Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KZR | |
Entity Registrant Name | Kezar Life Sciences, Inc. | |
Entity Central Index Key | 0001645666 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 38,177,462 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38542 | |
Entity Tax Identification Number | 47-3366145 | |
Entity Address, Address Line One | 4000 Shoreline Court | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 822-5600 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 20,571 | $ 14,951 |
Marketable securities | 102,779 | 63,255 |
Prepaid expenses | 2,122 | 1,878 |
Other current assets | 1,060 | 1,048 |
Total current assets | 126,532 | 81,132 |
Property and equipment, net | 4,131 | 4,282 |
Operating lease right-of-use asset | 3,699 | 3,817 |
Other assets | 282 | 282 |
Total assets | 134,644 | 89,513 |
Current liabilities: | ||
Accounts payable | 1,583 | 823 |
Accrued liabilities | 4,202 | 4,218 |
Operating lease liabilities, current | 934 | 900 |
Other liabilities, current | 52 | 62 |
Total current liabilities | 6,771 | 6,003 |
Operating lease liabilities, noncurrent | 5,219 | 5,464 |
Total liabilities | 11,990 | 11,467 |
Stockholders' equity: | ||
Common stock, $0.001 par value, 125,000,000 shares authorized as of March 31, 2020 (unaudited) and December 31, 2019; 38,176,462 and 19,208,077 shares issued and outstanding as of March 31, 2020 (unaudited) and December 31, 2019, respectively | 38 | 19 |
Preferred stock, $0.001 par value, 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2020 (unaudited) and December 31, 2019 | ||
Additional paid-in capital | 217,032 | 162,505 |
Accumulated other comprehensive loss | (122) | (196) |
Accumulated deficit | (94,294) | (84,282) |
Total stockholders' equity | 122,654 | 78,046 |
Total liabilities and stockholders' equity | $ 134,644 | $ 89,513 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 38,176,462 | 19,208,077 |
Common stock, shares outstanding | 38,176,462 | 19,208,077 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 7,457 | $ 5,927 |
General and administrative | 3,021 | 2,382 |
Total operating expenses | 10,478 | 8,309 |
Loss from operations | (10,478) | (8,309) |
Interest income | 466 | 667 |
Net loss | $ (10,012) | $ (7,642) |
Net loss per common share, basic and diluted | $ (0.30) | $ (0.40) |
Weighted-average shares used to compute net loss per common share, basic and diluted | 32,867,597 | 19,042,524 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (10,012) | $ (7,642) |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | (117) | 8 |
Unrealized gain on marketable securities | 191 | 65 |
Total other comprehensive income, net of tax | 74 | 73 |
Comprehensive loss | $ (9,938) | $ (7,569) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Dec. 31, 2018 | $ 108,797 | $ 19 | $ 158,176 | $ (203) | $ (49,195) |
Balance, shares at Dec. 31, 2018 | 19,114,421 | ||||
Issuance of common stock under employee stock incentive plans | 4 | 4 | |||
Issuance of common stock under employee stock incentive plans, shares | 4,000 | ||||
Vesting related to shares of common stock issued pursuant to early exercises | 12 | 12 | |||
Stock-based compensation expense | 901 | 901 | |||
Other comprehensive income | 73 | 73 | |||
Net loss | (7,642) | (7,642) | |||
Balance at Mar. 31, 2019 | 102,145 | $ 19 | 159,093 | (130) | (56,837) |
Balance, shares at Mar. 31, 2019 | 19,118,421 | ||||
Balance at Dec. 31, 2019 | 78,046 | $ 19 | 162,505 | (196) | (84,282) |
Balance, shares at Dec. 31, 2019 | 19,208,077 | ||||
Issuance of common stock and pre-funded warrants through underwritten offering, net of offering costs of $3,447 | 53,360 | $ 19 | 53,341 | ||
Issuance of common stock and pre-funded warrants through underwritten offerings, shares | 18,965,385 | ||||
Issuance of common stock under employee stock incentive plans | 3 | 3 | |||
Issuance of common stock under employee stock incentive plans, shares | 3,000 | ||||
Vesting related to shares of common stock issued pursuant to early exercises | 10 | 10 | |||
Stock-based compensation expense | 1,173 | 1,173 | |||
Other comprehensive income | 74 | 74 | |||
Net loss | (10,012) | (10,012) | |||
Balance at Mar. 31, 2020 | $ 122,654 | $ 38 | $ 217,032 | $ (122) | $ (94,294) |
Balance, shares at Mar. 31, 2020 | 38,176,462 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Issuance of common stock and pre-funded warrants through underwritten offerings, offering costs | $ 3,447 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (10,012) | $ (7,642) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 362 | 303 |
Stock-based compensation | 1,173 | 901 |
Amortization of premiums and discounts on marketable securities | (96) | (359) |
Changes in operating assets and liabilities | ||
Prepaid expenses, other current assets and other long-term assets | (256) | (282) |
Accounts payable, accrued liabilities and other current liabilities | 739 | 560 |
Operating lease liabilities | (211) | (181) |
Net cash used in operating activities | (8,301) | (6,700) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (93) | (34) |
Purchases of marketable securities | (72,518) | (35,936) |
Maturities of marketable securities | 33,281 | 36,946 |
Net cash (used in) provided by investing activities | (39,330) | 976 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock and pre-funded warrants in underwritten offering, net of offering costs | 53,365 | |
Proceeds from issuance of common stock under employee stock incentive plans | 3 | 4 |
Net cash provided by financing activities | 53,368 | 4 |
Effect of exchange rate changes on cash and cash equivalents | (117) | 8 |
Net increase (decrease) in cash and cash equivalents | 5,620 | (5,712) |
Cash and cash equivalents at the beginning of period | 14,951 | 24,182 |
Cash and cash equivalents at the end of period | 20,571 | 18,470 |
Supplemental disclosures of noncash investing and financing information: | ||
Reclassification of employee stock liability to equity upon vesting | 10 | 12 |
Purchase of property and equipment in accounts payable | $ 423 | |
Unpaid offering costs in accrued liabilities | $ 5 |
Organization and Description of
Organization and Description of the Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of the Business | 1. Organization and Description of the Business Description of Business Kezar Life Sciences, Inc. (the “Company,” Liquidity Since commencing operations in mid-2015, substantially all of the Company’s efforts have been focused on research, development, and the advancement of the Company’s lead product candidate, KZR-616. The Company’s ultimate success depends on the outcome of the ongoing research and development activities. The Company has not yet generated product sales and as a result has experienced operating losses since inception and had an accumulated deficit of $94.3 million as of March 31, 2020. The Company expects to incur additional losses in the future to conduct research and development and will need to raise additional capital to fully implement management’s business plan. The Company intends to raise such capital through the issuance of additional equity, and potentially through borrowings, strategic alliances with partner companies and other licensing transactions. However, if such financing is not available at adequate levels, the Company may need to reevaluate its operating plans. Management believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund the Company’s cash requirements for at least 12 months following the issuance of these financial statements. In July 2019, the Company entered into an Open Market Sale Agreement SM 415(a)(4) Securities Act of 1933 On February 4, 2020, the Company completed an underwritten public offering of 18,965,385 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase additional shares of common stock, and, to certain investors in lieu thereof, pre-funded warrants to purchase 2,884,615 shares of its common stock at an exercise price of $0.001 per share (the “February Offering”). The public offering price of our common stock was $2.60 per share and the public offering price of each pre-funded warrant was $2.599 per underlying share. The net proceeds from the public offering were approximately $53.4 million, after deducting underwriting discounts and commissions and other offering expenses paid by us. The Company’s existing stockholder, Morningside Ventures, together with its affiliate, and certain of the Company’s officers and directors purchased an aggregate of approximately $22.9 million of common stock in the offering. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2019 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2020 (the “Annual Report”), and there ha ve been no material changes during the three months ended March 31, 2020. Basis of Presentation and Consolidation The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the Company’s accounts and those of its wholly owned Australian subsidiary, The condensed consolidated balance sheet at December 31, 201 9 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Annual Report . Unaudited Interim Condensed Consolidated Financial Statements The accompanying financial information as of March 31, 2020 is unaudited. The condensed consolidated financial statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that our management considers necessary for the fair statement of the results of operations for the interim periods covered and of our financial condition at the date of the interim balance sheet. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in our Annual Report. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include the useful lives of fixed assets, stock-based compensation, and accrued research and development costs. Management bases its estimates on historical experience and on various other market-specific relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. We also anticipate that the COVID-19 pandemic will have an impact on the clinical and pre-clinical development timelines for our clinical and pre-clinical programs. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Significant Risks and Uncertainties With the global spread of the ongoing COVID-19 pandemic in the first quarter of 2020, we have implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on our business. The extent to which the COVID-19 pandemic impacts our business, our pre-clinical and clinical development and regulatory efforts, our corporate development objectives and the value of and market for our common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, we are subject to other challenges and risks specific to our business and our ability to execute on our strategy, as well as risks and uncertainties common to companies in the biotechnology industry with development operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory feedback regarding our product candidates; delays or problems in the supply of our product candidates; loss of single source suppliers or their failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional technologies or product candidates; clinical development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing our intellectual property rights; and complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects our business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents are stated at fair value. Marketable Securities All marketable securities have been classified as “available-for-sale” in accordance with the Company’s investment policy and cash management strategy. Short-term marketable securities mature within one-year from the balance sheet date. Investments in marketable securities are recorded at fair value, with any unrealized gains and losses reported within accumulated other comprehensive income as a separate component of stockholders’ deficit until realized or until a determination is made that an other-than-temporary decline in market value has occurred. If a credit loss does exist for available-for-sale debt securities and should be recognized, an allowance will be recorded rather than a write-down of the amortized cost basis. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, together with interest on securities, are included in interest income on the Company’s condensed consolidated statements of operations. Leases At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments over the expected lease term. The Company records a corresponding right-of-use (“ROU”) lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the ROU lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company did not elect to apply the practical expedient to not separate lease and non-lease components for all of its leases. Accounting Pronouncements Adopted in 2020 In June 2016, the FASB issued ASU No. 2016-13 , Financial Instruments-Credit Losses (Topic 326) The Company adopted the new standard using the modified retrospective approach as of January 1, 2020 and the adoption In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement The amendment of ASU No. 2018-13 removes disclosure requirements from Topic 820 in the areas of: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes Income Taxes. As part of the simplification, along with other exceptions, it removes the exception to the incremental approach for intraperiod tax allocation in the event of a loss from continuing operations and income or a gain from other items. he adoption did not have a material impact on the Company’s |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The carrying amount of certain financial instruments, including cash and cash equivalents, marketable securities, other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements 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 markets that are not active, 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 that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the financial statements. The Company determines the fair value of Level 1 assets using quoted prices in active markets for identical assets. The Company reviews trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, which are obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. In certain cases, where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3 within the valuation hierarchy. The Company does not have any assets or liabilities measured using Level 3 inputs as of March 31, 2020 or December 31, 2019. The following table summarizes the Company’s financial assets measured at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above (in thousands): March 31, 2020 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 20,373 $ 20,373 $ — $ — U.S. Treasury securities 4,566 4,566 — — Commercial paper 38,999 — 38,999 — Corporate debt securities 13,977 — 13,977 — U.S. agency bonds 45,237 — 45,237 — Total $ 123,152 $ 24,939 $ 98,213 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 14,731 $ 14,731 $ — $ — U.S. Treasury securities 5,285 5,285 — — Commercial paper 15,186 — 15,186 — Corporate debt securities 17,171 — 17,171 — U.S. agency bonds 25,613 — 25,613 — Total $ 77,986 $ 20,016 $ 57,970 $ — |
Available-for-Sale Securities
Available-for-Sale Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Securities | 4. Available-for-Sale Securities The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s condensed consolidated balance sheets (in thousands): March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial Assets Money market funds $ 20,373 $ — $ — $ 20,373 U.S. Treasury securities 4,524 42 — 4,566 Commercial paper 38,906 93 — 38,999 Corporate debt securities 14,037 — (60 ) 13,977 U.S. agency bonds 45,088 149 — 45,237 Total $ 122,928 $ 284 $ (60 ) $ 123,152 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial Assets Money market funds $ 14,731 $ — $ — $ 14,731 U.S. Treasury securities 5,285 1 (1 ) 5,285 Commercial paper 15,174 12 — 15,186 Corporate debt securities 17,168 3 — 17,171 U.S. agency bonds 25,597 16 — 25,613 Total $ 77,955 $ 32 $ (1 ) $ 77,986 As of March 31, 2020 and December 31, 2019, the Company has not recognized an allowance for credit losses on any securities in an unrealized loss position. The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Less than 12 consecutive months Less than 12 consecutive months Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 12,775 $ (60 ) $ — $ — U.S. Treasury securities — — 4,535 (1 ) Total $ 12,775 $ (60 ) $ 4,535 $ (1 ) The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired at March 31, 2020. There were no sales of available-for-sale securities in any of the periods presented. As of March 31, 2020, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands): Amortized Estimated Cost Fair Value Available-for-sale securities maturing: In one year or less $ 122,928 $ 123,152 Total available-for-sale securities $ 122,928 $ 123,152 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment, Net Property and equipment consisted of the following (in thousands): March 31, 2020 December 31, 2019 Leasehold improvements $ 3,268 $ 3,268 Furniture, laboratory and office equipment 2,666 2,578 Computer equipment 258 253 Total property and equipment 6,192 6,099 Less accumulated depreciation and amortization (2,061 ) (1,817 ) Property and equipment, net $ 4,131 $ 4,282 Depreciation expense was $0.2 million and $0.2 million for the three months ended March 31, 2020 and 2019, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accrued preclinical and research costs $ 1,654 $ 1,687 Accrued clinical costs 1,216 1,027 Accrued employee-related costs 961 1,293 Accrued professional services 220 53 Other 151 158 Total accrued liabilities $ 4,202 $ 4,218 |
Lease
Lease | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease | 6. Lease In August 2017, the Company entered into a lease agreement to lease 24,357 square feet of combination laboratory and office space in South San Francisco, California. This lease expires in February 2025 The contractually specified minimum rent and annual rent increases for the operating lease are included in the measurement of the ROU asset and related lease liabilities. Under the lease arrangement, we may be required to pay directly, or reimburse the lessor for real estate taxes, insurance, utilities, maintenance and other operating costs. Such amounts are generally variable and therefore not included in the measurement of the ROU asset and related lease liability but are instead recognized as variable lease expense in our Condensed Consolidated Statements of Operations when they are incurred. The operating lease agreement has one option to extend the lease term for a period of five years at the fair market rate at the time of the extension. The option to extend the lease was not recognized as part of the Company’s lease liability and ROU asset as the Company determined the renewal rent costs are uncertain and the option is not reasonably certain to be exercised. Because the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company recorded lease liabilities and ROU asset for its office lease based on the present value of lease payments over the expected lease term. As of March 31, 2020, the weighted average remaining lease term was 4.92 years and the weighted average discount rate used to determine the operating lease liability was 10.0%. Information related to the Company’s ROU asset and related lease liabilities were as follows (in thousands): Three months ended March 31, 2020 Cash paid for operating lease liabilities $ 211 Operating lease costs 275 Variable lease costs 131 Maturities of lease liabilities as of March 31, 2020 were as follows for the years ending December 31: 2020 $ 1,128 2021 1,542 2022 1,588 2023 1,635 2024 1,684 Thereafter 282 Total undiscounted lease payments 7,859 Less: imputed interest (1,706 ) Total lease liabilities $ 6,153 Operating lease liabilities, current 934 Operating lease liabilities, noncurrent 5,219 Total operating lease liabilities $ 6,153 |
Pre-Funded Warrants
Pre-Funded Warrants | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Pre-Funded Warrants | 7. Pre-Funded Warrants On February 4, 2020, the Company completed an underwritten public offering of 18,965,385 shares of its common stock including the full exercise of the underwriters’ option to purchase additional shares of common stock, and pre-funded warrants to purchase 2,884,615 shares of its common stock. The public offering price of the common stock was $2.60 per share and the public offering price of the pre-funded warrants was $2.599 per underlying share. The net proceeds from the public offering were approximately $53.4 million, after deducting underwriting discounts and commissions and other offering expenses paid by the Company. Each pre-funded warrant entitles the holder to purchase shares of common stock at an exercise price of $0.001 per share and expires 20 years from the date of issuance. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital. Per the terms of the warrant agreement, a holder of the outstanding warrant is not entitled to exercise any portion of the pre-funded warrant if, upon exercise of such portion of the warrant, the holder’s ownership of our common stock (together with its affiliates) or the combined voting power of our securities beneficially owned by such holder (together with its affiliates) would exceed 9.99% after giving effect to the exercise (“Maximum Ownership Percentage”). Upon at least 61 days’ prior notice to us by the warrant holder, any warrant holder may increase or decrease the Maximum Ownership Percentage to any other percentage not to exceed 19.99%. As of March 31, 2020, no shares underlying the pre-funded warrants have been exercised. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Incentive Plans 2018 Equity Incentive Plan In June 2018, the Company’s board of directors adopted and its stockholders approved the 2018 Equity Incentive Plan (the “2018 Plan”), which became effective as of June 20, 2018, at which point no further grants could be made under the 2015 Equity Incentive Plan (the “2015 Plan”) described below. Under the 2018 Plan, the Company may grant incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. As of March 31, 2020, options to purchase 2,238,092 shares of common stock were outstanding and 1,759,569 shares were available for future issuance under the 2018 Plan. Initially, subject to adjustment as provided in the 2018 Plan, the aggregate number of shares of the Company’s common stock authorized for issuance pursuant to stock awards under the 2018 Plan was 4,000,000 shares, which is the sum of (i) 1,600,692 shares plus (ii) the number of shares reserved and available for issuance under the 2015 Plan at the time the 2018 Plan became effective and (iii) the number of shares subject to stock options or other stock awards granted under the 2015 Plan that expire, terminate are forfeited or otherwise not issued, or are withheld to satisfy a tax withholding obligation in connection with an award or to satisfy a purchase or exercise price of an award (such as upon the expiration or termination of a stock award prior to vesting). The number of shares of the Company’s common stock reserved for issuance under the 2018 Plan automatically increase s on January 1 of each year, beginning on January 1, 2019 and continuing through and including January 1, 2028 , by 5 % of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s board of directors prior to such increase . The maximum number of shares that may be issued upon the exercise of ISOs under the 2018 Plan is 12,500,000 shares. 2015 Equity Incentive Plan The Company’s 2015 Plan provided for the granting of ISOs and NSOs to employees, directors and consultants at the discretion of its board of directors. The 2015 Plan was terminated as to future awards in June 2018, although it continues to govern the terms of options that remain outstanding under the 2015 Plan. No additional stock awards will be granted under the 2015 Plan, and all outstanding stock awards granted under the 2015 Plan that are repurchased, forfeited, expire or are cancelled will become available for grant under the 2018 Plan in accordance with its terms. Options granted under the 2015 Plan expire no later than 10 years from the date of grant. Options granted under the 2015 Plan vest over periods determined by the Company’s board of directors, generally over four years. The 2015 Plan allows for early exercise of certain options prior to vesting. Upon termination of employment, the unvested shares are subject to repurchase at the original exercise price. As of March 31, 2020 options to purchase 1,832,074 shares of common stock were outstanding under the 2015 Plan. 2018 Employee Stock Purchase Plan In June 2018, the Company’s board of directors adopted and its stockholders approved the 2018 Employee Stock Purchase Plan (the “ESPP”), which became effective as of June 20, 2018. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the U.S. Internal Revenue Code of 1986, as amended. The number of shares of common stock initially reserved for issuance under the ESPP was 200,000 shares. The ESPP provides for an annual increase on January 1 of each year, beginning on January 1, 2019 and continuing through and including January 1, 2028, equal to the lesser of (i) 1% of the shares of common stock outstanding on the last day of the prior fiscal year or (ii) 375,000 shares, or a lesser number of shares determined by the Company’s board of directors prior to such increase. As of March 31, 2020, 26,656 shares of common stock had been issued under the ESPP and 556,568 shares remained available for future issuance under the ESPP. The price per share of common stock to be paid by an ESPP participant on the applicable purchase date of an offering period shall be equal to 85% of the lesser of the fair market value of a share of common stock on (i) the applicable offering date or (ii) the applicable purchase date. The Company’s board of directors authorized an initial six-month offering period beginning on November 16, 2018 and ending on May 15, 2019. Additional six-month offering periods began on May 16, 2019 and on November 16, 2019. Stock Option Activity The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts): Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2019 3,107,066 $ 7.19 8.2 $ 3,151 Options granted 978,600 $ 3.30 Options exercised (3,000 ) $ 0.90 $ 10 Options cancelled (12,500 ) $ 22.85 Outstanding at March 31, 2020 4,070,166 $ 6.21 8.4 $ 4,796 Vested and exercisable at March 31, 2020 1,677,155 $ 4.87 7.3 $ 2,847 The weighted average grant date fair value of options granted during the three months ended March 31, 2020 was $2.32 per share. The aggregate intrinsic value of exercised stock options during the three months ended March 31, 2020 was $10,000. The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s common stock at the date of exercise. Stock-Based Compensation Expense Total stock-based compensation expense recognized by function was as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 464 $ 447 General and administrative 709 454 Total stock-based compensation expense $ 1,173 $ 901 As of March 31, 2020, the unrecognized stock-based compensation cost and the estimated weighted average amortization period, using the straight-line attribution method, was as follows (dollars in thousands): Unrecognized Compensation Cost Weighted Average Remaining Amortization Period (Years) Employee options $ 11,392 2.8 Nonemployee options 18 0.7 Total unrecognized stock-based compensation expense $ 11,410 The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2020 2019 Expected term (years) 5.0 - 5.9 5.9 Expected volatility 83.8 - 87.1 % 79.9 - 81.9 % Risk-free interest rate 0.7 - 1.6 % 2.4 - 2.6 % Expected dividend yield — — |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes No provision for income taxes was recorded for the three months ended March 31, 2020 and 2019, respectively. Deferred tax assets generated from the Company’s net operating losses have been fully reserved, as the Company believes it is not more likely than not that the benefit will be realized. In December 2015, the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) was signed into law, which created several new research and development (“R&D”) tax credit provisions, including allowing qualified small businesses to utilize the R&D credit against the employer’s portion of payroll tax up to a maximum of $250,000 per year. The Company qualified as a small business under the PATH Act for 2016, 2017 and 2018. During the three months ended March 31, 2020 and 2019, the Company utilized $156,000 and 93,000 of R&D tax credits as a reduction of payroll expenses to offset its payroll tax liabilities. The remaining R&D tax credits available for future payroll tax liabilities have been recorded as deferred tax assets with a full valuation allowance. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share Net Loss Per Share The following table sets forth the calculation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share data): Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (10,012 ) $ (7,642 ) Denominator: Weighted-average shares of common stock outstanding 32,867,597 19,042,524 Net loss per share, basic and diluted $ (0.30 ) $ (0.40 ) Basic net loss per common share is calculated by dividing net loss by the weighted-average number of shares of common stock and pre-funded warrants outstanding during the period, without consideration of common share equivalents. Diluted net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock, pre-funded warrants and common share equivalents outstanding for the period. The pre-funded warrants are included in the computation of basic and diluted net loss per common share as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Common share equivalents are only included in the calculation of diluted net loss per common share when their effect is dilutive. Potential dilutive securities, which include, vested and unvested options to purchase common stock and unvested common stock outstanding that were exercised early The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended March 31, 2020 2019 Stock options to purchase common stock 4,070,166 2,755,466 Common stock subject to future vesting 24,733 61,265 Total 4,094,899 2,816,731 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation | Basis of Presentation and Consolidation The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the Company’s accounts and those of its wholly owned Australian subsidiary, The condensed consolidated balance sheet at December 31, 201 9 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Annual Report . |
Unaudited Interim Condensed Consolidated Financial Statements | Unaudited Interim Condensed Consolidated Financial Statements The accompanying financial information as of March 31, 2020 is unaudited. The condensed consolidated financial statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that our management considers necessary for the fair statement of the results of operations for the interim periods covered and of our financial condition at the date of the interim balance sheet. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in our Annual Report. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include the useful lives of fixed assets, stock-based compensation, and accrued research and development costs. Management bases its estimates on historical experience and on various other market-specific relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. We also anticipate that the COVID-19 pandemic will have an impact on the clinical and pre-clinical development timelines for our clinical and pre-clinical programs. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. |
Significant Risks and Uncertainties | Significant Risks and Uncertainties With the global spread of the ongoing COVID-19 pandemic in the first quarter of 2020, we have implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on our business. The extent to which the COVID-19 pandemic impacts our business, our pre-clinical and clinical development and regulatory efforts, our corporate development objectives and the value of and market for our common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, we are subject to other challenges and risks specific to our business and our ability to execute on our strategy, as well as risks and uncertainties common to companies in the biotechnology industry with development operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory feedback regarding our product candidates; delays or problems in the supply of our product candidates; loss of single source suppliers or their failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional technologies or product candidates; clinical development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing our intellectual property rights; and complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects our business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents are stated at fair value. |
Marketable Securities | Marketable Securities All marketable securities have been classified as “available-for-sale” in accordance with the Company’s investment policy and cash management strategy. Short-term marketable securities mature within one-year from the balance sheet date. Investments in marketable securities are recorded at fair value, with any unrealized gains and losses reported within accumulated other comprehensive income as a separate component of stockholders’ deficit until realized or until a determination is made that an other-than-temporary decline in market value has occurred. If a credit loss does exist for available-for-sale debt securities and should be recognized, an allowance will be recorded rather than a write-down of the amortized cost basis. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, together with interest on securities, are included in interest income on the Company’s condensed consolidated statements of operations. |
Leases | Leases At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments over the expected lease term. The Company records a corresponding right-of-use (“ROU”) lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the ROU lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company did not elect to apply the practical expedient to not separate lease and non-lease components for all of its leases. |
Accounting Pronouncements Adopted in 2020 | Accounting Pronouncements Adopted in 2020 In June 2016, the FASB issued ASU No. 2016-13 , Financial Instruments-Credit Losses (Topic 326) The Company adopted the new standard using the modified retrospective approach as of January 1, 2020 and the adoption In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement The amendment of ASU No. 2018-13 removes disclosure requirements from Topic 820 in the areas of: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes Income Taxes. As part of the simplification, along with other exceptions, it removes the exception to the incremental approach for intraperiod tax allocation in the event of a loss from continuing operations and income or a gain from other items. he adoption did not have a material impact on the Company’s |
Fair Value Measurements | Financial assets and liabilities are recorded at fair value. The carrying amount of certain financial instruments, including cash and cash equivalents, marketable securities, other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements 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 markets that are not active, 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 that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the financial statements. The Company determines the fair value of Level 1 assets using quoted prices in active markets for identical assets. The Company reviews trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, which are obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on a Recurring Basis | The following table summarizes the Company’s financial assets measured at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above (in thousands): March 31, 2020 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 20,373 $ 20,373 $ — $ — U.S. Treasury securities 4,566 4,566 — — Commercial paper 38,999 — 38,999 — Corporate debt securities 13,977 — 13,977 — U.S. agency bonds 45,237 — 45,237 — Total $ 123,152 $ 24,939 $ 98,213 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 14,731 $ 14,731 $ — $ — U.S. Treasury securities 5,285 5,285 — — Commercial paper 15,186 — 15,186 — Corporate debt securities 17,171 — 17,171 — U.S. agency bonds 25,613 — 25,613 — Total $ 77,986 $ 20,016 $ 57,970 $ — |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-For-Sale Securities Recorded in Cash and Cash Equivalents or Marketable Securities | The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s condensed consolidated balance sheets (in thousands): March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial Assets Money market funds $ 20,373 $ — $ — $ 20,373 U.S. Treasury securities 4,524 42 — 4,566 Commercial paper 38,906 93 — 38,999 Corporate debt securities 14,037 — (60 ) 13,977 U.S. agency bonds 45,088 149 — 45,237 Total $ 122,928 $ 284 $ (60 ) $ 123,152 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial Assets Money market funds $ 14,731 $ — $ — $ 14,731 U.S. Treasury securities 5,285 1 (1 ) 5,285 Commercial paper 15,174 12 — 15,186 Corporate debt securities 17,168 3 — 17,171 U.S. agency bonds 25,597 16 — 25,613 Total $ 77,955 $ 32 $ (1 ) $ 77,986 |
Summary of Gross Unrealized Losses and Fair Value by Major Security Type for Available-For-Sale Securities in Unrealized Loss Position | The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Less than 12 consecutive months Less than 12 consecutive months Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 12,775 $ (60 ) $ — $ — U.S. Treasury securities — — 4,535 (1 ) Total $ 12,775 $ (60 ) $ 4,535 $ (1 ) |
Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity | As of March 31, 2020, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands): Amortized Estimated Cost Fair Value Available-for-sale securities maturing: In one year or less $ 122,928 $ 123,152 Total available-for-sale securities $ 122,928 $ 123,152 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): March 31, 2020 December 31, 2019 Leasehold improvements $ 3,268 $ 3,268 Furniture, laboratory and office equipment 2,666 2,578 Computer equipment 258 253 Total property and equipment 6,192 6,099 Less accumulated depreciation and amortization (2,061 ) (1,817 ) Property and equipment, net $ 4,131 $ 4,282 |
Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accrued preclinical and research costs $ 1,654 $ 1,687 Accrued clinical costs 1,216 1,027 Accrued employee-related costs 961 1,293 Accrued professional services 220 53 Other 151 158 Total accrued liabilities $ 4,202 $ 4,218 |
Lease (Tables)
Lease (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Details of Right-of-Use Assets and Lease Liabilities | Information related to the Company’s ROU asset and related lease liabilities were as follows (in thousands): Three months ended March 31, 2020 Cash paid for operating lease liabilities $ 211 Operating lease costs 275 Variable lease costs 131 Maturities of lease liabilities as of March 31, 2020 were as follows for the years ending December 31: 2020 $ 1,128 2021 1,542 2022 1,588 2023 1,635 2024 1,684 Thereafter 282 Total undiscounted lease payments 7,859 Less: imputed interest (1,706 ) Total lease liabilities $ 6,153 Operating lease liabilities, current 934 Operating lease liabilities, noncurrent 5,219 Total operating lease liabilities $ 6,153 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity under Stock Option Plans and Related Information | The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts): Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2019 3,107,066 $ 7.19 8.2 $ 3,151 Options granted 978,600 $ 3.30 Options exercised (3,000 ) $ 0.90 $ 10 Options cancelled (12,500 ) $ 22.85 Outstanding at March 31, 2020 4,070,166 $ 6.21 8.4 $ 4,796 Vested and exercisable at March 31, 2020 1,677,155 $ 4.87 7.3 $ 2,847 |
Stock-Based Compensation Expense Recognized | Total stock-based compensation expense recognized by function was as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 464 $ 447 General and administrative 709 454 Total stock-based compensation expense $ 1,173 $ 901 |
Unrecognized Stock-based Compensation Cost and Estimated Weighted Average Amortization Period | As of March 31, 2020, the unrecognized stock-based compensation cost and the estimated weighted average amortization period, using the straight-line attribution method, was as follows (dollars in thousands): Unrecognized Compensation Cost Weighted Average Remaining Amortization Period (Years) Employee options $ 11,392 2.8 Nonemployee options 18 0.7 Total unrecognized stock-based compensation expense $ 11,410 |
Fair Value of Employee Stock Options Granted is Calculated Using Black Scholes Option Pricing Model with Weighted Average Assumptions | The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2020 2019 Expected term (years) 5.0 - 5.9 5.9 Expected volatility 83.8 - 87.1 % 79.9 - 81.9 % Risk-free interest rate 0.7 - 1.6 % 2.4 - 2.6 % Expected dividend yield — — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Net Loss per Share | The following table sets forth the calculation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share data): Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (10,012 ) $ (7,642 ) Denominator: Weighted-average shares of common stock outstanding 32,867,597 19,042,524 Net loss per share, basic and diluted $ (0.30 ) $ (0.40 ) |
Anti-dilutive Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share | The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended March 31, 2020 2019 Stock options to purchase common stock 4,070,166 2,755,466 Common stock subject to future vesting 24,733 61,265 Total 4,094,899 2,816,731 |
Organization and Description _2
Organization and Description of the Business - Additional Information (Details) | Feb. 04, 2020USD ($)$ / sharesshares | Jul. 31, 2019USD ($) | Mar. 31, 2020USD ($)Segmentshares | Dec. 31, 2019USD ($) |
Organization And Description Of Business [Line Items] | ||||
Number of operating segments | Segment | 1 | |||
Accumulated deficit | $ | $ 94,294,000 | $ 84,282,000 | ||
Pre funded warrants exercise price | $ / shares | $ 0.001 | |||
Underwritten Public Offering | ||||
Organization And Description Of Business [Line Items] | ||||
Issuance of common stock | shares | 18,965,385 | |||
Pre funded warrants to purchase shares of common stock | shares | 2,884,615 | |||
Pre funded warrants exercise price | $ / shares | $ 0.001 | |||
Common stock, shares issued, price per share | $ / shares | 2.60 | |||
Warrant issue price per share | $ / shares | $ 2.599 | |||
Net proceeds from the public offering | $ | $ 53,400,000 | |||
Underwritten Public Offering | Existing Stockholder, Morningside Ventures and certain officers and directors | ||||
Organization And Description Of Business [Line Items] | ||||
Net proceeds from the public offering | $ | $ 22,900,000 | |||
ATM Agreement | Jefferies, LLC | ||||
Organization And Description Of Business [Line Items] | ||||
Issuance of common stock | shares | 0 | |||
Minimum | ||||
Organization And Description Of Business [Line Items] | ||||
Sufficient cash and cash equivalents available period term | 12 months | |||
Maximum | ATM Agreement | Jefferies, LLC | ||||
Organization And Description Of Business [Line Items] | ||||
Common stock aggregate offering price | $ | $ 50,000,000 | |||
Sales commission percentage on common stock | 3.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 123,152 | $ 77,986 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 24,939 | 20,016 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 98,213 | 57,970 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 20,373 | 14,731 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 20,373 | 14,731 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 4,566 | 5,285 |
U.S. Treasury Securities | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 4,566 | 5,285 |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 38,999 | 15,186 |
Commercial paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 38,999 | 15,186 |
Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 13,977 | 17,171 |
Corporate debt securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 13,977 | 17,171 |
U.S. agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 45,237 | 25,613 |
U.S. agency bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 45,237 | $ 25,613 |
Available-for-Sale Securities -
Available-for-Sale Securities - Summary of Available-For-Sale Securities Recorded in Cash and Cash Equivalents or Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 122,928 | |
Fair Value | 123,152 | |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 122,928 | $ 77,955 |
Unrealized Gains | 284 | 32 |
Unrealized Losses | (60) | (1) |
Fair Value | 123,152 | 77,986 |
Fair Value, Measurements, Recurring | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 20,373 | 14,731 |
Fair Value | 20,373 | 14,731 |
Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 4,524 | 5,285 |
Unrealized Gains | 42 | 1 |
Unrealized Losses | (1) | |
Fair Value | 4,566 | 5,285 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 38,906 | 15,174 |
Unrealized Gains | 93 | 12 |
Fair Value | 38,999 | 15,186 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 14,037 | 17,168 |
Unrealized Gains | 3 | |
Unrealized Losses | (60) | |
Fair Value | 13,977 | 17,171 |
Fair Value, Measurements, Recurring | U.S. agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 45,088 | 25,597 |
Unrealized Gains | 149 | 16 |
Fair Value | $ 45,237 | $ 25,613 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||
Allowance for credit losses on securities in unrealized loss position | $ 0 | $ 0 |
Sale of available-for-sale securities | $ 0 |
Available-for-Sale Securities_3
Available-for-Sale Securities - Summary of Gross Unrealized Losses and Fair Value by Major Security Type for Available-For-Sale Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 12,775 | $ 4,535 |
Unrealized Losses | (60) | (1) |
Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 12,775 | |
Unrealized Losses | $ (60) | |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 4,535 | |
Unrealized Losses | $ (1) |
Available-for-Sale Securities_4
Available-for-Sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Available-for-sale securities maturing, Amortized Cost | |
In one year or less, Amortized Cost | $ 122,928 |
Amortized Cost | 122,928 |
Available-for-sale securities maturing, Estimated Fair Value: | |
In one year or less, Estimated Fair Value | 123,152 |
Total available-for-sale securities, Estimated Fair Value | $ 123,152 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 6,192 | $ 6,099 |
Less accumulated depreciation and amortization | (2,061) | (1,817) |
Property and equipment, net | 4,131 | 4,282 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,268 | 3,268 |
Furniture, Laboratory and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 2,666 | 2,578 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 258 | $ 253 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Depreciation expense | $ 0.2 | $ 0.2 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accrued preclinical and research costs | $ 1,654 | $ 1,687 |
Accrued clinical costs | 1,216 | 1,027 |
Accrued employee-related costs | 961 | 1,293 |
Accrued professional services | 220 | 53 |
Other | 151 | 158 |
Total accrued liabilities | $ 4,202 | $ 4,218 |
Lease - Additional Information
Lease - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020ft² | |
Operating lease existence of option to extend [true false] | true |
Operating lease, option to extend | The operating lease agreement has one option to extend the lease term for a period of five years at the fair market rate at the time of the extension. |
Operating lease, renewal term | 5 years |
Weighted average remaining lease term | 4 years 11 months 1 day |
Operating lease liability, weighted average discount rate | 10.00% |
South San Francisco, California [Member] | |
Area of lease | 24,357 |
Lease expiration date | Feb. 28, 2025 |
Lease - Details of Right-of-Use
Lease - Details of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |||
Cash paid for operating lease liabilities | $ 211 | $ 181 | |
Operating lease costs | 275 | ||
Variable lease costs | 131 | ||
2020 | 1,128 | ||
2021 | 1,542 | ||
2022 | 1,588 | ||
2023 | 1,635 | ||
2024 | 1,684 | ||
Thereafter | 282 | ||
Total undiscounted lease payments | 7,859 | ||
Less: imputed interest | (1,706) | ||
Total lease liabilities | 6,153 | ||
Operating lease liabilities, current | 934 | $ 900 | |
Operating lease liabilities, noncurrent | 5,219 | $ 5,464 | |
Total operating lease liabilities | $ 6,153 |
Pre-Funded Warrants - Additiona
Pre-Funded Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 04, 2020 | Mar. 31, 2020 |
Class Of Warrant Or Right [Line Items] | ||
Pre funded warrants exercise price | $ 0.001 | |
Maximum ownership percentage, not to exceed upon exercise of warrants | 9.99% | |
Maximum ownership percentage, increase or decrease upon prior notice | 19.99% | |
Pre-funded warrants exercised | 0 | |
Underwritten Public Offering | ||
Class Of Warrant Or Right [Line Items] | ||
Issuance of common stock | 18,965,385 | |
Pre funded warrants to purchase shares of common stock | 2,884,615 | |
Common stock, shares issued, price per share | $ 2.60 | |
Warrant issue price per share | $ 2.599 | |
Net proceeds from the public offering | $ 53.4 | |
Pre funded warrants exercise price | $ 0.001 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options shares outstanding | 4,070,166 | 3,107,066 | |
Maximum number of shares issued upon exercise of incentive stock options | 1,677,155 | ||
Common stock, shares issued | 38,176,462 | 19,208,077 | |
Aggregate intrinsic value of exercised stock options | $ 10,000 | ||
2018 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for future issuance | 1,759,569 | ||
Number of shares will increase automatically through every year on specified date | --01-01 | ||
Number of shares increase automatically continuing through maximum period | beginning on January 1, 2019 and continuing through and including January 1, 2028 | ||
Weighted average grant date fair value of options granted | $ 2.32 | ||
2018 Equity Incentive Plan | Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of shares authorized available for issuance | 1,600,692 | ||
Increase in number of shares reserved for issuance as percentage of total number of shares of capital stock outstanding on last date of preceding calendar year | 5.00% | ||
2018 Equity Incentive Plan | Maximum | Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of shares authorized available for issuance | 4,000,000 | ||
2018 Equity Incentive Plan | Employee options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options shares outstanding | 2,238,092 | ||
2018 Equity Incentive Plan | Incentive Stock Options | Maximum | Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of shares issued upon exercise of incentive stock options | 12,500,000 | ||
2015 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Options to purchase of common stock outstanding | 1,832,074 | ||
Aggregate intrinsic value of exercised stock options | $ 10,000 | ||
2015 Equity Incentive Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted expiry period | 10 years | ||
2018 Employee Stock Purchase Plan | Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for future issuance | 556,568 | 200,000 | |
Common stock, shares issued | 26,656 | ||
Authorized an offering beginning period | Nov. 16, 2018 | ||
Authorized an offering ending period | May 15, 2019 | ||
Authorized an new offering beginning period | May 16, 2019 | ||
Authorized an new offering ending period | Nov. 16, 2019 | ||
2018 Employee Stock Purchase Plan | Maximum | Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of annual increase in number of common stock shares | 1.00% | ||
Annual increase in number of common stock shares | 375,000 | ||
Option price per share of common stock at fair market value | 85.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity under Stock Option Plans and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of options outstanding, Outstanding, Beginning balance | 3,107,066 | |
Number of options outstanding, Options granted | 978,600 | |
Number of options outstanding, Options exercised | (3,000) | |
Number of options outstanding, Options cancelled | (12,500) | |
Number of options outstanding, Outstanding, Ending balance | 4,070,166 | 3,107,066 |
Number of options outstanding, options vested and exercisable | 1,677,155 | |
Weighted average exercise price, Outstanding, Beginning balance | $ 7.19 | |
Weighted average exercise price, Options granted | 3.30 | |
Weighted average exercise price, Options exercised | 0.90 | |
Weighted average exercise price, Options cancelled | 22.85 | |
Weighted average exercise price, Outstanding, Ending balance | 6.21 | $ 7.19 |
Weighted average exercise price, options vested and exercisable | $ 4.87 | |
Weighted average remaining contractual term, (Years) Outstanding, Beginning balance | 8 years 4 months 24 days | 8 years 2 months 12 days |
Weighted average remaining contractual term, (Years) options vested and exercisable | 7 years 3 months 18 days | |
Aggregate intrinsic value, Outstanding, Beginning balance | $ 3,151 | |
Aggregate intrinsic value, Options exercised | 10 | |
Aggregate intrinsic value, Outstanding, Ending balance | 4,796 | $ 3,151 |
Aggregate intrinsic value, options vested and exercisable | $ 2,847 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 1,173 | $ 901 |
Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 464 | 447 |
General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 709 | $ 454 |
Stock-Based Compensation - Unre
Stock-Based Compensation - Unrecognized Stock-Based Compensation Cost and Estimated Weighted Average Amortization Period (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |
Unrecognized Compensation Cost | $ 11,410 |
Employee options | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |
Unrecognized Compensation Cost | $ 11,392 |
Weighted Average Remaining Amortization Period (Years) | 2 years 9 months 18 days |
Nonemployee options | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |
Unrecognized Compensation Cost | $ 18 |
Weighted Average Remaining Amortization Period (Years) | 8 months 12 days |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Stock Options Granted is Calculated Using Black Scholes Option Pricing Model with Weighted Average Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years 10 months 24 days | |
Expected volatility, Minimum | 83.80% | 79.90% |
Expected volatility, Maximum | 87.10% | 81.90% |
Risk-free interest rate, Minimum | 0.70% | 2.40% |
Risk-free interest rate, Maximum | 1.60% | 2.60% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years 10 months 24 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ 0 | $ 0 | |
Research and development tax credit utilized as reduction of payroll expenses | $ 156,000 | $ 93,000 | |
Research and development tax credit utilized against employer's portion of payroll tax | $ 250,000 |
Net Loss Per Share - Calculatio
Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net loss | $ (10,012) | $ (7,642) |
Denominator: | ||
Weighted-average shares of common stock outstanding | 32,867,597 | 19,042,524 |
Net loss per common share, basic and diluted | $ (0.30) | $ (0.40) |
Net Loss Per Share - Anti-dilut
Net Loss Per Share - Anti-dilutive Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 4,094,899 | 2,816,731 |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 4,070,166 | 2,755,466 |
Common stock subject to future vesting [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 24,733 | 61,265 |