Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Sep. 18, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | Checkmate Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001651431 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, State or Province | DE | |
Entity Address, Country | MA | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CMPI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 21,546,591 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 80,289 | $ 4,185 |
Restricted cash | 20 | 20 |
Prepaid expenses and other current assets | 3,147 | 921 |
Total current assets | 83,456 | 5,126 |
Total assets | 83,456 | 5,126 |
Current Liabilities: | ||
Accounts payable | 3,249 | 2,234 |
Accrued expenses | 3,736 | 3,100 |
Series B preferred stock tranche right liability | 300 | |
Total current liabilities | 6,985 | 5,634 |
Total liabilities | 6,985 | 5,634 |
Commitments and Contingencies (Note 10) | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 194,268 | 96,928 |
Stockholders' Deficit: | ||
Common stock, $0.0001 par value; 146,000,000 and 76,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 1,488,489 shares issued and outstanding as of June 30, 2020 and December 31, 2019; | 1 | 1 |
Additional paid-in capital | ||
Accumulated deficit | (117,798) | (97,437) |
Total stockholders' deficit | (117,797) | (97,436) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | 83,456 | 5,126 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 33,479 | 32,482 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Series B preferred stock tranche right liability | 300 | |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 75,314 | $ 64,446 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 85,475 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Temporary equity number of shares issued | 108,096,207 | 51,283,386 |
Temporary equity number of shares outstanding | 108,096,207 | 51,283,386 |
Temporary equity liquidation preference | $ 193,968 | $ 96,928 |
Common stock par value per share | $ 0.0001 | $ 0.0001 |
Common stock number of shares authorised | 146,000,000 | 76,000,000 |
Common stock number of shares issued | 1,488,489 | 1,488,489 |
Common stock number of shares outstanding | 1,488,489 | 1,488,489 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity number of shares authorised | 25,000,000 | 25,000,000 |
Temporary equity number of shares issued | 25,000,000 | 25,000,000 |
Temporary equity number of shares outstanding | 25,000,000 | 25,000,000 |
Temporary equity liquidation preference | $ 33,479 | $ 32,482 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity number of shares authorised | 29,972,284 | 29,972,284 |
Temporary equity number of shares issued | 29,972,284 | 26,283,386 |
Temporary equity number of shares outstanding | 29,972,284 | 26,283,386 |
Temporary equity liquidation preference | $ 75,014 | $ 64,446 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity number of shares authorised | 62,489,557 | |
Temporary equity number of shares issued | 53,123,923 | |
Temporary equity number of shares outstanding | 53,123,923 | |
Temporary equity liquidation preference | $ 85,475 |
Condensed Statements of Operati
Condensed Statements of Operations And Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 6,476 | $ 5,849 | $ 12,789 | $ 12,049 |
General and administrative | 1,795 | 1,107 | 3,305 | 2,157 |
Total operating expenses | 8,271 | 6,956 | 16,094 | 14,206 |
Loss from operations | (8,271) | (6,956) | (16,094) | (14,206) |
Other income (expense), net: | ||||
Interest income | 6 | 59 | 28 | 116 |
Change in fair value of convertible loan notes | (83) | (83) | ||
Total other income (expense), net | (77) | 59 | (55) | 116 |
Net loss and comprehensive loss | (8,348) | (6,897) | (16,149) | (14,090) |
Net loss | (8,348) | (6,897) | (16,149) | (14,090) |
Accretion of issuance costs on redeemable convertible preferred stock | (429) | (33) | (456) | (51) |
Accrued dividends on redeemable convertible preferred stock | (2,187) | (1,476) | (3,957) | (2,728) |
Net loss attributable to common stockholders | $ (10,964) | $ (8,406) | $ (20,562) | $ (16,869) |
Weighted-average common shares outstanding—basic and diluted | 1,488,489 | 1,429,484 | 1,488,489 | 1,413,935 |
Net loss per share attributable to common stockholders—basic and diluted | $ (7.37) | $ (5.88) | $ (13.81) | $ (11.93) |
Condensed Statements of Redeema
Condensed Statements of Redeemable Convertible Preferred Stock And Stockholders' Deficit - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Series A Redeemable Convertible Preferred Stock [Member] | Series A Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member] | Series B Redeemable Convertible Preferred Stock [Member] | Series B Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member] | Series C Redeemable Convertible Preferred Stock [Member] | Series C Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member] |
Beginning balance at Dec. 31, 2018 | $ 30,482 | $ 41,491 | |||||||||
Beginning balance, shares at Dec. 31, 2018 | 25,000,000 | 17,522,259 | |||||||||
Beginning balance at Dec. 31, 2018 | $ (62,801) | $ 1 | $ (62,802) | ||||||||
Beginning balance, shares at Dec. 31, 2018 | 1,394,961 | ||||||||||
Issuance of series redeemable convertible preferred, shares | 5,072,232 | ||||||||||
Issuance of series redeemable convertible preferred | $ 10,949 | ||||||||||
Accretion of issuance costs related to redeemable convertible preferred stock | (51) | (51) | 51 | ||||||||
Exercise of stock options | 74 | $ 74 | |||||||||
Exercise of stock options, shares | 77,876 | ||||||||||
Exercise of series B preferred stock tranche right | 0 | ||||||||||
Vesting of restricted stock awards, shares | 10,276 | ||||||||||
Stock-based compensation expense | 157 | 157 | |||||||||
Accrued dividends on redeemable convertible preferred stock | (2,728) | (231) | (2,497) | $ 992 | 1,736 | ||||||
Net loss | (14,090) | (14,090) | |||||||||
Ending balance at Jun. 30, 2019 | $ 31,474 | $ 54,227 | |||||||||
Ending balance, shares at Jun. 30, 2019 | 25,000,000 | 22,594,491 | |||||||||
Ending balance at Jun. 30, 2019 | (79,439) | $ 1 | (79,440) | ||||||||
Ending balance, shares at Jun. 30, 2019 | 1,483,113 | ||||||||||
Beginning balance at Mar. 31, 2019 | $ 30,975 | $ 53,250 | |||||||||
Beginning balance, shares at Mar. 31, 2019 | 25,000,000 | 22,594,491 | |||||||||
Beginning balance at Mar. 31, 2019 | (71,185) | $ 1 | (71,186) | ||||||||
Beginning balance, shares at Mar. 31, 2019 | 1,400,099 | ||||||||||
Issuance of series redeemable convertible preferred | $ 33 | ||||||||||
Conversion of convertible loan notes into redeemable preferred stock | (33) | ||||||||||
Accretion of issuance costs related to redeemable convertible preferred stock | (33) | (33) | |||||||||
Exercise of stock options | 74 | 74 | |||||||||
Exercise of stock options, shares | 77,876 | ||||||||||
Vesting of restricted stock awards, shares | 5,138 | ||||||||||
Stock-based compensation expense | 78 | 78 | |||||||||
Accrued dividends on redeemable convertible preferred stock | (1,476) | (152) | (1,324) | $ 499 | 977 | ||||||
Net loss | (6,897) | (6,897) | |||||||||
Ending balance at Jun. 30, 2019 | $ 31,474 | $ 54,227 | |||||||||
Ending balance, shares at Jun. 30, 2019 | 25,000,000 | 22,594,491 | |||||||||
Ending balance at Jun. 30, 2019 | (79,439) | $ 1 | (79,440) | ||||||||
Ending balance, shares at Jun. 30, 2019 | 1,483,113 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 96,928 | $ 32,482 | $ 32,482 | $ 64,446 | $ 64,446 | ||||||
Beginning balance, shares at Dec. 31, 2019 | 51,283,386 | 25,000,000 | 25,000,000 | 26,283,386 | 26,283,386 | ||||||
Beginning balance at Dec. 31, 2019 | $ (97,436) | $ 1 | (97,437) | ||||||||
Beginning balance, shares at Dec. 31, 2019 | 1,488,489 | ||||||||||
Issuance of series redeemable convertible preferred, shares | 3,688,898 | 46,828,167 | |||||||||
Issuance of series redeemable convertible preferred | $ 7,973 | $ 74,571 | |||||||||
Conversion of convertible loan notes into redeemable preferred stock | $ 10,083 | ||||||||||
Conversion of convertible loan notes into redeemable preferred stock, shares | 6,295,756 | ||||||||||
Accretion of issuance costs related to redeemable convertible preferred stock | $ (456) | (456) | 27 | $ 429 | |||||||
Exercise of stock options, shares | 0 | ||||||||||
Exercise of series B preferred stock tranche right | $ 300 | 300 | |||||||||
Stock-based compensation expense | 201 | 201 | |||||||||
Accrued dividends on redeemable convertible preferred stock | (3,957) | (201) | (3,756) | $ 997 | 2,568 | 392 | |||||
Net loss | (16,149) | (16,149) | |||||||||
Ending balance at Jun. 30, 2020 | $ 194,268 | $ 33,479 | $ 33,479 | $ 75,314 | $ 75,314 | $ 85,475 | $ 85,475 | ||||
Ending balance, shares at Jun. 30, 2020 | 108,096,207 | 53,123,923 | 25,000,000 | 25,000,000 | 29,972,284 | 29,972,284 | 53,123,923 | 53,123,923 | |||
Ending balance at Jun. 30, 2020 | $ (117,797) | $ 1 | (117,798) | ||||||||
Ending balance, shares at Jun. 30, 2020 | 1,488,489 | ||||||||||
Beginning balance at Mar. 31, 2020 | $ 32,980 | $ 74,018 | |||||||||
Beginning balance, shares at Mar. 31, 2020 | 25,000,000 | 29,972,284 | |||||||||
Beginning balance at Mar. 31, 2020 | (106,933) | $ 1 | (106,934) | ||||||||
Beginning balance, shares at Mar. 31, 2020 | 1,488,489 | ||||||||||
Issuance of series redeemable convertible preferred, shares | 46,828,167 | ||||||||||
Issuance of series redeemable convertible preferred | $ 74,571 | ||||||||||
Conversion of convertible loan notes into redeemable preferred stock | $ 10,083 | ||||||||||
Conversion of convertible loan notes into redeemable preferred stock, shares | 6,295,756 | ||||||||||
Accretion of issuance costs related to redeemable convertible preferred stock | (429) | (429) | $ 429 | ||||||||
Stock-based compensation expense | 100 | 100 | |||||||||
Accrued dividends on redeemable convertible preferred stock | (2,187) | $ (100) | (2,087) | $ 499 | $ 1,296 | 392 | |||||
Net loss | (8,348) | (8,348) | |||||||||
Ending balance at Jun. 30, 2020 | $ 194,268 | $ 33,479 | $ 33,479 | $ 75,314 | $ 75,314 | $ 85,475 | $ 85,475 | ||||
Ending balance, shares at Jun. 30, 2020 | 108,096,207 | 53,123,923 | 25,000,000 | 25,000,000 | 29,972,284 | 29,972,284 | 53,123,923 | 53,123,923 | |||
Ending balance at Jun. 30, 2020 | $ (117,797) | $ 1 | $ (117,798) | ||||||||
Ending balance, shares at Jun. 30, 2020 | 1,488,489 |
Condensed Statements of Redee_2
Condensed Statements of Redeemable Convertible Preferred Stock And Stockholders' Deficit (Parenthetical) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | |
Cash paid for redeemable convertible preferred stock issuance | $ 398 | $ 0 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Shares Issued, Price Per Share | $ / shares | $ 2.1687 | $ 2.1687 |
Cash paid for redeemable convertible preferred stock issuance | $ 27 | $ 51 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Shares Issued, Price Per Share | $ / shares | $ 1.6016 | |
Cash paid for redeemable convertible preferred stock issuance | $ 429 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (16,149) | $ (14,090) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 201 | 157 |
Change in fair value of notes payable | 83 | 0 |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (610) | (207) |
Accounts payable | (31) | (192) |
Accrued expenses | 464 | (373) |
Net cash used in operating activities | (16,042) | (14,705) |
Cash flows from financing activities | ||
Cash received from stock option exercise | 0 | 74 |
Cash paid for initial public offering costs | (398) | 0 |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 82,544 | 10,949 |
Proceeds from issuance of convertible loan notes | 10,000 | 0 |
Net cash provided by financing activities | 92,146 | 11,023 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 76,104 | (3,682) |
Cash, cash equivalents and restricted cash at beginning of period | 4,205 | 12,079 |
Cash, cash equivalents and restricted cash at end of period | 80,309 | 8,397 |
Supplemental disclosure of non-cash financing activities: | ||
Accretion of issuance costs to redeemable convertible preferred stock | 456 | 51 |
Exercise of series B preferred stock tranche right | 300 | 0 |
Accrued dividends on redeemable convertible preferred stock | 3,957 | 2,728 |
Deferred offering costs included in prepaid expenses and other current assets and accounts payable or accrued expenses | 1,217 | 0 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Cash paid for initial public offering costs | (429) | |
Supplemental disclosure of non-cash financing activities: | ||
Conversion of convertible loan notes into series C preferred stock | $ 10,083 | $ 0 |
Nature of Business And Basics o
Nature of Business And Basics of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business And Basics of Presentation | 1 – N ATURE OF USINESS AND ASIS OF RESENTATION Nature of Business Checkmate Pharmaceuticals, Inc., or Checkmate or the Company, headquartered non-clinical Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and include the accounts of the Company. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB. The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2019, included in the Company’s registration statement on Form S-1 No. 333-239932) Initial Public Offering On August 11 closed at which time August 11, 2020 all convertible preferred stock converted into shares of common stock. Th e unaudited condensed financial statements, including share and per share amounts, do not give effect to the IPO or the related conversion of securities into shares of common stock. On September 3, 2020 the underwriters of the IPO exercised a portion of their overallotment option by purchasing an additional 109,861 shares from the Company at the IPO price, resulting in an additional $1.5 million in net proceeds after deducting the underwriting discounts and commissions. On July 31, 2020, the Company effected a one-for-7.4771 was unaudited Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, ability to secure additional capital to fund operations, and risks associated with the COVID-19 its As of May 13, 2020, the issuance date of the Company’ s audited financial statements for the year ended December 31, 2019, the Company concluded that there was substantial doubt about its ability to continue as a going concern for one year after the date that those financial statements were issued. Subsequent to the issuance of those financial statements, the Company received net and unaudited condensed financial statements, the Company expects its cash and cash equivalents of $80.3 million as of June 30, 2020, together with the net unaudited condensed financial statements. The Company may seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing agreements. If the Company is unable to obtain additional funding, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. Unaudited interim financial information The accompanying interim unaudited condensed financial statements and related disclosures are unaudited and have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q S-X. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 – S UMMARY OF IGNIFICANT CCOUNTING OLICIES The Company’s significant accounting policies are described in Note 3, Summary of Significant Accounting Policies December 31, 2019 in the Registration Statement. There six-month Deferred offering costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity additional paid-in capital. Fair Value Option As permitted under ASC 825, Financial Instruments, or ASC 825, the Company has elected the fair value option to account for its convertible loan notes. In accordance with ASC 825, the Company records these convertible loan notes at fair value with changes in fair value recorded as a component of other income (expense), net in the condensed statements non-contingent Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12. 2019-12 2019-12 In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 2018-18 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13 ASU No. 2018-13 2018-13 In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, or ASU 2017-11 . ASU 2017-11 2017-11 2017-11 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3 – F AIR ALUE EASUREMENT The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy that are measured at fair value on a recurring basis: June 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 80,045 $ — $ — $ 80,045 Total assets $ 80,045 $ — $ — $ 80,045 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 4,003 $ — $ — $ 4,003 Total assets $ 4,003 $ — $ — $ 4,003 Liabilities: Series B preferred stock tranche right liability $ — $ — $ 300 $ 300 Total liabilities $ — $ — $ 300 $ 300 V ALUATION OF ERIES REFERRED TOCK RANCHE IGHT IABILITY The series B preferred stock tranche right liability at December 31, 2019 is composed of the fair value of rights to purchase series B redeemable convertible preferred stock, or Series B. The fair value of the series B preferred stock tranche right liability was determined based on significant inputs not observable in the market, which represent a Level 3 measurement within the fair value hierarchy. The fair value of the preferred stock tranche right liability was determined using a binomial model, which considered as inputs the value of the Series B, the expected return of the underlying Series B during the period between the valuation date and the expected event date, the probability and timing of achieving the specified milestones as of each valuation date and a discount rate. The most significant assumption in the binomial model impacting the fair value of the series B preferred stock tranche right liability is the fair value of the Company’s Series B as of each measurement date. The Company determines the fair value per share of the underlying Series B by taking into consideration the most recent sales of its Series B, results obtained from third-party valuations and additional factors the Company deems relevant. At December 31, 2019, the fair value of each share of Series B was $2.20 per share. The series B preferred stock tranche right was exercised on January 14, 2020. The change in fair value of the series B preferred stock tranche right liability from December 31, 2019 to January 14, 2020 was not material. The following table provides a roll-forward of the aggregate fair value of the Company’s series B preferred stock tranche right liability, for which fair value is determined using Level 3 inputs: Series B Preferred (in thousands) Balance as of December 31, 2019 $ 300 Exercise of series B preferred stock tranche right (300 ) Balance as of June 30, 2020 $ — VALUATION OF CONVERTIBLE LOAN NOTES The Company elected the fair value option to account for its convertible loan notes issued during April 2020. The fair value of the convertible loan notes was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the initial closing of the Company’s convertible loan notes in April 2020 was determined to be equal to the proceeds of $10.0 million on issuance. The fair value of the convertible loan at the time of conversion into the Series C preferred stock in June 2020 was determined to be equal to $1.6016 per share, the value of the Company’s Series C preferred stock into which the convertible loan notes were converted . The change in fair value of the convertible notes prior to close of the Series C preferred stock financing of $0.1 million primarily related to the accrued interest earned on the convertible loan notes prior to such financing . The following table presents a roll-forward of the aggregate fair values of the Company’s convertible loan notes (Note 5) for which fair value is determined by Level 3 inputs: Convertible Loan (in thousands) Balance as of December 31, 2019 Initial fair value $ 10,000 Change in fair value plus accrued interest 83 Settlement of convertible loan note s (10,083 ) Balance as of June 30, 2020 $ — |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 4 – A CCRUED XPENSES Accrued expenses consist of the following: June 30, December 31, 2020 2019 (in thousands) Payroll and employee related expenses $ 837 $ 1,051 External research and development 2,572 1,969 Other accrued expenses 327 80 Total accrued expenses $ 3,736 $ 3,100 |
Convertible Loan Notes
Convertible Loan Notes | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Loan Notes | 5 – C ONVERTIBLE OAN OTES On April 21, 2020, the Company entered into a note purchase agreement pursuant to which the Company issued unsecured convertible loan notes to investors for a total of $10.0 million in principal. The Company will pay simple interest on the outstanding principal amount to the extent not converted at the rate of 8% per annum. No repayment of principal or interest was due until maturity, which occurs 12 months after issuance of the convertible loan notes. Under the agreement, the convertible loan notes outstanding principal and unpaid accrued interest automatically convert upon a Qualified Financing. If the Qualified Financing is consummated within (i) three months after the date of the agreement, the conversion price shall be equal to 90% of the per share price paid by the investors; (ii) if consummated more than three months after the date of the agreement, but within six months, the conversion price shall be equal to 80% of the per share price paid by the investors; and (iii) is consummated more than six months after the date of the agreement, the conversion price shall be equal to 70% of the price per share paid by the investors. On June 2, 2020, upon the series C preferred stock financing (Note 6), the outstanding principal and unpaid accrued interest of the convertible notes of $10.1 million converted into 6,295,756 shares of series C preferred stock. Upon execution of the series C preferred stock, the noteholder investors waived their right to the 90% conversion price and converted the notes at 100% of the per share price paid by the investors in the Qualified Financing. The Company elected the fair value option to account for the convertible loan notes. The Company recorded the convertible loan notes at fair value and subsequently remeasured them to fair value upon settlement of the convertible loan notes. Changes in fair value were recognized as a component of other income (expense), net in the condensed statements of operations and comprehensive loss. The Company recognized a loss in the condensed statements of operations and comprehensive loss of $0.1 million as change in fair value of the convertible notes during the three and six months ended June 30, 2020. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 6 – R EDEEMABLE ONVERTIBLE REFERRED TOCK As of each balance sheet date, the Preferred Stock consisted of the following: June 30, 2020 Issued and Carrying Liquidation Common (dollars in thousands) Series A 25,000,000 $ 33,479 $ 33,479 3,343,542 Series B 29,972,284 75,314 75,014 4,499,824 Series C 53,123,923 85,475 85,475 7,104,883 108,096,207 $ 194,268 $ 193,968 14,948,249 December 31, 2019 Issued and Carrying Liquidation Common (dollars in thousands) Series A 25,000,000 $ 32,482 $ 32,482 3,343,542 Series B 26,283,386 64,446 64,446 3,946,001 51,283,386 $ 96,928 $ 96,928 7,289,543 Preferred stock is classified outside of stockholders’ deficit because the shares contain redemption features that are not solely within the control of the Company. Series C Preferred Stock Financing In June 2020, the Company entered into the Series C Preferred Stock Purchase Agreement, or the Series C Agreement, pursuant to which the Company was authorized to issue 62,489,557 shares of Series C convertible preferred stock (Series C), at a price of $1.6016 per share. As part of the closing, the Company issued 46,828,167 shares of Series C at $1.6016 per share for consideration of $75.0 million and an additional 6,295,756 shares of Series C in satisfaction of the conversion of $10.0 million convertible loan notes and $0.1 million of accrued interest. The aggregate purchase price of the Series C was $85.1 million and the Company incurred issuance costs of $0.4 million, which was recorded as a reduction to the Series C carrying value. Series B Preferred Stock Financing In January 2020, the Company issued 3,688,898 of Series B at a price of $2.16867 per share, resulting in net proceeds received of $8.0 million. The rights and preferences of the Series B issued in January 2020 are identical to Series B issued in prior periods. As a result of the issuance, the fair value of the associated outstanding series B tranche right liability of $0.3 million was reclassified to Series B. In connection with the Series C financing, the conversion price of the Series B was decreased from $16.21536 to $14.4451 such that the rate at which shares of Series B may be converted into shares of common stock was adjusted from 1:1 to 0.15013:1. Dividends Preferred stock accrues dividends on a cumulative basis at $0.08 per share per annum for Series A, $0.17349 per share per annum for Series B and $0.128128 per share per annum for Series C, to be calculated daily and is payable when and if declared by the Company’s board of directors . No dividends may be paid to common stockholders until all dividends to preferred stockholders are paid in full, except stock dividends paid to common stockholders. Cumulative dividends were as follows: June 30, December 31, 2020 2019 (in thousands) Series A $ 8,479 $ 7,482 Series B $ 10,014 $ 7,446 Series C $ 392 $ — Through June 30, 2020, no dividends have been declared or paid by the Company. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Common Stock | 7 – C OMMON TOCK The voting, dividend and liquidation rights of the common stockholders are subject to and qualified by the rights, powers and preferences of the preferred stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Common stockholders are entitled to receive dividends declared out of funds legally available, subject to the payment in full of all preferential dividends to which the holders of preferred stock are entitled. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company and all preferential amounts to which the holders of preferred stock are entitled, if any, the common stockholders and preferred stockholders (on an as-converted The Company’s common stock available for future issuance as of June 30, 2020 is summarized as follows: Common stock authorized 146,000,000 Common stock authorized, issued and outstanding 1,488,489 Common stock authorized and reserved for future issuance: Common stock reserved for the conversion of Series A 3,343,542 Common stock reserved for the conversion of Series B 4,499,824 Common stock reserved for the conversion of Series C 7,104,883 Common stock reserved for future exercises of stock option awards 1,073,044 Common stock reserved for future share-based 729,575 Total common stock authorized and reserved for future issuance 18,239,357 Unreserved common stock available for future issuance 127,760,643 |
Stock based compensation
Stock based compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock based compensation | 8 – S TOCK ASED OMPENSATION Stock Options In August 2015, the Company’s board of directors approved the Checkmate Pharmaceuticals, Inc. 2015 Stock Option and Grant Plan, or 2015 Plan, to encourage and enable the officers, employees, directors, consultants 2015 d non-statutory board of directors shares of 2015 was were The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option valuation model with the following weighted-average assumptions: Three and Six Months Ended June 30, 2020 2019 Risk-free interest rate N/A 1.30 % Expected term (in years) N/A 5.75 Expected volatility N/A 70.0 % Dividend yield N/A — There were no stock options granted during the three and six months ended June 30, 2020. The per share weighted average grant date fair value of stock options granted during the three and six months ended June 30, 2019 was $1.61. As of June 30, 2020, total unrecognized compensation expense related to stock options totaled $0.95 million, which is expected to be recognized over a weighted average period of 2.6 years. The following table summarizes the activity under the Company’s stock option plan during the six months ended June 30, 2020: Number of Options Weighted- Average Exercise Price Weighted- Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 1,073,044 $ 2.45 8.7 $ 906 Granted — $ — Forfeited — $ — Exercised — $ — Outstanding at June 30, 2020 1,073,044 $ 2.45 8.2 $ 906 Vested and expected to vest at June 30, 2020 1,073,044 $ 2.45 8.2 $ 906 Exercisable at June 30, 2020 426,980 $ 2.23 7.6 $ 468 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. There were no options exercised during the six months ended June 30, 2020. Restricted Stock The Company did not grant restricted stock during the six months ended June 30, 2020. All previously granted restricted stock was fully vested as of December 31, 2019. Stock-based Compensation Expense Total stock-based compensation expense was classified in the accompanying condensed statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 ( in thousands) (in thousands) Research and development $ 39 $ 25 $ 78 $ 49 General and administrative 61 53 123 108 Total stock-based compensation expense $ 100 $ 78 $ 201 $ 157 |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 9 – I NCOME AXES The Company incurred federal and state net operating losses and recorded a full valuation allowance against net deferred assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, signed into United States law on March 27, 2020 modifies certain provisions of the Tax Cuts and Jobs Act, or TCJA with respect to net operating losses. Under the CARES Act, the limitation on the deduction of net operating losses to 80% of annual taxable income is removed for taxable years beginning before January 1, 2021. The CARES Act did not have a material impact on the unaudited condensed financial statements. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10 – N ET OSS ER HARE Net Loss Per Share Attributable To Common Stockholders Because the Company reports a net loss attributable to common stockholders, basic and diluted net loss per share attributable to common stockholders are the same for both years presented. All preferred stock, unvested restricted stock, and stock options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact. Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share (in thousands, except share Numerator Net loss $ (8,348 ) $ (6,897 ) $ (16,149 ) $ (14,090 ) Accretion of issuance costs on redeemable convertible preferred stock (429 ) (33 ) (456 ) (51 ) Accrued dividends on redeemable convertible preferred stock (2,187 ) (1,476 ) (3,957 ) (2,728 ) Net Loss attributable to common stockholders $ (10,964 ) $ (8,406 ) $ (20,562 ) $ (16,869 ) Denominator: Weighted-average common shares outstanding—basic and diluted 1,488,489 1,429,484 1,488,489 1,413,935 Net loss per share attributable to common stockholders—basic and diluted $ (7.37 ) $ (5.88 ) $ (13.81 ) $ (11.93 ) The following common stock equivalents outstanding at June 30, 2020 and 2019 have been excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive: June 30, 2020 2019 Options to purchase common stock 1,073,044 812,539 Unvested restricted common stock — 5,376 Redeemable convertible preferred stock 14,948,249 6,365,368 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 11 – C OMMITMENTS AND ONTINGENCIES Operating Lease The Company has a month-to-month months ended June 30, 2020 and 2019 was $0.1 million and $0.1 million, respectively. Rent expense for the , Clinical Trial Collaboration and Supply Agreement On August 22, 2018, the Company entered into the Clinical Trial Collaboration and Supply Agreement, or CTCSA Agreement, with an affiliate of Merck KgaA, or Merck, and Pfizer Inc., or Pfizer, (Merck and Pfizer together are referred to herein as the “Alliance”). Pursuant to the CTCSA, the Company, and the Alliance will each provide compound drug product that will be dosed concurrently or in combination in a clinical trial sponsored by Pfizer. This agreement was amended on March 4, 2019. In addition to providing a compound drug product to be used in the clinical trial, the Company will reimburse Pfizer for each patient dosed in the study using the Company’s compound at a specified rate outlined in the CTCSA Agreement. In no event will the amount of costs due by the Company to Pfizer exceed $4.0 million over the term of the CTCSA Agreement. The costs of services performed and material used in connection with the research and development activities of the CTCSA Agreement, including reimbursements due to Pfizer, are included in research and development costs and expensed as incurred. The Company incurred $0.5 million and $0.1 million of expense during the three and six months ended June 30, 2020, respectively, and no expense relating to the Pfizer reimbursement during the three and six months ended June 30, 2019. License Agreement In June 2015, the Company entered into an exclusive license agreement with Cytos Biotechnology LTD (now Kuros Biosciences AG or Kuros) as amended in August 2017 and as further amended in January 2018 (the Kuros License Agreement). Pursuant to the Kuros License Agreement, in return for payments made, the Company was granted an exclusive, royalty-bearing, sublicensable, worldwide license, under all of Kuros’s intellectual property rights, including any intellectual property rights arising during the term of the agreement, to commercially develop, manufacture, use, distribute, and sell certain therapeutic products, including CMP-001, CMP-001 CMP-001. As of June 30, 20 20 Other Contingencies During the ordinary course of its operations, the Company may become a party to contractual disputes, litigation, and potential claims. The Company does not believe that the resolution of any of these matters, if any, will have a material adverse effect on its financial position or results of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12 – S UBSEQUENT VENTS In August 2020 , Company’s board of directors and stockholders adopted and approved Plan, or the 2020 Plan. non-employee directors consultants 2020 % Plan In August 2020 , the b d the Checkmate Pharmaceuticals, Inc. 2020 Employee Stock Purchase Plan, or 2020 ESPP . The 2020 ESPP was created to provide eligible employees of the Company and other qualified participants to purchase the Company’s common stock at 85% of the fair market value of the common stock on the offering date or the exercise date, whichever is for up to 15% of such employee’s compensation for each pay period. The Company reserved 267,119 shares of common stock for the 2020 ESPP. The 2020 ESPP provides for an annual increase in the number of shares of common stock to be reserved for future issuance under the 2020 ESPP . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Checkmate Pharmaceuticals, Inc., or Checkmate or the Company, headquartered non-clinical |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and include the accounts of the Company. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB. The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2019, included in the Company’s registration statement on Form S-1 No. 333-239932) |
Initial Public Offering | Initial Public Offering On August 11 closed at which time August 11, 2020 all convertible preferred stock converted into shares of common stock. Th e unaudited condensed financial statements, including share and per share amounts, do not give effect to the IPO or the related conversion of securities into shares of common stock. On September 3, 2020 the underwriters of the IPO exercised a portion of their overallotment option by purchasing an additional 109,861 shares from the Company at the IPO price, resulting in an additional $1.5 million in net proceeds after deducting the underwriting discounts and commissions. On July 31, 2020, the Company effected a one-for-7.4771 was unaudited |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, ability to secure additional capital to fund operations, and risks associated with the COVID-19 its As of May 13, 2020, the issuance date of the Company’ s audited financial statements for the year ended December 31, 2019, the Company concluded that there was substantial doubt about its ability to continue as a going concern for one year after the date that those financial statements were issued. Subsequent to the issuance of those financial statements, the Company received net and unaudited condensed financial statements, the Company expects its cash and cash equivalents of $80.3 million as of June 30, 2020, together with the net unaudited condensed financial statements. The Company may seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing agreements. If the Company is unable to obtain additional funding, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. |
Unaudited interim financial information | Unaudited interim financial information The accompanying interim unaudited condensed financial statements and related disclosures are unaudited and have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q S-X. |
Deferred offering costs | Deferred offering costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity additional paid-in capital. |
Fair Value Option | Fair Value Option As permitted under ASC 825, Financial Instruments, or ASC 825, the Company has elected the fair value option to account for its convertible loan notes. In accordance with ASC 825, the Company records these convertible loan notes at fair value with changes in fair value recorded as a component of other income (expense), net in the condensed statements non-contingent |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12. 2019-12 2019-12 In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 2018-18 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13 ASU No. 2018-13 2018-13 In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, or ASU 2017-11 . ASU 2017-11 2017-11 2017-11 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets And Liabilities Measured On Recurring Basis | June 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 80,045 $ — $ — $ 80,045 Total assets $ 80,045 $ — $ — $ 80,045 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 4,003 $ — $ — $ 4,003 Total assets $ 4,003 $ — $ — $ 4,003 Liabilities: Series B preferred stock tranche right liability $ — $ — $ 300 $ 300 Total liabilities $ — $ — $ 300 $ 300 |
Schedule of Aggregate Fair Value of The Company's Series B Preferred Stock Tranche Right Liability | The following table provides a roll-forward of the aggregate fair value of the Company’s series B preferred stock tranche right liability, for which fair value is determined using Level 3 inputs: Series B Preferred (in thousands) Balance as of December 31, 2019 $ 300 Exercise of series B preferred stock tranche right (300 ) Balance as of June 30, 2020 $ — |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a roll-forward of the aggregate fair values of the Company’s convertible loan notes (Note 5) for which fair value is determined by Level 3 inputs: Convertible Loan (in thousands) Balance as of December 31, 2019 Initial fair value $ 10,000 Change in fair value plus accrued interest 83 Settlement of convertible loan note s (10,083 ) Balance as of June 30, 2020 $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following: June 30, December 31, 2020 2019 (in thousands) Payroll and employee related expenses $ 837 $ 1,051 External research and development 2,572 1,969 Other accrued expenses 327 80 Total accrued expenses $ 3,736 $ 3,100 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Redeemable Convertible Preferred Stock | As of each balance sheet date, the Preferred Stock consisted of the following: June 30, 2020 Issued and Carrying Liquidation Common (dollars in thousands) Series A 25,000,000 $ 33,479 $ 33,479 3,343,542 Series B 29,972,284 75,314 75,014 4,499,824 Series C 53,123,923 85,475 85,475 7,104,883 108,096,207 $ 194,268 $ 193,968 14,948,249 December 31, 2019 Issued and Carrying Liquidation Common (dollars in thousands) Series A 25,000,000 $ 32,482 $ 32,482 3,343,542 Series B 26,283,386 64,446 64,446 3,946,001 51,283,386 $ 96,928 $ 96,928 7,289,543 |
Schedule of Cumulative Dividends | Cumulative dividends were as follows: June 30, December 31, 2020 2019 (in thousands) Series A $ 8,479 $ 7,482 Series B $ 10,014 $ 7,446 Series C $ 392 $ — |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Summary of Common Stock Available for Future Issuance | The Company’s common stock available for future issuance as of June 30, 2020 is summarized as follows: Common stock authorized 146,000,000 Common stock authorized, issued and outstanding 1,488,489 Common stock authorized and reserved for future issuance: Common stock reserved for the conversion of Series A 3,343,542 Common stock reserved for the conversion of Series B 4,499,824 Common stock reserved for the conversion of Series C 7,104,883 Common stock reserved for future exercises of stock option awards 1,073,044 Common stock reserved for future share-based 729,575 Total common stock authorized and reserved for future issuance 18,239,357 Unreserved common stock available for future issuance 127,760,643 |
Stock based compensation - (Ta
Stock based compensation - (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of fair value of stock option awards on the grant date using the black-scholes option valuation model | The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option valuation model with the following weighted-average assumptions: Three and Six Months Ended June 30, 2020 2019 Risk-free interest rate N/A 1.30 % Expected term (in years) N/A 5.75 Expected volatility N/A 70.0 % Dividend yield N/A — |
Summary of activity under the company's stock option plan | The following table summarizes the activity under the Company’s stock option plan during the six months ended June 30, 2020: Number of Options Weighted- Average Exercise Price Weighted- Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 1,073,044 $ 2.45 8.7 $ 906 Granted — $ — Forfeited — $ — Exercised — $ — Outstanding at June 30, 2020 1,073,044 $ 2.45 8.2 $ 906 Vested and expected to vest at June 30, 2020 1,073,044 $ 2.45 8.2 $ 906 Exercisable at June 30, 2020 426,980 $ 2.23 7.6 $ 468 |
Summary of total stock-based compensation expense | Total stock-based compensation expense was classified in the accompanying condensed statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 ( in thousands) (in thousands) Research and development $ 39 $ 25 $ 78 $ 49 General and administrative 61 53 123 108 Total stock-based compensation expense $ 100 $ 78 $ 201 $ 157 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share (in thousands, except share Numerator Net loss $ (8,348 ) $ (6,897 ) $ (16,149 ) $ (14,090 ) Accretion of issuance costs on redeemable convertible preferred stock (429 ) (33 ) (456 ) (51 ) Accrued dividends on redeemable convertible preferred stock (2,187 ) (1,476 ) (3,957 ) (2,728 ) Net Loss attributable to common stockholders $ (10,964 ) $ (8,406 ) $ (20,562 ) $ (16,869 ) Denominator: Weighted-average common shares outstanding—basic and diluted 1,488,489 1,429,484 1,488,489 1,413,935 Net loss per share attributable to common stockholders—basic and diluted $ (7.37 ) $ (5.88 ) $ (13.81 ) $ (11.93 ) |
Summary of Potentially Dilutive Shares Excluded From The Calculation of Diluted Net Loss | The following common stock equivalents outstanding at June 30, 2020 and 2019 have been excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive: June 30, 2020 2019 Options to purchase common stock 1,073,046 812,539 Unvested restricted common stock — 5,376 Redeemable convertible preferred stock 14,948,249 6,365,368 |
Nature of Business And Basics_2
Nature of Business And Basics of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 03, 2020USD ($)shares | Aug. 31, 2020USD ($) | Aug. 11, 2020USD ($)$ / sharesshares | Jul. 31, 2020 | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 82,544 | $ 10,949 | |||||
Cash and cash equivalents | $ 80,289 | $ 4,185 | |||||
Series C Redeemable Convertible Preferred Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Shares Issued, Price Per Share | $ / shares | $ 1.6016 | ||||||
Proceeds from initial public offering gross | $ 75,000 | ||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Reverse stock split, conversion ratio | 7.4771 | ||||||
Description of the reverse stock split arrangement | On July 31, 2020, the Company effected a one-for-7.4771 reverse stock split of its common stock. Upon the effectiveness of the reverse stock split, (i) all shares of outstanding common stock were adjusted; (ii) the number of shares of common stock for which each outstanding option to purchase common stock is exercisable were adjusted; and (iii) the exercise price of each outstanding option to purchase common stock were adjusted. All of the outstanding common stock share numbers (including shares of common stock subject to the Company's options and as converted for the outstanding convertible preferred stock shares), share prices, exercise prices and per share amounts contained in the interim unaudited condensed financial statements have been retroactively adjusted in the interim condensed financial statements to reflect this reverse stock split for all periods presented. The par value per share and the authorized number of shares of common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the redeemable convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. | ||||||
Proceeds from initial public offering | $ 67,000 | ||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 68,500 | ||||||
IPO [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Shares Issued During Period | shares | 5,000,000 | ||||||
Shares Issued, Price Per Share | $ / shares | $ 15 | ||||||
Over-Allotment Option [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Shares Issued During Period | shares | 109,861 | ||||||
Sale of stock consideration received on the transaction | $ 1,500 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value Assets And Liabilities Measured On Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Assets, Fair Value Disclosure | $ 80,045 | $ 4,003 |
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 300 | |
Money Market Funds [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 80,045 | 4,003 |
Series B Preferred Stock Tranche Right Liability [Member] | ||
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 300 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 80,045 | 4,003 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 80,045 | 4,003 |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 300 | |
Fair Value, Inputs, Level 3 [Member] | Series B Preferred Stock Tranche Right Liability [Member] | ||
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | $ 300 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Aggregate Fair Value of The Company's Series B Preferred Stock Tranche Right Liability (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Aggregate fair value of the Companys series B preferred stock tranche right liability [Line Items] | ||
Balance as of December 31, 2019 | $ 300 | |
Exercise of series B preferred stock tranche right | 300 | $ 0 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Schedule Of Aggregate fair value of the Companys series B preferred stock tranche right liability [Line Items] | ||
Balance as of June 30, 2020 | 300 | |
Series B Redeemable Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule Of Aggregate fair value of the Companys series B preferred stock tranche right liability [Line Items] | ||
Balance as of December 31, 2019 | 300 | |
Exercise of series B preferred stock tranche right | (300) | |
Balance as of June 30, 2020 | $ 0 |
Fair Value Measurement - Sche_3
Fair Value Measurement - Schedule of Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial fair value | $ 10,000 | $ 0 |
Convertible Notes Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial fair value | 10,000 | |
Change in fair value plus accrued interest | 83 | |
Settlement of convertible loan notes | (10,083) | |
Ending balance | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Apr. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Apr. 01, 2020 |
Fair Value Disclosures [Line Items] | |||||
Proceeds from convertible loan notes | $ 10,000 | $ 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Disclosures [Line Items] | |||||
Proceeds from convertible loan notes | $ 10,000 | ||||
Series B Redeemable Convertible Preferred Stock [Member] | |||||
Fair Value Disclosures [Line Items] | |||||
Fair value per share | $ 2.20 | ||||
Exercise date of preferred stock tranche right | Jan. 14, 2020 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | |||||
Fair Value Disclosures [Line Items] | |||||
Debt instrument conversion price | $ 1.6016 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Disclosures [Line Items] | |||||
Change in fair value of convertible notes | $ 100 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll and employee related expenses | $ 837 | $ 1,051 |
External research and development | 2,572 | 1,969 |
Other accrued expenses | 327 | 80 |
Total accrued expenses | $ 3,736 | $ 3,100 |
Convertible Loan Notes - Additi
Convertible Loan Notes - Additional Information (Detail) - USD ($) $ in Millions | Jun. 02, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Apr. 30, 2020 | Apr. 21, 2020 |
Convertible Notes Payable [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Debt Face Amount | $ 10 | |||||
Debt Instrument Interest Rate | 8.00% | |||||
Convertible Notes Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Gain loss on change in fair value of convertible notes | $ 0.1 | $ 0.1 | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage One [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Debt instrument conversion price as a percentage of share price | 90.00% | 90.00% | 90.00% | |||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage One [Member] | Qualified Financing Period One [Member] | Maximum [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Term of qualified financing from the date of agreement for conversion price eligibility | 3 months | |||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Two [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Debt instrument conversion price as a percentage of share price | 80.00% | 80.00% | 80.00% | |||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Two [Member] | Qualified Financing Period Two [Member] | Maximum [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Term of qualified financing from the date of agreement for conversion price eligibility | 6 months | |||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Two [Member] | Qualified Financing Period Two [Member] | Minimum [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Term of qualified financing from the date of agreement for conversion price eligibility | 3 months | |||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Three [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Debt instrument conversion price as a percentage of share price | 70.00% | 70.00% | 70.00% | |||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Three [Member] | Qualified Financing Period Three [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Term of qualified financing from the date of agreement for conversion price eligibility | 6 months | |||||
Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Debt conversion, shares issued | 6,295,756 | |||||
Series C Redeemable Convertible Preferred Stock [Member] | Convertible Notes Payable [Member] | ||||||
Disclosure of Convertible Loan Notes [Line Items] | ||||||
Debt Instrument benenficial conversion feature | $ 10.1 | |||||
Conversion price as a percentage of share price waived | 90.00% | |||||
Conversion price as a percentage of share price into which the debt instrument is converted | 100.00% |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Temporary Equity [Line Items] | ||
Temporary equity number of shares issued | 108,096,207 | 51,283,386 |
Temporary equity number of shares outstanding | 108,096,207 | 51,283,386 |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 194,268 | $ 96,928 |
Temporary equity liquidation preference | $ 193,968 | $ 96,928 |
Common stock issuable upon conversion | 14,948,249 | 7,289,543 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Temporary equity number of shares issued | 25,000,000 | 25,000,000 |
Temporary equity number of shares outstanding | 25,000,000 | 25,000,000 |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 33,479 | $ 32,482 |
Temporary equity liquidation preference | $ 33,479 | $ 32,482 |
Common stock issuable upon conversion | 3,343,542 | 3,343,542 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Temporary equity number of shares issued | 29,972,284 | 26,283,386 |
Temporary equity number of shares outstanding | 29,972,284 | 26,283,386 |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 75,314 | $ 64,446 |
Temporary equity liquidation preference | $ 75,014 | $ 64,446 |
Common stock issuable upon conversion | 4,499,824 | 3,946,001 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Temporary equity number of shares issued | 53,123,923 | |
Temporary equity number of shares outstanding | 53,123,923 | |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 85,475 | |
Temporary equity liquidation preference | $ 85,475 | |
Common stock issuable upon conversion | 7,104,883 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Schedule of Cumulative Dividends (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Preferred stock amount of cumulative dividend | $ 8,479 | $ 7,482 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Preferred stock amount of cumulative dividend | 10,014 | $ 7,446 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Preferred stock amount of cumulative dividend | $ 392 |
Redeemable Convertible Prefer_5
Redeemable Convertible Preferred Stock - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)$ / sharesshares | Jan. 31, 2020$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)shares | |
Temporary Equity [Line Items] | |||||
Gross Proceeds from temporary equity | $ 82,544,000 | $ 10,949,000 | |||
Preferred stock tranche right liability current | $ 300,000 | ||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Preferred stock per share amount of cumulative dividend | $ / shares | $ 0.08 | ||||
Preferred stock dividend declared | $ 0 | ||||
Temporary equity shares authorised | shares | 25,000,000 | 25,000,000 | 25,000,000 | ||
Series B Redeemable Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity issue price per share | $ / shares | $ 2.16867 | ||||
Net proceeds from temporary equity | $ 8,000,000 | ||||
Preferred stock per share amount of cumulative dividend | $ / shares | $ 0.17349 | ||||
Preferred stock dividend declared | $ 0 | ||||
Preferred stock tranche right liability current | $ 300,000 | $ 300,000 | |||
Temporary equity shares authorised | shares | 29,972,284 | 29,972,284 | 29,972,284 | ||
Temporary equity shares issued during the period | shares | 3,688,898 | ||||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Ratio One [Member] | |||||
Temporary Equity [Line Items] | |||||
Conversion ratio of redeemable covertible preferred stock into common stock | 1 | 1 | |||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Ratio Two [Member] | |||||
Temporary Equity [Line Items] | |||||
Conversion ratio of redeemable covertible preferred stock into common stock | 0.15013 | 0.15013 | |||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Price One [Member] | |||||
Temporary Equity [Line Items] | |||||
Redeemable convertible preferred stock conversion price | $ / shares | $ 16.21536 | $ 16.21536 | |||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Price Two [Member] | |||||
Temporary Equity [Line Items] | |||||
Redeemable convertible preferred stock conversion price | $ / shares | 14.4451 | 14.4451 | |||
Series C Redeemable Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity issue price per share | $ / shares | $ 1.6016 | 1.6016 | |||
Preferred stock per share amount of cumulative dividend | $ / shares | $ 0.128128 | ||||
Preferred stock dividend declared | $ 0 | ||||
Temporary equity shares authorised | shares | 62,489,557 | 62,489,557 | |||
Series C Redeemable Convertible Preferred Stock [Member] | Series C Preferred Stock Purchase Agreement [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity issue price per share | $ / shares | $ 1.6016 | $ 1.6016 | |||
Gross Proceeds from temporary equity | $ 75,000,000 | ||||
Temporary equity shares authorised | shares | 62,489,557 | 62,489,557 | |||
Temporary equity shares issued during the period | shares | 46,828,167 | ||||
Temporary equity unamortised stock issuance costs | $ 400,000 | $ 400,000 | |||
Series C Redeemable Convertible Preferred Stock [Member] | Series C Preferred Stock Purchase Agreement [Member] | Convertible Notes Payable [Member] | Unsecured Debt [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity shares issued during the period | shares | 6,295,756 | ||||
Debt instrument converted value In excess of principal | $ 100,000 | ||||
Debt conversion original debt amount | 10,000,000 | ||||
Temporary equity shares issued during the period | $ 85,100,000 |
Common Stock - Summary of Commo
Common Stock - Summary of Common Stock Available for Future Issuance (Detail) - shares | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of Common Stock Summary of Outstanding and Reserved for Future Issuance [Line Items] | ||
Common stock authorized | 146,000,000 | 76,000,000 |
Common stock issued | 1,488,489 | 1,488,489 |
Common stock outstanding | 1,488,489 | 1,488,489 |
Common stock authorized and reserved for future issuance | 14,948,249 | 7,289,543 |
Total common stock authorized and reserved for future issuance | 18,239,357 | |
Unreserved common stock available for future issuance | 127,760,643 | |
Employee Stock Option [Member] | ||
Disclosure of Common Stock Summary of Outstanding and Reserved for Future Issuance [Line Items] | ||
Common stock authorized and reserved for future issuance | 1,073,044 | |
Share-based Payment Arrangement [Member] | ||
Disclosure of Common Stock Summary of Outstanding and Reserved for Future Issuance [Line Items] | ||
Common stock authorized and reserved for future issuance | 729,575 | |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Disclosure of Common Stock Summary of Outstanding and Reserved for Future Issuance [Line Items] | ||
Common stock authorized and reserved for future issuance | 3,343,542 | 3,343,542 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Disclosure of Common Stock Summary of Outstanding and Reserved for Future Issuance [Line Items] | ||
Common stock authorized and reserved for future issuance | 4,499,824 | 3,946,001 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Disclosure of Common Stock Summary of Outstanding and Reserved for Future Issuance [Line Items] | ||
Common stock authorized and reserved for future issuance | 7,104,883 |
Stock based compensation - Sche
Stock based compensation - Schedule of fair value of stock option awards on the grant date using the Black-Scholes option valuation model (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Risk-free interest rate | 1.30% |
Expected term (in years) | 5 years 9 months |
Expected volatility | 70.00% |
Dividend yield | 0.00% |
Stock based compensation - Summ
Stock based compensation - Summary the activity under the Company's stock option plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | ||
Outstanding Number, Beginning balance | shares | 1,073,044 | |
Outstanding Number, Granted | shares | 0 | |
Outstanding Number, Forfeited | shares | 0 | |
Outstanding Number ,Exercised | shares | 0 | |
Outstanding Number , Ending balance | shares | 1,073,044 | 1,073,044 |
Outstanding Number, Vested and expected to vest | shares | 1,073,044 | |
Outstanding Number, Exercisable | shares | 426,980 | |
Weighted Average Exercise price, Beginning balance | $ / shares | $ 2.45 | |
Weighted Average Exercise price, Granted | $ / shares | 0 | |
Weighted Average Exercise price, Forfeited | $ / shares | 0 | |
Weighted Average Exercise price, Exercised | $ / shares | 0 | |
Weighted Average Exercise price, Ending balance | $ / shares | 2.45 | $ 2.45 |
Weighted Average Exercise price, Vested and expected to vest | $ / shares | 2.45 | |
Weighted Average Exercise price, Exercisable | $ / shares | $ 2.23 | |
Weighted-Average Remaining Contractual Term | 8 years 2 months 12 days | 8 years 8 months 12 days |
Weighted-Average Remaining Contractual Term, Vested and expected to vest | 8 years 2 months 12 days | |
Weighted-Average Remaining Contractual Term, Exercisable | 7 years 7 months 6 days | |
Aggregate Intrinsic Value | $ | $ 906 | $ 906 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 906 | $ 906 |
Aggregate Intrinsic Value, Exercisable | $ | $ 468 |
Stock based compensation - Su_2
Stock based compensation - Summary of total stock-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 100 | $ 78 | $ 201 | $ 157 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 39 | 25 | 78 | 49 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 61 | $ 53 | $ 123 | $ 108 |
Stock based compensation - Add
Stock based compensation - Additional information (Detail) - USD ($) | Aug. 31, 2015 | Jun. 30, 2020 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercised | 0 | ||
Stock options granted gross | 0 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU's granted | 0 | ||
RSU's vested | 0 | ||
Two Thousand And Fifteen Stock Option And Grant Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards, vesting period | 4 years | ||
Share-based Payment Award, Number of Shares Available for Issuance | 729,575 | 729,575 | |
Unrecognized compensation expense related to stock option | $ 0.95 | $ 0.95 | |
Unrecognized compensation expense expected to be recognized, Weighted average period | 2 years 7 months 6 days | ||
Options exercised | 0 | ||
Stock options granted gross | 0 | 0 | |
Weighted average grant date fair value of stock options granted, fair value | $ 1.61 | $ 1.61 | |
Two Thousand And Fifteen Stock Option And Grant Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Award, Number of Shares Authorized for Issuance | 2,025,764 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
Taxable Years Beginning After January 2021 [Member] | |
Income Tax Disclosure [Line Items] | |
Percentage of net operating losses eligible for deduction | 80.00% |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (8,348) | $ (6,897) | $ (16,149) | $ (14,090) |
Accretion of issuance costs related to redeemable convertible preferred stock | (429) | (33) | (456) | (51) |
Accrued dividends on redeemable convertible preferred stock | (2,187) | (1,476) | (3,957) | (2,728) |
Net loss attributable to common stockholders | $ (10,964) | $ (8,406) | $ (20,562) | $ (16,869) |
Weighted-average common shares outstanding—basic and diluted | 1,488,489 | 1,429,484 | 1,488,489 | 1,413,935 |
Net loss per share attributable to common stockholders—basic and diluted | $ (7.37) | $ (5.88) | $ (13.81) | $ (11.93) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Potentially Dilutive Shares Excluded From The Calculation of Diluted Net Loss (Detail) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,073,044 | 812,539 |
Unvested restricted common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,376 | |
Redeemable convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,948,249 | 6,365,368 |
Commitments And Contingencies -
Commitments And Contingencies - Additional information (Detail) - USD ($) $ in Thousands | Mar. 04, 2019 | Jun. 30, 2015 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2016 | Jun. 30, 2015 |
Long-term Purchase Commitment [Line Items] | |||||||||
Research and development expenses recognised | $ 6,476 | $ 5,849 | $ 12,789 | $ 12,049 | |||||
Operating lease rental expenses | 100 | $ 100 | 300 | $ 200 | |||||
CTSA Agreement [Member] | Research and Development Arrangement [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
CTCSA agreement, commitment amount | $ 4,000 | ||||||||
Research and development costs and expenses Incurred | 500 | 100 | |||||||
Kuros Agreement commitment amount | $ 4,000 | ||||||||
CTSA Agreement [Member] | Research and Development Arrangement [Member] | Pfizer [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Research and development costs and expenses Incurred | $ 0 | 0 | |||||||
Kuros License Agreement [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
CTCSA agreement, commitment amount | $ 56,000 | ||||||||
Kuros Agreement commitment amount | 56,000 | ||||||||
Milestone Payments Paid | $ 2,300 | ||||||||
Kuros License Agreement [Member] | Phase one Trail [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
CTCSA agreement, commitment amount | 2,000 | ||||||||
Kuros Agreement commitment amount | 2,000 | ||||||||
Kuros License Agreement [Member] | Phase Two Trial [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
CTCSA agreement, commitment amount | 4,000 | ||||||||
Kuros Agreement commitment amount | $ 4,000 | ||||||||
Kuros License Agreement [Member] | License [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Research and development expenses recognised | $ 1,000 | ||||||||
Kuros License Agreement [Member] | Technology Service [Member] | Phase one Trail [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Research and development expenses recognised | $ 1,000 | ||||||||
Kuros License Second Amendment Agreement [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Research and development expenses recognised | $ 0 | ||||||||
Kuros License Second Amendment Agreement [Member] | License [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Research and development expenses recognised | $ 300 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - shares | Jan. 01, 2021 | Aug. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 31, 2015 |
Shares of common stock reserved for issuance under 2015 plan | 14,948,249 | 7,289,543 | |||
2015 Stock Option and Grant Plan [Member] | |||||
Share-based Payment Award, Number of Shares Available for Issuance | 729,575 | ||||
Maximum [Member] | 2015 Stock Option and Grant Plan [Member] | |||||
Share-based Payment Award, Number of Shares Authorized for Issuance | 2,025,764 | ||||
Subsequent Event [Member] | 2020 Stock Option and Grant Plan [Member] | |||||
Share-based Payment Award, Number of Shares Available for Issuance | 3,205,430 | ||||
Share-based Payment Award, Percentage of Outstanding Stock Maximum | 4.00% | ||||
Subsequent Event [Member] | 2015 Stock Option and Grant Plan [Member] | |||||
Share-based Payment Award, Number of Shares Available for Issuance | 729,575 | ||||
Subsequent Event [Member] | 2020 Employee Stock Purchase Plan [Member] | |||||
Discount on purchase | 85.00% | ||||
Shares of common stock reserved for issuance under 2015 plan | 267,119 | ||||
Subsequent Event [Member] | Maximum [Member] | 2020 Stock Option and Grant Plan [Member] | |||||
Share-based Payment Award, Number of Shares Authorized for Issuance | 3,935,005 | ||||
Subsequent Event [Member] | Maximum [Member] | 2020 Employee Stock Purchase Plan [Member] | |||||
Discount on purchase | 15.00% |