Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SLDB | |
Entity Registrant Name | Solid Biosciences Inc. | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001707502 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 46,101,794 | |
Entity File Number | 001-38360 | |
Entity Tax Identification Number | 90-0943402 | |
Entity Address, Address Line One | 141 Portland Street, Fifth Floor | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02139 | |
City Area Code | 617 | |
Local Phone Number | 337-4680 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 40,441 | $ 76,043 |
Available-for-sale-securities | 7,481 | |
Prepaid expenses and other current assets | 3,094 | 2,778 |
Total current assets | 43,535 | 86,302 |
Property and equipment, net | 9,582 | 11,645 |
Operating lease, right-of-use assets | 4,310 | 4,988 |
Other non-current assets | 209 | 209 |
Restricted cash | 327 | 327 |
Total assets | 57,963 | 103,471 |
Current liabilities: | ||
Accounts payable | 2,793 | 7,124 |
Accrued expenses | 8,315 | 9,178 |
Operating lease liabilities | 1,863 | 1,736 |
Finance lease liabilities | 197 | 186 |
Other current liabilities | 52 | |
Total current liabilities | 13,168 | 18,276 |
Operating lease liabilities, excluding current portion | 3,450 | 4,414 |
Finance lease liabilities, excluding current portion | 632 | 733 |
Total liabilities | 17,250 | 23,423 |
Commitments and contingencies (Note 11) | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized at June 30, 2020 and December 31, 2019; no shares issued and outstanding at June 30, 2020 and December 31, 2019 | ||
Common stock, $0.001 par value; 300,000,000 shares authorized at June 30, 2020 and December 31, 2019; 46,068,393 shares issued and outstanding at June 30, 2020 and 45,987,571 shares issued and outstanding at December 31, 2019; 2,295,699 pre-funded warrants outstanding at June 30, 2020 and December 31, 2019 | 48 | 48 |
Additional paid-in capital | 402,625 | 396,278 |
Accumulated other comprehensive income | 1 | |
Accumulated deficit | (361,960) | (316,279) |
Total stockholders’ equity | 40,713 | 80,048 |
Total liabilities and stockholders’ equity | $ 57,963 | $ 103,471 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 46,068,393 | 45,987,571 |
Common stock, shares outstanding | 45,987,571 | 45,987,571 |
Pre-funded warrants outstanding | 2,295,699 | 2,295,699 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Research and development | 13,448 | 21,610 | 33,113 | 44,879 |
General and administrative | 5,526 | 5,359 | 10,776 | 12,392 |
Restructuring charges | 1,944 | |||
Total operating expenses | 18,974 | 26,969 | 45,833 | 57,271 |
Loss from operations | (18,974) | (26,969) | (45,833) | (57,271) |
Other income (expense): | ||||
Interest (expense) income | (13) | 367 | 151 | 875 |
Other income | 77 | 1 | 289 | |
Total other income (expense), net | (13) | 444 | 152 | 1,164 |
Net loss | $ (18,987) | $ (26,525) | $ (45,681) | $ (56,107) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.39) | $ (0.76) | $ (0.95) | $ (1.61) |
Weighted average shares of common stock outstanding, basic and diluted | 48,163,094 | 34,843,344 | 48,111,186 | 34,810,101 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (18,987) | $ (26,525) | $ (45,681) | $ (56,107) |
Other comprehensive loss: | ||||
Unrealized (loss) gain on available-for-sale securities | 1 | (4) | (1) | 8 |
Comprehensive loss | $ (18,986) | $ (26,529) | $ (45,682) | $ (56,099) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2018 | $ 125,183 | $ 35 | $ 324,209 | $ (5) | $ (199,056) |
Beginning balance, units at Dec. 31, 2018 | 35,432,460 | ||||
Equity-based compensation | 7,411 | 7,411 | |||
Net loss | (56,107) | (56,107) | |||
Forfeiture of restricted stock awards units | (33,566) | ||||
Unrealized gain (loss) on available for sale securities | 8 | 8 | |||
Ending balance at Jun. 30, 2019 | 76,495 | $ 35 | 331,620 | 3 | (255,163) |
Ending balance, units at Jun. 30, 2019 | 35,398,894 | ||||
Beginning balance at Mar. 31, 2019 | 99,113 | $ 35 | 327,709 | 7 | (228,638) |
Beginning balance, units at Mar. 31, 2019 | 35,414,914 | ||||
Equity-based compensation | 3,911 | 3,911 | |||
Net loss | (26,525) | (26,525) | |||
Forfeiture of restricted stock awards units | (16,020) | ||||
Unrealized gain (loss) on available for sale securities | (4) | (4) | |||
Ending balance at Jun. 30, 2019 | 76,495 | $ 35 | 331,620 | 3 | (255,163) |
Ending balance, units at Jun. 30, 2019 | 35,398,894 | ||||
Beginning balance at Dec. 31, 2019 | 80,048 | $ 48 | 396,278 | 1 | (316,279) |
Beginning balance, units at Dec. 31, 2019 | 48,283,270 | ||||
Equity-based compensation | 6,347 | 6,347 | |||
Net loss | (45,681) | (45,681) | |||
Vesting of restricted stock, units | 121,975 | ||||
Forfeiture of restricted stock awards units | (41,153) | ||||
Unrealized gain (loss) on available for sale securities | (1) | (1) | |||
Ending balance at Jun. 30, 2020 | 40,713 | $ 48 | 402,625 | (361,960) | |
Ending balance, units at Jun. 30, 2020 | 48,364,092 | ||||
Beginning balance at Mar. 31, 2020 | 56,456 | $ 48 | 399,382 | (1) | (342,973) |
Beginning balance, units at Mar. 31, 2020 | 48,366,423 | ||||
Equity-based compensation | 3,243 | 3,243 | |||
Net loss | (18,987) | (18,987) | |||
Forfeiture of restricted stock awards units | (2,331) | ||||
Unrealized gain (loss) on available for sale securities | 1 | $ 1 | |||
Ending balance at Jun. 30, 2020 | $ 40,713 | $ 48 | $ 402,625 | $ (361,960) | |
Ending balance, units at Jun. 30, 2020 | 48,364,092 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (45,681) | $ (56,107) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of (discount)/premium on available-for-sale securities | (20) | (235) |
Equity-based compensation expense | 6,347 | 7,411 |
Depreciation expense | 2,360 | 1,254 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current and non-current assets | 362 | (4,301) |
Accounts payable | (3,892) | 2,437 |
Accrued expenses and other current and non-current liabilities | (1,818) | (2,687) |
Net cash used in operating activities | (42,342) | (52,228) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (759) | (3,092) |
Proceeds from sale and maturities of available-for-sale securities | 7,900 | 43,349 |
Purchases of available-for-sale securities | (401) | (22,559) |
Net cash provided by investing activities | 6,740 | 17,698 |
Cash flows from financing activities: | ||
Net decrease in cash, cash equivalents and restricted cash | (35,602) | (34,530) |
Cash, cash equivalents, and restricted cash at beginning of period | 76,370 | 86,693 |
Cash, cash equivalents, and restricted cash at end of period | 40,768 | 52,163 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Operating lease liabilities arising from obtaining right-of-use asset | 1,629 | |
Property and equipment included in accounts payable and accruals | $ 27 | $ 395 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Nature of Business Solid Biosciences Inc. was organized in March 2013 under the name SOLID Ventures Management, LLC. In October 2013, the company changed its name to Solid Ventures, LLC and in June 2015, the company changed its name to Solid Biosciences, LLC. The company operated as a Delaware limited liability company under the name Solid Biosciences, LLC until immediately prior to the effectiveness of its registration statement on Form S-1 on January 25, 2018, at which time it completed a statutory corporate conversion into a Delaware corporation (the “Corporate Conversion”) and changed its name to Solid Biosciences Inc. (the “Company”). In addition, entities formed solely for the purpose of holding membership interests in the Company’s limited liability company were merged with and into the Company. As a result of the Corporate Conversion, all of the Series 1 and 2 Senior Preferred, Junior Preferred Units, Series A, B, C and D Common Units of Solid Biosciences, LLC converted into shares of common stock of Solid Biosciences Inc. on a one for 0.8485 basis and all of the unit holders of Solid Biosciences, LLC became holders of common stock of Solid Biosciences Inc. The Company’s mission is to cure Duchenne muscular dystrophy (“Duchenne”), a genetic muscle-wasting disease predominantly affecting boys. It is caused by mutations in the dystrophin gene, which result in the absence or near-absence of dystrophin protein. Dystrophin protein works to strengthen muscle fibers and protect them from daily wear and tear. Without functioning dystrophin and certain associated proteins, muscles suffer excessive damage from normal daily activities and are unable to regenerate, leading to the build-up of fibrotic, or scar, and fat tissue. The Company’s lead product candidate, SGT-001, is a gene transfer candidate under investigation for its ability to drive functional dystrophin protein expression in patients’ muscles and improve the course of the disease. SGT-001 has been granted Rare Pediatric Disease Designation and Fast Track in the United States and Orphan Drug Designations in both the United States and European Union. The Company filed an Investigational New Drug application (“IND”) in September 2017 and initiated a Phase I/II clinical trial for SGT-001 in the United States during the fourth quarter of 2017 , which is called IGNITE DMD. In November 2019, IGNITE DMD was placed on clinical hold by the U.S. Food and Drug Administration (“FDA”). In April 2020, the Company submitted a response to the FDA that included changes to the clinical protocol designed to enhance patient safety, as well as information related to improvements to its manufacturing process. The FDA responded by maintaining the clinical hold and requesting further data and analyses relating to this manufacturing process. In June 2020, the Company submitted a response to the FDA that provided data related to manufacturing process improvements. In July 2020, the Company announced that the FDA responded by maintaining the clinical hold and requesting further manufacturing information and updated safety and efficacy data for all patients dosed in the trial, as well as providing direction on the total viral load to be administered per patient. The Company is evaluating next steps and plans to continue its dialogue with the FDA to determine the appropriate path for SGT-001. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on licenses, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive pre-clinical studies and clinical trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting capabilities. The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from, among others, other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, partners and consultants. Liquidity The accompanying condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Through June 30, 2020, the Company has funded its operations primarily with the proceeds from the sale of redeemable preferred units and member units as well as the sale of common stock and prefunded warrants to purchase shares of its common stock in private placements and the sale of common stock in its initial public offering. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. As of June 30, 2020, the Company had an accumulated deficit of $361,960. During the three and six months ended June 30, 2020, the Company incurred a net loss of $18,987 and $45,681, respectively, and the Company used $42,342 of cash in operations for the six months ended June 30, 2020. The Company expects to continue to generate operating losses in the foreseeable future. Based upon its current operating plan, the Company expects that its cash and cash equivalents of $40,441 as of June 30, 2020 will be sufficient to fund its operating expenses and capital requirements into the first quarter of 2021. In accordance with the requirements of ASC 205-40, the Company determined that there is substantial doubt about the Company’s ability to continue as a going concern within twelve months of the issuance date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all, nor is it considered probable under the accounting standards. As such, under the requirements of ASC 205-40, management may not consider the potential for future capital raises or management plans to reduce costs that are not considered probable in its assessment of the Company’s ability to meet its obligations for the next twelve months. If the Company is unable to obtain funding, the Company would be forced to delay, reduce or eliminate some or all of its research and development programs, pre-clinical and clinical testing or commercialization efforts, which could adversely affect its business prospects. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements include the accounts of Solid Biosciences Inc. and its wholly owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated. In the opinion of management, the Company’s accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the Company’s financial statements for interim periods in accordance with GAAP. The information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company’s accounting policies are described in the “Notes to Consolidated Financial Statements” in its Annual Report on Form 10-K for the year ended December 31, 2019 and updated, as necessary, in this report. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the recognition of research and development expenses and equity-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including clinical trials and employee-related amounts, will depend on future developments that are highly uncertain, including new information that may emerge concerning COVID-19 and the actions taken to contain it or treat its impact. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates. Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Restricted Cash The Company held restricted cash of $327 in separate restricted bank accounts as security deposits for leases of the Company’s facilities as of June 30, 2020 and December 31, 2019. The Company has included restricted cash of $327 as a non-current asset as of June 30, 2020 and December 31, 2019. A reconciliation of the amounts of cash and cash equivalents and restricted cash from the cash flow statement to the balance sheet is as follows: June 30, 2020 December 31, 2019 Cash and cash equivalents as presented on balance sheet $ 40,441 $ 76,043 Restricted cash, non-current, as presented on balance sheet 327 327 Cash and cash equivalents and restricted cash as presented on cash flow statement $ 40,768 $ 76,370 Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on developing treatments through gene therapy and other means for patients with Duchenne. All of the Company’s tangible assets are held in the United States. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board issued ASU No. 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief This standard will be effective for the Company on January 1, 2023. . |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | 3. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of June 30, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 14,462 $ — $ 14,462 $ — $ 14,462 $ — $ 14,462 Fair Value Measurements as of December 31, 2019 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 50,037 $ — $ 50,037 Available-for-sale securities — 7,481 — 7,481 $ — $ 57,518 $ — $ 57,518 As of June 30, 2020, there were no available-for-sale securities. As of December 31, 2019, the fair values of the Company’s available-for-sale debt securities were determined using Level 2 inputs. At December 31, 2019, the Company’s portfolio of available-for-sale securities consisted of corporate bond securities and commercial paper. During the six months ended June 30, 2020 and the year ended December 31, 2019, there were no transfers between Level 1, Level 2 and Level 3. The fair value of the Company’s cash, restricted cash, accounts payable, and accrued expenses and other current liabilities approximate their carrying value due to their short-term maturities. |
Available-for-Sale Securities
Available-for-Sale Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Securities | 4. Available-for-Sale Securities As of June 30, 2020, there were no available-for-sale securities. As of December 31, 2019, the fair value of available-for-sale securities by type of security was as follows: December 31, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Investments: Corporate bond securities 1,502 1 — 1,503 Commercial paper 5,978 — — 5,978 $ 7,480 $ 1 $ — $ 7,481 The estimated fair value and amortized cost of the Company’s available-for-sale securities by contractual maturity are summarized as follows: December 31, 2019 Amortized Cost Fair Value Due in one year or less $ 7,480 $ 7,481 Total available-for-sale securities $ 7,480 $ 7,481 The weighted average maturity of the Company’s available-for-sale securities as of |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following: June 30, 2020 December 31, 2019 Furniture and fixtures $ 203 $ 203 Laboratory equipment 9,616 9,425 Leasehold improvements 4,686 4,686 Computer equipment 436 428 Computer software 541 372 Construction in process 1,251 1,322 16,733 16,436 Less accumulated depreciation 7,151 4,791 $ 9,582 $ 11,645 Depreciation expense was $1,334 and $2,360 for the three and six months ended June 30, 2020, respectively, and $658 and $1,254 for the three and six months ended June 30, 2019, respectively. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 6. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: June 30, 2020 December 31, 2019 Prepaid research and development expenses $ 642 $ 1,290 Prepaid expenses and other assets 2,452 1,488 $ 3,094 $ 2,778 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: June 30, 2020 December 31, 2019 Accrued research and development $ 3,898 $ 3,742 Accrued compensation 3,257 3,583 Accrued other 1,160 1,853 $ 8,315 $ 9,178 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity On July 30, 2019, the Company issued and sold in a private placement (i) 10,607,525 shares of its common stock at a price per share of $4.65 and (ii) 2,295,699 pre-funded warrants to purchase shares of its common stock at a price per warrant of $4.64. Each pre-funded warrant is exercisable for one share of common stock at an exercise price of $0.01 and the pre-funded warrants have no expiration date. The Company received gross proceeds from the private placement of $59,977, before deducting offering costs of $2,079. No warrants were exercised during the three or six months ended June 30, 2020 and no warrants were outstanding during the three or six months ended June 30, 2019. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 9. Equity-Based Compensation In connection with the closing of the Company’s initial public offering, the board of directors and stockholders approved the 2018 Omnibus Incentive Plan, which provides for the reservation of 5,001,000 shares of common stock for equity awards. On June 16, 2020, the Company’s stockholders approved the 2020 Equity Incentive Plan (“2020 Plan”) which consists of (i) 3,000,000 shares of common stock and (ii) additional shares of common stock (up to 4,879,025)as is equal to (i) the number of shares reserved under the Company’s 2018 Omnibus Incentive Plan (“2018 Plan”) that remain available for grant under the 2018 Plan as of immediately prior to the date the 2020 Plan was approved by the Company’s stockholders and (ii) the number of shares subject to awards granted under the 2018 Plan which awards expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right. During the three and six months ended June 30, 2020, the Company granted options for the purchase of 581,800 and 1,397,916 shares of common stock, respectively. During the three and six months ended , the Company granted 436,065 and 1,393,720 restricted stock units, respectively. The Company recorded equity-based compensation expense related to all of its share-based awards to employees and non-employees in the following captions within its condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 1,616 $ 2,114 $ 2,855 $ 3,933 General and administrative 1,627 1,797 2,641 3,478 Restructuring — — 851 — Total $ 3,243 $ 3,911 $ 6,347 $ 7,411 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes During the three and six months ended June 30, 2020 and 2019, the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits and orphan drug credits generated in each year due to its uncertainty of realizing a benefit from those items. The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at June 30, 2020 As of June 30, 2020, and December 31, 2019, the Company had not recorded any amounts for unrecognized tax benefits. The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s C-Corporation tax years beginning with the year ended December 31, 2018 are open under statute. Any tax credit or net operating loss carryforward can be adjusted in future periods after the respective year of generation’s statute of limitation has closed. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal Proceedings The Company may periodically become subject to legal proceedings and claims arising in connection with ongoing business activities, including claims or disputes related to patents that have been issued or that are pending in the field of research on which the Company is focused. The Company is not aware of any material claims as of June 30, 2020. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 12. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders were calculated as follows: The numerator for basic and diluted net loss per share attributable to common stockholders is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss attributable to common stockholders $ (18,987 ) $ (26,525 ) $ (45,681 ) $ (56,107 ) The denominator is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average shares of common stock outstanding, basic and diluted 48,163,094 34,843,344 48,111,186 34,810,101 Net loss per share attributable to common stockholders, basic and diluted is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss per share attributable to common stockholders $ (0.39 ) $ (0.76 ) $ (0.95 ) $ (1.61 ) The following potential common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect for the three and six months ended June 30 2020 2019 Options to purchase shares of common stock 3,607,953 2,730,362 Unvested shares of common stock 184,171 523,687 Unvested restricted stock units 1,421,095 — 5,213,219 3,254,049 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 13. Restructuring In January 2020, the Company’s board of directors approved a restructuring plan to reduce operating costs and better align the Company’s workforce with the needs of its business following the Company’s November 2019 announcement that the SGT-001 IGNITE DMD trial was placed on clinical hold by the U.S. Food and Drug Administration. Under the restructuring plan, the Company made changes to its management team and reduced headcount by approximately 30 percent. Affected employees were eligible to receive severance payments and outplacement services in connection with the restructuring plan. During the three and six months ended June 30, 2020, the Company recorded aggregate restructuring charges of $0 and $1,944, respectively, related to severance payments and other employee-related costs. The Company does not expect to incur any additional significant costs associated with this restructuring. During the three and six months ended June 30, 2020, $462 and $1,425, respectively, of the estimated restructuring charges were paid. The Company expects the remaining accrued restructuring costs of $519 will be paid in the next nine months. The following table shows the total amount expected to be incurred and the liability related to the 2020 restructuring for the three and six months ended June 30, 2020: One-Time Employee Termination Benefits Accrued restructuring costs as of December 31, 2019 $ - Restructuring charges incurred during the period 1,944 Amounts paid during the period (963 ) Accrued restructuring costs as of March 31, 2020 $ 981 Amounts paid during the period (462 ) Accrued restructuring costs as of June 30, 2020 $ 519 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the recognition of research and development expenses and equity-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including clinical trials and employee-related amounts, will depend on future developments that are highly uncertain, including new information that may emerge concerning COVID-19 and the actions taken to contain it or treat its impact. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates. |
Cash Equivalents | Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. |
Restricted Cash | Restricted Cash The Company held restricted cash of $327 in separate restricted bank accounts as security deposits for leases of the Company’s facilities as of June 30, 2020 and December 31, 2019. The Company has included restricted cash of $327 as a non-current asset as of June 30, 2020 and December 31, 2019. A reconciliation of the amounts of cash and cash equivalents and restricted cash from the cash flow statement to the balance sheet is as follows: June 30, 2020 December 31, 2019 Cash and cash equivalents as presented on balance sheet $ 40,441 $ 76,043 Restricted cash, non-current, as presented on balance sheet 327 327 Cash and cash equivalents and restricted cash as presented on cash flow statement $ 40,768 $ 76,370 |
Segment Data | Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on developing treatments through gene therapy and other means for patients with Duchenne. All of the Company’s tangible assets are held in the United States. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board issued ASU No. 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief This standard will be effective for the Company on January 1, 2023. . |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Reconciliation of Amounts From Cash Flow Statement to Balance Sheet | A reconciliation of the amounts of cash and cash equivalents and restricted cash from the cash flow statement to the balance sheet is as follows: June 30, 2020 December 31, 2019 Cash and cash equivalents as presented on balance sheet $ 40,441 $ 76,043 Restricted cash, non-current, as presented on balance sheet 327 327 Cash and cash equivalents and restricted cash as presented on cash flow statement $ 40,768 $ 76,370 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis and Indicate Level of Fair Value Hierarchy Utilized | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of June 30, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 14,462 $ — $ 14,462 $ — $ 14,462 $ — $ 14,462 Fair Value Measurements as of December 31, 2019 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 50,037 $ — $ 50,037 Available-for-sale securities — 7,481 — 7,481 $ — $ 57,518 $ — $ 57,518 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Fair Value of Available-for-Sale Securities by Type of Security | As of June 30, 2020, there were no available-for-sale securities. As of December 31, 2019, the fair value of available-for-sale securities by type of security was as follows: December 31, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Investments: Corporate bond securities 1,502 1 — 1,503 Commercial paper 5,978 — — 5,978 $ 7,480 $ 1 $ — $ 7,481 |
Summary Estimated Fair Value and Amortized Cost of Available-for-Sale Securities by Contractual Maturity | The estimated fair value and amortized cost of the Company’s available-for-sale securities by contractual maturity are summarized as follows: December 31, 2019 Amortized Cost Fair Value Due in one year or less $ 7,480 $ 7,481 Total available-for-sale securities $ 7,480 $ 7,481 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consists of the following: June 30, 2020 December 31, 2019 Furniture and fixtures $ 203 $ 203 Laboratory equipment 9,616 9,425 Leasehold improvements 4,686 4,686 Computer equipment 436 428 Computer software 541 372 Construction in process 1,251 1,322 16,733 16,436 Less accumulated depreciation 7,151 4,791 $ 9,582 $ 11,645 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: June 30, 2020 December 31, 2019 Prepaid research and development expenses $ 642 $ 1,290 Prepaid expenses and other assets 2,452 1,488 $ 3,094 $ 2,778 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: June 30, 2020 December 31, 2019 Accrued research and development $ 3,898 $ 3,742 Accrued compensation 3,257 3,583 Accrued other 1,160 1,853 $ 8,315 $ 9,178 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Equity-based Compensation Expense | The Company recorded equity-based compensation expense related to all of its share-based awards to employees and non-employees in the following captions within its condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 1,616 $ 2,114 $ 2,855 $ 3,933 General and administrative 1,627 1,797 2,641 3,478 Restructuring — — 851 — Total $ 3,243 $ 3,911 $ 6,347 $ 7,411 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | The numerator for basic and diluted net loss per share attributable to common stockholders is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss attributable to common stockholders $ (18,987 ) $ (26,525 ) $ (45,681 ) $ (56,107 ) The denominator is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average shares of common stock outstanding, basic and diluted 48,163,094 34,843,344 48,111,186 34,810,101 Net loss per share attributable to common stockholders, basic and diluted is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss per share attributable to common stockholders $ (0.39 ) $ (0.76 ) $ (0.95 ) $ (1.61 ) |
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss per Share Attributable to Common Stockholders | The following potential common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect for the three and six months ended June 30 2020 2019 Options to purchase shares of common stock 3,607,953 2,730,362 Unvested shares of common stock 184,171 523,687 Unvested restricted stock units 1,421,095 — 5,213,219 3,254,049 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Total Amount Expected to be Incurred and Liability Related to Restructuring | The following table shows the total amount expected to be incurred and the liability related to the 2020 restructuring for the three and six months ended June 30, 2020: One-Time Employee Termination Benefits Accrued restructuring costs as of December 31, 2019 $ - Restructuring charges incurred during the period 1,944 Amounts paid during the period (963 ) Accrued restructuring costs as of March 31, 2020 $ 981 Amounts paid during the period (462 ) Accrued restructuring costs as of June 30, 2020 $ 519 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 25, 2018 | |
Nature Of Business And Basis Of Presentation [Line Items] | ||||||
Net loss | $ 18,987 | $ 26,525 | $ 45,681 | $ 56,107 | ||
Accumulated deficit | 361,960 | 361,960 | $ 316,279 | |||
Net cash used in operating activities | 42,342 | $ 52,228 | ||||
Cash and cash equivalents | $ 40,441 | $ 40,441 | $ 76,043 | |||
Corporate Conversion [Member] | ||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||
Common stock, conversion ratio | 84.85% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Restricted cash deposit | $ 327 | $ 327 |
Restricted cash noncurrent | $ 327 | $ 327 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Amounts From Cash Flow Statement to Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Reconciliation Of Beginning And End Of Period Amounts From Cash Flow Statement To Balance Sheet [Abstract] | ||||
Cash and cash equivalents as presented on balance sheet | $ 40,441 | $ 76,043 | ||
Restricted cash, non-current, as presented on balance sheet | 327 | 327 | ||
Cash and cash equivalents and restricted cash as presented on cash flow statement | $ 40,768 | $ 76,370 | $ 52,163 | $ 86,693 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis and Indicate Level of Fair Value Hierarchy Utilized (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash equivalents | $ 14,462,000 | $ 50,037,000 |
Available-for-sale securities | 0 | 7,481,000 |
Assets Fair Value Disclosure | 14,462,000 | 57,518,000 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 14,462,000 | 50,037,000 |
Available-for-sale securities | 7,481,000 | |
Assets Fair Value Disclosure | $ 14,462,000 | $ 57,518,000 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 0 | $ 7,481,000 |
Fair value, assets, level 1 to level 2 transfers, amount | 0 | 0 |
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 |
Fair value, assets, transfers into level 3, amount | 0 | 0 |
Fair value, assets, transfers out of level 3, amount | $ 0 | $ 0 |
Available-for-Sale Securities -
Available-for-Sale Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-sale securities | $ 7,481,000 | $ 0 |
Available-for-sale securities weighted average maturity period | 2 months 12 days |
Available-for-Sale Securities_2
Available-for-Sale Securities - Schedule of Fair Value of Available-for-Sale Securities by Type of Security (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 7,480,000 | |
Gross Unrealized Gain | 1,000 | |
Fair Value | $ 0 | 7,481,000 |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,502,000 | |
Gross Unrealized Gain | 1,000 | |
Fair Value | 1,503,000 | |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,978,000 | |
Fair Value | $ 5,978,000 |
Available-for-Sale Securities_3
Available-for-Sale Securities - Summary Estimated Fair Value and Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less, amortized cost | $ 7,480,000 | |
Amortized Cost | 7,480,000 | |
Due in one year or less, fair value | 7,481,000 | |
Total available-for-sale securities, fair value | $ 0 | $ 7,481,000 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 16,733 | $ 16,436 |
Less accumulated depreciation | 7,151 | 4,791 |
Property and equipment, net | 9,582 | 11,645 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 203 | 203 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,616 | 9,425 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,686 | 4,686 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 436 | 428 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 541 | 372 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,251 | $ 1,322 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 1,334 | $ 658 | $ 2,360 | $ 1,254 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid research and development expenses | $ 642 | $ 1,290 |
Prepaid expenses and other assets | 2,452 | 1,488 |
Prepaid expenses and other current assets | $ 3,094 | $ 2,778 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | $ 8,315 | $ 9,178 |
Accrued Research and Development [Member] | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | 3,898 | 3,742 |
Accrued Compensation [Member] | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | 3,257 | 3,583 |
Accrued Other [Member] | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | $ 1,160 | $ 1,853 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Class Of Stock [Line Items] | |||||
Gross proceeds from private placement | $ 59,977 | ||||
Warrants outstanding | 2,295,699 | 2,295,699 | 2,295,699 | 0 | |
Private Placement [Member] | |||||
Class Of Stock [Line Items] | |||||
Offering costs | $ 2,079 | ||||
Common Stock [Member] | Private Placement [Member] | |||||
Class Of Stock [Line Items] | |||||
Stock issued and sold | 10,607,525 | ||||
Stock price per share | $ 4.65 | ||||
Pre-Funded Warrants [Member] | |||||
Class Of Stock [Line Items] | |||||
Warrants exercised | 0 | 0 | |||
Pre-Funded Warrants [Member] | Private Placement [Member] | |||||
Class Of Stock [Line Items] | |||||
Warrants to purchase common stock | 2,295,699 | ||||
Warrants price per share | $ 4.64 | ||||
Warrants exercisable for common stock | 1 | ||||
Exercise price of warrant | $ 0.01 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - shares | Jun. 16, 2020 | Jun. 30, 2020 | Jun. 30, 2020 |
2018 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for common stock for equity awards | 5,001,000 | 5,001,000 | |
Common stock purchased | 581,800 | 1,397,916 | |
2018 Omnibus Incentive Plan [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 436,065 | 1,393,720 | |
2020 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for common stock for equity awards | 3,000,000 | ||
2020 Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of additional shares authorized for common stock for equity awards | 4,879,025 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Equity-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 3,243 | $ 3,911 | $ 6,347 | $ 7,411 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 1,616 | 2,114 | 2,855 | 3,933 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 1,627 | $ 1,797 | 2,641 | $ 3,478 |
Restructuring [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 851 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share Basic [Line Items] | ||||
Net loss attributable to common stockholders | $ (18,987) | $ (26,525) | $ (45,681) | $ (56,107) |
Weighted average shares of common stock outstanding, basic and diluted | 48,163,094 | 34,843,344 | 48,111,186 | 34,810,101 |
Net loss per share attributable to common stockholders | $ (0.39) | $ (0.76) | $ (0.95) | $ (1.61) |
Common Stock [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Weighted average shares of common stock outstanding, basic and diluted | 48,163,094 | 34,843,344 | 48,111,186 | 34,810,101 |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from calculation of diluted net loss per share | 5,213,219 | 3,254,049 |
Options to Purchase Shares of Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from calculation of diluted net loss per share | 3,607,953 | 2,730,362 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from calculation of diluted net loss per share | 1,421,095 | |
Unvested Shares of Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from calculation of diluted net loss per share | 184,171 | 523,687 |
Restructuring- Additional Infor
Restructuring- Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | |
Restructuring Costs [Abstract] | ||
Number of headcount reduced, percentage | 30.00% | |
Restructuring charges related to severance payment and other employee-related costs | $ 0 | $ 1,944 |
Restructuring charges were paid | 462 | 1,425 |
Restructuring costs | $ 519 | $ 519 |
Restructuring - Schedule of Tot
Restructuring - Schedule of Total Amount Expected to be Incurred and Liability Related to Restructuring (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Restructuring Costs [Line Items] | |||
Restructuring charges incurred during the period | $ 1,944 | ||
Amounts paid during the period | $ (462) | (1,425) | |
Accrued restructuring costs as of March 31, 2020 | 519 | 519 | |
One-Time Employee Termination Benefits [Member] | |||
Restructuring Costs [Line Items] | |||
Accrued restructuring costs as of December 31, 2019 | 981 | ||
Restructuring charges incurred during the period | $ 1,944 | ||
Amounts paid during the period | (462) | (963) | |
Accrued restructuring costs as of March 31, 2020 | $ 519 | $ 981 | $ 519 |