Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CRTX | |
Entity Registrant Name | Cortexyme, Inc. | |
Entity Central Index Key | 0001662774 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 29,685,786 | |
Entity File Number | 001-38890 | |
Entity Tax Identification Number | 90-1024039 | |
Entity Address, Address Line One | 269 East Grand Ave. | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 415 | |
Local Phone Number | 910-5717 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 74,049,000 | $ 66,841,000 |
Short term investments | 55,901,000 | 66,979,000 |
Prepaid expenses and other current assets | 5,893,000 | 4,042,000 |
Total current assets | 135,843,000 | 137,862,000 |
Property and equipment, net | 390,000 | 427,000 |
Operating lease right-of-use assets, net | 1,496,000 | 674,000 |
Long term investments | 23,516,000 | 50,464,000 |
Other assets | 145,000 | 39,000 |
Total assets | 161,390,000 | 189,466,000 |
Current liabilities: | ||
Accounts payable | 7,193,000 | 3,555,000 |
Accrued expenses and other current liabilities | 11,344,000 | 13,441,000 |
Total current liabilities | 18,537,000 | 16,996,000 |
Long-term operating lease liabilities | 773,000 | 208,000 |
Total liabilities | 19,310,000 | 17,204,000 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 29,655,786 and 29,543,222 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 30,000 | 29,000 |
Additional paid in capital | 333,427,000 | 318,574,000 |
Accumulated other comprehensive income | 117,000 | 313,000 |
Accumulated deficit | (191,494,000) | (146,654,000) |
Total stockholders’ equity | 142,080,000 | 172,262,000 |
Total liabilities and stockholders’ equity | $ 161,390,000 | $ 189,466,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 29,655,786 | 29,543,222 |
Common stock, shares outstanding | 29,655,786 | 29,543,222 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 14,719 | $ 14,086 | $ 31,543 | $ 28,467 |
General and administrative | 7,064 | 4,185 | 13,553 | 7,662 |
Total operating expenses | 21,783 | 18,271 | 45,096 | 36,129 |
Loss from operations | (21,783) | (18,271) | (45,096) | (36,129) |
Interest income | 160 | 659 | 387 | 1,341 |
Other expense, net | (131) | 0 | (131) | 0 |
Net loss | (21,754) | (17,612) | (44,840) | (34,788) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available for sales securities | (72) | 748 | (196) | 651 |
Total comprehensive loss | $ (21,826) | $ (16,864) | $ (45,036) | $ (34,137) |
Net loss per share - basic and diluted | $ (0.74) | $ (0.60) | $ (1.52) | $ (1.21) |
Weighted average shares of common stock outstanding - basic and diluted | 29,587,352 | 29,442,915 | 29,571,226 | 28,852,317 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ 115,478 | $ 27 | $ 185,196 | $ 60 | $ (69,805) |
Beginning balance, shares at Dec. 31, 2019 | 26,869,413 | ||||
Issuance of common stock in connection with private placement, net of issuance costs of $7,310 | 117,628 | $ 2 | 117,626 | ||
Issuance of common stock in connection with private placement, shares | 2,500,000 | ||||
Exercise of stock options | 1,145 | 1,145 | |||
Exercise of stock options, shares | 116,856 | ||||
Stock based compensation | 5,353 | 5,353 | |||
Other comprehensive loss | 651 | 651 | |||
Net loss | (34,788) | (34,788) | |||
Ending balance at Jun. 30, 2020 | 205,467 | $ 29 | 309,320 | 711 | (104,593) |
Ending balance, shares at Jun. 30, 2020 | 29,486,269 | ||||
Beginning balance at Mar. 31, 2020 | 218,041 | $ 29 | 305,030 | (37) | (86,981) |
Beginning balance, shares at Mar. 31, 2020 | 29,404,540 | ||||
Issuance of common stock in connection with private placement, net of issuance costs of $7,310 | (62) | (62) | |||
Exercise of stock options | 954 | 954 | |||
Exercise of stock options, shares | 81,729 | ||||
Stock based compensation | 3,398 | 3,398 | |||
Other comprehensive loss | 748 | 748 | |||
Net loss | (17,612) | (17,612) | |||
Ending balance at Jun. 30, 2020 | 205,467 | $ 29 | 309,320 | 711 | (104,593) |
Ending balance, shares at Jun. 30, 2020 | 29,486,269 | ||||
Beginning balance at Dec. 31, 2020 | 172,262 | $ 29 | 318,574 | 313 | (146,654) |
Beginning balance, shares at Dec. 31, 2020 | 29,543,222 | ||||
Exercise of stock options | 1,113 | $ 1 | 1,112 | ||
Exercise of stock options, shares | 112,564 | ||||
Stock based compensation | 13,741 | 13,741 | |||
Other comprehensive loss | (196) | (196) | |||
Net loss | (44,840) | (44,840) | |||
Ending balance at Jun. 30, 2021 | 142,080 | $ 30 | 333,427 | 117 | (191,494) |
Ending balance, shares at Jun. 30, 2021 | 29,655,786 | ||||
Beginning balance at Mar. 31, 2021 | 156,484 | $ 29 | 326,006 | 189 | (169,740) |
Beginning balance, shares at Mar. 31, 2021 | 29,575,944 | ||||
Exercise of stock options | 672 | 671 | |||
Exercise of stock options, shares | 79,842 | ||||
Stock based compensation | 6,750 | 6,750 | |||
Other comprehensive loss | (72) | (72) | |||
Net loss | (21,754) | (21,754) | |||
Ending balance at Jun. 30, 2021 | $ 142,080 | $ 30 | $ 333,427 | $ 117 | $ (191,494) |
Ending balance, shares at Jun. 30, 2021 | 29,655,786 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Common Stock | Private Placement | |
Stock issuance costs | $ 7,310 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net Loss | $ (44,840) | $ (34,788) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash rent expense | 188 | 184 |
Stock based compensation | 13,741 | 5,353 |
Depreciation and amortization | 173 | 163 |
Amortization of premium on available for sale investments | 442 | 228 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,851) | (880) |
Other assets | (106) | (27) |
Accounts payable | 3,638 | 2,016 |
Accrued expenses and other current liabilities | (2,557) | 2,580 |
Net cash used in operating activities | (31,172) | (25,171) |
Cash flow from investing activities: | ||
Purchase of investments | (25,165) | (139,407) |
Proceeds from maturities of investments | 62,568 | 60,801 |
Purchase of property and equipment | (136) | (22) |
Net cash provided by / (used in) investing activities | 37,267 | (78,628) |
Cash flows from financing activities: | ||
Payments of finance leases | 0 | (32) |
Proceeds from issuance of common stock upon exercise of stock options | 1,113 | 1,145 |
Proceeds from private placement offering, net of issuance costs | 0 | 117,628 |
Net cash provided by financing activities | 1,113 | 118,741 |
Net increase in cash and cash equivalents | 7,208 | 14,942 |
Cash and cash equivalents at beginning of period | 66,841 | 51,214 |
Cash and cash equivalents at end of period | 74,049 | 66,156 |
Supplemental disclosures of non-cash information: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,210 | $ 293 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1. Organization Description of Business Cortexyme, Inc. (the “Company”) was incorporated in the State of Delaware in June 2012 and is headquartered in South San Francisco, California. The Company is a clinical stage biopharmaceutical company focused on developing therapeutics based on data supporting a new theory of the cause of Alzheimer’s disease and other degenerative disorders. Cortexyme is targeting a specific, infectious pathogen tied to neurodegeneration and chronic inflammation in humans and animal models. Private Investment in Public Equity (“PIPE”) In February 2020 , the Company completed a private investment in public equity transaction (“PIPE Financing”). The Company entered into Stock Purchase Agreements (the “Purchase Agreements”) with certain accredited investors, including an entity affiliated with a member of the Company’s Board of Directors, pursuant to which the Company sold and issued shares of common stock for aggregate gross proceeds of $ 125.0 million. Costs related to the offering were $ 7.4 million. Pursuant to the Purchase Agreements, the Company sold 2,500,000 common shares at $ 50.00 per common share. In connection with the PIPE Financing, the Company filed a registration statement on Form S-1 (File No. 333-237594), with the SEC registering for resale the shares of common stock issued in the PIPE Financing. The registration statement was declared effective by the SEC on April 13, 2020. Liquidity and Capital Resources The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of June 30, 2021, the Company had an accumulated deficit of $ 191.5 million. Since inception through June 30, 2021, the Company has funded operations primarily with the net proceeds from the issuance of convertible promissory notes, from the issuance of redeemable convertible preferred stock, from the net proceeds from the Company’s initial public offering (the “IPO”) and from the net proceeds from the PIPE Financing. As of June 30, 2021, the Company had cash, cash equivalents, and short-term investments of $ 130.0 million, which it believes will be sufficient to fund its planned operations for a period of at least 12 months from the date of the issuance of the accompanying unaudited consolidated financial statements. The Company also has long-term investments of $ 23.5 million. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may need to raise additional capital to fully implement its business plan. The Company may raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidate. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Consolidation The condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the SEC on March 1, 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other future annual or interim period. Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2021 , as compared to the significant accounting policies described in our Annual Report on Form 10-K. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented. Fair Value Measurements The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements The Company measures and reports its cash equivalents and investments at fair value. Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2021 and December 31, 2020 are presented in the following tables (in thousands): Fair Value Measurements at June 30, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 47,049 $ 47,049 $ — $ — Certificates of Deposit 12,613 — 12,613 — Repurchase Agreements 21,000 — 21,000 — Corporate notes 57,749 — 57,749 — Government and agency notes 4,734 — 4,734 — Municipal notes 4,577 — 4,577 — Total $ 147,722 $ 47,049 $ 100,673 $ — Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 15,661 $ 15,661 $ — $ — Certificates of Deposit 30,765 — 30,765 — Repurchase Agreements 15,000 — 15,000 — Corporate notes 75,426 — 75,426 — Government and agency notes 8,296 — 8,296 — Municipal notes 3,446 — 3,446 — Total $ 148,594 $ 15,661 $ 132,933 $ — The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at June 30, 2021 Amortized Unrealized Unrealized Fair Value Money market funds $ 47,049 $ — $ — $ 47,049 Certificates of Deposit 12,555 60 ( 2 ) 12,613 Repurchase Agreements 21,000 — — 21,000 Corporate notes 57,698 70 ( 19 ) 57,749 Government and agency notes 4,727 9 ( 2 ) 4,734 Municipal notes 4,576 2 ( 1 ) 4,577 Total cash equivalents and investments $ 147,605 $ 141 $ ( 24 ) $ 147,722 Classified as: Cash equivalents (maturities within 90 days) $ 68,305 Short-term investments (maturities within one year) 55,901 Long-term investments (maturities beyond 1 year) 23,516 Total cash equivalents and investments $ 147,722 Fair Value Measurements at December 31, 2020 Amortized Unrealized Unrealized Fair Value Money market funds $ 15,661 $ — $ — $ 15,661 Certificates of Deposit 30,603 162 — 30,765 Repurchase Agreements 15,000 — — 15,000 Corporate notes 75,298 183 ( 55 ) 75,426 Government and agency notes 8,274 22 — 8,296 Municipal notes 3,445 1 — 3,446 Total cash equivalents and investments $ 148,281 $ 368 $ ( 55 ) $ 148,594 Classified as: Cash equivalents (maturities within 90 days) $ 31,151 Short-term investments (maturities within one year) 66,979 Long-term investments (maturities beyond 1 year) 50,464 Total cash equivalents and investments $ 148,594 As of June 30, 2021, the remaining contractual maturities of available-for-sale securities was approximately 11 months. There have been no significant realized gains or losses on available-for-sale securities for the period presented. Based on the Company’s review of its available-for-sale securities, the Company has a limited number of available-for-sale securities in insignificant loss positions as of June 30, 2021 , none of which have been in a loss position for more than a year. The Company believes it had no other-than-temporary impairments on these securities as of June 30, 2021, because the Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before the recovery of their amortized cost basis. The investments are classified as available-for-sale securities. At June 30, 2021 and December 31, 2020, the balance in the Company’s accumulated other comprehensive income was comprised primarily of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities for the three and six months ended June 30, 2021 and as a result, the Company did no t reclassify any amounts out of accumulated other comprehensive income for the quarter. There were no transfers between Levels 1, 2 or 3 for the period presented. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Cash, Cash Equivalents and Investments | Note 4. Cash, Cash Equivalents and Investments The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): June 30, 2021 December 31, 2020 Cash and cash equivalents: Cash $ 5,744 $ 35,690 Money market funds 47,049 15,661 Repurchase agreements 21,000 15,000 Certificates of deposit — 490 Corporate notes 256 — Total cash and cash equivalents $ 74,049 $ 66,841 Short-term investments: Certificates of deposit $ 10,471 $ 23,387 Municipal notes 2,928 2,365 Corporate notes 38,656 34,991 Government and agency notes 3,846 6,236 Total short-term investments $ 55,901 $ 66,979 Long-term investments Corporate notes $ 18,837 $ 40,435 Certificates of deposit 2,142 6,888 Municipal notes 1,649 1,081 Government and agency notes 888 2,060 Total long-term investments $ 23,516 $ 50,464 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Note 5. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses $ 459 $ 274 Prepaid insurance 2,775 964 Prepaid research and development expenses 2,221 2,110 Other current assets 438 694 Total prepaid expenses and other current assets $ 5,893 $ 4,042 Property and Equipment, Net Property and equipment, net consist of the following (in thousands): June 30, December 31, 2021 2020 Computer equipment $ 52 $ 33 Lab equipment 503 405 Finance lease right of use assets 557 557 Leasehold improvement 40 21 Office furniture 26 26 Less: accumulated amortization and depreciation ( 788 ) ( 615 ) Property and equipment, net $ 390 $ 427 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2021 2020 Personnel expenses $ 2,082 $ 2,415 Professional fees 172 141 Research and development expenses 8,368 10,603 Other 722 282 Total accrued expenses and other current liabilities $ 11,344 $ 13,441 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 6. Leases Real Estate Operating Leases In June 20 1 8, the Company entered into a three-year lease agreement with no renewal options with an investor in the Series B redeemable convertible preferred stock. The lease began on July 16, 2018 and provides 3,185 square feet of office and laboratory space in South San Francisco, California. The Company issued 114,437 shares of its Series B redeemable convertible preferred stock with a fair value of $ 1.1 million in exchange for the leased facility. No other payments are due under the lease. The common area maintenance and other operating costs are included in the base rent. 100 % of the issued shares were initially subject to a repurchase option. Pursuant to the terms of the lease, each month beginning on the one-month anniversary of the commencement date of the lease, 1/36 th of the total shares are released from the repurchase option until all shares are released over the lease period of three years . The scheduled release of shares ceased immediately upon the IPO which was a terminating event. The Company completed its IPO on May 13, 2019 and as a result, pursuant to the terms of the lease agreement, all previously unvested shares were fully vested and as part of the IPO process, all outstanding shares of the Company’s redeemable convertible preferred stock including the Series B redeemable convertible preferred stock issued in connection with the lease agreement were converted into shares of the Company’s common stock on a 1 -for-1 basis and the operating lease liability was extinguished. In May 2019, the Company entered into an amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid a one-time fee of approximately $ 63,000 for the additional space and the lease agreement was set to terminate in July 2021 . No other payments are due under the lease agreement and no renewal option is available. As the entire lease is prepaid, there is no associated lease liability. In May 2020, the Company entered into a second amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid rent monthly for the additional space and the lease agreement was set to terminate in July 2021 . The Company recorded an operating lease asset and liability of $ 172,000 . In May 2021, the Company entered into a third amendment to the lease agreement to extend the term of its existing facility space to July 15, 2022 under the same terms as its existing facility lease except the terms of payment. The lease amendment provides for one-year extension period under the same terms. The Company paid a security deposit of $ 105,000 , which is included in Other Assets on the June 30, 2021 condensed consolidated balance sheets. As a result of this amendment, the Company recognized an additional right-of-use asset and corresponding lease liability of $ 1.2 million. In the same agreement, the Company also agreed to rent additional space effective July 16, 2021 for a period of 12 months. The lease amendment provides for one-year extension period under the same terms. The Company will recognize an additional right of use asset and corresponding lease liability for this additional space as of the effective date in July 2021. In May 2020, the Company entered into a lease agreement to rent space in San Diego, California. The lease agreement is for three years which commenced August 1, 2020. Total payments under the lease will be $ 337,000 . The Company paid a security deposit of $ 29,000 and is included in Other Assets on the June 30, 2021 condensed consolidated balance sheets. At the commencement of the lease, the Company recorded an operating lease asset of $ 326,000 , which consists of an operating lease liability of $ 317,000 and cash rent prepayment of $ 9,000 . The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of June 30, 2021, total future rent expense from all real estate operating leases of $ 1,435,000 will be recognized over the remaining terms of 25 months on a straight-line basis over the respective lease period. Clinical Equipment Operating Lease The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreement and determined that it contains an embedded operating lease. The Company recognizes monthly the leases costs in our research and development expenses. The right of use asset and lease liability are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not provide an implicit rate. The Company used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. The remaining lease expense of $ 16,000 will be recognized over the remaining lease term of approximately five months . Clinical Equipment Financing Lease The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreements and determined that they contain embedded finance leases. The Company recognizes the depreciation expense in research and development expenses in the condensed consolidated statements of operations and comprehensive loss and recognizes expense on a straight-line basis starting when the equipment is placed into service until the end of the contract term ranging from 20 to 34 months . Depreciation expense of the financing lease right of use asset for the six months ended June 30, 2021 and 2020 was $ 113,000 and $ 117,000 , respectively. Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): June 30, 2021 December 31, 2020 Operating lease right of use asset, net $ 1,496 $ 674 Short-term operating lease liability 699 238 Long-term operating lease liability 773 208 $ 1,472 $ 446 Finance lease right of use asset 557 557 Finance lease accumulated amortization ( 450 ) ( 337 ) Total finance lease right of use asset, net $ 107 $ 220 Weighted average remaining lease term Operating leases 2.1 years 1.6 years Finance leases 0.4 years 0.9 years Weighted average discount rate Operating leases 1.88 % 2.10 % Finance leases — % — % Year ended December 31, Operating Lease 2021 (excluding the six months ended June 30, 2021) 359 2022 733 2023 410 Total lease payments 1,502 Less: imputed interest ( 30 ) Total remaining lease liability 1,472 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 7. Stock-Based Compensation On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”), and most recently amended the 2014 Plan on April 25, 2019. The 2014 Plan was amended, restated and re-named the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective as of May 7, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2014 Plan were added to the shares reserved for issuance under the 2019 Plan. The 2019 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Company’s employees, directors, and consultants. The maximum aggregate number of shares that may be issued under the 2019 Plan is 7,388,053 shares of the Company’s common stock. In addition, the number of shares available for issuance under the 2019 Plan will be annually increased on the first day of each fiscal years beginning with fiscal 2020, by an amount equal to the least of (i) 2,146,354 shares of common stock; (ii) 4 % of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (iii) such other amount as the Company’s Board of Directors may determine. The 2019 Plan may be amended, suspended or terminated by the Company’s Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company’s Board of Directors, the 2019 Plan will automatically terminate on April 23, 2029. As of June 30, 2021, the Company had 1,149,925 shares available for future issuance under the 2019 Plan. Stock Options Activity for service-based stock options under the 2019 Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2020 4,790,327 $ 25.47 8.69 $ 49,723 Options granted 390,116 46.39 Options exercised ( 112,564 ) 9.88 Options cancelled / forfeited ( 88,960 ) 42.54 Balance at June 30, 2021 4,978,919 $ 27.16 8.32 $ 131,105 Options vested and expected to vest as of June 30, 2021 4,978,919 27.16 8.32 131,105 Options exercisable as of June 30, 2021 2,054,317 $ 16.38 7.54 $ 75,735 For the three and six months ended June 30, 2021 , the Company recognized stock-based compensation expense of $ 5,818,000 and $ 11,895,000 , respectively, related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements. As of June 30, 2021 , total unamortized employee stock-based compensation was $ 71.5 million, which is expected to be recognized over the remaining estimated vesting period of 3.02 years. Performance Stock Options (“PSOs”) The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Balance at December 31, 2020 675,000 $ 29.60 9.94 Balance at June 30, 2021 675,000 29.60 9.45 Outstanding 675,000 $ 29.60 9.45 Vested — — — For the three and six months ended June 30, 2021 , the Company recognized stock-based compensation expense of $ 932,000 and $ 1,846,000 , respectively, related to these PSOs. As of June 30, 2021 , total unamortized stock-based compensation related to PSOs was $ 8.0 million, which is expected to be recognized over the remaining estimated vesting period of 2.27 years. Stock-Based Compensation Expense The following table summarizes employee and non-employee stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 General and administrative expense $ 3,629 $ 1,616 $ 7,108 $ 2,654 Research and development expense 3,121 1,782 6,633 2,699 Total stock-based compensation $ 6,750 $ 3,398 $ 13,741 $ 5,353 Employee Stock Purchase Plan On April 24, 2019, the Company’s Board of Directors adopted its 2019 Employee Stock Purchase Plan (“2019 ESPP”), which was subsequently approved by the Company’s stockholders and became effective on May 7, 2019, the day immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2019 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code (the “Code”) for U.S. employees. In addition, the 2019 ESPP authorizes grants of purchase rights that do not comply with Section 423 of the Code under a separate non-423 component for non-U.S. employees and certain non-U.S. service providers. The Company has reserved 832,421 shares of common stock for issuance under the 2019 ESPP. In addition, the number of shares reserved for issuance under the 2019 ESPP will be increased automatically on the first day of each fiscal year for a period of up to ten years , starting with the 2020 fiscal year, by a number equal to the least of: (i) 536,589 shares; (ii) 1 % of the shares of common stock outstanding on the last day of the prior fiscal year; or (iii) such lesser number of shares determined by the Company’s Board of Directors. The 2019 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The Company has not yet approved an offering under the 2019 ESPP. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8. Related Party Transactions As described in Note 1, on February 10, 2020 , the Company issued and sold shares of common stock at a purchase price of $ 50.00 per share in a private placement. In the private placement, the Company issued and sold 30,000 shares of common stock for an aggregate purchase price of $ 1,500,000 to an entity affiliated with David A. Lamond, a member of the Company’s Board of Directors. In the first quarter of 2021, the Company entered into two agreements with LifeSci Advisors, LLC for non-capital advisory consulting services. The Company’s Chief Operating Officer and Chief Financial Officer, Christopher Lowe, has an investment in a sister entity to LifeSci Advisors, LLC whose business is unrelated to the services being offered by LifeSci Advisors, LLC to the Company. For the six months ended June 30, 2021, the Company has incurred total expenses of $ 306,000 related to these agreements. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The Company has a history of losses and expects to record a loss in 2021. The Company accounts for income taxes under ASC Topic 740 – Income Taxes. Under this standard, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not that such assets will not be realized through future operations. No provision for income taxes has been recorded due to the available net operating loss carry forwards. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the future deferred tax assets. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") into law. On December 21, 2020, President Trump also signed into law the Consolidated Appropriations Act, 2021 ("CAA Act") which includes further COVID-19 economic relief and extension of certain expiring tax provisions. The Company has reviewed the aspects of these laws as it relates to the income taxes and has concluded that at this time, the CARES Act and CAA Act will have no material impact to the Company's 2021 provision for income taxes. The Company will continue to evaluate changes and revisions of the CARES Act and CAA Act and their impact on the Company’s financial position, results of operations and cash flows . |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 10. Net Loss Per Share The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: June 30, 2021 2020 Stock options issued and outstanding 4,978,919 3,644,772 Performance stock options 675,000 — Total 5,653,919 3,644,772 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the SEC on March 1, 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other future annual or interim period. |
Risks and Uncertainties | Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. |
Significant Accounting Policies | Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2021 , as compared to the significant accounting policies described in our Annual Report on Form 10-K. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented. |
Fair Value Measurements | Fair Value Measurements The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis | Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2021 and December 31, 2020 are presented in the following tables (in thousands): Fair Value Measurements at June 30, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 47,049 $ 47,049 $ — $ — Certificates of Deposit 12,613 — 12,613 — Repurchase Agreements 21,000 — 21,000 — Corporate notes 57,749 — 57,749 — Government and agency notes 4,734 — 4,734 — Municipal notes 4,577 — 4,577 — Total $ 147,722 $ 47,049 $ 100,673 $ — Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 15,661 $ 15,661 $ — $ — Certificates of Deposit 30,765 — 30,765 — Repurchase Agreements 15,000 — 15,000 — Corporate notes 75,426 — 75,426 — Government and agency notes 8,296 — 8,296 — Municipal notes 3,446 — 3,446 — Total $ 148,594 $ 15,661 $ 132,933 $ — |
Summary of Available-for-Sale Securities | The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at June 30, 2021 Amortized Unrealized Unrealized Fair Value Money market funds $ 47,049 $ — $ — $ 47,049 Certificates of Deposit 12,555 60 ( 2 ) 12,613 Repurchase Agreements 21,000 — — 21,000 Corporate notes 57,698 70 ( 19 ) 57,749 Government and agency notes 4,727 9 ( 2 ) 4,734 Municipal notes 4,576 2 ( 1 ) 4,577 Total cash equivalents and investments $ 147,605 $ 141 $ ( 24 ) $ 147,722 Classified as: Cash equivalents (maturities within 90 days) $ 68,305 Short-term investments (maturities within one year) 55,901 Long-term investments (maturities beyond 1 year) 23,516 Total cash equivalents and investments $ 147,722 Fair Value Measurements at December 31, 2020 Amortized Unrealized Unrealized Fair Value Money market funds $ 15,661 $ — $ — $ 15,661 Certificates of Deposit 30,603 162 — 30,765 Repurchase Agreements 15,000 — — 15,000 Corporate notes 75,298 183 ( 55 ) 75,426 Government and agency notes 8,274 22 — 8,296 Municipal notes 3,445 1 — 3,446 Total cash equivalents and investments $ 148,281 $ 368 $ ( 55 ) $ 148,594 Classified as: Cash equivalents (maturities within 90 days) $ 31,151 Short-term investments (maturities within one year) 66,979 Long-term investments (maturities beyond 1 year) 50,464 Total cash equivalents and investments $ 148,594 |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis | The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): June 30, 2021 December 31, 2020 Cash and cash equivalents: Cash $ 5,744 $ 35,690 Money market funds 47,049 15,661 Repurchase agreements 21,000 15,000 Certificates of deposit — 490 Corporate notes 256 — Total cash and cash equivalents $ 74,049 $ 66,841 Short-term investments: Certificates of deposit $ 10,471 $ 23,387 Municipal notes 2,928 2,365 Corporate notes 38,656 34,991 Government and agency notes 3,846 6,236 Total short-term investments $ 55,901 $ 66,979 Long-term investments Corporate notes $ 18,837 $ 40,435 Certificates of deposit 2,142 6,888 Municipal notes 1,649 1,081 Government and agency notes 888 2,060 Total long-term investments $ 23,516 $ 50,464 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Components [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses $ 459 $ 274 Prepaid insurance 2,775 964 Prepaid research and development expenses 2,221 2,110 Other current assets 438 694 Total prepaid expenses and other current assets $ 5,893 $ 4,042 |
Schedule of Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consist of the following (in thousands): June 30, December 31, 2021 2020 Computer equipment $ 52 $ 33 Lab equipment 503 405 Finance lease right of use assets 557 557 Leasehold improvement 40 21 Office furniture 26 26 Less: accumulated amortization and depreciation ( 788 ) ( 615 ) Property and equipment, net $ 390 $ 427 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2021 2020 Personnel expenses $ 2,082 $ 2,415 Professional fees 172 141 Research and development expenses 8,368 10,603 Other 722 282 Total accrued expenses and other current liabilities $ 11,344 $ 13,441 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): June 30, 2021 December 31, 2020 Operating lease right of use asset, net $ 1,496 $ 674 Short-term operating lease liability 699 238 Long-term operating lease liability 773 208 $ 1,472 $ 446 Finance lease right of use asset 557 557 Finance lease accumulated amortization ( 450 ) ( 337 ) Total finance lease right of use asset, net $ 107 $ 220 Weighted average remaining lease term Operating leases 2.1 years 1.6 years Finance leases 0.4 years 0.9 years Weighted average discount rate Operating leases 1.88 % 2.10 % Finance leases — % — % Year ended December 31, Operating Lease 2021 (excluding the six months ended June 30, 2021) 359 2022 733 2023 410 Total lease payments 1,502 Less: imputed interest ( 30 ) Total remaining lease liability 1,472 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Employee and Non-Employee Stock-Based Compensation Expense | Stock-Based Compensation Expense The following table summarizes employee and non-employee stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 General and administrative expense $ 3,629 $ 1,616 $ 7,108 $ 2,654 Research and development expense 3,121 1,782 6,633 2,699 Total stock-based compensation $ 6,750 $ 3,398 $ 13,741 $ 5,353 |
Service Based Stock Options | |
Summary of Stock Options Activity | Activity for service-based stock options under the 2019 Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2020 4,790,327 $ 25.47 8.69 $ 49,723 Options granted 390,116 46.39 Options exercised ( 112,564 ) 9.88 Options cancelled / forfeited ( 88,960 ) 42.54 Balance at June 30, 2021 4,978,919 $ 27.16 8.32 $ 131,105 Options vested and expected to vest as of June 30, 2021 4,978,919 27.16 8.32 131,105 Options exercisable as of June 30, 2021 2,054,317 $ 16.38 7.54 $ 75,735 |
Performance Stock Options | |
Summary of Stock Options Activity | Performance Stock Options (“PSOs”) The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Balance at December 31, 2020 675,000 $ 29.60 9.94 Balance at June 30, 2021 675,000 29.60 9.45 Outstanding 675,000 $ 29.60 9.45 Vested — — — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: June 30, 2021 2020 Stock options issued and outstanding 4,978,919 3,644,772 Performance stock options 675,000 — Total 5,653,919 3,644,772 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Feb. 29, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Entity incorporation date | 2012-06 | ||
Accumulated deficit | $ 191,494 | $ 146,654 | |
Cash, cash equivalents, and short-term investments | 130,000 | ||
Long term investments | $ 23,516 | $ 50,464 | |
Private Placement | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Agreement date | Feb. 10, 2020 | ||
Issuance of stock (in shares) | 2,500,000 | ||
Proceeds from issuance of common stock | $ 125,000 | ||
Costs related to offering | $ 7,400 | ||
Public offering price per share | $ 50 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Money Market Funds | |
Summary Of Significant Accounting Policies [Line Items] | |
Unrealized gains or loss | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | $ 147,722 | $ 148,594 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 47,049 | 15,661 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 12,613 | 30,765 |
Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 21,000 | 15,000 |
Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 57,749 | 75,426 |
Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 4,734 | 8,296 |
Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 4,577 | 3,446 |
Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 47,049 | 15,661 |
Level 1 | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 47,049 | 15,661 |
Level 1 | Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 1 | Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 1 | Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 1 | Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 1 | Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 100,673 | 132,933 |
Level 2 | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 2 | Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 12,613 | 30,765 |
Level 2 | Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 21,000 | 15,000 |
Level 2 | Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 57,749 | 75,426 |
Level 2 | Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 4,734 | 8,296 |
Level 2 | Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 4,577 | 3,446 |
Level 3 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 3 | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 3 | Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 3 | Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 3 | Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 3 | Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 0 | 0 |
Level 3 | Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 147,605 | $ 148,281 |
Unrealized Gains | 141 | 368 |
Unrealized Losses | (24) | (55) |
Financial assets and liabilities | 147,722 | 148,594 |
Cash equivalents (maturities within 90 days) | 68,305 | 31,151 |
Short-term investments (maturities within one year) | 55,901 | 66,979 |
Long-term investments (maturities beyond 1 year) | 23,516 | 50,464 |
Total cash equivalents and investments | 147,722 | 148,594 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 47,049 | 15,661 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Financial assets and liabilities | 47,049 | 15,661 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 12,555 | 30,603 |
Unrealized Gains | 60 | 162 |
Unrealized Losses | (2) | 0 |
Financial assets and liabilities | 12,613 | 30,765 |
Short-term investments (maturities within one year) | 10,471 | 23,387 |
Long-term investments (maturities beyond 1 year) | 2,142 | 6,888 |
Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 21,000 | 15,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Financial assets and liabilities | 21,000 | 15,000 |
Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 57,698 | 75,298 |
Unrealized Gains | 70 | 183 |
Unrealized Losses | (19) | (55) |
Financial assets and liabilities | 57,749 | 75,426 |
Short-term investments (maturities within one year) | 38,656 | 34,991 |
Long-term investments (maturities beyond 1 year) | 18,837 | 40,435 |
Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,727 | 8,274 |
Unrealized Gains | 9 | 22 |
Unrealized Losses | (2) | 0 |
Financial assets and liabilities | 4,734 | 8,296 |
Short-term investments (maturities within one year) | 3,846 | 6,236 |
Long-term investments (maturities beyond 1 year) | 888 | 2,060 |
Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,576 | 3,445 |
Unrealized Gains | 2 | 1 |
Unrealized Losses | (1) | 0 |
Financial assets and liabilities | 4,577 | 3,446 |
Short-term investments (maturities within one year) | 2,928 | 2,365 |
Long-term investments (maturities beyond 1 year) | $ 1,649 | $ 1,081 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Available-for-sale securities loss position for more than 120 days | $ 0 | $ 0 | |
Other-than-temporary impairments on available-for-sale securities | 0 | ||
Realized gains or losses recognized on the sale or maturity of available-for-sale securities | 0 | 0 | |
Fair value assets level 1 to level 2 | 0 | 0 | $ 0 |
Fair value assets level 2 to level 1 | $ 0 | 0 | 0 |
Fair value assets transfers into level 3 | 0 | 0 | |
Fair value assets transfers out of level 3 | $ 0 | $ 0 |
Cash, Cash Equivalents and In_3
Cash, Cash Equivalents and Investments - Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | $ 74,049 | $ 66,841 | $ 66,156 | $ 51,214 |
Short term investments | 55,901 | 66,979 | ||
Long term investments | 23,516 | 50,464 | ||
Cash | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | 5,744 | 35,690 | ||
Money Market Funds | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | 47,049 | 15,661 | ||
Repurchase Agreements | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | 21,000 | 15,000 | ||
Certificates of Deposit | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | 0 | 490 | ||
Short term investments | 10,471 | 23,387 | ||
Long term investments | 2,142 | 6,888 | ||
Municipal Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Short term investments | 2,928 | 2,365 | ||
Long term investments | 1,649 | 1,081 | ||
Corporate Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | 256 | 0 | ||
Short term investments | 38,656 | 34,991 | ||
Long term investments | 18,837 | 40,435 | ||
Government and Agency Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Short term investments | 3,846 | 6,236 | ||
Long term investments | $ 888 | $ 2,060 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid expenses | $ 459 | $ 274 |
Prepaid insurance | 2,775 | 964 |
Prepaid research and development expenses | 2,221 | 2,110 |
Other current assets | 438 | 694 |
Total prepaid expenses and other current assets | $ 5,893 | $ 4,042 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Less: accumulated amortization and depreciation | $ (788) | $ (615) |
Property and equipment, net | 390 | 427 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 52 | 33 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 503 | 405 |
Finance Lease Right of Use Assets | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 557 | 557 |
Leasehold Improvement | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 40 | 21 |
Office Furniture | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 26 | $ 26 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Personnel expenses | $ 2,082 | $ 2,415 |
Professional fees | 172 | 141 |
Research and development expenses | 8,368 | 10,603 |
Other | 722 | 282 |
Total accrued expenses and other current liabilities | $ 11,344 | $ 13,441 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 6 Months Ended | ||||||
May 31, 2020USD ($) | May 31, 2019USD ($) | Jun. 30, 2018USD ($)ft²Investorshares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | May 31, 2021USD ($) | Dec. 31, 2020USD ($) | May 13, 2019 | |
Lessee Lease Description [Line Items] | ||||||||
Renewal options | false | |||||||
Number of investors | Investor | 1 | |||||||
Operating lease payments | $ 0 | $ 0 | ||||||
Repurchase option percentage | 100.00% | |||||||
Operating leases period | 3 years | |||||||
Operating lease payments paid for additional space | $ 63,000 | |||||||
Operating lease termination month and year | 2021-07 | 2021-07 | ||||||
Operating lease liability | $ 172,000 | $ 0 | $ 1,472,000 | $ 446,000 | ||||
Operating lease asset | $ 172,000 | 1,496,000 | $ 1,200,000 | 674,000 | ||||
Security deposit paid | 105,000 | |||||||
Operating lease liability | 773,000 | $ 208,000 | ||||||
Future rent expense | 1,435,000 | |||||||
Depreciation expense of finance lease right-of-use asset | 113,000 | $ 117,000 | ||||||
Clinical Equipment | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Remaining lease expense | $ 16,000 | |||||||
Remaining lease term | 5 months | |||||||
Minimum | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Finance lease amortized period on equipment service | 20 months | |||||||
Maximum | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease remaining term on a straight-line basis | 25 months | |||||||
Finance lease amortized period on equipment service | 34 months | |||||||
San Diego, California | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Lease agreement period | 3 years | |||||||
Operating lease payments | $ 337,000 | |||||||
Operating lease asset | 326,000 | |||||||
Operating lease liability | 317,000 | |||||||
Rent prepayment | 9,000 | |||||||
San Diego, California | Other Assets | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Security deposit paid | $ 29,000 | |||||||
Series B Redeemable Convertible Preferred Stock | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Lease agreement period | 3 years | |||||||
Renewal options | false | |||||||
Area under lease | ft² | 3,185 | |||||||
Shares issued | shares | 114,437 | |||||||
Convertible preferred stock, fair value | $ 1,100,000 | |||||||
Series B Redeemable Convertible Preferred Stock | IPO | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Conversion of redeemable convertible preferred stock to common stock ratio | 100.00% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) | Jun. 30, 2021 | May 31, 2021 | Dec. 31, 2020 | May 31, 2020 | May 31, 2019 |
Leases [Abstract] | |||||
Operating lease right-of-use assets, net | $ 1,496,000 | $ 1,200,000 | $ 674,000 | $ 172,000 | |
Short-term operating lease liability | $ 699,000 | $ 238,000 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities Current | Accrued Liabilities Current | |||
Long-term operating lease liabilities | $ 773,000 | $ 208,000 | |||
Operating lease liability | 1,472,000 | 446,000 | 172,000 | $ 0 | |
Finance lease right of use asset | 557,000 | 557,000 | |||
Finance lease accumulated amortization | (450,000) | (337,000) | |||
Total finance lease right of use asset, net | $ 107,000 | $ 220,000 | |||
Weighted average remaining lease term | |||||
Operating leases | 2 years 1 month 6 days | 1 year 7 months 6 days | |||
Finance leases | 4 months 24 days | 10 months 24 days | |||
Weighted average discount rate | |||||
Operating leases | 1.88% | 2.10% | |||
Operating Lease, Liability, Payment, Due [Abstract] | |||||
2021 (excluding the six months ended June 30, 2021) | $ 359,000 | ||||
2022 | 733,000 | ||||
2023 | 410,000 | ||||
Total lease payments | 1,502,000 | ||||
Less: imputed interest | (30,000) | ||||
Operating lease liability | $ 1,472,000 | $ 446,000 | $ 172,000 | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense related to options granted | $ 6,750,000 | $ 3,398,000 | $ 13,741,000 | $ 5,353,000 |
Income tax benefits recognized | 0 | |||
Unamortized employee stock-based compensation | 71,500,000 | $ 71,500,000 | ||
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period | 3 years 7 days | |||
Performance Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense related to options granted | 932,000 | $ 1,846,000,000 | ||
Unamortized employee stock-based compensation | 8,000,000 | $ 8,000,000 | ||
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period | 2 years 3 months 7 days | |||
Employees And Non Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense related to options granted | $ 5,818,000,000 | $ 11,895,000,000 | ||
2019 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Maximum aggregate number of shares that may be issued under the plan | 7,388,053 | 7,388,053 | ||
Increase in number of shares available for issuance as proportion of shares of common stock | 2,146,354 | 2,146,354 | ||
Percentage of common stock outstanding | 4.00% | |||
Common stock reserved for issuance | 1,149,925 | 1,149,925 | ||
2019 ESPP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Increase in number of shares available for issuance as proportion of shares of common stock | 536,589 | 536,589 | ||
Percentage of common stock outstanding | 1.00% | |||
Common stock reserved for issuance | 832,421 | 832,421 | ||
Maximum period for common stock shares reserved for future issuance | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity for Service-based Stock Options (Details) - 2019 Plan - Service Based Stock Options | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options and Unvested Shares, beginning balance | shares | 4,790,327 | |
Number of Options and Unvested Shares, granted | shares | 390,116 | |
Number of Options and Unvested Shares, exercised | shares | (112,564) | |
Number of Options and Unvested Shares, cancelled / forfeited | shares | (88,960) | |
Number of Options and Unvested Shares, ending balance | shares | 4,978,919 | 4,790,327 |
Number of Options and Unvested Shares, vested and expected to vest | shares | 4,978,919 | |
Number of Options and Unvested Shares, exercisable | shares | 2,054,317 | |
Weighted Average Exercise Price, beginning balance | $ / shares | $ 25.47 | |
Weighted Average Exercise Price, granted | $ / shares | 46.39 | |
Weighted Average Exercise Price, exercised | $ / shares | 9.88 | |
Weighted Average Exercise Price, exercised, cancelled / forfeited | $ / shares | 42.54 | |
Weighted Average Exercise Price, ending balance | $ / shares | 27.16 | $ 25.47 |
Weighted Average Exercise Price, vested and expected to vest | $ / shares | 27.16 | |
Weighted Average Exercise Price, exercisable | $ / shares | $ 16.38 | |
Weighted average remaining contractual life | 8 years 3 months 25 days | 8 years 8 months 8 days |
Weighted average remaining contractual life, vested and expected to vest | 8 years 3 months 25 days | |
Weighted average remaining contractual life, exercisable | 7 years 6 months 14 days | |
Aggregate intrinsic value | $ | $ 131,105 | $ 49,723 |
Aggregate intrinsic value, vested and expected to vest | $ | 131,105 | |
Aggregate intrinsic value, exercisable | $ | $ 75,735 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity Under Performance Stock Options (Details) - 2019 Plan - Performance Stock Options - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Subject to Outstanding PSOs, Beginning Balance | 675,000 | |
Shares Subject to Outstanding PSOs, Ending Balance | 675,000 | 675,000 |
Shares Subject to Outstanding PSOs, Outstanding | 675,000 | |
Weighted Average Exercise Price, Beginning Balance | $ 29.60 | |
Weighted Average Exercise Price, Ending Balance | 29.60 | $ 29.60 |
Weighted Average Exercise Price, Outstanding | $ 29.60 | |
Weighted average remaining contractual life | 9 years 5 months 12 days | 9 years 11 months 8 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Employee and Non-Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 6,750 | $ 3,398 | $ 13,741 | $ 5,353 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 3,629 | 1,616 | 7,108 | 2,654 |
Research and Development Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 3,121 | $ 1,782 | $ 6,633 | $ 2,699 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Feb. 10, 2020USD ($)$ / sharesshares | Feb. 29, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)Agreement |
LifeSci Advisors, LLC | Non-capital Advisory Consulting Services | |||
Related Party Transaction [Line Items] | |||
Number of agreement | Agreement | 2 | ||
Related party expenses | $ 306,000 | ||
Private Placement | |||
Related Party Transaction [Line Items] | |||
Agreement date | Feb. 10, 2020 | ||
Issuance of stock (in shares) | shares | 2,500,000 | ||
Proceeds from issuance of common stock | $ 125,000,000 | ||
Offering price per share | $ / shares | $ 50 | ||
Private Placement | David A. Lamond | |||
Related Party Transaction [Line Items] | |||
Agreement date | Feb. 10, 2020 | ||
Issuance of stock (in shares) | shares | 30,000 | ||
Proceeds from issuance of common stock | $ 1,500,000 | ||
Offering price per share | $ / shares | $ 50 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | $ 0 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from calculation of earnings per share, amount | 5,653,919,000 | 3,644,772,000 |
Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from calculation of earnings per share, amount | 4,978,919,000 | 3,644,772,000 |
Performance Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from calculation of earnings per share, amount | 675,000,000 | 0 |