Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 20,752,167 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 78,853 | $ 94,494 |
Prepaid expenses and other current assets | 911 | 1,539 |
Total current assets | 79,764 | 96,033 |
Property and equipment, net | 204 | 127 |
Other assets | 96 | 89 |
Total assets | 80,064 | 96,249 |
Current liabilities: | ||
Accounts payable | 899 | 1,724 |
Loan payable, net of discount | 3,870 | |
Accrued expenses | 1,826 | 1,949 |
Total current liabilities | 2,725 | 7,543 |
Loan payable, net of current portion and discount | 9,979 | 5,516 |
Other liabilities | 6 | 320 |
Total liabilities | 12,710 | 13,379 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 125,000,000 shares authorized; 20,752,167 and 20,694,658 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 21 | 20 |
Additional paid-in capital | 165,817 | 164,807 |
Accumulated deficit | (98,484) | (81,957) |
Total stockholders’ equity | 67,354 | 82,870 |
Total liabilities and stockholders’ equity | $ 80,064 | $ 96,249 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 20,752,167 | 20,694,658 |
Common stock, shares outstanding | 20,752,167 | 20,694,658 |
Undesignated Preferred Stock | ||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized | 5,000,000 | 0 |
Convertible preferred stock, shares issued | 0 | 0 |
Convertible preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating expenses: | ||||
Research and development | $ 5,860 | $ 3,458 | $ 11,791 | $ 7,809 |
General and administrative | 2,275 | 1,017 | 4,317 | 2,208 |
Total operating expenses | 8,135 | 4,475 | 16,108 | 10,017 |
Loss from operations | (8,135) | (4,475) | (16,108) | (10,017) |
Other income (expense): | ||||
Interest income (expense), net | 118 | (123) | 218 | (255) |
Other income (expense), net | (13) | (34) | (20) | (31) |
Loss on extinguishment of debt | (617) | (617) | ||
Other income (expense), net | (512) | (157) | (419) | (286) |
Net loss | $ (8,647) | $ (4,632) | $ (16,527) | $ (10,303) |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.42) | $ (3.46) | $ (0.80) | $ (7.70) |
Weighted-average common shares outstanding—basic and diluted | 20,733,043 | 1,342,957 | 20,714,319 | 1,342,628 |
Net loss | $ (8,647) | $ (4,632) | $ (16,527) | $ (10,303) |
Other comprehensive income (loss): | ||||
Unrealized loss on investments | 3 | 2 | ||
Total other comprehensive loss | 3 | 2 | ||
Comprehensive loss | $ (8,647) | $ (4,629) | $ (16,527) | $ (10,301) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (16,527) | $ (10,303) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 917 | 196 |
Depreciation expense | 27 | 34 |
Non-cash interest expense | 157 | 163 |
Loss on extinguishment of debt | 617 | |
Amortization of premium on investments | 33 | |
Change in fair value of warrant liability | 32 | |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 628 | 205 |
Other assets | (7) | (114) |
Accounts payable | (726) | (190) |
Accrued expenses | (12) | (764) |
Other liabilities | 7 | |
Net cash used in operating activities | (14,919) | (10,708) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (115) | (56) |
Purchases of investments | (1,247) | |
Maturities of investments | 21,472 | |
Net cash (used in) provided by investing activities | (115) | 20,169 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 81 | 2 |
Payments of initial public offering costs | (186) | |
Proceeds from loan payable | 10,000 | |
Repayment of loan payable | (10,492) | |
Debt issuance costs paid | (10) | |
Net cash (used in) provided by financing activities | (607) | 2 |
Net (decrease) increase in cash and cash equivalents | (15,641) | 9,463 |
Cash and cash equivalents, beginning of period | 94,494 | 25,250 |
Cash and cash equivalents, end of period | $ 78,853 | 34,713 |
Supplemental disclosure of non-cash activities: | ||
Accretion of convertible preferred stock to redemption value | $ 34 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2018 | |
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. 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 $98.5 million at June 30, 2018, 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 June 30, 2018, the Company had $78.9 million of cash and cash equivalents. The Company believes that its cash and cash equivalents as of June 30, 2018 will be sufficient to fund the Company’s operating plan into 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 27, 2018. 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 June 30, 2018, the results of its operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2018 are not necessarily indicative of the results for the year ending December 31, 2018, 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. 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. The remainder of the Company’s significant accounting policies are described in the Annual Report filed on Form 10-K for the year ended December 31, 2017 that was filed with the United States Securities and Exchange Commission on March 27, 2018. Recently Adopted Accounting Pronouncements 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 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2018 | |
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 (that were converted into warrants to purchase common stock in connection with the Company’s IPO in November 2017), 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): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss $ (8,647 ) $ (4,632 ) $ (16,527 ) $ (10,303 ) Accretion of convertible preferred stock — (17 ) — (34 ) Net loss attributable to common stockholders $ (8,647 ) $ (4,649 ) $ (16,527 ) $ (10,337 ) Denominator: Weighted-average common shares—basic and diluted 20,733,043 1,342,957 20,714,319 1,342,628 Net loss per share attributable to common stockholders—basic and diluted $ (0.42 ) $ (3.46 ) $ (0.80 ) $ (7.70 ) 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): Six Months Ended June 30, 2018 2017 Series A convertible preferred stock — 4,400,410 Series B convertible preferred stock — 4,753,536 Series C convertible preferred stock — 4,791,563 Warrants 9,040 43,265 Stock options 2,097,652 1,394,299 Total 2,106,692 15,383,073 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value at June 30, 2018 and December 31, 2017, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description June 30, 2018 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 $ 68,349 $ 68,349 $ — $ — Total assets $ 68,349 $ 68,349 $ — $ — Description December 31, 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 $ 93,745 $ 93,745 $ — $ — Total assets $ 93,745 $ 93,745 $ — $ — At June 30, 2018 and December 31, 2017, all of the Company’s cash equivalents were comprised of money market funds. There were no changes to the valuation methods during the three and six months ended June 30, 2018 and the year ended December 31, 2017. There were no transfers within the fair value hierarchy during the three and six months ended June 30, 2018 and the year ended December 31, 2017. 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. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, 2018 December 31, 2017 Payroll and employee-related expenses $ 871 $ 1,132 Professional fees 345 420 Third-party research and development expenses 550 135 IPO-related services — 111 Other 60 151 Total accrued expenses $ 1,826 $ 1,949 |
Loan and Security Agreement
Loan and Security Agreement | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Loan and Security Agreement | 6. 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. In December 2016, upon the achievement of certain milestones, SVB advanced the remaining $2.5 million available under the Amended Loan Agreement. The borrowings were secured by a lien on all Company assets, excluding intellectual property. The May 2016 and December 2016 advances had a floating per annum interest rate of the greater of 4.0% or 0.5% above the prime rate. In December 2016, the interest only period was extended to 18 months. Upon the expiration of the interest only period, amounts borrowed were to be repaid over 30 equal monthly payments of principal and interest. At its option, the Company could 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 was also required to make a final payment equal to 8.25% of the total borrowings (“Final Payment”) 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. On June 29, 2018, the Company terminated the Amended Loan Agreement and repaid the $7.7 million outstanding principal balance and the Final Payment to SVB. The Company recorded a loss on extinguishment of debt of $0.6 million in the Statement of Operations, accordingly. On June 29, 2018 the Company also entered into a loan agreement with Pacific Western Bank (“PWB Loan Agreement”) providing up to $12.0 million of borrowings, of which $10.0 million was advanced on June 29, 2018. The remaining $2.0 million of borrowings available under the PWB Loan Agreement are available to the Company through one additional advance request until the end of the interest only period as defined below. Borrowings are secured by a lien on all Company assets, excluding intellectual property, and amounts borrowed have a floating per annum interest rate of the greater of 5.0% or the prime rate. The PWB Loan Agreement has a term of 48 months and an initial interest only period of 18 months. If the Company receives at least $50M of gross proceeds from the sale of its equity securities or upfront cash payment from a strategic partnership prior the expiration of the initial interest only period, the interest only period will be extended an additional six months. Upon the expiration of the initial interest only period on December 31, 2019, amounts borrowed will be repaid over 30 equal monthly payments of principal plus accrued but unpaid interest. If the interest only period is extended an additional six months, amounts borrowed will be repaid over 24 equal monthly payments of principal plus accrued but unpaid interest beginning July 1, 2020. 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 Loan Agreement. Upon the closing of one or more financings, in which the Company receives aggregate gross proceeds of at least $25 million, a success fee will be paid to the Lender. If the gross proceeds are received on or before June 30, 2019, the Success Fee is $200,000, and f the gross proceeds are received after June 30, 2019, the Success Fee is $300,000. The Company’s obligation to pay this Success Fee survives termination of the Agreement. The PWB 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 PWB Loan Agreement. The obligations under the PWB 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 based on scheduled principal payments. The Company evaluated the PWB Loan Agreement for embedded features that require bifurcation, noting certain features were required to be bifurcated, but were concluded to be de minimus in value at June 30, 2018. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Common Stock Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors. At June 30, 2018, warrants to purchase up to 9,040 shares of common stock at an exercise price of $11.06 were outstanding. These warrants expire May 1, 2026. The Company has reserved for future issuances the following shares of common stock as of June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Warrants 9,040 9,040 Stock options 4,311,711 3,538,345 Employee stock purchase plan 413,230 206,284 Total 4,320,751 3,753,669 |
Stock Incentive Plan
Stock Incentive Plan | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plan | 8. Stock Incentive Plan 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 would be made under the 2011 Stock Incentive Plan (“2011 Plan”). The 2017 Plan initially provided 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. On January 1, 2018, the shares available for grant under the 2017 Plan was automatically increased by 827,786 shares. 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 2017 Plan. As of June 30, 2018, 2,214,059 shares of common stock were available for future grant under the 2017 Plan. 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): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 144 $ 30 $ 234 $ 57 General and administrative 368 70 683 139 Total $ 512 $ 100 $ 917 $ 196 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 as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Risk-free interest rate 2.6%-2.8% 1.9%-2.0% 2.3%-2.8% 1.9%-2.0% Expected dividend yield —% —% —% —% Expected term (in years) 5.5-6.1 5.6-6.3 5.5-6.1 5.6-6.3 Expected volatility 85%-87% 84%-87% 81%-89% 84%-87% A summary of the stock option activity under the 2011 and 2017 Plans is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 1,508,124 1.89 7.9 $ 12,328 Granted 672,674 8.25 Exercised (57,509 ) 1.41 Cancelled (25,637 ) 5.27 Outstanding at June 30, 2018 2,097,652 $ 3.90 8.1 $ 19,213 Exercisable at June 30, 2018 946,273 $ 1.57 7.0 $ 10,844 As of June 30, 2018, total unrecognized stock-based compensation expense relating to unvested stock options was $4.9 million. This amount is expected to be recognized over a weighted-average period of 2.9 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company has operating leases for office space in Newton, MA (“Newton Lease”) and for laboratory space in Sudbury, MA (“Sudbury Lease”). The Newton lease expires in December 2020 and base rent is $0.3 million annually. In March 2018, the Company amended the Sudbury Lease to reduce the square footage and to extend the term to February 28, 2021. Base rent for Sudbury Lease is approximately $0.1 million annually. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 27, 2018. 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 June 30, 2018, the results of its operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2018 are not necessarily indicative of the results for the year ending December 31, 2018, 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. |
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. The remainder of the Company’s significant accounting policies are described in the Annual Report filed on Form 10-K for the year ended December 31, 2017 that was filed with the United States Securities and Exchange Commission on March 27, 2018. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements 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 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss $ (8,647 ) $ (4,632 ) $ (16,527 ) $ (10,303 ) Accretion of convertible preferred stock — (17 ) — (34 ) Net loss attributable to common stockholders $ (8,647 ) $ (4,649 ) $ (16,527 ) $ (10,337 ) Denominator: Weighted-average common shares—basic and diluted 20,733,043 1,342,957 20,714,319 1,342,628 Net loss per share attributable to common stockholders—basic and diluted $ (0.42 ) $ (3.46 ) $ (0.80 ) $ (7.70 ) |
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): Six Months Ended June 30, 2018 2017 Series A convertible preferred stock — 4,400,410 Series B convertible preferred stock — 4,753,536 Series C convertible preferred stock — 4,791,563 Warrants 9,040 43,265 Stock options 2,097,652 1,394,299 Total 2,106,692 15,383,073 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description June 30, 2018 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 $ 68,349 $ 68,349 $ — $ — Total assets $ 68,349 $ 68,349 $ — $ — Description December 31, 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 $ 93,745 $ 93,745 $ — $ — Total assets $ 93,745 $ 93,745 $ — $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): June 30, 2018 December 31, 2017 Payroll and employee-related expenses $ 871 $ 1,132 Professional fees 345 420 Third-party research and development expenses 550 135 IPO-related services — 111 Other 60 151 Total accrued expenses $ 1,826 $ 1,949 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Summary of Shares of Common Stock Reserved | The Company has reserved for future issuances the following shares of common stock as of June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Warrants 9,040 9,040 Stock options 4,311,711 3,538,345 Employee stock purchase plan 413,230 206,284 Total 4,320,751 3,753,669 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 144 $ 30 $ 234 $ 57 General and administrative 368 70 683 139 Total $ 512 $ 100 $ 917 $ 196 |
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 as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Risk-free interest rate 2.6%-2.8% 1.9%-2.0% 2.3%-2.8% 1.9%-2.0% Expected dividend yield —% —% —% —% Expected term (in years) 5.5-6.1 5.6-6.3 5.5-6.1 5.6-6.3 Expected volatility 85%-87% 84%-87% 81%-89% 84%-87% |
Summary of Stock Option Activity | A summary of the stock option activity under the 2011 and 2017 Plans is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 1,508,124 1.89 7.9 $ 12,328 Granted 672,674 8.25 Exercised (57,509 ) 1.41 Cancelled (25,637 ) 5.27 Outstanding at June 30, 2018 2,097,652 $ 3.90 8.1 $ 19,213 Exercisable at June 30, 2018 946,273 $ 1.57 7.0 $ 10,844 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accumulated deficit | $ 98,484 | $ 81,957 |
Cash and cash equivalents | $ 78,853 | $ 94,494 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |
Entity incorporated date | Dec. 31, 2014 |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net loss | $ (8,647) | $ (4,632) | $ (16,527) | $ (10,303) |
Accretion of convertible preferred stock | (17) | (34) | ||
Net loss attributable to common stockholders | $ (8,647) | $ (4,649) | $ (16,527) | $ (10,337) |
Denominator: | ||||
Weighted-average common shares—basic and diluted | 20,733,043 | 1,342,957 | 20,714,319 | 1,342,628 |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.42) | $ (3.46) | $ (0.80) | $ (7.70) |
Net Loss per Share - Summary 24
Net Loss per Share - Summary of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 2,106,692 | 15,383,073 |
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 | |
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 | |
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 | |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 9,040 | 43,265 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 2,097,652 | 1,394,299 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 68,349 | $ 93,745 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 68,349 | 93,745 |
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 | 68,349 | 93,745 |
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 | $ 68,349 | $ 93,745 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Change in valuation methods or transfers | $ 0 | $ 0 | $ 0 |
Transfers within fair value hierarchy | $ 0 | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Payroll and employee-related expenses | $ 871 | $ 1,132 |
Professional fees | 345 | 420 |
Third-party research and development expenses | 550 | 135 |
IPO-related services | 111 | |
Other | 60 | 151 |
Total accrued expenses | $ 1,826 | $ 1,949 |
Loan and Security Agreement - A
Loan and Security Agreement - Additional Information (Details) | Jun. 29, 2018USD ($)MonthlyPayment | Dec. 31, 2016USD ($) | May 31, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($)MonthlyPayment | Aug. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ 617,000 | $ 617,000 | ||||
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, 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% | |||||
Repayment of outstanding principal balance | $ 7,700,000 | |||||
Loss on extinguishment of debt | 600,000 | |||||
Loan Agreement | PWB | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, maximum borrowing capacity | $ 12,000,000 | |||||
Loan agreement, interest rate above prime rate | 5.00% | |||||
Loan agreement, extended interest only payment period | 18 months | |||||
Loan agreement, number of monthly payments | MonthlyPayment | 30 | |||||
Loan agreement, frequency of payments | monthly | |||||
Loan agreement, advanced amount | $ 10,000,000 | |||||
Loan agreement, remaining borrowing capacity | $ 2,000,000 | |||||
Loan agreement, term | 48 months | |||||
Gross proceeds from sale of equity securities or upfront cash payment | $ 50,000,000 | |||||
Loan agreement, extended additional interest only payment period | 6 months | |||||
Expiration period | Dec. 31, 2019 | |||||
Loan agreement, number of additional monthly payments | MonthlyPayment | 24 | |||||
Aggregate gross proceeds for success fee to be paid | $ 25,000,000 | |||||
Success fee if gross proceeds received before June 30, 2019 | 200,000 | |||||
Success fee if gross proceeds received after June 30, 2019 | $ 300,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Stockholders' Equity Note [Abstract] | |
Warrants exercisable shares | shares | 9,040 |
Exercise price of warrants | $ / shares | $ 11.06 |
Warrant expiration date | May 1, 2026 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares of Common Stock Reserved (Details) - shares | Jun. 30, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 4,320,751 | 3,753,669 |
Warrants | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 9,040 | 9,040 |
Stock Options | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 4,311,711 | 3,538,345 |
Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 413,230 | 206,284 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Oct. 31, 2017 | Jun. 30, 2018 |
2011 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for grant | 0 | ||
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 | ||
2017 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock option grant effective date | Oct. 31, 2017 | ||
Share based award, description | Upon the adoption of the 2017 Plan, no further grants would be made under the 2011 Stock Incentive Plan (“2011 Plan”). The 2017 Plan initially provided 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. On January 1, 2018, the shares available for grant under the 2017 Plan was automatically increased by 827,786 shares. | ||
Percentage criteria for additional shares granted | 4.00% | ||
Additional shares available for grant | 827,786 | ||
2017 Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for future grant | 2,214,059 | ||
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 | Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for grant | 2,038,021 | ||
2011 And 2017 Plans | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense related to unvested employee stock options | $ 4.9 | ||
Unrecognized stock-based compensation expense, weighted average period for recognition | 2 years 10 months 24 days |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 512 | $ 100 | $ 917 | $ 196 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 144 | 30 | 234 | 57 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 368 | $ 70 | $ 683 | $ 139 |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate, minimum | 2.60% | 1.90% | 2.30% | 1.90% |
Risk-free interest rate, maximum | 2.80% | 2.00% | 2.80% | 2.00% |
Expected volatility, minimum | 85.00% | 84.00% | 81.00% | 84.00% |
Expected volatility, maximum | 87.00% | 87.00% | 89.00% | 87.00% |
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 6 months | 5 years 7 months 6 days | 5 years 6 months | 5 years 7 months 6 days |
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 3 months 18 days | 6 years 1 month 6 days | 6 years 3 months 18 days |
Stock Incentive Plan - Summar34
Stock Incentive Plan - Summary of Stock Option Activity (Details) - 2011 And 2017 Plans - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Outstanding, Beginning balance | 1,508,124 | |
Shares, Granted | 672,674 | |
Shares, Exercised | (57,509) | |
Shares, Cancelled | (25,637) | |
Shares, Outstanding, Ending balance | 2,097,652 | 1,508,124 |
Shares, Exercisable | 946,273 | |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 1.89 | |
Weighted-Average Exercise Price, Granted | 8.25 | |
Weighted-Average Exercise Price, Exercised | 1.41 | |
Weighted-Average Exercise Price, Cancelled | 5.27 | |
Weighted-Average Exercise Price, Outstanding, Ending balance | 3.90 | $ 1.89 |
Weighted-Average Exercise Price, Exercisable | $ 1.57 | |
Weighted-Average Remaining Contractual Life (in years), Outstanding | 8 years 1 month 6 days | 7 years 10 months 25 days |
Weighted-Average Remaining Contractual Life (in years), Exercisable | 7 years | |
Aggregate Intrinsic Value, Outstanding | $ 19,213 | $ 12,328 |
Aggregate Intrinsic Value, Exercisable | $ 10,844 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2018 | Jun. 30, 2018 | |
Newton, MA | ||
Operating Leased Assets [Line Items] | ||
Base rent for office space | $ 0.3 | |
Operating lease expiration period | 2020-12 | |
Sudbury M A | Lease Amendment One | ||
Operating Leased Assets [Line Items] | ||
Operating lease extended period | 2021-02 | |
Base rent for lab space | $ 0.1 |