Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AGLE | |
Entity Registrant Name | Aeglea BioTherapeutics, Inc. | |
Entity Central Index Key | 0001636282 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 28,848,303 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 85,645 | $ 22,461 |
Marketable securities | 38,070 | 52,052 |
Prepaid expenses and other current assets | 3,103 | 2,158 |
Total current assets | 126,818 | 76,671 |
Property and equipment, net | 952 | 1,018 |
Other non-current assets | 749 | 50 |
TOTAL ASSETS | 128,519 | 77,739 |
CURRENT LIABILITIES | ||
Accounts payable | 3,223 | 663 |
Operating lease liabilities | 317 | |
Accrued and other current liabilities | 8,266 | 9,576 |
Total current liabilities | 11,806 | 10,239 |
Non-current operating lease liabilities | 372 | |
Other non-current liabilities | 52 | 72 |
TOTAL LIABILITIES | 12,230 | 10,311 |
Commitments and Contingencies (Note 6 and 10) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2019 and December 31, 2018; no shares issued and outstanding as of March 31, 2019 and December 31, 2018 | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 28,837,352 shares and 24,140,097 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively | 3 | 2 |
Additional paid-in capital | 250,301 | 184,314 |
Accumulated other comprehensive income (loss) | 13 | (27) |
Accumulated deficit | (134,028) | (116,861) |
TOTAL STOCKHOLDERS’ EQUITY | 116,289 | 67,428 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 128,519 | $ 77,739 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 28,837,352 | 24,140,097 |
Common stock, shares outstanding | 28,837,352 | 24,140,097 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Grant | $ 0 | $ 1,510,000 |
Type of revenue [extensible list] | us-gaap:GrantMember | us-gaap:GrantMember |
Operating expenses: | ||
Research and development | $ 14,389,000 | $ 6,870,000 |
General and administrative | 3,268,000 | 2,885,000 |
Total operating expenses | 17,657,000 | 9,755,000 |
Loss from operations | (17,657,000) | (8,245,000) |
Other income (expense): | ||
Interest income | 507,000 | 143,000 |
Other expense, net | (17,000) | (17,000) |
Total other income | 490,000 | 126,000 |
Net loss | $ (17,167,000) | $ (8,119,000) |
Net loss per share, basic and diluted | $ (0.59) | $ (0.49) |
Weighted-average common shares outstanding, basic and diluted | 29,011,737 | 16,672,125 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (17,167) | $ (8,119) |
Other comprehensive income: | ||
Unrealized gain on marketable securities | 40 | 4 |
Total comprehensive loss | $ (17,127) | $ (8,115) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balances at Dec. 31, 2017 | $ 50,337 | $ 2 | $ 122,950 | $ (102) | $ (72,513) |
Balances (in shares) at Dec. 31, 2017 | 16,670,000 | ||||
Issuance of common stock in connection with employee stock purchase plan | 78 | 78 | |||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 31,000 | ||||
Issuance of common stock in connection with exercise of stock options | 785 | 785 | |||
Issuance of common stock in connection with exercise of stock options (in shares) | 109,000 | ||||
Stock-based compensation expense | 835 | 835 | |||
Unrealized gain on marketable securities | 4 | 4 | |||
Net loss | (8,119) | (8,119) | |||
Balances at Mar. 31, 2018 | 43,920 | $ 2 | 124,648 | (98) | (80,632) |
Balances (in shares) at Mar. 31, 2018 | 16,810,000 | ||||
Balances at Dec. 31, 2018 | 67,428 | $ 2 | 184,314 | (27) | (116,861) |
Balances (in shares) at Dec. 31, 2018 | 24,140,000 | ||||
Issuance of common stock in connection with employee stock purchase plan | 143 | 143 | |||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 20,000 | ||||
Issuance of common stock in connection with exercise of stock options | 261 | 261 | |||
Issuance of common stock in connection with exercise of stock options (in shares) | 52,000 | ||||
Issuance of common stock and pre-funded warrants in connection with public offering, net of offering costs | 64,503 | $ 1 | 64,502 | ||
Issuance of common stock and pre-funded warrants in connection with public offering, net of offering costs (in shares) | 4,625,000 | ||||
Stock-based compensation expense | 1,081 | 1,081 | |||
Unrealized gain on marketable securities | 40 | 40 | |||
Net loss | (17,167) | (17,167) | |||
Balances at Mar. 31, 2019 | $ 116,289 | $ 3 | $ 250,301 | $ 13 | $ (134,028) |
Balances (in shares) at Mar. 31, 2019 | 28,837,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (17,167) | $ (8,119) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 100 | 70 |
Purchase net discount on marketable securities | 243 | |
Net accretion of discount on marketable securities | (275) | (14) |
Stock-based compensation | 1,081 | 835 |
Research and development services settled with stock | 30 | |
Other, net | 69 | (11) |
Changes in operating assets and liabilities: | ||
Accounts receivable - grant | (295) | |
Prepaid expenses and other assets | (928) | (102) |
Accounts payable | 2,289 | 396 |
Deferred revenue | (20) | |
Operating lease liabilities | (114) | |
Accrued and other liabilities | (1,105) | (217) |
Net cash used in operating activities | (15,807) | (7,447) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (118) | (83) |
Purchases of marketable securities | (19,750) | |
Proceeds from maturities of marketable securities | 33,804 | 4,785 |
Net cash provided by investing activities | 13,936 | 4,702 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of offering costs | 64,662 | |
Proceeds from employee stock plan purchases and stock option exercises | 399 | 688 |
Principal payments on finance lease obligation | (6) | |
Net cash provided by financing activities | 65,055 | 688 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 63,184 | (2,057) |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 22,461 | 12,817 |
End of period | 85,645 | $ 10,760 |
Supplemental Disclosure of Non-Cash Investing and Financing Information: | ||
Leased assets obtained in exchange for lease obligations | $ 776 |
The Company and Basis of Presen
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company and Basis of Presentation | 1. The Company and Basis of Presentation Aeglea BioTherapeutics, Inc. (“Aeglea” or the “Company”) is clinical-stage biotechnology company that engineers next generation human enzymes to provide solutions for diseases with unmet medical need. The Company was formed as a Limited Liability Company (LLC) in Delaware on December 16, 2013 under the name Aeglea BioTherapeutics Holdings, LLC and was converted from a Delaware LLC to a Delaware corporation on March 10, 2015. The Company operates in one segment and has its principal offices in Austin, Texas. Liquidity As of March 31, 2019, the Company had working capital of $115.0 million, an accumulated deficit of $134.0 million, and cash, cash equivalents, and marketable securities of $123.7 million. The Company has not generated any product revenues and has not achieved profitable operations. There is no assurance that profitable operations will ever be achieved, and, if achieved, could be sustained on a continuing basis. In addition, development activities, clinical and nonclinical testing, and commercialization of the Company’s products will require significant additional financing. The Company is subject to a number of risks similar to other life science companies, including, but not limited to, risks related to the successful discovery and development of product candidates, raising additional capital, development of competing drugs and therapies, protection of proprietary technology and market acceptance of the Company’s products. As a result of these and other factors and the related uncertainties, there can be no assurance of the Company’s future success. Based upon the Company’s current operating plans, the Company believes that it has sufficient resources to fund operations through the first quarter of 2021 with its existing cash, cash equivalents, and marketable securities. The Company will need to secure additional funding in the future, in order to carry out all of its planned research and development activities. If the Company is unable to obtain additional financing or generate license or product revenue, the lack of liquidity could have a material adverse effect on the Company’s future prospects. Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this document are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for a fair statement of the Company’s financial position as of March 31, 2019, and its results of operations for the three months ended March 31, 2019 and 2018, changes in stockholders’ equity for the three months ended March 31, 2019 and 2018, and cash flows for the three months ended March 31, 2019 and 2018. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future annual or interim period. The December 31, 2018 balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”). These financial statements should be read in conjunction with the audited financial statements included in the Company’s Form 10-K for the year ended December 31, 2018 as filed with the SEC. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such management estimates include those related to accruals of research and development related costs, stock-based compensation, and certain company income tax related items. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist of money market funds and debt securities and are stated at fair value. Marketable Securities All investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase. The Company may or may not hold securities with stated maturities greater than one year until maturity. All available-for-sale securities are considered available to support current operations and are classified as current assets. Unrealized gains and losses are excluded from earnings and are reported as a component of accumulated comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific-identification method. There were no realized gains or losses on marketable securities for the three months ended March 31, 2019 and 2018 . Interest on marketable securities is included in interest Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies, highly rated banks, and corporate issuers, subject to certain concentration limits and restrictions on maturities. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit may at times exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and its accounts are monitored by management to mitigate risk. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and bond issuers. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. Repairs and maintenance that do not extend the life or improve an asset are expensed as incurred. Upon retirement or sale, the cost of disposed assets and their related accumulated depreciation and amortization are removed from the balance sheet. Any gain or loss is credited or charged to operations. The useful lives of the property and equipment are as follows: Laboratory equipment 5 years Furniture and office equipment 5 years Computer equipment 3 years Software 3 years Leasehold improvements Shorter of remaining lease term or estimated useful life Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for the three months ended March 31, 2019 and 2018. Accrued Research and Development Costs The Company records the costs associated with research nonclinical studies, clinical trials, and manufacturing development as incurred. These costs are a significant component of the Company’s research and development expenses, with a substantial portion of the Company’s on-going research and development activities conducted by third-party service providers, including contract research and manufacturing organizations. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset which will be amortized as the contracted services are performed. As actual costs become known, the Company adjusts its accruals. Inputs, such as the services performed, the number of patients enrolled, or the study duration, may vary from the Company’s estimates, resulting in adjustments to research and development expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. The Company has not experienced any material deviations between accrued and actual research and development expenses. Leases The Company determines if an arrangement is a lease at inception. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The classification of the Company's leases as operating or finance leases along with the initial measurement and recognition of the associated ROU assets and lease liabilities is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of future lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The ROU asset is based on the measurement of the lease liability and also includes any lease payments made prior to or on lease commencement and excludes lease incentives and initial direct costs incurred, as applicable. The lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. Rent expense for the Company's operating leases is recognized on a straight-line basis over the lease term. Amortization expense for the ROU asset associated with its finance leases is recognized on a straight-line basis over the term of the lease and interest expense associated with its finance leases is recognized on the balance of the lease liability using the effective interest method based on the estimated incremental borrowing rate. The Company has lease agreements with lease and non-lease components. As allowed under Topic 842, the Company has elected to not separate lease and non-lease components for any leases involving real estate and office equipment classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement of Topic 842 to leases with a term of 12 months or less for all classes of assets. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain financial and non-financial assets and liabilities and to determine fair value disclosures. The accounting standards define fair value, establish a framework for measuring fair value, and require disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which the Company would transact are considered along with assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable, that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Observable inputs, such as 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, 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: Valuations based on unobservable inputs to the valuation methodology and including data about assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Financial instruments carried at fair value include cash, cash equivalents, and marketable securities. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Revenue Recognition The Company’s sole source of revenue was grant revenue related to a $19.8 million research grant received from the Cancer Prevention and Research Institute of Texas (“CPRIT”), covering a four-year period from June 1, 2014 through May 31, 2018. Grant revenue was recognized when qualifying costs were incurred and there was reasonable assurance that the conditions of the award had been met for collection. Proceeds received prior to the costs being incurred or the conditions of the award being met were recognized as deferred revenue until the services were performed and the conditions of the award were met (see Note 7). Research and Development Costs Research and development costs are expensed as incurred. Research and development costs include, but are not limited to, salaries, benefits, travel, stock-based compensation, consulting costs, contract research service costs, laboratory supplies and facilities, contract manufacturing costs, and costs paid to other third parties that conduct research and development activities on the Company’s behalf. Amounts incurred in connection with license agreements are also included in research and development expense. Certain research and development costs incurred were settled contractually by the Company issuing a variable number of the Company’s shares determined by dividing the fixed monetary amount of costs incurred by the issuance-date fair value of the issuable shares. The Company recorded research and development expense for these costs and accrued for the fixed monetary amount as an accrued liability as the services were rendered until the amount was settled. The remaining Company obligation to settle these costs with Company shares was converted to a cash-based payment through a contract amendment with the service provider. Advance payments for goods or services to be rendered in the future for use in research and development activities are recorded as a prepaid asset and expensed as the related goods are delivered or the services are performed. Stock-Based Compensation The Company recognizes the cost of stock-based awards granted to employees and non-employees based on the estimated grant-date fair values of the awards. The value of the award is recognized as compensation expense on a straight-line basis over the requisite service period. Forfeitures are recognized when they occur, which may result in the reversal of compensation costs in subsequent periods as the forfeitures arise. Compensation expense for employee and non-employee share-based payment awards with performance conditions is recognized when the performance condition is deemed probable. Income Taxes The Company and its seven wholly-owned subsidiary corporations use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statements and the tax bases of assets and liabilities. Additionally, any changes in income tax laws are immediately recognized in the year of enactment. A valuation allowance is established against the deferred tax assets to reduce their carrying value to an amount that is more likely than not to be realized. The deferred tax assets and liabilities are classified as noncurrent along with the related valuation allowance. Due to a lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on the technical merits, as the largest amount of benefits that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the unrecognized tax benefits as a component of income tax expense. Comprehensive Loss Comprehensive loss is the change in stockholders’ equity from transactions and other events and circumstances other than those resulting from investments by stockholders and distributions to stockholders. The Company’s other comprehensive income is currently comprised of changes in unrealized gains on available-for-sale securities. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and, (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use (ROU) asset. On January 1, 2019, the Company adopted Topic 842 using the modified retrospective approach as of the adoption date in accordance with ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. Results for the three months ended March 31, 2019 are presented under Topic 842. No prior period amounts were adjusted and continue to be reported in accordance with previous lease guidance, ASC Topic 840, Leases. The Company elected all of the available practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2019. The following table summarizes the impact of the adoption of Topic 842 on the accompanying balance sheet as of January 1, 2019 (in thousands): December 31, Effect of the Adoption of January 1, 2018 Topic 842 2019 Other non-current assets (1) $ 50 $ 691 $ 741 Lease Liabilities: Current operating lease liabilities $ — $ 339 $ 339 Non-current operating lease liabilities $ — $ 465 $ 465 Accrued and other current liabilities (2) $ 9,576 $ (41 ) $ 9,535 Other non-current liabilities (3) $ 72 $ (72 ) $ — (1) Operating lease right-of-use assets are classified within other non-current assets. (2) Current deferred rent was classified within accrued and other current liabilities as of December 31, 2018. (3) Non-current deferred rent was classified within other non-current liabilities as of December 31, 2018. The adjustments due to the adoption of Topic 842 related to the recognition of operating lease right-of-use assets and lease liabilities for the existing operating leases. A cumulative-effect adjustment to the beginning accumulated deficit balance was not required. In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables sets forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): March 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 14,613 $ — $ — $ 14,613 Reverse repurchase agreements — 6,250 — 6,250 Commercial paper — 42,931 — 42,931 U.S. government securities — 1,119 — 1,119 Total financial assets $ 14,613 $ 50,300 $ — $ 64,913 December 31, 2018 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 7,180 $ — $ — $ 7,180 Reverse repurchase agreements — 6,250 — 6,250 Commercial paper — 53,916 — 53,916 U.S. government securities — 4,112 — 4,112 Total financial assets $ 7,180 $ 64,278 $ — $ 71,458 The Company measures the fair value of money market funds on quoted prices in active markets for identical asset or liabilities. The Level 2 assets include reverse repurchase agreements, commercial paper, and U.S. government securities and are valued based on quoted prices for similar assets in active markets and inputs other than quoted prices that are derived from observable market data. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1 and Level 2 during the periods presented. |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Cash Equivalents and Marketable Securities | 4. Cash Equivalents and Marketable Securities The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands): March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents Money market funds $ 14,613 $ — $ — $ 14,613 Reverse repurchase agreements 6,250 — — 6,250 Commercial paper 5,980 — — 5,980 Total cash equivalents 26,843 — — 26,843 Marketable securities Commercial paper 36,938 15 (2 ) 36,951 U.S. government securities 1,119 — — 1,119 Total marketable securities $ 38,057 $ 15 $ (2 ) $ 38,070 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents Money market funds $ 7,180 $ — $ — $ 7,180 Reverse repurchase agreements 6,250 — — 6,250 Commercial paper 5,977 — (1 ) 5,976 Total cash equivalents 19,407 — (1 ) 19,406 Marketable securities Commercial paper 47,964 — (24 ) 47,940 U.S. government securities 4,114 — (2 ) 4,112 Total marketable securities $ 52,078 $ — $ (26 ) $ 52,052 The reverse repurchase agreements are settled in cash nightly, and as such are classified as cash equivalents. As of March 31, 2019 and December 31, 2018, all debt securities with an unrealized loss position have been in a loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position as of March 31, 2019 and December 31, 2018 were $8.4 million and $45.6 million, respectively, with no individual securities in a significant unrealized loss position. The Company evaluated its securities for other-than-temporary impairment and considered the decline in market value for the securities to be primarily attributable to current economic and market conditions and would not be required to sell the securities before recovery of the amortized cost basis. Based on this analysis, these marketable securities were not considered to be other-than-temporarily impaired as of March 31, 2019 and December 31, 2018. The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets. All of the cash equivalents and marketable securities held as of March 31, 2019 and December 31, 2018 had maturities of less than one year. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Accrued and Other Current Liabilities | 5. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): March 31, December 31, 2019 2018 Accrued compensation $ 1,038 $ 2,643 Accrued contracted research and development costs 6,656 5,993 Accrued professional and consulting fees 447 807 Other 125 133 Total accrued and other current liabilities $ 8,266 $ 9,576 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 6. Leases The Company leases certain office space, laboratory facilities, and equipment. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional three years. These optional periods have not been considered in the determination of the right-of-use-assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company performed evaluations of its contracts and determined it has both operating and finance leases. The following table summarizes the Company’s recognition of its operating and finance leases (in thousands): Classification March 31, 2019 Assets Operating Other non-current assets $ 621 Finance Other non-current assets 78 Total leased assets 699 Liabilities Current Operating Operating lease liabilities 317 Finance Accrued and other current liabilities 26 Non-current Operating Non-current operating lease liabilities 372 Finance Other non-current liabilities 52 Total lease liabilities $ 767 The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating and finance leases: March 31, 2019 Lease term (years) Operating leases 2.0 Finance leases 2.8 Discount rate Operating leases 9.5% Finance leases 9.5% For the three months ended March 31, 2019 and 2018, the Company incurred $0.1 million and $0.1 million of rent expense, respectively, included in operating expenses in the results of operations in relation to its operating leases. Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2019 was $0.1 million and was included in net cash used in operating activities in the cash flows. The maturities of the Company’s operating and finance lease liabilities as of March 31, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 265 $ 24 2020 409 32 2021 83 32 Total lease payments 757 88 Less: Imputed interest (68 ) (10 ) Total $ 689 $ 78 As of December 31, 2018, future annual minimum lease payments, as defined under the previous lease accounting guidance of ASC Topic 840, due under non-cancelable operating leases at December 31 of each year are as follows (in thousands): 2019 $ 397 2020 409 2021 83 Thereafter — Total minimum lease payments $ 889 |
Grant Revenues
Grant Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Grant Revenues [Abstract] | |
Grant Revenues | 7. Grant Revenues In June 2015, the Company entered into a Cancer Research Grant Contract (“Grant Contract”) with CPRIT, under which CPRIT awarded a grant not to exceed $19.8 million for use in developing cancer treatments by exploiting the metabolism of cancer cells. The Grant Contract covered a four-year period from June 1, 2014 through May 31, 2018. Upon commercialization of the product, the terms of the Grant Contract require the Company to pay tiered royalties in the low to mid-single digit percentages. Such royalties reduce to less than one percent after a mid-single-digit multiple of the grant funds have been paid to CPRIT as royalties. The contract ended in May 2018 with the full $19.8 million grant recognized as revenue over the life of the award. The Company did not recognize any grant revenue in the three months ended March 31, 2019. For the three months ended March 31, 2018, the Company recognized $1.5 million for qualified expenditures under the grant. As of December 31, 2018, all grant proceeds had been collected. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stockholders’ Equity Public Offering In February 2019, the Company issued and sold 4,625,000 shares of common stock at a public offering price of $8.00 per share and pre-funded warrants to purchase up to 4,000,000 shares of common stock at a public offering price of $7.9999 per warrant in an underwritten public offering pursuant to a shelf registration statement on Form S-3. This includes the full exercise by the underwriters of their option to purchase up to 1,125,000 additional shares of common stock. The net proceeds to the Company from this offering were $64.5 million, after deducting underwriting discounts and commissions of $4.1 million and offering costs of $0.4 million. The public offering price for the pre-funded warrants was equal to the public offering price of the common stock, less the $0.0001 per share exercise price of each warrant. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital and have no expiration date. Per the terms of the warrant agreement, the outstanding warrants to purchase shares of common stock may not be exercised if the holder’s ownership of the Company’s common stock would exceed 4.99% (“Maximum Ownership Percentage”). By written notice to the Company, the holders may increase or decrease the Maximum Ownership Percentage. The revised Maximum Ownership Percentage would be effective 60 days after the notice is received by the Company. As of March 31, 2019, none of the pre-funded warrants have been exercised. Stock-Based Compensation The 2016 Equity Incentive Plan (“2016 Plan”) provides for an automatic increase in the number of shares reserved for issuance thereunder on January 1 of each year for the remaining term of the plan (through 2028) equal to (a) 4.0% of the number of issued and outstanding shares of common stock on December 31 of the immediately preceding year, or (b) a lesser amount as approved by the Company’s board of directors each year. As a result of this provision, on January 1, 2019 and January 1, 2018, an additional 965,603 and 666,807 shares, respectively, became available for issuance under the 2016 Plan. As of March 31, 2019, the 2016 Plan had 1,499,373 shares available for future issuance. During the three months ended March 31, 2019 and 2018, the Company issued an aggregate of 1,042,300 and 829,500 options to purchase common stock, respectively, under the Company’s equity incentive plans for an aggregate fair value of $6.2 million and $3.9 million, respectively. Under the Company’s 2016 Employee Stock Purchase Plan (“2016 ESPP”), the Company issued and sold 20,132 shares for aggregate cash proceeds of $0.1 million during the three months ended March 31, 2019 and 30,937 shares for aggregate cash proceeds of $0.1 million during the three months ended March 31, 2018. Total stock-based compensation expense related to the Company’s equity incentive plans and 2016 ESPP was as follows (in thousands): Three Months Ended March 31, 2019 2018 Research and development $ 402 $ 323 General and administrative 679 512 Total stock-based compensation expense $ 1,081 $ 835 The following table summarizes the weighted-average Black-Scholes option pricing model assumptions used to estimate the fair value of stock options granted under the Company’s equity incentive plans, and the shares purchasable under the 2016 ESPP during the periods presented: Three Months Ended March 31, 2019 2018 Equity Incentive Plans Expected term (in years) 6.03 6.01 Expected volatility 82 % 85 % Risk-free interest 2.57 % 2.72 % Dividend yield 0 % 0 % 2016 ESPP Expected term (in years) 0.49 0.49 Expected volatility 66 % 69 % Risk-free interest 2.55 % 2.00 % Dividend yield 0 % 0 % |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock and pre-funded warrants outstanding during the period. The pre-funded warrants are included in the computation of basic net loss per share as the exercise price is negligible and they are fully vested and exercisable. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2019 2018 Unvested restricted common stock 6,861 32,066 Options to purchase common stock 3,478,688 2,695,802 |
License Agreements
License Agreements | 3 Months Ended |
Mar. 31, 2019 | |
Licensing Agreements [Abstract] | |
License Agreements | 10. License Agreements License Agreements In December 2013, two of the Company’s wholly owned subsidiaries, AECase, Inc. (“AECase”) and AEMase, Inc. (“AEMase”), entered into license agreements with the University of Texas at Austin (the “University”) under which the University granted to AECase and AEMase exclusive, worldwide, sublicenseable licenses. The University granted the AECase license under a patent application relating to the right to use technology related to the Company’s AEB3103 product candidate. The University granted the AEMase license under a patent relating to the right to use technology related to the Company’s AEB2109 product candidate. In January 2017, the Company entered into an Amended and Restated Patent License Agreement (the “Restated License”) with the University which consolidated the two license agreements, revised certain obligations, and licensed additional patent applications and invention disclosures to the Company. The Restated License was amended in August 2017, December 2017, and December 2018 to license additional patent applications, including the Company’s AEB4104 and AEB5100 product candidates. Pursuant to the terms of the Restated License, the Company may be required to pay the University up to $6.4 million in milestone payments based on the achievement of certain development milestones, including clinical trials and regulatory approvals, the majority of which are due upon the achievement of later development milestones, including a $5.0 million payment due on regulatory approval of a product and a $0.5 million payment payable on final regulatory approval of a product for a second indication. In addition, the Company is required to pay the University a low single-digit royalty on worldwide-net sales of products covered under the Restated License, together with a revenue share on non-royalty consideration received from sublicensees. The rate of the revenue share ranges from 6.5% to 25% depending on the date the sublicense agreement is signed. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events In April 2019, the Company entered into a lease agreement (the “Lease”) for approximately 30,000 square feet that will include the new corporate headquarters and laboratory space. The Lease commenced on April 30, 2019 and will expire on April 30, 2028, with a Company option to extend the term for an additional five-years. The Company posted a customary letter of credit in the amount of $1.5 million as security, which is subject to automatic reductions per the terms of the Lease. A tenant improvement allowance of up to $1.0 million is provided within the Lease and the Company will manage the construction process. The total future minimum lease payments are approximately $10.7 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such management estimates include those related to accruals of research and development related costs, stock-based compensation, and certain company income tax related items. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist of money market funds and debt securities and are stated at fair value. |
Marketable Securities | Marketable Securities All investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase. The Company may or may not hold securities with stated maturities greater than one year until maturity. All available-for-sale securities are considered available to support current operations and are classified as current assets. Unrealized gains and losses are excluded from earnings and are reported as a component of accumulated comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific-identification method. There were no realized gains or losses on marketable securities for the three months ended March 31, 2019 and 2018 . Interest on marketable securities is included in interest |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies, highly rated banks, and corporate issuers, subject to certain concentration limits and restrictions on maturities. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit may at times exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and its accounts are monitored by management to mitigate risk. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and bond issuers. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. Repairs and maintenance that do not extend the life or improve an asset are expensed as incurred. Upon retirement or sale, the cost of disposed assets and their related accumulated depreciation and amortization are removed from the balance sheet. Any gain or loss is credited or charged to operations. The useful lives of the property and equipment are as follows: Laboratory equipment 5 years Furniture and office equipment 5 years Computer equipment 3 years Software 3 years Leasehold improvements Shorter of remaining lease term or estimated useful life |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for the three months ended March 31, 2019 and 2018. |
Accrued Research And Development Costs | Accrued Research and Development Costs The Company records the costs associated with research nonclinical studies, clinical trials, and manufacturing development as incurred. These costs are a significant component of the Company’s research and development expenses, with a substantial portion of the Company’s on-going research and development activities conducted by third-party service providers, including contract research and manufacturing organizations. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset which will be amortized as the contracted services are performed. As actual costs become known, the Company adjusts its accruals. Inputs, such as the services performed, the number of patients enrolled, or the study duration, may vary from the Company’s estimates, resulting in adjustments to research and development expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. The Company has not experienced any material deviations between accrued and actual research and development expenses. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The classification of the Company's leases as operating or finance leases along with the initial measurement and recognition of the associated ROU assets and lease liabilities is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of future lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The ROU asset is based on the measurement of the lease liability and also includes any lease payments made prior to or on lease commencement and excludes lease incentives and initial direct costs incurred, as applicable. The lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. Rent expense for the Company's operating leases is recognized on a straight-line basis over the lease term. Amortization expense for the ROU asset associated with its finance leases is recognized on a straight-line basis over the term of the lease and interest expense associated with its finance leases is recognized on the balance of the lease liability using the effective interest method based on the estimated incremental borrowing rate. The Company has lease agreements with lease and non-lease components. As allowed under Topic 842, the Company has elected to not separate lease and non-lease components for any leases involving real estate and office equipment classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement of Topic 842 to leases with a term of 12 months or less for all classes of assets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain financial and non-financial assets and liabilities and to determine fair value disclosures. The accounting standards define fair value, establish a framework for measuring fair value, and require disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which the Company would transact are considered along with assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable, that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Observable inputs, such as 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, 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: Valuations based on unobservable inputs to the valuation methodology and including data about assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Financial instruments carried at fair value include cash, cash equivalents, and marketable securities. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. |
Revenue Recognition | Revenue Recognition The Company’s sole source of revenue was grant revenue related to a $19.8 million research grant received from the Cancer Prevention and Research Institute of Texas (“CPRIT”), covering a four-year period from June 1, 2014 through May 31, 2018. Grant revenue was recognized when qualifying costs were incurred and there was reasonable assurance that the conditions of the award had been met for collection. Proceeds received prior to the costs being incurred or the conditions of the award being met were recognized as deferred revenue until the services were performed and the conditions of the award were met (see Note 7). |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Research and development costs include, but are not limited to, salaries, benefits, travel, stock-based compensation, consulting costs, contract research service costs, laboratory supplies and facilities, contract manufacturing costs, and costs paid to other third parties that conduct research and development activities on the Company’s behalf. Amounts incurred in connection with license agreements are also included in research and development expense. Certain research and development costs incurred were settled contractually by the Company issuing a variable number of the Company’s shares determined by dividing the fixed monetary amount of costs incurred by the issuance-date fair value of the issuable shares. The Company recorded research and development expense for these costs and accrued for the fixed monetary amount as an accrued liability as the services were rendered until the amount was settled. The remaining Company obligation to settle these costs with Company shares was converted to a cash-based payment through a contract amendment with the service provider. Advance payments for goods or services to be rendered in the future for use in research and development activities are recorded as a prepaid asset and expensed as the related goods are delivered or the services are performed. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of stock-based awards granted to employees and non-employees based on the estimated grant-date fair values of the awards. The value of the award is recognized as compensation expense on a straight-line basis over the requisite service period. Forfeitures are recognized when they occur, which may result in the reversal of compensation costs in subsequent periods as the forfeitures arise. Compensation expense for employee and non-employee share-based payment awards with performance conditions is recognized when the performance condition is deemed probable. |
Income Taxes | Income Taxes The Company and its seven wholly-owned subsidiary corporations use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statements and the tax bases of assets and liabilities. Additionally, any changes in income tax laws are immediately recognized in the year of enactment. A valuation allowance is established against the deferred tax assets to reduce their carrying value to an amount that is more likely than not to be realized. The deferred tax assets and liabilities are classified as noncurrent along with the related valuation allowance. Due to a lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on the technical merits, as the largest amount of benefits that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the unrecognized tax benefits as a component of income tax expense. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is the change in stockholders’ equity from transactions and other events and circumstances other than those resulting from investments by stockholders and distributions to stockholders. The Company’s other comprehensive income is currently comprised of changes in unrealized gains on available-for-sale securities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and, (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use (ROU) asset. On January 1, 2019, the Company adopted Topic 842 using the modified retrospective approach as of the adoption date in accordance with ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. Results for the three months ended March 31, 2019 are presented under Topic 842. No prior period amounts were adjusted and continue to be reported in accordance with previous lease guidance, ASC Topic 840, Leases. The Company elected all of the available practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2019. The following table summarizes the impact of the adoption of Topic 842 on the accompanying balance sheet as of January 1, 2019 (in thousands): December 31, Effect of the Adoption of January 1, 2018 Topic 842 2019 Other non-current assets (1) $ 50 $ 691 $ 741 Lease Liabilities: Current operating lease liabilities $ — $ 339 $ 339 Non-current operating lease liabilities $ — $ 465 $ 465 Accrued and other current liabilities (2) $ 9,576 $ (41 ) $ 9,535 Other non-current liabilities (3) $ 72 $ (72 ) $ — (1) Operating lease right-of-use assets are classified within other non-current assets. (2) Current deferred rent was classified within accrued and other current liabilities as of December 31, 2018. (3) Non-current deferred rent was classified within other non-current liabilities as of December 31, 2018. The adjustments due to the adoption of Topic 842 related to the recognition of operating lease right-of-use assets and lease liabilities for the existing operating leases. A cumulative-effect adjustment to the beginning accumulated deficit balance was not required. In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives Of Property Plant And Equipment | The useful lives of the property and equipment are as follows: Laboratory equipment 5 years Furniture and office equipment 5 years Computer equipment 3 years Software 3 years Leasehold improvements Shorter of remaining lease term or estimated useful life |
Summary of Impact of the Adoption of Topic 842 | The following table summarizes the impact of the adoption of Topic 842 on the accompanying balance sheet as of January 1, 2019 (in thousands): December 31, Effect of the Adoption of January 1, 2018 Topic 842 2019 Other non-current assets (1) $ 50 $ 691 $ 741 Lease Liabilities: Current operating lease liabilities $ — $ 339 $ 339 Non-current operating lease liabilities $ — $ 465 $ 465 Accrued and other current liabilities (2) $ 9,576 $ (41 ) $ 9,535 Other non-current liabilities (3) $ 72 $ (72 ) $ — (1) Operating lease right-of-use assets are classified within other non-current assets. (2) Current deferred rent was classified within accrued and other current liabilities as of December 31, 2018. (3) Non-current deferred rent was classified within other non-current liabilities as of December 31, 2018. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables sets forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): March 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 14,613 $ — $ — $ 14,613 Reverse repurchase agreements — 6,250 — 6,250 Commercial paper — 42,931 — 42,931 U.S. government securities — 1,119 — 1,119 Total financial assets $ 14,613 $ 50,300 $ — $ 64,913 December 31, 2018 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 7,180 $ — $ — $ 7,180 Reverse repurchase agreements — 6,250 — 6,250 Commercial paper — 53,916 — 53,916 U.S. government securities — 4,112 — 4,112 Total financial assets $ 7,180 $ 64,278 $ — $ 71,458 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Estimated Fair Value of Cash Equivalents and Marketable Securities | The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands): March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents Money market funds $ 14,613 $ — $ — $ 14,613 Reverse repurchase agreements 6,250 — — 6,250 Commercial paper 5,980 — — 5,980 Total cash equivalents 26,843 — — 26,843 Marketable securities Commercial paper 36,938 15 (2 ) 36,951 U.S. government securities 1,119 — — 1,119 Total marketable securities $ 38,057 $ 15 $ (2 ) $ 38,070 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents Money market funds $ 7,180 $ — $ — $ 7,180 Reverse repurchase agreements 6,250 — — 6,250 Commercial paper 5,977 — (1 ) 5,976 Total cash equivalents 19,407 — (1 ) 19,406 Marketable securities Commercial paper 47,964 — (24 ) 47,940 U.S. government securities 4,114 — (2 ) 4,112 Total marketable securities $ 52,078 $ — $ (26 ) $ 52,052 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): March 31, December 31, 2019 2018 Accrued compensation $ 1,038 $ 2,643 Accrued contracted research and development costs 6,656 5,993 Accrued professional and consulting fees 447 807 Other 125 133 Total accrued and other current liabilities $ 8,266 $ 9,576 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Operating and Finance Leases Presented in Balance Sheet | The following table summarizes the Company’s recognition of its operating and finance leases (in thousands): Classification March 31, 2019 Assets Operating Other non-current assets $ 621 Finance Other non-current assets 78 Total leased assets 699 Liabilities Current Operating Operating lease liabilities 317 Finance Accrued and other current liabilities 26 Non-current Operating Non-current operating lease liabilities 372 Finance Other non-current liabilities 52 Total lease liabilities $ 767 |
Summary of Weighted Average Remaining Lease Term and Discount Rates For Company's Operating and Finance Leases | The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating and finance leases: March 31, 2019 Lease term (years) Operating leases 2.0 Finance leases 2.8 Discount rate Operating leases 9.5% Finance leases 9.5% |
Schedule of Maturities of Operating and Finance Lease Liabilities | The maturities of the Company’s operating and finance lease liabilities as of March 31, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 265 $ 24 2020 409 32 2021 83 32 Total lease payments 757 88 Less: Imputed interest (68 ) (10 ) Total $ 689 $ 78 |
Summary of Future Annual Minimum Lease Payments Due Under Non-cancellable Operating Leases | As of December 31, 2018, future annual minimum lease payments, as defined under the previous lease accounting guidance of ASC Topic 840, due under non-cancelable operating leases at December 31 of each year are as follows (in thousands): 2019 $ 397 2020 409 2021 83 Thereafter — Total minimum lease payments $ 889 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense related to the Company’s equity incentive plans and 2016 ESPP was as follows (in thousands): Three Months Ended March 31, 2019 2018 Research and development $ 402 $ 323 General and administrative 679 512 Total stock-based compensation expense $ 1,081 $ 835 |
Schedule of Estimated Fair Value of Stock Options Granted | The following table summarizes the weighted-average Black-Scholes option pricing model assumptions used to estimate the fair value of stock options granted under the Company’s equity incentive plans, and the shares purchasable under the 2016 ESPP during the periods presented: Three Months Ended March 31, 2019 2018 Equity Incentive Plans Expected term (in years) 6.03 6.01 Expected volatility 82 % 85 % Risk-free interest 2.57 % 2.72 % Dividend yield 0 % 0 % 2016 ESPP Expected term (in years) 0.49 0.49 Expected volatility 66 % 69 % Risk-free interest 2.55 % 2.00 % Dividend yield 0 % 0 % |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share | The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2019 2018 Unvested restricted common stock 6,861 32,066 Options to purchase common stock 3,478,688 2,695,802 |
The Company and Basis of Pres_2
The Company and Basis of Presentation - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of operating segments | Segment | 1 | |
Working capital | $ 115,000 | |
Accumulated deficit | (134,028) | $ (116,861) |
Cash, cash equivalents and marketable securities | $ 123,700 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Jun. 01, 2014USD ($) | Mar. 31, 2019USD ($)Subsidary | Mar. 31, 2018USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||
Marketable Securities, Realized Gain (Loss) | $ 0 | $ 0 | |
Impairments of long-lived assets | $ 0 | $ 0 | |
Number of subsidiary corporations owned | Subsidary | 7 | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Marketable securities stated maturity period | 1 year | ||
Maximum | CPRIT | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Research grant contract amount | $ 19,800,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Useful Lives of Property and Equipment (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Laboratory Equipment | |
Property Plant And Equipment [Line Items] | |
Useful lives of the property and equipment | 5 years |
Furniture and Office Equipment | |
Property Plant And Equipment [Line Items] | |
Useful lives of the property and equipment | 5 years |
Computer Equipment | |
Property Plant And Equipment [Line Items] | |
Useful lives of the property and equipment | 3 years |
Software | |
Property Plant And Equipment [Line Items] | |
Useful lives of the property and equipment | 3 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Useful lives of the property and equipment | Shorter of remaining lease term or estimated useful life |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Impact of the Adoption of Topic 842 (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Other non-current assets | $ 749 | $ 50 | |
Lease Liabilities: | |||
Current operating lease liabilities | 317 | ||
Non-current operating lease liabilities | 372 | ||
Accrued and other current liabilities | 8,266 | 9,576 | |
Other non-current liabilities | $ 52 | $ 72 | |
ASU 2016-02 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Other non-current assets | $ 741 | ||
Lease Liabilities: | |||
Current operating lease liabilities | 339 | ||
Non-current operating lease liabilities | 465 | ||
Accrued and other current liabilities | 9,535 | ||
ASU 2016-02 | Effect of the Adoption of Topic 842 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Other non-current assets | 691 | ||
Lease Liabilities: | |||
Current operating lease liabilities | 339 | ||
Non-current operating lease liabilities | 465 | ||
Accrued and other current liabilities | (41) | ||
Other non-current liabilities | $ (72) |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial Assets | ||
Financial assets, fair value | $ 64,913 | $ 71,458 |
Commercial paper | ||
Financial Assets | ||
Financial assets, fair value | 42,931 | 53,916 |
Money market funds | ||
Financial Assets | ||
Financial assets, fair value | 14,613 | 7,180 |
Reverse repurchase agreements | ||
Financial Assets | ||
Financial assets, fair value | 6,250 | 6,250 |
Level 1 | ||
Financial Assets | ||
Financial assets, fair value | 14,613 | 7,180 |
Level 1 | Money market funds | ||
Financial Assets | ||
Financial assets, fair value | 14,613 | 7,180 |
Level 2 | ||
Financial Assets | ||
Financial assets, fair value | 50,300 | 64,278 |
Level 2 | Commercial paper | ||
Financial Assets | ||
Financial assets, fair value | 42,931 | 53,916 |
Level 2 | Reverse repurchase agreements | ||
Financial Assets | ||
Financial assets, fair value | 6,250 | 6,250 |
U.S. government securities | ||
Financial Assets | ||
Financial assets, fair value | 1,119 | 4,112 |
U.S. government securities | Level 2 | ||
Financial Assets | ||
Financial assets, fair value | $ 1,119 | $ 4,112 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Mar. 31, 2019USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value assets transferred from level 1 to level 2 | $ 0 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Schedule of Estimated Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, amortized cost | $ 26,843 | $ 19,407 |
Cash equivalents, estimated fair value | 26,843 | 19,406 |
Marketable securities, amortized cost | 38,057 | 52,078 |
Marketable securities, gross unrealized gains | 15 | |
Marketable securities, gross unrealized losses | (2) | (26) |
Marketable securities, estimated fair value | 38,070 | 52,052 |
Cash equivalents, gross unrealized losses | (1) | |
Money market funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, amortized cost | 14,613 | 7,180 |
Cash equivalents, estimated fair value | 14,613 | 7,180 |
Reverse repurchase agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, amortized cost | 6,250 | 6,250 |
Cash equivalents, estimated fair value | 6,250 | 6,250 |
Commercial paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, amortized cost | 5,980 | 5,977 |
Cash equivalents, estimated fair value | 5,980 | 5,976 |
Marketable securities, amortized cost | 36,938 | 47,964 |
Marketable securities, gross unrealized gains | 15 | |
Marketable securities, gross unrealized losses | (2) | (24) |
Marketable securities, estimated fair value | 36,951 | 47,940 |
Cash equivalents, gross unrealized losses | (1) | |
U.S. government securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Marketable securities, amortized cost | 1,119 | 4,114 |
Marketable securities, gross unrealized losses | (2) | |
Marketable securities, estimated fair value | $ 1,119 | $ 4,112 |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Additional Information (Details) - U.S. government and agency securities $ in Millions | Mar. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Cash Equivalents And Marketable Securities [Line Items] | ||
Fair value of debt securities in an unrealized loss position | $ | $ 8.4 | $ 45.6 |
Number of securities in a significant unrealized loss position | Security | 0 | 0 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Accrued compensation | $ 1,038 | $ 2,643 |
Accrued contracted research and development costs | 6,656 | 5,993 |
Accrued professional and consulting fees | 447 | 807 |
Other | 125 | 133 |
Total accrued and other current liabilities | $ 8,266 | $ 9,576 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Lessee, operating lease, renewal term | 3 years | |
Lessee, finance lease, renewal term | 3 years | |
Operating lease, expense | $ 0.1 | $ 0.1 |
Operating lease, payments | $ 0.1 |
Leases - Schedule of Operating
Leases - Schedule of Operating and Financing Leases Presented in Balance Sheet (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating | $ 621 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent |
Finance | $ 78 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent |
Total leased assets | $ 699 |
Operating lease liabilities, current | $ 317 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseLiabilityCurrent |
Finance lease liabilities, current | $ 26 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesAndOtherLiabilities |
Operating lease liabilities, noncurrent | $ 372 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseLiabilityNoncurrent |
Finance lease liabilities, noncurrent | $ 52 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Total lease liabilities | $ 767 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rates for Operating and Finance Leases (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Operating leases, Weighted-average remaining lease term | 2 years |
Finance leases, Weighted-average remaining lease term | 2 years 9 months 18 days |
Operating leases, Weighted-average discount rate | 9.50% |
Finance leases, Weighted-average discount rate | 9.50% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases | |
2019 (excluding the three months ended March 31, 2019) | $ 265 |
2020 | 409 |
2021 | 83 |
Total lease payments | 757 |
Imputed interest | (68) |
Total | 689 |
Finance Lease Liabilities, Payments, Due [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | 24 |
2020 | 32 |
2021 | 32 |
Total lease payments | 88 |
Imputed interest | (10) |
Total | $ 78 |
Leases - Summary of Future Annu
Leases - Summary of Future Annual Minimum Lease Payments Due Under Non-cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 397 |
2020 | 409 |
2021 | 83 |
Total minimum lease payments | $ 889 |
Grant Revenues - Additional Inf
Grant Revenues - Additional Information (Details) - USD ($) | Jun. 01, 2014 | Mar. 31, 2019 | Mar. 31, 2018 | May 31, 2018 |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Grant revenues | $ 0 | $ 1,510,000 | ||
Type of revenue [extensible list] | us-gaap:GrantMember | us-gaap:GrantMember | ||
CPRIT | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Grant contract term | 4 years | |||
Grant contract beginning date | Jun. 1, 2014 | |||
Grant contract expiration date | May 31, 2018 | |||
Grant revenues | $ 19,800,000 | |||
Type of revenue [extensible list] | us-gaap:GrantMember | |||
CPRIT | Maximum | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Research grant contract amount | $ 19,800,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Net proceeds from sale of common stock | $ 64,500,000 | ||||
Underwriting discounts and commissions | 4,100,000 | ||||
Offering costs | $ 400,000 | ||||
Reduction in exercise price of each warrant from public offering price for pre-funded warrants per share | $ 0.0001 | ||||
Maximum ownership percentage for outstanding warrants to purchase shares of common stock to be exercised | 4.99% | ||||
Period after notice received by company maximum ownership percentage to be effective description | The revised Maximum Ownership Percentage would be effective 60 days after the notice is received by the Company. | ||||
Proceeds from Warrant Exercises | $ 0 | ||||
2016 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of outstanding share of common stock | 4.00% | ||||
Additional number of shares available for issuance | 965,603 | 666,807 | |||
Common stock available for future issuance | 1,499,373 | ||||
2016 Equity Incentive Plan | Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option to purchase an aggregate of common stock shares | 1,042,300 | 829,500 | |||
Stock options to purchase common stock aggregate fair value | $ 6,200 | $ 3,900 | |||
2016 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option to purchase an aggregate of common stock shares | 20,132 | 30,937 | |||
Aggregate cash proceeds from sale of shares | $ 100,000 | $ 100,000 | |||
Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares issued | 4,625,000 | ||||
Follow-on Public Offering | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares issued | 4,625,000 | ||||
Public offering price | $ 8 | ||||
Public offering price of warrant | $ 7.9999 | ||||
Follow-on Public Offering | Common Stock | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Warrants to purchase shares | 4,000,000 | ||||
Underwriters' Over-allotment Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares issued | 1,125,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - 2016 Equity Incentive Plans and Employee Stock Purchase Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 1,081 | $ 835 |
Research and Development | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 402 | 323 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 679 | $ 512 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Estimate Fair Value of Stock Options Granted (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity Incentive Plans | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Expected term (in years) | 6 years 10 days | 6 years 3 days |
Expected volatility | 82.00% | 85.00% |
Risk-free interest | 2.57% | 2.72% |
Dividend yield | 0.00% | 0.00% |
2016 Employee Stock Purchase Plan | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Expected term (in years) | 5 months 26 days | 5 months 26 days |
Expected volatility | 66.00% | 69.00% |
Risk-free interest | 2.55% | 2.00% |
Dividend yield | 0.00% | 0.00% |
Net Loss Per Share - Weighted-A
Net Loss Per Share - Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unvested Restricted Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 6,861 | 32,066 |
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 | 3,478,688 | 2,695,802 |
License Agreements - Additional
License Agreements - Additional Information (Detail) - License Agreements $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2017USD ($)LicenseAgreement | Mar. 31, 2019 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Research agreement date | 2013-12 | |
Number of license agreements | LicenseAgreement | 2 | |
Maximum future contingent license payment | $ 6.4 | |
Aggregate potential milestone payments for receipt of regulatory approval | 5 | |
Aggregate potential milestone payments for final regulatory approval of second indication | $ 0.5 | |
Minimum | ||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Rate of revenue share | 6.50% | |
Maximum | ||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Rate of revenue share | 25.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event | 1 Months Ended |
Apr. 30, 2019USD ($)ft² | |
Subsequent Event [Line Items] | |
Area of land | ft² | 30,000 |
Lease expiration date | Apr. 30, 2028 |
Option to extend the term of lease | additional five-years |
Total future minimum lease payments | $ 10,700,000 |
Maximum | |
Subsequent Event [Line Items] | |
Tenant improvement allowance | 1,000,000 |
Letter of Credit | |
Subsequent Event [Line Items] | |
Letter of credit | $ 1,500,000 |