Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 04, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VRCA | ||
Entity Registrant Name | Verrica Pharmaceuticals Inc. | ||
Entity Central Index Key | 1,660,334 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 244.6 | ||
Entity Common Stock, Shares Outstanding | 25,707,256 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transaction Period | true |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 10,271 | $ 8,663 |
Marketable securities | 79,538 | |
Prepaid expenses and other assets | 1,343 | 420 |
Total current assets | 91,152 | 9,083 |
Property and equipment, net | 255 | |
Deposits | 499 | |
Total assets | 91,906 | 9,083 |
Current liabilities: | ||
Accounts payable | 922 | 153 |
Accrued expenses | 1,517 | 449 |
Accounts payable and accrued expenses - related party | 38 | 14 |
Total current liabilities | 2,477 | 616 |
Total liabilities | 2,477 | 616 |
Commitments and Contingencies (Note 6) | ||
Convertible preferred stock | 15,508 | |
Stockholders’ equity (deficit): | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 and December 31, 2017 | ||
Common stock, $0.0001 par value; 200,000,000 and 33,236,900 shares authorized as of December 31, 2018 and December 31, 2017, respectively; 25,809,900 shares issued and 25,704,756 shares outstanding as of December 31, 2018 and 3,804,643 shares issued and 3,699,499 shares outstanding as of December 31, 2017, respectively | 3 | |
Treasury stock, at cost, 105,144 shares as of December 31, 2018 and December 31, 2017 | 0 | 0 |
Additional paid-in capital | 122,526 | 5,394 |
Accumulated deficit | (33,083) | (12,435) |
Accumulated other comprehensive loss | (17) | |
Total stockholders’ equity (deficit) | 89,429 | (7,041) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ 91,906 | 9,083 |
Series A Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock | 10,508 | |
Series B Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock | $ 5,000 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 33,236,900 |
Common stock, shares issued | 25,809,900 | 3,804,643 |
Common stock, shares outstanding | 25,704,756 | 3,699,499 |
Treasury stock, shares | 105,144 | 105,144 |
Series A Convertible Preferred Stock [Member] | ||
Convertible preferred stock, shares authorized | 0 | 21,302,972 |
Convertible preferred stock, shares issued | 0 | 21,302,972 |
Convertible preferred stock, shares outstanding | 0 | 21,302,972 |
Series B Convertible Preferred Stock [Member] | ||
Convertible preferred stock, shares authorized | 0 | 1,937,984 |
Convertible preferred stock, shares issued | 0 | 1,937,984 |
Convertible preferred stock, shares outstanding | 0 | 1,937,984 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses: | ||
Research and development | $ 12,826 | $ 3,730 |
General and administrative | 9,052 | 727 |
Total operating expenses | 21,878 | 4,457 |
Loss from operations | (21,878) | (4,457) |
Other income (expense): | ||
Interest income | 1,231 | |
Other expense | (1) | |
Interest expense - related party | (2) | |
Total other income (expense) | 1,230 | (2) |
Net loss | (20,648) | (4,459) |
Net loss attributable to common stockholders | $ (20,648) | $ (9,759) |
Net loss per share, basic and diluted | $ (1.41) | $ (1.56) |
Net loss attributable to common stockholders | $ (1.41) | $ (3.42) |
Weighted average common shares outstanding, basic and diluted | 14,662,751 | 2,850,269 |
Net loss | $ (20,648) | $ (4,459) |
Other comprehensive loss: | ||
Unrealized loss on marketable securities | (17) | |
Comprehensive loss | $ (20,665) | (4,459) |
Series A Preferred Stock [Member] | ||
Other income (expense): | ||
Deemed dividend on Series A preferred stock | $ (5,300) | |
Deemed dividend on Series A preferred stock | $ (1.86) |
STATEMENTS OF CONVERTIBLE PREFE
STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Treasury Stock at Cost [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2016 | $ (2,664) | $ 12 | $ (2,676) | ||||||
Beginning Balance (shares) at Dec. 31, 2016 | 21,302,972 | ||||||||
Beginning Balance at Dec. 31, 2016 | $ 2,789 | ||||||||
Beginning Balance (shares) at Dec. 31, 2016 | 3,804,643 | 105,144 | |||||||
Stock-based compensation | 82 | 82 | |||||||
Series A convertible preferred stock receivable | 8,000 | ||||||||
Issuance cost for preferred stock | (281) | ||||||||
Beneficial conversion feature for Series A preferred stock, temporary equity | (5,300) | ||||||||
Beneficial conversion feature for Series A preferred stock | 5,300 | 5,300 | |||||||
Deemed dividend for Series A preferred stock, temporary equity | $ 5,300 | ||||||||
Deemed dividend for Series A preferred stock | (5,300) | (5,300) | |||||||
Convertible preferred stock | $ 5,000 | ||||||||
Convertible preferred stock (shares) | 1,937,984 | ||||||||
Net loss | (4,459) | (4,459) | |||||||
Ending Balance at Dec. 31, 2017 | (7,041) | 5,394 | (12,435) | ||||||
Ending Balance (shares) at Dec. 31, 2017 | 21,302,972 | 1,937,984 | |||||||
Ending Balance at Dec. 31, 2017 | 15,508 | $ 10,508 | $ 5,000 | ||||||
Ending Balance (shares) at Dec. 31, 2017 | 3,804,643 | 105,144 | |||||||
Stock-based compensation | 2,251 | 2,251 | |||||||
Exercise of stock options | 7 | 7 | |||||||
Exercise of stock options (in shares) | 8,385 | ||||||||
Issuance cost for preferred stock | $ (7) | ||||||||
Convertible preferred stock | $ 21,000 | ||||||||
Convertible preferred stock (shares) | 4,606,267 | ||||||||
Conversion of preferred stock into common stock | 36,501 | $ (10,508) | $ (5,000) | $ (20,993) | $ 2 | 36,499 | |||
Conversion of preferred stock into common stock (shares) | (21,302,972) | (1,937,984) | (4,606,267) | 16,246,872 | |||||
Issuance of common stock in connection with IPO, net of offering costs | 78,376 | $ 1 | 78,375 | ||||||
Issuance of common stock in connection with IPO, net of offering costs (shares) | 5,750,000 | ||||||||
Net loss | (20,648) | (20,648) | |||||||
Unrealized loss on marketable securities | (17) | $ (17) | |||||||
Ending Balance at Dec. 31, 2018 | $ 89,429 | $ 3 | $ 122,526 | $ (33,083) | $ (17) | ||||
Ending Balance (shares) at Dec. 31, 2018 | 0 | 0 | |||||||
Ending Balance (shares) at Dec. 31, 2018 | 25,809,900 | 105,144 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (20,648,000) | $ (4,459,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,251,000 | 82,000 |
Accretion of discounts on marketable securities | (435,000) | |
Depreciation expense | 20,294 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (923,000) | (403,000) |
Accounts payable | 769,000 | 86,000 |
Accrued expenses | 1,068,000 | 133,000 |
Accounts payable and accrued expenses - related party | 24,000 | (22,000) |
Net cash used in operating activities | (17,874,000) | (4,583,000) |
Cash flows from investing activities | ||
Purchases of marketable securities | (79,120,000) | |
Purchases of property, plant and equipment | (275,000) | |
Deposit for construction of equipment | (499,000) | |
Net cash used in investing activities | (79,894,000) | |
Cash flows from financing activities | ||
Proceeds from the issuance of common stock in connection with IPO | 86,250,000 | |
Proceeds from exercise of stock options | 7,000 | |
Net cash provided by financing activities | 99,376,000 | 12,719,000 |
Net increase in cash and cash equivalents | 1,608,000 | 8,136,000 |
Cash and cash equivalents at the beginning of the year | 8,663,000 | 527,000 |
Cash and cash equivalents at the end of the year | 10,271,000 | 8,663,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,000 | |
Supplemental disclosure of noncash investing and financing activities: | ||
Change in unrealized loss on marketable securities | (17,000) | |
Conversion of preferred stock into common stock | 36,501,000 | |
IPO [Member] | ||
Cash flows from financing activities | ||
Payment of stock issuance costs | (7,874,000) | |
Series A Convertible Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Payment of stock issuance costs | (281,000) | |
Proceeds received from subscription receivable / issuance of preferred stock | 8,000,000 | |
Series C Convertible Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Payment of stock issuance costs | (7,000) | |
Proceeds received from subscription receivable / issuance of preferred stock | $ 21,000,000 | $ 5,000,000 |
Organization and Description of
Organization and Description of Business Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business Operations | Note 1—Organization and Description of Business Operations Verrica Pharmaceuticals Inc. (the “Company”) was formed on July 3, 2013 and is incorporated in the State of Delaware. The Company is a medical dermatology company committed to the development and commercialization of novel treatments that provide meaningful benefit for people living with skin diseases. Reverse Stock Split On June 4, 2018, the Company effected a 1.714-for-one reverse stock split of Company’s common stock. No fractional shares were issued in connection with the stock split. The par value and other terms of the common stock were not affected by the stock split. All share and per share amounts, including stock options, have been retroactively adjusted in these financial statements for all periods presented to reflect the 1.714-for-one reverse stock split. Further, exercise prices of stock options have been retroactively adjusted in these financial statements for all periods presented to reflect the 1.714-for-one reverse stock split. The number of shares of the Company’s preferred stock were not affected by the reverse stock split; however, the conversion ratios were adjusted to reflect the reverse stock split. Liquidity and Capital Resources The Company has incurred substantial operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of December 31, 2018, the Company had an accumulated deficit of $33.1 million. On February 20, 2018 and March 7, 2018, the Company issued an aggregate of 4,606,267 shares of Series C convertible preferred stock, at an issuance price of $4.559 per share, for gross proceeds of $21.0 million. On June 19, 2018, the Company completed an initial public offering (“IPO”) of its common stock, which resulted in the issuance and sale of 5,750,000 shares of its common stock at a public offering price of $15.00 per share, generating net proceeds of $78.4 million after deducting underwriting discounts and other offering costs. Upon the closing of the IPO, all outstanding shares of the Company’s Series A, Series B and Series C convertible preferred stock were automatically converted into 16,246,872 shares of the Company’s common stock. In addition, upon the closing of the IPO, the Company’s amended and restated certificate of incorporation authorized the Company to issue up to 200,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share, all of which shares of preferred stock are undesignated. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2—Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s functional currency is the U.S. dollar. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s financial statements relate to the valuation of common stock and stock options. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Segments Operating segments are identified as components of an enterprise about which separate 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. Cash, Cash Equivalents and Marketable Securities The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents. Cash and cash equivalents include cash held in banks and money market mutual funds. The Company classifies its marketable securities as “available-for-sale”, pursuant to ASC 320 Investments—Debt and Equity Securities There were no marketable securities with a maturity of greater than one year as of December 31, 2018. The following table presents the Company’s marketable securities as of December 31, 2018 (in thousands): December 31, 2018 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Commercial paper $ 48,623 $ 5 $ (4 ) $ 48,624 U.S. treasury securities 17,028 — (2 ) 17,026 Asset-backed securities 13,904 — (16 ) 13,888 Total marketable securities $ 79,555 $ 5 $ (22 ) $ 79,538 Concentrations of Credit Risk and Off-Balance Sheet Risk Cash, cash equivalents and marketable securities are financial instruments that are potentially subject to concentrations of credit risk. The Company’s deposits are in accounts at large financial institutions, and amounts may exceed federally insured limits. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held. The Company has no financial instruments with off-balance sheet risk of loss. Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. Depreciation and amortization is calculated using the straight line method over the expected useful life of the asset, after the asset is placed in service. The Company generally uses the following depreciable lives for its major classifications of property and equipment: Description Useful Lives Equipment 5 years Leasehold Improvements Lease term Office Furniture and Fixtures 3 years Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount, an impairment loss would be recognized if the carrying value of the asset exceeds its fair value. Fair value is generally determined using discounted cash flows. No impairment losses have been recorded since inception. Research and Development Costs The Company’s research and development expenses consist primarily of costs associated with the Company’s clinical trials, salaries, payroll taxes, employee benefits, and equity-based compensation charges for those individuals involved in ongoing research and development efforts. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Fair Value Measurement ASC 820, Fair Value Measurements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. The following table presents fair value of the Company’s marketable securities as of December 31, 2018 (in thousands): Fair Value Measurement as of December 31, 2018 Level 1 Level 2 Level 3 Total Commercial paper $ — $ 48,624 $ — $ 48,624 U.S. treasury securities 17,026 — — 17,026 Asset-backed securities — 13,888 — 13,888 Total $ 17,026 $ 62,512 $ — $ 79,538 Comprehensive Loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources. For the year ended December 31, 2018, comprehensive loss includes net loss and unrealized loss on marketable securities. Stock-Based Compensation The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation –Stock Compensation Non-employee options are remeasured to fair value each period and t . The use of the Black‑Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk‑free interest rates, and, for grants prior to the Company’s IPO, the value of the common stock. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Change in Accounting Principle - Stock-Based Compensation In the fourth quarter of 2018, the Company changed its policy for recognizing stock-based compensation expense for graded-vesting awards with service conditions only from the graded attribution method to the straight-line attribution method. The Company views these awards as single awards and believes that the straight-line attribution method more accurately reflects the pattern of service provided by the employees versus the graded attribution method which significantly front loads the stock-based compensation expense and does not appropriately match the expense with the services provided. In addition, based on research and analysis, the Company believes the straight-line attribution method for stock-based compensation expense for service condition-only awards is the predominant method used in its industry. The Company has concluded that the straight-line attribution method for stock-based compensation is a preferable accounting policy in accordance with ASC 250, Accounting Changes and Error Corrections and has applied this change retrospectively. The impact from the change in accounting policy for periods prior to January 1, 2018 was immaterial. The following tables present the effect of the change in accounting policy and its impact on key components of the Company’s 2018 financial statements (in thousands, except share and per share amounts): Year ended December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight- line Attribution Method Effect of Change Operating expenses: Research and development $ 12,939 $ 12,826 $ (113 ) General and administrative 10,441 9,052 (1,389 ) Total operating expenses 23,380 21,878 (1,502 ) Loss from operations (23,380 ) (21,878 ) 1,502 Other income (expense): Interest income 1,231 1,231 — Other expense (1 ) (1 ) — Total other income 1,230 1,230 — Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Net loss per common share, basic and diluted $ (1.51 ) $ (1.41 ) $ 0.10 Weighted average common shares outstanding, basic and diluted 14,662,751 14,662,751 Stock-based compensation expense included above: Research and development $ 472 $ 359 $ (113 ) General and administrative 3,281 1,892 (1,389 ) Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Other comprehensive loss: Unrealized loss on marketable securities (17 ) (17 ) — Comprehensive loss $ (22,167 ) $ (20,665 ) $ 1,502 As of December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight-line Attribution Method Effect of Change Stockholders’ equity: Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 $ — $ — $ — Common stock, $0.0001 par value; 200,000,000 shares authorized as of December 31, 2018; 25,809,900 shares issued and 25,704,756 shares outstanding as of December 31, 2018 3 3 — Treasury stock, at cost, 105,144 shares as of December 31, 2018 — — — Additional paid-in capital 124,028 122,526 (1,502 ) Accumulated deficit (34,585 ) (33,083 ) 1,502 Accumulated other comprehensive loss (17 ) (17 ) — Total stockholders’ equity $ 89,429 $ 89,429 $ — Year ended December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight-line Attribution Method Effect of Change Cash flows from operating activities: Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 3,753 2,251 (1,502 ) Accretion of discounts on marketable securities (435 ) (435 ) — Depreciation expense 20 20 — Changes in operating assets and liabilities: Prepaid expenses and other assets (923 ) (923 ) — Accounts payable 769 769 — Accrued expenses 1,068 1,068 — Accounts payable and accrued expenses – related party 24 24 — Net cash used in operating activities $ (17,874 ) $ (17,874 ) $ — Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. Net Loss Per Share Net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of Series A, Series B and Series C Preferred Stock, common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive: As of December 31, 2018 2017 Shares issuable upon conversion of Series A Preferred — 12,428,773 Shares issuable upon conversion of Series B Preferred — 1,130,679 Shares issuable upon exercise of stock options 1,529,883 90,429 Non-vested shares under restricted stock grants 848,859 848,859 Recently Adopted Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2016, the FASB issued ASU No. 2016-09, Share-Based Payment: Simplifying the Accounting for Share-Based Payments In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements The adoption of this standard is not expected to have a significant impact on the Company’s statements of operations and comprehensive loss and statements of cash flows. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement will adopt this standard as of January 1, 2019 but In August 2018, the FASB issued ASU 2018-15, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 3—Property and Equipment Property and equipment, net consisted of (in thousands): As of December 31, 2018 Leasehold improvements $ 68 Office furniture and fixtures 48 Office equipment 28 Construction in process 131 275 Accumulated depreciation (20 ) Total property and equipment, net $ 255 Depreciation expense for the years ended December 31, 2018 was $20,294. Prior to 2018, the Company did not hold any property or equipment. The Company has recorded an asset classified as construction in process |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4—Related Party Transactions Prior to the IPO, the Company was controlled by PBM VP Holdings, LLC (“PBM VP Holdings”) an affiliate of PBM Capital Group, LLC (“PBM”). Paul B. Manning, who is the Chairman and Chief Executive Officer of PBM and the current chairman of the Company’s Board of Directors, and certain entities affiliated with Mr. Manning, continue to be the Company’s largest shareholder on a collective basis. On December 2, 2015, the Company entered into a Services Agreement (a “SA”) with PBM. Pursuant to the terms of the SA, which had an initial term of twelve months (and was automatically renewable for successive monthly periods), PBM rendered advisory and consulting services to the Company. Services provided under the SA included certain business development, operations, technical, contract, accounting and back office support services. In consideration for these services, the Company was obligated to pay PBM a monthly management fee of $2,500. On March 29, 2018, the Company amended the SA with PBM, effective as of April 1, 2018, increasing the monthly fee to $50,000. On January 1, 2019, the SA was amended to reduce the monthly management fee to $26,333 as a result of a reduction in services provided by PBM. For the years ended December 31, 2018 and 2017, the Company incurred expenses under the SA of $457,500 and $30,000, respectively, which were primarily included in general and administrative expenses. As of December 31, 2018 and 2017, the Company had payables due to PBM and its affiliates of $38,000 and $14,000, respectively. These balances include amounts due for other miscellaneous expenses incurred by PBM and its affiliates. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 5—Accrued Expenses Accrued expenses consisted of the following (in thousands): As of December 31, 2018 2017 Compensation and related costs $ 1,261 $ 49 Clinical trials and drug development — 233 Consulting - former Chief Scientific Officer 190 — Professional fees 56 129 Other 10 38 Total accrued expenses $ 1,517 $ 449 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6—Commitments and Contingencies Litigation As of December 31, 2018 and 2017, there was no litigation against the Company. Supply Agreement and Purchase Order On March 22, 2018, the Company executed a purchase order with a supplier, denominated in Chinese yuan, pursuant to which the Company agreed to purchase approximately $2.3 million of crude cantharidin material. As of December 31, 2018, the Company purchased approximately $1.5 million of crude cantharidin material under this purchase order. On July 16, 2018, the Company entered into a supply agreement with the supplier. The executed purchase order is covered under the terms of the supply agreement. Pursuant to the supply agreement, the supplier has agreed that it will not supply cantharidin, any beetles or other raw material from which cantharidin is derived to any other customer in North America, subject to specified minimum annual purchase orders and forecasts. The supply agreement has an initial five-year term, which is subject to automatic renewal absent termination by either party in accordance with the terms of the supply agreement. Each party also has the right to terminate the supply agreement for other customary reasons such as material breach or bankruptcy. Agreements with Former Chief Scientific Officer On May 31, 2018, the Company and the former Chief Scientific Officer (“CSO”) executed a transition agreement related to his resignation from employment as well as a Consulting Agreement (the “Consulting Agreement”) that began upon the closing of the IPO. The Consulting Agreement provides for cash payments to the former CSO of $29,375 per month for the first 12 months of the agreement. After the first 12 months, the former CSO will receive $300 per hour for each hour of consulting services provided. As of December 31, 2018, $0.2 million remained accrued under this Consulting Agreement. Facility Lease The Company has operations in a facility in West Chester, Pennsylvania pursuant to a sublease agreement that expires in May 2021 . Rent expense under this sublease was $97,503 in 2018 and future minimum lease payments are as follows (in thousands): 2019 $ 136 2020 139 2021 58 Total minimum lease payments $ 333 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7—Stockholders’ Equity Common Stock The Company had authorized 200,000,000 and 33,236,900 shares of common stock, $0.0001 par value per share, as of December 31, 2018 and 2017, respectively. Each share of common stock is entitled to one voting right. Common stock owners are entitled to dividends when funds are legally available and declared by the Board. On June 19, 2018, the Company completed an IPO of its common stock, which resulted in the issuance and sale of 5,750,000 shares of its common stock at a public offering price of $15.00 per share, generating net proceeds of $78.4 million after deducting underwriting discounts and other offering costs. The shares commenced trading on the Nasdaq Global Market on June 15, 2018 under the ticker symbol “VRCA.” Restricted Stock Pursuant to an Amended and Restated Stock Purchase Agreement (the “Amended and Restated Agreement”) between the Company and the former CSO, 848,859 shares held by the former CSO are subject to repurchase by the Company at $0.0001 per share in the event the CSO ceases to be a consultant. These shares will be released from the repurchase option on the earliest to occur of (i) a change in control, (ii) regulatory approval of the Company’s new drug application for cantharidin, (iii) commercial sale of products and (iv) a covered termination, as defined in the Amended and Restated Agreement. No compensation expense has been recognized for these nonvested shares as these shares are performance-based and the triggering event was not determined to be probable as of December 31, 2018. See Note 8. Convertible Preferred Stock On December 2, 2015, the Company issued an aggregate of 21,302,972 shares of Series A Preferred Stock to fourteen investors for cash consideration of $1.9 million, conversion of previously outstanding notes payable and accrued interest of $0.5 million and a stock subscription receivable of $8.5 million. The Company incurred aggregate issuance costs of $0.4 million, related to the issuance of the Series A Preferred Stock and subsequent settlement of the stock subscription receivable. PBM VP Holdings paid the Company $0.5 million during the year ended December 31, 2016, and $8.0 million during the year ended December 31, 2017 to settle the stock subscription receivable. Upon the closing of the IPO on June 19, 2018, all outstanding shares of the Company’s Series A Preferred Stock were automatically converted into 12,428,773 shares of the Company’s common stock. On December 15, 2017, the Company issued and sold an aggregate of 1,937,984 shares of Series B Preferred Stock, at an issuance price of $2.58 per share, for gross proceeds of $5.0 million. The Company did not incur any issuance costs for the Series B Preferred Stock. Upon the closing of the IPO on June 19, 2018, all outstanding shares of the Company’s Series B Preferred Stock were automatically converted into 1,130,679 shares of the Company’s common stock. On February 20, 2018 and March 7, 2018, the Company issued and sold an aggregate of 4,606,267 shares of Series C Preferred Stock, at an issuance price of $4.559 per share, for aggregate gross proceeds of $21.0 million. Upon the closing of the IPO on June 19, 2018, all outstanding shares of the Company’s Series C Preferred Stock were automatically converted into 2,687,420 shares of the Company’s common stock. The Company classified its Convertible Preferred Stock outside of stockholders’ deficit because redemption of the Convertible Preferred Stock, upon a deemed liquidation event, was not solely within the Company’s control. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 8—Stock-Based Compensation In June 2018, the Board adopted and approved the 2018 Equity Incentive Plan (the “IPO Plan”), which amended and restated the Company’s prior 2013 Equity Incentive Plan (the “2013 Plan”) and became effective in connection with the IPO pricing on June 19, 2018. Prior to the effectiveness of the IPO Plan, the 2013 Plan provided for the grant of share-based awards to employees, directors and consultants of the Company. As a result of the effectiveness of the IPO Plan, no further grants may be made under the 2013 Plan. The IPO Plan provides for the grant of incentive stock options to employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of stock awards to employees, including officers, consultants and directors. The IPO Plan also provides for the grant of performance-based cash awards to employees, including officers, consultants and directors. The Company has initially reserved 3,738,199 shares of common stock for issuance under the IPO Plan, which is the sum of (1) 2,198,198 new shares, plus (2) the number of shares reserved for issuance under the 2013 Plan at the time the IPO Plan became effective, plus (3) any shares subject to outstanding stock options or other stock awards that would have otherwise returned to the 2013 Plan (such as upon the expiration or termination of a stock award prior to exercise). The number of shares of common stock reserved for issuance under the IPO Plan will automatically increase on January 1 each year, for a period of ten years, from January 1, 2019 through January 1, 2028, by 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Board. As of December 31, 2018, 1,958,033 shares were available for grant under the IPO Plan. Stock Options The Company’s employee stock options generally vest as follows: 25% after 12 months of continuous services and the remaining 75% on a ratable basis over a 36-month period from 12 months after the grant date. Stock options granted during the year ended December 31, 2018 have a maximum contractual term of 10 years. The stock options are subject to time vesting requirements through 2022, are nontransferable, and have term expiration dates set to expire through 2028. The grant date fair value of employee stock option awards is determined using the Black-Scholes option-pricing model. The following assumptions were used during the years ended December 31, 2018 and 2017 to estimate the fair value of employee stock option awards: For the Year Ended December 31, 2018 2017 Exercise price $6.52 - $16.32 $0.90 Risk-free rate of interest 2.58% - 3.13% 1.92% - 2.23% Expected term (years) 6.15 6.25 Expected stock price volatility 58.26% - 83.67% 79.02% - 79.12% Dividend yield — — Weighted average grant date fair value $6.95 $0.12 Non-employee options are remeasured to fair value each period through operations using a Black-Scholes option-pricing model until the options vest. There were no stock options granted to non-employees during the years ended December 31, 2018 and 2017. Key assumptions used to estimate the fair value of the non-employee stock options remeasured during the years ended December 31, 2018 and 2017 are as follows: For the Year Ended December 31, 2018 2017 Exercise price $0.90 $0.90 Risk-free rate of interest 2.33% - 3.06% 2.16% - 2.48% Expected term (years) 7.53 8.43 Expected stock price volatility 58.26% - 83.81% 77.59% - 79.12% Dividend yield — — Weighted average fair value $9.22 $3.37 The following table summarizes the Company’s employee stock option activity under the 2013 Plan and the IPO Plan for the year ended December 31, 2018: Weighted average Aggregate Weighted average remaining contractual Intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2017 17,502 $ 0.90 9.0 Options granted 1,451,839 8.34 Exercised (8,385 ) 0.90 Forfeited/Cancelled (4,000 ) 16.32 Outstanding as of December 31, 2018 1,456,956 $ 8.27 9.2 $ 1,739,581 Options vested and exercisable as of December 31, 2018 192,018 $ 6.52 9.1 $ 312,995 The following table summarizes the Company’s non-employee stock option activity under the 2013 Plan and the IPO Plan for the year ended December 31, 2018: Weighted average Aggregate Weighted average remaining contractual intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2017 72,927 $ 0.90 8.3 Granted — — Outstanding as of December 31, 2018 72,927 $ 0.90 7.3 $ 528,721 Options vested and exercisable as of December 31, 2018 55,910 $ 0.90 7.3 $ 405,348 The aggregate intrinsic value in the above table is calculated as the difference between fair value of the Company’s common stock price and the exercise price of the stock options. The weighted average grant date fair value per share for the employee stock option granted during the years ended December 31, 2018 and 2017 was $6.95 and $0.12, respectively. As of December 31, 2018, the total unrecognized compensation related to unvested employee and non-employee stock option awards granted was $8.1 million, which the Company expects to recognize over a weighted-average period of 3.1 years. Restricted Stock The following table summarizes restricted stock award activities for the year ended December 31, 2018: Weighted Average Grant Date Fair Number of Shares Value Nonvested at December 31, 2017 848,859 $ 0.33 Granted — — Nonvested at December 31, 2018 848,859 $ 0.33 As of December 31, 2018, the total unrecognized compensation expense related to the nonvested shares was $0.3 million. No compensation expense has been recognized for these nonvested shares as these shares are performance-based and the triggering event was not determined to be probable as of December 31, 2018. Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s statements of operations for the years ended December 31, 2018 and 2017 as follows (in thousands): For the Year Ended December 31, 2018 2017 Research and development $ 359 $ 82 General and administrative 1,892 — Total stock-based compensation $ 2,251 $ 82 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9–Income Taxes There is no provision for income taxes as the Company has historically incurred operating losses and maintains a full valuation allowance against its deferred tax assets. Differences between the provision (benefit) for income taxes and income taxes at the statutory federal income tax rate are as follows (in thousands): For the Year Ended December 31, 2018 2017 Tax computed at statutory federal income tax rate 1 $ (4,336 ) $ (1,560 ) State taxes, net of federal benefit (1,478 ) (255 ) Rate change — 898 Permanent items 409 — Other (5 ) — Change in valuation allowance 5,410 917 Income tax provision (benefit) $ — $ — 1. Statutory U.S. federal income tax rate of 21% in 2018 and 35% in 2017. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): As of December 31, 2018 2017 Deferred tax assets: Net operating loss carryovers $ 6,909 $ 1,946 Accrued expenses and other 510 27 Total deferred tax assets 7,419 1,973 Less valuation allowance (7,383 ) (1,973 ) Deferred tax asset, net of valuation allowance 36 — Deferred tax liabilities: Fixed assets (36 ) — Total deferred tax liabilities (36 ) — Net deferred tax assets $ — $ — The Company has determined, based upon all available evidence, that it is more likely than not that the net deferred tax asset will not be realized and, accordingly, has provided a full valuation allowance against its net deferred tax asset. As of December 31, 2018, the Company had federal and state net operating loss carryforwards of approximately $24.1 million and $24.1 million, respectively. The federal and state net operating loss carryforwards that were generated prior to 2018 will begin to expire, if not utilized, by 2033. Under the 2017 federal income tax law changes, federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such federal net operating losses is limited. As of December 31, 2018, the Company has uncertain tax positions related to federal and state income credits for its research and development activities. The total amount of unrecognized tax benefits was $0.1 million as of December 31, 2018 and The 2015 and subsequent federal and state tax years for the Company remain open for the assessment of income taxes. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 10–Selected Quarterly Financial Data (Unaudited) In the fourth quarter of 2018, the Company changed its policy for recognizing stock-based compensation expense for awards with service conditions only from the graded attribution method to the straight-line attribution method. See Note 2 - Change in Accounting Principle - Stock-Based Compensation. The impact from the change in accounting policy for periods prior to January 1, 2108 was immaterial. As a result, the quarterly periods in 2017 have not been adjusted for the change in accounting policy. The following tables present the effect of the change in accounting policy and its impact on the Company’s results of operations as previously reported for the 2018 quarters ended March 31, June 30, and September 30, as compared to the results of operations after the retrospective application of the change in accounting policy (in thousands, except share and per share amounts): For the Quarter Ended As Computed Under Straight-line Attribution Method: March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating expenses: Research and development $ 927 $ 3,515 $ 3,467 $ 4,917 General and administrative 961 1,955 2,865 3,271 Total operating expenses 1,888 5,470 6,332 8,188 Loss from operations (1,888 ) (5,470 ) (6,332 ) (8,188 ) Total other income 41 153 426 610 Net loss $ (1,847 ) $ (5,317 ) $ (5,906 ) $ (7,578 ) Net loss per share, basic and diluted $ (0.65 ) $ (0.92 ) $ (0.24 ) $ (0.30 ) Weighted average common shares outstanding, basic and diluted 2,850,460 5,751,326 24,847,512 24,847,877 For the Quarter Ended As Previously Reported Under Graded Attribution Method: March 31, 2018 June 30, 2018 September 30, 2018 Operating expenses: Research and development $ 929 $ 3,609 $ 3,484 General and administrative 986 2,503 3,681 Total operating expenses 1,915 6,112 7,165 Loss from operations (1,915 ) (6,112 ) (7,165 ) Total other income 41 153 426 Net loss $ (1,874 ) $ (5,959 ) $ (6,739 ) Net loss per share, basic and diluted $ (0.66 ) $ (1.04 ) $ (0.27 ) Weighted average common shares outstanding, basic and diluted 2,850,640 5,751,326 24,847,512 The following table presents the quarterly results of operations for 2017 (in thousands, except share and per share amounts): For the Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Operating expenses: Research and development $ 515 $ 977 $ 1,120 $ 1,118 General and administrative 55 118 238 316 Total operating expenses 570 1,095 1,358 1,434 Loss from operations (570 ) (1,095 ) (1,358 ) (1,434 ) Total other income (expense) — — (1 ) (1 ) Net loss $ (570 ) $ (1,095 ) $ (1,359 ) $ (1,435 ) Net loss per share, basic and diluted $ (0.20 ) $ (0.38 ) $ (0.48 ) $ (0.50 ) Weighted average common shares outstanding, basic and diluted 2,849,305 2,850,471 2,850,640 2,850,640 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s functional currency is the U.S. dollar. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s financial statements relate to the valuation of common stock and stock options. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. |
Segments | Segments Operating segments are identified as components of an enterprise about which separate 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. |
Cash Cash Equivalents and Marketable Securities | Cash, Cash Equivalents and Marketable Securities The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents. Cash and cash equivalents include cash held in banks and money market mutual funds. The Company classifies its marketable securities as “available-for-sale”, pursuant to ASC 320 Investments—Debt and Equity Securities There were no marketable securities with a maturity of greater than one year as of December 31, 2018. The following table presents the Company’s marketable securities as of December 31, 2018 (in thousands): December 31, 2018 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Commercial paper $ 48,623 $ 5 $ (4 ) $ 48,624 U.S. treasury securities 17,028 — (2 ) 17,026 Asset-backed securities 13,904 — (16 ) 13,888 Total marketable securities $ 79,555 $ 5 $ (22 ) $ 79,538 |
Concentrations of Credit Risk and Off-Balance Sheet Risk | Concentrations of Credit Risk and Off-Balance Sheet Risk Cash, cash equivalents and marketable securities are financial instruments that are potentially subject to concentrations of credit risk. The Company’s deposits are in accounts at large financial institutions, and amounts may exceed federally insured limits. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held. The Company has no financial instruments with off-balance sheet risk of loss. |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. Depreciation and amortization is calculated using the straight line method over the expected useful life of the asset, after the asset is placed in service. The Company generally uses the following depreciable lives for its major classifications of property and equipment: Description Useful Lives Equipment 5 years Leasehold Improvements Lease term Office Furniture and Fixtures 3 years Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount, an impairment loss would be recognized if the carrying value of the asset exceeds its fair value. Fair value is generally determined using discounted cash flows. No impairment losses have been recorded since inception. |
Research and Development Costs | Research and Development Costs The Company’s research and development expenses consist primarily of costs associated with the Company’s clinical trials, salaries, payroll taxes, employee benefits, and equity-based compensation charges for those individuals involved in ongoing research and development efforts. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. |
Fair Value Measurement | Fair Value Measurement ASC 820, Fair Value Measurements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. The following table presents fair value of the Company’s marketable securities as of December 31, 2018 (in thousands): Fair Value Measurement as of December 31, 2018 Level 1 Level 2 Level 3 Total Commercial paper $ — $ 48,624 $ — $ 48,624 U.S. treasury securities 17,026 — — 17,026 Asset-backed securities — 13,888 — 13,888 Total $ 17,026 $ 62,512 $ — $ 79,538 |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources. For the year ended December 31, 2018, comprehensive loss includes net loss and unrealized loss on marketable securities. |
Share Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation –Stock Compensation Non-employee options are remeasured to fair value each period and t . The use of the Black‑Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk‑free interest rates, and, for grants prior to the Company’s IPO, the value of the common stock. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Change in Accounting Principle - Stock-Based Compensation In the fourth quarter of 2018, the Company changed its policy for recognizing stock-based compensation expense for graded-vesting awards with service conditions only from the graded attribution method to the straight-line attribution method. The Company views these awards as single awards and believes that the straight-line attribution method more accurately reflects the pattern of service provided by the employees versus the graded attribution method which significantly front loads the stock-based compensation expense and does not appropriately match the expense with the services provided. In addition, based on research and analysis, the Company believes the straight-line attribution method for stock-based compensation expense for service condition-only awards is the predominant method used in its industry. The Company has concluded that the straight-line attribution method for stock-based compensation is a preferable accounting policy in accordance with ASC 250, Accounting Changes and Error Corrections and has applied this change retrospectively. The impact from the change in accounting policy for periods prior to January 1, 2018 was immaterial. The following tables present the effect of the change in accounting policy and its impact on key components of the Company’s 2018 financial statements (in thousands, except share and per share amounts): Year ended December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight- line Attribution Method Effect of Change Operating expenses: Research and development $ 12,939 $ 12,826 $ (113 ) General and administrative 10,441 9,052 (1,389 ) Total operating expenses 23,380 21,878 (1,502 ) Loss from operations (23,380 ) (21,878 ) 1,502 Other income (expense): Interest income 1,231 1,231 — Other expense (1 ) (1 ) — Total other income 1,230 1,230 — Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Net loss per common share, basic and diluted $ (1.51 ) $ (1.41 ) $ 0.10 Weighted average common shares outstanding, basic and diluted 14,662,751 14,662,751 Stock-based compensation expense included above: Research and development $ 472 $ 359 $ (113 ) General and administrative 3,281 1,892 (1,389 ) Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Other comprehensive loss: Unrealized loss on marketable securities (17 ) (17 ) — Comprehensive loss $ (22,167 ) $ (20,665 ) $ 1,502 As of December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight-line Attribution Method Effect of Change Stockholders’ equity: Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 $ — $ — $ — Common stock, $0.0001 par value; 200,000,000 shares authorized as of December 31, 2018; 25,809,900 shares issued and 25,704,756 shares outstanding as of December 31, 2018 3 3 — Treasury stock, at cost, 105,144 shares as of December 31, 2018 — — — Additional paid-in capital 124,028 122,526 (1,502 ) Accumulated deficit (34,585 ) (33,083 ) 1,502 Accumulated other comprehensive loss (17 ) (17 ) — Total stockholders’ equity $ 89,429 $ 89,429 $ — Year ended December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight-line Attribution Method Effect of Change Cash flows from operating activities: Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 3,753 2,251 (1,502 ) Accretion of discounts on marketable securities (435 ) (435 ) — Depreciation expense 20 20 — Changes in operating assets and liabilities: Prepaid expenses and other assets (923 ) (923 ) — Accounts payable 769 769 — Accrued expenses 1,068 1,068 — Accounts payable and accrued expenses – related party 24 24 — Net cash used in operating activities $ (17,874 ) $ (17,874 ) $ — |
Income Taxes | Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. |
Net Loss Per Share | Net Loss Per Share Net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of Series A, Series B and Series C Preferred Stock, common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive: As of December 31, 2018 2017 Shares issuable upon conversion of Series A Preferred — 12,428,773 Shares issuable upon conversion of Series B Preferred — 1,130,679 Shares issuable upon exercise of stock options 1,529,883 90,429 Non-vested shares under restricted stock grants 848,859 848,859 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2016, the FASB issued ASU No. 2016-09, Share-Based Payment: Simplifying the Accounting for Share-Based Payments In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements The adoption of this standard is not expected to have a significant impact on the Company’s statements of operations and comprehensive loss and statements of cash flows. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement will adopt this standard as of January 1, 2019 but In August 2018, the FASB issued ASU 2018-15, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Marketable Securities | The following table presents the Company’s marketable securities as of December 31, 2018 (in thousands): December 31, 2018 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Commercial paper $ 48,623 $ 5 $ (4 ) $ 48,624 U.S. treasury securities 17,028 — (2 ) 17,026 Asset-backed securities 13,904 — (16 ) 13,888 Total marketable securities $ 79,555 $ 5 $ (22 ) $ 79,538 |
Schedule of Depreciable Lives of Property and Equipment | The Company generally uses the following depreciable lives for its major classifications of property and equipment: Description Useful Lives Equipment 5 years Leasehold Improvements Lease term Office Furniture and Fixtures 3 years |
Schedule of Fair Value of Marketable Securities | The following table presents fair value of the Company’s marketable securities as of December 31, 2018 (in thousands): Fair Value Measurement as of December 31, 2018 Level 1 Level 2 Level 3 Total Commercial paper $ — $ 48,624 $ — $ 48,624 U.S. treasury securities 17,026 — — 17,026 Asset-backed securities — 13,888 — 13,888 Total $ 17,026 $ 62,512 $ — $ 79,538 |
Schedule of Change in Accounting Policy and its Impact on Key Components of Financial Statements | The following tables present the effect of the change in accounting policy and its impact on key components of the Company’s 2018 financial statements (in thousands, except share and per share amounts): Year ended December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight- line Attribution Method Effect of Change Operating expenses: Research and development $ 12,939 $ 12,826 $ (113 ) General and administrative 10,441 9,052 (1,389 ) Total operating expenses 23,380 21,878 (1,502 ) Loss from operations (23,380 ) (21,878 ) 1,502 Other income (expense): Interest income 1,231 1,231 — Other expense (1 ) (1 ) — Total other income 1,230 1,230 — Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Net loss per common share, basic and diluted $ (1.51 ) $ (1.41 ) $ 0.10 Weighted average common shares outstanding, basic and diluted 14,662,751 14,662,751 Stock-based compensation expense included above: Research and development $ 472 $ 359 $ (113 ) General and administrative 3,281 1,892 (1,389 ) Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Other comprehensive loss: Unrealized loss on marketable securities (17 ) (17 ) — Comprehensive loss $ (22,167 ) $ (20,665 ) $ 1,502 As of December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight-line Attribution Method Effect of Change Stockholders’ equity: Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 $ — $ — $ — Common stock, $0.0001 par value; 200,000,000 shares authorized as of December 31, 2018; 25,809,900 shares issued and 25,704,756 shares outstanding as of December 31, 2018 3 3 — Treasury stock, at cost, 105,144 shares as of December 31, 2018 — — — Additional paid-in capital 124,028 122,526 (1,502 ) Accumulated deficit (34,585 ) (33,083 ) 1,502 Accumulated other comprehensive loss (17 ) (17 ) — Total stockholders’ equity $ 89,429 $ 89,429 $ — Year ended December 31, 2018 As Computed Under Graded Attribution Method As Reported Under Straight-line Attribution Method Effect of Change Cash flows from operating activities: Net loss $ (22,150 ) $ (20,648 ) $ 1,502 Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 3,753 2,251 (1,502 ) Accretion of discounts on marketable securities (435 ) (435 ) — Depreciation expense 20 20 — Changes in operating assets and liabilities: Prepaid expenses and other assets (923 ) (923 ) — Accounts payable 769 769 — Accrued expenses 1,068 1,068 — Accounts payable and accrued expenses – related party 24 24 — Net cash used in operating activities $ (17,874 ) $ (17,874 ) $ — |
Schedule of Potential Shares Outstanding Excluded in Computation of Diluted Net Loss Per Common Share | The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive: As of December 31, 2018 2017 Shares issuable upon conversion of Series A Preferred — 12,428,773 Shares issuable upon conversion of Series B Preferred — 1,130,679 Shares issuable upon exercise of stock options 1,529,883 90,429 Non-vested shares under restricted stock grants 848,859 848,859 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of (in thousands): As of December 31, 2018 Leasehold improvements $ 68 Office furniture and fixtures 48 Office equipment 28 Construction in process 131 275 Accumulated depreciation (20 ) Total property and equipment, net $ 255 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following (in thousands): As of December 31, 2018 2017 Compensation and related costs $ 1,261 $ 49 Clinical trials and drug development — 233 Consulting - former Chief Scientific Officer 190 — Professional fees 56 129 Other 10 38 Total accrued expenses $ 1,517 $ 449 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | future minimum lease payments are as follows (in thousands): 2019 $ 136 2020 139 2021 58 Total minimum lease payments $ 333 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Restricted Stock Awards Activities | The following table summarizes restricted stock award activities for the year ended December 31, 2018: Weighted Average Grant Date Fair Number of Shares Value Nonvested at December 31, 2017 848,859 $ 0.33 Granted — — Nonvested at December 31, 2018 848,859 $ 0.33 |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s statements of operations for the years ended December 31, 2018 and 2017 as follows (in thousands): For the Year Ended December 31, 2018 2017 Research and development $ 359 $ 82 General and administrative 1,892 — Total stock-based compensation $ 2,251 $ 82 |
Employee Stock Options [Member] | |
Assumptions Used to Estimate Fair Value | The grant date fair value of employee stock option awards is determined using the Black-Scholes option-pricing model. The following assumptions were used during the years ended December 31, 2018 and 2017 to estimate the fair value of employee stock option awards: For the Year Ended December 31, 2018 2017 Exercise price $6.52 - $16.32 $0.90 Risk-free rate of interest 2.58% - 3.13% 1.92% - 2.23% Expected term (years) 6.15 6.25 Expected stock price volatility 58.26% - 83.67% 79.02% - 79.12% Dividend yield — — Weighted average grant date fair value $6.95 $0.12 |
Schedule of Stock Option Activity | The following table summarizes the Company’s employee stock option activity under the 2013 Plan and the IPO Plan for the year ended December 31, 2018: Weighted average Aggregate Weighted average remaining contractual Intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2017 17,502 $ 0.90 9.0 Options granted 1,451,839 8.34 Exercised (8,385 ) 0.90 Forfeited/Cancelled (4,000 ) 16.32 Outstanding as of December 31, 2018 1,456,956 $ 8.27 9.2 $ 1,739,581 Options vested and exercisable as of December 31, 2018 192,018 $ 6.52 9.1 $ 312,995 |
Non-Employee Stock Option [Member] | |
Assumptions Used to Estimate Fair Value | Key assumptions used to estimate the fair value of the non-employee stock options remeasured during the years ended December 31, 2018 and 2017 are as follows: For the Year Ended December 31, 2018 2017 Exercise price $0.90 $0.90 Risk-free rate of interest 2.33% - 3.06% 2.16% - 2.48% Expected term (years) 7.53 8.43 Expected stock price volatility 58.26% - 83.81% 77.59% - 79.12% Dividend yield — — Weighted average fair value $9.22 $3.37 |
Schedule of Stock Option Activity | The following table summarizes the Company’s non-employee stock option activity under the 2013 Plan and the IPO Plan for the year ended December 31, 2018: Weighted average Aggregate Weighted average remaining contractual intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2017 72,927 $ 0.90 8.3 Granted — — Outstanding as of December 31, 2018 72,927 $ 0.90 7.3 $ 528,721 Options vested and exercisable as of December 31, 2018 55,910 $ 0.90 7.3 $ 405,348 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | There is no provision for income taxes as the Company has historically incurred operating losses and maintains a full valuation allowance against its deferred tax assets. Differences between the provision (benefit) for income taxes and income taxes at the statutory federal income tax rate are as follows (in thousands): For the Year Ended December 31, 2018 2017 Tax computed at statutory federal income tax rate 1 $ (4,336 ) $ (1,560 ) State taxes, net of federal benefit (1,478 ) (255 ) Rate change — 898 Permanent items 409 — Other (5 ) — Change in valuation allowance 5,410 917 Income tax provision (benefit) $ — $ — 1. Statutory U.S. federal income tax rate of 21% in 2018 and 35% in 2017. |
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): As of December 31, 2018 2017 Deferred tax assets: Net operating loss carryovers $ 6,909 $ 1,946 Accrued expenses and other 510 27 Total deferred tax assets 7,419 1,973 Less valuation allowance (7,383 ) (1,973 ) Deferred tax asset, net of valuation allowance 36 — Deferred tax liabilities: Fixed assets (36 ) — Total deferred tax liabilities (36 ) — Net deferred tax assets $ — $ — |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The impact from the change in accounting policy for periods prior to January 1, 2108 was immaterial. As a result, the quarterly periods in 2017 have not been adjusted for the change in accounting policy. The following tables present the effect of the change in accounting policy and its impact on the Company’s results of operations as previously reported for the 2018 quarters ended March 31, June 30, and September 30, as compared to the results of operations after the retrospective application of the change in accounting policy (in thousands, except share and per share amounts): For the Quarter Ended As Computed Under Straight-line Attribution Method: March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating expenses: Research and development $ 927 $ 3,515 $ 3,467 $ 4,917 General and administrative 961 1,955 2,865 3,271 Total operating expenses 1,888 5,470 6,332 8,188 Loss from operations (1,888 ) (5,470 ) (6,332 ) (8,188 ) Total other income 41 153 426 610 Net loss $ (1,847 ) $ (5,317 ) $ (5,906 ) $ (7,578 ) Net loss per share, basic and diluted $ (0.65 ) $ (0.92 ) $ (0.24 ) $ (0.30 ) Weighted average common shares outstanding, basic and diluted 2,850,460 5,751,326 24,847,512 24,847,877 For the Quarter Ended As Previously Reported Under Graded Attribution Method: March 31, 2018 June 30, 2018 September 30, 2018 Operating expenses: Research and development $ 929 $ 3,609 $ 3,484 General and administrative 986 2,503 3,681 Total operating expenses 1,915 6,112 7,165 Loss from operations (1,915 ) (6,112 ) (7,165 ) Total other income 41 153 426 Net loss $ (1,874 ) $ (5,959 ) $ (6,739 ) Net loss per share, basic and diluted $ (0.66 ) $ (1.04 ) $ (0.27 ) Weighted average common shares outstanding, basic and diluted 2,850,640 5,751,326 24,847,512 The following table presents the quarterly results of operations for 2017 (in thousands, except share and per share amounts): For the Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Operating expenses: Research and development $ 515 $ 977 $ 1,120 $ 1,118 General and administrative 55 118 238 316 Total operating expenses 570 1,095 1,358 1,434 Loss from operations (570 ) (1,095 ) (1,358 ) (1,434 ) Total other income (expense) — — (1 ) (1 ) Net loss $ (570 ) $ (1,095 ) $ (1,359 ) $ (1,435 ) Net loss per share, basic and diluted $ (0.20 ) $ (0.38 ) $ (0.48 ) $ (0.50 ) Weighted average common shares outstanding, basic and diluted 2,849,305 2,850,471 2,850,640 2,850,640 |
Organization and Description _2
Organization and Description of Business Operations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 19, 2018USD ($)$ / sharesshares | Jun. 04, 2018shares | Mar. 07, 2018USD ($)$ / sharesshares | Feb. 20, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares |
Description Of Business [Line Items] | ||||||
Stock split conversion ratio | 1.714 | |||||
Stock split description | No fractional shares were issued in connection with the stock split. | |||||
Number of fractional shares issued | 0 | |||||
Accumulated deficit | $ | $ (33,083) | $ (12,435) | ||||
Issuance of common stock in connection with IPO, net of offering costs | $ | $ 86,250 | |||||
Common stock, authorized | 200,000,000 | 200,000,000 | 33,236,900 | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
IPO [Member] | ||||||
Description Of Business [Line Items] | ||||||
Convertible preferred stock share issued | 5,750,000 | 2,198,198 | ||||
Public offering price of common stock | $ / shares | $ 15 | |||||
Issuance of common stock in connection with IPO, net of offering costs | $ | $ 78,400 | |||||
Conversion of preferred stock into common stock, shares | 16,246,872 | |||||
Series C Convertible Preferred Stock [Member] | ||||||
Description Of Business [Line Items] | ||||||
Convertible preferred stock share issued | 4,606,267 | 4,606,267 | ||||
Convertible preferred stock share issued price per share | $ / shares | $ 4.559 | $ 4.559 | ||||
Proceed from issuance of convertible preferred stock | $ | $ 21,000 | $ 21,000 | $ 21,000 | $ 5,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($)Segment |
Significant Accounting Policies [Line Items] | ||
Number Of operating segments | Segment | 1 | |
Marketable securities with maturity of greater than one year | $ 0 | |
Financial instruments with off-balance sheet risk of loss | 0 | |
Impairment losses | $ 0 | |
Expected dividend yield | 0.00% | |
Expected dividend payments | $ 0 | |
Topic 842 [Member] | Subsequent Event [Member] | ||
Significant Accounting Policies [Line Items] | ||
Right-of-use asset and corresponding lease liability | $ 300,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Marketable Securities (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 79,555 |
Gross Unrealized Gains | 5 |
Gross Unrealized Losses | (22) |
Fair Value | 79,538 |
Commercial Paper [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 48,623 |
Gross Unrealized Gains | 5 |
Gross Unrealized Losses | (4) |
Fair Value | 48,624 |
U.S. Treasury Securities [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 17,028 |
Gross Unrealized Gains | |
Gross Unrealized Losses | (2) |
Fair Value | 17,026 |
Asset Backed Securities [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 13,904 |
Gross Unrealized Gains | |
Gross Unrealized Losses | (16) |
Fair Value | $ 13,888 |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Depreciable Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated Useful Lives | 5 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated Useful Lives | Lease term |
Office Furniture and Fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated Useful Lives | 3 years |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Fair Value of Marketable Securities (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Marketable Securities [Line Items] | |
Marketable securities | $ 79,538 |
Level 1 [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 17,026 |
Level 2 [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 62,512 |
Commercial Paper [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 48,624 |
Commercial Paper [Member] | Level 2 [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 48,624 |
U.S. Treasury Securities [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 17,026 |
U.S. Treasury Securities [Member] | Level 1 [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 17,026 |
Asset Backed Securities [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 13,888 |
Asset Backed Securities [Member] | Level 2 [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | $ 13,888 |
Significant Accounting Polici_8
Significant Accounting Policies - Schedule of Effect of the Change in Accounting Policy and its Impact on Key Components of Statements of Operations and Comprehensive Loss (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 | |
Operating expenses: | ||||||||||
Research and development | $ 4,917 | $ 3,467 | $ 3,515 | $ 927 | $ 1,118 | $ 1,120 | $ 977 | $ 515 | $ 12,826 | $ 3,730 |
General and administrative | 3,271 | 2,865 | 1,955 | 961 | 316 | 238 | 118 | 55 | 9,052 | 727 |
Total operating expenses | 8,188 | 6,332 | 5,470 | 1,888 | 1,434 | 1,358 | 1,095 | 570 | 21,878 | 4,457 |
Loss from operations | (8,188) | (6,332) | (5,470) | (1,888) | (1,434) | (1,358) | (1,095) | (570) | (21,878) | (4,457) |
Other income (expense): | ||||||||||
Interest income | 1,231 | |||||||||
Other expense | (1) | |||||||||
Total other income (expense) | 610 | 426 | 153 | 41 | (1) | (1) | 1,230 | (2) | ||
Net loss | $ (7,578) | $ (5,906) | $ (5,317) | $ (1,847) | $ (1,435) | $ (1,359) | $ (1,095) | $ (570) | $ (20,648) | $ (4,459) |
Net loss per share, basic and diluted | $ (0.30) | $ (0.24) | $ (0.92) | $ (0.65) | $ (0.50) | $ (0.48) | $ (0.38) | $ (0.20) | $ (1.41) | $ (1.56) |
Weighted average common shares outstanding, basic and diluted | 24,847,877 | 24,847,512 | 5,751,326 | 2,850,460 | 2,850,640 | 2,850,640 | 2,850,471 | 2,849,305 | 14,662,751 | 2,850,269 |
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | $ 2,251 | $ 82 | ||||||||
Net loss | $ (7,578) | $ (5,906) | $ (5,317) | $ (1,847) | $ (1,435) | $ (1,359) | $ (1,095) | $ (570) | (20,648) | (4,459) |
Other comprehensive loss: | ||||||||||
Unrealized loss on marketable securities | (17) | |||||||||
Comprehensive loss | (20,665) | (4,459) | ||||||||
As Computed Under Graded Attribution Method [Member] | ||||||||||
Operating expenses: | ||||||||||
Research and development | 3,484 | 3,609 | 929 | 12,939 | ||||||
General and administrative | 3,681 | 2,503 | 986 | 10,441 | ||||||
Total operating expenses | 7,165 | 6,112 | 1,915 | 23,380 | ||||||
Loss from operations | (7,165) | (6,112) | (1,915) | (23,380) | ||||||
Other income (expense): | ||||||||||
Interest income | 1,231 | |||||||||
Other expense | (1) | |||||||||
Total other income (expense) | 426 | 153 | 41 | 1,230 | ||||||
Net loss | $ (6,739) | $ (5,959) | $ (1,874) | $ (22,150) | ||||||
Net loss per share, basic and diluted | $ (0.27) | $ (1.04) | $ (0.66) | $ (1.51) | ||||||
Weighted average common shares outstanding, basic and diluted | 24,847,512 | 5,751,326 | 2,850,640 | 14,662,751 | ||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | $ 3,753 | |||||||||
Net loss | $ (6,739) | $ (5,959) | $ (1,874) | (22,150) | ||||||
Other comprehensive loss: | ||||||||||
Unrealized loss on marketable securities | (17) | |||||||||
Comprehensive loss | (22,167) | |||||||||
Effect of Change [Member] | ||||||||||
Operating expenses: | ||||||||||
Research and development | (113) | |||||||||
General and administrative | (1,389) | |||||||||
Total operating expenses | (1,502) | |||||||||
Loss from operations | 1,502 | |||||||||
Other income (expense): | ||||||||||
Net loss | $ 1,502 | |||||||||
Net loss per share, basic and diluted | $ 0.10 | |||||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | $ (1,502) | |||||||||
Net loss | 1,502 | |||||||||
Other comprehensive loss: | ||||||||||
Comprehensive loss | 1,502 | |||||||||
Research and Development [Member] | ||||||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | 359 | $ 82 | ||||||||
Research and Development [Member] | As Computed Under Graded Attribution Method [Member] | ||||||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | 472 | |||||||||
Research and Development [Member] | Effect of Change [Member] | ||||||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | (113) | |||||||||
General and Administrative [Member] | ||||||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | 1,892 | |||||||||
General and Administrative [Member] | As Computed Under Graded Attribution Method [Member] | ||||||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | 3,281 | |||||||||
General and Administrative [Member] | Effect of Change [Member] | ||||||||||
Stock-based compensation expense included above: | ||||||||||
Stock-based compensation | $ (1,389) |
Significant Accounting Polici_9
Significant Accounting Policies - Schedule of Effect of the Change in Accounting Policy and its Impact on Key Components of Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Stockholders’ equity (deficit): | |||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 and December 31, 2017 | |||
Common stock, $0.0001 par value; 200,000,000 shares authorized as of December 31, 2018; 25,809,900 shares issued and 25,704,756 shares outstanding as of December 31, 2018 | 3 | ||
Treasury stock, at cost, 105,144 shares as of December 31, 2018 and December 31, 2017 | 0 | 0 | |
Additional paid-in capital | 122,526 | 5,394 | |
Accumulated deficit | (33,083) | (12,435) | |
Accumulated other comprehensive loss | (17) | ||
Total stockholders’ equity (deficit) | 89,429 | $ (7,041) | $ (2,664) |
As Computed Under Graded Attribution Method [Member] | |||
Stockholders’ equity (deficit): | |||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 and December 31, 2017 | |||
Common stock, $0.0001 par value; 200,000,000 shares authorized as of December 31, 2018; 25,809,900 shares issued and 25,704,756 shares outstanding as of December 31, 2018 | 3 | ||
Treasury stock, at cost, 105,144 shares as of December 31, 2018 and December 31, 2017 | 0 | ||
Additional paid-in capital | 124,028 | ||
Accumulated deficit | (34,585) | ||
Accumulated other comprehensive loss | (17) | ||
Total stockholders’ equity (deficit) | 89,429 | ||
Effect of Change [Member] | |||
Stockholders’ equity (deficit): | |||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 and December 31, 2017 | |||
Treasury stock, at cost, 105,144 shares as of December 31, 2018 and December 31, 2017 | 0 | ||
Additional paid-in capital | (1,502) | ||
Accumulated deficit | $ 1,502 |
Significant Accounting Polic_10
Significant Accounting Policies - Schedule of Effect of the Change in Accounting Policy and its Impact on Key Components of Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2018 | Jun. 19, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 33,236,900 |
Common stock, shares issued | 25,809,900 | 3,804,643 | |
Common stock, shares outstanding | 25,704,756 | 3,699,499 | |
Treasury stock, shares | 105,144 | 105,144 |
Significant Accounting Polic_11
Significant Accounting Policies - Schedule of Effect of the Change in Accounting Policy and its Impact on Key Components of Statements of Cash Flows (Detail) - USD ($) | 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 | |
Cash flows from operating activities | ||||||||||
Net loss | $ (7,578,000) | $ (5,906,000) | $ (5,317,000) | $ (1,847,000) | $ (1,435,000) | $ (1,359,000) | $ (1,095,000) | $ (570,000) | $ (20,648,000) | $ (4,459,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Stock-based compensation | 2,251,000 | 82,000 | ||||||||
Accretion of discounts on marketable securities | (435,000) | |||||||||
Depreciation expense | 20,294 | |||||||||
Changes in operating assets and liabilities: | ||||||||||
Prepaid expenses and other assets | (923,000) | (403,000) | ||||||||
Accounts payable | 769,000 | 86,000 | ||||||||
Accrued expenses | 1,068,000 | 133,000 | ||||||||
Accounts payable and accrued expenses - related party | 24,000 | (22,000) | ||||||||
Net cash used in operating activities | (17,874,000) | $ (4,583,000) | ||||||||
As Computed Under Graded Attribution Method [Member] | ||||||||||
Cash flows from operating activities | ||||||||||
Net loss | $ (6,739,000) | $ (5,959,000) | $ (1,874,000) | (22,150,000) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Stock-based compensation | 3,753,000 | |||||||||
Accretion of discounts on marketable securities | (435,000) | |||||||||
Depreciation expense | 20,000 | |||||||||
Changes in operating assets and liabilities: | ||||||||||
Prepaid expenses and other assets | (923,000) | |||||||||
Accounts payable | 769,000 | |||||||||
Accrued expenses | 1,068,000 | |||||||||
Accounts payable and accrued expenses - related party | 24,000 | |||||||||
Net cash used in operating activities | (17,874,000) | |||||||||
Effect of Change [Member] | ||||||||||
Cash flows from operating activities | ||||||||||
Net loss | 1,502,000 | |||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Stock-based compensation | $ (1,502,000) |
Significant Accounting Polic_12
Significant Accounting Policies - Schedule of Potential Shares Outstanding Excluded in Computation of Diluted Net Loss Per Common Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares issuable upon conversion of Series A Preferred [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities that could potentially dilute basic earnings per share | 12,428,773 | |
Shares issuable upon conversion of Series B Preferred [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities that could potentially dilute basic earnings per share | 1,130,679 | |
Employee Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities that could potentially dilute basic earnings per share | 1,529,883 | 90,429 |
Non-vested shares under restricted stock grants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities that could potentially dilute basic earnings per share | 848,859 | 848,859 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Property Plant And Equipment [Line Items] | |
Property and equipment | $ 275 |
Accumulated depreciation | (20) |
Total property and equipment, net | 255 |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment | 68 |
Office Furniture and Fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment | 48 |
Office Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment | 28 |
Construction in Progress [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment | $ 131 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Property Plant And Equipment [Abstract] | |
Depreciation expense | $ 20,294 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - PBM Capital Group, LLC [Member] - USD ($) | Jan. 01, 2019 | Dec. 02, 2015 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||||
Services agreement initial term | 12 months | ||||
Expenses incurred under services agreement | $ 457,500 | $ 30,000 | |||
Due to related party | $ 38,000 | $ 38,000 | $ 14,000 | ||
Service Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Monthly management fee payable | $ 2,500 | ||||
Amended Service Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Monthly management fee payable | $ 50,000 | ||||
Amended Service Agreement [Member] | Subsequent Event [Member] | |||||
Related Party Transaction [Line Items] | |||||
Monthly management fee payable | $ 26,333 |
Accrued Expenses - Accrued Expe
Accrued Expenses - Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities Current [Abstract] | ||
Compensation and related costs | $ 1,261 | $ 49 |
Clinical trials and drug development | 0 | 233 |
Consulting - former Chief Scientific Officer | 190 | 0 |
Professional fees | 56 | 129 |
Other | 10 | 38 |
Total accrued expenses | $ 1,517 | $ 449 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)claim$ / h | Dec. 31, 2017USD ($)claim | Mar. 22, 2018USD ($) | |
Loss Contingencies [Line Items] | |||
Number of litigation against the company | claim | 0 | 0 | |
Accrued expenses | $ 1,517,000 | $ 449,000 | |
Facility Lease [Member] | |||
Loss Contingencies [Line Items] | |||
Sublease agreement expiry date | May 31, 2021 | ||
Rent expense | $ 97,503 | ||
Former Chief Executive Officer [Member] | |||
Loss Contingencies [Line Items] | |||
Consulting agreement required cash payment per month | $ 29,375 | ||
Consulting payment per hour | $ / h | 300 | ||
Accrued expenses | $ 200,000 | ||
Crude Cantharidin Material [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Commitment | $ 1,500,000 | $ 2,300,000 | |
Purchase agreement term | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 136 |
2,020 | 139 |
2,021 | 58 |
Total minimum lease payments | $ 333 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 19, 2018USD ($)$ / sharesshares | Mar. 07, 2018USD ($)$ / sharesshares | Feb. 20, 2018USD ($)$ / sharesshares | Dec. 15, 2017USD ($)$ / sharesshares | Dec. 02, 2015USD ($)Investorshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) |
Stockholders Equity [Line Items] | ||||||||
Common stock, authorized | shares | 200,000,000 | 200,000,000 | 33,236,900 | |||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, voting right | 1 | |||||||
Proceeds from initial public offering | $ 86,250 | |||||||
Repurchase of stocks | shares | 105,144 | 105,144 | ||||||
Stock-based compensation | $ 2,251 | $ 82 | ||||||
Preferred stock shares issued | shares | 0 | 0 | ||||||
Series A Convertible Preferred Stock [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Preferred stock shares issued | shares | 21,302,972 | |||||||
Proceeds from issuance of convertible preferred stock | $ 1,900 | |||||||
Conversion of notes payable and accrued interest | 500 | |||||||
Preferred stock subscription receivable | 8,500 | |||||||
Stock issuance cost | $ 400 | $ 281 | ||||||
Proceeds from stock subscription receivable | 8,000 | |||||||
Number of investors | Investor | 14 | |||||||
Gross proceed | 8,000 | |||||||
Series A Convertible Preferred Stock [Member] | PBMVP Holdings [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Proceeds from stock subscription receivable | $ 500 | |||||||
Series B Convertible Preferred Stock [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Common stock issued and sale | shares | 1,937,984 | |||||||
Issuance price | $ / shares | $ 2.58 | |||||||
Gross proceed | $ 5,000 | |||||||
Series C Convertible Preferred Stock [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Common stock issued and sale | shares | 4,606,267 | 4,606,267 | ||||||
Stock issuance cost | $ 7 | |||||||
Issuance price | $ / shares | $ 4.559 | $ 4.559 | ||||||
Gross proceed | $ 21,000 | $ 21,000 | $ 21,000 | $ 5,000 | ||||
Amended and Restated Agreement [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Repurchase of stocks | shares | 848,859 | |||||||
Repurchase price | $ / shares | $ 0.0001 | |||||||
Stock-based compensation | $ 0 | |||||||
IPO [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Common stock issued and sale | shares | 5,750,000 | 2,198,198 | ||||||
Offering price | $ / shares | $ 15 | |||||||
Proceeds from initial public offering | $ 78,400 | |||||||
Stock issuance cost | $ 7,874 | |||||||
Conversion of preferred stock into common stock, shares | shares | 16,246,872 | |||||||
IPO [Member] | Series A Preferred Stock [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Conversion of preferred stock into common stock, shares | shares | 12,428,773 | |||||||
IPO [Member] | Series B Preferred Stock [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Conversion of preferred stock into common stock, shares | shares | 1,130,679 | |||||||
IPO [Member] | Series C Preferred Stock [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Conversion of preferred stock into common stock, shares | shares | 2,687,420 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 19, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted contractual term | 10 years | ||
Stock option vesting term, description | Through 2,022 | ||
Stock options expiration term, description | Through 2,028 | ||
Share based compensation arrangement by share based payment award stock option, shares granted | 1,451,839 | ||
Weighted average grant date fair value | $ 6.95 | $ 0.12 | |
Employee Stock Options [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of stock subject to vesting (as a percent) | 25.00% | ||
Stock vesting period | 12 months | ||
Employee Stock Options [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of stock subject to vesting (as a percent) | 75.00% | ||
Stock vesting period | 12 months | ||
Non-Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award stock option, shares granted | 0 | 0 | |
Employee And Non Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation | $ 8.1 | ||
Weighted-average stock option recognize period | 3 years 1 month 6 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation | $ 0.3 | ||
IPO [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares reserved for issuance | 3,738,199 | ||
Shares issued | 5,750,000 | 2,198,198 | |
Number of years reserved share increase | 10 years | ||
Annual Increase in number of common shares from January 1, 2019 through January 1, 2028 | 4.00% | ||
Shares available for grant | 1,958,033 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate Fair Value Employee Stock Options (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Dividend yield | 0.00% | |
Employee Stock Options [Member] | ||
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Exercise price | $ 8.34 | $ 0.90 |
Risk-free rate of interest, minimum | 2.58% | 1.92% |
Risk-free rate of interest, maximum | 3.13% | 2.23% |
Expected term (years) | 6 years 1 month 24 days | 6 years 2 months 30 days |
Expected stock price volatility, minimum | 58.26% | 79.02% |
Expected stock price volatility, maximum | 83.67% | 79.12% |
Dividend yield | 0.00% | 0.00% |
Weighted average grant date fair value | $ 6.95 | $ 0.12 |
Employee Stock Options [Member] | Minimum [Member] | ||
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Exercise price | 6.52 | |
Employee Stock Options [Member] | Maximum [Member] | ||
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Exercise price | $ 16.32 |
Stock-Based Compensation - As_2
Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Non-employee Stock Options (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Dividend yield | 0.00% | |
Non-Employee Stock Option [Member] | ||
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Exercise price | $ 0.90 | $ 0.90 |
Risk-free rate of interest, minimum | 2.59% | 2.16% |
Risk-free rate of interest, maximum | 3.06% | 2.48% |
Expected term (years) | 7 years 6 months 10 days | 8 years 5 months 5 days |
Expected stock price volatility, minimum | 58.26% | 77.59% |
Expected stock price volatility, maximum | 79.34% | 79.12% |
Dividend yield | 0.00% | 0.00% |
Weighted average fair value | $ 9.22 | $ 3.37 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Employee Stock Option Activity (Detail) - Employee Stock Options [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding Beginning Balance | 17,502 | |
Number of shares, Options granted | 1,451,839 | |
Number of shares, Exercised | (8,385) | |
Number of shares, Forfeited/Cancelled | (4,000) | |
Number of shares, Outstanding Ending Balance | 1,456,956 | 17,502 |
Number of shares, Options vested and exercisable Ending Balance | 192,018 | |
Weighted average exercise price, Outstanding Beginning Balance | $ 0.90 | |
Weighted average exercise price, Options granted | 8.34 | $ 0.90 |
Weighted average exercise price, Exercised | 0.90 | |
Weighted average exercise price, Forfeited/Cancelled | 16.32 | |
Weighted average exercise price, Outstanding Ending Balance | 8.27 | $ 0.90 |
Weighted average exercise price, Options vested and exercisable Ending Balance | $ 6.52 | |
Weighted average remaining contractual life (in years), Outstanding | 9 years 2 months 12 days | 9 years |
Weighted average remaining contractual life (in years), Options vested and exercisable | 9 years 1 month 6 days | |
Aggregate intrinsic value, Outstanding Ending Balance | $ 1,739,581 | |
Aggregate intrinsic value, Options vested and exercisable Ending Balance | $ 312,995 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Company's Non-Employee Stock Option Activity (Detail) - Non-Employee Stock Option [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding Beginning Balance | 72,927 | |
Number of shares, Options granted | 0 | 0 |
Number of shares, Outstanding Ending Balance | 72,927 | 72,927 |
Number of shares, Options vested and exercisable Ending Balance | 55,910 | |
Weighted average exercise price, Outstanding Beginning Balance | $ 0.90 | |
Weighted average exercise price, Options granted | 0 | |
Weighted average exercise price, Outstanding Ending Balance | 0.90 | $ 0.90 |
Weighted average exercise price, Options vested and exercisable Ending Balance | $ 0.90 | |
Weighted average remaining contractual life (in years), Outstanding | 7 years 3 months 19 days | 8 years 3 months 19 days |
Weighted average remaining contractual life (in years), Options vested and exercisable | 7 years 3 months 19 days | |
Aggregate intrinsic value, Outstanding Ending Balance | $ 528,721 | |
Aggregate intrinsic value, Options vested and exercisable Ending Balance | $ 405,348 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Restricted Stock Awards Activities (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, Number of Shares, Beginning Balance | shares | 848,859 |
Nonvested, Number of Shares, Granted | shares | 0 |
Nonvested, Number of Shares, Ending Balance | shares | 848,859 |
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0.33 |
Nonvested, Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 0.33 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 2,251 | $ 82 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 359 | $ 82 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 1,892 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes at U.S. Federal Statutory Rate to Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Tax Disclosure [Abstract] | |||
Tax computed at statutory federal income tax rate | [1] | $ (4,336) | $ (1,560) |
State taxes, net of federal benefit | (1,478) | (255) | |
Rate change | 898 | ||
Permanent items | 409 | ||
Other | (5) | ||
Change in valuation allowance | $ 5,410 | $ 917 | |
[1] | Statutory U.S. federal income tax rate of 21% in 2018 and 35% in 2017. |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Income Taxes at U.S. Federal Statutory Rate to Provision for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Statutory U.S. federal income tax rate | 21.00% | 35.00% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryovers | $ 6,909 | $ 1,946 |
Accrued expenses and other | 510 | 27 |
Total deferred tax assets | 7,419 | 1,973 |
Less valuation allowance | (7,383) | $ (1,973) |
Deferred tax asset, net of valuation allowance | 36 | |
Deferred tax liabilities: | ||
Fixed assets | (36) | |
Total deferred tax liabilities | $ (36) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||
Unrecognized tax benefits | $ 100 | $ 100 |
Accrued interest or penalties related to uncertain tax positions | 0 | |
Interest or penalties related to uncertain tax positions recognized in income tax expense | 0 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 24,100 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 24,100 | |
Net Operating Loss Carryforwards Generated Prior to 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and state net operating loss carryforwards, expiration date | 2,033 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Summary of 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 | |
Operating expenses: | ||||||||||
Research and development | $ 4,917 | $ 3,467 | $ 3,515 | $ 927 | $ 1,118 | $ 1,120 | $ 977 | $ 515 | $ 12,826 | $ 3,730 |
General and administrative | 3,271 | 2,865 | 1,955 | 961 | 316 | 238 | 118 | 55 | 9,052 | 727 |
Total operating expenses | 8,188 | 6,332 | 5,470 | 1,888 | 1,434 | 1,358 | 1,095 | 570 | 21,878 | 4,457 |
Loss from operations | (8,188) | (6,332) | (5,470) | (1,888) | (1,434) | (1,358) | (1,095) | (570) | (21,878) | (4,457) |
Total other income (expense) | 610 | 426 | 153 | 41 | (1) | (1) | 1,230 | (2) | ||
Net loss | $ (7,578) | $ (5,906) | $ (5,317) | $ (1,847) | $ (1,435) | $ (1,359) | $ (1,095) | $ (570) | $ (20,648) | $ (4,459) |
Net loss per share, basic and diluted | $ (0.30) | $ (0.24) | $ (0.92) | $ (0.65) | $ (0.50) | $ (0.48) | $ (0.38) | $ (0.20) | $ (1.41) | $ (1.56) |
Weighted average common shares outstanding, basic and diluted | 24,847,877 | 24,847,512 | 5,751,326 | 2,850,460 | 2,850,640 | 2,850,640 | 2,850,471 | 2,849,305 | 14,662,751 | 2,850,269 |
As Computed Under Graded Attribution Method [Member] | ||||||||||
Operating expenses: | ||||||||||
Research and development | $ 3,484 | $ 3,609 | $ 929 | $ 12,939 | ||||||
General and administrative | 3,681 | 2,503 | 986 | 10,441 | ||||||
Total operating expenses | 7,165 | 6,112 | 1,915 | 23,380 | ||||||
Loss from operations | (7,165) | (6,112) | (1,915) | (23,380) | ||||||
Total other income (expense) | 426 | 153 | 41 | 1,230 | ||||||
Net loss | $ (6,739) | $ (5,959) | $ (1,874) | $ (22,150) | ||||||
Net loss per share, basic and diluted | $ (0.27) | $ (1.04) | $ (0.66) | $ (1.51) | ||||||
Weighted average common shares outstanding, basic and diluted | 24,847,512 | 5,751,326 | 2,850,640 | 14,662,751 |