Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Satsuma Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001692830 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-39041 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-3039831 | |
Entity Address, Address Line One | 400 Oyster Point Boulevard | |
Entity Address, Address Line Two | Suite 221 | |
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 | 410-3200 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common stock, par value $0.0001 | |
Trading Symbol | STSA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 31,529,417 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 53,862 | $ 36,326 |
Short-term marketable securities | 67,302 | 31,910 |
Prepaid expenses and other current assets | 5,062 | 5,550 |
Total current assets | 126,226 | 73,786 |
Property and equipment, net | 7,130 | 6,473 |
Other non-current assets | 1,963 | 774 |
Total assets | 135,319 | 81,033 |
Liabilities | ||
Accounts payable | 3,107 | 3,381 |
Accrued and other current liabilities | 2,406 | 2,675 |
Current portion of long-term debt | 2,062 | 1,990 |
Total current liabilities | 7,575 | 8,046 |
Long-term debt | 1,042 | |
Other noncurrent liabilities | 5 | 9 |
Total liabilities | 7,580 | 9,097 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2021 and December 31, 2020; no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 31,529,417 shares and 17,436,978 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 3 | 2 |
Additional paid-in-capital | 240,594 | 162,469 |
Accumulated other comprehensive income | (5) | 29 |
Accumulated deficit | (112,853) | (90,564) |
Total stockholders’ equity | 127,739 | 71,936 |
Total liabilities and stockholders’ equity | $ 135,319 | $ 81,033 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 31,529,417 | 17,436,978 |
Common stock, shares outstanding | 31,529,417 | 17,436,978 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses | ||||
Research and development | $ 8,443 | $ 8,829 | $ 15,599 | $ 18,477 |
General and administrative | 3,383 | 2,671 | 6,677 | 5,194 |
Total operating expenses | 11,826 | 11,500 | 22,276 | 23,671 |
Loss from operations | (11,826) | (11,500) | (22,276) | (23,671) |
Interest income | 41 | 325 | 91 | 827 |
Interest expense | (47) | (94) | (104) | (198) |
Net loss | (11,832) | (11,269) | (22,289) | (23,042) |
Unrealized (loss) gain on marketable securities | (8) | 250 | (34) | 218 |
Comprehensive loss | $ (11,840) | $ (11,019) | $ (22,323) | $ (22,824) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.38) | $ (0.65) | $ (0.83) | $ (1.33) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 31,529,417 | 17,394,466 | 26,778,804 | 17,388,741 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ 115,335 | $ 2 | $ 158,317 | $ 17 | $ (43,001) |
Beginning balance, Shares at Dec. 31, 2019 | 17,382,047 | ||||
Issuance of common stock upon exercise of stock options | 11 | 11 | |||
Issuance of common stock upon exercise of stock options, Shares | 4,200 | ||||
Stock-based compensation | 449 | 449 | |||
Net loss | (11,773) | (11,773) | |||
Other comprehensive income (loss) | (32) | (32) | |||
Ending balance at Mar. 31, 2020 | 103,990 | $ 2 | 158,777 | (15) | (54,774) |
Ending Balance, Shares at Mar. 31, 2020 | 17,386,247 | ||||
Beginning balance at Dec. 31, 2019 | 115,335 | $ 2 | 158,317 | 17 | (43,001) |
Beginning balance, Shares at Dec. 31, 2019 | 17,382,047 | ||||
Net loss | (23,042) | ||||
Ending balance at Jun. 30, 2020 | 93,934 | $ 2 | 159,740 | 235 | (66,043) |
Ending Balance, Shares at Jun. 30, 2020 | 17,404,962 | ||||
Beginning balance at Dec. 31, 2019 | 115,335 | $ 2 | 158,317 | 17 | (43,001) |
Beginning balance, Shares at Dec. 31, 2019 | 17,382,047 | ||||
Ending balance at Dec. 31, 2020 | 71,936 | $ 2 | 162,469 | 29 | (90,564) |
Ending Balance, Shares at Dec. 31, 2020 | 17,436,978 | ||||
Beginning balance at Mar. 31, 2020 | 103,990 | $ 2 | 158,777 | (15) | (54,774) |
Beginning balance, Shares at Mar. 31, 2020 | 17,386,247 | ||||
Issuance of common stock upon exercise of stock options | 39 | 39 | |||
Issuance of common stock upon exercise of stock options, Shares | 18,715 | ||||
Stock-based compensation | 924 | 924 | |||
Net loss | (11,269) | (11,269) | |||
Other comprehensive income (loss) | 250 | 250 | |||
Ending balance at Jun. 30, 2020 | 93,934 | $ 2 | 159,740 | 235 | (66,043) |
Ending Balance, Shares at Jun. 30, 2020 | 17,404,962 | ||||
Beginning balance at Dec. 31, 2020 | 71,936 | $ 2 | 162,469 | 29 | (90,564) |
Beginning balance, Shares at Dec. 31, 2020 | 17,436,978 | ||||
Issuance of common stock upon exercise of stock options | 8 | 8 | |||
Issuance of common stock upon exercise of stock options, Shares | 7,932 | ||||
Issuance of common stock in private placement financing, net of issuance costs | 75,215 | $ 1 | 75,214 | ||
Issuance of common stock in private placement financing, net of issuance costs, Shares | 14,084,507 | ||||
Stock-based compensation | 1,469 | 1,469 | |||
Net loss | (10,457) | (10,457) | |||
Other comprehensive income (loss) | (26) | (26) | |||
Ending balance at Mar. 31, 2021 | 138,145 | $ 3 | 239,160 | 3 | (101,021) |
Ending Balance, Shares at Mar. 31, 2021 | 31,529,417 | ||||
Beginning balance at Dec. 31, 2020 | 71,936 | $ 2 | 162,469 | 29 | (90,564) |
Beginning balance, Shares at Dec. 31, 2020 | 17,436,978 | ||||
Net loss | (22,289) | ||||
Ending balance at Jun. 30, 2021 | 127,739 | $ 3 | 240,594 | (5) | (112,853) |
Ending Balance, Shares at Jun. 30, 2021 | 31,529,417 | ||||
Beginning balance at Mar. 31, 2021 | 138,145 | $ 3 | 239,160 | 3 | (101,021) |
Beginning balance, Shares at Mar. 31, 2021 | 31,529,417 | ||||
Stock-based compensation | 1,434 | 1,434 | |||
Net loss | (11,832) | (11,832) | |||
Other comprehensive income (loss) | (8) | (8) | |||
Ending balance at Jun. 30, 2021 | $ 127,739 | $ 3 | $ 240,594 | $ (5) | $ (112,853) |
Ending Balance, Shares at Jun. 30, 2021 | 31,529,417 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Parenthetical) (Unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Common stock issuance costs | $ 4,785 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (22,289) | $ (23,042) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 185 | 106 |
Non-cash interest expense, and amortization of debt discount and issuance costs | 30 | 58 |
Net amortization of premiums and accretion of discounts on marketable securities | 169 | (32) |
Stock-based compensation | 2,903 | 1,373 |
Changes in assets and liabilities | ||
Prepaid expenses and other assets | (701) | (61) |
Accounts payable | 394 | (1,776) |
Accrued and other current liabilities | (269) | 368 |
Other non-current liabilities | (4) | (6) |
Net cash used in operating activities | (19,582) | (23,012) |
Cash flows from investing activities | ||
Purchases of marketable securities | (53,895) | (12,222) |
Proceeds from maturities of marketable securities | 18,300 | 46,049 |
Purchases of property and equipment | (1,510) | (487) |
Net cash (used in) provided by investing activities | (37,105) | 33,340 |
Cash flows from financing activities | ||
Repayment of debt | (1,000) | (1,000) |
Proceeds from private placement financing, net of issuance costs | 75,215 | |
Proceeds from exercise of common stock options | 8 | 50 |
Net cash provided by (used in) financing activities | 74,223 | (950) |
Net increase in cash and cash equivalents | 17,536 | 9,378 |
Cash and cash equivalents | ||
Cash and cash equivalents, at beginning of period | 36,326 | 22,755 |
Cash and cash equivalents, at end of period | 53,862 | 32,133 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 5 | |
Cash paid for interest | 79 | 152 |
Supplemental non-cash investing and financing activities: | ||
Purchases of property and equipment in accounts payable and accrued and other current liabilities | $ 56 | $ 105 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Summary of significant Accounting Policies | Note 1. Organization and Summary of Significant Accounting Policies Description of the Business Satsuma Pharmaceuticals, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing a novel therapeutic for the acute treatment of migraine. The Company’s product candidate, STS101, is a drug-device combination of a proprietary dry-powder formulation of dihydroergotamine mesylate, or DHE, which can be quickly and easily self-administered by a proprietary pre-filled, single-use, nasal delivery device. The Company, headquartered in South San Francisco, was incorporated in 2016 in the state of Delaware. Private Placement In February 2021, the Company entered into a Securities Purchase Agreement with certain purchasers, pursuant to which the Company agreed to sell and issue to certain purchasers an aggregate of 14,084,507 shares of its common stock at a per share purchase price of $5.68, the closing price of its common stock on the Nasdaq Global Market on February 26, 2021, for gross proceeds of $80.0 million (“Private Placement”). The Private Placement closed in March 2021 and the Company received $75.2 million in net proceeds after deducting commissions and offering expenses. Liquidity The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, risks of clinical delays or failure, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on contract manufacturing organizations (“CMOs”), contract research organizations (“CROs”), compliance with government regulations and the need to obtain additional financing to fund operations. STS101 is an investigational product candidate that will require additional clinical development prior to any submission for regulatory approval and commercialization, if approved. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance and reporting. The Company has incurred significant losses and negative cash flows from operations in all periods since its inception and had an accumulated deficit of $112.9 million as of June 30, 2021. The Company has historically financed its operations primarily through its initial public offering (“IPO”), and private placements of its equity securities and borrowings under its long-term debt facility. The Company has no products approved for sale, and the Company has not generated any revenue since its inception. The Company expects to incur significant additional operating losses over at least the next several years. There can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives. As of June 30, 2021, the Company had cash, cash equivalents and marketable securities of $121.2 million. The Company’s management believes that the Company’s current cash, cash equivalents and marketable securities will be sufficient to fund its planned operations for at least 12 months from the date of the issuance of these unaudited interim condensed financial statements as of and for the three and six months ended June 30, 2021. Basis of Presentation The unaudited interim condensed financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Unaudited Interim Financial Information The accompanying condensed balance sheet as of June 30, 2021, the condensed statements of operations and comprehensive loss, the condensed statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the condensed statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim condensed financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2021 and the results of its operations for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 20 2 1 , any other interim periods, or any future year or period. The balance sheet as of December 31, 20 20 included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the unaudited interim condensed financial statements. The accompanying interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the Securities and Exchange Commission, or the SEC, on March 25, 2021. Use of Estimates The preparation of unaudited interim condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed financial statements and the reported amounts of income and expenses during the reporting period. Such estimates include the accrual of research and development expenses, useful lives of property and equipment and the fair value of stock-based awards. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the impact of the COVID-19 pandemic which may delay the enrollment of subjects for our clinical trials and may disrupt our supply chain for development and manufacturing activities, and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from those estimates and assumptions. Concentration of Credit Risk The Company has no significant off-balance sheet concentrations of credit risk. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and short-term marketable securities. Substantially all the Company’s cash is held by one financial institution that management believes to be of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents in marketable securities and money market funds. The Company has not experienced any credit losses on its deposits of cash or cash equivalents. Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities and market interest rates, if applicable. Refer to Note 2 for details on the fair value of marketable securities. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally ranges from three to five years. Leasehold improvements are stated at cost and amortized over the shorter of the useful lives of the assets or the lease term. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the condensed condensed June 30 Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and warrants to purchase common stock are considered to be potentially dilutive securities. Basic and diluted net loss per share attributable to common stockholders are presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security because it participates in dividends with common stock. The holders of convertible preferred stock do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. Income Taxes On March 18, 2020, the Families First Coronavirus Response Act (“FFCR Act”), and on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous tax-related provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. On June 29, 2020, California State Assembly Bill 85 (the “Trailer Bill”) was enacted which suspends the use of California net operating loss (“NOL”) deductions and certain tax credits, including research and development tax credits, for the 2020, 2021, and 2022 tax years. The FFCR Act, CARES Act and Trailer Bill did not have a material impact on the Company’s unaudited interim condensed financial statements as of June 30, 2021; however, the Company continues to examine the impacts the FFCR Act and CARES Act may have on its business, results of operations, financial condition and liquidity. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) under its accounting standard codifications (“ASC”) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. ASU 2019-12 New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) year. Early adoption is permitted. The Company is a SRC for fiscal year 20 21 . For the Company this standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. The adoption of this standard is not expected to have a material impact on the Company’s financial statements and related disclosures . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the unaudited interim condensed financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. As of June 30, 2021, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at June 30, 2021 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Foreign government agency bonds (1) $ — $ 4,015 $ — $ 4,015 Corporate bonds — 51,027 — 51,027 Asset backed securities — 12,260 — 12,260 Marketable securities — 67,302 — 67,302 Money market funds (2) 53,836 — — 53,836 Total fair value of assets $ 53,836 $ 67,302 $ — $ 121,138 (1) Consists of short-term agency bonds of Asian Development Bank. (2) Included in cash and cash equivalents on the balance sheet. Fair Value Measurements at June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimate Fair Value Assets Foreign government agency bonds (1) $ 4,015 $ — $ — $ 4,015 Corporate bonds 51,027 — — 51,027 Asset backed securities 12,265 — (5 ) 12,260 Marketable securities 67,307 — (5 ) 67,302 Money market funds ( 2 ) 53,836 — — 53,836 Total fair value of assets $ 121,143 $ — $ (5 ) $ 121,138 (1) Consists of short-term agency bonds of Asian Development Bank. (2) Included in cash and cash equivalents on the balance sheet As of December 31, 2020, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at December 31, 2020 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Corporate bonds $ — $ 31,910 $ — $ 31,910 Marketable securities — 31,910 — 31,910 Money market funds (1) 36,304 — — 36,304 Total fair value of assets $ 36,304 $ 31,910 $ — $ 68,214 (1) Included in cash and cash equivalents on the balance sheet. Fair Value Measurements at December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimate Fair Value Assets Corporate bonds $ 31,881 $ 30 $ (1 ) $ 31,910 Marketable securities 31,881 30 (1 ) 31,910 Money market funds (1) 36,304 — — 36,304 Total fair value of assets $ 68,185 $ 30 $ (1 ) $ 68,214 (1) Included in cash and cash equivalents on the balance sheet. There were no financial liabilities measured and recognized at fair value as of June 30, 2021 and December 31, 2020. As of June 30, 2021, the fair value of the Term Loan approximates the carrying amount of the loan as the Term Loan bears floating interest rate that approximates the market rate. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued and Other Current Liabilities | 3. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Accrued salaries and benefits $ 1,056 $ 1,330 Accrued research and development expenses 970 910 Accrued professional services 279 232 Accrued interest 10 16 Other 91 187 Total $ 2,406 $ 2,675 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4 . Long-Term Debt On October 26, 2018, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank. The Loan Agreement provides for loan advances of up to $10.0 million. The first advance (the “Term A Loan”) of $5.0 million was available for draw down by the Company as of the effective date of the Loan Agreement. The remaining $5.0 million (the “Term B Loan” and together with the Term A Loan, the “Term Loans”) is available for draw down by the Company in $1.0 million increments. Interest on the loan advances is payable monthly at a floating per annum rate equal to the greater of 1.5% above the prime rate or 6.5%. Upon the occurrence of an event of default, interest will increase to 5.0% above the rate that is otherwise applicable. The maturity date of the loan advances is May 1, 2022. The effective interest rate of the Term Loan approximates its stated interest rates. As of June 30, 2021, the future contractual maturities of debt by fiscal year are as follows (in thousands): 2021 (remaining six months) $ 1,000 2022 833 Total future maturities of debt $ 1,833 As of June 30, 2021, the term loan advances, net of debt discount and debt issuance costs, were $2.1 million and are included in current portion of long-term debt on the Company’s condensed balance sheet. The Company accreted the final payment due at maturity using the effective interest rate method. The accrued liabilities related to the accretion of the final payment were $0.2 million as of December 31, 2020 and $0.2 million as of June 30, 2021 and were included in long-term debt and the current portion of long-term debt on the Company’s condensed balance sheets, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 5 . Stock-Based Compensation 2019 Incentive Award Plan The Company’s Board of Directors adopted and the Company’s stockholders approved, effective on the day of effectiveness of the registration statement on Form S-1, the 2019 Incentive Award Plan (the “2019 Plan”). Awards granted under the 2019 Plan may be either incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights (“SARs”), or restricted stock units (“RSUs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). 2016 Incentive Award Plan In 2016, the Company established its 2016 Equity Incentive Plan (the “2016 Plan”) which provides for the granting of stock options to employees and consultants of the Company. Awards granted under the 2016 Plan may be either incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights (“SARs”), or restricted stock units (“RSUs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees and consultants. The exercise price of ISOs and NSOs shall not be less than 100% of the estimated fair value of the shares on the date of grant. The exercise price of ISOs granted to an employee who, at the time of grant, owns stock representing more than 10% (“10% stockholder”) of the voting power of all classes of stock of the Company shall be no less than 110% of the estimated fair value of the shares on the date of grant. The options usually have a term of 10 years (or no more than five years if granted to a 10% stockholder). Vesting conditions determined by the plan administrator may apply to stock options and may include continued service, performance and/or other conditions. Generally, options and restricted stock awards vest over a four-year In January 2021, the number of shares of common stock available for issuance under the 2019 Plan was increased by 697,479 shares as a result of the automatic increase provision in the 2019 Plan. Activity under the 2019 Plan and 2016 Plan is set forth below: Outstanding Options Shares Available for Grant Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Balance, January 1, 2021 844,475 3,162,459 $ 9.31 8.79 Additional shares authorized 697,479 Options granted (36,000 ) 36,000 $ 5.01 9.90 Options exercised — (7,932 ) $ 1.04 Balance, June 30, 2021 1,505,954 3,190,527 $ 9.28 8.31 Exercisable as of June 30, 2021 1,259,176 $ 7.84 7.44 Vested and expected to vest, June 30, 2021 3,190,527 $ 9.28 8.31 The weighted-average grant-date fair value of options granted during the six months ended June 30, 2021 and 2020 was $3.85 and $17.33 per share, respectively. As of June 30, 2021, the total unrecognized stock-based compensation expense for stock options was $12.1 million, which is expected to be recognized over a weighted-average period of 2.6 years. The total fair value of options vested for the six months ended June 30, 2021 and 2020 was $4.9 million and $0.5 million, respectively. Fair Value of Common Stock Prior to the IPO, the fair value of the Company’s common stock underlying the stock options was determined by the Board of Directors with assistance from management and, in part, on input from an independent third-party valuation firm. The Board of Directors determined the fair value of common stock by considering a number of objective and subjective factors, including valuations of comparable companies, sales of convertible preferred stock, operating and financial performance, the lack of liquidity of the Company’s common stock and the general and industry-specific economic outlook. Subsequent to the Company’s IPO, the fair value of the Company’s common stock is determined based on its closing market price. 2019 Share Purchase Plan In September 2019, the Company adopted the 2019 Employee Share Purchase Plan (“ESPP”), which became effective on the business day prior to the effectiveness of the registration statement relating to the IPO . A total of 160,000 shares of common stock were initially reserved for issuance under the ESPP. In January 2021, the number of shares of common stock available for issuance under the ESPP was increased by 174,369 shares as a result of the automatic increase provision in the ESPP. The first offering period was for 6.5 months beginning from May 1, 2020 until November 15, 2020. The Company issued 14,766 shares under the ESPP for the year ended December 31, 2020. As of June 30, 2021, 493,423 shares under the ESPP remain available for purchase. The offering period and purchase period is determined by the board of directors. A new offering period running 5.5 months has been authorized beginning July 1, 2021 through December 15, 2021. Stock-Based Compensation Expense Total stock-based compensation expense recorded related to options granted to employees and non-employees was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 452 $ 331 $ 896 $ 516 General and administrative 982 593 2,007 857 $ 1,434 $ 924 $ 2,903 $ 1,373 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 6 . Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (11,832 ) $ (11,269 ) $ (22,289 ) $ (23,042 ) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 31,529,417 17,394,466 26,778,804 17,388,741 Net loss per share attributable to common stockholders, basic and diluted $ (0.38 ) $ (0.65 ) $ (0.83 ) $ (1.33 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: June 30, 2021 2020 Options to purchase common stock 3,190,527 2,190,659 Warrants to purchase common stock — 5,116 Total 3,190,527 2,195,775 |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7 . Related Party Transactions In March 2021, two existing stockholders of the Company affiliated directors of the Company purchased a total of 2,464,788 shares of the Company’s common stock, with an aggregate purchase price of $14.0 million. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . Commitments and Contingencies Operating Leases Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 were as follows (in thousands): Operating Leases 2021 (remaining six months) $ 121 2022 93 Total minimum lease payments $ 214 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9 . Income Taxes For the six months ended June 30, 2021 and 2020, the Company did not record an income tax provision. The U.S. federal and California deferred tax assets generated from the Company’s net operating losses have been fully reserved, as the Company believes it is more likely than not the benefit will not be realized. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 0 . Subsequent Events For the purposes of the unaudited interim condensed financial statements as of June 30, 2021 and for the three and six months ended, the Company has evaluated the subsequent events through August 10, 2021, the date the unaudited interim condensed financial statements were issued. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of the Business | Description of the Business Satsuma Pharmaceuticals, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing a novel therapeutic for the acute treatment of migraine. The Company’s product candidate, STS101, is a drug-device combination of a proprietary dry-powder formulation of dihydroergotamine mesylate, or DHE, which can be quickly and easily self-administered by a proprietary pre-filled, single-use, nasal delivery device. The Company, headquartered in South San Francisco, was incorporated in 2016 in the state of Delaware. |
Private Placement | Private Placement In February 2021, the Company entered into a Securities Purchase Agreement with certain purchasers, pursuant to which the Company agreed to sell and issue to certain purchasers an aggregate of 14,084,507 shares of its common stock at a per share purchase price of $5.68, the closing price of its common stock on the Nasdaq Global Market on February 26, 2021, for gross proceeds of $80.0 million (“Private Placement”). The Private Placement closed in March 2021 and the Company received $75.2 million in net proceeds after deducting commissions and offering expenses. |
Liquidity | Liquidity The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, risks of clinical delays or failure, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on contract manufacturing organizations (“CMOs”), contract research organizations (“CROs”), compliance with government regulations and the need to obtain additional financing to fund operations. STS101 is an investigational product candidate that will require additional clinical development prior to any submission for regulatory approval and commercialization, if approved. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance and reporting. The Company has incurred significant losses and negative cash flows from operations in all periods since its inception and had an accumulated deficit of $112.9 million as of June 30, 2021. The Company has historically financed its operations primarily through its initial public offering (“IPO”), and private placements of its equity securities and borrowings under its long-term debt facility. The Company has no products approved for sale, and the Company has not generated any revenue since its inception. The Company expects to incur significant additional operating losses over at least the next several years. There can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives. As of June 30, 2021, the Company had cash, cash equivalents and marketable securities of $121.2 million. The Company’s management believes that the Company’s current cash, cash equivalents and marketable securities will be sufficient to fund its planned operations for at least 12 months from the date of the issuance of these unaudited interim condensed financial statements as of and for the three and six months ended June 30, 2021. |
Basis of Presentation | Basis of Presentation The unaudited interim condensed financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying condensed balance sheet as of June 30, 2021, the condensed statements of operations and comprehensive loss, the condensed statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the condensed statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim condensed financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2021 and the results of its operations for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 20 2 1 , any other interim periods, or any future year or period. The balance sheet as of December 31, 20 20 included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the unaudited interim condensed financial statements. The accompanying interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the Securities and Exchange Commission, or the SEC, on March 25, 2021. |
Use of Estimates | Use of Estimates The preparation of unaudited interim condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed financial statements and the reported amounts of income and expenses during the reporting period. Such estimates include the accrual of research and development expenses, useful lives of property and equipment and the fair value of stock-based awards. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the impact of the COVID-19 pandemic which may delay the enrollment of subjects for our clinical trials and may disrupt our supply chain for development and manufacturing activities, and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from those estimates and assumptions. |
Concentration of Credit Risk | Concentration of Credit Risk The Company has no significant off-balance sheet concentrations of credit risk. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and short-term marketable securities. Substantially all the Company’s cash is held by one financial institution that management believes to be of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents in marketable securities and money market funds. The Company has not experienced any credit losses on its deposits of cash or cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities and market interest rates, if applicable. Refer to Note 2 for details on the fair value of marketable securities. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally ranges from three to five years. Leasehold improvements are stated at cost and amortized over the shorter of the useful lives of the assets or the lease term. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the condensed condensed June 30 |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and warrants to purchase common stock are considered to be potentially dilutive securities. Basic and diluted net loss per share attributable to common stockholders are presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security because it participates in dividends with common stock. The holders of convertible preferred stock do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. |
Income Taxes | Income Taxes On March 18, 2020, the Families First Coronavirus Response Act (“FFCR Act”), and on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous tax-related provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. On June 29, 2020, California State Assembly Bill 85 (the “Trailer Bill”) was enacted which suspends the use of California net operating loss (“NOL”) deductions and certain tax credits, including research and development tax credits, for the 2020, 2021, and 2022 tax years. The FFCR Act, CARES Act and Trailer Bill did not have a material impact on the Company’s unaudited interim condensed financial statements as of June 30, 2021; however, the Company continues to examine the impacts the FFCR Act and CARES Act may have on its business, results of operations, financial condition and liquidity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) under its accounting standard codifications (“ASC”) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. ASU 2019-12 New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) year. Early adoption is permitted. The Company is a SRC for fiscal year 20 21 . For the Company this standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. The adoption of this standard is not expected to have a material impact on the Company’s financial statements and related disclosures . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured and Recognized at Fair Value | As of June 30, 2021, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at June 30, 2021 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Foreign government agency bonds (1) $ — $ 4,015 $ — $ 4,015 Corporate bonds — 51,027 — 51,027 Asset backed securities — 12,260 — 12,260 Marketable securities — 67,302 — 67,302 Money market funds (2) 53,836 — — 53,836 Total fair value of assets $ 53,836 $ 67,302 $ — $ 121,138 (1) Consists of short-term agency bonds of Asian Development Bank. (2) Included in cash and cash equivalents on the balance sheet. Fair Value Measurements at June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimate Fair Value Assets Foreign government agency bonds (1) $ 4,015 $ — $ — $ 4,015 Corporate bonds 51,027 — — 51,027 Asset backed securities 12,265 — (5 ) 12,260 Marketable securities 67,307 — (5 ) 67,302 Money market funds ( 2 ) 53,836 — — 53,836 Total fair value of assets $ 121,143 $ — $ (5 ) $ 121,138 (1) Consists of short-term agency bonds of Asian Development Bank. (2) Included in cash and cash equivalents on the balance sheet As of December 31, 2020, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at December 31, 2020 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Corporate bonds $ — $ 31,910 $ — $ 31,910 Marketable securities — 31,910 — 31,910 Money market funds (1) 36,304 — — 36,304 Total fair value of assets $ 36,304 $ 31,910 $ — $ 68,214 (1) Included in cash and cash equivalents on the balance sheet. Fair Value Measurements at December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimate Fair Value Assets Corporate bonds $ 31,881 $ 30 $ (1 ) $ 31,910 Marketable securities 31,881 30 (1 ) 31,910 Money market funds (1) 36,304 — — 36,304 Total fair value of assets $ 68,185 $ 30 $ (1 ) $ 68,214 (1) Included in cash and cash equivalents on the balance sheet. |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Accrued salaries and benefits $ 1,056 $ 1,330 Accrued research and development expenses 970 910 Accrued professional services 279 232 Accrued interest 10 16 Other 91 187 Total $ 2,406 $ 2,675 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Future Contractual Maturities of Debt | As of June 30, 2021, the future contractual maturities of debt by fiscal year are as follows (in thousands): 2021 (remaining six months) $ 1,000 2022 833 Total future maturities of debt $ 1,833 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Activity Under 2019 and 2016 Plan | Activity under the 2019 Plan and 2016 Plan is set forth below: Outstanding Options Shares Available for Grant Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Balance, January 1, 2021 844,475 3,162,459 $ 9.31 8.79 Additional shares authorized 697,479 Options granted (36,000 ) 36,000 $ 5.01 9.90 Options exercised — (7,932 ) $ 1.04 Balance, June 30, 2021 1,505,954 3,190,527 $ 9.28 8.31 Exercisable as of June 30, 2021 1,259,176 $ 7.84 7.44 Vested and expected to vest, June 30, 2021 3,190,527 $ 9.28 8.31 |
Summary of Stock Based Compensation Expense | Total stock-based compensation expense recorded related to options granted to employees and non-employees was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 452 $ 331 $ 896 $ 516 General and administrative 982 593 2,007 857 $ 1,434 $ 924 $ 2,903 $ 1,373 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (11,832 ) $ (11,269 ) $ (22,289 ) $ (23,042 ) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 31,529,417 17,394,466 26,778,804 17,388,741 Net loss per share attributable to common stockholders, basic and diluted $ (0.38 ) $ (0.65 ) $ (0.83 ) $ (1.33 ) |
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: June 30, 2021 2020 Options to purchase common stock 3,190,527 2,190,659 Warrants to purchase common stock — 5,116 Total 3,190,527 2,195,775 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 were as follows (in thousands): Operating Leases 2021 (remaining six months) $ 121 2022 93 Total minimum lease payments $ 214 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Feb. 26, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Issuance of common stock in private placement financing, net of issuance costs, Shares | 2,464,788 | ||||
Proceeds from private placement financing, net of issuance costs | $ 75,215,000 | ||||
Accumulated deficit | 112,853,000 | $ 90,564,000 | |||
Cash, cash equivalents and marketable securities | 121,200,000 | ||||
Accumulated depreciation | $ 600,000 | $ 400,000 | |||
ASU 2019-12 | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Change in accounting principle, ASU, adopted [true false] | true | ||||
Change in accounting principle, ASU, adoption date | Jan. 1, 2021 | ||||
Change in accounting principle, ASU, immaterial effect [true false] | true | ||||
Accounting Standards Update [Extensible List] | ASU 2019-12 | ||||
Minimum | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 3 years | ||||
Maximum | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 5 years | ||||
Securities Purchase Agreement | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Gross proceeds from issuance of common stock | $ 80,000,000 | ||||
Common Stock | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Issuance of common stock in private placement financing, net of issuance costs, Shares | 14,084,507 | ||||
Common Stock | Securities Purchase Agreement | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Issuance of common stock in private placement financing, net of issuance costs, Shares | 14,084,507 | ||||
Shares issued, price per share | $ 5.68 | ||||
Proceeds from private placement financing, net of issuance costs | $ 75,200 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured and Recognized at Fair Value (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |||
Assets | |||||
Marketable Securities | $ 67,302 | $ 31,910 | |||
Total fair value of assets | 121,138 | 68,214 | |||
Marketable Securities Amortized Cost | 67,307 | 31,881 | [1] | ||
Marketable Securities Gross Unrealized Gains | [1] | 30 | |||
Marketable Securities Gross Unrealized Losses | (5) | (1) | [1] | ||
Marketable Securities Estimate Fair Value | 67,302 | 31,910 | [1] | ||
Amortized Cost | 121,143 | 68,185 | |||
Gross Unrealized Gains | 30 | ||||
Gross Unrealized Losses | (5) | (1) | |||
Estimate Fair Value | 121,138 | 68,214 | |||
Foreign Government Agency Bonds | |||||
Assets | |||||
Marketable Securities | [2] | 4,015 | |||
Marketable Securities Amortized Cost | [2] | 4,015 | |||
Marketable Securities Estimate Fair Value | [2] | 4,015 | |||
Corporate Bonds | |||||
Assets | |||||
Marketable Securities | 51,027 | 31,910 | |||
Marketable Securities Amortized Cost | 51,027 | 31,881 | |||
Marketable Securities Gross Unrealized Gains | 30 | ||||
Marketable Securities Gross Unrealized Losses | (1) | ||||
Marketable Securities Estimate Fair Value | 51,027 | 31,910 | |||
Asset Backed Securities | |||||
Assets | |||||
Marketable Securities | 12,260 | ||||
Marketable Securities Amortized Cost | 12,265 | ||||
Marketable Securities Gross Unrealized Losses | (5) | ||||
Marketable Securities Estimate Fair Value | 12,260 | ||||
Money Market Funds | |||||
Assets | |||||
Money market funds | [3] | 53,836 | 36,304 | ||
Amortized Cost | 53,836 | [3] | 36,304 | [1] | |
Estimate Fair Value | 53,836 | [3] | 36,304 | [1] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Assets | |||||
Total fair value of assets | 53,836 | 36,304 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | |||||
Assets | |||||
Money market funds | [3] | 53,836 | 36,304 | ||
Significant Other Observable Inputs (Level 2) | |||||
Assets | |||||
Marketable Securities | 67,302 | 31,910 | |||
Total fair value of assets | 67,302 | 31,910 | |||
Significant Other Observable Inputs (Level 2) | Foreign Government Agency Bonds | |||||
Assets | |||||
Marketable Securities | [2] | 4,015 | |||
Significant Other Observable Inputs (Level 2) | Corporate Bonds | |||||
Assets | |||||
Marketable Securities | 51,027 | $ 31,910 | |||
Significant Other Observable Inputs (Level 2) | Asset Backed Securities | |||||
Assets | |||||
Marketable Securities | $ 12,260 | ||||
[1] | Included in cash and cash equivalents on the balance sheet. | ||||
[2] | Consists of short-term agency bonds of Asian Development Bank | ||||
[3] | Included in cash and cash equivalents on the balance sheet |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities measured and recognized | $ 0 | $ 0 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued salaries and benefits | $ 1,056 | $ 1,330 |
Accrued research and development expenses | 970 | 910 |
Accrued professional services | 279 | 232 |
Accrued interest | 10 | 16 |
Other | 91 | 187 |
Total | $ 2,406 | $ 2,675 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | Oct. 26, 2018 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt net of debt discount and issuance costs | $ 1,833,000 | ||
Loan Agreement | Silicon Valley Bank | |||
Debt Instrument [Line Items] | |||
Debt instrument, maximum borrowing capacity | $ 10,000,000 | ||
Debt instrument, increments amount | $ 1,000,000 | ||
Debt instrument, floating interest rate percentage | 6.50% | ||
Debt instrument, interest rate increase percentage | 5.00% | ||
Debt instrument, maturity date | May 1, 2022 | ||
Long-term debt net of debt discount and issuance costs | 2,100,000 | ||
Accrued liabilities related to accretion of final payment | $ 200,000 | $ 200,000 | |
Loan Agreement | Silicon Valley Bank | Greater above Prime Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, floating interest rate percentage | 1.50% | ||
Loan Agreement | Silicon Valley Bank | Term A Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, current borrowing capacity | $ 5,000,000 | ||
Loan Agreement | Silicon Valley Bank | Term Loans | |||
Debt Instrument [Line Items] | |||
Debt instrument, remaining borrowing capacity | $ 5,000,000 |
Long-Term Debt - Summary of Fut
Long-Term Debt - Summary of Future Contractual Maturities of Debt (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 (remaining six months) | $ 1,000 |
2022 | 833 |
Total future maturities of debt | $ 1,833 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares issued in first offering period | 2,464,788 | |||||
2016 Incentive Award Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock options term | 10 years | |||||
Options and restricted stock awards vesting period | 4 years | |||||
Weighted average grant-date fair value of options granted | $ 3.85 | $ 17.33 | ||||
Unrecognized stock-based compensation expense | $ 12.1 | |||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 7 months 6 days | |||||
Fair value of options vested | $ 4.9 | $ 0.5 | ||||
2016 Incentive Award Plan | Incentive Stock Options | 10% Stockholder | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Estimated fair value shares date of grant, maximum | 10.00% | |||||
2016 Incentive Award Plan | Minimum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Exercise price, percent of estimated fair value of shares on date of grant | 100.00% | |||||
2016 Incentive Award Plan | Minimum | Incentive Stock Options | 10% Stockholder | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Exercise price, percent of estimated fair value of shares on date of grant | 110.00% | |||||
2016 Incentive Award Plan | Maximum | 10% Stockholder | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock options term | 5 years | |||||
2019 Incentive Award Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Increase in number of common stock shares available for Issuance | 697,479 | |||||
2019 Employee Share Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares reserved for issuance | 174,369 | 493,423 | 160,000 | |||
Employee share purchase plan offering period | 6 months 15 days | |||||
Shares issued in first offering period | 14,766 | |||||
Employee share purchase plan new offering period | 5 months 15 days | |||||
Employee share purchase plan new offering period, description | A new offering period running 5.5 months has been authorized beginning July 1, 2021 through December 15, 2021. |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Activity Under 2019 Plan and 2016 Plan (Details) - 2019 and 2016 Incentive Award Plan - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Available for Grant, Beginning Balance | 844,475 | |
Shares Available for Grant, Additional shares authorized | 697,479 | |
Shares Available for Grant, Options granted | (36,000) | |
Shares Available for Grant, Ending Balance | 1,505,954 | 844,475 |
Outstanding Options, Number of Shares, Beginning Balance | 3,162,459 | |
Outstanding Options, Number of Shares, Options granted | 36,000 | |
Outstanding Options, Number of Shares, Options exercised | (7,932) | |
Outstanding Options, Number of Shares, Ending Balance | 3,190,527 | 3,162,459 |
Outstanding Options, Number of Shares, Exercisable as of March 31, 2021 | 1,259,176 | |
Outstanding Options, Number of Shares, Vested and expected to vest, March 31, 2021 | 3,190,527 | |
Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 9.31 | |
Outstanding Options, Weighted Average Exercise Price, Options granted | 5.01 | |
Outstanding Options, Weighted Average Exercise Price, Options exercised | 1.04 | |
Outstanding Options, Weighted Average Exercise Price, Ending Balance | 9.28 | $ 9.31 |
Shares Available for Grant, Exercisable as of March 31, 2021 | 7.84 | |
Shares Available for Grant, Vested and expected to vest, March 31, 2021 | $ 9.28 | |
Weighted Average Remaining Contractual Term, Balance | 8 years 3 months 21 days | 8 years 9 months 14 days |
Weighted Average Remaining Contractual Term, Options granted | 9 years 10 months 24 days | |
Weighted Average Remaining Contractual Term, Exercisable as of March 31, 2021 | 7 years 5 months 8 days | |
Weighted Average Remaining Contractual Term, Vested and expected to vest, March 31, 2021 | 8 years 3 months 21 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,434 | $ 924 | $ 2,903 | $ 1,373 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 452 | 331 | 896 | 516 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 982 | $ 593 | $ 2,007 | $ 857 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||||
Net loss attributable to common stockholders | $ (11,832) | $ (10,457) | $ (11,269) | $ (11,773) | $ (22,289) | $ (23,042) |
Denominator: | ||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 31,529,417 | 17,394,466 | 26,778,804 | 17,388,741 | ||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.38) | $ (0.65) | $ (0.83) | $ (1.33) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding | 3,190,527 | 2,195,775 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding | 3,190,527 | 2,190,659 |
Warrants to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding | 5,116 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended |
Mar. 31, 2021USD ($)Stockholdershares | Mar. 31, 2021USD ($) | |
Related Party Transactions [Abstract] | ||
Number of existing stockholders of company affiliated directors purchased common stock | Stockholder | 2 | |
Issuance of common stock, net of issuance costs, Shares | shares | 2,464,788 | |
Issuance of common stock, net of issuance costs | $ | $ 14,000 | $ 75,215 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2021 (remaining six months) | $ 121 |
2022 | 93 |
Total minimum lease payments | $ 214 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 0 | $ 0 |