Applied Therapeutics (APLT) POS AM 13 Mar 20 Prospectus update (post-effective amendment) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019
Document and Entity Information [Abstract]
Document Type	POS AM
Entity Registrant Name	Applied Therapeutics Inc.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Central Index Key	0001697532
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 18,850	$ 18,748
Prepaid expenses and other current assets	7,301	1,498
Investments	20,004
Total current assets	46,155	20,246
Operating lease right-of-use asset	2,035
Security deposits and leasehold improvements	199
TOTAL ASSETS	48,389	20,246
CURRENT LIABILITIES:
Current portion of operating lease liabilities	356
Accounts payable	8,793	3,015
Accrued expenses and other current liabilities	4,950	1,413
Total current liabilities	14,099	4,428
NONCURRENT LIABILITIES:
Noncurrent portion of operating lease liabilities	1,683
Total noncurrent liabilities	1,683
Total liabilities	15,782	4,428
Convertible preferred stock		35,410
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, $0.0001 par value; 100,000,000 and 20,441,982 shares authorized as of December 31, 2019 and December 31, 2018, respectively; 18,531,560 shares and 5,513,531 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively	1
Additional paid-in capital	99,378	1,665
Accumulated other comprehensive loss	(2)
Accumulated deficit	(66,770)	(21,257)
Total stockholders' equity (deficit)	32,607	(19,592)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 48,389	20,246
Series A Convertible Preferred Stock
NONCURRENT LIABILITIES:
Convertible preferred stock		6,254
Series B Convertible Preferred Stock
NONCURRENT LIABILITIES:
Convertible preferred stock		$ 29,156

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Convertible preferred stock, par value (in dollars per share)		$ 0.0001
Convertible preferred stock, authorized (in shares)		10,883,950
Convertible preferred stock, issued (in shares)		7,095,746
Convertible preferred stock, outstanding (in shares)		7,095,746
Convertible preferred stock, liquidation preference (in dollars)		$ 36,964
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, authorized (in shares)	100,000,000	20,441,982
Common Stock, issued (in shares)	18,531,560	5,513,531
Common stock, outstanding (in shares)	18,531,560	5,513,531
Series A Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, authorized (in shares)	0	3,093,898
Convertible preferred stock, issued (in shares)	0	3,093,898
Convertible preferred stock, outstanding (in shares)	0	3,093,898
Convertible preferred stock, liquidation preference (in dollars)	$ 0	$ 7,000
Series B Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, authorized (in shares)	0	7,790,052
Convertible preferred stock, issued (in shares)	0	4,001,848
Convertible preferred stock, outstanding (in shares)	0	4,001,848
Convertible preferred stock, liquidation preference (in dollars)	$ 0	$ 29,964

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
OPERATING EXPENSES:
Research and development	$ 32,350	$ 11,471
General and administrative	13,232	2,047
Total operating expenses	45,582	13,518
LOSS FROM OPERATIONS	(45,582)	(13,518)
OTHER INCOME (EXPENSE), NET:
Interest income (expense), net	93	(1,642)
Loss on extinguishment of debt		(221)
Other income (expense)	(24)	(1,140)
Total other income (expense), net	69	(3,003)
Net loss	(45,513)	(16,521)
Net loss attributable to common stockholders-basic	(45,513)	(16,521)
Net loss attributable to common stockholders- diluted	$ (45,513)	$ (16,521)
Net loss per share attributable to common stockholders-basic and diluted	$ (3.55)	$ (3.01)
Weighted-average common stock outstanding-basic and diluted	12,831,221	5,483,149

Statements of Comprehensive Inc

Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statements of Comprehensive Income (Loss)
Net loss	$ (45,513)	$ (16,521)
Other comprehensive income (loss)
Unrealized gain (loss) on marketable securities	(2)
Other comprehensive income (loss), net of tax	(2)
Comprehensive income (loss), net of tax	$ (45,515)	$ (16,521)

Statement of Convertible Prefer

Statement of Convertible Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Temporary Equity
Balance at beginning of period	$ 35,410
Balance at beginning of period (in shares)	7,095,746
Balance at end of period		$ 35,410
Balance at end of period (in shares)		7,095,746
Series A Convertible Preferred Stock
Increase (Decrease) in Temporary Equity
Balance at beginning of period	$ 6,254	$ 6,254
Balance at beginning of period (in shares)	3,093,898	3,093,898
Conversion of convertible preferred stock into common stock upon closing of initial public offering	$ (6,254)
Conversion of convertible preferred stock into common stock upon closing of initial public offering (in shares)	(3,093,898)
Balance at end of period		$ 6,254
Balance at end of period (in shares)	0	3,093,898
Series B Convertible Preferred Stock
Increase (Decrease) in Temporary Equity
Balance at beginning of period	$ 29,156
Balance at beginning of period (in shares)	4,001,848
Issuance of convertible preferred stock for cash, net of issuance costs	$ 2,897	$ 20,937
Issuance of convertible preferred stock for cash, net of issuance costs (in shares)	442,925	2,904,127
Conversion of convertible preferred stock into common stock upon closing of initial public offering	$ (32,053)
Conversion of convertible preferred stock into common stock upon closing of initial public offering (in shares)	(4,444,773)
Issuance of convertible preferred stock on extinguishment of convertible promissory notes		$ 8,219
Issuance of convertible preferred stock on extinguishment of convertible promissory notes (in shares)		1,097,721
Balance at end of period		$ 29,156
Balance at end of period (in shares)	0	4,001,848

Statement of Convertible Pref_2

Statement of Convertible Preferred Stock (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Series B Convertible Preferred Stock
Issuance of convertible preferred stock for cash, issuance costs	$ 419	$ 812

Condensed Statement of Stockhol

Condensed Statement of Stockholders' (Deficit) Equity - USD ($) $ in Thousands	Common StockSeries A Convertible Preferred Stock	Common StockSeries B Convertible Preferred Stock	Common StockIPO	Common StockPrivate Placement	Common Stock	Additional Paid-in CapitalSeries A Convertible Preferred Stock	Additional Paid-in CapitalSeries B Convertible Preferred Stock	Additional Paid-in CapitalIPO	Additional Paid-in CapitalPrivate Placement	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	IPO	Private Placement	Total
Balance at Dec. 31, 2017										$ 775	$ (4,736)						$ (3,961)
Balance (in shares) at Dec. 31, 2017					5,458,450
Increase (Decrease) in Stockholders' Equity
Issuance of convertible preferred stock on extinguishment of convertible promissory notes										101							101
Issuance of common stock warrants in connection with the issuance of convertible promissory notes										242							242
Issuance of common stock warrants in connection with the issuance of convertible preferred stock							$ 228							$ 228
Exercise of options for common stock issued under Equity Incentive Plan										47							47
Exercise of options for common stock issued under Equity Incentive Plan (in shares)					55,081
Stock-based compensation expense										272							272
Net loss											(16,521)						(16,521)
Balance at Dec. 31, 2018										1,665	(21,257)						(19,592)
Balance (in shares) at Dec. 31, 2018					5,513,531
Increase (Decrease) in Stockholders' Equity
Issuance of common stock warrants in connection with the issuance of convertible preferred stock										80							80
Conversion of convertible preferred stock into common stock upon closing of the IPO		$ 1				$ 6,254	$ 32,052						$ 6,254	$ 32,053
Conversion of convertible preferred stock into common stock upon closing of the IPO (in shares)	3,093,898	4,444,773
Issuance of common stock								$ 34,582	$ 18,348						$ 34,582	$ 18,348
Issuance of common stock (in shares)			4,000,000	1,380,344
Exercise of options for common stock issued under Equity Incentive Plan										226							$ 226
Exercise of options for common stock issued under Equity Incentive Plan (in shares)					81,988												81,988
Exercise of warrants of common stock (in shares)					17,026
Stock-based compensation expense										6,171							$ 6,171
Net loss											(45,513)						(45,513)
Other comprehensive income (loss)												$ (2)					(2)
Balance at Dec. 31, 2019					$ 1					$ 99,378	$ (66,770)	$ (2)					$ 32,607
Balance (in shares) at Dec. 31, 2019					18,531,560

Statement of Stockholders' (Def

Statement of Stockholders' (Deficit) Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
IPO
Increase (Decrease) in Stockholders' Equity
Issuance costs	$ 5,417
Private Placement
Increase (Decrease) in Stockholders' Equity
Issuance costs	$ 1,667
Common Stock
Increase (Decrease) in Stockholders' Equity
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (45,513)	$ (16,521)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,171	272
Amortization of operating lease right-of-use assets	23
Non-cash interest expense		1,642
Change in fair value of derivative liability		972
Change in fair value of warrant liability		168
Loss on extinguishment of debt		221
Change in operating lease liability	(19)
Changes in operating assets and liabilities:
Prepaid expenses	(5,922)	(1,179)
Accounts payable	5,751	2,302
Accrued expenses and other current liabilities	3,401	941
Payment of security deposit and leasehold improvements for long-term lease	(199)
Net cash used in operating activities	(36,307)	(11,182)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available-for-sale securities	(20,006)
Net cash used in investing activities	(20,006)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series B convertible preferred stock, net of cash issuance costs of $340	2,977	21,165
Proceeds from issuance of convertible promissory notes, net of cash issuance costs of $440		5,560
Proceeds from issuance of private placement stock, net of cash issuance costs of $1,505	18,510
Payment of IPO costs	(2,498)	(119)
Proceeds from the IPO, net of underwriter commissions	37,200
Exercise of stock options for common stock under Equity Incentive Plan	226	47
Net cash provided by financing activities	56,415	26,653
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	102	15,471
Cash and cash equivalents at beginning of period	18,748	3,277
Cash and cash equivalents at end of period	18,850	18,748
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Operating lease right-of-use asset obtained in exchange for operating lease liability	2,096
Derivative liability in connection with issuance of convertible promissory notes		1,896
Extinguishment of convertible promissory notes		4,646
Extinguishment of derivative liability in connection with extinguishment of convertible promissory notes		2,868
Initial public offering costs in accrued expenses		191
Private Placement costs in accrued expenses	135
Private Placement costs in accounts payable	27
Conversion of Preferred Stock to Equity Following the IPO	38,307
2018 Notes
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Issuance of warrants		242
Series B Convertible Preferred Stock
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Issuance of warrants	$ 80	228
Issuance of convertible preferred stock upon extinguishment of convertible promissory notes		$ 8,219

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Statements of Cash Flows
Cash issuance costs, Convertible preferred stock	$ 340
Cash issuance cost, Convertible promissory notes	440
Cash issuance costs, Private Placement	$ 1,509

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operations and Business Applied Therapeutics, Inc. (the “Company”) is a clinical‑stage biopharmaceutical company developing a pipeline of novel product candidates against validated molecular targets in indications of high unmet medical need. In particular, the Company is currently targeting treatments for cardiovascular disease, galactosemia and diabetic complications. The Company was incorporated in Delaware on January 20, 2016 and is headquartered in New York, New York. On May 16, 2019, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 4,000,000 shares of its common stock at a public offering price of $10.00 per share, for aggregate gross proceeds of $40.0 million. The Company received net of proceeds $34.6 million, after deducting underwriting discounts and commissions and offering costs. Prior to the completion of the IPO, the Company primarily funded its operations with proceeds from the sale of convertible preferred stock (see Note 10). In connection with the IPO, the Company effected a 55.2486-for-1 stock split of its issued and outstanding shares of common stock and convertible preferred stock. The stock split became effective on April 26, 2019. Stockholders entitled to fractional shares as a result of the forward stock split received cash payment in lieu of receiving fractional shares. All share and per share amounts presented that relate to periods prior to the stock split in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately increased and the respective per share value and exercise prices, if applicable, were proportionately decreased in accordance with the terms of the agreements governing such securities. Upon the closing of the IPO on May 16, 2019, all of the then-outstanding shares of convertible preferred stock automatically converted into 7,538,671 shares of common stock on a one-for-one basis. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. On November 12, 2019, the Company completed a private placement (the “Private Placement”), pursuant to which it issued and sold 1,380,344 shares of the Company’s common stock at a price of $14.50 per share, for net proceeds of $18.4 million after deducting underwriting discounts and commissions and offering costs. On January 28, 2020, the Company completed its secondary public offering (the “Secondary Public Offering”), pursuant to which it issued and sold 2,741,489 shares of common stock at a public offering price of $45.50 per share, with an additional 411,223 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate net proceeds received by the Company from the offering, net of underwriting discounts and commissions and estimated offering expenses, were $134.8 million. Liquidity The Company has incurred, and expects to continue to incur, significant operating losses and negative cash flows for at least the next several years as it continues to develop its drug candidates. To date, the Company has not generated any revenue, and it does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. Management believes that the Company’s existing cash, together with the net proceeds from the S econdary Public Offering, will allow the Company to continue its operations for at least 12 months from the issuance date of these financial statements. If the Company is unable to obtain additional funding, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and reliance on third party manufacturers. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant Accounting Policies Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Cash and Cash Equivalents The Company considers all short‑term, highly liquid investments, with an original maturity of three months or less, to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in these accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. Investments We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in accumulated other comprehensive income/(loss). Realized gains or losses on the sale of marketable securities are determined using the specific identification method and are recorded as a component of other income (expense), net. We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. For AFS securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. Leases At the inception of an arrangement, we determine if an arrangement is, or contains, a lease based on the unique facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease we (i) identify lease and non-lease components, (ii) determine the consideration in the contract, (iii) determine whether the lease is an operating or financing lease; and (iv) recognize lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable and as such, we use our incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Most leases include options to renew and, or, terminate the lease, which can impact the lease term. The exercise of these options is at our discretion and we do not include any of these options within the expected lease term as we are not reasonably certain we will exercise these options. We have elected to combine lease components (for example fixed payments including rent) with non-lease components (for example, non-dedicated parking and common-area maintenance costs) on our real estate asset classes. Fixed, or in substance fixed, lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Fixed lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations. We have an operating leases for our corporate office. We have elected the short-term lease exemption and, therefore, do not recognize a ROU asset or corresponding liability for lease arrangements with an original term of 12 months or less. Leasehold improvements and assets under financing lease arrangements are amortized over the lesser of the asset’s estimated useful life or the term of the respective lease. Maintenance costs are expensed as incurred. Operating leases are included in operating lease right-of-use asset, current portion of operating lease liabilities, and noncurrent portion of operating lease liabilities in our consolidated balance sheet as of December 31, 2019. Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in the statement of stockholders’ (deficit) equity as a reduction of proceeds generated as a result of the offering. Should a planned equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the statement of operations. Upon closing the IPO in May 2019, $2.6 million in deferred offering costs were reclassified from prepaid and other current assets and recorded against the IPO proceeds reducing additional paid-in capital. As of December 31, 2019, the Company did not have any deferred offering costs recorded in prepaid and other current assets. Common Stock Valuation For all periods prior to the IPO, the Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately‑Held Company Equity Securities Issued as Compensation (the “Practice Aid”), to estimate the fair value of its common stock. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. Convertible Preferred Stock For all periods prior to the IPO, the Company recorded shares of its convertible preferred stock at their respective fair values on the dates of issuance less issuance costs. The Company classified shares of its convertible preferred stock outside of stockholders’ deficit when the redemption of such units or shares is outside the Company’s control. The Company did not adjust the carrying values of the convertible preferred units or convertible preferred stock to the liquidation preferences of such units or shares until such time as a deemed liquidation event is probable of occurring. Research and Development The Company expenses all costs incurred in performing research and development activities. Research and development expenses include salaries and other related costs, materials and supplies, preclinical expenses, manufacturing expenses, contract services and other outside expenses. As part of the process of preparing the financial statements, the Company is required to estimate their accrued research and development expenses. The Company makes estimates of the accrued expenses as of each balance sheet date in the financial statements based on facts and circumstances known at that time. In addition, there may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the expense in which case such amounts are reflected as prepaid expenses and other current assets. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual or the amount of prepaid expenses accordingly. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized in prepaid expenses and other current assets. The capitalized amounts are expensed as the related goods are delivered or the services are performed. General and Administrative General and administrative expenses consist primarily of salaries and other related costs, including stock‑based compensation, for personnel in the Company’s executive and finance functions. General and administrative expenses also include professional fees for legal, accounting, auditing, tax and consulting services; travel expenses; and facility‑related expenses, which include allocated expenses for rent and maintenance of facilities and other operating costs. Stock‑Based Compensation The Company accounts for its stock‑based compensation as expense in the statements of operations based on the awards’ grant date fair values. The Company accounts for forfeitures as they occur by reversing any expense recognized for unvested awards. The Company estimates the fair value of options granted using the Black‑Scholes option pricing model. The Black‑Scholes option pricing model requires inputs based on certain subjective assumptions, including (a) the expected stock price volatility, (b) the calculation of expected term of the award, (c) the risk‑free interest rate and (d) expected dividends. Due to the lack of a public market for the Company’s common stock and a lack of company‑specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The computation of expected volatility is based on the historical volatility of a representative group of companies with similar characteristics to the Company, including stage of product development and life science industry focus. The Company uses the simplified method as allowed by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, Share‑Based Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk‑free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The fair value of stock‑based payments is recognized as expense over the requisite service period which is generally the vesting period. Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities at currently enacted tax rates. These temporary differences primarily relate to net operating loss carryforwards available to offset future taxable income. Valuation allowances are established, if necessary, to reduce a deferred tax asset to the amount that will more likely than not be realized. The Company recognizes tax liabilities from an uncertain tax position only if it is more likely than not that the tax position will not be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that have been recognized in the accompanying financial statements. The Company is required to file tax returns in the U.S. federal jurisdiction and in the state of New York. The Company’s policy is to recognize interest and penalties related to uncertain tax benefits, if any, as part of income tax expense. No such interest and penalties have been accrued as of December 31, 2019 and 2018. Net Loss per Share Basic net loss per share is calculated by dividing net loss available to common stockholders by the weighted‑average common stock outstanding. Diluted net loss per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect of shares issuable under the Company’s stock‑based compensation plan, if such effect is dilutive. Segment Information Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision‑maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision‑maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment, which is the business of discovering and developing its product candidates. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases on their balance sheet date (“ASU No. 2016-02”). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which the new standard is adopted, rather than at the beginning of the earliest comparative period). This update includes a short-term lease exception for leases with a term of 12 months or less, in which a lessee can make an accounting policy election not to recognize the associated lease assets and lease liabilities on its balance sheet. Additionally, in March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements (“ASU No. 2019-01”). ASU No. 2019-01 clarifies the transition guidance related to interim disclosures provided in the year of adoption. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases, using classification criteria that are substantially similar to the previous guidance. For lessees, the recognition, measurement, and presentation of expenses and cash flows arising from a lease did not significantly change from previous U.S. GAAP. The modified retrospective method includes several optional practical expedients that entities may elect to apply, as well as transition guidance specific to nonstandard leasing transactions. The Company adopted Topic 842 on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance under ASC 840. In adopting Topic 842, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease; ii) the lease classification of existing or expired leases; and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election not to recognize assets or related lease liabilities with a lease term of twelve months or less in its balance sheet. The adoption of this standard did not have an impact on the Company’s balance sheet as all of the Company’s leases upon adoption were for terms that were less than 12 months. Additionally, the adoption of this standard did not have a material impact on the Company’s statements of operations or condensed statement of cash flows. On August 6, 2019 the Company entered into a lease for approximately 6,579 square feet of new office space in New York City (the “Lease”). The Lease commenced upon delivery of the premise after certain improvements were made, which was on October 31, 2019 (the “Commencement Date”), for a five-year period. Under the Lease, the Company pays monthly rent of approximately $38,000 for the first year following the Commencement Date, and such rent will increase by a nominal percentage every year following the first anniversary of the Commencement Date. The Company also pays a real estate tax escalation, as additional rent, over a base year. The commencement of the Lease caused the Company to record a right-of-use lease asset of $2.0 million with a corresponding lease liabilities totaling $2.0 million on the balance sheet. Refer to Note 11, Leases , for further details on our adoptions of the new standard.Total lease obligation over the term of the lease is approximately $2.4 million. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, modifies, and adds disclosure requirements on fair value measurements. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2018‑13 will have on its financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact adoption of ASU 2019-12 will have on its financial statements. The FASB issued authoritative guidance that amends guidance on reporting credit losses for assets, including available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , will require that credit losses be presented as an allowance rather than as a write-down. We are currently in the process of evaluating the impact of this guidance on our financial statements.

LICENSE AGREEMENT

LICENSE AGREEMENT	12 Months Ended
	Dec. 31, 2019
LICENSE AGREEMENT
LICENSE AGREEMENT	2. LICENSE AGREEMENT Columbia University In October 2016, the Company entered into a license agreement (the “ 2016 Columbia Agreement”) with The Trustees of Columbia University (“Columbia University”) to obtain an exclusive royalty-bearing sublicensable license in respect to certain patents. As part of the consideration for entering into the 2016 Columbia Agreement, the Company issued to Columbia University shares equal to 5% of its outstanding common stock on a fully diluted basis at the time of issue. The common stock had a fair value of $0.5 million at the time of issuance. The Company will be required to make further payments to Columbia University of up to an aggregate of $1.3 million for the achievement of specified development and regulatory milestones, and up to an aggregate of $1.0 million for the achievement of a specified level of aggregate annual net sales, in each case in connection with products covered by the 2016 Columbia Agreement. The Company will also be required to pay tiered royalties to Columbia University in the low‑ to mid‑single digit percentages on the Company’s, its affiliates’ and its sublicensees’ net sales of licensed products, subject to specified offsets and reductions. In addition, the Company is required to make specified annual minimum royalty payments to Columbia University, which is contingent upon the approval of the licensed products, in the mid six figures beginning on the 10th anniversary of the effective date of the 2016 Columbia Agreement. The Company has not granted any sublicenses under the 2016 Columbia Agreement. However, if the Company sublicenses the rights granted under the 2016 Columbia Agreement to one or more third parties, it will be required to pay Columbia University a portion of the net sublicensing revenue received from such third parties, at percentages between 10% and 20%, depending on the stage of development at the time such revenue is received from such third parties. The 2016 Columbia Agreement will terminate upon the expiration of all the Company’s royalty payment obligations in all countries. The Company may terminate the 2016 Columbia Agreement for convenience upon 90 days’ written notice to Columbia University. At its election, Columbia University may terminate the 2016 Columbia Agreement, or convert the licenses granted to the Company into non‑exclusive, non‑sublicensable licenses, in the case of (a) the Company’s uncured material breach upon 30 days’ written notice (which shall be extended to 90 days if the Company is diligently attempting to cure such material breach), (b) the Company’s failure to achieve the specified development and funding milestone events, or (c) the Company’s insolvency. In January 2019, the Company entered into a second license agreement with Columbia University (the “2019 Columbia Agreement”). Pursuant to the 2019 Columbia Agreement, Columbia University granted the Company a royalty-bearing, sublicensable license that is exclusive with respect to certain patents, and non-exclusive with respect to certain know-how, in each case to develop, manufacture and commercialize PI3k inhibitor products. The license grant is worldwide. Under the 2019 Columbia Agreement, the Company is obligated to use commercially reasonable efforts to research, discover, develop and market licensed products for commercial sale in the licensed territory, and to comply with certain obligations to meet specified development and funding milestones within defined time periods. Columbia University retains the right to conduct, and grant third parties the right to conduct, non-clinical academic research using the licensed technology; provided that such research is not funded by a commercial entity or for-profit entity or results in rights granted to a commercial or for-profit entity. As consideration for entering into the 2019 Columbia Agreement, the Company made a nominal upfront payment to Columbia University. The Company will be required to make further payments to Columbia University of up to an aggregate of $1.3 million for the achievement of specified development and regulatory milestones, and up to an aggregate of $1.0 million for the achievement of a specified level of aggregate annual net sales, in each case in connection with products covered by the 2019 Columbia Agreement. The Company will also be required to pay tiered royalties to Columbia University in the low- to mid-single digit percentages on the Company’s, its affiliates’ and its sublicensees’ net sales of licensed products, subject to specified offsets and reductions. In addition, the Company is required to make specified annual minimum royalty payments to Columbia University, which is contingent upon the approval of the licensed products, in the mid-six figures beginning on the tenth anniversary of the effective date of the 2019 Columbia Agreement. The Company has not granted any sublicenses under the 2019 Columbia Agreement. However, if the Company sublicenses the rights granted under the 2019 Columbia Agreement to one or more third parties, it will be required to pay Columbia University a portion of the net sublicensing revenue received from such third parties, at percentages between 10% and 50%, depending on the stage of development at the time such revenue is received from such third parties. The 2019 Columbia Agreement will terminate upon the expiration of all the Company’s royalty payment obligations in all countries. The Company may terminate the 2019 Columbia Agreement for convenience upon 90 days’ written notice to Columbia University. At its election, Columbia University may terminate the 2019 Columbia Agreement, or convert the licenses granted to the Company into non-exclusive, non-sublicensable licenses, in the case of (a) the Company’s uncured material breach upon 30 days’ written notice (which shall be extended to 90 days if the Company is diligently attempting to cure such material breach), (b) the Company’s failure to achieve the specified development and funding milestone events, or (c) the Company’s insolvency . In March 2019, and in connection with the 2016 Columbia Agreement, the Company entered into a research services agreement (the “2019 Columbia Research Agreement”) with Columbia University with the purpose of analyzing structural and functional changes in brain tissue in an animal model of galactosemia, and the effects of certain compounds whose intellectual property rights were licensed to the Company as part of the 2016 Columbia Agreement on any such structural and functional changes. The 2019 Columbia Research Agreement has a term of 12 months from its effective date; provided that the Company can terminate the 2019 Columbia Research Agreement without cause with at least 30 days’ prior written notice. The services covered by the 2019 Columbia Research Agreement will be performed by Columbia University in two parts consisting of six months. The decision to proceed with Part 2 of the 2019 Columbia Research Agreement shall be made solely by the Company and will be contingent on the success of the research performed in Part 1. In consideration for the services performed by Columbia University in Part 1, the Company will be required to pay $0.1 million to Columbia University for staffing, supplies and indirect costs. If the Company decides to continue the research defined in Part 2, the Company will be required to pay an additional $0.2 million to Columbia University. On October 3, 2019, and in connection with the 2019 Columbia Agreement, the Company entered into a research services agreement (the “PI3k Columbia Research Agreement” and collectively with the 2016 Columbia Agreement, 2019 Columbia Agreement and 2019 Research Agreement, the “Columbia Agreements”) with Columbia University with the purpose of analyzing PI3k inhibitors for the treatment of lymphoid malignancies. The research service agreement has a term of 18 months from is effective date; provided that the Company can terminate the research service agreement without cause with at least 30 days prior written notice. Midway through the study period, the Company and Columbia University will review the results of all completed and in progress research and determine whether the research will continue. In consideration for the services performed by Columbia University, the Company will be required to pay $0.4 million to Columbia University for staffing, supplies and indirect costs . During the years ended December 31, 2019 and 2018, the Company recorded $0.1 million and $0.5 million in research and development expense, respectively, and $0.5 million and $0.3 million, respectively, in general and administrative expense related to the Columbia Agreements. In aggregate, the Company has incurred $1.9 milli on in expense from the execution of the Columbia Agreements through December 31, 2019. As of December 31, 2019, the Company had $0.1 million due to Columbia University included in accrued expenses and $0.1 million included in accounts payable. As of December 31, 2018, the Company had $0.1 million due to Columbia University included in accrued expenses and $0.1 million included in accounts payable.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	3. FAIR VALUE MEASUREMENTS The following table summarizes, as of December 31, 2019, the Company's financial assets and liabilities that are measured at fair value on a recurring basis, according to the fair value hierarchy described in the significant accounting policies section. As of December 31, 2018, the Company did not have financial assets or liabilities that are measured at fair value on a recurring basis, aside from cash which was level 1 (in thousands). As of December 31, 2019 Level 1 Level 2 Level 3 Total Cash $ 18,783 $ — $ — $ 18,783 Money market funds 67 — — 67 Total cash and cash equivalents $ 18,850 $ — $ — $ 18,850 Commercial paper and corporate bonds — 7,520 — 7,520 U.S. government agency debt securities — 12,484 — 12,484 Total marketable securities $ — $ 20,004 $ — $ 20,004 Total financial assets measured at fair value on a recurring basis $ 18,850 $ 20,004 $ — $ 38,854 Investments in commercial paper, corporate bonds, and U.S. government agency debt securities have been classified as Level 2 as they are valued using quoted prices in less active markets or other directly or indirectly observable inputs. Fair values of corporate bonds and U.S. government agency debt securities were derived from a consensus or weighted average price based on input of market prices from multiple sources at each reporting period. With regard to commercial paper, all of the securities had high credit ratings and one year or less to maturity; therefore, fair value was derived from accretion of purchase price to face value over the term of maturity or quoted market prices for similar instruments if available. During the period ended December 31, 2019, there were no transfers of financial assets between Level 1 and Level 2. Derivative Liability The Company’s convertible promissory notes issued on February 5, 2018 (the “2018 Notes”) (see Note 4), contained certain features which met the criteria to be bifurcated and accounted for separately from the 2018 Notes (the “Derivative Liability”). The Derivative Liability was recorded at fair value of $1.9 million upon the issuance of the 2018 Notes and was subsequently remeasured at fair value at each reporting period and immediately before extinguishment. Changes in the fair value of the Derivative Liability were recognized as a component of other income (expense), net in the statement of operations. The Derivative Liability was initially valued and remeasured using a “with‑and‑without” method. The “with‑and‑without” methodology involves valuing the whole instrument on an as‑is basis and then valuing the instrument without the individual embedded derivative. The difference between the entire instrument with the embedded derivative compared to the instrument without the embedded derivative is the fair value of the derivative, recorded as the Derivative Liability. The Derivative Liability is settled when the underlying debt instrument is settled either through conversion or extinguishment into equity at a variable price, which is a redemption feature, or held to maturity. In November 2018, the Derivative Liability was settled in connection with the extinguishment of the 2018 Notes. Warrant Liability In connection with the issuance of the 2018 Notes, the Company had a contingent obligation to issue common stock warrants (“2018 Notes Warrants”) upon the conversion of the 2018 Notes into Series B convertible preferred stock (“Series B Preferred Stock”) (see Note 6 and Note 7). As the obligation to issue the 2018 Notes Warrants was not initially for a fixed number of warrants, it was recorded as a liability (the “Warrant Liability”) at fair value of $0.1 million upon the issuance of the 2018 Notes and was subsequently remeasured at fair value each reporting period and immediately before the 2018 Notes were extinguished. Changes in the fair value of the Warrant Liability were recognized in other income (expense), net in the statement of operations. In November 2018, in connection with the conversion of the 2018 Notes into Series B Preferred Stock, the 2018 Notes Warrants were issued and reclassified to equity. The 2018 Notes Warrants were initially valued and remeasured using a Black‑Scholes option pricing model with the range of assumptions as follows: Contractual term (in years) 10.0 Volatility 74.48% - 76.56% Risk‑free interest rate 2.85% - 3.20% Dividend yield 0.00% The following table provides a roll forward of the aggregate fair values of the Company’s Derivative Liability and Warrant Liability, for which fair value is determined using Level 3 inputs (in thousands): Derivative Warrant Liability Liability Balance as of January 1, 2018 $ — $ — Initial fair value of Derivative Liability 1,896 — Initial fair value of Warrant Liability — 74 Change in fair value 972 168 Extinguishment of Derivative Liability in connection with extinguishment of 2018 Notes (2,868) — Reclassification of Warrant Liability into 2018 Notes Warrants — (242) Balance as of December 31, 2018 $ — $ — The inputs utilized by management to value the Derivative Liability and 2018 Notes Warrants are highly subjective. The assumptions used in calculating the fair value of the Derivative Liability and 2018 Notes Warrants represent the Company’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the fair value of the Derivative Liability and 2018 Notes Warrants may be materially different in the future.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2019
INVESTMENTS
INVESTMENTS	4. INVESTMENTS Marketable Securities Marketable securities, which the Company classifies as available-for-sale securities, primarily consist of high quality commercial paper, corporate bonds, and U.S. government debt obligations. Marketable securities with remaining effective maturities of twelve months or less from the balance sheet date are classified as short-term; otherwise, they are classified as long-term on the consolidated balance sheets. The following tables provide the Company’s marketable securities by security type (in thousands): As of December 31, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Commercial Paper and corporate bonds $ 7,540 $ — $ (20) $ 7,520 US government agency debt security 12,466 19 (1) 12,484 Total $ 20,006 $ 19 $ (21) $ 20,004 Contractual maturities of the Company’s marketable securities are summarized as follows (in thousands): As of December 31, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Due in one year or less $ 20,006 $ 19 $ (21) $ 20,004 Total $ 20,006 $ 19 $ (21) $ 20,004 At December 31, 2019, the Company had $19 thousand of gross unrealized gains and $21 thousand of gross unrealized losses primarily due to fluctuations in the fair value of certain U.S. government agency debt securities. During the year ended December 30, 2019, the Company recorded $1 thousand of net realized gains from the sale of marketable securities. As of December 31, 2019, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of December 31, 2019, we have recognized no other-than-temporary impairment loss.

CONVERTIBLE PROMISSORY NOTES

CONVERTIBLE PROMISSORY NOTES	12 Months Ended
	Dec. 31, 2019
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES	5. CONVERTIBLE PROMISSORY NOTES On February 5, 2018, the Company issued the 2018 Notes in the aggregate principal amount of $6.0 million. The 2018 Notes bore interest at a rate of 15.0% per annum, were unsecured and were due and payable, including accrued interest, on August 8, 2019. In the event of a qualified sale of preferred stock to one or more investors resulting in gross proceeds to the Company of at least $8.0 million, all principal and accrued and unpaid interest under the 2018 Notes was automatically convertible into a number of shares of the Company’s preferred stock issued in such a financing equal to the outstanding principal and accrued but unpaid interest under the 2018 Notes, divided by an amount equal to 80% of the lowest price per share of the preferred stock sold in the financing. In the event of a corporate transaction or change of control event, the 2018 Notes contained a put option whereby the Company was required to pay to the holders of 2018 Notes an amount equal to (i) the principal amount then outstanding under the 2018 Notes plus any accrued but unpaid interest, plus (ii) an amount equal to 30% of the outstanding principal amount. The terms of the 2018 Notes provided that (i) all outstanding principal and interest was due and payable in cash upon an event of acceleration, as defined in the 2018 Notes agreement; (ii) amounts outstanding under the 2018 Notes were not prepayable without the written consent of the holders of more than 50% of the outstanding principal of the 2018 Notes, and in addition to the balance the Company will prepay, the Company will also pay the noteholders an amount equal to 15% of the principal amount of the 2018 Notes that the Company is prepaying; and (iii) with respect to subordination, the Company has no outstanding indebtedness for borrowed money or any other liabilities, other than accounts payable arrangements with vendors entered into in the ordinary course of business and consistent with usual trade terms and will not issue or incur additional indebtedness for borrowed money while the 2018 Notes remain outstanding. There were no financial or negative covenants associated with the 2018 Notes. The Derivative Liability represents the conversion feature in the event of a qualified financing and the put option, which each met the definition of an embedded derivative and were required to be combined and accounted for as a separate unit of accounting. The Company recorded the issuance‑date fair value of the Derivative Liability of $1.9 million as a debt discount and Derivative Liability in the Company’s balance sheet. In connection with the 2018 Notes, the Company paid legal costs and bank fees of $0.4 million and was obligated to issue the 2018 Notes Warrants (see Note 3 and Note 7) with an initial fair value of $0.1 million, which were capitalized and recorded as a debt discount. The debt discount, which included legal costs, bank fees, the Derivative Liability and 2018 Notes Warrants, was amortized using the effective interest method over the term of the loan. The Company recognized interest expense of $1.6 million, including amortization of the debt discount of $0.9 million, during the year ended December 31, 2018 in connection with the 2018 Notes. In November 2018, in connection with the Company’s issuance and sale of Series B Preferred Stock, all of the outstanding principal and accrued interest under the 2018 Notes, totaling $6.6 million, was automatically converted into 1,097,721 shares of Series B Preferred Stock at a price equal to 80% of the $7.49 per share price paid by investors in the Series B Preferred Stock financing. The Company accounted for the conversion of the 2018 Notes as a debt extinguishment and recognized a loss on extinguishment of debt of $0.2 million within other income (expense), net in the Company’s statement of operations and $0.1 million within additional paid‑in‑capital related to the amount of unpaid and accrued interest as of the extinguishment date that was not converted into Series B Preferred Stock. The loss on extinguishment was calculated as the difference between (i) the fair value of the 1,097,721 shares of Series B convertible preferred stock issued to settle the 2018 Notes of $8.2 million and (ii) the carrying value of the 2018 Notes, net of the unamortized debt discount, of $5.1 million plus the then‑current fair value of the Derivative Liability associated with the 2018 Notes at the time of the extinguishment of $2.9 million.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	6. PREPAID EXPENSE AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following (in thousands): December 31, December 31, 2019 2018 Deferred offering costs $ — $ 310 Prepaid research and development expenses 5,872 1,044 Prepaid rent expenses 142 65 Prepaid insurance expenses 1,196 1 Other prepaid expenses and current assets 91 78 Total prepaid expenses & other current assets $ 7,301 $ 1,498

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2019
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	7. ACCRUED EXPENSE AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, December 31, 2019 2018 Accrued pre-clinical and clinical expenses $ 4,287 $ 865 Accrued professional fees 345 312 Accrued compensation and benefits 0 56 Accrued patent expenses 54 126 Other 264 54 Total accrued expenses & other current liabilities $ 4,950 $ 1,413

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Dec. 31, 2019
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION	8. STOCK‑BASED COMPENSATION Equity Incentive Plans In May 2019, the Company's board of directors (the "Board") adopted its 2019 Equity Incentive Plan ("2019 Plan"), which was subsequently approved by its stockholders and became effective on May 13, 2019, with 1,749,192 shares reserved to grant under the plan. As a result, no additional awards under the Company's 2016 Equity Incentive Plan, as amended (the "2016 Plan") will be granted and all outstanding stock awards granted under the 2016 Plan that are repurchased, forfeited, expired or are cancelled will become available for grant under the 2019 Plan in accordance with its terms. The 2016 Plan will continue to govern outstanding equity awards granted thereunder. The 2019 Plan provides for the issuance of incentive stock options ("ISOs") to employees, and for the grant of nonstatutory stock options ("NSOs"), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards and other forms of stock awards to the Company's employees, officers and directors, as well as non- employees, consultants and affiliates to the Company. Under the terms of the 2019 Plan, stock options may not be granted at an exercise price less than fair market value of the Company's common stock on the date of the grant. The 2019 Plan will be administered by the Compensation Committee of the Company's Board. Initially, subject to adjustments as provided in the 2019 Plan, the maximum number of the Company's common stock that may be issued under the 2019 Plan is 4,530,000 shares, which is the sum of (i) 1,618,841 new shares, plus (ii) the number of shares (not to exceed 2,911,159 shares) that remained available for the issuance of awards under the 2016 Plan, at the time the 2019 Plan became effective, and (iii) any shares subject to outstanding stock options or other stock awards granted under the 2016 Plan that are forfeited, expired, or reacquired. The 2019 Plan provides that the number of shares reserved and available for issuance under the 2019 Plan will automatically increase each January 1, beginning on January 1, 2020, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board. Subject to certain changes in capitalization of the Company, the aggregate maximum number of shares of common stock that may be issued pursuant to the exercise of ISOs shall be equal to 13,000,000 shares of common stock. Stock options awarded under the 2019 Plan expire 10 years after grant and typically vest over four years. As of December 31, 2019, there were 368,124 shares of common stock available for future issuance under the 2019 Plan. Stock-Based Compensation Expense Total stock‑based compensation expense recorded for employees, directors and non‑employees (in thousands): Year Ended December 31, 2019 2018 Research and development $ 2,762 $ 140 General and administrative 3,409 132 Total stock-based compensation expense $ 6,171 $ 272 During the year ended December 31, 2019, and 2018 the Company granted options to purchase 2,969,945 and 995,633 shares of common stock, respectively. The weighted‑average fair value of options granted during the year ended December 31, 2019 and 2018 was $5.68 per share and $1.54 per share, respectively. As of December 31, 2019 and 2018, the total unrecognized stock‑based compensation balance for unvested options was $12.5 million and $1.3 million, respectively, which is expected to be recognized over 1.7 and 2.1 years, respectively. The total fair value of options vested during the year ended December 31, 2019 and 2018 was $3.5 million and approximately $40,000, respectively. The following table summarizes the information about options outstanding at December 31, 2019 (in thousands, except share and per share data): Weighted-Average Weighted- Remaining Aggregate Options Average Contractual Intrinsic Outstanding Exercise Price Term (in years) Value Outstanding at December 31, 2018 1,202,979 $ 1.35 9.14 $ 4,026 Options granted 2,969,945 6.57 Options exercised (81,988) 2.77 — Forfeited (11,048) 4.70 Expired — — Outstanding at December 31, 2019 4,079,888 $ 5.11 8.26 $ 82,327 Exercisable at December 31, 2019 1,447,191 $ 2.78 8.45 $ 34,818 Nonvested at December 31, 2019 2,632,697 $ 6.39 8.15 $ 47,508 In April 2019, the Company modified certain stock options with service-based conditions that were originally granted under the 2016 Plan. The modification resulted in the vesting for these options to accelerate. There was no incremental stock-based compensation expense as a result of this modification as the fair-value-based measures of the modified awards immediately after the modification were less than the fair-value-based measures of the original awards immediately before the modification. Valuation of Stock Options Granted to Employees that Contain Service Conditions Only The fair value of each option award granted with service-based vesting is estimated on the date of the grant using the Black-Scholes option valuation model based on the weighted average assumptions noted in the table below for those options granted in the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 2018 Expected term (in years) 5.7 5.9 Volatility 72.54 % 71.78 % Risk-free interest rate 2.17 % 2.71 % Dividend yield 0.00 % 0.00 % Stock Options Granted to Employees that Contain Service, Performance and Market Conditions Included in the stock options granted during the year ended December 31, 2019 were 159,501 stock options that contain service-, performance- and market-based vesting conditions granted to the Company's interim Chief Financial Officer ("CFO") with a fair value at the grant date of $0.5 million, valued using the Monte-Carlo simulation model. The derived service period, calculated using the Monte-Carlo simulation model, ranged from one day to three years. The assumptions used in the Monte-Carlo simulation model were as follows: Year Ended December 31, 2019 Time to expiration (in years) 10.0 Volatility 68.54 % Risk-free interest rate 2.64 % Dividend yield 0.00 % Cost of equity 24.00 % Fair value of underlying common stock (as of valuation date) $ 5.85 The compensation expense for these awards is recognized over the derived service period, or, if earlier, until the vesting condition is met. The condition for the performance-based stock options was based on the Company's completion of its IPO and the condition for the market-based stock options was based on the future price of the Company's common stock trading at or above a specified threshold. During the year ended December 31, 2019, 79,778 of the stock options containing service-, and performance-based vesting conditions were vested following the satisfaction of service- and performance-based conditions. In May 2019, the Company entered into a severance agreement, effective on May 31, 2019 ("Termination Date"), with the interim CFO. As part of this severance arrangement and as of the Termination Date, the Company accelerated the vesting of 79,723 unvested options, which were originally granted to the former CFO under the 2016 Plan. As a result of this modification, the Company recorded stock-based compensation expense of $0.6 million included in general and administrative expense for the year ended December 31, 2019. The Company accounted for this modification as a Type III modification since, at the modification date, the expectation of the award vesting changed from improbable to probable. As a result, the stock-based compensation expense recognized was based on the modification-date fair value. As of December 31, 2019 all stock options containing service-, performance-, and market-based vesting conditions were vested. During the year ended December 31, 2019, the Company incurred $ 0.7 million in stock-based compensation expense relating to the vesting of stock options containing service-, performance- and market-based vesting conditions, which includes the stock-based compensation expense resulting from the modification of these options in May 2019 and were included in general and administrative expense as of December 31, 2019. 2019 Employee Stock Purchase Plan In May 2019, the Company’s Board and its stockholders approved the 2019 Employee Stock Purchase Plan (the “2019 ESPP”), which became effective as of May 13, 2019. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the U.S. Internal Revenue Code of 1986, as amended. The number of shares of common stock initially reserved for issuance under the ESPP was 180,000 shares. The ESPP provides for an annual increase on the first day of each year beginning in 2020 and ending in 2029, in each case subject to the approval of the Board, equal to the lesser of (i) 1% of the shares of common stock outstanding on the last day of the calendar month before the date of the automatic increase and (ii) 360,000 shares; provided that prior to the date of any such increase, the Board may determine that such increase will be less than the amount set forth in clauses (i) and (ii). As of December 31, 2019, no shares of common stock had been issued under the ESPP. The first offering period has not yet been decided by the Board.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY As of December 31, 2019, the authorized capital stock of the Company consists of 100,000,000 shares of common stock, par value $0.0001 per share. As of December 31, 2018, the authorized capital stock of the Company consists of 20,441,982 shares of common stock, par value $0.0001 per share, and 10,883,950 shares of convertible preferred stock, par value $0.0001 per share, of which 3,093,898 are designated as Series A convertible preferred stock (“Series A Preferred Stock”) and 7,790,052 are designated as Series B Preferred Stock (collectively, with the Series A Preferred Stock, the “Preferred Stock”). Common Stock Voting The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of the stockholders. There is no cumulative voting. Preferred Stock In January 2017, the Company issued 3,093,898 shares of Series A Preferred Stock at $2.26 per share for gross proceeds of $7.0 million. Issuance costs were $0.7 million, which included the issuance of warrants to purchase common stock (see Note 7). Between November and December 2018, the Company issued an aggregate of 2,904,127 shares of its Series B Preferred Stock at $7.49 per share for gross proceeds of $21.7 million. Issuance costs were $0.8 million, which included the obligation to issue warrants to purchase common stock (see Note 7). In addition, all of the outstanding principal and accrued interest under the 2018 Notes were automatically converted into an aggregate of 1,097,721 shares of its Series B Preferred Stock. In February 2019, the Company issued 442,925 shares of Series B Preferred Stock at $7.49 per share for gross proceeds of approximately $3.3 million. Issuance costs were $0.3 million, which included the obligation to issue warrants to purchase common stock (see Note 9). As of December 31, 2019 and 2018, Preferred Stock consisted of the following (in thousands, except share data): December 31, 2019 Preferred Preferred Stock Issued Common Stock Stock and Carrying Liquidation Issuable Upon Authorized Outstanding Value Value Conversion Series A Preferred Stock — — $ — $ — — Series B Preferred Stock — — — $ — — — — $ — $ — — December 31, 2018 Preferred Preferred Stock Issued Common stock Stock and Carrying Liquidation Issuable Upon Authorized Outstanding Value Value Conversion Series A Preferred Stock 3,093,898 3,093,898 $ 6,254 $ 7,000 3,093,898 Series B Preferred Stock 7,790,052 4,001,848 29,156 29,964 4,001,848 10,883,950 7,095,746 $ 35,410 $ 36,964 7,095,746 The following is a summary of the rights and privileges of the common and preferred stockholders as of December 31, 2018: Voting The holders of Preferred Stock have the right to one vote for each share of common stock into which such Preferred Stock could be converted and will vote together with the holders of common stock as a single class. Dividends Dividends are payable to holders of Preferred Stock prior to payment of any dividend to holders of common stock. Dividends are payable when and if declared out of funds legally available and such dividends are not cumulative. In the event the board of directors of the Company declares a dividend payable on the common stock, the holders of the Preferred Stock would be entitled to receive the amount of dividends per share of Preferred Stock that would be payable on the number of whole shares of the common stock into which each share of such Preferred Stock held by each holder could be converted into. Liquidation In the event of any liquidation, dissolution or winding up of the Company, or a Deemed Liquidation Event (as defined below), the holders of shares of Preferred Stock then outstanding are entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of common stock by reason of their ownership thereof, in an amount per share equal to the greater of (i) the original issue price ($2.26 per share for Series A Preferred Stock and $7.49 per share for Series B Preferred Stock) plus any dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had each series of Preferred Stock been converted into common stock immediately prior to a liquidation, dissolution or winding up of the Company or Deemed Liquidation Event. If upon any such liquidation, dissolution or winding up of the Company or Deemed Liquidation Event, the proceeds shall be insufficient to pay the holders of shares of Preferred Stock the full amount to which they shall be entitled, the holders of shares of Preferred Stock shall share ratably in any distribution of the proceeds in proportion to the respective amounts which would otherwise be payable in respect of the shares of Preferred Stock held by them upon such distribution if all amounts payable with respect to such shares were paid in full. After the payment of all preferential amounts to be paid to the holders of shares of Preferred Stock, the remaining proceeds shall be distributed among the holders of shares of common stock pro rata based on the number of shares held by each such holder. A Deemed Liquidation Event is defined as: (i) a merger where the Company is a constituent party or a subsidiary of the Company is a constituent party and the Company issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or (ii) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company. Protective Provisions At any time when any shares of Preferred Stock remain outstanding, the Company shall not take any of the following actions without the vote or written consent of the holders of a majority of the then outstanding shares of Preferred Stock separately as a class: (i) liquidate, dissolve or wind‑up the business and affairs of the Company, effect any merger, consolidation or any other Deemed Liquidation Event, or consent to any of the foregoing, in each case other than in the event that such event would provide the holders of the Preferred Stock a return per each share of Preferred Stock, including all distributions and dividends paid to such holders prior to such event by the Company, if any, of at least two (2) times the Series B Original Issue Price in the twenty‑four (24) months following the Series B Original Issue Date (November 5, 2018) or three (3) times the Series B Original Issue Price thereafter; (ii) amend, alter, or repeal any provision of the Certificate of Incorporation or the Company’s bylaws in a manner that adversely affects the powers, preferences or rights of the Preferred Stock; (iii) create, or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital stock unless the same ranks junior to the Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Company, the payment of dividends and rights of redemption, or increase the authorized number of shares of Preferred Stock; (iv) purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Company other than (a) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (b) dividends or other distributions payable on the common stock solely in the form of additional shares of common stock and (c) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Company or any subsidiary in connection with the cessation of such employment or service at the lower of the original purchase price or the then‑current fair market value thereof; (v) create, or authorize the creation of, or issue, or authorize the issuance of any debt security, or permit any subsidiary to take any such action with respect to any debt security, if the aggregate indebtedness of the Company and its subsidiaries for borrowed money following such action would exceed $2.0 million other than equipment leases or bank lines of credit; (vi) create, or hold capital stock in, any subsidiary that is not wholly owned (either directly or through one or more other subsidiaries) by the Company, or sell, transfer or otherwise dispose of any capital stock of any direct or indirect subsidiary of the Company, or permit any direct or indirect subsidiary to sell, lease, transfer, exclusively license or otherwise dispose (in a single transaction or series of related transactions) of all or substantially all of the assets of such subsidiary; or (vi) increase or decrease the authorized number of directors of the Company. Optional Conversion Rights Each share of Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time after issuance, and without the payment of additional consideration into such number of fully paid and nonassessable shares of common stock as is determined by dividing the original issue price ($2.26 per share for Series A Preferred Stock and $7.49 per share for Series B Preferred Stock) by the series conversion price ($2.26 per share for Series A Preferred Stock and $7.49 per share for Series B Preferred Stock) in effect at the time of conversion. As of December 31, 2018, the Preferred Stock is convertible in to common stock on a one‑for‑one basis. Mandatory Conversion Rights All outstanding shares of Preferred Stock shall automatically be converted into shares of common stock, at the then effective conversion rate, upon either (a) the closing of the sale of shares of common stock to the public in a firm‑commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $30.0 million of proceeds, net of the underwriting discount and commissions, to the Company, or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding shares of Preferred Stock. Redemption The Preferred Stock is redeemable upon the occurrence of a Deemed Liquidation Event, which is not solely in control of the Company. Therefore, the Preferred Stock has been classified as temporary equity.

WARRANTS

WARRANTS	12 Months Ended
	Dec. 31, 2019
WARRANTS
WARRANTS	10. WARRANTS Warrants Issued with Series A Preferred Stock On January 26, 2017, in connection with the sale and issuance of the Series A Preferred Stock, the Company issued equity‑classified warrants to purchase 309,389 shares of common stock (the “2017 Warrants”), valued at $0.2 million, and included in the issuance costs of the Series A Preferred Stock (see Note 4). The warrants vested immediately and have an exercise price of $2.49 per share and expire on March 13, 2027. The fair value of warrants issued is estimated using the Black‑Scholes option pricing model with the following assumptions for the 2017 Warrants. Contractual term (in years) 10.0 Volatility 74.48 % Risk-free interest rate 3.20 % Dividend yield 0.00 % On December 5, 2019, an optionholder exercised 20,000 options in a cashless exercise at net, and the Company issued 17,026 shares of common stock. Warrants Issued with the 2018 Notes On January 18, 2018, the Company entered into a placement agent agreement through which it became obligated to issue common stock warrants in connection with the issuance of the 2018 Notes. The obligation to issue the 2018 Notes Warrants was recorded as a liability at its fair value (see Note 3), which was initially $0.1 million, and was included in the issuance costs of the 2018 Notes (see Note 4). On November 5, 2018, in connection with the extinguishment of the 2018 Notes into shares of Series B Preferred Stock, the Company issued the 2018 Notes Warrants, which were equity‑classified warrants upon issuance, to purchase 76,847 shares of common stock, valued at $0.3 million. The 2018 Notes Warrants vested immediately upon issuance and have an exercise price of $6.59 per share and expire on November 4, 2028. Warrants Issued with Series B Preferred Stock In November and December 2018, in connection with the sale and issuance of the Series B Preferred Stock, the Company was obligated to issue equity‑classified warrants to purchase 72,261 shares of common stock (collectively the “2018 Warrants”), valued in the aggregate at $0.2 million, which was included in the issuance costs for the Series B Preferred Stock (see Note 6). The warrants vest immediately upon issuance, have an exercise price of $8.24 per share and expire 10 years from the date of issuance. The fair value of the 2018 Warrants is estimated using the Black‑Scholes option pricing model with the following assumptions: Contractual term (in years) 10.0 Volatility 73.22 % Risk-free interest rate 2.70 % Dividend yield 0.00 % A summary of the Company’s outstanding common stock warrants as of December 31, 2019 is as follows: Warrants Outstanding as of December 31, 2018 386,236 Warrants granted and issued 96,128 Warrants exercised (20,000) Warrants exchanged — Balance as of December 31, 2019 462,364

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
LEASES
LEASES	11. LEASES The following table summarizes our lease assets and liabilities as of December 31, 2019: ROU Assets and Liabilities Balance Sheet Location Operating ROU - Asset Right-of-use assets $ 2,035 Lease liabilities (current) Operating lease liabilities, current 356 Lease liabilities (non-current) Operating lease liabilities, non-current 1,683 The following table summarizes our lease related costs for the twelve months ended December 31, 2019: Lease Cost Statement of Operations Location Operating Operating Lease Cost General and administrative $ 81 Total Lease Cost $ 81 Average lease terms and discount rates for the Company’s operating leases were as follows: Year Ended December 31, Other Information 2019 Weighted-average remaining lease term Operating leases 4.8 years Weighted-average discount rate Operating leases The following table summarizes the maturities of lease liabilities as of December 31, 2019: Year Operating 2020 $ 462 2021 474 2022 486 2023 497 2024 424 Thereafter — Total lease payments 2,343 Less: interest 304 Total lease liabilities $ 2,039

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company’s current tax provision for the years ended December 31, 2019 and 2018 is $0 and $0, respectively. The Company’s deferred tax provision for the years ended December 31, 2019 and 2018 is $0 and $0, respectively. Deferred income tax assets and liabilities consist of the following (in thousands): Year ended December 31, 2019 2018 Deferred tax assets/(liabilities) Accrued expenses $ — $ — Operating lease liability 706 — Stock‑based compensation 1,582 98 Capitalized startup costs 22 35 Right of use asset (705) — Net operating losses 19,937 6,176 Total deferred tax assets 21,542 6,309 Less: valuation allowance (21,542) (6,309) Net deferred tax asset (liability) $ — $ — Deferred tax assets result primarily from unutilized net operating losses, stock-based compensation, operating lease liability, and timing differences as a result of the Company reporting its income tax returns. As of December 31, 2019, the Company had approximately $57.6 million of federal operating losses (“NOLs”) carried forward. Of this amount, approximately $3.6 million will begin to expire in 2037 and approximately $54.0 million are carried forward indefinitely. The Company had approximately $57.6 million in state net operating loss carryforwards available to offset future taxable income. Some of these net operating losses follow the Federal Tax Cuts and Jobs Act and are indefinite life and other are definite life with various expiration dates. Additionally, the Company generated approximately $39.8 million of NOLs in 2019 which, for federal income tax purposes, do not expire but are limited to offsetting up to 80% of future taxable income. The NOL carry forwards are subject to review and possible adjustment by the U.S. and state tax authorities. NOL carry forwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders, as defined under Sections 382 Internal Revenue Code. This could limit the amount of NOLs that the Company can utilize annually to offset future taxable income or tax liabilities. As of December 31, 2019, the Company has not performed such an analysis. Subsequent ownership changes and proposed future changes to tax rules in respect of the utilization of losses carried forward may further affect the limitation in future years. In assessing the realizability of the Company’s deferred tax assets, management considers whether or not it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company’s assessment is based on the weight of available evidence, including cumulative losses since inception and expected future losses and, as such, the Company does not believe it is more likely than not that the deferred tax assets will be realized. Accordingly, a full valuation allowance has been established and no deferred tax assets and related tax benefit have been recognized in the accompanying financial statements. At December 31, 2019 and 2018, the Company recorded valuation allowances of $21.5 million and $6.3 million, respectively, representing an increase in the valuation allowance of $15.3 million in 2019 due to the uncertainty regarding the realization of such deferred tax assets, to offset the benefits of net operating losses generated during those years. The U.S. federal statutory corporate tax rate reconciles to the Company’s effective tax rate for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Federal statutory rate 21.0 % 21.0 % State and local taxes net of federal tax benefit 13.2 13.5 Tax rate change 0.0 0.3 Change in valuation allowance (33.4) (28.5) Permanently disallowed interest expense (0.7) (6.3) Other (0.1) — Total % %

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2019
BENEFIT PLANS
BENEFIT PLANS	13. BENEFIT PLANS The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code in 2018. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre‑tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made approximately $69,000 and $11,000 in matching contributions to the plan during the year ended December 31, 2019 and 2018, respectively.

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2019
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE	14. NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted‑average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by giving the effect of all potential shares of common stock, including stock options, preferred shares, warrants and instruments convertible into common stock, to the extent dilutive. Basic and diluted net loss per common share was the same for the years ended December 2019 and 2018, as the inclusion of all potential common shares outstanding would have been anti‑dilutive. The following table sets forth the computation of basic and diluted net loss per common share (in thousands, except share and per share data): Years Ended December 31, 2019 2018 Numerator: Net loss $ (45,513) $ (16,521) Denominator: Weighted-average common stock outstanding 12,831,221 5,483,149 Net loss per share attributable to common stockholders - basic and diluted $ (3.55) $ (3.01) The Company’s potential dilutive securities, which include Preferred Stock, stock options and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted‑average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at December 31, 2019 and 2018, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti‑dilutive effect: As of December 31, 2019 2018 Preferred Stock — 3,093,898 Options to purchase common stock 4,079,888 1,035,466 Warrants to purchase common stock 462,364 309,389

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2019
RELATED PARTIES
RELATED PARTIES	15. RELATED PARTIES In December 2018, the Company entered into an agreement (the “LaunchLabs Agreement”) with ARE‑LaunchLabs NYC LLC (“Alexandria LaunchLabs”), a subsidiary of Alexandria Real Estate Equities, Inc. for use of specified premises within the Alexandria LaunchLabs space. A member of the Company’s board of directors is the founder and executive chairman of Alexandria Real Estate Equities, Inc. During the years ended December 31, 2019 and 2018, the Company made payments to Alexandria LaunchLabs of approximately $85,000 and $13,000, respectively under the LaunchLabs Agreement, which was recognized in research and development expenses. As of December 31, 2019, there were no amounts due to Alexandria LaunchLabs under the LaunchLabs Agreement.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENT
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On January 28, 2020, the Company completed a public offering of 3,152,712 shares of common stock. The offering consisted of 3,152,712 shares of common stock, including the exercise in full of the underwriters’ option to purchase 411,223 additional shares of common stock. The shares were offered at a price to the public of $45.50 per share, resulting in aggregate gross proceeds of approximately $143.4 million , before deducting underwriting discounts and commissions and estimated offering expenses.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Liquidity	Liquidity The Company has incurred, and expects to continue to incur, significant operating losses and negative cash flows for at least the next several years as it continues to develop its drug candidates. To date, the Company has not generated any revenue, and it does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. Management believes that the Company’s existing cash, together with the net proceeds from the S econdary Public Offering, will allow the Company to continue its operations for at least 12 months from the issuance date of these financial statements. If the Company is unable to obtain additional funding, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.
Risk and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and reliance on third party manufacturers.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short‑term, highly liquid investments, with an original maturity of three months or less, to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in these accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents.
Investments	Investments We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in accumulated other comprehensive income/(loss). Realized gains or losses on the sale of marketable securities are determined using the specific identification method and are recorded as a component of other income (expense), net. We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. For AFS securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses.
Leases	Leases At the inception of an arrangement, we determine if an arrangement is, or contains, a lease based on the unique facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease we (i) identify lease and non-lease components, (ii) determine the consideration in the contract, (iii) determine whether the lease is an operating or financing lease; and (iv) recognize lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable and as such, we use our incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Most leases include options to renew and, or, terminate the lease, which can impact the lease term. The exercise of these options is at our discretion and we do not include any of these options within the expected lease term as we are not reasonably certain we will exercise these options. We have elected to combine lease components (for example fixed payments including rent) with non-lease components (for example, non-dedicated parking and common-area maintenance costs) on our real estate asset classes. Fixed, or in substance fixed, lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Fixed lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations. We have an operating leases for our corporate office. We have elected the short-term lease exemption and, therefore, do not recognize a ROU asset or corresponding liability for lease arrangements with an original term of 12 months or less. Leasehold improvements and assets under financing lease arrangements are amortized over the lesser of the asset’s estimated useful life or the term of the respective lease. Maintenance costs are expensed as incurred. Operating leases are included in operating lease right-of-use asset, current portion of operating lease liabilities, and noncurrent portion of operating lease liabilities in our consolidated balance sheet as of December 31, 2019.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in the statement of stockholders’ (deficit) equity as a reduction of proceeds generated as a result of the offering. Should a planned equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the statement of operations. Upon closing the IPO in May 2019, $2.6 million in deferred offering costs were reclassified from prepaid and other current assets and recorded against the IPO proceeds reducing additional paid-in capital. As of December 31, 2019, the Company did not have any deferred offering costs recorded in prepaid and other current assets.
Common Stock Valuation	Common Stock Valuation For all periods prior to the IPO, the Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately‑Held Company Equity Securities Issued as Compensation (the “Practice Aid”), to estimate the fair value of its common stock. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.
Convertible Preferred Stock	Convertible Preferred Stock For all periods prior to the IPO, the Company recorded shares of its convertible preferred stock at their respective fair values on the dates of issuance less issuance costs. The Company classified shares of its convertible preferred stock outside of stockholders’ deficit when the redemption of such units or shares is outside the Company’s control. The Company did not adjust the carrying values of the convertible preferred units or convertible preferred stock to the liquidation preferences of such units or shares until such time as a deemed liquidation event is probable of occurring.
Research and Development	Research and Development The Company expenses all costs incurred in performing research and development activities. Research and development expenses include salaries and other related costs, materials and supplies, preclinical expenses, manufacturing expenses, contract services and other outside expenses. As part of the process of preparing the financial statements, the Company is required to estimate their accrued research and development expenses. The Company makes estimates of the accrued expenses as of each balance sheet date in the financial statements based on facts and circumstances known at that time. In addition, there may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the expense in which case such amounts are reflected as prepaid expenses and other current assets. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual or the amount of prepaid expenses accordingly. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized in prepaid expenses and other current assets. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
General and Administrative	General and Administrative General and administrative expenses consist primarily of salaries and other related costs, including stock‑based compensation, for personnel in the Company’s executive and finance functions. General and administrative expenses also include professional fees for legal, accounting, auditing, tax and consulting services; travel expenses; and facility‑related expenses, which include allocated expenses for rent and maintenance of facilities and other operating costs.
Stock-Based Compensation	Stock‑Based Compensation The Company accounts for its stock‑based compensation as expense in the statements of operations based on the awards’ grant date fair values. The Company accounts for forfeitures as they occur by reversing any expense recognized for unvested awards. The Company estimates the fair value of options granted using the Black‑Scholes option pricing model. The Black‑Scholes option pricing model requires inputs based on certain subjective assumptions, including (a) the expected stock price volatility, (b) the calculation of expected term of the award, (c) the risk‑free interest rate and (d) expected dividends. Due to the lack of a public market for the Company’s common stock and a lack of company‑specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The computation of expected volatility is based on the historical volatility of a representative group of companies with similar characteristics to the Company, including stage of product development and life science industry focus. The Company uses the simplified method as allowed by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, Share‑Based Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk‑free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The fair value of stock‑based payments is recognized as expense over the requisite service period which is generally the vesting period.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities at currently enacted tax rates. These temporary differences primarily relate to net operating loss carryforwards available to offset future taxable income. Valuation allowances are established, if necessary, to reduce a deferred tax asset to the amount that will more likely than not be realized. The Company recognizes tax liabilities from an uncertain tax position only if it is more likely than not that the tax position will not be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that have been recognized in the accompanying financial statements. The Company is required to file tax returns in the U.S. federal jurisdiction and in the state of New York. The Company’s policy is to recognize interest and penalties related to uncertain tax benefits, if any, as part of income tax expense. No such interest and penalties have been accrued as of December 31, 2019 and 2018.
Net Loss per Share	Net Loss per Share Basic net loss per share is calculated by dividing net loss available to common stockholders by the weighted‑average common stock outstanding. Diluted net loss per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect of shares issuable under the Company’s stock‑based compensation plan, if such effect is dilutive.
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision‑maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision‑maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment, which is the business of discovering and developing its product candidates.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases on their balance sheet date (“ASU No. 2016-02”). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which the new standard is adopted, rather than at the beginning of the earliest comparative period). This update includes a short-term lease exception for leases with a term of 12 months or less, in which a lessee can make an accounting policy election not to recognize the associated lease assets and lease liabilities on its balance sheet. Additionally, in March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements (“ASU No. 2019-01”). ASU No. 2019-01 clarifies the transition guidance related to interim disclosures provided in the year of adoption. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases, using classification criteria that are substantially similar to the previous guidance. For lessees, the recognition, measurement, and presentation of expenses and cash flows arising from a lease did not significantly change from previous U.S. GAAP. The modified retrospective method includes several optional practical expedients that entities may elect to apply, as well as transition guidance specific to nonstandard leasing transactions. The Company adopted Topic 842 on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance under ASC 840. In adopting Topic 842, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease; ii) the lease classification of existing or expired leases; and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election not to recognize assets or related lease liabilities with a lease term of twelve months or less in its balance sheet. The adoption of this standard did not have an impact on the Company’s balance sheet as all of the Company’s leases upon adoption were for terms that were less than 12 months. Additionally, the adoption of this standard did not have a material impact on the Company’s statements of operations or condensed statement of cash flows. On August 6, 2019 the Company entered into a lease for approximately 6,579 square feet of new office space in New York City (the “Lease”). The Lease commenced upon delivery of the premise after certain improvements were made, which was on October 31, 2019 (the “Commencement Date”), for a five-year period. Under the Lease, the Company pays monthly rent of approximately $38,000 for the first year following the Commencement Date, and such rent will increase by a nominal percentage every year following the first anniversary of the Commencement Date. The Company also pays a real estate tax escalation, as additional rent, over a base year. The commencement of the Lease caused the Company to record a right-of-use lease asset of $2.0 million with a corresponding lease liabilities totaling $2.0 million on the balance sheet. Refer to Note 11, Leases , for further details on our adoptions of the new standard.Total lease obligation over the term of the lease is approximately $2.4 million. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, modifies, and adds disclosure requirements on fair value measurements. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2018‑13 will have on its financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact adoption of ASU 2019-12 will have on its financial statements. The FASB issued authoritative guidance that amends guidance on reporting credit losses for assets, including available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , will require that credit losses be presented as an allowance rather than as a write-down. We are currently in the process of evaluating the impact of this guidance on our financial statements.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Fair value
Schedule of financial assets or liabilities measured at fair value on a recurring basis	As of December 31, 2018, the Company did not have financial assets or liabilities that are measured at fair value on a recurring basis, aside from cash which was level 1 (in thousands). As of December 31, 2019 Level 1 Level 2 Level 3 Total Cash $ 18,783 $ — $ — $ 18,783 Money market funds 67 — — 67 Total cash and cash equivalents $ 18,850 $ — $ — $ 18,850 Commercial paper and corporate bonds — 7,520 — 7,520 U.S. government agency debt securities — 12,484 — 12,484 Total marketable securities $ — $ 20,004 $ — $ 20,004 Total financial assets measured at fair value on a recurring basis $ 18,850 $ 20,004 $ — $ 38,854
Schedule of Company's Derivative Liability and Warrant Liability	The following table provides a roll forward of the aggregate fair values of the Company’s Derivative Liability and Warrant Liability, for which fair value is determined using Level 3 inputs (in thousands): Derivative Warrant Liability Liability Balance as of January 1, 2018 $ — $ — Initial fair value of Derivative Liability 1,896 — Initial fair value of Warrant Liability — 74 Change in fair value 972 168 Extinguishment of Derivative Liability in connection with extinguishment of 2018 Notes (2,868) — Reclassification of Warrant Liability into 2018 Notes Warrants — (242) Balance as of December 31, 2018 $ — $ —
Warrants Issued with the 2018 Notes
Fair value
Schedule of fair value of warrants using the Black Scholes option pricing model	The 2018 Notes Warrants were initially valued and remeasured using a Black‑Scholes option pricing model with the range of assumptions as follows: Contractual term (in years) 10.0 Volatility 74.48% - 76.56% Risk‑free interest rate 2.85% - 3.20% Dividend yield 0.00%

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
INVESTMENTS
Schedule of marketable securities by security type	The following tables provide the Company’s marketable securities by security type (in thousands): As of December 31, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Commercial Paper and corporate bonds $ 7,540 $ — $ (20) $ 7,520 US government agency debt security 12,466 19 (1) 12,484 Total $ 20,006 $ 19 $ (21) $ 20,004
Schedule of contractual maturities	Contractual maturities of the Company’s marketable securities are summarized as follows (in thousands): As of December 31, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Due in one year or less $ 20,006 $ 19 $ (21) $ 20,004 Total $ 20,006 $ 19 $ (21) $ 20,004

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Summary of prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following (in thousands): December 31, December 31, 2019 2018 Deferred offering costs $ — $ 310 Prepaid research and development expenses 5,872 1,044 Prepaid rent expenses 142 65 Prepaid insurance expenses 1,196 1 Other prepaid expenses and current assets 91 78 Total prepaid expenses & other current assets $ 7,301 $ 1,498

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2019
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Summary of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, December 31, 2019 2018 Accrued pre-clinical and clinical expenses $ 4,287 $ 865 Accrued professional fees 345 312 Accrued compensation and benefits 0 56 Accrued patent expenses 54 126 Other 264 54 Total accrued expenses & other current liabilities $ 4,950 $ 1,413

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2019
Stock-based compensation
Schedule of stock-based compensation expenses	Total stock‑based compensation expense recorded for employees, directors and non‑employees (in thousands): Year Ended December 31, 2019 2018 Research and development $ 2,762 $ 140 General and administrative 3,409 132 Total stock-based compensation expense $ 6,171 $ 272
Schedule of options outstanding	The following table summarizes the information about options outstanding at December 31, 2019 (in thousands, except share and per share data): Weighted-Average Weighted- Remaining Aggregate Options Average Contractual Intrinsic Outstanding Exercise Price Term (in years) Value Outstanding at December 31, 2018 1,202,979 $ 1.35 9.14 $ 4,026 Options granted 2,969,945 6.57 Options exercised (81,988) 2.77 — Forfeited (11,048) 4.70 Expired — — Outstanding at December 31, 2019 4,079,888 $ 5.11 8.26 $ 82,327 Exercisable at December 31, 2019 1,447,191 $ 2.78 8.45 $ 34,818 Nonvested at December 31, 2019 2,632,697 $ 6.39 8.15 $ 47,508
Stock options - Service conditions only
Stock-based compensation
Schedule of valuation assumptions	Year Ended December 31, 2019 2018 Expected term (in years) 5.7 5.9 Volatility 72.54 % 71.78 % Risk-free interest rate 2.17 % 2.71 % Dividend yield 0.00 % 0.00 %
Stock options - Service, performance and market conditions
Stock-based compensation
Schedule of valuation assumptions	Year Ended December 31, 2019 Time to expiration (in years) 10.0 Volatility 68.54 % Risk-free interest rate 2.64 % Dividend yield 0.00 % Cost of equity 24.00 % Fair value of underlying common stock (as of valuation date) $ 5.85

STOCKHOLDER EQUITY (Tables)

STOCKHOLDER EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
STOCKHOLDER EQUITY
Summary of Preferred Stock	As of December 31, 2019 and 2018, Preferred Stock consisted of the following (in thousands, except share data): December 31, 2019 Preferred Preferred Stock Issued Common Stock Stock and Carrying Liquidation Issuable Upon Authorized Outstanding Value Value Conversion Series A Preferred Stock — — $ — $ — — Series B Preferred Stock — — — $ — — — — $ — $ — — December 31, 2018 Preferred Preferred Stock Issued Common stock Stock and Carrying Liquidation Issuable Upon Authorized Outstanding Value Value Conversion Series A Preferred Stock 3,093,898 3,093,898 $ 6,254 $ 7,000 3,093,898 Series B Preferred Stock 7,790,052 4,001,848 29,156 29,964 4,001,848 10,883,950 7,095,746 $ 35,410 $ 36,964 7,095,746

WARRANTS (Tables)

WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2019
Warrants
Schedule of warrants outstanding	Warrants Outstanding as of December 31, 2018 386,236 Warrants granted and issued 96,128 Warrants exercised (20,000) Warrants exchanged — Balance as of December 31, 2019 462,364
Warrants Issued with Series A Preferred Stock | 2017 Warrants
Warrants
Schedule of fair value of warrants using the Black Scholes option pricing model	Contractual term (in years) 10.0 Volatility 74.48 % Risk-free interest rate 3.20 % Dividend yield 0.00 %
Warrants Issued with Series B Preferred Stock | 2018 Warrants
Warrants
Schedule of fair value of warrants using the Black Scholes option pricing model	Contractual term (in years) 10.0 Volatility 73.22 % Risk-free interest rate 2.70 % Dividend yield 0.00 %

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
LEASES
Summary of lease assets and liabilities	ROU Assets and Liabilities Balance Sheet Location Operating ROU - Asset Right-of-use assets $ 2,035 Lease liabilities (current) Operating lease liabilities, current 356 Lease liabilities (non-current) Operating lease liabilities, non-current 1,683
Summary of lease related costs	Lease Cost Statement of Operations Location Operating Operating Lease Cost General and administrative $ 81 Total Lease Cost $ 81
Summary of supplemental cash flow information	Year Ended December 31, Other Information 2019 Weighted-average remaining lease term Operating leases 4.8 years Weighted-average discount rate Operating leases
Summary of maturities of lease liabilities	Year Operating 2020 $ 462 2021 474 2022 486 2023 497 2024 424 Thereafter — Total lease payments 2,343 Less: interest 304 Total lease liabilities $ 2,039

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
Summary of deferred income tax assets and liabilities	Deferred income tax assets and liabilities consist of the following (in thousands): Year ended December 31, 2019 2018 Deferred tax assets/(liabilities) Accrued expenses $ — $ — Operating lease liability 706 — Stock‑based compensation 1,582 98 Capitalized startup costs 22 35 Right of use asset (705) — Net operating losses 19,937 6,176 Total deferred tax assets 21,542 6,309 Less: valuation allowance (21,542) (6,309) Net deferred tax asset (liability) $ — $ —
Schedule of the U.S. federal statutory corporate tax rate reconciles to the Company's effective tax rate	Year Ended December 31, 2019 2018 Federal statutory rate 21.0 % 21.0 % State and local taxes net of federal tax benefit 13.2 13.5 Tax rate change 0.0 0.3 Change in valuation allowance (33.4) (28.5) Permanently disallowed interest expense (0.7) (6.3) Other (0.1) — Total % %

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
NET LOSS PER COMMON SHARE
Schedule of computation of basic and diluted net loss per common share	The following table sets forth the computation of basic and diluted net loss per common share (in thousands, except share and per share data): Years Ended December 31, 2019 2018 Numerator: Net loss $ (45,513) $ (16,521) Denominator: Weighted-average common stock outstanding 12,831,221 5,483,149 Net loss per share attributable to common stockholders - basic and diluted $ (3.55) $ (3.01)
Schedule of potential dilutive securities excluded from the computation of diluted net loss per share attributable to common stockholders	As of December 31, 2019 2018 Preferred Stock — 3,093,898 Options to purchase common stock 4,079,888 1,035,466 Warrants to purchase common stock 462,364 309,389

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock issued (Details) $ / shares in Units, $ in Thousands	Jan. 28, 2020USD ($)$ / sharesshares	Nov. 12, 2019USD ($)$ / sharesshares	May 16, 2019USD ($)$ / sharesshares	Apr. 26, 2019	Dec. 31, 2019USD ($)	Dec. 31, 2018shares
IPO
Convertible preferred stock, outstanding (in shares)			0			7,095,746
Net proceeds | $					$ 18,510
IPO
IPO
Issuance of common stock (in shares)			4,000,000
Issue price (in dollars per share) | $ / shares			$ 10
Aggregate gross proceeds from issuance | $			$ 40,000
Net proceeds after deducting underwriting discounts and commissions and estimated offering costs | $			$ 34,600
Stock split ratio				55.2486
Conversion of convertible preferred stock into common stock upon closing of the IPO (in shares)			7,538,671
Number of shares issued for each share of convertible preferred stock converted			1
Private Placement
IPO
Issuance of common stock (in shares)		1,380,344
Issue price (in dollars per share) | $ / shares		$ 14.50
Net proceeds | $		$ 18,400
Secondary Public Offering | Subsequent Event.
IPO
Issuance of common stock (in shares)	3,152,712
Issue price (in dollars per share) | $ / shares	$ 45.50
Net proceeds from issuance of common stock | $	$ 134,800
Secondary Public Offering, Excluding Underwriters' Option | Subsequent Event.
IPO
Issuance of common stock (in shares)	2,741,489
Underwriters' Option | Subsequent Event.
IPO
Issuance of common stock (in shares)	411,223

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Offering Costs (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2019	Dec. 31, 2019
Deferred offering cost
Reclassification of deferred offering costs	$ 2.6
Deferred offering costs		$ 0

ORGANIZATION AND SUMMARY OF S_5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based compensation (Details)	12 Months Ended
	Dec. 31, 2019
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Dividend yield (as a percent)	0.00%

ORGANIZATION AND SUMMARY OF S_6

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Uncertain tax positions	$ 0	$ 0
Accrued interest and penalties	$ 0	$ 0

ORGANIZATION AND SUMMARY OF S_7

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements (Details)	Jan. 01, 2019
Recently Adopted Accounting Pronouncements
Lease, Practical Expedients, Package	true
ASC Topic 842, Leases
Recently Adopted Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted	true

ORGANIZATION AND SUMMARY OF S_8

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) $ in Thousands	Aug. 06, 2019USD ($)ft²	Dec. 31, 2019USD ($)
Leases
Operating lease right-of-use asset		$ 2,035
Lease liabilities		2,039
Total lease obligation		$ 2,343
Office
Leases
Leased area | ft²	6,579
Lease term not yet commenced	5 years
Monthly lease rent	$ 38
Operating lease right-of-use asset	2,000
Lease liabilities	2,000
Total lease obligation	$ 2,400

LICENSE AGREEMENT (Details)

LICENSE AGREEMENT (Details) $ in Thousands	Oct. 03, 2019USD ($)	Mar. 31, 2019USD ($)item	Jan. 31, 2019USD ($)	Oct. 31, 2016USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)
Agreements
Research and development					$ 32,350	$ 11,471
General and administrative					13,232	2,047
Operating expenses					45,582	13,518
Accrued expenses and other current liabilities					4,950	1,413	$ 4,950
Accounts payable					8,793	3,015	8,793
Columbia University
Agreements
Research and development					100	500
General and administrative					500	300
Operating expenses							1,900
Accrued expenses and other current liabilities					100	100	100
Accounts payable					$ 100	$ 100	$ 100
2016 license agreement | Columbia University
Agreements
Percentage of outstanding common stock issued				5.00%
Fair value of stock issued				$ 500
Written notice period for termination of agreement				90 days
Written notice period for termination of agreement, uncured material breach				30 days
Extended written notice period for termination of agreement, attempt to cure material breach				90 days
2016 license agreement | Columbia University | Minimum
Agreements
Percentage of sublicensing revenue, if sublicenses rights granted				10.00%
2016 license agreement | Columbia University | Maximum
Agreements
Payment on achievement of specified development and regulatory milestones				$ 1,300
Payment on achievement of specified level of aggregate annual net sales				$ 1,000
Percentage of sublicensing revenue, if sublicenses rights granted				20.00%
2019 license agreement | Columbia University
Agreements
Written notice period for termination of agreement			90 days
Written notice period for termination of agreement, uncured material breach			30 days
Extended written notice period for termination of agreement, attempt to cure material breach			90 days
2019 license agreement | Columbia University | Minimum
Agreements
Percentage of sublicensing revenue, if sublicenses rights granted			10.00%
2019 license agreement | Columbia University | Maximum
Agreements
Payment on achievement of specified development and regulatory milestones			$ 1,300
Payment on achievement of specified level of aggregate annual net sales			$ 1,000
Percentage of sublicensing revenue, if sublicenses rights granted			50.00%
2019 research agreement | Columbia University
Agreements
Agreement term		12 months
Written notice period for termination of agreement		30 days
Number of parts | item		2
2019 research agreement - Part I | Columbia University
Agreements
Agreement term		6 months
Payment to be made		$ 100
2019 research agreement - Part II | Columbia University
Agreements
Agreement term		6 months
Payment to be made		$ 200
P13k Research agreement | Columbia University
Agreements
Agreement term	18 months
Written notice period for termination of agreement	30 days
Operating expenses	$ 400

FAIR VALUE MEASUREMENTS - FV hi

FAIR VALUE MEASUREMENTS - FV hierarchy (Details) - Fair Value, Recurring $ in Thousands	Dec. 31, 2019USD ($)
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	$ 18,850
Marketable securities	20,004
Total financial assets measured at fair value on a recurring basis	38,854
Level 1
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	18,850
Total financial assets measured at fair value on a recurring basis	18,850
Level 2
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	20,004
Total financial assets measured at fair value on a recurring basis	20,004
Cash
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	18,783
Cash | Level 1
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	18,783
Money market funds
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	67
Money market funds | Level 1
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	67
Commercial paper and corporate bonds
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	7,520
Commercial paper and corporate bonds | Level 2
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	7,520
U.S. government agency debt securities
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	12,484
U.S. government agency debt securities | Level 2
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	$ 12,484

FAIR VALUE MEASUREMENTS - Trans

FAIR VALUE MEASUREMENTS - Transfers (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Feb. 05, 2018
FAIR VALUE MEASUREMENTS
Assets, transfer from level 1 to level 2	$ 0
Assets, transfer from level 2 to level 1	$ 0
Fair value of derivative liability		$ 1,900
Fair value of warrant liability		$ 100

FAIR VALUE MEASUREMENTS - Assum

FAIR VALUE MEASUREMENTS - Assumptions (Details) - Warrants Issued with the 2018 Notes	Feb. 05, 2018YRate
Contractual term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input | Y	10
Volatility | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.7448
Volatility | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.7656
Risk-free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0285
Risk-free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0320
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 roll forward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Derivative Liability
Fair Value
Initial fair value	$ 1,896
Change in fair value	972
Extinguishment of Derivative Liability in connection with extinguishment of 2018 Notes	(2,868)
Balance at end of period
Warrants Liability
Fair Value
Initial fair value	74
Change in fair value	168
Reclassification of Warrant Liability into 2018 Notes Warrants	(242)
Balance at end of period

INVESTMENTS - By type (Details)

INVESTMENTS - By type (Details) $ in Thousands	Dec. 31, 2019USD ($)
Marketable securities by type
Cost	$ 20,006
Gross Unrealized Gains	19
Gross Unrealized Losses	(21)
Estimated Fair Value	20,004
Commercial paper and corporate bonds
Marketable securities by type
Cost	7,540
Gross Unrealized Losses	(20)
Estimated Fair Value	7,520
U.S. government agency debt securities
Marketable securities by type
Cost	12,466
Gross Unrealized Gains	19
Gross Unrealized Losses	(1)
Estimated Fair Value	$ 12,484

INVESTMENTS - By contractual ma

INVESTMENTS - By contractual maturity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
INVESTMENTS
Due in one year or less - Cost	$ 20,006
Due in one year or less - Estimated Fair Value	20,004
Cost	20,006
Gross Unrealized Gains	19
Gross Unrealized Losses	(21)
Estimated Fair Value	20,004
Marketable securities realized gain (loss) recorded
Net realized gain from sale of marketable securities	1
Other-than-temporary impairment loss
Other-than-temporary impairment loss recognized	$ 0

CONVERTIBLE PROMISSORY NOTES (D

CONVERTIBLE PROMISSORY NOTES (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 05, 2018	Nov. 30, 2018	Dec. 31, 2018	Dec. 31, 2018	Feb. 28, 2019	Jan. 18, 2018
Debt
Loss on extinguishment of debt				$ (221)
Amount of unpaid and accrued interest recognized in additional paid-in capital				$ 101
Fair value of derivative liability	$ 1,900
Series B Convertible Preferred Stock
Debt
Issue price (in dollars per share)		$ 7.49	$ 7.49	$ 7.49	$ 7.49
Preferred stock issued (in shares)		1,097,721		1,097,721
Preferred stock issued		$ 8,200		$ 8,219
Warrants Issued with the 2018 Notes
Debt
Initial fair value recorded as debt discount (in dollars)	100					$ 100
2018 Notes
Debt
Aggregate principal amount	$ 6,000
Interest rate (as a percent)	15.00%
Threshold proceeds from sale of preferred stock	$ 8,000
Preferred stock conversion price as a percentage of lowest price per share of preferred stock sold in financing	80.00%	80.00%
Percentage of outstanding principal amount payable in event of corporate transaction or change of control event	30.00%
Minimum percentage of outstanding principal amount written consent required for prepayment	50.00%
Additional percentage of outstanding principal payable on prepayment	15.00%
Legal costs and bank fees	$ 400
Interest expense				1,600
Amortization of debt discount				$ 900
Outstanding notes		$ 6,600
Debt converted into shares		1,097,721
Loss on extinguishment of debt		$ (200)
Amount of unpaid and accrued interest recognized in additional paid-in capital		100
Carrying value, net of unamortized debt discount		5,100
2018 Notes | Series B Convertible Preferred Stock
Debt
Debt converted into shares			1,097,721
2018 Notes | Derivative Liability
Debt
Initial fair value recorded as debt discount (in dollars)	$ 1,900
Fair value of derivative liability		$ 2,900

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Deferred offering costs		$ 310
Prepaid research and development expenses	$ 5,872	1,044
Prepaid rent expenses	142	65
Prepaid insurance expenses	1,196	1
Other prepaid expenses and current assets	91	78
Total prepaid expenses & other current assets	$ 7,301	$ 1,498

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued pre-clinical and clinical expenses	$ 4,287	$ 865
Accrued professional fees	345	312
Accrued compensation and benefits	0	56
Accrued patent expenses	54	126
Other	264	54
Total accrued expenses & other current liabilities	$ 4,950	$ 1,413

STOCK BASED COMPENSATION - Plan

STOCK BASED COMPENSATION - Plans (Details) - shares	1 Months Ended
	May 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Options outstanding (in shares)		4,079,888	1,202,979
2019 Plan
Stock-based compensation
Shares reserved (in shares)	1,749,192
New shares reserved (in shares)	1,618,841
Reserved shares available from 2016 Plan (in shares)	2,911,159
Increase in number of shares reserved and available for issuance (as a percent)	5.00%
Expiration period	10 years
Vesting period	4 years
2019 Plan | Maximum
Stock-based compensation
Shares reserved (in shares)	4,530,000
2019 Plan | Options
Stock-based compensation
Maximum number of shares authorized for issuance	13,000,000

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Total stock-based compensation expense	$ 6,171	$ 272
Research and development
Stock-based compensation
Total stock-based compensation expense	2,762	140
General and administrative
Stock-based compensation
Total stock-based compensation expense	$ 3,409	$ 132

STOCK BASED COMPENSATION - Opti

STOCK BASED COMPENSATION - Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
STOCK BASED COMPENSATION
Options granted (in shares)	2,969,945	995,633
Stock-based compensation expense	$ 6,171	$ 272
Options outstanding (in shares)	4,079,888	1,202,979
Weighted-average fair value of options granted (in dollars per share)	$ 5.68	$ 1.54
Unrecognized stock-based compensation balance for unvested options	$ 12,500	$ 1,300
Unrecognized stock-based compensation balance for unvested options expected to be recognized (in years)	1 year 8 months 12 days	2 years 1 month 6 days
Total fair value of options vested	$ 3,500	$ 40

STOCK BASED COMPENSATION - Op_2

STOCK BASED COMPENSATION - Options outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Options Outstanding
Outstanding at beginning of period (in shares)	1,202,979
Options granted (in shares)	2,969,945	995,633
Options exercised (in shares)	(81,988)
Forfeited (in shares)	(11,048)
Outstanding at end of period (in shares)	4,079,888	1,202,979
Exercisable at end of period (in shares)	1,447,191
Nonvested at end of period (in shares)	2,632,697
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 1.35
Options granted (in dollars per share)	6.57
Options exercised (in dollars per share)	2.77
options forfeited(in dollars per share)	4.70
Outstanding at end of period (in dollars per share)	5.11	$ 1.35
Exercisable at end of period (in dollars per share)	2.78
Nonvested at end of period (in dollars per share)	$ 6.39
Weighted-Average Remaining Contractual Term-in years
Outstanding	8 years 3 months 4 days	9 years 1 month 21 days
Exercisable	8 years 5 months 12 days
Nonvested	8 years 1 month 24 days
Aggregate Intrinsic Value
Outstanding (in dollars)	$ 82,327	$ 4,026
Exercisable (in dollars)	34,818
Nonvested (in dollars)	$ 47,508

STOCK BASED COMPENSATION - Op_3

STOCK BASED COMPENSATION - Options that Contain Service, Performance and Market Conditions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Options granted (in shares)	2,969,945	995,633
Fair value at grant date	$ 3,500	$ 40
Stock options - Service, performance and market conditions
Stock-based compensation
Options granted (in shares)	159,501
Fair value at grant date	$ 500
Stock options - Service, performance and market conditions | Minimum
Stock-based compensation
Derived service period	P1D
Stock options - Service, performance and market conditions | Maximum
Stock-based compensation
Derived service period	P3Y

STOCK BASED COMPENSATION - Valu

STOCK BASED COMPENSATION - Valuation assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Valuation Assumptions
Dividend yield (as a percent)	0.00%
Stock options - Service conditions only
Valuation Assumptions
Expected term/Time to expiration (in years)	5 years 8 months 12 days	5 years 10 months 24 days
Volatility	72.54%	71.78%
Risk-free interest rate	2.17%	2.71%
Dividend yield (as a percent)	0.00%	0.00%
Stock options - Service, performance and market conditions
Valuation Assumptions
Expected term/Time to expiration (in years)	10 years
Volatility	68.54%
Risk-free interest rate	2.64%
Dividend yield (as a percent)	0.00%
Cost of equity	24.00%
Fair value of underlying common stock (as of valuation date)	$ 5.85

STOCK BASED COMPENSATION - Serv

STOCK BASED COMPENSATION - Service, Performance and Market Condition Option Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Stock-based compensation expense		$ 6,171	$ 272
Options outstanding (in shares)		4,079,888	1,202,979
Stock options - Service, performance and market conditions
Stock-based compensation
Options vested (in shares)		79,778
Stock-based compensation expense		$ 700
Former Interim Chief Financial Officer | Stock options - Service, performance and market conditions
Stock-based compensation
Options vested (in shares)	79,723
General and administrative
Stock-based compensation
Stock-based compensation expense		3,409	$ 132
General and administrative | Former Interim Chief Financial Officer | Stock options - Service, performance and market conditions
Stock-based compensation
Stock-based compensation expense		$ 600

STOCK BASED COMPENSATION - 2019

STOCK BASED COMPENSATION - 2019 Employee Stock Purchase Plan (Details) - 2019 ESPP - shares	1 Months Ended	12 Months Ended
	May 31, 2019	Dec. 31, 2019
Stock-based compensation
Shares issued under ESPP		0
Maximum
Stock-based compensation
Shares authorized (in shares)	180,000
Increase in number of shares reserved and available for issuance (as a percent)	1.00%
Increase in number of shares reserved and available for issuance (in shares)	360,000

STOCKHOLDERS' EQUITY - Authoriz

STOCKHOLDERS' EQUITY - Authorized, issued and outstanding and Common Stock (Details)	12 Months Ended
	Dec. 31, 2019Vote$ / sharesshares	Dec. 31, 2018$ / sharesshares
STOCKHOLDERS' EQUITY
Common Stock, authorized (in shares) | shares	100,000,000	20,441,982
Common Stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Convertible preferred stock, authorized (in shares) | shares		10,883,950
Convertible preferred stock, par value (in dollars per share) | $ / shares		$ 0.0001
Number of votes per common stock | Vote	1
Series A Convertible Preferred Stock
STOCKHOLDERS' EQUITY
Convertible preferred stock, authorized (in shares) | shares	0	3,093,898
Convertible preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Series B Convertible Preferred Stock
STOCKHOLDERS' EQUITY
Convertible preferred stock, authorized (in shares) | shares	0	7,790,052
Convertible preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001

STOCKHOLDERS' EQUITY - Preferre

STOCKHOLDERS' EQUITY - Preferred stock issued (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			2 Months Ended	12 Months Ended
	Feb. 28, 2019	Nov. 30, 2018	Jan. 31, 2017	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
2018 Notes
Preferred Stock
Debt converted into shares		1,097,721
Series A Convertible Preferred Stock
Preferred Stock
Issuance of convertible preferred stock (in shares)			3,093,898
Issue price (in dollars per share)			$ 2.26	$ 2.26		$ 2.26
Gross proceeds from issuance of convertible preferred stock			$ 7
Issuance costs			$ 0.7
Series B Convertible Preferred Stock
Preferred Stock
Issuance of convertible preferred stock (in shares)	442,925			2,904,127	442,925	2,904,127
Issue price (in dollars per share)	$ 7.49	$ 7.49		$ 7.49		$ 7.49
Gross proceeds from issuance of convertible preferred stock	$ 3.3			$ 21.7
Issuance costs	$ 0.3			$ 0.8
Series B Convertible Preferred Stock | 2018 Notes
Preferred Stock
Debt converted into shares				1,097,721

STOCKHOLDERS' EQUITY - Prefer_2

STOCKHOLDERS' EQUITY - Preferred stock summary (Details) - USD ($) $ in Thousands	Dec. 31, 2019	May 16, 2019	Dec. 31, 2018	Dec. 31, 2017
Preferred Stock
Preferred Stock Authorized			10,883,950
Preferred Stock Issued			7,095,746
Preferred Stock Outstanding		0	7,095,746
Carrying Value			$ 35,410
Liquidation Value			$ 36,964
Common Stock Issuable Upon Conversion			7,095,746
Series A Convertible Preferred Stock
Preferred Stock
Preferred Stock Authorized	0		3,093,898
Preferred Stock Issued	0		3,093,898
Preferred Stock Outstanding	0		3,093,898	3,093,898
Carrying Value			$ 6,254	$ 6,254
Liquidation Value	$ 0		$ 7,000
Common Stock Issuable Upon Conversion			3,093,898
Series B Convertible Preferred Stock
Preferred Stock
Preferred Stock Authorized	0		7,790,052
Preferred Stock Issued	0		4,001,848
Preferred Stock Outstanding	0		4,001,848
Carrying Value			$ 29,156
Liquidation Value	$ 0		$ 29,964
Common Stock Issuable Upon Conversion			4,001,848

STOCKHOLDERS' EQUITY - Prefer_3

STOCKHOLDERS' EQUITY - Preferred stock other information (Details) $ / shares in Units, $ in Millions	Nov. 05, 2018	Dec. 31, 2018USD ($)Vote$ / shares	Feb. 28, 2019$ / shares	Nov. 30, 2018$ / shares	Jan. 31, 2017$ / shares
Preferred Stock
Number of votes for each share of common stock into which temporary equity could be converted | Vote		1
Threshold debt obligations | $		$ 2
Conversion ratio (as a percent)		1.00%
Minimum proceeds from conversion of preferred stock if converted | $		$ 30
Series A Convertible Preferred Stock
Preferred Stock
Original issue price (in dollars per share)		$ 2.26			$ 2.26
Stock conversion price (in dollars per share)		2.26
Series B Convertible Preferred Stock
Preferred Stock
Dividend multiple to be paid within twenty-four months following the original issue date	2
Dividend multiple to be paid thereafter following the original issue date	3
Original issue price (in dollars per share)		7.49	$ 7.49	$ 7.49
Stock conversion price (in dollars per share)		$ 7.49

WARRANTS - Issued with Series A

WARRANTS - Issued with Series A Preferred Stock (Details) - 2017 Warrants - Warrants Issued with Series A Preferred Stock $ / shares in Units, $ in Millions	Jan. 26, 2017USD ($)$ / sharesshares	Dec. 31, 2019YRate
Warrants
Warrants to purchase common stock (in shares) | shares	309,389
Warrants to purchase common stock (in dollars) | $	$ 0.2
Exercise price (in dollars per share) | $ / shares	$ 2.49
Contractual term (in years)
Warrants
Measurement input | Y		10
Volatility
Warrants
Measurement input		0.7448
Risk-free interest rate
Warrants
Measurement input		0.0320
Dividend yield
Warrants
Measurement input		0

WARRANTS - 2017 Warrants (Detai

WARRANTS - 2017 Warrants (Details) - shares	Dec. 05, 2019	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Warrants exercised		(20,000)
2017 Warrants | Warrants Issued with Series A Preferred Stock
Class of Warrant or Right [Line Items]
Exercise of warrants of common stock (in shares)	17,026
Warrants exercised	(20,000)

WARRANTS - Issued with the 2018

WARRANTS - Issued with the 2018 Notes (Details) - Warrants Issued with the 2018 Notes - USD ($) $ / shares in Units, $ in Millions	Nov. 05, 2018	Feb. 05, 2018	Jan. 18, 2018
Warrants
Initial fair value recorded as debt discount (in dollars)		$ 0.1	$ 0.1
Warrants to purchase common stock (in shares)	76,847
Warrants to purchase common stock (in dollars)	$ 0.3
Exercise price (in dollars per share)	$ 6.59

WARRANTS - Issued with Series B

WARRANTS - Issued with Series B Preferred Stock (Details) - 2018 Warrants - Warrants Issued with Series B Preferred Stock $ / shares in Units, $ in Millions	2 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2019YRate
Warrants
Warrants to purchase common stock (in shares) | shares	72,261
Warrants to purchase common stock (in dollars) | $	$ 0.2
Exercise price (in dollars per share) | $ / shares	$ 8.24
Expiration term	10 years
Contractual term (in years)
Warrants
Measurement input | Y		10
Volatility
Warrants
Measurement input		0.7322
Risk-free interest rate
Warrants
Measurement input		0.0270
Dividend yield
Warrants
Measurement input		0

WARRANTS - 2018 Warrants (Detai

WARRANTS - 2018 Warrants (Details)	12 Months Ended
	Dec. 31, 2019USD ($)shares
WARRANTS
Outstanding as of beginning of period	386,236
Warrants granted and issued | $	$ 96,128
Warrants exercised	(20,000)
Balance as of end of period	462,364

LEASES - ROU Assets and Liabili

LEASES - ROU Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
ROU Assets and Liabilities
ROU - Asset	$ 2,035
Lease liabilities (current)	356
Lease liabilities (non-current)	$ 1,683

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease Cost	$ 81
General and administrative
Lessee, Lease, Description [Line Items]
Operating Lease Cost	$ 81

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details)	Dec. 31, 2019
LEASES
Weighted-average remaining lease term - operating leases	4 years 9 months 18 days
Weighted-average discount rate - operating leases	5.69%

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
LEASES
2020	$ 462
2021	474
2022	486
2023	497
2024	424
Total lease payments	2,343
Less: interest	304
Total lease liabilities	$ 2,039

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Current tax provision	$ 0	$ 0
Deferred tax provision	$ 0	$ 0

INCOME TAXES - Deferred taxes (

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets/(liabilities)
Operating lease liability	$ 706
Stock-based compensation	1,582	$ 98
Capitalized startup costs	22	35
Right-of use asset	(705)
Net operating loss carryforwards	19,937	6,176
Total deferred tax assets	21,542	6,309
Less: valuation allowance	(21,542)	(6,309)
Net deferred tax asset (liability)

INCOME TAXES - NOLs (Details)

INCOME TAXES - NOLs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Operating loss carryforwards do not expire	$ 39,800
Threshold offsetting percentage of future taxable income	80.00%
Valuation allowance	$ (21,542)	$ (6,309)
Increase in valuation allowance	(15,300)
Federal
Income taxes
NOLs	57,600
NOLs expiring through 2037	3,600
NOLs not subject expiration	54,000
State
Income taxes
NOLs	$ 57,600

INCOME TAXES - Income tax rate

INCOME TAXES - Income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Tax rate reconciliation
Federal statutory rate (as a percent)	21.00%	21.00%
State and local taxes net of federal tax benefit (as a percent)	13.20%	13.50%
Tax rate change (as a percent)	0.00%	0.30%
Change in valuation allowance (as a percent)	(33.40%)	(28.50%)
Permanently disallowed interest expense (as a percent)	(0.70%)	(6.30%)
Other (as a percent)	(0.10%)
Total (as a percent)	0.00%	0.00%

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
BENEFIT PLANS
Employer matching contributions to the plan	$ 69,000	$ 11,000

NET LOSS PER COMMON SHARE - EPS

NET LOSS PER COMMON SHARE - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss	$ (45,513)	$ (16,521)
Denominator:
Weighted-average common stock outstanding	12,831,221	5,483,149
Net loss per share attributable to common stockholders-basic and diluted	$ (3.55)	$ (3.01)

NET LOSS PER COMMON SHARE - Ant

NET LOSS PER COMMON SHARE - Anti-dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Preferred Stock
Antidilutive securities excluded from computation of loss per share
Potential dilutive securities excluded from the computation of diluted net loss per share attributable to common stockholders		3,093,898
Options
Antidilutive securities excluded from computation of loss per share
Potential dilutive securities excluded from the computation of diluted net loss per share attributable to common stockholders	4,079,888	1,035,466
Warrants Liability
Antidilutive securities excluded from computation of loss per share
Potential dilutive securities excluded from the computation of diluted net loss per share attributable to common stockholders	462,364	309,389

RELATED PARTIES (Details)

RELATED PARTIES (Details) - LaunchLabs Agreement - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Payments to related party	$ 85,000	$ 13,000
Due to related parties	$ 0

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event. $ / shares in Units, $ in Millions	Jan. 28, 2020USD ($)$ / sharesshares
Secondary Public Offering
Subsequent event
Issuance of common stock (in shares)	3,152,712
Issue price (in dollars per share) | $ / shares	$ 45.50
Gross proceeds | $	$ 143.4
Underwriters' Option
Subsequent event
Issuance of common stock (in shares)	411,223