Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 12, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38938 | |
Entity Registrant Name | Stoke Therapeutics, Inc. | |
Entity Central Index Key | 0001623526 | |
Entity Tax Identification Number | 47-1144582 | |
Entity Address, Address Line One | 45 Wiggins Ave | |
Entity Address, City or Town | Bedford | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01730 | |
City Area Code | 781 | |
Local Phone Number | 430-8200 | |
Trading Symbol | STOK | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,729,777 | |
Entity Incorporation State Country Code | DE | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed consolidated balance
Condensed consolidated balance sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 233,049 | $ 105,399 |
Prepaid expenses and other current assets | 3,255 | 548 |
Interest receivable | 376 | 196 |
Total current assets | 236,680 | 106,143 |
Restricted cash | 205 | 204 |
Property and equipment, net | 1,942 | 1,192 |
Total assets | 238,827 | 107,539 |
Current liabilities: | ||
Accounts payable | 1,789 | 1,071 |
Accrued and other current liabilities | 3,127 | 1,396 |
Total current liabilities | 4,916 | 2,467 |
Long term liabilities | 228 | 4 |
Total liabilities | 5,144 | 2,471 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity | ||
Preferred Stock, value | ||
Common stock, par value of $0.0001 per share; 300,000,000 shares authorized, 32,724,153 and 727,413 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 3 | |
Additional paid-in capital | 281,555 | 130,776 |
Accumulated deficit | (47,875) | (25,710) |
Total stockholders’ equity | 233,683 | 105,068 |
Total liabilities and stockholders’ equity | $ 238,827 | 107,539 |
Convertible Preferred Stock | ||
Stockholders’ equity | ||
Preferred Stock, value | 2 | |
Total stockholders’ equity | $ 2 |
Condensed consolidated balanc_2
Condensed consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 32,724,153 | 727,413 |
Common stock, shares outstanding | 32,724,153 | 727,413 |
Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 225,584,874 |
Preferred stock, shares issued | 0 | 22,677,585 |
Preferred stock, shares outstanding | 0 | 22,677,585 |
Preferred stock, aggregate liquidation preference | $ 130,850 |
Condensed consolidated statemen
Condensed consolidated statements of operations and comprehensive loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 6,518 | $ 2,227 | $ 16,675 | $ 5,367 |
General and administrative | 3,324 | 1,090 | 7,935 | 2,872 |
Total operating expenses | 9,842 | 3,317 | 24,610 | 8,239 |
Loss from operations | (9,842) | (3,317) | (24,610) | (8,239) |
Other income (expense): | ||||
Interest income | 1,236 | 2,447 | ||
Other income (expense), net | 2 | (2) | ||
Total other income | 1,238 | 2,445 | ||
Net loss and comprehensive loss | $ (8,604) | $ (3,317) | $ (22,165) | $ (8,239) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.26) | $ (4.75) | $ (1.71) | $ (11.90) |
Weighted-average common shares outstanding, basic and diluted | 32,707,647 | 698,970 | 12,991,672 | 692,509 |
Condensed consolidated statem_2
Condensed consolidated statements of stockholders' equity - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2017 | $ (1,292) | $ 11,897 | $ (13,189) | ||
Balance, Shares at Dec. 31, 2017 | 4,980,168 | 670,090 | |||
Net loss | (1,912) | (1,912) | |||
Stock-based compensation | 4 | 4 | |||
Issuance of common stock upon exercise of stock options | 8 | 8 | |||
Issuance of common stock upon exercise of stock options, Shares | 21,119 | ||||
Issuance of convertible Preferred Stock, net of issuance costs | 15,412 | $ 1 | 15,411 | ||
Issuance of convertible Preferred Stock, net of issuance costs, Shares | 4,071,554 | ||||
Balance at Mar. 31, 2018 | 12,220 | $ 1 | 27,320 | (15,101) | |
Balance, Shares at Mar. 31, 2018 | 9,051,722 | 691,209 | |||
Balance at Dec. 31, 2017 | (1,292) | 11,897 | (13,189) | ||
Balance, Shares at Dec. 31, 2017 | 4,980,168 | 670,090 | |||
Net loss | (8,239) | ||||
Balance at Sep. 30, 2018 | 19,385 | $ 1 | 40,812 | (21,428) | |
Balance, Shares at Sep. 30, 2018 | 12,597,914 | 705,482 | |||
Balance at Mar. 31, 2018 | 12,220 | $ 1 | 27,320 | (15,101) | |
Balance, Shares at Mar. 31, 2018 | 9,051,722 | 691,209 | |||
Net loss | (3,010) | (3,010) | |||
Stock-based compensation | 77 | 77 | |||
Balance at Jun. 30, 2018 | 9,287 | $ 1 | 27,397 | (18,111) | |
Balance, Shares at Jun. 30, 2018 | 9,051,722 | 691,209 | |||
Net loss | (3,317) | (3,317) | |||
Stock-based compensation | 40 | 40 | |||
Issuance of common stock upon exercise of stock options | 7 | 7 | |||
Issuance of common stock upon exercise of stock options, Shares | 14,273 | ||||
Issuance of convertible Preferred Stock, net of issuance costs | 13,368 | 13,368 | |||
Issuance of convertible Preferred Stock, net of issuance costs, Shares | 3,546,192 | ||||
Balance at Sep. 30, 2018 | 19,385 | $ 1 | 40,812 | (21,428) | |
Balance, Shares at Sep. 30, 2018 | 12,597,914 | 705,482 | |||
Balance at Dec. 31, 2018 | 105,068 | $ 2 | 130,776 | (25,710) | |
Balance, Shares at Dec. 31, 2018 | 22,677,585 | 727,413 | |||
Net loss | (5,742) | (5,742) | |||
Stock-based compensation | 181 | 181 | |||
Issuance of common stock upon exercise of stock options | 74 | 74 | |||
Issuance of common stock upon exercise of stock options, Shares | 164,810 | ||||
Balance at Mar. 31, 2019 | 99,581 | $ 2 | 131,031 | (31,452) | |
Balance, Shares at Mar. 31, 2019 | 22,677,585 | 892,223 | |||
Balance at Dec. 31, 2018 | 105,068 | $ 2 | 130,776 | (25,710) | |
Balance, Shares at Dec. 31, 2018 | 22,677,585 | 727,413 | |||
Net loss | (22,165) | ||||
Balance at Sep. 30, 2019 | 233,683 | $ 3 | 281,555 | (47,875) | |
Balance, Shares at Sep. 30, 2019 | 32,724,153 | ||||
Balance at Mar. 31, 2019 | 99,581 | $ 2 | 131,031 | (31,452) | |
Balance, Shares at Mar. 31, 2019 | 22,677,585 | 892,223 | |||
Net loss | (7,819) | (7,819) | |||
Stock-based compensation | 298 | 298 | |||
Issuance of common stock upon exercise of stock options | 27 | 27 | |||
Issuance of common stock upon exercise of stock options, Shares | 29,981 | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions, and offering costs | 149,449 | $ 1 | 149,448 | ||
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions, and offering costs, Shares | 9,074,776 | ||||
Conversion of preferred stock to common stock | $ (2) | $ 2 | |||
Conversion of preferred stock to common stock, Shares | (22,677,585) | 22,677,585 | |||
Balance at Jun. 30, 2019 | 241,536 | $ 3 | 280,804 | (39,271) | |
Balance, Shares at Jun. 30, 2019 | 32,674,565 | ||||
Net loss | (8,604) | (8,604) | |||
Stock-based compensation | 731 | 731 | |||
Issuance of common stock upon exercise of stock options | 20 | 20 | |||
Issuance of common stock upon exercise of stock options, Shares | 49,588 | ||||
Balance at Sep. 30, 2019 | $ 233,683 | $ 3 | $ 281,555 | $ (47,875) | |
Balance, Shares at Sep. 30, 2019 | 32,724,153 |
Condensed consolidated statem_3
Condensed consolidated statements of stockholders' equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Stock issuance cost | $ 32 | $ 88 |
Condensed consolidated statem_4
Condensed consolidated statements of cash flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (22,165) | $ (8,239) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 311 | 139 |
Stock-based compensation | 1,210 | 121 |
Gain/Loss on disposal of property and equipment | 3 | |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (2,887) | (305) |
Accounts payable and accrued liabilities | 2,652 | 838 |
Deferred rent | 22 | (3) |
Net cash used in operating activities | (20,854) | (7,449) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,067) | (842) |
Proceeds from sale of property and equipment | 2 | |
Net cash used in investing activities | (1,065) | (842) |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible Preferred Stock | 25,847 | |
Proceeds from issuance of common stock upon exercise of stock options | 121 | 15 |
Proceeds from the issuance of common stock upon initial public offering | 151,912 | |
Payments of initial public offering costs | (2,463) | |
Other | (2) | |
Net cash provided by financing activities | 149,570 | 25,860 |
Net increase in cash, cash equivalents and restricted cash | 127,651 | 17,569 |
Cash, cash equivalents and restricted cash—beginning of period | 105,603 | 1,854 |
Cash, cash equivalents and restricted cash—end of period | $ 233,254 | 19,423 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Issuance of convertible Preferred Stock in exchange for simple agreement for future equity | $ 3,000 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of the business and basis of presentation | 1. Nature of the business and basis of presentation Organization Stoke Therapeutics, Inc. (the “Company”) was founded in June 2014 and was incorporated under the laws of the State of Delaware. The Company is an early-stage biopharmaceutical company pioneering a new way to treat the underlying causes of severe genetic diseases by precisely upregulating protein expression. Initial public offering On June 21, 2019, the Company completed an initial public offering (“IPO”) of its common stock and issued and sold 9,074,776 shares of common stock at a public offering price of $18.00 per share, which included 1,183,666 shares sold upon full exercise of the underwriters’ option to purchase additional shares, resulting in net proceeds of approximately $149.4 million after deducting underwriting discounts, commissions and offering costs of $13.9 million. Upon closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into shares of common stock (see Note 7). Upon conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock and additional paid-in capital. On June 6, 2019, in connection with the IPO, the Company effected a one-for-9.95 reverse split of the Company’s issued and outstanding common and convertible preferred stock. Upon the effectiveness of the reverse stock split, (i) all shares of outstanding common stock and convertible preferred stock were adjusted; (ii) the number of shares of common stock for which each outstanding option to purchase common stock is exercisable were adjusted; and (iii) the exercise price of each outstanding option to purchase common stock were adjusted. All of the outstanding common stock share numbers (including shares of common stock subject to the Company’s options and as converted for the outstanding convertible preferred stock shares), share prices, exercise prices and per share amounts contained in the interim condensed consolidated financial statements have been retroactively adjusted in the interim condensed consolidated financial statements to reflect this reverse stock split for all periods presented. The par value per share and the authorized number of shares of common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. On June 21, 2019, the Company filed an amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to authorize the issuance of up to 300 million shares of common stock, $0.0001 par value per share, and 10 million shares of undesignated preferred stock, $0.0001 par value per share. Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Liquidity The Company expects that its operating losses and negative cash flows will continue for the foreseeable future. As of the issuance date of these unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2019, the Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into 2023. The future viability of the Company beyond that date is dependent on its ability to raise additional capital to finance its operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies and recent accounting pronouncements | 2. Summary of significant accounting policies and recent accounting pronouncements Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and its wholly-owned subsidiary. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany transactions between and among its consolidated subsidiary have been eliminated. Unaudited interim financial information The accompanying interim unaudited condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and related footnotes as of and for the year ended December 31, 2018, included in the Company’s prospectus, which was filed with the Securities and Exchange Commission, or SEC, on June 19, 2019. The Company’s financial information as of September 30, 2019, and for the three and nine months ended September 30, 2019 and 2018 is unaudited, but in the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows at the dates and for the periods presented of the results of these interim periods have been included. The balance sheet information as of December 31, 2018 was derived from audited financial statements. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, expenses and disclosure of contingent assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash in checking, sweep and money market accounts. Restricted cash At September 30, 2019, restricted cash consisted of money market accounts collateralizing letters of credit issued as a security deposits in connection with the Company’s leases of its corporate facilities. The following table reconciles cash and cash equivalents and restricted cash per the condensed consolidated balance sheet to the condensed consolidated statement of cash flows (in thousands): As of September 30, 2019 2018 Cash and cash equivalents $ 233,049 $ 19,367 Restricted cash 205 56 Total cash, cash equivalents and restricted cash $ 233,254 $ 19,423 Fair value of financial instruments Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement Level 1—Quoted market prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Deferred offering costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in the condensed consolidated Statement of stockholders’ equity as a reduction of additional paid-in capital. Net loss per share The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. The Company considers its convertible preferred stock (Preferred Stock) to be participating securities as in the event a dividend is paid on common stock, the holders of Preferred Stock would be entitled to receive dividends on a basis consistent with the common stockholders. Under the two-class method, the net loss attributable to common stockholders is not allocated to the Preferred Stock as the holders of the Preferred Stock do not have a contractual obligation to share in losses. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock. Emerging growth company and smaller reporting company status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, the Company’s unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company will remain an emerging growth company until the earliest of (1) the last day of its first fiscal year (a) in which the Company has total annual gross revenues of at least $1.07 billion, or (b) in which the Company is deemed to be a large accelerated filer, which means the market value of its common stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30 th The Company is also a “smaller reporting company,” meaning that as of the date of its initial public offering, the market value of its stock held by non-affiliates is less than $100 million during the most recently completed fiscal year. The Company may continue to be a smaller reporting company as long as either (i) the market value of its stock held by non-affiliates is less than $250 million or (ii) its annual revenue is less than $100 million during the most recently completed fiscal year and the market value of its stock held by non-affiliates is less than $700 million. If the Company is a smaller reporting company at the time it ceases to be an emerging growth company, the Company may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, the Company may choose to present only the two most recent fiscal years of audited financial statements in its Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation. Recently adopted accounting pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In July 2017, the FASB issued ASU 2017-11, Earnings Per Share I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 3. Fair value measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair value measurements as of September 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 233,049 $ — $ — $ 233,049 Total $ 233,049 $ — $ — $ 233,049 Fair value measurements as of December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 105,399 $ — $ — $ 105,399 Total $ 105,399 $ — $ — $ 105,399 The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the consolidated balance sheets as of September 30, 2019 and December 31, 2018. There were no transfers among Level 1, Level 2, or Level 3 categories in the periods presented. The carrying value of cash, cash equivalents, accounts payable and accrued expenses that are reported on the consolidated balance sheets approximate their fair value due to the short-term nature of these assets and liabilities. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued and other current liabilities | 4. Accrued and other current liabilities Accrued and other current liabilities consisted of the following (in thousands): September 30, December 31, 2019 2018 Accrued employee compensation costs $ 1,359 $ 901 Accrued professional 339 200 Accrued research and development costs 1,335 234 Accrued other 94 61 $ 3,127 $ 1,396 |
Simple Agreement For Future Equ
Simple Agreement For Future Equity | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Simple agreement for future equity | 5. Simple agreement for future equity In October 2017, the Company entered into a simple agreement for future equity (the “SAFE”) with an investor, receiving $3.0 million in exchange for the investor’s right to participate in a future equity financing. The SAFE contained a number of conversion and redemption provisions, including settlement upon liquidity or dissolution events. The Company elected the fair value option of accounting for the SAFE. In January 2018, the investor exercised its rights to convert the SAFE in connection with the Company’s equity financing and exchanged the SAFE for 788,042 shares of Series A-2 convertible Preferred Stock (“Series A-2 Preferred”). |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 6. Commitments and contingencies Operating lease In August 2018, the Company entered into an agreement to sublease approximately 23,000 square feet of space for a term of three years. Lease terms are triple net lease commencing at $0.9 million per year, then with three percent annual base rent increases plus operating expenses, real estate taxes, utilities and janitorial fees. The lease commencement date was December 10, 2018. In December 2018, the Company entered into an agreement to lease 2,485 square feet of space for a term of three years. The lease includes one renewal option for an additional two years. Lease terms commence at $0.2 million per annum, with 2.5% annual base rent increases plus operating expenses, real estate taxes, utilities and janitorial fees. The lease commencement date was May 1, 2019. As of September 30, 2019, the future minimum payments for operating leases are as follows (in thousands): October 1, 2019 to December 31, 2019 $ 281 2020 1,149 2021 1,102 2022 81 Thereafter — $ 2,613 Rent expense incurred under operating leases was approximately $0.3 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively and $0.8 million and $0.2 million for the nine months ended September 30, 2019 and 2018 respectively. Consulting agreement In October 2014, the Company entered into a consulting agreement with a member of the Company’s board of directors, who is also an employee of Cold Spring Harbor Laboratory (“CSHL”), to provide consulting services related to scientific research related to the development of antisense-based drugs, therapies, diagnostic and research tools, products, services and intellectual property. The Company recognized expense of $0.02 million and $0.02 million in the three month periods ended September 30, 2019 and 2018 respectively, and $0.07 million and $0.07 million in the nine month periods ended September 30, 2019 and 2018 respectively, for such consulting services. The initial term of this agreement was five years and may be extended by the mutual consent of the Company and the board member. License and research agreements In July 2015, the Company entered into a worldwide license agreement (the “CSHL Agreement”), with CSHL, with respect to Targeted Augmentation of Nuclear Gene Output (“TANGO”) patents. Under the CSHL Agreement, the Company receives an exclusive (except with respect to certain government rights and non-exclusive licenses), worldwide license under certain patents and applications relating to TANGO. As part of the CSHL Agreement, the Company granted CSHL 164,927 shares of common stock valued based on an independent appraisal at approximately $0.07 million. The CSHL Agreement obligates the Company to make additional payments that are contingent upon certain milestones being achieved. The Company is also required to pay royalties, tiered based on the scope of patent coverage for each licensed product, ranging from a low-single digit percentage to a mid-single digit percentage on annual net sales. These royalty obligations apply on a licensed product-by-licensed product and country-by-country basis until the latest of (i) the expiration of the last valid claim of a CSHL patent covering the applicable licensed product or (ii) the expiration of any regulatory exclusivity for the applicable licensed product. In addition, if the Company sublicenses the rights under the CSHL Agreement, the Company is required to pay a maximum of twenty percent of the sublicense revenue to CSHL, which may be reduced to a mid-teens or a mid-single digit percentage upon achievement of certain clinical milestones for the applicable licensed product. Finally, the Company is required to pay an annual license maintenance fee of $0.01 million, which amount is creditable against any owed royalty or milestone payments. The maximum aggregate potential milestone payments payable total approximately $0.9 million. Additionally, certain licenses under the CSHL Agreement require the Company to reimburse CSHL for certain past and ongoing patent related expenses, however there were no expenses related to these reimbursable patent costs during the three months and nine months ended September 30, 2019 and 2018. In April 2016, the Company entered into an exclusive, worldwide license agreement with the University of Southampton, (the “Southampton Agreement”), whereby the Company acquired rights to foundational technologies related to the Company’s TANGO technology. Under the Southampton Agreement, the Company receives an exclusive, worldwide license under certain licensed patents and applications relating to TANGO. As part of the Southampton Agreement, the Company paid 0.06 million pounds sterling (approximately $0.07 million as of the date thereof) as an up-front license fee. Under the Southampton Agreement, the Company may be obligated to make additional payments that are contingent upon certain milestones being achieved, as well as royalties on future product sales. These royalty obligations survive until the latest of (i) the expiration of the last valid claim of a licensed patent covering a subject product or (ii) the expiration of any regulatory exclusivity for the subject product in a country. In addition, if the Company sublicenses its rights under the Southampton Agreement, the Company is required to pay a mid-single digit percentage of the sublicense revenue to the University of Southampton. The maximum aggregate potential milestone payments payable by the Company totaled approximately 0.4 million pounds sterling (approximately $0.5 million as of September 30, 2019). As of September 30, 2019, and December 31, 2018, the Company had recorded no liabilities under the Southampton Agreement. Sponsored research agreement In December 2017, the Company entered into a sponsored research agreement with the University of Michigan (the “University of Michigan Agreement”) to fund research conducted at the University of Michigan through November 2018. The budget for the scope of work described in the research agreement was $0.4 million. In December 2018, the University of Michigan Agreement was renewed and extended through November 2020 with a budget for the scope of work of $0.6 million. The costs incurred by the Company under the University of Michigan Agreement are recorded as research and development expense and expensed in the period in which they are incurred. Research and development spending under the University of Michigan Agreement was $0.1 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively, and $0.4 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively. |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Convertible preferred stock | 7. Convertible preferred stock On June 6, 2019, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation which became effective on June 21, 2019 upon which the authorized capital stock of the Corporation consisted of 300 million shares of common stock, $0.0001 per share par value, and 10 million shares of undesignated preferred stock, $0.0001 per share par value. On June 21, 2019, the Company completed its IPO and in conjunction therewith, all outstanding convertible preferred stock was converted into common stock. Accordingly, as of September 30, 2019, there was no preferred stock outstanding. At December 31, 2018, the Company’s amended and restated certificate of incorporation authorized the Company to issue 225,584,874 shares of $0.0001 par value convertible preferred stock, 49,540,132 were designated Series A convertible preferred stock (Series A Preferred), 75,777,370 were designated Series A-2 Preferred and 100,267,372 were designated Series B convertible preferred stock (Series B Preferred) (collectively, the Preferred Stock). The following table summarizes the Company’s issued and outstanding Preferred Stock (in thousands except share amounts): Series A Preferred Series A-2 Preferred Series B Preferred Total convertible Preferred Shares Amount Shares Amount Shares Amount Shares Amount Balance, December 31, 2018 4,980,168 $ 11,725 7,617,746 $ 28,880 10,079,671 $ 89,742 22,677,585 $ 130,347 |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity incentive plans | 8. Equity incentive plans In June 2019, the Company’s board of directors and stockholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) which became effective on June 17, 2019 and replaced the Company’s 2014 Equity Incentive Plan (the “2014 Plan”). In addition to the shares of common stock reserved for future issuance under the 2014 Plan that were added to the 2019 Plan upon its effective date, the Company initially reserved 2,200,000 shares of common stock for issuance under the 2019 Plan. The number of shares reserved for issuance under the Company’s 2019 Plan will increase automatically on January 1 of each of 2020 through 2029 by the number of shares equal to 4% of the aggregate number of outstanding shares of the Company’s common stock as of the immediately preceding December 31, or a lesser number as may be determined by the Company’s board of directors. As of September 30, 2019, there were no shares available for future issuance under the 2014 Plan and 2,246,328 shares were available under the 2019 Plan. During the nine months ended September 30, 2019, the Company granted options to purchase 1,073,469 shares of common stock to certain of its employees, and directors, respectively. The options vest over four years except for certain options granted to members of our board of directors which vest over one or three years and are exercisable at a per share price equal to the fair value of the common stock on the grant date. Stock-based compensation As of September 30, 2019, there was $6.0 million of unrecognized compensation cost related to unvested stock-based compensation arrangements granted under the 2014 Plan. The compensation is expected to be recognized over a weighted average period of four years as of September 30, 2019. Stock-based compensation expense recorded as research and development and general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 134 $ 14 $ 330 $ 40 General and administrative 597 26 880 81 $ 731 $ 40 $ 1,210 $ 121 2019 Employee stock purchase plan In June 2019, the Company adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective on June 18, 2019. The Company initially reserved 315,000 shares of common stock for sale under the ESPP. The number of shares reserved for issuance under the ESPP will increase automatically on January 1st of each of the first ten calendar years following the first offering date by the number of shares equal to the lesser of 1% of the total outstanding shares of the Company’s common stock as of the immediately preceding December 31 or a lower amount determined by the Company’s board of directors. The aggregate number of shares issued over the term of the ESPP will not exceed 3,150,000 shares of the Company’s common stock. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net loss per share attributable to common stockholders | 9. Net loss per share attributable to common stockholders The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ (8,604 ) $ (3,317 ) $ (22,165 ) $ (8,239 ) Denominator: Weighted-average number of common shares, basic and diluted 32,707,647 698,970 12,991,672 692,509 Net loss per common share attributable to common stockholders, basic and diluted $ (0.26 ) $ (4.75 ) (1.71 ) (11.90 ) The Company’s potential dilutive securities, which include Preferred Stock and common stock options, have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: September 30, 2019 2018 Preferred Stock — 12,597,914 Outstanding options to purchase common stock 4,218,937 2,117,728 4,218,937 14,715,642 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 10. Income taxes The Company did not record an income tax benefit in its consolidated statement of operations for the three and nine months ended September 30, 2019 and 2018 as it is more likely than not that the Company will not recognize the federal and state deferred tax benefits generated by its losses. The Company had net deferred tax assets and liabilities of $7.6 million at December 31, 2018. The Company has provided a valuation allowance for the full amount of its net deferred tax assets and liabilities as of September 30, 2019 and December 31, 2018, as management has determined it is more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized. The Company did not record any amounts for unrecognized tax benefits as of September 30, 2019 or December 31, 2018. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee benefits | 11. Employee benefits In 2016, the Company established a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis. The Company was not required to make and did not made any contributions to the 401(k) Plan for the three and nine months ended September 30, 2019 and 2018, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent events The Company has evaluated subsequent events through the issuance date of these interim condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and its wholly-owned subsidiary. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany transactions between and among its consolidated subsidiary have been eliminated. |
Unaudited Interim Financial Information | Unaudited interim financial information The accompanying interim unaudited condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and related footnotes as of and for the year ended December 31, 2018, included in the Company’s prospectus, which was filed with the Securities and Exchange Commission, or SEC, on June 19, 2019. The Company’s financial information as of September 30, 2019, and for the three and nine months ended September 30, 2019 and 2018 is unaudited, but in the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows at the dates and for the periods presented of the results of these interim periods have been included. The balance sheet information as of December 31, 2018 was derived from audited financial statements. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. |
Use of Estimates | Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, expenses and disclosure of contingent assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash in checking, sweep and money market accounts. |
Restricted Cash | Restricted cash At September 30, 2019, restricted cash consisted of money market accounts collateralizing letters of credit issued as a security deposits in connection with the Company’s leases of its corporate facilities. The following table reconciles cash and cash equivalents and restricted cash per the condensed consolidated balance sheet to the condensed consolidated statement of cash flows (in thousands): As of September 30, 2019 2018 Cash and cash equivalents $ 233,049 $ 19,367 Restricted cash 205 56 Total cash, cash equivalents and restricted cash $ 233,254 $ 19,423 |
Fair Value of Financial Instruments | Fair value of financial instruments Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement Level 1—Quoted market prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |
Deferred Offering Costs | Deferred offering costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in the condensed consolidated Statement of stockholders’ equity as a reduction of additional paid-in capital. |
Net Loss per Share | Net loss per share The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. The Company considers its convertible preferred stock (Preferred Stock) to be participating securities as in the event a dividend is paid on common stock, the holders of Preferred Stock would be entitled to receive dividends on a basis consistent with the common stockholders. Under the two-class method, the net loss attributable to common stockholders is not allocated to the Preferred Stock as the holders of the Preferred Stock do not have a contractual obligation to share in losses. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock. |
Emerging Growth Company and Smaller Reporting Company Status | Emerging growth company and smaller reporting company status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, the Company’s unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company will remain an emerging growth company until the earliest of (1) the last day of its first fiscal year (a) in which the Company has total annual gross revenues of at least $1.07 billion, or (b) in which the Company is deemed to be a large accelerated filer, which means the market value of its common stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30 th The Company is also a “smaller reporting company,” meaning that as of the date of its initial public offering, the market value of its stock held by non-affiliates is less than $100 million during the most recently completed fiscal year. The Company may continue to be a smaller reporting company as long as either (i) the market value of its stock held by non-affiliates is less than $250 million or (ii) its annual revenue is less than $100 million during the most recently completed fiscal year and the market value of its stock held by non-affiliates is less than $700 million. If the Company is a smaller reporting company at the time it ceases to be an emerging growth company, the Company may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, the Company may choose to present only the two most recent fiscal years of audited financial statements in its Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation. |
Recently Adopted Accounting Pronouncements | Recently adopted accounting pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In July 2017, the FASB issued ASU 2017-11, Earnings Per Share I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents and Restricted Cash | The following table reconciles cash and cash equivalents and restricted cash per the condensed consolidated balance sheet to the condensed consolidated statement of cash flows (in thousands): As of September 30, 2019 2018 Cash and cash equivalents $ 233,049 $ 19,367 Restricted cash 205 56 Total cash, cash equivalents and restricted cash $ 233,254 $ 19,423 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Fair Value Hierarchy Utilized | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair value measurements as of September 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 233,049 $ — $ — $ 233,049 Total $ 233,049 $ — $ — $ 233,049 Fair value measurements as of December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 105,399 $ — $ — $ 105,399 Total $ 105,399 $ — $ — $ 105,399 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): September 30, December 31, 2019 2018 Accrued employee compensation costs $ 1,359 $ 901 Accrued professional 339 200 Accrued research and development costs 1,335 234 Accrued other 94 61 $ 3,127 $ 1,396 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases | As of September 30, 2019, the future minimum payments for operating leases are as follows (in thousands): October 1, 2019 to December 31, 2019 $ 281 2020 1,149 2021 1,102 2022 81 Thereafter — $ 2,613 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Summary of Issued and Outstanding Preferred Stock | The following table summarizes the Company’s issued and outstanding Preferred Stock (in thousands except share amounts): Series A Preferred Series A-2 Preferred Series B Preferred Total convertible Preferred Shares Amount Shares Amount Shares Amount Shares Amount Balance, December 31, 2018 4,980,168 $ 11,725 7,617,746 $ 28,880 10,079,671 $ 89,742 22,677,585 $ 130,347 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense recorded as research and development and general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 134 $ 14 $ 330 $ 40 General and administrative 597 26 880 81 $ 731 $ 40 $ 1,210 $ 121 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ (8,604 ) $ (3,317 ) $ (22,165 ) $ (8,239 ) Denominator: Weighted-average number of common shares, basic and diluted 32,707,647 698,970 12,991,672 692,509 Net loss per common share attributable to common stockholders, basic and diluted $ (0.26 ) $ (4.75 ) (1.71 ) (11.90 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: September 30, 2019 2018 Preferred Stock — 12,597,914 Outstanding options to purchase common stock 4,218,937 2,117,728 4,218,937 14,715,642 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions | Jun. 21, 2019USD ($)$ / sharesshares | Jun. 06, 2019$ / sharesshares | Jun. 30, 2019shares | Sep. 30, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares |
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Entity incorporation state name | DE | ||||
Reverse stock split, description | On June 6, 2019, in connection with the IPO, the Company effected a one-for-9.95 reverse split of the Company’s issued and outstanding common and convertible preferred stock. | ||||
Reverse stock split | 0.1005 | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |
Common stock, per share par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Undesignated preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 0 | |
Undesignated preferred stock, per share par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common Stock | |||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Stock issued during period, shares | 9,074,776 | ||||
Net proceeds from initial public offering | $ | $ 149.4 | ||||
Initial Public Offering | Common Stock | |||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Stock issued during period, shares | 9,074,776 | ||||
Stock issued, price per share | $ / shares | $ 18 | ||||
Offering costs | $ | $ 13.9 | ||||
Underwriters’ Option | Common Stock | |||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Stock issued during period, shares | 1,183,666 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 233,049 | $ 105,399 | $ 19,367 |
Restricted cash | 205 | 56 | |
Total cash, cash equivalents and restricted cash | $ 233,254 | $ 19,423 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Fair Value Hierarchy Utilized (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 233,049 | $ 105,399 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 233,049 | 105,399 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 233,049 | 105,399 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 233,049 | $ 105,399 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value assets, transfers between level 1, level 2 and level 3, amount | $ 0 | $ 0 |
Fair value liabilities, transfers between level 1, level 2 and level 3, amount | $ 0 | $ 0 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued employee compensation costs | $ 1,359 | $ 901 |
Accrued professional | 339 | 200 |
Accrued research and development costs | 1,335 | 234 |
Accrued other | 94 | 61 |
Total accrued and other current liabilities | $ 3,127 | $ 1,396 |
Simple Agreement For Future E_2
Simple Agreement For Future Equity - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | Oct. 31, 2017 |
Class Of Stock [Line Items] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Simple Agreement For Future Equity | ||||
Class Of Stock [Line Items] | ||||
Future equity financing | $ 3 | |||
Series A-2 Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares issued | 7,617,746 | |||
Series A-2 Preferred Stock | Simple Agreement For Future Equity | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares issued | 788,042 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Dec. 31, 2018USD ($)ft²Option | Aug. 31, 2018USD ($)ft² | Jul. 31, 2015USD ($)shares | Jun. 30, 2014USD ($) | Jun. 30, 2014GBP (£) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019GBP (£) | Dec. 31, 2017USD ($) | |
Commitments And Contingencies [Line Items] | ||||||||||||
Area subject to sublease | ft² | 23,000 | |||||||||||
Term of sublease | 3 years | |||||||||||
Sublease for year | $ 900,000 | |||||||||||
Annual base rent increase percentage for sublease | 3.00% | |||||||||||
Operating lease commencement date | Dec. 10, 2018 | |||||||||||
Area of space subject to operating lease | ft² | 2,485 | |||||||||||
Operating lease term | 3 years | |||||||||||
Number of options to renewal operating lease term | Option | 1 | |||||||||||
Operating lease, renewal term | 2 years | |||||||||||
Operating lease cost per year | $ 200,000 | |||||||||||
Annual base rent increase percentage for operating lease | 2.50% | |||||||||||
Operating lease commencement date | May 1, 2019 | |||||||||||
Operating leases, rent expense | $ 300,000 | $ 100,000 | $ 800,000 | $ 200,000 | ||||||||
Shares of common stock granted, value | $ 149,449,000 | |||||||||||
Liabilities recorded under agreement | $ 2,471,000 | 5,144,000 | 5,144,000 | |||||||||
The University of Michigan Agreement | ||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||
Budget for research agreement | 600,000 | $ 400,000 | ||||||||||
Research and development spending | 100,000 | 100,000 | 400,000 | 300,000 | ||||||||
CSHL Agreement | ||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||
Stock issued during period, shares | shares | 164,927 | |||||||||||
Shares of common stock granted, value | $ 70,000 | |||||||||||
Percentage of maximum required payment of sublicense revenue | 20.00% | |||||||||||
Annual license maintenance fee | 10,000 | |||||||||||
Maximum aggregate potential milestone payments payable | 900,000 | 900,000 | ||||||||||
Expenses related to reimbursable patent costs | 0 | 0 | 0 | 0 | ||||||||
Southampton Agreement | ||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||
Maximum aggregate potential milestone payments payable | 500,000 | 500,000 | £ 400,000 | |||||||||
Payment of up-front license fee | $ 70,000 | £ 60,000 | ||||||||||
Liabilities recorded under agreement | $ 0 | 0 | 0 | |||||||||
Member of Board of Directors | ||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||
Consulting services expenses | $ 20,000 | $ 20,000 | $ 70,000 | $ 70,000 | ||||||||
Consulting services agreement term | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments for Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Future minimum payments for operating leases | |
October 1, 2019 to December 31, 2019 | $ 281 |
2020 | 1,149 |
2021 | 1,102 |
2022 | 81 |
Total | $ 2,613 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - $ / shares | Sep. 30, 2019 | Jun. 21, 2019 | Jun. 06, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 0 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares outstanding | 0 | 0 | ||
Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 0 | 225,584,874 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares outstanding | 0 | 22,677,585 | ||
Series A Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 49,540,132 | |||
Preferred stock, shares outstanding | 4,980,168 | |||
Series A-2 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 75,777,370 | |||
Preferred stock, shares outstanding | 7,617,746 | |||
Series B Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 100,267,372 | |||
Preferred stock, shares outstanding | 10,079,671 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Summary of Issued and Outstanding Preferred Stock (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
Series A Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Shares issued | 4,980,168 | |
Shares outstanding | 4,980,168 | |
Preferred stock amount | $ 11,725 | |
Series A-2 Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Shares issued | 7,617,746 | |
Shares outstanding | 7,617,746 | |
Preferred stock amount | $ 28,880 | |
Series B Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Shares issued | 10,079,671 | |
Shares outstanding | 10,079,671 | |
Preferred stock amount | $ 89,742 | |
Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Shares issued | 0 | 22,677,585 |
Shares outstanding | 0 | 22,677,585 |
Preferred stock amount | $ 130,347 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Jun. 30, 2019 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Option granted to purchase shares | 1,073,469 | |
Options vest over period | 4 years | |
Unrecognized compensation cost | $ 6 | |
Expected weighted average period | 4 years | |
Member of Board of Directors | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options vest over period | 1 year | |
Member of Board of Directors | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options vest over period | 3 years | |
2019 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares of common stock reserved for issuance | 2,200,000 | |
Percentage of increase in reserved common shares | 4.00% | |
Number of common shares available for future issuance | 2,246,328 | |
The 2014 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of common shares available for future issuance | 0 | |
2019 ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of common shares available for future issuance | 315,000 | |
2019 ESPP | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of increase in reserved common shares | 1.00% | |
Number of common shares available for future issuance | 3,150,000 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | $ 731 | $ 40 | $ 1,210 | $ 121 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | 134 | 14 | 330 | 40 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | $ 597 | $ 26 | $ 880 | $ 81 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||||||
Net loss | $ (8,604) | $ (7,819) | $ (5,742) | $ (3,317) | $ (3,010) | $ (1,912) | $ (22,165) | $ (8,239) |
Denominator: | ||||||||
Weighted-average number of common shares, basic and diluted | 32,707,647 | 698,970 | 12,991,672 | 692,509 | ||||
Net loss per common share attributable to common stockholders, basic and diluted | $ (0.26) | $ (4.75) | $ (1.71) | $ (11.90) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 4,218,937 | 14,715,642 |
Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 12,597,914 | |
Outstanding Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 4,218,937 | 2,117,728 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred tax assets and liabilities, net | $ 7,600,000 | ||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Contributions to 401(k) Plan | $ 0 | $ 0 | $ 0 | $ 0 |