Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Dec. 11, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ALNA | |
Entity Registrant Name | ALLENA PHARMACEUTICALS, INC. | |
Entity Central Index Key | 1,624,658 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,670,254 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 33,874 | $ 25,250 |
Short-term investments | 23,505 | |
Prepaid expenses and other current assets | 577 | 520 |
Total current assets | 34,451 | 49,275 |
Property and equipment, net | 134 | 169 |
Deferred initial public offering costs | 1,589 | |
Other assets | 89 | 35 |
Total assets | 36,263 | 49,479 |
Current liabilities: | ||
Accounts payable | 1,913 | 1,464 |
Loan payable, net of discount | 3,066 | 176 |
Accrued expenses | 2,159 | 1,610 |
Total current liabilities | 7,138 | 3,250 |
Loan payable, net of current portion and discount | 6,620 | 9,409 |
Warrants for the purchase of shares subject to redemption | 460 | 267 |
Other liabilities | 266 | 103 |
Total liabilities | 14,484 | 13,029 |
Commitments and contingencies (Note 12) | ||
Stockholders’ deficit: | ||
Common stock, $0.001 par value; 75,000,000 shares authorized at September 30, 2017 and December 31, 2016; 1,349,492 and 1,341,385 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 1 | 1 |
Additional paid-in capital | 1,279 | 1,031 |
Accumulated other comprehensive loss | (2) | |
Accumulated deficit | (75,280) | (60,307) |
Total stockholders’ deficit | (74,000) | (59,277) |
Total liabilities, convertible preferred stock and stockholders’ deficit | 36,263 | 49,479 |
Series A Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | 17,973 | 17,967 |
Series B Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | 24,944 | 24,931 |
Series C Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | $ 52,862 | $ 52,829 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 1,349,492 | 1,341,385 |
Common stock, shares outstanding | 1,349,492 | 1,341,385 |
Series A Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized | 18,510,200 | 18,510,200 |
Convertible preferred stock, shares issued | 18,367,344 | 18,367,344 |
Convertible preferred stock, shares outstanding | 18,367,344 | 18,367,344 |
Convertible preferred stock, aggregate liquidation preference, value | $ 18,000 | $ 18,000 |
Series B Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized | 19,841,270 | 19,841,270 |
Convertible preferred stock, shares issued | 19,841,270 | 19,841,270 |
Convertible preferred stock, shares outstanding | 19,841,270 | 19,841,270 |
Convertible preferred stock, aggregate liquidation preference, value | $ 25,000 | $ 25,000 |
Series C Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Convertible preferred stock, shares issued | 20,000,000 | 20,000,000 |
Convertible preferred stock, shares outstanding | 20,000,000 | 20,000,000 |
Convertible preferred stock, aggregate liquidation preference, value | $ 53,000 | $ 53,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses: | ||||
Research and development | $ 2,949 | $ 5,263 | $ 10,758 | $ 15,288 |
General and administrative | 1,413 | 839 | 3,621 | 2,896 |
Total operating expenses | 4,362 | 6,102 | 14,379 | 18,184 |
Loss from operations | (4,362) | (6,102) | (14,379) | (18,184) |
Other income (expense): | ||||
Interest income (expense), net | (146) | (42) | (401) | (113) |
Other income (expense), net | (162) | 8 | (193) | 9 |
Other income (expense), net | (308) | (34) | (594) | (104) |
Net loss | $ (4,670) | $ (6,136) | $ (14,973) | $ (18,288) |
Net loss per share attributable to common stockholders—basic and diluted | $ (3.49) | $ (4.59) | $ (11.19) | $ (13.70) |
Weighted-average common shares outstanding—basic and diluted | 1,343,429 | 1,341,385 | 1,342,898 | 1,338,539 |
Net loss | $ (4,670) | $ (6,136) | $ (14,973) | $ (18,288) |
Other comprehensive income (loss): | ||||
Unrealized gain on investments | 2 | |||
Total other comprehensive income (loss) | 2 | |||
Comprehensive loss | $ (4,670) | $ (6,136) | $ (14,971) | $ (18,288) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (14,973) | $ (18,288) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 295 | 166 |
Depreciation expense | 53 | 31 |
Non-cash interest expense | 264 | 85 |
Amortization of premium on investments | 33 | 102 |
Change in fair value of warrant liability | 193 | 2 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (22) | 420 |
Other assets | (89) | |
Accounts payable | 150 | (201) |
Accrued expenses | (132) | 227 |
Other liabilities | (140) | |
Net cash used in operating activities | (14,228) | (17,596) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (56) | (49) |
Purchases of investments | (1,247) | (49,205) |
Maturities of investments | 24,721 | 19,500 |
Net cash provided by (used in) investing activities | 23,418 | (29,754) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 5 | 19 |
Payments of initial public offering costs | (571) | |
Proceeds from loan payable | 7,500 | |
Repayment of loan payable | (6,256) | |
Debt issuance costs paid | (368) | |
Net cash provided by (used in) financing activities | (566) | 895 |
Net increase (decrease) in cash and cash equivalents | 8,624 | (46,455) |
Cash and cash equivalents, beginning of period | 25,250 | 69,011 |
Cash and cash equivalents, end of period | 33,874 | 22,556 |
Supplemental disclosure of non-cash activities: | ||
Cash paid for interest | 332 | 234 |
Deferred initial public offering costs included in accounts payable and accrued expenses | 1,018 | |
Issuance of warrants in connection with loan payable | 45 | |
Accretion of convertible preferred stock to redemption value | $ 52 | $ 52 |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Allena Pharmaceuticals, Inc. (the “Company”) is a late-stage clinical biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders. The Company is focused on metabolic disorders that result in excess accumulation of certain metabolites that can cause kidney stones, damage the kidney, and potentially lead to chronic kidney disease (“CKD”), and end-stage renal disease. The Company’s lead product candidate, ALLN-177, is a first-in-class, oral enzyme therapeutic that it is developing for the treatment of hyperoxaluria, a metabolic disorder commonly associated with kidney stones, CKD and other serious kidney diseases. The Company was incorporated under the laws of the State of Delaware on June 24, 2011 and is located in Newton, Massachusetts. On November 6, 2017, the Company completed an initial public offering (“IPO”), in which the Company issued and sold 5,333,333 shares of its common stock at a public offering price of $14.00 per share, for aggregate gross proceeds of $74.7 million. The underwriters partially exercised their over-allotment option December 1, 2017, and purchased an additional 16,969 shares of our common stock for aggregate gross proceeds of $0.2 million. As a result of the IPO, the Company received approximately $66.6 million in net proceeds after deducting $8.3 million of underwriting discounts and commissions and offering costs. Upon the closing of the IPO, all of the outstanding shares of convertible preferred stock automatically converted into 13,945,509 shares of common stock. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. In connection with the IPO, the Company amended and restated its certificate of incorporation to change the authorized capital stock to 125,000,000 shares designated as common stock and 5,000,000 shares designated as preferred stock, all with a par value of $0.001 per share. The financial statements as of September 30, 2017, including share and per share amounts, do not give effect to the IPO, as it closed subsequent to September 30, 2017. In connection with preparing for its IPO, the Company effected a 1-for-4.174 reverse stock split of the Company’s common stock. The reverse stock split became effective on October 23, 2017. The par value and authorized shares of common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. All share and per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. The financial statements have also been retroactively adjusted to reflect adjustments to the conversion ratio for each series of convertible preferred stock effected in connection with the reverse stock split. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, reliance on third party manufacturers, ability to transition from pilot-scale manufacturing to large-scale production of products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company has an accumulated deficit of $75.3 million at September 30, 2017, and will require substantial additional capital to fund operations. The future success of the Company is dependent on its ability to identify and develop its product candidates and ultimately upon its ability to attain profitable operations. At September 30, 2017, the Company had $33.9 million of cash and cash equivalents. The Company believes that its cash and cash equivalents as of September 30, 2017, along with the net proceeds received from its IPO, will be sufficient to fund the Company’s operating plan into 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2016 and notes thereto, included in the Company’s final prospectus for the IPO filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on November 2, 2017 (the “Prospectus”). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to present fairly the Company’s financial position as of September 30, 2017, the results of its operations for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. Such adjustments are of a normal and recurring nature. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017, or for any future period. Principles of Consolidation The consolidated financial statements include the accounts of Allena Pharmaceuticals, Inc. and its wholly owned subsidiaries Allena Pharmaceuticals Security Corporation (“Security Corporation”), which was incorporated in December 2014, and Allena Pharmaceuticals Ireland Limited, which was incorporated in March 2017. All intercompany transactions and balances have been eliminated. Investments The Company invests available cash primarily in U.S. and foreign corporate debt securities and United States government treasury securities. The Company classifies its investments as available-for-sale. Available-for-sale investments are carried at fair value with unrealized gains and losses included in stockholders’ (deficit) equity. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense. All investments are classified as current assets as they have contractual maturities of less than one year and are available to meet working capital needs and to fund current operations. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in interest income (expense) within the statement of operations and comprehensive loss. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary”, the Company reduces the investment to fair value through a charge to the statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented. Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC Topic 820, Fair Value Measurement Level 1 inputs: Quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3 inputs: Unobservable inputs developed using estimates or assumptions developed by the Company, which reflect those that a market participant would use in pricing the asset or liability. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in 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 Initial Public Offering Costs The Company capitalizes deferred IPO costs, which primarily consist of direct, incremental legal, professional, accounting and other third-party fees relating to the Company’s IPO, within other non-current assets. The deferred IPO costs will be offset against IPO proceeds upon the consummation of an offering. Approximately $1.6 million of deferred IPO costs were incurred and capitalized as of September 30, 2017. There were no deferred IPO costs as of December 31, 2016. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation Compensation-Stock Compensation. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting The remainder of the Company’s significant accounting policies are described in the Prospectus. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 3. Net Loss per 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 potentially dilutive securities. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock, restricted common stock, convertible preferred stock and warrants to purchase convertible preferred stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and basic and diluted loss per share have been the same. Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net loss $ (4,670 ) $ (6,136 ) $ (14,973 ) $ (18,288 ) Accretion of convertible preferred stock (17 ) (17 ) (52 ) (52 ) Net loss attributable to common stockholders $ (4,687 ) $ (6,153 ) $ (15,025 ) $ (18,340 ) Denominator: Weighted-average common shares—basic and diluted 1,343,429 1,341,385 1,342,898 1,338,539 Net loss per share attributable to common stockholders—basic and diluted $ (3.49 ) $ (4.59 ) $ (11.19 ) $ (13.70 ) The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares): For the Three and Nine Months Ended September 30, 2017 2016 Series A convertible preferred stock 4,400,410 4,400,410 Series B convertible preferred stock 4,753,536 4,753,536 Series C convertible preferred stock 4,791,563 4,791,563 Warrants 43,265 41,005 Stock options 1,528,370 1,348,849 Total 15,517,144 15,335,363 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 4. Investments The Company did not have any investments as of September 30, 2017. The following table summarizes the Company’s investments as of December 31, 2016 (in thousands): Amortized Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: U.S. treasury securities $ 13,258 $ 3 $ (2 ) $ 13,259 U.S. corporate debt securities 7,397 — (3 ) 7,394 Foreign corporate debt securities 2,852 — — 2,852 Total available-for-sale securities $ 23,507 $ 3 $ (5 ) $ 23,505 The aggregate fair value of investments with unrealized losses was approximately $16.5 million at December 31, 2016. At December 31, 2016, 10 investments were in an unrealized loss position. All such investments have been in an unrealized loss position for less than a year and these losses are considered temporary. The Company has the ability and intent to hold these investments until a recovery of their amortized cost. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value at September 30, 2017 and December 31, 2016, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description September 30, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 32,935 $ 32,935 $ — $ — Total assets $ 32,935 $ 32,935 $ — $ — Liabilities: Warrants for the purchase of shares subject to redemption $ 460 $ — $ — $ 460 Total liabilities $ 460 $ — $ — $ 460 Description December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 24,302 $ 24,302 $ — $ — Investments: U.S. treasury securities 13,259 13,259 — — U.S. corporate debt securities 7,394 — 7,394 — Foreign corporate debt securities 2,852 — 2,852 — Total assets $ 47,807 $ 37,561 $ 10,246 $ — Liabilities: Warrants for the purchase of shares subject to redemption $ 267 $ — $ — $ 267 Total liabilities $ 267 $ — $ — $ 267 At September 30, 2017 and December 31, 2016, all of the Company’s cash equivalents were comprised of money market funds. At December 31, 2016, items classified as Level 2 within the valuation hierarchy consist of U.S. and foreign corporate debt securities. The Company estimates the fair values of these investments by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The Company validates the prices provided by its third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. The Company had no items classified as Level 2 at September 30, 2017. At September 30, 2017 and December 31, 2016, the Company’s warrants for the purchase of shares subject to redemption were the only financial instruments classified as Level 3. There were no changes to the valuation methods or transfers between fair value measurement levels during the nine months ended September 30, 2017 and the year ended December 31, 2016. There were no transfers within the fair value hierarchy during the nine months ended September 30, 2017 and the year ended December 31, 2016. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their carrying values. The Company believes the terms of the loan payable reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company’s debt approximates its fair value based on Level 3 of the fair value hierarchy. Warrants to Purchase Shares Subject to Redemption In connection with entering into a Loan and Security Agreement (“Loan Agreement”) in August 2014 (Note 7), the Company issued a warrant for the purchase of 71,428 shares of Series A preferred stock (“Series A Warrant”) when the Loan Agreement was executed. The warrant became exercisable for an additional 71,428 shares of Series A Preferred Stock in connection with the advances under the Loan Agreement. The Company amended the Loan Agreement in May 2016. In connection with the advances under the amended Loan Agreement, the Company issued a warrant for the purchase of up to 37,736 shares of Series C preferred stock (“Series C Warrant”, together with the Series A Warrant, the “Warrants”). The estimated fair value of the Warrants was determined using the Black- Scholes option-pricing model. A significant input to the fair value of the warrants is the fair value of the Series A Preferred Stock and the C Preferred Stock which was determined based upon the Company’s common stock valuations. The fair value of the Warrants is remeasured at each reporting date using then-current assumptions with changes in fair value charged to other income (expense) on the statements of operations and comprehensive loss. As of September 30, 2017 and December 31, 2016, the Warrants were valued at $0.5 million and $0.3 million, respectively. The following assumptions were used in valuing the Warrants: September 30, December 31, 2017 2016 Risk-free interest rate 2.1%-2.2% 2.3%-2.5% Expected dividend yield — % — % Expected term (in years) 6.9-8.6 7.6-9.3 Expected volatility 84%-87% 90 % The following table sets forth a summary of changes in the fair value of the Warrants, which represented a recurring measurement classified within Level 3 of the fair value hierarchy, wherein fair value was estimated using significant unobservable inputs (in thousands, except share data): Balance at December 31, 2016 $ 267 Change in fair value of Warrants included in other income (expense) 193 Balance at September 30, 2017 $ 460 An entity may choose to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in earnings. The Company did not elect to measure any financial instruments or other items at fair value. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consist of the following (in thousands): September 30, December 31, 2017 2016 Payroll and employee-related expenses $ 929 $ 914 Professional fees 290 172 Third-party research and development expenses 207 413 IPO-related services 681 — Loan interest 40 28 Other 12 83 Total accrued expenses $ 2,159 $ 1,610 |
Loan and Security Agreement
Loan and Security Agreement | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Loan and Security Agreement | 7. Loan and Security Agreement In August 2014, the Company entered into a Loan Agreement with Silicon Valley Bank (“SVB”) and borrowed $7.0 million under the loan. In May 2016, the Loan Agreement was amended (“Amended Loan Agreement”) to borrow up to $10.0 million with a portion of the proceeds to be used to pay down the outstanding balance of the original $7.0 million of advances. At the time of the Amended Loan Agreement, SVB advanced a gross amount of $7.5 million to the Company. Net proceeds received by the Company were $1.6 million after deducting $5.3 million for repayment of the original advances and $0.6 million for final interest due upon maturity or prepayment of the original advances. The Amended Loan Agreement was accounted for as a debt modification pursuant to ASC 450-70, Modifications or Extinguishments The borrowings are secured by a lien on all Company assets, excluding intellectual property. The May 2016 and December 2016 advances have a floating per annum interest rate of the greater of 4.0% or 0.5% above the prime rate. The interest rate on the borrowings at December 31, 2016 and September 30, 2017 was 4.25% and 4.75%, respectively. Beginning in May 2016, payments were interest only for a period of 12 months. In December 2016, the interest only period was extended to 18 months. Upon the expiration of the interest only period, amounts borrowed will be repaid over 30 equal monthly payments of principal and interest. At its option, the Company may prepay all, but not less than all, of the outstanding borrowings subject to a prepayment premium as defined in the Amended Loan Agreement. The Company is also required to make a final payment equal to 8.25% of the total borrowings which is due on the earliest of the loan maturity date, an acceleration of the loan as defined in the Amended Loan Agreement or at the time of prepayment. The final payment is being accreted to interest expense through the maturity date of the loan. The Company issued the Series A Warrant to SVB to purchase 71,428 shares of Series A convertible preferred stock (“Series A Preferred Stock”) at $0.98 per share upon executing the Loan Agreement. The warrant became exercisable for an additional 71,428 shares of Series A Preferred Stock at $0.98 per share in connection with the advances under the loan agreement. The Series A Warrant expires on August 17, 2024. Under the terms of the Amended Loan Agreement, the Company issued a Series C Warrant to SVB to purchase a number of shares of Series C convertible preferred stock (“Series C Preferred Stock”) at $2.65 per share equal to 1.0% of each loan advance amount. At September 30, 2017 and December 2016, the Series C Warrant was exercisable for 37,736 and shares of Series C Preferred Stock at $2.65 per share. The Series C Warrant expires on May 1, 2026. The Company recorded the fair value of the Warrants at issuance as a reduction to the loan payable balance. The discount is being accreted to interest expense over the period that the loan will be outstanding. The offsetting credit was recorded as warrants to purchase shares subject to redemption in the long-term liabilities section on the consolidated balance sheets. The fair value of the Warrants is remeasured at each reporting period and changes in fair value The Amended Loan Agreement contains negative covenants restricting the Company’s activities, including limitations on dispositions, mergers or acquisitions, incurring indebtedness or liens, paying dividends or making investments and certain other business transactions. There are no financial covenants associated with the Amended Loan Agreement. The obligations under the Amended Loan Agreement are subject to acceleration upon the occurrence of specified events of default, including a material adverse change in the Company’s business, operations or financial or other condition. The Company has determined that the risk of subjective acceleration under the material adverse events clause is remote and therefore has classified the outstanding principal in current and long-term liabilities based on scheduled principal payments. The Loan Agreement requires the Company to maintain a balance of cash and cash equivalents in the Company’s operating, depository and securities accounts in an amount not less than 125% of the outstanding debt balance so long as the Company maintains a cash balance in the Security Corporation. At September 30, 2017 and December 31, 2016, the Company was required to have and had a balance of not less than $12.5 million in the Company’s operating account. The Company evaluated the Loan Agreement and Amended Loan Agreement for embedded features that require bifurcation, noting that the contingent interest feature and the incremental interest upon an event of default were required to be bifurcated, but were concluded to be de minimus in value at inception and at September 30, 2017 and December 31, 2016. |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 8. Convertible Preferred Stock As discussed in Note 1, the Company’s preferred stock converted into 13,945,509 shares of common stock upon the IPO. Prior to conversion, the Company’s preferred stock had the following rights and preferences: Conversion The Preferred Stock is convertible into common stock at any time at the option of the holder, initially on a 1-for-0.2396 basis, and is subject to mandatory conversion upon (1) the closing of a firm commitment underwritten public offering with proceeds of at least $50.0 million or (2) upon the written notice from the holders of at least 60% of the then-outstanding shares of Preferred Stock, voting together as a single class on an as converted basis and at least a majority of the then outstanding shares of the Series C Preferred Stock, voting as a separate class, at the original issue price per share plus any declared but unpaid dividends. Voting The holders of the Preferred Stock have voting rights equivalent to the number of shares of common stock into which their shares convert. Dividends Holders of Series C Preferred Stock are entitled to receive, before any cash is paid out or set aside for any other class or series of capital stock, dividends at 8% of the Series C Preferred Stock issuance price, subject to adjustment for any stock dividend, stock split, or other similar recapitalization affecting such class or series of capital stock. The dividends are non-cumulative, and are payable only when and if declared by the Board of Directors of the Company. Holders of shares of Series A Preferred Stock and Series B Preferred Stock are then entitled to receive, before or simultaneously with common stockholders, a dividend at least equal to the amount of dividends per share received by the common stockholders. No dividends have been declared since the Company’s inception. Liquidation Preference Upon a voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of the Series A, Series B and Series C Preferred Stock are entitled to receive an amount equal to $0.98 per share, $1.26 per share and $2.65 per share, respectively, plus declared but unpaid dividends. Holders of Series C Preferred Stock are entitled to receive payment prior to holders of Series B Preferred Stock, and holders of Series B Preferred Stock prior to holders of Series A Preferred Stock. After the payment of all preferential amounts required to be paid upon liquidation to the holders of the Preferred Stock, holders of the Preferred Stock will also share in the remaining assets with holders of the common stock on a pro-rata basis, assuming conversion into common stock. However, the aggregate amount paid to the holders of Series A, Series B and Series C Preferred Stock shall not exceed the greater of $1.96 per share, $2.52 per share and $5.30 per share, respectively, and the amount such holder would have received if all shares of Series A, Series B and Series C Preferred Stock had been converted into common stock immediately prior to liquidation. If the assets available for distribution are insufficient to pay the holders the full amount to which they are entitled, the holders of Series C Preferred Stock (and subsequently the holders of Series B and Series A Preferred Stock, as applicable) will share ratably in any distribution of the assets available in proportion to the amounts that would otherwise be payable. Redemption The Company shall redeem the outstanding shares of Preferred Stock in three annual installments at any time on or after November 25, 2020 upon the written notice from the holders of at least 60% of the then-outstanding shares of Preferred Stock, voting together as a single class on an as converted basis and at least a majority of the then outstanding shares of Series C Preferred Stock, voting as a separate class, at the original issue price per share plus any declared but unpaid dividends. The Company’s Preferred Stock has been classified as temporary equity on the accompanying consolidated balance sheets in accordance with authoritative guidance for the classification and measurement of redeemable securities as the Preferred Stock is redeemable at a determinable price on a fixed date or upon the occurrence of a deemed liquidation event. The Preferred Stock is being accreted to its redemption value through the earliest redemption date. |
Stockholders_ Deficit
Stockholders’ Deficit | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders’ Deficit | 9. Stockholders’ Deficit Common Stock The holders of common stock are entitled to one vote for each share held. Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors. The Company has reserved for future issuances the following shares of common stock as of September 30, 2017 and December 31, 2016: As of September 30, 2017 As of December 31, 2016 Series A convertible preferred stock 4,400,410 4,400,410 Series B convertible preferred stock 4,753,536 4,753,536 Series C convertible preferred stock 4,791,563 4,791,563 Warrants 43,265 43,265 Stock options 2,122,404 2,130,560 Total 16,111,178 16,119,334 |
Stock Incentive Plan
Stock Incentive Plan | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plan | 10. Stock Incentive Plan In September 2011, the Company adopted the 2011 Stock Incentive Plan (“2011 Plan”). All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted options, restricted stock units (“RSUs”), and other share-based awards under the terms of the 2011 Plan. The 2011 Plan provides for the grant of awards for 2,293,272 shares of common stock. As of September 30, 2017 and December 31, 2016, 594,034 and 778,074 shares of common stock were available for future grant under the 2011 Plan, respectively. On October 31, 2017, the Company adopted the 2017 Stock Option and Incentive Plan (“2017 Plan”). Upon the adoption of the 2017 Plan, no further grants will be made under the 2011 Plan. The 2017 Plan initially provides for the grant of awards for 2,038,021 shares of common stock. In addition to the shares available for grant under the 2017 Plan, any awards outstanding under the 2011 Plan as of the October 31, 2017 are cancelled, forfeited or otherwise terminated without being exercised, the number of shares underlying such awards will be available for future grant under the 2017 Plan. The 2017 Plan also provides that an additional number of shares will automatically be added to the shares authorized for issuance under the 2017 Plan on January 1 of each year. The number of shares added each year will be equal to the lesser of: (i) 4% of the outstanding shares on the immediately preceding December 31 or (ii) such amount as determined by the Compensation Committee of the registrant’s Board of Directors. All stock option grants are nonstatutory stock options except option grants to employees (including officers and directors) intended to qualify as incentive stock options under the Internal Revenue Code of 1986, as amended. Incentive stock options may not be granted at less than the fair market value of the Company’s common stock on the date of grant, as determined in good faith by the Board of Directors at its sole discretion. Nonqualified stock options may be granted at an exercise price established by the Board of Directors at its sole discretion (which has not been less than fair market value on the date of grant) and the vesting periods may vary. Vesting periods are generally four years and are determined by the Board of Directors or a delegated subcommittee. Stock options become exercisable as they vest. Options granted under both the 2011 Plan and 2017 Plan expire no more than 10 years from the date of grant. Stock-based compensation expense included in the Company’s statements of operations and comprehensive loss is as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 30 $ 18 $ 87 $ 46 General and administrative 69 49 208 120 Total $ 99 $ 67 $ 295 $ 166 The fair value of each stock option granted to employees and directors was estimated on the date of grant using the Black-Scholes option-pricing model, with the following range of assumptions for the three and nine months ended September 30, 2017 and 2016 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Risk-free interest rate 1.9%-2.0% 1.3%-1.5% 1.9%-2.0% 1.3%-2.4% Expected dividend yield —% —% —% —% Expected term (in years) 5.9-6.3 5.6-6.0 5.6-6.3 5.4-10.0 Expected volatility 82% 77%-82% 82%-87% 77%-96% A summary of the stock option activity under the 2011 Plan is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2016 1,348,845 1.29 8.6 $ 3,642 Granted 201,997 5.25 Exercised (8,105 ) 0.67 Cancelled (14,367 ) 1.93 Outstanding at September 30, 2017 1,528,370 $ 1.83 8.1 $ 11,819 Exercisable at September 30, 2017 732,390 $ 1.22 7.5 $ 6,110 Vested and expected to vest at September 30, 2017 1,528,370 $ 1.83 8.1 $ 11,819 As of September 30, 2017 and December 31, 2016, total unrecognized stock-based compensation expense relating to unvested stock options was $1.2 million and $0.8 million, respectively. This amount is expected to be recognized over a weighted-average period of 2.6 years. Performance-based awards The Company granted 101,820 stock options to members of its Board of Directors on September 26, 2017, which contain performance-based vesting criteria. Vesting of these options is contingent on a successful IPO within one year of the grant date. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions From September 2015 to September 2017, the Company received consulting and management services from one of its investors, Third Rock Ventures LLP (“Third Rock Ventures”). The Company paid Third Rock Ventures $2,000 and $69,000 for these services during the nine months ended September 30, 2017 and 2016, respectively. No amounts were payable to Third Rock Ventures at September 30, 2017 and December 31, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies In August 2011 and October 2013, the Company and an independent third party entered into operating leases for approximately 6,055 square feet of office space in Newton, MA (“Newton Lease”) and approximately 3,170 square feet of laboratory space in Natick, MA, respectively. In October 2016, the Newton lease was amended to extend the term one year to May 2018 and, effective June 1, 2017 removed the independent third party from the lease and all related obligations of the lease. In August 2017, the Newton lease was amended again to extend the lease term another year to May 2019. Base rent for this space is approximately $0.3 million annually. The lease for the laboratory space in Natick, MA expired in October 2017 and the lease was not renewed by the Company. In August 2016, the Company entered into an operating lease for approximately 3,890 square feet of laboratory space in Sudbury, MA. This lease was to expire in August 2017. In February 2017, the Company amended this lease to extend the term to February 2019 and increase the amount of rentable space to approximately 5,133 square feet, with an option to lease another 2,029 square feet. Base rent for this space is approximately $0.1 million annually. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2016 and notes thereto, included in the Company’s final prospectus for the IPO filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on November 2, 2017 (the “Prospectus”). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to present fairly the Company’s financial position as of September 30, 2017, the results of its operations for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. Such adjustments are of a normal and recurring nature. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017, or for any future period. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Allena Pharmaceuticals, Inc. and its wholly owned subsidiaries Allena Pharmaceuticals Security Corporation (“Security Corporation”), which was incorporated in December 2014, and Allena Pharmaceuticals Ireland Limited, which was incorporated in March 2017. All intercompany transactions and balances have been eliminated. |
Investments | Investments The Company invests available cash primarily in U.S. and foreign corporate debt securities and United States government treasury securities. The Company classifies its investments as available-for-sale. Available-for-sale investments are carried at fair value with unrealized gains and losses included in stockholders’ (deficit) equity. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense. All investments are classified as current assets as they have contractual maturities of less than one year and are available to meet working capital needs and to fund current operations. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in interest income (expense) within the statement of operations and comprehensive loss. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary”, the Company reduces the investment to fair value through a charge to the statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC Topic 820, Fair Value Measurement Level 1 inputs: Quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3 inputs: Unobservable inputs developed using estimates or assumptions developed by the Company, which reflect those that a market participant would use in pricing the asset or liability. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in 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 Initial Public Offering Costs | Deferred Initial Public Offering Costs The Company capitalizes deferred IPO costs, which primarily consist of direct, incremental legal, professional, accounting and other third-party fees relating to the Company’s IPO, within other non-current assets. The deferred IPO costs will be offset against IPO proceeds upon the consummation of an offering. Approximately $1.6 million of deferred IPO costs were incurred and capitalized as of September 30, 2017. There were no deferred IPO costs as of December 31, 2016. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation Compensation-Stock Compensation. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting The remainder of the Company’s significant accounting policies are described in the Prospectus. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net loss $ (4,670 ) $ (6,136 ) $ (14,973 ) $ (18,288 ) Accretion of convertible preferred stock (17 ) (17 ) (52 ) (52 ) Net loss attributable to common stockholders $ (4,687 ) $ (6,153 ) $ (15,025 ) $ (18,340 ) Denominator: Weighted-average common shares—basic and diluted 1,343,429 1,341,385 1,342,898 1,338,539 Net loss per share attributable to common stockholders—basic and diluted $ (3.49 ) $ (4.59 ) $ (11.19 ) $ (13.70 ) |
Summary of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss per Share | The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares): For the Three and Nine Months Ended September 30, 2017 2016 Series A convertible preferred stock 4,400,410 4,400,410 Series B convertible preferred stock 4,753,536 4,753,536 Series C convertible preferred stock 4,791,563 4,791,563 Warrants 43,265 41,005 Stock options 1,528,370 1,348,849 Total 15,517,144 15,335,363 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Investments | The following table summarizes the Company’s investments as of December 31, 2016 (in thousands): Amortized Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: U.S. treasury securities $ 13,258 $ 3 $ (2 ) $ 13,259 U.S. corporate debt securities 7,397 — (3 ) 7,394 Foreign corporate debt securities 2,852 — — 2,852 Total available-for-sale securities $ 23,507 $ 3 $ (5 ) $ 23,505 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value at September 30, 2017 and December 31, 2016, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description September 30, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 32,935 $ 32,935 $ — $ — Total assets $ 32,935 $ 32,935 $ — $ — Liabilities: Warrants for the purchase of shares subject to redemption $ 460 $ — $ — $ 460 Total liabilities $ 460 $ — $ — $ 460 Description December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 24,302 $ 24,302 $ — $ — Investments: U.S. treasury securities 13,259 13,259 — — U.S. corporate debt securities 7,394 — 7,394 — Foreign corporate debt securities 2,852 — 2,852 — Total assets $ 47,807 $ 37,561 $ 10,246 $ — Liabilities: Warrants for the purchase of shares subject to redemption $ 267 $ — $ — $ 267 Total liabilities $ 267 $ — $ — $ 267 |
Schedule of Assumptions Used in Valuing Warrants | The following assumptions were used in valuing the Warrants: September 30, December 31, 2017 2016 Risk-free interest rate 2.1%-2.2% 2.3%-2.5% Expected dividend yield — % — % Expected term (in years) 6.9-8.6 7.6-9.3 Expected volatility 84%-87% 90 % |
Summary of Changes in Fair Value of Warrants, Represented a Recurring Measurement Classified Within Level 3 of Fair Value Hierarchy, using Significant Unobservable Inputs | The following table sets forth a summary of changes in the fair value of the Warrants, which represented a recurring measurement classified within Level 3 of the fair value hierarchy, wherein fair value was estimated using significant unobservable inputs (in thousands, except share data): Balance at December 31, 2016 $ 267 Change in fair value of Warrants included in other income (expense) 193 Balance at September 30, 2017 $ 460 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): September 30, December 31, 2017 2016 Payroll and employee-related expenses $ 929 $ 914 Professional fees 290 172 Third-party research and development expenses 207 413 IPO-related services 681 — Loan interest 40 28 Other 12 83 Total accrued expenses $ 2,159 $ 1,610 |
Stockholders_ Deficit (Tables)
Stockholders’ Deficit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Summary of Shares of Common Stock Reserved | The Company has reserved for future issuances the following shares of common stock as of September 30, 2017 and December 31, 2016: As of September 30, 2017 As of December 31, 2016 Series A convertible preferred stock 4,400,410 4,400,410 Series B convertible preferred stock 4,753,536 4,753,536 Series C convertible preferred stock 4,791,563 4,791,563 Warrants 43,265 43,265 Stock options 2,122,404 2,130,560 Total 16,111,178 16,119,334 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense included in the Company’s statements of operations and comprehensive loss is as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 30 $ 18 $ 87 $ 46 General and administrative 69 49 208 120 Total $ 99 $ 67 $ 295 $ 166 |
Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options | The fair value of each stock option granted to employees and directors was estimated on the date of grant using the Black-Scholes option-pricing model, with the following range of assumptions for the three and nine months ended September 30, 2017 and 2016 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Risk-free interest rate 1.9%-2.0% 1.3%-1.5% 1.9%-2.0% 1.3%-2.4% Expected dividend yield —% —% —% —% Expected term (in years) 5.9-6.3 5.6-6.0 5.6-6.3 5.4-10.0 Expected volatility 82% 77%-82% 82%-87% 77%-96% |
Summary of Stock Option Activity | A summary of the stock option activity under the 2011 Plan is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2016 1,348,845 1.29 8.6 $ 3,642 Granted 201,997 5.25 Exercised (8,105 ) 0.67 Cancelled (14,367 ) 1.93 Outstanding at September 30, 2017 1,528,370 $ 1.83 8.1 $ 11,819 Exercisable at September 30, 2017 732,390 $ 1.22 7.5 $ 6,110 Vested and expected to vest at September 30, 2017 1,528,370 $ 1.83 8.1 $ 11,819 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 01, 2017USD ($)shares | Nov. 06, 2017USD ($)$ / sharesshares | Oct. 23, 2017 | Nov. 07, 2017shares | Sep. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||||
Accumulated deficit | $ | $ 75,280 | $ 60,307 | ||||||
Cash and cash equivalents | $ | $ 33,874 | $ 25,250 | $ 22,556 | $ 69,011 | ||||
Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Convertible preferred stock, shares outstanding | 0 | |||||||
Subsequent Event | Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Reverse stock split ratio | 0.2396 | |||||||
Reverse stock split effective date | Oct. 23, 2017 | |||||||
Initial Public Offering | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares issued and sold | 5,333,333 | |||||||
Issuance price per shares | $ / shares | $ 14 | |||||||
Gross proceeds from issuance of common stock | $ | $ 74,700 | |||||||
Net proceeds after deducting underwriting discounts and commissions and offering costs | $ | 66,600 | |||||||
Underwriting discounts and commissions and offering costs | $ | $ 8,300 | |||||||
Convertible preferred stock converted into common stock | 13,945,509 | |||||||
Common stock, shares authorized | 125,000,000 | |||||||
Preferred stock, shares authorized | 5,000,000 | |||||||
Common stock, par value | $ / shares | $ 0.001 | |||||||
Preferred stock, par value | $ / shares | $ 0.001 | |||||||
Initial Public Offering | Subsequent Event | Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Convertible preferred stock converted into common stock | 13,945,509 | |||||||
Over-allotment Option | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares issued and sold | 16,969 | |||||||
Gross proceeds from issuance of common stock | $ | $ 200 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Entity incorporated date | Dec. 31, 2014 | |
ASU No. 2016-09 | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Excess tax benefit associated with stock option exercises | $ 0 | |
Deferred tax asset | 0 | |
Initial Public Offering | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Deferred IPO costs | $ 1,600,000 | $ 0 |
Allena Pharmaceuticals Security Corporation | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity incorporated date | Dec. 31, 2014 | |
Allena Pharmaceuticals Ireland Limited | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity incorporated date | Mar. 31, 2017 |
Net Loss per Share - Summary of
Net Loss per Share - Summary 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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net loss | $ (4,670) | $ (6,136) | $ (14,973) | $ (18,288) |
Accretion of convertible preferred stock | (17) | (17) | (52) | (52) |
Net loss attributable to common stockholders | $ (4,687) | $ (6,153) | $ (15,025) | $ (18,340) |
Denominator: | ||||
Weighted-average common shares—basic and diluted | 1,343,429 | 1,341,385 | 1,342,898 | 1,338,539 |
Net loss per share attributable to common stockholders—basic and diluted | $ (3.49) | $ (4.59) | $ (11.19) | $ (13.70) |
Net Loss per Share - Summary 28
Net Loss per Share - Summary of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 15,517,144 | 15,335,363 |
Series A Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 4,400,410 | 4,400,410 |
Series B Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 4,753,536 | 4,753,536 |
Series C Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 4,791,563 | 4,791,563 |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 43,265 | 41,005 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 1,528,370 | 1,348,849 |
Investments - Additional Inform
Investments - Additional Information (Detail) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($)Investment |
Investments Debt And Equity Securities [Abstract] | ||
Investments | $ 0 | |
Aggregate fair value of investments in unrealized losses | $ 16,500,000 | |
Number of investments in unrealized loss position less than a year | Investment | 10 |
Investments - Summary of Invest
Investments - Summary of Investments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Available-for-sale securities, Amortized Cost | $ 23,507 |
Available-for-sale securities, Gross Unrealized Gains | 3 |
Available-for-sale securities, Gross Unrealized Losses | (5) |
Available-for-sale securities, Estimated Fair Value | 23,505 |
U.S. Treasury Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Available-for-sale securities, Amortized Cost | 13,258 |
Available-for-sale securities, Gross Unrealized Gains | 3 |
Available-for-sale securities, Gross Unrealized Losses | (2) |
Available-for-sale securities, Estimated Fair Value | 13,259 |
U.S. Corporate Debt Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Available-for-sale securities, Amortized Cost | 7,397 |
Available-for-sale securities, Gross Unrealized Losses | (3) |
Available-for-sale securities, Estimated Fair Value | 7,394 |
Foreign Corporate Debt Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Available-for-sale securities, Amortized Cost | 2,852 |
Available-for-sale securities, Estimated Fair Value | $ 2,852 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 32,935 | $ 47,807 |
Total liabilities | 460 | 267 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 13,259 | |
U.S. Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 7,394 | |
Foreign Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 2,852 | |
Warrants for purchase of shares subject to redemption | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative liability, fair value disclosure | 460 | 267 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 32,935 | 37,561 |
Level 1 | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 13,259 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 10,246 | |
Level 2 | U.S. Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 7,394 | |
Level 2 | Foreign Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, debt securities | 2,852 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total liabilities | 460 | 267 |
Level 3 | Warrants for purchase of shares subject to redemption | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative liability, fair value disclosure | 460 | 267 |
Money market funds, included in cash and cash equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 32,935 | 24,302 |
Money market funds, included in cash and cash equivalents | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | $ 32,935 | $ 24,302 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
May 31, 2016 | Aug. 31, 2014 | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Change in valuation methods or transfers | $ 0 | $ 0 | ||
Transfers within fair value hierarchy | 0 | 0 | ||
Level 3 | Warrants | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value of warrants | $ 500,000 | $ 300,000 | ||
Level 3 | Loan Agreement | Series A Convertible Preferred Stock | Warrants | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Issue of warrants for purchase of preferred stock | 71,428 | |||
Warrants exercisable shares | 71,428 | |||
Level 3 | Loan Agreement | Series C Convertible Preferred Stock | Warrants | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Issue of warrants for purchase of preferred stock | 37,736 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assumptions Used in Valuing Warrants (Detail) - Warrants | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Expected volatility | 90.00% | |
Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Risk-free interest rate | 2.10% | 2.30% |
Expected term (in years) | 6 years 10 months 25 days | 7 years 7 months 6 days |
Expected volatility | 84.00% | |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Risk-free interest rate | 2.20% | 2.50% |
Expected term (in years) | 8 years 7 months 6 days | 9 years 3 months 19 days |
Expected volatility | 87.00% |
Fair Value Measurements - Sum34
Fair Value Measurements - Summary of Changes in Fair Value of Warrants, Represented a Recurring Measurement Classified Within Level 3 of Fair Value Hierarchy, using Significant Unobservable Inputs (Detail) - Warrants - Level 3 $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | $ 300 |
Ending balance | 500 |
Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | 267 |
Change in fair value of Series A Warrant included in other income (expense) | 193 |
Ending balance | $ 460 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Payroll and employee-related expenses | $ 929 | $ 914 |
Professional fees | 290 | 172 |
Third-party research and development expenses | 207 | 413 |
IPO-related services | 681 | |
Loan interest | 40 | 28 |
Other | 12 | 83 |
Total accrued expenses | $ 2,159 | $ 1,610 |
Loan and Security Agreement - A
Loan and Security Agreement - Additional Information (Details) | 1 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016USD ($)$ / sharesshares | May 31, 2016USD ($) | Sep. 30, 2017USD ($)MonthlyPayment$ / sharesshares | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2014USD ($)$ / sharesshares | |
Debt Instrument [Line Items] | ||||||
Payment for final interest due upon maturity or prepayment of the original advances | $ 332,000 | $ 234,000 | ||||
Cash and cash equivalents | $ 25,250,000 | $ 33,874,000 | $ 22,556,000 | $ 69,011,000 | ||
Loan Agreement | SVB | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, maximum borrowing capacity | $ 10,000,000 | $ 7,000,000 | ||||
Proceeds from loan agreement | $ 2,500,000 | 7,500,000 | ||||
Net proceeds from loan agreement | 1,600,000 | |||||
Repayment under loan agreement | 5,300,000 | |||||
Payment for final interest due upon maturity or prepayment of the original advances | $ 600,000 | |||||
Loan agreement, stated interest rate | 4.00% | |||||
Loan agreement, interest rate above prime rate | 0.50% | |||||
Loan agreement, effective interest rate | 4.25% | 4.75% | ||||
Loan agreement, interest only payment period | 12 months | |||||
Loan agreement, extended interest only payment period | 18 months | |||||
Loan agreement, number of monthly payments | MonthlyPayment | 30 | |||||
Loan agreement, frequency of payments | monthly | |||||
Percentage of final payment based on total borrowings | 8.25% | |||||
Percentage of cash and cash equivalent of outstanding debt balance | 125.00% | 125.00% | ||||
Loan Agreement | SVB | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Cash and cash equivalents | $ 12,500,000 | $ 12,500,000 | ||||
Loan Agreement | SVB | Series A Warrant | Series A Convertible Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Warrants exercisable shares | shares | 71,428 | |||||
Share price | $ / shares | $ 0.98 | |||||
Exercise price of warrants | $ / shares | $ 0.98 | |||||
Warrant expiration date | Aug. 17, 2024 | |||||
Loan Agreement | SVB | Series C Warrant | Series C Convertible Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Warrants exercisable shares | shares | 37,736 | 37,736 | ||||
Share price | $ / shares | $ 2.65 | |||||
Exercise price of warrants | $ / shares | $ 2.65 | $ 2.65 | ||||
Warrant expiration date | May 1, 2026 | |||||
Percentage of loan advance amount for which additional warrants were issued to purchase preferred stock | 1.00% | |||||
Loan and Security Agreement Advance | SVB | Series A Warrant | Series A Convertible Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Warrants exercisable shares | shares | 71,428 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)Installment$ / shares | Nov. 06, 2017shares | |
Temporary Equity [Line Items] | ||
Preferred stock conversion ratio | 417.3623% | |
Preferred stock conversion basis | on a 1-for-0.2396 | |
Minimum proceeds from underwritten public offering required for conversion of preferred stock | $ | $ 50,000,000 | |
Minimum percentage of shareholders written notice to trigger conversion | 60.00% | |
Preferred stock conversion description | subject to mandatory conversion upon (1) the closing of a firm commitment underwritten public offering with proceeds of at least $50.0 million or (2) upon the written notice from the holders of at least 60% of the then-outstanding shares of Preferred Stock, voting together as a single class on an as converted basis and at least a majority of the then outstanding shares of the Series C Preferred Stock, voting as a separate class, at the original issue price per share plus any declared but unpaid dividends. | |
Preferred shares dividend declared since inception | $ | $ 0 | |
Preferred stock redemption, Number of annual installment | Installment | 3 | |
Preferred stock, Redemption date | Nov. 25, 2020 | |
Preferred stock ownership threshold percentage | 60.00% | |
Series C Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Preferred shares dividend rate percentage | 8.00% | |
Preferred shares liquidation preference per share | $ 2.65 | |
Series C Convertible Preferred Stock | Maximum | ||
Temporary Equity [Line Items] | ||
Preferred shares liquidation preference per share | 5.30 | |
Series A Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Preferred shares liquidation preference per share | 0.98 | |
Series A Convertible Preferred Stock | Maximum | ||
Temporary Equity [Line Items] | ||
Preferred shares liquidation preference per share | 1.96 | |
Series B Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Preferred shares liquidation preference per share | 1.26 | |
Series B Convertible Preferred Stock | Maximum | ||
Temporary Equity [Line Items] | ||
Preferred shares liquidation preference per share | $ 2.52 | |
Initial Public Offering | Subsequent Event | ||
Temporary Equity [Line Items] | ||
Convertible preferred stock converted into common stock | shares | 13,945,509 | |
Initial Public Offering | Common Stock | Subsequent Event | ||
Temporary Equity [Line Items] | ||
Convertible preferred stock converted into common stock | shares | 13,945,509 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders Equity Note [Abstract] | |
Common stock, voting rights | one vote for each share held |
Stockholders' Deficit - Summary
Stockholders' Deficit - Summary of Shares of Common Stock Reserved (Details) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 16,111,178 | 16,119,334 |
Series A Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 4,400,410 | 4,400,410 |
Series B Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 4,753,536 | 4,753,536 |
Series C Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 4,791,563 | 4,791,563 |
Warrants | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 43,265 | 43,265 |
Stock Options | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 2,122,404 | 2,130,560 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Details) - USD ($) | Oct. 31, 2017 | Sep. 26, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Sep. 30, 2011 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Expense related to awards granted | $ 99,000 | $ 67,000 | $ 295,000 | $ 166,000 | ||||
Performance-based Awards | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Expense related to awards granted | $ 0 | $ 0 | ||||||
Performance-based Awards | Board of Directors | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based award, vesting period | 1 year | |||||||
Number of stock options granted | 101,820 | |||||||
2011 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares available for future grant | 594,034 | 594,034 | 778,074 | |||||
Unrecognized stock-based compensation expense related to unvested employee stock options | $ 1,200,000 | $ 1,200,000 | $ 800,000 | |||||
Unrecognized stock-based compensation expense, weighted average period for recognition | 2 years 7 months 7 days | 2 years 7 months 7 days | ||||||
Number of stock options granted | 201,997 | |||||||
2011 Plan | Stock Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based award, vesting period | 4 years | |||||||
2011 Plan | Stock Options | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based award, expiration period | 10 years | |||||||
2011 Plan | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares authorized for grant | 0 | |||||||
2011 Plan | Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares authorized for grant | 2,293,272 | |||||||
2017 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based award, description | Upon the adoption of the 2017 Plan, no further grants will be made under the 2011 Plan. The 2017 Plan initially provides for the grant of awards for 2,038,021 shares of common stock. In addition to the shares available for grant under the 2017 Plan, any awards outstanding under the 2011 Plan as of the October 31, 2017 are cancelled, forfeited or otherwise terminated without being exercised, the number of shares underlying such awards will be available for future grant under the 2017 Plan. The 2017 Plan also provides that an additional number of shares will automatically be added to the shares authorized for issuance under the 2017 Plan on January 1 of each year. The number of shares added each year will be equal to the lesser of: (i) 4% of the outstanding shares on the immediately preceding December 31 or (ii) such amount as determined by the Compensation Committee of the registrant’s Board of Directors. | |||||||
2017 Plan | Stock Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based award, vesting period | 4 years | |||||||
2017 Plan | Stock Options | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based award, expiration period | 10 years | |||||||
2017 Plan | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage criteria for additional shares granted | 4.00% | |||||||
2017 Plan | Common Stock | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares authorized for grant | 2,038,021 |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 99 | $ 67 | $ 295 | $ 166 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 30 | 18 | 87 | 46 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 69 | $ 49 | $ 208 | $ 120 |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options (Details) - Stock Options - Employees and Directors | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate, minimum | 1.90% | 1.30% | 1.90% | 1.30% |
Risk-free interest rate, maximum | 2.00% | 1.50% | 2.00% | 2.40% |
Expected volatility | 82.00% | |||
Expected volatility, minimum | 77.00% | 82.00% | 77.00% | |
Expected volatility, maximum | 82.00% | 87.00% | 96.00% | |
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 10 months 25 days | 5 years 7 months 6 days | 5 years 7 months 6 days | 5 years 4 months 24 days |
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 3 months 19 days | 6 years | 6 years 3 months 19 days | 10 years |
Stock Incentive Plan - Summar43
Stock Incentive Plan - Summary of Stock Option Activity (Details) - 2011 Plan - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Outstanding, Beginning balance | 1,348,845 | |
Shares, Granted | 201,997 | |
Shares, Exercised | (8,105) | |
Shares, Cancelled | (14,367) | |
Shares, Outstanding, Ending balance | 1,528,370 | 1,348,845 |
Shares, Exercisable | 732,390 | |
Shares, Vested and expected to vest | 1,528,370 | |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 1.29 | |
Weighted-Average Exercise Price, Granted | 5.25 | |
Weighted-Average Exercise Price, Exercised | 0.67 | |
Weighted-Average Exercise Price, Cancelled | 1.93 | |
Weighted-Average Exercise Price, Outstanding, Ending balance | 1.83 | $ 1.29 |
Weighted-Average Exercise Price, Exercisable | 1.22 | |
Weighted-Average Exercise Price, Vested and expected to vest | $ 1.83 | |
Weighted-Average Remaining Contractual Life (in years), Outstanding | 8 years 1 month 6 days | 8 years 7 months 6 days |
Weighted-Average Remaining Contractual Life (in years), Exercisable | 7 years 6 months | |
Weighted-Average Remaining Contractual Life (in years), Vested and expected to vest | 8 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 11,819 | $ 3,642 |
Aggregate Intrinsic Value, Exercisable | 6,110 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 11,819 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Third Rock Ventures LLP - Consulting and Management Services - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Services received from related party | $ 2,000 | $ 69,000 | |
Due to related party | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | |||||
Aug. 31, 2017USD ($) | Feb. 28, 2017USD ($)ft² | Oct. 31, 2016 | Aug. 31, 2016ft² | Oct. 31, 2013ft² | Aug. 31, 2011ft² | |
Newton, MA | ||||||
Operating Leased Assets [Line Items] | ||||||
Rentable office space under operating lease | 6,055 | |||||
Operating lease extended term | 1 year | 1 year | ||||
Operating lease extended period | 2019-05 | 2018-05 | ||||
Base rent for office space | $ | $ 0.3 | |||||
Natick, MA | ||||||
Operating Leased Assets [Line Items] | ||||||
Rentable laboratory space under operating lease | 3,170 | |||||
Operating lease expired period | 2017-10 | |||||
Sudbury, MA | ||||||
Operating Leased Assets [Line Items] | ||||||
Rentable laboratory space under operating lease | 5,133 | 3,890 | ||||
Operating lease extended period | 2019-02 | |||||
Operating lease expiration period | 2017-08 | |||||
Option to lease other, rentable laboratory space under operating lease | 2,029 | |||||
Base rent for lab space | $ | $ 0.1 |