Verrica Pharmaceuticals (VRCA) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Trading Symbol	VRCA
Entity Interactive Data Current	Yes
Entity Registrant Name	Verrica Pharmaceuticals Inc.
Entity Central Index Key	0001660334
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		25,814,493
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transaction Period	true
Entity File Number	001-38529
Entity Tax Identification Number	46-3137900
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	10 North High Street
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	West Chester
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19380
City Area Code	484
Local Phone Number	453-3300

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 54,486,000	$ 9,241,000
Marketable securities	33,896,000	52,776,000
Prepaid expenses and other assets	2,265,000	2,966,000
Total current assets	90,647,000	64,983,000
Property and equipment, net	2,375,000	2,090,000
Operating lease right-of-use asset	45,000	111,000
Other non-current assets	1,375,000	1,240,000
Total assets	94,442,000	68,424,000
Current liabilities:
Accounts payable	1,103,000	1,185,000
Accrued expenses and other current liabilities	2,066,000	2,036,000
Operating lease liability	133,000	130,000
Total current liabilities	3,302,000	3,351,000
Operating lease liability	23,000	58,000
Long-term debt, net	34,434,000
Other liabilities	75,000
Total liabilities	37,834,000	3,409,000
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2020 and December 31, 2019
Common stock, $0.0001 par value; 200,000,000 authorized; 25,919,637 shares issued and 25,814,493 shares outstanding as of March 31, 2020 and 25,912,137 shares issued and 25,786,330 shares outstanding as of December 31, 2019	3,000	3,000
Treasury stock, at cost, 105,144 shares as of March 31, 2020 and December 31, 2019	0	0
Additional paid-in capital	127,599,000	126,594,000
Subscription receivable		(410,000)
Accumulated deficit	(71,014,000)	(61,192,000)
Accumulated other comprehensive gain	20,000	20,000
Total stockholders’ equity	56,608,000	65,015,000
Total liabilities and stockholders’ equity	$ 94,442,000	$ 68,424,000

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
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	200,000,000
Common stock, shares issued	25,919,637	25,912,137
Common stock, shares outstanding	25,814,493	25,786,330
Treasury stock, shares	105,144	105,144

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating expenses:
Research and development	$ 4,892	$ 4,487
General and administrative	4,988	3,539
Total operating expenses	9,880	8,026
Loss from operations	(9,880)	(8,026)
Other income (expense):
Interest income	278	547
Interest expense	(220)
Total other income	58	547
Net loss	$ (9,822)	$ (7,479)
Net loss per share, basic and diluted	$ (0.39)	$ (0.30)
Weighted average common shares outstanding, basic and diluted	24,964,167	24,857,771
Other comprehensive gain:
Unrealized gain on marketable securities		$ 28
Comprehensive loss	$ (9,822)	$ (7,451)

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]
Beginning Balance at Dec. 31, 2018	$ 89,429	$ 3	$ 122,526		$ (33,083)		$ (17)
Beginning Balance (shares) at Dec. 31, 2018		25,809,900				105,144
Stock-based compensation	780		780
Exercise of stock options	3		3
Exercise of stock options (shares)		3,729
Net loss	(7,479)				(7,479)
Unrealized gain on marketable securities	28						28
Adoption of ASU 2018-07 (See Note 2)			(98)		98
Ending Balance at Mar. 31, 2019	82,761	$ 3	123,211		(40,464)		11
Ending Balance (shares) at Mar. 31, 2019		25,813,629				105,144
Beginning Balance at Dec. 31, 2019	65,015	$ 3	126,594	$ (410)	(61,192)		20
Beginning Balance (shares) at Dec. 31, 2019		25,912,137				105,144
Repayment of subscription receivable	410			$ 410
Stock-based compensation	998		998
Exercise of stock options	$ 7		7
Exercise of stock options (shares)	7,500	7,500
Net loss	$ (9,822)				(9,822)
Ending Balance at Mar. 31, 2020	$ 56,608	$ 3	$ 127,599		$ (71,014)		$ 20
Ending Balance (shares) at Mar. 31, 2020		25,919,637				105,144

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (9,822)	$ (7,479)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	998	780
Accretion of discounts on marketable securities	(93)	(359)
Depreciation expense	14	11
Non cash interest expense	65
Reduction in operating lease right-of-use asset	66	29
Changes in operating assets and liabilities:
Prepaid expenses and other assets	701	(46)
Other receivable - related party		(6)
Accounts payable	(82)	215
Accrued expenses and other current liabilities	279	4
Accounts payable and accrued expenses - related party		(38)
Operating lease liability	(32)	(28)
Net cash used in operating activities	(7,906)	(6,917)
Cash flows from investing activities
Sales and maturities of marketable securities	24,355	42,365
Purchases of marketable securities	(5,382)	(21,295)
Purchases of property and equipment	(699)
Net cash provided by investing activities	18,274	21,070
Cash flows from financing activities
Proceeds from exercise of stock options	7	3
Proceeds from issuance of debt, net	34,460
Repayment of subscription receivable	410
Net cash provided by financing activities	34,877	3
Net increase in cash and cash equivalents	45,245	14,156
Cash and cash equivalents at the beginning of the period	9,241	10,271
Cash and cash equivalents at the end of the period	54,486	24,427
Supplemental disclosure of noncash investing and financing activities:
Property and equipment purchases payable or accrued at period end	333	$ 285
Debt discount costs included in accrued expense at period end	$ 125

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business	Note 1—Nature of Business Verrica Pharmaceuticals Inc. (the “Company”) was formed on July 3, 2013 and is incorporated in the State of Delaware. The Company is a dermatology therapeutics company committed to the development and commercialization of novel treatments that provide meaningful benefit for people living with skin diseases. 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 March 31, 2020, the Company had an accumulated deficit of $71.0 million. Since inception, the Company has financed its operations through sales of convertible preferred stock and the sale of common stock in the Company’s initial public offering, with aggregate gross proceeds of $123.2 million and net proceeds of $114.9 million and the issuance of debt with aggregate gross proceeds of $35.0 million and net proceeds of $34.5 million. As of March 31, 2020, the Company had cash, cash equivalents and marketable securities of $88.4 million.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2—Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2020. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. The Company has been actively monitoring the novel coronavirus (“COVID-19”) situation and its impact globally. Management believes the financial results for the three months ended March 31, 2020 were not significantly impacted by COVID-19. In addition, management believes the remote working arrangements and travel restrictions imposed by various governmental jurisdictions have had limited impact on the Company’s ability to maintain internal operations during the quarter. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19. As a direct result of COVID-19, the Company has decided to delay the initiation of its Phase 3 clinical trials to evaluate VP-102 in subjects with common warts as well as its planned Phase 2 clinical trial to evaluate VP-103 in subjects with plantar warts until conditions are appropriate. 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. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, 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. S ignificant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 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 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 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 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 March 31, 2020 2019 Shares issuable upon exercise of stock options 2,563,674 2,051,725 Non-vested shares under restricted stock grants 1,148,859 848,859

Investments In Marketable Secur

Investments In Marketable Securities	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments in Marketable Securities	Note 3—Investments in Marketable Securities Investments in marketable securities consisted of the following as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 6,718 $ 40 $ — $ 6,758 Commercial paper 17,859 — (14 ) 17,845 Asset-backed securities 9,299 — (6 ) 9,293 Total marketable securities $ 33,876 $ 40 $ (20 ) $ 33,896 December 31, 2019 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 7,397 $ 3 $ — $ 7,400 Commercial paper 31,913 7 (1 ) 31,919 Asset-backed securities 13,446 11 — 13,457 Total marketable securities $ 52,756 $ 21 $ (1 ) $ 52,776 Unrealized gains and losses on marketable securities are recorded as a separate component of accumulated other comprehensive gain included in stockholders’ equity. Realized gains (losses) are included in interest income (expense) in the statement of operations and comprehensive loss on a specific identification basis. There were no marketable securities with a maturity of greater than one year for either period presented. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. Accretion of bond discount on marketable securities and interest income on marketable securities is recorded as interest income on the statement of operations and comprehensive loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 — Quoted market prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables presents fair value of the Company’s marketable securities (in thousands): Fair Value Measurement as of March 31, 2020 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 6,758 $ — $ — $ 6,758 Commercial paper — 17,845 — 17,845 Asset-backed securities — 9,293 — 9,293 Total assets $ 6,758 $ 27,138 $ — $ 33,896 Fair Value Measurement as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 7,400 $ — $ — $ 7,400 Commercial paper — 31,919 — 31,919 Asset-backed securities — 13,457 — 13,457 Total assets $ 7,400 $ 45,376 $ — $ 52,776

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property and Equipment	Note 4—Property and Equipment Property and equipment, net consisted of (in thousands): As of As of March 31, December 31, 2020 2019 Leasehold improvements $ 68 $ 68 Office furniture and fixtures 48 48 Office equipment 31 31 Construction in process 2,326 2,027 2,473 2,174 Accumulated depreciation (98 ) (84 ) Total property and equipment, net $ 2,375 $ 2,090 The Company has recorded an asset classified as construction in process

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 5—Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2020 As of December 31, 2019 Compensation and related costs $ 577 $ 1,195 Clinical trials and drug development 527 733 Construction in process 333 — Professional fees 275 89 Interest expense 155 — Other accrued expenses and other current liabilities 199 19 Total accrued expenses and other current liabilities $ 2,066 $ 2,036

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	N ote 6—Leases Effective January 1, 2019, the Company accounts for its leases under ASC 842, Leases (Topic 842) In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. The Company leases office space in West Chester, Pennsylvania under an agreement classified as an operating lease that expires in May 2021. The Company does not act as a lessor or have any leases classified as financing leases. On July 1, 2019, the Company entered into a lease for 5,829 square feet of office space located in West Chester, Pennsylvania that is expected to serve as the Company’s new headquarters. On March 12, 2020 the Company entered into an amendment to the lease agreement. The amendment expands the original premises to include 5,372 square feet of additional office space increasing the total rentable premise to 11,201 square feet of space. From the commencement date through December 31, 2020 the base rent is based on the square footage of the original premises. The Company anticipates the commencement date to be during the third quarter of 2020, but may be delayed due to impacts of COVID-19 mandates on office building construction activities. The initial term will expire seven years after the commencement date. Base rent over the initial term is approximately $2.4 million, and the Company is also responsible for its share of the landlord’s operating expense. revised remaining useful life . In addition, the useful life of associated leasehold improvements has been accelerated to reflect the expected abandonment of the property, such that they will be fully amortized when the property is vacated. As of March 31, 2020, the Company had an operating lease liability of $156,000, of which $133,000 was classified as current, and an operating right-of-use asset of $45,000. The components of lease expense are as follows (in thousands): For the Three Months Ended March 31, 2020 2019 Operating lease: Operating lease costs $ 58 $ 34 Short-term lease costs 6 5 Total rent expense $ 64 $ 39 Maturities of the Company’s operating lease, excluding short-term leases, as of March 31, 2020 are as follows (in thousands): Remainder of 2020 $ 105 2021 58 Total lease payments 163 Less imputed interest (7 ) Operating lease liability $ 156 The weighted-average remaining term of the Company’s operating lease was 1.2 years and the weighted-average discount rate used to measure the present value of the Company’s operating lease liability was 6.75% as of March 31, 2020.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 7—Debt On March 10, 2020 (the “Effective Date”), the Company entered into (i) a mezzanine loan and security agreement (the “Mezzanine Loan Agreement”) with Silicon Valley Bank, as administrative agent and collateral agent (the “Agent”), and Silicon Valley Bank and West River Innovation Lending Fund VIII, L.P., as lenders (the “Mezzanine Lenders”), pursuant to which the Mezzanine Lenders have agreed to lend the Company up to $50.0 million in a series of term loans, and (ii) a loan and security agreement (the “Senior Loan Agreement”, and together with the Mezzanine Loan Agreement, the “Loan Agreements”) with Silicon Valley Bank, as lender (the “Senior Lender”, and together with the Mezzanine Lenders, the “Lenders”), pursuant to which the Senior Lender has agreed to provide the Company a revolving line of credit of up to $5.0 million. Upon entering into the Loan Agreements, the Company borrowed $35.0 million in term loans from the Mezzanine Lenders (the “Term A Loan”). Under the terms of the Mezzanine Loan Agreement, the Company may, at its sole discretion, borrow from the Mezzanine Lenders up to an additional $15.0 million in term loans (the “Term B Loan”, and together with the Term A Loan, the “Term Loans”) upon the Company’s achievement of (i) a specified amount in trailing six-month net revenue and (ii) an equity raise of at least $40.0 million (the foregoing clauses (i) and (ii), collectively, the “Term B Milestone”). The Company may draw the Term B Loan during the period commencing on the date of the occurrence of the Term B Milestone and ending on the earliest of (i) December 31, 2021 and (ii) the occurrence of an event of default. Under the terms of the Senior Loan Agreement, the Company may, at its sole discretion, borrow from the Senior Lender one or more advances on the revolving credit line (the “Revolving Loans”, and together with the Term Loans, the “Loans”) in an aggregate amount not to exceed the lesser of (i) 85% of the aggregate amount then-contained in the Company’s eligible accounts receivable and (ii) $5.0 million. The Senior Loan Agreement provides for the Company to make three anniversary payments of $25,000 each in addition to the $25,000 due upon the Effective Date for an aggregate of $100,000 in total anniversary payments. In the event the Senior Loan Agreement is terminated prior to maturity, any unpaid portion of the total anniversary payments are due immediately. The Company recorded the total anniversary fee payment obligation at inception. As of March 31, 2020, $25,000 and $75,000 of anniversary payments were recorded within other current liabilities and other liabilities, respectively, within the Company’s accompanying balance sheet. The Company’s obligations under the Senior Loan Agreement and the Mezzanine Loan Agreement are secured by, respectively, a first priority perfected security interest and second priority perfected security interest in substantially all of the Company’s current and future assets, other than its intellectual property (except rights to payment from the sale, licensing or disposition of such intellectual property). The Company has also agreed not to encumber its intellectual property assets, except as permitted by the Loan Agreements. All of the Loans mature on March 1, 2024 (the “Maturity Date”). The Term Loans will be interest-only through March 31, 2022, followed by 24 equal monthly payments of principal and interest; provided that if the Company draws the Term B Loan, the Term Loans will be interest-only through September 30, 2022, followed by 18 equal monthly payments of principal and interest. The Term Loans will bear interest at a floating per annum rate equal to the greater of (i) 7.25% and (ii) the sum of (a) the prime rate reported in The Wall Street Journal on the last business day of the month that immediately precedes the month in which the interest will accrue, plus (b) 2.50%. The Revolving Loans will bear interest at a floating per annum rate equal to the greater of (i) 6.00% and (ii) the sum of (a) the prime rate reported in The Wall Street Journal on the last business day of the month that immediately precedes the month in which the interest will accrue, plus (b) 1.25%. The Company will be required to make a final payment fee of 7.50% of the original principal amount of the Term Loans drawn payable on the earlier of (i) the Maturity Date, (ii) the acceleration of any Term Loans, or (iii) the prepayment of the Term Loans (the “Final Payment”). The Company is recording the final payment fee using the effective interest rate method over the term of the Term Loan with an increase in long-term debt. The Company may prepay all, or any portion (in increments of at least $1.0 million), of the Term Loans upon 5 business days’ advance written notice to the Agent, provided that the Company will be obligated to pay a prepayment fee equal to (i) 3.00% of the principal amount of the applicable Term Loan prepaid on or before the first anniversary of the Effective Date, (ii) 2.00% of the principal amount of the applicable Term Loan prepaid between the first and second anniversary of the Effective Date, and (iii) 1.00% of the principal amount of the applicable Term Loan prepaid thereafter, and prior to the third anniversary of the Effective Date (each, a “Prepayment Fee”). The Company may terminate the revolving credit line under the Senior Loan Agreement at any time upon 3 business days’ advance written notice to the Senior Lender. If the Company terminates the revolving credit line prior to the Maturity Date, it must pay to the Senior Lender an early termination fee of $50,000 (the “Termination Fee”). The Company is subject to a number of affirmative and restrictive covenants pursuant to the Loan Agreements, including covenants regarding achieving minimum product revenues, delivery of financial statements, maintenance of inventory, payment of taxes, maintenance of insurance, protection of intellectual property rights, dispositions of property, business combinations or acquisitions, incurrence of additional indebtedness or liens, investments and transactions with affiliates, among other customary covenants. As of March 31, 2020 the Company is in compliance with all covenants. Upon the occurrence of certain events, including but not limited to the Company’s failure to satisfy its payment obligations under the Loan Agreements, the breach of certain of its other covenants under the Loan Agreements, or the occurrence of a material adverse change, cross defaults to other indebtedness or material agreements, judgment defaults and defaults related to failure to maintain governmental approvals failure of which to maintain could result in a material adverse effect, the Agent and the Lenders will have the right, among other remedies, to declare all principal and interest immediately due and payable, to exercise secured party remedies, to receive the Final Payment and Termination Fee and, if the payment of principal and interest is due prior to the Maturity Date, to receive the applicable Prepayment Fee. The Loan Agreements also include subjective acceleration clauses that permit the Lenders to accelerate the maturity date under certain circumstances, including a material adverse change in the Company’s business, operations, or financial condition or a material impairment of the prospect of repayment of the Company’s obligations to the Mezzanine Lenders. Upon entering into the Loan Agreement, the Company received proceeds of $35.0 million in term loans and incurred debt discount and issuance costs of $3.3 million, including the final payment fee of $2.7 million, classified as a contra-liability on the condensed balance sheet. The Company incurred additional debt issuance costs related to the revolving credit line of $0.1 million, classified as other non-current assets in the condensed balance sheet. These costs will be amortized to interest expense over the life of the loans using the straight-line method. For the three months ended March 31, 2020, the Company recognized interest expense of $0.2 million, of which $155.0 thousand was accrued interest on the term loan and $65.0 thousand was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of the final payment fee. T he following table summarizes the composition of debt as reflected on the balance sheet as of March 31, 2020 (in thousands): Gross proceeds $ 35,000 Accrued final payment fee 2,625 Unamortized debt discount and issuance costs (3,191 ) Total long-term debt, net $ 34,434 A ggregate maturities of long-term debt as of March 31, 2020 are as follows (in thousands): Remainder of 2020 $ — 2021 — 2022 13,125 2023 17,500 2024 (1) 4,375 $ 35,000 (1) Excludes the final payment fee due at time of maturity.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 8—Stock-Based Compensation Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s condensed statements of operations for the three months ended March 31, 2020 and 2019 as follows (in thousands): For the Three Months Ended March 31, 2020 2019 Research and development $ 177 $ 140 General and administrative 821 640 Total stock-based compensation $ 998 $ 780 Stock Options The following table summarizes the Company’s stock option activity for the three months ended March 31, 2020: Weighted average Weighted average remaining contractual Aggregate intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2019 1,914,545 $ 9.14 8.5 $ 12,953,956 Granted 660,700 12.76 Exercised (7,500 ) 0.90 Forfeitures (4,071 ) 15.13 Outstanding as of March 31, 2020 2,563,674 $ 10.09 8.7 $ 4,963,331 Options vested and exercisable as of March 31, 2020 788,865 $ 7.77 7.9 $ 2,884,381 As of March 31, 2020, the total unrecognized compensation related to unvested stock option awards granted was $13.1 million, which the Company expects to recognize over a weighted-average period of 3.1 years. Restricted Stock Pursuant to an Amended and Restated Stock Purchase Agreement (the “Amended and Restated Agreement”) between the Company and the former Chief Scientific Officer (“CSO”), 848,859 shares held by the former CSO are subject to repurchase 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. On November 27, 2019, the Company granted 300,000 restricted stock units to its executive officers. The restricted stock units vest 50% upon receipt of regulatory approval of the Company’s new drug application for VP-102 for the treatment of molluscum (the “Approval Date”) and 50% shall vest on the one year anniversary of the Approval Date subject to the holders’ continuous service through each applicable date. No compensation expenses have been recognized for these nonvested restricted stock units and the shares subject to the Amended and Restated Agreement as these shares are performance based and the triggering event was not determined to be probable as of March 31, 2020. As of March 31, 2020, the total unrecognized compensation expense related to the restricted stock units and shares subject to the Amended and Restated Agreement was $5.0 million.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 9—Related Party Transactions The Company has entered into a services agreement (“SA”) with PBM Capital Group, LLC (“PBM”) an affiliate of PBM Capital Investments, LLC, to engage PBM for certain business development, operations, technical, contract, accounting and back office support services. 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 stockholder on a collective basis. On January 1, 2019 and October 1, 2019, the SA was amended to reduce the monthly management fee to $26,333 and $5,000, respectively, as a result of a reduction in services provided by PBM. For the three months ended March 31, 2020 and 2019, the Company incurred expenses under the SA of $15,000 and $79,000, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2020. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. The Company has been actively monitoring the novel coronavirus (“COVID-19”) situation and its impact globally. Management believes the financial results for the three months ended March 31, 2020 were not significantly impacted by COVID-19. In addition, management believes the remote working arrangements and travel restrictions imposed by various governmental jurisdictions have had limited impact on the Company’s ability to maintain internal operations during the quarter. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19. As a direct result of COVID-19, the Company has decided to delay the initiation of its Phase 3 clinical trials to evaluate VP-102 in subjects with common warts as well as its planned Phase 2 clinical trial to evaluate VP-103 in subjects with plantar warts until conditions are appropriate.
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. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, 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.
Significant Accounting Policies	S ignificant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 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 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
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 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 March 31, 2020 2019 Shares issuable upon exercise of stock options 2,563,674 2,051,725 Non-vested shares under restricted stock grants 1,148,859 848,859

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Potential Shares Outstanding not Included 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 March 31, 2020 2019 Shares issuable upon exercise of stock options 2,563,674 2,051,725 Non-vested shares under restricted stock grants 1,148,859 848,859

Investments In Marketable Sec_2

Investments In Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Schedule of Marketable Securities	Investments in marketable securities consisted of the following as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 6,718 $ 40 $ — $ 6,758 Commercial paper 17,859 — (14 ) 17,845 Asset-backed securities 9,299 — (6 ) 9,293 Total marketable securities $ 33,876 $ 40 $ (20 ) $ 33,896 December 31, 2019 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 7,397 $ 3 $ — $ 7,400 Commercial paper 31,913 7 (1 ) 31,919 Asset-backed securities 13,446 11 — 13,457 Total marketable securities $ 52,756 $ 21 $ (1 ) $ 52,776
Schedule of Fair Value of Marketable Securities	The following tables presents fair value of the Company’s marketable securities (in thousands): Fair Value Measurement as of March 31, 2020 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 6,758 $ — $ — $ 6,758 Commercial paper — 17,845 — 17,845 Asset-backed securities — 9,293 — 9,293 Total assets $ 6,758 $ 27,138 $ — $ 33,896 Fair Value Measurement as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 7,400 $ — $ — $ 7,400 Commercial paper — 31,919 — 31,919 Asset-backed securities — 13,457 — 13,457 Total assets $ 7,400 $ 45,376 $ — $ 52,776

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of (in thousands): As of As of March 31, December 31, 2020 2019 Leasehold improvements $ 68 $ 68 Office furniture and fixtures 48 48 Office equipment 31 31 Construction in process 2,326 2,027 2,473 2,174 Accumulated depreciation (98 ) (84 ) Total property and equipment, net $ 2,375 $ 2,090

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2020 As of December 31, 2019 Compensation and related costs $ 577 $ 1,195 Clinical trials and drug development 527 733 Construction in process 333 — Professional fees 275 89 Interest expense 155 — Other accrued expenses and other current liabilities 199 19 Total accrued expenses and other current liabilities $ 2,066 $ 2,036

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense are as follows (in thousands): For the Three Months Ended March 31, 2020 2019 Operating lease: Operating lease costs $ 58 $ 34 Short-term lease costs 6 5 Total rent expense $ 64 $ 39
Schedule of Maturities of Operating Lease	Maturities of the Company’s operating lease, excluding short-term leases, as of March 31, 2020 are as follows (in thousands): Remainder of 2020 $ 105 2021 58 Total lease payments 163 Less imputed interest (7 ) Operating lease liability $ 156

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Composition of Debt	T he following table summarizes the composition of debt as reflected on the balance sheet as of March 31, 2020 (in thousands): Gross proceeds $ 35,000 Accrued final payment fee 2,625 Unamortized debt discount and issuance costs (3,191 ) Total long-term debt, net $ 34,434
Schedule of Aggregate Maturities of Long-term Debt	A ggregate maturities of long-term debt as of March 31, 2020 are as follows (in thousands): Remainder of 2020 $ — 2021 — 2022 13,125 2023 17,500 2024 (1) 4,375 $ 35,000 (1) Excludes the final payment fee due at time of maturity.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
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 condensed statements of operations for the three months ended March 31, 2020 and 2019 as follows (in thousands): For the Three Months Ended March 31, 2020 2019 Research and development $ 177 $ 140 General and administrative 821 640 Total stock-based compensation $ 998 $ 780
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the three months ended March 31, 2020: Weighted average Weighted average remaining contractual Aggregate intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2019 1,914,545 $ 9.14 8.5 $ 12,953,956 Granted 660,700 12.76 Exercised (7,500 ) 0.90 Forfeitures (4,071 ) 15.13 Outstanding as of March 31, 2020 2,563,674 $ 10.09 8.7 $ 4,963,331 Options vested and exercisable as of March 31, 2020 788,865 $ 7.77 7.9 $ 2,884,381

Nature of Business - Additional

Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Description Of Business [Line Items]
Accumulated deficit	$ (71,014)	$ (61,192)
Gross proceeds from issuance of debt	35,000
Net proceeds from issuance of debt	34,460
IPO [Member]
Description Of Business [Line Items]
Gross proceeds from issuance of common stock	123,200
Net proceeds from issuance of common stock	114,900
Cash, cash equivalents and marketable securities	$ 88,400

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jan. 01, 2019	Mar. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Operating lease right-of-use asset	$ 304,000	$ 45,000	$ 111,000
Operating lease liability	306,000	$ 156,000
Deferred rent	2,000
Accumulated Deficit and Additional Paid-in Capital [Member]
Significant Accounting Policies [Line Items]
Adjustment to accumulated deficit and additional paid -in capital	$ 98,000

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Shares issuable upon exercise of stock options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share	2,563,674	2,051,725
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	1,148,859	848,859

Investments in Marketable Sec_3

Investments in Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Amortized Cost	$ 33,876	$ 52,756
Gross Unrealized Gains	40	21
Gross Unrealized Losses	(20)	(1)
Fair Value	33,896	52,776
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	6,718	7,397
Gross Unrealized Gains	40	3
Fair Value	6,758	7,400
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized Cost	17,859	31,913
Gross Unrealized Gains		7
Gross Unrealized Losses	(14)	(1)
Fair Value	17,845	31,919
Asset Backed Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	9,299	13,446
Gross Unrealized Gains		11
Gross Unrealized Losses	(6)
Fair Value	$ 9,293	$ 13,457

Investments in Marketable Sec_4

Investments in Marketable Securities - Schedule of Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Marketable securities	$ 33,896	$ 52,776
Level 1 [Member]
Marketable Securities [Line Items]
Marketable securities	6,758	7,400
Level 2 [Member]
Marketable Securities [Line Items]
Marketable securities	27,138	45,376
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Marketable securities	6,758	7,400
U.S. Treasury Securities [Member] | Level 1 [Member]
Marketable Securities [Line Items]
Marketable securities	6,758	7,400
Commercial Paper [Member]
Marketable Securities [Line Items]
Marketable securities	17,845	31,919
Commercial Paper [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Marketable securities	17,845	31,919
Asset Backed Securities [Member]
Marketable Securities [Line Items]
Marketable securities	9,293	13,457
Asset Backed Securities [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Marketable securities	$ 9,293	$ 13,457

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,473	$ 2,174
Accumulated depreciation	(98)	(84)
Total property and equipment, net	2,375	2,090
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	68	68
Office Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	48	48
Office Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	31	31
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,326	$ 2,027

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Liabilities Current [Abstract]
Compensation and related costs	$ 577	$ 1,195
Clinical trials and drug development	527	733
Construction in process	333
Professional fees	275	89
Interest expense	155
Other accrued expenses and other current liabilities	199	19
Total accrued expenses and other current liabilities	$ 2,066	$ 2,036

Leases - Additional Information

Leases - Additional Information (Detail)	Mar. 12, 2020ft²	Jul. 01, 2019ft²	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Lessee Lease Description [Line Items]
Operating lease expiration			2021-05
First amendments date	Mar. 12, 2020
Operating lease, initial term of contract			7 years
Operating lease liability			$ 156,000		$ 306,000
Operating lease liability, current			133,000	$ 130,000
Operating lease right-of-use asset			$ 45,000	$ 111,000	$ 304,000
Weighted-average remaining lease term			1 year 2 months 12 days
Weighted-average discount rate			6.75%
Pennsylvania [Member]
Lessee Lease Description [Line Items]
Lease agreement commencement date		Jul. 1, 2019
Area of office space for lease | ft²		5,829
Original Premises [Member]
Lessee Lease Description [Line Items]
Area of office space for lease | ft²	5,372
Total Rentable Premise [Member]
Lessee Lease Description [Line Items]
Area of office space for lease | ft²	11,201
Landlord’s Operating Expense [Member]
Lessee Lease Description [Line Items]
Operating lease, base rent			$ 2,400,000

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease costs	$ 58	$ 34
Short-term lease costs	6	5
Total rent expense	$ 64	$ 39

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease (Detail) - USD ($)	Mar. 31, 2020	Jan. 01, 2019
Leases [Abstract]
Remainder of 2020	$ 105,000
2021	58,000
Total lease payments	163,000
Less imputed interest	(7,000)
Operating lease liability	$ 156,000	$ 306,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Mar. 10, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Term loans, frequency of periodic payments	24 equal monthly
Proceeds from issuance of debt		$ 35,000,000
Final payment fee		$ 35,000,000
Mezzanine Loan Agreement [Member] | Term B Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
Mezzanine Loan Agreement [Member] | Term B Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Proceeds from equity financing	40,000,000
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term A Loan [Member]
Debt Instrument [Line Items]
Borrowed amount	35,000,000
Mezzanine Loan Agreement [Member] | Silicon Valley Bank (Senior Lender) [Member] | Revolving Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	5,000,000
Senior Loan Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000,000
Line of credit, maximum borrowing base percentage of eligible accounts receivable	85.00%
Line of credit facility, periodic payment	$ 25,000
Line of credit facility due upon effective date.	25,000
Line of credit facility, anniversary payment	$ 100,000
Loans, maturity date	Mar. 1, 2024
Term loans, payment terms		The Term Loans will be interest-only through March 31, 2022, followed by 24 equal monthly payments of principal and interest; provided that if the Company draws the Term B Loan, the Term Loans will be interest-only through September 30, 2022, followed by 18 equal monthly payments of principal and interest.
Loans, interest rate terms		The Term Loans will bear interest at a floating per annum rate equal to the greater of (i) 7.25% and (ii) the sum of (a) the prime rate reported in The Wall Street Journal on the last business day of the month that immediately precedes the month in which the interest will accrue, plus (b) 2.50%.
Loans, interest rate	7.25%
Term loans, final payment fee percentage of original principal amount	7.50%
Debt discount and issuance costs	$ 3,300,000
Final payment fee		$ 35,000,000
Interest expense		200,000
Accrued interest on term loan		155,000
Non-cash interest expense		65,000
Senior Loan Agreement [Member] | Term Loan Prepaid on or Before First Anniversary of Effective Date [Member]
Debt Instrument [Line Items]
Debt instrument, prepayment fee percentage	3.00%
Senior Loan Agreement [Member] | Term Loan Prepaid Between First and Second Anniversary of Effective Date [Member]
Debt Instrument [Line Items]
Debt instrument, prepayment fee percentage	2.00%
Senior Loan Agreement [Member] | Term Loan Prepaid Thereafter, and Prior to Third Anniversary of Effective Date [Member]
Debt Instrument [Line Items]
Debt instrument, prepayment fee percentage	1.00%
Senior Loan Agreement [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Loans, variable rate	2.50%
Senior Loan Agreement [Member] | Term A and B Loan [Member]
Debt Instrument [Line Items]
Term loans, frequency of periodic payments	18 equal monthly
Senior Loan Agreement [Member] | Other Current Liabilities [Member]
Debt Instrument [Line Items]
Line of credit facility, anniversary payment		25,000
Senior Loan Agreement [Member] | Other Liabilities [Member]
Debt Instrument [Line Items]
Line of credit facility, anniversary payment		$ 75,000
Senior Loan Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Repayments of term loans increments amount	$ 1,000,000
Senior Loan Agreement [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Proceeds from issuance of debt	35,000,000
Senior Loan Agreement [Member] | Term Loans [Member] | Contra-Liability [Member]
Debt Instrument [Line Items]
Final payment fee	$ 2,700,000
Senior Loan Agreement [Member] | Revolving Loans [Member]
Debt Instrument [Line Items]
Loans, interest rate terms		The Revolving Loans will bear interest at a floating per annum rate equal to the greater of (i) 6.00% and (ii) the sum of (a) the prime rate reported in The Wall Street Journal on the last business day of the month that immediately precedes the month in which the interest will accrue, plus (b) 1.25%.
Loans, interest rate	6.00%
Credit line, early termination fee amount	$ 50,000
Senior Loan Agreement [Member] | Revolving Loans [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Loans, variable rate	1.25%
Senior Loan Agreement [Member] | Revolving Loans [Member] | Other Non-Current Assets [Member]
Debt Instrument [Line Items]
Debt discount and issuance costs	$ 100,000

Debt - Summary of Composition o

Debt - Summary of Composition of Debt (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Gross proceeds	$ 35,000
Long-term debt, net	34,434
Senior Loan Agreement [Member]
Debt Instrument [Line Items]
Gross proceeds	35,000
Accrued final payment fee	2,625
Unamortized debt discount and issuance costs	(3,191)
Long-term debt, net	$ 34,434

Debt - Schedule of Aggregate Ma

Debt - Schedule of Aggregate Maturities of Long-term Debt (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
2022	$ 13,125
2023	17,500
2024	4,375
Long-term debt	$ 35,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 998	$ 780
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	177	140
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 821	$ 640

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Employee Service Share Based Compensation Aggregate Disclosures [Abstract]
Number of shares, Outstanding Beginning Balance	1,914,545
Number of shares, Granted	660,700
Number of shares, Exercised	(7,500)
Number of shares, Forfeitures	(4,071)
Number of shares, Outstanding Ending Balance	2,563,674	1,914,545
Number of shares, Options vested and exercisable Ending Balance	788,865
Weighted average exercise price, Outstanding Beginning Balance	$ 9.14
Weighted average exercise price, Granted	12.76
Weighted average exercise price, Exercised	0.90
Weighted average exercise price, Forfeitures	15.13
Weighted average exercise price, Outstanding Ending Balance	10.09	$ 9.14
Weighted average exercise price, Options vested and exercisable Ending Balance	$ 7.77
Weighted average remaining contractual life (in years), Outstanding	8 years 8 months 12 days	8 years 6 months
Weighted average remaining contractual life (in years), Options vested and exercisable	7 years 10 months 24 days
Aggregate intrinsic value, Outstanding	$ 4,963,331	$ 12,953,956
Aggregate intrinsic value, Options vested and exercisable Ending Balance	$ 2,884,381

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Nov. 27, 2019	Mar. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation related to unvested stock options		$ 13.1
Weighted-average stock option recognize period		3 years 1 month 6 days
Treasury stock, shares		105,144	105,144
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock vesting period	1 year
Restricted Stock Units (RSUs) [Member] | Executive Officers [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	300,000
Restricted Stock Units (RSUs) [Member] | One Year Anniversary [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)	50.00%
Restricted Stock Units (RSUs) [Member] | New Drug Application [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)	50.00%
Amended and Restated Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Treasury stock, shares		848,859
Repurchase price		$ 0.0001
Amended and Restated Agreement [Member] | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation related to nonvested restricted stock units		$ 5

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - PBM Capital Group, LLC [Member] - USD ($)	Oct. 01, 2019	Jan. 01, 2019	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Expenses incurred under services agreement			$ 15,000	$ 79,000
Amended Service Agreement [Member]
Related Party Transaction [Line Items]
Monthly management fee payable	$ 5,000	$ 26,333