Oyster Point Pharma (OYST) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39112
Entity Registrant Name	OYSTER POINT PHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1030955
Entity Address, Address Line One	202 Carnegie Center, Suite 109
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	382-9032
Title of 12(b) Security	Common stock, par value $0.001
Trading Symbol	OYST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,014,621
Amendment Flag	false
Entity Central Index Key	0001720725
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 154,805	$ 192,585
Prepaid expenses and other current assets	4,081	3,782
Total current assets	158,886	196,367
Property and equipment, net	1,743	804
Restricted cash	61	61
Other assets	30	0
Right-of-use assets, net	783	678
Total Assets	161,503	197,910
Current Liabilities
Accounts payable	2,332	2,279
Accrued expenses and other current liabilities	6,594	8,285
Lease liabilities	545	418
Total current liabilities	9,471	10,982
Lease liabilities, non-current	248	269
Total Liabilities	9,719	11,251
Commitments and Contingencies (Note 7)
Stockholders’ Equity
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized; none outstanding	0	0
Common stock, $0.001 par value per share; 1,000,000,000 shares authorized, 26,006,437 and 25,890,490 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	26	26
Additional paid-in capital	347,434	341,384
Accumulated deficit	(195,676)	(154,751)
Total Stockholders’ Equity	151,784	186,659
Total Liabilities and Stockholders’ Equity	$ 161,503	$ 197,910

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Par value of preferred stock (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock shares issued (in shares)	26,006,437	25,890,490
Common stock shares outstanding (in shares)	26,006,437	25,890,490

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 6,730	$ 8,554	$ 12,558	$ 19,894
Selling, general and administrative	15,296	6,940	28,388	12,529
Total operating expenses	22,026	15,494	40,946	32,423
Loss from operations	(22,026)	(15,494)	(40,946)	(32,423)
Other income, net	10	30	21	440
Net loss and comprehensive loss	$ (22,016)	$ (15,464)	$ (40,925)	$ (31,983)
Net loss per share, diluted (in dollars per share)	$ (0.85)	$ (0.66)	$ (1.58)	$ (1.43)
Net loss per share, basic (in dollars per share)	$ (0.85)	$ (0.66)	$ (1.58)	$ (1.43)
Weighted average shares outstanding, basic (in shares)	25,989,913	23,442,530	25,957,186	22,405,031
Weighted average shares outstanding, diluted (in shares)	25,989,913	23,442,530	25,957,186	22,405,031

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Common StockUnvested restricted stock units	Additional Paid-In Capital	Accumulated Deficit
Beginning balance, common stock (in shares) at Dec. 31, 2019		21,366,950
Beginning balance at Dec. 31, 2019	$ 137,298	$ 21		$ 221,508	$ (84,231)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,519)				(16,519)
Issuance of common stock upon exercise of stock options (in shares)		3,530
Issuance of common stock upon exercise of stock options	4			4
Stock-based compensation expense	1,180			1,180
Ending balance, common stock (in shares) at Mar. 31, 2020		21,370,480
Ending balance at Mar. 31, 2020	121,963	$ 21		222,692	(100,750)
Beginning balance, common stock (in shares) at Dec. 31, 2019		21,366,950
Beginning balance at Dec. 31, 2019	137,298	$ 21		221,508	(84,231)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(31,983)
Ending balance, common stock (in shares) at Jun. 30, 2020		25,743,405
Ending balance at Jun. 30, 2020	220,815	$ 26		337,003	(116,214)
Beginning balance, common stock (in shares) at Mar. 31, 2020		21,370,480
Beginning balance at Mar. 31, 2020	121,963	$ 21		222,692	(100,750)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (15,464)				(15,464)
Issuance of common stock upon exercise of stock options (in shares)	60,425
Issuance of common stock upon exercise of stock options	$ 82			82
Issuance of common stock upon secondary equity offering, net of issuance costs of $8,125 (in shares)		4,312,500
Issuance of common stock upon exercise of stock options	112,625	$ 5		112,620
Stock-based compensation expense	1,609			1,609
Ending balance, common stock (in shares) at Jun. 30, 2020		25,743,405
Ending balance at Jun. 30, 2020	$ 220,815	$ 26		337,003	(116,214)
Beginning balance, common stock (in shares) at Dec. 31, 2020	25,890,490	25,890,490
Beginning balance at Dec. 31, 2020	$ 186,659	$ 26		341,384	(154,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,909)				(18,909)
Issuance of common stock upon exercise of stock options (in shares)		55,046	15,252
Issuance of common stock upon exercise of stock options	218			218
Stock-based compensation expense	2,680			2,680
Ending balance, common stock (in shares) at Mar. 31, 2021		25,960,788
Ending balance at Mar. 31, 2021	$ 170,648	$ 26		344,282	(173,660)
Beginning balance, common stock (in shares) at Dec. 31, 2020	25,890,490	25,890,490
Beginning balance at Dec. 31, 2020	$ 186,659	$ 26		341,384	(154,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (40,925)
Issuance of common stock upon exercise of stock options (in shares)	83,794
Ending balance, common stock (in shares) at Jun. 30, 2021	26,006,437	26,006,437
Ending balance at Jun. 30, 2021	$ 151,784	$ 26		347,434	(195,676)
Beginning balance, common stock (in shares) at Mar. 31, 2021		25,960,788
Beginning balance at Mar. 31, 2021	170,648	$ 26		344,282	(173,660)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(22,016)				(22,016)
Issuance of common stock upon exercise of stock options (in shares)		28,748	16,901
Issuance of common stock upon exercise of stock options	104			104
Stock-based compensation expense	$ 3,048			3,048
Ending balance, common stock (in shares) at Jun. 30, 2021	26,006,437	26,006,437
Ending balance at Jun. 30, 2021	$ 151,784	$ 26		$ 347,434	$ (195,676)

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (40,925)	$ (31,983)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,728	2,789
Depreciation	55	40
Reduction in the carrying amount of the right-of-use assets	239	188
Changes in assets and liabilities:
Prepaid expenses and other current assets	(290)	1,217
Accounts payable	53	3,252
Change in lease liabilities	(239)	(207)
Accrued expenses and other current liabilities	(1,676)	(394)
Other assets	(30)	0
Net cash used in operating activities	(37,085)	(25,098)
Cash flows from investing activities
Purchase of property and equipment	(994)	(342)
Net cash used in investing activities	(994)	(342)
Cash flows from financing activities
Payment of deferred offering costs	(23)	0
Proceeds from follow-on equity offering, net of issuance costs	0	112,965
Proceeds from the exercise of stock options	322	86
Net cash provided by financing activities	299	113,051
Net (decrease) increase in cash, cash equivalents and restricted cash	(37,780)	87,611
Cash, cash equivalents and restricted cash at the beginning of the period	192,646	139,198
Cash, cash equivalents and restricted cash at the end of the period	154,866	226,809
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	154,805	226,748
Restricted cash	61	61
Cash, cash equivalents and restricted cash	154,866	226,809
Supplemental cash flow information
Right-of-use for office space and office equipment acquired through leases	344	320
Supplemental non-cash flow information
Unpaid offering costs	$ 0	$ 340

Condensed Statements of Stock_2

Condensed Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 8,125

Nature of Business, Basis of Pr

Nature of Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Nature of Business, Basis of Presentation and Significant Accounting Policies	Nature of Business, Basis of Presentation and Significant Accounting Policies Description of the Business Oyster Point Pharma, Inc. (the Company) is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of pharmaceutical therapies to treat ophthalmic diseases. The Company’s principal office is located in Princeton, New Jersey. From inception through June 30, 2021, the Company has been engaged in business planning, research, clinical development of its therapeutic product candidates, recruiting and raising capital, as well as preparation for the commercialization of its lead product candidate, OC-01. In December of 2020, t he Company submitted a 505(b)(2) New Drug Application (NDA) for OC-01 (varenicline) nasal spray for the treatment of signs and symptoms of dry eye disease. The U.S. Food and Drug Administration (FDA) has assigned a Prescription Drug User Fee Act (PDUFA) target action date of October 17, 2021 as the goal to complete its review of the NDA. Liquidity The Company incurred net losses of $40.9 million and $32.0 million for the six months ended June 30, 2021 and 2020, respectively, and had an accumulated deficit of $195.7 million as of June 30, 2021. The Company has been incurring higher expenses due to the Company's preparation for the commercialization of its lead product candidate, OC-01 (varenicline) nasal spray, if approved by the FDA, including to establish commercial scale manufacturing arrangements and to provide for the marketing, commercial operations and distribution of the product. The Company expended and will continue to expend additional funds to complete the research, development and clinical testing of its product candidates. The Company will require additional funds to commercialize its products. The Company is unable to entirely fund these efforts with its current financial resources and there can be no assurance that it will be able to secure such additional financing on a timely basis, if at all, that will be sufficient to meet these needs. If adequate funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay, reduce and or eliminate certain commercial related expenses, included in selling, general and administrative expenses, as well as delay, reduce or eliminate the scope of one or more of its research or development programs, which would materially and adversely affect its business, financial condition and operations. The Company continues to be subject to risks and uncertainties as a result of the SARS-CoV-2 virus pandemic. The pandemic and related public health developments, have adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. As of June 30, 2021, the Company has not been materially affected by the adverse results of the pandemic, however, it is not possible to predict the duration or magnitude of the adverse results of the pandemic or the full extent of its effects on the Company's financial condition, liquidity or results of operations. The Company had cash and cash equivalents of $154.8 million as of June 30, 2021. Management believes that the Company’s current cash and cash equivalents will be sufficient to fund its planned operations for at least 12 months from the date of issuance of these financial statements. Basis of Presentation The unaudited interim condensed financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly the Company’s financial position as of June 30, 2021 and as of December 31, 2020, the results of operations for the six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. While management believes that the disclosures presented are adequate to mitigate the risk of the information being misleading, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results of the Company’s operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for the full year. Research Collaboration Agreement In May 2021, the Company entered into a research collaboration agreement with Adaptive Phage Therapeutics (APT) for the development of potential biological treatments for multiple ophthalmic diseases. Under the terms of the collaboration agreement, the Company has the option and certain rights to obtain an exclusive license to develop and commercialize APT’s technology for ophthalmic diseases and disorders. Under the license terms, if such option is exercised, the Company would pay for potential development and regulatory milestones, as well as the potential for sales-related milestones and tiered royalties of net sales, if a licensed phage therapy is approved by the FDA or certain other regulatory authorities. Pursuant to the terms of the agreement, the Company paid a one-time, non-refundable, upfront payment of $0.5 million for the collaboration and option agreement which was included in research and development expense for the three and six months ended June 30, 2021. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of expenses in the condensed financial statements and accompanying notes. Significant items subject to such estimates and assumptions include stock-based compensation and certain research and development accruals. Actual results could differ from these estimates, and such differences could be material to the Company’s financial position and results of operations. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in Note 1 . Nature of Business, Basis of Presentation and Significant Accounting Policies in the Annual Report on Form 10-K for the year ended December 31, 2020. There have been no material changes in the Company's accounting policies from those disclosed in the financial statements and the related notes included in the Annual Report on Form 10-K for the year ended December 31, 2020. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB) under its accounting standard codifications (ASC) or other standard setting bodies and are adopted by the Company as of the specified effective date, unless otherwise discussed below. ASU 2020-10 — In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updated various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The amendments in ASU 2020-10 are effective for annual periods beginning after December 15, 2020, for public business entities. The Company adopted ASU 2020-10 on January 1, 2021 and its adoption did not have a material effect on the Company’s financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company assesses the fair value of financial instruments as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2021, financial assets measured and recognized at fair value on a recurring basis were as follows (in thousands): Fair Value Measurements at June 30, 2021 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 153,805 $ — $ — $ 153,805 Total fair value of assets $ 153,805 $ — $ — $ 153,805 As of December 31, 2020, financial assets measured and recognized at fair value on a recurring basis were as follows (in thousands): Fair Value Measurements at December 31, 2020 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 191,585 $ — $ — $ 191,585 Total fair value of assets $ 191,585 $ — $ — $ 191,585 Money market funds are included in cash and cash equivalents on the Company's condensed balance sheets and are classified within Level 1 of the fair value hierarchy as they are valued using quoted market prices. The carrying amounts reflected in the Company's condensed balance sheets for cash equivalents, prepaid expenses and other current assets, restricted cash, accounts payable and accrued expenses and other liabilities approximate their fair values, due to their short-term nature. Concentration of Credit Risk

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued compensation $ 3,776 $ 3,500 Accrued professional services 2,222 1,244 Accrued research and development expense 596 3,541 Total accrued expenses and other current liabilities $ 6,594 $ 8,285

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock The Company is authorized to issue 1,000,000,000 shares of common stock, at a par value of $0.001 per share. Each share of common stock is entitled to one vote. The Company reserved common stock for future issuance as follows: June 30, 2021 December 31, 2020 Outstanding options under the 2016 Equity Incentive Plan 2,458,812 2,567,566 Outstanding options under the 2019 Equity Incentive Plan 1,676,659 918,145 Equity awards available for grant under the 2019 Plan (1) 1,948,226 1,790,106 Unvested restricted stock units (RSUs) 173,007 61,215 Shares reserved for purchase under the Employee Stock Purchase Plan (ESPP) 270,000 270,000 Total 6,526,704 5,607,032 (1) — Effective January 1, 2021, in connection with the evergreen provision under the 2019 Equity Incentive Plan (the 2019 Plan) 1,035,619 shares were added to the 2019 Plan. Stock Options The following table summarizes stock option activity under the 2016 Equity Incentive Plan and the 2019 Plan during the six months ended June 30, 2021 (in thousands, except share, contractual term and per share data): Outstanding Options Number of Shares Underlying Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, January 1, 2021 3,485,711 $ 10.74 8.2 $ 36,506 Options granted 810,986 18.98 Options exercised (83,794) 3.84 1,369 Options forfeited (77,432) 16.99 335 Balance, June 30, 2021 4,135,471 12.38 8.1 30,931 Shares vested and exercisable as of June 30, 2021 1,950,464 6.55 7.2 23,731 Vested and expected to vest as of June 30, 2021 4,135,471 $ 12.38 8.1 $ 30,931 The weighted average fair value of options granted during the six months ended June 30, 2021 was $11.84 per share. As of June 30, 2021, the total unrecognized stock-based compensation expense for stock options was $25.8 million, which is expected to be recognized over a weighted average period of 2.8 years. Restricted Stock Units Restricted stock units (RSUs) are granted to the Company's directors and employees. The value of an RSU award is based on the Company's stock price on the date of the grant. The shares underlying the RSUs are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company's common stock. Activity with respect to the Company's restricted stock units during the six months ended June 30, 2021 was as follows (in thousands, except share, contractual term, and per share data): Outstanding RSUs Number of Shares Underlying Outstanding Awards Weighted Average Grant Date Fair Value per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 61,215 $ 23.83 1.4 $ 1,152 Restricted stock units granted 144,317 18.54 2,676 Restricted stock units vested (32,153) 27.15 648 Restricted units forfeited (372) 18.77 8 Balance, June 30, 2021 173,007 18.81 6.0 2,974 Unvested and expected to vest as of June 30, 2021 173,007 $ 18.81 6.0 $ 2,974 As of June 30, 2021, the total unrecognized stock-based compensation expense for RSUs was $2.8 million, which is expected to be recognized over a weighted average period of 2.8 years. 2019 Employee Stock Purchase Plan In October 2019, the Company adopted the 2019 Employee Stock Purchase Plan (ESPP), which became effective on October 29, 2019. Effective April 1, 2021, the Company established its first offering period under the ESPP, which began on April 16, 2021 and will end on November 15, 2021. After the first offering period, the ESPP provides for automatic six-month offering periods. The ESPP allows eligible employees to purchase shares of the Company's common stock at a 15% discount through payroll deductions, subject to plan limitations. At the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market fair value of the Company's common stock on the first trading day of the offering period or on the last day of the offering period. Stock-Based Compensation Expense Total stock-based compensation expense recorded related to the Company's equity incentive plans was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 460 $ 239 $ 826 $ 456 Selling, general and administrative 2,588 1,370 4,902 2,333 Total stock-based compensation expense $ 3,048 $ 1,609 $ 5,728 $ 2,789

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (22,016) $ (15,464) $ (40,925) $ (31,983) Denominator: Weighted average shares outstanding, basic and diluted 25,989,913 23,442,530 25,957,186 22,405,031 Net loss per share, basic and diluted $ (0.85) $ (0.66) $ (1.58) $ (1.43) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: As of June 30, 2021 2020 Options to purchase common stock 4,135,471 3,281,886 Unvested restricted stock units 173,007 77,530 Shares committed under the ESPP 14,069 — Total 4,322,547 3,359,416

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases The Company is party to several operating and finance lease agreements related to office and laboratory space and office equipment. In February 2021, the Company entered into a lease agreement for laboratory and office space in New Jersey for a three-year term beginning on March 1, 2021 and ending on February 29, 2024. Total future minimum lease payments under the Company's operating lease agreements are $0.8 million as of June 30, 2021. Total lease payments required over the life of the Company's operating leases are $1.6 million. Rent expense was $0.3 million and $0.2 million for the six months ended June 30, 2021 and June 30, 2020, respectively. The remaining lease terms were between 1.1 and 2.7 years as of June 30, 2021. Supplemental balance sheet information for the Company's leases is as follows (in thousands): June 30, 2021 December 31, 2020 Operating lease right-of-use asset $ 757 $ 644 Finance lease right-of-use asset 26 34 Total right-of-use asset $ 783 $ 678 Operating lease liabilities $ 527 $ 400 Finance lease liabilities 18 18 Total lease liabilities $ 545 $ 418 Operating lease liabilities, non-current $ 237 $ 250 Finance lease liabilities, non-current 11 19 Total lease liabilities, non-current $ 248 $ 269 The maturities of the lease liabilities under non-cancelable operating and finance leases are as follows (in thousands): As of June 30, 2021 Finance Leases Operating Leases Total 2021 (remainder) $ 9 $ 277 $ 286 2022 16 376 392 2023 5 126 131 2024 — 21 21 Total undiscounted cash flows 30 800 830 Less: imputed interest (1) (36) (37) Total lease liability 29 764 793 Less: current portion (18) (527) (545) Lease liability $ 11 $ 237 $ 248
Leases	Leases The Company is party to several operating and finance lease agreements related to office and laboratory space and office equipment. In February 2021, the Company entered into a lease agreement for laboratory and office space in New Jersey for a three-year term beginning on March 1, 2021 and ending on February 29, 2024. Total future minimum lease payments under the Company's operating lease agreements are $0.8 million as of June 30, 2021. Total lease payments required over the life of the Company's operating leases are $1.6 million. Rent expense was $0.3 million and $0.2 million for the six months ended June 30, 2021 and June 30, 2020, respectively. The remaining lease terms were between 1.1 and 2.7 years as of June 30, 2021. Supplemental balance sheet information for the Company's leases is as follows (in thousands): June 30, 2021 December 31, 2020 Operating lease right-of-use asset $ 757 $ 644 Finance lease right-of-use asset 26 34 Total right-of-use asset $ 783 $ 678 Operating lease liabilities $ 527 $ 400 Finance lease liabilities 18 18 Total lease liabilities $ 545 $ 418 Operating lease liabilities, non-current $ 237 $ 250 Finance lease liabilities, non-current 11 19 Total lease liabilities, non-current $ 248 $ 269 The maturities of the lease liabilities under non-cancelable operating and finance leases are as follows (in thousands): As of June 30, 2021 Finance Leases Operating Leases Total 2021 (remainder) $ 9 $ 277 $ 286 2022 16 376 392 2023 5 126 131 2024 — 21 21 Total undiscounted cash flows 30 800 830 Less: imputed interest (1) (36) (37) Total lease liability 29 764 793 Less: current portion (18) (527) (545) Lease liability $ 11 $ 237 $ 248

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies License Agreement The Company is party to a non-exclusive patent license agreement with Pfizer, which granted the Company non-exclusive rights under Pfizer’s patent rights covering varenicline tartrate to develop, manufacture, and commercialize the OC-01 (varenicline) nasal spray product. If the Company commercializes OC-01 (varenicline) nasal spray, it may be required to pay a single milestone payment in low double-digit millions and tiered royalties on net sales of OC-01 (varenicline) nasal spray at percentages ranging from the mid-single digits to the mid-teens. The royalty obligation to Pfizer would commence upon the first commercial sale of OC-01 (varenicline) nasal spray and expire upon the later of (a) the expiration of all regulatory or data exclusivity granted to Pfizer in connection with varenicline in the United States; and (b) the expiration or abandonment of the last valid claims of the licensed patents. No milestone was achieved or probable to be achieved or royalties payable accrued as of June 30, 2021 and December 31, 2020. Contingencies

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Facility with OrbiMed On August 5, 2021, the Company entered into a $125 million term loan credit facility (the Credit Agreement) with OrbiMed Royalty & Credit Opportunities III, LP, as administrative agent and initial lender (OrbiMed). The Credit Agreement provides for loans to be funded in three separate tranches, the first $45 million tranche to be funded no later than August 13, 2021, the second $50 million tranche to be funded, at the option of the Company, upon FDA approval of OC-01 (varenicline) nasal spray and the third $30 million tranche to be funded, at the option of the Company, upon the Company receiving $40 million in net recurring revenue from the sale and/or licensing of OC-01. The Company’s obligations under the Credit Agreement are secured by all or substantially all of its assets and property, subject to customary exceptions. Any material subsidiaries that the Company (other than certain immaterial subsidiaries) forms or acquires after closing are required to provide a guarantee of the Company’s obligations under the Credit Agreement and provide a pledge of their assets. The Credit Agreement matures on August 5, 2027 and the loan is structured for full principal repayment at maturity. The term loans bear interest at a rate per annum equal to the sum of (x) the daily secured overnight financing rate as administered by the Federal Reserve Bank of New York, subject to a 0.40% floor, plus (y) a margin of 8.10% . Commencing with the first full fiscal quarter after the closing date, the Company is required to make quarterly revenue interest payments to OrbiMed in an amount equal to 3% of all net revenue from annual sales and licenses of OC-01 up to $300 million and 1% of all revenue from annual sales and licenses of OC-01 between $300 million and $500 million, subject to caps on such quarterly payments. These caps increase both on an annual basis and upon funding of the second and third term loan tranches. If the Company does not obtain OC-01 approval by June 30, 2022, the Credit Agreement requires monthly repayments of principal starting on August 5, 2024. Additionally, commencing with the fourth full fiscal quarter after OC-01 approval, if the Company does not meet certain minimum recurring revenue thresholds from the sale and/or licensing of OC-01 in the last four quarters, the Credit Agreement requires a $5 million repayment of principal on the interest payment date following such fiscal quarter. This test is applied each quarter following commencement. The Company is permitted to prepay, in whole or in part, the term loans, subject to the payment of a prepayment fee, an exit fee and a buyout amount (calculated as the revenue interest cap set forth above less the amount of royalty payments made to OrbiMed). The term loans are also required to be mandatorily prepaid with the proceeds of certain asset sales and casualty events (subject to payment of the prepayment fee and exit fee) and the issuance of convertible debt. The Credit Agreement contains customary affirmative and negative covenants. The affirmative covenants include, among others, administrative and reporting requirements subject to certain exceptions and materiality thresholds. The negative covenants include, among others, limitations on the Company’s ability to, in each case, subject to certain exceptions, (i) incur additional debt, (ii) incur liens, (iii) make investments, acquisitions, loans or advances, (iv) sell assets, (v) make restricted payments, including dividends and distributions on, and redemptions, repurchases or retirement of, the Company’s capital stock, (vi) enter into fundamental changes, including mergers and consolidations, (vii) enter into transactions with affiliates, (viii) change the nature of the Company’s business, (ix) make prepayments of certain debt, (x) modify or terminate material agreements and (xi) enter into certain outbound licenses of material intellectual property. The Credit Agreement also requires compliance with a minimum liquidity covenant of $20 million prior to OC-01 approval and $5 million after OC-01 approval. The Credit Agreement includes customary events of default, including failure to pay principal, interest or certain other amounts when due; material inaccuracy of representations and warranties; breach of covenants; specified cross-default to other material indebtedness; certain bankruptcy and insolvency events; certain ERISA events; certain undischarged judgments; material impairment of security interests; material adverse change and material regulatory events, in certain cases subject to certain thresholds and grace periods. Ji Xing License and Collaboration Agreement On August 5, 2021, the Company entered into a license and collaboration agreement (License Agreement) with Ji Xing Pharmaceuticals Limited (Ji Xing), which is an entity affiliated with RTW Investments, LP. Pursuant to the License Agreement, the Company will grant Ji Xing an exclusive license to develop and commercialize OC-01 (varenicline) nasal spray and OC-02 (simpinicline) nasal spray pharmaceutical products , for all prophylactic uses for, and treatment of, ophthalmology diseases or disorders (the Field) in the greater China region, including mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan (the Territory). Ji Xing will be responsible for development, regulatory, manufacturing and commercialization activities in the Territory, and the Company will be responsible for supplying the drug substance and finished products of OC-01 (varenicline) and OC-02 (simpinicline) for Ji Xing’s clinical development at quantities to be agreed by the parties, subject to one or more separate supply agreements as contemplated by the License Agreement. Ji Xing is prohibited from engaging in certain competitive activities during the term of the License Agreement. Subject to certain limitations, the Company may not commercialize any nAChR agonist in the Field in the Territory, without first offering Ji Xing a right of first negotiation for such product in the Territory. The Company has also granted Ji Xing a right of first negotiation to expand indications or uses of OC-01 (varenicline) or OC-02 (simpinicline) in the Territory. The Company will receive an upfront cash payment of $17.5 million and up to 0.75% of shares in Ji Xing, half of which will be subject to a pre-specified vesting condition. In addition, the Company is eligible to receive up to $204.8 million in aggregate development and sales-based milestone payments and tiered low teens to low twenties royalties based on future net sales of OC-01 and OC-02 in the Territory. The License Agreement will remain in effect, unless terminated earlier, until the expiration of all royalty terms for all licensed products in the Territory under the License Agreement. Ji Xing may terminate the License Agreement for convenience by providing at least one hundred eighty (180) days written notice. Each party has the right to terminate the License Agreement for the other party’s uncured material breach or insolvency. The Company may also terminate the License Agreement if Ji Xing, its affiliates or sublicensees challenges the enforceability, validity or scope of certain patents owned by the Company, subject to customary exceptions set forth in the License Agreement. Upon termination, any license granted by the Company to Ji Xing will terminate, and all sublicenses granted by Ji Xing shall also terminate. As of March 31, 2021, entities affiliated with RTW Investments, LP, beneficially owned greater than 5% of the Company’s outstanding shares of common stock. As a result, the License Agreement is considered a related party transaction and was approved by the audit committee of the board of directors of the Company. 2021 Inducement Plan In July 2021, the Company's Board of Directors approved the adoption of the 2021 Inducement Plan (Inducement Plan), which is to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company (or following a bona fide period of non-employment) as a material inducement to such individuals’ entry into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). The Company has reserved 650,000 shares of its common stock that may be issued under the Inducement Plan. The terms and conditions of the Inducement Plan are substantially similar to those of the 2019 Plan.

Nature of Business, Basis of _2

Nature of Business, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly the Company’s financial position as of June 30, 2021 and as of December 31, 2020, the results of operations for the six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. While management believes that the disclosures presented are adequate to mitigate the risk of the information being misleading, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results of the Company’s operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for the full year.
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 amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of expenses in the condensed financial statements and accompanying notes. Significant items subject to such estimates and assumptions include stock-based compensation and certain research and development accruals. Actual results could differ from these estimates, and such differences could be material to the Company’s financial position and results of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB) under its accounting standard codifications (ASC) or other standard setting bodies and are adopted by the Company as of the specified effective date, unless otherwise discussed below. ASU 2020-10 — In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updated various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The amendments in ASU 2020-10 are effective for annual periods beginning after December 15, 2020, for public business entities. The Company adopted ASU 2020-10 on January 1, 2021 and its adoption did not have a material effect on the Company’s financial statements and related disclosures.
Fair Value Measurements	The Company assesses the fair value of financial instruments as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets measured and recognized at fair value	As of June 30, 2021, financial assets measured and recognized at fair value on a recurring basis were as follows (in thousands): Fair Value Measurements at June 30, 2021 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 153,805 $ — $ — $ 153,805 Total fair value of assets $ 153,805 $ — $ — $ 153,805 As of December 31, 2020, financial assets measured and recognized at fair value on a recurring basis were as follows (in thousands): Fair Value Measurements at December 31, 2020 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 191,585 $ — $ — $ 191,585 Total fair value of assets $ 191,585 $ — $ — $ 191,585

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of accrued expenses	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued compensation $ 3,776 $ 3,500 Accrued professional services 2,222 1,244 Accrued research and development expense 596 3,541 Total accrued expenses and other current liabilities $ 6,594 $ 8,285

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Conversions of Stock	The Company reserved common stock for future issuance as follows: June 30, 2021 December 31, 2020 Outstanding options under the 2016 Equity Incentive Plan 2,458,812 2,567,566 Outstanding options under the 2019 Equity Incentive Plan 1,676,659 918,145 Equity awards available for grant under the 2019 Plan (1) 1,948,226 1,790,106 Unvested restricted stock units (RSUs) 173,007 61,215 Shares reserved for purchase under the Employee Stock Purchase Plan (ESPP) 270,000 270,000 Total 6,526,704 5,607,032 (1) — Effective January 1, 2021, in connection with the evergreen provision under the 2019 Equity Incentive Plan (the 2019 Plan) 1,035,619 shares were added to the 2019 Plan.
Schedule of stock options activity	The following table summarizes stock option activity under the 2016 Equity Incentive Plan and the 2019 Plan during the six months ended June 30, 2021 (in thousands, except share, contractual term and per share data): Outstanding Options Number of Shares Underlying Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, January 1, 2021 3,485,711 $ 10.74 8.2 $ 36,506 Options granted 810,986 18.98 Options exercised (83,794) 3.84 1,369 Options forfeited (77,432) 16.99 335 Balance, June 30, 2021 4,135,471 12.38 8.1 30,931 Shares vested and exercisable as of June 30, 2021 1,950,464 6.55 7.2 23,731 Vested and expected to vest as of June 30, 2021 4,135,471 $ 12.38 8.1 $ 30,931
Schedule of activity for restricted stock units	Activity with respect to the Company's restricted stock units during the six months ended June 30, 2021 was as follows (in thousands, except share, contractual term, and per share data): Outstanding RSUs Number of Shares Underlying Outstanding Awards Weighted Average Grant Date Fair Value per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 61,215 $ 23.83 1.4 $ 1,152 Restricted stock units granted 144,317 18.54 2,676 Restricted stock units vested (32,153) 27.15 648 Restricted units forfeited (372) 18.77 8 Balance, June 30, 2021 173,007 18.81 6.0 2,974 Unvested and expected to vest as of June 30, 2021 173,007 $ 18.81 6.0 $ 2,974
Schedule of stock-based compensation expense	Total stock-based compensation expense recorded related to the Company's equity incentive plans was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 460 $ 239 $ 826 $ 456 Selling, general and administrative 2,588 1,370 4,902 2,333 Total stock-based compensation expense $ 3,048 $ 1,609 $ 5,728 $ 2,789

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (22,016) $ (15,464) $ (40,925) $ (31,983) Denominator: Weighted average shares outstanding, basic and diluted 25,989,913 23,442,530 25,957,186 22,405,031 Net loss per share, basic and diluted $ (0.85) $ (0.66) $ (1.58) $ (1.43)
Schedule of antidilutive securities excluded from computation of earnings per share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: As of June 30, 2021 2020 Options to purchase common stock 4,135,471 3,281,886 Unvested restricted stock units 173,007 77,530 Shares committed under the ESPP 14,069 — Total 4,322,547 3,359,416

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Supplemental balance sheet information for lessee	Supplemental balance sheet information for the Company's leases is as follows (in thousands): June 30, 2021 December 31, 2020 Operating lease right-of-use asset $ 757 $ 644 Finance lease right-of-use asset 26 34 Total right-of-use asset $ 783 $ 678 Operating lease liabilities $ 527 $ 400 Finance lease liabilities 18 18 Total lease liabilities $ 545 $ 418 Operating lease liabilities, non-current $ 237 $ 250 Finance lease liabilities, non-current 11 19 Total lease liabilities, non-current $ 248 $ 269
Schedule of maturities of lease liabilities	The maturities of the lease liabilities under non-cancelable operating and finance leases are as follows (in thousands): As of June 30, 2021 Finance Leases Operating Leases Total 2021 (remainder) $ 9 $ 277 $ 286 2022 16 376 392 2023 5 126 131 2024 — 21 21 Total undiscounted cash flows 30 800 830 Less: imputed interest (1) (36) (37) Total lease liability 29 764 793 Less: current portion (18) (527) (545) Lease liability $ 11 $ 237 $ 248

Nature of Business, Basis of _3

Nature of Business, Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Comprehensive loss		$ (22,016)	$ (15,464)	$ (40,925)	$ (31,983)
Accumulated deficit		(195,676)		(195,676)		$ (154,751)
Cash and cash equivalents		154,805	226,748	154,805	226,748	$ 192,585
Research and development		$ 6,730	$ 8,554	$ 12,558	$ 19,894
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	$ 500

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	$ 153,805	$ 191,585
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	153,805	191,585
Quoted Price in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	153,805	191,585
Quoted Price in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	153,805	191,585
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	0	0
Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	0	0
Significant Unobservable Inputs (Level 3) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation	$ 3,776	$ 3,500
Accrued professional services	2,222	1,244
Accrued research and development expense	596	3,541
Total accrued expenses and other current liabilities	$ 6,594	$ 8,285

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Millions	Apr. 01, 2021	Jun. 30, 2021USD ($)shares$ / shares	Dec. 31, 2020$ / sharesshares
Class of Stock [Line Items]
Common stock authorized (in shares) | shares		1,000,000,000	1,000,000,000
Common stock par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
Number of votes per share | shares		1
Weighted-average grant-date fair value of options (in dollars per share) | $ / shares		$ 11.84
Unrecognized stock-based compensation expense | $		$ 25.8
Weighted-average recognition period of unrecognized stock-based compensation expense (in years)		2 years 9 months 18 days
2019 ESPP
Class of Stock [Line Items]
ESPP percent discount	15.00%
ESPP percent of market fair value	85.00%
Unvested restricted stock units
Class of Stock [Line Items]
Unrecognized stock-based compensation expense | $		$ 2.8
Weighted-average recognition period of unrecognized stock-based compensation expense (in years)		2 years 9 months 18 days

Stockholders' Equity - Reserved

Stockholders' Equity - Reserved Common Stock (Details) - shares	Jan. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Outstanding options (in shares)		4,135,471	3,485,711
Unvested RSUs and shares reserved for purchase under the ESPP		173,007	61,215
Total (in shares)		6,526,704	5,607,032
2016 Plan
Class of Stock [Line Items]
Outstanding options (in shares)		2,458,812	2,567,566
2019 Plan
Class of Stock [Line Items]
Outstanding options (in shares)		1,676,659	918,145
Unvested RSUs and shares reserved for purchase under the ESPP		173,007	61,215
Additional shares authorized (in shares)	1,035,619
2019 Plan | Unvested restricted stock units
Class of Stock [Line Items]
Equity awards available to grant (in shares)		1,948,226	1,790,106
2019 ESPP
Class of Stock [Line Items]
Unvested RSUs and shares reserved for purchase under the ESPP		270,000	270,000

Stockholders' Equity - Option A

Stockholders' Equity - Option Activity During The Period (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Number of Shares Underlying Outstanding Options
Beginning balance (in shares)		3,485,711
Options granted (in shares)		810,986
Options exercised (in shares)	(60,425)	(83,794)
Options forfeited (in shares)		(77,432)
Ending balance (in shares)		4,135,471	3,485,711
Shares vested at end of period (in shares)		1,950,464
Shares exercisable at end of period (in shares)		1,950,464
Shares vested and expected to vest at end of period (in shares)		4,135,471
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share)		$ 10.74
Options granted (in dollars per share)		18.98
Options exercise price (in dollars per share)		3.84
Options forfeited (in dollars per share)		16.99
Ending balance (in dollars per share)		12.38	$ 10.74
Shares vested and exercisable at end of period (in dollars per share)		6,550
Shares vested and expected to vest at end of period (in dollars per share)		$ 12,380
Weighted-Average Remaining Contractual Term (Years)
Weighted average contractual term (in years)		8 years 1 month 6 days	8 years 2 months 12 days
Shares vested and exercisable at end of period, weighted average remaining contractual term (in years)		7 years 2 months 12 days
Shares vested and expected to vest at end of period, weighted average remaining contractual term (in years)		8 years 1 month 6 days
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding ending balance		$ 36,506
Aggregate intrinsic value, options exercised		1,369
Aggregate intrinsic value, options forfeited		335
Aggregate intrinsic value, outstanding ending balance		30,931	$ 36,506
Shares vested and exercisable at end of period, aggregate intrinsic value		23,731
Shares vested and expected to vest at end of period, aggregate intrinsic value		$ 30,931

Stockholders' Equity - RSU Acti

Stockholders' Equity - RSU Activity During The Period (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Number of Shares Underlying Outstanding Units
Outstanding at beginning of period (in shares)	61,215
Restricted stock units granted (in shares)	144,317
Shares vested in period (in shares)	(32,153)
Restricted units forfeited (in shares)	(372)
Outstanding at end of period (in shares)	173,007	61,215
Unvested and expected to vest (in shares)	173,007
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning outstanding balance (in dollars per share)	$ 23.83
Restricted stock units granted, weighted average grant date fair value (in dollars per share)	18.54
Restricted stock units vested, weighted average grant date fair value (in dollars per share)	27.15
Restricted units forfeited, weighted average grant date fair value (in dollars per share)	18.77
Ending outstanding balance (in dollars per share)	18.81	$ 23.83
Unvested and expected to vest (in dollars per share)	$ 18.81
Weighted Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, restricted stock units (in years)	6 years	1 year 4 months 24 days
Vested and expected to vest, weighted average remaining contractual term (in years)	6 years
Shave-Based Compensation Arrangement By share-Based Payment Award, Equity Instruments Other Than Options, Aggregate Intrinsic Value [Roll Forward]
Restricted stock units outstanding, aggregate intrinsic value, beginning of period	$ 1,152
Restricted stock units granted, aggregate intrinsic value	2,676
Restricted stock units vested, aggregate intrinsic value	648
Restricted stock units outstanding, aggregate intrinsic value, end of period	8
Restricted stock units outstanding, aggregate intrinsic value, end of period	2,974	$ 1,152
Vested and expected to vest, aggregate intrinsic value	$ 2,974

Stockholders' Equity - Stock Ba

Stockholders' Equity - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,048	$ 1,609	$ 5,728	$ 2,789
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	460	239	826	456
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,588	$ 1,370	$ 4,902	$ 2,333

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (22,016)	$ (18,909)	$ (15,464)	$ (16,519)	$ (40,925)	$ (31,983)
Denominator:
Weighted average shares outstanding, diluted (in shares)	25,989,913		23,442,530		25,957,186	22,405,031
Weighted average shares outstanding, basic (in shares)	25,989,913		23,442,530		25,957,186	22,405,031
Net loss per share, basic (in dollars per share)	$ (0.85)		$ (0.66)		$ (1.58)	$ (1.43)
Net loss per share, diluted (in dollars per share)	$ (0.85)		$ (0.66)		$ (1.58)	$ (1.43)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares)	4,322,547	3,359,416
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares)	4,135,471	3,281,886
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares)	173,007	77,530
Shares committed under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares)	14,069	0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Feb. 28, 2021
Operating Leased Assets [Line Items]
Term of lease contract			3 years
Future minimum lease payments	$ 764
Lease payments required over life of lease	800		$ 1,600
Lease expense	$ 300	$ 200
Princeton New Jersey Office Space, lease ending in 2022 | Minimum
Operating Leased Assets [Line Items]
Remaining term of operating lease	1 year 1 month 6 days
Princeton New Jersey Office Space, lease ending in 2022 | Maximum
Operating Leased Assets [Line Items]
Remaining term of operating lease	2 years 8 months 12 days

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use asset	$ 757	$ 644
Finance lease right-of-use asset	26	34
Total right-of-use asset	783	678
Operating lease liabilities	527	400
Finance lease liabilities	18	18
Total lease liabilities	545	418
Operating lease liabilities, non-current	237	250
Finance lease liabilities, non-current	11	19
Total lease liabilities, non-current	$ 248	$ 269

Leases - Lease Maturity Schedul

Leases - Lease Maturity Schedules (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Feb. 28, 2021	Dec. 31, 2020
Finance Leases
2021 (remainder)	$ 9
2022	16
2023	5
2024	0
Total undiscounted cash flows	30
Less: imputed interest	(1)
Total lease liability	29
Less: current portion	(18)		$ (18)
Lease liability	11		19
Operating Leases
2021 (remainder)	277
2022	376
2023	126
2024	21
Total undiscounted cash flows	800	$ 1,600
Less: imputed interest	(36)
Total lease liability	764
Less: current portion	(527)		(400)
Lease liabilities, non-current	237		250
Total
2021 (remainder)	286
2022	392
2022	131
2023	21
Total undiscounted cash flows	830
Less: imputed interest	(37)
Total lease liability	793
Less: current portion	(545)		(418)
Total lease liabilities, non-current	$ 248		$ 269

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Aug. 05, 2021	Aug. 04, 2021	Jul. 30, 2021
Revolving Credit Facility | OrbiMed Credit Facility
Subsequent Event [Line Items]
OrbiMed credit facility	$ 125
Quarterly revenue interest payments, percentage of net recurring revenue up to specified amount	3.00%
Quarterly revenue interest payments, percentage of net recurring revenue over specified amount to aggregate cap	1.00%
Required principal payment if FDA approval not obtained before specified date	$ 5
Minimum liquidity covenant prior to FDA approval	20
Minimum liquidity covenant after FDA approval	5
Amount provided at signing | Revolving Credit Facility | OrbiMed Credit Facility
Subsequent Event [Line Items]
Initial borrowing capacity of OrbiMed credit facility	45
Amount provided upon FDA approval | Revolving Credit Facility | OrbiMed Credit Facility
Subsequent Event [Line Items]
Contingent increase in credit facility	50
Amount provided contingent upon certain net sales performance | Revolving Credit Facility | OrbiMed Credit Facility
Subsequent Event [Line Items]
Contingent increase in credit facility	30
Required recurring revenue for funding	$ 40
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | OrbiMed Credit Facility
Subsequent Event [Line Items]
Interest rate (as a percentage)	8.10%
Maximum | Revolving Credit Facility | OrbiMed Credit Facility
Subsequent Event [Line Items]
Net recurring revenue from annual sales and licenses up to specified amount	$ 300
Net recurring revenue from annual sales and licenses over specified amount to aggregate cap	500
Minimum | Revolving Credit Facility | OrbiMed Credit Facility
Subsequent Event [Line Items]
Net recurring revenue from annual sales and licenses over specified amount to aggregate cap	$ 300
Forecast | Beneficial Owner
Subsequent Event [Line Items]
Equity interest percentage (up to)		0.75%
Ji Xing Pharmaceuticals Limited | License | Forecast | Beneficial Owner
Subsequent Event [Line Items]
Upfront payment on license agreement		$ 17.5
Period for written notice of termination		180 days
Ji Xing Pharmaceuticals Limited | License | Forecast | Maximum | Beneficial Owner
Subsequent Event [Line Items]
Aggregate development and net sales-based milestone payments (up to)		$ 204.8
Inducement Stock Incentive Plan | Common Stock
Subsequent Event [Line Items]
Shares authorized for Inducement Stock Incentive Plan (in shares)			650,000