Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CRNX | |
Entity Registrant Name | Crinetics Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001658247 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38583 | |
Entity Tax Identification Number | 26-3744114 | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Entity Address, Address Line One | 10222 Barnes Canyon Road | |
Entity Address, Address Line Two | Bldg. #2 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 450-6464 | |
Entity Common Stock, Shares Outstanding | 32,845,572 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 50,917 | $ 40,326 |
Investment securities | 61,885 | 78,066 |
Prepaid expenses and other current assets | 4,366 | 4,947 |
Total current assets | 117,168 | 123,339 |
Property and equipment, net | 3,771 | 3,946 |
Operating lease right-of-use asset | 2,445 | 2,510 |
Restricted cash | 500 | 500 |
Other assets | 82 | |
Total assets | 123,884 | 130,377 |
Current liabilities: | ||
Accounts payable and accrued expenses | 8,296 | 5,498 |
Accrued compensation and related expenses | 1,711 | 2,118 |
Other current liabilities | 753 | 724 |
Total current liabilities | 10,760 | 8,340 |
Operating lease liability, non-current | 4,648 | 4,849 |
Unvested stock liability | 39 | 49 |
Total liabilities | 15,447 | 13,238 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding at March 31, 2020 or at December 31, 2019 | ||
Common stock and paid-in capital, $0.001 par value; 200,000 shares authorized; 24,614 and 24,587 shares issued and outstanding at March 31, 2020; 24,296 and 24,263 shares issued and outstanding at December 31, 2019 | 219,432 | 210,793 |
Accumulated other comprehensive income | 167 | 148 |
Accumulated deficit | (111,162) | (93,802) |
Total stockholders’ equity | 108,437 | 117,139 |
Total liabilities and stockholders’ equity | $ 123,884 | $ 130,377 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock and paid-in capital, par value | $ 0.001 | $ 0.001 |
Common stock and paid-in capital, shares authorized | 200,000,000 | 200,000,000 |
Common stock and paid-in capital, shares issued | 24,614,000 | 24,296,000 |
Common stock and paid-in capital, shares outstanding | 24,587,000 | 24,263,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Grant revenues | $ 71 | $ 367 |
Type of Revenue Extensible List | us-gaap:GrantMember | us-gaap:GrantMember |
Operating expenses: | ||
Research and development | $ 13,862 | $ 7,255 |
General and administrative | 3,991 | 3,156 |
Total operating expenses | 17,853 | 10,411 |
Loss from operations | (17,782) | (10,044) |
Other income (expense): | ||
Interest income | 556 | 1,010 |
Other income (expense), net | (134) | 18 |
Total other income (expense), net | 422 | 1,028 |
Net loss | (17,360) | (9,016) |
Other comprehensive income: | ||
Unrealized gain on investment securities | 19 | 84 |
Comprehensive loss | $ (17,341) | $ (8,932) |
Net loss per share: | ||
Net loss per share – basic and diluted | $ (0.71) | $ (0.37) |
Weighted average shares outstanding – basic and diluted | 24,488 | 24,095 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common stock and Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning Balance at Dec. 31, 2018 | $ 160,225 | $ 203,544 | $ 61 | $ (43,380) | |
Beginning Balance, Shares at Dec. 31, 2018 | 24,061,000 | ||||
Vesting of stock subject to repurchase | 53 | 53 | |||
Vesting of stock subject to repurchase, shares | 33,000 | ||||
Exercise of stock options | 20 | 20 | |||
Exercise of stock options, shares | 21,000 | ||||
Stock-based compensation | 1,028 | 1,028 | |||
Comprehensive income | 84 | 84 | |||
Net loss | (9,016) | (9,016) | |||
Ending Balance at Mar. 31, 2019 | 152,394 | 204,645 | 145 | (52,396) | |
Ending Balance, Shares at Mar. 31, 2019 | 24,115,000 | ||||
Beginning Balance at Dec. 31, 2019 | 117,139 | 210,793 | 148 | (93,802) | |
Beginning Balance, Shares at Dec. 31, 2019 | 24,263,000 | ||||
Issuance of common stock, net of issuance costs of $199 | 6,427 | 6,427 | |||
Issuance of common stock, net of issuance costs of $199, shares | 276,000 | ||||
Vesting of stock subject to repurchase | 10 | 10 | |||
Vesting of stock subject to repurchase, shares | 6,000 | ||||
Exercise of stock options | $ 55 | 55 | |||
Exercise of stock options, shares | 42 | 42,000 | |||
Stock-based compensation | $ 2,147 | 2,147 | |||
Comprehensive income | 19 | 19 | |||
Net loss | (17,360) | (17,360) | |||
Ending Balance at Mar. 31, 2020 | $ 108,437 | $ 219,432 | $ 167 | $ (111,162) | |
Ending Balance, Shares at Mar. 31, 2020 | 24,587,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Issuance of common stock in initial public offering, issuance costs | $ 199 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net loss | $ (17,360) | $ (9,016) |
Reconciliation of net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,147 | 1,028 |
Depreciation and amortization | 235 | 200 |
Noncash lease expense | 65 | 53 |
Accretion of purchase discounts and amortization, net of premiums on investment securities | (180) | (400) |
Other | (19) | 3 |
Increase (decrease) in cash resulting from changes in: | ||
Prepaid expenses and other current assets | 663 | 905 |
Accounts payable and accrued expenses | 2,391 | 583 |
Operating lease liability | (172) | (115) |
Net cash used in operating activities | (12,230) | (6,759) |
Investing activities: | ||
Purchases of investment securities | (22,886) | (31,563) |
Maturities of investment securities | 39,285 | 56,570 |
Purchases of property and equipment | (60) | (408) |
Net cash provided by investing activities | 16,339 | 24,599 |
Financing activities: | ||
Proceeds from issuance of common stock, net | 6,427 | |
Proceeds from exercise of stock options | 55 | 20 |
Net cash provided by financing activities | 6,482 | 20 |
Net change in cash, cash equivalents and restricted cash | 10,591 | 17,860 |
Cash, cash equivalents and restricted cash at beginning of period | 40,826 | 45,473 |
Cash, cash equivalents and restricted cash at end of period | 51,417 | 63,333 |
Noncash investing and financing activities: | ||
Change in unvested stock liability | $ 10 | 53 |
Amounts accrued for purchases of property and equipment | $ 27 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Description of Business Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical-stage pharmaceutical company incorporated in Delaware on November 18, 2008 and based in San Diego, California. The Company is focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates. Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of March 31, 2020, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2020 and 2019, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2020 and 2019, and the condensed consolidated statements of cash flows for the three months ended March 31, 2020 and 2019, and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2020 and the results of its operations and cash flows for the three months ended March 31, 2020 and 2019 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. Principles of Consolidation and Foreign Currency Transactions The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and were not material for all periods presented. Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Liquidity and Going Concern From inception, the Company has devoted substantially all of its efforts to drug discovery and development and conducting preclinical studies and clinical trials. The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. As of March 31, 2020, the Company had $112.8 million in unrestricted cash, cash equivalents and investment securities. Additionally, the Company raised an additional $107.9 million through a public offering of 8,222,500 shares of its common stock in April 2020 (see Note 10). The Company believes it has sufficient cash to meet its funding requirements for at least the next 12 months. The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $111.2 million as of March 31, 2020. The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. COVID-19 The COVID-19 outbreak has caused significant business disruption around the globe. The extent of the impact of COVID-19 on the Company's operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and the impact on the Company's clinical trials, employees and vendors. At this point, the degree to which COVID-19 may impact the Company's financial condition or results of operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of Company to complete certain clinical trials and other efforts required to advance the development of its drug candidates and raise additional capital. In response to the pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer’s social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. At this point, we do not believe that the CARES Act will have a material impact on our income tax provision for 2020. We continue to evaluate the impact of the CARES Act on our financial position, results of operations and cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrued expenses and associated research and development expense, accrued amounts receivable under the Australian research and development tax incentive program, the assumptions underlying the determination of the estimated incremental borrowing rate for the determination of the Company’s operating lease right-of-use asset, and the assumptions underlying the determination of the fair value of equity awards for purposes of determining stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s current financial assets, restricted cash and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in readily available checking and money market accounts, as well as short-term debt securities with maturities of three months or less when purchased. Restricted cash represents cash held as collateral for the Company’s facility lease and is reported as a long-term asset in the accompanying condensed consolidated balance sheets. Investment Securities All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months. Realized gains and losses on investment securities are included in earnings and are derived using the specific identification method for determining the cost of securities sold. The Company has not realized any significant gains or losses on sales of available-for-sale investment securities during any of the periods presented. As all the Company’s investment holdings are in the form of debt securities, unrealized gains and losses that are determined to be temporary in nature are reported as a component of accumulated other comprehensive income (loss). A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Interest income is recognized when earned and is included in investment income, as are the amortization of purchase premiums and accretion of purchase discounts on investment securities. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Leases with a term longer than 12 months that are determined to be operating leases are included in operating lease assets, accrued expenses and other current liabilities and noncurrent operating lease liabilities in the condensed consolidated balance sheets based on the present value of the minimum lease payments called for under the arrangement. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Research and Development Expenses Research and development (“R&D”) expenses consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation for individuals involved in R&D efforts, as well as consulting expenses, third-party R&D expenses, laboratory supplies, clinical materials and overhead, including facilities and depreciation costs, offset by the Australian Tax Incentive discussed below. R&D expenses are charged to expense as incurred. Payments made prior to the receipt of goods or services to be used in R&D are capitalized until the goods or services are received. Costs incurred under contracts with contract research organizations that conduct and manage the Company’s clinical trials are also included in research and development expenses. The financial terms and activities of these agreements vary from contract to contract and may result in uneven expense levels. Generally, these agreements set forth activities that drive the recording of expenses such as start-up and initiation activities, enrollment and treatment of patients, or the completion of other clinical trial activities. Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts that the Company is obligated to pay under its clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts its accruals accordingly on a prospective basis. Revisions to contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. Accrued R&D expenses were $4.0 million at March 31, 2020 and $2.8 million at December 31, 2019 and are included in accounts payable and accrued expenses in the condensed consolidated balance sheets. Australian Tax Incentive CAPL is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the Australian Tax Incentive will be received, the relevant expenditure has been incurred, and the amount can be reliably measured. The Company recognized a reduction to R&D expense of $0.2 million and $47,000 for the three months ended March 31, 2020 and 2019, respectively. Stock-Based Compensation Stock-based compensation expense represents the estimated grant date fair value of the Company’s equity awards, consisting of stock options and shares issued under the Company’s Employee Stock Purchase Plan, recognized over the requisite service period of such awards (usually the vesting period) on a straight-line basis. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the remaining service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company estimates the fair value of all stock option grants using the Black-Scholes option pricing model and recognizes forfeitures as they occur. Comprehensive Loss Comprehensive loss is comprised of the Company’s net loss and the unrealized gain or loss on the Company’s investment securities held for all periods presented. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of common stock subject to repurchase and stock options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are shown below in common stock equivalent shares (in thousands): March 31, 2020 2019 Common stock options 3,869 2,919 Unvested common stock subject to repurchase 27 93 3,896 3,012 Recently Adopted Accounting Pronouncements ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, Fair Value Measurements and Disclosures Recent Accounting Pronouncements ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 3. INVESTMENT SECURITIES The Company reports its available-for-sale investment securities at their estimated fair values based on quoted market prices for identical or similar instruments. The following is a summary of the available-for-sale investment securities held by the Company as of March 31, 2020 and December 31, 2019 ( in thousands As of March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale investment securities: U.S. government and agency obligations $ 33,024 $ 105 $ — $ 33,129 Certificates of deposit 7,152 56 — 7,208 Commercial paper 12,660 — — 12,660 Corporate debt securities 8,889 14 (15 ) 8,888 Total $ 61,725 $ 175 $ (15 ) $ 61,885 As of December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale investment securities: U.S. government and agency obligations $ 43,275 $ 94 $ (1 ) $ 43,368 Certificates of deposit 5,931 51 — 5,982 Commercial paper 17,645 — — 17,645 Corporate debt securities 11,067 7 (3 ) 11,071 Total $ 77,918 $ 152 $ (4 ) $ 78,066 All available-for-sale investment securities held at March 31, 2020 and December 31, 2019, had maturity dates of less than 24 months. None of the Company’s available-for-sale investment securities were in a material unrealized loss position at March 31, 2020 or December 31, 2019. As such, the Company has not recognized any impairment in its financial statements related to its available-for-sale investment securities. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS The Company holds investment securities that consist of highly liquid, investment grade debt securities. The Company determines the fair value of its investment securities based upon one or more valuations reported by its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by an industry-recognized valuation service. Such valuations may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures. Financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 were as follows ( in thousands As of March 31, 2020 Level 1 Level 2 Level 3 Total Investment securities: U.S. government and agency obligations $ 10,560 $ 22,569 $ — $ 33,129 Certificates of deposit — 7,208 — 7,208 Commercial paper — 12,660 — 12,660 Corporate debt securities — 8,888 — 8,888 Total assets measured at fair value $ 10,560 $ 51,325 $ — $ 61,885 As of December 31, 2019 Level 1 Level 2 Level 3 Total Investment securities: U.S. government and agency obligations $ 15,478 $ 27,890 $ — $ 43,368 Certificates of deposit — 5,982 — 5,982 Commercial paper — 17,645 — 17,645 Corporate debt securities — 11,071 — 11,071 Total assets measured at fair value $ 15,478 $ 62,588 $ — $ 78,066 The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the three months ended March 31, 2020. |
Balance Sheet Details
Balance Sheet Details | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Details | 5. BALANCE SHEET DETAILS Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Prepaid research and development costs $ 2,370 $ 2,478 Australian tax incentive receivable 1,082 929 Interest receivable 139 224 SBIR grant receivable — 225 Prepaid expenses and other assets 775 1,091 Total $ 4,366 $ 4,947 Property and equipment, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Leasehold improvements $ 3,494 $ 3,494 Lab equipment 1,528 1,468 Office equipment 567 567 Computers and software 41 41 Property and equipment at cost 5,630 5,570 Less accumulated depreciation and amortization 1,859 1,624 Total $ 3,771 $ 3,946 |
Operating Lease
Operating Lease | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Operating Lease | 6. OPERATING LEASE 2018 Operating Lease. In February 2018, as amended in March 2018, the Company entered into a non-cancelable operating lease for a new facility in San Diego, California. The lease has an initial term of seven years which expires in August 2025, and the Company has an option to extend the term of the lease for an additional five years and has a termination option subject to early termination fees. The lease is subject to base lease payments and additional charges for common area maintenance and other costs and includes certain lease incentives and tenant improvement allowances. Rent expense is being recognized on a straight-line basis over the term of the lease. The Company’s estimated incremental borrowing rate of 8.0% was used in its present value calculation as the facility lease does not have a stated rate, and the implicit rate was not readily determinable. Under the terms of the lease, the Company provided the lessor with an irrevocable letter of credit in the amount of $0.5 million. The lessor is entitled to draw on the letter of credit in the event of any default by the Company under the terms of the lease. Future Minimum Payments. As of March 31, 2020, future minimum payments under non-cancellable operating leases were as follows (in thousands): Year ending December 31, Minimum Payments 2020 (9 months) $ 847 2021 1,173 2022 1,208 2023 1,244 2024 1,280 Thereafter 871 Total future minimum lease payments 6,623 Less imputed interest 1,222 Total operating lease liability 5,401 Less operating lease liability, current 753 Operating lease liability, non-current $ 4,648 Rent expense was $0.2 million for each of the three months ended March 31, 2020 and 2019. Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases was $0.3 million and $0.2 million during the three months ended March 31, 2020 and 2019, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position or results of operations. |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 8. STOCKHOLDERS’ EQUITY Authorized Shares In connection with the completion of the Company’s initial public offering in July 2018, the Company amended and restated its certificate of incorporation to authorize 200,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. Shelf Registration Statement and ATM Offering On August 13, 2019, the Company filed a registration statement on Form S-3 (the “Shelf Registration Statement”), covering the offering of up to $300.0 million of common stock, preferred stock, debt securities, warrants and units. The Registration Statement became effective on August 29, 2019. On August 13, 2019 the Company also entered into a Sales Agreement (the “Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (collectively, the “Sales Agents”), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $75.0 million through the Sales Agents (the “ATM Offering”). The Shelf Registration Statement included a prospectus covering the offering, issuance and sale of up to $75.0 million of the Company’s common stock from time to time through the ATM Offering. The shares to be sold under the Sales Agreement may be issued and sold pursuant to the Shelf Registration Statement. Between January 1, 2020 and March 31, 2020, the Company issued 275,764 shares of common stock in the ATM Offering for net proceeds of $6.4 million, after deducting commissions. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 9. EQUITY INCENTIVE PLANS 2018 Incentive Award Plan In July 2018, the Company adopted the 2018 Incentive Award Plan (the “2018 Plan”). Under the 2018 Plan, which expires in July 2028, the Company may grant equity-based awards to individuals who are employees, officers, directors or consultants of the Company. Options issued under the 2018 Plan, will generally expire ten years from the date of grant and vest over a four-year period. As of March 31, 2020, 2,649,033 shares were available for future issuance under the 2018 Plan. The 2018 Plan contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028 in an amount equal to the lesser of: (i) 5% of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company. Under this evergreen provision, on January 1, 2020, an additional 1,214,804 shares became available for future issuance under the 2018 Plan. 2015 Stock Incentive Plan In February 2015, the Company adopted the Crinetics Pharmaceuticals, Inc. 2015 Stock Incentive Plan (the “2015 Plan”), which provided for the issuance of equity awards to the Company’s employees, members of its board of directors and consultants. In general, options issued under this plan vest over four years and expire after 10 years. Subsequent to the adoption of the 2018 Plan, no additional equity awards can be made under the 2015 Plan. Certain awards under the 2015 Plan allowed for exercise prior to vesting. Shares issued under such early-exercise provisions are subject to repurchase by the Company until they become fully vested. As of March 31, 2020, 26,992 unvested shares issued under early-exercise provisions were subject to repurchase by the Company. The condensed consolidated balance sheet reflects an unvested stock liability of $39,000 as of March 31, 2020. 2018 Employee Stock Purchase Plan In July 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “ESPP”). The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. As of March 31, 2020, an aggregate of 666,098 shares of common stock were available for issuance under the ESPP. The ESPP contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028 in an amount equal to the lesser of: (i) 1% of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company. Under this evergreen provision, on January 1, 2020, an additional 242,961 shares became available for future issuance under the ESPP. Stock Options Activity under the Company’s s tock option plans during the three months ended March 31, 2020 was as follows: Weighted- Weighted- Aggregate Options Average Average Intrinsic Outstanding Exercise Remaining Value (000’s) Price Term (000’s) Balance at December 31, 2019 3,127 $ 11.52 Granted 804 $ 22.56 Cancelled (20 ) $ 14.44 Exercised (42 ) $ 1.32 Balance at March 31, 2020 3,869 $ 13.91 8.5 $ 18,686 Exercisable at March 31, 2020 1,397 $ 8.04 7.8 $ 11,576 Aggregate intrinsic value in the above table is calculated as the difference at March 31, 2020 between the closing price of the Company’s common stock and the exercise price of stock options that had exercise prices below the closing price. The aggregate intrinsic value of options exercised during the first three months of 2020 was $0.9 million. Fair Value of Stock Option Awards The Company utilizes the Black-Scholes option pricing model to value awards under its equity plans. The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted to employees under the Company’s stock option plans and the shares purchasable under the ESPP during the periods presented: Stock Option Plans 2020 2019 Expected option term 6.0 years 6.0 years Expected volatility 76% 78% Risk free interest rate 1.3% 2.4% Expected dividend yield —% —% ESPP 2020 2019 Expected option term N/A 1.1 years Expected volatility N/A 66% Risk free interest rate N/A 2.4% Expected dividend yield N/A —% The key assumptions used in determining the fair value of equity awards, and the Company’s rationale, were as follows: (i) Expected option term - Expected volatility - Risk-free interest rate - Expected dividend yield The weighted-average fair value of stock options granted to employees during the three months ended March 31, 2020 and 2019 was $15.00 and $17.31 per share, respectively. Stock-Based Compensation Expense Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands): Three months ended March 31, 2020 2019 Included in research and development $ 1,086 $ 539 Included in general and administrative 1,061 489 Total stock-based compensation expense $ 2,147 $ 1,028 As of March 31, 2020, unrecognized stock-based compensation cost related to option awards and to the ESPP was $27.6 million and $0.4 million, respectively, which is expected to be recognized over a remaining weighted-average period of approximately 3.1 years and 1.1 years, respectively. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | 10. SUBSEQUENT EVENT Stock Offering On April 17, 2020, the Company completed a public offering of 8,222,500 shares of its common stock at a public offering price of $14.00 per share. Proceeds from the offering were approximately $107.9 million, net of underwriting discounts and commissions and offering costs of $7.2 million. The shares were registered pursuant to the Company’s Shelf Registration Statement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical-stage pharmaceutical company incorporated in Delaware on November 18, 2008 and based in San Diego, California. The Company is focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of March 31, 2020, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2020 and 2019, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2020 and 2019, and the condensed consolidated statements of cash flows for the three months ended March 31, 2020 and 2019, and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2020 and the results of its operations and cash flows for the three months ended March 31, 2020 and 2019 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. |
Principles of Consolidation and Foreign Currency Transactions | Principles of Consolidation and Foreign Currency Transactions The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and were not material for all periods presented. |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. |
Liquidity and Going Concern | Liquidity and Going Concern From inception, the Company has devoted substantially all of its efforts to drug discovery and development and conducting preclinical studies and clinical trials. The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. As of March 31, 2020, the Company had $112.8 million in unrestricted cash, cash equivalents and investment securities. Additionally, the Company raised an additional $107.9 million through a public offering of 8,222,500 shares of its common stock in April 2020 (see Note 10). The Company believes it has sufficient cash to meet its funding requirements for at least the next 12 months. The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $111.2 million as of March 31, 2020. The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. |
COVID-19 | COVID-19 The COVID-19 outbreak has caused significant business disruption around the globe. The extent of the impact of COVID-19 on the Company's operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and the impact on the Company's clinical trials, employees and vendors. At this point, the degree to which COVID-19 may impact the Company's financial condition or results of operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of Company to complete certain clinical trials and other efforts required to advance the development of its drug candidates and raise additional capital. In response to the pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer’s social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. At this point, we do not believe that the CARES Act will have a material impact on our income tax provision for 2020. We continue to evaluate the impact of the CARES Act on our financial position, results of operations and cash flows. |
Use of Estimates | Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrued expenses and associated research and development expense, accrued amounts receivable under the Australian research and development tax incentive program, the assumptions underlying the determination of the estimated incremental borrowing rate for the determination of the Company’s operating lease right-of-use asset, and the assumptions underlying the determination of the fair value of equity awards for purposes of determining stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. |
Fair Value Measurements | Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s current financial assets, restricted cash and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in readily available checking and money market accounts, as well as short-term debt securities with maturities of three months or less when purchased. Restricted cash represents cash held as collateral for the Company’s facility lease and is reported as a long-term asset in the accompanying condensed consolidated balance sheets. |
Investment Securities | Investment Securities All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months. Realized gains and losses on investment securities are included in earnings and are derived using the specific identification method for determining the cost of securities sold. The Company has not realized any significant gains or losses on sales of available-for-sale investment securities during any of the periods presented. As all the Company’s investment holdings are in the form of debt securities, unrealized gains and losses that are determined to be temporary in nature are reported as a component of accumulated other comprehensive income (loss). A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Interest income is recognized when earned and is included in investment income, as are the amortization of purchase premiums and accretion of purchase discounts on investment securities. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. |
Leases | Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Leases with a term longer than 12 months that are determined to be operating leases are included in operating lease assets, accrued expenses and other current liabilities and noncurrent operating lease liabilities in the condensed consolidated balance sheets based on the present value of the minimum lease payments called for under the arrangement. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. |
Research and Development Expenses | Research and Development Expenses Research and development (“R&D”) expenses consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation for individuals involved in R&D efforts, as well as consulting expenses, third-party R&D expenses, laboratory supplies, clinical materials and overhead, including facilities and depreciation costs, offset by the Australian Tax Incentive discussed below. R&D expenses are charged to expense as incurred. Payments made prior to the receipt of goods or services to be used in R&D are capitalized until the goods or services are received. Costs incurred under contracts with contract research organizations that conduct and manage the Company’s clinical trials are also included in research and development expenses. The financial terms and activities of these agreements vary from contract to contract and may result in uneven expense levels. Generally, these agreements set forth activities that drive the recording of expenses such as start-up and initiation activities, enrollment and treatment of patients, or the completion of other clinical trial activities. Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts that the Company is obligated to pay under its clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts its accruals accordingly on a prospective basis. Revisions to contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. Accrued R&D expenses were $4.0 million at March 31, 2020 and $2.8 million at December 31, 2019 and are included in accounts payable and accrued expenses in the condensed consolidated balance sheets. |
Australian Tax Incentive | Australian Tax Incentive CAPL is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the Australian Tax Incentive will be received, the relevant expenditure has been incurred, and the amount can be reliably measured. The Company recognized a reduction to R&D expense of $0.2 million and $47,000 for the three months ended March 31, 2020 and 2019, respectively. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense represents the estimated grant date fair value of the Company’s equity awards, consisting of stock options and shares issued under the Company’s Employee Stock Purchase Plan, recognized over the requisite service period of such awards (usually the vesting period) on a straight-line basis. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the remaining service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company estimates the fair value of all stock option grants using the Black-Scholes option pricing model and recognizes forfeitures as they occur. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is comprised of the Company’s net loss and the unrealized gain or loss on the Company’s investment securities held for all periods presented. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of common stock subject to repurchase and stock options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are shown below in common stock equivalent shares (in thousands): March 31, 2020 2019 Common stock options 3,869 2,919 Unvested common stock subject to repurchase 27 93 3,896 3,012 |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, Fair Value Measurements and Disclosures Recent Accounting Pronouncements ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Table) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share | Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are shown below in common stock equivalent shares (in thousands): March 31, 2020 2019 Common stock options 3,869 2,919 Unvested common stock subject to repurchase 27 93 3,896 3,012 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-For-Sale Investment Securities Held by the Company | The following is a summary of the available-for-sale investment securities held by the Company as of March 31, 2020 and December 31, 2019 ( in thousands As of March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale investment securities: U.S. government and agency obligations $ 33,024 $ 105 $ — $ 33,129 Certificates of deposit 7,152 56 — 7,208 Commercial paper 12,660 — — 12,660 Corporate debt securities 8,889 14 (15 ) 8,888 Total $ 61,725 $ 175 $ (15 ) $ 61,885 As of December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale investment securities: U.S. government and agency obligations $ 43,275 $ 94 $ (1 ) $ 43,368 Certificates of deposit 5,931 51 — 5,982 Commercial paper 17,645 — — 17,645 Corporate debt securities 11,067 7 (3 ) 11,071 Total $ 77,918 $ 152 $ (4 ) $ 78,066 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | Financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 were as follows ( in thousands As of March 31, 2020 Level 1 Level 2 Level 3 Total Investment securities: U.S. government and agency obligations $ 10,560 $ 22,569 $ — $ 33,129 Certificates of deposit — 7,208 — 7,208 Commercial paper — 12,660 — 12,660 Corporate debt securities — 8,888 — 8,888 Total assets measured at fair value $ 10,560 $ 51,325 $ — $ 61,885 As of December 31, 2019 Level 1 Level 2 Level 3 Total Investment securities: U.S. government and agency obligations $ 15,478 $ 27,890 $ — $ 43,368 Certificates of deposit — 5,982 — 5,982 Commercial paper — 17,645 — 17,645 Corporate debt securities — 11,071 — 11,071 Total assets measured at fair value $ 15,478 $ 62,588 $ — $ 78,066 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Components of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Prepaid research and development costs $ 2,370 $ 2,478 Australian tax incentive receivable 1,082 929 Interest receivable 139 224 SBIR grant receivable — 225 Prepaid expenses and other assets 775 1,091 Total $ 4,366 $ 4,947 |
Components of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Leasehold improvements $ 3,494 $ 3,494 Lab equipment 1,528 1,468 Office equipment 567 567 Computers and software 41 41 Property and equipment at cost 5,630 5,570 Less accumulated depreciation and amortization 1,859 1,624 Total $ 3,771 $ 3,946 |
Operating Lease (Tables)
Operating Lease (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Under Non-cancellable Operating Leases | As of March 31, 2020, future minimum payments under non-cancellable operating leases were as follows (in thousands): Year ending December 31, Minimum Payments 2020 (9 months) $ 847 2021 1,173 2022 1,208 2023 1,244 2024 1,280 Thereafter 871 Total future minimum lease payments 6,623 Less imputed interest 1,222 Total operating lease liability 5,401 Less operating lease liability, current 753 Operating lease liability, non-current $ 4,648 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Under Stock Option Plans | Activity under the Company’s s tock option plans during the three months ended March 31, 2020 was as follows: Weighted- Weighted- Aggregate Options Average Average Intrinsic Outstanding Exercise Remaining Value (000’s) Price Term (000’s) Balance at December 31, 2019 3,127 $ 11.52 Granted 804 $ 22.56 Cancelled (20 ) $ 14.44 Exercised (42 ) $ 1.32 Balance at March 31, 2020 3,869 $ 13.91 8.5 $ 18,686 Exercisable at March 31, 2020 1,397 $ 8.04 7.8 $ 11,576 |
Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted to Employees | The Company utilizes the Black-Scholes option pricing model to value awards under its equity plans. The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted to employees under the Company’s stock option plans and the shares purchasable under the ESPP during the periods presented: Stock Option Plans 2020 2019 Expected option term 6.0 years 6.0 years Expected volatility 76% 78% Risk free interest rate 1.3% 2.4% Expected dividend yield —% —% ESPP 2020 2019 Expected option term N/A 1.1 years Expected volatility N/A 66% Risk free interest rate N/A 2.4% Expected dividend yield N/A —% |
Summary of Stock-based Compensation Expense for the Equity Awards Issued to Employees and Non-Employees | Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands): Three months ended March 31, 2020 2019 Included in research and development $ 1,086 $ 539 Included in general and administrative 1,061 489 Total stock-based compensation expense $ 2,147 $ 1,028 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) | Apr. 17, 2020USD ($)shares | Aug. 13, 2019USD ($) | Mar. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) |
Organization And Basis Of Presentation [Line Items] | ||||
Number of operating segments | Segment | 1 | |||
Unrestricted cash, cash equivalents and investments securities | $ 112,800,000 | |||
Accumulated deficit | 111,162,000 | $ 93,802,000 | ||
Proceeds from issuance of common stock, net | $ 75,000,000 | $ 6,427,000 | ||
Initial Public Offering | Subsequent Event | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Proceeds from issuance of common stock, net | $ 107,900,000 | |||
Common Stock | Initial Public Offering | Subsequent Event | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Proceeds from issuance of common stock, net | $ 107,900,000 | |||
Common Stock, Shares, Issued | shares | 8,222,500 | |||
Minimum | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Period of sufficient cash to meet its funding requirements | 12 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Australian Research and Development Tax Incentive | Australian Taxation Office | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Tax incentive receivable, reductions to research and development expense | $ 200,000 | $ 47,000 | |
Accounts Payable And Accrued Expenses | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Accrued research and development expenses | $ 4,000,000 | $ 2,800,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 3,896 | 3,012 |
Common Stock Option | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 3,869 | 2,919 |
Unvested Common Stock Subject to Repurchase | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 27 | 93 |
Investment Securities - Summary
Investment Securities - Summary of Available-For-Sale Investment Securities Held by the Company (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | $ 61,725 | $ 77,918 |
Available-for-sale investment securities, Gross Unrealized Gains | 175 | 152 |
Available-for-sale investment securities, Gross Unrealized Losses | (15) | (4) |
Available-for-sale investment securities, Fair Market Value | 61,885 | 78,066 |
U.S. Government and Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 33,024 | 43,275 |
Available-for-sale investment securities, Gross Unrealized Gains | 105 | 94 |
Available-for-sale investment securities, Gross Unrealized Losses | (1) | |
Available-for-sale investment securities, Fair Market Value | 33,129 | 43,368 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 7,152 | 5,931 |
Available-for-sale investment securities, Gross Unrealized Gains | 56 | 51 |
Available-for-sale investment securities, Fair Market Value | 7,208 | 5,982 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 12,660 | 17,645 |
Available-for-sale investment securities, Fair Market Value | 12,660 | 17,645 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 8,889 | 11,067 |
Available-for-sale investment securities, Gross Unrealized Gains | 14 | 7 |
Available-for-sale investment securities, Gross Unrealized Losses | (15) | (3) |
Available-for-sale investment securities, Fair Market Value | $ 8,888 | $ 11,071 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-sale investment securities maturity period, maximum | 24 months | 24 months |
Available-for-sale, unrealized loss position | 0 | 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | $ 61,885 | $ 78,066 |
Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 10,560 | 15,478 |
Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 51,325 | 62,588 |
U.S. Government and Agency Obligations | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 33,129 | 43,368 |
U.S. Government and Agency Obligations | Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 10,560 | 15,478 |
U.S. Government and Agency Obligations | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 22,569 | 27,890 |
Certificates of Deposit | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 7,208 | 5,982 |
Certificates of Deposit | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 7,208 | 5,982 |
Commercial Paper | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 12,660 | 17,645 |
Commercial Paper | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 12,660 | 17,645 |
Corporate Debt Securities | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 8,888 | 11,071 |
Corporate Debt Securities | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | $ 8,888 | $ 11,071 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value assets transferred into level 3 | $ 0 |
Fair value assets transferred into level 3 | 0 |
Fair value assets transferred into level 3 | 0 |
Fair value assets transferred into level 3 | $ 0 |
Balance Sheet Details - Compone
Balance Sheet Details - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid research and development costs | $ 2,370 | $ 2,478 |
Australian tax incentive receivable | 1,082 | 929 |
Interest receivable | 139 | 224 |
SBIR grant receivable | 225 | |
Prepaid expenses and other assets | 775 | 1,091 |
Total | $ 4,366 | $ 4,947 |
Balance Sheet Details - Compo_2
Balance Sheet Details - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | $ 5,630 | $ 5,570 |
Less accumulated depreciation and amortization | 1,859 | 1,624 |
Total | 3,771 | 3,946 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | 3,494 | 3,494 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | 1,528 | 1,468 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | 567 | 567 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | $ 41 | $ 41 |
Operating Lease - Additional In
Operating Lease - Additional Information (Details) - 2018 Operating Lease - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Leased Assets [Line Items] | ||
Operating lease, initial term | 7 years | |
Operating lease expiration period | 2025-08 | |
Operating lease, option to extend term | five years | |
Lessee,operating lease, discount rate | 8.00% | |
Irrevocable letter of credit | $ 0.5 | |
Rent expense | 0.2 | $ 0.2 |
Cash paid for operating lease liabilities | $ 0.3 | $ 0.2 |
Operating Lease - Schedule of F
Operating Lease - Schedule of Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 (9 months) | $ 847 | |
2021 | 1,173 | |
2022 | 1,208 | |
2023 | 1,244 | |
2024 | 1,280 | |
Thereafter | 871 | |
Total future minimum lease payments | 6,623 | |
Less imputed interest | 1,222 | |
Total operating lease liability | 5,401 | |
Less operating lease liability, current | 753 | |
Operating lease liability, non-current | $ 4,648 | $ 4,849 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 13, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2018 |
Subsidiary Sale Of Stock [Line Items] | ||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock and paid-in capital, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Maximum amount of common stock preferred stock debt securities warrants and units to be issued | $ 300,000 | |||
Registration Statement effective date | Aug. 29, 2019 | |||
Proceeds from issuance of common stock, net | 75,000 | $ 6,427 | ||
Common stock, shares issued | 24,614,000 | 24,296,000 | ||
SVB Leerink LLC and Cantor Fitzgerald & Co. | Maximum [Member] | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Sale of common stock at offering price | $ 75,000 | |||
Initial Public Offering | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Common stock, shares authorized | 200,000,000 | |||
Common stock and paid-in capital, par value | $ 0.001 | |||
Preferred stock, shares authorized | 10,000,000 | |||
Preferred stock, par value | $ 0.001 | |||
ATM Offering | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Proceeds from issuance of common stock, net | $ 6,400 | |||
Common stock, shares issued | 275,764 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2020 | Jul. 31, 2018 | Feb. 28, 2015 | Mar. 31, 2020 | Mar. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total intrinsic value of options exercised | $ 0.9 | ||||
Dividend yield | 0.00% | ||||
Weighted-average fair value of stock options granted to employees per share | $ 15 | $ 17.31 | |||
Unrecognized stock-based compensation cost | $ 27.6 | ||||
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period | 3 years 1 month 6 days | ||||
ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum percentage of eligible compensation to purchase common stock through payroll deductions | 20.00% | ||||
Unrecognized stock-based compensation cost | $ 0.4 | ||||
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period | 1 year 1 month 6 days | ||||
Common Stock | ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Plan expiration date | Jan. 1, 2028 | ||||
Shares reserved for issuance, authorized | 666,098 | ||||
Additional shares available for future issuance | 242,961 | ||||
2018 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Plan expiration period | 2028-07 | ||||
Plan expiration term | 10 years | ||||
Vesting period | 4 years | ||||
Remaining shares available for future issuance | 2,649,033 | ||||
Plan expiration date | Jan. 1, 2028 | ||||
Annual increase in the number of shares available for issuance | 5.00% | ||||
2018 Plan | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Additional shares available for future issuance | 1,214,804 | ||||
2015 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Plan expiration term | 10 years | ||||
Vesting period | 4 years | ||||
Shares issued under early-exercise provisions subject to repurchase | 26,992 | ||||
Unvested stock liability | $ 39,000 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Activity Under Stock Option Plans (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options Outstanding, Beginning balance | shares | 3,127 |
Options Outstanding, Granted | shares | 804 |
Options Outstanding, Cancelled | shares | (20) |
Options Outstanding, Exercised | shares | (42) |
Options Outstanding, Ending balance | shares | 3,869 |
Options Exercisable, Ending balance | shares | 1,397 |
Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 11.52 |
Weighted-Average Exercise Price, Granted | $ / shares | 22.56 |
Weighted-Average Exercise Price, Cancelled | $ / shares | 14.44 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.32 |
Weighted-Average Exercise Price, Ending balance | $ / shares | 13.91 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 8.04 |
Weighted-Average Remaining Term, Ending balance | 8 years 6 months |
Weighted-Average Remaining Term, Exercisable | 7 years 9 months 18 days |
Aggregate Intrinsic Value, Ending balance | $ | $ 18,686 |
Aggregate Intrinsic Value, Exercisable | $ | $ 11,576 |
Equity Incentive Plans - Weight
Equity Incentive Plans - Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted to Employees (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | |
ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected option term | 1 year 1 month 6 days | |
Expected volatility | 66.00% | |
Risk free interest rate | 2.40% | |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected option term | 6 years | 6 years |
Expected volatility | 76.00% | 78.00% |
Risk free interest rate | 1.30% | 2.40% |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,147 | $ 1,028 |
Included in Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 1,086 | 539 |
Included in General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,061 | $ 489 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 17, 2020 | Aug. 13, 2019 | Mar. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Proceeds from issuance of common stock, net | $ 75,000 | $ 6,427 | |
Initial Public Offering | Subsequent Event | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Proceeds from issuance of common stock, net | $ 107,900 | ||
Offering discounts, commissions and offering costs, net | $ 7,200 | ||
Common Stock | Initial Public Offering | Subsequent Event | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common Stock, Shares, Issued | 8,222,500 | ||
Common stock price per share | $ 14 | ||
Proceeds from issuance of common stock, net | $ 107,900 |