Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | LogicBio Therapeutics, Inc. | |
Entity Central Index Key | 0001664106 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Trading Symbol | LOGC | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Address, State or Province | MA | |
Entity Common Stock, Shares Outstanding | 22,668,076 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 25,456 | $ 80,906 |
Short-term investments | 38,200 | |
Prepaid expenses and other current assets | 1,990 | 1,268 |
Restricted cash | 146 | |
Total current assets | 65,792 | 82,174 |
Property and equipment, net | 1,271 | 590 |
Restricted cash | 146 | |
Operating lease right-of-use asset | 967 | |
TOTAL ASSETS | 68,030 | 82,910 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,657 | 1,168 |
Accrued expenses and other current liabilities | 2,962 | 1,517 |
Total current liabilities | 4,619 | 2,685 |
STOCKHOLDERS' EQUITY: | ||
Common stock, par value of $0.0001 per share; 175,000,000 shares authorized as of June 30, 2019 and December 31, 2018, respectively; 22,522,516 and 22,188,393 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 3 | 3 |
Additional paid-in capital | 108,362 | 107,473 |
Accumulated other comprehensive income (loss) | 33 | (9) |
Accumulated deficit | (44,987) | (27,242) |
Total stockholders' equity | 63,411 | 80,225 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 68,030 | $ 82,910 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 22,522,516 | 22,188,393 |
Common stock, shares outstanding | 22,522,516 | 22,188,393 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING EXPENSES: | ||||
Research and development | $ 7,934 | $ 2,226 | $ 13,420 | $ 3,681 |
General and administrative | 2,524 | 1,416 | 5,156 | 2,334 |
Total operating expenses | 10,458 | 3,642 | 18,576 | 6,015 |
LOSS FROM OPERATIONS | (10,458) | (3,642) | (18,576) | (6,015) |
OTHER INCOME, NET: | ||||
Interest income, net | 411 | 60 | 854 | 128 |
Other expense, net | (1) | (7) | (1) | (4) |
Total other income, net | 410 | 53 | 853 | 124 |
Loss before income taxes | (10,048) | (3,589) | (17,723) | (5,891) |
Income tax benefit (provision) | 0 | 2 | (22) | |
Net loss | (10,048) | (3,587) | (17,745) | (5,891) |
Net loss attributable to common stockholders-basic and diluted (Note 9) | $ (10,048) | $ (8,217) | $ (17,745) | $ (10,521) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.45) | $ (4.19) | $ (0.79) | $ (5.61) |
Weighted-average common stock outstanding-basic and diluted | 22,479,511 | 1,962,570 | 22,396,780 | 1,875,440 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net loss | $ (10,048) | $ (3,587) | $ (17,745) | $ (5,891) |
Other comprehensive income: | ||||
Unrealized gain on investments | 27 | 36 | ||
Foreign currency translation adjustment | 3 | 1 | 6 | 8 |
Comprehensive loss | $ (10,018) | $ (3,586) | $ (17,703) | $ (5,883) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2017 | $ (8,599) | $ 4,359 | $ 28,703 | $ 1 | $ 1,035 | $ (14) | $ (9,621) |
Beginning Balance, Shares at Dec. 31, 2017 | 2,976,190 | 19,541,465 | 1,606,360 | ||||
Vesting of restricted stock, Shares | 173,717 | ||||||
Foreign currency translation adjustment | 7 | 7 | |||||
Stock-based compensation expense | 88 | 88 | |||||
Net loss | (2,304) | (2,304) | |||||
Ending Balance at Mar. 31, 2018 | (10,808) | $ 4,359 | $ 28,703 | $ 1 | 1,123 | (7) | (11,925) |
Ending Balance, Shares at Mar. 31, 2018 | 2,976,190 | 19,541,465 | 1,780,077 | ||||
Beginning Balance at Dec. 31, 2017 | (8,599) | $ 4,359 | $ 28,703 | $ 1 | 1,035 | (14) | (9,621) |
Beginning Balance, Shares at Dec. 31, 2017 | 2,976,190 | 19,541,465 | 1,606,360 | ||||
Foreign currency translation adjustment | 8 | ||||||
Net loss | (5,891) | ||||||
Ending Balance at Jun. 30, 2018 | (14,249) | $ 4,359 | $ 28,703 | $ 1 | 1,268 | (6) | (15,512) |
Ending Balance, Shares at Jun. 30, 2018 | 2,976,190 | 19,541,465 | 1,942,646 | ||||
Beginning Balance at Mar. 31, 2018 | (10,808) | $ 4,359 | $ 28,703 | $ 1 | 1,123 | (7) | (11,925) |
Beginning Balance, Shares at Mar. 31, 2018 | 2,976,190 | 19,541,465 | 1,780,077 | ||||
Vesting of restricted stock, Shares | 162,569 | ||||||
Foreign currency translation adjustment | 1 | 1 | |||||
Stock-based compensation expense | 145 | 145 | |||||
Net loss | (3,587) | (3,587) | |||||
Ending Balance at Jun. 30, 2018 | (14,249) | $ 4,359 | $ 28,703 | $ 1 | 1,268 | (6) | (15,512) |
Ending Balance, Shares at Jun. 30, 2018 | 2,976,190 | 19,541,465 | 1,942,646 | ||||
Beginning Balance at Dec. 31, 2018 | 80,225 | $ 3 | 107,473 | (9) | (27,242) | ||
Beginning Balance, Shares at Dec. 31, 2018 | 22,188,393 | ||||||
Vesting of restricted stock, Shares | 160,337 | ||||||
Unrealized gain on investments | 9 | 9 | |||||
Foreign currency translation adjustment | 3 | 3 | |||||
Stock-based compensation expense | 276 | 276 | |||||
Net loss | (7,697) | (7,697) | |||||
Ending Balance at Mar. 31, 2019 | 72,816 | $ 3 | 107,749 | 3 | (34,939) | ||
Ending Balance, Shares at Mar. 31, 2019 | 22,348,730 | ||||||
Beginning Balance at Dec. 31, 2018 | 80,225 | $ 3 | 107,473 | (9) | (27,242) | ||
Beginning Balance, Shares at Dec. 31, 2018 | 22,188,393 | ||||||
Unrealized gain on investments | 36 | ||||||
Foreign currency translation adjustment | 6 | ||||||
Net loss | (17,745) | ||||||
Ending Balance at Jun. 30, 2019 | 63,411 | $ 3 | 108,362 | 33 | (44,987) | ||
Ending Balance, Shares at Jun. 30, 2019 | 22,522,516 | ||||||
Beginning Balance at Mar. 31, 2019 | 72,816 | $ 3 | 107,749 | 3 | (34,939) | ||
Beginning Balance, Shares at Mar. 31, 2019 | 22,348,730 | ||||||
Vesting of restricted stock, Shares | 160,332 | ||||||
Exercise of options | 82 | 82 | |||||
Exercise of options shares | 13,454 | ||||||
Unrealized gain on investments | 27 | 27 | |||||
Foreign currency translation adjustment | 3 | 3 | |||||
Stock-based compensation expense | 531 | 531 | |||||
Net loss | (10,048) | (10,048) | |||||
Ending Balance at Jun. 30, 2019 | $ 63,411 | $ 3 | $ 108,362 | $ 33 | $ (44,987) | ||
Ending Balance, Shares at Jun. 30, 2019 | 22,522,516 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (17,745) | $ (5,891) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 104 | 39 |
Net amortization of premiums and discounts on investments | (337) | |
Stock-based compensation expense | 807 | 233 |
Non-cash lease expense | 567 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (683) | (376) |
Other assets | 0 | 115 |
Accounts payable | 448 | (273) |
Accrued expenses and other current liabilities | (123) | (163) |
Net cash used in operating activities | (16,962) | (6,316) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investments | (48,028) | |
Maturities of investments | 10,200 | |
Purchase of property and equipment | (749) | (15) |
Net cash used in investing activities | (38,577) | (15) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 82 | |
Net cash provided by financing activities | 82 | |
Effect on foreign exchange rates on cash and cash equivalents | 7 | 17 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (55,450) | (6,314) |
Cash, cash equivalents and restricted cash at beginning of year | 81,052 | 24,575 |
Cash, cash equivalents and restricted cash at end of period | 25,602 | 18,261 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents | 25,456 | 18,261 |
Restricted cash | 146 | |
Cash, cash equivalents and restricted cash at end of period | 25,602 | 18,261 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for taxes | 4 | $ 84 |
Right-of-use assets obtained in exchange for operating lease obligation | 1,323 | |
Property and equipment purchases in accounts payable | 56 | |
Deferred financing costs in accounts payable and accrued expenses | $ 39 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION LogicBio Therapeutics, Inc. (“LogicBio” or the “Company”) was incorporated in 2014 as a Delaware corporation. Its principal offices are in Cambridge, Massachusetts. The Company is a genome editing company focused on developing medicines to durably treat rare diseases in pediatric patients with significant unmet medical need, using GeneRide ™ LB-001, On October 23, 2018, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 8,050,000 shares of its common stock, including 1,050,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $10.00 per share, for aggregate gross proceeds of $80,500. The Company received approximately $72,300 in net proceeds after deducting underwriting discounts and commissions and offering costs. Upon the closing of the IPO, all outstanding shares of convertible preferred stock automatically converted into 11,789,775 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. Management believes that the Company’s existing cash, cash equivalents and investments at June 30, 2019, together with the net proceeds received under the Loan Agreement entered into on July 2, 2019 (Note 12), are projected to fund the Company’s planned operations into 2021. In the absence of a significant source of recurring revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. There can be no assurance that the Company will be able to obtain sufficient capital to cover its costs on acceptable terms, if at all. The accompanying unaudited condensed consolidated financial statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary for a fair statement of the Company’s financial position as of June 30, 2019, consolidated results of operations for the three and six months ended June 30, 2019 and 2018 and cash flows for the six months ended June 30, 2019 and 2018. Such adjustments are of a normal and recurring nature. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements and the notes thereto, which are included in the Company’s Annual Report on Form 10-K Leases Effective January 1, 2019, the Company adopted ASC Topic 842, Leases Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as a right-of-use non-current Operating lease liabilities and their corresponding right-of-use right-of-use In accordance with ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease non-components in-substance non-components, non-lease Although separation of lease and non-lease non-lease non-lease non-lease Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase. All of the Company’s securities are classified as available-for-sale and are reported in short-term investments or long-term investments based on maturity dates and whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal cycle of business. Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in accumulated other comprehensive income (loss) on the Company’s Condensed Consolidated Balance Sheets, exclusive of other-than-temporary impairment losses, if any. Investments may be composed of corporate debt securities, commercial paper, U.S. government and agency securities and certificates of deposit. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, No. 2016-02 2019-01, Leases No. 2019-01”). No. 2019-01 In adopting Topic 842, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off its balance sheet. Adoption of this standard resulted in the recording of $210 each of operating lease liabilities and a right-of-use asset on the Company’s condensed consolidated balance sheet on the effective date. The adoption of the standard did not have a material effect on the Company’s condensed consolidated statements of operations, comprehensive loss, cash flows or convertible preferred stock and stockholders’ equity (deficit). Refer to Note 10 for right-of-use Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements during the six months ended June 30, 2019, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
FAIR VALUE MEASUREMENTS | 3. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description June 30, 2019 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Money market funds and cash equivalents $ 25,119 $ 25,119 $ — $ — U.S. Treasury securities 38,200 38,200 — — Total financial assets $ 63,319 $ 63,319 $ — $ — Description December 31, 2018 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Money market funds and cash equivalents $ 80,043 $ 80,043 $ — $ — Total financial assets $ 80,043 $ 80,043 $ — $ — The Company classifies its money market funds and U.S. Treasury securities as Level 1 assets under the fair value hierarchy as these assets have been valued using quoted market prices in active markets without any valuation adjustment. |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2019 | |
INVESTMENTS | 4. INVESTMENTS The following table summarizes the Company’s investments, which are considered available-for-sale June 30, 2019 Cost Basis Gross Gross Fair Value U.S. Treasury securities $ 38,164 $ 36 $ — $ 38,200 Total $ 38,164 $ 36 $ — $ 38,200 Certain short-term debt securities with original maturities of less than 90 days are included in cash and cash equivalents on the condensed consolidated balance sheet and are not included in the table above. As of June 30, 2019, all investments have contractual maturities within one year. The Company had no investments as of December 31, 2018. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2019 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities at June 30, 2019 and December 31, 2018 consisted of the following: June 30, December 31, Accrued compensation and benefits $ 552 $ 709 Accrued professional services 1,211 585 Lease liabilities 967 — Other 232 223 Total accrued expenses and other current liabilities $ 2,962 $ 1,517 Accrued compensation and benefits consists primarily of accrued bonuses. Accrued professional services consists primarily of consulting services, legal services and services provided by contract research organizations (“CRO”) and contract manufacturing organizations (“CMO”). |
CONVERTIBLE PREFERRED STOCK
CONVERTIBLE PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2019 | |
CONVERTIBLE PREFERRED STOCK | 6. CONVERTIBLE PREFERRED STOCK Series A convertible preferred stock and Series B convertible preferred stock is collectively referred to as “Preferred Stock.” On October 23, 2018, upon the closing of the Company’s IPO, all outstanding shares of Preferred Stock converted into 11,789,775 shares of the Company’s common stock. As such, there were no outstanding shares of Preferred Stock as of June 30, 2019 and December 31, 2018. The rights and privileges of the preferred stockholders were as follows: Conversion one-for-1.90993 non-Qualified Liquidation Preference Dividends: Voting Rights: |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2019 | |
STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION Equity Incentive Plans In December 2014, the Company adopted the LogicBio Therapeutics, Inc. 2014 Equity Incentive Plan, as amended (the “2014 Plan”), for the issuance of stock options and other stock-based awards. In October 2018, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) became effective and as a result, no further awards will be made under the 2014 Plan. The 2018 Plan was established to provide equity-based ownership opportunities for employees and directors, as well as outside consultants and advisors. The 2018 Plan authorized up to 1,183,214 of shares of the Company’s common stock to be issued. In addition, any previously granted awards under the 2014 Plan will remain outstanding in accordance with their respective terms. Under the 2018 Plan, there is an annual increase on January 1 of each year from 2019 until 2028, by the lesser of (i) 4% of the number of shares of common stock outstanding on December 31 of the prior year, and (ii) an amount determined by the Board. On January 1, 2019, the Company increased the number of shares available for future grant under the 2018 Plan by 887,535 shares. At June 30, 2019, there were 1,288,249 shares available for future grant under the 2018 Plan. The 2018 Plan is administered by the Board. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2018 Plan expire 10 years after the grant date, unless the Board sets a shorter term. Vesting periods for awards under the 2018 Plan are determined at the discretion of the Board. Incentive stock options granted to employees and shares of restricted stock granted to employees, officers, members of the Board, advisors, and consultants of the Company typically vest over four years Non-statutory Stock Options During the six months ended June 30, 2019 and 2018, the Company granted options to purchase 174,591 and 596,394 shares of common stock, respectively, with a weighted-average grant date fair value per share of $6.34 and $4.20, respectively. The Company recorded stock-based compensation expense for options granted of $674 and $85 during the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, there were 2,509,572 options outstanding and $5,215 of unrecognized stock-based compensation expense related to unvested stock options to be recognized over a weighted-average period of 3.1 years. Restricted Common Stock The Company has granted shares of restricted common stock with time-based and performance-based vesting conditions from time to time. During the six months ended June 30, 2019, the Company did not grant any shares of restricted common stock. During the six months ended June 30, 2018, the Company granted 107,054 393 Stock-Based Compensation Expense Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees Six Months Ended June 30, 2019 2018 Research and development $ 352 $ 96 General and administrative 455 137 Total stock-based compensation expense $ 807 $ 233 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2019 | |
INCOME TAXES | 8. INCOME TAXES For the six months ended June 30, 2019 and the year ended December 31, 2018, the Company maintained a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future. The income tax provision within the condensed consolidated statements of operations related to tax expense of the wholly owned foreign subsidiary, LogicBio Therapeutics Research Ltd. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
LOSS PER SHARE | 9. LOSS PER SHARE Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding, without consideration to common stock equivalents: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net loss $ (10,048 ) $ (3,587 ) $ (17,745 ) $ (5,891 ) Less: accruals of dividends of Preferred Stock — (4,630 ) — (4,630 ) Net loss attributable to common stockholders — basic and diluted $ (10,048 ) $ (8,217 ) $ (17,745 ) $ (10,521 ) Denominator: Weighted-average common stock outstanding 22,479,511 1,962,570 22,396,780 1,875,440 Net loss per share attributable to common stockholders — basic and diluted $ (0.45 ) $ (4.19 ) $ (0.79 ) $ (5.61 ) The Company’s potentially dilutive shares, which include outstanding Preferred Stock and stock options, as well as unvested restricted stock, are considered to be common stock equivalents and are only included in the calculation of diluted net loss when their effect is dilutive. The common stock equivalent computation for Preferred Stock uses the applicable conversion rate then in effect for any outstanding shares of Preferred Stock. The Company excluded the following potential common stock equivalents from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2019 and 2018: June 30, June 30, 2019 2018 Preferred Stock — 11,789,775 Unvested restricted stock 564,027 1,205,378 Options to purchase common stock 2,509,572 2,043,251 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2019 | |
LEASES | 10. LEASES The Company has historically entered into lease arrangements for its facilities and certain equipment. As of June 30, 2019, the Company had three operating leases with required future minimum payments. In applying the transition guidance under ASC 842, the Company determined the classification of these leases to be operating leases and recorded a right-of-use Operating Leases In December 2018, the Company entered into an operating lease for laboratory and office space in Cambridge, Massachusetts for a 14-month The following table contains a summary of the lease costs recognized under Topic 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2019 and as of June 30, 2019: Operating leases Three Months Ended Six Months Ended Lease cost Operating lease cost $ 315 $ 589 Variable lease cost 92 134 Total lease cost $ 407 $ 723 Other year-to-date Operating cash flows used for operating leases $ 521 Operating lease liabilities arising from obtaining right-of-use $ 1,323 Other operating lease information As of June 30, 2019 Operating lease liabilities — short term $ 967 Operating lease liabilities long term $ — Weighted average remaining lease term 0.8 years Weighted average discount rate 7.04 % The variable lease costs for the three and six months ended June 30, 2019 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate based on what it would normally pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments at the commencement date in determining the present value of lease payments. As of June 30, 2019, Future minimum lease payments under the Company’s operating leases as of December 31, 2018, were as follows: Maturity of lease liabilities As of June 30, 2019 As of December 31, 2018 2019 $ 624 $ 1,028 2020 377 223 Thereafter — — Total lease payments $ 1,001 $ 1,251 Less: imputed interest (34 ) Total operating lease liabilities at June 30, 2019 $ 967 |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2019 | |
RELATED PARTIES | 11. RELATED PARTIES From time to time, the Company is or has been party to consulting service agreements with each of its three founders. Under the terms of each agreement, the Company pays an annual fee of $68 for research and development consulting services. For each of the three months ended June 30, 2019 and 2018, the Company charged $34 to research and development expenses under these consulting service agreements. For the six months ended June 30, 2019 and 2018, the Company charged $84 and $68 to research and development expenses, respectively, under these consulting service agreements. In addition, each founder receives $5 annually for their participation on the Scientific Advisory Board. Each founder has also received stock options for their services as either a board member or member of the Scientific Advisory Board. In March 2017, the Company subleased to an affiliate certain space in Tel Aviv, Israel, through June 2018. For the three and six months ended June 30, 2018, the Company recognized income of $8 and $21, respectively, in other income related to this arrangement. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 12. SUBSEQUENT EVENTS On July 2, 2019 (the “Closing Date”), the Company entered into a loan and security agreement (the “Loan Agreement”), for term loans with Oxford Finance LLC (“Oxford”) and Horizon Technology Finance Corporation The Loan Agreement allows the Company to borrow up to $20,000 issuable in two equal tranches (the “Term Loans”). On the Closing Date, the first tranche of $10,000 was drawn down by the Company (the “Term A Loan”). The second tranche of $10,000 will be available to the Company through September 30, 2020 and is subject to certain funding conditions (the “Term B Loan”). The outstanding loan balance will accrue interest at the greater of (i) the rate of the one-month thirty-six In connection with the borrowing under the Term A Loan, the Company issued warrants to the Lenders to purchase an aggregate of 31,372 shares of the Company’s common stock. The Company subsequently amended the warrants to provide for the correct number of 15,686 shares of common stock with an exercise price of $12.75. The warrants are immediately exercisable and have a maximum contractual term of 10 years. The Company will determine the aggregate fair value of the warrants will be recorded as a debt discount and accreted to interest expense over the life of the Term A Loan. The Loan A contains customary representations, warranties and covenants and also includes customary events of default. Events of default include, among other things, the Company’s failure to pay amounts due, a breach of certain covenants, a material adverse change event, misrepresentations and judgements. may declare all outstanding obligations immediately due and payable. Borrowings under the Loan Agreement are collateralized by substantially all the Company’s assets, other than its intellectual property. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements and the notes thereto, which are included in the Company’s Annual Report on Form 10-K |
Leases | Leases Effective January 1, 2019, the Company adopted ASC Topic 842, Leases Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as a right-of-use non-current Operating lease liabilities and their corresponding right-of-use right-of-use In accordance with ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease non-components in-substance non-components, non-lease Although separation of lease and non-lease non-lease non-lease non-lease |
Investments | Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase. All of the Company’s securities are classified as available-for-sale and are reported in short-term investments or long-term investments based on maturity dates and whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal cycle of business. Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in accumulated other comprehensive income (loss) on the Company’s Condensed Consolidated Balance Sheets, exclusive of other-than-temporary impairment losses, if any. Investments may be composed of corporate debt securities, commercial paper, U.S. government and agency securities and certificates of deposit. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, No. 2016-02 2019-01, Leases No. 2019-01”). No. 2019-01 In adopting Topic 842, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off its balance sheet. Adoption of this standard resulted in the recording of $210 each of operating lease liabilities and a right-of-use asset on the Company’s condensed consolidated balance sheet on the effective date. The adoption of the standard did not have a material effect on the Company’s condensed consolidated statements of operations, comprehensive loss, cash flows or convertible preferred stock and stockholders’ equity (deficit). Refer to Note 10 for right-of-use |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements during the six months ended June 30, 2019, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report on Form 10-K |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Financial Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Description June 30, 2019 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Money market funds and cash equivalents $ 25,119 $ 25,119 $ — $ — U.S. Treasury securities 38,200 38,200 — — Total financial assets $ 63,319 $ 63,319 $ — $ — Description December 31, 2018 Quoted Prices in Significant Other (Level 2) Significant Other (Level 3) Assets Money market funds and cash equivalents $ 80,043 $ 80,043 $ — $ — Total financial assets $ 80,043 $ 80,043 $ — $ — |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Investments | The following table summarizes the Company’s investments, which are considered available-for-sale June 30, 2019 Cost Basis Gross Gross Fair Value U.S. Treasury securities $ 38,164 $ 36 $ — $ 38,200 Total $ 38,164 $ 36 $ — $ 38,200 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities at June 30, 2019 and December 31, 2018 consisted of the following: June 30, December 31, Accrued compensation and benefits $ 552 $ 709 Accrued professional services 1,211 585 Lease liabilities 967 — Other 232 223 Total accrued expenses and other current liabilities $ 2,962 $ 1,517 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Stock-Based Compensation Expense | Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees Six Months Ended June 30, 2019 2018 Research and development $ 352 $ 96 General and administrative 455 137 Total stock-based compensation expense $ 807 $ 233 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Computation of Basic and Diluted Net Loss Per Share | Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding, without consideration to common stock equivalents: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net loss $ (10,048 ) $ (3,587 ) $ (17,745 ) $ (5,891 ) Less: accruals of dividends of Preferred Stock — (4,630 ) — (4,630 ) Net loss attributable to common stockholders — basic and diluted $ (10,048 ) $ (8,217 ) $ (17,745 ) $ (10,521 ) Denominator: Weighted-average common stock outstanding 22,479,511 1,962,570 22,396,780 1,875,440 Net loss per share attributable to common stockholders — basic and diluted $ (0.45 ) $ (4.19 ) $ (0.79 ) $ (5.61 ) |
Computation of Potentially Anti-Dilutive Securities | The Company excluded the following potential common stock equivalents from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2019 and 2018: June 30, June 30, 2019 2018 Preferred Stock — 11,789,775 Unvested restricted stock 564,027 1,205,378 Options to purchase common stock 2,509,572 2,043,251 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Lease Costs | The following table contains a summary of the lease costs recognized under Topic 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2019 and as of June 30, 2019: Operating leases Three Months Ended Six Months Ended Lease cost Operating lease cost $ 315 $ 589 Variable lease cost 92 134 Total lease cost $ 407 $ 723 Other year-to-date Operating cash flows used for operating leases $ 521 Operating lease liabilities arising from obtaining right-of-use $ 1,323 Other operating lease information As of June 30, 2019 Operating lease liabilities — short term $ 967 Operating lease liabilities long term $ — Weighted average remaining lease term 0.8 years Weighted average discount rate 7.04 % |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under the Company’s operating leases as of December 31, 2018, were as follows: Maturity of lease liabilities As of June 30, 2019 As of December 31, 2018 2019 $ 624 $ 1,028 2020 377 223 Thereafter — — Total lease payments $ 1,001 $ 1,251 Less: imputed interest (34 ) Total operating lease liabilities at June 30, 2019 $ 967 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 23, 2018USD ($)$ / sharesshares |
Organization And Nature Of Business [Line Items] | |
Number of common shares sold | 1,050,000 |
Conversion of preferred stock shares into common stock shares | 11,789,775 |
Convertible preferred stock outstanding | 0 |
IPO [Member] | |
Organization And Nature Of Business [Line Items] | |
Number of common shares sold | 8,050,000 |
Stock issued, price per share | $ / shares | $ 10 |
Proceeds from issuance of common stock | $ | $ 80,500 |
Proceeds after underwriting discounts and commissions and offering costs | $ | $ 72,300 |
Conversion of preferred stock shares into common stock shares | 11,789,775 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Significant Accounting Policies [Line Items] | ||
Operating lease liabilities | $ 967 | |
Operating lease right-of-use asset | $ 967 | |
Accounting Standards Update 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating lease liabilities | $ 210 | |
Operating lease right-of-use asset | $ 210 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | $ 63,319 | $ 80,043 |
U.S. Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 38,200 | |
Money Market Funds And Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 25,119 | 80,043 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 63,319 | 80,043 |
Fair Value, Inputs, Level 1 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | 38,200 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds And Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total financial assets | $ 25,119 | $ 80,043 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Cost Basis | $ 38,164 | |
Gross Unrealized Gains | 36 | |
Fair Value | 38,200 | $ 0 |
U.S. Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Cost Basis | 38,164 | |
Gross Unrealized Gains | 36 | |
Fair Value | $ 38,200 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments | $ 38,200 | $ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued compensation and benefits | $ 552 | $ 709 |
Accrued professional services | 1,211 | 585 |
Lease liabilities | 967 | |
Other | 232 | 223 |
Total accrued expenses and other current liabilities | $ 2,962 | $ 1,517 |
Convertible Preferred Stock - C
Convertible Preferred Stock - Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 23, 2018 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Conversion of preferred stock shares into common stock shares | 11,789,775 | |
Convertible preferred stock shares outstanding | 0 | 0 |
Common stock conversion ratio | 52.35% | |
Shares issued price per share | $ 1.4933 | |
Conversion price per share | $ 0.78186 | |
Stockholders approval percentage | 60.00% | |
Preferred stock accrued dividend rate percentage upon liquidation | 40.00% | |
Minimum voting power percentage upon liquidation | 50.00% | |
Preferred stock accrued dividend rate percentage | 8.00% | |
Dividends declared | $ 0 | |
IPO [Member] | ||
Class of Stock [Line Items] | ||
Conversion of preferred stock shares into common stock shares | 11,789,775 | |
Convertible preferred stock shares outstanding | 0 | 0 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Related Costs Share based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2019 | Oct. 31, 2018 | |
2018 Plan | |||||
Shares Granted | |||||
Number of shares authorized | 1,183,214 | ||||
Percentage of shares issued on common stock outstanding | 4.00% | ||||
Number of shares available for future grant | 1,288,249 | 887,535 | |||
Stock option expiration period | 10 years | ||||
2018 Plan | Maximum [Member] | |||||
Shares Granted | |||||
Exercise price per share of stock options as percentage of fair market value of common stock | 100.00% | ||||
Plans | |||||
Shares Granted | |||||
Stock- based compensation expense | $ 807 | $ 233 | |||
Stock option vesting period | 4 years | ||||
Plans | Options to Purchase Common Stock | |||||
Shares Granted | |||||
Shares, Granted | 174,591 | 596,394 | |||
Stock- based compensation expense | $ 674 | $ 85 | |||
Weighted-average grant-date fair value | $ 6.34 | $ 4.20 | |||
Unrecognized compensation cost, recognition period | 3 years 1 month 6 days | ||||
Unrecognized stock based compensation expense cost | $ 5,215 | ||||
Option outstanding | 2,509,572 | ||||
Plans | Restricted Stock | |||||
Shares Granted | |||||
Stock- based compensation expense | $ 133 | $ 148 | |||
Unrecognized compensation cost, recognition period | 2 years 1 month 6 days | ||||
Stock options outstanding, unvested | 564,027 | ||||
Unrecognized compensation cost | $ 393 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 107,054 | |||
Plans | Non Statutory Stock Option [Member] | |||||
Shares Granted | |||||
Stock option vesting period | 3 years | ||||
Plans | Non Statutory Stock Option [Member] | Maximum [Member] | |||||
Shares Granted | |||||
Stock option vesting period | 4 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - Plans - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 807 | $ 233 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 352 | 96 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 455 | $ 137 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||||
Net loss | $ (10,048) | $ (7,697) | $ (3,587) | $ (2,304) | $ (17,745) | $ (5,891) |
Less: accruals of dividends of Preferred Stock | (4,630) | (4,630) | ||||
Net loss attributable to common stockholders — basic and diluted | $ (10,048) | $ (8,217) | $ (17,745) | $ (10,521) | ||
Denominator: | ||||||
Weighted - average common stock outstanding | 22,479,511 | 1,962,570 | 22,396,780 | 1,875,440 | ||
Net loss per share attributable to common stockholders — basic and diluted | $ (0.45) | $ (4.19) | $ (0.79) | $ (5.61) |
Loss Per Share - Computation _2
Loss Per Share - Computation of Potentially Anti-Dilutive Securities (Detail) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Preferred Stock | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 11,789,775 | |
Restricted Stock | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 564,027 | 1,205,378 |
Options to Purchase Common Stock | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 2,509,572 | 2,043,251 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended |
Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | |
Number of operating leases | 3 | |
Restricted cash | $ 146 | |
Massachusetts | ||
Operating lease expiration date | 2020-03 | |
Operating lease expiration period | 14 months |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Operating lease cost | $ 315 | $ 589 |
Variable lease cost | 92 | 134 |
Total lease cost | 407 | 723 |
Operating cash flows used for operating leases | 521 | |
Operating lease liabilities arising from obtaining right-of-use assets | 1,323 | |
Operating lease liabilities — short term | 967 | 967 |
Operating lease liabilities — long term | $ 0 | $ 0 |
Weighted average remaining lease term | 9 months 18 days | 9 months 18 days |
Weighted average discount rate | 7.04% | 7.04% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 | $ 624 | $ 1,028 |
2020 | 377 | 223 |
Thereafter | 0 | 0 |
Total lease payments | 1,001 | $ 1,251 |
Less: imputed interest | (34) | |
Total operating lease liabilities at June 30, 2019 | $ 967 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Founders | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Israel | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Subleases expiration month | 2018-06 | |||||
Sublease income | $ 8 | $ 21 | ||||
Consulting Agreements [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Number of founders | Founders | 3 | |||||
Consulting agreement annual fee | $ 68 | |||||
Consulting fee | $ 34 | $ 34 | $ 84 | $ 68 | ||
Consulting Agreements [Member] | Founder One [Member] | Scientific Advisory Board [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Consulting fee | $ 5 | |||||
Consulting Agreements [Member] | Founder Two [Member] | Scientific Advisory Board [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Consulting fee | 5 | |||||
Consulting Agreements [Member] | Founder Three [Member] | Scientific Advisory Board [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Consulting fee | $ 5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Oxford Finance LLC And Technology Finance Corporation [Member] - Subsequent Event [Member] $ / shares in Units, $ in Thousands | Jul. 02, 2019USD ($)$ / sharesshares |
Term Loan [Member] | |
Maximum borrowing capacity | $ | $ 20,000 |
Interest rate description | The outstanding loan balance will accrue interest at the greater of (i) the rate of the one-month U.S. LIBOR rate plus 6.25% and (ii) 8.75%. The Loan Agreement provides for an interest only period until July 1, 2021, followed by thirty-six equal monthly payments of principal and interest continuing through June 1, 2024 (the "Maturity Date"). |
Effective interest percentage | 4.50% |
Debt Issuance Costs | $ | $ 150 |
Term loan event of default description | Events of default include, among other things, the Company’s failure to pay amounts due, a breach of certain covenants, a material adverse change event, misrepresentations and judgements. |
Term loan default interest rate | 5.00% |
Debt instrument, interest rate, stated percentage | 8.75% |
Term Loan [Member] | Clerical Error [Member] | |
Number of securities called by warrants | shares | 31,372 |
Number of securities called by warrants | shares | shares | 31,372 |
Term A Loan [Member] | |
Proceeds from term loan | $ | $ 10,000 |
Number of securities called by warrants | shares | 15,686 |
Exercise price of warrants | $ / shares | $ 12.75 |
Warrants maximum contractual term | 10 years |
Number of securities called by warrants | shares | shares | 15,686 |
Term B Loan [Member] | |
Remaining borrowing capacity | $ | $ 10,000 |