Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 08, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RAPT | |
Entity Registrant Name | RAPT Therapeutics, Inc. | |
Entity Central Index Key | 0001673772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38997 | |
Entity Tax Identification Number | 47-3313701 | |
Entity Address, Address Line One | 561 Eccles Avenue | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 489-9000 | |
Entity Common Stock, Shares Outstanding | 29,546,058 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 59,999 | $ 24,918 |
Marketable securities | 150,787 | 86,592 |
Prepaid expenses and other current assets | 3,709 | 4,088 |
Total current assets | 214,495 | 115,598 |
Property and equipment, net | 2,578 | 2,982 |
Other assets | 389 | 389 |
Total assets | 217,462 | 118,969 |
Current liabilities: | ||
Accounts payable | 4,017 | 2,383 |
Accrued expenses | 6,845 | 4,935 |
Deferred revenue, current | 1,538 | 4,096 |
Other current liabilities | 295 | 328 |
Total current liabilities | 12,695 | 11,742 |
Deferred rent, net of current portion | 2,149 | 2,185 |
Deferred revenue, non-current | 745 | 863 |
Total liabilities | 15,589 | 14,790 |
Commitments | ||
Stockholders' equity: | ||
Preferred stock | ||
Common stock | 3 | 2 |
Additional paid-in capital | 467,942 | 319,196 |
Accumulated other comprehensive income (loss) | 45 | (177) |
Accumulated deficit | (266,117) | (214,842) |
Total stockholders' equity | 201,873 | 104,179 |
Total liabilities and stockholders' equity | $ 217,462 | $ 118,969 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 966 | $ 1,528 | $ 3,057 | $ 3,740 |
Operating expenses: | ||||
Research and development | 15,725 | 12,912 | 42,686 | 34,581 |
General and administrative | 3,774 | 3,197 | 11,546 | 9,288 |
Total operating expenses | 19,499 | 16,109 | 54,232 | 43,869 |
Loss from operations | (18,533) | (14,581) | (51,175) | (40,129) |
Other income (expense), net | (118) | 237 | (100) | 763 |
Net loss before taxes | (18,651) | (14,344) | (51,275) | (39,366) |
Provision for income taxes | 287 | 791 | ||
Net loss | (18,651) | (14,631) | (51,275) | (40,157) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 173 | (70) | 281 | (65) |
Unrealized gain (loss) on marketable securities | 9 | (33) | (59) | 119 |
Total comprehensive loss | $ (18,469) | $ (14,734) | $ (51,053) | $ (40,103) |
Net loss per share, basic and diluted | $ (0.63) | $ (0.60) | $ (1.92) | $ (1.67) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 29,491,857 | 24,449,115 | 26,663,209 | 23,989,926 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | At The Market | Public Offering | Common Stock | Common StockAt The Market | Common StockPublic Offering | Additional Paid-In Capital | Additional Paid-In CapitalAt The Market | Additional Paid-In CapitalPublic Offering | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ 73,121 | $ 2 | $ 235,049 | $ 20 | $ (161,950) | ||||||
Beginning balance, shares at Dec. 31, 2019 | 21,833,037 | ||||||||||
Issuance of common stock, net of issuance costs | 69,842 | 69,842 | |||||||||
Issuance of common stock, net of issuance costs, shares | 2,500,000 | ||||||||||
Issuances from employee stock plans | 30 | 30 | |||||||||
Issuances from employee stock plans, shares | 970 | ||||||||||
Stock-based compensation | 2,088 | 2,088 | |||||||||
Foreign currency translation adjustment | 204 | 204 | |||||||||
Unrealized gain (loss) on marketable securities | (217) | (217) | |||||||||
Net loss | (13,139) | (13,139) | |||||||||
Ending balance at Mar. 31, 2020 | 131,929 | $ 2 | 307,009 | 7 | (175,089) | ||||||
Ending balance, shares at Mar. 31, 2020 | 24,334,007 | ||||||||||
Beginning balance at Dec. 31, 2019 | 73,121 | $ 2 | 235,049 | 20 | (161,950) | ||||||
Beginning balance, shares at Dec. 31, 2019 | 21,833,037 | ||||||||||
Foreign currency translation adjustment | (65) | ||||||||||
Unrealized gain (loss) on marketable securities | 119 | ||||||||||
Net loss | (40,157) | ||||||||||
Ending balance at Sep. 30, 2020 | 110,047 | $ 2 | 312,078 | 74 | (202,107) | ||||||
Ending balance, shares at Sep. 30, 2020 | 24,495,525 | ||||||||||
Beginning balance at Mar. 31, 2020 | 131,929 | $ 2 | 307,009 | 7 | (175,089) | ||||||
Beginning balance, shares at Mar. 31, 2020 | 24,334,007 | ||||||||||
Issuances from employee stock plans | 864 | 864 | |||||||||
Issuances from employee stock plans, shares | 108,835 | ||||||||||
Stock-based compensation | 2,035 | 2,035 | |||||||||
Foreign currency translation adjustment | (199) | (199) | |||||||||
Unrealized gain (loss) on marketable securities | 369 | 369 | |||||||||
Net loss | (12,387) | (12,387) | |||||||||
Ending balance at Jun. 30, 2020 | 122,611 | $ 2 | 309,908 | 177 | (187,476) | ||||||
Ending balance, shares at Jun. 30, 2020 | 24,442,842 | ||||||||||
Issuance of common stock upon exercise of stock options, net of repurchase | 165 | 165 | |||||||||
Issuance of common stock upon exercise of stock options, net of repurchase, shares | 52,683 | ||||||||||
Stock-based compensation | 2,005 | 2,005 | |||||||||
Foreign currency translation adjustment | (70) | (70) | |||||||||
Unrealized gain (loss) on marketable securities | (33) | (33) | |||||||||
Net loss | (14,631) | (14,631) | |||||||||
Ending balance at Sep. 30, 2020 | 110,047 | $ 2 | 312,078 | 74 | (202,107) | ||||||
Ending balance, shares at Sep. 30, 2020 | 24,495,525 | ||||||||||
Beginning balance at Dec. 31, 2020 | 104,179 | $ 2 | 319,196 | (177) | (214,842) | ||||||
Beginning balance, shares at Dec. 31, 2020 | 24,773,361 | ||||||||||
Issuance of common stock, net of issuance costs | $ 1,180 | $ 1,180 | |||||||||
Issuance of common stock, net of issuance costs, shares | 57,100 | ||||||||||
Issuances from employee stock plans | 121 | 121 | |||||||||
Issuances from employee stock plans, shares | 31,620 | ||||||||||
Stock-based compensation | 2,687 | 2,687 | |||||||||
Foreign currency translation adjustment | 38 | 38 | |||||||||
Unrealized gain (loss) on marketable securities | (50) | (50) | |||||||||
Net loss | (16,514) | (16,514) | |||||||||
Ending balance at Mar. 31, 2021 | 91,641 | $ 2 | 323,184 | (189) | (231,356) | ||||||
Ending balance, shares at Mar. 31, 2021 | 24,862,081 | ||||||||||
Beginning balance at Dec. 31, 2020 | 104,179 | $ 2 | 319,196 | (177) | (214,842) | ||||||
Beginning balance, shares at Dec. 31, 2020 | 24,773,361 | ||||||||||
Foreign currency translation adjustment | 281 | ||||||||||
Unrealized gain (loss) on marketable securities | (59) | ||||||||||
Net loss | (51,275) | ||||||||||
Ending balance at Sep. 30, 2021 | 201,873 | $ 3 | 467,942 | 45 | (266,117) | ||||||
Ending balance, shares at Sep. 30, 2021 | 29,513,754 | ||||||||||
Beginning balance at Mar. 31, 2021 | 91,641 | $ 2 | 323,184 | (189) | (231,356) | ||||||
Beginning balance, shares at Mar. 31, 2021 | 24,862,081 | ||||||||||
Issuance of common stock, net of issuance costs | $ 3,510 | $ 134,582 | $ 1 | $ 3,510 | $ 134,581 | ||||||
Issuance of common stock, net of issuance costs, shares | 157,871 | 4,356,060 | |||||||||
Issuances from employee stock plans | 1,016 | 1,016 | |||||||||
Issuances from employee stock plans, shares | 99,909 | ||||||||||
Stock-based compensation | 2,888 | 2,888 | |||||||||
Foreign currency translation adjustment | 70 | 70 | |||||||||
Unrealized gain (loss) on marketable securities | (18) | (18) | |||||||||
Net loss | (16,110) | (16,110) | |||||||||
Ending balance at Jun. 30, 2021 | 217,579 | $ 3 | 465,179 | (137) | (247,466) | ||||||
Ending balance, shares at Jun. 30, 2021 | 29,475,921 | ||||||||||
Issuances from employee stock plans | 472 | 472 | |||||||||
Issuances from employee stock plans, shares | 37,833 | ||||||||||
Stock-based compensation | 2,291 | 2,291 | |||||||||
Foreign currency translation adjustment | 173 | 173 | |||||||||
Unrealized gain (loss) on marketable securities | 9 | 9 | |||||||||
Net loss | (18,651) | (18,651) | |||||||||
Ending balance at Sep. 30, 2021 | $ 201,873 | $ 3 | $ 467,942 | $ 45 | $ (266,117) | ||||||
Ending balance, shares at Sep. 30, 2021 | 29,513,754 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net loss | $ (51,275) | $ (40,157) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of premium on marketable securities | 840 | 268 |
Depreciation and amortization | 765 | 858 |
Stock-based compensation expense | 7,866 | 6,128 |
Gain (loss) on foreign currency translation | 281 | (65) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 379 | 401 |
Accounts payable, accrued expenses and other current liabilities | 3,551 | 5,207 |
Deferred revenue | (2,676) | 2,260 |
Deferred rent | (76) | (25) |
Net cash used in operating activities | (40,345) | (25,125) |
Investing activities | ||
Purchase of marketable securities | (148,050) | (122,706) |
Proceeds from maturities of marketable securities | 82,956 | 20,000 |
Purchase of property and equipment | (361) | (224) |
Net cash used in investing activities | (65,455) | (102,930) |
Financing activities | ||
Proceeds from issuance of common stock under employee stock plans | 1,609 | 648 |
Net cash provided by financing activities | 140,881 | 70,901 |
Net increase (decrease) in cash and cash equivalents | 35,081 | (57,154) |
Cash and cash equivalents at beginning of period | 24,918 | 77,383 |
Cash and cash equivalents at end of period | 59,999 | 20,229 |
Supplemental disclosures of non-cash investing and financing information | ||
Issuance costs related to public offering included in accrued expenses | 370 | 0 |
Public Offering | ||
Financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | 134,582 | 69,842 |
At The Market | ||
Financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | $ 4,690 | $ 411 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Description of the Business RAPT Therapeutics, Inc. (“RAPT” or the “Company”) is a clinical-stage, immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases. Utilizing its proprietary drug discovery and development engine, the Company develops highly selective small molecules that are designed to modulate the critical immune responses underlying these diseases. The Company is located in South San Francisco, California. Equity Financings In June 2021, pursuant to the shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission (“SEC”) on November 16, 2020, the Company completed a public offering (“2021 Public Offering”) of 4,356,060 shares of common stock, including 568,181 shares of the common stock issued in connection with the exercise of the over-allotment option by the underwriters of their over-allotment option, at a public offering price of $33.00 per share. The Company received approximately $134.6 million in net proceeds from the 2021 Public Offering, after deducting underwriting discounts and other offering-related costs. During the nine months ended September 30, 2021, the Company sold 214,971 shares of common stock in “at the market” offerings pursuant to a Controlled Equity Offering SM |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ( “ ” ’ The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and include the consolidated accounts of the Company and its wholly-owned subsidiary, RAPT Therapeutics Australia Pty Ltd. All intercompany balances and transactions have been eliminated in consolidation. Revenue License and collaborative agreement revenue consists of license, milestone and royalty payments generated through agreements with strategic partners for the development and commercialization of certain product candidates. The terms of an agreement may include a non-refundable upfront fee, payments based upon achievement of milestones and royalties on net product sales. If a portion of the nonrefundable upfront fee or other payments received is allocated to continuing performance obligations under the terms of an agreement, such portion is recorded as deferred revenue and recognized as revenue when or as the underlying performance obligation is satisfied. The Company recognizes revenue when it transfers promised goods or services to customers or counterparties in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized, the Company performs the following steps: (i) identification of the promised goods or services in the agreement; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the agreement; (iii) measurement of the transaction price, including any constraint on variable consideration; (iv) allocation of the transaction price to performance obligations based on estimated selling prices; and (v) recognition of revenue when or as the Company satisfies each performance obligation. Licenses: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in an agreement, the Company will recognize revenue from the nonrefundable, upfront fee allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. If a license is bundled with other performance obligations, the Company utilizes judgment to assess the nature of the combined performance obligations to determine whether the combined performance obligations are satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: If an agreement includes event-based or milestone payments, the Company evaluates whether the events or milestones are considered likely to be achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is unlikely that a significant revenue reversal would occur, the value of the associated event-based or milestone payments is included in the transaction price. Event-based or milestone payments that are not within the control of the Company are not included in the transaction price until they become likely to be achieved. Royalties: If an agreement includes sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. Stock-Based Compensation The Company measures stock-based compensation expense for all employee and non-employee stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. Subsequent to the adoption of ASU 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting The fair value of restricted stock awards granted after the Company’s initial public offering (“IPO”) is determined based on the stock price on the date of grant. The estimated fair value is amortized as compensation expense over the service period of the award. Stock-based compensation expense related to the Company’s employee stock purchase plan is recognized based on the fair value of each award estimated on the first day of the offering period using the Black‑Scholes option-pricing model and recorded as expense over the service period using the straight‑line method. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the number of potential dilutive securities outstanding during the period calculated in accordance with the treasury stock method. Diluted net loss per share is the same as basic net loss per share for all periods presented since the effect of including potential dilutive securities is anti-dilutive. Marketable securities Marketable securities primarily consist of commercial paper, corporate bonds and U.S. government agency securities Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s condensed consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In February 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments—Credit Losses, Topic 326 Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Codification Improvements to Topic 326, Financial Instruments—Credit Losses |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Financial instruments such as cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based on the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 — Level 2 — Level 3 — To date, the Company has not recorded any impairment charges on marketable securities due to other-than-temporary declines in market value. In determining whether a decline is other than temporary, the Company considers various factors, including the length of time and extent to which the market value has been less than amortized cost, the financial condition and near-term prospects of the issuer and the Company’s intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value. The Company estimates the fair values of investments in corporate debt securities, commercial paper and U.S. government agency securities Cash equivalents and marketable securities, all of which are classified as available-for-sale securities and measured at fair value on a recurring basis, consisted of the following (in thousands): As of September 30, 2021 Fair Value Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial assets: Money market funds—classified as cash equivalents Level 1 $ 58,368 $ — $ — $ 58,368 Corporate debt Level 2 78,478 10 (24 ) 78,464 Commercial paper Level 2 53,539 — — 53,539 U.S. government agency securities Level 2 18,777 7 — 18,784 Total $ 209,162 $ 17 $ (24 ) $ 209,155 As of December 31, 2020 Fair Value Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial assets: Money market funds—classified as cash equivalents Level 1 $ 21,333 $ — $ — $ 21,333 Corporate debt Level 2 32,164 48 — 32,212 Asset-backed securities Level 2 12,367 2 (1 ) 12,368 Commercial paper Level 2 28,962 — — 28,962 U.S. government agency securities Level 2 13,047 3 — 13,050 Total $ 107,873 $ 53 $ (1 ) $ 107,925 The Company does not intend to sell the securities that are in an unrealized loss position and the Company believes it is more likely than not that the investments will be held until recovery of the amortized cost bases. The Company has determined that the gross unrealized losses on marketable securities as of September 30, 2021 were temporary in nature. The following table presents the remaining contractual maturities of the Company’s marketable securities as of September 30, 2021 (in thousands): September 30, 2021 Due in less than one year $ 157,095 Due in more than one year 52,060 Total $ 209,155 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): September 30, December 31, 2021 2020 Laboratory equipment $ 6,314 $ 5,966 Leasehold improvements 3,295 3,294 Computer equipment 411 447 Furniture and fixtures 394 357 Total property and equipment 10,414 10,064 Less accumulated depreciation and amortization (7,836 ) (7,082 ) Property and equipment, net $ 2,578 $ 2,982 Depreciation and amortization expense was $0.2 million and $0.3 million for the three months ended September 30, 2021 and 2020, and $0.8 million and $0.9 million for the nine months ended September 30, 2021 and 2020, respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, December 31, 2021 2020 Accrued research and development expenses $ 2,960 $ 1,576 Accrued compensation 3,176 2,967 Accrued professional and consulting services 670 129 Other 39 263 Total accrued expenses $ 6,845 $ 4,935 |
Collaboration Agreements
Collaboration Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Collaboration Agreements [Abstract] | |
Collaboration Agreements | 6. Collaboration Agreements Collaboration and License Agreement with Hanmi In December 2019, the Company entered into a Collaboration and License Agreement (the “Hanmi Agreement”) with Hanmi Pharmaceutical Ltd. (“Hanmi”), pursuant to which the Company granted Hanmi an exclusive license to develop, manufacture and commercialize FLX475 and related compounds and products with respect to human cancers in the Republic of Korea, the Republic of China (Taiwan) and the People’s Republic of China, including the special administrative regions of Macau and Hong Kong (the “Hanmi Territory”), and certain sublicense In consideration of the rights granted under the Hanmi Agreement, the Company was entitled to $10.0 million in an upfront payment of $4.0 million and a near-term milestone payment of $6.0 million. The milestone payment was received in April 2020. Additionally, the Company will be eligible to receive contingent payments of up to $108.0 million upon the achievement of specified milestones, as well as double-digit royalties on future net sales of FLX475 in the Hanmi Territory. The transaction price as of September 30, 2021 was $10.4 million, consisting of the upfront fee of $4.0 million, the near-term milestone payment of $6.0 million, and $0.4 million related to the supply of FLX475 to Hanmi. The Company recognizes revenue for the performance obligation by applying the cost-based input method over the estimated service period. The Company determined that this method most faithfully depicts the transfer of its performance obligations to Hanmi as it reflects the progress made towards providing Hanmi with the necessary know-how to continue developing FLX475 in the Hanmi Territory. For the three and nine months ended September 30, 2021, the Company recognized $1.0 million and $3.1 million, respectively, as revenue pursuant to the Hanmi Agreement. As of September 30, 2021 and December 31, 2020, deferred revenue related to the Hanmi Agreement was $2.3 million and $5.0 million, respectively. The deferred revenue is expected to be recognized over the estimated remaining period of the Company’s Phase 1/2 clinical trial of FLX475. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock As of September 30, 2021, the Company had reserved the following shares of common stock for future issuance: Options issued and outstanding under the 2019 Equity Incentive Plan and 2015 Stock Plan 1,982,298 Restricted stock units issued and outstanding under the 2019 Equity Incentive Plan 40,500 Options available for future grants under the 2019 Equity Incentive Plan 2,746,829 Shares reserved under the 2019 Employee Stock Purchase Plan 342,214 Total 5,111,841 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 8. Stock-based Compensation Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the nine months ended September 30, 2021: Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Per Term Value Outstanding Share (Years) (in thousands) Balances at December 31, 2020 1,481,100 $ 16.13 8.36 $ 11,123 Stock options authorized — Stock options granted 726,195 20.56 Stock options exercised (104,104 ) 10.19 Stock options forfeited (120,893 ) 21.07 Balances at September 30, 2021 1,982,298 $ 17.77 8.22 $ 28,364 As of September 30, 2021, 2,746,829 shares remained available for issuance under the 2019 Plan. Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the nine months ended September 30, 2021: Weighted Average Number of Grant Date Shares Fair Value Outstanding Per Share Balances at December 31, 2020 56,500 $ 44.66 RSUs granted — — RSUs vested and settled (14,125 ) 44.66 RSUs forfeited (1,875 ) 44.66 Balances at September 30, 2021 40,500 $ 44.66 Stock-based compensation expense Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the employee stock purchase plan was as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 1,207 $ 1,125 $ 4,308 $ 3,450 General and administrative 1,084 880 3,558 2,678 Total stock-based compensation expense $ 2,291 $ 2,005 $ 7,866 $ 6,128 As of September 30, 2021, unrecognized stock-based compensation expense related to outstanding unvested stock options and RSUs that are expected to vest was $16.1 million. This unrecognized stock-based compensation expense is expected to be recognized over 2.7 years. 2019 Employee Stock Purchase Plan In October 2019, the Company adopted the 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The Company reserved 240,336 shares of common stock pursuant to purchase rights to be granted to the Company’s employees. The 2019 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1 of each calendar year, beginning January 1, 2020, by the lesser of (1) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (2) 240,336 shares or (3) a number determined by the board of directors that is less than (1) and (2). Under the 2019 ESPP, eligible employees are granted rights to purchase shares of common stock, which can be funded through payroll deductions that cannot exceed 15% of each employee’s compensation. The 2019 ESPP generally provides for a 24-month offering period, which includes four six-month |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share Net loss per share The following table sets forth the computation of the basic and diluted net loss per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (18,651 ) $ (14,631 ) $ (51,275 ) $ (40,157 ) Denominator: Weighted average common shares outstanding 29,491,857 24,474,157 26,663,209 24,019,746 Less: weighted-average unvested common shares subject to repurchase — (25,042 ) — (29,820 ) Weighted-average shares used to compute net loss per share, basic and diluted 29,491,857 24,449,115 26,663,209 23,989,926 Net loss per share, basic and diluted $ (0.63 ) $ (0.60 ) $ (1.92 ) $ (1.67 ) Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of September 30, 2021 2020 Stock options issued and outstanding under the 2019 Equity Incentive Plan and 2015 Stock Plan 1,982,298 1,517,965 Estimated shares issuable under the 2019 ESPP 23,569 39,830 RSUs subject to future vesting 40,500 56,500 Total 2,046,367 1,614,295 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ( “ ” ’ The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and include the consolidated accounts of the Company and its wholly-owned subsidiary, RAPT Therapeutics Australia Pty Ltd. All intercompany balances and transactions have been eliminated in consolidation. |
Revenue | Revenue License and collaborative agreement revenue consists of license, milestone and royalty payments generated through agreements with strategic partners for the development and commercialization of certain product candidates. The terms of an agreement may include a non-refundable upfront fee, payments based upon achievement of milestones and royalties on net product sales. If a portion of the nonrefundable upfront fee or other payments received is allocated to continuing performance obligations under the terms of an agreement, such portion is recorded as deferred revenue and recognized as revenue when or as the underlying performance obligation is satisfied. The Company recognizes revenue when it transfers promised goods or services to customers or counterparties in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized, the Company performs the following steps: (i) identification of the promised goods or services in the agreement; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the agreement; (iii) measurement of the transaction price, including any constraint on variable consideration; (iv) allocation of the transaction price to performance obligations based on estimated selling prices; and (v) recognition of revenue when or as the Company satisfies each performance obligation. Licenses: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in an agreement, the Company will recognize revenue from the nonrefundable, upfront fee allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. If a license is bundled with other performance obligations, the Company utilizes judgment to assess the nature of the combined performance obligations to determine whether the combined performance obligations are satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: If an agreement includes event-based or milestone payments, the Company evaluates whether the events or milestones are considered likely to be achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is unlikely that a significant revenue reversal would occur, the value of the associated event-based or milestone payments is included in the transaction price. Event-based or milestone payments that are not within the control of the Company are not included in the transaction price until they become likely to be achieved. Royalties: If an agreement includes sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. |
Stock-Based Compensation | Stock-Based Compensation The Company measures stock-based compensation expense for all employee and non-employee stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. Subsequent to the adoption of ASU 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting The fair value of restricted stock awards granted after the Company’s initial public offering (“IPO”) is determined based on the stock price on the date of grant. The estimated fair value is amortized as compensation expense over the service period of the award. Stock-based compensation expense related to the Company’s employee stock purchase plan is recognized based on the fair value of each award estimated on the first day of the offering period using the Black‑Scholes option-pricing model and recorded as expense over the service period using the straight‑line method. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the number of potential dilutive securities outstanding during the period calculated in accordance with the treasury stock method. Diluted net loss per share is the same as basic net loss per share for all periods presented since the effect of including potential dilutive securities is anti-dilutive. |
Marketable Securities | Marketable securities Marketable securities primarily consist of commercial paper, corporate bonds and U.S. government agency securities |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s condensed consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In February 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments—Credit Losses, Topic 326 Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Codification Improvements to Topic 326, Financial Instruments—Credit Losses |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Equivalents and Marketable Securities Classified as Available-for-Sale Securities Measured at Fair Value on Recurring Basis | Cash equivalents and marketable securities, all of which are classified as available-for-sale securities and measured at fair value on a recurring basis, consisted of the following (in thousands): As of September 30, 2021 Fair Value Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial assets: Money market funds—classified as cash equivalents Level 1 $ 58,368 $ — $ — $ 58,368 Corporate debt Level 2 78,478 10 (24 ) 78,464 Commercial paper Level 2 53,539 — — 53,539 U.S. government agency securities Level 2 18,777 7 — 18,784 Total $ 209,162 $ 17 $ (24 ) $ 209,155 As of December 31, 2020 Fair Value Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Financial assets: Money market funds—classified as cash equivalents Level 1 $ 21,333 $ — $ — $ 21,333 Corporate debt Level 2 32,164 48 — 32,212 Asset-backed securities Level 2 12,367 2 (1 ) 12,368 Commercial paper Level 2 28,962 — — 28,962 U.S. government agency securities Level 2 13,047 3 — 13,050 Total $ 107,873 $ 53 $ (1 ) $ 107,925 |
Schedule of Remaining Contractual Maturities of Marketable Securities | The following table presents the remaining contractual maturities of the Company’s marketable securities as of September 30, 2021 (in thousands): September 30, 2021 Due in less than one year $ 157,095 Due in more than one year 52,060 Total $ 209,155 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): September 30, December 31, 2021 2020 Laboratory equipment $ 6,314 $ 5,966 Leasehold improvements 3,295 3,294 Computer equipment 411 447 Furniture and fixtures 394 357 Total property and equipment 10,414 10,064 Less accumulated depreciation and amortization (7,836 ) (7,082 ) Property and equipment, net $ 2,578 $ 2,982 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): September 30, December 31, 2021 2020 Accrued research and development expenses $ 2,960 $ 1,576 Accrued compensation 3,176 2,967 Accrued professional and consulting services 670 129 Other 39 263 Total accrued expenses $ 6,845 $ 4,935 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Reserved Shares of Common Stock for Future Issuance | As of September 30, 2021, the Company had reserved the following shares of common stock for future issuance: Options issued and outstanding under the 2019 Equity Incentive Plan and 2015 Stock Plan 1,982,298 Restricted stock units issued and outstanding under the 2019 Equity Incentive Plan 40,500 Options available for future grants under the 2019 Equity Incentive Plan 2,746,829 Shares reserved under the 2019 Employee Stock Purchase Plan 342,214 Total 5,111,841 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the nine months ended September 30, 2021: Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Per Term Value Outstanding Share (Years) (in thousands) Balances at December 31, 2020 1,481,100 $ 16.13 8.36 $ 11,123 Stock options authorized — Stock options granted 726,195 20.56 Stock options exercised (104,104 ) 10.19 Stock options forfeited (120,893 ) 21.07 Balances at September 30, 2021 1,982,298 $ 17.77 8.22 $ 28,364 |
Summary of RSU Activity | Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the nine months ended September 30, 2021: Weighted Average Number of Grant Date Shares Fair Value Outstanding Per Share Balances at December 31, 2020 56,500 $ 44.66 RSUs granted — — RSUs vested and settled (14,125 ) 44.66 RSUs forfeited (1,875 ) 44.66 Balances at September 30, 2021 40,500 $ 44.66 |
Summary of Stock-based Compensation Expense | Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the employee stock purchase plan was as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 1,207 $ 1,125 $ 4,308 $ 3,450 General and administrative 1,084 880 3,558 2,678 Total stock-based compensation expense $ 2,291 $ 2,005 $ 7,866 $ 6,128 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of the basic and diluted net loss per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (18,651 ) $ (14,631 ) $ (51,275 ) $ (40,157 ) Denominator: Weighted average common shares outstanding 29,491,857 24,474,157 26,663,209 24,019,746 Less: weighted-average unvested common shares subject to repurchase — (25,042 ) — (29,820 ) Weighted-average shares used to compute net loss per share, basic and diluted 29,491,857 24,449,115 26,663,209 23,989,926 Net loss per share, basic and diluted $ (0.63 ) $ (0.60 ) $ (1.92 ) $ (1.67 ) |
Potential Dilutive Securities not Included in Diluted per Share Calculations | Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of September 30, 2021 2020 Stock options issued and outstanding under the 2019 Equity Incentive Plan and 2015 Stock Plan 1,982,298 1,517,965 Estimated shares issuable under the 2019 ESPP 23,569 39,830 RSUs subject to future vesting 40,500 56,500 Total 2,046,367 1,614,295 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class Of Stock [Line Items] | |||
Total shares reserved | 5,111,841 | ||
Sales Agreement | 2021 Public Offering | |||
Class Of Stock [Line Items] | |||
Shares issued during period | 4,356,060 | ||
Net proceeds received after deducting underwriting discounts and other offering related costs | $ 134,600 | ||
Shares issued, price per share | $ 33 | ||
At The Market | |||
Class Of Stock [Line Items] | |||
Net proceeds received after deducting underwriting discounts and other offering related costs | $ 4,690 | $ 411 | |
At The Market | Sales Agreement | |||
Class Of Stock [Line Items] | |||
Shares issued during period | 214,971 | ||
Net proceeds received after deducting underwriting discounts and other offering related costs | $ 4,700 | ||
At The Market | Sales Agreement | Maximum | |||
Class Of Stock [Line Items] | |||
Total shares reserved | 90,900,000 | ||
Underwriters | Sales Agreement | 2021 Public Offering | |||
Class Of Stock [Line Items] | |||
Shares issued during period | 568,181 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Cash Equivalents and Marketable Securities Classified as Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 209,162 | $ 107,873 |
Unrealized Gains | 17 | 53 |
Unrealized Losses | (24) | (1) |
Fair Value | 209,155 | 107,925 |
Level 1 | Money Market Funds | Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 58,368 | 21,333 |
Fair Value | 58,368 | 21,333 |
Level 2 | Corporate Debt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 78,478 | 32,164 |
Unrealized Gains | 10 | 48 |
Unrealized Losses | (24) | |
Fair Value | 78,464 | 32,212 |
Level 2 | Asset-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 12,367 | |
Unrealized Gains | 2 | |
Unrealized Losses | (1) | |
Fair Value | 12,368 | |
Level 2 | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 53,539 | 28,962 |
Fair Value | 53,539 | 28,962 |
Level 2 | U.S. Government Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 18,777 | 13,047 |
Unrealized Gains | 7 | 3 |
Fair Value | $ 18,784 | $ 13,050 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Remaining Contractual Maturities of Marketable Securities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due in less than one year | $ 157,095 |
Due in more than one year | 52,060 |
Total | $ 209,155 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 10,414 | $ 10,064 |
Less accumulated depreciation and amortization | (7,836) | (7,082) |
Property and equipment, net | 2,578 | 2,982 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 6,314 | 5,966 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,295 | 3,294 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 411 | 447 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 394 | $ 357 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 200 | $ 300 | $ 765 | $ 858 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued research and development expenses | $ 2,960 | $ 1,576 |
Accrued compensation | 3,176 | 2,967 |
Accrued professional and consulting services | 670 | 129 |
Other | 39 | 263 |
Total accrued expenses | $ 6,845 | $ 4,935 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Revenue recognized | $ 966,000 | $ 1,528,000 | $ 3,057,000 | $ 3,740,000 | |||
Collaboration and License Agreement | Hanmi Pharmaceutical Co., LTD | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Upfront and near-term milestone payment | 10,400,000 | 10,400,000 | $ 10,000,000 | ||||
Upfront fee | 4,000,000 | 4,000,000 | 4,000,000 | ||||
Milestone payment | 6,000,000 | 6,000,000 | $ 6,000,000 | ||||
Milestone payment related to supply | 400,000 | 400,000 | |||||
Revenue recognized | 1,000,000 | 3,100,000 | |||||
Deferred revenue | $ 2,300,000 | $ 2,300,000 | $ 5,000,000 | ||||
Collaboration and License Agreement | Hanmi Pharmaceutical Co., LTD | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Contingent payments upon achievement of specified milestones | $ 108,000,000 |
Common Stock - Summary of Reser
Common Stock - Summary of Reserved Shares of Common Stock for Future Issuance (Detail) | Sep. 30, 2021shares |
Class Of Stock [Line Items] | |
Total shares reserved | 5,111,841 |
2019 Equity Incentive Plan and 2015 Stock Plan | Options Issued and Outstanding | |
Class Of Stock [Line Items] | |
Total shares reserved | 1,982,298 |
2019 Equity Incentive Plan | Restricted Stock Units Issued and Outstanding | |
Class Of Stock [Line Items] | |
Total shares reserved | 40,500 |
2019 Equity Incentive Plan | Options Available for Future Grants | |
Class Of Stock [Line Items] | |
Total shares reserved | 2,746,829 |
2019 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Total shares reserved | 342,214 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Details) - 2019 Plan - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Available, Ending Balance | 2,746,829 | |
Share-based Payment Arrangement, Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares Outstanding, Beginning Balance | 1,481,100 | |
Number of Shares Outstanding, Stock options granted | 726,195 | |
Number of Shares Outstanding, Stock options exercised | (104,104) | |
Number of Shares Outstanding, Stock options forfeited | (120,893) | |
Number of Shares Outstanding, Ending Balance | 1,982,298 | 1,481,100 |
Weighted Average Exercise Price Per Share, Beginning Balance | $ 16.13 | |
Weighted Average Exercise Price Per Share, Stock options granted | 20.56 | |
Weighted Average Exercise Price Per Share, Stock options exercised | 10.19 | |
Weighted Average Exercise Price Per Share, Stock options forfeited | 21.07 | |
Weighted Average Exercise Price Per Share, Ending Balance | $ 17.77 | $ 16.13 |
Average Remaining Contractual Term (Years), Balance | 8 years 2 months 19 days | 8 years 4 months 9 days |
Aggregate Intrinsic Value | $ 28,364 | $ 11,123 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest | $ 16,100 | $ 16,100 | |||
Unrecognized stock-based compensation cost, expected period to be recognized | 2 years 8 months 12 days | ||||
Stock-based compensation expense | 2,291 | $ 2,005 | $ 7,866 | $ 6,128 | |
2019 ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total shares reserved | 240,336 | ||||
Percentage of increase in shares reserved for issuance on common stock outstanding | 1.00% | ||||
Increase in shares at the beginning of each calendar year | 240,336 | ||||
Maximum employee subscription rate on salary | 15.00% | ||||
Offering period | 24 months | ||||
Purchase period | 6 months | ||||
Purchase price of common stock as percentage of fair market value | 85.00% | ||||
Stock-based compensation expense | $ 500 | $ 700 | $ 2,300 | $ 2,000 | |
2019 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares remained available for issuance | 2,746,829 | 2,746,829 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of RSU Activity (Details) - 2019 Plan - Restricted Stock Unit ("RSU") | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning Balance | shares | 56,500 |
Number of Shares Outstanding, RSUs vested and settled | shares | (14,125) |
Number of Shares Outstanding, RSUs forfeited | shares | (1,875) |
Number of Shares Outstanding, Ending Balance | shares | 40,500 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 44.66 |
Weighted Average Grant Date Fair Value Per Share, RSUs vested and settled | $ / shares | 44.66 |
Weighted Average Grant Date Fair Value Per Share, RSUs forfeited | $ / shares | 44.66 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 44.66 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 2,291 | $ 2,005 | $ 7,866 | $ 6,128 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,207 | 1,125 | 4,308 | 3,450 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,084 | $ 880 | $ 3,558 | $ 2,678 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net loss | $ (18,651) | $ (16,110) | $ (16,514) | $ (14,631) | $ (12,387) | $ (13,139) | $ (51,275) | $ (40,157) |
Denominator: | ||||||||
Weighted average common shares outstanding | 29,491,857 | 24,474,157 | 26,663,209 | 24,019,746 | ||||
Less: weighted-average unvested common shares subject to repurchase | (25,042) | (29,820) | ||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 29,491,857 | 24,449,115 | 26,663,209 | 23,989,926 | ||||
Net loss per share, basic and diluted | $ (0.63) | $ (0.60) | $ (1.92) | $ (1.67) |
Net Loss Per Share - Potential
Net Loss Per Share - Potential Dilutive Securities not Included in Diluted per Share Calculations (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities | 2,046,367 | 1,614,295 |
Stock Options Issued And Outstanding Equity Incentive Plan And Under 2019 Equity Incentive Plan And 2015 Stock Plan | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities | 1,982,298 | 1,517,965 |
Estimated Shares Issuable Under Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities | 23,569 | 39,830 |
RSUs Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities | 40,500 | 56,500 |