Turning Point Therapeutics (TPTX) 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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		35,925,150
Entity File Number	001-38871
Entity Tax Identification Number	46-3826166
Entity Address, Address Line One	10628 Science Center Drive
Entity Address, Address Line Two	Ste. 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	926-5251
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 29,838	$ 48,188
Marketable securities	350,944	360,963
Prepaid and other current assets	8,614	5,796
Total current assets	389,396	414,947
Property and equipment, net	2,661	2,689
Right-of-use lease assets	4,219	4,493
Security deposits	73	73
Total assets	396,349	422,202
Current liabilities:
Accounts payable	1,846	2,150
Accrued expenses and other current liabilities	5,256	3,910
Accrued compensation	2,778	6,736
Current portion of operating lease liabilities	1,275	1,236
Total current liabilities	11,155	14,032
Operating lease liabilities, long-term	3,487	3,819
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at March 31, 2020 and December 31, 2019, respectively; zero shares outstanding at March 31, 2020 and December 31, 2019, respectively;
Common stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2020 and December 31, 2019, respectively; 35,922,248 and 35,915,119 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	4	4
Additional paid-in capital	565,350	526,960
Accumulated other comprehensive (loss) income	(45)	271
Accumulated deficit	(183,602)	(122,884)
Total stockholders' equity	381,707	404,351
Total liabilities and stockholders’ equity	$ 396,349	$ 422,202

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	35,922,248	35,915,119
Common stock, shares outstanding	35,922,248	35,915,119

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating expenses:
Research and development	$ 22,769	$ 10,451
General and administrative	39,857	3,614
Total operating expenses	62,626	14,065
Loss from operations	(62,626)	(14,065)
Other income, net	1,908	518
Net loss	(60,718)	(13,547)
Unrealized loss on marketable securities	(316)
Comprehensive loss	$ (61,034)	$ (13,547)
Net loss per share, basic and diluted	$ (1.69)	$ (3.97)
Weighted-average common shares outstanding, basic and diluted	35,919,358	3,413,760

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2018	$ (48,406)		$ 1	$ 2,346		$ (50,753)
Balance, shares at Dec. 31, 2018		65,423,901
Balance at Dec. 31, 2018		$ 145,916
Balance, Shares at Dec. 31, 2018			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, 2019	$ 404,351		$ 4	526,960	$ 271	(122,884)
Balance, Shares at Dec. 31, 2019	35,915,119		35,915,119
Option exercises	$ 25			25
Option exercises, Shares	7,129		7,129
Stock-based compensation expense	$ 38,365			38,365
Net loss	(60,718)					(60,718)
Other comprehensive loss	(316)				(316)
Balance at Mar. 31, 2020	$ 381,707		$ 4	$ 565,350	$ (45)	$ (183,602)
Balance, Shares at Mar. 31, 2020	35,922,248		35,922,248

Condensed Statements Of Cash Fl

Condensed Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (60,718)	$ (13,547)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	38,365	1,926
Depreciation	208	75
Accretion of discount on marketable securities	(242)
Amortization of right-of-use operating lease asset	380	164
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,819)	(856)
Accounts payable	(28)	1,595
Accrued expenses and other current liabilities	946	1,054
Accrued compensation	(3,958)	(599)
Net cash used in operating activities	(27,866)	(10,188)
Investing activities
Purchases of marketable securities	(63,675)
Sales and maturities of marketable securities	73,620
Purchases of property and equipment	(454)	(33)
Net cash provided by (used in) investing activities	9,491	(33)
Financing activities
Costs paid in connection with initial public offering		(819)
Proceeds from issuance of common stock	25	22
Net cash provided by (used in) financing activities	25	(797)
Net decrease in cash and cash equivalents	(18,350)	(11,018)
Cash and cash equivalents at the beginning of period	48,188	101,029
Cash and cash equivalents at the end of period	29,838	90,011
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 1	1
Supplemental disclosure of non-cash investing and financing information:
Costs incurred in connection with the initial public offering included in accounts payable and accrued expenses		760
Operating lease liabilities arising from obtaining right-of-use assets		$ 2,273

Formation and Business of the C

Formation and Business of the Company; Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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. Basis of Presentation 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, 2019 has been derived from the audited 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 financial statements and the notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. In the opinion of management, the unaudited condensed financial statements and notes thereto include all adjustments that are of a normal and recurring nature that are necessary for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the 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 unaudited condensed financial statements for the quarter ended March 31, 2020 are issued. The COVID-19 pandemic continues to rapidly evolve and has already resulted in a significant disruption of global financial markets. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the pandemic. If the disruption persists and deepens, the Company could experience an inability to access additional capital.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 of the Notes to Financial Statements included in its Annual Report on Form 10‑K for the year ended December 31, 2019. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent 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 ough the impact of the COVID-19 pandemic to business and operating results presents additional uncertainty, continues to use the best information available to update its critical accounting estimates. Concentration of Credit Risk Substantially all of the Company’s cash, cash equivalents, and marketable securities are held at two financial institutions. Due to their size, we believe these financial institutions represent minimal credit risk. Cash amounts held at financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At March 31, 2020, cash and cash equivalents and marketable securities totaling $380.5 million are either not subject to FDIC insurance, or exceed the FDIC insured limit. The Company’s cash and cash equivalents and marketable securities are invested in short term, high grade securities, and as a result, we believe represent a minimal credit risk. 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. s Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Three Months Ended March 31, 2020 2019 Convertible preferred stock (as converted) – 16,993,194 Common stock options 6,556,169 4,309,476 Total 6,556,169 21,302,670 Recently Adopted Accounting Standards Updates In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses a material impact to the Company’s financial position, results of operations and cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement he Company adopted the new standard beginning January 1, 2020 and the adoption had an immaterial impact to the Company’s financial position, results of operations and cash flows.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Marketable Securities	3. Marketable Securities T he 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 March 31, 2020, marketable securities consisted of the following (in thousands): Unrealized Maturity in Years Amortized Cost Gains Losses Fair Value U.S. government agency securities 2 years or less $ 92,098 $ 137 $ - $ 92,235 Corporate debt securities 2 years or less 190,010 111 (447 ) 189,674 Commercial paper Less than 1 68,881 154 - 69,035 Total marketable securities $ 350,989 $ 402 $ (447 ) $ 350,944 At December 31, 2019, marketable securities consisted of the following (in thousands): Unrealized Maturity in Years Amortized Cost Gains Losses Fair Value U.S. government agency securities 2 years or less $ 90,596 $ 42 $ (20 ) $ 90,618 Corporate debt securities 2 years or less 173,595 178 (21 ) 173,752 Commercial paper Less than 1 96,501 92 - 96,593 Total marketable securities $ 360,692 $ 312 $ (41 ) $ 360,963 The Company segments its portfolio based on the underlying risk profiles of their current securities being held. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. As of March 31, 2020, the Company did not record an allowance for credit loss related to its investment portfolio.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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. 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 March 31, 2020 Using: Level 1 Level 2 Level 3 Total Money market funds and corporate securities included in cash and cash equivalents $ 29,143 $ - $ - $ 29,143 U.S. government agency securities - 92,235 - 92,235 Corporate debt securities - 189,674 - 189,674 Commercial paper - 69,035 - 69,035 Total marketable securities $ 29,143 $ 350,944 $ - $ 380,087 Fair Value Measurements at December 31, 2019 Using: Level 1 Level 2 Level 3 Total Money market funds and corporate securities included in cash and cash equivalents $ 45,085 $ - $ - $ 45,085 U.S. government agency securities - 90,618 - 90,618 Corporate debt securities - 173,752 - 173,752 Commercial paper - 96,593 - 96,593 Total marketable securities $ 45,085 $ 360,963 $ - $ 406,048

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands) March 31, December 31, 2020 2019 Laboratory equipment $ 1,064 $ 885 Computer equipment and software 910 910 Tenant improvements 1,108 1,108 Furniture and fixtures 357 357 Property and equipment 3,439 3,260 Less: accumulated depreciation (778 ) (571 ) Property and equipment, net $ 2,661 $ 2,689 Depreciation expense for the three months ended March 31, 2020 and 2019 was $0.2 million and $0.1 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
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) March 31, December 31, 2020 2019 Accrued research and development expenses $ 4,947 $ 3,414 Accrued general and administrative expenses 285 451 Other current liabilities 24 45 Total $ 5,256 $ 3,910

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Operating Leases The Company currently has one lease agreement for the leasing of office and laboratory space with an initial lease term of four years resulting in an initial 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 the prior year. The right-of-use asset and corresponding lease liability was estimated assuming a remaining lease term of 48 months and an estimated discount rate of 8.5%, which was the Company’s incremental borrowing rate at the date of the lease commencement. Future minimum payments under the lease as of March 31, 2020 are as follows (in thousands) 2020 (Nine months remaining) 1,220 2021 1,668 2022 1,718 2023 872 Total future minimum lease payments 5,478 Less: amounts representing interest (716 ) Total lease liability $ 4,762 Remaining lease term 3.3 years Rent expense was $0.4 million and $0.2 million for the three months ended March 31, 2020 and 2019, respectively. The Company paid $0.4 million and $0.2 million of cash payments related to its operating lease agreement for the three months ended March 31, 2020 and 2019, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Stock Option Plan T In addition, the number of shares of common stock available for issuance under the Plan will be automatically increased on the first day of each calendar year during the ten-year term of the Plan, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 4% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. On January 1, 2020, the Company added 1,436,604 shares to the Plan. At March 31, 2020, the Plan had 2,761,449 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 March 31, 2020, had vesting periods of four years. The weighted-average grant-date fair value of options granted to employees was $41.46 and $13.74 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was $95.8 million in total unrecognized compensation expense to be recognized over a weighted average period of 3.01 years. The following summarizes option activity under the Plan: Outstanding Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balances as of December 31, 2019 5,254,269 $ 14.59 9.0 $ 250,611 Options granted 1,328,940 $ 61.06 Options exercised (7,129 ) $ 3.49 Options forfeited and cancelled (19,911 ) $ 23.43 Balances as of March 31, 2020 6,556,169 $ 24.00 7.7 $ 161,923 Options vested and exercisable as of March 31, 2020 1,487,639 $ 6.80 6.5 $ 57,048 The fair values of the employee stock options granted during the three months ended March 31, 2020 and 2019 was estimated at the date of grant using the Black-Scholes option-pricing model with the following average assumptions: Three Months Ended March 31, 2020 2019 Risk-free interest rate 1.47 % 2.53 % Volatility 79.0 % 78.3 % Expected term (in years) 6.08 6.08 Dividend yield - - 2019 Employee Stock Purchase Plan In April 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective immediately prior to the date of the underwriting agreement related to the Company’s initial public offering. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85 percent of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on the dates of June 11 and December 11 of each year. Each offering period consists of four six month purchase periods (each a “Purchase Period”) during which payroll deductions of the participants are accumulated under the ESPP. The last business day of each Purchase Period is referred to as the “Purchase .” Purchase Dates are every six months on the dates of June 10 and December 10 of each year. The assumptions used for the three months ended March 31, 2020 and the resulting estimates of weighted-average fair value per share for stock purchased under the ESPP during such period were as follows Three Months Ended March 31, 2020 Risk-free interest rate 1.55 - 2.13% Volatility 70.6 - 76.2% Expected term (in years) 0.50 - 2.00 Dividend yield - Departure of Former Chief Scientific Officer (CSO) On January 9, 2020, the Company entered into a Transition Separation and Consulting Agreement (the “Transition Agreement”) with the former CSO, Dr. Jingrong Jean Cui. In connection with this Transition Agreement, Dr. Cui resigned from her position as CSO effective January 31, 2020 and thereafter agreed to serve as a consultant to the Company on an as needed basis until June 30, 2020 The Company determined that the modification to extend the term of vested stock options was a Type I modification pursuant to ASC 718, Compensation – Stock Compensation Stock Based Compensation Expense Stock based compensation expense for options granted under the Company's equity plans totaled the following (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 3,365 $ 989 General and administrative 35,000 937 Total stock-based compensation $ 38,365 $ 1,926 Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following: March 31, 2020 Common stock options outstanding 6,556,169 Options to purchase common stock available for issuance under equity incentive plan 2,761,449 Shares available for purchase under employee stock purchase plan 278,304 Total 9,595,922

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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, 2019 has been derived from the audited 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 financial statements and the notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. In the opinion of management, the unaudited condensed financial statements and notes thereto include all adjustments that are of a normal and recurring nature that are necessary for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent 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 ough the impact of the COVID-19 pandemic to business and operating results presents additional uncertainty, continues to use the best information available to update its critical accounting estimates.
Concentration of Credit Risk	Concentration of Credit Risk Substantially all of the Company’s cash, cash equivalents, and marketable securities are held at two financial institutions. Due to their size, we believe these financial institutions represent minimal credit risk. Cash amounts held at financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At March 31, 2020, cash and cash equivalents and marketable securities totaling $380.5 million are either not subject to FDIC insurance, or exceed the FDIC insured limit. The Company’s cash and cash equivalents and marketable securities are invested in short term, high grade securities, and as a result, we believe represent a minimal credit risk.
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. s Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Three Months Ended March 31, 2020 2019 Convertible preferred stock (as converted) – 16,993,194 Common stock options 6,556,169 4,309,476 Total 6,556,169 21,302,670
Recently Adopted Accounting Standards Updates	Recently Adopted Accounting Standards Updates In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses a material impact to the Company’s financial position, results of operations and cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement he Company adopted the new standard beginning January 1, 2020 and the adoption had an immaterial impact to the Company’s financial position, results of operations and cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Convertible preferred stock (as converted) – 16,993,194 Common stock options 6,556,169 4,309,476 Total 6,556,169 21,302,670

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Marketable Securities	At March 31, 2020, marketable securities consisted of the following (in thousands): Unrealized Maturity in Years Amortized Cost Gains Losses Fair Value U.S. government agency securities 2 years or less $ 92,098 $ 137 $ - $ 92,235 Corporate debt securities 2 years or less 190,010 111 (447 ) 189,674 Commercial paper Less than 1 68,881 154 - 69,035 Total marketable securities $ 350,989 $ 402 $ (447 ) $ 350,944 At December 31, 2019, marketable securities consisted of the following (in thousands): Unrealized Maturity in Years Amortized Cost Gains Losses Fair Value U.S. government agency securities 2 years or less $ 90,596 $ 42 $ (20 ) $ 90,618 Corporate debt securities 2 years or less 173,595 178 (21 ) 173,752 Commercial paper Less than 1 96,501 92 - 96,593 Total marketable securities $ 360,692 $ 312 $ (41 ) $ 360,963

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Using: Level 1 Level 2 Level 3 Total Money market funds and corporate securities included in cash and cash equivalents $ 29,143 $ - $ - $ 29,143 U.S. government agency securities - 92,235 - 92,235 Corporate debt securities - 189,674 - 189,674 Commercial paper - 69,035 - 69,035 Total marketable securities $ 29,143 $ 350,944 $ - $ 380,087 Fair Value Measurements at December 31, 2019 Using: Level 1 Level 2 Level 3 Total Money market funds and corporate securities included in cash and cash equivalents $ 45,085 $ - $ - $ 45,085 U.S. government agency securities - 90,618 - 90,618 Corporate debt securities - 173,752 - 173,752 Commercial paper - 96,593 - 96,593 Total marketable securities $ 45,085 $ 360,963 $ - $ 406,048

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands) March 31, December 31, 2020 2019 Laboratory equipment $ 1,064 $ 885 Computer equipment and software 910 910 Tenant improvements 1,108 1,108 Furniture and fixtures 357 357 Property and equipment 3,439 3,260 Less: accumulated depreciation (778 ) (571 ) Property and equipment, net $ 2,661 $ 2,689

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands) March 31, December 31, 2020 2019 Accrued research and development expenses $ 4,947 $ 3,414 Accrued general and administrative expenses 285 451 Other current liabilities 24 45 Total $ 5,256 $ 3,910

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Operating Leases Future Minimum Payments	Future minimum payments under the lease as of March 31, 2020 are as follows (in thousands) 2020 (Nine months remaining) 1,220 2021 1,668 2022 1,718 2023 872 Total future minimum lease payments 5,478 Less: amounts representing interest (716 ) Total lease liability $ 4,762 Remaining lease term 3.3 years

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Option Activity Under the Plan	The following summarizes option activity under the Plan: Outstanding Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balances as of December 31, 2019 5,254,269 $ 14.59 9.0 $ 250,611 Options granted 1,328,940 $ 61.06 Options exercised (7,129 ) $ 3.49 Options forfeited and cancelled (19,911 ) $ 23.43 Balances as of March 31, 2020 6,556,169 $ 24.00 7.7 $ 161,923 Options vested and exercisable as of March 31, 2020 1,487,639 $ 6.80 6.5 $ 57,048
Schedule of Fair Values of Employee Stock Options Granted	The fair values of the employee stock options granted during the three months ended March 31, 2020 and 2019 was estimated at the date of grant using the Black-Scholes option-pricing model with the following average assumptions: Three Months Ended March 31, 2020 2019 Risk-free interest rate 1.47 % 2.53 % Volatility 79.0 % 78.3 % Expected term (in years) 6.08 6.08 Dividend yield - - The assumptions used for the three months ended March 31, 2020 and the resulting estimates of weighted-average fair value per share for stock purchased under the ESPP during such period were as follows Three Months Ended March 31, 2020 Risk-free interest rate 1.55 - 2.13% Volatility 70.6 - 76.2% Expected term (in years) 0.50 - 2.00 Dividend yield -
Schedule of Stock Based Compensation Expense	Stock based compensation expense for options granted under the Company's equity plans totaled the following (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 3,365 $ 989 General and administrative 35,000 937 Total stock-based compensation $ 38,365 $ 1,926
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consists of the following: March 31, 2020 Common stock options outstanding 6,556,169 Options to purchase common stock available for issuance under equity incentive plan 2,761,449 Shares available for purchase under employee stock purchase plan 278,304 Total 9,595,922

Formation and Business of the_2

Formation and Business of the Company; Basis of Presentation - Additional Information (Details)	Oct. 08, 2013Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of operating segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Significant Accounting Policies [Line Items]
Exceed of federal deposits insurance limit	$ 380,500,000
Number of shares related to convertible preferred stock included in diluted net loss calculation		0
Maximum
Significant Accounting Policies [Line Items]
Cash FDIC insured amount	$ 250,000

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
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not included in the diluted net loss per share	6,556,169	21,302,670
Convertible Preferred Stock as Converted
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not included in the diluted net loss per share		16,993,194
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	6,556,169	4,309,476

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Amortized Cost	$ 350,989	$ 360,692
Unrealized Gains	402	312
Unrealized Losses	(447)	(41)
Fair Value	$ 350,944	$ 360,963
U.S. Government Agency Securities
Marketable Securities [Line Items]
Maturity in Years	2 years or less	2 years or less
Amortized Cost	$ 92,098	$ 90,596
Unrealized Gains	137	42
Unrealized Losses		(20)
Fair Value	$ 92,235	$ 90,618
Corporate Debt Securities
Marketable Securities [Line Items]
Maturity in Years	2 years or less	2 years or less
Amortized Cost	$ 190,010	$ 173,595
Unrealized Gains	111	178
Unrealized Losses	(447)	(21)
Fair Value	$ 189,674	$ 173,752
Commercial Paper
Marketable Securities [Line Items]
Maturity in Years	Less than 1	Less than 1
Amortized Cost	$ 68,881	$ 96,501
Unrealized Gains	154	92
Fair Value	$ 69,035	$ 96,593

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	Mar. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	$ 380,087	$ 406,048
Money Market Funds And Corporate Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	29,143	45,085
U.S Government Agency Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	92,235	90,618
Corporate Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	189,674	173,752
Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	69,035	96,593
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	29,143	45,085
Level 1 | Money Market Funds And Corporate Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	29,143	45,085
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	350,944	360,963
Level 2 | U.S Government Agency Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	92,235	90,618
Level 2 | Corporate Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	189,674	173,752
Level 2 | Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	$ 69,035	$ 96,593

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,439	$ 3,260
Less: accumulated depreciation	(778)	(571)
Property and equipment, net	2,661	2,689
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,064	885
Computer Equipment And Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	910	910
Tenant Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,108	1,108
Furniture And Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 357	$ 357

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation	$ 208	$ 75

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued research and development expenses	$ 4,947	$ 3,414
Accrued general and administrative expenses	285	451
Other current liabilities	24	45
Total	$ 5,256	$ 3,910

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Jul. 01, 2019USD ($)OperatingLease	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Number of operating lease | OperatingLease	1
Operating lease, initial lease term	4 years
Operating lease, right-of-use asset	$ 3,700	$ 4,219		$ 4,493
Operating lease right-to-use liability	$ 4,000	$ 4,762
Operating lease, remaining lease term	48 months	3 years 3 months 18 days
Operating lease, discount rate	8.50%
Deferred gain	$ 300
Rent expense		$ 400	$ 200
Operating lease, cash payments		$ 400	$ 200

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Operating Leases Future Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jul. 01, 2019
Commitments And Contingencies Disclosure [Abstract]
2020 (Nine months remaining)	$ 1,220
2021	1,668
2022	1,718
2023	872
Total future minimum lease payments	5,478
Less: amounts representing interest	(716)
Operating lease right-to-use liability	$ 4,762	$ 4,000
Remaining lease term	3 years 3 months 18 days	48 months

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance		2,761,449
Weighted-average grant-date fair value of options granted to employees		$ 41.46	$ 13.74
Unrecognized compensation expense related to unvested options		$ 95,800
Unrecognized compensation cost related to unvested options to be recognized over weighted average period		3 years 3 days
Common stock initially reserved for ESPP		9,595,922
Stock-based compensation expense		$ 38,365	$ 1,926
General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 35,000	$ 937
Chief Scientific Officer | Transition Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period		18 months
Cash severance expense		$ 1,200
Chief Scientific Officer | Transition Agreement | General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 31,400
Chief Scientific Officer | Maximum | Transition Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Extended options vesting period		12 months
Chief Scientific Officer | Minimum | Transition Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Extended options vesting period		90 days
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, description		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. In addition, the number of shares of common stock available for issuance under the Plan will be automatically increased on the first day of each calendar year during the ten-year term of the Plan, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 4% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. On January 1, 2020, the Company added 1,436,604 shares to the Plan. At March 31, 2020, the Plan had 2,761,449 total shares available for issuance
Term of plan		ten-year
Plan expiration date		Jan. 1, 2029
Percentage of outstanding common stock added to plan each year		4.00%
Number of shares added to plan	1,436,604
Number of shares available for issuance		2,761,449
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 | 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 March 31, 2020, had vesting periods of four years.
Options vesting period		4 years
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of eligible earnings withholding		15.00%
Percentage of price of common stock purchased under ESPP		85.00%
Common stock initially reserved for ESPP		288,938

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Option Activity Under the Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Outstanding Options
Balances as of December 31, 2019	5,254,269
Options granted	1,328,940
Options exercised	(7,129)
Options forfeited and cancelled	(19,911)
Balances as of March 31, 2020	6,556,169	5,254,269
Options vested and exercisable as of March 31, 2020	1,487,639
Weighted Average Exercise Price Per Share
Balances as of December 31, 2019	$ 14.59
Options granted	61.06
Options exercised	3.49
Options forfeited and cancelled	23.43
Balances as of March 31, 2020	24	$ 14.59
Options vested and exercisable as of March 31, 2020	$ 6.80
Weighted average remaining contractual term
Weighted average remaining contractual term	7 years 8 months 12 days	9 years
Options vested and exercisable as of March 31, 2020	6 years 6 months
Aggregate Value Intrinsic
Balances as of December 31, 2019	$ 161,923	$ 250,611
Options vested and exercisable as of March 31, 2020	$ 57,048

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Fair Values of Employee Stock Options Granted (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	1.47%	2.53%
Volatility	79.00%	78.30%
Expected term (in years)	6 years 29 days	6 years 29 days
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate. minimum	1.55%
Risk-free interest rate. maximum	2.13%
Volatility, minimum	70.60%
Volatility, maximum	76.20%
Minimum | 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months
Maximum | 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	2 years

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 38,365	$ 1,926
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	3,365	989
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 35,000	$ 937

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Common stock options outstanding	6,556,169	5,254,269
Options to purchase common stock available for issuance under equity incentive plan	2,761,449
Shares available for purchase under employee stock purchase plan	278,304
Total	9,595,922