Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ALNA | |
Entity Registrant Name | ALLENA PHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001624658 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 80,140,728 | |
Entity File Number | 001-38268 | |
Entity Tax Identification Number | 45-2729920 | |
Entity Address, Address Line One | One Newton Executive Park | |
Entity Address, Address Line Two | Suite 202 | |
Entity Address, City or Town | Newton | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02462 | |
City Area Code | 617 | |
Local Phone Number | 467-4577 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 26,656 | $ 35,042 |
Prepaid expenses and other current assets | 1,665 | 2,207 |
Total current assets | 28,321 | 37,249 |
Property and equipment, net | 1,190 | 881 |
Operating lease assets | 601 | 678 |
Other assets | 173 | 123 |
Total assets | 30,285 | 38,931 |
Current liabilities: | ||
Accounts payable | 2,521 | 2,410 |
Accrued expenses and other current liabilities | 4,976 | 3,421 |
Operating lease liabilities, net of discount | 300 | 291 |
Total current liabilities | 7,797 | 6,122 |
Loan payable, net of current portion and discount | 9,880 | 9,853 |
Operating lease liabilities, net of current portion | 341 | 387 |
Total liabilities | 18,018 | 16,362 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Undesignated preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.001 par value; 200,000,000 and 125,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 58,782,984 and 50,821,361 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 59 | 51 |
Additional paid-in capital | 235,605 | 220,307 |
Accumulated deficit | (223,397) | (197,789) |
Total stockholders’ equity | 12,267 | 22,569 |
Total liabilities and stockholders’ equity | $ 30,285 | $ 38,931 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Undesignated preferred stock, par value | $ 0.001 | $ 0.001 |
Undesignated preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Undesignated preferred stock, shares issued | 0 | 0 |
Undesignated preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 125,000,000 |
Common stock, shares issued | 58,782,984 | 50,821,361 |
Common stock, shares outstanding | 58,782,984 | 50,821,361 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 10,090 | $ 3,808 | $ 17,942 | $ 8,454 |
General and administrative | 3,597 | 2,751 | 7,155 | 5,629 |
Total operating expenses | 13,687 | 6,559 | 25,097 | 14,083 |
Loss from operations | (13,687) | (6,559) | (25,097) | (14,083) |
Other expense: | ||||
Interest expense | (253) | (103) | (488) | (157) |
Other expense, net | (32) | (314) | (23) | (321) |
Other expense, net | (285) | (417) | (511) | (478) |
Net loss | $ (13,972) | $ (6,976) | $ (25,608) | $ (14,561) |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.24) | $ (0.26) | $ (0.45) | $ (0.56) |
Weighted-average common shares outstanding—basic and diluted | 57,932,389 | 26,878,962 | 56,484,811 | 25,808,043 |
Net loss | $ (13,972) | $ (6,976) | $ (25,608) | $ (14,561) |
Comprehensive loss | $ (13,972) | $ (6,976) | $ (25,608) | $ (14,561) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2019 | $ 17,198 | $ 25 | $ 182,117 | $ (164,944) |
Balance, Shares at Dec. 31, 2019 | 24,735,009 | |||
Issuance of common stock, net of issuance costs | 13,658 | $ 7 | 13,651 | |
Issuance of common stock, net of issuance costs, shares | 7,317,074 | |||
Exercise of common stock options | 18 | 18 | ||
Exercise of common stock options, shares | 11,928 | |||
Issuance of common stock through employee stock purchase plan ("ESPP") | 27 | 27 | ||
Issuance of common stock through employee stock purchase plan ("ESPP"), shares | 20,003 | |||
Issuance of common stock through release of restricted stock units ("RSUs"), shares | 140,720 | |||
Stock-based compensation | 2,033 | 2,033 | ||
Net loss | (14,561) | (14,561) | ||
Balance at Jun. 30, 2020 | 18,373 | $ 32 | 197,846 | (179,505) |
Balance, Shares at Jun. 30, 2020 | 32,224,734 | |||
Balance at Mar. 31, 2020 | 10,658 | $ 25 | 183,162 | (172,529) |
Balance, Shares at Mar. 31, 2020 | 24,742,146 | |||
Issuance of common stock, net of issuance costs | 13,658 | $ 7 | 13,651 | |
Issuance of common stock, net of issuance costs, shares | 7,317,074 | |||
Exercise of common stock options | 8 | 8 | ||
Exercise of common stock options, shares | 4,791 | |||
Issuance of common stock through employee stock purchase plan ("ESPP") | 27 | 27 | ||
Issuance of common stock through employee stock purchase plan ("ESPP"), shares | 20,003 | |||
Issuance of common stock through release of restricted stock units ("RSUs"), shares | 140,720 | |||
Stock-based compensation | 998 | 998 | ||
Net loss | (6,976) | (6,976) | ||
Balance at Jun. 30, 2020 | 18,373 | $ 32 | 197,846 | (179,505) |
Balance, Shares at Jun. 30, 2020 | 32,224,734 | |||
Balance at Dec. 31, 2020 | $ 22,569 | $ 51 | 220,307 | (197,789) |
Balance, Shares at Dec. 31, 2020 | 50,821,361 | 50,821,361 | ||
Issuance of common stock, net of issuance costs | $ 13,474 | $ 8 | 13,466 | |
Issuance of common stock, net of issuance costs, shares | 7,709,306 | |||
Issuance of common stock through employee stock purchase plan ("ESPP") | 5 | 5 | ||
Issuance of common stock through employee stock purchase plan ("ESPP"), shares | 4,206 | |||
Issuance of common stock through release of restricted stock units ("RSUs"), shares | 248,111 | |||
Stock-based compensation | 1,827 | 1,827 | ||
Net loss | (25,608) | (25,608) | ||
Balance at Jun. 30, 2021 | $ 12,267 | $ 59 | 235,605 | (223,397) |
Balance, Shares at Jun. 30, 2021 | 58,782,984 | 58,782,984 | ||
Balance at Mar. 31, 2021 | $ 23,503 | $ 57 | 232,871 | (209,425) |
Balance, Shares at Mar. 31, 2021 | 56,879,679 | |||
Issuance of common stock, net of issuance costs | 1,771 | $ 2 | 1,769 | |
Issuance of common stock, net of issuance costs, shares | 1,650,988 | |||
Issuance of common stock through employee stock purchase plan ("ESPP") | 5 | 5 | ||
Issuance of common stock through employee stock purchase plan ("ESPP"), shares | 4,206 | |||
Issuance of common stock through release of restricted stock units ("RSUs"), shares | 248,111 | |||
Stock-based compensation | 960 | 960 | ||
Net loss | (13,972) | (13,972) | ||
Balance at Jun. 30, 2021 | $ 12,267 | $ 59 | $ 235,605 | $ (223,397) |
Balance, Shares at Jun. 30, 2021 | 58,782,984 | 58,782,984 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (25,608) | $ (14,561) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,827 | 2,033 |
Depreciation expense | 145 | 83 |
Non-cash interest expense | 27 | 4 |
Non-cash lease expense | 190 | 268 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 542 | 1,105 |
Other assets | (50) | |
Accounts payable | 124 | (2,483) |
Accrued expenses | 1,555 | (1,506) |
Operating lease liabilities | (150) | (226) |
Net cash used in operating activities | (21,398) | (15,283) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (457) | |
Net cash used in investing activities | (457) | |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock, net of issuance costs | 13,464 | 13,700 |
Proceeds from exercise of stock options | 18 | |
Proceeds from the issuance of stock through ESPP | 5 | 27 |
Repayment of loan payable | (2,000) | |
Other | (16) | |
Net cash provided by financing activities | 13,469 | 11,729 |
Net decrease in cash and cash equivalents | (8,386) | (3,554) |
Cash and cash equivalents, beginning of period | 35,042 | 30,007 |
Cash and cash equivalents, end of period | 26,656 | 26,453 |
Supplemental disclosures: | ||
Issuance costs included in accounts payable and accrued expenses | $ 10 | $ 42 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2021 | |
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 discovering, developing and commercializing first-in-class, oral biological therapeutics to treat patients with rare and severe metabolic and kidney disorders. The Company’s lead product candidate, reloxaliase (formerly known as ALLN-177), is currently being evaluated in a pivotal Phase 3 clinical program for the treatment of enteric hyperoxaluria, a metabolic disorder characterized by markedly elevated urinary oxalate levels and commonly associated with kidney stones, chronic kidney disease (“CKD”) and other serious kidney disorders. There are currently no approved therapies for the treatment of enteric hyperoxaluria. The Company is also developing ALLN-346 for the treatment of hyperuricemia and gout in the setting of advanced CKD. The Company completed a Phase 1b multiple-ascending dose study in the second quarter of 2021 and recently initiated dosing for the first of two planned Phase 2a studies. 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. Liquidity and Going Concern The Company had an accumulated deficit of $223.4 million at June 30, 2021 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, 2021, the Company had $26.7 million of cash and cash equivalents. On July 16, 2021, the Company completed a registered direct offering, in which the Company issued and sold 17,416,096 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,941,648 shares of its common stock in lieu of shares of common stock, and warrants to purchase up to 10,678,872 shares of the Company’s common stock through a securities purchase agreement with several healthcare-focused institutional and accredited investors (“Securities Purchase Agreement”). The combined price of each share of common stock and accompanying warrant to purchase one-half of a share of common stock was $1.311 per share. The purchase price of each pre-funded Warrant was $1.301, which was the combined purchase price per share of common stock and accompanying warrant to purchase one-half of a share of common stock, minus $0.01. Gross proceeds of the transaction were $28.0 million. As a result of the registered direct offering, the Company received approximately $25.4 million after deducting offering costs in July 2021. Each warrant is exercisable for one share of the Company’s common stock at an exercise price of $1.25 per share. The warrants are immediately exercisable and expire on July 16, 2026. Each pre-funded warrant is exercisable for one share of our Common Stock at an exercise price of $0.01 per share. The pre-funded warrants are immediately exercisable and may be exercised at any time until all pre-funded warrants are exercised in full. All pre-funded warrants were exercised on July 16, 2021. The Company entered into an At Market Issuance Sales Agreement with B. Riley Securities, Inc. (“B. Riley ATM Agreement”) on March 29, 2021. During the second quarter of 2021, the Company issued and sold 1,650,988 shares of its common stock under the B. Riley ATM Agreement at a weighted average price of $1.25 per share for net proceeds of approximately $1.8 million. The Company’s available cash and cash equivalents as of June 30, 2021, along with the additional funds raised from the registered direct offering completed July 16, 2021, are not sufficient to fund the Company’s current operating plan for at least the next twelve months following the filing of this Quarterly Report. The Company requires additional capital to sustain its operations, including its reloxaliase development program. Management is exploring opportunities to secure additional funding through equity or debt financings or through collaborations, licensing transactions or other sources. The Company may be unable to obtain equity or debt financings or enter into collaboration or licensing transactions. Market volatility resulting from the COVID-19 pandemic or other factors could also adversely impact the Company’s ability to access capital as and when needed. The failure to obtain sufficient funds when needed would have a material adverse effect on the Company’s business, results of operations and financial condition and jeopardize its ability to continue operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern as of the filing date of this Quarterly Report. The Company may implement cost reduction strategies, which may include amending, delaying, limiting, reducing, or terminating one or more of its ongoing or planned clinical trials or development programs of its product candidates. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 11, 2021. 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, 2021, the results of its operations for the three and six months ended June 30, 2021 and June 30, 2020 and cash flows for the six months ended June 30, 2021 and June 30, 2020. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021, 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. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, management’s judgment of prepaid and accrued research and development expenses and the valuation of share-based awards. Actual results could differ from those estimates. 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, 2020 that was filed with the United States Securities and Exchange Commission on March 11, 2021. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements In 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In 2020, the FASB issued ASU 2020-06, Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Derivatives and Hedging: Contracts in Entity’s Own Equity |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2021 | |
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 stock units, common stock issuable upon the conversion of outstanding debt and warrants to purchase common 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): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (13,972 ) $ (6,976 ) $ (25,608 ) $ (14,561 ) Net loss attributable to common stockholders $ (13,972 ) $ (6,976 ) $ (25,608 ) $ (14,561 ) Denominator: Weighted-average common shares—basic and diluted 57,932,389 26,878,962 56,484,811 25,808,043 Net loss per share attributable to common stockholders—basic and diluted $ (0.24 ) $ (0.26 ) $ (0.45 ) $ (0.56 ) 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, 2021 2020 Stock options 7,091,757 3,766,567 Restricted stock units 372,166 553,468 Common stock issuable upon conversion of outstanding debt 2,439,024 — Warrants 9,040 9,040 Total 9,911,987 4,329,075 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description June 30, 2021 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 $ 25,235 $ 25,235 $ — $ — Total assets $ 25,235 $ 25,235 $ — $ — Description December 31, 2020 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 $ 34,698 $ 34,698 $ — $ — Total assets $ 34,698 $ 34,698 $ — $ — At June 30, 2021 and December 31, 2020, substantially all of the Company’s cash equivalents were comprised of money market funds. There were no changes to the valuation methods during the three months ended June 30, 2021 and the year ended December 31, 2020. There were no transfers within the fair value hierarchy during the three and six months ended June 30, 2021 and the year ended December 31, 2020. 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 and 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, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, 2021 December 31, 2020 Payroll and employee-related expenses $ 1,567 $ 1,945 Third-party research and development expenses 3,141 984 Professional fees 204 250 Loan interest — 242 Other 64 — Total accrued expenses $ 4,976 $ 3,421 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies The Company is a party to an operating lease for approximately 11,691 square feet of laboratory and office space in Sudbury, MA (Sudbury Lease). The Sudbury Lease expires on February 28, 2026. The Company has a one-time option to cancel the lease effective February 28, 2023 for any reason or no reason at all. Annualized base rent for the Sudbury lease is approximately $0.3 million. Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of June 30, 2021 are as follows (in thousands): Remainder of 2021 $ 150 2022 $ 300 2023 227 Total maturities 677 Less: Amount representing interest (36 ) Present value of operating lease liabilities $ 641 Lease costs included in the Company’s condensed consolidated statements of operations and comprehensive loss was $0.1 million and $0.2 million for the three and six months ended June 30, 2021, respectively, and $0.1 million and $0.3 million for the three and six months ended June 30, 2020, respectively. The Company’s operating leases had a weighted average remaining lease term of 1.8 years and a weighted average discount rate of 5.5% at June 30, 2021. The Company is also a party to an operating lease for approximately 6,055 square feet of office space in Newton, MA (Newton Lease). The Newton Lease terminates on the last day of the month following the month either party notifies the other that the term of the lease shall end. The annualized base rent for the Newton Lease is approximately $0.3 million. Due to the short nature of the minimum lease term of the Newton Lease, the Newton Lease was not considered as an operating lease liability in accordance with ASC 842 as of June 30, 2021 and December 31, 2020. |
Loan and Security Agreement
Loan and Security Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Loan and Security Agreement | 7. Loan and Security Agreement On June 29, 2018, the Company 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 were available to the Company through one additional advance request until December 31, 2019. Borrowings were secured by a lien on all Company assets, excluding intellectual property, and amounts borrowed had a floating per annum interest rate of the greater of 5.0% or the prime rate. The PWB Loan Agreement had a term of 48 months and an interest only period of 18 months. Upon the expiration of the interest only period on December 31, 2019, amounts borrowed were to be repaid over 30 equal monthly payments of principal plus accrued but unpaid 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 PWB 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 of $300,000 would be due and payable to PWB. As a result of the gross proceeds of $15.0 million received from the registered direct offering completed on June 5, 2020, combined with $10.0 million of gross proceeds received from the registered direct offering completed in June 2019, and $2.7 million of gross proceeds received through the At-the-Market offering completed in December 2019, the conditions required to trigger the success fee were fulfilled and the success fee was paid to PWB at the time of the closing of the registered direct offering in June 2020. The success fee was recorded as other expense on the Company’s condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2020. On September 29, 2020, the Company terminated the PWB Loan Agreement and repaid the $7.0 million outstanding principal to PWB. At the time the Company terminated the PWB Loan Agreement, the requirement to make a prepayment premium with respect to the Company prepaying the remaining outstanding borrowings under the PWB Loan Agreement had lapsed and no prepayment penalty payment was required upon termination of the PWB Loan Agreement. |
Convertible Debt Agreement
Convertible Debt Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Debt Agreement | 8. Convertible Debt Agreement On September 29, 2020, the Company entered into a loan and security agreement with Pontifax Medison Finance (Israel) L.P. and Pontifax Medison Finance (Cayman) L.P. (together “Pontifax”) (“Pontifax Agreement”) providing up to $25.0 million of borrowings through three facilities of a term loan. An initial loan (“Initial Loan”) of $10.0 million was advanced on September 29, 2020 (“Closing Date”). An additional $5.0 million credit line (“Credit Line”) is available to the Company for withdrawal for a period of 12 months from the Closing Date. The Company shall pay a fee of 1.0% per annum to Pontifax for the daily average amount not withdrawn under the Credit Line. A third installment loan (“Third Installment Loan”) of $10.0 million was conditioned upon achievement of one of the following milestones by no later than 15 months from the Closing Date: (i) the Company receives non-contingent, non-refundable gross proceeds from one or more equity financings and/or strategic partnerships, in each case consummated following the Closing Date, in the aggregate amount of at least $15.0 million for all such equity financings and strategic partnerships or (ii) the 65 th Amounts outstanding under the Pontifax Agreement have a fixed interest rate of 9.0% per annum. The Pontifax Agreement has a term of 48 months and an interest only period of 24 months. Upon the expiration of the interest only period on September 29, 2022, amounts borrowed will be repaid over eight equal quarterly payments of principal and interest. At its option, the Company may prepay all or part of the outstanding borrowings at any time without any prepayment premium or penalty. The Pontifax 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 Pontifax Agreement. The obligations under the Pontifax 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. Pontifax, at its option, has the right to convert at any time any portion of the then outstanding borrowings and all accrued but unpaid interest into shares of the Company’s common stock, at the applicable conversion price. The conversion price for borrowings outstanding under the Pontifax Agreement is fixed at $4.10 per share. If the Company consummates a stock split, stock combination, reclassification payment of stock dividend, recapitalization or other similar transaction (each a “Stock Event”), then the applicable conversion price will be proportionately increased or decreased as necessary to reflect the proportionate change in shares of the Company’s common stock issued and outstanding as a result of such Stock Event. The Company has the right to convert at any time any portion of the then outstanding borrowings and all accrued but unpaid interest into shares of the Company’s common stock, at the applicable conversion price, subject to the fulfillment of both of the following conditions: (i) during a period of 30 consecutive trading days prior to the date on which the Company provides notice of the exercise of its conversion right, the closing price of the Company’s common stock was higher than 1.4 times the applicable conversion price of the term loans on at least 20 trading days, including on the trading day preceding the date on which the Company provides notice of the exercise of its conversion right, (ii) the number of shares of common stock issuable upon conversion by the Company shall not exceed the average weekly number of shares of the Company’s common stock traded on the stock market for the four weeks immediately preceding the date on which the Company provides notice of the exercise of its conversion right. The shares of the Company’s common stock issued upon conversion will be free of any restrictions and the Company is required to hold at all times a sufficient number of authorized, unreserved and unissued shares of its common stock required to settle any such conversion. As of June 30, 2021, the Company has reserved 2,439,024 shares of its common stock for conversion of the outstanding debt balance. The Company evaluated the Pontifax Agreement for embedded features that require bifurcation, noting certain features were required to be bifurcated, but were concluded to be de minimis in value at June 30, 2021 and December 31, 2020. The Company determined the conversion feature was not required to be accounted for separately. The Company concluded that the embedded conversion option is not subject to separate accounting pursuant to either the cash conversion guidance or the beneficial conversion feature guidance. The minimum aggregate future loan and interest payments at June 30, 2021 are as follows (in thousands): Years Ending December 31, 2021 $ 239 2022 $ 1,927 2023 $ 5,015 2024 4,880 Total minimum payments $ 12,061 Less: Amount representing interest (2,061 ) Less: Discount (120 ) Less: Current portion — Loan payable, net of current portion $ 9,880 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Common Stock During the first quarter of 2021, the Company issued and sold 6,058,318 shares of its common stock under an At-the Market Equity Offering Sales Agreement with Cowen and Company, LLC (Cowen ATM Agreement) at a weighted average price of $1.99 per share for net proceeds of $11.7 million. The Company terminated the Cowen ATM Agreement and entered into the B. Riley ATM Agreement on March 29, 2021. Pursuant to this agreement, during the second quarter of 2021, the Company issued and sold 1,650,988 shares of its common stock under the B. Riley ATM Agreement at a weighted average price of $1.25 per share for net proceeds of $1.8 million. On July 16, 2021, the Company completed a registered direct offering, in which the Company issued and sold 17,416,096 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,941,648 shares of its common stock in lieu of shares of common stock and warrants to purchase up to 10,678,872 shares of the Company’s common stock through a Securities Purchase Agreement. The combined price of each share of common stock and accompanying warrant to purchase one-half immediately exercisable and may be exercised at any time until all p re- f unded w arrants are exercised in full. All p re- f unded w arrants were exercised on July 16, 2021 . 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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Stock options and restricted stock units 8,744,479 5,359,736 Common stock issuable upon conversion of outstanding debt 2,439,024 2,439,024 Employee stock purchase plan 332,704 336,910 Warrants 9,040 9,040 Total 11,525,247 8,144,710 |
Stock Incentive Plan
Stock Incentive Plan | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plan | 10. 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, shares underlying any awards outstanding under the 2011 Plan as of the October 31, 2017 that are cancelled, forfeited or otherwise terminated without being exercised 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 Board of Directors. 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, 2021, 429,556 shares of common stock were available for future grant under the 2017 Plan. On January 22, 2021, the Company adopted the 2021 Inducement Equity Plan (“2021 Plan”). The 2021 Plan provides for the grant of awards for 1,600,000 shares of common stock. The purpose of the 2021 plan is to enable the Company to grant equity awards to induce highly qualified prospective officers and employees who are not currently employed by the Company to accept employment and provide them with an equity interest in the Company. The Company is utilizing the 2021 Plan for awards the Company may make without stockholder approval as an inducement pursuant to Rule 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market, Inc. As of June 30, 2021, 851,000 shares of common stock were available for future grant under the 2021 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 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, 2021 2020 2021 2020 Research and development $ 303 $ 281 $ 550 $ 709 General and administrative 657 717 1,277 1,324 Total $ 960 $ 998 $ 1,827 $ 2,033 The fair value of each stock option granted to employees and directors during the three and six months ended June 30, 2021 was estimated on the date of grant using the Black-Scholes option-pricing model, with the following range of assumptions: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Risk-free interest rate 0.9%-1.4% 0.4%-1.4% Expected dividend yield —% —% Expected term (in years) 5.4-7.0 5.0-7.0 Expected volatility 93%-94% 93%-94% The Company did not grant any stock options during the three and six months ended June 30, 2020. A summary of the stock option activity under the 2011, 2017 and 2021 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, 2020 4,110,691 $ 3.89 7.3 $ 124 Granted 3,243,350 1.89 Exercised — — Cancelled (262,284 ) 6.95 Outstanding at June 30, 2021 7,091,757 $ 2.86 8.1 $ 179 Exercisable at June 30, 2021 2,752,894 $ 3.70 6.2 $ 130 As of June 30, 2021, total unrecognized stock-based compensation expense relating to unvested stock options was $7.1 million. This amount is expected to be recognized over a weighted-average period of 2.8 years. Restricted Stock Units (RSUs) In December 2020, the Company awarded 620,277 RSUs to employees of the Company. 248,111 shares of common stock were issued on May 10, 2021 upon vesting of a portion of the RSUs. The remaining RSUs vest on November 10, 2021. The RSUs are generally forfeited if the employment relationship terminates with the Company prior to vesting. For the three and six months ended June 30, 2021, the Company recognized $0.2 million and $0.4 million of stock-based compensation expense, respectively, related to these awards. As of June 30, 2021, the total remaining unrecognized compensation cost related to all unvested RSUs amounted to $0.3 million, which is expected to be recognized during the remainder of 2021. A summary of the status of nonvested RSUs as of June 30, 2021 and the changes during the six months then ended are presented below: Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2020 620,277 $ 1.29 Granted — — Vested (248,111 ) 1.29 Forfeited — — Nonvested at June 30, 2021 372,166 $ 1.29 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 11, 2021. 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, 2021, the results of its operations for the three and six months ended June 30, 2021 and June 30, 2020 and cash flows for the six months ended June 30, 2021 and June 30, 2020. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021, 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. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, management’s judgment of prepaid and accrued research and development expenses and the valuation of share-based awards. Actual results could differ from those estimates. 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, 2020 that was filed with the United States Securities and Exchange Commission on March 11, 2021. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In 2020, the FASB issued ASU 2020-06, Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Derivatives and Hedging: Contracts in Entity’s Own Equity |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 2021 2020 Numerator: Net loss $ (13,972 ) $ (6,976 ) $ (25,608 ) $ (14,561 ) Net loss attributable to common stockholders $ (13,972 ) $ (6,976 ) $ (25,608 ) $ (14,561 ) Denominator: Weighted-average common shares—basic and diluted 57,932,389 26,878,962 56,484,811 25,808,043 Net loss per share attributable to common stockholders—basic and diluted $ (0.24 ) $ (0.26 ) $ (0.45 ) $ (0.56 ) |
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, 2021 2020 Stock options 7,091,757 3,766,567 Restricted stock units 372,166 553,468 Common stock issuable upon conversion of outstanding debt 2,439,024 — Warrants 9,040 9,040 Total 9,911,987 4,329,075 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description June 30, 2021 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 $ 25,235 $ 25,235 $ — $ — Total assets $ 25,235 $ 25,235 $ — $ — Description December 31, 2020 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 $ 34,698 $ 34,698 $ — $ — Total assets $ 34,698 $ 34,698 $ — $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): June 30, 2021 December 31, 2020 Payroll and employee-related expenses $ 1,567 $ 1,945 Third-party research and development expenses 3,141 984 Professional fees 204 250 Loan interest — 242 Other 64 — Total accrued expenses $ 4,976 $ 3,421 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
ASC 842 | |
Operating Leased Assets [Line Items] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of June 30, 2021 are as follows (in thousands): Remainder of 2021 $ 150 2022 $ 300 2023 227 Total maturities 677 Less: Amount representing interest (36 ) Present value of operating lease liabilities $ 641 |
Convertible Debt Agreement (Tab
Convertible Debt Agreement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Minimum Aggregate Future Loan and Interest Payments | The minimum aggregate future loan and interest payments at June 30, 2021 are as follows (in thousands): Years Ending December 31, 2021 $ 239 2022 $ 1,927 2023 $ 5,015 2024 4,880 Total minimum payments $ 12,061 Less: Amount representing interest (2,061 ) Less: Discount (120 ) Less: Current portion — Loan payable, net of current portion $ 9,880 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Stock options and restricted stock units 8,744,479 5,359,736 Common stock issuable upon conversion of outstanding debt 2,439,024 2,439,024 Employee stock purchase plan 332,704 336,910 Warrants 9,040 9,040 Total 11,525,247 8,144,710 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 2021 2020 Research and development $ 303 $ 281 $ 550 $ 709 General and administrative 657 717 1,277 1,324 Total $ 960 $ 998 $ 1,827 $ 2,033 |
Summary of Stock Option Activity | The Company did not grant any stock options during the three and six months ended June 30, 2020. A summary of the stock option activity under the 2011, 2017 and 2021 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, 2020 4,110,691 $ 3.89 7.3 $ 124 Granted 3,243,350 1.89 Exercised — — Cancelled (262,284 ) 6.95 Outstanding at June 30, 2021 7,091,757 $ 2.86 8.1 $ 179 Exercisable at June 30, 2021 2,752,894 $ 3.70 6.2 $ 130 |
Restricted Stock Units (RSUs) | |
Summary of Nonvested RSUs | A summary of the status of nonvested RSUs as of June 30, 2021 and the changes during the six months then ended are presented below: Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2020 620,277 $ 1.29 Granted — — Vested (248,111 ) 1.29 Forfeited — — Nonvested at June 30, 2021 372,166 $ 1.29 |
Employees and Directors | |
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 during the three and six months ended June 30, 2021 was estimated on the date of grant using the Black-Scholes option-pricing model, with the following range of assumptions: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Risk-free interest rate 0.9%-1.4% 0.4%-1.4% Expected dividend yield —% —% Expected term (in years) 5.4-7.0 5.0-7.0 Expected volatility 93%-94% 93%-94% |
Nature of Business - Additional
Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 16, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||
Proceeds from the issuance of common stock, net of issuance costs | $ 13,464 | $ 13,700 | |||
Accumulated deficit | $ 223,397 | 223,397 | $ 197,789 | ||
Cash and cash equivalents | 26,656 | $ 26,656 | $ 35,042 | ||
B. Riley ATM Agreement | |||||
Class of Stock [Line Items] | |||||
Proceeds from the issuance of common stock, net of issuance costs | $ 1,800 | ||||
B. Riley ATM Agreement | At Market Issuance Sales Agreement | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock, net of issuance costs, shares | 1,650,988 | ||||
Proceeds from the issuance of common stock, net of issuance costs | $ 1,800 | ||||
Weighted average price of common stock shares sold and issued | $ 1.25 | ||||
Direct Offering | Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock, net of issuance costs, shares | 17,416,096 | ||||
Maximum aggregate warrant to purchase number of shares of common stock | 10,678,872 | ||||
Combined price of each share of common stock and accompanying warrant price per share | $ 1.311 | ||||
Difference in combined price of each share of common stock and accompanying warrant and purchase price of prefunded warrant per share | $ 0.01 | ||||
Gross proceeds of the transaction | $ 28,000 | ||||
Proceeds from the issuance of common stock, net of issuance costs | $ 25,400 | ||||
Each warrant exercisable shares | 1 | ||||
Purchase price / Exercise price of warrant | $ 1.25 | ||||
Warrant exercisable date | Jul. 16, 2026 | ||||
Combined price of each share of common stock and accompanying warrant to purchase one-half price per share | $ 1.311 | ||||
Direct Offering | Subsequent Event | Pre-Funded Warrant | |||||
Class of Stock [Line Items] | |||||
Maximum aggregate warrant to purchase number of shares of common stock | 3,941,648 | ||||
Purchase price of warrant | $ 1.301 | ||||
Each warrant exercisable shares | 1 | ||||
Purchase price / Exercise price of warrant | $ 0.01 | ||||
Warrant exercisable date | Jul. 16, 2021 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |
Entity incorporated date | 2014-12 |
ASU 2019-12 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | true |
ASU 2018-13 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | true |
Allena Pharmaceuticals Security Corporation | |
Summary Of Significant Accounting Policies [Line Items] | |
Entity incorporated date | 2014-12 |
Allena Pharmaceuticals Ireland Limited | |
Summary Of Significant Accounting Policies [Line Items] | |
Entity incorporated date | 2017-03 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net loss | $ (13,972) | $ (6,976) | $ (25,608) | $ (14,561) |
Net loss attributable to common stockholders | $ (13,972) | $ (6,976) | $ (25,608) | $ (14,561) |
Denominator: | ||||
Weighted-average common shares—basic and diluted | 57,932,389 | 26,878,962 | 56,484,811 | 25,808,043 |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.24) | $ (0.26) | $ (0.45) | $ (0.56) |
Net Loss per Share - Summary _2
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, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 9,911,987 | 4,329,075 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 7,091,757 | 3,766,567 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 372,166 | 553,468 |
Common Stock Issuable Upon Conversion of Outstanding Debt | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 2,439,024 | |
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 | 9,040 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 25,235 | $ 34,698 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 25,235 | 34,698 |
Money market funds, included in cash and cash equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 25,235 | 34,698 |
Money market funds, included in cash and cash equivalents | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | $ 25,235 | $ 34,698 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Change in valuation methods or transfers | $ 0 | $ 0 | |
Transfers within fair value hierarchy | $ 0 | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Payroll and employee-related expenses | $ 1,567 | $ 1,945 |
Third-party research and development expenses | 3,141 | 984 |
Professional fees | 204 | 250 |
Loan interest | 242 | |
Other | 64 | |
Total accrued expenses | $ 4,976 | $ 3,421 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)ft² | Jun. 30, 2020USD ($) | |
Operating Leased Assets [Line Items] | ||||
Lease costs | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.3 |
Operating lease, weighted average remaining lease term | 1 year 9 months 18 days | 1 year 9 months 18 days | ||
Operating lease, weighted average discount rate | 5.50% | 5.50% | ||
Sudbury, MA | ||||
Operating Leased Assets [Line Items] | ||||
Rentable office space under operating lease | ft² | 11,691 | |||
Base rent for office space | $ 0.3 | |||
Operating lease expiration date | Feb. 28, 2026 | |||
Right to terminate description | The Company has a one-time option to cancel the lease effective February 28, 2023 for any reason or no reason at all. | |||
Newton, MA | ||||
Operating Leased Assets [Line Items] | ||||
Rentable office space under operating lease | ft² | 6,055 | |||
Base rent for office space | $ 0.3 | |||
Right to terminate description | The Newton Lease terminates on the last day of the month following the month either party notifies the other that the term of the lease shall end. |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - ASC 842 $ in Thousands | Jun. 30, 2021USD ($) |
Lessee Lease Description [Line Items] | |
Remainder of 2021 | $ 150 |
2022 | 300 |
2023 | 227 |
Total maturities | 677 |
Less: Amount representing interest | (36) |
Present value of operating lease liabilities | $ 641 |
Loan and Security Agreement - A
Loan and Security Agreement - Additional Information (Details) - USD ($) | Sep. 29, 2020 | Jun. 05, 2020 | Jun. 29, 2018 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2021 |
Loan and Security Agreement | PWB | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, maximum borrowing capacity | $ 12,000,000 | |||||
Loan agreement, advanced amount | 10,000,000 | |||||
Loan agreement, remaining borrowing capacity | $ 2,000,000 | |||||
Loan agreement, interest rate above prime rate | 5.00% | |||||
Loan agreement, term | 48 months | |||||
Loan agreement, interest only payment period | 18 months | |||||
Expiration of interest only period | Dec. 31, 2019 | |||||
Loan agreement, number of monthly payments | 30 months | |||||
Loan agreement, frequency of payments | monthly | |||||
Aggregate gross proceeds for success fee to be paid | $ 25,000,000 | |||||
Success fee payable | $ 300,000 | |||||
Repayment of outstanding principal balance | $ 7,000,000 | |||||
Direct Offering | ||||||
Debt Instrument [Line Items] | ||||||
Gross proceeds from issuance of common stock | $ 15,000,000 | $ 10,000,000 | ||||
At-the-Market Offering | ||||||
Debt Instrument [Line Items] | ||||||
Gross proceeds from issuance of common stock | $ 2,700,000 |
Convertible Debt Agreement - Ad
Convertible Debt Agreement - Additional Information (Details) | Sep. 29, 2020USD ($)FacilityInstallmentTradingday$ / shares | Dec. 31, 2020USD ($)shares | Jun. 30, 2021shares |
Debt Instrument [Line Items] | |||
Shares of common stock reserved for future issuances | shares | 8,144,710 | 11,525,247 | |
Common Stock Issuable Upon Conversion of Outstanding Debt | |||
Debt Instrument [Line Items] | |||
Shares of common stock reserved for future issuances | shares | 2,439,024 | 2,439,024 | |
Loan and Security Agreement | |||
Debt Instrument [Line Items] | |||
Debt instrument, terms of conversion description | The Company has the right to convert at any time any portion of the then outstanding borrowings and all accrued but unpaid interest into shares of the Company’s common stock, at the applicable conversion price, subject to the fulfillment of both of the following conditions: (i) during a period of 30 consecutive trading days prior to the date on which the Company provides notice of the exercise of its conversion right, the closing price of the Company’s common stock was higher than 1.4 times the applicable conversion price of the term loans on at least 20 trading days, including on the trading day preceding the date on which the Company provides notice of the exercise of its conversion right, (ii) the number of shares of common stock issuable upon conversion by the Company shall not exceed the average weekly number of shares of the Company’s common stock traded on the stock market for the four weeks immediately preceding the date on which the Company provides notice of the exercise of its conversion right. | ||
Debt instrument conversion threshold consecutive trading days | Tradingday | 30 | ||
Loan and Security Agreement | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument conversion threshold trading days | Tradingday | 20 | ||
Loan and Security Agreement | Pontifax | |||
Debt Instrument [Line Items] | |||
Loan agreement, maximum borrowing capacity | $ 25,000,000 | ||
Number of term loan facilities | Facility | 3 | ||
Fixed interest rate on loan amounts outstanding | 9.00% | ||
Loan and security agreement, term | 48 months | ||
Loan and security agreement, interest only payment period | 24 months | ||
Expiration of interest only period | Sep. 29, 2022 | ||
Loan and security agreement, number of quarterly payments | Installment | 8 | ||
Loan and security agreement, frequency of payments | quarterly | ||
Conversion price for borrowings outstanding | $ / shares | $ 4.10 | ||
Debt instrument, terms of conversion description | Pontifax, at its option, has the right to convert at any time any portion of the then outstanding borrowings and all accrued but unpaid interest into shares of the Company’s common stock, at the applicable conversion price. The conversion price for borrowings outstanding under the Pontifax Agreement is fixed at $4.10 per share. If the Company consummates a stock split, stock combination, reclassification payment of stock dividend, recapitalization or other similar transaction (each a “Stock Event”), then the applicable conversion price will be proportionately increased or decreased as necessary to reflect the proportionate change in shares of the Company’s common stock issued and outstanding as a result of such Stock Event. | ||
Loan and Security Agreement | Pontifax | Initial Loan | |||
Debt Instrument [Line Items] | |||
Loan agreement, advanced amount | $ 10,000,000 | ||
Loan and Security Agreement | Pontifax | Credit Line | |||
Debt Instrument [Line Items] | |||
Loan agreement, remaining borrowing capacity | $ 5,000,000 | ||
Loan and security agreement, percentage fee paid | 1.00% | ||
Loan and Security Agreement | Pontifax | Third Installment Loan | |||
Debt Instrument [Line Items] | |||
Loan and security agreement, percentage fee paid | 1.00% | ||
Loan and security agreement, available borrowing capacity subject to achievement of milestones | $ 10,000,000 | $ 10,000,000 | |
Non-contingent, non-refundable gross proceeds from one or more equity financings and/or strategic partnerships | $ 15,000,000 | $ 15,000,000 |
Convertible Debt Agreement - Su
Convertible Debt Agreement - Summary of Minimum Aggregate Future Loan and Interest Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 | $ 239 | |
2022 | 1,927 | |
2023 | 5,015 | |
2024 | 4,880 | |
Total minimum payments | 12,061 | |
Less: Amount representing interest | (2,061) | |
Less: Discount | (120) | |
Loan payable, net of current portion and discount | $ 9,880 | $ 9,853 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 16, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 58,782,984 | 58,782,984 | 50,821,361 | |||
Net proceeds after deducting estimated offering costs | $ 13,464 | $ 13,700 | ||||
Common stock, voting rights | one vote for each share held | |||||
Subsequent Event | Direct Offering | ||||||
Class of Stock [Line Items] | ||||||
Net proceeds after deducting estimated offering costs | $ 25,400 | |||||
Number of shares issued and sold | 17,416,096 | |||||
Maximum aggregate warrant to purchase number of shares of common stock | 10,678,872 | |||||
Warrant to purchase number of share of common stock | 0.5 | |||||
Combined price of each share of common stock and accompanying warrant price per share | $ 1.311 | |||||
Difference in combined price of each share of common stock and accompanying warrant and purchase price of prefunded warrant per share | $ 0.01 | |||||
Gross proceeds of the transaction | $ 28,000 | |||||
Each warrant exercisable shares | 1 | |||||
Purchase price / Exercise price of warrant | $ 1.25 | |||||
Warrant exercisable date | Jul. 16, 2026 | |||||
Subsequent Event | Direct Offering | Pre-Funded Warrant | ||||||
Class of Stock [Line Items] | ||||||
Maximum aggregate warrant to purchase number of shares of common stock | 3,941,648 | |||||
Purchase price of warrant | $ 1.301 | |||||
Each warrant exercisable shares | 1 | |||||
Purchase price / Exercise price of warrant | $ 0.01 | |||||
Warrant exercisable date | Jul. 16, 2021 | |||||
Cowen ATM Agreement | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 6,058,318 | |||||
Common stock weighted average price per share | $ 1.99 | |||||
Net proceeds after deducting estimated offering costs | $ 11,700 | |||||
B. Riley ATM Agreement | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 1,650,988 | 1,650,988 | ||||
Common stock weighted average price per share | $ 1.25 | $ 1.25 | ||||
Net proceeds after deducting estimated offering costs | $ 1,800 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares of Common Stock Reserved (Details) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 11,525,247 | 8,144,710 |
Stock Options and Restricted Stock Units | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 8,744,479 | 5,359,736 |
Common Stock Issuable Upon Conversion of Outstanding Debt | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 2,439,024 | 2,439,024 |
Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 332,704 | 336,910 |
Warrants | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 9,040 | 9,040 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Oct. 31, 2017 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 22, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock options granted | 0 | 0 | ||||||||
Expense related to awards granted | $ 960 | $ 998 | $ 1,827 | $ 2,033 | ||||||
Restricted Stock Units (RSUs) | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Share-based compensation awards, number of shares employees | 620,277 | |||||||||
Share-based compensation awards, number of shares vested | 248,111 | |||||||||
Expense related to awards granted | 200 | $ 400 | ||||||||
Share-based payment arrangement, unvested award, unrecognized, amount | $ 300 | $ 300 | ||||||||
Restricted Stock Units (RSUs) | Vesting on May 10, 2021 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Share-based compensation awards, number of shares vested | 248,111 | |||||||||
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, shares underlying any awards outstanding under the 2011 Plan as of the October 31, 2017 that are cancelled, forfeited or otherwise terminated without being exercised 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 Board of Directors. On January 1, 2019, 2020 and 2021, the shares available for grant under the 2017 Plan were automatically increased by 832,361, 989,400 and 2,032,854 shares, respectively. | |||||||||
Percentage criteria for additional shares granted | 4.00% | |||||||||
Additional shares available for grant | 2,032,854 | 989,400 | 832,361 | |||||||
2017 Plan | Stock Options | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Shares available for future grant | 429,556 | 429,556 | ||||||||
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 | |||||||||
2021 Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Shares available for future grant | 851,000 | |||||||||
2021 Plan | Common Stock | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares authorized for grant | 1,600,000 | |||||||||
2011 and 2017 Plans | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock options granted | 3,243,350 | |||||||||
Unrecognized stock-based compensation expense related to unvested employee stock options | $ 7,100 | $ 7,100 | ||||||||
Unrecognized stock-based compensation expense, weighted average period for recognition | 2 years 9 months 18 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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 960 | $ 998 | $ 1,827 | $ 2,033 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 303 | 281 | 550 | 709 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 657 | $ 717 | $ 1,277 | $ 1,324 |
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, 2021 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 0.90% | 0.40% |
Risk-free interest rate, maximum | 1.40% | 1.40% |
Expected volatility, minimum | 93.00% | 93.00% |
Expected volatility, maximum | 94.00% | 94.00% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 4 months 24 days | 5 years |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 7 years | 7 years |
Stock Incentive Plan - Summar_2
Stock Incentive Plan - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares, Granted | 0 | 0 | ||
2011 and 2017 Plans | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares, Outstanding, Beginning balance | 4,110,691 | |||
Shares, Granted | 3,243,350 | |||
Shares, Cancelled | (262,284) | |||
Shares, Outstanding, Ending balance | 7,091,757 | 4,110,691 | ||
Shares, Exercisable | 2,752,894 | |||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 3.89 | |||
Weighted-Average Exercise Price, Granted | 1.89 | |||
Weighted-Average Exercise Price, Cancelled | 6.95 | |||
Weighted-Average Exercise Price, Outstanding, Ending balance | 2.86 | $ 3.89 | ||
Weighted-Average Exercise Price, Exercisable | $ 3.70 | |||
Weighted-Average Remaining Contractual Life (in years), Outstanding | 8 years 1 month 6 days | 7 years 3 months 18 days | ||
Weighted-Average Remaining Contractual Life (in years), Exercisable | 6 years 2 months 12 days | |||
Aggregate Intrinsic Value, Outstanding | $ 179 | $ 124 | ||
Aggregate Intrinsic Value, Exercisable | $ 130 |
Stock Incentive Plan - Summar_3
Stock Incentive Plan - Summary of Nonvested RSUs (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding, Beginning balance | shares | 620,277 |
Shares, Vested | shares | (248,111) |
Shares, Outstanding, Ending balance | shares | 372,166 |
Weighted-Average Grant Date Fair Value, Outstanding, Beginning balance | $ / shares | $ 1.29 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 1.29 |
Weighted-Average Grant Date Fair Value, Outstanding, Ending balance | $ / shares | $ 1.29 |