Cover
Cover | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Document Type | S-4/A |
Amendment Flag | true |
Amendment Description | The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine. |
Entity Registrant Name | resTORbio, Inc. |
Entity Central Index Key | 0001720580 |
Entity Filer Category | Accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 70,889 | $ 33,774 | $ 7,042 |
Marketable securities | 57,699 | 100,986 | |
Prepaid expenses | 1,707 | 1,491 | |
Prepaid expenses and other current assets | 2,860 | 1,780 | |
Other current assets | 73 | 15 | |
Total current assets | 73,749 | 93,253 | 109,534 |
Restricted cash | 245 | 245 | 84 |
Property and equipment, net | 348 | 414 | 321 |
Total assets | 74,342 | 93,912 | 109,939 |
Current liabilities: | |||
Accounts payable | 2,467 | 6,716 | 2,989 |
Accrued liabilities | 1,097 | 5,483 | 2,727 |
Total current liabilities | 3,564 | 12,199 | 5,716 |
Other liabilities | 34 | 15 | 19 |
Total liabilities | 3,598 | 12,214 | 5,735 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | 0 | 0 | 0 |
Common stock | 4 | 4 | 3 |
Additional paid-in capital | 237,509 | 235,777 | 175,635 |
Accumulated deficit | (166,769) | (154,132) | (71,393) |
Accumulated other comprehensive income (loss) | 49 | (41) | |
Total stockholders' equity | 70,744 | 81,698 | 104,204 |
Total liabilities and stockholders' equity | $ 74,342 | $ 93,912 | $ 109,939 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 |
Common stock, shares issued | 36,446,853 | 36,444,732 | 28,055,344 |
Common stock, shares outstanding | 36,446,853 | 36,444,732 | 28,055,344 |
Common stock, shares vested | 36,444,732 | 28,054,344 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses: | |||||||
Research and development | $ 1,788 | $ 16,553 | $ 6,629 | $ 25,405 | $ 73,634 | $ 31,065 | $ 16,839 |
General and administrative | 3,864 | 2,616 | 6,403 | 5,455 | 11,823 | 8,640 | 2,043 |
Total Operating expenses | 5,652 | 19,169 | 13,032 | 30,860 | 85,457 | 39,705 | 18,882 |
Loss from operations | (5,652) | (19,169) | (13,032) | (30,860) | (85,457) | (39,705) | (18,882) |
Interest income | 2,817 | 2,124 | |||||
Other income (expense), net | 54 | 847 | 403 | 1,478 | (63) | (7) | (14,896) |
Loss before income taxes | (5,598) | (18,322) | (12,629) | (29,382) | (82,703) | (37,588) | (33,778) |
Income tax expense | 1 | 10 | 8 | 19 | 36 | 26 | 0 |
Net loss | $ (5,599) | $ (18,332) | $ (12,637) | $ (29,401) | $ (82,739) | $ (37,614) | $ (33,778) |
Net loss per share, basic and diluted | $ (0.15) | $ (0.51) | $ (0.35) | $ (0.91) | $ (2.41) | $ (1.42) | $ (8.42) |
Weighted-average common shares used in computing net loss per share, basic and diluted | 36,446,235 | 35,684,368 | 36,445,460 | 32,248,646 | 34,306,374 | 26,439,216 | 4,009,513 |
Other comprehensive gain (loss): | |||||||
Net unrealized (losses) gains on marketable securities | $ (32) | $ 138 | $ (49) | $ 211 | $ 90 | $ (41) | |
Total other comprehensive income (loss) | 90 | (41) | |||||
Comprehensive loss | $ (5,631) | $ (18,194) | $ (12,686) | $ (29,190) | $ (82,649) | $ (37,655) | $ (33,778) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Public Offering | At The Market Offering | Restricted Shares | Restricted stock units | Common Stock | Common StockPublic Offering | Common StockAt The Market Offering | Common StockRestricted Shares | Common StockRestricted stock units | Additional Pain In Capital | Additional Pain In CapitalPublic Offering | Additional Pain In CapitalAt The Market Offering | Additional Pain In CapitalRestricted Shares | Additional Pain In CapitalRestricted stock units | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Series A Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock |
Balance at Dec. 31, 2016 | $ 0 | $ 1 | $ 0 | $ (1) | $ 0 | ||||||||||||||
Balance, shares at Dec. 31, 2016 | 2,082,860 | ||||||||||||||||||
Issuance of common shares to PureTech, shares | 1,886,363 | ||||||||||||||||||
Issuance of redeemable convertible preferred stock | $ 41,674 | $ 39,946 | |||||||||||||||||
Issuance of redeemable convertible preferred stock, shares | 15,527,951 | 4,792,716 | |||||||||||||||||
Issuance of redeemable convertible preferred stock, adjustments to additional paid in capital | 1,379 | 1,379 | |||||||||||||||||
Vesting of restricted shares, shares | 593,417 | ||||||||||||||||||
Stock-based compensation expense | 470 | 470 | |||||||||||||||||
Net loss | (33,778) | (33,778) | |||||||||||||||||
Balance at Dec. 31, 2017 | (31,929) | $ 1 | 1,849 | (33,779) | |||||||||||||||
Balance, temporary equity, shares at Dec. 31, 2017 | 15,527,951 | 4,792,716 | |||||||||||||||||
Balance, temporary equity at Dec. 31, 2017 | $ 41,674 | $ 39,946 | |||||||||||||||||
Balance, shares at Dec. 31, 2017 | 4,562,640 | ||||||||||||||||||
Conversion of convertible preferred stock into common stock upon the closing of initial public offering | 81,620 | $ 1 | 81,619 | $ (41,674) | $ (39,946) | ||||||||||||||
Conversion of convertible preferred stock into common stock upon the closing of initial public offering, Shares | 15,870,559 | (15,527,951) | (4,792,716) | ||||||||||||||||
Issuance of common stock | $ 89,370 | $ 1 | $ 89,369 | ||||||||||||||||
Issuance of common stock, Shares | 6,516,667 | ||||||||||||||||||
Vesting of restricted shares | 865 | 865 | |||||||||||||||||
Vesting of restricted shares, shares | 1,097,449 | ||||||||||||||||||
Exercise of stock options | 5 | 5 | |||||||||||||||||
Exercise of stock options, Shares | 7,029 | ||||||||||||||||||
Stock-based compensation expense | 1,928 | 1,928 | |||||||||||||||||
Net loss | (37,614) | (37,614) | |||||||||||||||||
Net unrealized gains (losses) on marketable securities | (41) | (41) | |||||||||||||||||
Balance at Dec. 31, 2018 | 104,204 | $ 3 | 175,635 | (71,393) | (41) | ||||||||||||||
Balance, temporary equity, shares at Dec. 31, 2018 | 0 | 0 | |||||||||||||||||
Balance, temporary equity at Dec. 31, 2018 | $ 0 | $ 0 | |||||||||||||||||
Balance, shares at Dec. 31, 2018 | 28,054,344 | ||||||||||||||||||
Issuance of common stock | 46,585 | $ 1 | 46,584 | ||||||||||||||||
Issuance of common stock, Shares | 7,200,000 | ||||||||||||||||||
Vesting of restricted shares | $ 1 | $ 1 | |||||||||||||||||
Vesting of restricted shares, shares | 500 | ||||||||||||||||||
Stock-based compensation expense | 662 | 662 | |||||||||||||||||
Net loss | (11,069) | (11,069) | |||||||||||||||||
Net unrealized gains (losses) on marketable securities | 73 | 73 | |||||||||||||||||
Balance at Mar. 31, 2019 | 140,456 | $ 4 | 222,882 | (82,462) | 32 | ||||||||||||||
Balance, shares at Mar. 31, 2019 | 35,254,844 | ||||||||||||||||||
Balance at Dec. 31, 2018 | 104,204 | $ 3 | 175,635 | (71,393) | (41) | ||||||||||||||
Balance, shares at Dec. 31, 2018 | 28,054,344 | ||||||||||||||||||
Net loss | (29,401) | ||||||||||||||||||
Net unrealized gains (losses) on marketable securities | 211 | ||||||||||||||||||
Balance at Jun. 30, 2019 | 126,942 | $ 4 | 227,562 | (100,794) | 170 | ||||||||||||||
Balance, shares at Jun. 30, 2019 | 35,817,393 | ||||||||||||||||||
Balance at Dec. 31, 2018 | 104,204 | $ 3 | 175,635 | (71,393) | (41) | ||||||||||||||
Balance, shares at Dec. 31, 2018 | 28,054,344 | ||||||||||||||||||
Issuance of common stock | 49,747 | $ 6,716 | $ 1 | 49,746 | $ 6,716 | ||||||||||||||
Issuance of common stock, Shares | 7,687,934 | 687,800 | |||||||||||||||||
Vesting of restricted shares | 1 | 1 | |||||||||||||||||
Vesting of restricted shares, shares | 1,000 | ||||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes | $ (20) | $ (20) | |||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes, shares | 6,625 | ||||||||||||||||||
Exercise of stock options | 6 | 6 | |||||||||||||||||
Exercise of stock options, Shares | 7,029 | ||||||||||||||||||
Stock-based compensation expense | 3,693 | 3,693 | |||||||||||||||||
Net loss | (82,739) | (82,739) | |||||||||||||||||
Net unrealized gains (losses) on marketable securities | 90 | 90 | |||||||||||||||||
Balance at Dec. 31, 2019 | 81,698 | $ 4 | 235,777 | (154,132) | 49 | ||||||||||||||
Balance, shares at Dec. 31, 2019 | 36,444,732 | ||||||||||||||||||
Balance at Mar. 31, 2019 | 140,456 | $ 4 | 222,882 | (82,462) | 32 | ||||||||||||||
Balance, shares at Mar. 31, 2019 | 35,254,844 | ||||||||||||||||||
Issuance of common stock | $ 3,163 | $ 582 | $ 3,163 | $ 582 | |||||||||||||||
Issuance of common stock, Shares | 487,934 | 62,663 | |||||||||||||||||
Vesting of restricted shares, shares | 500 | ||||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes | (15) | (15) | |||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes, shares | 4,423 | ||||||||||||||||||
Exercise of stock options | 6 | 6 | |||||||||||||||||
Exercise of stock options, Shares | 7,029 | ||||||||||||||||||
Stock-based compensation expense | 944 | 944 | |||||||||||||||||
Net loss | (18,332) | (18,332) | |||||||||||||||||
Net unrealized gains (losses) on marketable securities | 138 | 138 | |||||||||||||||||
Balance at Jun. 30, 2019 | 126,942 | $ 4 | 227,562 | (100,794) | 170 | ||||||||||||||
Balance, shares at Jun. 30, 2019 | 35,817,393 | ||||||||||||||||||
Balance at Dec. 31, 2019 | 81,698 | $ 4 | 235,777 | (154,132) | 49 | ||||||||||||||
Balance, shares at Dec. 31, 2019 | 36,444,732 | ||||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes | (1) | (1) | |||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes, shares | 1,019 | ||||||||||||||||||
Stock-based compensation expense | 975 | 975 | |||||||||||||||||
Net loss | (7,038) | (7,038) | |||||||||||||||||
Net unrealized gains (losses) on marketable securities | (17) | (17) | |||||||||||||||||
Balance at Mar. 31, 2020 | 75,617 | $ 4 | 236,751 | (161,170) | 32 | ||||||||||||||
Balance, shares at Mar. 31, 2020 | 36,445,751 | ||||||||||||||||||
Balance at Dec. 31, 2019 | 81,698 | $ 4 | 235,777 | (154,132) | 49 | ||||||||||||||
Balance, shares at Dec. 31, 2019 | 36,444,732 | ||||||||||||||||||
Net loss | (12,637) | ||||||||||||||||||
Net unrealized gains (losses) on marketable securities | (49) | ||||||||||||||||||
Balance at Jun. 30, 2020 | 70,744 | $ 4 | 237,509 | (166,769) | |||||||||||||||
Balance, shares at Jun. 30, 2020 | 36,446,853 | ||||||||||||||||||
Balance at Mar. 31, 2020 | 75,617 | $ 4 | 236,751 | (161,170) | 32 | ||||||||||||||
Balance, shares at Mar. 31, 2020 | 36,445,751 | ||||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes | $ (1) | $ (1) | |||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes, shares | 1,102 | ||||||||||||||||||
Stock-based compensation expense | 759 | 759 | |||||||||||||||||
Net loss | (5,599) | (5,599) | |||||||||||||||||
Net unrealized gains (losses) on marketable securities | (32) | $ (32) | |||||||||||||||||
Balance at Jun. 30, 2020 | $ 70,744 | $ 4 | $ 237,509 | $ (166,769) | |||||||||||||||
Balance, shares at Jun. 30, 2020 | 36,446,853 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Series B Redeemable Convertible Preferred Stock | |||||
Stock issuance cost | $ 54 | ||||
Common Stock | Initial Public Offering | |||||
Stock issuance cost | $ 228 | $ 3,455 | $ 3,683 | $ 8,379 | |
Common Stock | At The Market Offering | |||||
Stock issuance cost | $ 64 | $ 285 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||||
Net loss | $ (12,637) | $ (29,401) | $ (82,739) | $ (37,614) | $ (33,778) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Accretion on marketable securities | 150 | (625) | (1,020) | (673) | |
Depreciation and amortization expense | 68 | 55 | 125 | 80 | 5 |
Loss on disposal of property and equipment | 53 | ||||
Stock-based compensation expense | 1,734 | 1,607 | 3,694 | 2,793 | 470 |
Change in fair value of tranche liability | 14,896 | ||||
Expense related to acquisition of intellectual property | 3,157 | ||||
Changes in operating assets and liabilities: | |||||
Prepaid expenses and other current assets | (1,080) | (1,786) | (274) | (630) | (876) |
Accounts payable | (4,251) | 5,197 | 3,727 | 1,597 | 1,392 |
Accrued liabilities | (4,386) | (1,263) | 2,756 | (1,022) | 3,749 |
Other liabilities | 19 | (8) | (4) | 19 | |
Net cash used in operating activities | (20,383) | (26,224) | (73,682) | (35,450) | (10,985) |
Investing activities: | |||||
Purchases of property and equipment | (48) | (271) | (362) | (44) | |
Maturities of marketable securities | 57,500 | 67,500 | 141,500 | 7,500 | |
Purchases of marketable securities | (77,104) | (97,103) | (107,854) | ||
Net cash provided by (used in) investing activities | 57,500 | (9,652) | 44,126 | (100,716) | (44) |
Financing activities: | |||||
Proceeds from public offering, net of issuance costs | 49,748 | 49,747 | 90,908 | ||
Proceeds from at-the-market offering, net of issuance costs | 627 | 6,716 | |||
Deferred offering costs | (970) | (568) | |||
Taxes paid related to net share settlement of restricted stock units | (2) | (9) | (20) | ||
Proceeds from exercise of stock options | 6 | 5 | |||
Net cash (used in) provided by financing activities | (2) | 50,366 | 56,449 | 89,943 | 64,378 |
Net increase in cash, cash equivalents and restricted cash | 37,115 | 14,490 | 26,893 | (46,223) | 53,349 |
Cash, cash equivalents and restricted cash at beginning of period | 34,019 | 6,881 | 6,881 | ||
Cash, cash equivalents and restricted cash at beginning of period | 34,019 | 7,126 | 7,126 | 53,349 | |
Cash, cash equivalents and restricted cash at end of period | 34,019 | 7,126 | 53,349 | ||
Cash, cash equivalents and restricted cash at end of period | 71,134 | 21,371 | 34,019 | 6,881 | |
Supplemental disclosure of non-cash investing and financing activities: | |||||
Cash paid for income taxes | $ 62 | ||||
Conversion of redeemable convertible preferred stock into common stock | $ 81,620 | ||||
Purchases of property and equipment included in accounts payable | $ 2 | 11 | |||
Issuance costs associated with at-the-market offering included in accounts payable | $ 45 | ||||
Series A Redeemable Convertible Preferred Stock | |||||
Financing activities: | |||||
Proceeds from issuance of redeemable convertible preferred stock | 25,000 | ||||
Series B Redeemable Convertible Preferred Stock | |||||
Financing activities: | |||||
Proceeds from issuance of redeemable convertible preferred stock | $ 39,946 |
Organization
Organization | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | 1. Organization resTORbio, Inc. (collectively referred to with its wholly-owned, controlled subsidiaries, resTORbio Securities Corp. and Project Oasis Merger Sub, Inc. (“Merger Sub”) as “resTORbio” or the “Company”) was incorporated in the State of Delaware on July 5, 2016. The Company is a clinical-stage biopharmaceutical company developing innovative medicines that target the biology of aging to prevent or treat aging-related diseases with the potential to extend healthy lifespan. The Company’s principal operations are located in Boston, Massachusetts. In November 2019, the Company announced that top line data from the PROTECTOR 1 Phase 3 study, evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint and the Company has stopped the development of RTB101 for clinically symptomatic respiratory illness. In February 2020, the Company retained JMP Securities LLC (“JMP”) as a financial advisor to assist it in its evaluation of a broad range of strategic alternatives to enhance stockholder value, including additional capital raising transactions, an acquisition, merger, business combination, licensing and/or other strategic transaction involving the Company. On April 28, 2020, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Adicet Bio, Inc. (“Adicet”) and Merger Sub pursuant to which, subject to the satisfaction or waiver of the conditions therein, The Merger Sub will merge with and into Adicet (the “Merger”), with Adicet continuing as the surviving company and a wholly-owned subsidiary of resTORbio. The Merger Agreement was approved by the members of the Company’s board of directors (the “Board”), and the Board resolved to recommend approval of the Merger Agreement to the Company’s shareholders. The closing of the Merger is subject to approval of the Company shareholders and the satisfaction of customary closing conditions. From the Company’s inception, it has devoted substantially all of its efforts to business planning, engaging regulatory, manufacturing and other technical consultants, planning and executing clinical trials and raising capital. The Company’s future operations are highly dependent on the success of the merger. | 1. Organization resTORbio, Inc. (collectively referred to with its wholly owned, controlled subsidiary, resTORbio Securities Corp. as “resTORbio” or the “the Company”) was incorporated in the State of Delaware on July 5, 2016. The Company is a clinical-stage biopharmaceutical company developing innovative medicines that target the biology of aging to prevent or treat aging-related diseases with the potential to extend healthy lifespan. The Company’s principal operations are located in Boston, Massachusetts. In November 2019, the Company announced that top line data from the PROTECTOR 1 Phase 3 study, evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint and the Company has stopped the development of RTB101 for clinically symptomatic respiratory illness. In addition, in February 2020, the Company retained JMP Securities LLC as a financial advisor to assist it in its evaluation of a broad range of strategic alternatives to enhance stockholder value, including additional capital raising transactions, an acquisition, merger, business combination, licensing and/or other strategic transaction involving the Company. There is no assurance that the review of strategic alternatives will result in the Company changing its business plan, pursuing any particular transaction, or, if it pursues any such transaction, that it will be completed. Since inception, the Company has been primarily involved in research and development activities. The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other early stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the life sciences industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals. Public Offering On March 22, 2019, the Company completed an underwritten public offering, whereby the Company sold 7,200,000 shares of its common stock at a price of $6.95 per share. The aggregate net proceeds received by the Company from the offering were approximately $46.6 million, after deducting underwriting discounts and commissions and other offering expenses payable by the Company of $3.5 million. In addition, the Company granted the underwriters a 30-day At-the-Market On February 1, 2019, the Company filed a Registration Statement on Form S-3 Leerink LLC and Cantor Fitzgerald & Co. (collectively, the “Sales Agents”), to provide for the offering, issuance and sale by the Company of up to an aggregate of $50.0 million of its common stock from time to time in “at-the-market” Liquidity In the course of its development activities, the Company has sustained operating losses and expects such losses to continue over the next several years. The Company’s ultimate success depends on the outcome of its research and development activities. The Company has incurred net losses from operations since inception and has an accumulated deficit of $154.1 million as of December 31, 2019. As of December 31, 2019, the Company had $91.5 million of cash, cash equivalents, and marketable securities, which the Company believes will be sufficient to fund the Company’s current operating plan through at least the next twelve months from the date of filing this proxy statement/prospectus/information statement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the Company’s financial position as of June 30, 2020 and the results of operations and cash flows for the interim periods ended June 30, 2020 and 2019. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 10-K”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, as of the date of the condensed consolidated financial statements, and the reported amounts of any expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accrued liabilities, income taxes, and stock-based compensation expense. Management bases its estimates on historical experience, and on various other market-specific relevant assumptions that management believes to be reasonable, under the circumstances. Actual results may differ from those estimates or assumptions. Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the condensed consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2019, and the notes thereto, which are included in the 2019 Form 10-K. Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The authoritative accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table summarizes assets measured at fair value on a recurring basis at June 30, 2020 (in thousands): Description June 30, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 70,889 $ 70,889 $ — $ — Total $ 70,889 $ 70,889 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair 820). ASU 2018-13 modifies ASU 2018-13 is ASU 2018-13 is Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”), right-of-use 2016-02 non-public No. 2020-05, No. 2018-11 re-assess In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting 2018-07”), non-employees 2018-07 non-public 2018-07 2018-07 | 2. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company’s fiscal year end is December 31 st The consolidated financial statements include the accounts of resTORbio, Inc. and its wholly owned subsidiary, resTORbio Securities Corp. All inter-company transactions and balances have been eliminated in consolidation. Marketable securities The Company classifies marketable securities with remaining maturities when purchased of greater than three months as available-for-sale. non-current. Available-for-sale Available-for-sale If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other-than-temporary” and, if so, marks the investment to market through a change to the Company’s statement of operations and comprehensive loss. Restricted Cash The Company maintains a letter of credit for the benefit of the landlord in connection with the Company’s office lease. As of December 31, 2019 and 2018, restricted cash (non-current) Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices, or parameters derived from such prices. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment. The degree of management estimation and judgment is dependent on the price transparency for the instruments, or market, and the instruments’ complexity. The authoritative accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2018 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 6,804 $ 6,804 $ — $ — U.S. treasury securities (included in cash and cash equivalents) 238 238 — — U.S. treasury securities (included in marketable securities) 100,986 100,986 — — Total $ 108,028 $ 108,028 $ — $ — To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. An entity may elect to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in net loss. The Company did not elect to measure any additional financial instruments or other items at fair value. There have been no changes to the valuation methods utilized by the Company during the years ended December 31, 2019 and 2018. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the years ended December 31, 2019 and 2018. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash, cash equivalents and marketable securities are held by financial institutions in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institution is financially sound, and accordingly, minimal credit risk exists with respect to the financial institution. Concentration of Manufacturing Risk As of December 31, 2019, the Company had manufacturing arrangements with vendors for the supply of materials for use in preclinical and clinical studies. If the Company were to experience any disruptions in either party’s ability or willingness to continue to provide manufacturing services, the Company may experience significant delays in its product development timelines and may incur substantial costs to secure alternative sources of manufacturing. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Depreciation begins at the time the asset is placed in service. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss. The estimated useful lives of property and equipment are as follows: Useful Life (in years) Leasehold improvements Lesser of useful life or remaining lease term Machinery and equipment 2-8 Furniture and fixtures 3-5 Computers 1-5 Office equipment 3-5 Software 3-5 Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over its remaining life. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. The Company has recorded no impairment during any of the periods presented. Accrued Research and Development Costs The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided and includes these costs in accrued liabilities in the consolidated balance sheets and within research and development expenses in the consolidated statements of operations and comprehensive loss. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company estimates the amount of work completed by its third-party service providers through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The majority of the Company’s service providers invoice in arrears for services performed, on a pre-determined Research and Development Costs Research and development costs are expensed as incurred and consist of personnel costs, lab supplies and other costs, as well as fees paid to third parties to conduct research and development activities on the Company’s behalf. Amounts incurred in connection with license agreements are also included in research and development expenses. The Company records payments made to outside vendors for services performed or goods being delivered for use in research and development activities as either prepaid expenses or accrued expenses, depending on the timing of when services are performed or goods are delivered. Equity-Based Compensation Expense The Company recognizes equity-based compensation expense for awards of equity instruments to employees and non-employees Stock Compensation non-employee The Company accounts for restricted stock and common stock options issued to non-employees 505-50, Equity- Based Payments to Non-Employees 505-50”). non-employees The Black-Scholes option pricing model requires the input of certain subjective assumptions, including (i) the expected share price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) the expected dividend yield. Due to the 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 group of representative companies have characteristics similar to the Company, including stage of product development and focus on the life science industry. The Company uses the simplified method, which is the average of the final vesting tranche date and the contractual term, 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. For options granted to non-employees, The Company expenses the fair value of its equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received. The Company measures equity-based compensation awards granted to non-employees Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, Income Taxes The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, the Company has no uncertain tax positions and there have been no interest charges or penalties related to unrecognized tax benefits. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period without consideration of common stock equivalents. Diluted net loss per common share is the same as basic net loss per common share for all periods presented, since the effects of potentially dilutive securities are antidilutive. Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation 2017-09”). 2017-09 2017-09 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows 2016-18”), beginning-of-period end-of-period 2016-18 2016-18 2016-18, beginning-of-period end-of-period Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”), right-of-use 2016-02 No. 2018-11 re-assess 2016-02 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” available-for-sale requires allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 available-for-sale 2016-13 In July 2017, the FASB issued ASU 2017-11, Accounting for Certain Financial Instruments with Down Round Features 2017-11”), 2017-11, 2017-11 2017-11 In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting 2018-07”), non-employees 2018-07 non-public 2018-07 2018-07 |
Marketable Securities
Marketable Securities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||
Marketable Securities | 3. Marketable Securities As of June 30, 2020, the Company did not have any marketable securities. As of December 31, 2019, the fair value of marketable securities by type of security was as follows (in thousands): Description Amortized Unrealized Unrealized Fair U.S. government agency treasuries and securities $ 57,650 $ 49 $ — $ 57,699 Total $ 57,650 $ 49 $ — $ 57,699 The estimated fair value and amortized cost of the Company’s available-for-sale December 31, 2019 Amortized Fair Due in one year or less $ 57,650 $ 57,699 Total $ 57,650 $ 57,699 | 3. Marketable Securities As of December 31, 2019, the fair value of marketable securities by type of security was as follows (in thousands): Description Amortized Unrealized Unrealized Fair U.S. government agency treasuries and securities $ 57,650 $ 49 $ — $ 57,699 Total $ 57,650 $ 49 $ — $ 57,699 As of December 31, 2018, the fair value of marketable securities by type of security was as following (in thousands): Description Amortized Unrealized Unrealized Fair Value U.S. government agency treasuries and securities $ 101,027 $ 4 $ (45 ) $ 100,986 Total $ 101,027 $ 4 $ (45 ) $ 100,986 The estimated fair value and amortized cost of the Company’s available-for-sale December 31, 2019 Amortized Cost Fair Value (In thousands) Due in one year or less $ 57,650 $ 57,699 Total $ 57,650 $ 57,699 December 31, 2018 Amortized Cost Fair Value (In thousands) Due in one year or less $ 101,027 $ 100,986 Total $ 101,027 $ 100,986 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | ||
Property and Equipment, Net | 4. Property and equipment, net Property and equipment, net consists of the following: June 30, 2020 December 31, 2019 (In thousands) Leasehold improvements $ 17 $ 17 Furniture and fixtures 397 397 Computers 127 125 Office equipment 11 11 Software 22 22 Total property and equipment 574 572 Less: accumulated depreciation (226 ) (158 ) Property and equipment, net $ 348 $ 414 Depreciation and amortization expense was $34,000 and $68,000 for the three and six months ended June 30, 2020, respectively. Depreciation and amortization expense was $28,000 and $55,000 for the three and six months ended June 30, 2019 | 4. Property and Equipment, Net Property and equipment, net consists of the following: As of December 31, 2019 2018 (In thousands) Leasehold improvements $ 17 $ 65 Machinery and equipment — 38 Furniture and fixtures 397 194 Computers 125 76 Office equipment 11 11 Software 22 22 Total property and equipment 572 406 Less: accumulated depreciation (158 ) (85 ) Property and equipment, net $ 414 $ 321 Depreciation expense was $0.1 million, $80,000, and $5,000 for the years ended December 31, 2019, 2018, and 2017, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Payables and Accruals [Abstract] | ||
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: June 30, 2020 December 31, 2019 (In thousands) Accrued payroll and related expenses $ 509 $ 1,643 Accrued restructuring costs (See Note 13) — 516 Accrued research and development expenses 230 3,171 Other 358 153 Total accrued liabilities $ 1,097 $ 5,483 | 5. Accrued Liabilities Accrued liabilities consist of the following: As of December 31, 2019 2018 (In thousands) Accrued payroll and related expenses $ 1,643 $ 1,189 Accrued restructuring cost (see Note 15) 516 — Accrued research and development expenses 3,171 1,028 Other 153 510 Total accrued liabilities $ 5,483 $ 2,727 |
License Agreements
License Agreements | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
License Agreements | 6. License Agreements Novartis License Agreement On March 23, 2017, the Company entered into an exclusive license agreement with Novartis International Pharmaceutical Ltd. (“Novartis”). Under the agreement, Novartis granted the Company an exclusive, field-restricted, worldwide license, to certain intellectual property rights owned or controlled by Novartis, to develop, commercialize and sell one or more therapeutic products comprising RTB101 or RTB101 in combination with everolimus in a fixed dose combination. The exclusive field under the license agreement is for the treatment, prevention and diagnosis of disease and other conditions in all indications in humans and animals. The agreement may be terminated by either party upon a material breach by the other party that is not cured within 60 days after written notice. The Company may terminate the agreement in its entirety or on a product-by-product or country-by-country basis with or without cause with 60 days’ prior written notice. Novartis may terminate the portion of the agreement related to everolimus if the Company fails to use commercially reasonable efforts to research, develop and commercialize a product utilizing everolimus for a period of three years. Novartis may terminate the license agreement upon the Company’s bankruptcy, insolvency, dissolution or winding up. As additional consideration for the license, the Company is required to pay up to an aggregate of $4.3 million upon the satisfaction of clinical milestones, up to an aggregate of $24 million upon the satisfaction of regulatory milestones for the first indication approved, and up to an aggregate of $18 million upon the satisfaction of regulatory milestones for the second indication approved. In addition, the Company is required to pay up to an aggregate of $125 million upon the satisfaction of commercial milestones, based on the amount of annual net sales. The Company is also required to pay tiered royalties ranging from a mid single-digit percentage to a low teen-digit percentage on annual net sales of products. These royalty obligations last on a product-by-product country-by-country th Milestone payments to Novartis will be recorded as research and development expenses in the condensed consolidated statements of operations once achievement of each associated milestone has occurred. In May 2017, the Company initiated a Phase 2b clinical trial for a first indication, triggering the first milestone payment under the agreement. Accordingly, the Company paid the related $0.3 million payment in May 2017. In May 2019, the Company initiated a Phase 3 clinical trial for the first indication, triggering a milestone payment of $2.5 million under the agreement. As of June 30, 2020, none of the remaining development milestones, regulatory milestones, sales milestones, or royalties had been reached or were probable of achievement. | 6. License Agreements Novartis License Agreement On March 23, 2017, the Company entered into an exclusive license agreement with Novartis International Pharmaceutical Ltd. (“Novartis”). Under the agreement, Novartis granted the Company an exclusive, field-restricted, worldwide license, to certain intellectual property rights owned or controlled by Novartis, to develop, commercialize and sell one or more therapeutic products comprising RTB101 or RTB101 in combination with everolimus in a fixed dose combination. The exclusive field under the license agreement is for the treatment, prevention and diagnosis of disease and other conditions in all indications in humans and animals. As consideration for the licensed rights, the Company issued Novartis Institutes for Biomedical Research (“NIBR”) 2,587,992 shares of the Company’s Series A Preferred Stock. The fair value of the Novartis license was $3.2 million based on the fair value of the Series A Preferred Stock which was determined to be $1.22 per share based on an independent third-party valuation and is recorded as research and development expenses in the consolidated statements of operations and comprehensive loss. The agreement may be terminated by either party upon a material breach by the other party that is not cured within 60 days after written notice. The Company may terminate the agreement in its entirety or on a product-by-product country-by-country Novartis may terminate the portion of the agreement related to everolimus if the Company fails to use commercially reasonable efforts to research, develop and commercialize a product utilizing everolimus for a period of three years. Novartis may terminate the license agreement upon the Company’s bankruptcy, insolvency, dissolution or winding up. As additional consideration for the license, the Company is required to pay up to an aggregate of $4.3 million upon the satisfaction of clinical milestones, up to an aggregate of $24 million upon the satisfaction of regulatory milestones for the first indication approved, and up to an aggregate of $18 million upon the satisfaction of regulatory milestones for the second indication approved. In addition, the Company is required to pay up to an aggregate of $125 million upon the satisfaction of commercial milestones, based on the amount of annual net sales. The Company is also required to pay tiered royalties ranging from a mid single-digit percentage to a low teen-digit percentage on annual net sales of products. These royalty obligations last on a product-by-product country-by-country th Milestone payments to Novartis are recorded as research and development expenses in the consolidated statements of operations and comprehensive loss once achievement of each associated milestone has occurred or the achievement is considered probable. In May 2017, the Company initiated a Phase 2b clinical trial for a first indication, triggering the first milestone payment under the agreement. Accordingly, the Company paid the related $0.3 million payment in May 2017. In May 2019, the Company initiated a Phase 3 clinical trial for the first indication, triggering another milestone payment of $2.5 million under the agreement. As of December 31, 2019, none of the remaining clinical milestones, regulatory milestones, sales milestones, or royalties had been reached or were probable of achievement. |
Research Funding Agreements
Research Funding Agreements | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Research Funding Agreement [Abstract] | ||
Research Funding Agreement | 7. Research Funding Agreement National Institute of Health In May 2019, the Company was awarded a 5-year grant for up to $1.5 million from the National Institutes of Health (the “NIH”) to study RTB101 and the regulation of antiviral immunity in the elderly. The Company is entitled to use the award solely to conduct the research. The Company is solely responsible for commencing and conducting the research and will furnish periodic progress updates to the NIH throughout the term of the award. After completing the research, the Company must provide the NIH with a formal report describing the work performed and the results of the research. For funds received under the NIH funding agreement, the Company recognizes a reduction in research and development expenses in an amount equal to the qualifying expenses incurred in each period up to the amount funded by the NIH. Qualifying expenses incurred by the Company in advance of funding by the NIH are recorded in the consolidated balance sheets as other current assets. As of June 30, 2020, $0.5 million qualifying expenses have been incurred and $0.3 million have been funded by the NIH. Therefore, $0.2 million is included in other current assets on the accompanying balance sheet as of June 30, 2020. | 7. Research Funding Agreement Silverstein Foundation On March 6, 2018, the Company and the Silverstein Foundation for Parkinson’s with GBA (the “Silverstein Foundation”) entered into a research funding agreement (the “Silverstein Funding Agreement”). One of the Company’s directors is a co-founder Upon execution of the Silverstein Funding Agreement, the Silverstein Foundation paid the Company an upfront sum of $0.5 million (the “Funding Amount”). The Company is entitled to use the Funding Amount solely to conduct the Research and is obligated to repay the Funding Amount in full to the Silverstein Foundation if it successfully conducts a positive Phase 3 clinical trial of the Product for PD. The Company is solely responsible for commencing and conducting the Research and will furnish periodic progress updates to the Silverstein Foundation throughout the term of the Silverstein Funding Agreement. After completing the Research, the Company must provide the Silverstein Foundation with a formal report describing the work performed and the results of the Research. The Company recognizes proceeds received from the Silverstein Foundation as a reduction to research and development expenses, rather than as revenue, in the consolidated statements of operations and comprehensive loss because the corresponding Silverstein Funding Agreement does not contain specified performance obligations other than to conduct research on a particular program or in a particular field and there are no obligations to deliver specified products or technology. For funds received under the Silverstein Funding Agreement, the Company recognizes a reduction in research and development expenses. During the year ended December 31, 2018, $0.5 million qualifying expenses have been incurred. Therefore, all amounts received have been recorded as a reduction of the research and development expense. National Institute of Health In May 2019, the Company was awarded a 5-year For funds received under the NIH funding agreement, the Company recognizes a reduction in research and development expenses in an amount equal to the qualifying expenses incurred in each period up to the amount funded by the NIH. Qualifying expenses incurred by the Company in advance of funding by the NIH are recorded in the consolidated balance sheets as other current assets. As of December 31, 2019, $0.1 million qualifying expenses have been incurred and $41,000 have been funded by the NIH. Therefore, $61,000 is included in other current assets on the accompanying balance sheet as of December 31, 2019. |
Preferred Stock
Preferred Stock | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Temporary Equity Disclosure [Abstract] | ||
Preferred Stock | 8. Preferred Stock and Common Stock As of June 30, 2020, the Company had 10,000,000 shares of preferred stock authorized and none issued and outstanding. Reserve for future issuance The Company has reserved the following number of shares of common stock for future issuance upon the exercise of options, vesting of restricted stock units or grant of equity awards: June 30, 2020 December 31, 2019 Options issued and outstanding 2,140,012 2,562,800 Unvested restricted stock units 661,778 828,935 Options available for future grants 2,260,656 215,043 Shares available for issuance under the 2018 ESPP 920,030 555,583 Total 5,982,476 4,162,361 | 8. Preferred Stock As of December 31, 2019 and 2018, the Company had 10,000,000 shares of preferred stock authorized and none was issued and outstanding. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 9. Common Stock General As of December 31, 2019, the Company had 150,000,000 shares of common stock authorized, of which 36,444,732 shares were issued and outstanding. The common stock has the following characteristics: Voting The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written actions in lieu of meetings, provided, however, that except as otherwise required by law, holders of common stock as such shall not be entitled to vote on any amendment to the Company’s Certificate of Incorporation that relates solely to the terms of one or more outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Company’s Certificate of Incorporation or pursuant to Delaware General Corporation Law. There shall be no cumulative voting. Dividends The holders of shares of common stock are entitled to receive dividends, if and when declared by the Board of Directors. Cash dividends may not be declared or paid to the holders of common stock until paid on the preferred stock. As of December 31, 2019, no dividends have been declared or paid since the Company’s inception. Liquidation After payment to the holders of shares of preferred stock of their liquidation preference, the holders of the common stock are entitled to share ratably in the Company’s assets available for distribution to stockholders, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or upon the occurrence of a deemed liquidation event. Reserve for future issuance As of December 31, 2019 and 2018, the Company has reserved the following number of shares of common stock for future issuance upon the exercise of options, vesting of restricted stock units or grant of equity awards: As of December 31, 2019 2018 Options issued and outstanding 2,562,800 1,122,677 Unvested restricted stock units 828,935 24,960 Options available for future grants 212,308 1,350,582 Shares available for issuance under the 2018 ESPP 555,583 275,030 Total 4,159,626 2,773,249 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock-Based Compensation | 9. Stock-based Compensation In 2017, the Company adopted the 2017 Stock Incentive Plan (the “2017 Plan”). Under the 2017 Plan, a total of 537,914 shares of the Company’s common stock were reserved for the issuance of stock options to employees, directors, and consultants under terms and provisions established by the Board of Directors (the “Board”). Under the terms of the 2017 Plan, options were granted at an exercise price not less than fair market value. The terms of options granted under the 2017 Plan may not exceed ten years. The Board determined the terms and conditions of a Restricted Stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any. On October 11, 2017, the Company increased the number of shares of common stock available for issuance under the 2017 Plan from 537,914 shares to 630,662 shares. On November 29, 2017, the Company increased the number of shares of common stock available for issuance under the 2017 Plan from 630,662 shares to 1,866,009 shares. In connection with the Company’s initial public offering completed in January 2018, the Board adopted and the Company’s stockholders approved the 2018 Stock Incentive Plan (“2018 Plan”), which became effective on the date immediately preceding the date on which the Company’s registration statement became effective. The 2018 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2018 Plan. The number of shares of common stock that were reserved for issuance under the 2018 Plan were 2,200,260 shares. The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019, by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board. On January 1, 2019, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 Plan automatically increased from 2,200,260 to 3,322,473 shares. On January 1, 2020, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 Plan automatically increased from 3,322,473 to 4,780,262 shares. Since the date of effectiveness of the 2018 Plan, the Company has not and will not grant any further awards under the 2017 Plan. However, any shares of common stock subject to awards under the 2017 Plan that expire, terminate, or otherwise are surrendered, canceled, forfeited or repurchased without having been fully exercised or resulting in any common stock being issued will become available for issuance under the 2018 Plan. Stock-based Compensation Expense Total stock-based compensation expense is recognized for stock options granted to employees and non-employees Three Months Ended Six Months Ended 2020 2019 2020 2019 Research and development $ 289 $ 499 $ 689 $ 776 General and administrative 470 444 1,045 831 Total stock-based compensation expense $ 759 $ 943 $ 1,734 $ 1,607 Stock Options The following table summarizes stock option activity under the Plans: Shares Available for Grant Number of Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contract Term Aggregate Intrinsic Value (In thousands) Outstanding, December 31, 2019 215,043 2,562,800 $ 7.85 8.84 Shares reserved for issuance 1,457,789 Options granted (86,484 ) 86,484 2.23 Options cancelled 509,272 (509,272 ) 7.44 Restricted stock units cancelled 165,036 Outstanding, June 30, 2020 2,260,656 2,140,012 7.54 8.59 $ 567 Exercisable, June 30, 2020 771,444 10.02 8.04 91 Vested and expected to vest, June 30, 2020 2,140,012 7.54 8.59 567 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the in-the-money During the six months ended June 30, 2020, the Company granted options to directors to purchase an aggregate of 86,484 common shares with a grant date fair value of $1.80 per share. During the six months ended June 30, 2020, the Company did not grant any options to employees and nonemployees to purchase common shares. The expense related to options granted to employees and directors for the three and six months ended June 30, 2020 was $0.7 million and $1.6 million, respectively. The expense related to options granted to non-employees non-employees As of June 30, 2020, the total unrecognized compensation expense related to unvested options granted to employees and directors was $5.9 million, which the Company expects to recognize over an estimated weighted-average period of 2.36 years. As of June 30, 2020, the total unrecognized compensation expense related to unvested non-employee The fair value of stock options for employees and non-employees Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Employees: Fair value of common stock $2.23 $6.97 - $8.08 $2.23 $6.97 - $8.90 Expected term (in years) 5.5 5.5 - 6.1 5.5 5.5 - 6.1 Expected volatility 110.2% 94.5% - 104.8% 110.2% 93.7% - 104.8% Risk-free interest rate 0.4% 1.9% - 2.4% 0.4% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Non-employees: Fair value of common stock $2.09 - $2.18 $8.90 - $10.20 $0.96 - $2.18 $6.82 - $10.20 Expected term (in years) 7.0 - 8.8 8.0 - 9.7 7.0 - 9.0 8.0 - 10.0 Expected volatility 100.8% - 103.5% 93.4% - 94.2% 99.6% - 103.5% 90.0% - 94.9% Risk-free interest rate 0.5% - 0.6% 1.9% - 2.1% 0.5% - 0.9% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Restricted Stock Units In May 2018, the Company granted 24,960 restricted stock units to an employee with a grant date fair value of $9.03 per share. In December 2019, the Company granted 813,335 restricted stock units to employees with a grant date fair value of $1.27 per share. The summary of restricted stock unit activity and related information is as follows: Number of Restricted Stock Units Outstanding Unvested shares—December 31, 2019 828,935 Vested, net of shares withheld for taxes (2,121 ) Cancelled (165,036 ) Unvested shares—June 30, 2020 661,778 The Company recognized $52,000 and $0.1 million of stock-based compensation expense related to restricted stock units during the three and six months ended June 30, 2020, respectively. As of June 30, 2020, there was $0.7 million of unrecognized stock-based compensation expense related to unvested restricted stock units. This amount is expected to be recognized over a remaining weighted-average period of 3.44 years. There were no restricted stock units granted to employees or non-employees 2018 Employee Stock Purchase Plan The Board adopted and the Company’s stockholders approved the 2018 Employee Stock Purchase Plan (“2018 ESPP”), which became effective on the date immediately preceding the date on which the Company’s registration statement became effective. The 2018 ESPP enables eligible employees to purchase shares of the Company’s Common Stock at a discount. The number of shares of common stock originally reserved for issuance under the 2018 ESPP were 275,030 shares. The 2018 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and increasing each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31; (ii) 543,926 shares or (iii) such number of shares as determined by the ESPP administrator. On January 1, 2019, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 ESPP automatically increased from 275,030 to 555,583 shares. On January 1, 2020, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 ESPP automatically increased from 555,583 to 920,030 shares. No s | 10. Stock-based Compensation In 2017, the Company adopted the 2017 Stock Incentive Plan (the “2017 Plan”). Under the 2017 Plan, shares of the Company’s common stock have been reserved for the issuance of stock options, restricted stock awards and restricted stock units to employees, directors, and consultants under terms and provisions established by the Board of Directors. A total of 537,914 shares were reserved for issuance under the 2017 Plan. Under the terms of the 2017 Plan, options may be granted at an exercise price not less than fair market value. The terms of options granted under the 2017 Plan may not exceed ten years. The Board shall determine the terms and conditions of a restricted stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any. On October 11, 2017, the Company increased the number of shares of common stock available for issuance under the 2017 Plan from 537,914 shares to 630,662 shares. On November 29, 2017, the Company increased the number of shares of common stock available for issuance under the 2017 Plan from 630,662 shares to 1,866,009 shares. In connection with the Company’s IPO, the Board adopted, and the Company’s stockholders approved the 2018 Stock Option and Incentive Plan (“2018 Plan”), which became effective on the date immediately preceding the date on which the Company’s registration statement became effective. The 2018 Plan provides for the grant of incentive stock options, non-statutory Since the date of effectiveness of the 2018 Plan, the Company has not and will not grant any further awards under the 2017 Plan. However, any shares of common stock subject to awards under the 2017 Plan that expire, terminate, or otherwise are surrendered, canceled, forfeited or repurchased without having been fully exercised or resulting in any common stock being issued will become available for issuance under the 2018 Plan. As of December 31, 2019, no such shares became available for issuance under the 2018 Plan. Stock-based Compensation Expense Total stock-based compensation expense is recognized for stock-based awards granted to employees and non-employees Year Ended December 31, 2019 2018 2017 (In thousands) Research and development $ 1,542 $ 1,236 $ 246 General and administrative 2,152 1,557 224 Total stock-based compensation expense $ 3,694 $ 2,793 $ 470 Stock Options The following table summarizes stock option activity under the Plan: Shares Available for Grant Number of Options Outstanding Weighted- Average Exercise Price per Option ($) Weighted- Average Remaining Contract Term (Years) Aggregate Intrinsic Value ($) (In thousands) Outstanding, December 31, 2018 1,350,582 1,122,677 11.63 9.22 Shares reserved for issuance 1,122,213 Options granted (1,896,527 ) 1,896,527 6.28 Restricted stock units granted (813,335 ) Options exercised — (7,029 ) 0.79 Options forfeited 449,375 (449,375 ) 10.77 Outstanding, December 31, 2019 212,308 2,562,800 7.85 8.84 200 Exercisable, December 31, 2019 461,150 11.40 7.06 37 Vested and expected to vest, December 31, 2019 2,562,800 7.85 8.84 200 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of December 31, 2019. The aggregate intrinsic value of options exercised during the year ended December 31, 2019, was $67,000. The aggregate intrinsic values of options exercised during the year ended December 31, 2018 was $78,000. During the year ended December 31, 2019, the Company granted options to employees and directors to purchase an aggregate of 1,886,687 common shares with a weighted-average grant date fair value of $4.83. During the year ended December 31, 2018, the Company granted options to employees to purchase an aggregate of 926,838 common shares with a weighted-average grant date fair value of $9.23. During the year ended December 31, 2019, the Company granted options to non-employees non-employees As of December 31, 2019, the total unrecognized compensation expense related to unvested employee options was $9.4 million which the Company expects to recognize over an estimated weighted-average period of 2.80 years. As of December 31, 2019, the total unrecognized compensation expense related to unvested non-employee The fair value of stock options for employees and non-employees Year Ended December 31, 2019 2018 2017 Employees: Fair value of common stock $ 1.27 - $10.66 $ 8.57 - $15.45 $ 0.79 - $9.33 Expected term (in years) 5.5 - 6.1 5.8 - 6.2 5.9 - 6.2 Expected volatility 92.0% - 104.9 % 75.9% - 90.6 % 74.4% - 74.5 % Risk-free interest rate 1.4% - 2.6 % 2.4% - 3.1 % 1.9% - 2.2 % Expected dividend yield 0.0 % 0.0 % 0.0 % Non-employees: Fair value of common stock $ 1.23 - $10.26 $ 8.62 - $15.45 $ 0.79 - $10.28 Expected term (in years) 7.4 - 10.0 8.4 - 10.0 9.4 - 10.0 Expected volatility 89.7% - 99.5 % 78.0% - 91.2 % 74.6% - 77.0 % Risk-free interest rate 1.7% - 2.8 % 2.7% - 3.1 % 2.3% - 2.4 % Expected dividend yield 0.0 % 0.0 % 0.0 % Restricted Stock On April 17, 2018, the Company granted 2,000 shares of restricted stock to a consultant. The restrictions lapsed in four equal quarterly installments and was fully vested on the first anniversary of such grant. Compensation expenses of such unvested shares was remeasured at fair value until vested at each reporting date. The summary of restricted stock activity and related information follows: Number of Restricted Shares Outstanding Unvested shares—December 31, 2018 1,000 Vested (1,000 ) Unvested shares—December 31, 2019 — The Company recognized $4,000, $0.9 million and $0.4 million of stock-based compensation expense related to restricted shares during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was no unrecognized stock-based compensation expense related to unvested restricted stock. Restricted Stock Units In May 2018, the Company granted 24,960 restricted stock units to an employee with a grant date fair value of $9.03 per share. In December 2019, the Company granted 813,335 restricted stock units to employees with a weighted-average grant date fair value of $1.27. The summary of restricted stock unit activity and related information follows: Number of Restricted Stock Units Outstanding Unvested shares—December 31, 2018 24,960 Granted 813,335 Vested (9,360 ) Unvested shares—December 31, 2019 828,935 The Company recognized $74,000 and $35,000, of stock-based compensation expense related to restricted stock units during the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019, there was $1.1 million of unrecognized stock-based compensation expense related to unvested restricted stock units which the Company expects to recognize over a remaining weighted-average period of 3.75 years. 2018 Employee Stock Purchase Plan The Board adopted and the Company’s stockholders approved the 2018 Employee Stock Purchase Plan (“2018 ESPP”), which became effective on the date immediately preceding the date on which the Company’s registration statement became effective. The 2018 ESPP enables eligible employees to purchase shares of the Company’s Common Stock at a discount. The number of shares of common stock that were initially reserved for issuance under the 2018 ESPP was 275,030 shares. The 2018 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and increasing each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31; (ii) 543,926 shares or (iii) such number of shares as determined by the ESPP administrator. On January 1, 2019, as a result of the foregoing evergreen provision, the number of common stock available for issuance under the 2018 ESPP automatically increased from 275,030 to 555,583 shares. No shares have been issued under the 2018 ESPP during the years ended December 31, 2019 and 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Provision for Income Taxes For the years ended December 31, 2019, 2018, and 2017, the Company did not record a federal current or deferred income tax expense. For the years ended December 31, 2019 and 2018, the Company did record a state current tax expense. The Company’s consolidated loss before income taxes consists solely of a domestic loss. A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Income tax benefit at federal statutory rate $ (17,368 ) $ (7,899 ) $ (11,484 ) State taxes (5,314 ) (2,340 ) (1,011 ) Tax credits (2,910 ) (817 ) (222 ) Stock-based compensation 753 764 140 Federal tax rate change — — 2,202 Change in fair value of tranche rights — 3 5,065 Other 25 241 — Change in valuation allowance 24,850 10,074 5,310 Income tax expense $ 36 $ 26 $ — Effective tax rate 0.0 % 0.0 % 0.0 % On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into United States law. The TCJA includes a number of changes to existing tax law, including, among other things, a permanent reduction in the federal corporate income tax rate from 34% to 21%, effective as of January 1, 2018, as well as limitation of the deduction for net operating losses to 80% of annual taxable income and elimination of net operating loss carrybacks, in each case, for losses arising in taxable years beginning after December 31, 2017 (though any such net operating losses may be carried forward indefinitely). The tax rate change resulted in (i) a reduction in the gross amount of our deferred tax assets as of December 31, 2017, without an impact on the net amount of our deferred tax assets, which are recorded with a full valuation allowance, and (ii) no income tax expense or benefit being recognized as of the enactment date of the TCJA. Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred income taxes were as follows: As of December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating losses $ 34,938 $ 13,054 Capitalized license 771 835 Research credits 4,151 1,007 Accruals 401 514 Stock-based compensation 53 51 Net unrealized loss — 11 Total gross deferred tax assets 40,314 15,472 Less valuation allowance (40,221 ) (15,395 ) Total deferred tax assets 93 77 Deferred tax liabilities: Net unrealized gain 13 — Depreciation and amortization 80 77 Total gross deferred tax liability 93 77 Net deferred tax assets $ — $ — Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. A valuation allowance of $40.2 million and $15.4 million has been recorded for the years ended December 31, 2019 and 2018, respectively. Net Operating Loss and Tax Credit Carryforwards As of December 31, 2019, the Company had net operating loss carryforwards for federal income tax purposes of approximately $127.0 million, of which $14.0 million will begin to expire in 2036 and $113.0 million can be carried forward indefinitely. As of December 31, 2019, the Company had total state net operating loss carryforwards of approximately $130.8 million which will begin to expire in 2036 As of December 31, 2019 and 2018, the Company had federal research credits of $3.8 million and $0.9 million, respectively, which will begin to expire in 2037 2032 Unrecognized Tax Benefits The Company has incurred net operating losses since inception and has no significant unrecognized tax benefits. If in the future the Company recognizes uncertain tax positions, the Company’s effective tax rate will be reduced. Currently, the Company has a full valuation allowance against its net deferred tax asset which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. Any adjustments to uncertain tax positions would result in an adjustment of net operating loss or tax credit carry forwards rather than resulting in a cash outlay. As of December 31, 2019, the Company had no unrecognized tax benefits and no accrued interest or penalties related to uncertain tax positions. Income tax returns are filed in the U.S. and Massachusetts. The Company is not currently under examination. Due to net operating losses and research credit carryovers, all of the tax years remain open to examination. |
Commitments and Contingences
Commitments and Contingences | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingences | 10. Commitments and Contingences Litigation In connection with the Merger, seven putative class action lawsuits have been filed against the Company, its directors, Adicet, and Merger Sub, of which one has already been dismissed. The lawsuits generally allege that the Company’s proxy statement/prospectus/information statement filed with the SEC on June 23, 2020 misrepresents and/or omits certain purportedly material information relating to financial projections, analysis performed by | 12. Commitments and Contingences Litigation The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities as of December 31, 2019. Lease In April 2019, the Company amended its multi-year lease agreement to relocate its office space in Boston, Massachusetts under an operating lease agreement. The amended lease term is for a period of seven years from the date of relocation on August 1, 2019. The initial annual base rent of the relocation premises is $0.6 million per year, increasing 2% annually. In connection with the lease amendment, the Company issued a new cash-collateralized letter of credit for the benefit of the landlord in the amount of $0.2 million. Rent expense was $0.5 million, $0.3 million and $0 the years ended December 31, 2019, 2018, and 2017, respectively. Obligations to make future minimum lease payments as of December 31, 2019, are as follows: Year ending December 31, Minimum Lease Payments (In thousands) 2020 $ 594 2021 606 2022 618 2023 630 2024 643 Years thereafter 1,043 Total $ 4,134 Novartis License Agreement The Company is required to pay up to an aggregate of $1.5 million upon the satisfaction of clinical milestones, up to an aggregate of $24 million upon the satisfaction of regulatory milestones for the first indication approved, and up to an aggregate of $18 million upon the satisfaction of regulatory milestones for the second indication approved. In addition, the Company is required to pay up to an aggregate of $125 million upon the satisfaction of commercial milestones, based on the amount of annual net sales. The Company is also required to pay tiered royalties ranging from a mid single-digit percentage to a low teen-digit percentage on annual net sales of products. These royalty obligations last on a product-by-product country-by-country th Silverstein Foundation The Company is obligated to repay the Funding Amount in full to the Silverstein Foundation if it successfully conducts a positive Phase 3 clinical trial of the Product for PD (see Note 7). |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net Loss Per Share | 11. Net Loss per Share The Company computes basic and diluted losses per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class” two-class The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive effect (in common stock equivalent shares): As of June 30, 2020 2019 Options issued and outstanding 2,140,012 1,706,317 Unvested restricted stock — 500 Unvested restricted stock units 661,778 24,960 Total 2,801,790 1,731,777 | 13. Net Loss per Share As described in Note 2, the Company computes basic and diluted earnings (losses) per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class” The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive effect (in common stock equivalent shares): As of December 31, 2019 2018 Options issued and outstanding 2,562,800 1,122,677 Unvested restricted stock — 1,000 Unvested restricted stock units 828,935 24,960 Total 3,391,735 1,148,637 |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 12. Related Party Transactions Since the Company’s incorporation in July 2016, the Company has engaged in transactions with related parties. The Company is a party to an intellectual property license agreement with Novartis. In addition, NIBR, an affiliate of Novartis, is a shareholder of the Company (See Note 6). No The Company is a party to a Funding Agreement with the Silverstein Foundation, an entity in which one of the Company’s directors is a co-founder | 14. Related Party Transactions Since the Company’s incorporation in July 2016, the Company has engaged in transactions with related parties. During the year ended December 31, 2017, the Company issued 1,886,363 shares of common stock and made payments to PureTech for certain founding services and cost reimbursements. PureTech is a founder of the Company and holds shares of common stock and preferred stock of the Company. The Company is a party to an intellectual property license agreement with Novartis. In addition, NIBR is a stockholder of the Company (see Note 6). Aggregate payments for the above related party transactions totaled $2.5 million, $0, and $0.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company is a party to a Funding Agreement with the Silverstein Foundation, an entity in which one of the Company’s directors is a co-founder |
Reduction in Workforce
Reduction in Workforce | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | ||
Reduction in Workforce | 13. Reduction in Workforce In December 2019, the Company’s Board of Directors approved a restructuring plan to reduce operating costs and better align the Company’s workforce with its business needs following the Company’s November 2019 announcement regarding that top line data from the PROTECTOR 1 Phase 3 study, evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint, and that the Company has stopped the development of RTB101 in this indication. Under the restructuring plan, the Company reduced its workforce by 8 employees (approximately 22% of total employees) in 2019. Affected employees are eligible to receive severance payments and outplacement services in connection with the reduction. In January 2020, the Company further reduced its workforce by 2 employees. No additional reductions were made during the six months ended June 30, 2020. The Company recorded additional restructuring charges of approximately $0 and $0.1 million related to severance payments and other employee-related costs, during the three and six months ended June 30, 2020, respectively. As of June 30, 2020, all of the restructuring charges had been paid. The following table shows the total amount expected to be incurred and the liability related to the 2019 restructuring as of June 30, 2020: One-time Employee Termination Benefits (In thousands) Accrued restructuring costs as of December 31, 2019 $ 516 Restructuring charges incurred during the year 112 Amounts paid during the year (628 ) Accrued restructuring costs as of June 30, 2020 $ — No other restructuring costs are expected to be incurred. The following table summarizes the restructuring charges reported in the consolidated statements of operations and comprehensive loss for the six months ended June 30, 2020: Cash Non-cash Total Expenses (In thousands) Research and development $ 112 $ — $ 112 General and administrative — — — Total $ 112 $ — $ 112 | 15. Reduction in Workforce In December 2019, the Company’s Board of Directors approved a restructuring plan to reduce operating costs and better align the Company’s workforce with its business needs following the Company’s November 2019 announcement regarding that top line data from the PROTECTOR 1 Phase 3 study, evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint, and that the Company has stopped the development of RTB101 in this indication. Under the restructuring plan, the Company reduced its workforce by 8 employees (approximately 22% of total employees). Affected employees are eligible to receive severance payments and outplacement services in connection with the reduction. During the year ended December 31, 2019, the Company recorded aggregate restructuring charges of approximately $0.6 million 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 year ended December 31, 2019, $66,000 of the estimated restructuring charges were paid. The Company expects the remaining accrued restructuring costs of $0.5 million will be paid in the next 12 months. The following table shows the total amount expected to be incurred and the liability related to the 2019 restructuring as of December 31, 2019: One-time Employee Termination Benefits (In thousands) Accrued restructuring costs beginning balance $ — Restructuring charges incurred during the year 582 Amounts paid during the year (66 ) Accrued restructuring costs as of December 31, 2019 $ 516 The following table summarizes the restructuring charges reported in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2019: Cash Non-cash Total Expenses (In thousands) Research and development $ 306 $ — $ 306 General and administrative 276 — 276 Total $ 582 $ — $ 582 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 16. Selected Quarterly Financial Data (Unaudited) The following table contains quarterly financial information for 2019 and 2018. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total (In thousands, except per share data) Total operating expenses $ 11,691 $ 19,169 $ 25,161 $ 29,436 $ 85,457 Loss from operations (11,691 ) (19,169 ) (25,161 ) (29,436 ) (85,457 ) Net loss (11,069 ) (18,332 ) (24,448 ) (28,890 ) (82,739 ) Net loss per share—basic and diluted $ (0.38 ) $ (0.51 ) $ (0.68 ) $ (0.79 ) $ (2.41 ) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total (In thousands, except per share data) Total operating expenses $ 10,200 $ 14,113 $ 9,032 $ 6,360 $ 39,705 Loss from operations (10,200 ) (14,113 ) (9,032 ) (6,360 ) (39,705 ) Net loss (9,859 ) (13,591 ) (8,407 ) (5,757 ) (37,614 ) Net loss per share—basic and diluted $ (0.46 ) $ (0.48 ) $ (0.30 ) $ (0.21 ) $ (1.42 ) |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. Subsequent Event On July 21, 2020, the Company’s Board approved an amendment to the 2018 Plan, subject to stockholder approval, to increase the aggregate number of shares authorized for issuance under the 2018 Plan by 14,855,157 with a corresponding increase to the maximum number of shares that may be issued in the form of incentive stock options. On July 28, 2020, the Company announced it received a grant award from the National Institute on Aging to fund a clinical trial to obtain preliminary data on the feasibility of studying RTB101 as compared to placebo for COVID-19 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company’s fiscal year end is December 31 st The consolidated financial statements include the accounts of resTORbio, Inc. and its wholly owned subsidiary, resTORbio Securities Corp. All inter-company transactions and balances have been eliminated in consolidation. | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the Company’s financial position as of June 30, 2020 and the results of operations and cash flows for the interim periods ended June 30, 2020 and 2019. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 10-K”). | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, as of the date of the condensed consolidated financial statements, and the reported amounts of any expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accrued liabilities, income taxes, and stock-based compensation expense. Management bases its estimates on historical experience, and on various other market-specific relevant assumptions that management believes to be reasonable, under the circumstances. Actual results may differ from those estimates or assumptions. | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the condensed consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2019, and the notes thereto, which are included in the 2019 Form 10-K. | |
Marketable securities | Marketable securities The Company classifies marketable securities with remaining maturities when purchased of greater than three months as available-for-sale. non-current. Available-for-sale Available-for-sale If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other-than-temporary” and, if so, marks the investment to market through a change to the Company’s statement of operations and comprehensive loss. | |
Restricted Cash | Restricted Cash The Company maintains a letter of credit for the benefit of the landlord in connection with the Company’s office lease. As of December 31, 2019 and 2018, restricted cash (non-current) | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The authoritative accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table summarizes assets measured at fair value on a recurring basis at June 30, 2020 (in thousands): Description June 30, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 70,889 $ 70,889 $ — $ — Total $ 70,889 $ 70,889 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — | Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices, or parameters derived from such prices. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment. The degree of management estimation and judgment is dependent on the price transparency for the instruments, or market, and the instruments’ complexity. The authoritative accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2018 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 6,804 $ 6,804 $ — $ — U.S. treasury securities (included in cash and cash equivalents) 238 238 — — U.S. treasury securities (included in marketable securities) 100,986 100,986 — — Total $ 108,028 $ 108,028 $ — $ — To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. An entity may elect to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in net loss. The Company did not elect to measure any additional financial instruments or other items at fair value. There have been no changes to the valuation methods utilized by the Company during the years ended December 31, 2019 and 2018. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the years ended December 31, 2019 and 2018. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash, cash equivalents and marketable securities are held by financial institutions in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institution is financially sound, and accordingly, minimal credit risk exists with respect to the financial institution. | |
Concentration of Manufacturing Risk | Concentration of Manufacturing Risk As of December 31, 2019, the Company had manufacturing arrangements with vendors for the supply of materials for use in preclinical and clinical studies. If the Company were to experience any disruptions in either party’s ability or willingness to continue to provide manufacturing services, the Company may experience significant delays in its product development timelines and may incur substantial costs to secure alternative sources of manufacturing. | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Depreciation begins at the time the asset is placed in service. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss. The estimated useful lives of property and equipment are as follows: Useful Life (in years) Leasehold improvements Lesser of useful life or remaining lease term Machinery and equipment 2-8 Furniture and fixtures 3-5 Computers 1-5 Office equipment 3-5 Software 3-5 | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over its remaining life. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. The Company has recorded no impairment during any of the periods presented. | |
Accrued Research and Development Costs | Accrued Research and Development Costs The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided and includes these costs in accrued liabilities in the consolidated balance sheets and within research and development expenses in the consolidated statements of operations and comprehensive loss. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company estimates the amount of work completed by its third-party service providers through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The majority of the Company’s service providers invoice in arrears for services performed, on a pre-determined | |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred and consist of personnel costs, lab supplies and other costs, as well as fees paid to third parties to conduct research and development activities on the Company’s behalf. Amounts incurred in connection with license agreements are also included in research and development expenses. The Company records payments made to outside vendors for services performed or goods being delivered for use in research and development activities as either prepaid expenses or accrued expenses, depending on the timing of when services are performed or goods are delivered. | |
Equity-Based Compensation Expense | Equity-Based Compensation Expense The Company recognizes equity-based compensation expense for awards of equity instruments to employees and non-employees Stock Compensation non-employee The Company accounts for restricted stock and common stock options issued to non-employees 505-50, Equity- Based Payments to Non-Employees 505-50”). non-employees The Black-Scholes option pricing model requires the input of certain subjective assumptions, including (i) the expected share price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) the expected dividend yield. Due to the 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 group of representative companies have characteristics similar to the Company, including stage of product development and focus on the life science industry. The Company uses the simplified method, which is the average of the final vesting tranche date and the contractual term, 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. For options granted to non-employees, The Company expenses the fair value of its equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received. The Company measures equity-based compensation awards granted to non-employees | |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, Income Taxes The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, the Company has no uncertain tax positions and there have been no interest charges or penalties related to unrecognized tax benefits. | |
Net Loss per Share | Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period without consideration of common stock equivalents. Diluted net loss per common share is the same as basic net loss per common share for all periods presented, since the effects of potentially dilutive securities are antidilutive. | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair 820). ASU 2018-13 modifies ASU 2018-13 is ASU 2018-13 is | Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation 2017-09”). 2017-09 2017-09 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows 2016-18”), beginning-of-period end-of-period 2016-18 2016-18 2016-18, beginning-of-period end-of-period |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”), right-of-use 2016-02 non-public No. 2020-05, No. 2018-11 re-assess In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting 2018-07”), non-employees 2018-07 non-public 2018-07 2018-07 | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases 2016-02”), right-of-use 2016-02 No. 2018-11 re-assess 2016-02 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” available-for-sale requires allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 available-for-sale 2016-13 In July 2017, the FASB issued ASU 2017-11, Accounting for Certain Financial Instruments with Down Round Features 2017-11”), 2017-11, 2017-11 2017-11 In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting 2018-07”), non-employees 2018-07 non-public 2018-07 2018-07 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Summary of Assets Measured at Fair Value on Recurring Basis | The following table summarizes assets measured at fair value on a recurring basis at June 30, 2020 (in thousands): Description June 30, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 70,889 $ 70,889 $ — $ — Total $ 70,889 $ 70,889 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — | The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2018 (in thousands): Description December 31, Active Observable Unobservable Money market funds (included in cash and cash equivalents) $ 6,804 $ 6,804 $ — $ — U.S. treasury securities (included in cash and cash equivalents) 238 238 — — U.S. treasury securities (included in marketable securities) 100,986 100,986 — — Total $ 108,028 $ 108,028 $ — $ — |
Schedule of Estimated Useful Lives of Property and Equipment | The estimated useful lives of property and equipment are as follows: Useful Life (in years) Leasehold improvements Lesser of useful life or remaining lease term Machinery and equipment 2-8 Furniture and fixtures 3-5 Computers 1-5 Office equipment 3-5 Software 3-5 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||
Schedule of Fair Value Marketable Securities By Type of Security | As of December 31, 2019, the fair value of marketable securities by type of security was as follows (in thousands): Description Amortized Unrealized Unrealized Fair U.S. government agency treasuries and securities $ 57,650 $ 49 $ — $ 57,699 Total $ 57,650 $ 49 $ — $ 57,699 | As of December 31, 2019, the fair value of marketable securities by type of security was as follows (in thousands): Description Amortized Unrealized Unrealized Fair U.S. government agency treasuries and securities $ 57,650 $ 49 $ — $ 57,699 Total $ 57,650 $ 49 $ — $ 57,699 As of December 31, 2018, the fair value of marketable securities by type of security was as following (in thousands): Description Amortized Unrealized Unrealized Fair Value U.S. government agency treasuries and securities $ 101,027 $ 4 $ (45 ) $ 100,986 Total $ 101,027 $ 4 $ (45 ) $ 100,986 |
Schedule of Fair Value and Amortized Cost of Company's Available-for-Sale Securities by Contractual Maturity | The estimated fair value and amortized cost of the Company’s available-for-sale December 31, 2019 Amortized Fair Due in one year or less $ 57,650 $ 57,699 Total $ 57,650 $ 57,699 | The estimated fair value and amortized cost of the Company’s available-for-sale December 31, 2019 Amortized Cost Fair Value (In thousands) Due in one year or less $ 57,650 $ 57,699 Total $ 57,650 $ 57,699 December 31, 2018 Amortized Cost Fair Value (In thousands) Due in one year or less $ 101,027 $ 100,986 Total $ 101,027 $ 100,986 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | ||
Summary of Property and Equipment, Net | Property and equipment, net consists of the following: June 30, 2020 December 31, 2019 (In thousands) Leasehold improvements $ 17 $ 17 Furniture and fixtures 397 397 Computers 127 125 Office equipment 11 11 Software 22 22 Total property and equipment 574 572 Less: accumulated depreciation (226 ) (158 ) Property and equipment, net $ 348 $ 414 | Property and equipment, net consists of the following: As of December 31, 2019 2018 (In thousands) Leasehold improvements $ 17 $ 65 Machinery and equipment — 38 Furniture and fixtures 397 194 Computers 125 76 Office equipment 11 11 Software 22 22 Total property and equipment 572 406 Less: accumulated depreciation (158 ) (85 ) Property and equipment, net $ 414 $ 321 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Payables and Accruals [Abstract] | ||
Summary of Accrued Liabilities | Accrued liabilities consist of the following: June 30, 2020 December 31, 2019 (In thousands) Accrued payroll and related expenses $ 509 $ 1,643 Accrued restructuring costs (See Note 13) — 516 Accrued research and development expenses 230 3,171 Other 358 153 Total accrued liabilities $ 1,097 $ 5,483 | Accrued liabilities consist of the following: As of December 31, 2019 2018 (In thousands) Accrued payroll and related expenses $ 1,643 $ 1,189 Accrued restructuring cost (see Note 15) 516 — Accrued research and development expenses 3,171 1,028 Other 153 510 Total accrued liabilities $ 5,483 $ 2,727 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Temporary Equity Disclosure [Abstract] | ||
Schedule of Number of Shares of Common Stock Reserved for Future Issuance | The Company has reserved the following number of shares of common stock for future issuance upon the exercise of options, vesting of restricted stock units or grant of equity awards: June 30, 2020 December 31, 2019 Options issued and outstanding 2,140,012 2,562,800 Unvested restricted stock units 661,778 828,935 Options available for future grants 2,260,656 215,043 Shares available for issuance under the 2018 ESPP 920,030 555,583 Total 5,982,476 4,162,361 | As of December 31, 2019 and 2018, the Company has reserved the following number of shares of common stock for future issuance upon the exercise of options, vesting of restricted stock units or grant of equity awards: As of December 31, 2019 2018 Options issued and outstanding 2,562,800 1,122,677 Unvested restricted stock units 828,935 24,960 Options available for future grants 212,308 1,350,582 Shares available for issuance under the 2018 ESPP 555,583 275,030 Total 4,159,626 2,773,249 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense is recognized for stock options granted to employees and non-employees Three Months Ended Six Months Ended 2020 2019 2020 2019 Research and development $ 289 $ 499 $ 689 $ 776 General and administrative 470 444 1,045 831 Total stock-based compensation expense $ 759 $ 943 $ 1,734 $ 1,607 | Total stock-based compensation expense is recognized for stock-based awards granted to employees and non-employees Year Ended December 31, 2019 2018 2017 (In thousands) Research and development $ 1,542 $ 1,236 $ 246 General and administrative 2,152 1,557 224 Total stock-based compensation expense $ 3,694 $ 2,793 $ 470 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plans: Shares Available for Grant Number of Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contract Term Aggregate Intrinsic Value (In thousands) Outstanding, December 31, 2019 215,043 2,562,800 $ 7.85 8.84 Shares reserved for issuance 1,457,789 Options granted (86,484 ) 86,484 2.23 Options cancelled 509,272 (509,272 ) 7.44 Restricted stock units cancelled 165,036 Outstanding, June 30, 2020 2,260,656 2,140,012 7.54 8.59 $ 567 Exercisable, June 30, 2020 771,444 10.02 8.04 91 Vested and expected to vest, June 30, 2020 2,140,012 7.54 8.59 567 | The following table summarizes stock option activity under the Plan: Shares Available for Grant Number of Options Outstanding Weighted- Average Exercise Price per Option ($) Weighted- Average Remaining Contract Term (Years) Aggregate Intrinsic Value ($) (In thousands) Outstanding, December 31, 2018 1,350,582 1,122,677 11.63 9.22 Shares reserved for issuance 1,122,213 Options granted (1,896,527 ) 1,896,527 6.28 Restricted stock units granted (813,335 ) Options exercised — (7,029 ) 0.79 Options forfeited 449,375 (449,375 ) 10.77 Outstanding, December 31, 2019 212,308 2,562,800 7.85 8.84 200 Exercisable, December 31, 2019 461,150 11.40 7.06 37 Vested and expected to vest, December 31, 2019 2,562,800 7.85 8.84 200 |
Schedule of Assumptions to Estimate Fair Value of Stock Options for Employees and Non-Employees Using Black-Scholes Option Pricing Model | The fair value of stock options for employees and non-employees Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Employees: Fair value of common stock $2.23 $6.97 - $8.08 $2.23 $6.97 - $8.90 Expected term (in years) 5.5 5.5 - 6.1 5.5 5.5 - 6.1 Expected volatility 110.2% 94.5% - 104.8% 110.2% 93.7% - 104.8% Risk-free interest rate 0.4% 1.9% - 2.4% 0.4% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Non-employees: Fair value of common stock $2.09 - $2.18 $8.90 - $10.20 $0.96 - $2.18 $6.82 - $10.20 Expected term (in years) 7.0 - 8.8 8.0 - 9.7 7.0 - 9.0 8.0 - 10.0 Expected volatility 100.8% - 103.5% 93.4% - 94.2% 99.6% - 103.5% 90.0% - 94.9% Risk-free interest rate 0.5% - 0.6% 1.9% - 2.1% 0.5% - 0.9% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% | The fair value of stock options for employees and non-employees Year Ended December 31, 2019 2018 2017 Employees: Fair value of common stock $ 1.27 - $10.66 $ 8.57 - $15.45 $ 0.79 - $9.33 Expected term (in years) 5.5 - 6.1 5.8 - 6.2 5.9 - 6.2 Expected volatility 92.0% - 104.9 % 75.9% - 90.6 % 74.4% - 74.5 % Risk-free interest rate 1.4% - 2.6 % 2.4% - 3.1 % 1.9% - 2.2 % Expected dividend yield 0.0 % 0.0 % 0.0 % Non-employees: Fair value of common stock $ 1.23 - $10.26 $ 8.62 - $15.45 $ 0.79 - $10.28 Expected term (in years) 7.4 - 10.0 8.4 - 10.0 9.4 - 10.0 Expected volatility 89.7% - 99.5 % 78.0% - 91.2 % 74.6% - 77.0 % Risk-free interest rate 1.7% - 2.8 % 2.7% - 3.1 % 2.3% - 2.4 % Expected dividend yield 0.0 % 0.0 % 0.0 % |
Summary of Restricted Stock Activity | The summary of restricted stock activity and related information follows: Number of Restricted Shares Outstanding Unvested shares—December 31, 2018 1,000 Vested (1,000 ) Unvested shares—December 31, 2019 — | |
Summary of Restricted Stock Units Activity | The summary of restricted stock unit activity and related information is as follows: Number of Restricted Stock Units Outstanding Unvested shares—December 31, 2019 828,935 Vested, net of shares withheld for taxes (2,121 ) Cancelled (165,036 ) Unvested shares—June 30, 2020 661,778 | The summary of restricted stock unit activity and related information follows: Number of Restricted Stock Units Outstanding Unvested shares—December 31, 2018 24,960 Granted 813,335 Vested (9,360 ) Unvested shares—December 31, 2019 828,935 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate to Income Taxes | A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Income tax benefit at federal statutory rate $ (17,368 ) $ (7,899 ) $ (11,484 ) State taxes (5,314 ) (2,340 ) (1,011 ) Tax credits (2,910 ) (817 ) (222 ) Stock-based compensation 753 764 140 Federal tax rate change — — 2,202 Change in fair value of tranche rights — 3 5,065 Other 25 241 — Change in valuation allowance 24,850 10,074 5,310 Income tax expense $ 36 $ 26 $ — Effective tax rate 0.0 % 0.0 % 0.0 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred income taxes were as follows: As of December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating losses $ 34,938 $ 13,054 Capitalized license 771 835 Research credits 4,151 1,007 Accruals 401 514 Stock-based compensation 53 51 Net unrealized loss — 11 Total gross deferred tax assets 40,314 15,472 Less valuation allowance (40,221 ) (15,395 ) Total deferred tax assets 93 77 Deferred tax liabilities: Net unrealized gain 13 — Depreciation and amortization 80 77 Total gross deferred tax liability 93 77 Net deferred tax assets $ — $ — |
Commitments and Contingences (T
Commitments and Contingences (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Obligations Future Minimum Lease Payments | Obligations to make future minimum lease payments as of December 31, 2019, are as follows: Year ending December 31, Minimum Lease Payments (In thousands) 2020 $ 594 2021 606 2022 618 2023 630 2024 643 Years thereafter 1,043 Total $ 4,134 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive effect (in common stock equivalent shares): As of June 30, 2020 2019 Options issued and outstanding 2,140,012 1,706,317 Unvested restricted stock — 500 Unvested restricted stock units 661,778 24,960 Total 2,801,790 1,731,777 | The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive effect (in common stock equivalent shares): As of December 31, 2019 2018 Options issued and outstanding 2,562,800 1,122,677 Unvested restricted stock — 1,000 Unvested restricted stock units 828,935 24,960 Total 3,391,735 1,148,637 |
Reduction in Workforce (Tables)
Reduction in Workforce (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | ||
Schedule of 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 2019 restructuring as of June 30, 2020: One-time Employee Termination Benefits (In thousands) Accrued restructuring costs as of December 31, 2019 $ 516 Restructuring charges incurred during the year 112 Amounts paid during the year (628 ) Accrued restructuring costs as of June 30, 2020 $ — | The following table shows the total amount expected to be incurred and the liability related to the 2019 restructuring as of December 31, 2019: One-time Employee Termination Benefits (In thousands) Accrued restructuring costs beginning balance $ — Restructuring charges incurred during the year 582 Amounts paid during the year (66 ) Accrued restructuring costs as of December 31, 2019 $ 516 |
Schedule of Restructuring Charges Reported in Consolidated Statements of Operations and Comprehensive Loss | The following table summarizes the restructuring charges reported in the consolidated statements of operations and comprehensive loss for the six months ended June 30, 2020: Cash Non-cash Total Expenses (In thousands) Research and development $ 112 $ — $ 112 General and administrative — — — Total $ 112 $ — $ 112 | The following table summarizes the restructuring charges reported in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2019: Cash Non-cash Total Expenses (In thousands) Research and development $ 306 $ — $ 306 General and administrative 276 — 276 Total $ 582 $ — $ 582 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | The following table contains quarterly financial information for 2019 and 2018. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total (In thousands, except per share data) Total operating expenses $ 11,691 $ 19,169 $ 25,161 $ 29,436 $ 85,457 Loss from operations (11,691 ) (19,169 ) (25,161 ) (29,436 ) (85,457 ) Net loss (11,069 ) (18,332 ) (24,448 ) (28,890 ) (82,739 ) Net loss per share—basic and diluted $ (0.38 ) $ (0.51 ) $ (0.68 ) $ (0.79 ) $ (2.41 ) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total (In thousands, except per share data) Total operating expenses $ 10,200 $ 14,113 $ 9,032 $ 6,360 $ 39,705 Loss from operations (10,200 ) (14,113 ) (9,032 ) (6,360 ) (39,705 ) Net loss (9,859 ) (13,591 ) (8,407 ) (5,757 ) (37,614 ) Net loss per share—basic and diluted $ (0.46 ) $ (0.48 ) $ (0.30 ) $ (0.21 ) $ (1.42 ) |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) | Apr. 10, 2019 | Mar. 22, 2019 | Feb. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Entity incorporation date | Jul. 5, 2016 | |||||||
Net proceeds received from offering | $ 49,748,000 | $ 49,747,000 | $ 90,908,000 | |||||
Accumulated deficit | (154,100,000) | |||||||
Cash, cash equivalents and marketable securities | $ 91,500,000 | |||||||
Initial Public Offering | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of common stock shares sold | 487,934 | 7,200,000 | ||||||
Issuance price per shares | $ 6.95 | $ 6.95 | ||||||
Net proceeds received from offering | $ 3,200,000 | $ 46,600,000 | ||||||
Underwriting discounts and commissions and other offering expenses | $ 200,000 | $ 3,500,000 | ||||||
Initial Public Offering | Maximum | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Option to purchase of common stock at public offering price | 1,080,000 | |||||||
At-the-Market Offering | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Net proceeds received from offering | $ 582,000 | $ 6,716,000 | ||||||
At-the-Market Offering | Controlled Equity Offering Sales Agreement | SVB Leerink LLC and Cantor Fitzgerald and Co | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of common stock shares sold | 688,000 | |||||||
Issuance price per shares | $ 10.18 | |||||||
Maximum aggregate value of common stock available for offering At-the-Market price | $ 50,000,000 | |||||||
Sales commission percentage payable to sales agents in cash | 3.00% | |||||||
Net proceeds received from offering | $ 6,700,000 | |||||||
Issuance costs | 75,000 | |||||||
Common stock remained available for offering | $ 43,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash (non-current) related to letter of credit | $ 245,000 | $ 84,000 | $ 245,000 |
Fair value assets transferred from level 1 to level 2 | 0 | 0 | |
Fair value assets transferred from level 2 to level 1 | 0 | 0 | |
Fair value liabilities transferred from level 1 to level 2 | 0 | 0 | |
Fair value liabilities transferred from level 2 to level 1 | 0 | 0 | |
Fair value measurement with unobservable inputs reconciliation recurring basis asset transfers net | 0 | 0 | |
Fair value measurement with unobservable inputs reconciliation recurring basis liabilities transfers net | 0 | 0 | |
Asset impairment charges on long-lived assets | 0 | ||
Dividend yield | 0 | ||
Uncertain tax positions | 0 | ||
Interest charges or penalties related to unrecognized tax benefits | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 6,881,000 | ||
Cash, cash equivalents and restricted cash at end of period | 34,019,000 | 6,881,000 | |
ASU 2016-18 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash, cash equivalents and restricted cash at beginning of period | $ 0 | ||
Cash, cash equivalents and restricted cash at end of period | $ 84,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | $ 70,889 | $ 91,473 | $ 108,028 |
Active Markets (Level 1) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | 70,889 | 91,473 | 108,028 |
Money Market Funds | Cash and Cash Equivalents | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | 70,889 | 33,774 | 6,804 |
Money Market Funds | Active Markets (Level 1) | Cash and Cash Equivalents | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | $ 70,889 | 33,774 | 6,804 |
U.S. Treasury Securities | Cash and Cash Equivalents | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | 238 | ||
U.S. Treasury Securities | Marketable Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | 57,699 | 100,986 | |
U.S. Treasury Securities | Active Markets (Level 1) | Cash and Cash Equivalents | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | 238 | ||
U.S. Treasury Securities | Active Markets (Level 1) | Marketable Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a recurring basis | $ 57,699 | $ 100,986 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | Lesser of useful life or remaining lease term |
Machinery and Equipment | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 2 years |
Machinery and Equipment | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 8 years |
Furniture and Fixtures | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Furniture and Fixtures | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Computers | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 1 year |
Computers | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Office Equipment | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Office Equipment | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Software | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Software | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Marketable securities | $ 0 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Fair Value Marketable Securities By Type of Security (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 57,650 | $ 101,027 |
Unrealized Gains | 49 | 4 |
Unrealized Losses | (45) | |
Fair value | 57,699 | 100,986 |
U.S. Government Agency Treasuries and Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 57,650 | 101,027 |
Unrealized Gains | 49 | 4 |
Unrealized Losses | (45) | |
Fair value | $ 57,699 | $ 100,986 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Fair Value and Amortized Cost of Company's Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less, Fair Value | $ 57,699 | $ 100,986 |
Total, Fair Value | 57,699 | 100,986 |
Due in one year or less, Amortized Cost | 57,650 | 101,027 |
Amortized Cost | $ 57,650 | $ 101,027 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | |||
Total property and equipment | $ 574 | $ 572 | $ 406 |
Less: accumulated depreciation | (226) | (158) | (85) |
Property and equipment, net | 348 | 414 | 321 |
Machinery and equipment | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | 38 | ||
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | 17 | 17 | 65 |
Furniture and Fixtures | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | 397 | 397 | 194 |
Computers | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | 127 | 125 | 76 |
Office Equipment | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | 11 | 11 | 11 |
Software | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | $ 22 | $ 22 | $ 22 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||||||
Depreciation expense | $ 100 | $ 80 | $ 5 | ||||
Depreciation and amortization expense | $ 34 | $ 28 | $ 68 | $ 55 | $ 125 | $ 80 | $ 5 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | |||
Accrued payroll and related expenses | $ 509 | $ 1,643 | $ 1,189 |
Accrued restructuring costs | 516 | ||
Accrued research and development expenses | 230 | 3,171 | 1,028 |
Other | 358 | 153 | 510 |
Total accrued liabilities | $ 1,097 | $ 5,483 | $ 2,727 |
License Agreements - Additional
License Agreements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 23, 2017 | May 31, 2019 | May 31, 2017 | Jun. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
License agreement termination description | The agreement may be terminated by either party upon a material breach by the other party that is not cured within 60 days after written notice. The Company may terminate the agreement in its entirety or on a product-by-product or country-by-country basis with or without cause with 60 days’ prior written notice. | |||
Payment for development milestone | $ 2.5 | $ 0.3 | ||
Maximum | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Aggregate amount payable upon satisfaction of clinical milestones | $ 4.3 | |||
Aggregate amount payable upon satisfaction of regulatory milestones for first indication approved | 24 | |||
Aggregate amount payable upon satisfaction of regulatory milestones for second indication approved | 18 | |||
Aggregate amount payable upon satisfaction of commercial milestones | $ 125 | |||
License Agreement | Series A Preferred Stock | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Shares, Issued | 2,587,992 | |||
Fair value of license agreement | $ 3.2 | |||
Fair value of shares issued | $ 1.22 |
Research Funding Agreement - Ad
Research Funding Agreement - Additional Information (Details) - USD ($) | Mar. 06, 2018 | May 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Grant term | 5 years | ||||
Grant receivable | $ 1,500,000 | ||||
Qualifying expenses | $ 300,000 | ||||
Amounts received for qualifying expenses incurred recorded as other current assets | 200,000 | ||||
Funding Agreement | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Qualifying expenses | $ 500,000 | ||||
Silverstein Foundation | Funding Agreement | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Upfront sum of funding amount | $ 500,000 | ||||
Amounts received for qualifying expenses incurred recorded as other current assets | $ 500,000 | ||||
National Institute of Health | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Grant term | 5 years | ||||
Grant receivable | $ 1,500,000 | ||||
Qualifying expenses | $ 41,000 | ||||
Amounts received for qualifying expenses incurred recorded as other current assets | 61,000 | ||||
National Institute of Health | Funding Agreement | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Qualifying expenses | $ 100,000 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Details) - shares | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Temporary Equity Disclosure [Abstract] | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2019Vote$ / sharesshares | Jun. 30, 2020shares | Dec. 31, 2018shares | |
Temporary Equity Disclosure [Abstract] | |||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 |
Common stock, shares issued | 36,444,732 | 36,446,853 | 28,055,344 |
Common stock, shares outstanding | 36,444,732 | 36,446,853 | 28,055,344 |
Number of votes entitled for each share of common stock | Vote | 1 | ||
Common stock dividends declared | $ / shares | $ 0 | ||
Common stock dividends paid | $ / shares | $ 0 |
Common Stock - Schedule of Numb
Common Stock - Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | |||
Number of shares of common stock reserved for future issuance | 5,982,476 | 4,162,361 | |
Number of shares of common stock reserved for future issuance | 4,159,626 | 2,773,249 | |
Option Issued and Outstanding | |||
Class of Stock [Line Items] | |||
Number of shares of common stock reserved for future issuance | 2,140,012 | 2,562,800 | |
Number of shares of common stock reserved for future issuance | 2,562,800 | 1,122,677 | |
Restricted stock units | |||
Class of Stock [Line Items] | |||
Number of shares of common stock reserved for future issuance | 661,778 | 828,935 | |
Number of shares of common stock reserved for future issuance | 828,935 | 24,960 | |
Options Available for Future Grants | |||
Class of Stock [Line Items] | |||
Number of shares of common stock reserved for future issuance | 2,260,656 | 215,043 | |
Number of shares of common stock reserved for future issuance | 212,308 | 1,350,582 | |
Shares available for issuance under the 2018 ESPP | |||
Class of Stock [Line Items] | |||
Number of shares of common stock reserved for future issuance | 920,030 | 555,583 | |
Number of shares of common stock reserved for future issuance | 555,583 | 275,030 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | Apr. 17, 2018Installmentshares | Nov. 29, 2017shares | Oct. 11, 2017shares | Dec. 31, 2019USD ($)$ / sharesshares | May 31, 2018$ / sharesshares | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares available for issuance | 4,162,361 | 5,982,476 | 5,982,476 | 4,162,361 | |||||||||
Recognized stock-based compensation expense | $ | $ 1,734,000 | $ 1,607,000 | $ 3,694,000 | $ 2,793,000 | $ 470,000 | ||||||||
Employees And Non Employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Expense related to options granted | $ | $ 759,000 | $ 943,000 | $ 1,734,000 | 1,607,000 | 3,694,000 | 2,793,000 | 470,000 | ||||||
Restricted Stock | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Number of quarterly installment in which restriction lapse | Installment | 4 | ||||||||||||
Shares granted | 2,000 | ||||||||||||
Recognized stock-based compensation expense | $ | 4,000,000 | 900,000 | $ 400,000 | ||||||||||
Unrecognized stock-based compensation expense | $ | $ 0 | $ 0 | |||||||||||
Restricted Stock | Employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares granted | 813,335 | 24,960 | |||||||||||
Grant date fair value | $ / shares | $ 1.27 | $ 9.03 | |||||||||||
Options Issued and Outstanding | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares available for issuance | 2,562,800 | 2,140,012 | 2,140,012 | 2,562,800 | |||||||||
Aggregate intrinsic value of options exercised | $ | $ 67,000 | $ 78,000 | |||||||||||
Number of options exercised | 0 | 7,029 | |||||||||||
Options Issued and Outstanding | Directors | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Option granted | 86,484 | ||||||||||||
Grant date fair value | $ / shares | $ 1.80 | ||||||||||||
Options Issued and Outstanding | Employees And Non Employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Option granted | 0 | ||||||||||||
Unrecognized compensation expense | $ | $ 28,000,000,000 | $ 28,000,000,000 | |||||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 1 year 8 months 26 days | ||||||||||||
Options Issued and Outstanding | Employees and Directors | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Option granted | 1,886,687 | ||||||||||||
Grant date fair value | $ / shares | $ 4.83 | ||||||||||||
Expense related to options granted | $ | 700,000 | 900,000 | $ 1,600,000 | 1,500,000 | |||||||||
Unrecognized compensation expense | $ | 5,900,000 | $ 5,900,000 | |||||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 2 years 4 months 9 days | ||||||||||||
Options Issued and Outstanding | Non-employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Option granted | 9,840 | 7,200 | |||||||||||
Grant date fair value | $ / shares | $ 7.61 | $ 12.51 | |||||||||||
Expense related to options granted | $ | $ 7,000,000 | $ 40,000,000 | $ 8,000,000 | $ 48,000,000 | |||||||||
Unrecognized compensation expense | $ | $ 26,000 | $ 26,000 | |||||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 2 years 1 month 20 days | ||||||||||||
Options Issued and Outstanding | Employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Option granted | 926,838 | ||||||||||||
Grant date fair value | $ / shares | $ 9.23 | ||||||||||||
Unrecognized compensation expense | $ | $ 9,400,000 | $ 9,400,000 | |||||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 2 years 9 months 18 days | ||||||||||||
Restricted stock units | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares available for issuance | 828,935 | 661,778 | 661,778 | 828,935 | |||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 3 years 5 months 8 days | 3 years 9 months | |||||||||||
Shares granted | 813,335 | ||||||||||||
Recognized stock-based compensation expense | $ | $ 52,000 | $ 100,000 | $ 74,000 | $ 35,000 | |||||||||
Unrecognized stock-based compensation expense | $ | $ 1,100,000 | $ 700,000 | $ 700,000 | $ 1,100,000 | |||||||||
Restricted stock units | Non-employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares granted | 0 | 0 | 0 | 0 | |||||||||
Restricted stock units | Employees | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares granted | 813,335 | 24,960 | 0 | 0 | 0 | 0 | |||||||
Grant date fair value | $ / shares | $ 1.27 | $ 9.03 | |||||||||||
2017 Stock Incentive Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Number of shares reserved for issuance | 630,662 | 537,914 | 537,914 | 537,914 | 537,914 | 537,914 | |||||||
Number of additional shares reserved for issuance | 1,866,009 | 630,662 | |||||||||||
2017 Stock Incentive Plan | Maximum | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Terms of stock based options granted | 10 years | 10 years | |||||||||||
2018 Stock Incentive Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Shares available for issuance | 0 | 0 | |||||||||||
Percentage of additional shares added on outstanding shares | 4.00% | 4.00% | |||||||||||
2018 Stock Incentive Plan | Maximum | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Number of shares reserved for issuance | 3,322,473 | 3,322,473 | 3,322,473 | 3,322,473 | |||||||||
2018 Stock Incentive Plan | Minimum [Member] | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Number of shares reserved for issuance | 2,200,260 | 2,200,260 | 2,200,260 | 2,200,260 | |||||||||
2018 Employee Stock Purchase Plan | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Number of shares reserved for issuance | 275,030 | ||||||||||||
Percentage of additional shares added on outstanding shares | 1.00% | ||||||||||||
Number Of Shares Available For Sale Under Employee Stock Purchase Plan | |||||||||||||
2018 Employee Stock Purchase Plan | Maximum | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Number of additional shares reserved for issuance | 920,030 | 555,583 | 555,583 | ||||||||||
2018 Employee Stock Purchase Plan | Minimum [Member] | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||
Number of additional shares reserved for issuance | 543,926 | 543,926 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - Employees And Non Employees - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Total stock-based compensation expense | $ 759 | $ 943 | $ 1,734 | $ 1,607 | $ 3,694 | $ 2,793 | $ 470 |
Research and Development | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Total stock-based compensation expense | 289 | 499 | 689 | 776 | 1,542 | 1,236 | 246 |
General and Administrative | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Total stock-based compensation expense | $ 470 | $ 444 | $ 1,045 | $ 831 | $ 2,152 | $ 1,557 | $ 224 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options Issued and Outstanding | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Outstanding, beginning, Shares Available for Grant | 215,043 | ||
Outstanding, beginning, Shares Available for Grant | 212,308 | 1,350,582 | |
Shares reserved for issuance, Shares Available for Grant | 1,457,789 | 1,122,213 | |
Options granted, Shares Available for Grant | (86,484) | (1,896,527) | |
Options cancelled, Shares Available for Grant | 509,272 | 449,375 | |
Outstanding, ending, Shares Available for Grant | 2,260,656 | 215,043 | |
Outstanding, ending, Shares Available for Grant | 212,308 | 1,350,582 | |
Outstanding, beginning, Number of Options | 2,562,800 | 1,122,677 | |
Options granted, Number of Options | 86,484 | 1,896,527 | |
Options exercised, Number of Options | 0 | (7,029) | |
Options cancelled, Number of Options | (509,272) | (449,375) | |
Outstanding, ending, Number of Options | 2,140,012 | 2,562,800 | 1,122,677 |
Exercisable, Number of Options | 771,444 | 461,150 | |
Vested and expected to vest, Number of Options | 2,140,012 | 2,562,800 | |
Outstanding, beginning, Weighted-Average Exercise Price per Option | $ 7.85 | $ 11.63 | |
Options granted, Weighted-Average Exercise Price per Option | 2.23 | 6.28 | |
Options exercised, Weighted-Average Exercise Price per Option | 0.79 | ||
Options cancelled, Weighted-Average Exercise Price per Option | 7.44 | 10.77 | |
Outstanding, ending, Weighted-Average Exercise Price per Option | 7.54 | 7.85 | $ 11.63 |
Exercisable, Weighted-Average Exercise Price per Option | 10.02 | 11.40 | |
Vested and expected to vest, Weighted-Average Exercise Price per Option | $ 7.54 | $ 7.85 | |
Outstanding, Weighted-Average Remaining Contract Term | 8 years 7 months 2 days | 8 years 10 months 2 days | 9 years 2 months 19 days |
Exercisable, Weighted-Average Remaining Contract Term | 8 years 14 days | 7 years 21 days | |
Vested and expected to vest, Weighted-Average Remaining Contract Term | 8 years 7 months 2 days | 8 years 10 months 2 days | |
Outstanding, ending, Aggregate Intrinsic Value | $ 567 | $ 200 | |
Exercisable, Aggregate Intrinsic Value | 91 | 37 | |
Vested and expected to vest, Aggregate Intrinsic Value | $ 567 | $ 200 | |
Other than options granted, Shares Available for Grant | (813,335) | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Other than options cancelled, Shares Available for Grant | 165,036 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options for Employees and Non-Employees Using Black-Scholes Option Pricing Model (Details) - Options Issued and Outstanding - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of common stock | $ 2.23 | $ 2.23 | |||||
Expected term (in years) | 5 years 6 months | 5 years 6 months | |||||
Expected volatility | 110.20% | 110.20% | |||||
Expected volatility, minimum | 94.50% | 93.70% | 92.00% | 75.90% | 74.40% | ||
Expected volatility, maximum | 104.80% | 104.80% | 104.90% | 90.60% | 74.50% | ||
Risk-free interest rate | 0.40% | 0.40% | |||||
Risk-free interest rate, minimum | 1.90% | 1.90% | 1.40% | 2.40% | 1.90% | ||
Risk-free interest rate, maximum | 2.40% | 2.60% | 2.60% | 3.10% | 2.20% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Non-employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expected volatility, minimum | 100.80% | 93.40% | 99.60% | 90.00% | 89.70% | 78.00% | 74.60% |
Expected volatility, maximum | 103.50% | 94.20% | 103.50% | 94.90% | 99.50% | 91.20% | 77.00% |
Risk-free interest rate, minimum | 0.50% | 1.90% | 0.50% | 1.90% | 1.70% | 2.70% | 2.30% |
Risk-free interest rate, maximum | 0.60% | 2.10% | 0.90% | 2.60% | 2.80% | 3.10% | 2.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | Employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of common stock | $ 6.97 | $ 6.97 | $ 1.27 | $ 8.57 | $ 0.79 | ||
Expected term (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months | 5 years 9 months 18 days | 5 years 10 months 24 days | ||
Minimum [Member] | Non-employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of common stock | $ 2.09 | $ 8.90 | $ 0.96 | $ 6.82 | $ 1.23 | $ 8.62 | $ 0.79 |
Expected term (in years) | 7 years | 8 years | 7 years | 8 years | 7 years 4 months 24 days | 8 years 4 months 24 days | 9 years 4 months 24 days |
Maximum | Employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of common stock | $ 8.08 | $ 8.90 | $ 10.66 | $ 15.45 | $ 9.33 | ||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 2 months 12 days | 6 years 2 months 12 days | ||
Maximum | Non-employees | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of common stock | $ 2.18 | $ 10.20 | $ 2.18 | $ 10.20 | $ 10.26 | $ 15.45 | $ 10.28 |
Expected term (in years) | 8 years 9 months 18 days | 9 years 8 months 12 days | 9 years | 10 years | 10 years | 10 years | 10 years |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2019shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning, Unvested shares | 1,000 |
Number of Shares Outstanding, Vested | (1,000) |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares Outstanding, Beginning, Unvested shares | 828,935 | 24,960 |
Number of Shares Outstanding, Granted | 813,335 | |
Vested, net of shares withheld for taxes | (2,121) | (9,360) |
Cancelled | (165,036) | |
Number of Shares Outstanding, Ending, Unvested shares | 661,778 | 828,935 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate to Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||
Income tax benefit at federal statutory rate | $ (17,368) | $ (7,899) | $ (11,484) | ||||
State taxes | (5,314) | (2,340) | (1,011) | ||||
Tax credits | (2,910) | (817) | (222) | ||||
Stock-based compensation | 753 | 764 | 140 | ||||
Federal tax rate change | 2,202 | ||||||
Change in fair value of tranche rights | 3 | 5,065 | |||||
Other | 25 | 241 | |||||
Change in valuation allowance | 24,850 | 10,074 | 5,310 | ||||
Income tax expense | $ 1 | $ 10 | $ 8 | $ 19 | $ 36 | $ 26 | $ 0 |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Dec. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes Disclosure [Line Items] | ||||
Federal statutory income tax rate, percent | 21.00% | 34.00% | ||
Percentage of net operating loss carryforwards | 80.00% | |||
Tax cuts and jobs act of 2017 change in tax rate income tax expense benefit | $ 0 | |||
Valuation allowance | $ 40,221,000 | $ 15,395,000 | ||
Operating loss carryforwards, limitations on use | $14.0 million will begin to expire in 2036 and $113.0 million can be carried forward indefinitely | |||
Operating loss carryforward expiration in two thousand thirty six | $ 14,000,000 | |||
Operating loss carryforward indefinitely | 113,000,000 | |||
Penalties and interest accrued | 0 | |||
Federal | ||||
Income Taxes Disclosure [Line Items] | ||||
Operating loss carryforwards | $ 127,000,000 | |||
Operating loss carryforwards, expiration date | Dec. 31, 2036 | |||
Federal | Research Credits | ||||
Income Taxes Disclosure [Line Items] | ||||
Tax credit carryforward, amount | $ 3,800,000 | 900,000 | ||
Tax credit carryforward, expiration date | Dec. 31, 2037 | |||
State | ||||
Income Taxes Disclosure [Line Items] | ||||
Operating loss carryforwards | $ 130,800,000 | |||
Operating loss carryforwards, expiration date | Dec. 31, 2036 | |||
State | Research Credits | ||||
Income Taxes Disclosure [Line Items] | ||||
Tax credit carryforward, amount | $ 500,000 | $ 200,000 | ||
Tax credit carryforward, expiration date | Dec. 31, 2032 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating losses | $ 34,938 | $ 13,054 |
Capitalized license | 771 | 835 |
Research credits | 4,151 | 1,007 |
Accruals | 401 | 514 |
Stock-based compensation | 53 | 51 |
Net unrealized loss | 11 | |
Total gross deferred tax assets | 40,314 | 15,472 |
Less valuation allowance | (40,221) | (15,395) |
Total deferred tax assets | 93 | 77 |
Deferred tax liabilities: | ||
Net unrealized gain | 13 | |
Depreciation and amortization | 80 | 77 |
Total gross deferred tax liability | 93 | 77 |
Net deferred tax assets | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 01, 2019 | Mar. 23, 2017 | |
Commitment and Contingencies [Line Items] | ||||||
Estimated litigation liability | $ 0 | |||||
Amended lease term from the date of relocation | 7 years | |||||
Amended base rent per year of the relocation premises | $ 600,000 | |||||
Percentage increase in operating lease base rent | 2.00% | |||||
Letters of Credit issued amount | $ 200,000 | |||||
Lease payments | 500,000 | $ 300,000 | $ 0 | |||
Maximum [Member] | ||||||
Commitment and Contingencies [Line Items] | ||||||
Aggregate amount payable upon satisfaction of clinical milestones | $ 4,300,000 | |||||
Aggregate amount payable upon satisfaction of regulatory milestones for first indication approved | 24,000,000 | |||||
Aggregate amount payable upon satisfaction of regulatory milestones for second indication approved | 18,000,000 | |||||
Aggregate amount payable upon satisfaction of commercial milestones | $ 125,000,000 | |||||
Novartis International Pharmaceutical Ltd. | Maximum [Member] | ||||||
Commitment and Contingencies [Line Items] | ||||||
Aggregate amount payable upon satisfaction of clinical milestones | 1,500,000 | |||||
Aggregate amount payable upon satisfaction of regulatory milestones for first indication approved | 24,000,000 | |||||
Aggregate amount payable upon satisfaction of regulatory milestones for second indication approved | 18,000,000 | |||||
Aggregate amount payable upon satisfaction of commercial milestones | $ 125,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Obligations Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 594 |
2021 | 606 |
2022 | 618 |
2023 | 630 |
2024 | 643 |
Years thereafter | 1,043 |
Total | $ 4,134 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 2,801,790 | 1,731,777 | 3,391,735 | 1,148,637 |
Restricted Stock | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 500 | 1,000 | ||
Restricted Stock Units | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 661,778 | 24,960 | 828,935 | 24,960 |
Option Issued and Outstanding | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 2,140,012 | 1,706,317 | 2,562,800 | 1,122,677 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Novartis International Pharmaceutical Ltd. | |||||||
Related Party Transaction [Line Items] | |||||||
payments to related parties | $ 2,500 | $ 0 | $ 900 | ||||
Silverstein Foundation | Funding Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Fund received from related parties | $ 0.5 | ||||||
Common Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Issuance of common shares to PureTech, shares | 1,886,363 |
Reduction in Workforce - Additi
Reduction in Workforce - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jan. 31, 2020Employee | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($)Employee | Dec. 31, 2019USD ($)Employee | |
Restructuring Charges [Abstract] | ||||
Reduction in workforce | Employee | 2 | 0 | 8 | |
Additional restructuring charges | $ 0 | $ 100 | $ 600 | |
Payments for Restructuring | 66,000 | |||
Payments for accrued restructuring costs | $ 500 | |||
Reduction in workforce, percentage | 22.00% |
Reduction in Workforce - Schedu
Reduction in Workforce - Schedule of Amount Expected to be Incurred and Liability Related to Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accrued restructuring costs beginning balance | $ 516 | ||
Restructuring charges incurred during the year | $ 0 | 100 | $ 600 |
Amounts paid during the year | (66,000) | ||
Accrued restructuring costs ending balance | 516 | ||
One-time Employee Termination Benefits | |||
Accrued restructuring costs beginning balance | 516 | ||
Restructuring charges incurred during the year | 112 | 582 | |
Amounts paid during the year | $ (628) | (66) | |
Accrued restructuring costs ending balance | $ 516 |
Reduction in Workforce - Sche_2
Reduction in Workforce - Schedule of Restructuring Charges Reported in Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Research and development | $ 1,788 | $ 16,553 | $ 6,629 | $ 25,405 | $ 73,634 | $ 31,065 | $ 16,839 |
General and administrative | 3,864 | $ 2,616 | 6,403 | $ 5,455 | 11,823 | $ 8,640 | $ 2,043 |
Total | $ 0 | 100 | 600 | ||||
Cash | |||||||
Research and development | 112 | 306 | |||||
General and administrative | 276 | ||||||
Total | 112 | 582 | |||||
Total Expense | |||||||
Research and development | 112 | 306 | |||||
General and administrative | 276 | ||||||
Total | $ 112 | $ 582 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total operating expenses | $ 29,436 | $ 25,161 | $ 19,169 | $ 11,691 | $ 6,360 | $ 9,032 | $ 14,113 | $ 10,200 | $ 85,457 | $ 39,705 | |||||
Loss from operations | $ (5,652) | (29,436) | (25,161) | (19,169) | (11,691) | (6,360) | (9,032) | (14,113) | (10,200) | $ (13,032) | $ (30,860) | (85,457) | (39,705) | $ (18,882) | |
Net loss | $ (5,599) | $ (7,038) | $ (28,890) | $ (24,448) | $ (18,332) | $ (11,069) | $ (5,757) | $ (8,407) | $ (13,591) | $ (9,859) | $ (12,637) | $ (29,401) | $ (82,739) | $ (37,614) | $ (33,778) |
Net loss per share, basic and diluted | $ (0.15) | $ (0.79) | $ (0.68) | $ (0.51) | $ (0.38) | $ (0.21) | $ (0.30) | $ (0.48) | $ (0.46) | $ (0.35) | $ (0.91) | $ (2.41) | $ (1.42) | $ (8.42) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - shares | Jul. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Number of shares of common stock reserved for future issuance | 5,982,476 | 4,162,361 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of shares of common stock reserved for future issuance | 14,855,157 |