Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification that defines a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Under the Income Taxes Topic, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. |
Stock-Based Compensation | Stock-Based Compensation Stock -based compensation expense represents the cost of the grant date fair value of employee and non-employee stock option grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis, net of actual forfeitures during the period. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model. Prior to the Company’s IPO, the exercise price for all stock options granted was at the estimated fair value of the underlying common stock as determined on the date of grant by the Company’s Board of Directors. |
Net Loss Per Share | Net Loss Per Share The Company computes basic loss per share by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options and convertible preferred stock, which is convertible into shares of the Company’s common stock. No shares related to the convertible preferred stock were included in the diluted net loss calculation for the three and nine months ended 30, 2019 or 2018 because the inclusion of such shares would have had an anti-dilutive effect. The shares to be issued upon exercise of certain outstanding stock options were also excluded from the diluted net loss calculation for the three and nine months ended 30, 2019 and 2018 because such shares are anti-dilutive. Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Convertible preferred stock (as converted) – 10,165,120 – 10,165,120 Common stock options 5,119,383 1,030,176 5,119,383 1,030,176 Total 5,119,383 11,195,296 5,119,383 11,195,296 |
Recent Accounting Pronouncements and Recently Adopted Accounting Standards Updates | Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Adopted Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, “ Leases Additionally, the Company elected the hindsight provision for determining the lease term and elected to aggregate all lease and non-lease components for each class of underlying assets into a single lease component. The Company currently has one operating lease for office and laboratory spaces in San Diego, California. The operating lease was impacted by the new accounting standard and resulted in the present values of the future lease payments being presented as a right-to-use asset, with a corresponding lease liability at the date of adoption. The financial impact from the adoption of this guidance is discussed in Note 7. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Outstanding Anti-dilutive Securities Not Included in the Diluted Net Loss Per Share | Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Convertible preferred stock (as converted) – 10,165,120 – 10,165,120 Common stock options 5,119,383 1,030,176 5,119,383 1,030,176 Total 5,119,383 11,195,296 5,119,383 11,195,296 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities | At September 30, 2019, marketable securities consisted of the following (in thousands): Unrealized Maturity Amortized Cost Gains Losses Fair Value U.S. government agency securities 2 years or less $ 28,607 $ 13 $ (4 ) $ 28,616 Corporate debt securities 2 years or less 119,313 233 (6 ) 119,540 Commercial paper 1 years or less 102,913 101 (16 ) 102,998 Total marketable securities $ 250,833 $ 347 $ (26 ) $ 251,154 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs | The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands) Fair Value Measurements at September 30, 2019 Using: Level 1 Level 2 Level 3 Total Money market funds included in cash and cash equivalents $ 163,403 $ - $ - $ 163,403 U.S. government agency securities - 28,616 - 28,616 Corporate debt securities - 119,540 - 119,540 Commercial paper - 111,608 - 111,608 Total marketable securities $ 163,403 $ 259,764 $ - $ 423,167 Fair Value Measurements at December 31, 2018 Using: Level 1 Level 2 Level 3 Total Money market funds included in cash and cash equivalents $ 98,268 - - $ 98,268 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands) September 30, December 31, 2019 2018 Laboratory equipment $ 785 $ 388 Computer equipment and software 708 138 Tenant improvements 911 679 Furniture and fixtures 201 66 2,605 1,271 Less: accumulated depreciation (421 ) (271 ) Total $ 2,184 $ 1,000 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands) September 30, December 31, 2019 2018 Accrued research and development expenses $ 2,514 $ 1,677 Accrued general and administrative expenses 332 548 Other current liabilities 104 190 Total $ 2,950 $ 2,415 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Operating Leases Future Minimum Payments | Future minimum payments under the amended lease as of September 30, 2019 are as follows (in thousands) 2019 (Three months remaining) $ 375 2020 1,619 2021 1,668 2022 1,718 2023 872 Total future minimum lease payments 6,252 Less: Amounts representing interest (933 ) Total lease liability $ 5,319 Remaining lease term 3.8 years |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Option Activity Under the Plan | The following summarizes option activity under the Plan for the nine months ended September 30, 2019 (amounts in thousands, except share amounts): Outstanding Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balances as of December 31, 2018 3,597,638 $ 4.40 9.50 $ 15,056 Options granted 2,120,923 $ 24.59 Options exercised (296,986 ) $ 2.39 Options cancelled (302,192 ) $ 6.14 Balances as of September 30, 2019 5,119,383 $ 12.78 9.08 $ 133,525 Options exercisable as of September 30, 2019 924,997 $ 4.44 8.17 $ 30,681 |
Schedule of Fair Values of Employee Stock Options Granted | The fair values of the employee stock options granted under the Plan were estimated using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Risk-free interest rate 1.64% –% 2.18% 2.79% Volatility 80.2% –% 79.6% 82.5% Expected term (in years) 6.06 — 6.05 6.04 Dividend yield –% –% –% –% |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense, net of forfeitures, is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 1,771 $ 120 $ 4,052 $ 237 General and administrative 1,722 59 4,426 163 Total stock-based compensation $ 3,493 $ 179 $ 8,478 $ 400 |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consists of the following: September 30, December 31, 2019 2018 Conversion of preferred stock outstanding – 16,993,194 Common stock options outstanding 5,119,383 3,597,638 Shares available for issuance under equity incentive plans 2,834,049 1,816,266 Total 7,953,432 22,407,098 |
Formation and Business of the_2
Formation and Business of the Company; Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions | Sep. 10, 2019USD ($)$ / sharesshares | Apr. 22, 2019USD ($)$ / sharesshares | Apr. 05, 2019 | Oct. 08, 2013Segment | Sep. 30, 2019shares | Dec. 31, 2018shares |
Basis Of Presentation [Line Items] | ||||||
Number of operating segments | Segment | 1 | |||||
Convertible preferred stock, outstanding | shares | 0 | 65,423,901 | ||||
Reverse stock split ratio | 0.259 | |||||
IPO [Member] | ||||||
Basis Of Presentation [Line Items] | ||||||
Number of shares issued | shares | 10,637,500 | |||||
Shares issued, price per share | $ / shares | $ 18 | |||||
Proceeds from issuance of shares, net | $ | $ 175.2 | |||||
Underwriting discounts and commissions | $ | 13.4 | |||||
Offering expenses | $ | $ 2.9 | |||||
Convertible preferred stock, outstanding | shares | 65,423,901 | |||||
Number of convertible preferred stock converted into common stock | shares | 16,993,194 | |||||
Preferred stock, shares outstanding | shares | 0 | |||||
Underwritten Public Offering [Member] | ||||||
Basis Of Presentation [Line Items] | ||||||
Number of shares issued | shares | 4,500,000 | |||||
Shares issued, price per share | $ / shares | $ 45 | |||||
Proceeds from issuance of shares, net | $ | $ 189.5 | |||||
Underwriting discounts and commissions | $ | 12.2 | |||||
Offering expenses | $ | $ 0.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2019USD ($)OperatingLeaseshares | Sep. 30, 2018USD ($)shares | |
Significant Accounting Policies [Line Items] | ||||
Excess of federal deposits insurance limit | $ 423,400,000 | |||
Intellectual property related expenses | $ 300,000 | $ 100,000 | $ 600,000 | $ 300,000 |
Number of shares related to convertible preferred stock included in diluted net loss calculation | shares | 0 | 0 | 0 | 0 |
Number of operating lease | OperatingLease | 1 | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Cash FDIC insured amount | $ 250,000 | $ 250,000 | ||
Estimated useful life | 7 years | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 3 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Outstanding Anti-dilutive Securities Not Included in the Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included in the diluted net loss per share | 5,119,383 | 11,195,296 | 5,119,383 | 11,195,296 |
Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included in the diluted net loss per share | 10,165,120 | 10,165,120 | ||
Common Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included in the diluted net loss per share | 5,119,383 | 1,030,176 | 5,119,383 | 1,030,176 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Marketable Securities [Line Items] | |
Amortized Cost | $ 250,833 |
Unrealized Gains | 347 |
Unrealized Losses | (26) |
Fair Value | $ 251,154 |
U.S. Government Agency Securities | |
Marketable Securities [Line Items] | |
Maturity in Years | 2 years or less |
Amortized Cost | $ 28,607 |
Unrealized Gains | 13 |
Unrealized Losses | (4) |
Fair Value | $ 28,616 |
Corporate Debt Securities | |
Marketable Securities [Line Items] | |
Maturity in Years | 2 years or less |
Amortized Cost | $ 119,313 |
Unrealized Gains | 233 |
Unrealized Losses | (6) |
Fair Value | $ 119,540 |
Commercial Paper | |
Marketable Securities [Line Items] | |
Maturity in Years | 1 years or less |
Amortized Cost | $ 102,913 |
Unrealized Gains | 101 |
Unrealized Losses | (16) |
Fair Value | $ 102,998 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||
Marketable securities | $ 0 | |
Unrealized losses recognized | $ 0 | |
Maximum period in which investment is in gross unrealized loss | 12 months |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | $ 423,167 | |
Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 163,403 | $ 98,268 |
U.S Government Agency Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 28,616 | |
Corporate Debt Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 119,540 | |
Commercial Paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 111,608 | |
Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 163,403 | |
Level 1 | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 163,403 | $ 98,268 |
Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 259,764 | |
Level 2 | U.S Government Agency Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 28,616 | |
Level 2 | Corporate Debt Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | 119,540 | |
Level 2 | Commercial Paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and market securities | $ 111,608 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,605 | $ 1,271 |
Less: accumulated depreciation | (421) | (271) |
Total | 2,184 | 1,000 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 785 | 388 |
Computer Equipment And Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 708 | 138 |
Tenant Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 911 | 679 |
Furniture And Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 201 | $ 66 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation | $ 100 | $ 25 | $ 322 | $ 64 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued research and development expenses | $ 2,514 | $ 1,677 |
Accrued general and administrative expenses | 332 | 548 |
Other current liabilities | 104 | 190 |
Total | $ 2,950 | $ 2,415 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Jun. 18, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 |
Commitment and Contingencies [Line Items] | |||||||
Operating lease expiration date | Dec. 31, 2021 | ||||||
Operating lease, option to extend | option to extend the lease term on all leased space for one additional five-year term | ||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||
Operating lease, option to extend lease term | 5 years | ||||||
Operating lease, right-of-use asset | $ 3,700 | $ 4,761 | $ 4,761 | $ 1,700 | |||
Operating lease right-to-use liability | $ 4,000 | $ 5,319 | $ 5,319 | $ 2,300 | |||
Operating lease, remaining lease term | 48 months | 3 years 9 months 18 days | 3 years 9 months 18 days | 36 months | |||
Operating lease, estimated discount rate | 8.50% | 8.50% | |||||
Previously capitalized tenant improvement allowance and deferred rent | $ 600 | ||||||
Rent expense | $ 400 | $ 100 | $ 700 | $ 300 | |||
Operating lease, cash payments | 400 | $ 100 | $ 800 | $ 300 | |||
Lease Maturity Extension | |||||||
Commitment and Contingencies [Line Items] | |||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||
Operating lease, right-of-use asset | 500 | $ 500 | |||||
Operating lease right-to-use liability | $ 500 | $ 500 | |||||
Operating lease, estimated discount rate | 8.50% | 8.50% | |||||
Write-off of right of use assets | $ 600 | $ 600 | |||||
Write-off of lease liabilities | 900 | 900 | |||||
Deferred gain | $ 300 | 300 | |||||
Lease Maturity Extension | Unamortized Capitalized Tenant Improvement Allowance And Deferred Rent | |||||||
Commitment and Contingencies [Line Items] | |||||||
Operating lease, right-of-use asset | $ 300 | $ 300 |
Commitment and Contingencies _2
Commitment and Contingencies - Summary of Operating Leases Future Minimum Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jul. 01, 2019 | Jan. 01, 2019 |
Commitments And Contingencies Disclosure [Abstract] | |||
2019 (Three months remaining) | $ 375 | ||
2020 | 1,619 | ||
2021 | 1,668 | ||
2022 | 1,718 | ||
2023 | 872 | ||
Total future minimum lease payments | 6,252 | ||
Less: Amounts representing interest | (933) | ||
Operating lease right-to-use liability | $ 5,319 | $ 4,000 | $ 2,300 |
Remaining lease term | 3 years 9 months 18 days | 48 months | 36 months |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Payments made for related party transactions | $ 0 | $ 0 | ||
Related party transaction due from (to) related party | $ 0 | $ 0 | $ 0 | $ 0 |
Former directors, co-founder and part owner | ||||
Related Party Transaction [Line Items] | ||||
Payments made for related party transactions | $ 100,000 | $ 100,000 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant-date fair value of options granted to employees | $ 32.92 | $ 0 | $ 20.12 | $ 3.64 |
Expected term | 10 years | |||
Dividend yield | 0.00% | |||
Unrecognized compensation expense | $ 50.7 | $ 50.7 | ||
Unrecognized compensation cost to be recognized over weighted average period | 3 years 1 month 9 days | |||
2019 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Maximum number of shares available for issuance | 2,834,049 | 2,834,049 | ||
2019 Equity Incentive Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options expiration period | 10 years | |||
2019 Equity Incentive Plan | Maximum | After 2nd year | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options expiration period | 3 months | |||
2019 Equity Incentive Plan | Minimum [Member] | After 2nd year | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options expiration period | 1 month | |||
2019 Equity Incentive Plan | Employees | After one year | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Initial option grants to employees typically vest 25% after one year and monthly thereafter over a three-year period and expire between one and three months after employee termination. | |||
Exercise price of options as percentage | 25.00% | |||
2019 Equity Incentive Plan | Employees | After 2nd year | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options vesting period | 3 years | |||
2019 Equity Incentive Plan | Employees and non - employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Subsequent option grants to employees and grants to non-employees typically vest monthly over a four-year period. The majority of options outstanding at September 30, 2019, had vesting periods of four years. | |||
Options vesting period | 4 years |
Equity - Schedule of Option Act
Equity - Schedule of Option Activity Under the Plan (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Outstanding Options | ||
Balances, beginning balance | shares | 3,597,638 | |
Options granted | shares | 2,120,923 | |
Options exercised | shares | (296,986) | |
Options cancelled | shares | (302,192) | |
Balances, ending balance | shares | 5,119,383 | 3,597,638 |
Options exercisable as of September 30, 2019 | shares | 924,997 | |
Weighted Average Exercise Price Per Share | ||
Balances, beginning balance | $ / shares | $ 4.40 | |
Options granted | $ / shares | 24.59 | |
Options exercised | $ / shares | 2.39 | |
Options cancelled | $ / shares | 6.14 | |
Balances, ending balance | $ / shares | 12.78 | $ 4.40 |
Options exercisable as of September 30, 2019 | $ / shares | $ 4.44 | |
Weighted average remaining contractual term | ||
Weighted average remaining contractual term | 9 years 29 days | 9 years 6 months |
Options exercisable as of September 30, 2019 | 8 years 2 months 1 day | |
Aggregate Value Intrinsic | ||
Balances | $ | $ 133,525 | $ 15,056 |
Options exercisable as of September 30, 2019 | $ | $ 30,681 |
Equity - Schedule of Fair Value
Equity - Schedule of Fair Values of Employee Stock Options Granted (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity [Abstract] | |||
Risk-free interest rate, minimum | 1.64% | 2.18% | 2.79% |
Volatility,minimum | 80.20% | 79.60% | 82.50% |
Expected term (in years) | 6 years 21 days | 6 years 18 days | 6 years 14 days |
Dividend yield | 0.00% |
Equity - Schedule of Stock Base
Equity - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 3,493 | $ 179 | $ 8,478 | $ 400 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 1,771 | 120 | 4,052 | 237 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 1,722 | $ 59 | $ 4,426 | $ 163 |
Equity - Schedule of Common Sto
Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Conversion of preferred stock outstanding | 16,993,194 | |
Common stock options outstanding | 5,119,383 | 3,597,638 |
Shares available for issuance under equity incentive plans | 2,834,049 | 1,816,266 |
Total | 7,953,432 | 22,407,098 |