Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 05, 2020 | |
[DocumentAndEntityInformationAbstract] | ||
Entity Registrant Name | NextCure, Inc. | |
Entity Central Index Key | 0001661059 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,552,751 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 25,050 | $ 34,091 |
Marketable securities | 284,285 | 300,514 |
Restricted cash | 1,706 | 1,706 |
Prepaid expenses and other current assets | 4,029 | 3,684 |
Total current assets | 315,070 | 339,995 |
Property and equipment, net | 14,831 | 12,090 |
Other assets | 3,588 | 4,083 |
Total assets | 333,489 | 356,168 |
Current liabilities: | ||
Accounts payable | 2,435 | 1,861 |
Accrued liabilities | 4,118 | 4,871 |
Deferred rent, current portion | 142 | 215 |
Term loan, current portion | 1,667 | 1,667 |
Deferred revenue, current portion | 6,428 | |
Total current liabilities | 8,362 | 15,042 |
Deferred rent, net of current portion | 571 | 359 |
Term loan, net of current portion | 2,639 | 3,333 |
Deferred revenue, net of current portion | 15,950 | |
Total liabilities | 11,572 | 34,684 |
Stockholders’ equity | ||
Preferred stock; par value of $0.001 per share, 10,000,000 shares authorized at June 30, 2020 and December 31, 2019. No shares issued and outstanding at June 30, 2020 and December 31, 2019 | ||
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at June 30, 2020 and December 31, 2019, 27,520,650 and 27,499,260 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 28 | 27 |
Additional paid-in capital | 405,763 | 402,529 |
Accumulated other comprehensive income (loss) | 1,935 | (38) |
Accumulated deficit | (85,809) | (81,034) |
Total stockholders’ equity | 321,917 | 321,484 |
Total liabilities, preferred stock and stockholders’ equity | $ 333,489 | $ 356,168 |
CONDENSED BALANCE SHEETS - (Par
CONDENSED BALANCE SHEETS - (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
CONDENSED BALANCE SHEETS | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, number of shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, number of shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,520,650 | 27,499,260 |
Common stock, shares outstanding | 27,520,650 | 27,499,260 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue: | ||||
Revenue | $ 1,402 | $ 22,378 | $ 2,759 | |
Revenue, Product and Service [Extensible List] | nxtc:RelatedPartyMember | |||
Operating expenses: | ||||
Research and development | $ 11,130 | 7,643 | $ 21,708 | 14,156 |
General and administrative | 4,671 | 2,714 | 8,259 | 4,373 |
Total operating expenses | 15,801 | 10,357 | 29,967 | 18,529 |
Loss from operations | (15,801) | (8,955) | (7,589) | (15,770) |
Other income, net | 1,293 | 734 | 2,814 | 1,394 |
Net loss | $ (14,508) | $ (8,221) | $ (4,775) | $ (14,376) |
Loss per share | ||||
Net loss per common share—basic and diluted (in dollars per share) | $ (0.53) | $ (0.61) | $ (0.17) | $ (1.92) |
Shares used in the calculation of loss per share | ||||
Weighted average number of common shares —basic and diluted (in shares) | 27,518,129 | 13,498,393 | 27,512,528 | 7,472,298 |
Comprehensive Loss: | ||||
Net loss | $ (14,508) | $ (8,221) | $ (4,775) | $ (14,376) |
Unrealized gain on marketable securities | 2,478 | 1,935 | ||
Total comprehensive loss | $ (12,030) | $ (8,221) | $ (2,840) | $ (14,376) |
CONDENSED STATEMENTS OF PREFERR
CONDENSED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2018 | $ 1 | $ 352 | $ (47,297) | $ (46,944) | |||
Balance at the beginning (in shares) at Dec. 31, 2018 | 1,374,812 | ||||||
Balance at the beginning at Dec. 31, 2018 | $ 71,000 | $ 91,223 | |||||
Balance at the beginning (in shares) at Dec. 31, 2018 | 68,181,819 | 56,828,851 | |||||
Increase (Decrease) in Stockholders' Deficit | |||||||
Stock based compensation | 383 | 383 | |||||
Issuance of common stock | 4 | 4 | |||||
Issuance of common stock (in shares) | 4,697 | ||||||
Net loss | (6,155) | (6,155) | |||||
Balance at the end at Mar. 31, 2019 | $ 1 | 739 | (53,452) | (52,712) | |||
Balance at the end (in shares) at Mar. 31, 2019 | 1,379,509 | ||||||
Balance at the end at Mar. 31, 2019 | $ 71,000 | $ 91,223 | |||||
Balance at the end (in shares) at Mar. 31, 2019 | 68,181,819 | 56,828,851 | |||||
Balance at the beginning at Dec. 31, 2018 | $ 1 | 352 | (47,297) | (46,944) | |||
Balance at the beginning (in shares) at Dec. 31, 2018 | 1,374,812 | ||||||
Balance at the beginning at Dec. 31, 2018 | $ 71,000 | $ 91,223 | |||||
Balance at the beginning (in shares) at Dec. 31, 2018 | 68,181,819 | 56,828,851 | |||||
Increase (Decrease) in Stockholders' Deficit | |||||||
Net loss | (14,376) | ||||||
Balance at the end at Jun. 30, 2019 | $ 23 | 240,245 | (61,673) | 178,595 | |||
Balance at the end (in shares) at Jun. 30, 2019 | 22,714,765 | ||||||
Balance at the beginning at Mar. 31, 2019 | $ 1 | 739 | (53,452) | (52,712) | |||
Balance at the beginning (in shares) at Mar. 31, 2019 | 1,379,509 | ||||||
Balance at the beginning at Mar. 31, 2019 | $ 71,000 | $ 91,223 | |||||
Balance at the beginning (in shares) at Mar. 31, 2019 | 68,181,819 | 56,828,851 | |||||
Increase (Decrease) in Stockholders' Deficit | |||||||
Stock based compensation | 412 | 412 | |||||
Issuance of common stock | $ 1 | 42 | 43 | ||||
Issuance of common stock (in shares) | 24,687 | ||||||
Initial public offering, net of issuance costs of $9.4M | $ 6 | 76,844 | 76,850 | ||||
Initial public offering, net of issuance costs of $9.4M (in shares) | 5,750,000 | ||||||
Conversion of preferred stock to common stock | $ (71,000) | $ (91,223) | $ 15 | 162,208 | 162,223 | ||
Conversion of preferred stock to common stock (in shares) | (68,181,819) | (56,828,851) | 15,560,569 | ||||
Net loss | (8,221) | (8,221) | |||||
Balance at the end at Jun. 30, 2019 | $ 23 | 240,245 | (61,673) | 178,595 | |||
Balance at the end (in shares) at Jun. 30, 2019 | 22,714,765 | ||||||
Balance at the beginning at Dec. 31, 2019 | $ 27 | 402,529 | $ (38) | (81,034) | $ 321,484 | ||
Balance at the beginning (in shares) at Dec. 31, 2019 | 27,499,260 | 27,499,260 | |||||
Increase (Decrease) in Stockholders' Deficit | |||||||
Stock based compensation | 1,008 | $ 1,008 | |||||
Issuance of common stock | $ 1 | 36 | 37 | ||||
Issuance of common stock (in shares) | 17,142 | ||||||
Unrealized (loss) gain on marketable securities, net of tax $0 | (505) | (505) | |||||
Net loss | 9,733 | 9,733 | |||||
Balance at the end at Mar. 31, 2020 | $ 28 | 403,573 | (543) | (71,301) | 331,757 | ||
Balance at the end (in shares) at Mar. 31, 2020 | 27,516,402 | ||||||
Balance at the beginning at Dec. 31, 2019 | $ 27 | 402,529 | (38) | (81,034) | $ 321,484 | ||
Balance at the beginning (in shares) at Dec. 31, 2019 | 27,499,260 | 27,499,260 | |||||
Increase (Decrease) in Stockholders' Deficit | |||||||
Net loss | $ (4,775) | ||||||
Balance at the end at Jun. 30, 2020 | $ 28 | 405,763 | 1,935 | (85,809) | $ 321,917 | ||
Balance at the end (in shares) at Jun. 30, 2020 | 27,520,650 | 27,520,650 | |||||
Balance at the beginning at Mar. 31, 2020 | $ 28 | 403,573 | (543) | (71,301) | $ 331,757 | ||
Balance at the beginning (in shares) at Mar. 31, 2020 | 27,516,402 | ||||||
Increase (Decrease) in Stockholders' Deficit | |||||||
Stock based compensation | 2,187 | 2,187 | |||||
Issuance of common stock | 3 | 3 | |||||
Issuance of common stock (in shares) | 4,248 | ||||||
Unrealized (loss) gain on marketable securities, net of tax $0 | 2,478 | 2,478 | |||||
Net loss | (14,508) | (14,508) | |||||
Balance at the end at Jun. 30, 2020 | $ 28 | $ 405,763 | $ 1,935 | $ (85,809) | $ 321,917 | ||
Balance at the end (in shares) at Jun. 30, 2020 | 27,520,650 | 27,520,650 |
CONDENSED STATEMENTS OF PREFE_2
CONDENSED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - USD ($) | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | |
CONDENSED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||
Unrealized loss on marketable securities, tax | $ 0 | $ 0 | |
Initial public offering issuance costs | $ 9,400,000 | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (4,775) | $ (14,376) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,538 | 1,145 |
Stock-based compensation | 3,195 | 795 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (543) | (2,815) |
Accounts payable | 574 | (493) |
Accrued liabilities | (753) | (182) |
Deferred rent | 139 | |
Deferred revenue | (22,378) | (1,759) |
Net cash used in operating activities | (23,003) | (17,685) |
Cash flows from investing activities: | ||
Maturities of marketable securities | 71,565 | |
Purchase of marketable securities | (53,364) | |
Purchase of property and equipment | (4,279) | (2,067) |
Net cash provided by (used in) investing activities | 13,922 | (2,067) |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of issuance costs | 77,264 | |
Proceeds from issuances of common stock | 40 | 43 |
Proceeds from the term loan | 4,540 | |
Payments of the term loan | (694) | |
Net cash (used in) provided by financing activities | (654) | 81,847 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,735) | 62,095 |
Cash, cash equivalents and restricted cash—beginning of period | 39,130 | 135,633 |
Cash, cash equivalents and restricted cash—end of period | 29,395 | 197,728 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 85 | 80 |
Supplemental disclosures of noncash investing and financing activities: | ||
Purchase of property and equipment included in accrued liabilities | $ 809 | 75 |
Deferred financing costs included in accrued liabilities | 154 | |
Conversion of convertible preferred stock into common stock | $ 162,223 |
Nature of the Business
Nature of the Business | 6 Months Ended |
Jun. 30, 2020 | |
Nature of the Business | |
Nature of the Business | 1. Nature of the Business Organization NextCure, Inc. (“NextCure” or the “Company”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first‑in‑class immunomedicines to treat cancer and other immune‑related diseases by restoring normal immune function. Through its proprietary Functional, Integrated, NextCure Discovery in Immuno‑Oncology (“FIND‑IO”) platform, the Company studies various immune cells in order to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Since inception, the Company has devoted substantially all of its efforts and financial resources to organizing and staffing the Company, identifying business development opportunities, raising capital, securing intellectual property rights related to the Company’s product candidates, building and optimizing the Company’s manufacturing capabilities and conducting discovery, research and development activities for the Company’s product candidates, discovery programs and its FIND‑IO platform. Initial Public Offering On May 13, 2019, the Company closed its initial public offering (“IPO”), in which the Company issued and sold 5,750,000 shares of common stock at a public offering price of $15.00 per share, for net proceeds to the Company of approximately $77.0 million after deducting underwriting discounts and commissions of $6.0 million and offering expenses of approximately $3.4 million. In preparation for the IPO, on May 3, 2019, the Company effected a one-for-8.0338 reverse stock split of its issued and outstanding common stock. The par value and authorized shares of common stock were not adjusted as a result of the reverse stock split. All share and per share information presented in the accompanying financial statements has been adjusted to reflect the reverse common stock split on a retroactive basis for all applicable periods and as of all applicable dates presented. Upon the closing of the IPO, on May 13, 2019, all outstanding shares of the Company’s convertible preferred stock automatically converted into 15,560,569 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. Upon the closing of the IPO, on May 13, 2019, the Company’s certificate of incorporation was amended and restated to provide for 100,000,000 authorized shares of common stock with a par value of $0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $0.001 per share. Liquidity The Company has not generated any revenue to date from product sales and does not expect to generate any revenues from product sales in the foreseeable future. Through June 30, 2020, the Company has funded its operations primarily with proceeds from public offerings of its common stock, private placements of its preferred stock and upfront fees received under the Company’s former agreement with Eli Lilly and Company (Note 6). The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future. Risks and Uncertainties COVID-19 In March 2020, the World Health Organization declared the novel coronavirus disease 2019, or (“COVID-19”), outbreak a pandemic. In order to mitigate the spread of COVID-19, governments have imposed unprecedented restrictions on business operations, travel and gatherings, resulting in a global economic downturn and other adverse economic and societal impacts. The COVID-19 pandemic has also overwhelmed or otherwise led to changes in the operations of many healthcare facilities, including clinical trial sites. The impact of the COVID-19 pandemic on the Company’s business and financial performance is uncertain and depends on various factors, including the scope and duration of the pandemic, government restrictions and other actions, including relief measures, implemented to address the impact of the pandemic, and resulting impacts on the financial markets and overall economy. The imposition of “lockdown,” “social distancing” and “shelter in place” directives restrictions on business operations, travel and gatherings by state and federal governments in the United States as well as governments in other regions of the world in response to the COVID-19 pandemic have placed significant strain on the Company’s clinical trial sites, raised concerns around monitoring patient safety, and caused enrollment to slow in the Phase 2 portion of the ongoing Phase 1/2 monotherapy clinical trial of the Company’s lead product candidate, NC318. However, the COVID-19 infection rates continue to rise, especially in the United States, which could continue to negatively affect enrollment going forward. The Company is unable to determine the extent of the impact of the pandemic on its operations and financial condition going forward. These developments are highly uncertain and unpredictable, and may materially adversely affect the Company’s financial position and results of operations. The Company continues to closely monitor the COVID-19 situation and any potential impact to our planned activities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Basis of Presentation The unaudited condensed financial statements include the accounts of NextCure, Inc. and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”). Unaudited Financial Information In the opinion of management, the information furnished reflects certain adjustments, all of which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. Recently Issued Accounting Pronouncements The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The new guidance will require lessees to record most leases on their balance sheets and recognize the related expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The standard is effective for the Company for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021, assuming the Company remains an EGC. The Company continues to determine if it will elect to use the practical expedients permitted by the guidance and continues to gather data required to comply with the guidance. Based on the work completed to date, the Company is considering the implications of adopting the new standard, including the discount rate to be used in valuing new and existing leases and all applicable financial statement disclosures required by the new guidance. The Company is continuing to evaluate the effect of adoption and anticipates that it will result in the recognition of additional assets and corresponding liabilities related to the existing leases on its balance sheet. The Company is assessing potential impacts on its internal controls, business processes, and accounting policies related to both the implementation of, and ongoing compliance with, the new guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 will require credit losses to be reported using an expected losses model rather than the incurred losses model that is currently used and will require additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard will require allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 will be effective for non-EGCs for fiscal years beginning December 15, 2019 and interim periods within those fiscal years, and will be effective for the Company for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, assuming the Company remains an EGC. Early adoption is permitted. The Company is currently evaluating the effects the adoption of ASU 2016-13 may have on its financial statements. The Company considers the applicability and impact of all ASUs issued by the FASB. All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Restricted Cash. | |
Restricted Cash | 3. Restricted Cash The Company is required, as a condition of its $5.0 million term loan (the “Term Loan”), to maintain cash collateral on deposit in a segregated money market bank account equal to the principal portion of the Term Loan, as determined on a quarterly basis. The bank may restrict withdrawals or transfers by or on behalf of the Company that would violate this requirement. The required Term Loan reserve totaled $4.3 million as of June 30, 2020. This amount is presented in part as restricted cash and in part as other assets on the accompanying balance sheet. The following table reconciles cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows: June 30, December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 25,050 $ 34,091 Restricted cash (including $2,639 and $3,333 in other assets as of June 30, 2020 and December 31, 2019, respectively) 4,345 5,039 Total $ 29,395 $ 39,130 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2020 | |
Marketable Securities | |
Marketable Securities | 4. Marketable Securities Marketable securities consist of the following: June 30, 2020 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value (in thousands) Agency bonds (government sponsored enterprises) $ 24,366 $ 83 $ — $ 24,449 Corporate bonds 251,022 1,858 (6) 252,874 Commercial paper 6,962 — — 6,962 Total $ 282,350 $ 1,941 $ (6) $ 284,285 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Short-term marketable securities: U.S. treasury securities $ 4,991 $ — $ — $ 4,991 Agency bonds (government sponsored enterprises) 24,437 15 (1) 24,451 Corporate bonds 271,124 103 (155) 271,072 Total $ 300,552 $ 118 $ (156) $ 300,514 As of June 30, 2020, no marketable securities are considered to be other-than-temporarily impaired. The Company uses the specific identification method when calculating realized gains and losses. For the three and six months ended June 30, 2020, respectively, the Company recorded approximately $4,000 and $68,000 in realized gains on available-for-sale securities, which is included in other income, net on the condensed statement of operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements | |
Fair Value Measurements | 5. Fair Value Measurements The Company has certain financial assets recorded at fair value, which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. Level 1—Quoted market prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2020 and December 31, 2019: June 30, 2020 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 9,956 $ 9,956 $ — $ — Marketable securities: Agency bonds 24,449 — 24,449 — Corporate bonds 252,874 — 252,874 — Commercial paper 6,962 — 6,962 Total $ 294,241 $ 9,956 $ 284,285 $ — December 31, 2019 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 19,341 $ 19,341 $ — $ — Marketable securities: U.S. treasury securities 4,991 — 4,991 — Agency bonds 24,451 — 24,451 — Corporate bonds 271,072 — 271,072 — Total $ 319,855 $ 19,341 $ 300,514 $ — The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three and six months ended June 30, 2020 and 2019. |
Agreement with Eli Lilly and Co
Agreement with Eli Lilly and Company | 6 Months Ended |
Jun. 30, 2020 | |
Agreement with Eli Lilly and Company | |
Agreement with Eli Lilly and Company | 6. Agreement with Eli Lilly and Company On November 2, 2018, the Company entered into a multi-year research and development collaboration agreement (the “Lilly Agreement”) with Eli Lilly and Company (“Lilly”), pursuant to which the Company agreed to use its proprietary FIND-IO platform to identify novel oncology targets for additional collaborative research and drug discovery by the Company and Lilly. Effective March 3, 2020, Lilly, terminated the Lilly Agreement without cause. The Company recognized revenue under the Lilly Agreement of $ 0 million and $22.4 million for the three and six months ended June 30, 2020, respectively, and $1.4 million and $2.8 million for the three and six months ended June 30, 2019, respectively. Effective with the termination of the agreement, no further quarterly research and development support payments are payable to the Company. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Stock-Based Compensation | |
Stock-Based Compensation | 7. Stock‑Based Compensation Employee Equity Plans The NextCure, Inc. 2015 Omnibus Incentive Plan (the “2015 Plan”) was adopted in December 2015 and provides for the grant of awards of stock options, restricted stock awards, unrestricted stock awards and restricted stock units to employees, consultants and directors of the Company. The NextCure, Inc. 2019 Omnibus Incentive Plan (the “2019 Plan”) became effective on May 8, 2019, the date on which the Company’s Registration Statement on Form S-1 filed in connection with the IPO was declared effective (the “Effective Date”). The Company’s board of directors (the “Board”) determined not to make additional awards under the 2015 Plan following the effectiveness of the 2019 Plan. The 2019 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, other equity-based awards and cash bonus awards to the Company’s officers, employees, non-employee directors and other key persons (including consultants). The number of shares of common stock reserved for issuance under the 2019 Plan is 2,900,000 plus the number of shares of stock related to awards outstanding under the 2015 Plan that subsequently terminate by expiration or forfeiture, cancellation or otherwise without the issuance of such shares. The number of shares reserved for issuance under the 2019 Plan automatically increase each January 1st during the term of the 2019 Plan by 4% of the number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or such lesser number of shares determined by the Board. As of June 30, 2020, 2,748,100 shares were reserved for future grant under the 2019 Plan. Stock options granted under the 2015 Plan and 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after ten years. A summary of stock option activity for awards under the Plans is presented below: Options Outstanding and Exercisable Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value (1) Shares Price Life (Years) (in thousands) Outstanding as of December 31, 2019 2,170,212 $ 6.51 8.6 $ 113,295 Granted 1,041,358 $ 39.07 9.9 — Exercised (21,390) $ 2.61 7.6 — Cancelled (259) $ 7.63 8.7 — Forfeited (27,663) $ 19.89 9.3 — Outstanding as of June 30, 2020 3,162,258 $ 17.14 9.1 $ 32,315 Vested and expected to vest as of June 30, 2020 3,162,258 $ 17.14 — $ 32,315 Exercisable as of June 30, 2020 1,008,066 $ 4.75 — $ 16,820 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at June 30, 2020 and December 31, 2019. The weighted average grant date fair value of stock options granted to employees for the six months ended June 30, 2020 was $24.46. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2020 was $0.4 million. As of June 30, 2020, there was $28.8 million of total unrecognized compensation expense related to unvested options under the Plans that will be recognized over a weighted-average period of approximately three years. The aggregate grant date fair value of stock options and restricted stock vested during the six months ended June 30, 2020 and December 31, 2019 was approximately $31.6 million and $7.6 million, respectively. Stock-based compensation expense was classified on the statements of operations as follows for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Research and development $ 896 $ 151 $ 1,348 $ 300 General and administrative 1,291 261 1,847 495 Total stock-based compensation expense $ 2,187 $ 412 $ 3,195 $ 795 The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated: Six Months Ended June 30, 2020 2019 Expected term 5.5 - 6.08 years 6.08 years Expected volatility 69.7 - 81.1 % 69.7 % Risk free interest rate 0.3 - 1.0 % 1.96 % Expected dividend yield — % — % |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Taxes | |
Income Taxes | 8. Income Taxes The Company did not record a provision or benefit for income taxes during the three and six months ended June 30, 2020 and 2019. The Company continues to maintain a full valuation allowance against its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of any commercially ready products. It has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence at each reporting period. Under the provisions of Sections 382 and 383 of the IRC, certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and research and development credit carryforwards that can be used to reduce future income taxes. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law. The CARES Act includes various income and payroll tax provisions. The Company has analyzed the tax provisions of the CARES Act and determined they have no significant financial impact to our condensed financial statements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events | |
Subsequent Events | 9 . Subsequent Events The Company has evaluated subsequent events through the issuance date of these interim condensed financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies | |
Basis of Presentation and Unaudited Financial Information | There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Basis of Presentation The unaudited condensed financial statements include the accounts of NextCure, Inc. and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”). Unaudited Financial Information In the opinion of management, the information furnished reflects certain adjustments, all of which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The new guidance will require lessees to record most leases on their balance sheets and recognize the related expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The standard is effective for the Company for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021, assuming the Company remains an EGC. The Company continues to determine if it will elect to use the practical expedients permitted by the guidance and continues to gather data required to comply with the guidance. Based on the work completed to date, the Company is considering the implications of adopting the new standard, including the discount rate to be used in valuing new and existing leases and all applicable financial statement disclosures required by the new guidance. The Company is continuing to evaluate the effect of adoption and anticipates that it will result in the recognition of additional assets and corresponding liabilities related to the existing leases on its balance sheet. The Company is assessing potential impacts on its internal controls, business processes, and accounting policies related to both the implementation of, and ongoing compliance with, the new guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 will require credit losses to be reported using an expected losses model rather than the incurred losses model that is currently used and will require additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard will require allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 will be effective for non-EGCs for fiscal years beginning December 15, 2019 and interim periods within those fiscal years, and will be effective for the Company for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, assuming the Company remains an EGC. Early adoption is permitted. The Company is currently evaluating the effects the adoption of ASU 2016-13 may have on its financial statements. The Company considers the applicability and impact of all ASUs issued by the FASB. All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restricted Cash. | |
Summary of reconciliation cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows | The following table reconciles cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows: June 30, December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 25,050 $ 34,091 Restricted cash (including $2,639 and $3,333 in other assets as of June 30, 2020 and December 31, 2019, respectively) 4,345 5,039 Total $ 29,395 $ 39,130 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Marketable Securities | |
Schedule of marketable securities | Marketable securities consist of the following: June 30, 2020 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value (in thousands) Agency bonds (government sponsored enterprises) $ 24,366 $ 83 $ — $ 24,449 Corporate bonds 251,022 1,858 (6) 252,874 Commercial paper 6,962 — — 6,962 Total $ 282,350 $ 1,941 $ (6) $ 284,285 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Short-term marketable securities: U.S. treasury securities $ 4,991 $ — $ — $ 4,991 Agency bonds (government sponsored enterprises) 24,437 15 (1) 24,451 Corporate bonds 271,124 103 (155) 271,072 Total $ 300,552 $ 118 $ (156) $ 300,514 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements | |
Summary of fair value of the Company’s financial assets | The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2020 and December 31, 2019: June 30, 2020 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 9,956 $ 9,956 $ — $ — Marketable securities: Agency bonds 24,449 — 24,449 — Corporate bonds 252,874 — 252,874 — Commercial paper 6,962 — 6,962 Total $ 294,241 $ 9,956 $ 284,285 $ — December 31, 2019 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 19,341 $ 19,341 $ — $ — Marketable securities: U.S. treasury securities 4,991 — 4,991 — Agency bonds 24,451 — 24,451 — Corporate bonds 271,072 — 271,072 — Total $ 319,855 $ 19,341 $ 300,514 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stock-Based Compensation | |
Summary of stock option activity | Options Outstanding and Exercisable Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value (1) Shares Price Life (Years) (in thousands) Outstanding as of December 31, 2019 2,170,212 $ 6.51 8.6 $ 113,295 Granted 1,041,358 $ 39.07 9.9 — Exercised (21,390) $ 2.61 7.6 — Cancelled (259) $ 7.63 8.7 — Forfeited (27,663) $ 19.89 9.3 — Outstanding as of June 30, 2020 3,162,258 $ 17.14 9.1 $ 32,315 Vested and expected to vest as of June 30, 2020 3,162,258 $ 17.14 — $ 32,315 Exercisable as of June 30, 2020 1,008,066 $ 4.75 — $ 16,820 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at June 30, 2020 and December 31, 2019. |
Summary of stock based compensation expense recorded | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Research and development $ 896 $ 151 $ 1,348 $ 300 General and administrative 1,291 261 1,847 495 Total stock-based compensation expense $ 2,187 $ 412 $ 3,195 $ 795 |
Summary of assumptions used in the Black Scholes option pricing model for stock options granted | Six Months Ended June 30, 2020 2019 Expected term 5.5 - 6.08 years 6.08 years Expected volatility 69.7 - 81.1 % 69.7 % Risk free interest rate 0.3 - 1.0 % 1.96 % Expected dividend yield — % — % |
Nature of the Business - (Detai
Nature of the Business - (Details) $ / shares in Units, $ in Thousands | May 13, 2019USD ($)$ / sharesshares | May 03, 2019 | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Nature of the Business | |||||
Reverse stock split ratio | 0.1245 | ||||
Proceeds from issuance of shares, net | $ | $ 77,264 | ||||
Common stock, shares outstanding | 15,560,569 | 27,520,650 | 27,499,260 | ||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||
Common stock, number of shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, number of shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Preferred stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
IPO | |||||
Nature of the Business | |||||
Issuance of common stock (in shares) | 5,750,000 | ||||
Share price | $ / shares | $ 15 | ||||
Proceeds from issuance of shares, net | $ | $ 77,000 | ||||
Underwriting discounts and commissions | $ | 6,000 | ||||
Offering expenses | $ | $ 3,400 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Restricted Cash | ||||
Face amount | $ 5,000 | |||
Restricted cash required reserve | 4,300 | |||
Reconciliation of cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows | ||||
Cash and cash equivalents | 25,050 | $ 34,091 | ||
Restricted cash (including $2,639 and $3,333 in other assets as of June 30, 2020 and December 31, 2019, respectively) | 4,345 | 5,039 | ||
Total | 29,395 | 39,130 | $ 197,728 | $ 135,633 |
Other assets, restricted cash | $ 2,639 | $ 3,333 |
Marketable Securities - (Detail
Marketable Securities - (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Investments | |||
Amortized Cost | $ 282,350,000 | $ 282,350,000 | $ 300,552,000 |
Gross Unrealized Gain | 1,941,000 | 1,941,000 | 118,000 |
Gross Unrealized Loss | (6,000) | (6,000) | (156,000) |
Estimated Fair Value | 284,285,000 | 284,285,000 | 300,514,000 |
Marketable securities other-than-temporarily impaired | 0 | ||
Gross realized gains | 4,000 | 68,000 | |
U.S. treasury securities | |||
Investments | |||
Amortized Cost | 4,991,000 | ||
Estimated Fair Value | 4,991,000 | ||
Agency bonds | |||
Investments | |||
Amortized Cost | 24,366,000 | 24,366,000 | 24,437,000 |
Gross Unrealized Gain | 83,000 | 83,000 | 15,000 |
Gross Unrealized Loss | (1,000) | ||
Estimated Fair Value | 24,449,000 | 24,449,000 | 24,451,000 |
Corporate bonds | |||
Investments | |||
Amortized Cost | 251,022,000 | 251,022,000 | 271,124,000 |
Gross Unrealized Gain | 1,858,000 | 1,858,000 | 103,000 |
Gross Unrealized Loss | (6,000) | (6,000) | (155,000) |
Estimated Fair Value | 252,874,000 | 252,874,000 | $ 271,072,000 |
Commercial Paper | |||
Investments | |||
Amortized Cost | 6,962,000 | 6,962,000 | |
Estimated Fair Value | $ 6,962,000 | $ 6,962,000 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Fair value of the Company’s financial assets | |||||
Marketable securities | $ 284,285 | $ 300,514 | |||
Assets transferred from level 1 to level 2 | 0 | $ 0 | $ 0 | $ 0 | |
Assets transferred from level 2 to level 1 | 0 | $ 0 | $ 0 | $ 0 | |
Fair Value | |||||
Fair value of the Company’s financial assets | |||||
Total financial assets | 294,241 | 319,855 | |||
Fair Value | Quoted Prices in Active Markets (Level 1) | |||||
Fair value of the Company’s financial assets | |||||
Total financial assets | 9,956 | 19,341 | |||
Fair Value | Significant Other Observable Inputs (Level 2) | |||||
Fair value of the Company’s financial assets | |||||
Total financial assets | 284,285 | 300,514 | |||
Money market funds (cash equivalents) | Fair Value | |||||
Fair value of the Company’s financial assets | |||||
Money market funds (cash equivalents) | 9,956 | 19,341 | |||
Money market funds (cash equivalents) | Fair Value | Quoted Prices in Active Markets (Level 1) | |||||
Fair value of the Company’s financial assets | |||||
Money market funds (cash equivalents) | 9,956 | 19,341 | |||
U.S. treasury securities | Fair Value | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | 4,991 | ||||
U.S. treasury securities | Fair Value | Significant Other Observable Inputs (Level 2) | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | 4,991 | ||||
Agency bonds | Fair Value | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | 24,449 | 24,451 | |||
Agency bonds | Fair Value | Significant Other Observable Inputs (Level 2) | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | 24,449 | 24,451 | |||
Corporate bonds | Fair Value | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | 252,874 | 271,072 | |||
Corporate bonds | Fair Value | Significant Other Observable Inputs (Level 2) | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | 252,874 | $ 271,072 | |||
Commercial Paper | Fair Value | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | 6,962 | ||||
Commercial Paper | Fair Value | Significant Other Observable Inputs (Level 2) | |||||
Fair value of the Company’s financial assets | |||||
Marketable securities | $ 6,962 |
Agreement with Eli Lilly and _2
Agreement with Eli Lilly and Company - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Collaborative Arrangements | ||||
Revenue | $ 1,402 | $ 22,378 | $ 2,759 | |
Lilly Agreement | ||||
Collaborative Arrangements | ||||
Revenue | $ 0 | $ 1,400 | $ 22,400 | $ 2,800 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | May 03, 2019 | Jun. 30, 2020 | Dec. 31, 2019 |
2015 Plan | |||
Number of Shares | |||
Outstanding at the beginning (in shares) | 2,170,212 | ||
Granted (in shares) | 1,041,358 | ||
Exercised (in shares) | (21,390) | ||
Cancelled (in shares) | (259) | ||
Forfeitures (in shares) | (27,663) | ||
Outstanding at the end (in shares) | 3,162,258 | 2,170,212 | |
Vested and expected to vest at the end (in shares) | 3,162,258 | ||
Exercisable at the end (in shares) | 1,008,066 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning (in dollars per share) | $ 6.51 | ||
Granted (in dollars per share) | 39.07 | ||
Exercised (in dollars per share) | 2.61 | ||
Cancelled (in dollars per share) | 7.63 | ||
Forfeited (in dollars per share) | 19.89 | ||
Outstanding at the end (in dollars per share) | 17.14 | $ 6.51 | |
Vested and expected to vest at the end (in dollars per share) | 17.14 | ||
Exercisable at the end (in dollars per share) | $ 4.75 | ||
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value | |||
Outstanding (in years) | 9 years 1 month 6 days | 8 years 7 months 6 days | |
Granted (in years) | 9 years 10 months 24 days | ||
Exercised (in years) | 7 years 7 months 6 days | ||
Cancelled (in years) | 8 years 8 months 12 days | ||
Forfeited (in years) | 9 years 3 months 18 days | ||
Outstanding at the beginning (in dollars) | $ 113,295 | ||
Outstanding at the end (in dollars) | 32,315 | $ 113,295 | |
Vested and expected to vest at the end (in dollars) | 32,315 | ||
Exercisable at the end (in dollars) | $ 16,820 | ||
Weighted average grant date fair value per share of stock options granted | $ 24.46 | ||
Aggregate intrinsic value of stock options exercised | $ 400 | ||
Aggregate grant date fair value | 31,600 | $ 7,600 | |
Share Based Compensation Expense Not Recognized | |||
Unrecognized compensation cost | $ 28,800 | ||
Compensation expense recognition period | 3 years | ||
Omnibus Incentive Plan | |||
Stock Based Compensation | |||
Number of shares reserved for issuance under the plan | 2,900,000 | ||
Annual increase in number of share reserved for issuance (as percent) | 4.00% | ||
2015 Plan and 2019 Employee Stock Purchase Plan | |||
Stock Based Compensation | |||
Vesting period | 4 years | ||
Expiration period | 10 years | ||
2019 Employee Stock Purchase Plan | |||
Stock Based Compensation | |||
Number of shares reserved for issuance under the plan | 2,748,100 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock based compensation expense | ||||
Total stock-based compensation expense | $ 2,187 | $ 412 | $ 3,195 | $ 795 |
Research and development | ||||
Stock based compensation expense | ||||
Total stock-based compensation expense | 896 | 151 | 1,348 | 300 |
General and administrative | ||||
Stock based compensation expense | ||||
Total stock-based compensation expense | $ 1,291 | $ 261 | $ 1,847 | $ 495 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Fair value assumptions | ||
Expected term | 6 years 29 days | |
Expected volatility | 69.70% | |
Risk free interest rate | 1.96% | |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Fair value assumptions | ||
Expected term | 5 years 6 months | |
Expected volatility | 69.70% | |
Risk free interest rate | 0.30% | |
Maximum | ||
Fair value assumptions | ||
Expected term | 6 years 29 days | |
Expected volatility | 81.10% | |
Risk free interest rate | 1.00% |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Income Taxes | ||||
Provision or benefit from income taxes | $ 0 | $ 0 | $ 0 | $ 0 |