Quince Therapeutics (QNCX) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 12, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	CRTX
Entity Registrant Name	Cortexyme, Inc.
Entity Central Index Key	0001662774
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		26,852,483
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	true
Entity Emerging Growth Company	true
Entity Shell Company	false

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 44,740	$ 24,872
Short term investments	75,730	46,844
Restricted cash	250
Prepaid expenses and other current assets	3,649	868
Total current assets	124,369	72,584
Property and equipment, net	270	283
Right-of-use assets	1,171
Long term investments	7,341
Other assets	263	10
Total assets	133,414	72,877
Current liabilities:
Accounts Payable	2,295	495
Accrued expenses and other current liabilities	3,832	962
Total current liabilities	6,127	1,457
Total liabilities	6,127	1,457
Commitments and contingencies
Stockholders’ deficit:
Preferred Stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding September 30, 2019 and no shares authorized, issued and outstanding at December 31, 2018
Common stock, $0.001 par value, 100,000,000 and 24,794,114 shares authorized, 26,841,149 and 3,412,366 issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	27	3
Additional paid in capital	184,590	245
Accumulated other comprehensive income (loss)	96	(49)
Accumulated deficit	(57,426)	(32,825)
Total stockholders’ equity / (deficit)	127,287	(32,626)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity / (deficit)	$ 133,414	72,877
Series A Redeemable Convertible Preferred Stock
Current liabilities:
Redeemable convertible preferred stock		17,178
Series B Redeemable Convertible Preferred Stock
Current liabilities:
Redeemable convertible preferred stock		$ 86,868

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	0
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	24,794,114
Common stock, shares issued	26,841,149	3,412,366
Common stock, shares outstanding	26,841,149	3,412,366
Series A Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	9,008,931
Redeemable convertible preferred stock, shares issued	0	9,008,919
Redeemable convertible preferred stock, shares outstanding	0	9,008,919
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 17,178
Series B Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	9,430,145
Redeemable convertible preferred stock, shares issued	0	9,152,108
Redeemable convertible preferred stock, shares outstanding	0	9,152,108
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 87,972

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating expenses:
Research and development	$ 8,253	$ 2,290	$ 20,187	$ 6,989
General and administrative	2,316	584	6,032	1,288
Total operating expenses	10,569	2,874	26,219	8,277
Loss from operations	(10,569)	(2,874)	(26,219)	(8,277)
Interest income	711	353	1,618	434
Interest expense				(957)
Change in fair value of derivative liability		0		(206)
Net loss	(9,858)	(2,521)	(24,601)	(9,006)
Other comprehensive income/ (loss):
Unrealized gain / (loss) on available for sales securities	16	(16)	145	(16)
Total comprehensive income/(loss)	$ (9,842)	$ (2,537)	$ (24,456)	$ (9,022)
Net loss per share - basic and diluted	$ (0.37)	$ (0.75)	$ (1.59)	$ (2.68)
Weighted average shares of common stock outstanding - basic and diluted	26,841,149	3,361,029	15,489,216	3,360,683

Condensed Statements of Redeema

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Series A Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Common Stock	Additional Paid in Capital	Other Comprehensive Income / (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2017	$ (20,280)			$ 3	$ 66		$ (20,349)
Beginning balance, shares at Dec. 31, 2017		9,008,919
Beginning balance at Dec. 31, 2017		$ 17,178
Beginning balance, shares at Dec. 31, 2017				3,361,016
Stock based compensation	47				47
Proceeds from Series B redeemable convertible preferred stock, net of issuance costs, shares			7,890,466
Proceeds from Series B redeemable convertible preferred stock, net of issuance costs			$ 75,688
Issuance of Series B redeemable convertible preferred stock in connection with the conversion of convertible promissory notes and accrued interest			$ 11,027
Issuance of Series B redeemable convertible preferred stock in connection with the conversion of convertible promissory notes and accrued interest, shares			1,147,205
Vesting of Series B redeemable convertible preferred stock in lieu of rent			$ 61
Issuance of Series B redeemable convertible preferred stock in connection with the facility lease agreement, shares			114,437
Other comprehensive income	(16)					$ (16)
Net loss	(9,006)						(9,006)
Ending balance at Sep. 30, 2018	(29,255)			$ 3	113	(16)	(29,355)
Ending balance, shares at Sep. 30, 2018		9,008,919	9,152,108
Ending balance at Sep. 30, 2018		$ 17,178	$ 86,776
Ending balance, shares at Sep. 30, 2018				3,361,016
Beginning balance at Jun. 30, 2018	(26,738)			$ 3	93		(26,834)
Beginning balance, shares at Jun. 30, 2018		9,008,919	9,037,671
Beginning balance at Jun. 30, 2018		$ 17,178	$ 86,715
Beginning balance, shares at Jun. 30, 2018				3,361,016
Stock based compensation	20				20
Vesting of Series B redeemable convertible preferred stock in lieu of rent			$ 61
Issuance of Series B redeemable convertible preferred stock in connection with the facility lease agreement, shares			114,437
Other comprehensive income	(16)					(16)
Net loss	(2,521)						(2,521)
Ending balance at Sep. 30, 2018	(29,255)			$ 3	113	(16)	(29,355)
Ending balance, shares at Sep. 30, 2018		9,008,919	9,152,108
Ending balance at Sep. 30, 2018		$ 17,178	$ 86,776
Ending balance, shares at Sep. 30, 2018				3,361,016
Beginning balance at Dec. 31, 2018	(32,626)			$ 3	245	(49)	(32,825)
Beginning balance, shares at Dec. 31, 2018		9,008,919	9,152,108
Beginning balance at Dec. 31, 2018		$ 17,178	$ 86,868
Beginning balance, shares at Dec. 31, 2018				3,412,366
Exercise of stock options	69			$ 1	68
Exercise of stock options, shares				166,015
Stock based compensation	1,479				1,479
Vesting of Series B redeemable convertible preferred stock in lieu of rent			$ 948
Conversion of redeemable convertible preferred stock to common stock	104,994			$ 18	104,976
Conversion of redeemable convertible preferred stock to common stock, shares		(9,008,919)	(9,152,108)
Conversion of redeemable convertible preferred stock to common stock		$ (17,178)	$ (87,816)
Conversion of redeemable convertible preferred stock to common stock, shares				18,161,027
Initial public offering of common stock, net of issuance costs	77,827			$ 5	77,822
Initial public offering of common stock, net of issuance costs, shares				5,073,800
Exercise of stock warrant, shares				27,941
Other comprehensive income	145					145
Net loss	(24,601)						(24,601)
Ending balance at Sep. 30, 2019	127,287			$ 27	184,590	96	(57,426)
Ending balance, shares at Sep. 30, 2019		0	0
Ending balance, shares at Sep. 30, 2019				26,841,149
Beginning balance at Jun. 30, 2019	136,217			$ 27	183,678	80	(47,568)
Beginning balance, shares at Jun. 30, 2019				26,841,149
Stock based compensation	912				912
Other comprehensive income	16					16
Net loss	(9,858)						(9,858)
Ending balance at Sep. 30, 2019	$ 127,287			$ 27	$ 184,590	$ 96	$ (57,426)
Ending balance, shares at Sep. 30, 2019		0	0
Ending balance, shares at Sep. 30, 2019				26,841,149

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net Loss	$ (24,601)	$ (9,006)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest expense related to convertible promissory notes		262
Non-cash rent expense	275	61
Stock based compensation	1,479	47
Depreciation and amortization	112	27
Accretion of discount on convertible promissory notes payable		694
Amortization of discount on available for sale investments	(728)	(122)
Change in fair value of derivative liability		206
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,281)	20
Other assets	(253)
Accounts payable	1,800	50
Accrued expenses and other current liabilities	2,870	39
Net cash used in operating activities	(22,327)	(7,722)
Cash flow from investing activities:
Purchase of investments	(98,475)	(48,103)
Proceeds from maturities of investments	63,070
Purchase of property and equipment	(46)	(212)
Net cash used in investing activities	(35,451)	(48,315)
Cash flows from financing activities:
Proceeds from issuance of convertible promissory note payable		250
Proceeds from issuance of commons stock upon exercise of stock options	69
Proceeds from Series B redeemable convertible preferred stock		75,688
Proceeds from initial public offering, net of stock offering costs	77,827
Net cash provided by financing activities	77,896	75,938
Net increase in cash, cash equivalents and restricted cash	20,118	19,901
Cash, cash equivalents and restricted cash at beginning of period	24,872	7,393
Cash, cash equivalents and restricted cash at end of period	44,990	27,294
Supplemental disclosures of non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	878
Right-of-use assets obtained in exchange for new finance lease liabilities	500
Series A Redeemable Convertible Preferred Stock
Supplemental disclosures of non-cash information:
Conversion of redeemable convertible preferred stock to common stock on initial public offering	17,178
Series B Redeemable Convertible Preferred Stock
Supplemental disclosures of non-cash information:
Conversion of redeemable convertible preferred stock to common stock on initial public offering	87,816
Acceleration of vesting of stock on initial public offering	$ 856
Issuance of stock in connection with conversion of convertible promissory notes and accrued interest		11,027
Issuance of stock for facility lease		$ 1,100

Organization

Organization	9 Months Ended
	Sep. 30, 2019
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. Reverse Stock Split On April 25, 2019, the Company’s Board of Directors approved a one-for-0.367647 reverse split of the Company’s issued and outstanding common stock, redeemable convertible preferred stock, and stock options. The par value of the common stock was not adjusted as a result of the reverse stock split. All share and per share amounts in the accompanying unaudited condensed financial statements and notes to the unaudited condensed financial statements have been retroactively adjusted for all periods presented to reflect the reverse stock split. Initial Public Offering On May 8, 2019, the Company’s registration statement on Form S-1 (File No. 333-230853) for its initial public offering of common stock (“IPO”) was declared effective by the Securities and Exchange Commission (“SEC”). On May 13, 2019, the Company closed its IPO with the sale of 5,073,800 shares of common stock, which included 661,800 shares of common stock issued upon the exercise in full of the underwriters’ option to purchase additional shares, at a public offering price of $17.00 per share, resulting in net proceeds of $77.8 million, after deducting underwriting discounts and commissions and estimated offering expenses paid by the Company. In addition, in connection with the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock were automatically converted into 18,161,027 shares of common stock, and there are no shares of redeemable convertible preferred stock outstanding. 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 September 30, 2019, the Company had an accumulated deficit of $57.4 million. Since inception through September 30, 2019, 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 and from the net proceeds from the IPO. As of September 30, 2019, the Company had cash, cash equivalents, and short-term investments of $120.5 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 financial statements. 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	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed 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 The condensed balance sheet as of September 30, 2019, the condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2019 and 2018, the condensed statements of stockholders’ equity/(deficit) as of September 30, 2019 and 2018, the condensed statements of cash flows for the nine months ended September 30, 2019 and 2018, and the financial data and other financial information disclosed in the notes to the condensed financial statements are unaudited. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s final prospectus (the “Prospectus”) filed with the SEC on May 9, 2019. Use of Estimates The preparation of the Company’s 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 financial statements relate to the determination of the fair value of common stock prior to the initial public offering, stock-based awards and other issuances, valuation of derivative instruments, 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 nine months ended September 30, 2019, as compared to the significant accounting policies described in the Prospectus. Cash, Cash Equivalents, and Restricted Cash 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. Restricted cash as of September 30, 2019 relates to a compensating balance to secure a credit card facility. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that sum to the total of the same amounts shown in the condensed statements of cash flows (in thousands): Nine Months Ended September 30, 2019 2018 Cash and cash equivalents $ 44,740 $ 27,294 Restricted cash 250 $ — Total cash, cash equivalents and restricted cash $ 44,990 $ 27,294 Fair Value Measurements The fair value of our financial instruments reflects the amounts that we estimate we 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). We disclose and recognize the fair value of our Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have 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. Our 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. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, or ASU, No. 2016-02, Leases (Topic 842), to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. The Company determines if an arrangement includes a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. The Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The lease terms may include options to extend or terminate the lease. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840, Leases (Topic 840). Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to not use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies. Recent Accounting Pronouncements adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU requires that substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The ASU is effective for interim and annual periods beginning after December 15, 2018. Additionally, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which offers an additional transition method whereby entities may apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings rather than application of the new leases standard at the beginning of the earliest period presented in the financial statements. The Company elected this transition method and adopted ASC 842 on January 1, 2019 and as a result, recorded a right-of-use asset of $0.9 million, a short-term lease liability of $0.3 million, and a long-term lease liability of $0.6 million and no cumulative effect adjustment was made to the retained earnings as of the adoption date. The Company also elected the package of practical expedients under the transition guidance that will retain the historical lease classification and initial direct costs for any leases that exist prior to adoption of the new guidance and the practical expedient to not separate lease and nonlease components. See Note 5 for further disclosure. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception (“ASU 2017-11”). Part I applies to entities that issue financial instruments such as warrants, convertible debt or redeemable convertible preferred stock that contain down-round features. Part II replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. For public entities, ASU 2017-11 is required to be adopted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-11 did not have any impact on the Company’s financial statements since the Company did not have any instruments subject to the scope of the ASU. Recent accounting pronouncements not yet adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Fair Value Measurement—Disclosure Framework: In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The new guidance changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. This guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not believe this pronouncement will have a material impact on its financial statements or disclosures. Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles – Goodwill and other – Internal-Use Software (Subtopic 350-40), which amended its guidance for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new standard also requires customers to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not believe this pronouncement will have a material impact on its financial statements or disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements The Company measures and reports its cash equivalents, restricted cash, 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 September 30, 2019 and December 31, 2018 are presented in the following tables (in thousands): Fair Value Measurements at September 30, 2019 Fair Value Hierarchy Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 20,980 $ — $ — $ 20,980 Certificates of Deposit Level 2 20,611 62 — 20,673 Repurchase Agreements Level 2 15,000 — — 15,000 Corporate notes Level 2 15,183 1 (11 ) 15,173 U.S. government notes Level 2 51,382 44 — 51,426 Total cash equivalents and investments $ 123,156 $ 107 $ (11 ) $ 123,252 Classified as: Cash equivalents $ 40,181 Short-term investments 75,730 Long-term investments 7,341 Total cash equivalents and investments $ 123,252 Fair Value Measurements at December 31, 2018 Fair Value Hierarchy Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 11,815 $ — $ — $ 11,815 Commercial paper Level 2 14,362 — (2 ) 14,360 Corporate notes Level 2 16,129 — (18 ) 16,111 U.S. government notes Level 2 8,980 — (1 ) 8,979 Asset backed securities Level 2 9,220 — (28 ) 9,192 Total cash equivalents and investments $ 60,506 $ — $ (49 ) $ 60,457 Classified as: Cash equivalents $ 13,613 Short-term investments 46,844 Total cash equivalents and investments $ 60,457 As of September 30, 2019, the remaining contractual maturities of available-for-sale securities was approximately three months. There have been no significant realized losses on available-for-sale securities for the period presented. Based on the Company’s review of its available-for-sale securities, the Company believes it had no other-than-temporary impairments on these securities as of September 30, 2019, 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. For the three and nine months ended September 30, 2018, the Company realized $0 and $206,000 of expenses, respectively, for a redemption premium feature accounted for as embedded derivative liability in accordance with ASC 815. The derivative liability is revalued at the end of each reporting period and any change in fair value is recognized in “Change in fair value of redemption premium liability” in the Statement of Operations. This liability was extinguished in May 2018 with the Series B redeemable preferred stock financing. There were no transfers between Levels 1, 2 or 3 for the period presented.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2019
Balance Sheet Components [Abstract]
Balance Sheet Components	Note 4. Balance Sheet Components Prepaid expenses and Other Current Assets Prepaid expenses and Other Current Assets consist of the following (in thousands): September 30, December 31, 2019 2018 Prepaid expenses $ 136 $ 47 Prepaid Insurance 1,433 — Prepaid clinical trial expenses 1,179 587 Prepaid drug manufacturing 39 — Prepaid research and development expenses 350 166 Other assets 512 68 Total prepaid expenses and other current assets $ 3,649 $ 868 Property and Equipment Property and Equipment consist of the following (in thousands): September 30, December 31, 2019 2018 Lab Equipment $ 424 $ 378 Less: accumulated depreciation (154 ) (95 ) Property and equipment, net $ 270 $ 283 Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 30, December 31, 2019 2018 Personnel expenses $ 679 $ 483 Professional fees 98 75 Clinical trial expenses 2,251 — Drug manufacturing expenses 403 — Research and development expenses 386 380 Other 15 24 Total accrued liabilities $ 3,832 $ 962

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 5. Leases As described in “Note 2 Summary of Significant Accounting Policies, Real Estate Operating Leases In June 2018, the Company entered into a three-year lease agreement with no renewal options with a related party, one of the investors 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 th 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 will 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. The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of September 30, 2019, future rent expense of $723,000 will be recognized over the remaining term of 22 months on a straight-line basis over the respective lease period. Clinical Equipment Financing Lease During the second quarter, the Company began using certain vendor supplied equipment in connection with its on-going clinical trial. The Company analyzed the agreements and determined that they contained embedded leases. Under the agreements, the Company has prepaid for the use of the equipment through the initial lease term of approximately three years. As a result, the Company has no lease liability associated with these right of use assets. The Company recognizes the lease expense in research and development expenses in the statement of operations and recognizes expense on a straight-line basis starting when the equipment is placed into service until the end of the contract term. Equipment placed into service is amortized into expense over periods ranging from 28 to 34 months. Amortization expense of the financing lease right of use asset for the three and nine months ended September 30, 2019 was $38,000 and $53,000 respectively. Operating and finance lease right of use asset amounts consist of the following as of September 30, 2019: Right of use assets- operating lease $ 724 Right of use assets- financing lease 500 Less: accumulated depreciation (53 ) Total right of use assets $ 1,171 The Company determined its operating and finance lease liabilities for operating lease using a discount rate of 4.00% based on the rate that the Company would have to pay to borrow on a collateralized basis for a similar lease an amount equal to the lease payments in a similar economic environment. As of September 30, 2019, the weighted-average remaining lease term for the operating leases was 1.8 years. The weighted-average remaining lease term for the finance leases was 2.25 years.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 6. Stock-Based Compensation On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”) and 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 5,131,549 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 of its 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 September 30, 2019, the Company had 2,439,782 shares available for future issuance under the 2019 Plan. For the three months and nine months ended September 30, 2019, the Company recognized $912,000 and $1,479,000 of stock-based compensation expense, 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. Number of Options and Unvested Shares Weighted Average Exercise Price Weighted average remaining contractual life (years) Aggregate intrinsic value Balance at December 31, 2018 1,885,504 1.57 9.07 $ 1,252,496 Options granted 912,637 15.60 Options exercised (166,015 ) 0.41 Options cancelled (209,931 ) 20.36 Balance at September 30, 2019 2,422,195 5.30 8.85 48,115,831 Options vested and expected to vest as of September 30, 2019 2,422,195 5.30 8.85 48,115,831 Options exercisable as of September 30, 2019 551,003 2.16 7.91 $ 12,626,200 The total unrecognized share-based compensation cost at September 30, 2019 amounted to approximately $7,013,000 which is expected to be recognized over the next 3 years. 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 268,295

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions In June 2014, the Company entered into a research grant and license agreement (the Agreement) with a stockholder of the Company. The Agreement requires the Company to pay royalties to the stockholder in the amount of 3% of gross revenues not to exceed $1.05 million. This agreement was amended in April 2019 and the royalty payment provision was removed. As described in Note 5, the Company entered into a three-year lease agreement with a Series B redeemable preferred stock investor. The lease began on July 16, 2018 and provides 3,185 square feet of office space in South San Francisco, California. The Company issued 114,437 restricted shares of its Series B redeemable convertible preferred stock in exchange for the use of the leased facility. In May 2019, the Company entered into an amendment to the lease agreement to rent additional space in the same building for a one-time payment of approximately $63,000 on the same terms as the July 2018 agreement except rent. As described in Note 1, the Company completed its IPO in May 2019. As a result of the IPO, in addition to the 229,453 shares of Series B redeemable convertible preferred stock held by the investor, an additional 82,649 shares of the Company’s Series B redeemable convertible preferred stock under issued pursuant the lease agreement fully vested and were converted into common stock of the Company on a one-to-one basis.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes The Company has a history of losses and expects to record a loss in 2019. 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.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Loss Per Share	Note 9. 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: September 30, 2019 2018 Series A redeemable convertible preferred stock — 9,008,919 Series B redeemable convertible preferred stock — 9,152,108 Warrants — 27,941 Options issued and outstanding 2,422,195 928,944 Total 2,422,195 19,117,912

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events The Company has completed an evaluation of all subsequent events through the date these financial were issued. Based on its evaluation, there were no subsequent events to report.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed 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 The condensed balance sheet as of September 30, 2019, the condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2019 and 2018, the condensed statements of stockholders’ equity/(deficit) as of September 30, 2019 and 2018, the condensed statements of cash flows for the nine months ended September 30, 2019 and 2018, and the financial data and other financial information disclosed in the notes to the condensed financial statements are unaudited. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s final prospectus (the “Prospectus”) filed with the SEC on May 9, 2019.
Use of Estimates	Use of Estimates The preparation of the Company’s 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 financial statements relate to the determination of the fair value of common stock prior to the initial public offering, stock-based awards and other issuances, valuation of derivative instruments, 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 nine months ended September 30, 2019, as compared to the significant accounting policies described in the Prospectus.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash 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. Restricted cash as of September 30, 2019 relates to a compensating balance to secure a credit card facility. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that sum to the total of the same amounts shown in the condensed statements of cash flows (in thousands): Nine Months Ended September 30, 2019 2018 Cash and cash equivalents $ 44,740 $ 27,294 Restricted cash 250 $ — Total cash, cash equivalents and restricted cash $ 44,990 $ 27,294
Fair Value Measurements	Fair Value Measurements The fair value of our financial instruments reflects the amounts that we estimate we 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). We disclose and recognize the fair value of our Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have 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. Our 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.
Leases	Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, or ASU, No. 2016-02, Leases (Topic 842), to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. The Company determines if an arrangement includes a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. The Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The lease terms may include options to extend or terminate the lease. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840, Leases (Topic 840).
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to not use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies.
Recently Accounting Pronouncements adopted and Recent accounting pronouncements not yet adopted	Recent Accounting Pronouncements adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU requires that substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The ASU is effective for interim and annual periods beginning after December 15, 2018. Additionally, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which offers an additional transition method whereby entities may apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings rather than application of the new leases standard at the beginning of the earliest period presented in the financial statements. The Company elected this transition method and adopted ASC 842 on January 1, 2019 and as a result, recorded a right-of-use asset of $0.9 million, a short-term lease liability of $0.3 million, and a long-term lease liability of $0.6 million and no cumulative effect adjustment was made to the retained earnings as of the adoption date. The Company also elected the package of practical expedients under the transition guidance that will retain the historical lease classification and initial direct costs for any leases that exist prior to adoption of the new guidance and the practical expedient to not separate lease and nonlease components. See Note 5 for further disclosure. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception (“ASU 2017-11”). Part I applies to entities that issue financial instruments such as warrants, convertible debt or redeemable convertible preferred stock that contain down-round features. Part II replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. For public entities, ASU 2017-11 is required to be adopted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-11 did not have any impact on the Company’s financial statements since the Company did not have any instruments subject to the scope of the ASU. Recent accounting pronouncements not yet adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Fair Value Measurement—Disclosure Framework: In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The new guidance changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. This guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not believe this pronouncement will have a material impact on its financial statements or disclosures. Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles – Goodwill and other – Internal-Use Software (Subtopic 350-40), which amended its guidance for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new standard also requires customers to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not believe this pronouncement will have a material impact on its financial statements or disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that sum to the total of the same amounts shown in the condensed statements of cash flows (in thousands): Nine Months Ended September 30, 2019 2018 Cash and cash equivalents $ 44,740 $ 27,294 Restricted cash 250 $ — Total cash, cash equivalents and restricted cash $ 44,990 $ 27,294

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018 are presented in the following tables (in thousands): Fair Value Measurements at September 30, 2019 Fair Value Hierarchy Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 20,980 $ — $ — $ 20,980 Certificates of Deposit Level 2 20,611 62 — 20,673 Repurchase Agreements Level 2 15,000 — — 15,000 Corporate notes Level 2 15,183 1 (11 ) 15,173 U.S. government notes Level 2 51,382 44 — 51,426 Total cash equivalents and investments $ 123,156 $ 107 $ (11 ) $ 123,252 Classified as: Cash equivalents $ 40,181 Short-term investments 75,730 Long-term investments 7,341 Total cash equivalents and investments $ 123,252 Fair Value Measurements at December 31, 2018 Fair Value Hierarchy Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 11,815 $ — $ — $ 11,815 Commercial paper Level 2 14,362 — (2 ) 14,360 Corporate notes Level 2 16,129 — (18 ) 16,111 U.S. government notes Level 2 8,980 — (1 ) 8,979 Asset backed securities Level 2 9,220 — (28 ) 9,192 Total cash equivalents and investments $ 60,506 $ — $ (49 ) $ 60,457 Classified as: Cash equivalents $ 13,613 Short-term investments 46,844 Total cash equivalents and investments $ 60,457

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2019
Balance Sheet Components [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and Other Current Assets consist of the following (in thousands): September 30, December 31, 2019 2018 Prepaid expenses $ 136 $ 47 Prepaid Insurance 1,433 — Prepaid clinical trial expenses 1,179 587 Prepaid drug manufacturing 39 — Prepaid research and development expenses 350 166 Other assets 512 68 Total prepaid expenses and other current assets $ 3,649 $ 868
Schedule of Property and Equipment	Property and Equipment consist of the following (in thousands): September 30, December 31, 2019 2018 Lab Equipment $ 424 $ 378 Less: accumulated depreciation (154 ) (95 ) Property and equipment, net $ 270 $ 283
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): September 30, December 31, 2019 2018 Personnel expenses $ 679 $ 483 Professional fees 98 75 Clinical trial expenses 2,251 — Drug manufacturing expenses 403 — Research and development expenses 386 380 Other 15 24 Total accrued liabilities $ 3,832 $ 962

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Summary of Operating Lease and Finance Lease Right of Use Asset	Operating and finance lease right of use asset amounts consist of the following as of September 30, 2019: Right of use assets- operating lease $ 724 Right of use assets- financing lease 500 Less: accumulated depreciation (53 ) Total right of use assets $ 1,171

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Options Activity	Number of Options and Unvested Shares Weighted Average Exercise Price Weighted average remaining contractual life (years) Aggregate intrinsic value Balance at December 31, 2018 1,885,504 1.57 9.07 $ 1,252,496 Options granted 912,637 15.60 Options exercised (166,015 ) 0.41 Options cancelled (209,931 ) 20.36 Balance at September 30, 2019 2,422,195 5.30 8.85 48,115,831 Options vested and expected to vest as of September 30, 2019 2,422,195 5.30 8.85 48,115,831 Options exercisable as of September 30, 2019 551,003 2.16 7.91 $ 12,626,200

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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: September 30, 2019 2018 Series A redeemable convertible preferred stock — 9,008,919 Series B redeemable convertible preferred stock — 9,152,108 Warrants — 27,941 Options issued and outstanding 2,422,195 928,944 Total 2,422,195 19,117,912

Organization - Additional Infor

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands	May 13, 2019USD ($)$ / sharesshares	Apr. 25, 2019	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation date			2012-06
Description of reverse stock split		one-for-0.367647
Reverse stock split		0.367647
Proceeds from issuance of common stock, net of underwriting discounts and commissions and offering expenses | $			$ 77,827
Accumulated deficit | $			(57,426)	$ (32,825)
Cash, cash equivalents, and short-term investments | $			$ 120,500
IPO
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Issuance of stock (in shares) | shares	5,073,800
Public offering price per share | $ / shares	$ 17
Proceeds from issuance of common stock, net of underwriting discounts and commissions and offering expenses | $	$ 77,800
Conversion of redeemable convertible preferred stock to common stock | shares	18,161,027
Redeemable convertible preferred stock, shares outstanding | shares	0
Underwriters
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Issuance of stock (in shares) | shares	661,800

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Right-of-use asset	$ 724,000		$ 724,000
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Right-of-use asset					$ 900,000
Short-term lease liability					300,000
Long-term lease liability					600,000
Cumulative effect adjustment					$ 0
Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Unrealized gains or loss	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 44,740	$ 24,872	$ 27,294
Restricted cash	250
Total cash, cash equivalents and restricted cash	$ 44,990	$ 24,872	$ 27,294	$ 7,393

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 123,156	$ 60,506
Unrealized Gains	107
Unrealized Losses	(11)	(49)
Fair Value	123,252	60,457
Cash equivalents	40,181	13,613
Short term investments	75,730	46,844
Long term investments	7,341
Total cash equivalents and investments	123,252	60,457
Money Market Funds | Level 1
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	20,980	11,815
Fair Value	20,980	11,815
Certificates of Deposit | Level 2
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	20,611
Unrealized Gains	62
Fair Value	20,673
Repurchase Agreements | Level 2
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	15,000
Fair Value	15,000
Commercial paper | Level 2
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		14,362
Unrealized Losses		(2)
Fair Value		14,360
Corporate Notes | Level 2
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	15,183	16,129
Unrealized Gains	1
Unrealized Losses	(11)	(18)
Fair Value	15,173	16,111
U.S. government notes | Level 2
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	51,382	8,980
Unrealized Gains	44
Unrealized Losses		(1)
Fair Value	$ 51,426	8,979
Asset Backed Securities | Level 2
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		9,220
Unrealized Losses		(28)
Fair Value		$ 9,192

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Change in fair value of derivative liability	$ 0		$ 206,000
Fair value assets level 1 to level 2		$ 0		$ 0
Fair value assets level 2 to level 1		0		0
Fair value assets transfers into level 3		0		0
Fair value assets transfers out of level 3		$ 0		$ 0

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 136	$ 47
Prepaid Insurance	1,433
Prepaid clinical trial expenses	1,179	587
Prepaid drug manufacturing	39
Prepaid research and development expenses	350	166
Other assets	512	68
Total prepaid expenses and other current assets	$ 3,649	$ 868

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Lab Equipment	$ 424	$ 378
Less: accumulated depreciation	(154)	(95)
Property and equipment, net	$ 270	$ 283

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accrued Liabilities Current [Abstract]
Personnel expenses	$ 679	$ 483
Professional fees	98	75
Clinical trial expenses	2,251
Drug manufacturing expenses	403
Research and development expenses	386	380
Other	15	24
Total accrued liabilities	$ 3,832	$ 962

Leases - Additional Information

Leases - Additional Information (Details)	1 Months Ended		3 Months Ended	9 Months Ended
	May 31, 2019USD ($)	Jun. 30, 2018USD ($)ft²Investorshares	Sep. 30, 2019USD ($)shares	Sep. 30, 2019USD ($)shares	May 13, 2019	Dec. 31, 2018shares	Jul. 16, 2018
Lessee Lease Description [Line Items]
Lease agreement period							3 years
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
Operating lease liability	$ 0
Future rent expense				$ 723,000
Operating lease remaining term on a straight-line basis				22 months
Operating lease rent expense			$ 103,000	$ 287,000
Term of clinical equipment financing lease			3 years	3 years
Finance lease liability			$ 0	$ 0
Amortization expense of finance lease right-of-use asset			$ 38,000	$ 53,000
Operating lease discount rate percent			4.00%	4.00%
Operating lease discount rate term			1 year 9 months 18 days	1 year 9 months 18 days
Finance lease discount rate term			2 years 3 months	2 years 3 months
Minimum
Lessee Lease Description [Line Items]
Finance lease amortized period on equipment service			28 months
Maximum
Lessee Lease Description [Line Items]
Finance lease amortized period on equipment service			34 months
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
Redeemable convertible preferred stock, shares issued | shares		114,437	0	0		9,152,108
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%				100.00%

Leases - Summary of Operating L

Leases - Summary of Operating Lease and Finance Lease Right of Use Assets (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Right-of-use asset	$ 724
Right of use assets- financing lease	500
Less: accumulated depreciation	(53)
Total right of use assets	$ 1,171

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	May 07, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Income tax benefits recognized	$ 0
Unrecognized share-based compensation cost	7,013,000	$ 7,013,000
Unrecognized share-based compensation cost expected to be recognized, period		3 years
Employees and Non-Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted	$ 912,000	$ 1,479,000
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			5,131,549
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	2,439,782	2,439,782
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			268,295
Maximum period for common stock shares reserved for future issuance		10 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2019 Plan - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options and Unvested Shares, beginning balance	1,885,504
Number of Options and Unvested Shares, granted	912,637
Number of Options and Unvested Shares, exercised	(166,015)
Number of Options and Unvested Shares, cancelled	(209,931)
Number of Options and Unvested Shares, ending balance	2,422,195	1,885,504
Number of Options and Unvested Shares, vested and expected to vest	2,422,195
Number of Options and Unvested Shares, exercisable	551,003
Weighted Average Exercise Price, beginning balance	$ 1.57
Weighted Average Exercise Price, granted	15.60
Weighted Average Exercise Price, exercised	0.41
Weighted Average Exercise Price, cancelled	20.36
Weighted Average Exercise Price, ending balance	5.30	$ 1.57
Weighted Average Exercise Price, vested and expected to vest	5.30
Weighted Average Exercise Price, exercisable	$ 2.16
Weighted average remaining contractual life	8 years 10 months 6 days	9 years 25 days
Weighted average remaining contractual life, vested and expected to vest	8 years 10 months 6 days
Weighted average remaining contractual life, exercisable	7 years 10 months 28 days
Aggregate intrinsic value	$ 48,115,831	$ 1,252,496
Aggregate intrinsic value, vested and expected to vest	48,115,831
Aggregate intrinsic value, exercisable	$ 12,626,200

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Jul. 16, 2018ft²shares	May 31, 2019USD ($)shares	Jun. 30, 2014USD ($)	May 13, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Percentage of royalties payment to stockholders in amount of gross revenues			3.00%
Lease agreement term	3 years
Restricted stock shares issued	114,437
Operating lease payments paid for additional space | $		$ 63,000
South San Francisco, California
Related Party Transaction [Line Items]
Area of lease office space | ft²	3,185
Series B Redeemable Convertible Preferred Stock
Related Party Transaction [Line Items]
Lease agreement term					3 years
Series B Redeemable Convertible Preferred Stock | IPO
Related Party Transaction [Line Items]
Conversion of preferred stock into common stock		82,649
Conversion of redeemable convertible preferred stock to common stock ratio		100.00%		100.00%
Series B Redeemable Convertible Preferred Stock | IPO | Series B Redeemable Convertible Preferred Stock Investor
Related Party Transaction [Line Items]
Conversion of preferred stock into common stock		229,453
Maximum
Related Party Transaction [Line Items]
Payment of royalties to stockholders | $			$ 1,050,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	2,422,195	19,117,912
Series A Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount		9,008,919
Series B Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount		9,152,108
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount		27,941
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	2,422,195	928,944