Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 11, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | VAXCYTE, INC. | |
Entity Central Index Key | 0001649094 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-39323 | |
Entity Tax Identification Number | 46-4233385 | |
Entity Address, Address Line One | 353 Hatch Drive | |
Entity Address, City or Town | Foster City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94404 | |
City Area Code | 650 | |
Local Phone Number | 837-0111 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,949,711 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | No | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | PCVX | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 397,048 | $ 58,976 |
Prepaid expenses and other current assets | 3,787 | 2,747 |
Total current assets | 400,835 | 61,723 |
Property and equipment, net | 2,539 | 3,391 |
Other assets | 442 | 584 |
Total assets | 403,816 | 65,698 |
Current liabilities: | ||
Accounts payable | 10,685 | 3,376 |
Accrued compensation | 1,490 | 414 |
Accrued manufacturing expenses | 24,540 | 5,777 |
Accrued expenses (including related party accrual of $134 and $15 as of September 30, 2020 and December 31, 2019, respectively) | 2,870 | 1,305 |
Deferred rent — current portion | 27 | 19 |
Lease liability — current portion | 161 | |
Total current liabilities | 39,612 | 11,052 |
Deferred rent — long-term portion | 1 | 17 |
Redeemable convertible preferred stock warrant liability | 450 | |
Other liabilities | 128 | 242 |
Total liabilities | 39,741 | 11,761 |
Commitments and contingencies (Note 5) | ||
Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock value | 160,310 | |
Stockholders' Equity (Deficit) | ||
Preferred stock, $0.001 par value — 10,000,000 and no shares authorized at September 30, 2020 and December 31, 2019, respectively; no shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | ||
Common stock, $0.001 par value — 500,000,000 and 52,000,000 shares authorized at September 30, 2020 and December 31, 2019, respectively; 50,949,490 and 4,059,909 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 54 | 7 |
Additional paid-in capital | 541,848 | 2,967 |
Accumulated deficit | (177,827) | (109,347) |
Total stockholders' equity (deficit) | 364,075 | (106,373) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ 403,816 | 65,698 |
Series A Redeemable Convertible Preferred Stock | ||
Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock value | 24,967 | |
Series B Redeemable Convertible Preferred Stock | ||
Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock value | 55,151 | |
Series C Redeemable Convertible Preferred Stock | ||
Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock value | $ 80,192 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Related party accrual | $ 134 | $ 15 |
Redeemable convertible preferred stock, shares authorized | 35,962,362 | |
Redeemable convertible preferred stock, shares issued | 20,390,095 | |
Redeemable convertible preferred stock, shares outstanding | 20,390,095 | |
Redeemable convertible preferred stock, liquidation value | $ 172,037 | |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 52,000,000 |
Common stock, shares issued | 50,949,490 | 4,059,909 |
Common stock, shares outstanding | 50,949,490 | 4,059,909 |
Series A Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock, shares authorized | 10,502,804 | 10,502,804 |
Redeemable convertible preferred stock, shares issued | 0 | 6,225,719 |
Redeemable convertible preferred stock, shares outstanding | 0 | 6,225,719 |
Redeemable convertible preferred stock, liquidation value | $ 0 | $ 26,887 |
Series B Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock, shares authorized | 11,449,515 | 11,449,515 |
Redeemable convertible preferred stock, shares issued | 0 | 6,786,896 |
Redeemable convertible preferred stock, shares outstanding | 0 | 6,786,896 |
Redeemable convertible preferred stock, liquidation value | $ 0 | $ 60,150 |
Series C Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock, shares authorized | 12,545,824 | 14,010,043 |
Redeemable convertible preferred stock, shares issued | 0 | 7,377,480 |
Redeemable convertible preferred stock, shares outstanding | 0 | 7,377,480 |
Redeemable convertible preferred stock, liquidation value | $ 0 | $ 85,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating expenses: | ||||
Research and development (including related party expenses of $143 and $1,011 for the three months ended September 30, 2020 and 2019, respectively, and $458 and $1,123 for the nine months ended September 30, 2020 and 2019, respectively) | $ 16,410 | $ 9,630 | $ 58,903 | $ 32,225 |
General and administrative | 4,898 | 2,510 | 11,225 | 6,089 |
Total operating expenses | 21,308 | 12,140 | 70,128 | 38,314 |
Loss from operations | (21,308) | (12,140) | (70,128) | (38,314) |
Other income (expense), net: | ||||
Interest expense | (9) | (7) | (33) | |
Interest income | 33 | 120 | 212 | 537 |
Grant income | 787 | 54 | 2,152 | 54 |
Foreign currency transaction losses | (530) | (186) | (709) | (417) |
Change in fair value of the redeemable convertible preferred stock tranche liability | 844 | 2,520 | ||
Total other income (expense), net | 290 | 823 | 1,648 | 2,661 |
Net loss and comprehensive loss | $ (21,018) | $ (11,317) | $ (68,480) | $ (35,653) |
Net loss per share, basic and diluted | $ (0.41) | $ (2.93) | $ (3.06) | $ (9.54) |
Weighted-average shares outstanding, basic and diluted | 50,895,358 | 3,857,298 | 22,354,212 | 3,737,779 |
Condensed Statements of Opera_2
Condensed Statements of Operations and Comprehensive Loss (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Research and development expense to related party | $ 143 | $ 1,011 | $ 458 | $ 1,123 |
Condensed Statements of Redeema
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock | Series C Redeemable Convertible Preferred Stock | Series D Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ (57,728) | $ 6 | $ 1,339 | $ (59,073) | ||||
Beginning balance, shares at Dec. 31, 2018 | 6,225,719 | 6,786,896 | 3,688,740 | |||||
Beginning balance at Dec. 31, 2018 | $ 24,967 | $ 55,151 | $ 37,692 | |||||
Beginning balance, shares at Dec. 31, 2018 | 3,757,403 | |||||||
Vesting of early exercised stock options | 20 | 20 | ||||||
Stock-based compensation expense | 266 | 266 | ||||||
Net loss | (13,671) | (13,671) | ||||||
Ending balance at Mar. 31, 2019 | (71,113) | $ 6 | 1,625 | (72,744) | ||||
Ending balance, shares at Mar. 31, 2019 | 6,225,719 | 6,786,896 | 3,688,740 | |||||
Ending balance at Mar. 31, 2019 | $ 24,967 | $ 55,151 | $ 37,692 | |||||
Ending balance, shares at Mar. 31, 2019 | 3,757,403 | |||||||
Beginning balance at Dec. 31, 2018 | $ (57,728) | $ 6 | 1,339 | (59,073) | ||||
Beginning balance, shares at Dec. 31, 2018 | 6,225,719 | 6,786,896 | 3,688,740 | |||||
Beginning balance at Dec. 31, 2018 | $ 24,967 | $ 55,151 | $ 37,692 | |||||
Beginning balance, shares at Dec. 31, 2018 | 3,757,403 | |||||||
Exercise of stock options (in shares) | 280,836 | |||||||
Net loss | $ (35,653) | |||||||
Ending balance at Sep. 30, 2019 | (92,160) | $ 7 | 2,559 | (94,726) | ||||
Ending balance, shares at Sep. 30, 2019 | 6,225,719 | 6,786,896 | 3,688,740 | |||||
Ending balance at Sep. 30, 2019 | $ 24,967 | $ 55,151 | $ 37,692 | |||||
Ending balance, shares at Sep. 30, 2019 | 4,038,239 | |||||||
Beginning balance at Mar. 31, 2019 | (71,113) | $ 6 | 1,625 | (72,744) | ||||
Beginning balance, shares at Mar. 31, 2019 | 6,225,719 | 6,786,896 | 3,688,740 | |||||
Beginning balance at Mar. 31, 2019 | $ 24,967 | $ 55,151 | $ 37,692 | |||||
Beginning balance, shares at Mar. 31, 2019 | 3,757,403 | |||||||
Exercise of stock options | 2 | 2 | ||||||
Exercise of stock options (in shares) | 889 | |||||||
Vesting of early exercised stock options | 20 | 20 | ||||||
Stock-based compensation expense | 278 | 278 | ||||||
Net loss | (10,665) | (10,665) | ||||||
Ending balance at Jun. 30, 2019 | (81,478) | $ 6 | 1,925 | (83,409) | ||||
Ending balance, shares at Jun. 30, 2019 | 6,225,719 | 6,786,896 | 3,688,740 | |||||
Ending balance at Jun. 30, 2019 | $ 24,967 | $ 55,151 | $ 37,692 | |||||
Ending balance, shares at Jun. 30, 2019 | 3,758,292 | |||||||
Exercise of stock options | $ 314 | $ 1 | 313 | |||||
Exercise of stock options (in shares) | 279,947 | 220,671 | ||||||
Issuance of common stock related to early exercised stock options | 59,276 | |||||||
Vesting of early exercised stock options | $ 55 | 55 | ||||||
Stock-based compensation expense | 266 | 266 | ||||||
Net loss | (11,317) | (11,317) | ||||||
Ending balance at Sep. 30, 2019 | (92,160) | $ 7 | 2,559 | (94,726) | ||||
Ending balance, shares at Sep. 30, 2019 | 6,225,719 | 6,786,896 | 3,688,740 | |||||
Ending balance at Sep. 30, 2019 | $ 24,967 | $ 55,151 | $ 37,692 | |||||
Ending balance, shares at Sep. 30, 2019 | 4,038,239 | |||||||
Beginning balance at Dec. 31, 2019 | $ (106,373) | $ 7 | 2,967 | (109,347) | ||||
Beginning balance, shares at Dec. 31, 2019 | 20,390,095 | 6,225,719 | 6,786,896 | 7,377,480 | ||||
Beginning balance at Dec. 31, 2019 | $ 160,310 | $ 24,967 | $ 55,151 | $ 80,192 | ||||
Beginning balance, shares at Dec. 31, 2019 | 4,059,909 | |||||||
Exercise of stock options | 49 | 49 | ||||||
Exercise of stock options (in shares) | 28,837 | |||||||
Issuance of common stock related to early exercised stock options | 14,819 | |||||||
Vesting of early exercised stock options | 128 | 128 | ||||||
Issuance of preferred stock | $ 109,875 | |||||||
Issuance of preferred stock, net of issuance cost (in shares) | 8,220,242 | |||||||
Stock-based compensation expense | 372 | 372 | ||||||
Net loss | (27,142) | (27,142) | ||||||
Ending balance at Mar. 31, 2020 | (132,966) | $ 7 | 3,516 | (136,489) | ||||
Ending balance, shares at Mar. 31, 2020 | 6,225,719 | 6,786,896 | 7,377,480 | 8,220,242 | ||||
Ending balance at Mar. 31, 2020 | $ 24,967 | $ 55,151 | $ 80,192 | $ 109,875 | ||||
Ending balance, shares at Mar. 31, 2020 | 4,103,565 | |||||||
Beginning balance at Dec. 31, 2019 | $ (106,373) | $ 7 | 2,967 | (109,347) | ||||
Beginning balance, shares at Dec. 31, 2019 | 20,390,095 | 6,225,719 | 6,786,896 | 7,377,480 | ||||
Beginning balance at Dec. 31, 2019 | $ 160,310 | $ 24,967 | $ 55,151 | $ 80,192 | ||||
Beginning balance, shares at Dec. 31, 2019 | 4,059,909 | |||||||
Exercise of stock options (in shares) | 263,626 | |||||||
Net loss | $ (68,480) | |||||||
Ending balance at Sep. 30, 2020 | 364,075 | $ 54 | 541,848 | (177,827) | ||||
Ending balance, shares at Sep. 30, 2020 | 0 | 0 | 0 | |||||
Ending balance, shares at Sep. 30, 2020 | 50,949,490 | |||||||
Beginning balance at Mar. 31, 2020 | (132,966) | $ 7 | 3,516 | (136,489) | ||||
Beginning balance, shares at Mar. 31, 2020 | 6,225,719 | 6,786,896 | 7,377,480 | 8,220,242 | ||||
Beginning balance at Mar. 31, 2020 | $ 24,967 | $ 55,151 | $ 80,192 | $ 109,875 | ||||
Beginning balance, shares at Mar. 31, 2020 | 4,103,565 | |||||||
Conversion of preferred stock | 270,190 | $ (24,967) | $ (55,151) | $ (80,192) | $ (109,879) | $ 29 | 270,161 | |
Conversion of preferred stock (in shares) | (6,225,719) | (6,786,896) | (7,377,480) | (8,220,242) | ||||
Conversion of preferred stock (in shares) | 28,610,337 | |||||||
Conversion of common stock warrant | 30,278 | |||||||
Conversion of preferred stock warrant | 16,591 | |||||||
Warrant liability write-off | 629 | 629 | ||||||
Issuance of common stock upon initial public offering, net of issuance costs of $3,296 | 264,079 | $ 18 | 264,061 | |||||
Issuance of common stock upon initial public offering, net of issuance cost (in shares) | 17,968,750 | |||||||
Exercise of stock options | 297 | 297 | ||||||
Exercise of stock options (in shares) | 152,177 | |||||||
Vesting of early exercised stock options | 12 | 12 | ||||||
Issuance of preferred stock | $ 4 | |||||||
Issuance costs for initial public offering | $ (3,296) | |||||||
Stock-based compensation expense | 1,289 | 1,289 | ||||||
Net loss | (20,320) | (20,320) | ||||||
Ending balance at Jun. 30, 2020 | 383,210 | $ 54 | 539,965 | (156,809) | ||||
Ending balance, shares at Jun. 30, 2020 | 50,881,698 | |||||||
Exercise of stock options | $ 108 | 108 | ||||||
Exercise of stock options (in shares) | 67,792 | 67,792 | ||||||
Vesting of early exercised stock options | $ 9 | 9 | ||||||
Issuance costs for initial public offering | (72) | (72) | ||||||
Stock-based compensation expense | 1,838 | 1,838 | ||||||
Net loss | (21,018) | (21,018) | ||||||
Ending balance at Sep. 30, 2020 | $ 364,075 | $ 54 | $ 541,848 | $ (177,827) | ||||
Ending balance, shares at Sep. 30, 2020 | 0 | 0 | 0 | |||||
Ending balance, shares at Sep. 30, 2020 | 50,949,490 |
Condensed Statements of Redee_2
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Series D Redeemable Convertible Preferred Stock | |
Temporary equity, Issuance costs | $ 125 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (68,480) | $ (35,653) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,073 | 900 |
Stock-based compensation expense | 3,499 | 810 |
Change in fair value of redeemable convertible preferred stock warrant | 179 | (12) |
Change in fair value of redeemable convertible preferred stock tranche liabilities | (2,520) | |
Loss on disposal of assets | 32 | 1 |
Asset impairment charges | 267 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,040) | (1,071) |
Other assets | 33 | 10 |
Accounts payable | 7,330 | (1,190) |
Accrued compensation | 1,076 | (283) |
Accrued manufacturing expenses | 18,763 | 4,585 |
Accrued expenses | 1,416 | 1,605 |
Deferred rent and other long-term liabilities | (8) | 79 |
Net cash used in operating activities | (35,860) | (32,739) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (433) | (242) |
Proceeds from sale of property and equipment | 50 | |
Net cash used in investing activities | (383) | (242) |
Cash flows from financing activities: | ||
Payments of capital lease obligations | (61) | (220) |
Proceeds from initial public offering, net of underwriters' commissions and discounts | 267,375 | |
Payment of issuance costs for initial public offering | (3,368) | |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 109,879 | |
Proceeds from exercise of common stock options | 454 | 315 |
Proceeds from issuance of common stock related to early exercised stock options | 36 | 120 |
Net cash provided by (used in) financing activities | 374,315 | 215 |
Net increase (decrease) in cash and cash equivalents | 338,072 | (32,766) |
Cash and cash equivalents, beginning of period | 58,976 | 66,090 |
Cash and cash equivalents, end of period | 397,048 | 33,324 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 7 | 33 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Purchases of property and equipment recorded in accounts payable and accrued expenses | 149 | 197 |
Conversion of convertible preferred stock into common stock | 270,190 | |
Issuance costs for initial public offering included in accounts payable and accrued expenses | $ 17 | $ 602 |
Company Organization and Nature
Company Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company Organization and Nature of Business | 1. Company Organization and Nature of Business Vaxcyte, Inc. (“we”, “us”, “the Company”, or “Vaxcyte”), headquartered in Foster City, California, was incorporated in the state of Delaware on November 27, 2013 as SutroVax, Inc. and we changed our name to Vaxcyte, Inc. in May 2020. We are a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent some of the most common and deadly infectious diseases worldwide. Our cell-free protein synthesis platform enables us to design and produce optimized protein carriers and antigens, the critical building blocks of vaccines, in ways that are beyond the reach of conventional technology. Our pipeline includes the most broad-spectrum pneumococcal conjugate vaccine (“PCV”) candidates that we believe are currently in development, targeting the $7 billion global pneumococcal vaccine market. Our lead vaccine candidate, VAX-24, is a 24-valent investigational PCV that we expect to advance into clinical trials in the second half of 2021. Our primary activities since incorporation have been to perform research and development, undertake preclinical studies and enable manufacturing activities in support of our product development efforts, organize and staff the Company, plan for the business and establish our intellectual property portfolio, and raise capital to support and expand such activities. Reverse Stock Split On June 5, 2020, we filed a certificate of amendment to our amended and restated certificate of incorporation to effect a one-for-1.6870 reverse stock split of our issued and outstanding common stock, preferred stock, stock options and warrants effective on June 5, 2020. Accordingly, all share and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted. Initial Public Offering In June 2020, we completed an initial public offering (“IPO”) in which we issued and sold 17,968,750 shares of common stock, including shares issued upon the exercise in full of the underwriters’ option to purchase 2,343,750 additional shares of common stock, at a public offering price of $16.00 per share. We received $264.0 million in net proceeds, after deducting underwriting discounts and commissions of $20.1 million and offering expenses of $3.4 million. Immediately prior to the completion of our IPO, all outstanding shares of redeemable convertible preferred stock were converted into 28,610,337 shares of common stock. Subsequent to the completion of the IPO, there were no shares of redeemable convertible preferred stock outstanding. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation These condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. Certain changes in presentation were made in the condensed balance sheet as of December 31, 2019 to conform to the presentation of the condensed balance sheet as of September 30, 2020. Unaudited Interim Condensed Financial Statements The condensed balance sheet as of September 30, 2020, the condensed statements of operations and comprehensive loss, redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2020 and 2019, and the condensed statements of cash flows for the nine months ended September 30, 2020 and 2019, are unaudited. The unaudited interim condensed financial statements have been prepared on the same basis as the audited annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial information. The financial data disclosed in the footnotes to the condensed financial statements related to the three and nine months ended September 30, 2020 and 2019 are also unaudited. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. These interim condensed financial statements should be read in conjunction with our audited annual financial statements included in the prospectus dated June 11, 2020 that forms a part of our Registration Statements on Form S-1 (File Nos. 333-238630 and 333-239110) as filed with the SEC pursuant to Rule 424(b)(4) and Rule 462(b) promulgated under the Securities Act of 1933, as amended. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we evaluate our estimates and assumptions, including those related to stock-based compensation expense, accruals for certain research and development costs, the valuation of deferred tax assets and income taxes. Management bases our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. Deferred Offering Costs Deferred offering costs consist of fees and expenses incurred in connection with the sale of our common stock in the IPO, including legal, accounting, printing and other IPO-related costs. Prior to the completion of our IPO, deferred offering costs were included in Other assets on the condensed balance sheet. In connection with and as of the closing of our IPO, these costs were reclassified to Additional paid-in capital, representing a reduction to the IPO proceeds. As of September 30, 2020, $3.4 million of these IPO-related costs are included in the Additional paid-in capital line item on the condensed balance sheet. As of December 31, 2019, $1.1 million of deferred offering costs were included in Other assets on the balance sheet. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to a concentration of credit risk consist primarily of cash and cash equivalents. We currently invest in money market funds. We maintain bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash and cash equivalents. We have not experienced any losses on our deposits of cash and cash equivalents. We are subject to supplier concentration risk from our suppliers. We source our critical raw materials from a sole source supplier, Sutro Biopharma, Inc. (“Sutro Biopharma”). We also use one contract manufacturing organization (“CMO”), Lonza Ltd. (“Lonza”), to handle most of our manufacturing activities. If we were to experience disruptions in raw materials supplied by Sutro Biopharma, or in manufacturing activities at Lonza, we may experience significant delays in our product development timelines and may incur substantial costs to secure alternative sources of raw materials or manufacturing. Our future results of operations involve a number of other risks and uncertainties. Factors that could affect our future operating results and cause actual results to vary materially from expectations include, but are not limited to, our early stages of clinical vaccine development; our ability to advance vaccine candidates into, and successfully complete, clinical trials on the timelines we project; our ability to adequately demonstrate sufficient safety and efficacy of our vaccine candidates; our ability to enroll subjects in our ongoing and future clinical trials; our ability to successfully manufacture and supply our vaccine candidates for clinical trials; our ability to obtain additional capital to finance our operations; our ability to obtain, maintain and protect our intellectual property rights; developments relating to our competitors and our industry, including competing vaccine candidates; general and market conditions; and other risks and uncertainties, including those more fully described in the “Risk Factors” section of this Quarterly Report on Form 10-Q. Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting Compensation-Stock Compensation Equity — Equity-Based Payments to Non-Employees Recently Issued Accounting Pronouncements—Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The new standard is effective for us on January 1, 2022, with early adoption permitted. We expect to adopt the new standard on the effective date. The new standard requires an entity to adopt using one of two approaches, either (i) retrospectively to each prior reporting period presented in the financial statements with the cumulative effect recognized at the beginning of the earliest comparative period presented, or (ii) retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. Although we are currently evaluating the impact of adoption on our financial statements and related disclosures, we believe the most significant changes will be the recognition of the ROU assets and the related lease liabilities for our operating leases on our condensed balance sheets. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | 3. Fair Value Measurements and Fair Value of Financial Instruments Assets and liabilities recorded at fair value on a recurring basis in the condensed balance sheets, as well as assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received Level 1— Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2— Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities 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 related assets or liabilities; and Level 3 — Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. 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. Our 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. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. We recognize transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs. Level 1 securities consist of highly liquid money market funds for which the carrying amounts approximate their fair values due to their short maturities. Level 3 liabilities that are measured at fair value on a recurring basis include the redeemable convertible preferred stock warrant. The redeemable convertible preferred stock warrant was measured using an option pricing method by estimating the value using the Black-Scholes model. The inputs used in the Black-Scholes model included the value of the redeemable convertible preferred stock, the risk-free interest rate, the expected term of the instrument and the expected volatility. There was no outstanding redeemable convertible preferred stock warrant as of September 30, 2020. Below are inputs used for the Level 3 liability as of December 31, 2019: December 31, 2019 Redeemable Convertible Preferred Stock Warrant Value of Series C Redeemable Preferred Stock Per Share $ 6.82 Risk-Free Rate 1.90 % Volatility 73.5 % Term in Years 8.42 During the periods presented, we have not changed the manner in which we value liabilities that are measured at estimated fair value using Level 3 inputs. There were no transfers within the hierarchy during the three or nine months ended September 30, 2020 or the year ended December 31, 2019. The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at September 30, 2020 and December 31, 2019: September 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds (1) $ 392,272 $ 392,272 $ — $ — December 31, 2019 Total Fair Value Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds (1) $ 48,168 $ 48,168 $ — $ — Liabilities: Redeemable convertible preferred stock warrant liability $ 450 $ — $ — $ 450 (1) Included within cash and cash equivalents on the condensed balance sheet. The following table provides a summary of changes in the estimated fair value of our Level 3 financial instrument, which was written off upon our IPO in June 2020. No new warrant liabilities were issued during the three months ended September 30, 2020: Warrant Liability (in thousands) Balance — December 31, 2019 $ 450 Change in fair value 179 Balance — March 31, 2020 629 Warrant liability write-off upon IPO (629 ) Balance — June 30, 2020 $ — |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Details | 4. Balance Sheet Details Property and Equipment, Net Property and equipment, net as of September 30, 2020 and December 31, 2019 consisted of the following: September 30, December 31, 2020 2019 (in thousands) Furniture and equipment $ 397 $ 397 Computers and computer software 169 146 Lab equipment 3,887 3,260 Leasehold improvements 1,903 1,884 Capital leases — lab equipment — 686 Construction in Progress 14 — Total property and equipment 6,370 6,373 Less: accumulated depreciation and amortization (3,831 ) (2,982 ) Property and equipment, net $ 2,539 $ 3,391 Depreciation and amortization expense for the three months ended September 30, 2020 and 2019 was $0.3 million and $0.3 million, respectively, of which $0 and $0.1 million related to capital lease amortization expense for the three months ended September 30, 2020 and 2019, respectively. Depreciation and amortization expense for the nine months ended September 30, 2020 and 2019 was $1.1 million and $0.9 million, respectively, of which less than $0.1 million and $0.2 million related to capital lease amortization expense for the nine months ended September 30, 2020 and 2019, respectively. Accrued Expenses Accrued expenses as of September 30, 2020 and December 31, 2019 consisted of the following: September 30, December 31, 2020 2019 (in thousands) Preclinical studies $ 1,969 $ 844 Professional fees 486 397 Other accrued expenses 415 64 Total $ 2,870 $ 1,305 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Capital Leases We entered into several capital lease obligations for lab equipment during 2016 and 2017. The terms of the leases were 36 months with interest rates ranging from 6.9% to 15.0%. Interest expense for the three and nine months ended September 30, 2020 and 2019 was immaterial. The present value of the annual rental payments, including guaranteed residual value, was equal to 90% of the fair market value of the assets at the lease inception dates. The underlying assets and related amortization were included in the appropriate fixed asset category and related depreciation account, respectively. In October 2019 and March 2020, we entered into lease buyout agreements for two pieces of lab equipment. The remaining balances of the capital lease assets for these two pieces of equipment were transferred from Capital leases — Property and equipment, net at December 31, 2019 included the following amounts for leases that have been capitalized: Useful Life (Years) December 31, 2019 (in thousands) Capital lease equipment 3 - 5 $ 686 Less: accumulated amortization (471 ) $ 215 Operating Leases In July 2016, we entered into a five-year lease agreement for our headquarters facility located in Foster City, California. The term of the lease is from September 1, 2016 to August 31, 2021, with two 30-month renewal options. In July 2019, we leased another facility in Foster City, California as a result of growth in personnel. The lease term began on July 1, 2019 and ends on October 31, 2021, with no renewal options. Both of the Foster City lease agreements provide for escalations of rent payments each year. We record rent expense for these two leases on a straight-line basis over the terms of the leases and deferred rent based on the difference between rent expenses and cash rental payments. In addition to payment of base rent, we are also required to pay property taxes, insurance and common area expenses for both of the Foster City leases. We also lease an office in San Diego, California with a lease term ending on March 31, 2021. In addition to payment of base rent for the San Diego office lease, we are also required to pay common area expenses. Rent is payable monthly for all facility leases. Future minimum payments required under operating leases as of September 30, 2020 are as follows: (in thousands) Remainder of 2020 $ 183 2021 531 Total future minimum payments $ 714 Rent expense recognized under the leases was $0.2 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $0.5 million and $0.4 million for the nine months ended September 30, 2020 and 2019, respectively. Legal Contingencies From time to time, we may become involved in legal proceedings arising from the ordinary course of business. We record a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by us is required to determine both probability and the estimated amount. Management is currently not aware of any legal matters that could have a material adverse effect on our financial position, results of operations or cash flows. Guarantees and Indemnifications In the normal course of business, we enter into agreements that contain a variety of representations and provide for general indemnification. Our exposure under these agreements is unknown because it involves claims that may be made against us in the future. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. As of September 30, 2020, we did not have any material indemnification claims that were probable or reasonably possible and consequently have not recorded related liabilities. Indemnification To the extent permitted under Delaware law, we have agreed to indemnify our directors and officers for certain events or occurrences while the director or officer is, or was, serving at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments we could be required to make under these indemnification agreements is not specified in the agreements; however, we have director and officer insurance coverage that reduces our exposure and enables us to recover a portion of any future amounts paid. We believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. Development and Manufacturing Services Agreement On October 21, 2016, we entered into a development and manufacturing services agreement with Lonza (the “Lonza DMSA”), pursuant to which Lonza would provide certain process development and manufacturing services and we would pay certain fees according to specified project plans to support our efforts to develop superior, novel conjugate vaccines. In January 2017, July 2017 and September 2017, we entered into amendments to the Lonza DMSA, which significantly expanded the scope of process development and manufacturing work to be provided by Lonza for our lead PCV program. We have the option to cancel signed orders at any time upon written notice, which may or may not be subject to payment of a cancellation fee. The level of cancellation fees is generally dependent on the timing of the written notice in relation to the commencement date of the work, with the maximum cancellation fee equal to the full price of the work order. In the September 2017 amended agreement, we and Lonza agreed to defer the completion payments for any stage that commences after December 31, 2019 or has not been completed by December 31, 2019 until the earlier of the completion of all Investigational New Drug (“IND”)-enabling activities or December 31, 2020. In March 2020, Lonza orally agreed to defer the completion payments until April 30, 2021. In June 2018, we and Lonza agreed to certain terms for potential future equity payments as partial satisfaction of future obligations to Lonza. This agreement states that the initial pre-IND cash payments will be subject to a specified dollar cap (the “Initial Cash Cap”). After the Initial Cash Cap has been reached, we have the option to make any further pre-IND payments due to Lonza in cash, equity, or a combination of both, at our election, provided that Lonza may elect to receive up to 25% of pre-IND payments in equity, up to a maximum of $2.5 million and provided that no more than $10 million of pre-IND payments shall be made equity. The Initial Cash Cap had not been reached as of September 30, 2020. As such, no amount has been recorded with respect to the potential future payments above the Initial Cash Cap at September 30, 2020 and December 31, 2019. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 6. Redeemable Convertible Preferred Stock In connection with our IPO in June 2020, the outstanding shares of our Series A, Series B, Series C and Series D Redeemable Convertible Preferred Stock automatically converted into 28,610,337 shares of common stock. The authorized, issued and outstanding shares of redeemable convertible preferred stock and liquidation preferences as of December 31, 2019 were as follows: December 31, 2019 Shares Authorized Issued and Outstanding Original Issuance Price Carrying Value Liquidation Preference (In thousands) Series A Redeemable Convertible Preferred 10,502,804 6,225,719 $ 4.32 $ 24,967 $ 26,887 Series B Redeemable Convertible Preferred 11,449,515 6,786,896 8.86 55,151 60,150 Series C Redeemable Convertible Preferred 14,010,043 7,377,480 11.52 80,192 85,000 35,962,362 20,390,095 $ 160,310 $ 172,037 In March, 2020, we sold an aggregate of 8,220,242 shares of our Series D redeemable convertible preferred stock at a purchase price of $13.3816 per share for an aggregate purchase price of $110.0 million. There were no shares of redeemable convertible preferred stock outstanding as of September 30, 2020. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock At September 30, 2020 and December 31, 2019, our certificate of incorporation authorized us to issue up to 500,000,000 and 52,000,000 shares of common stock with $0.001 par value per share, respectively, of which 50,949,490 and 4,059,909 shares were issued and outstanding, respectively. The holders of our common stock are also entitled to receive dividends whenever funds are legally available, when and if declared by our board of directors. As of September 30, 2020 and December 31, 2019, no dividends have been declared. Each share of common stock is entitled to one vote. At September 30, 2020 and December 31, 2019, we had reserved common stock for future issuances under the 2020 Equity Incentive Plan (the “2020 Plan”) and the 2014 Equity Incentive Plan (the “2014 Plan”), and had issued 66,982 shares outside of the 2014 Plan and 2020 Plan as follows: September 30, December 31, 2020 2019 Options issued and outstanding 5,094,669 3,364,568 Shares available for future stock option grants 4,839,649 835,941 Conversion of redeemable convertible preferred stock — 20,390,095 Common stock warrant — 31,857 Redeemable convertible preferred stock warrant — 59,276 Total 9,934,318 24,681,737 |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Warrants | 8. Warrants In connection with our IPO in June 2020, the common stock warrant and Series C redeemable convertible preferred stock warrant were automatically net exercised for an aggregate 46,869 shares of common stock. Warrants issued and outstanding as of December 31, 2019 were as follows: Warrants to Purchase Stock Number of Warrants Issued and Outstanding Issue Date Expiration Date Exercise Price Common stock 31,857 July July $ 0.79 Series C redeemable convertible preferred stock 59,276 May 29, 2018 May 29, 2028 $ 11.52 Total 91,133 |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 9. Equity Incentive Plans 2020 and 2014 Equity Incentive Plans In June 2020, our board of directors adopted, and our stockholders approved, the 2020 Plan, which became effective on June 11, 2020. Under the 2020 Plan, we may grant incentive stock options, non-statutory stock options, appreciation rights, restricted stock and restricted stock units to employees, consultants and directors. A total of 10,150,000 shares of common stock were approved to be initially reserved for issuance under the 2020 Plan. The number of shares that remained available for issuance under the 2014 Plan as of the effective date of the 2020 Plan and shares subject to outstanding awards under the 2014 Plan as of the effective date of the 2020 Plan that are subsequently canceled, forfeited or repurchased by us will be added to the shares reserved under the 2020 Plan. In addition, the number of shares of common stock available for issuance under the 2020 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2020 Plan, beginning with January 1, 2021 and ending with January 1, 2030, by an amount equal to 5% of the outstanding number of shares of our common stock on December 31 st Our 2014 Plan permitted the granting of incentive stock options, non-statutory stock options, restricted stock and other stock-based awards. Subsequent to the adoption of the 2020 Plan, no additional equity awards can be made under the 2014 Plan. Shares reserved and remaining available for issuance under the 2014 Plan were added to the 2020 Plan reserve upon its effectiveness. As of September 30, 2020, 4,809,187 shares and 218,500 shares of common stock were subject to outstanding options under the 2014 Plan and 2020 Plan, respectively. The terms of the 2014 Plan permit the exercise of options granted prior to vesting, subject to required approvals. The unvested shares are subject to our lapsing repurchase right upon termination of employment at the original purchase price. Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules. Cash received for early exercised stock options is recorded as other liabilities on the condensed balance sheet and is reclassified to common stock and additional paid-in capital as such shares vest. At September 30, 2020 and December 31, 2019, 22,700 and 86,409 shares, respectively, remained subject to our right of repurchase as a result of the early exercised stock options. The remaining liabilities related to early exercised shares as of September 30, 2020 and December 31, 2019 were less than $0.1 million and $0.2 million, respectively, and were recorded in other liabilities. Activity under our 2020 Plan and 2014 Plan, which excludes options to purchase 66,982 shares granted outside of the 2020 Plan and 2014 Plan, was as follows: Options Outstanding Stock Option Activity Options Available for Grant Number of Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balances — December 31, 2019 835,941 3,297,586 $ 1.93 Additional shares authorized 5,997,435 — Options granted (2,065,590 ) 2,065,590 $ 6.57 Options exercised — (263,626 ) $ 1.86 Options forfeited 71,863 (71,863 ) $ 2.47 Balances — September 30, 2020 4,839,649 5,027,687 $ 3.83 8.22 $ 228,992 Vested and expected to vest — September 30, 2020 5,027,687 $ 3.83 8.22 $ 228,992 Exercisable at September 30, 2020 1,782,595 $ 1.85 6.70 $ 84,725 During the three months ended September 30, 2020 and 2019, 67,792 and 279,947 shares of stock options, respectively, were exercised for cash at a weighted-average price per share of $1.60 and $1.55, respectively. The weighted-average grant date fair value of options granted for the three months ended September 30, 2020 and 2019 was $29.83 and $2.31, respectively. The intrinsic value of the stock options exercised was $2.5 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020 and 2019, 263,626 and 280,836 shares of stock options, respectively, were exercised for cash at a weighted-average price per share of $1.86 and $1.55, respectively. The weighted-average grant date fair value of options granted for the nine months ended September 30, 2020 and 2019 was $8.17 and $1.51, respectively. The intrinsic value of the stock options exercised was $5.1 million and $0.2 million for the nine months ended September 30, 2020 and 2019, respectively. 2020 Employee Stock Purchase Plan In June 2020, our board of directors adopted, and our stockholders approved, the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective on June 11, 2020. The 2020 ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. A total of 650,000 shares of common stock were approved to be initially reserved for issuance under the 2020 ESPP. In addition, the number of shares of common stock available for issuance under the 2020 ESPP will be automatically increased on the first day of each calendar year during the ten-year term of the 2020 Plan, beginning with January 1, 2021 and ending with January 1, 2030, by an amount of 1% of the outstanding number of shares of our common stock on December 31 st Stock-based Compensation We estimated the fair value of employee stock options using the Black-Scholes option-pricing model for the three and nine months ended September 30, 2020 and 2019 using the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fair Value Assumptions Expected volatility 93.0% - 93.5% 80.2% - 80.4% 81.2% - 93.5% 78.4% - 80.4% Expected dividend yield 0% 0% 0% 0% Expected term (in years) 5.6 - 5.6 6.0 - 6.1 5.6 - 6.1 5.9 - 6.1 Risk-free interest rate 0.3% 1.6% - 1.8% 0.3% - 1.4% 1.6% - 2.4% We estimated the fair value of shares under the 2020 ESPP using the Black-Scholes option-pricing model for the three and nine months ended September 30, 2020 and 2019 using the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fair Value Assumptions Expected volatility 109.7% - 158.2% N/A 107.0% - 158.2% N/A Expected dividend yield 0% N/A 0% N/A Expected term (in years) 0.4 - 1.9 N/A 0.4 - 1.9 N/A Risk-free interest rate 0.2% N/A 0.2% N/A We recorded total stock-based compensation expense for the three and nine months ended September 30, 2020 and 2019 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the condensed statements of operations and allocated the amounts as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Research and development $ 558 $ 88 $ 1,081 $ 262 General and administrative 1,280 178 2,418 548 Total $ 1,838 $ 266 $ 3,499 $ 810 Upon our IPO, 362,935 performance-based awards vested and, as a result, we recognized $0.3 million of stock-based compensation expense during the three months ended June 30, 2020, which amount is included in the above table for the nine months ended September 30, 2020. |
Funding Arrangement
Funding Arrangement | 9 Months Ended |
Sep. 30, 2020 | |
Funding Arrangement [Abstract] | |
Funding Arrangement | 10. Funding Arrangement In July 2019, we received a cost-reimbursement research award from Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator (“CARB-X”), a public-private partnership funded under a Cooperative Agreement from Assistant Secretary for Preparedness and Response/Biomedical Advanced Research and Development Authority (“BARDA”) and by awards from Wellcome Trust, Germany’s Federal Ministry of Education and Research, the United Kingdom Global Antimicrobial Resistance Innovation Fund and the Bill & Melinda Gates Foundation. In connection with this funding, we entered into a cost-reimbursement sub-award agreement with the Trustees of Boston University, the administrator of the program. The initial award provided the potential for funding up to four years to develop a universal vaccine to prevent infections caused by Group A Strep bacteria, which include pharyngitis, impetigo and necrotizing fasciitis, at an amount equal to 50% of reimbursable expenses up to specified amounts. The initial award committed initial funding of up to $1.6 million and, subject to a CARB-X decision to extend the options, up to $15.1 million in total funding available upon achievement of development milestones over the next four years. Specified research expenditures are reimbursable expenses associated with agreed-upon activities needed to advance the research project supported by the grant. These expenditures can include labor, laboratory supplies, travel, consulting and third-party vendor research and development support costs. Income from grants is recognized in the period during which the related specified expenses are incurred, provided that the conditions under which the grants were provided have been met. We recognized $0.8 million and $0.1 million of grant income under this award and recorded the amounts in Other income (expense), net in the statement of operations and comprehensive loss during the three months ended September 30, 2020 and 2019, respectively. We recognized $2.2 million and $0.1 million of grant income for the nine months ended September 30, 2020 and 2019, respectively. A grant receivable of $0.8 million and $0.2 million representing unreimbursed, eligible costs incurred under the CARB-X agreement was recorded and included in prepaid expenses and other current assets in the balance sheet as of September 30, 2020 and December 31, 2019, respectively. In July 2020, the CARB-X agreement was amended to increase the funding percentage for reimbursable expenses during the initial funding period from 50% to 90%. As a result, the initial funding amount increased from $1.6 million to $2.7 million. We anticipate that the increase in the funding percentage for reimbursable expenses may apply to future funding periods and, if so, the total funding amount over the four-year period, if the options to extend are exercised by CARB-X, would increase from the $15.1 million in the original agreement. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share and excludes shares which are legally outstanding, but subject to repurchase by us: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net loss (in thousands) $ (21,018 ) $ (11,317 ) $ (68,480 ) $ (35,653 ) Weighted-average shares outstanding used in computing net loss per share, basic and diluted 50,895,358 3,857,298 22,354,212 3,737,779 Net loss per share, basic and diluted $ (0.41 ) $ (2.93 ) $ (3.06 ) $ (9.54 ) The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive: Nine Months Ended September 30, 2020 2019 Stock options 5,094,669 3,071,058 Redeemable convertible preferred stock: Series A — 6,225,719 Series B — 6,786,896 Series C — 3,688,740 Common stock warrant — 31,857 Redeemable convertible preferred stock warrant — 59,276 Total 5,094,669 19,863,546 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes In determining quarterly provisions for income taxes, we use the annual estimated effective tax rate applied to the actual year-to-date profit or loss, adjusted for discrete items arising in that period. Our annual estimated effective tax rate differs from the U.S. federal statutory rate primarily as a result of state taxes and changes in our valuation allowance against our deferred tax assets. For all periods presented, we have incurred net pre-tax losses in the United States. During the three and nine months ended September 30, 2020, there were no material changes to our unrecognized tax benefits, and we do not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. For the three and nine months ended September 30, 2020, we reported zero tax provision. We do not have any tax audits or other tax matters pending. On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act, among other things, includes certain income tax provisions for individuals and corporations; however, these benefits do not impact our current tax provision. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions We have an ongoing relationship with Sutro Biopharma. In 2013, Sutro Biopharma provided support to facilitate the establishment of our Company. As of September 30, 2020 and December 31, 2019, Sutro Biopharma owned approximately 1.6 million shares of our common stock. As of December 31, 2019, Sutro Biopharma also owned warrants to purchase 31,857 shares of our common stock (the “Common Stock Warrant”) at an exercise price of $0.79289 per share and 59,276 shares of our Series C redeemable convertible stock (the “Preferred Stock Warrant”) at an exercise price of $11.5215 per share. The Common Stock Warrant and the Preferred Stock Warrant were automatically net exercised pursuant to their terms for 30,278 shares and 16,591 shares, respectively, of our common stock in connection with the IPO. In the agreements and amendments identified herein, we licensed certain intellectual property and acquired certain supply rights from Sutro Biopharma, including the right to use the XpressCF platform to discover and develop vaccine candidates for the treatment or prophylaxis of infectious diseases. On October 12, 2015, we and Sutro Biopharma (“the Parties”) entered into the Sutro Biopharma License Agreement, which amended and restated an agreement dated August 1, 2014. The Sutro Biopharma License Agreement was subsequently amended on May 9, 2018 (“License Amendment A1”) and May 29, 2018 (“License Amendment A2”). In consideration for the License Amendment A2, we issued to Sutro Biopharma the Preferred Stock Warrant to purchase 59,276 shares of Series C redeemable convertible preferred stock at a purchase price of $11.5215 per share. We also entered into a separate supply agreement with Sutro Biopharma on May 29, 2018 (the “Sutro Biopharma Supply Agreement”). Under the Sutro Biopharma License Agreement, Sutro Biopharma granted us an exclusive, worldwide license to research, develop, manufacture and commercialize vaccine products addressing infectious disease, which are discovered or produced based on the use of Sutro Biopharma’s proprietary cell-free protein expression technology, known as XpressCF, which utilizes extracts derived from strains of E. coli E. coli In the Sutro Biopharma Supply Agreement, the Parties agreed to terms for the supply of manufactured Extract and custom reagents by Sutro Biopharma for us to use in manufacturing vaccine compositions in non-clinical research or in Phase 1 or Phase 2 clinical trials. The term of the Sutro Biopharma Supply Agreement is from execution until the later of July 31, 2021 and the date the parties enter into and commence activities under the supply agreement unless extended through a subsequent supply agreement for the supply of Extract and custom reagents for vaccine compositions for Phase 3 and commercial uses as contemplated in the Supply Agreement. We recognized expense related to the Supply Agreement of $0.1 million and $1.0 million for the three months ended September 30, 2020 and 2019, respectively. We recognized expense of $0.3 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively. In addition, we recorded $0 and less than $0.1 million in changes in the fair value of the Preferred Stock Warrant for the three months ended September 30, 2020 and 2019, respectively, and $0.2 million and less than $0.1 million for the nine months ended September 30, 2020 and 2019, respectively. The expense related to the changes in the fair value of the warrant is included in research and development expenses in the condensed statements of operations and comprehensive loss. Accrued expenses payable to Sutro Biopharma were $0.1 million and less than $0.1 million as of September 30, 2020 and December 31, 2019, respectively. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. Certain changes in presentation were made in the condensed balance sheet as of December 31, 2019 to conform to the presentation of the condensed balance sheet as of September 30, 2020. |
Unaudited Interim Condensed Financial Statements | Unaudited Interim Condensed Financial Statements The condensed balance sheet as of September 30, 2020, the condensed statements of operations and comprehensive loss, redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2020 and 2019, and the condensed statements of cash flows for the nine months ended September 30, 2020 and 2019, are unaudited. The unaudited interim condensed financial statements have been prepared on the same basis as the audited annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial information. The financial data disclosed in the footnotes to the condensed financial statements related to the three and nine months ended September 30, 2020 and 2019 are also unaudited. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. These interim condensed financial statements should be read in conjunction with our audited annual financial statements included in the prospectus dated June 11, 2020 that forms a part of our Registration Statements on Form S-1 (File Nos. 333-238630 and 333-239110) as filed with the SEC pursuant to Rule 424(b)(4) and Rule 462(b) promulgated under the Securities Act of 1933, as amended. |
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 reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we evaluate our estimates and assumptions, including those related to stock-based compensation expense, accruals for certain research and development costs, the valuation of deferred tax assets and income taxes. Management bases our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs consist of fees and expenses incurred in connection with the sale of our common stock in the IPO, including legal, accounting, printing and other IPO-related costs. Prior to the completion of our IPO, deferred offering costs were included in Other assets on the condensed balance sheet. In connection with and as of the closing of our IPO, these costs were reclassified to Additional paid-in capital, representing a reduction to the IPO proceeds. As of September 30, 2020, $3.4 million of these IPO-related costs are included in the Additional paid-in capital line item on the condensed balance sheet. As of December 31, 2019, $1.1 million of deferred offering costs were included in Other assets on the balance sheet. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to a concentration of credit risk consist primarily of cash and cash equivalents. We currently invest in money market funds. We maintain bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash and cash equivalents. We have not experienced any losses on our deposits of cash and cash equivalents. We are subject to supplier concentration risk from our suppliers. We source our critical raw materials from a sole source supplier, Sutro Biopharma, Inc. (“Sutro Biopharma”). We also use one contract manufacturing organization (“CMO”), Lonza Ltd. (“Lonza”), to handle most of our manufacturing activities. If we were to experience disruptions in raw materials supplied by Sutro Biopharma, or in manufacturing activities at Lonza, we may experience significant delays in our product development timelines and may incur substantial costs to secure alternative sources of raw materials or manufacturing. Our future results of operations involve a number of other risks and uncertainties. Factors that could affect our future operating results and cause actual results to vary materially from expectations include, but are not limited to, our early stages of clinical vaccine development; our ability to advance vaccine candidates into, and successfully complete, clinical trials on the timelines we project; our ability to adequately demonstrate sufficient safety and efficacy of our vaccine candidates; our ability to enroll subjects in our ongoing and future clinical trials; our ability to successfully manufacture and supply our vaccine candidates for clinical trials; our ability to obtain additional capital to finance our operations; our ability to obtain, maintain and protect our intellectual property rights; developments relating to our competitors and our industry, including competing vaccine candidates; general and market conditions; and other risks and uncertainties, including those more fully described in the “Risk Factors” section of this Quarterly Report on Form 10-Q. |
Recently Issued Accounting Pronouncements Adopted And Not Yet Adopted | Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting Compensation-Stock Compensation Equity — Equity-Based Payments to Non-Employees Recently Issued Accounting Pronouncements—Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The new standard is effective for us on January 1, 2022, with early adoption permitted. We expect to adopt the new standard on the effective date. The new standard requires an entity to adopt using one of two approaches, either (i) retrospectively to each prior reporting period presented in the financial statements with the cumulative effect recognized at the beginning of the earliest comparative period presented, or (ii) retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. Although we are currently evaluating the impact of adoption on our financial statements and related disclosures, we believe the most significant changes will be the recognition of the ROU assets and the related lease liabilities for our operating leases on our condensed balance sheets. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Inputs Used for Level 3 Liability | Below are inputs used for the Level 3 liability as of December 31, 2019: December 31, 2019 Redeemable Convertible Preferred Stock Warrant Value of Series C Redeemable Preferred Stock Per Share $ 6.82 Risk-Free Rate 1.90 % Volatility 73.5 % Term in Years 8.42 |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at September 30, 2020 and December 31, 2019: September 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds (1) $ 392,272 $ 392,272 $ — $ — December 31, 2019 Total Fair Value Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds (1) $ 48,168 $ 48,168 $ — $ — Liabilities: Redeemable convertible preferred stock warrant liability $ 450 $ — $ — $ 450 (1) Included within cash and cash equivalents on the condensed balance sheet. |
Summary of Changes in Estimated Fair Value of Level 3 Financial Instruments | The following table provides a summary of changes in the estimated fair value of our Level 3 financial instrument, which was written off upon our IPO in June 2020. No new warrant liabilities were issued during the three months ended September 30, 2020: Warrant Liability (in thousands) Balance — December 31, 2019 $ 450 Change in fair value 179 Balance — March 31, 2020 629 Warrant liability write-off upon IPO (629 ) Balance — June 30, 2020 $ — |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net as of September 30, 2020 and December 31, 2019 consisted of the following: September 30, December 31, 2020 2019 (in thousands) Furniture and equipment $ 397 $ 397 Computers and computer software 169 146 Lab equipment 3,887 3,260 Leasehold improvements 1,903 1,884 Capital leases — lab equipment — 686 Construction in Progress 14 — Total property and equipment 6,370 6,373 Less: accumulated depreciation and amortization (3,831 ) (2,982 ) Property and equipment, net $ 2,539 $ 3,391 Property and equipment, net at December 31, 2019 included the following amounts for leases that have been capitalized: Useful Life (Years) December 31, 2019 (in thousands) Capital lease equipment 3 - 5 $ 686 Less: accumulated amortization (471 ) $ 215 |
Schedule of Accrued Expenses | Accrued expenses as of September 30, 2020 and December 31, 2019 consisted of the following: September 30, December 31, 2020 2019 (in thousands) Preclinical studies $ 1,969 $ 844 Professional fees 486 397 Other accrued expenses 415 64 Total $ 2,870 $ 1,305 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net as of September 30, 2020 and December 31, 2019 consisted of the following: September 30, December 31, 2020 2019 (in thousands) Furniture and equipment $ 397 $ 397 Computers and computer software 169 146 Lab equipment 3,887 3,260 Leasehold improvements 1,903 1,884 Capital leases — lab equipment — 686 Construction in Progress 14 — Total property and equipment 6,370 6,373 Less: accumulated depreciation and amortization (3,831 ) (2,982 ) Property and equipment, net $ 2,539 $ 3,391 Property and equipment, net at December 31, 2019 included the following amounts for leases that have been capitalized: Useful Life (Years) December 31, 2019 (in thousands) Capital lease equipment 3 - 5 $ 686 Less: accumulated amortization (471 ) $ 215 |
Schedule of Future Minimum Payments under Operating Leases | Future minimum payments required under operating leases as of September 30, 2020 are as follows: (in thousands) Remainder of 2020 $ 183 2021 531 Total future minimum payments $ 714 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Convertible Preferred Stock | The authorized, issued and outstanding shares of redeemable convertible preferred stock and liquidation preferences as of December 31, 2019 were as follows: December 31, 2019 Shares Authorized Issued and Outstanding Original Issuance Price Carrying Value Liquidation Preference (In thousands) Series A Redeemable Convertible Preferred 10,502,804 6,225,719 $ 4.32 $ 24,967 $ 26,887 Series B Redeemable Convertible Preferred 11,449,515 6,786,896 8.86 55,151 60,150 Series C Redeemable Convertible Preferred 14,010,043 7,377,480 11.52 80,192 85,000 35,962,362 20,390,095 $ 160,310 $ 172,037 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Common Stock Shares Reserved for Future Issuance | At September 30, 2020 and December 31, 2019, we had reserved common stock for future issuances under the 2020 Equity Incentive Plan (the “2020 Plan”) and the 2014 Equity Incentive Plan (the “2014 Plan”), and had issued 66,982 shares outside of the 2014 Plan and 2020 Plan as follows: September 30, December 31, 2020 2019 Options issued and outstanding 5,094,669 3,364,568 Shares available for future stock option grants 4,839,649 835,941 Conversion of redeemable convertible preferred stock — 20,390,095 Common stock warrant — 31,857 Redeemable convertible preferred stock warrant — 59,276 Total 9,934,318 24,681,737 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Summary of Warrants Issued and Outstanding | Warrants issued and outstanding as of December 31, 2019 were as follows: Warrants to Purchase Stock Number of Warrants Issued and Outstanding Issue Date Expiration Date Exercise Price Common stock 31,857 July July $ 0.79 Series C redeemable convertible preferred stock 59,276 May 29, 2018 May 29, 2028 $ 11.52 Total 91,133 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Estimated Fair Value of Employee Stock Options | We estimated the fair value of employee stock options using the Black-Scholes option-pricing model for the three and nine months ended September 30, 2020 and 2019 using the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fair Value Assumptions Expected volatility 93.0% - 93.5% 80.2% - 80.4% 81.2% - 93.5% 78.4% - 80.4% Expected dividend yield 0% 0% 0% 0% Expected term (in years) 5.6 - 5.6 6.0 - 6.1 5.6 - 6.1 5.9 - 6.1 Risk-free interest rate 0.3% 1.6% - 1.8% 0.3% - 1.4% 1.6% - 2.4% |
2020 Plan and 2014 Plan | |
Summary of Activity Under Stock Option Plans | Activity under our 2020 Plan and 2014 Plan, which excludes options to purchase 66,982 shares granted outside of the 2020 Plan and 2014 Plan, was as follows: Options Outstanding Stock Option Activity Options Available for Grant Number of Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balances — December 31, 2019 835,941 3,297,586 $ 1.93 Additional shares authorized 5,997,435 — Options granted (2,065,590 ) 2,065,590 $ 6.57 Options exercised — (263,626 ) $ 1.86 Options forfeited 71,863 (71,863 ) $ 2.47 Balances — September 30, 2020 4,839,649 5,027,687 $ 3.83 8.22 $ 228,992 Vested and expected to vest — September 30, 2020 5,027,687 $ 3.83 8.22 $ 228,992 Exercisable at September 30, 2020 1,782,595 $ 1.85 6.70 $ 84,725 |
2020 Employee Stock Purchase Plan | |
Summary of Estimated Fair Value of Shares Under Employee Stock Purchase Plan | We estimated the fair value of shares under the 2020 ESPP using the Black-Scholes option-pricing model for the three and nine months ended September 30, 2020 and 2019 using the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fair Value Assumptions Expected volatility 109.7% - 158.2% N/A 107.0% - 158.2% N/A Expected dividend yield 0% N/A 0% N/A Expected term (in years) 0.4 - 1.9 N/A 0.4 - 1.9 N/A Risk-free interest rate 0.2% N/A 0.2% N/A |
2014 Plan, 2020 Plan and 2020 ESPP | |
Summary of Stock-based Compensation Expense | We recorded total stock-based compensation expense for the three and nine months ended September 30, 2020 and 2019 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the condensed statements of operations and allocated the amounts as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Research and development $ 558 $ 88 $ 1,081 $ 262 General and administrative 1,280 178 2,418 548 Total $ 1,838 $ 266 $ 3,499 $ 810 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share and excludes shares which are legally outstanding, but subject to repurchase by us: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net loss (in thousands) $ (21,018 ) $ (11,317 ) $ (68,480 ) $ (35,653 ) Weighted-average shares outstanding used in computing net loss per share, basic and diluted 50,895,358 3,857,298 22,354,212 3,737,779 Net loss per share, basic and diluted $ (0.41 ) $ (2.93 ) $ (3.06 ) $ (9.54 ) |
Schedule of Potentially Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share | The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive: Nine Months Ended September 30, 2020 2019 Stock options 5,094,669 3,071,058 Redeemable convertible preferred stock: Series A — 6,225,719 Series B — 6,786,896 Series C — 3,688,740 Common stock warrant — 31,857 Redeemable convertible preferred stock warrant — 59,276 Total 5,094,669 19,863,546 |
Company Organization and Natu_2
Company Organization and Nature of Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Jun. 15, 2020shares | Jun. 05, 2020 | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020$ / sharesshares | Sep. 30, 2020USD ($)shares | Jun. 17, 2020shares | Dec. 31, 2019shares |
Schedule Of Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Reverse stock split | one-for-1.6870 | ||||||
Reverse stock split, conversion ratio | 0.593 | ||||||
Net proceeds from initial public offering | $ | $ 264,000 | ||||||
Underwriting discounts and commissions | $ | 20,100 | ||||||
Offering expenses | $ | $ 3,400 | $ 3,368 | |||||
Redeemable convertible preferred stock, shares outstanding | 20,390,095 | ||||||
Redeemable Convertible Preferred Stock | |||||||
Schedule Of Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Conversion of preferred stock (in shares) | 28,610,337 | ||||||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | |||||
Common Stock | |||||||
Schedule Of Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Shares issued and sold | 17,968,750 | ||||||
Conversion of preferred stock (in shares) | 28,610,337 | 28,610,337 | |||||
Initial Public Offering | |||||||
Schedule Of Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Shares issued and sold | 17,968,750 | ||||||
Underwriters’ option to purchase additional shares | 2,343,750 | ||||||
Public offering price per share | $ / shares | $ 16 | $ 16 | |||||
Pneumococcal Conjugate Vaccine | |||||||
Schedule Of Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Global target revenue | $ | $ 7,000,000 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
ASU 2018-07 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Accounting standard update adopted | true | |
Accounting standard update material impact | true | |
Accounting standard update adoption date | Jan. 1, 2020 | |
Additional Paid-in Capital | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
IPO-related costs | $ 3.4 | |
Other Assets | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred offering costs | $ 1.1 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants outstanding | 91,133 | ||
Fair value assets transferred from level 1 to level 2 | $ 0 | $ 0 | $ 0 |
Fair value assets transferred from level 2 to level 1 | 0 | 0 | 0 |
Fair value liabilities transferred from level 1 to level 2 | 0 | 0 | 0 |
Fair value liabilities transferred from level 2 to level 1 | 0 | 0 | 0 |
Fair value assets transferred into level 3 | 0 | 0 | 0 |
Fair value assets transferred out of level 3 | 0 | 0 | 0 |
Fair value liabilities transferred into level 3 | 0 | 0 | 0 |
Fair value liabilities transferred out of level 3 | 0 | $ 0 | $ 0 |
Warrant Liability | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
New warrant liabilities issued | $ 0 | ||
Redeemable Convertible Preferred Stock | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants outstanding | 0 | 0 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Inputs Used for Level 3 Liability (Details) - Level 3 - Fair Value, Recurring - Option Pricing Model - Redeemable Convertible Preferred Stock Warrant | Dec. 31, 2019 |
Value of Series C Redeemable Preferred Stock Per Share | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding measurement input | 6.82 |
Risk Free Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding measurement input | 1.90% |
Volatility | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding measurement input | 73.50% |
Term in Years | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants and rights outstanding measurement input | 8 years 5 months 1 day |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Redeemable Convertible Preferred Stock Warrant Liability | |||
Liabilities: | |||
Liabilities, Fair Value Disclosure | $ 450 | ||
Level 3 | Redeemable Convertible Preferred Stock Warrant Liability | |||
Liabilities: | |||
Liabilities, Fair Value Disclosure | 450 | ||
Money Market Funds | |||
Assets: | |||
Assets, Fair Value Disclosure | [1] | $ 392,272 | 48,168 |
Money Market Funds | Level 1 | |||
Assets: | |||
Assets, Fair Value Disclosure | [1] | $ 392,272 | $ 48,168 |
[1] | Included within cash and cash equivalents on the condensed balance sheet. |
Fair Value Measurements and F_6
Fair Value Measurements and Fair Value of Financial Instruments - Summary of Changes in Estimated Fair Value of Level 3 Financial Instruments (Details) - Warrant Liability - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance | $ 629 | $ 450 |
Change in fair value | 179 | |
Warrant liability write-off upon IPO | $ (629) | |
Balance | $ 629 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 6,370 | $ 6,373 |
Less: accumulated depreciation and amortization | (3,831) | (2,982) |
Property and equipment, net | 2,539 | 3,391 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 397 | 397 |
Computers and Computer Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 169 | 146 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,887 | 3,260 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,903 | 1,884 |
Capital Leases — Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 686 | |
Less: accumulated depreciation and amortization | (471) | |
Property and equipment, net | $ 215 | |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 14 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 300 | $ 300 | $ 1,100 | $ 900 |
Capital lease amortization expense | $ 0 | $ 100 | $ 200 | |
Maximum | ||||
Property Plant And Equipment [Line Items] | ||||
Capital lease amortization expense | $ 100 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accrued Liabilities Current [Abstract] | ||
Preclinical studies | $ 1,969 | $ 844 |
Professional fees | 486 | 397 |
Other accrued expenses | 415 | 64 |
Total | $ 2,870 | $ 1,305 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Jun. 30, 2018USD ($) | Mar. 31, 2020piece | Oct. 31, 2019piece | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Loss Contingencies [Line Items] | ||||||||
Lease term | 36 months | 36 months | ||||||
Present value of annual rental payments including guaranteed residual value, percentage | 90.00% | |||||||
Lease buyout agreement, number of lab equipment | piece | 2 | 2 | ||||||
Lease buyout agreement, remaining balance of lease liability | $ 0 | $ 0 | ||||||
Future minimum payments required under capital leases | $ 0 | $ 0 | ||||||
Operating lease, agreement term | 5 years | 5 years | ||||||
Operating lease, renewal term | 30 months | 30 months | ||||||
Operating lease, description | In July 2016, we entered into a five-year lease agreement for our headquarters facility located in Foster City, California. The term of the lease is from September 1, 2016 to August 31, 2021, with two 30-month renewal options. | |||||||
Operating leases, rent expense recognized | $ 200,000 | $ 200,000 | $ 500,000 | $ 400,000 | ||||
Lonza DMSA | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount recorded with respect to the potential future payments above the initial cash cap | $ 0 | $ 0 | $ 0 | |||||
Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lease interest rate | 6.90% | 6.90% | ||||||
Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lease interest rate | 15.00% | 15.00% | ||||||
Maximum | Lonza DMSA | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments in equity, percentage | 25.00% | |||||||
Payments in equity, amount | $ 2,500,000 | |||||||
Equity payment, upper limit | $ 10,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Property and Equipment Amounts for Capital Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2020 | |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 6,373 | $ 6,370 |
Less: accumulated depreciation and amortization | (2,982) | (3,831) |
Property and equipment, net | 3,391 | $ 2,539 |
Capital Lease Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 686 | |
Less: accumulated depreciation and amortization | (471) | |
Property and equipment, net | $ 215 | |
Capital Lease Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Useful life | 3 years | |
Capital Lease Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Useful life | 5 years |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Payments under Operating Leases (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Remainder of 2020 | $ 183 |
2021 | 531 |
Total future minimum payments | $ 714 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Jun. 17, 2020 | Dec. 31, 2019 | |
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock, shares outstanding | 20,390,095 | ||||||
Redeemable Convertible Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Preferred stock converted into common stock | 28,610,337 | ||||||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | |||||
Series D Redeemable Convertible Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Preferred stock, shares issued | 8,220,242 | 8,220,242 | |||||
Purchase price per share | $ 13.3816 | $ 13.3816 | |||||
Aggregate purchase price | $ 110,000 | $ 4 | $ 109,875 | ||||
Redeemable convertible preferred stock, shares outstanding | 8,220,242 | 8,220,242 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Summary of Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock, shares authorized | 35,962,362 | ||||||
Redeemable convertible preferred stock, shares issued | 20,390,095 | ||||||
Redeemable convertible preferred stock, shares outstanding | 20,390,095 | ||||||
Redeemable convertible preferred stock value | $ 160,310 | ||||||
Redeemable convertible preferred stock, liquidation value | $ 172,037 | ||||||
Series A Redeemable Convertible Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock, shares authorized | 10,502,804 | 10,502,804 | |||||
Redeemable convertible preferred stock, shares issued | 0 | 6,225,719 | |||||
Redeemable convertible preferred stock, shares outstanding | 0 | 6,225,719 | 6,225,719 | 6,225,719 | 6,225,719 | 6,225,719 | 6,225,719 |
Public offering price per share | $ 4.32 | ||||||
Redeemable convertible preferred stock value | $ 24,967 | $ 24,967 | $ 24,967 | $ 24,967 | $ 24,967 | $ 24,967 | |
Redeemable convertible preferred stock, liquidation value | $ 0 | $ 26,887 | |||||
Series B Redeemable Convertible Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock, shares authorized | 11,449,515 | 11,449,515 | |||||
Redeemable convertible preferred stock, shares issued | 0 | 6,786,896 | |||||
Redeemable convertible preferred stock, shares outstanding | 0 | 6,786,896 | 6,786,896 | 6,786,896 | 6,786,896 | 6,786,896 | 6,786,896 |
Public offering price per share | $ 8.86 | ||||||
Redeemable convertible preferred stock value | $ 55,151 | $ 55,151 | $ 55,151 | $ 55,151 | $ 55,151 | $ 55,151 | |
Redeemable convertible preferred stock, liquidation value | $ 0 | $ 60,150 | |||||
Series C Redeemable Convertible Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock, shares authorized | 12,545,824 | 14,010,043 | |||||
Redeemable convertible preferred stock, shares issued | 0 | 7,377,480 | |||||
Redeemable convertible preferred stock, shares outstanding | 0 | 7,377,480 | 7,377,480 | 3,688,740 | 3,688,740 | 3,688,740 | 3,688,740 |
Public offering price per share | $ 11.52 | ||||||
Redeemable convertible preferred stock value | $ 80,192 | $ 80,192 | $ 37,692 | $ 37,692 | $ 37,692 | $ 37,692 | |
Redeemable convertible preferred stock, liquidation value | $ 0 | $ 85,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Common stock, shares authorized | 500,000,000 | 52,000,000 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares issued | 50,949,490 | 4,059,909 |
Common stock, shares outstanding | 50,949,490 | 4,059,909 |
Common stock, dividends, per share, declared | $ 0 | $ 0 |
Common stock, voting rights | Each share of common stock is entitled to one vote. | |
Equity incentive plan, shares issued | 66,982 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - 2020 Plan and 2014 Plan - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Reserved common stock for future issuances | 9,934,318 | 24,681,737 |
Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Reserved common stock for future issuances | 5,094,669 | 3,364,568 |
Shares Available for Future Stock Option Grants | ||
Class Of Stock [Line Items] | ||
Reserved common stock for future issuances | 4,839,649 | 835,941 |
Conversion of Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Reserved common stock for future issuances | 20,390,095 | |
Redeemable Convertible Preferred Stock Warrant | ||
Class Of Stock [Line Items] | ||
Reserved common stock for future issuances | 59,276 | |
Common Stock Warrant | ||
Class Of Stock [Line Items] | ||
Reserved common stock for future issuances | 31,857 |
Warrants - Additional Informati
Warrants - Additional Information (Details) | Jun. 30, 2020shares |
Common Stock Warrant | Series C Redeemable Convertible Preferred Stock | |
Class Of Warrant Or Right [Line Items] | |
Warrant exercised | 46,869 |
Warrants - Summary of Warrants
Warrants - Summary of Warrants Issued and Outstanding (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | |
Number of Warrants Issued and Outstanding | 91,133 |
Series C Redeemable Convertible Preferred Stock | |
Class Of Warrant Or Right [Line Items] | |
Number of Warrants Issued and Outstanding | 59,276 |
Issue Date | May 29, 2018 |
Expiration Date | May 29, 2028 |
Exercise Price | $ / shares | $ 11.52 |
Common Stock | |
Class Of Warrant Or Right [Line Items] | |
Number of Warrants Issued and Outstanding | 31,857 |
Issue Date | Jul. 10, 2015 |
Expiration Date | Jul. 10, 2025 |
Exercise Price | $ / shares | $ 0.79 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 11, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Early exercised stock options | 22,700 | 22,700 | 86,409 | ||||
Options granted | 66,982 | ||||||
Exercise of stock options (in shares) | 67,792 | 279,947 | 263,626 | 280,836 | |||
Weighted-average price per share | $ 1.60 | $ 1.55 | $ 1.86 | $ 1.55 | |||
Weighted-average grant date fair value of options granted | $ 29.83 | $ 2.31 | $ 8.17 | $ 1.51 | |||
Intrinsic value of the stock options exercised | $ 2.5 | $ 0.2 | $ 5.1 | $ 0.2 | |||
Performance-based Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 0.3 | ||||||
Performance-based Awards | IPO | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares vested | 362,935 | ||||||
Other Liabilities | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Remaining liabilities related to early exercised shares | $ 0.2 | ||||||
Other Liabilities | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Remaining liabilities related to early exercised shares | $ 0.1 | $ 0.1 | |||||
2020 Equity Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares reserved for issuance | 10,150,000 | ||||||
Term of plan | 10 years | ||||||
Percentage of outstanding number of shares | 5.00% | ||||||
Aggregate number of shares available for issuance | 4,839,649 | 4,839,649 | |||||
Number of shares outstanding | 218,500 | 218,500 | |||||
2014 Equity Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares outstanding | 4,809,187 | 4,809,187 | |||||
2020 Employee Stock Purchase Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares reserved for issuance | 650,000 | ||||||
Term of plan | 10 years | ||||||
Percentage of outstanding number of shares | 1.00% | ||||||
Aggregate number of shares available for issuance | 650,000 | 650,000 | |||||
Percentage of payroll deductions of eligible compensation | 15.00% |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Activity Under Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options, granted | 66,982 | |||
Number of Options, exercised | (67,792) | (279,947) | (263,626) | (280,836) |
Weighted-Average Exercise Price Per Share, Options exercised | $ 1.60 | $ 1.55 | $ 1.86 | $ 1.55 |
2020 Plan and 2014 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options Available for Grant, Beginning Balance | 835,941 | |||
Options Available for Grant, Additional shares authorized | 5,997,435 | |||
Options Available for Grant, granted | (2,065,590) | |||
Options Available for Grant, forfeited | 71,863 | |||
Options Available for Grant, Ending Balance | 4,839,649 | 4,839,649 | ||
Number of Options, Beginning Balance | 3,297,586 | |||
Number of Options, granted | 2,065,590 | |||
Number of Options, exercised | (263,626) | |||
Number of Options, forfeited | (71,863) | |||
Number of Options, Ending Balance | 5,027,687 | 5,027,687 | ||
Number of Options, Vested and expected to vest | 5,027,687 | 5,027,687 | ||
Number of Options, Exercisable | 1,782,595 | 1,782,595 | ||
Weighted-Average Exercise Price Per Share, Beginning Balance | $ 1.93 | |||
Weighted-Average Exercise Price Per Share, Options granted | 6.57 | |||
Weighted-Average Exercise Price Per Share, Options exercised | 1.86 | |||
Weighted-Average Exercise Price Per Share, Options forfeited | 2.47 | |||
Weighted-Average Exercise Price Per Share, Ending Balance | $ 3.83 | 3.83 | ||
Weighted-Average Exercise Price Per Share, Vested and expected to vest | 3.83 | 3.83 | ||
Weighted-Average Exercise Price Per Share, Exercisable | $ 1.85 | $ 1.85 | ||
Weighted-Average Remaining Contractual Term (Years) | 8 years 2 months 19 days | |||
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest | 8 years 2 months 19 days | |||
Weighted-Average Remaining Contractual Term (Years), Exercisable | 6 years 8 months 12 days | |||
Aggregate Intrinsic Value | $ 228,992 | $ 228,992 | ||
Aggregate Intrinsic Value, Vested and expected to vest | 228,992 | 228,992 | ||
Aggregate Intrinsic Value, Exercisable | $ 84,725 | $ 84,725 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Estimated Fair Value of Employee Stock Options (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Assumptions | ||||
Expected volatility, Minimum | 93.00% | 80.20% | 81.20% | 78.40% |
Expected volatility, Maximum | 93.50% | 80.40% | 93.50% | 80.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.30% | |||
Risk-free interest rate, Minimum | 1.60% | 0.30% | 1.60% | |
Risk-free interest rate, Maximum | 1.80% | 1.40% | 2.40% | |
Minimum | ||||
Fair Value Assumptions | ||||
Expected term (in years) | 5 years 7 months 6 days | 6 years | 5 years 7 months 6 days | 5 years 10 months 24 days |
Maximum | ||||
Fair Value Assumptions | ||||
Expected term (in years) | 5 years 7 months 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of Estimated Fair Value of Shares Under Employee Stock Purchase Plan (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Assumptions | ||||
Expected volatility, Minimum | 93.00% | 80.20% | 81.20% | 78.40% |
Expected volatility, Maximum | 93.50% | 80.40% | 93.50% | 80.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.30% | |||
Minimum | ||||
Fair Value Assumptions | ||||
Expected term (in years) | 5 years 7 months 6 days | 6 years | 5 years 7 months 6 days | 5 years 10 months 24 days |
Maximum | ||||
Fair Value Assumptions | ||||
Expected term (in years) | 5 years 7 months 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
2020 Employee Stock Purchase Plan | ||||
Fair Value Assumptions | ||||
Expected volatility, Minimum | 109.70% | 107.00% | ||
Expected volatility, Maximum | 158.20% | 158.20% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Risk-free interest rate | 0.20% | 0.20% | ||
2020 Employee Stock Purchase Plan | Minimum | ||||
Fair Value Assumptions | ||||
Expected term (in years) | 4 months 24 days | 4 months 24 days | ||
2020 Employee Stock Purchase Plan | Maximum | ||||
Fair Value Assumptions | ||||
Expected term (in years) | 1 year 10 months 24 days | 1 year 10 months 24 days |
Equity Incentive Plans - Summ_4
Equity Incentive Plans - Summary of Stock-based Compensation Expense (Details) - 2014 Plan, 2020 Plan and 2020 ESPP - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,838 | $ 266 | $ 3,499 | $ 810 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 558 | 88 | 1,081 | 262 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,280 | $ 178 | $ 2,418 | $ 548 |
Funding Arrangement - Additiona
Funding Arrangement - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2020 | Jul. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Funding Arrangement [Line Items] | |||||||
Grant income | $ 787,000 | $ 54,000 | $ 2,152,000 | $ 54,000 | |||
Cost Reimbursement Sub-Award Agreement | |||||||
Funding Arrangement [Line Items] | |||||||
Funding period of award to develop universal vaccine to prevent infections caused by Group A Strep bacteria | 4 years | ||||||
Percentage of reimbursable expenses | 50.00% | ||||||
Grant income | 800,000 | $ 100,000 | 2,200,000 | $ 100,000 | |||
Cost Reimbursement Sub-Award Agreement | Maximum | |||||||
Funding Arrangement [Line Items] | |||||||
Initial funding committed by award | $ 1,600,000 | ||||||
Total funding committed by award, available upon achievement of development milestones | $ 15,100,000 | ||||||
CARB-X Agreement | |||||||
Funding Arrangement [Line Items] | |||||||
Funding period of award to develop universal vaccine to prevent infections caused by Group A Strep bacteria | 4 years | ||||||
Grant receivable on unreimbursed, eligible costs incurred | $ 800,000 | $ 800,000 | $ 200,000 | ||||
CARB-X Agreement | Maximum | |||||||
Funding Arrangement [Line Items] | |||||||
Percentage of reimbursable expenses | 90.00% | ||||||
Initial funding committed by award | $ 2,700,000 | ||||||
Total funding committed by award, available upon achievement of development milestones | $ 15,100,000 | ||||||
CARB-X Agreement | Minimum | |||||||
Funding Arrangement [Line Items] | |||||||
Percentage of reimbursable expenses | 50.00% | ||||||
Initial funding committed by award | $ 1,600,000 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net loss (in thousands) | $ (21,018) | $ (11,317) | $ (68,480) | $ (35,653) |
Weighted-average shares outstanding used in computing net loss per share, basic and diluted | 50,895,358 | 3,857,298 | 22,354,212 | 3,737,779 |
Net loss per share, basic and diluted | $ (0.41) | $ (2.93) | $ (3.06) | $ (9.54) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 5,094,669 | 19,863,546 |
Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 5,094,669 | 3,071,058 |
Common Stock Warrant | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 31,857 | |
Redeemable Convertible Preferred Stock Warrant | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 59,276 | |
Series A Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 6,225,719 | |
Series B Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 6,786,896 | |
Series C Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 3,688,740 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax provision | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | May 29, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||||||
Common stock, shares owned | 50,949,490 | 50,949,490 | 4,059,909 | ||||
Change in fair value of redeemable convertible preferred stock warrant | $ 179 | $ (12) | |||||
Accrued expenses payable | $ 2,870 | $ 2,870 | $ 1,305 | ||||
Series C Redeemable Convertible Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant purchase price per share | $ 11.52 | ||||||
Common Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant purchase price per share | $ 0.79 | ||||||
Common Stock Warrant | Series C Redeemable Convertible Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant exercised | 46,869 | ||||||
Sutro Biopharma, Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Common stock, shares owned | 1,600,000 | 1,600,000 | 1,600,000 | ||||
Accrued expenses payable | $ 100 | $ 100 | |||||
Sutro Biopharma, Inc | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Accrued expenses payable | $ 100 | ||||||
Sutro Biopharma, Inc | License Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of royalty payment on annual net sales of vaccine products for human health | 4.00% | 4.00% | |||||
Percentage of royalty payment on net sales of vaccine compositions for animal health | 2.00% | 2.00% | |||||
Sutro Biopharma, Inc | Supply Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Change in fair value of redeemable convertible preferred stock warrant | $ 100 | $ 1,000 | $ 300 | 1,100 | |||
Sutro Biopharma, Inc | Series C Redeemable Convertible Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant to purchase shares of stock | 59,276 | ||||||
Warrant purchase price per share | $ 11.5215 | ||||||
Sutro Biopharma, Inc | Series C Redeemable Convertible Stock | License Amendment A2 | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant to purchase shares of stock | 59,276 | ||||||
Warrant purchase price per share | $ 11.5215 | ||||||
Warrant exercisable and vests immediately and expires date | May 29, 2018 | ||||||
Sutro Biopharma, Inc | Common Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant to purchase shares of stock | 31,857 | ||||||
Warrant purchase price per share | $ 0.79289 | ||||||
Sutro Biopharma, Inc | Common Stock Warrant | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant exercised | 30,278 | ||||||
Sutro Biopharma, Inc | Preferred Stock Warrant | |||||||
Related Party Transaction [Line Items] | |||||||
Warrant exercised | 16,591 | ||||||
Change in fair value of redeemable convertible preferred stock warrant | $ 0 | $ 200 | |||||
Sutro Biopharma, Inc | Preferred Stock Warrant | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Change in fair value of redeemable convertible preferred stock warrant | $ 100 | $ 100 |