Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 15, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Security Exchange Name | NASDAQ | |
Trading Symbol | VKTX | |
Entity Registrant Name | VIKING THERAPEUTICS, INC. | |
Entity Central Index Key | 0001607678 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 99,581,693 | |
Entity File Number | 001-37355 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1073877 | |
Entity Address, Address Line One | 9920 Pacific Heights Blvd | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 704-4660 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 18,362 | $ 36,632 |
Short-term investments – available for sale | 117,302 | 118,853 |
Prepaid clinical trial and preclinical study costs | 9,878 | 8,144 |
Prepaid expenses and other current assets | 3,926 | 3,411 |
Total current assets | 149,468 | 167,040 |
Right-of-use assets | 1,346 | 1,418 |
Deferred financing costs | 48 | 38 |
Deposits | 33 | 33 |
Total assets | 150,895 | 168,529 |
Current liabilities: | ||
Accounts payable | 3,799 | 8,529 |
Other accrued liabilities | 11,541 | 13,114 |
Lease liability, current | 309 | 304 |
Total current liabilities | 15,649 | 21,947 |
Lease liability, net of current portion | 1,181 | 1,260 |
Total long-term liabilities | 1,181 | 1,260 |
Total liabilities | 16,830 | 23,207 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022 | ||
Common stock, $0.00001 par value: 300,000,000 shares authorized at March 31, 2023 and December 31, 2022; 79,319,081 shares issued and outstanding at March 31, 2023 and 78,257,258 shares issued and outstanding at December 31, 2022 | 1 | 1 |
Treasury stock at cost, 2,193,251 shares at March 31, 2023 and December 31, 2022 | (6,795) | (6,795) |
Additional paid-in capital | 453,057 | 445,267 |
Accumulated deficit | (311,580) | (292,049) |
Accumulated other comprehensive loss | (618) | (1,102) |
Total stockholders’ equity | 134,065 | 145,322 |
Total liabilities and stockholders’ equity | $ 150,895 | $ 168,529 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 79,319,081 | 78,257,258 |
Common stock, shares outstanding | 79,319,081 | 78,257,258 |
Treasury stock, shares | 2,193,251 | 2,193,251 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 11,008 | 12,555 |
General and administrative | 9,529 | 3,690 |
Total operating expenses | 20,537 | 16,245 |
Loss from operations | (20,537) | (16,245) |
Other income (expense): | ||
Amortization of financing costs | (28) | (12) |
Interest income, net | 1,034 | 154 |
Total other income, net | 1,006 | 142 |
Net loss | (19,531) | (16,103) |
Other comprehensive loss, net of tax: | ||
Unrealized gain (loss) on securities | 501 | (893) |
Foreign currency translation gain (loss) | (17) | 31 |
Comprehensive loss | $ (19,047) | $ (16,965) |
Basic net loss per common share | $ (0.25) | $ (0.21) |
Weighted-average shares used to compute basic net loss per share | 78,351,826 | 77,413,141 |
Diluted net loss per common share | $ (0.25) | $ (0.21) |
Weighted-average shares used to compute diluted net loss per share | 78,351,826 | 77,413,141 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2021 | $ 201,884 | $ 1 | $ 425,614 | $ (223,182) | $ (549) | |
Balance (in shares) at Dec. 31, 2021 | 78,248,401 | |||||
Employee stock-based compensation, net | 2,357 | 2,357 | ||||
Shares withheld related to employee tax withholding | (499) | (499) | ||||
Shares withheld related to employee tax withholding (in shares) | (105,475) | |||||
Issuance of common stock under employee stock plans (in shares) | 222,503 | |||||
Issuance of common stock from warrant exercises | 614 | 614 | ||||
Issuance of common stock from warrant exercises (in shares) | 472,500 | |||||
Repurchase of common stock | (5,121) | $ (5,121) | ||||
Repurchase of common stock (in shares) | (1,464,217) | |||||
Unrealized gain/loss on Investments | (893) | (893) | ||||
Unrealized currency translation gain (loss) | 31 | 31 | ||||
Net Loss | (16,103) | (16,103) | ||||
Balance at Mar. 31, 2022 | 182,270 | $ 1 | 428,086 | (239,285) | (1,411) | (5,121) |
Balance (in shares) at Mar. 31, 2022 | 77,373,712 | |||||
Balance at Dec. 31, 2021 | $ 201,884 | $ 1 | 425,614 | (223,182) | (549) | |
Balance (in shares) at Dec. 31, 2021 | 78,248,401 | |||||
Sale of common stock, net of issuance costs (in shares) | 0 | |||||
Balance at Dec. 31, 2022 | $ 145,322 | $ 1 | 445,267 | (292,049) | (1,102) | (6,795) |
Balance (in shares) at Dec. 31, 2022 | 78,257,258 | |||||
Employee stock-based compensation, net | 3,569 | 3,569 | ||||
Shares withheld related to employee tax withholding | (1,714) | (1,714) | ||||
Shares withheld related to employee tax withholding (in shares) | (201,905) | |||||
Issuance of common stock under employee stock plans | 3,966 | 3,966 | ||||
Issuance of common stock under employee stock plans (in shares) | 1,085,524 | |||||
Sale of common stock, net of issuance costs | $ 1,969 | 1,969 | ||||
Sale of common stock, net of issuance costs (in shares) | 0 | 178,204 | ||||
Unrealized gain/loss on Investments | $ 501 | 501 | ||||
Unrealized currency translation gain (loss) | (17) | (17) | ||||
Net Loss | (19,531) | (19,531) | ||||
Balance at Mar. 31, 2023 | $ 134,065 | $ 1 | $ 453,057 | $ (311,580) | $ (618) | $ (6,795) |
Balance (in shares) at Mar. 31, 2023 | 79,319,081 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | |
Cash flows from operating activities | |||
Net loss | $ (19,531) | $ (16,103) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Amortization of investment premiums | (389) | 670 | |
Amortization of financing costs | 28 | 12 | |
Stock-based compensation | 3,569 | 2,357 | |
Amortization of right-of-use assets | 72 | 77 | |
Interest expense related to operating lease liability | 12 | 4 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (2,258) | 23 | |
Accrued interest, net of interest received on maturity of investments | 243 | 105 | |
Accounts payable | (4,732) | 1,707 | |
Accrued expenses | (1,572) | 694 | |
Lease liability | (85) | (76) | |
Net cash used in operating activities | (24,643) | (10,530) | |
Cash flows from investing activities | |||
Purchases of investments | (57,395) | (30,682) | |
Proceeds from sales and maturities of investments | 59,593 | 32,301 | |
Net cash provided by investing activities | 2,198 | 1,619 | |
Cash flows from financing activities | |||
Public offering and financing costs | (37) | ||
Value of shares withheld related to employee tax withholding | (1,714) | (499) | |
Repurchase of common stock | (5,121) | ||
Proceeds from warrant and option exercises and stock issuances under employee stock purchase plan | 3,966 | 614 | |
ATM offering, net of fees | 1,969 | ||
Net cash provided by financing activities | 4,184 | (5,006) | |
Net decrease in cash and cash equivalents | (18,261) | (13,917) | |
Cash and cash equivalents beginning of period | 36,632 | 26,371 | $ 26,371 |
Effect of exchange rate changes on cash | (9) | ||
Cash and cash equivalents end of period | 18,362 | 12,454 | $ 18,362 |
Supplemental disclosure of non-cash investing and financing transactions | |||
Unpaid deferred public offering and other financing costs | $ 52 | 50 | |
Right-of-use asset obtained in exchange for lease obligation | $ 1,664 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies The Company Viking Therapeutics, Inc., a Delaware corporation, together with its subsidiary (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. In June of 2021, the Company formed an Australian subsidiary, Viking Therapeutics, PTY LTD, so as to be able to take advantage of certain research and development reimbursements available to local Australian based research and development companies that choose to do research in Australia. The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, California, with a subsidiary located in Adelaide, Australia. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated balance sheet as of March 31, 2023, consolidated statements of operations for the three months ended March 31, 2023 and 2022, consolidated statements of stockholders’ equity for the three months ended March 31, 2023 and 2022, and consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. These unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2022 contained in the Annual Report on Form 10-K filed by the Company with the SEC on February 10, 2023. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2023, the results of operations for the three months ended March 31, 2023 and 2022, the unaudited consolidated statements of stockholders’ equity for the three months ended March 31, 2023 and 2022 and the unaudited consolidated statements of cash flows for the three months ended March 31, 2023 and 2022. The December 31, 2022 consolidated balance sheet included herein was derived from the audited consolidated financial statements, but it does not include all disclosures or notes required by GAAP for complete consolidated financial statements. The financial data and other information disclosed in these notes to the consolidated financial statements related to the three months ended March 31, 2023 and 2022 are unaudited. Interim results are not necessarily indicative of results for an entire year. Risks and Uncertainties The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic slowdown or recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain. In addition, the Company’s clinical trials have been affected by, and may continue to be affected by, the COVID-19 pandemic. Clinical site initiation and patient enrollment have been, and may continue to be, delayed due to the prioritization of hospital resources toward the COVID-19 pandemic. Similarly, any inability to recruit and retain patients and principal investigators and site staff who, as healthcare providers, may have heightened exposure to COVID-19, may adversely impact the Company’s clinical trial operations. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s service providers, suppliers, contract research organizations (“CROs”) and the Company’s clinical trials, all of which are uncertain and cannot be predicted, as well as the timing, rollout and availability of vaccines worldwide and the effectiveness thereof, and the willingness of the general population to be vaccinated, and the potential emergence and spread of any new variants, including Omicron and sub-variants thereof. As of the date of the issuance of the Company’s consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company’s financial condition, liquidity or results of operations is uncertain. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Significant estimates made in preparing these consolidated financial statements relate to accounting for an operating lease and certain commitments. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. Investments Available-for-Sale Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. Prepaid Clinical Trial and Preclinical Study Costs Prepaid clinical trial and preclinical study costs represent advance payments by the Company for future clinical trial and preclinical study services to be performed by the clinical research organization and other research organizations. Such amounts are recognized as research and development expense as the related clinical trial and preclinical study services are performed. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and lease liability obligations are included in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liability obligations represent its obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Please refer to Note 5 for additional information. Deferred Financing Costs Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public or private sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock are deferred until the completion of the applicable offering, at which time such costs are reclassified to additional paid-in-capital as a reduction of the proceeds. Costs related to the private sale of the Company’s common stock are deferred until the completion of the applicable offering, at which time such costs are amortized over the term of the applicable purchase agreement. Revenue Recognition The Company has not recorded any revenues since its inception. However, in the future, the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and/or royalties. On January 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers and all related amendments (“ASC 606” or “the revenue standard”). ASC 606 is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The revenue standard is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 provides that an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The revenue standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, and costs to obtain or fulfill contracts. The Company will apply ASC 606 prospectively to all contracts. Research and Development Expenses All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to CROs and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development. The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include: • fees paid to CROs, consultants and laboratories in connection with preclinical studies; • fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and • fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials. Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates, which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered. Related to the Company’s Australian subsidiary, Viking Therapeutics, PTY LTD, the Company is eligible under the AusIndustry Research and Tax Development Tax Incentive Program to obtain a cash amount from the Australian Taxation Office (ATO). The tax incentive is available to the Company on the basis of specific criteria with which the Company must comply related to research and development expenditures in Australia. As there is no specific GAAP guidance related to how to record this research and development tax incentive, the Company looked to International Accounting Standard (IAS) 20 and determined that it will recognize these research and development tax incentives as contra research and development expense once received. The amounts are determined based on a cost-reimbursement basis, and the incentive is related to the Company’s research and development expenditures and is due regardless of whether any Australian tax is owed. Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain. Stock-Based Compensation The Company generally uses the straight-line method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model (the “Black-Scholes model”). The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the grant date, the Company determines the grant date fair value, as a publicly traded company, using the intrinsic value, or the closing price of the Company’s common stock on the date of grant. At the point where the criteria are deemed probable of being met, the Company records stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed. For the Company’s 2014 Employee Stock Purchase Plan (the “ESPP”), the Company generally recognizes compensation expense for the fair value of the purchase options, as measured on the grant date, and uses the graded vesting method to allocate this compensation cost to each purchase period within the related two-year offering period. As the ESPP also allows for up to one increase in contributions during each purchase period, as an employee elects to increase his or her contributions, the Company treats this as an accounting modification. The pre- and post-modification values are calculated on the date of the modification, and the incremental expense is then amortized over the remaining purchase periods. Income Taxes The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations. FASB Accounting Standards Codification Topic 740-10, Income Taxes , clarifies the accounting for uncertainty in income taxes recognized in the Company’s consolidated financial statements in accordance with GAAP. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Foreign Currency The financial statements of the Company’s foreign subsidiary whose functional currency is the local currency are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the period. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income” as equity in the consolidated balance sheet. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included within “Other income (expense), net” in the consolidated statement of operations. For the three months ended March 31, 2023, foreign currency transaction loss amounted to $ 17,000 . F or the three months ended March 31, 2022, foreign currency tranaction gain amounted to $ 31,000 . Comprehensive Loss The Company’s comprehensive loss consists of net loss and foreign currency translation adjustments arising from the consolidation of the Company’s foreign subsidiary. Net Loss per Common Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same. The following table presents the computation of basic and diluted net loss per common share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 19,531 ) $ ( 16,103 ) Denominator: Weighted-average common shares outstanding 78,534,921 77,596,236 Less: Weighted-average shares subject to repurchase ( 183,095 ) ( 183,095 ) Denominator for basic and diluted net loss per share 78,351,826 77,413,141 Net loss per share: Basic and diluted $ ( 0.25 ) $ ( 0.21 ) Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares): As of March 31, 2023 2022 Common stock warrants — 14,587 Restricted stock units 2,701,987 1,770,582 Common stock subject to repurchase 183,095 183,095 Common stock options 5,761,977 5,073,107 8,647,059 7,041,371 Segments The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision-making purposes. |
Investments in Marketable Secur
Investments in Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in Marketable Securities | 2. Investments in Marketable Securities The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. As of March 31, 2023 and December 31, 2022, the Company’s investments were in government money market funds, certificates of deposit, commercial paper, corporate debt securities and government debt securities. There were no sales of available-for-sale securities during the three months ended March 31, 2023 or during the year ended December 31, 2022. Investments classified as available-for-sale as of March 31, 2023 consisted of the following (in thousands): As of March 31, 2023 Amortized Gross (1) Gross (1) Aggregate Commercial paper (2) $ 40,297 $ — $ — $ 40,297 Corporate debt securities (2) 52,519 1 ( 324 ) 52,196 Government debt securities (2) 24,827 18 ( 36 ) 24,809 $ 117,643 $ 19 $ ( 360 ) $ 117,302 (1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At March 31, 2023, there were six securities in an unrealized gain position and there were 34 securities in an unrealized loss position. The unrealized gains were less than $ 9,000 individually and $ 19,000 in the aggregate. The unrealized losses were less than $ 91,000 individually and $ 362,000 in the aggregate. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. 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 and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. (2) At March 31, 2023, none of these securities were classified as cash and cash equivalents on the Company’s consolidated balance sheet, and none o f the corporate debt securities were scheduled to mature outside of one year at the time of purchase. Investments classified as available-for-sale as of December 31, 2022 consisted of the following (in thousands): As of December 31, 2022 Amortized Gross (1) Gross (1) Aggregate Commercial paper (2) $ 43,780 $ — $ — $ 43,780 Corporate debt securities (2) 72,183 — ( 824 ) 71,359 Government debt securities (2) 3,732 — ( 18 ) 3,714 $ 119,695 $ — $ ( 842 ) $ 118,853 (1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2022, there were no securities in an unrealized gain position and 39 securities in an unrealized loss position. The unrealized losses were less than $ 124,000 individually and $ 842,000 in the aggregate. 22 of these securities have been in a continuous unrealized loss or unrealized gain position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. 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 and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. (2) At December 31, 2022, none of these securities were classified as cash and cash equivalents on the Company’s consolidated balance sheet and none of the corporate debt securities were scheduled to mature outside of one year. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments and accounts payable. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents and accounts payable approximate fair value because of the short-term maturity of those instruments. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of March 31, 2023 and December 31, 2022, all of the Company’s financial assets that were subject to fair value measurements were valued using observable inputs. The Company’s financial assets valued based on Level 1 inputs consist of money market funds. The Company’s financial assets valued based on Level 2 inputs consist of certificates of deposit, commercial paper, corporate debt securities and government debt securities, which consist of investments in highly rated investment-grade corporations. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. As of March 31, 2023, the Company’s investments were in government money market funds, commercial paper, corporate debt securities and government debt securities. The fair values of the Company’s financial instruments are presented below (in thousands): Fair Value Measurements at March 31, 2023 Total Level 1 Level 2 Level 3 Financial assets carried at fair value: Cash equivalents: $ 12,329 $ 10,396 $ 1,933 $ — Short-term investments Commercial paper, available-for-sale 40,297 — 40,297 — Corporate debt securities, available-for-sale 52,196 — 52,196 — Government debt securities, available-for-sale 24,809 — 24,809 — Total financial assets $ 129,631 $ 10,396 $ 119,235 $ — Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Financial assets carried at fair value: Cash equivalents: $ 16,243 $ 5,617 $ 10,626 $ — Short-term investments Commercial paper, available-for-sale 43,780 — 43,780 — Corporate debt securities, available-for-sale 71,359 — 71,359 — Government debt securities, available-for-sale 3,714 — 3,714 — Total financial assets $ 135,096 $ 5,617 $ 129,479 $ — |
Operating Leases - ROU Assets a
Operating Leases - ROU Assets and Lease Liability Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Operating Leases - ROU Assets and Lease Liability Obligations | 4. Operating Leases – ROU Assets and Lease Liability Obligations The Company has only one operating lease (the “Office Lease”), which is for office space under a lease that commenced on March 1, 2022 and expires on July 31, 2027 (the “Term”). Below is a summary of the Company’s ROU assets and lease liabilities as of March 31, 2023 and December 31, 2022 (in thousands, except for years and %): March 31, December 31, Right-of-use assets $ 1,346 $ 1,418 Lease liability obligations, current $ 309 $ 304 Lease liability obligations, less current portion 1,181 1,260 Total lease liability obligations $ 1,490 $ 1,564 Weighted-average remaining lease term 4.33 years 4.58 years Weighted-average discount rate 3.00 % 3.00 % During the three months ended March 31, 2023 and 2022, the Company recognized $ 86,000 and $ 81,000 , respectively, in operating lease expenses, which are included in operating expenses in the Company’s consolidated statement of operations. Approximate future minimum lease payments for the Company’s ROU assets over the remaining lease period as of March 31, 2023 are as follows (in thousands): Remainder of 2023 $ 262 2024 357 2025 368 2026 379 2027 227 Total minimum lease payments $ 1,593 Less: amount representing interest $ ( 103 ) Total lease liability obligations $ 1,490 The Office Lease provides the Company with an option to extend the term of the Office Lease for a period of five years beyond the Term. If the option is exercised, the renewal term will be upon the same terms and conditions as the original Term, except that the base rent will be equal to the prevailing market rate as determined pursuant to the terms of the Office Lease. The option to extend the Term was not recognized as part of the Company’s lease liability and right-of-use assets. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 5. Stockholders’ Equity Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, $ 0.00001 par value per share, with no shares of preferred stock outstanding as of March 31, 2023 and December 31, 2022. The Company’s Board of Directors is authorized to designate the terms and conditions of any preferred stock the Company may issue without further action by the stockholders of the Company. Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, $ 0.00001 par value per share. In February 2014, the Company entered into a stock purchase agreement with one of its founders. The agreement provided for the purchase of 1,000,000 shares of the Company’s common stock at a price per share of $ 0.01 in exchange for future services to be rendered to the Company as measured by certain performance criteria. The shares were subject to a repurchase option and were to vest in two tranches of 500,000 shares each, upon achievement of the performance target or upon a triggering event as defined. The Company determined that the fair value of the unrecognized expense was $ 168,000 at February 20, 2014, the grant date. In May 2015, the Company repurchased 633,810 of these shares at a purchase price of $ 0.00001 per share. In connection with the repurchase, the Company entered into an amendment to the stock purchase agreement to provide that the remaining 366,190 shares will continue to vest in two tranches of 183,095 shares each, upon achievement of the performance target or upon a triggering event as defined. The pro rata grant date fair value of the unrecognized expense is $ 62,000 . In October 2015, a triggering event became probable of occurrence and was deemed achieved in October 2016; therefore, the Company recorded $ 31,000 of stock-based compensation expense through December 31, 2016. No similar expense was recognized during the three months ended March 31, 2023 and 2022. The Company will continue to reassess at each reporting period whether it is probable that the performance target will be achieved, and if and when it is deemed probable, the Company will begin to record compensation expense using the fair value to determine stock-based compensation expense in its consolidated financial statements over the period the Company estimates the performance target will actually be achieved. On September 28, 2017, the Company entered into a purchase agreement (the “Commitment Purchase Agreement”) and a registration rights agreement with Lincoln Park Capital Fund, LLC (“LPC”), pursuant to which the Company had the right to sell to LPC up to $ 15.0 million in shares of common stock, subject to certain limitations and conditions set forth in the Commitment Purchase Agreement. Upon the satisfaction of the conditions in the Commitment Purchase Agreement (the “Commencement”), which occurred on October 26, 2017, the Company has the right, from time to time at its sole discretion over the 30 -month period from and after the first day of the month following the Commencement, to direct LPC to purchase up to 75,000 shares of common stock on any business day (subject to certain limitations contained in the Commitment Purchase Agreement), with such amounts increasing based on certain threshold prices set forth in the Commitment Purchase Agreement; however, not to exceed $ 1.0 million in total purchase proceeds per purchase date. The purchase price of shares of common stock that the Company elects to sell to LPC pursuant to the Commitment Purchase Agreement will be based on the market prices of the common stock at the time of such purchases as set forth in the Commitment Purchase Agreement. In addition to regular purchases, as described above, the Company may also direct LPC to purchase additional amounts as accelerated purchases or as additional purchases if the closing sale price of the common stock is not below certain threshold prices, as set forth in the Commitment Purchase Agreement. In all instances, the Company may not sell shares of its common stock to LPC under the Commitment Purchase Agreement if it would result in LPC beneficially owning more than 4.99 % of the common stock. As consideration for LPC’s commitment to purchase shares of common stock pursuant to the Commitment Purchase Agreement, the Company issued to LPC 100,000 shares of common stock (the “LPC Commitment Shares”). From inception of the Commitment Purchase Agreement through December 31, 2017, 343,051 shares were issued pursuant to the Commitment Purchase Agreement resulting in aggregate gross proceeds of $ 802,000 in addition to the LPC Commitment Shares. In May 2020, the Company extended the termination date of the Commitment Purchase Agreement to May 1, 2023. No additional shares were issued during the years ended December 31, 2018 through 2022 or during the three months ended March 31, 2023. On July 28, 2021, the Company filed with the SEC a universal Shelf Registration Statement on Form S-3 (File No. 333-258231) (the “2021 Shelf Registration Statement”). The 2021 Shelf Registration Statement initially provides the Company with the ability to offer up to $ 600.0 million of securities, including equity, debt and other securities as described in the 2021 Shelf Registration Statement. The 2021 Shelf Registration Statement was declared effective by the SEC on August 11, 2021 and will expire on August 11, 2024. Pursuant to the 2021 Shelf Registration Statement, the Company may offer additional securities from time to time and through one or more methods of distribution, subject to market conditions and its capital needs. On July 28, 2021, the Company entered into an At-The-Market Equity Offering Sales Agreement (the “ATM Agreement”), with Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc. and H.C. Wainwright & Co. LLC (collectively, the “Agents”), pursuant to which the Company may offer and sell, from time to time, through or to the Agents, as sales agent or principal (the “ATM Offering”), shares of the Company’s common stock having an aggregate offering price of up to $ 125.0 million (the “ATM Shares”). Any ATM Shares offered and sold in the ATM Offering are to be issued pursuant to the 2021 Shelf Registration Statement and the 424(b) prospectus supplement relating to the ATM Offering dated August 11, 2021 . From the inception of the ATM Offering through March 31, 2023, 1,587,404 shares of the Company’s common stock were sold under the ATM Agreement for aggregate net proceeds to the Company of approximately $ 13.6 million, and, as of March 31, 2023, the Company may sell shares of its common stock for remaining gross proceeds of up to $ 110.9 million from time to time pursuant to the ATM Offering. On March 17, 2020, the Company’s Board of Directors authorized a stock repurchase program, whereby the Company could purchase up to $ 50.0 million in shares of its common stock and outstanding warrants to purchase its common stock, over a period of up to two years (the “Repurchase Program”). The Repurchase Program could be carried out at the discretion of a committee of the Company’s Board of Directors through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. Through March 17, 2022, the termination date of the Repurchase Program, an aggregate of 1,464,217 shares of the Company’s common stock were repurchased by the Company under the Repurchase Program. These shares repurchased by the Company under the Repurchase Program are being held in treasury until such time as they are reissued or retired by the Company. On March 10, 2022, the Company’s Board of Directors authorized a new stock repurchase program effective March 18, 2022, whereby the Company may purchase up to $ 50.0 million in shares of its common stock, over a period of up to two years (the “New Repurchase Program”). The New Repurchase Program may be carried out at the discretion of a committee of the Company’s Board of Directors through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. Through March 31, 2023, 729,034 shares of the Company’s common stock were repurchased by the Company under the New Repurchase Program. Shares repurchased by the Company under the New Repurchase Program are being held in treasury until such time as they are reissued or retired by the Company. During the three months ended March 31, 2023 and 2022, the Company issued no shares of its common stock pursuant to the ESPP. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation The Company generally uses the straight-line method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the grant date, the Company determines the grant date fair value, as a publicly traded company, using the intrinsic value, or the closing price of its common stock on the date of grant. At the point where the criteria are deemed probable of being met, the Company records stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed. For the ESPP, the Company generally recognizes compensation expense for the fair value of the purchase options, as measured on the grant date, and uses the graded vesting method to allocate this compensation cost to each purchase period within the related two-year offering period. As the ESPP also allows for up to one increase in contributions during each purchase period, then as an employee elects to increase their contributions, the Company treats this as an accounting modification. The pre- and post-modification values are calculated on the date of the modification, and the incremental expense is then amortized over the remaining purchase periods. 2014 Plan . The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) provides that the compensation committee of the Company’s Board of Directors (the “Compensation Committee”) may grant or issue stock options, stock appreciation rights, restricted shares, restricted stock units and unrestricted shares, deferred share units, performance and cash-settled awards and dividend equivalent rights to participants under the 2014 Plan. Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1 of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5 % of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year. The shares of common stock deliverable pursuant to awards under the 2014 Plan are authorized but unissued shares of the Company’s common stock, or shares of the Company’s common stock that the Company otherwise holds in treasury or in trust. Any shares of the Company’s common stock underlying awards that are settled in cash or otherwise expire, or are forfeited, terminated or cancelled (including pursuant to an exchange program established by the Compensation Committee) prior to the issuance of stock will again be available for issuance under the 2014 Plan. In addition, shares of the Company’s common stock that are withheld (or not issued) in payment of the exercise price or taxes relating to an award, and shares of the Company’s common stock equal to the number surrendered in payment of any exercise price or withholding taxes relating to an award, will again be available for issuance under the 2014 Plan. ESPP . Initially, a total of 458,331 shares of the Company’s common stock were reserved for issuance pursuant to the ESPP. The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1 of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1 % of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year. The shares of common stock available for purchase pursuant to the ESPP are authorized but unissued shares of the Company’s common stock, shares of the Company’s common stock that the Company otherwise holds in treasury or shares of the Company’s common stock that were purchased on the open market in arms’ length transactions in accordance with applicable securities laws. Shares of the Company’s common stock will be offered for purchase under the ESPP as determined by the Compensation Committee through a series of successive offerings that each have a term of 24 months and consist of four consecutive purchase periods of six months each. Prior to the commencement of any future offering under the ESPP, the Compensation Committee may determine that the current offering shall end, may commence a new offering on the first day after the end of such terminal purchase period (or any desired later date), and may decide that future offerings will consist of one or more consecutive purchase periods, each to be of such duration as determined by the Compensation Committee; however, no offering will exceed 27 months and no purchase period will exceed one year . Each employee of the Company who (1) is an employee on the first date of any offering under the ESPP, (2) is customarily scheduled to work for more than 20 hours per week and more than five months per calendar year, and (3) meets such other criteria as may be determined by the Compensation Committee (consistent with Section 423 of the Internal Revenue Code of 1986, as amended), is eligible to participate in the ESPP for each purchase period within such offering. The purchase price per share of the Company’s common stock under the ESPP may not be less than, and will initially be equal to, the lesser of: (1) 85 % of the fair market value per share of the Company’s common stock on the first day of the offering, or (2) 85 % of the fair market value per share of the Company’s common stock on the date the purchase right is exercised, which will be the last day of the applicable purchase period. As of December 31, 2022, there were 3,649,046 shares of the Company’s common stock available for issuance and, effective January 1, 2023, an additional 782,572 shares of the Company’s common stock were added to the number of shares reserved for issuance under the ESPP in accordance with the terms of the ESPP. As of March 31, 2023, there were 4,431,618 shares of the Company’s common stock available for issuance under the ESPP. During the three months ended March 31, 2023 and 2022, the Company recognized the following stock-based compensation expense (in thousands): Three Months Ended March 31, 2023 2022 Stock-based compensation expense by type of award: Stock options $ 1,367 $ 1,026 Restricted stock and restricted stock units 2,080 1,287 Employee stock purchase plan 122 44 Total stock-based compensation expense included $ 3,569 $ 2,357 Stock-based compensation expense by line item: Research and development expenses 928 664 General and administrative expenses 2,641 1,693 Total stock-based compensation expense included $ 3,569 $ 2,357 The following table sets forth the Company’s unrecognized stock-based compensation expense by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years): As of March 31, 2023 Unrecognized Weighted- Type of award: Stock options $ 11,942 3.03 Restricted stock and restricted stock units $ 11,372 1.79 The following table is a summary of restricted stock activity during the three months ended March 31, 2023: Shares of Restricted Stock Weighted- Unvested at December 31, 2022 183,095 $ 0.17 Granted — $ — Vested — $ — Forfeited — $ — Unvested at March 31, 2023 183,095 $ 0.17 The following table summarizes restricted stock unit activity during the three months ended March 31, 2023: Shares Subject to Restricted Stock Units Weighted- Unvested at December 31, 2022 1,583,516 $ 5.43 Granted 1,465,575 $ 8.52 Vested ( 347,104 ) $ 6.05 Forfeited — $ — Unvested at March 31, 2023 2,701,987 $ 7.03 In 2019, the Company commenced issuing performance-based restricted stock units (“PRSU awards”). These awards have been issued to several of its employees and the shares subject to these PRSU awards will vest upon the Company achieving certain milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. At the grant date, the Company determines the grant date fair value, as a publicly traded company, using the intrinsic value, or the closing price of the Company’s common stock on the date of grant. At the point where the criteria are deemed probable of being met, the Company records stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed. In January 2019, the Company issued 221,600 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the PRSU awards vesting upon the achievement of three of the milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. As of December 31, 2022, 40,000 PRSU awards were forfeited and the Company recorded stock-based compensation expense of $ 1.4 million cumulatively from inception in 2019 through December 31, 2022. In January 2020, the Company issued 244,000 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. As of March 31, 2023, 10,500 PRSU awards were forfeited and the Company recorded stock-based compensation expense of $ 1.7 million cumulatively from inception in 2020 through March 31, 2023, including $ 37,000 during the three months ended March 31, 2023. In January 2021, the Company issued 205,500 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. As of March 31, 2023, 7,500 PRSU awards were forfeited and the Company recorded stock-based compensation expense of $ 956,000 cumulatively from inception in 2021 through March 31, 2023, including $ 63,000 during the three months ended March 31, 2023. In January 2022, the Company issued 657,000 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. As of March 31, 2023, no PRSU awards were forfeited and the Company recorded stock-based compensation expense of $ 2.4 million cumulatively from the PRSU awards that were granted in 2022 through March 31, 2023, including $ 433,000 during the three months ended March 31, 2023. In January 2023, the Company issued 920,000 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. As of March 31, 2023, no PRSU awards were forfeited and the Company recorded stock-based compensation expense of $ 845,000 during the three months ended March 31, 2023. The following table summarizes stock option activity during the three months ended March 31, 2023: Shares Subject to Stock Options Weighted- Weighted- Aggregate Intrinsic Value Options outstanding at December 31, 2022 5,157,857 $ 5.45 6.66 20,515,000 Granted 1,342,540 $ 6.14 Exercised ( 738,420 ) $ 3.80 Forfeited — $ — Cancelled — $ — Options outstanding at March 31, 2023 5,761,977 $ 5.82 7.40 60,327,000 Options exercisable at March 31, 2023 2,984,540 $ 5.46 5.89 33,408,000 The Company received $ 4.0 million and $ 0 in cash proceeds from exercises of stock options during the three months ended March 31, 2023 and 2022, respectively. Compensation cost for stock options granted to employees is based on the estimated grant date fair value and is recognized ratably over the vesting period of the applicable option. The estimated per share weighted average fair value of stock options granted to employees during the three months ended March 31, 2023 was $ 6.14 . As stock-based compensation expense recognized is based on options ultimately expected to vest, the fair value of each employee option grant during the three months ended March 31, 2023 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions: Three Months Ended March 31, 2023 Expected volatility 80.69 % Expected term (in years) 6.19 Risk-free interest rate 3.87 % Expected dividend yield 0 % Expected Volatility. Historically through December 31, 2021, the expected volatility rate used to value stock option grants was based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical and biotechnology industry in a similar stage of development to the Company. Given the length of time the Company’s common stock has been publicly-traded, starting January 1, 2022, the expected volatility rate used to value stock option grants is based on the volatility of the Company’s historical share prices. Expected Term . The Company elected to utilize the “simplified” method for “plain vanilla” options to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. Risk-free Interest Rate . The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent with the expected term of the Company’s stock option grants. Expected Dividend Yield . The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Forfeitures are accounted for as actual forfeitures occur. Since the Company had a net operating loss carryforward as of March 31, 2023, no excess tax benefits for the tax deductions related to stock-based awards were recognized in the consolidated statements of operations. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 7. Warrants On June 14, 2017, the Company entered into a securities purchase agreement, with certain accredited investors (the “Purchasers”) pursuant to which the Company sold an aggregate of 3,749,783 shares (the “Shares”) of its common stock and warrants to purchase up to an aggregate of 2,812,337 shares of its common stock to the Purchasers (the “Warrants”). The combined purchase price for one Share and one Warrant to purchase 0.75 shares of common stock was $ 1.15 . The closing of the issuance of the Shares and the Warrants occurred on June 19, 2017. The Warrants had an exercise price of $ 1.30 per share, subject to adjustment as provided therein, and became exercisable beginning on December 19, 2017 through December 19, 2022 . During the year ended December 31, 2022, 487,087 Warrants were exercised. The Warrants were exercised in full during the year ended December 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | . Commitments and Contingencies On May 25, 2018, the Company entered into an office lease (the “Prior Lease”) with Kilroy Realty, L.P. The Prior Lease was for approximately 7,149 rentable square feet of space located at 12340 El Camino Real, Suite 250, San Diego, California 92130 (the “2018 Premises”). The 2018 Premises was the Company’s corporate headquarters. The Prior Lease commenced on November 1, 2018 and expired on January 31, 2022 (the “Prior Lease Term”). Monthly base rent payments due under the Prior Lease for the 2018 Premises were $ 27,000 , subject to annual increases of 3.0 % during the Prior Lease Term. Under the Prior Lease, the Company was responsible for certain charges for common area maintenance and other costs, including electricity and utility expenses and the Prior Lease provided for abatement of rent during certain periods and escalating rent payments throughout the Prior Lease Term. Rent expense was recorded on a straight-line basis over the life of the Lease and the difference between the rent expense and rent paid was recorded as deferred rent. The Prior Lease provided the Company with an option to extend the term of the lease for a period of three years beyond the Prior Lease Term, which was not exercised. On November 15, 2021, the Company entered into the Office Lease with One Pacific Heights. LLC. The Office Lease is for approximately 7,940 rentable square feet of space located at 9920 Pacific Heights Blvd, Suite 350, San Diego, California 92121 (the “Premises”). The Premises are now the Company’s corporate headquarters. Monthly base rent payments due under the Office Lease for the Premises are $ 28,187 , subject to annual increases of 3.0 % during the Term. Under the Office Lease, the Company is responsible for certain charges for common area maintenance and other costs, including utility expenses and the Office Lease provides for abatement of rent during certain periods and escalating rent payments throughout the Term. The Office Lease provides the Company with an option to extend the term of the Office Lease for a period of five years beyond the Term. If the option is exercised, the renewal term will be upon the same terms and conditions as the original Term, except that the base rent will be equal to the prevailing market rate as determined pursuant to the terms of the Office Lease. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events On April 3, 2023, the Company completed an underwritten public offering of its common stock (the “April 2023 Offering”) pursuant to the 2021 Shelf Registration Statement. In the April 2023 Offering, the Company sold an aggregate of 19,828,300 shares of its common stock at a public offering price of $ 14.50 per share, which included the exercise in full by the underwriters of their option to purchase 2,586,300 additional shares of common stock. Upon the closing of the April 2023 Offering, the Company received gross proceeds of $ 287.5 million. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | The Company Viking Therapeutics, Inc., a Delaware corporation, together with its subsidiary (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. In June of 2021, the Company formed an Australian subsidiary, Viking Therapeutics, PTY LTD, so as to be able to take advantage of certain research and development reimbursements available to local Australian based research and development companies that choose to do research in Australia. The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, California, with a subsidiary located in Adelaide, Australia. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated balance sheet as of March 31, 2023, consolidated statements of operations for the three months ended March 31, 2023 and 2022, consolidated statements of stockholders’ equity for the three months ended March 31, 2023 and 2022, and consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. These unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2022 contained in the Annual Report on Form 10-K filed by the Company with the SEC on February 10, 2023. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2023, the results of operations for the three months ended March 31, 2023 and 2022, the unaudited consolidated statements of stockholders’ equity for the three months ended March 31, 2023 and 2022 and the unaudited consolidated statements of cash flows for the three months ended March 31, 2023 and 2022. The December 31, 2022 consolidated balance sheet included herein was derived from the audited consolidated financial statements, but it does not include all disclosures or notes required by GAAP for complete consolidated financial statements. The financial data and other information disclosed in these notes to the consolidated financial statements related to the three months ended March 31, 2023 and 2022 are unaudited. Interim results are not necessarily indicative of results for an entire year. |
Risks And Uncertainties | Risks and Uncertainties The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic slowdown or recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain. In addition, the Company’s clinical trials have been affected by, and may continue to be affected by, the COVID-19 pandemic. Clinical site initiation and patient enrollment have been, and may continue to be, delayed due to the prioritization of hospital resources toward the COVID-19 pandemic. Similarly, any inability to recruit and retain patients and principal investigators and site staff who, as healthcare providers, may have heightened exposure to COVID-19, may adversely impact the Company’s clinical trial operations. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s service providers, suppliers, contract research organizations (“CROs”) and the Company’s clinical trials, all of which are uncertain and cannot be predicted, as well as the timing, rollout and availability of vaccines worldwide and the effectiveness thereof, and the willingness of the general population to be vaccinated, and the potential emergence and spread of any new variants, including Omicron and sub-variants thereof. As of the date of the issuance of the Company’s consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company’s financial condition, liquidity or results of operations is uncertain. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Significant estimates made in preparing these consolidated financial statements relate to accounting for an operating lease and certain commitments. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. |
Investments Available-for-Sale | Investments Available-for-Sale Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. |
Prepaid Clinical Trial and Preclinical Study Costs | Prepaid Clinical Trial and Preclinical Study Costs Prepaid clinical trial and preclinical study costs represent advance payments by the Company for future clinical trial and preclinical study services to be performed by the clinical research organization and other research organizations. Such amounts are recognized as research and development expense as the related clinical trial and preclinical study services are performed. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and lease liability obligations are included in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liability obligations represent its obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Please refer to Note 5 for additional information. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public or private sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock are deferred until the completion of the applicable offering, at which time such costs are reclassified to additional paid-in-capital as a reduction of the proceeds. Costs related to the private sale of the Company’s common stock are deferred until the completion of the applicable offering, at which time such costs are amortized over the term of the applicable purchase agreement. |
Revenue Recognition | Revenue Recognition The Company has not recorded any revenues since its inception. However, in the future, the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and/or royalties. On January 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers and all related amendments (“ASC 606” or “the revenue standard”). ASC 606 is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The revenue standard is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 provides that an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The revenue standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, and costs to obtain or fulfill contracts. The Company will apply ASC 606 prospectively to all contracts. |
Research and Development Expenses | Research and Development Expenses All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to CROs and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development. The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include: • fees paid to CROs, consultants and laboratories in connection with preclinical studies; • fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and • fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials. Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates, which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered. Related to the Company’s Australian subsidiary, Viking Therapeutics, PTY LTD, the Company is eligible under the AusIndustry Research and Tax Development Tax Incentive Program to obtain a cash amount from the Australian Taxation Office (ATO). The tax incentive is available to the Company on the basis of specific criteria with which the Company must comply related to research and development expenditures in Australia. As there is no specific GAAP guidance related to how to record this research and development tax incentive, the Company looked to International Accounting Standard (IAS) 20 and determined that it will recognize these research and development tax incentives as contra research and development expense once received. The amounts are determined based on a cost-reimbursement basis, and the incentive is related to the Company’s research and development expenditures and is due regardless of whether any Australian tax is owed. |
Patent Costs | Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain. |
Stock-Based Compensation | Stock-Based Compensation The Company generally uses the straight-line method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model (the “Black-Scholes model”). The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the grant date, the Company determines the grant date fair value, as a publicly traded company, using the intrinsic value, or the closing price of the Company’s common stock on the date of grant. At the point where the criteria are deemed probable of being met, the Company records stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed. For the Company’s 2014 Employee Stock Purchase Plan (the “ESPP”), the Company generally recognizes compensation expense for the fair value of the purchase options, as measured on the grant date, and uses the graded vesting method to allocate this compensation cost to each purchase period within the related two-year offering period. As the ESPP also allows for up to one increase in contributions during each purchase period, as an employee elects to increase his or her contributions, the Company treats this as an accounting modification. The pre- and post-modification values are calculated on the date of the modification, and the incremental expense is then amortized over the remaining purchase periods. |
Income Taxes | Income Taxes The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations. FASB Accounting Standards Codification Topic 740-10, Income Taxes , clarifies the accounting for uncertainty in income taxes recognized in the Company’s consolidated financial statements in accordance with GAAP. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. |
Foreign Currency | Foreign Currency The financial statements of the Company’s foreign subsidiary whose functional currency is the local currency are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the period. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income” as equity in the consolidated balance sheet. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included within “Other income (expense), net” in the consolidated statement of operations. For the three months ended March 31, 2023, foreign currency transaction loss amounted to $ 17,000 . F or the three months ended March 31, 2022, foreign currency tranaction gain amounted to $ 31,000 . |
Comprehensive Loss | Comprehensive Loss The Company’s comprehensive loss consists of net loss and foreign currency translation adjustments arising from the consolidation of the Company’s foreign subsidiary. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same. The following table presents the computation of basic and diluted net loss per common share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 19,531 ) $ ( 16,103 ) Denominator: Weighted-average common shares outstanding 78,534,921 77,596,236 Less: Weighted-average shares subject to repurchase ( 183,095 ) ( 183,095 ) Denominator for basic and diluted net loss per share 78,351,826 77,413,141 Net loss per share: Basic and diluted $ ( 0.25 ) $ ( 0.21 ) Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares): As of March 31, 2023 2022 Common stock warrants — 14,587 Restricted stock units 2,701,987 1,770,582 Common stock subject to repurchase 183,095 183,095 Common stock options 5,761,977 5,073,107 8,647,059 7,041,371 |
Segments | Segments The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision-making purposes. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss per Common Share | The following table presents the computation of basic and diluted net loss per common share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 19,531 ) $ ( 16,103 ) Denominator: Weighted-average common shares outstanding 78,534,921 77,596,236 Less: Weighted-average shares subject to repurchase ( 183,095 ) ( 183,095 ) Denominator for basic and diluted net loss per share 78,351,826 77,413,141 Net loss per share: Basic and diluted $ ( 0.25 ) $ ( 0.21 ) |
Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share | Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares): As of March 31, 2023 2022 Common stock warrants — 14,587 Restricted stock units 2,701,987 1,770,582 Common stock subject to repurchase 183,095 183,095 Common stock options 5,761,977 5,073,107 8,647,059 7,041,371 |
Investments in Marketable Sec_2
Investments in Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Investments Classified As Available-For-Sale Securities | Investments classified as available-for-sale as of March 31, 2023 consisted of the following (in thousands): As of March 31, 2023 Amortized Gross (1) Gross (1) Aggregate Commercial paper (2) $ 40,297 $ — $ — $ 40,297 Corporate debt securities (2) 52,519 1 ( 324 ) 52,196 Government debt securities (2) 24,827 18 ( 36 ) 24,809 $ 117,643 $ 19 $ ( 360 ) $ 117,302 (1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At March 31, 2023, there were six securities in an unrealized gain position and there were 34 securities in an unrealized loss position. The unrealized gains were less than $ 9,000 individually and $ 19,000 in the aggregate. The unrealized losses were less than $ 91,000 individually and $ 362,000 in the aggregate. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. 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 and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. (2) At March 31, 2023, none of these securities were classified as cash and cash equivalents on the Company’s consolidated balance sheet, and none o f the corporate debt securities were scheduled to mature outside of one year at the time of purchase. Investments classified as available-for-sale as of December 31, 2022 consisted of the following (in thousands): As of December 31, 2022 Amortized Gross (1) Gross (1) Aggregate Commercial paper (2) $ 43,780 $ — $ — $ 43,780 Corporate debt securities (2) 72,183 — ( 824 ) 71,359 Government debt securities (2) 3,732 — ( 18 ) 3,714 $ 119,695 $ — $ ( 842 ) $ 118,853 (1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2022, there were no securities in an unrealized gain position and 39 securities in an unrealized loss position. The unrealized losses were less than $ 124,000 individually and $ 842,000 in the aggregate. 22 of these securities have been in a continuous unrealized loss or unrealized gain position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. 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 and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. (2) At December 31, 2022, none of these securities were classified as cash and cash equivalents on the Company’s consolidated balance sheet and none of the corporate debt securities were scheduled to mature outside of one year. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values of Financial Instruments | The fair values of the Company’s financial instruments are presented below (in thousands): Fair Value Measurements at March 31, 2023 Total Level 1 Level 2 Level 3 Financial assets carried at fair value: Cash equivalents: $ 12,329 $ 10,396 $ 1,933 $ — Short-term investments Commercial paper, available-for-sale 40,297 — 40,297 — Corporate debt securities, available-for-sale 52,196 — 52,196 — Government debt securities, available-for-sale 24,809 — 24,809 — Total financial assets $ 129,631 $ 10,396 $ 119,235 $ — Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Financial assets carried at fair value: Cash equivalents: $ 16,243 $ 5,617 $ 10,626 $ — Short-term investments Commercial paper, available-for-sale 43,780 — 43,780 — Corporate debt securities, available-for-sale 71,359 — 71,359 — Government debt securities, available-for-sale 3,714 — 3,714 — Total financial assets $ 135,096 $ 5,617 $ 129,479 $ — |
Operating Leases - ROU Assets_2
Operating Leases - ROU Assets and Lease Liability Obligations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Right-of-use Assets and Lease Liabilities | The Company has only one operating lease (the “Office Lease”), which is for office space under a lease that commenced on March 1, 2022 and expires on July 31, 2027 (the “Term”). Below is a summary of the Company’s ROU assets and lease liabilities as of March 31, 2023 and December 31, 2022 (in thousands, except for years and %): March 31, December 31, Right-of-use assets $ 1,346 $ 1,418 Lease liability obligations, current $ 309 $ 304 Lease liability obligations, less current portion 1,181 1,260 Total lease liability obligations $ 1,490 $ 1,564 Weighted-average remaining lease term 4.33 years 4.58 years Weighted-average discount rate 3.00 % 3.00 % |
Office Space [Member] | |
Schedule of Future Minimum Lease Payments | Approximate future minimum lease payments for the Company’s ROU assets over the remaining lease period as of March 31, 2023 are as follows (in thousands): Remainder of 2023 $ 262 2024 357 2025 368 2026 379 2027 227 Total minimum lease payments $ 1,593 Less: amount representing interest $ ( 103 ) Total lease liability obligations $ 1,490 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Stock-based Compensation Expense Recognized | During the three months ended March 31, 2023 and 2022, the Company recognized the following stock-based compensation expense (in thousands): Three Months Ended March 31, 2023 2022 Stock-based compensation expense by type of award: Stock options $ 1,367 $ 1,026 Restricted stock and restricted stock units 2,080 1,287 Employee stock purchase plan 122 44 Total stock-based compensation expense included $ 3,569 $ 2,357 Stock-based compensation expense by line item: Research and development expenses 928 664 General and administrative expenses 2,641 1,693 Total stock-based compensation expense included $ 3,569 $ 2,357 |
Schedule of Unrecognized Stock-based Compensation Expense by Type of Award and Weighted-average Recognition Period | The following table sets forth the Company’s unrecognized stock-based compensation expense by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years): As of March 31, 2023 Unrecognized Weighted- Type of award: Stock options $ 11,942 3.03 Restricted stock and restricted stock units $ 11,372 1.79 |
Summary of Stock Option Activity | The following table summarizes stock option activity during the three months ended March 31, 2023: Shares Subject to Stock Options Weighted- Weighted- Aggregate Intrinsic Value Options outstanding at December 31, 2022 5,157,857 $ 5.45 6.66 20,515,000 Granted 1,342,540 $ 6.14 Exercised ( 738,420 ) $ 3.80 Forfeited — $ — Cancelled — $ — Options outstanding at March 31, 2023 5,761,977 $ 5.82 7.40 60,327,000 Options exercisable at March 31, 2023 2,984,540 $ 5.46 5.89 33,408,000 |
Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model | the fair value of each employee option grant during the three months ended March 31, 2023 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions: Three Months Ended March 31, 2023 Expected volatility 80.69 % Expected term (in years) 6.19 Risk-free interest rate 3.87 % Expected dividend yield 0 % |
Restricted stock [Member] | |
Summary of Shares Granted and Stock Activity | The following table is a summary of restricted stock activity during the three months ended March 31, 2023: Shares of Restricted Stock Weighted- Unvested at December 31, 2022 183,095 $ 0.17 Granted — $ — Vested — $ — Forfeited — $ — Unvested at March 31, 2023 183,095 $ 0.17 |
Restricted stock units [Member] | |
Summary of Shares Granted and Stock Activity | The following table summarizes restricted stock unit activity during the three months ended March 31, 2023: Shares Subject to Restricted Stock Units Weighted- Unvested at December 31, 2022 1,583,516 $ 5.43 Granted 1,465,575 $ 8.52 Vested ( 347,104 ) $ 6.05 Forfeited — $ — Unvested at March 31, 2023 2,701,987 $ 7.03 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | |
Accounting Policies [Abstract] | ||
Date of incorporation | Sep. 24, 2012 | |
State code of incorporation | DE | |
Highly liquid investments maturities | three months or less | |
Foreign currency translation gain (loss) | $ | $ (17,000) | $ 31,000 |
Number of operating segment | Segment | 1 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss attributable to common stockholders | $ (19,531) | $ (16,103) |
Denominator: | ||
Weighted-average common shares outstanding | 78,534,921 | 77,596,236 |
Less: Weighted-average shares subject to repurchase | (183,095) | (183,095) |
Denominator for basic net loss per share | 78,351,826 | 77,413,141 |
Denominator for diluted net loss per share | 78,351,826 | 77,413,141 |
Net loss per share: | ||
Basic | $ (0.25) | $ (0.21) |
Diluted | $ (0.25) | $ (0.21) |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded in calculation of diluted net loss per share | 8,647,059 | 7,041,371 |
Common stock warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded in calculation of diluted net loss per share | 14,587 | |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded in calculation of diluted net loss per share | 2,701,987 | 1,770,582 |
Common stock subject to repurchase [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded in calculation of diluted net loss per share | 183,095 | 183,095 |
Common stock options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded in calculation of diluted net loss per share | 5,761,977 | 5,073,107 |
Investments in Marketable Sec_3
Investments in Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Available For Sale Securities [Abstract] | ||
Proceeds from sales of available-for-sale securities | $ 0 | $ 0 |
Investments in Marketable Sec_4
Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 117,643 | $ 119,695 |
Gross Unrealized Gains | 19 | |
Gross Unrealized Losses | (360) | (842) |
Aggregate Estimated Fair Value | 117,302 | 118,853 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 40,297 | 43,780 |
Aggregate Estimated Fair Value | 40,297 | 43,780 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 52,519 | 72,183 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (324) | (824) |
Aggregate Estimated Fair Value | 52,196 | 71,359 |
Government debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,827 | 3,732 |
Gross Unrealized Gains | 18 | |
Gross Unrealized Losses | (36) | (18) |
Aggregate Estimated Fair Value | $ 24,809 | $ 3,714 |
Investments in Marketable Sec_5
Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Parenthetical) (Detail) | Mar. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in unrealized gain position | Security | 6 | 0 |
Number of securities in unrealized loss position | Security | 34 | 39 |
Unrealized losses, aggregate | $ 360,000 | $ 842,000 |
Short-term investments – available for sale | 117,302,000 | 118,853,000 |
Unrealized gains, aggregate | 19,000 | |
Cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments – available for sale | 0 | 0 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments classified as available-for-sale, noncurrent | 0 | 0 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized losses, aggregate | 324,000 | 824,000 |
Short-term investments classified as available-for-sale, noncurrent | 0 | 0 |
Unrealized gains, aggregate | 1,000 | |
Government debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized losses, aggregate | 36,000 | 18,000 |
Short-term investments classified as available-for-sale, noncurrent | 0 | 0 |
Unrealized gains, aggregate | 18,000 | |
Maximum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gains, individually | 9,000 | |
Unrealized losses, individually | 91,000 | 124,000 |
Unrealized losses, aggregate | 362,000 | $ 842,000 |
Unrealized gains, aggregate | $ 19,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets carried at fair value: | ||
Cash equivalents, fair value disclosure | $ 12,329 | $ 16,243 |
Short-term investments, available for sale | 117,302 | 118,853 |
Total financial assets | 129,631 | 135,096 |
Level 1 [Member] | ||
Financial assets carried at fair value: | ||
Cash equivalents, fair value disclosure | 10,396 | 5,617 |
Total financial assets | 10,396 | 5,617 |
Level 2 [Member] | ||
Financial assets carried at fair value: | ||
Cash equivalents, fair value disclosure | 1,933 | 10,626 |
Total financial assets | 119,235 | 129,479 |
Commercial paper, available-for-sale [Member] | ||
Financial assets carried at fair value: | ||
Short-term investments, available for sale | 40,297 | 43,780 |
Commercial paper, available-for-sale [Member] | Level 2 [Member] | ||
Financial assets carried at fair value: | ||
Short-term investments, available for sale | 40,297 | 43,780 |
Corporate debt securities, available-for-sale [Member] | ||
Financial assets carried at fair value: | ||
Short-term investments, available for sale | 52,196 | 71,359 |
Corporate debt securities, available-for-sale [Member] | Level 2 [Member] | ||
Financial assets carried at fair value: | ||
Short-term investments, available for sale | 52,196 | 71,359 |
Government debt securities [Member] | ||
Financial assets carried at fair value: | ||
Short-term investments, available for sale | 24,809 | 3,714 |
Government debt securities [Member] | Level 2 [Member] | ||
Financial assets carried at fair value: | ||
Short-term investments, available for sale | $ 24,809 | $ 3,714 |
Operating Leases - ROU Assets_3
Operating Leases - ROU Assets and Lease Liability Obligations - Additional Information (Detail) | 3 Months Ended | |||
Nov. 15, 2021 | May 25, 2018 | Mar. 31, 2023 USD ($) Lease | Mar. 31, 2022 USD ($) | |
Lessee Lease Description [Line Items] | ||||
Operating lease number of leases | Lease | 1 | |||
Lease Commencement Date | Mar. 01, 2022 | |||
Lease expiration date | Jul. 31, 2027 | |||
Operating lease expense | $ | $ 86,000 | $ 81,000 | ||
Operating lease option to extend term | 5 years | 3 years | ||
Office Lease [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, option to extend | true | |||
Operating lease option to extend term | 5 years | |||
Operating lease, option to extend, description | The Office Lease provides the Company with an option to extend the term of the Office Lease for a period of five years beyond the Term. |
Operating Leases - ROU Assets_4
Operating Leases - ROU Assets and Lease Liability Obligations - Schedule of Right-of-use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee Disclosure [Abstract] | ||
Right-of-use assets | $ 1,346 | $ 1,418 |
Lease liability, current | 309 | 304 |
Lease liability, net of current portion | 1,181 | 1,260 |
Total lease liability obligations | $ 1,490 | $ 1,564 |
Weighted-average remaining lease term | 4 years 3 months 29 days | 4 years 6 months 29 days |
Weighted-average discount rate | 3% | 3% |
Operating Leases - ROU Assets_5
Operating Leases - ROU Assets and Lease Liability Obligations - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee Lease Description [Line Items] | ||
Total lease liability obligations | $ 1,490 | $ 1,564 |
Office Space [Member] | ||
Lessee Lease Description [Line Items] | ||
Remainder of 2023 | 262 | |
2024 | 357 | |
2025 | 368 | |
2026 | 379 | |
2027 | 227 | |
Total minimum lease payments | 1,593 | |
Less: amount representing interest | (103) | |
Total lease liability obligations | $ 1,490 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 13 Months Ended | 15 Months Ended | 20 Months Ended | 24 Months Ended | |||||||||||
Mar. 18, 2022 USD ($) | Jul. 28, 2021 USD ($) | Mar. 17, 2020 USD ($) | Sep. 28, 2017 USD ($) shares | May 31, 2015 USD ($) $ / shares shares | Feb. 28, 2014 Tranche $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares | Dec. 31, 2018 shares | Mar. 31, 2023 $ / shares shares | Dec. 31, 2016 USD ($) | Mar. 31, 2023 $ / shares shares | Mar. 17, 2022 shares | Feb. 20, 2014 USD ($) | |
Equity [Line Items] | ||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||
Preferred stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | ||||||||||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | ||||||||||||||
Common stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||||||
Number of common stock for issuance in exchange for future services from founders | 1,000,000 | |||||||||||||||||
Common stock price per share | $ / shares | $ 0.01 | |||||||||||||||||
Number of tranches | Tranche | 2 | |||||||||||||||||
Unrecognized compensation expense | $ | $ 62,000 | $ 168,000 | ||||||||||||||||
Common stock shares repurchased | 633,810 | |||||||||||||||||
Repurchase of common stock from stockholders, per share | $ / shares | $ 0.00001 | |||||||||||||||||
Remaining number of repurchased shares | 366,190 | |||||||||||||||||
Common stock sold | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Shares issued under ESPP | 0 | 0 | ||||||||||||||||
ATM Agreement [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Shelf registration statement expiry date | Aug. 11, 2021 | |||||||||||||||||
2021 Shelf Registration Statement [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Maximum amount of Securities that can be offered | $ | $ 600,000,000 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Common stock sold | 178,204 | |||||||||||||||||
Repurchase of common stock (in shares) | 1,464,217 | |||||||||||||||||
Common Stock [Member] | ATM Agreement [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Gross proceeds from common stock issuance | $ | $ 110,900,000 | |||||||||||||||||
Common stock sold | 1,587,404 | |||||||||||||||||
Proceeds from issuance of common stock net | $ | 13,600,000 | |||||||||||||||||
Repurchase Program [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Repurchase of common stock (in shares) | 1,464,217 | |||||||||||||||||
Stock repurchase program, additional maturity period | 2 years | |||||||||||||||||
New Repurchase Program [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Repurchase of common stock (in shares) | 729,034 | |||||||||||||||||
Stock repurchase program, additional maturity period | 2 years | |||||||||||||||||
Maximum [Member] | Common Stock [Member] | ATM Agreement [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Aggregate offering price, common stock | $ | $ 125,000,000 | |||||||||||||||||
Maximum [Member] | Repurchase Program [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Purchase of common stock and warrants | $ | $ 50,000,000 | |||||||||||||||||
Maximum [Member] | New Repurchase Program [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Purchase of common stock and warrants | $ | $ 50,000,000 | |||||||||||||||||
LPC [Member] | Commitment Purchase Agreement [Member] | Common Stock [Member] | Registration Rights Agreement [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Common stock purchase agreement term | 30 months | |||||||||||||||||
Common stock issued as consideration for commitment | 100,000 | |||||||||||||||||
Gross proceeds from common stock issuance | $ | $ 802,000 | |||||||||||||||||
Common stock sold | 343,051 | |||||||||||||||||
LPC [Member] | Maximum [Member] | Commitment Purchase Agreement [Member] | Common Stock [Member] | Registration Rights Agreement [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Total of purchase agreement and potential aggregate future purchases | $ | $ 15,000,000 | |||||||||||||||||
Common stock to be sold, subject to certain limitations | 75,000 | |||||||||||||||||
Total purchase proceeds per purchase date, subject to certain limitations | $ | $ 1,000,000 | |||||||||||||||||
LPC [Member] | Minimum [Member] | Commitment Purchase Agreement [Member] | Common Stock [Member] | Registration Rights Agreement [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Percentage of shares may not sell if it is beneficial owning | 4.99% | |||||||||||||||||
Tranche One [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Number of common stock for issuance in exchange for future services from founders | 500,000 | |||||||||||||||||
Remaining number of repurchased shares | 183,095 | |||||||||||||||||
Stock compensation expense | $ | $ 0 | $ 0 | $ 31,000 | |||||||||||||||
Tranche Two [Member] | ||||||||||||||||||
Equity [Line Items] | ||||||||||||||||||
Number of common stock for issuance in exchange for future services from founders | 500,000 | |||||||||||||||||
Remaining number of repurchased shares | 183,095 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 15 Months Ended | 27 Months Ended | 39 Months Ended | 48 Months Ended | ||||||||
Jan. 31, 2023 Milestone shares | Jan. 31, 2022 Milestone shares | Jan. 31, 2021 Milestone shares | Jan. 31, 2020 Milestone shares | Jan. 31, 2019 Milestone shares | Mar. 31, 2023 USD ($) Period $ / shares shares | Mar. 31, 2022 USD ($) | Dec. 31, 2022 shares | Dec. 31, 2019 | Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Jan. 01, 2023 shares | Apr. 28, 2015 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Additional number of shares of common stock reserved for issuance | 782,572 | ||||||||||||||
Stock-based compensation | $ | $ 3,569,000 | $ 2,357,000 | |||||||||||||
Forfeited awards | 0 | ||||||||||||||
Cash proceeds from exercises of stock options | $ | $ 4,000,000 | $ 0 | |||||||||||||
Weighted average fair value of stock options granted to employees | $ / shares | $ 6.14 | ||||||||||||||
Excess tax benefit from stock-based awards | $ | $ 0 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Milestone achievement period | 4 years | 4 years | 4 years | 4 years | 4 years | 4 years | |||||||||
Issuance of performance based award | 920,000 | 657,000 | 205,500 | 244,000 | 221,600 | ||||||||||
Percentage of shares vested upon achievement of certain milestone | 100% | 100% | |||||||||||||
Number of milestones to be achieve | Milestone | 3 | 3 | |||||||||||||
Forfeited awards | 40,000 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | PRSU Awards Vesting Upon the Achievement of Three of the Milestones Over a Four Year Period [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Percentage of shares vested upon achievement of certain milestone | 100% | 100% | 100% | ||||||||||||
Number of milestones to be achieve | Milestone | 3 | 3 | 3 | ||||||||||||
Performance Based Restricted Stock Units [Member] | PRSU Awards Vesting Upon the Achievement of Four of the Milestones Over a Four Year Period [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Percentage of shares vested upon achievement of certain milestone | 133.30% | ||||||||||||||
Number of milestones to be achieve | Milestone | 4 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | PRSU Awards Vesting Upon the Achievement of All Four of the Milestones Over a Four Year Period [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Percentage of shares vested upon achievement of certain milestone | 133.30% | 133.30% | |||||||||||||
Number of milestones to be achieve | Milestone | 4 | 4 | |||||||||||||
Performance Based Restricted Stock Units [Member] | January 2019 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ | $ 1,400,000 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | January 2020 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ | $ 37,000 | $ 1,700,000 | |||||||||||||
Forfeiture of performance based award | 10,500 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | January 2021 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ | $ 63,000 | $ 956,000 | |||||||||||||
Forfeiture of performance based award | 7,500 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | January 2022 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ | $ 433,000 | $ 2,400,000 | |||||||||||||
Forfeiture of performance based award | 0 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | January 2023 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ | $ 845,000 | ||||||||||||||
Forfeiture of performance based award | 0 | ||||||||||||||
2014 Equity Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock reserved for issuance, description | Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1 of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year. | ||||||||||||||
Percentage of common stock outstanding to increase shares reserved for issuance | 3.50% | ||||||||||||||
Common stock reserved for future issuance | 1,527,770 | ||||||||||||||
2014 ESPP [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock reserved for issuance, description | The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1 of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year. | ||||||||||||||
Percentage of common stock outstanding to increase shares reserved for issuance | 1% | ||||||||||||||
Common stock reserved for future issuance | 3,649,046 | 3,649,046 | 458,331 | ||||||||||||
Number of common shares available for grant | 4,431,618 | 4,431,618 | 4,431,618 | 4,431,618 | |||||||||||
Duration of employee stock purchase plan as determined by the compensation committee | 24 months | ||||||||||||||
Duration for offering period, employee stock purchase plan | 6 months | ||||||||||||||
Employee stock purchase plan, number of purchase periods | Period | 4 | ||||||||||||||
Maximum duration for purchase under employee stock purchase plan | 1 year | ||||||||||||||
Maximum duration of employee stock purchase plan | 27 months | ||||||||||||||
Percentage of purchase of common stock | 85% | ||||||||||||||
Percentage of common stock on the date of purchase | 85% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense included in expenses | $ 3,569 | $ 2,357 |
Research and development expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense included in expenses | 928 | 664 |
General and administrative expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense included in expenses | 2,641 | 1,693 |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense included in expenses | 1,367 | 1,026 |
Restricted stock and restricted stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense included in expenses | 2,080 | 1,287 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense included in expenses | $ 122 | $ 44 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense by Type of Award and Weighted-average Recognition Period (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | May 31, 2015 | Feb. 20, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Expense, Net of Estimated Forfeitures | $ 62,000 | $ 168,000 | |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Expense, Net of Estimated Forfeitures | $ 11,942 | ||
Weighted-average Recognition Period | 3 years 10 days | ||
Restricted stock and restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Expense, Net of Estimated Forfeitures | $ 11,372 | ||
Weighted-average Recognition Period | 1 year 9 months 14 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted stock [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Unvested, Beginning balance | shares | 183,095 |
Shares, Granted | shares | 0 |
Shares, Vested | shares | 0 |
Shares, Forfeited | shares | 0 |
Shares, Unvested, Ending balance | shares | 183,095 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning balance | $ / shares | $ 0.17 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Unvested, Ending balance | $ / shares | $ 0.17 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted stock units [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Unvested, Beginning balance | shares | 1,583,516 |
Shares, Granted | shares | 1,465,575 |
Shares, Vested | shares | (347,104) |
Shares, Forfeited | shares | 0 |
Shares, Unvested, Ending balance | shares | 2,701,987 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning balance | $ / shares | $ 5.43 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 8.52 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 6.05 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Unvested, Ending balance | $ / shares | $ 7.03 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options outstanding beginning balance, Shares Subject to Stock Options | 5,157,857 | |
Granted, Shares Subject to Stock Options | 1,342,540 | |
Exercised, Shares Subject to Stock Options | (738,420) | |
Forfeited, Shares Subject to Stock Options | 0 | |
Cancelled, Shares Subject to Stock Options | 0 | |
Options outstanding ending balance, Shares Subject to Stock Options | 5,761,977 | 5,157,857 |
Options exercisable, Shares Subject to Stock Options | 2,984,540 | |
Options outstanding beginning balance, Weighted-Average Exercise Price | $ 5.45 | |
Granted, Weighted-Average Exercise Price | 6.14 | |
Exercised, Weighted-Average Exercise Price | 3.80 | |
Forfeited, Weighted-Average Exercise Price | 0 | |
Cancelled, Weighted-Average Exercise Price | 0 | |
Options outstanding ending balance, Weighted-Average Exercise Price | 5.82 | $ 5.45 |
Options exercisable, Weighted-Average Exercise Price | $ 5.46 | |
Options outstanding, Weighted-Average Remaining Contractual Term | 7 years 4 months 24 days | 6 years 7 months 28 days |
Options exercisable, Weighted-Average Remaining Contractual Term | 5 years 10 months 20 days | |
Options outstanding, Aggregate Intrinsic Value | $ 60,327,000 | $ 20,515,000 |
Options exercisable, Aggregate Intrinsic Value | $ 33,408,000 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | |
Expected volatility | 80.69% |
Expected term (in years) | 6 years 2 months 8 days |
Risk-free interest rate | 3.87% |
Expected dividend yield | 0% |
Warrants (Additional Informatio
Warrants (Additional Information) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Jun. 14, 2017 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | |||||||
Common stock sold | 0 | 0 | 0 | 0 | 0 | 0 | |
Securities Purchase Agreement [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise price of warrant | $ 1.15 | ||||||
Warrants exercised | 487,087 | ||||||
Private Placement and Registered Direct Offering [Member] | Securities Purchase Agreement [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of warrants issued for common stock | 0.75 | ||||||
Exercise price of warrant | $ 1.30 | ||||||
Warrants exercisable date | Dec. 19, 2017 | ||||||
Warrants expiry date | Dec. 19, 2022 | ||||||
Common Stock [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Common stock sold | 178,204 | ||||||
Common Stock [Member] | Private Placement and Registered Direct Offering [Member] | Securities Purchase Agreement [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Common stock sold | 3,749,783 | ||||||
Common Stock [Member] | Private Placement and Registered Direct Offering [Member] | Securities Purchase Agreement [Member] | Maximum [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Warrants sold | 2,812,337 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | |||
Nov. 15, 2021 USD ($) ft² | May 25, 2018 USD ($) ft² | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Commitments And Contingencies [Line Items] | ||||
Lease Commencement Date | Mar. 01, 2022 | |||
Lease expiration date | Jul. 31, 2027 | |||
Monthly base rent payments | $ 86,000 | $ 81,000 | ||
Operating lease option to extend term | 5 years | 3 years | ||
Office Lease [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Operating lease option to extend term | 5 years | |||
California [Member] | Office Lease [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Area of lease premises | ft² | 7,940 | 7,149 | ||
Lease Commencement Date | Nov. 01, 2018 | |||
Lease expiration date | Jan. 31, 2022 | |||
Monthly base rent payments | $ 28,187 | $ 27,000 | ||
Percentage of rent increase under lease | 3% | 3% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Apr. 03, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | |||||||
Common stock sold | 0 | 0 | 0 | 0 | 0 | 0 | |
Subsequent Event [Member] | April 2023 Offering [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock sold | 19,828,300 | ||||||
Offering price per share | $ 14.50 | ||||||
Sale of stock, shares issued | 2,586,300 | ||||||
Gross proceeds received from common stock | $ 287.5 |