Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RCUS | |
Entity Registrant Name | Arcus Biosciences, Inc. | |
Entity Central Index Key | 0001724521 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38419 | |
Entity Tax Identification Number | 473898435 | |
Entity Address, Address Line One | 3928 Point Eden Way | |
Entity Address, City or Town | Hayward | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94545 | |
City Area Code | 510 | |
Local Phone Number | 694-6200 | |
Entity Common Stock, Shares Outstanding | 45,849,189 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 76,068 | $ 71,064 | |
Short-term investments | 148,330 | 185,480 | |
Prepaid expenses and other current assets | 3,273 | 2,321 | |
Amounts owed by a related party | 62 | 83 | |
Total current assets | 227,733 | 258,948 | |
Long-term investments | 0 | 3,181 | |
Property and equipment, net | 10,362 | 11,107 | |
Equity investment in related party | 357 | 1,202 | |
Restricted cash | 203 | 203 | |
Other long-term assets | 319 | 284 | |
Total assets | 238,974 | 274,925 | |
Current liabilities | |||
Accounts payable | 2,448 | 3,102 | |
Accrued liabilities | 15,552 | 6,023 | |
Deferred revenue, current | 7,000 | 6,250 | |
Other current liabilities | 1,513 | 1,560 | |
Total current liabilities | 26,513 | 16,935 | |
Deferred revenue, noncurrent | 10,522 | 16,984 | |
Deferred rent | 4,010 | 4,272 | |
Other long-term liabilities | 1,283 | 1,792 | |
Total liabilities | 42,328 | 39,983 | |
Stockholders’ equity: | |||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2019 and December 31, 2018; no shares issued and outstanding as of June 30, 2019 and December 31, 2018 | 0 | ||
Common stock, $0.0001 par value, 400,000,000 shares authorized as of June 30, 2019 and December 31, 2018, respectively; 45,854,213 and 44,537,946 shares issued and outstanding as of June 30, 2019 and December 31, 2018 respectively | 4 | 4 | |
Additional paid-in capital | 362,905 | 357,873 | |
Accumulated deficit | (166,376) | (122,828) | |
Accumulated other comprehensive income (loss) | 113 | (107) | |
Total stockholders’ equity | 196,646 | 234,942 | |
Total liabilities, convertible preferred stock and stockholders’ equity | $ 238,974 | $ 274,925 | |
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 45,854,213 | 44,537,946 |
Common stock, shares outstanding | 45,854,213 | 44,537,946 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Collaboration and license revenue | $ 1,750 | $ 1,250 | $ 3,500 | $ 2,500 |
Type of Revenue [Extensible List] | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember | us-gaap:LicenseAndServiceMember |
Operation expenses: | ||||
Research and development | $ 24,999 | $ 13,699 | $ 40,553 | $ 25,352 |
General and administrative | 5,911 | 3,450 | 10,879 | 6,379 |
Total operating expenses | 30,910 | 17,149 | 51,432 | 31,731 |
Loss from operations | (29,160) | (15,899) | (47,932) | (29,231) |
Non-operating income (expense): | ||||
Interest and other income, net | 1,482 | 1,288 | 3,016 | 1,891 |
Gain on deemed sale from equity method investee | 0 | 1,229 | 0 | 1,229 |
Share of loss from equity method investee | (412) | (151) | (844) | (377) |
Total non-operating income, net | 1,070 | 2,366 | 2,172 | 2,743 |
Net loss | (28,090) | (13,533) | (45,760) | (26,488) |
Other comprehensive income (loss) | 84 | 14 | 220 | (41) |
Comprehensive loss | $ (28,006) | $ (13,519) | $ (45,540) | $ (26,529) |
Net loss per share, basic and diluted | $ (0.64) | $ (0.32) | $ (1.05) | $ (1.01) |
Weighted-average number of shares used to compute basic and diluted net loss per share | 43,797,718 | 42,533,641 | 43,653,325 | 26,236,007 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | |
Balance at Dec. 31, 2017 | $ (72,328) | $ 948 | $ (73,234) | $ (42) | |||
Balance, shares at Dec. 31, 2017 | 30,459,574 | ||||||
Balance at Dec. 31, 2017 | $ 226,196 | ||||||
Balance, shares at Dec. 31, 2017 | 3,278,129 | ||||||
Conversion of preferred stock to common stock | 226,198 | $ 3 | 226,195 | ||||
Conversion of preferred stock to common stock, shares | (30,459,574) | ||||||
Conversion of preferred stock to common stock | $ (226,196) | ||||||
Conversion of preferred stock to common stock, shares | 30,459,574 | ||||||
Issuance of common stock upon IPO | 124,716 | $ 1 | 124,715 | ||||
Issuance of common stock upon IPO, shares | 9,200,000 | ||||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares | 80 | 80 | |||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | 60,524 | ||||||
Vesting of early exercised stock options and restricted stock | 278 | 278 | |||||
Vesting of early exercised stock options and restricted stock, shares | 129,152 | ||||||
Stock-based compensation | 656 | 656 | |||||
Other comprehensive income (loss) | (55) | (55) | |||||
Net loss | (12,955) | (12,955) | |||||
Balance at Mar. 31, 2018 | 266,590 | $ 4 | 352,872 | (86,189) | (97) | ||
Balance, shares at Mar. 31, 2018 | 43,127,379 | ||||||
Balance at Dec. 31, 2017 | $ (72,328) | 948 | (73,234) | (42) | |||
Balance, shares at Dec. 31, 2017 | 30,459,574 | ||||||
Balance at Dec. 31, 2017 | $ 226,196 | ||||||
Balance, shares at Dec. 31, 2017 | 3,278,129 | ||||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | 713,931 | ||||||
Net loss | $ (26,488) | ||||||
Balance at Jun. 30, 2018 | 254,574 | $ 4 | 354,375 | (99,722) | (83) | ||
Balance, shares at Jun. 30, 2018 | 43,276,717 | ||||||
Balance at Mar. 31, 2018 | $ 266,590 | $ 4 | 352,872 | (86,189) | (97) | ||
Balance, shares at Mar. 31, 2018 | 43,127,379 | ||||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | 5,171 | ||||||
Vesting of early exercised stock options and restricted stock | $ 387 | 387 | |||||
Vesting of early exercised stock options and restricted stock, shares | 149,338 | ||||||
Stock-based compensation | 1,116 | 1,116 | |||||
Other comprehensive income (loss) | 14 | 14 | |||||
Net loss | (13,533) | (13,533) | |||||
Balance at Jun. 30, 2018 | 254,574 | $ 4 | 354,375 | (99,722) | (83) | ||
Balance, shares at Jun. 30, 2018 | 43,276,717 | ||||||
Balance at Dec. 31, 2018 | $ 234,942 | [1] | $ 4 | 357,873 | (122,828) | (107) | |
Balance, shares at Dec. 31, 2018 | 44,537,946 | 43,610,823 | |||||
Cumulative effect adjustment upon adoption of ASC 606 | ASC 606 | $ 2,212 | 2,212 | |||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | 69 | ||||||
Vesting of early exercised stock options and restricted stock | 273 | 273 | |||||
Vesting of early exercised stock options and restricted stock, shares | 114,934 | ||||||
Stock-based compensation | 1,674 | 1,674 | |||||
Other comprehensive income (loss) | 136 | 136 | |||||
Net loss | (17,670) | (17,670) | |||||
Balance at Mar. 31, 2019 | 221,567 | $ 4 | 359,820 | (138,286) | 29 | ||
Balance, shares at Mar. 31, 2019 | 43,725,826 | ||||||
Balance at Dec. 31, 2018 | $ 234,942 | [1] | $ 4 | 357,873 | (122,828) | (107) | |
Balance, shares at Dec. 31, 2018 | 44,537,946 | 43,610,823 | |||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | 18,770 | ||||||
Net loss | $ (45,760) | ||||||
Balance at Jun. 30, 2019 | $ 196,646 | $ 4 | 362,905 | (166,376) | 113 | ||
Balance, shares at Jun. 30, 2019 | 45,854,213 | 43,934,108 | |||||
Balance at Mar. 31, 2019 | $ 221,567 | $ 4 | 359,820 | (138,286) | 29 | ||
Balance, shares at Mar. 31, 2019 | 43,725,826 | ||||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares | $ 99 | 99 | |||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | 18,701 | 17,649 | |||||
Vesting of early exercised stock options and restricted stock | $ 260 | 260 | |||||
Vesting of early exercised stock options and restricted stock, shares | 107,952 | ||||||
Issuance of common stock under Employee Stock Purchase Plan | 596 | 596 | |||||
Issuance of common stock under Employee Stock Purchase Plan, shares | 82,681 | ||||||
Stock-based compensation | 2,130 | 2,130 | |||||
Other comprehensive income (loss) | 84 | 84 | |||||
Net loss | (28,090) | (28,090) | |||||
Balance at Jun. 30, 2019 | $ 196,646 | $ 4 | $ 362,905 | $ (166,376) | $ 113 | ||
Balance, shares at Jun. 30, 2019 | 45,854,213 | 43,934,108 | |||||
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flow from operating activities | ||
Net loss | $ (45,760) | $ (26,488) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,804 | 1,772 |
Depreciation and amortization | 1,836 | 1,743 |
Share of loss from equity method investee | 844 | 377 |
Gain on deemed sale from equity method investee | 0 | (1,229) |
Amortization of premiums on investments | (1,580) | 0 |
Other non-operating income | 0 | (177) |
Changes in operating assets and liabilities: | ||
Amounts owed by a related party | 21 | (168) |
Other long-term assets | (35) | 0 |
Prepaid expenses and other current assets | (952) | (409) |
Accounts payable | (566) | 1,347 |
Accrued liabilities | 9,529 | 1,812 |
Other current liabilities | 29 | 20 |
Deferred revenue | (3,500) | (2,500) |
Deferred rent | (262) | (224) |
Net cash used in operating activities | (36,592) | (24,124) |
Cash flow from investing activities | ||
Purchases of short-term and long-term investments | (123,837) | (90,671) |
Proceeds from maturities of short-term and long-term investments | 165,968 | 60,415 |
Purchases of property and equipment | (1,179) | (2,358) |
Net cash provided by (used in) investing activities | 40,952 | (32,614) |
Cash flow from financing activities | ||
Repurchase of unvested shares of stock | (51) | 0 |
Proceeds from initial public offering, net of issuance costs | 0 | 125,114 |
Proceeds from issuance of common stock upon exercise of stock options, net of repurchases | 695 | 3,331 |
Payment of preferred stock issuance costs | 0 | (135) |
Net cash provided by financing activities | 644 | 128,310 |
Net decrease (increase) in cash and cash equivalents | 5,004 | 71,572 |
Cash, cash equivalents and restricted cash at beginning of period | 71,267 | 98,629 |
Cash, cash equivalents and restricted cash at end of period | 76,271 | 170,201 |
Non-cash investing and financing activities: | ||
Unpaid portion of property and equipment purchases included in accounts payable and accrued liabilities | 48 | 1,007 |
Vesting of early exercised stock options and restricted stock | $ 533 | $ 647 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1. Description of Business Arcus Biosciences, Inc. (Company or the Company) is a clinical-stage biopharmaceutical company focused on creating innovative cancer immunotherapies by leveraging underexploited biological opportunities. Specifically, the Company targets well-characterized biological pathways with significant scientific data supporting their importance in regulating the immune response against cancer and for which either there are no molecules in development or those that exist have suboptimal profiles. To exploit these pathways, the Company has built a robust and highly efficient discovery and clinical development capability to create and optimize highly differentiated small-molecule immuno-oncology product candidates. Since its inception in 2015, the Company has built a broad portfolio of small molecule and antibody product candidates that it plans to develop together as intra-portfolio combinations. Liquidity and Capital Resources As of June 30, 2019, the Company had cash and investments of $224.4 million, which are cash, cash equivalents, and short-term investments that the Company believes will be sufficient to fund its planned operations for a period of at least twelve months following the filing date of this report. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Basis of Presentation The accompanying 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 pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or for any future period. The balance sheet as of December 31, 2018 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2019. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s condensed consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the JOBS Act), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. The Company will remain an emerging growth company until the earliest of (1) the last day of its first fiscal year (a) following the fifth anniversary of the completion of its initial public offering, (b) in which the Company has a total annual gross revenue of at least $1.07 billion, or (c) in which the Company is deemed to be a large accelerated filer, which means the market value of the common stock that is held by non-affiliates exceeds $700.0 million of the prior June 30th or (2) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. Principles of Consolidation During 2017, the Company established a wholly-owned subsidiary in Australia. The condensed consolidated financial statements include the Company’s accounts and those of its wholly-owned subsidiary. All intercompany accounts, transactions and balances have been eliminated. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as related disclosure of contingent assets and liabilities. Estimates were used to determine stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, and uncertain tax positions. Actual results could differ materially from the Company’s estimates. Cash Equivalents, Short-Term and Long-Term Investments Cash equivalents include marketable securities having an original maturity of three months or less at the time of purchase. Short-term investments have maturities of greater than three months and up to twelve months at the time of purchase. Long-term investments have maturities greater than twelve months at the time of purchase. Collectively, cash equivalents, short-term and long-term investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss. Realized gains and losses are included in interest and other income, net in the condensed consolidated statements of operations and comprehensive income or loss. The basis on which the cost of a security sold or amount reclassified out of accumulated other comprehensive income or loss into earnings is determined using the specific identification method. Restricted Cash Restricted cash at June 30, 2019 and December 31, 2018 comprises cash balances primarily held as security in connection with the Company’s facility lease agreement and is included in long-term assets in the condensed consolidated balance sheets. Concentration of Credit Risk Cash equivalents, short-term and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. The Company invests in money market funds, treasury bills and notes, government bonds, commercial paper and corporate notes. The Company limits its credit risk associated with cash equivalents, short-term and long-term investments by placing them with banks and institutions it believes are credit worthy and in highly rated investments. Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses consist primarily of personnel costs for the Company’s research and development activities, non-personnel costs such as costs payable to third parties for preclinical and clinical studies and research services, laboratory supplies and equipment maintenance, product licenses, and other consulting costs. The Company estimates preclinical and clinical study and research expenses based on its knowledge of the services performed, pursuant to contracts with research institutions and other service providers that conduct and manage preclinical and clinical studies and research services on its behalf. The Company estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternative future use are expensed as incurred. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Adopted Accounting Pronouncements – Revenue Recognition Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company enters into collaborative arrangements with partners that fall under the scope of both ASC 606 and Accounting Standards Codification, Topic 808, Collaborative Arrangements As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price may include such estimates as forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if they can be satisfied at a point in time or over time, and the Company measures the services delivered to the customer, which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g. milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Upfront Research and Development Fees: The Company identifies the performance obligations associated with the upfront research and development fees and determines if any of the promised services are distinct from each other. If a promised service is determined to be distinct, then the Company allocates the transaction price amongst the promised services based on its best judgment of their estimated stand-alone selling prices. If the promised services are not distinct, then all of the services are bundled together, and the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is considered to be satisfied over time, the Company selects the revenue recognition method that it believes most faithfully depicts the Company’s performance in transferring control of the services. ASC 606 allows entities to choose between two methods to measure progress toward complete satisfaction of a performance obligation over time: input methods or output methods. Input methods recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. Output methods recognize revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract (e.g. surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units produced or units delivered). The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Option Fees: At the inception of each arrangement that includes option exercise fees to obtain development and commercialization licenses for the Company’s products, the Company determines whether or not such option fee is considered a material right. If the option is considered a material right, then that option is considered a separate performance obligation in the contract and the transaction price includes the option fee in the allocation amongst the performance obligations. If the option is not considered a material right, then the option is accounted for as a separate contract. Milestone Payments: For arrangements that include development milestone payments, the Company consider the milestone payments to be variable consideration under ASC 606 at the inception of the arrangement, evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being earned until the uncertainty associated with the approvals has been resolved. The transaction price is then allocated to each performance obligation, on a relative standalone selling price basis, which the Company recognizes as revenue when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of earning such development milestones and any related constraint, and if necessary, adjusts the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Upfront payments and fees are recorded as deferred revenue when due and payable, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Impact of Adoption – ASC 606 The Company entered into a license and collaboration agreement (the Taiho Agreement) in September 2017, an agreement that is within the scope of ASC 606, under which it has provided Taiho Pharmaceutical Co., Ltd (Taiho) exclusive options, over a five-year period (the Option Period) to obtain an exclusive development and commercialization license to clinical stage product candidates from the Company’s programs. The terms of the arrangement include non-refundable upfront research and development fees, option fees to obtain development and commercialization licenses for the Company’s products, milestone payments based on achievement of defined development, regulatory and sales targets, and royalties on sales of commercialized product. The Company has applied the five-step model of the new standard to the Taiho Agreement, the only Company contract that has been impacted by the adoption of the new revenue standards. The Company implemented the new revenue standard using the modified retrospective transition method. Results for the three and six months ended June 30, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under previous revenue recognition guidance, Accounting Standards Codification Topic 605: Revenue Recognition (Topic 605). Upon the adoption, the Company recorded a net reduction of $2.2 million to its opening accumulated deficit as of January 1, 2019, due to the cumulative impact of adopting Topic 606, with the impact primarily relating to an increase in the transaction price recognized for the non-refundable upfront research and development fees over the five-year term. The impact of the adoption of Topic 606 on contract liabilities and accumulated deficit balances as of January 1, 2019 was as follows (in thousands): December 31, 2018 Adjustment Due to the Adoption of Topic 606 January 1, 2019 Current portion of deferred revenue $ 6,250 $ 750 $ 7,000 Long-term portion of deferred revenue 16,984 (2,962 ) 14,022 Accumulated deficit $ (122,828 ) $ 2,212 $ (120,616 ) The adjustments due to the adoption of Topic 606 primarily relate to an increase in the transaction price recognized for the non-refundable upfront research and development fees over the five-year term. Under Topic 606, the Company recognized as the transaction price the total amount that the Company expects to receive related to the non-refundable upfront fees. As of December 31, 2018, the Company had received $30.0 million of the $35.0 million in upfront fees, which consisted of payments of $25.0 million in 2017 at the inception of the contract and an anniversary payment of $5.0 million in 2018. Given both the history of successful collection of all payments due and payable to-date and the exercise of an option by Taiho in 2018 on one of the Company’s programs, the Company believes the remaining $5.0 million due in October 2019 will also be received. Under Topic 605, the Company recognized as the initial transaction price only the $25.0 million payment received in 2017. The additional $2.2 million recorded in the adoption adjustment and attributable as revenue through December 31, 2018 under Topic 606 resulted in both a lower accumulated deficit and a lower total amount of deferred revenue as of January 1, 2019. The impact of the adoption of Topic 606 on the Company’s Condensed Consolidated Balance Sheet and Statement of Operations as of and for the period ended June 30, 2019 was as follows (in thousands): As of June 30, 2019 As Reported Balances without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Current portion of deferred revenue $ 7,000 $ 6,250 $ 750 Long-term portion of deferred revenue 10,522 13,859 (3,337 ) Accumulated deficit $ — $ — $ (2,399 ) Three Months Ended June 30, 2019 As Reported Without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Collaboration revenues $ 1,750 $ 1,563 $ 187 Net loss (28,090 ) (28,277 ) $ 187 Net loss per share, basic and diluted $ (0.64 ) $ (0.65 ) $ — Six Months Ended June 30, 2019 As Reported Without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Collaboration revenues $ 3,500 $ 3,126 $ 374 Net loss (45,760 ) (46,134 ) $ 374 Net loss per share, basic and diluted $ (1.05 ) $ (1.06 ) $ — Adopted Accounting Pronouncements – Others In November 2016, the FASB issued ASU No. 2016-18 (Topic 230), Restricted Cash, Statement of Cash Flows Impact of Adoption – ASU 2016-18 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amount shown on the condensed consolidated statements of cash flows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 December 31, 2017 Cash and cash equivalents $ 76,068 $ 71,064 $ 169,998 $ 98,426 Restricted cash 203 203 203 203 Cash, cash equivalents and restricted cash $ 76,271 $ 71,267 $ 170,201 $ 98,629 In June 2018, the FASB issued ASU No. 2018-07 (Topic 718), Compensation – Stock Compensation Recently Issued Accounting Standards or Updates Not Yet Effective In January 2016, the FASB issued ASU No. 2016-01 (Subtopic 825-10), Financial Instruments In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases In August 2018, the FASB issued ASU No.2018-13 (Topic 820), Fair Value Measurement. In November 2018, the FASB issued ASU No. 2018-18 (Topic 808), Collaborative Arrangements |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3—Inputs 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. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy as of June 30, 2019 and December 31, 2018. The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements at June 30, 2019 Total Level 1 Level 2 Level 3 Assets Money market funds $ 64,578 $ 64,578 $ — $ — Corporate securities and commercial paper 60,268 — 60,268 — U.S. government treasury and agency securities 99,552 — 99,552 — $ 224,398 $ 64,578 $ 159,820 $ — Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Level 3 Assets Money market funds $ 45,017 $ 45,017 $ — $ — U.S. government treasury and agency securities 103,940 — 103,940 — Corporate securities and commercial paper 110,768 — 110,768 — $ 259,725 $ 45,017 $ 214,708 $ — Classified as (with contractual maturities): June 30, 2019 December 31, 2018 Cash and Cash equivalents $ 76,068 $ 71,064 Short-term investments (due within one year) 148,330 185,480 Long-term investments (due between one and two years) — 3,181 $ 224,398 $ 259,725 The investments are classified as available-for-sale marketable securities. At June 30, 2019 and December 31, 2018, the balance in the Company’s accumulated other comprehensive loss comprised activity related to the Company’s available-for-sale marketable securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale marketable securities as of June 30, 2019 and December 31, 2018, and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive loss for the periods then ended. The Company has a limited number of available-for-sale marketable securities in loss positions as of June 30, 2019, which the Company does not intend to sell and has concluded it will not be required to sell before recovery of the amortized cost for the investment at maturity (in thousands). Fair Value Measurements at June 30, 2019 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 64,578 $ — $ — $ 64,578 Corporate securities and commercial paper 60,241 27 — 60,268 U.S. government treasury and agency securities 99,468 84 — 99,552 $ 224,287 $ 111 $ — $ 224,398 Fair Value Measurements at December 31, 2018 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 45,017 $ — $ — $ 45,017 U.S. government treasury and agency securities 103,957 — (17 ) 103,940 Corporate securities and commercial paper 110,859 — (91 ) 110,768 $ 259,833 $ — $ (108 ) $ 259,725 |
Equity Investment
Equity Investment | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Equity Investment | Note 4: Equity Investment In September 2016, the Company purchased approximately 3.6 million shares of common stock of PACT Pharma, Inc. (PACT Pharma), a privately funded, early-stage biopharmaceutical company focused on adoptive cell therapy. The Company determined the fair value of such investment to be insignificant to the Company’s 2016 financial statements given the start-up nature of operations of PACT Pharma, and it was recorded at a nominal amount. In December 2016, the Company and PACT Pharma entered into a Master Services Agreement (the PACT Agreement) under which the Company provided PACT Pharma with general administrative support, including finance, human resources, legal, and other operational support. The Company also received certain warrants to purchase PACT Pharma common stock exercisable upon PACT Pharma’s achievement of certain valuation thresholds pursuant to the PACT Agreement. Also, in December 2016, the Company purchased 1.0 million shares of Series A preferred stock of PACT Pharma for $1.0 million. The Company determined PACT Pharma to be a variable interest entity, and that the Company has a variable interest in PACT. However, because the Company is not the primary beneficiary of PACT Pharma, it is not consolidating the results of operations of PACT Pharma in its condensed consolidated financial statements. The Company’s investment in PACT Pharma is accounted for as an equity method investment, and as a result the Company records its share of PACT Pharma’s operating results in interest and other income, net, in its condensed consolidated statement of operations and comprehensive loss. For the three and six months ended June 30, 2019, the Company recorded $0.4 million and $0.8 million and for the three and six months ended June 30, 2018, the Company recorded $0.2 million and $0.4 million, respectively, relating to its share of PACT Pharma’s operating losses. As of June 30, 2019 and December 31, 2018, the Company had a zero and $0.1 million receivable from PACT Pharma, respectively, for expenses the Company paid on PACT Pharma’s behalf. As of June 30, 2019 and December 31, 2018, the Company recorded $0.1 million and zero payable to PACT Pharma, respectively, for expenses incurred from PACT Pharma. In May 2018, PACT Pharma closed its Series B convertible preferred stock financing. The Company did not participate in this financing and therefore its equity ownership percentage in PACT Pharma decreased. As a result of the dilution in its equity ownership percentage and an increase in PACT Pharma’s estimated fair value per share, the Company recorded a gain of $1.2 million in interest and other income, net, in 2018 and an increase in the fair value of the investment balance in the condensed consolidated balance sheet by the same amount. The PACT Agreement also expired in accordance with its terms at the closing of PACT Pharma’s Series B convertible preferred stock financing. The Company monitors the investment in PACT Pharma for events or circumstances indicative of potential other-than-temporary impairment and will make appropriate reductions in carrying values if it is determined that an impairment charge is required. As of June 30, 2019 and 2018, no impairment charge was recorded. For the three and six months ended June 30, 2019 and for the year ended December 31, 2018, the Company determined the fair value of the warrants to be insignificant to the condensed consolidated financial statements. |
License and Collaboration Agree
License and Collaboration Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Collaboration Agreements | Note 5. License and Collaboration Agreements Taiho Pharmaceutical Co., Ltd In September 2017, the Company and Taiho entered into an option and license agreement (the Taiho Agreement) to collaborate on the potential development and commercialization of certain product candidates from the Company’s portfolio in Japan and certain other territories in Asia (excluding China) (the Taiho Territory). The Taiho Agreement provides Taiho with exclusive options, over a five-year period (the Option Period), to obtain an exclusive development and commercialization license to clinical stage product candidates from the Company’s programs (each, an Arcus Program). In consideration for the exclusive options and other rights contained in the Taiho Agreement, Taiho will make non-refundable, non-creditable cash payments to the Company totaling $35.0 million, of which the Company received $25.0 million during 2017. An additional $5.0 million was received in October 2018 and the remaining $5.0 million is expected to be received in 2019. In the event that the Company has not initiated IND enabling studies for at least five Arcus Programs prior to the expiration of the Option Period, Taiho may elect to extend the Option Period, up to a maximum of seven years for the Option Period, subject to an extension fee. If Taiho elects to exercise an option it will be obligated to make an exercise option payment for each option exercise of between $3.0 million to $15.0 million, dependent on the development stage of the applicable Arcus Program for which the option is exercised. In addition, the Taiho Agreement provides that the Company is eligible to receive additional clinical and regulatory milestones totaling up to $130.0 million per Arcus Program, and it will be eligible to receive contingent payments of up to $145.0 million per Arcus Program associated with the achievement of specified levels of Taiho net sales in the Taiho Territory. In addition, the Company will receive royalties ranging from high single-digits to mid-teens on net sales of licensed products in the Taiho Territory. Royalties will be payable on a licensed product-by-licensed product and country-by-country basis during the period of time commencing on the first commercial sale of a licensed product in a country and ending upon the later of: (a) ten (10) years from the date of first commercial sale of such licensed product in such country; and (b) expiration of the last-to-expire valid claim of the Company’s patents covering the manufacture, use or sale or exploitation of such licensed product in such country (the Royalty Term). The Company evaluated the Taiho Agreement under ASC 606 and determined that the current performance obligations consist of (1) the research and development services, in which the Company will use commercially reasonable efforts to initiate IND enabling studies for at least five Arcus Programs, as well as further develop such Arcus Programs during the term of the Agreement, and (2) the obligation to participate on the joint steering committee. These deliverables are non-contingent in nature. The Company determined that the obligation to participate in the joint steering committee does not have stand-alone value to Taiho because the committee’s primary purpose is to monitor and govern the research and development activities and, hence, it is inseparable from the research and development services. The Company’s assessment of the transaction price included an analysis of amounts it expected to receive, which at contract inception consisted of the upfront cash payment of $20.0 million due upon contract execution in September 2017, a $5.0 million payment due within 30 days of contract execution, an anniversary payment of $5.0 million due in 2018, and a final anniversary payment of $5.0 million due in 2019. All payments were made by Taiho as they became due and payable so given this successful collection history, the Company considers that the entire $35.0 million in non-refundable fees to be the initial transaction price. The Company determined that the combined performance obligation of the research and development services and the obligation to participate on the joint steering committee are satisfied over time. The Company uses a time-elapsed input method to measure progress toward satisfying its performance obligation, which is the method the Company believes most faithfully depicts the Company’s performance in transferring the promised services during the time period in which Taiho has access to the Company’s research and development activities . Accordingly, the transaction price of $35.0 million will be recognized using this input method over the estimated performance period of five years. The Company also concluded that, at the inception of the agreement, Taiho’s exclusive options are not considered material rights as the options do not contain a significant and incremental discount. The Company will therefore exclude the exclusive options from the initial transaction price and account for them as separate contracts. In 2018, Taiho exercised its option to the Company’s adenosine receptor antagonist program for a fee of $3.0 million, which was recognized by the Company as revenue during the year ended December 31, 2018 under both Topic 606 and Topic 605. Upon this option exercise, Taiho now has the sole responsibility for the development and commercialization of licensed products from within the program in the Taiho Territory. No options were exercised by Taiho during the six months ended June 30, 2019. The Company also determined that the clinical and regulatory milestone payments under the Taiho Agreement are variable consideration under Topic 606 which need to be added to the transaction price when it is probable that a significant revenue reversal will not occur. Based on the nature of the clinical and regulatory milestones, such as the regulatory approvals which are not within the Company’s control, the Company will not consider achievement of such milestones to be probable until the uncertainty associated with the approvals has been resolved. When it is probable that a significant reversal of revenue will not occur, the milestone payment will be added to the transaction price, which will then be allocated to each performance obligation, on a relative standalone selling price basis, for which the Company recognizes revenue. The Company also considers the contingent payments due from Taiho upon the achievement of specified sales volumes to be similar to royalty payments. The Company considers the license to be the predominant item to which the royalties relate. The Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). As of June 30, 2019, no sales milestone or royalty revenue has been recognized. The Taiho Agreement shall remain in effect until (a) expiration of the last exercise period if Taiho has not exercised any of its exclusive options prior to such expiration or (b) if Taiho has exercised any of its exclusive options prior to the expiration of the applicable exercise period, expiry of all Royalty Terms for the licensed products, in each case subject to certain exceptions. During the three and six months ended June 30, 2019, the Company recognized a total of $1.8 million and $3.5 million, respectively, of revenue under the Taiho Agreement in accordance with Topic 606, consisting of revenue recognized for the non-refundable upfront research and development fees. As of June 30, 2019, the Company recorded deferred revenue, current and deferred revenue, noncurrent of $7.0 million and $10.5 million, respectively, in its condensed consolidated balance sheet. Changes in Deferred Revenue Balances The Company recognized the following revenue as a result of changes in the deferred revenue balance during the period below (in thousands): Three months ended June 30, Six months ended June 30, Revenue recognized in the period from: 2019 2019 Amounts included in deferred revenue at the beginning of the period $ 1,750 $ 3,500 Performance obligations satisfied in previous period $ — $ — WuXi Biologics License Agreement The Company entered into a license agreement (the WuXi Agreement) with WuXi Biologics (Cayman) Inc. (WuXi Biologics) in August 2017, as subsequently amended in June 2019, in which it obtained an exclusive license to develop, use, manufacture, and commercialize products including an anti-PD-1 antibody worldwide except for Greater China and Thailand. The Company paid upfront and milestone payments of $18.5 million during the second half of 2017 which were recorded within research and development expenses, as the products had not reached technological feasibility and did not have alternative future use. A $7.5 million development milestone was reached and recorded within research and development expenses during June 2019 and was paid in July 2019. No milestones payments were made during the three and six months ended June 30, 2019 and 2018. The WuXi Agreement also provides for clinical and regulatory milestone payments, commercialization milestone payments of up to $375.0 million, and tiered royalty payments to be made to WuXi Biologics that range from the high single-digits to low teens of net sales by the Company of licensed products. Abmuno License Agreement In December 2016, the Company entered into a license agreement (the Abmuno Agreement) with Abmuno Therapeutics LLC (Abmuno) in which it obtained a worldwide exclusive license to develop, use, manufacture, and commercialize products that include an anti-TIGIT antibody. No milestone payments were made during the three and six months ended June 30, 2019. The Company made upfront and milestone payments of zero and $0.8 million for the three and six months ended June 30, 2018, respectively, which were recorded within research and development expenses, as the products have not reached technological feasibility and do not have alternative future use and therefore were expensed as incurred. In June 2018, a $2.0 million milestone was reached and recorded within research and development expenses in June 2018 and paid in July 2018. The Abmuno Agreement also provides for additional clinical, regulatory and commercialization milestone remaining payments of up to $101.0 million as of June 30, 2019. Strata Collaboration Agreement On April 30, 2019, the Company and Strata Oncology, Inc. (Strata) entered into a Co-Development and Collaboration Agreement (the Co-Development and Collaboration Agreement) to pursue a clinical development collaboration utilizing Strata’s precision drug development platform and proprietary biomarkers to evaluate AB122, the Company’s clinical-stage anti-PD-1 antibody, in patients in a tumor-agnostic fashion. Under the terms of the Co-Development and Collaboration Agreement, the parties will share a portion of development costs for the clinical collaboration. Strata is eligible to receive $2.5 million upon the achievement of a development milestone, as well as regulatory and commercial milestones of up to $125.0 million and up to double-digit royalties on U.S. net sales of AB122 in the biomarker-identified indication. As of June 30, 2019, the Company incurred expenses of $0.3 million net of development cost sharing that was recorded within research and development expenses. As further consideration in connection with the Co-Development and Collaboration Agreement, the Company issued to Strata 1,257,651 restricted shares of its common stock with an initial measured fair value of $15.0 million, which are subject to vesting based upon the achievement of specified regulatory milestones within certain timelines, unless such vesting is modified pursuant to a change of control at the acquiror’s option. Expense relating to the restricted shares subject to these milestones is recognized if it is considered probable that the associated shares will vest. The probability of achievement is assessed at the end of each quarterly period. As of June 30, 2019, the Company determined that none of the restricted shares were probable of vesting and, as a result, no compensation expense related to the restricted shares has been recognized to date. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 6: Stock-Based Compensation In March 2018, the Company adopted the 2018 Equity Incentive Plan (2018 Plan). The 2018 Plan replaced the Company’s 2015 Stock Plan (2015 Plan) and 3,570,000 shares were reserved under the 2018 Plan, along with any shares remaining available for issuance under the Company’s 2015 Plan or outstanding awards under its 2015 Plan that subsequently expire, lapse unexercised or are forfeited to or repurchased by the Company. Total stock-based compensation expense was recognized in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Research and development 868 $ 701 1,715 $ 1,041 General and administrative 1,262 415 2,089 731 Total stock-based compensation $ 2,130 $ 1,116 $ 3,804 $ 1,772 The Company granted 1,311,750 and 3,087,650 stock options during the three and six months ended June 30, 2019, respectively and 210,808 and 1,396,989 for the three and six months ended June 30, 2018, respectively. These options had a weighted average grant-date fair value of $6.28 and $6.63 per share for the three and six months ended June 30, 2019, respectively, and $11.23 and $7.29 for the three and six months ended June 30,2018, respectively. Under the Company’s stock plans, 18,701 and 18,770 stock options were exercised during the three and six months ended June 30, 2019, respectively, and 5,171 and 713,931 for the three and six months ended June 30, 2018, respectively. As a result of early exercises under the 2015 Plan, approximately 665,301 and 927,123 shares had not vested and were subject to repurchase as of June 30, 2019 and December 31, 2018, respectively. The Company treats cash received from the exercise of unvested options as a refundable deposit and classifies such amounts as a liability in its condensed consolidated balance sheets. As of June 30, 2019 and December 31, 2018, the Company included cash received from the early exercise of unvested options of $2.3 million and $2.8 million, in its other current and long-term liabilities, respectively based on the timing of their expected vesting. Amounts included in liabilities are transferred into common stock and additional paid-in capital as the shares vest, which is generally over a period of 48 months. |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet Components | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Condensed Consolidated Balance Sheet Components | Note 7. Condensed Consolidated Balance Sheet Components Property and Equipment Property and equipment, net consisted of the following (in thousands): As of June 30, 2019 As of December 31, 2018 Scientific equipment $ 7,536 $ 6,628 Furniture and equipment 1,040 813 Capitalized software 146 146 Leasehold improvements 10,834 10,828 Construction in progress 285 335 Total 19,841 18,750 Less: Accumulated depreciation and amortization (9,479 ) (7,643 ) Property and equipment, net $ 10,362 $ 11,107 Depreciation and amortization expense was $0.8 million and $1.8 million for the three and six months ended June 30, 2019, respectively and $0.9 million and $1.7 million for the three and six months ended June 30, 2018, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of June 30, 2019 As of December 31, 2018 Accrued personnel expenses $ 2,301 $ 2,833 Accrued research and development expenses 12,910 2,816 Professional fees 268 211 Other 73 163 Total $ 15,552 $ 6,023 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 8. 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, 2019 2018 2019 2018 Numerator: Net loss $ (28,090 ) $ (13,533 ) $ (45,760 ) $ (26,488 ) Denominator: Weighted-average common shares outstanding 45,409,588 44,450,312 44,970,831 28,248,337 Less: weighted-average common shares subject to vesting (1,611,870 ) (1,916,671 ) (1,317,506 ) (2,012,330 ) Weighted-average common shares used to compute basic and diluted net loss per share 43,797,718 42,533,641 43,653,325 26,236,007 Net loss per share: basic and diluted $ (0.64 ) $ (0.32 ) $ (1.05 ) $ (1.01 ) The following outstanding 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: Six Months Ended June 30, 2019 2018 Common stock options issued and outstanding 4,449,690 1,221,862 Unvested restricted common stock 1,257,651 636,574 Unvested early exercised common stock options 665,301 1,181,717 Total 6,372,642 3,040,153 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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 pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or for any future period. The balance sheet as of December 31, 2018 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2019. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s condensed consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the JOBS Act), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. The Company will remain an emerging growth company until the earliest of (1) the last day of its first fiscal year (a) following the fifth anniversary of the completion of its initial public offering, (b) in which the Company has a total annual gross revenue of at least $1.07 billion, or (c) in which the Company is deemed to be a large accelerated filer, which means the market value of the common stock that is held by non-affiliates exceeds $700.0 million of the prior June 30th or (2) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. |
Principles of Consolidation | Principles of Consolidation During 2017, the Company established a wholly-owned subsidiary in Australia. The condensed consolidated financial statements include the Company’s accounts and those of its wholly-owned subsidiary. All intercompany accounts, transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as related disclosure of contingent assets and liabilities. Estimates were used to determine stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, and uncertain tax positions. Actual results could differ materially from the Company’s estimates. |
Cash Equivalents, Short-Term and Long-Term Investments | Cash Equivalents, Short-Term and Long-Term Investments Cash equivalents include marketable securities having an original maturity of three months or less at the time of purchase. Short-term investments have maturities of greater than three months and up to twelve months at the time of purchase. Long-term investments have maturities greater than twelve months at the time of purchase. Collectively, cash equivalents, short-term and long-term investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss. Realized gains and losses are included in interest and other income, net in the condensed consolidated statements of operations and comprehensive income or loss. The basis on which the cost of a security sold or amount reclassified out of accumulated other comprehensive income or loss into earnings is determined using the specific identification method. |
Restricted Cash | Restricted Cash Restricted cash at June 30, 2019 and December 31, 2018 comprises cash balances primarily held as security in connection with the Company’s facility lease agreement and is included in long-term assets in the condensed consolidated balance sheets. |
Concentration of Credit Risk | Concentration of Credit Risk Cash equivalents, short-term and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. The Company invests in money market funds, treasury bills and notes, government bonds, commercial paper and corporate notes. The Company limits its credit risk associated with cash equivalents, short-term and long-term investments by placing them with banks and institutions it believes are credit worthy and in highly rated investments. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses consist primarily of personnel costs for the Company’s research and development activities, non-personnel costs such as costs payable to third parties for preclinical and clinical studies and research services, laboratory supplies and equipment maintenance, product licenses, and other consulting costs. The Company estimates preclinical and clinical study and research expenses based on its knowledge of the services performed, pursuant to contracts with research institutions and other service providers that conduct and manage preclinical and clinical studies and research services on its behalf. The Company estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternative future use are expensed as incurred. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements – Revenue Recognition Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company enters into collaborative arrangements with partners that fall under the scope of both ASC 606 and Accounting Standards Codification, Topic 808, Collaborative Arrangements As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price may include such estimates as forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if they can be satisfied at a point in time or over time, and the Company measures the services delivered to the customer, which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g. milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Upfront Research and Development Fees: The Company identifies the performance obligations associated with the upfront research and development fees and determines if any of the promised services are distinct from each other. If a promised service is determined to be distinct, then the Company allocates the transaction price amongst the promised services based on its best judgment of their estimated stand-alone selling prices. If the promised services are not distinct, then all of the services are bundled together, and the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is considered to be satisfied over time, the Company selects the revenue recognition method that it believes most faithfully depicts the Company’s performance in transferring control of the services. ASC 606 allows entities to choose between two methods to measure progress toward complete satisfaction of a performance obligation over time: input methods or output methods. Input methods recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. Output methods recognize revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract (e.g. surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units produced or units delivered). The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Option Fees: At the inception of each arrangement that includes option exercise fees to obtain development and commercialization licenses for the Company’s products, the Company determines whether or not such option fee is considered a material right. If the option is considered a material right, then that option is considered a separate performance obligation in the contract and the transaction price includes the option fee in the allocation amongst the performance obligations. If the option is not considered a material right, then the option is accounted for as a separate contract. Milestone Payments: For arrangements that include development milestone payments, the Company consider the milestone payments to be variable consideration under ASC 606 at the inception of the arrangement, evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being earned until the uncertainty associated with the approvals has been resolved. The transaction price is then allocated to each performance obligation, on a relative standalone selling price basis, which the Company recognizes as revenue when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of earning such development milestones and any related constraint, and if necessary, adjusts the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Upfront payments and fees are recorded as deferred revenue when due and payable, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Impact of Adoption – ASC 606 The Company entered into a license and collaboration agreement (the Taiho Agreement) in September 2017, an agreement that is within the scope of ASC 606, under which it has provided Taiho Pharmaceutical Co., Ltd (Taiho) exclusive options, over a five-year period (the Option Period) to obtain an exclusive development and commercialization license to clinical stage product candidates from the Company’s programs. The terms of the arrangement include non-refundable upfront research and development fees, option fees to obtain development and commercialization licenses for the Company’s products, milestone payments based on achievement of defined development, regulatory and sales targets, and royalties on sales of commercialized product. The Company has applied the five-step model of the new standard to the Taiho Agreement, the only Company contract that has been impacted by the adoption of the new revenue standards. The Company implemented the new revenue standard using the modified retrospective transition method. Results for the three and six months ended June 30, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under previous revenue recognition guidance, Accounting Standards Codification Topic 605: Revenue Recognition (Topic 605). Upon the adoption, the Company recorded a net reduction of $2.2 million to its opening accumulated deficit as of January 1, 2019, due to the cumulative impact of adopting Topic 606, with the impact primarily relating to an increase in the transaction price recognized for the non-refundable upfront research and development fees over the five-year term. The impact of the adoption of Topic 606 on contract liabilities and accumulated deficit balances as of January 1, 2019 was as follows (in thousands): December 31, 2018 Adjustment Due to the Adoption of Topic 606 January 1, 2019 Current portion of deferred revenue $ 6,250 $ 750 $ 7,000 Long-term portion of deferred revenue 16,984 (2,962 ) 14,022 Accumulated deficit $ (122,828 ) $ 2,212 $ (120,616 ) The adjustments due to the adoption of Topic 606 primarily relate to an increase in the transaction price recognized for the non-refundable upfront research and development fees over the five-year term. Under Topic 606, the Company recognized as the transaction price the total amount that the Company expects to receive related to the non-refundable upfront fees. As of December 31, 2018, the Company had received $30.0 million of the $35.0 million in upfront fees, which consisted of payments of $25.0 million in 2017 at the inception of the contract and an anniversary payment of $5.0 million in 2018. Given both the history of successful collection of all payments due and payable to-date and the exercise of an option by Taiho in 2018 on one of the Company’s programs, the Company believes the remaining $5.0 million due in October 2019 will also be received. Under Topic 605, the Company recognized as the initial transaction price only the $25.0 million payment received in 2017. The additional $2.2 million recorded in the adoption adjustment and attributable as revenue through December 31, 2018 under Topic 606 resulted in both a lower accumulated deficit and a lower total amount of deferred revenue as of January 1, 2019. The impact of the adoption of Topic 606 on the Company’s Condensed Consolidated Balance Sheet and Statement of Operations as of and for the period ended June 30, 2019 was as follows (in thousands): As of June 30, 2019 As Reported Balances without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Current portion of deferred revenue $ 7,000 $ 6,250 $ 750 Long-term portion of deferred revenue 10,522 13,859 (3,337 ) Accumulated deficit $ — $ — $ (2,399 ) Three Months Ended June 30, 2019 As Reported Without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Collaboration revenues $ 1,750 $ 1,563 $ 187 Net loss (28,090 ) (28,277 ) $ 187 Net loss per share, basic and diluted $ (0.64 ) $ (0.65 ) $ — Six Months Ended June 30, 2019 As Reported Without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Collaboration revenues $ 3,500 $ 3,126 $ 374 Net loss (45,760 ) (46,134 ) $ 374 Net loss per share, basic and diluted $ (1.05 ) $ (1.06 ) $ — Adopted Accounting Pronouncements – Others In November 2016, the FASB issued ASU No. 2016-18 (Topic 230), Restricted Cash, Statement of Cash Flows Impact of Adoption – ASU 2016-18 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amount shown on the condensed consolidated statements of cash flows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 December 31, 2017 Cash and cash equivalents $ 76,068 $ 71,064 $ 169,998 $ 98,426 Restricted cash 203 203 203 203 Cash, cash equivalents and restricted cash $ 76,271 $ 71,267 $ 170,201 $ 98,629 In June 2018, the FASB issued ASU No. 2018-07 (Topic 718), Compensation – Stock Compensation |
Recently Issued Accounting Standards or Updates Not Yet Effective | Recently Issued Accounting Standards or Updates Not Yet Effective In January 2016, the FASB issued ASU No. 2016-01 (Subtopic 825-10), Financial Instruments In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases In August 2018, the FASB issued ASU No.2018-13 (Topic 820), Fair Value Measurement. In November 2018, the FASB issued ASU No. 2018-18 (Topic 808), Collaborative Arrangements |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
ASC 606 | |
Significant Accounting Policies [Line Items] | |
Impact of Adoption | The impact of the adoption of Topic 606 on contract liabilities and accumulated deficit balances as of January 1, 2019 was as follows (in thousands): December 31, 2018 Adjustment Due to the Adoption of Topic 606 January 1, 2019 Current portion of deferred revenue $ 6,250 $ 750 $ 7,000 Long-term portion of deferred revenue 16,984 (2,962 ) 14,022 Accumulated deficit $ (122,828 ) $ 2,212 $ (120,616 ) The impact of the adoption of Topic 606 on the Company’s Condensed Consolidated Balance Sheet and Statement of Operations as of and for the period ended June 30, 2019 was as follows (in thousands): As of June 30, 2019 As Reported Balances without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Current portion of deferred revenue $ 7,000 $ 6,250 $ 750 Long-term portion of deferred revenue 10,522 13,859 (3,337 ) Accumulated deficit $ — $ — $ (2,399 ) Three Months Ended June 30, 2019 As Reported Without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Collaboration revenues $ 1,750 $ 1,563 $ 187 Net loss (28,090 ) (28,277 ) $ 187 Net loss per share, basic and diluted $ (0.64 ) $ (0.65 ) $ — Six Months Ended June 30, 2019 As Reported Without the Adoption of Topic 606 Effect of Adoption Higher/ (Lower) Collaboration revenues $ 3,500 $ 3,126 $ 374 Net loss (45,760 ) (46,134 ) $ 374 Net loss per share, basic and diluted $ (1.05 ) $ (1.06 ) $ — |
ASU 2016-18 | |
Significant Accounting Policies [Line Items] | |
Impact of Adoption | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amount shown on the condensed consolidated statements of cash flows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 December 31, 2017 Cash and cash equivalents $ 76,068 $ 71,064 $ 169,998 $ 98,426 Restricted cash 203 203 203 203 Cash, cash equivalents and restricted cash $ 76,271 $ 71,267 $ 170,201 $ 98,629 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements at June 30, 2019 Total Level 1 Level 2 Level 3 Assets Money market funds $ 64,578 $ 64,578 $ — $ — Corporate securities and commercial paper 60,268 — 60,268 — U.S. government treasury and agency securities 99,552 — 99,552 — $ 224,398 $ 64,578 $ 159,820 $ — Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Level 3 Assets Money market funds $ 45,017 $ 45,017 $ — $ — U.S. government treasury and agency securities 103,940 — 103,940 — Corporate securities and commercial paper 110,768 — 110,768 — $ 259,725 $ 45,017 $ 214,708 $ — |
Schedule of Investments Classified as Available for Sale Securities with Contractual Maturities | Classified as (with contractual maturities): June 30, 2019 December 31, 2018 Cash and Cash equivalents $ 76,068 $ 71,064 Short-term investments (due within one year) 148,330 185,480 Long-term investments (due between one and two years) — 3,181 $ 224,398 $ 259,725 |
Schedule of Available for Sale Securities at Fair Value Measurements | Fair Value Measurements at June 30, 2019 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 64,578 $ — $ — $ 64,578 Corporate securities and commercial paper 60,241 27 — 60,268 U.S. government treasury and agency securities 99,468 84 — 99,552 $ 224,287 $ 111 $ — $ 224,398 Fair Value Measurements at December 31, 2018 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 45,017 $ — $ — $ 45,017 U.S. government treasury and agency securities 103,957 — (17 ) 103,940 Corporate securities and commercial paper 110,859 — (91 ) 110,768 $ 259,833 $ — $ (108 ) $ 259,725 |
License and Collaboration Agr_2
License and Collaboration Agreements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
License And Collaboration Agreements [Abstract] | |
Summary of Revenue Recognized as a Result of Changes in Deferred Revenue | The Company recognized the following revenue as a result of changes in the deferred revenue balance during the period below (in thousands): Three months ended June 30, Six months ended June 30, Revenue recognized in the period from: 2019 2019 Amounts included in deferred revenue at the beginning of the period $ 1,750 $ 3,500 Performance obligations satisfied in previous period $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense was recognized in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Research and development 868 $ 701 1,715 $ 1,041 General and administrative 1,262 415 2,089 731 Total stock-based compensation $ 2,130 $ 1,116 $ 3,804 $ 1,772 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of June 30, 2019 As of December 31, 2018 Scientific equipment $ 7,536 $ 6,628 Furniture and equipment 1,040 813 Capitalized software 146 146 Leasehold improvements 10,834 10,828 Construction in progress 285 335 Total 19,841 18,750 Less: Accumulated depreciation and amortization (9,479 ) (7,643 ) Property and equipment, net $ 10,362 $ 11,107 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of June 30, 2019 As of December 31, 2018 Accrued personnel expenses $ 2,301 $ 2,833 Accrued research and development expenses 12,910 2,816 Professional fees 268 211 Other 73 163 Total $ 15,552 $ 6,023 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted 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, 2019 2018 2019 2018 Numerator: Net loss $ (28,090 ) $ (13,533 ) $ (45,760 ) $ (26,488 ) Denominator: Weighted-average common shares outstanding 45,409,588 44,450,312 44,970,831 28,248,337 Less: weighted-average common shares subject to vesting (1,611,870 ) (1,916,671 ) (1,317,506 ) (2,012,330 ) Weighted-average common shares used to compute basic and diluted net loss per share 43,797,718 42,533,641 43,653,325 26,236,007 Net loss per share: basic and diluted $ (0.64 ) $ (0.32 ) $ (1.05 ) $ (1.01 ) |
Summary of Outstanding Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share | The following outstanding 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: Six Months Ended June 30, 2019 2018 Common stock options issued and outstanding 4,449,690 1,221,862 Unvested restricted common stock 1,257,651 636,574 Unvested early exercised common stock options 665,301 1,181,717 Total 6,372,642 3,040,153 |
Organization - Additional Infor
Organization - Additional Information (Details) $ in Millions | Jun. 30, 2019USD ($) |
Cash, Cash Equivalents and Short-term Investments | |
Class Of Stock [Line Items] | |
Cash and investments | $ 224.4 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2018 | Oct. 31, 2017 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2019 | Jan. 01, 2019 | Jun. 29, 2017 | ||
Significant Accounting Policies [Line Items] | ||||||||||
Description to be remained in emerging growth company | The Company will remain an emerging growth company until the earliest of (1) the last day of its first fiscal year (a) following the fifth anniversary of the completion of its initial public offering, (b) in which the Company has a total annual gross revenue of at least $1.07 billion, or (c) in which the Company is deemed to be a large accelerated filer, which means the market value of the common stock that is held by non-affiliates exceeds $700.0 million of the prior June 30th or (2) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. | |||||||||
Minimum annual gross revenue in order to remain classified as emerging growth company | $ 1,070,000 | |||||||||
Maximum market value of common stock held by non-affiliates to be remained in emerging growth company | $ 700,000 | |||||||||
Additional non-convertible debt securities to be remained in emerging growth company | 1,000,000 | |||||||||
Accumulated deficit | (166,376) | $ (122,828) | [1] | |||||||
Taiho Pharmaceutical Co Ltd | Taiho Agreement | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Non-refundable, non-creditable upfront cash payments | $ 35,000 | |||||||||
Payment received for license agreement | $ 5,000 | 5,000 | $ 25,000 | |||||||
Additional payment to be received for license agreement | $ 5,000 | |||||||||
Taiho Pharmaceutical Co Ltd | Taiho Agreement | Scenario Forecast | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Payment received for license agreement | $ 5,000 | |||||||||
Additional payment to be received for license agreement | $ 5,000 | |||||||||
ASC 606 | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Accumulated deficit | $ (120,616) | |||||||||
Non-refundable upfront research and development fees term | 5 years | |||||||||
ASC 606 | Taiho Pharmaceutical Co Ltd | Taiho Agreement | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Accumulated deficit | 2,200 | |||||||||
Non-refundable upfront research and development fees term | 5 years | |||||||||
Non refundable and non creditable upfront cash payment received | 30,000 | |||||||||
Non-refundable, non-creditable upfront cash payments | $ 35,000 | |||||||||
Payment received for license agreement | $ 25,000 | |||||||||
Additional payment to be received for license agreement | 5,000 | |||||||||
Net reduction to deferred revenue | $ 2,200 | |||||||||
ASC 606 | Taiho Pharmaceutical Co Ltd | Taiho Agreement | Scenario Forecast | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Remaining non refundable and non creditable cash payments receivable | $ 5,000 | |||||||||
ASC 606 | Adjustment due to The Adoption of Topic 606 | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Accumulated deficit | $ 2,212 | |||||||||
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Impact of Adoption of Topic 606 on Contract Liabilities and Accumulated Deficit (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Current portion of deferred revenue | $ 7,000 | |||
Long-term portion of deferred revenue | 10,522 | |||
Accumulated deficit | (166,376) | $ (122,828) | [1] | |
Before Adoption of Topic 606 | ||||
Significant Accounting Policies [Line Items] | ||||
Current portion of deferred revenue | 6,250 | 6,250 | ||
Long-term portion of deferred revenue | $ 13,859 | 16,984 | ||
Accumulated deficit | $ (122,828) | |||
ASC 606 | ||||
Significant Accounting Policies [Line Items] | ||||
Current portion of deferred revenue | $ 7,000 | |||
Long-term portion of deferred revenue | 14,022 | |||
Accumulated deficit | (120,616) | |||
ASC 606 | Adjustment due to The Adoption of Topic 606 | ||||
Significant Accounting Policies [Line Items] | ||||
Current portion of deferred revenue | 750 | |||
Long-term portion of deferred revenue | (2,962) | |||
Accumulated deficit | $ 2,212 | |||
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Impact of Adoption of Topic 606 on Condensed Consolidated Balance Sheet and Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Significant Accounting Policies [Line Items] | |||||||||
Current portion of deferred revenue | $ 7,000 | $ 7,000 | |||||||
Long-term portion of deferred revenue | 10,522 | 10,522 | |||||||
Accumulated deficit | (166,376) | (166,376) | $ (122,828) | [1] | |||||
Collaboration revenues | 1,750 | 3,500 | |||||||
Net loss | $ (28,090) | $ (17,670) | $ (13,533) | $ (12,955) | $ (45,760) | $ (26,488) | |||
Net loss per share, basic and diluted | $ (0.64) | $ (0.32) | $ (1.05) | $ (1.01) | |||||
Balances Without the Adoption of Topic 606 | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Current portion of deferred revenue | $ 6,250 | $ 6,250 | 6,250 | ||||||
Long-term portion of deferred revenue | 13,859 | 13,859 | 16,984 | ||||||
Accumulated deficit | $ (122,828) | ||||||||
Collaboration revenues | 1,563 | 3,126 | |||||||
Net loss | $ (28,277) | $ (46,134) | |||||||
Net loss per share, basic and diluted | $ (0.65) | $ (1.06) | |||||||
ASC 606 | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Current portion of deferred revenue | $ 7,000 | ||||||||
Long-term portion of deferred revenue | 14,022 | ||||||||
Accumulated deficit | $ (120,616) | ||||||||
ASC 606 | Effect of Adoption Higher/ (Lower) | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Current portion of deferred revenue | $ 750 | $ 750 | |||||||
Long-term portion of deferred revenue | (3,337) | (3,337) | |||||||
Accumulated deficit | (2,399) | (2,399) | |||||||
Collaboration revenues | 187 | 374 | |||||||
Net loss | $ 187 | $ 374 | |||||||
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Cash After Implementing ASU 2016-18 (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | $ 76,068 | $ 71,064 | [1] | ||
Restricted cash | 203 | 203 | [1] | ||
ASU 2016-18 | |||||
Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | 76,068 | 71,064 | $ 169,998 | $ 98,426 | |
Restricted cash | 203 | 203 | 203 | 203 | |
Cash, cash equivalents and restricted cash | $ 76,271 | $ 71,267 | $ 170,201 | $ 98,629 | |
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
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 assets transferred into level 3 | 0 | 0 |
Fair value assets transferred out of level 3 | 0 | 0 |
Fair value liabilities transferred into level 3 | 0 | 0 |
Fair value liabilities transferred out of level 3 | 0 | 0 |
Realized gains (loss) on sale or maturity of available-for-sale marketable securities | 0 | 0 |
Reclassification out of accumulated other comprehensive loss | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - Fair Value On Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 224,398 | $ 259,725 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 64,578 | 45,017 |
Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 60,268 | 110,768 |
U.S. Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 99,552 | 103,940 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 64,578 | 45,017 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 64,578 | 45,017 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 159,820 | 214,708 |
Level 2 | Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 60,268 | 110,768 |
Level 2 | U.S. Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 99,552 | $ 103,940 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Investments Classified as Available for Sale Securities with Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Cash and Cash equivalents | $ 76,068 | $ 71,064 | |
Short-term investments (due within one year) | 148,330 | 185,480 | [1] |
Long-term investments (due between one and two years) | 0 | 3,181 | [1] |
Total cash and investments in marketable securities | $ 224,398 | $ 259,725 | |
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Available for Sale Securities at Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 224,287 | $ 259,833 |
Unrealized Gain | 111 | |
Unrealized Loss | (108) | |
Fair Value | 224,398 | 259,725 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 64,578 | 45,017 |
Fair Value | 64,578 | 45,017 |
Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 60,241 | 110,859 |
Unrealized Gain | 27 | |
Unrealized Loss | (91) | |
Fair Value | 60,268 | 110,768 |
U.S. Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 99,468 | 103,957 |
Unrealized Gain | 84 | |
Unrealized Loss | (17) | |
Fair Value | $ 99,552 | $ 103,940 |
Equity Investment - Additional
Equity Investment - Additional Information (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Loss from equity method investments | $ 412,000 | $ 151,000 | $ 844,000 | $ 377,000 | |||
PACT Pharma | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loss from equity method investments | 400,000 | $ 200,000 | $ 800,000 | 400,000 | |||
Equity method investment agreement termination date | May 31, 2018 | ||||||
Gain in interest and other income | $ 1,200,000 | ||||||
Equity method investments impairment | $ 0 | $ 0 | |||||
PACT Pharma | Variable Interest Entity | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Receivable from PACT Pharma | 0 | 0 | 100,000 | ||||
Payable to PACT Pharma | $ 100,000 | $ 100,000 | $ 0 | ||||
PACT Pharma | Series A Preferred Stock | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase of common stock, shares | 1 | ||||||
Purchase of common stock, value | $ 1,000,000 | ||||||
PACT Pharma | Common Stock | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase of common stock, shares | 3.6 |
License and Collaboration Agr_3
License and Collaboration Agreements - Additional Information (Details) | Apr. 30, 2019USD ($)shares | Jun. 30, 2019USD ($)shares | Oct. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($)Program | Aug. 31, 2017USD ($) | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | shares | 18,701 | 5,171 | 18,770 | 713,931 | ||||||||||||
Revenue recognized | $ 1,750,000 | $ 3,500,000 | ||||||||||||||
Deferred revenue, current | $ 7,000,000 | 7,000,000 | 7,000,000 | $ 6,250,000 | [1] | |||||||||||
Deferred revenue, noncurrent | 10,522,000 | 10,522,000 | 10,522,000 | 16,984,000 | [1] | |||||||||||
Compensation expense recognized | 2,130,000 | $ 1,116,000 | 3,804,000 | $ 1,772,000 | ||||||||||||
Research and Development Expenses | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Compensation expense recognized | 868,000 | 701,000 | $ 1,715,000 | 1,041,000 | ||||||||||||
Taiho Pharmaceutical Co Ltd | Taiho Agreement | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Option period | 5 years | |||||||||||||||
Non refundable and non creditable cash payments | $ 35,000,000 | |||||||||||||||
Payment received for license agreement | $ 5,000,000 | 5,000,000 | $ 25,000,000 | |||||||||||||
Additional payment to be received for license agreement | $ 5,000,000 | |||||||||||||||
Range of royalties receivable on net sales | high single-digits to mid-teens | |||||||||||||||
Royalties payable description | Royalties will be payable on a licensed product-by-licensed product and country-by-country basis during the period of time commencing on the first commercial sale of a licensed product in a country and ending upon the later of: (a) ten (10) years from the date of first commercial sale of such licensed product in such country; and (b) expiration of the last-to-expire valid claim of the Company’s patents covering the manufacture, use or sale or exploitation of such licensed product in such country (the Royalty Term). | |||||||||||||||
Upfront cash payment | $ 20,000,000 | |||||||||||||||
Non-refundable, non-creditable upfront cash payments | $ 35,000,000 | |||||||||||||||
Estimated performance period | 5 years | |||||||||||||||
Payment for first option exercise | $ 3,000,000 | |||||||||||||||
Issuance of common stock upon exercise of stock options, net of amounts related to unvested shares, shares | shares | 0 | |||||||||||||||
Clinical and regulatory milestones achieved | $ 0 | |||||||||||||||
Sales milestone or royalty revenue recognized | 0 | |||||||||||||||
Revenue recognized | 1,800,000 | 3,500,000 | ||||||||||||||
Deferred revenue, current | 7,000,000 | 7,000,000 | 7,000,000 | |||||||||||||
Deferred revenue, noncurrent | 10,500,000 | 10,500,000 | 10,500,000 | |||||||||||||
Taiho Pharmaceutical Co Ltd | Taiho Agreement | Scenario Forecast | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Payment received for license agreement | $ 5,000,000 | |||||||||||||||
Additional payment to be received for license agreement | $ 5,000,000 | |||||||||||||||
Taiho Pharmaceutical Co Ltd | Taiho Agreement | Minimum | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Number of programs, IND enabling studies not initiated | Program | 5 | |||||||||||||||
Payment for option exercise | $ 3,000,000 | |||||||||||||||
Taiho Pharmaceutical Co Ltd | Taiho Agreement | Maximum | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Extended option agreement period | 7 years | |||||||||||||||
Payment for option exercise | $ 15,000,000 | |||||||||||||||
Additional clinical and regulatory milestone payments receivable | 130,000,000 | |||||||||||||||
Contingent payments receivable | $ 145,000,000 | |||||||||||||||
WuXi Biologics License Agreement | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Upfront and milestone payments | $ 18,500,000 | |||||||||||||||
Milestone payments | 0 | 0 | $ 0 | 0 | ||||||||||||
Range of tiered royalty payments on net sales | high single-digits to low teens | |||||||||||||||
WuXi Biologics License Agreement | Research and Development Expenses | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Upfront and milestone payments | $ 7,500,000 | |||||||||||||||
WuXi Biologics License Agreement | Maximum | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Clinical, regulatory and commercialization milestone payments | $ 375,000,000 | |||||||||||||||
Abmuno License Agreement | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Upfront and milestone payments | $ 0 | $ 800,000 | ||||||||||||||
Milestone payments | $ 0 | $ 0 | ||||||||||||||
Abmuno License Agreement | Research and Development Expenses | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Upfront and milestone payments | $ 2,000,000 | |||||||||||||||
Abmuno License Agreement | Maximum | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Clinical, regulatory and commercialization remaining milestone payments | 101,000,000 | |||||||||||||||
Strata Oncology Inc | Co-Development and Collaboration Agreement | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Development milestone payable | $ 2,500,000 | |||||||||||||||
Development cost recorded within research and development expenses | $ 300,000 | |||||||||||||||
Number of restricted shares of common stock issued | shares | 1,257,651 | |||||||||||||||
Fair value of restricted shares of common stock issued | $ 15,000,000 | |||||||||||||||
Strata Oncology Inc | Co-Development and Collaboration Agreement | Restricted Shares | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Shares probable of vesting | shares | 0 | 0 | 0 | |||||||||||||
Compensation expense recognized | $ 0 | |||||||||||||||
Strata Oncology Inc | Co-Development and Collaboration Agreement | Maximum | ||||||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||||||
Regulatory and commercial milestone payable | $ 125,000,000 | |||||||||||||||
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
License and Collaboration Agr_4
License and Collaboration Agreements - Summary of Revenue Recognized as a Result of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
License And Collaboration Agreements [Abstract] | ||
Amounts included in deferred revenue at the beginning of the period | $ 1,750 | $ 3,500 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock options, grants in period, shares | 1,311,750 | 210,808 | 3,087,650 | 1,396,989 | ||
Stock options, grants in period, weighted average grant date fair value per share | $ 6.28 | $ 11.23 | $ 6.63 | $ 7.29 | ||
Stock options, exercised | 18,701 | 5,171 | 18,770 | 713,931 | ||
2018 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares issued or transferred | 3,570,000 | |||||
2015 Stock Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares not vested and subject to repurchase | 665,301 | 665,301 | 927,123 | |||
Cash received from early exercise of unvested options | $ 2.3 | $ 2.3 | $ 2.8 | |||
Award vesting period | 48 months |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 2,130 | $ 1,116 | $ 3,804 | $ 1,772 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 868 | 701 | 1,715 | 1,041 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,262 | $ 415 | $ 2,089 | $ 731 |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||
Total | $ 19,841 | $ 18,750 | |
Less: Accumulated depreciation and amortization | (9,479) | (7,643) | |
Property and equipment, net | 10,362 | 11,107 | [1] |
Scientific Equipment | |||
Property Plant And Equipment [Line Items] | |||
Total | 7,536 | 6,628 | |
Furniture and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Total | 1,040 | 813 | |
Capitalized Software | |||
Property Plant And Equipment [Line Items] | |||
Total | 146 | 146 | |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Total | 10,834 | 10,828 | |
Construction in Progress | |||
Property Plant And Equipment [Line Items] | |||
Total | $ 285 | $ 335 | |
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization | $ 800 | $ 900 | $ 1,836 | $ 1,743 |
Condensed Consolidated Balanc_7
Condensed Consolidated Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Accrued Liabilities Current [Abstract] | |||
Accrued personnel expenses | $ 2,301 | $ 2,833 | |
Accrued research and development expenses | 12,910 | 2,816 | |
Professional fees | 268 | 211 | |
Other | 73 | 163 | |
Total | $ 15,552 | $ 6,023 | [1] |
[1] | The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date. |
Net Loss per Share - Computatio
Net Loss per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||||
Net loss | $ (28,090) | $ (17,670) | $ (13,533) | $ (12,955) | $ (45,760) | $ (26,488) |
Denominator: | ||||||
Weighted-average common shares outstanding | 45,409,588 | 44,450,312 | 44,970,831 | 28,248,337 | ||
Less: weighted-average common shares subject to vesting | (1,611,870) | (1,916,671) | (1,317,506) | (2,012,330) | ||
Weighted-average number of shares used to compute basic and diluted net loss per share | 43,797,718 | 42,533,641 | 43,653,325 | 26,236,007 | ||
Net loss per share: basic and diluted | $ (0.64) | $ (0.32) | $ (1.05) | $ (1.01) |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Outstanding Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 6,372,642 | 3,040,153 |
Common Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 4,449,690 | 1,221,862 |
Unvested Restricted Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 1,257,651 | 636,574 |
Unvested Early Exercised Common Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 665,301 | 1,181,717 |