Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-37449 | |
Entity Registrant Name | ALPINE IMMUNE SCIENCES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8969493 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 18,587,644 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | ALPN | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0001626199 | |
Current Fiscal Year End Date | --12-31 | |
Entity Ex Transition Period | true | |
Entity Address, Address Line One | 201 Elliott Avenue West, Suite 230 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98119 | |
City Area Code | 206 | |
Local Phone Number | 788-4545 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 15,468 | $ 10,711 |
Short-term investments | 40,097 | 41,592 |
Prepaid expenses and other current assets | 1,657 | 1,242 |
Total current assets | 57,222 | 53,545 |
Restricted cash | 386 | 132 |
Property and equipment, net | 1,176 | 1,196 |
Operating lease, right-of-use asset | 11,303 | 0 |
Total assets | 70,087 | 54,873 |
Current liabilities: | ||
Accounts payable | 2,399 | 1,716 |
Accrued liabilities | 5,518 | 4,363 |
Deferred revenue | 2,108 | 0 |
Operating lease liability, current | 452 | 0 |
Current portion of long-term debt | 2,079 | 2,048 |
Total current liabilities | 12,556 | 8,127 |
Operating lease liability, noncurrent | 10,919 | 0 |
Long-term debt | 1,191 | 2,155 |
Total liabilities | 24,666 | 10,282 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value per share; 200,000,000 shares authorized at June 30, 2019 and December 31, 2018; 18,635,197 shares issued and 18,584,730 shares outstanding at June 30, 2019; 13,904,672 shares issued and 13,854,205 shares outstanding at December 31, 2018 | 19 | 14 |
Treasury stock, at cost; 50,467 shares at June 30, 2019 and December 31, 2018 | 0 | 0 |
Additional paid-in capital | 115,704 | 90,664 |
Accumulated other comprehensive gain (loss) | 9 | (13) |
Accumulated deficit | (70,311) | (46,074) |
Total stockholders’ equity | 45,421 | 44,591 |
Total liabilities and stockholders’ equity | $ 70,087 | $ 54,873 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 18,635,197 | 13,904,672 |
Common stock, shares outstanding (in shares) | 18,584,730 | 13,854,205 |
Treasury stock, shares (in shares) | 50,467 | 50,467 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 567 | $ 390 | $ 567 | $ 705 |
Operating expenses: | ||||
Research and development | 10,166 | 5,718 | 20,516 | 9,510 |
General and administrative | 2,553 | 1,883 | 4,898 | 3,991 |
Loss on sale of intangible asset | 0 | 1,203 | 0 | 1,203 |
Total operating expenses | 12,719 | 8,804 | 25,414 | 14,704 |
Loss from operations | (12,152) | (8,414) | (24,847) | (13,999) |
Other income (expense): | ||||
Interest expense | (61) | (83) | (131) | (161) |
Interest and other income | 357 | 337 | 741 | 642 |
Loss before taxes | (11,856) | (8,160) | (24,237) | (13,518) |
Income tax benefit | 0 | 253 | 0 | 305 |
Net loss | (11,856) | (7,907) | (24,237) | (13,213) |
Comprehensive income (loss): | ||||
Unrealized gain on investments | 17 | 50 | 32 | 4 |
Unrealized gain (loss) on foreign currency translation | 4 | 0 | (10) | 0 |
Comprehensive loss | $ (11,835) | $ (7,857) | $ (24,215) | $ (13,209) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 18,576,199 | 13,848,974 | 18,126,556 | 13,846,865 |
Basic and diluted net loss per share (in dollars per share) | $ (0.64) | $ (0.57) | $ (1.34) | $ (0.95) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Treasury | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2017 | 13,831,178 | 50,467 | ||||
Beginning balance at Dec. 31, 2017 | $ 78,917 | $ 14 | $ 0 | $ 88,346 | $ (59) | $ (9,384) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 14,906 | |||||
Exercise of stock options | 7 | 7 | ||||
Stock-based compensation | 511 | 511 | ||||
Unrealized gain (loss) on investments | (46) | (46) | ||||
Net loss | (5,306) | (5,306) | ||||
Ending balance (in shares) at Mar. 31, 2018 | 13,846,084 | 50,467 | ||||
Ending balance at Mar. 31, 2018 | 73,881 | $ 14 | $ 0 | 88,864 | (105) | (14,892) |
Beginning balance (in shares) at Dec. 31, 2017 | 13,831,178 | 50,467 | ||||
Beginning balance at Dec. 31, 2017 | 78,917 | $ 14 | $ 0 | 88,346 | (59) | (9,384) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain (loss) on investments | 4 | |||||
Unrealized loss on foreign currency translation | 0 | |||||
Net loss | (13,213) | |||||
Ending balance (in shares) at Jun. 30, 2018 | 13,850,762 | 50,467 | ||||
Ending balance at Jun. 30, 2018 | 66,547 | $ 14 | $ 0 | 89,387 | (55) | (22,799) |
Beginning balance (in shares) at Mar. 31, 2018 | 13,846,084 | 50,467 | ||||
Beginning balance at Mar. 31, 2018 | 73,881 | $ 14 | $ 0 | 88,864 | (105) | (14,892) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 4,678 | |||||
Exercise of stock options | 0 | |||||
Stock-based compensation | 523 | 523 | ||||
Unrealized gain (loss) on investments | 50 | 50 | ||||
Unrealized loss on foreign currency translation | 0 | |||||
Net loss | (7,907) | (7,907) | ||||
Ending balance (in shares) at Jun. 30, 2018 | 13,850,762 | 50,467 | ||||
Ending balance at Jun. 30, 2018 | 66,547 | $ 14 | $ 0 | 89,387 | (55) | (22,799) |
Beginning balance (in shares) at Dec. 31, 2018 | 13,854,205 | 50,467 | ||||
Beginning balance at Dec. 31, 2018 | 44,591 | $ 14 | $ 0 | 90,664 | (13) | (46,074) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of Units in Private Placement, net of offering costs (in shares) | 4,706,700 | |||||
Issuance of Units in Private Placement, net of offering costs | 23,618 | $ 5 | 23,613 | |||
Exercise of stock options (in shares) | 124 | |||||
Exercise of stock options | 0 | |||||
Stock-based compensation | 754 | 754 | ||||
Unrealized gain (loss) on investments | 15 | 15 | ||||
Unrealized loss on foreign currency translation | (14) | (14) | ||||
Net loss | (12,381) | (12,381) | ||||
Ending balance (in shares) at Mar. 31, 2019 | 18,561,029 | 50,467 | ||||
Ending balance at Mar. 31, 2019 | 56,583 | $ 19 | $ 0 | 115,031 | (12) | (58,455) |
Beginning balance (in shares) at Dec. 31, 2018 | 13,854,205 | 50,467 | ||||
Beginning balance at Dec. 31, 2018 | 44,591 | $ 14 | $ 0 | 90,664 | (13) | (46,074) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain (loss) on investments | 32 | |||||
Unrealized loss on foreign currency translation | (10) | |||||
Net loss | (24,237) | |||||
Ending balance (in shares) at Jun. 30, 2019 | 18,584,730 | 50,467 | ||||
Ending balance at Jun. 30, 2019 | 45,421 | $ 19 | $ 0 | 115,704 | 9 | (70,311) |
Beginning balance (in shares) at Mar. 31, 2019 | 18,561,029 | 50,467 | ||||
Beginning balance at Mar. 31, 2019 | 56,583 | $ 19 | $ 0 | 115,031 | (12) | (58,455) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of Units in Private Placement, net of offering costs | (20) | (20) | ||||
Exercise of stock options (in shares) | 23,701 | |||||
Exercise of stock options | 11 | 11 | ||||
Stock-based compensation | 682 | 682 | ||||
Unrealized gain (loss) on investments | 17 | 17 | ||||
Unrealized loss on foreign currency translation | 4 | 4 | ||||
Net loss | (11,856) | (11,856) | ||||
Ending balance (in shares) at Jun. 30, 2019 | 18,584,730 | 50,467 | ||||
Ending balance at Jun. 30, 2019 | $ 45,421 | $ 19 | $ 0 | $ 115,704 | $ 9 | $ (70,311) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net loss | $ (24,237) | $ (13,213) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on sale of intangible asset | 0 | 1,203 |
Amortization of right-of-use asset | 454 | 0 |
Depreciation expense | 229 | 170 |
Amortization of premium/discount on investments | (185) | (368) |
Non-cash interest expense | 67 | 88 |
Deferred income tax | 0 | (305) |
Stock-based compensation and warrant expense | 1,436 | 1,034 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (415) | (536) |
Accounts payable and accrued liabilities | 1,829 | 760 |
Deferred revenue | 2,108 | (479) |
Lease liabilities | (386) | 0 |
Net cash used in operating activities | (19,100) | (11,646) |
Investing activities | ||
Purchases of property and equipment | (200) | (278) |
Proceeds from sale of intangible asset | 0 | 250 |
Purchase of short-term investments | (39,804) | (41,390) |
Maturities of short-term investments | 40,125 | 48,626 |
Proceeds from the sale of short-term investments | 1,391 | 0 |
Net cash provided by investing activities | 1,512 | 7,208 |
Financing activities | ||
Proceeds from sale of common stock, net of offering costs | 23,598 | 0 |
Repayment of debt | (1,000) | 0 |
Proceeds from exercise of stock options | 11 | 7 |
Net cash provided by financing activities | 22,609 | 7 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (10) | 0 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 5,011 | (4,431) |
Cash and cash equivalents and restricted cash, beginning of period | 10,843 | 8,132 |
Cash and cash equivalents and restricted cash, end of period | 15,854 | 3,701 |
Supplemental Information | ||
Recognition of right-of-use asset | 11,757 | 0 |
Cash paid for interest | $ 67 | $ 72 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business Alpine Immune Sciences, Inc. (the “Company”, “Alpine”, “we”, “us”, or “our”), together with its consolidated subsidiaries, is a clinical-stage immunotherapy company committed to leading a new wave of immune therapeutics, creating potentially powerful multifunctional immunotherapies to improve patients’ lives via unique protein engineering technologies. Alpine has two lead programs. The first, ALPN-101 for autoimmune/inflammatory diseases, is a dual selective T-cell costimulation blocker engineered to reduce pathogenic T and B cell immune responses by blocking ICOS and CD28. ALPN-101 is currently enrolling a phase I healthy volunteer trial. The second, ALPN-202 for cancer, is a conditional CD28 costimulator and dual checkpoint inhibitor. Our proprietary scientific platform uses a process known as directed evolution to convert native immune system proteins from the Immunoglobulin Super Family, or IgSF, into multi-targeted therapeutics potentially capable of modulating the human immune system. We were incorporated under the laws of the State of Delaware and are headquartered in Seattle, Washington. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include accruals for clinical trial activities and other accruals, and the estimated fair value of equity-based awards. We base our estimates and assumptions on historical experience when available and on various factors we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates. The accompanying unaudited condensed consolidated financial statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 and the related interim information contained within the notes to the condensed consolidated financial statements are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited financial statements and in the opinion of management, reflect all normal recurring adjustments necessary for a fair statement of our financial position for the interim periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the years December 31, 2018 and 2017 included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 18, 2019 (“Annual Report”). The results of our operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. Principles of Consolidation Our unaudited condensed consolidated financial statements include the financial position and results of operations of Alpine and our wholly owned operating company and subsidiary, AIS Operating Co., Inc., and Alpine Immune Sciences Australia PTY LTD, respectively. All inter-company balances and transactions have been eliminated in consolidation. Restricted Cash Restricted cash represents cash drawn on lines of credit used to establish collateral to support the security deposit on our leases to rent office and laboratory space in Seattle, Washington. Short-Term Investments Our short-term investments include funds invested in highly liquid money market funds, U.S. Treasury securities, commercial paper, and corporate debt securities with a final maturity of each security of less than one year . All investments are classified as available-for-sale securities and are recorded at fair value based on quoted prices in active markets, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized as interest income using the interest method over the terms of the securities. Realized gains and losses and declines in fair value deemed to be other than temporary are reflected in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) using the specific-identification method. Leases (effective January 1, 2019) We account for our leases under Accounting Standards Codification (“ASC”) 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the condensed consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or our incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results is front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. In calculating the right-of-use asset and lease liability, we elected to combine lease and non-lease components. We exclude short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election, and recognize rent expense on a straight-line basis over the lease term. We continue to account for leases in the prior period financial statements under ASC Topic 840. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our steps for recognizing revenue consist of; (1) identifying the contract, (2) identifying the performance obligations as either distinct or bundled goods and services, (3) determining the transaction price associated with each performance obligation for which we expect to be entitled in exchange for transferring such goods and services, (4) allocating the transaction price to the performance obligations in the contract and (5) recognizing revenue upon satisfaction of performance obligations. Our collaboration agreements principally contain multiple performance obligations, which may include (1) grants of, or options to obtain, intellectual property licenses; (2) research and development services; and/or (3) manufacturing or supply services. Payments typically received under these arrangements include one or more of the following: non-refundable upfront license fees, option exercise fees, payment for research and/or development efforts, amounts due upon the achievement of specified objectives, and/or royalties on future product sales. Our revenue is primarily derived from our collaboration agreements with Adaptimmune Therapeutics plc (“Adaptimmune”) and Kite Pharma, a Gilead company (“Kite”). See further discussion of our collaboration agreements in Note 9 . We allocate revenue to each performance obligation based on its relative stand-alone selling price. We generally determine stand-alone selling prices at the inception of the contract based on our best estimate of what the selling price would be if the deliverable was regularly sold by us on a stand-alone basis. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the accompanying Condensed Consolidated Balance Sheets and recognized as revenue when the related revenue recognition criteria are met. We recognize revenue under our collaboration agreements based on employee hours contributed to each performance obligation. Our collaboration agreements provide for non-refundable milestone payments. We recognize revenue that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is considered substantive when the consideration payable to us for such milestone (1) is consistent with our performance necessary to achieve the milestone or the increase in value to the collaboration resulting from our performance; (2) relates solely to our past performance; and (3) is reasonable relative to all of the other deliverables and payments within the arrangement. In making this assessment, we consider all facts and circumstances relevant to the arrangement, including factors such as the scientific, regulatory, commercial, and other risks that must be overcome to achieve the milestone, the level of effort and investment required to achieve the milestone and whether any portion of the milestone consideration is related to future performance or deliverables. We review the contributed employee hours for each performance obligation under our collaboration agreements, and adjust the revenue recognized to reflect changes in assumptions relating to the estimated satisfaction of the performance obligation. We could accelerate revenue recognition in the event of early termination of programs or if our expectations change. Alternatively, we could decelerate revenue recognition if programs are extended or delayed. While such changes to our estimates have no impact on our reported cash flows, the timing of revenue recorded in future periods could be materially impacted. Revenue from Asset Purchase Agreement In June 2018, we entered into an Asset Purchase Agreement (“Purchase Agreement”) with Laurel Venture Capital Ltd. (“Laurel”) and completed the sale of global rights to the indefinite-life GSNOR inhibitor in-process research and development asset acquired as part of the merger with Nivalis in 2017. As consideration under the Purchase Agreement, we received a non-refundable closing payment of $250,000 , which was accounted for as a purchase of our intangible asset. Upon the sale of the GSNOR assets, we derecognized the full carrying value of the intangible asset on our accompanying Condensed Consolidated Balance Sheets and recognized a loss on the sale of the intangible asset of $1.2 million on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) . In June 2019, we recognized as revenue an additional milestone payment of $425,000 , related to the asset purchase. Foreign Currency Translation Our functional currency is the U.S. dollar. All assets and liabilities of our subsidiaries are translated using period-end exchange rates and revenues and expenses are translated at average exchange rates for the year. Translation adjustments are included as components of comprehensive gain (loss) in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) . Recently Issued Accounting Pronouncements In November 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-18, Collaborative Arrangements: Clarifying the Interaction between Topic 808 and Topic 606. This ASU clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. We are currently evaluating the effect, if any, that ASU 2018-18 will have on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any eliminated or modified disclosures. We are evaluating the effect of adopting this new accounting guidance to determine the impact it may have on our financial statements. Recently Adopted Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date. Upon transition, nonemployee awards will be required to be measured at fair value as of the adoption date with a cumulative-effect adjustment recognized in retained earnings as of the beginning of the annual period of adoption. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. We adopted this standard on January 1, 2019 and it did not have a material impact on our financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to separate the lease components from the non-lease components in a contract and recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. It also aligns lease accounting for lessors with the revenue recognition guidance in ASU 2014-09. We adopted this ASU effective January 1, 2019 using the additional (optional) approach by recording an operating lease right-of-use asset of $797,000 , a corresponding operating lease liability of $883,000 , and reducing our deferred rent balance by $86,000 to $0 on our accompanying Condensed Consolidated Balance Sheets |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. The net loss per share for the three and six months ended June 30, 2019 reflects 4,706,700 shares of our common stock issued pursuant to a private placement financing completed in January 2019. The significant number of shares issued has affected the year-over-year comparability of our net loss per share calculations. The common stock issuable upon the conversion or exercise of the following dilutive securities has been excluded from the diluted net loss per share calculation because their effect would have been anti-dilutive: June 30, 2019 2018 (unaudited) Warrants to purchase common stock 1,859,733 24,123 Options to purchase common stock 3,266,572 1,990,793 Total 5,126,305 2,014,916 |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 6 Months Ended |
Jun. 30, 2019 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Cash Equivalents and Short-term Investments | Cash Equivalents and Short-Term Investments The amortized cost and fair value of our cash equivalents and short-term investments are as follows (in thousands): June 30, 2019 Assets: (unaudited) Amortized Cost Gross unrealized gains Gross unrealized losses Fair market value Money market funds $ 8,481 $ — $ — $ 8,481 U.S. treasury bills 11,509 6 — 11,515 Corporate debt securities and commercial paper 31,912 13 — 31,925 Total $ 51,902 $ 19 $ — $ 51,921 December 31, 2018 Assets: Amortized Cost Gross unrealized gains Gross unrealized losses Fair market value Money market funds $ 6,405 $ — $ — $ 6,405 U.S. treasury bills 13,966 — (2 ) 13,964 Corporate debt securities and commercial paper 31,331 — (11 ) 31,320 Total $ 51,702 $ — $ (13 ) $ 51,689 All short-term investments held as of June 30, 2019 and December 31, 2018 were classified as available-for-sale securities and had contractual maturities of less than one year. There were no |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Cash and cash equivalents, receivables, accounts payable and accrued liabilities, which are recorded at invoiced amount or cost, approximate fair value based on the short-term nature of these financial instruments. Fair value is defined as the exchange price received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, is as follows: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 : Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities. As of June 30, 2019 , and December 31, 2018 , cash of $3.6 million and $614,000 , respectively, is excluded from the following fair value table below. The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2019 (unaudited) Assets: Level 1 Level 2 Level 3 Total Money market funds $ 8,481 $ — $ — $ 8,481 U.S. treasury bills 11,515 — — 11,515 Corporate debt securities and commercial paper — 31,925 — 31,925 Total $ 19,996 $ 31,925 $ — $ 51,921 December 31, 2018 Assets: Level 1 Level 2 Level 3 Total Money market funds $ 6,405 $ — $ — $ 6,405 U.S. treasury bills 13,964 — — 13,964 Corporate debt securities and commercial paper — 31,320 — 31,320 Total $ 20,369 $ 31,320 $ — $ 51,689 Our Level 2 assets consist of commercial paper and corporate debt securities. We review trading activity and pricing for our available-for-sale securities as of the measurement date. When sufficient quoted pricing for identical securities is not available, we use market pricing and other observable market inputs for similar securities obtained from various third-party data providers. These inputs either represent quoted prices for similar assets in active markets or have been derived from observable market data. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 (unaudited) Research and development services $ 3,386 $ 2,457 Employee compensation 1,026 1,009 Legal and professional fees 113 646 Accrued other 993 251 Total $ 5,518 $ 4,363 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Instruments [Abstract] | |
Long-term Debt | Long-term Debt We maintain a long-term financing arrangement with Silicon Valley Bank. On June 30, 2017, we drew down a term loan of $5.0 million . The loan had an interest-only period that expired on July 1, 2018 , at which point we became obligated to make thirty consecutive equal monthly payments of principal (each in an amount that will fully amortize the loan), plus accrued interest. Interest accrues at a floating per annum rate equal to the lender’s prime rate minus 1.75% . As a condition to the loan, we agreed to pay a final payment fee of 7.5% , or $375,000 , upon repayment of the loan. The final payment fee was recorded in long-term debt with an offsetting reduction in long-term debt and was accounted for as a debt discount. Pursuant to the loan agreement we have pledged substantially all of our assets, excluding intellectual property, as collateral. The obligations under the loan agreement are subject to acceleration upon the occurrence of specified events of default, including a material adverse change in our business, operations, financial, or other condition. We assessed the likelihood of the lender accelerating payment of the loan due to a material adverse change in our business, operations, financial, or other condition as remote. As such, as of June 30, 2019 , the classification of the loan is split between current and noncurrent based on the timing of payment obligations. The term loan agreement contains customary conditions to borrowings, events of default and negative covenants, including covenants that could limit our ability to, among other things, incur additional indebtedness, liens or other encumbrances; make dividends or other distributions; buy, sell or transfer assets; engage in any new line of business; and enter into certain transactions with affiliates. We were in compliance with our covenants as of June 30, 2019 . Also, in connection with the drawdown of the loan, we granted Silicon Valley Bank 7,069 Series A -1 Preferred Stock warrants at an exercise price of $12.38 per share. The fair value of the warrants on the date of issuance was $53,000 , determined using the Black-Scholes option-pricing model, and was recorded as a discount to the note and as a warrant liability. In connection with the merger and conversion of all outstanding Series A-1 preferred stock, the warrants became exercisable for 7,069 fully vested shares of our common stock. As a result of the change in the underlying shares, the warrants were equity-classified beginning on July 24, 2017 . The debt discount is being amortized to interest expense using the effective interest method over the repayment term of the initial loan amount. Non-cash interest expense associated with the amortization of the discount was $31,000 and $44,000 for the three months ended June 30, 2019 and 2018 , respectively, and $67,000 and $88,000 for the six months ended June 30, 2019 and 2018 , respectively. The unamortized discount was $105,000 as of June 30, 2019 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases We lease office and laboratory space in Seattle, Washington, under an agreement classified as an operating lease that expires on December 31, 2019. This lease has two 12 -month renewal options, which we did not include in the lease term when calculating our right-of-use asset and lease liability, as we are not reasonably certain to renew. This lease does not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Variable expenses generally represent our share of the landlord’s operating expenses. We do not act as a lessor or have any leases classified as financing leases. In May 2017, as required by the terms of the lease, we entered into a line of credit to establish collateral to support the security deposit in an amount of $132,000 . This is recorded as restricted cash in the accompanying Condensed Consolidated Balance Sheets . In March 2019, we entered into a lease with ARE-Seattle No. 28, LLC (the “Landlord”) for 27,164 square feet of office and laboratory space located at 188 East Blaine Street, Seattle, Washington. The term of the lease is 10.8 years with one option to extend the term by 5 years . The lease term commenced in June 2019. The “Rent Commencement Date” will be nine months after the commencement date. The annual base rent under the lease is $1.7 million for the first year and will increase by 3.0% each year thereafter. We are not required to pay base rent from the Rent Commencement Date through the last day of the ninth month following the Rent Commencement Date. We will receive a maximum tenant improvement allowance of $5.4 million , which is included in our base rent, and a maximum additional tenant improvement allowance of $1.8 million , which will result in additional rent amortized over the term of the lease at an annual rate of 8.0% . The lease also requires us to pay additional amounts for operating and maintenance expenses. In March 2019, in connection with the lease, we provided a $254,000 letter of credit as a security deposit, which is recorded as restricted cash in our accompanying Condensed Consolidated Balance Sheets . At June 30, 2019 , our operating lease right-of-use assets and operating lease liability associated with these leases were $11.3 million and $11.4 million , respectively, which are included in the accompanying Condensed Consolidated Balance Sheets . The components of our lease expense were as follows (in thousands): Three Months Ended Six Months Ended (unaudited) Lease cost: Operating lease cost $ 365 $ 572 Variable lease cost 80 171 Total lease cost $ 445 $ 743 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 452 Right-of-use assets exchanged for new operating lease liabilities $ 11,757 Weighted-average remaining lease term (in years), operating leases 10.3 Weighted-average discount rate, operating leases 10.5 % Maturities of our operating leases as of June 30, 2019 are as follows (in thousands): 2019 (remaining six months) $ 460 2020 228 2021 1,976 2022 2,027 2023 2,079 Thereafter 14,078 Total 20,848 Less: imputed interest (9,477 ) Operating lease liabilities included in the Consolidated Balance Sheets at June 30, 2019 $ 11,371 Rent expense, which is recorded on a straight-line basis, was $206,000 and $398,000 for the three and six months ended June 30, 2018 |
License and Collaboration Agree
License and Collaboration Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
License and Collaboration Agreements | License and Collaboration Agreements Adaptimmune In May 2019, we entered into a collaboration and licensing agreement with Adaptimmune (the “Adaptimmune Collaboration Agreement”) to develop next-generation SPEAR T-cell products. Under the Adaptimmune Collaboration Agreement, we are to perform certain research services and grant Adaptimmune an exclusive license to programs from our secreted immunomodulatory protein (“SIP”) and transmembrane immunomodulatory protein (“TIP”) technologies, in order to further enhance Adaptimmune’s efforts to design and develop next-generation SPEAR T-cell therapies. In June 2019, under the terms of the Adaptimmune Collaboration Agreement, we received an upfront license payment of $2.0 million and an additional $250,000 in research support payments to fund ongoing programs. These payments were recorded as deferred revenue and will be recognized to revenue based on employee hours contributed to each performance obligation. We recorded revenue of $142,000 for the three months ended June 30, 2019 . In addition, we are eligible for additional research support payments, one-time payments and downstream development and commercialization milestones of up to $288.0 million , if all pre-specified milestones for each program are achieved. We are also eligible to receive low-single digit royalties on worldwide net sales of the applicable products. Kite In October 2015, we entered into a collaboration and licensing agreement (the “Kite Collaboration Agreement”) with Kite to discover and develop protein-based immunotherapies targeting the immune synapse to treat cancer. In May 2019, Kite provided us notice of termination of the Kite Collaboration Agreement following the expiration of the research term. Upon termination, the confidentiality and indemnity obligations of the parties survived and the licenses granted to Kite under the Kite Collaboration Agreement were terminated. Pursuant to the terms of the Kite Collaboration Agreement, the termination was effective in June 2019, thirty days after the effectiveness of Kite’s notice. Under the terms of the Kite Collaboration Agreement, in 2015, Kite made upfront payments to us of $5.5 million , which were initially recorded as deferred revenue. Under the Kite Collaboration Agreement, we recorded revenue of $0 and $390,000 for the three months ended June 30, 2019 and 2018 , respectively, and $0 and $630,000 for the six months ended June 30, 2019 and 2018 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Securities Offerings In January 2019, we entered into a securities purchase agreement (the “Purchase Agreement”) with a limited number of accredited investors, pursuant to which we sold 4,706,700 units (the “Units”) for an aggregate purchase price of $25.3 million in a private placement (the “Private Placement”). Each Unit has a purchase price of $5.37 and consists of one share of our common stock and a warrant to purchase 0.39 shares of common stock. Pursuant to the terms of the Purchase Agreement, we issued 4,706,700 shares of common stock and warrants to purchase an aggregate of 1,835,610 shares of common stock. The warrants have an exercise price of $12.74 and have a term of five years . The issuance of the securities sold in the Private Placement was not registered under the Securities Act of 1933, as amended, or state securities laws and such securities could not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. In March 2019, we filed a registration statement with the SEC covering the resale of the shares of common stock issuable in connection with the Private Placement and upon exercise of the warrants, which registration was declared effective by the SEC on April 4, 2019. We have incurred legal, accounting and other direct costs related to our efforts to raise capital. These costs have been capitalized as deferred offering costs and are included within prepaid expenses and other current assets in our accompanying Condensed Consolidated Balance Sheets . These were deferred until completion of the Private Placement, at which time $1.7 million were reclassified to additional paid-in capital as a reduction of the proceeds. As of June 30, 2019 , no sales under our Equity Distribution Agreement (as defined below) have occurred. In June 2018, we entered into an equity distribution agreement, (“Equity Distribution Agreement”), with Piper Jaffray & Co., (“Piper Jaffray”), pursuant to which we may sell shares of our common stock through an “at the market” equity offering program for up to $50.0 million , in gross cash proceeds. Piper Jaffray will be entitled to compensation for its services of up to 3.0% of the gross sales price per share of all shares sold through Piper Jaffray under the Equity Distribution Agreement. The Equity Distribution Agreement may be terminated by us upon written notice to Piper Jaffray for any reason or by Piper Jaffray upon written notice to us for any reason or at any time under certain circumstances, including but not limited to if we experience a material adverse change. Under the Equity Distribution Agreement, we will set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitation on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. We have no obligation to sell any shares under the Equity Distribution Agreement, and may at any time suspend solicitation and offers under the Equity Distribution Agreement. In July 2019, our Registration Statement on Form S-3 (File No. 333-212404) expired pursuant to Rule 415(a)(5) under the Securities Act of 1933, as amended. We will be unable to sell shares under the Equity Distribution Agreement until a new Registration Statement on Form S-3 is filed and declared effective by the SEC and a prospectus supplement relating to any sales under the Equity Distribution Agreement is filed with the SEC. Stock-Based Compensation Expense We use the Black-Scholes option pricing model to estimate the fair value of stock options granted at the grant date. We recognize the fair value of stock-based compensation as compensation expense over the requisite service period, which is the vesting period. Stock-based compensation and warrant expense is classified in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 (unaudited) Employee: Research and development $ 422 $ 205 $ 762 $ 402 General and administrative 248 247 631 555 Non-Employee: Research and development 11 7 40 8 General and administrative 1 64 3 69 Total stock-based compensation expense $ 682 $ 523 $ 1,436 $ 1,034 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to income taxes in the United States and Australia and our effective tax rate is calculated quarterly based upon current assumptions relating to the full year’s estimated operating results and various tax-related items. Each quarter an estimate of the annual effective tax rate is updated should we revise our forecast of earnings based upon our operating results. If there is a change in the estimated effective annual tax rate, a cumulative adjustment is made. Our effective tax rate for the three and six -month periods ended June 30, 2019 and 2018 was 0.0% and 0.98% , respectively. The difference between the effective tax rate of 0.00% and the U.S. federal statutory rate of 21% for the three and six -month periods ended June 30, 2019 was primarily due to recognizing a full valuation allowance on deferred tax assets. The difference between the effective tax rate of 0.98% and the U.S. federal statutory rate of 21% for the three and six -month periods ended June 30, 2018 was primarily due to recognizing a full valuation allowance on deferred tax assets, and the estimated annual benefit of the removal of the deferred tax liability of $305,000 recorded as a result of a previously acquired in-process research and development intangible asset. As of June 30, 2019 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include accruals for clinical trial activities and other accruals, and the estimated fair value of equity-based awards. We base our estimates and assumptions on historical experience when available and on various factors we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates. The accompanying unaudited condensed consolidated financial statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 and the related interim information contained within the notes to the condensed consolidated financial statements are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited financial statements and in the opinion of management, reflect all normal recurring adjustments necessary for a fair statement of our financial position for the interim periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the years December 31, 2018 and 2017 included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 18, 2019 (“Annual Report”). The results of our operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. |
Principles of Consolidation | Principles of Consolidation Our unaudited condensed consolidated financial statements include the financial position and results of operations of Alpine and our wholly owned operating company and subsidiary, AIS Operating Co., Inc., and Alpine Immune Sciences Australia PTY LTD, respectively. All inter-company balances and transactions have been eliminated in consolidation. |
Restricted Cash | Restricted Cash Restricted cash represents cash drawn on lines of credit used to establish collateral to support the security deposit on our leases to rent office and laboratory space in Seattle, Washington. |
Short-Term Investments | Short-Term Investments Our short-term investments include funds invested in highly liquid money market funds, U.S. Treasury securities, commercial paper, and corporate debt securities with a final maturity of each security of less than one year . All investments are classified as available-for-sale securities and are recorded at fair value based on quoted prices in active markets, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized as interest income using the interest method over the terms of the securities. Realized gains and losses and declines in fair value deemed to be other than temporary are reflected in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) using the specific-identification method. |
Lessees | Leases (effective January 1, 2019) We account for our leases under Accounting Standards Codification (“ASC”) 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the condensed consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or our incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results is front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. In calculating the right-of-use asset and lease liability, we elected to combine lease and non-lease components. We exclude short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election, and recognize rent expense on a straight-line basis over the lease term. We continue to account for leases in the prior period financial statements under ASC Topic 840. |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our steps for recognizing revenue consist of; (1) identifying the contract, (2) identifying the performance obligations as either distinct or bundled goods and services, (3) determining the transaction price associated with each performance obligation for which we expect to be entitled in exchange for transferring such goods and services, (4) allocating the transaction price to the performance obligations in the contract and (5) recognizing revenue upon satisfaction of performance obligations. Our collaboration agreements principally contain multiple performance obligations, which may include (1) grants of, or options to obtain, intellectual property licenses; (2) research and development services; and/or (3) manufacturing or supply services. Payments typically received under these arrangements include one or more of the following: non-refundable upfront license fees, option exercise fees, payment for research and/or development efforts, amounts due upon the achievement of specified objectives, and/or royalties on future product sales. Our revenue is primarily derived from our collaboration agreements with Adaptimmune Therapeutics plc (“Adaptimmune”) and Kite Pharma, a Gilead company (“Kite”). See further discussion of our collaboration agreements in Note 9 . We allocate revenue to each performance obligation based on its relative stand-alone selling price. We generally determine stand-alone selling prices at the inception of the contract based on our best estimate of what the selling price would be if the deliverable was regularly sold by us on a stand-alone basis. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the accompanying Condensed Consolidated Balance Sheets and recognized as revenue when the related revenue recognition criteria are met. We recognize revenue under our collaboration agreements based on employee hours contributed to each performance obligation. Our collaboration agreements provide for non-refundable milestone payments. We recognize revenue that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is considered substantive when the consideration payable to us for such milestone (1) is consistent with our performance necessary to achieve the milestone or the increase in value to the collaboration resulting from our performance; (2) relates solely to our past performance; and (3) is reasonable relative to all of the other deliverables and payments within the arrangement. In making this assessment, we consider all facts and circumstances relevant to the arrangement, including factors such as the scientific, regulatory, commercial, and other risks that must be overcome to achieve the milestone, the level of effort and investment required to achieve the milestone and whether any portion of the milestone consideration is related to future performance or deliverables. |
Revenue from Asset Purchase Agreement | Revenue from Asset Purchase Agreement In June 2018, we entered into an Asset Purchase Agreement (“Purchase Agreement”) with Laurel Venture Capital Ltd. (“Laurel”) and completed the sale of global rights to the indefinite-life GSNOR inhibitor in-process research and development asset acquired as part of the merger with Nivalis in 2017. As consideration under the Purchase Agreement, we received a non-refundable closing payment of $250,000 , which was accounted for as a purchase of our intangible asset. Upon the sale of the GSNOR assets, we derecognized the full carrying value of the intangible asset on our accompanying Condensed Consolidated Balance Sheets and recognized a loss on the sale of the intangible asset of $1.2 million on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) . In June 2019, we recognized as revenue an additional milestone payment of $425,000 , related to the asset purchase. |
Foreign Currency Translation | Foreign Currency Translation Our functional currency is the U.S. dollar. All assets and liabilities of our subsidiaries are translated using period-end exchange rates and revenues and expenses are translated at average exchange rates for the year. Translation adjustments are included as components of comprehensive gain (loss) in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) . |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-18, Collaborative Arrangements: Clarifying the Interaction between Topic 808 and Topic 606. This ASU clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. We are currently evaluating the effect, if any, that ASU 2018-18 will have on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any eliminated or modified disclosures. We are evaluating the effect of adopting this new accounting guidance to determine the impact it may have on our financial statements. Recently Adopted Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date. Upon transition, nonemployee awards will be required to be measured at fair value as of the adoption date with a cumulative-effect adjustment recognized in retained earnings as of the beginning of the annual period of adoption. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. We adopted this standard on January 1, 2019 and it did not have a material impact on our financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to separate the lease components from the non-lease components in a contract and recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. It also aligns lease accounting for lessors with the revenue recognition guidance in ASU 2014-09. We adopted this ASU effective January 1, 2019 using the additional (optional) approach by recording an operating lease right-of-use asset of $797,000 , a corresponding operating lease liability of $883,000 , and reducing our deferred rent balance by $86,000 to $0 on our accompanying Condensed Consolidated Balance Sheets |
Net Loss Per Share | Net Loss Per ShareBasic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. |
Fair Value Measurements | Fair Value Measurements Cash and cash equivalents, receivables, accounts payable and accrued liabilities, which are recorded at invoiced amount or cost, approximate fair value based on the short-term nature of these financial instruments. Fair value is defined as the exchange price received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, is as follows: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 : Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities. |
Share-Based Compensation Expense | Stock-Based Compensation Expense |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Diluted Net Loss Per Share Attributable to Common Stockholders | The common stock issuable upon the conversion or exercise of the following dilutive securities has been excluded from the diluted net loss per share calculation because their effect would have been anti-dilutive: June 30, 2019 2018 (unaudited) Warrants to purchase common stock 1,859,733 24,123 Options to purchase common stock 3,266,572 1,990,793 Total 5,126,305 2,014,916 |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Summary of Amortized Cost and Fair Value of Cash Equivalents and Short Term Investments | The amortized cost and fair value of our cash equivalents and short-term investments are as follows (in thousands): June 30, 2019 Assets: (unaudited) Amortized Cost Gross unrealized gains Gross unrealized losses Fair market value Money market funds $ 8,481 $ — $ — $ 8,481 U.S. treasury bills 11,509 6 — 11,515 Corporate debt securities and commercial paper 31,912 13 — 31,925 Total $ 51,902 $ 19 $ — $ 51,921 December 31, 2018 Assets: Amortized Cost Gross unrealized gains Gross unrealized losses Fair market value Money market funds $ 6,405 $ — $ — $ 6,405 U.S. treasury bills 13,966 — (2 ) 13,964 Corporate debt securities and commercial paper 31,331 — (11 ) 31,320 Total $ 51,702 $ — $ (13 ) $ 51,689 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2019 (unaudited) Assets: Level 1 Level 2 Level 3 Total Money market funds $ 8,481 $ — $ — $ 8,481 U.S. treasury bills 11,515 — — 11,515 Corporate debt securities and commercial paper — 31,925 — 31,925 Total $ 19,996 $ 31,925 $ — $ 51,921 December 31, 2018 Assets: Level 1 Level 2 Level 3 Total Money market funds $ 6,405 $ — $ — $ 6,405 U.S. treasury bills 13,964 — — 13,964 Corporate debt securities and commercial paper — 31,320 — 31,320 Total $ 20,369 $ 31,320 $ — $ 51,689 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 (unaudited) Research and development services $ 3,386 $ 2,457 Employee compensation 1,026 1,009 Legal and professional fees 113 646 Accrued other 993 251 Total $ 5,518 $ 4,363 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Components of Lease Cost | The components of our lease expense were as follows (in thousands): Three Months Ended Six Months Ended (unaudited) Lease cost: Operating lease cost $ 365 $ 572 Variable lease cost 80 171 Total lease cost $ 445 $ 743 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 452 Right-of-use assets exchanged for new operating lease liabilities $ 11,757 Weighted-average remaining lease term (in years), operating leases 10.3 Weighted-average discount rate, operating leases 10.5 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of our operating leases as of June 30, 2019 are as follows (in thousands): 2019 (remaining six months) $ 460 2020 228 2021 1,976 2022 2,027 2023 2,079 Thereafter 14,078 Total 20,848 Less: imputed interest (9,477 ) Operating lease liabilities included in the Consolidated Balance Sheets at June 30, 2019 $ 11,371 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock-based Compensation Expense | Stock-based compensation and warrant expense is classified in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 (unaudited) Employee: Research and development $ 422 $ 205 $ 762 $ 402 General and administrative 248 247 631 555 Non-Employee: Research and development 11 7 40 8 General and administrative 1 64 3 69 Total stock-based compensation expense $ 682 $ 523 $ 1,436 $ 1,034 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies | ||||||||
Loss on sale of intangible asset | $ 0 | $ 1,203,000 | $ 0 | $ 1,203,000 | ||||
Proceeds from sale of intangible asset | 0 | $ 250,000 | ||||||
Right-of-use asset | $ 11,303,000 | 11,303,000 | 11,303,000 | $ 0 | ||||
Operating lease liabilities | 11,371,000 | 11,371,000 | $ 11,371,000 | |||||
Maximum | ||||||||
Significant Accounting Policies | ||||||||
Available for sale securities, contractual maturity period (less than) | 1 year | |||||||
Accounting Standards Update 2016-02 | ||||||||
Significant Accounting Policies | ||||||||
Right-of-use asset | $ 797,000 | |||||||
Operating lease liabilities | 883,000 | |||||||
Deferred rent | 0 | $ 0 | $ 0 | $ 86,000 | ||||
Laurel Venture Capital Ltd | GSNOR | ||||||||
Significant Accounting Policies | ||||||||
Loss on sale of intangible asset | $ 1,200,000 | |||||||
Milestone payment | $ 425,000 | |||||||
Proceeds from sale of intangible asset | $ 250,000 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares | 1 Months Ended | 3 Months Ended |
Jan. 31, 2019 | Mar. 31, 2019 | |
Earnings Per Share [Line Items] | ||
Stock issued during period (in shares) | 4,706,700 | |
Common Stock | ||
Earnings Per Share [Line Items] | ||
Stock issued during period (in shares) | 4,706,700 | 4,706,700 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Anti-dilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,126,305 | 2,014,916 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,859,733 | 24,123 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,266,572 | 1,990,793 |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments - Summary of Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 51,902 | $ 51,702 |
Gross unrealized gains | 19 | 0 |
Gross unrealized losses | 0 | (13) |
Fair market value | 51,921 | 51,689 |
Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,481 | 6,405 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair market value | 8,481 | 6,405 |
U.S. treasury bills | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11,509 | 13,966 |
Gross unrealized gains | 6 | 0 |
Gross unrealized losses | 0 | (2) |
Fair market value | 11,515 | 13,964 |
Corporate debt securities and commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,912 | 31,331 |
Gross unrealized gains | 13 | 0 |
Gross unrealized losses | 0 | (11) |
Fair market value | $ 31,925 | $ 31,320 |
Cash Equivalents and Short-Te_4
Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||
Realized gains (losses) on securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Cash | $ 3,600 | $ 614 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | $ 51,921 | $ 51,689 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 19,996 | 20,369 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 31,925 | 31,320 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 0 | 0 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 8,481 | 6,405 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 8,481 | 6,405 |
Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 0 | 0 |
Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 0 | 0 |
U.S. treasury bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 11,515 | 13,964 |
U.S. treasury bills | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 11,515 | 13,964 |
U.S. treasury bills | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 0 | 0 |
U.S. treasury bills | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 0 | 0 |
Corporate debt securities and commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 31,925 | 31,320 |
Corporate debt securities and commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 0 | 0 |
Corporate debt securities and commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | 31,925 | 31,320 |
Corporate debt securities and commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value assets disclosure | $ 0 | $ 0 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Research and development services | $ 3,386 | $ 2,457 |
Employee compensation | 1,026 | 1,009 |
Legal and professional fees | 113 | 646 |
Accrued other | 993 | 251 |
Total | $ 5,518 | $ 4,363 |
Long-term Debt (Details)
Long-term Debt (Details) $ / shares in Units, $ in Thousands | Jun. 30, 2017USD ($)installment$ / sharesshares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jan. 31, 2019$ / sharesshares | Jul. 24, 2017shares |
Debt Instrument [Line Items] | |||||||
Warrants exercisable for shares of common stock (in shares) | shares | 1,835,610 | ||||||
Warrants issued, exercise price (in dollars per share) | $ / shares | $ 12.74 | ||||||
Amortization of debt discount | $ 31 | $ 44 | $ 67 | $ 88 | |||
Unamortized debt discount | $ 105 | $ 105 | |||||
Series A-1 Preferred Stock Warrants | |||||||
Debt Instrument [Line Items] | |||||||
Warrants exercisable for shares of common stock (in shares) | shares | 7,069 | ||||||
Warrants issued, exercise price (in dollars per share) | $ / shares | $ 12.38 | ||||||
Fair value of warrant liability | $ 53 | ||||||
Common Stock Warrant | Common Stock | |||||||
Debt Instrument [Line Items] | |||||||
Warrants exercisable for shares of common stock (in shares) | shares | 7,069 | ||||||
Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from long term debt | $ 5,000 | ||||||
Number of equal monthly payment | installment | 30 | ||||||
Long-term debt final payment fee percentage | 7.50% | ||||||
Long-term debt final payment fee | $ 375 | ||||||
Term Loan | Prime Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument variable interest rate | 1.75% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019USD ($)ft²term | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)option | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | May 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||||||
Renewal option | option | 2 | |||||
Renewal term | 12 months | |||||
Security deposit | $ 132,000 | |||||
Right-of-use asset | $ 11,303,000 | $ 0 | ||||
Operating lease liabilities | $ 11,371,000 | |||||
Rent expense | $ 206,000 | $ 398,000 | ||||
ARE | ||||||
Loss Contingencies [Line Items] | ||||||
Renewal term | 5 years | |||||
Security deposit | $ 254,000 | |||||
Area of office and laboratory space under lease (in sqft) | ft² | 27,164 | |||||
Term of contract | 10 years 9 months 18 days | |||||
Number of renewal options | term | 1 | |||||
Rent expense due in first year | $ 1,700,000 | |||||
Percentage increase in lease each year | 3.00% | |||||
Tenant allowance to be received | $ 5,400,000 | |||||
Additional tenant allowance to be received | $ 1,800,000 | |||||
Additional maximum tenant improvement Allowance amortization rate | 8.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Components of Lease Cost (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lease cost | ||
Operating lease cost | $ 365 | $ 572 |
Variable lease cost | 80 | 171 |
Total lease cost | $ 445 | 743 |
Other information: | ||
Cash paid for amounts included in the measurement of lease liabilities | 452 | |
Right-of-use assets exchanged for new operating lease liabilities | $ 11,757 | |
Weighted-average remaining lease term (in years), operating leases | 10 years 3 months 18 days | 10 years 3 months 18 days |
Weighted-average discount rate, operating leases | 10.50% | 10.50% |
Commitments and Contingencies_3
Commitments and Contingencies - Operating Lease Maturities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 (remaining six months) | $ 460 |
2020 | 228 |
2021 | 1,976 |
2022 | 2,027 |
2023 | 2,079 |
Thereafter | 14,078 |
Total | 20,848 |
Less: imputed interest | (9,477) |
Operating lease liabilities included in the Consolidated Balance Sheets at June 30, 2019 | $ 11,371 |
License and Collaboration Agr_2
License and Collaboration Agreements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Oct. 31, 2015 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue | $ 567,000 | $ 390,000 | $ 567,000 | $ 705,000 | |
Product | Adaptimmune | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue | 142,000 | ||||
Product | Adaptimmune | Maximum | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Potential future milestones receivable (up to) | 288,000,000 | 288,000,000 | |||
Product | Adaptimmune | Upfront License Payment | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Upfront payments | 2,000,000 | 2,000,000 | |||
Product | Adaptimmune | Research Support Payment | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Upfront payments | 250,000 | 250,000 | |||
Product | Kite | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Upfront payments | $ 5,500,000 | ||||
Revenue | $ 0 | $ 390,000 | $ 0 | $ 630,000 |
Stockholders_ Equity - Narrati
Stockholders’ Equity - Narrative (Details) | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2019USD ($)common_stock$ / sharesshares | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Proceeds from issuance of private placement | $ 25,300,000 | ||
Purchase agreement aggregate purchase price (in dollars per share) | $ / shares | $ 5.37 | ||
Number of shares of common stock (in shares) | common_stock | 1 | ||
Purchase agreement ratio of common stock to warrants (in shares) | 0.39 | ||
Stock issued during period (in shares) | shares | 4,706,700 | ||
Warrants exercisable for shares of common stock (in shares) | shares | 1,835,610 | ||
Warrants issued, exercise price (in dollars per share) | $ / shares | $ 12.74 | ||
Warrants and rights outstanding, term | 5 years | ||
Amount reclassified to additional paid-in capital as a reduction of proceeds | $ 1,700,000 | ||
Piper Jaffray & Co. | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Maximum amount of common stock eligible to be sold (up to) | $ 50,000,000 | ||
Percentage of compensation for services (up to) | 3.00% |
Stockholders_ Equity - Stock-Ba
Stockholders’ Equity - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Class of Stock [Line Items] | ||||
Total stock-based compensation expense | $ 682 | $ 523 | $ 1,436 | $ 1,034 |
Employee: | Research and development | ||||
Class of Stock [Line Items] | ||||
Total stock-based compensation expense | 422 | 205 | 762 | 402 |
Employee: | General and administrative | ||||
Class of Stock [Line Items] | ||||
Total stock-based compensation expense | 248 | 247 | 631 | 555 |
Non-Employee: | Research and development | ||||
Class of Stock [Line Items] | ||||
Total stock-based compensation expense | 11 | 7 | 40 | 8 |
Non-Employee: | General and administrative | ||||
Class of Stock [Line Items] | ||||
Total stock-based compensation expense | $ 1 | $ 64 | $ 3 | $ 69 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 0.00% | 0.98% |
U.S. federal statutory rate | 21.00% | 21.00% |
Deferred tax liability recorded as in-process research and development | $ 305 |
Uncategorized Items - a10q2019q
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (202,000) |