Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DCPH | ||
Entity Registrant Name | DECIPHERA PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 0001654151 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Smaller Reporting Company | true | ||
Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Common Stock, Shares Outstanding | 38,189,052 | ||
Entity Public Float | $ 463.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 293,764 | $ 196,754 |
Prepaid expenses and other current assets | 7,273 | 1,428 |
Total current assets | 301,037 | 198,182 |
Long-term investment-restricted | 1,069 | |
Property and equipment, net | 13,453 | 838 |
Other assets | 75 | |
Total assets | 315,559 | 199,095 |
Current liabilities: | ||
Accounts payable | 8,308 | 4,395 |
Accrued expenses and other current liabilities | 14,248 | 9,233 |
Notes payable to related party | 187 | 187 |
Total current liabilities | 22,743 | 13,815 |
Notes payable to related party, net of current portion | 1,107 | 1,294 |
Lease liability, net of current portion | 11,347 | |
Other long-term liabilities | 381 | 13 |
Total liabilities | 35,578 | 15,122 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock value | ||
Common stock value | 377 | 326 |
Additional paid-in capital | 575,327 | 379,516 |
Accumulated deficit | (295,723) | (195,869) |
Total stockholders' equity | 279,981 | 183,973 |
Total liabilities and stockholders' equity | $ 315,559 | $ 199,095 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 37,676,760 | 32,591,686 |
Common stock, shares outstanding | 37,676,760 | 32,591,686 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenue | $ 0 | $ 0 | $ 0 |
Operating expenses: | |||
Research and development | 82,887 | 39,514 | 20,163 |
General and administrative | 21,212 | 11,421 | 5,675 |
Total operating expenses | 104,099 | 50,935 | 25,838 |
Loss from operations | (104,099) | (50,935) | (25,838) |
Other income (expense): | |||
Interest expense | (84) | (95) | (106) |
Interest and other income, net | 4,329 | 746 | 4 |
Total other income (expense), net | 4,245 | 651 | (102) |
Net loss and comprehensive loss | $ (99,854) | $ (50,284) | $ (25,940) |
Net loss per share-basic and diluted | $ (2.82) | $ (2.99) | $ (2.23) |
Weighted average common shares outstanding-basic and diluted | 35,390,480 | 16,792,179 | 11,626,287 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Shares and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Series A, B-1, B-2 and C Convertible Preferred Stock [Member] |
Beginning balance at Dec. 31, 2015 | $ (115,307) | $ 0 | $ 4,338 | $ (119,645) | |
Beginning balance, shares at Dec. 31, 2015 | 0 | ||||
Issuance of common stock upon exercise of stock options, shares | 0 | ||||
Share-based compensation expense | $ 1,487 | 1,487 | |||
Net loss | (25,940) | (25,940) | |||
Ending balance at Dec. 31, 2016 | (139,760) | $ 0 | 5,825 | (145,585) | |
Ending balance, shares at Dec. 31, 2016 | 0 | ||||
Convertible preferred shares, beginning balance at Dec. 31, 2015 | $ 137,368 | ||||
Convertible preferred shares, beginning balance, shares at Dec. 31, 2015 | 2,756,345 | ||||
Issuance of convertible preferred shares, net of issuance costs | $ 55,299 | ||||
Issuance of convertible preferred shares, shares | 876,366 | ||||
Ending balance, Convertible Preferred Shares at Dec. 31, 2016 | $ 192,667 | ||||
Ending balance, Convertible Preferred Shares, shares at Dec. 31, 2016 | 3,632,711 | ||||
Effect of Conversion (Note 1) | 244,538 | $ 244 | 244,294 | ||
Effect of Conversion (Note 1), shares | 24,425,190 | ||||
Issuance of common stock sold in public offering, net of underwriting discounts, commissions and offering costs | $ 124,613 | $ 82 | 124,531 | ||
Issuance of common stock sold in public offering, net of underwriting discounts, commissions and offering costs, shares | 8,166,496 | ||||
Issuance of common stock upon exercise of stock options, shares | 0 | ||||
Share-based compensation expense | $ 4,866 | 4,866 | |||
Net loss | (50,284) | (50,284) | |||
Ending balance at Dec. 31, 2017 | 183,973 | $ 326 | 379,516 | (195,869) | |
Ending balance, shares at Dec. 31, 2017 | 32,591,686 | ||||
Issuance of convertible preferred shares, net of issuance costs | $ 51,871 | ||||
Issuance of convertible preferred shares, shares | 690,333 | ||||
Effect of Conversion (Note 1), convertible preferred shares | $ (244,538) | ||||
Effect of Conversion (Note 1), shares, Convertible preferred shares, shares | (4,323,044) | ||||
Issuance of common stock sold in public offering, net of underwriting discounts, commissions and offering costs | 185,259 | $ 50 | 185,209 | ||
Issuance of common stock sold in public offering, net of underwriting discounts, commissions and offering costs, shares | 4,945,000 | ||||
Issuance of common stock upon exercise of stock options | $ 915 | $ 1 | 914 | ||
Issuance of common stock upon exercise of stock options, shares | 140,074 | 140,074 | |||
Share-based compensation expense | $ 9,688 | 9,688 | |||
Net loss | (99,854) | (99,854) | |||
Ending balance at Dec. 31, 2018 | $ 279,981 | $ 377 | $ 575,327 | $ (295,723) | |
Ending balance, shares at Dec. 31, 2018 | 37,676,760 |
Consolidated Statements of Co_2
Consolidated Statements of Convertible Preferred Shares and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Series A, B-1, B-2 and C Convertible Preferred Stock [Member] | ||
Issuance costs | $ 429 | $ 25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (99,854) | $ (50,284) | $ (25,940) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation expense | 9,688 | 4,866 | 1,487 |
Depreciation and amortization expense | 317 | 150 | 90 |
Loss on disposal of property and equipment | 10 | 6 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (5,770) | (637) | (185) |
Accounts payable | 3,991 | 2,904 | (187) |
Accrued expenses and other current liabilities | 4,477 | 6,276 | 1,694 |
Other assets | (55) | ||
Other long-term liabilities | 368 | 13 | |
Net cash used in operating activities | (86,783) | (36,702) | (23,090) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,125) | (406) | (223) |
Increase in restricted investments | (1,069) | ||
Net cash used in investing activities | (2,194) | (406) | (223) |
Cash flows from financing activities: | |||
Proceeds from public offerings, net of underwriting discounts and commissions | 185,933 | 129,112 | |
Proceeds from issuance of convertible preferred shares | 52,300 | 55,324 | |
Repayment of notes payable to related party | (187) | (187) | (198) |
Payments of public offering costs | (674) | (4,395) | (104) |
Payments of convertible preferred share issuance costs | (429) | (25) | |
Proceeds from exercise of stock options | 915 | ||
Net cash provided by financing activities | 185,987 | 176,401 | 54,997 |
Net increase in cash and cash equivalents | 97,010 | 139,293 | 31,684 |
Cash and cash equivalents at beginning of period | 196,754 | 57,461 | 25,777 |
Cash and cash equivalents at end of period | 293,764 | 196,754 | 57,461 |
Cash paid for interest | 84 | 95 | $ 106 |
Amounts capitalized under build-to-suit lease transaction | $ 11,885 | ||
Conversion of convertible preferred shares into common stock | 244,538 | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 78 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Deciphera Pharmaceuticals, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing new drugs to improve the lives of cancer patients by addressing key mechanisms of drug resistance that limit the rate and durability of response of many cancer therapies. The Company’s targeted, small molecule drug candidates, designed using its proprietary kinase switch control inhibitor platform, inhibit the activation of kinases, an important family of enzymes, that, when mutated or over expressed, are known to be directly involved in the growth and spread of many cancers. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Drug candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. On October 2, 2017, immediately prior to the completion of its initial public offering (“IPO”), the Company engaged in a series of transactions whereby Deciphera Pharmaceuticals, LLC became a wholly owned subsidiary of Deciphera Pharmaceuticals, Inc., a Delaware corporation. As part of the transactions, shareholders of Deciphera Pharmaceuticals, LLC exchanged their shares of Deciphera Pharmaceuticals, LLC for shares of Deciphera Pharmaceuticals, Inc. on a one-for-5.65 In October 2017, Deciphera Pharmaceuticals, Inc., completed the IPO, pursuant to which it issued and sold 8,166,496 shares of common stock at the IPO price of $17.00 per share, resulting in net proceeds of $124.6 million after deducting underwriting discounts and commissions and other offering expenses. Upon the closing of the IPO, the Company’s outstanding convertible preferred shares automatically converted into shares of common stock. In June 2018, the Company issued and sold 4,945,000 shares of its common stock in a follow-on The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has incurred recurring losses including net losses of $99.9 million and $50.3 million for the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018, the Company had an accumulated deficit of $295.7 million. The Company expects to continue to generate operating losses in the foreseeable future. The Company expects that its cash and cash equivalents of $293.8 million as of December 31, 2018 will be sufficient to fund its operating expenses, capital expenditure requirements and debt service payments through at least 12 months from the issuance date of these consolidated financial statements. The future viability of the Company is dependent on its ability to raise additional capital to fund its operations. The Company expects its expenses to increase substantially in connection with ongoing activities, particularly as the Company advances its preclinical activities and clinical trials for its drug candidates in development. Accordingly, the Company will need to obtain substantial additional funding in connection with continuing operations. If the Company is unable to raise capital when needed, or on attractive terms, it could be forced to delay, reduce or eliminate its research or drug development programs or any future commercialization efforts. 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. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses, the valuation of common stock prior to the Company’s IPO, and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Concentrations of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains all cash and cash equivalents at one accredited financial institution. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Lab equipment 5 to 7 years Computer equipment 3 to 5 years Furniture and fixtures 7 years Leasehold improvements Shorter of life of lease or 15 years Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2018, 2017 or 2016. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. The fair value of the Company’s outstanding notes payable to related party (see Note 6) as of December 31, 2018 and 2017 approximated $1.1 million and $1.2 million, respectively. The fair value of the outstanding debt was estimated using a discounted cash flow analysis based on current market interest rates for debt issuances with similar remaining years to maturity, adjusted for credit risk, which represents a Level 3 measurement. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is designing, optimizing and introducing small molecule switch control inhibitors of protein kinases for human clinical trials and the global pharmaceutical marketplace through the use of its proprietary drug discovery technology platform. All of the Company’s tangible assets are held in the United States. Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, manufacturing expenses and external costs of outside vendors engaged to conduct preclinical development activities and trials. Advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. Research Contract Costs and Accruals The Company has entered into various research and development contracts with research institutions and other companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees and directors based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The straight-line method of expense recognition is applied to all awards with service-only conditions while the graded-vesting method is applied to all awards with both service and performance conditions. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Income Taxes Upon consummation of the Conversion on October 2, 2017, the Company became subject to corporate U.S. federal and state income taxes. Prior to the Conversion, the Company was treated as a partnership for income tax purposes and was not subject to U.S. federal or state income taxation. As a result, the Company had not recorded any U.S. federal or state income tax benefits prior to October 2, 2017 for the net losses incurred in each reporting period or for any earned research and orphan drug credits as the operating losses incurred by the Company had been passed through to its members. The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a two-step Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with shareholders. There was no difference between net loss and comprehensive loss for each of the periods presented in the accompanying consolidated financial statements. Net Loss per Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding for the years ended December 31, 2018 and 2017. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of common shares, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common stock, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company did not have any common shares outstanding during the year ended December 31, 2016 or for the period from January 1, 2017 through the closing of its initial public offering on October 2, 2017. To determine the weighted average shares outstanding for purpose of calculating net loss per share during those periods, the Company used the weighted average number of Series A convertible preferred shares outstanding because such shares represented the most subordinate share class outstanding during those periods. Share amounts for periods prior to the IPO have been retrospectively adjusted to give effect to the exchange of Series A convertible preferred shares into shares of common stock upon the Conversion (see Note 1). Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”), 2014-09 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2014-09 No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”), ASU 2014-09. No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), non-cash 2014-09 2016-08, 2016-10 ASU 2016-12 2014-09. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09”), 2017-09 Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”). 2016-02 right-of-use ASU 2016-02 2018-11, catch-up right-of-use In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718)—Improvements to Nonemployee Share-Based Payment Accounting 2018-07”). non-employees 2018-07 |
Fair Value of Financial Assets
Fair Value of Financial Assets | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets | 3. Fair Value of Financial Assets The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 267,145 $ — $ 267,145 Total $ — $ 267,145 $ — $ 267,145 Fair Value Measurements at Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 191,950 $ — $ 191,950 Total $ — $ 191,950 $ — $ 191,950 The table above as of December 31, 2018 excludes a certificate of deposit of $1.1 million that the Company held to secure a letter of credit associated with a lease (see Note 11). During the years ended December 31, 2018 and 2017, there were no transfers between Level 1, Level 2 and Level 3. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, 2018 2017 Laboratory equipment $ 1,731 $ 981 Computer equipment 465 300 Leasehold improvements 359 344 Furniture and fixtures 201 128 Construction in progress (Note 11) 11,914 — 14,670 1,753 Less: Accumulated depreciation and amortization (1,217 ) (915 ) $ 13,453 $ 838 Depreciation and amortization expense was $0.3 million, $0.2 million and $0.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2018 2017 Accrued external research and development expenses $ 8,761 $ 6,625 Accrued payroll and related expenses 4,139 2,233 Accrued professional fees 747 353 Accrued other 601 22 $ 14,248 $ 9,233 |
Notes Payable to Related Party
Notes Payable to Related Party | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Notes Payable to Related Party | 6. Notes Payable to Related Party In June 2010, the Company entered into a loan agreement and a security agreement (together, the “CRL Construction Loan”) with Clinical Reference Laboratory, Inc. (“CRL”), a related party (see Note 14), which provided for aggregate borrowings of up to $2.8 million to finance construction of the Company’s biology and chemistry laboratories. Borrowings under the CRL Construction Loan bear interest at a fixed rate equal to 6.0% per annum and interest accrues monthly. The CRL Construction Loan requires monthly payments of principal and interest commencing on January 1, 2011 and through the maturity date of January 1, 2026, based on a 15-year The CRL Construction Loan is collateralized by a security interest in all of the equipment and fixtures at the Company’s laboratories in Lawrence, Kansas. Under the loan and security agreements, the Company has agreed to affirmative, negative and financial covenants to which it will remain subject until the loan has been paid off in full. These covenants include limitations on the Company’s ability to incur additional indebtedness and engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses, as well as requirements that the Company comply with a maximum liabilities-to-assets debt-to-equity Notes payable to related party as of December 31, 2018 and 2017 consisted only of outstanding borrowings under the CRL Construction Loan, as follows (in thousands): December 31, 2018 2017 Notes payable to related party $ 1,294 $ 1,481 Less: Current portion (187 ) (187 ) Notes payable to related party, net of current portion $ 1,107 $ 1,294 As of December 31, 2018, scheduled payments of principal and interest for the CRL Construction Loan are as follows (in thousands): Year ending December 31, Principal Interest Total 2019 187 73 260 2020 187 61 248 2021 187 50 237 2022 187 39 226 2023 187 28 215 Thereafter 359 21 380 $ 1,294 $ 272 $ 1,566 Total interest expense for each of the years ended December 31, 2018, 2017 and 2016 was $0.1 million. |
Convertible Preferred Shares
Convertible Preferred Shares | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Convertible Preferred Shares | 7. Convertible Preferred Shares Prior to the completion of its IPO in October 2017 (Note 1), the Company had outstanding Series A, Series B-1, B-2 In May 2017, the Company entered into a Series C preferred shares purchase agreement, pursuant to which the Company sold 690,333 Series C Shares at a price of $75.76 per share for proceeds of $51.9 million, net of issuance costs of $0.4 million. In July 2016, the Company issued and sold 876,366 Series B-2 B-2 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity Abstract | |
Common Stock | 8. Common Stock On October 2, 2017, immediately prior to the completion of the IPO, the Company engaged in a series of transactions whereby Deciphera Pharmaceuticals, LLC became a wholly owned subsidiary of Deciphera Pharmaceuticals, Inc. As part of the transactions, shareholders of Deciphera Pharmaceuticals, LLC exchanged their shares of Deciphera Pharmaceuticals, LLC for shares of Deciphera Pharmaceuticals, Inc. on a one-for-5.65 On October 2, 2017, Deciphera Pharmaceuticals, Inc., completed the IPO, pursuant to which it issued and sold 7,500,000 shares of common stock at the IPO price of $17.00 per share, resulting in net proceeds of $114.1 million after deducting underwriting discounts and commissions and other offering expenses. On October 4, 2017, the Company issued and sold an additional 666,496 shares of common stock at the IPO price of $17.00 per share pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock, resulting in additional net proceeds of $10.5 million after deducting underwriting discounts and commissions. Upon the closing of the IPO, the Company’s outstanding convertible preferred shares automatically converted into shares of common stock. On June 11, 2018, the Company issued and sold 4,300,000 shares of its common stock in a follow-on |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation 2017 Equity Incentive Plan The Company’s 2017 Stock Option and Incentive Plan (the “2017 Plan”) provides for the grant of equity-based incentive awards. The number of shares initially reserved for issuance of awards under the 2017 Plan was 2,655,831 shares of common stock and may be increased by the number of shares under the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2017 Plan that are forfeited, cancelled, repurchased by the Company or otherwise surrendered. The 2017 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2018, by 4% of the outstanding number of shares of our common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Compensation Committee of the Company’s Board of Directors. As of December 31, 2018, 2,099,983 remained available for issuance under the 2017 Plan. The number of shares reserved for issuance under the 2017 Plan was increased by 1,507,070 shares effective January 1, 2019. 2015 Equity Incentive Plan Under the Company’s 2015 Equity Incentive Plan (the “2015 Plan”) the Company was authorized to sell or issue common shares or restricted common shares, or to grant options for the purchase of common shares, share appreciation rights (SARs) and other awards, to employees, members of the board of directors, consultants and advisors of the Company. Upon effectiveness of the 2017 Plan no further awards were available to be issued under the 2015 Plan. Both the 2017 and 2015 Plans provide that they be administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices for stock options may not be less than 100% of the fair market value of the common stock on the date of grant and the term of awards may not be greater than ten years. The Company bases fair value of common stock on the quoted market price. Vesting periods are determined at the discretion of the board of directors. Awards granted to employees and directors typically vest over four years. 2017 Employee Stock Purchase Plan The 2017 Employee Stock Purchase Plan, (the “ESPP”) initially reserved and authorized the issuance of up to 306,750 shares of common stock to participating employees. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2018 and each January 1 thereafter through January 1, 2027, by the least of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31; (ii) 400,000 shares or (iii) such number of shares as determined by the ESPP administrator. As of December 31, 2018, 632,666 remained available for issuance under the ESPP Plan. The number of shares reserved for issuance under the ESPP was increased by 376,767 shares effective January 1, 2019. As of December 31, 2018, no offering periods have commenced under the ESPP. Stock Option Valuation The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model, which uses as inputs the fair value of the Company’s common stock and assumptions for the volatility of its common stock, the expected term of stock-based awards, the risk-free interest rate for a period that approximates the expected term of stock-based awards and the expected dividend yield. Prior to October 2017, the Company was privately-held and lacked company-specific historical and implied volatility information. Therefore, it estimates its expected share volatility based on the historical volatility of a set of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The Company estimated the expected term of its options using the “simplified” method for awards that qualify as “plain-vanilla” options. For options that do not qualify as “plain-vanilla”, the Company estimated the expected term using the average of vesting date and expiration date as it believes there is no better estimate of expected term. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common shares and does not expect to pay any cash dividends in the foreseeable future. The assumptions that the Company used to determine the fair value of options granted to employees and directors were as follows, presented on a weighted average basis: Year Ended December 31, 2018 2017 2016 Risk-free interest rate 2.8 % 1.9 % 1.3 % Expected term (in years) 6.1 6.0 6.1 Expected volatility 73.3 % 78.3 % 76.1 % Expected dividend yield 0 % 0 % 0 % The following table summarizes the Company’s option activity from January 1, 2018 to December 31, 2018: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2017 4,598,352 $ 4.99 Granted 1,472,600 $ 29.64 Exercised (140,074 ) $ 6.54 Forfeited (143,727 ) $ 17.09 Outstanding as of December 31, 2018 5,787,151 $ 10.92 7.7 $ 70,479 Options vested and expected to vest as of December 31, 2018 5,787,151 $ 10.92 7.7 $ 70,479 Options exercisable as of December 31, 2018 3,312,447 $ 5.20 6.8 $ 53,742 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 shares for those options that had exercise prices lower than the fair value of the Company’s common shares. The aggregate intrinsic value of options exercised during the year ended December 31, 2018 was $4.4 million. There were no option exercises during the years ended December 31, 2017 and 2016. The weighted average grant-date fair value per share of options granted during the years ended December 31, 2018, 2017 and 2016 was $19.68, $7.63 and $2.43, respectively. Restricted Stock Units The 2017 Plan provides for the award of restricted stock units. During 2018, the Company granted restricted stock units to employees that were subject to time-based vesting conditions that lapse over two years from date of grant. All restricted stock units currently granted have been classified as equity instruments as their terms require settlement in shares. Restricted stock units with time-based vesting conditions are valued on the grant date using the grant date market price of the underlying shares. The Company did not grant restricted stock units in 2017 or 2016. The table below summarizes the Company’s restricted stock unit activity from January 1, 2018 to December 31, 2018: Number Weighted Outstanding as of December 31, 2017 — $ — Granted 25,000 $ 33.43 Vested — $ — Forfeited — $ — Outstanding as of December 31, 2018 25,000 $ 33.43 Stock-Based Compensation Stock-based compensation expense was classified in the statements of operations and comprehensive loss as follows (in thousands): Year Ended December 31, 2018 2017 2016 Research and development expenses $ 4,021 $ 1,320 $ 541 General and administrative expenses 5,667 3,546 946 $ 9,688 $ 4,866 $ 1,487 As of December 31, 2018, total unrecognized compensation cost related to the unvested share-based awards was $27.2 million, which is expected to be recognized over a weighted average of 2.2 years. |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 10. Net Loss per Share Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): Year Ended December 31, 2018 2017 2016 Numerator: Net loss $ (99,854 ) $ (50,284 ) $ (25,940 ) Denominator: Weighted average common shares outstanding—basic and diluted 35,390,480 16,792,179 11,626,287 Net loss per share—basic and diluted $ (2.82 ) $ (2.99 ) $ (2.23 ) On October 2, 2017, in connection with the closing of the IPO, all outstanding convertible preferred shares of Deciphera Pharmaceuticals, LLC were exchanged for shares of common stock of Deciphera Pharmaceuticals, Inc. upon the Conversion (see Note 1). In addition, because the Company had a net loss in each of the periods presented, diluted net loss per share attributable to common shareholders has not been presented as the effect of including common share equivalents in the calculations would have had an anti-dilutive impact. The Company did not have any common shares outstanding during the year ended December 31, 2016 or during the period from January 1, 2017 through the closing of its initial public offering on October 2, 2017. Because the Series A convertible preferred shares represented the most subordinate share class outstanding during those periods, in determining weighted average common shares outstanding for purposes of calculating net loss per share for periods prior to the IPO, the Company utilized Series A convertible preferred shares. Such shares have also been retrospectively adjusted to give effect to the exchange of Series A convertible preferred shares into shares of common stock upon the Conversion. Common Stock Equivalents The following potential dilutive securities, presented based on amounts outstanding at the end of each reporting period, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: As of December 31, 2018 2017 2016 Options to purchase common stock 5,787,151 4,598,352 3,214,452 Unvested restricted common stock units 25,000 — — Series B convertible preferred shares (as converted to common shares) — — 8,898,527 5,812,151 4,598,352 12,112,979 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Leases The Company has a three-year sublease agreement for office space in Waltham, Massachusetts that began in September 2016 and expires in September 2019. In addition, in August 2018, the Company entered into a nine-month sublease for additional office space in Waltham, Massachusetts that expires in May 2019. The Company has two five-year lease agreements for office and laboratory space in Lawrence, Kansas that began on January 1, 2016 and expire on December 31, 2020. Payment escalations specified in the lease agreements are accrued, and rent expense is recognized on a straight-line basis over the terms of occupancy. The Company recorded rent expense of $1.1 million, $0.6 million and $0.4 million during the years ended December 31, 2018, 2017 and 2016, respectively. The following table summarizes the future minimum lease payments due under the operating leases as of December 31, 2018 (in thousands): Year Ending December 31, 2019 $ 726 2020 333 $ 1,059 Build-to-suit In May 2018, the Company entered into a lease for office space in Waltham, Massachusetts. The lease term is expected to commence on May 1, 2019 and expires 10 years and 7 months from the commencement date, unless terminated earlier in accordance with the terms of the lease. The Company is entitled to two five-year options to extend. The initial annual base rent is approximately $2.0 million and will increase annually. The Company is obligated to pay its portion of real estate taxes and costs related to the premises, including costs of operations, maintenance, repair, replacement and management of the new leased premises. The Company is required to maintain a certificate of deposit of $1.1 million to secure a letter of credit associated with the lease. This amount was classified as long-term investment—restricted in the consolidated balance sheet as of December 31, 2018. The lease agreement allows for a landlord-provided tenant improvement allowance of $2.7 million to be applied to the costs of the construction of the leasehold improvements. The Company is not the legal owner of the leased space. However, in accordance with ASC 840, Leases, the Company is deemed to be the owner of the leased space during the construction period because of certain provisions within the lease agreement. As a result, as of December 31, 2018, the Company capitalized approximately $11.9 million (equal to the estimated cost of its leased portion of the premises) as construction-in-progress build-to-suit As of December 31, 2018, minimum commitments under this lease are as follows (in thousands): Year Ending December 31, 2019 $ 170 2020 2,043 2021 2,088 2022 2,132 2023 2,177 Thereafter 13,783 $ 22,393 KBA Grants Prior to 2014, the Company received funding from two research and development grants from the KBA totaling $2.0 million and no further amounts will be received under these grants. Pursuant to Kansas law, the Company may be required to repay some or all of the financial assistance received from the KBA, subject to the discretion of the KBA, if the Company relocates the operations in which the KBA invested outside of the State of Kansas, if the Company initiates procedures to dissolve and wind up or cease operations within ten years after receiving such financial assistance, or upon certain significant changes to ownership of the Company. The Company will only account for the repayment of the grants if it becomes probable that the Company will be required to repay any funds previously received. Legal Proceedings The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as they are incurred. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and senior management that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2018 or 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Prior to the Conversion in October 2017, the Company had been treated as a partnership for tax purposes and had not been subject to U.S. federal or state income taxation. As a result, the Company had not recorded any U.S. federal or state income tax benefits for the net losses incurred prior to October 2017 or for earned research and orphan drug credits. Upon the Conversion in October 2017, the Company became subject to Corporate U.S. federal and state income taxes. During the year ended December 31, 2018 and the period from October 2, 2017 to December 31, 2017, the Company recorded no income tax benefits for the net operating losses, due to its uncertainty of realizing a benefit from those items. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2018 2017 Federal statutory income tax rate 21.0 % 34.0 % State taxes, net of federal benefit 6.1 1.6 Research and orphan drug credit 9.6 7.7 Research and orphan drug credit addback — (6.6 ) Impact of change in tax status — (8.7 ) Effect of federal tax law change — (6.1 ) Permanent adjustments and other 0.7 (0.3 ) Increase in deferred tax asset valuation allowance (37.4 ) (21.6 ) Effective income tax rate — % — % Net deferred tax assets consisted of the following (in thousands): December 31, 2018 2017 Deferred tax assets (liabilities): Net operating loss carryforwards $ 28,906 $ 4,030 Research and orphan drug credit carryforwards 13,457 3,888 Stock-based compensation 4,681 2,366 Accrued expenses and lease liability 4,470 672 Property and equipment (3,200 ) (129 ) Other (123 ) 8 Total gross deferred tax assets 48,191 10,835 Valuation allowance (48,191 ) (10,835 ) Net deferred tax assets $ — $ — On December 22, 2017, the Tax Cuts and Jobs Act (the “TCJA”) was signed into United States law. The TCJA includes a number of changes to existing tax law, including, among other things, a permanent reduction in the federal corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%, effective as of January 1, 2018, as well as limitation of the deduction for net operating losses to 80% of annual taxable income and elimination of net operating loss carrybacks, in each case, for losses arising in taxable years beginning after December 31, 2017 (though any such net operating losses may be carried forward indefinitely). The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Job Act (SAB 118) which allowed the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The provisional amount related to the re-measurement Upon the Conversion in October 2017, the Company became subject to U.S. federal and state income taxes. The change in the valuation allowance was as follows (in thousands): Year Ended December 31, 2018 2017 Valuation allowance as of beginning of year $ (10,835 ) $ — Net increases recorded to income tax provision (37,356 ) (10,835 ) Valuation allowance as of end of year $ (48,191 ) $ (10,835 ) As of December 31, 2018, the Company had net operating loss carryforwards for federal income tax purposes of $107.1 million, of which $14.5 million begin to expire in 2037 and $92.6 million may be carried forward indefinitely. As of December 31, 2018, the Company had net operating loss carryforwards for state income tax purposes of $107.7 million, which begin to expire in 2027. As of December 31, 2018, the Company also had available research and orphan drug credit carryforwards for federal and state income tax purposes of $12.8 million and $0.9 million, respectively, which begin to expire in 2037 and 2032, respectively. Utilization of the net operating loss carryforwards and research and orphan drug credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, (the “Code”), and similar state law due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. The Company has not conducted a formal study to assess whether a change of control has occurred or whether there have been multiple changes of control since the IPO due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382 of the Code and similar state law, at any time since the IPO, utilization of the net operating loss carryforwards or research and orphan drug credit carryforwards may be subject to an annual limitation under Section 382 of the Code, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2018. Management reevaluates the positive and negative evidence at each reporting period. The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2018. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years that are open under statute are from October 2, 2017 to the present. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. |
401(k) Savings Plan
401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
401(k) Savings Plan | 13. 401(k) Savings Plan Effective January 1, 2018, the Company adopted the Deciphera Pharmaceuticals 401(k) Plan (the “2018 401(k) Plan”), a defined contribution plan under Section 401(k) of the Internal Revenue Code, whereby the Company provides matching contributions of 100% of each employee’s contribution up to a maximum matching contribution of 3% of the employee’s eligible compensation and at a rate of 50% of each employee’s contribution in excess of 3% up to a maximum of 5% of the employee’s eligible compensation. Prior to January 1, 2018, the Company had a defined contribution plan that was managed by CRL, a related party (the “CRL 401(k) Plan”). Effective January 1, 2018, employees’ and former employees’ accounts were transitioned from the CRL 401(k) Plan to the 2018 401(k) Plan. Under the CRL 401(k) Plan, the Company provided matching contributions up to 50% of actual dollars contributed, not to exceed a maximum of 6% of gross wages, subject to certain time-based vesting requirements. Total employer matching contributions related to these plans were $0.4 million, $0.1 million and less than $0.1 million respectively, for the years ended December 31, 2018, 2017 and 2016. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | 14. Related Parties Clinical Reference Laboratory, Inc. One of the members of the Company’s board of directors is the Chief Executive Officer of CRL. CRL is the owner of approximately 31% of Brightstar, a holder of more than 5% of the Company’s common stock. The Company is a party to a loan agreement and a security agreement, each dated as of June 11, 2010, with CRL. The Company borrowed an aggregate of $2.8 million under the loan agreement to finance improvements to the Company’s biology and chemistry laboratories in Lawrence, Kansas. In December 2016, the loan was assigned to CHC, Inc., a related party, which owns 100% of CRL. Borrowings under the loan bear interest at a fixed rate equal to 6.0% per annum and the Company is required to make monthly payments of principal and interest, based on a 15-year The Company is party to a master services agreement, effective as of May 20, 2013, with CRL under which the Company purchased and expects to continue to purchase laboratory services. Under the agreement, the Company has agreed to use CRL on an exclusive basis for laboratory testing needs. For the years ended December 31, 2018, 2017 and 2016, the Company recorded $0.9 million, $0.4 million and $0.2 million, respectively, of research and development expense incurred under this agreement, of which $0.8 million, $0.4 million and $0.1 million, respectively, was paid to CRL during those same periods. As of December 31, 2018 and 2017, total amounts owed to CRL for laboratory services were $0.2 million and $0.1 million, respectively, which amounts were included in accounts payable and accrued expenses. The Company is not committed to purchase any minimum amounts under the agreement. In 2015, the Company entered into an agreement with CRL under which the Company became a participating employer in CRL’s 401(k) plan. Effective January 1, 2018, the Company adopted the 2018 401(k) Plan to which employees’ and former employees’ accounts were transitioned from the CRL 401(k) Plan. For the year ended December 31, 2018, no contributions were made by employees of the Company to the CRL 401(k) Plan. For the years ended December 31, 2017 and 2016, the total amount of contributions made by employees of the Company under the CRL 401(k) Plan was $0.6 million and $0.2 million, respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 15. Selected Quarterly Financial Data (Unaudited) The following information has been derived from unaudited consolidated financial statements that, in the opinion of management, include all recurring adjustments necessary for a fair statement of such information (in thousands except per share data): Three Months Ended Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Statements of Operations Data: Revenue $ — $ — $ — $ — $ — $ — $ — $ — Loss from operations (33,830 ) (25,889 ) (22,429 ) (21,951 ) (20,338 ) (12,181 ) (10,691 ) (7,725 ) Net loss (32,299 ) (24,435 ) (21,690 ) (21,430 ) (19,912 ) (12,038 ) (10,626 ) (7,708 ) Net loss per share—basic and diluted (0.86 ) (0.65 ) (0.65 ) (0.66 ) (0.62 ) (1.04 ) (0.91 ) (0.66 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses, the valuation of common stock prior to the Company’s IPO, and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. |
Concentrations of Credit Risk and of Significant Suppliers | Concentrations of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains all cash and cash equivalents at one accredited financial institution. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Lab equipment 5 to 7 years Computer equipment 3 to 5 years Furniture and fixtures 7 years Leasehold improvements Shorter of life of lease or 15 years Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2018, 2017 or 2016. |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. The fair value of the Company’s outstanding notes payable to related party (see Note 6) as of December 31, 2018 and 2017 approximated $1.1 million and $1.2 million, respectively. The fair value of the outstanding debt was estimated using a discounted cash flow analysis based on current market interest rates for debt issuances with similar remaining years to maturity, adjusted for credit risk, which represents a Level 3 measurement. |
Segment Information | Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is designing, optimizing and introducing small molecule switch control inhibitors of protein kinases for human clinical trials and the global pharmaceutical marketplace through the use of its proprietary drug discovery technology platform. All of the Company’s tangible assets are held in the United States. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, manufacturing expenses and external costs of outside vendors engaged to conduct preclinical development activities and trials. Advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. |
Research Contract Costs and Accruals | Research Contract Costs and Accruals The Company has entered into various research and development contracts with research institutions and other companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. |
Patent Costs | Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. |
Stock-Based Compensation | Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees and directors based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The straight-line method of expense recognition is applied to all awards with service-only conditions while the graded-vesting method is applied to all awards with both service and performance conditions. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. |
Income Taxes | Income Taxes Upon consummation of the Conversion on October 2, 2017, the Company became subject to corporate U.S. federal and state income taxes. Prior to the Conversion, the Company was treated as a partnership for income tax purposes and was not subject to U.S. federal or state income taxation. As a result, the Company had not recorded any U.S. federal or state income tax benefits prior to October 2, 2017 for the net losses incurred in each reporting period or for any earned research and orphan drug credits as the operating losses incurred by the Company had been passed through to its members. The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a two-step |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with shareholders. There was no difference between net loss and comprehensive loss for each of the periods presented in the accompanying consolidated financial statements. |
Net Loss per Share | Net Loss per Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding for the years ended December 31, 2018 and 2017. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of common shares, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common stock, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company did not have any common shares outstanding during the year ended December 31, 2016 or for the period from January 1, 2017 through the closing of its initial public offering on October 2, 2017. To determine the weighted average shares outstanding for purpose of calculating net loss per share during those periods, the Company used the weighted average number of Series A convertible preferred shares outstanding because such shares represented the most subordinate share class outstanding during those periods. Share amounts for periods prior to the IPO have been retrospectively adjusted to give effect to the exchange of Series A convertible preferred shares into shares of common stock upon the Conversion (see Note 1). |
Recently Adopted and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”), 2014-09 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2014-09 No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”), ASU 2014-09. No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), non-cash 2014-09 2016-08, 2016-10 ASU 2016-12 2014-09. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09”), 2017-09 Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”). 2016-02 right-of-use ASU 2016-02 2018-11, catch-up right-of-use In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718)—Improvements to Nonemployee Share-Based Payment Accounting 2018-07”). non-employees 2018-07 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful life of Assets | Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Lab equipment 5 to 7 years Computer equipment 3 to 5 years Furniture and fixtures 7 years Leasehold improvements Shorter of life of lease or 15 years |
Fair Value of Financial Assets
Fair Value of Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 267,145 $ — $ 267,145 Total $ — $ 267,145 $ — $ 267,145 Fair Value Measurements at Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 191,950 $ — $ 191,950 Total $ — $ 191,950 $ — $ 191,950 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2018 2017 Laboratory equipment $ 1,731 $ 981 Computer equipment 465 300 Leasehold improvements 359 344 Furniture and fixtures 201 128 Construction in progress (Note 11) 11,914 — 14,670 1,753 Less: Accumulated depreciation and amortization (1,217 ) (915 ) $ 13,453 $ 838 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): December 31, 2018 2017 Accrued external research and development expenses $ 8,761 $ 6,625 Accrued payroll and related expenses 4,139 2,233 Accrued professional fees 747 353 Accrued other 601 22 $ 14,248 $ 9,233 |
Notes Payable to Related Party
Notes Payable to Related Party (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Notes Payable to Related Party | Notes payable to related party as of December 31, 2018 and 2017 consisted only of outstanding borrowings under the CRL Construction Loan, as follows (in thousands): December 31, 2018 2017 Notes payable to related party $ 1,294 $ 1,481 Less: Current portion (187 ) (187 ) Notes payable to related party, net of current portion $ 1,107 $ 1,294 |
Schedules Payments of Principal and Interest | As of December 31, 2018, scheduled payments of principal and interest for the CRL Construction Loan are as follows (in thousands): Year ending December 31, Principal Interest Total 2019 187 73 260 2020 187 61 248 2021 187 50 237 2022 187 39 226 2023 187 28 215 Thereafter 359 21 380 $ 1,294 $ 272 $ 1,566 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Assumptions used to Determine the Fair Value of Options Granted to Employees and Directors | Year Ended December 31, 2018 2017 2016 Risk-free interest rate 2.8 % 1.9 % 1.3 % Expected term (in years) 6.1 6.0 6.1 Expected volatility 73.3 % 78.3 % 76.1 % Expected dividend yield 0 % 0 % 0 % |
Summary of Option Activity | The following table summarizes the Company’s option activity from January 1, 2018 to December 31, 2018: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2017 4,598,352 $ 4.99 Granted 1,472,600 $ 29.64 Exercised (140,074 ) $ 6.54 Forfeited (143,727 ) $ 17.09 Outstanding as of December 31, 2018 5,787,151 $ 10.92 7.7 $ 70,479 Options vested and expected to vest as of December 31, 2018 5,787,151 $ 10.92 7.7 $ 70,479 Options exercisable as of December 31, 2018 3,312,447 $ 5.20 6.8 $ 53,742 |
Summary of RSU Activity | The table below summarizes the Company’s restricted stock unit activity from January 1, 2018 to December 31, 2018: Number Weighted Outstanding as of December 31, 2017 — $ — Granted 25,000 $ 33.43 Vested — $ — Forfeited — $ — Outstanding as of December 31, 2018 25,000 $ 33.43 |
Classification of Stock-Based Compensation Expense | Stock-based compensation expense was classified in the statements of operations and comprehensive loss as follows (in thousands): Year Ended December 31, 2018 2017 2016 Research and development expenses $ 4,021 $ 1,320 $ 541 General and administrative expenses 5,667 3,546 946 $ 9,688 $ 4,866 $ 1,487 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss per Share | Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): Year Ended December 31, 2018 2017 2016 Numerator: Net loss $ (99,854 ) $ (50,284 ) $ (25,940 ) Denominator: Weighted average common shares outstanding—basic and diluted 35,390,480 16,792,179 11,626,287 Net loss per share—basic and diluted $ (2.82 ) $ (2.99 ) $ (2.23 ) |
Summary of Potential Dilutive Securities | The following potential dilutive securities, presented based on amounts outstanding at the end of each reporting period, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: As of December 31, 2018 2017 2016 Options to purchase common stock 5,787,151 4,598,352 3,214,452 Unvested restricted common stock units 25,000 — — Series B convertible preferred shares (as converted to common shares) — — 8,898,527 5,812,151 4,598,352 12,112,979 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments under Operating Leases | The following table summarizes the future minimum lease payments due under the operating leases as of December 31, 2018 (in thousands): Year Ending December 31, 2019 $ 726 2020 333 $ 1,059 |
Summary of Future Minimum Lease Payments | As of December 31, 2018, minimum commitments under this lease are as follows (in thousands): Year Ending December 31, 2019 $ 170 2020 2,043 2021 2,088 2022 2,132 2023 2,177 Thereafter 13,783 $ 22,393 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2018 2017 Federal statutory income tax rate 21.0 % 34.0 % State taxes, net of federal benefit 6.1 1.6 Research and orphan drug credit 9.6 7.7 Research and orphan drug credit addback — (6.6 ) Impact of change in tax status — (8.7 ) Effect of federal tax law change — (6.1 ) Permanent adjustments and other 0.7 (0.3 ) Increase in deferred tax asset valuation allowance (37.4 ) (21.6 ) Effective income tax rate — % — % |
Schedule of Net Deferred Tax Assets | Net deferred tax assets consisted of the following (in thousands): December 31, 2018 2017 Deferred tax assets (liabilities): Net operating loss carryforwards $ 28,906 $ 4,030 Research and orphan drug credit carryforwards 13,457 3,888 Stock-based compensation 4,681 2,366 Accrued expenses and lease liability 4,470 672 Property and equipment (3,200 ) (129 ) Other (123 ) 8 Total gross deferred tax assets 48,191 10,835 Valuation allowance (48,191 ) (10,835 ) Net deferred tax assets $ — $ — |
Schedule of Changes in Valuation Allowance for Deferred Tax Assets | The change in the valuation allowance was as follows (in thousands): Year Ended December 31, 2018 2017 Valuation allowance as of beginning of year $ (10,835 ) $ — Net increases recorded to income tax provision (37,356 ) (10,835 ) Valuation allowance as of end of year $ (48,191 ) $ (10,835 ) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | The following information has been derived from unaudited consolidated financial statements that, in the opinion of management, include all recurring adjustments necessary for a fair statement of such information (in thousands except per share data): Three Months Ended Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Statements of Operations Data: Revenue $ — $ — $ — $ — $ — $ — $ — $ — Loss from operations (33,830 ) (25,889 ) (22,429 ) (21,951 ) (20,338 ) (12,181 ) (10,691 ) (7,725 ) Net loss (32,299 ) (24,435 ) (21,690 ) (21,430 ) (19,912 ) (12,038 ) (10,626 ) (7,708 ) Net loss per share—basic and diluted (0.86 ) (0.65 ) (0.65 ) (0.66 ) (0.62 ) (1.04 ) (0.91 ) (0.66 ) |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 20, 2018USD ($)$ / sharesshares | Jun. 11, 2018USD ($)$ / sharesshares | Oct. 02, 2017USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Oct. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Nature Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||
Share conversion ratio | 5.65 | ||||||||||||||||
Accumulated deficit | $ (295,723) | $ (195,869) | $ (295,723) | $ (195,869) | |||||||||||||
Cash and cash equivalents | 293,764 | 196,754 | 293,764 | 196,754 | $ 57,461 | $ 25,777 | |||||||||||
Net loss | $ (32,299) | $ (24,435) | $ (21,690) | $ (21,430) | $ (19,912) | $ (12,038) | $ (10,626) | $ (7,708) | $ (99,854) | $ (50,284) | $ (25,940) | ||||||
Common Stock [Member] | |||||||||||||||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||
Number of shares issued and sold | shares | 4,945,000 | 8,166,496 | |||||||||||||||
Net proceeds from initial public offering | $ 24,300 | $ 161,000 | $ 185,300 | ||||||||||||||
IPO [Member] | |||||||||||||||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||
Number of shares issued and sold | shares | 7,500,000 | 8,166,496 | |||||||||||||||
Additional offering price of common stock | $ / shares | $ 17 | $ 17 | |||||||||||||||
Net proceeds from initial public offering | $ 114,100 | $ 124,600 | |||||||||||||||
IPO [Member] | Common Stock [Member] | |||||||||||||||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||
Number of shares issued and sold | shares | 645,000 | 4,300,000 | 4,945,000 | ||||||||||||||
Additional offering price of common stock | $ / shares | $ 40 | $ 40 | $ 40 | $ 40 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Estimated Useful life of Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Lab Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 5 years |
Lab Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 7 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 5 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 7 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | Shorter of life of lease or 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | |||
Method of depreciation and amortization expense calculation | Straight-line method | ||
Impairment losses on long-lived assets | $ 0 | $ 0 | $ 0 |
Common stock, shares outstanding | 37,676,760 | 32,591,686 | |
No Par Value Common Stock [Member] | |||
Significant Accounting Policies [Line Items] | |||
Common stock, shares outstanding | 0 | 0 | 0 |
CRL Construction Loan [Member] | |||
Significant Accounting Policies [Line Items] | |||
Fair value of outstanding notes payable to related party | $ 1,100,000 | $ 1,200,000 | |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Income tax examination, likelihood percentage | 50 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash equivalents: | ||
Total Cash equivalents | $ 267,145 | $ 191,950 |
Money Market Funds [Member] | ||
Cash equivalents: | ||
Total Cash equivalents | 267,145 | 191,950 |
Level 2 [Member] | ||
Cash equivalents: | ||
Total Cash equivalents | 267,145 | 191,950 |
Level 2 [Member] | Money Market Funds [Member] | ||
Cash equivalents: | ||
Total Cash equivalents | $ 267,145 | $ 191,950 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value of Assets and Liabilities Measured on Non Recurring Basis [Line Items] | ||
Transfers between Level 1, Level 2 and Level 3 | $ 0 | $ 0 |
Certificates of Deposit [Member] | Letter of Credit [Member] | ||
Fair Value of Assets and Liabilities Measured on Non Recurring Basis [Line Items] | ||
Cash balance held to secure letter of credit associated with lease | $ 1,100,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 14,670 | $ 1,753 |
Less: Accumulated depreciation and amortization | (1,217) | (915) |
Property and equipment, net | 13,453 | 838 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,731 | 981 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 465 | 300 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 359 | 344 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 201 | $ 128 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 11,914 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 317 | $ 150 | $ 90 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accrued external research and development expenses | $ 8,761 | $ 6,625 |
Accrued payroll and related expenses | 4,139 | 2,233 |
Accrued professional fees | 747 | 353 |
Accrued other | 601 | 22 |
Accrued Expenses | $ 14,248 | $ 9,233 |
Notes Payable to Related Partie
Notes Payable to Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2010 | |
Clinical Reference Laboratory, Inc. [Member] | Loan and Security Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Aggregate borrowings | $ 2.8 | $ 2.8 | ||
Fixed interest rate | 6.00% | |||
Debt instrument payment term | 15-year straight-line amortization schedule. | |||
CRL Construction Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total interest expense | $ 0.1 | $ 0.1 | $ 0.1 |
Notes Payable to Related Part_2
Notes Payable to Related Party - Schedule of Notes Payable to Related Party (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Less: Current portion | $ (187) | $ (187) |
Notes payable to related party, net of current portion | 1,107 | 1,294 |
CRL Construction Loan [Member] | ||
Related Party Transaction [Line Items] | ||
Notes payable to related party | 1,294 | 1,481 |
Less: Current portion | (187) | (187) |
Notes payable to related party, net of current portion | $ 1,107 | $ 1,294 |
Notes Payable to Related Part_3
Notes Payable to Related Parties - Schedules Payments of Principal and Interest (Detail) - CRL Construction Loan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Principal | $ 1,294 | $ 1,481 |
Interest | 272 | |
Total | 1,566 | |
2019 [Member] | ||
Related Party Transaction [Line Items] | ||
Principal | 187 | |
Interest | 73 | |
Total | 260 | |
2020 [Member] | ||
Related Party Transaction [Line Items] | ||
Principal | 187 | |
Interest | 61 | |
Total | 248 | |
2021 [Member] | ||
Related Party Transaction [Line Items] | ||
Principal | 187 | |
Interest | 50 | |
Total | 237 | |
2022 [Member] | ||
Related Party Transaction [Line Items] | ||
Principal | 187 | |
Interest | 39 | |
Total | 226 | |
2023 [Member] | ||
Related Party Transaction [Line Items] | ||
Principal | 187 | |
Interest | 28 | |
Total | 215 | |
Thereafter [Member] | ||
Related Party Transaction [Line Items] | ||
Principal | 359 | |
Interest | 21 | |
Total | $ 380 |
Convertible Preferred Shares -
Convertible Preferred Shares - Additional Information (Detail) - USD ($) | Oct. 02, 2017 | Oct. 31, 2017 | May 31, 2017 | Jul. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Redeemable Noncontrolling Interest [Line Items] | ||||||
Conversion of preferred stock to common stock | 24,425,190 | 24,425,190 | ||||
Proceeds from issuance of convertible preferred shares | $ 52,300,000 | $ 55,324,000 | ||||
Payments of convertible preferred share issuance costs | $ 429,000 | $ 25,000 | ||||
Series C Convertible Preferred Shares [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Number of convertible preferred shares sold under share purchase agreement | 690,333 | |||||
Convertible preferred shares sold under share purchase agreement, price per share | $ 75.76 | |||||
Proceeds from issuance of convertible preferred shares | $ 51,900,000 | |||||
Payments of convertible preferred share issuance costs | $ 400,000 | |||||
Series B-2 Convertible Preferred Stock [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Number of convertible preferred shares sold under share purchase agreement | 876,366 | |||||
Convertible preferred shares sold under share purchase agreement, price per share | $ 63.13 | |||||
Proceeds from issuance of convertible preferred shares | $ 55,300,000 | |||||
Series B-2 Convertible Preferred Stock [Member] | Maximum [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Payments of convertible preferred share issuance costs | $ 100,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 20, 2018USD ($)$ / sharesshares | Jun. 11, 2018USD ($)$ / sharesshares | Oct. 04, 2017USD ($)$ / sharesshares | Oct. 02, 2017USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Oct. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Class of Stock [Line Items] | ||||||||
Share conversion ratio | 5.65 | |||||||
Conversion of preferred stock to common stock | 24,425,190 | 24,425,190 | ||||||
Proceeds from additional offering of shares | $ | $ 185,933 | $ 129,112 | ||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of additional shares issued and sold | 4,945,000 | 8,166,496 | ||||||
Net proceeds from initial public offering | $ | $ 24,300 | $ 161,000 | $ 185,300 | |||||
IPO [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of additional shares issued and sold | 7,500,000 | 8,166,496 | ||||||
Additional offering price of common stock | $ / shares | $ 17 | $ 17 | ||||||
Net proceeds from initial public offering | $ | $ 114,100 | $ 124,600 | ||||||
IPO [Member] | Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of additional shares issued and sold | 645,000 | 4,300,000 | 4,945,000 | |||||
Additional offering price of common stock | $ / shares | $ 40 | $ 40 | $ 40 | |||||
Over-Allotment Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of additional shares issued and sold | 666,496 | |||||||
Additional offering price of common stock | $ / shares | $ 17 | |||||||
Proceeds from additional offering of shares | $ | $ 10,500 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | Jan. 01, 2019shares | Dec. 31, 2018USD ($)shares | Sep. 21, 2017shares | Dec. 31, 2018USD ($)OfferingPeriods$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of offering periods | OfferingPeriods | 0 | |||||
Intrinsic value of stock options exercised | $ | $ 4.4 | |||||
Number of shares, exercised | 140,074 | 0 | 0 | |||
Weighted average grant-date fair value per share of options granted | $ / shares | $ 19.68 | $ 7.63 | $ 2.43 | |||
Unrecognized compensation cost related to unvested share-based awards | $ | $ 27.2 | $ 27.2 | ||||
Unrecognized compensation cost related to unvested share-based awards, period for recognition | 2 years 2 months 12 days | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation, vesting period | 2 years | |||||
Restricted stock units, granted | 25,000 | 0 | 0 | |||
2015 Equity Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of fair market value of common stock | 100.00% | |||||
2015 Equity Incentive Plan [Member] | Employees and Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation, vesting period | 4 years | |||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares, exercised | 140,074 | |||||
Common Stock [Member] | 2017 Stock Option and Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common shares reserved for issuance | 2,099,983 | 2,655,831 | 2,099,983 | |||
Percentage of automatic annual increase in number of shares reserved for future issuance | 4.00% | |||||
Effective date from which automatic annual increase in number of shares reserved for future issuance | Jan. 1, 2018 | |||||
Common Stock [Member] | 2017 Stock Option and Incentive Plan [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Increase in shares reserved for issuance | 1,507,070 | |||||
Common Stock [Member] | 2017 Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common shares reserved for issuance | 632,666 | 306,750 | 632,666 | |||
Effective date from which automatic annual increase in number of shares reserved for future issuance | Jan. 1, 2018 | |||||
Date until which automatic annual increase in number of shares reserved for future issuance | Jan. 1, 2027 | |||||
Automatic annual increase in number of shares reserved for future issuance | 400,000 | |||||
Common Stock [Member] | 2017 Employee Stock Purchase Plan [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Increase in shares reserved for issuance | 376,767 | |||||
Common Stock [Member] | 2017 Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of automatic annual increase in number of shares reserved for future issuance | 1.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions used to Determine the Fair Value of Options Granted to Employees and Directors (Detail) - Common Share Option and Stock Appreciation Right Activity [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.80% | 1.90% | 1.30% |
Expected term (in years) | 6 years 1 month 6 days | 6 years | 6 years 1 month 6 days |
Expected volatility | 73.30% | 78.30% | 76.10% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, Beginning Balance, Number of Shares | 4,598,352 | ||
Granted, Number of Shares | 1,472,600 | ||
Exercised, Number of Shares | (140,074) | 0 | 0 |
Forfeited, Number of Shares | (143,727) | ||
Outstanding, Ending Balance, Number of Shares | 5,787,151 | 4,598,352 | |
Options vested and expected to vest, Ending Balance, Number of Shares | 5,787,151 | ||
Options exercisable, Ending Balance, Number of Shares | 3,312,447 | ||
Outstanding, Beginning Balance, Weighted Average Exercise Price | $ 4.99 | ||
Granted, Weighted Average Exercise Price | 29.64 | ||
Exercised, Weighted Average Exercise Price | 6.54 | ||
Forfeited, Weighted Average Exercise Price | 17.09 | ||
Outstanding, Ending Balance, Weighted Average Exercise Price | 10.92 | $ 4.99 | |
Options vested and expected to vest, Ending Balance, Weighted Average Exercise Price | 10.92 | ||
Options exercisable, Ending Balance, Weighted Average Exercise Price | $ 5.20 | ||
Outstanding, Beginning Balance, Weighted Average Remaining Contractual Term | 7 years 8 months 12 days | ||
Options vested and expected to vest, Ending Balance, Weighted Average Remaining Contractual Term | 7 years 8 months 12 days | ||
Options exercisable, Ending Balance, Weighted Average Remaining Contractual Term | 6 years 9 months 18 days | ||
Outstanding, Beginning Balance, Aggregate Intrinsic Value | $ 70,479 | ||
Options vested and expected to vest, Ending Balance, Aggregate Intrinsic Value | 70,479 | ||
Options exercisable, Ending Balance, Aggregate Intrinsic Value | $ 53,742 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 25,000 | 0 | 0 |
Vested | 0 | ||
Forfeited | 0 | ||
Outstanding shares, ending balance | 25,000 | ||
Weighted average grant date fair value, granted | $ 33.43 | ||
Weighted average grant date fair value, vested | 0 | ||
Weighted average grant date fair value, forfeited | 0 | ||
Weighted average grant date fair value, ending balance | $ 33.43 |
Stock-Based Compensation - Clas
Stock-Based Compensation - Classification of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 9,688 | $ 4,866 | $ 1,487 |
Research and Development Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 4,021 | 1,320 | 541 |
General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 5,667 | $ 3,546 | $ 946 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net loss | $ (99,854) | $ (50,284) | $ (25,940) | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding-basic and diluted | 35,390,480 | 16,792,179 | 11,626,287 | ||||||||
Net loss per share-basic and diluted | $ (0.86) | $ (0.65) | $ (0.65) | $ (0.66) | $ (0.62) | $ (1.04) | $ (0.91) | $ (0.66) | $ (2.82) | $ (2.99) | $ (2.23) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Earnings Per Share [Line Items] | |||
Common stock, shares outstanding | 37,676,760 | 32,591,686 | |
No Par Value Common Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Common stock, shares outstanding | 0 | 0 | 0 |
Net Loss per Share - Summary _2
Net Loss per Share - Summary of Potential Dilutive Securities (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive securities excluded from computation of diluted net loss per common share | 5,812,151 | 4,598,352 | 12,112,979 |
Series B Convertible Preferred Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive securities excluded from computation of diluted net loss per common share | 8,898,527 | ||
Unvested Restricted Common Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive securities excluded from computation of diluted net loss per common share | 25,000 | ||
Options to Purchase Common Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive securities excluded from computation of diluted net loss per common share | 5,787,151 | 4,598,352 | 3,214,452 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Dec. 31, 2013USD ($)award | Aug. 30, 2018 | Dec. 31, 2018USD ($)Lease | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015 |
Other Commitments [Line Items] | ||||||
Rent expense | $ 1,100 | $ 600 | $ 400 | |||
Lease term | 10 years 7 months | |||||
Lease commencement period | 2019-05 | |||||
Lessee, finance lease, existence of option to extend | true | |||||
Lessee, finance lease, existence of option to terminate | true | |||||
Options to extend terms of the lease | Two five-year | |||||
Initial annual base rent | $ 2,000 | |||||
Payments for Tenant Improvements | 2,700 | |||||
Company capitalized construction-in-progress lease financing obligation | 11,885 | |||||
Current portion of the lease financing obligation | 500 | |||||
Long-term lease liability, net of current portion | 11,347 | |||||
Certificates of Deposit [Member] | Letter of Credit [Member] | ||||||
Other Commitments [Line Items] | ||||||
Cash balance to secure letter of credit associated with lease | $ 1,100 | |||||
KBA Grants [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of awards grants | award | 2 | |||||
Amount of grants awarded | $ 2,000 | |||||
Kansas(KS) [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of lease agreement | Lease | 2 | |||||
Operating lease expiry date | Dec. 31, 2020 | |||||
Lease term | 5 years | |||||
Massachusetts (MA) [Member] | ||||||
Other Commitments [Line Items] | ||||||
Sublease term | 9 months | 3 years | ||||
Sublease expiration date | May 31, 2019 | Sep. 30, 2019 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 726 |
2020 | 333 |
Future minimum lease payments due | $ 1,059 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments Commitments Lease (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2019 | $ 170 |
2020 | 2,043 |
2021 | 2,088 |
2022 | 2,132 |
2023 | 2,177 |
Thereafter | 13,783 |
Total | $ 22,393 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||
Income tax benefits | $ 0 | |
Federal statutory income tax rate | 21.00% | 34.00% |
Percentage of net operating loss carry forward deductible from current year taxable income | 80.00% | |
Decrease in deferred tax asset due to Tax Cuts and Jobs Act | $ 3,100,000 | |
Tax Cuts And Jobs Act, incomplete accounting, provisional income tax expense (benefit) | 0 | |
Research and orphan drug credit carryforwards | $ 13,457,000 | $ 3,888,000 |
Unrecognized tax benefits | $ 0 | |
Income tax examination, description | There are currently no pending income tax examinations. The Company's tax years that are open under statute are from October 2, 2017 to the present. | |
Maximum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Federal statutory income tax rate | 35.00% | |
Scenario, Plan [Member] | ||
Income Tax Disclosure [Line Items] | ||
Federal statutory income tax rate | 21.00% | |
Earliest Tax Year [Member] | ||
Income Tax Disclosure [Line Items] | ||
Open tax year | 2018 | |
Latest Tax Year [Member] | ||
Income Tax Disclosure [Line Items] | ||
Open tax year | 2018 | |
Federal [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 107.1 | |
Net operating loss carryforwards expiration year | 2037 | |
Research and orphan drug credit carryforwards | $ 12,800,000 | |
Tax credit carryforwards expiration year | 2037 | |
Operating Loss Carryforwards, Subject to Expiration | $ 14.5 | |
Operating Loss Carryforwards, Not Subject to Expiration | 92.6 | |
State [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 107.7 | |
Net operating loss carryforwards expiration year | 2027 | |
Research and orphan drug credit carryforwards | $ 900,000 | |
Tax credit carryforwards expiration year | 2032 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21.00% | 34.00% |
State taxes, net of federal benefit | 6.10% | 1.60% |
Research and orphan drug credit | 9.60% | 7.70% |
Research and orphan drug credit addback | (6.60%) | |
Impact of change in tax status | (8.70%) | |
Effect of federal tax law change | (6.10%) | |
Permanent adjustments and other | 0.70% | (0.30%) |
Increase in deferred tax asset valuation allowance | (37.40%) | (21.60%) |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets (liabilities): | ||
Net operating loss carryforwards | $ 28,906 | $ 4,030 |
Research and orphan drug credit carryforwards | 13,457 | 3,888 |
Stock-based compensation | 4,681 | 2,366 |
Accrued expenses and lease liability | 4,470 | 672 |
Property and equipment | (3,200) | (129) |
Other | (123) | 8 |
Total gross deferred tax assets | 48,191 | 10,835 |
Valuation allowance | (48,191) | (10,835) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance as of beginning of year | $ (10,835) | |
Net increases recorded to income tax provision | (37,356) | $ (10,835) |
Valuation allowance as of end of year | $ (48,191) | $ (10,835) |
401(k) Savings Plan - Additiona
401(k) Savings Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of matching contribution to plan | 50.00% | ||
Clinical Reference Laboratory, Inc. [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan description | Effective January 1, 2018, the Company adopted the Deciphera Pharmaceuticals 401(k) plan (the “2018 401(k) Plan”), a defined contribution plan under Section 401(k) of the Internal Revenue Code, whereby the Company provides matching contributions of 100% of each employee’s contribution up to a maximum matching contribution of 3% of the employee’s eligible compensation and at a rate of 50% of each employee’s contribution in excess of 3% up to a maximum of 5% of the employee’s eligible compensation. | ||
Percentage of matching contribution to plan | 100.00% | ||
Matching contributions to the plan by employer | $ 400,000 | $ 100,000 | |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of salary for matching contribution per employee on time-based vesting | 5.00% | ||
Maximum [Member] | Clinical Reference Laboratory, Inc. [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of matching contribution to plan | 50.00% | ||
Employee earnings subject to employer match | 3.00% | ||
Percentage of salary for matching contribution per employee | 6.00% | ||
Matching contributions to the plan by employer | $ 100,000 | ||
Minimum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of salary for matching contribution per employee on time-based vesting | 3.00% |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2010 | |
Related Party Transaction [Line Items] | ||||
Research and development expense | $ 82,887,000 | $ 39,514,000 | $ 20,163,000 | |
CRL Construction Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense on borrowings | 100,000 | 100,000 | 100,000 | |
Principal amount owed under loan agreement | 1,294,000 | 1,481,000 | ||
Clinical Reference Laboratory, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Laboratory services | 200,000 | $ 100,000 | ||
Clinical Reference Laboratory, Inc. [Member] | Loan and Security Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Aggregate borrowings | 2,800,000 | $ 2,800,000 | ||
Fixed interest rate | 6.00% | |||
Debt instrument payment term | 15-year straight-line amortization schedule. | |||
Debt instrument principal and interest payment | 300,000 | $ 300,000 | 300,000 | |
Principal amount owed under loan agreement | 1,300,000 | 1,500,000 | ||
Clinical Reference Laboratory, Inc. [Member] | Service Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Research and development expense | 900,000 | 400,000 | 200,000 | |
Payments for research and development expense | $ 800,000 | 400,000 | 100,000 | |
Employees contributions under 401(K) plan | 600,000 | $ 200,000 | ||
Clinical Reference Laboratory, Inc. [Member] | CHC, Inc. [Member] | Loan and Security Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 100.00% | |||
Fixed interest rate | 6.00% | |||
Debt instrument payment term | 15-year straight-line amortization schedule | |||
Debt instrument term | 15 years | |||
Clinical Reference Laboratory, Inc. [Member] | Maximum [Member] | CRL Construction Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense on borrowings | $ 100,000 | $ 100,000 | $ 100,000 | |
Clinical Reference Laboratory, Inc. [Member] | Brightstar [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 31.00% | |||
Clinical Reference Laboratory, Inc. [Member] | Brightstar [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of common stock holding | 5.00% |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements of Operations Data: | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loss from operations | (33,830) | (25,889) | (22,429) | (21,951) | (20,338) | (12,181) | (10,691) | (7,725) | (104,099) | (50,935) | (25,838) |
Net loss | $ (32,299) | $ (24,435) | $ (21,690) | $ (21,430) | $ (19,912) | $ (12,038) | $ (10,626) | $ (7,708) | $ (99,854) | $ (50,284) | $ (25,940) |
Net loss per share - basic and diluted | $ (0.86) | $ (0.65) | $ (0.65) | $ (0.66) | $ (0.62) | $ (1.04) | $ (0.91) | $ (0.66) | $ (2.82) | $ (2.99) | $ (2.23) |