Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38796 | |
Entity Registrant Name | GOSSAMER BIO, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-5461709 | |
Entity Address, Address Line One | 3013 Science Park Road | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 684-1300 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | GOSS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 93,954,047 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001728117 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 94,316 | $ 183,403 |
Marketable securities | 127,845 | 141,815 |
Restricted cash | 0 | 64 |
Prepaid expenses and other current assets | 10,521 | 6,498 |
Total current assets | 232,682 | 331,780 |
Property and equipment, net | 4,686 | 5,320 |
Operating lease right-of-use assets | 7,222 | 5,477 |
Other assets | 1,254 | 1,080 |
Total assets | 245,844 | 343,657 |
Current liabilities | ||
Accounts payable | 3,908 | 3,244 |
Accrued research and development expenses | 14,270 | 16,205 |
Accrued expenses and other current liabilities | 26,230 | 20,410 |
Total current liabilities | 44,408 | 39,859 |
Long-term convertible senior notes | 195,286 | 150,038 |
Debt, non-current portion | 17,645 | 29,079 |
Operating lease liabilities - long-term | 4,966 | 3,218 |
Total liabilities | 262,305 | 222,194 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Common stock, $0.0001 par value; 700,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 77,122,798 shares issued and 76,736,225 shares outstanding as of June 30, 2022, and 76,470,588 shares issued and 75,752,664 shares outstanding as of December 31, 2021 | 8 | 8 |
Additional paid-in capital | 901,141 | 932,944 |
Accumulated deficit | (917,096) | (811,534) |
Accumulated other comprehensive (loss) income | (514) | 45 |
Total stockholders' equity (deficit) | (16,461) | 121,463 |
Total liabilities and stockholders' equity | $ 245,844 | $ 343,657 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, issued (in shares) | 77,122,798 | 76,470,588 |
Common stock, outstanding (in shares) | 76,736,225 | 75,752,664 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 42,580 | $ 44,318 | $ 84,902 | $ 86,145 |
In process research and development | 15 | 15 | 35 | 45 |
General and administrative | 11,277 | 11,263 | 23,278 | 22,609 |
Total operating expenses | 53,872 | 55,596 | 108,215 | 108,799 |
Loss from operations | (53,872) | (55,596) | (108,215) | (108,799) |
Other income (expense) | ||||
Interest income | 300 | 141 | 524 | 334 |
Interest expense | (3,481) | (4,834) | (6,948) | (9,614) |
Other income | 587 | 457 | 388 | 606 |
Total other expense, net | (2,594) | (4,236) | (6,036) | (8,674) |
Net loss | (56,466) | (59,832) | (114,251) | (117,473) |
Other comprehensive income (loss): | ||||
Foreign currency translation | (138) | 162 | (146) | (210) |
Unrealized loss on marketable securities | (36) | (46) | (413) | (115) |
Other comprehensive income (loss) | (174) | 116 | (559) | (325) |
Comprehensive loss | $ (56,640) | $ (59,716) | $ (114,810) | $ (117,798) |
Net loss per share, basic (in dollars per share) | $ (0.74) | $ (0.80) | $ (1.50) | $ (1.58) |
Net loss per share, diluted (in dollars per share) | $ (0.74) | $ (0.80) | $ (1.50) | $ (1.58) |
Weighted average common shares outstanding, basic (in shares) | 76,668,162 | 74,672,882 | 76,283,564 | 74,384,805 |
Weighted average common shares outstanding, diluted (in shares) | 76,668,162 | 74,672,882 | 76,283,564 | 74,384,805 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment | Accumulated deficit | Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 73,874,904 | |||||||
Beginning balance at Dec. 31, 2020 | $ 320,684 | $ 8 | $ 897,607 | $ (577,530) | $ 599 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Vesting of restricted stock (in shares) | 238,962 | |||||||
Exercise of stock option (in shares) | 5,721 | |||||||
Exercise of stock options (in dollars) | 15 | 15 | ||||||
Stock-based compensation | 8,708 | 8,708 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan (in shares) | 95,004 | |||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan | 759 | 759 | ||||||
Issuance of common stock for restricted stock units vested (in shares) | 278,559 | |||||||
Net loss | (57,641) | (57,641) | ||||||
Other comprehensive loss | (441) | (441) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 74,493,150 | |||||||
Ending balance at Mar. 31, 2021 | 272,084 | $ 8 | 907,089 | (635,171) | 158 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 73,874,904 | |||||||
Beginning balance at Dec. 31, 2020 | 320,684 | $ 8 | 897,607 | (577,530) | 599 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (117,473) | |||||||
Other comprehensive loss | (325) | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 74,834,952 | |||||||
Ending balance at Jun. 30, 2021 | 220,693 | $ 8 | 915,414 | (695,003) | 274 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 73,874,904 | |||||||
Beginning balance at Dec. 31, 2020 | $ 320,684 | $ 8 | 897,607 | (577,530) | 599 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | |||||||
Ending balance (in shares) at Dec. 31, 2021 | 75,752,664 | |||||||
Ending balance at Dec. 31, 2021 | $ 121,463 | $ (44,838) | $ 8 | 932,944 | $ (53,527) | (811,534) | $ 8,689 | 45 |
Beginning balance (in shares) at Mar. 31, 2021 | 74,493,150 | |||||||
Beginning balance at Mar. 31, 2021 | 272,084 | $ 8 | 907,089 | (635,171) | 158 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Vesting of restricted stock (in shares) | 231,710 | |||||||
Exercise of stock option (in shares) | 103,922 | |||||||
Exercise of stock options (in dollars) | 271 | 271 | ||||||
Stock-based compensation | 8,054 | 8,054 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan (in shares) | 6,170 | |||||||
Net loss | (59,832) | (59,832) | ||||||
Other comprehensive loss | 116 | 116 | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 74,834,952 | |||||||
Ending balance at Jun. 30, 2021 | 220,693 | $ 8 | 915,414 | (695,003) | 274 | |||
Beginning balance (in shares) at Dec. 31, 2021 | 75,752,664 | |||||||
Beginning balance at Dec. 31, 2021 | 121,463 | (44,838) | $ 8 | 932,944 | (53,527) | (811,534) | 8,689 | 45 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Vesting of restricted stock (in shares) | 165,675 | |||||||
Exercise of stock option (in shares) | 39,525 | |||||||
Exercise of stock options (in dollars) | 126 | 126 | ||||||
Stock-based compensation | 10,983 | 10,983 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan (in shares) | 77,496 | |||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan | 595 | 595 | ||||||
Issuance of common stock for restricted stock units vested (in shares) | 518,577 | |||||||
Net loss | (57,785) | (57,785) | ||||||
Other comprehensive loss | (385) | (385) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 76,553,937 | |||||||
Ending balance at Mar. 31, 2022 | 30,159 | $ 8 | 891,121 | (860,630) | (340) | |||
Beginning balance (in shares) at Dec. 31, 2021 | 75,752,664 | |||||||
Beginning balance at Dec. 31, 2021 | $ 121,463 | $ (44,838) | $ 8 | 932,944 | $ (53,527) | (811,534) | $ 8,689 | 45 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock option (in shares) | 47,530 | |||||||
Net loss | $ (114,251) | |||||||
Other comprehensive loss | (559) | |||||||
Ending balance (in shares) at Jun. 30, 2022 | 76,736,224 | |||||||
Ending balance at Jun. 30, 2022 | (16,461) | $ 8 | 901,141 | (917,096) | (514) | |||
Beginning balance (in shares) at Mar. 31, 2022 | 76,553,937 | |||||||
Beginning balance at Mar. 31, 2022 | 30,159 | $ 8 | 891,121 | (860,630) | (340) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Vesting of restricted stock (in shares) | 165,675 | |||||||
Exercise of stock option (in shares) | 8,005 | |||||||
Exercise of stock options (in dollars) | 21 | 21 | ||||||
Stock-based compensation | 9,999 | 9,999 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan (in shares) | 8,607 | |||||||
Net loss | (56,466) | (56,466) | ||||||
Other comprehensive loss | (174) | (174) | ||||||
Ending balance (in shares) at Jun. 30, 2022 | 76,736,224 | |||||||
Ending balance at Jun. 30, 2022 | $ (16,461) | $ 8 | $ 901,141 | $ (917,096) | $ (514) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (114,251) | $ (117,473) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 912 | 842 |
Stock-based compensation expense | 20,982 | 16,762 |
In process research and development expenses | 35 | 45 |
Amortization of operating lease right-of-use assets | 1,284 | 1,729 |
Amortization of long-term debt discount and issuance costs | 591 | 3,284 |
Amortization of premium on marketable securities, net of accretion of discounts | 145 | 115 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (4,023) | (1,373) |
Other assets | (174) | (43) |
Operating lease liabilities | (1,350) | (1,778) |
Accounts payable | 1,204 | (6,631) |
Accrued expenses | (2,531) | (342) |
Accrued research and development expenses | (1,935) | 2,775 |
Accrued compensation and benefits | (3,186) | (4,258) |
Accrued interest expense | (8) | 0 |
Net cash used in operating activities | (102,305) | (106,346) |
Cash flows from investing activities | ||
Research and development asset acquisitions, net of cash acquired | (35) | (45) |
Purchase of marketable securities | (72,589) | (49,923) |
Maturities of marketable securities | 86,000 | 12,800 |
Purchase of property and equipment | (277) | (940) |
Net cash provided by (used in) investing activities | 13,099 | (38,108) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan | 595 | 759 |
Proceeds from the exercise of stock options | 147 | 286 |
Net cash provided by financing activities | 742 | 1,045 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (687) | (192) |
Net decrease in cash, cash equivalents and restricted cash | (89,151) | (143,601) |
Cash, cash equivalents and restricted cash, at the beginning of the period | 183,467 | 486,620 |
Cash, cash equivalents and restricted cash, at the end of the period | 94,316 | 343,019 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 6,365 | 6,365 |
Supplemental disclosure of noncash investing and financing activities: | ||
Operating lease right-of-use asset obtained in exchange for lease liability | 3,029 | 0 |
Change in unrealized loss on marketable securities, net | $ (413) | $ (115) |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of the Business | Description of the Business Gossamer Bio, Inc. (including its subsidiaries, referred to as “we,” “us,” “our,”, or the “Company”) is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutics in the disease areas of immunology, inflammation and oncology. The Company was incorporated in the state of Delaware on October 25, 2015 (originally as FSG Bio, Inc.) and is based in San Diego, California. The unaudited condensed consolidated financial statements include the accounts of Gossamer Bio, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions among the consolidated entity have been eliminated in consolidation. Liquidity and Capital Resources The Company has incurred significant operating losses since its inception. As of June 30, 2022, the Company had an accumulated deficit of $917.1 million. From the Company’s inception through June 30, 2022, the Company has funded its operations primarily through equity and debt financings. The Company raised $942.0 million from October 2017 through June 30, 2022 through Series A and Series B convertible preferred stock financings, a convertible note financing, its initial public offering, or IPO, its Credit Facility (as defined in Note 5 below), concurrent underwritten public offerings of its 2027 Notes (as defined in Note 5 below), and common stock in May 2020. See Note 5 for additional information regarding the Credit Facility and the 2027 Notes. On July 15, 2022, the Company completed a private placement of 16,649,365 shares of the Company’s common stock at a purchase price of $7.21 per share. The aggregate gross proceeds for the private placement was approximately $120.0 million, before deducting offering expenses. The Company expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As a result, the Company will need to raise capital through equity offerings, debt financings and other capital sources, including potential collaborations, licenses and other similar arrangements. Management believes that it has sufficient working capital on hand to fund operations through at least the next 12 months from the date these condensed consolidated financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. COVID-19 The COVID-19 pandemic has caused significant business disruption around the globe. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the pandemic worldwide and the impact on the Company’s clinical trials, employees and vendors. To the extent possible, and consistent with applicable guidance from federal, state and local authorities, the Company is conducting business as usual. The Company will continue to actively monitor the evolving situation related to COVID-19 and may take further actions that alter its operations, including those that may be required by federal, state or local authorities, or that the Company determines are in the best interests of its employees and other third parties with whom the Company does business. At this point, the degree to which COVID-19, including new variants of the virus that causes COVID-19, may continue to impact the Company’s financial condition or results of operations remains uncertain. A prolonged pandemic could have a material and adverse impact on the financial results and business operations of the Company, including the timing and ability of the Company to complete certain clinical trials and other efforts required to advance the development of its product candidates and raise additional capital. For example, certain sites temporarily closed enrollment in the Company's Phase 2 clinical trial in pulmonary arterial hypertension ("PAH") in 2020 as a result of the COVID-19 pandemic and related staffing shortages at sites and key vendors. In addition, due to the challenges of enrolling patients worldwide posed by the COVID-19 pandemic and related staffing shortages at sites and key vendors, the Company previously experienced delays in enrollment of patients in its Phase 2 clinical trial of seralutinib, also known as GB002, in PAH. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2022. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2021, has been derived from the audited financial statements at that date. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to the allocation of the 2027 Notes into liability and equity components and accrued research and development expenses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates. Recent Accounting Pronouncements - Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt: Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies the accounting for convertible instruments and contracts in an entity's own equity. This guidance is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those years, with early adoption permitted only as of annual reporting periods beginning after December 15, 2020. The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective approach, and accordingly the Company recorded an adjustment that reflects the 2027 Notes as if the embedded conversion feature had not been separated. The impact upon adoption on the Consolidated Balance Sheets was an increase of $44.8 million in convertible senior notes, net, a write-off of $9.4 million in deferred income tax liabilities and a decrease of $53.5 million in additional paid-in capital. In addition, upon adoption, there was an adjustment of $8.7 million to increase the beginning balance of accumulated deficit on the Consolidated Balance Sheets for previously recognized interest expense related to amortization of debt discount related to the carrying value of the embedded conversion feature upon issuance. There was no impact to the Company’s net loss per share calculation. See Note 5 "Indebtedness" for further information regarding the 2027 Notes. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The Company uses the if-converted method for assumed conversion of the 2027 Notes to compute the weighted average shares of common stock outstanding for diluted net loss per share. Diluted net loss per share excludes the potential impact of the Company’s common stock options and unvested shares of restricted stock and the potential shares issuable upon conversion of the 2027 Notes because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: As of June 30, 2022 2021 2027 Notes 12,321,900 12,321,900 Shares issuable upon exercise of stock options 13,183,909 10,435,930 Non-vested shares under restricted stock grants 2,103,757 3,385,821 Total potentially dilutive securities 27,609,566 26,143,651 |
Balance Sheet Accounts and Supp
Balance Sheet Accounts and Supplemental Disclosures | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheets Accounts And Supplemental Disclosures [Abstract] | |
Balance Sheet Accounts and Supplemental Disclosures | Balance Sheet Accounts and Supplemental Disclosures Property and Equipment Property and equipment, net consisted of the following (in thousands): Estimated June 30, December 31, Office equipment 3-7 $ 1,097 $ 1,097 Computer equipment 5 123 123 Software 3 130 130 Lab equipment 2-5 5,965 5,688 Leasehold improvements 6-7 2,562 2,562 Total property and equipment 9,877 9,600 Less: accumulated depreciation 5,191 4,280 Property and equipment, net $ 4,686 $ 5,320 For the three months ended June 30, 2022 and 2021 the Company recorded approximately $0.5 million and $0.4 million, respectively, in depreciation expense, and for the six months ended June 30, 2022 and 2021, the Company recorded approximately $0.9 million and $0.8 million, respectively, in depreciation expense, in each case, which is included in general and administrative expense and research and development expense on the consolidated statements of operations and comprehensive loss. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of June 30, December 31, Accrued compensation and benefits $ 8,730 $ 11,916 Operating lease liabilities 2,833 2,902 Debt, current 11,613 — Accrued consulting fees 992 956 Accrued interest 1,058 1,066 Accrued legal fees 261 202 Accrued litigation liability — 2,375 Accrued accounting fees 204 154 Accrued other 539 839 Total accrued expenses $ 26,230 $ 20,410 |
Fair Value Measurements and Ava
Fair Value Measurements and Available for Sale Investments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements And Available For Sale Investments [Abstract] | |
Fair Value Measurements and Available for Sale Investments | Fair Value Measurements and Available for Sale Investments Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company classifies its cash equivalents and available-for-sale investments within Level 1 or Level 2. The fair value of the Company’s investment grade corporate debt securities and commercial paper is determined using proprietary valuation models and analytical tools, which utilize market pricing or prices for similar instruments that are both objective and publicly available, such as matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, and offers. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the hierarchy for assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands): Fair Value Measurements at End of Period Using: Total Quoted Market Significant Significant As of June 30, 2022 Money market funds $ 44,606 $ 44,606 $ — $ — U.S. Treasury and agency securities 20,276 20,276 — — Commercial paper 84,550 — 84,550 — Corporate debt securities 37,006 — 37,006 — As of December 31, 2021 Money market funds $ 139,794 $ 139,794 $ — $ — Commercial paper 113,939 — 113,939 — Corporate debt securities 37,873 — 37,873 — The Company did not reclassify any investments between levels in the fair value hierarchy during the periods presented. Fair Value of Other Financial Instruments As of June 30, 2022 and December 31, 2021, the carrying amounts of the Company’s financial instruments, which include cash, restricted cash, prepaid and other current assets, interest receivable, accrued research and development expenses, accounts payable and accrued expenses and other current liabilities, approximate fair values because of their short maturities. Interest receivable as of June 30, 2022 and December 31, 2021, was $0.2 million and $0.2 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company believes that its Credit Facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the Credit Facility approximates fair value. The Company estimates the fair value of long-term debt utilizing an income approach. The Company uses a present value calculation to discount principal and interest payments and the final maturity payment on these liabilities using a discounted cash flow model based on observable inputs. The debt instrument is then discounted based on what the current market rates would be as of the reporting date. Based on the assumptions used to value these liabilities at fair value, the debt instrument is categorized as Level 2 in the fair value hierarchy. As of June 30, 2022 and December 31, 2021, the fair value of the Company’s 2027 Notes was $140.3 million and $190.5 million, respectively. The fair value was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy (see Note 5). Available for Sale Investments The Company invests its excess cash in U.S. Treasury and agency securities and debt instruments of corporations and commercial obligations, which are classified as available-for-sale investments. These investments are carried at fair value and are included in the tables below. The Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded in other income (expense) in the Company's condensed consolidated statement of operations and comprehensive loss. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recover of their amortized cost basis. The aggregate market value, cost basis, and gross unrealized losses of available-for-sale investments by security type, classified in marketable securities and long-term investments as of June 30, 2022 and December 31, 2021 are as follows (in thousands): Amortized Gross Gross Total As of June 30, 2022 U.S. Treasury and agency securities $ 20,336 $ — $ (60) $ 20,276 Corporate debt securities $ 37,158 $ — $ (152) $ 37,006 Commercial paper $ 70,812 $ — $ (249) $ 70,563 Total marketable securities $ 128,306 $ — $ (461) $ 127,845 As of December 31, 2021 Corporate debt securities $ 37,921 $ — $ (48) $ 37,873 Commercial paper $ 103,942 $ — $ — $ 103,942 Total marketable securities $ 141,863 $ — $ (48) $ 141,815 As of June 30, 2022 and December 31, 2021, the Company classified $21.0 million and $10.0 million, respectively, of assets with original maturities of 90 days or less as cash and cash equivalents. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are due to credit-related factors. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Factors considered when evaluating available-for-sale investments for impairment include the severity of the impairment, changes in underlying credit ratings, the financial condition of the issuer, the probability that the scheduled cash payments will continue to be made and the Company’s intent and ability to hold the investment until recovery of the amortized cost basis. The Company intends and has the ability to hold its investments in unrealized loss positions until their amortized cost basis has been recovered. As of June 30, 2022 and December 31, 2021, there were no material declines in the market value of the Company’s available-for-sale investments due to credit-related factors. Contractual maturities of available-for-sale debt securities, as of June 30, 2022, were as follows (in thousands): Estimated Less than one year $ 127,845 Greater than one year — Total $ 127,845 |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Credit Facility On May 2, 2019, the Company entered into a credit, guaranty and security agreement, as amended on September 18, 2019 and July 2, 2020 (the “Credit Facility”), with MidCap Financial Trust (“MidCap”), as agent and lender, and the additional lenders party thereto from time to time (together with MidCap, the “Lenders”), pursuant to which the Lenders, including affiliates of MidCap and Silicon Valley Bank, agreed to make term loans available to the Company for working capital and general business purposes, in a principal amount of up to $150.0 million in term loan commitments, including a $30.0 million term loan that was funded at the closing date, with the ability to access the remaining $120.0 million in two additional tranches (each $60.0 million), subject to specified availability periods, the achievement of certain clinical development milestones, minimum cash requirements and other customary conditions. The Company did not achieve the clinical development milestone required to access one of the $60.0 million tranches. The Company, GB001, Inc., GB002, Inc., and GB004, Inc., each wholly-owned subsidiaries of the Company, are designated as co-borrowers to the Credit Facility, whereas GB003, Inc., GB005, Inc., GB006, Inc., GB007, Inc., GB008, Inc. and Gossamer Bio Services, Inc., each wholly-owned subsidiaries of the Company, are designated as guarantors. The remaining tranche is available no earlier than the satisfaction of the applicable funding conditions, including the applicable clinical development milestone, and no later than December 31, 2022. As of June 30, 2022, no tranches under the Credit Facility were available to be drawn. The Credit Facility is secured by substantially all of the Company’s and its domestic subsidiaries’ personal property, including intellectual property. Each term loan under the Credit Facility bears interest at an annual rate equal to the sum of (i) one-month LIBOR (customarily defined, with a change to prime rate if LIBOR funding becomes unlawful or impractical) plus (ii) 7.00%, subject to a LIBOR floor of 2.00%. The borrower is required to make interest-only payments on the term loan for all payment dates prior to July 1, 2022. The term loans under the Credit Facility began amortizing on July 1, 2022, with equal monthly payments of principal plus interest being made by the Company to the Lenders in consecutive monthly installments following such interest-only period until the Credit Facility matures on January 1, 2025. Upon final repayment of the term loans, the borrower must pay an exit fee of 1.75% of the amount borrowed under the Credit Facility, less any partial exit fees previously paid. Upon partial prepayment of a portion of the term loans, the borrower must pay a partial exit fee of 1.75% of the principal being prepaid. At the borrower’s option, the borrower may prepay the outstanding principal balance of the term loan in whole or in part, subject to a prepayment fee of 3.00% of any amount prepaid if the prepayment occurs through and including the first anniversary of the second amendment effective date, 2.00% of the amount prepaid if the prepayment occurs after the first anniversary of the second amendment effective date through and including the second anniversary of the second amendment effective date, and 1.00% of any amount prepaid after the second anniversary of the second amendment effective date and prior to January 1, 2025. The Credit Facility includes affirmative and negative covenants applicable to the Company and certain of its subsidiaries. The affirmative covenants include, among others, covenants requiring such entities to maintain their legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage, maintain property, pay taxes, satisfy certain requirements regarding accounts and comply with laws and regulations. The negative covenants include, among others, restrictions on such entities from transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, amending material agreements and organizational documents, selling assets and suffering a change in control, in each case subject to certain exceptions. The Company and certain of its subsidiaries are also subject to an ongoing minimum cash financial covenant in which they must maintain unrestricted cash in an amount not less than 25% of the outstanding principal amount of the term loans. As of June 30, 2022, the Company was in compliance with these covenants. The Credit Facility also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 3.00% and would provide MidCap, as agent, with the right to exercise remedies against the Company and/or certain of its subsidiaries, and the collateral securing the Credit Facility, including foreclosure against the properties securing the credit facilities, including cash. These events of default include, among other things, failure to pay any amounts due under the Credit Facility, a breach of covenants under the Credit Facility, insolvency or the occurrence of insolvency events, the occurrence of a change in control, the occurrence of certain U.S. Food and Drug Administration (“FDA”) and regulatory events, failure to remain registered with the SEC and listed for trading on Nasdaq, the occurrence of a material adverse change, the occurrence of a default under a material agreement reasonably expected to result in a material adverse change, the occurrence of certain defaults under certain other indebtedness in an amount greater than $2.5 million and the occurrence of certain defaults under subordinated indebtedness and convertible indebtedness. Debt consisted of the following (in thousands): June 30, 2022 December 31, 2021 Debt, current portion $ 11,613 $ — Debt, non-current portion 18,387 30,000 Total debt 30,000 30,000 Less: unamortized debt discount and issuance costs (742) (921) Debt, net $ 29,258 $ 29,079 The scheduled future minimum principal payments are as follows (in thousands): June 30, 2022 2022 (remaining 6 months) $ 5,806 2023 11,613 2024 11,613 2025 968 Total $ 30,000 5.00% Convertible Senior Notes due 2027 On May 21, 2020, the Company issued $200.0 million aggregate principal amount of 5.00% convertible senior notes due 2027 in a public offering (the "2027 Notes"). The 2027 Notes were registered pursuant to the Company’s shelf registration statement on Form S-3 filed with the SEC on April 10, 2020. The interest rate on the 2027 Notes is fixed at 5.00% per annum. Interest is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2020. The 2027 Notes will mature on June 1, 2027. The net proceeds from the offering, after deducting the underwriting discounts and commissions and other offering costs, were approximately $193.6 million. The 2027 Notes may be settled in cash, shares of the Company’s common stock, or a combination thereof, solely at the Company’s election. The initial conversion rate of the 2027 Notes is 61.6095 shares per $1,000 principal amount, which is equivalent to a conversion price of approximately $16.23 per share, subject to adjustments. In addition, following certain corporate events that occur prior to the maturity date or if the Company issues a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event during the related redemption period in certain circumstances. The 2027 Notes are senior unsecured obligations of the Company, ranking senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2027 Notes, and are effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness, including all indebtedness under the Credit Facility. Holders may convert their notes at their option only in the following circumstances: (1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on September 30, 2020, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock; (4) if the Company calls such notes for redemption; and (5) at any time from, and including, March 1, 2027 until the close of business on the scheduled trading day immediately before the maturity date. The Company will not have the right to redeem the 2027 Notes prior to June 6, 2024. On or after June 6, 2024 and on or before the 50th scheduled trading day immediately before the maturity date, the Company may redeem the 2027 Notes, in whole or in part, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such notice. In the case of any optional redemption, the Company will redeem the 2027 Notes at a redemption price equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes a fundamental change prior to the maturity date of the 2027 Notes, holders of the 2027 Notes may require the Company to repurchase for cash all or part of their 2027 Notes at a repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The indenture governing the 2027 Notes provides for customary terms and covenants, including that upon certain events of default, either the trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the unpaid principal amount of the 2027 Notes and accrued and unpaid interest, if any, thereon immediately due and payable. As of June 30, 2022, the Company was in compliance with these covenants. In the case of certain events of bankruptcy, insolvency or reorganization, the principal amount of the 2027 Notes together with accrued and unpaid interest, if any, thereon will automatically become and be immediately due and payable. As of June 30, 2022, there were no events or market conditions that would allow holders to convert the 2027 Notes. When the 2027 Notes become convertible within 12 months of the balance sheet date, the carrying value of the 2027 Notes will be reclassified to short-term. In accounting for the issuance of the 2027 Notes prior to the adoption of ASU 2020-06, the Company separated the 2027 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar debt instruments that do not have associated convertible features. The carrying amount of the equity component representing the conversion option was $53.5 million and was determined by deducting the fair value of the liability component from the par value of the 2027 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The debt discount is amortized to interest expense over the term of the 2027 Notes at an effective interest rate of 11.17% over the contractual terms of the 2027 Notes. In accounting for the debt issuance costs of $0.4 million related to the 2027 Notes, the Company allocated the total amount incurred to the liability and equity components of the 2027 Notes based on their relative fair values. Issuance costs attributable to the liability component were $0.3 million and were amortized to interest expense using the effective interest method over the contractual terms of the 2027 Notes. Issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. As of January 1, 2022 the Company adopted ASU 2020-06, see Note 2 for the impact upon adoption to the 2027 Notes. The net carrying amount of the liability component of the 2027 Notes was as follows (in thousands): June 30, 2022 December 31, 2021 Principal amount $ 200,000 $ 200,000 Unamortized debt discount (4,417) (49,716) Unamortized debt issuance cost (297) (246) Net carrying amount $ 195,286 $ 150,038 The net carrying amount of the equity component of the 2027 Notes was as follows (in thousands): June 30, 2022 December 31, 2021 Debt discount related to the value of conversion option $ — $ 53,635 Debt issuance cost — (109) Net carrying amount $ — $ 53,526 The following table sets forth the interest expense recognized related to the 2027 Notes (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Contractual interest expense $ 2,500 $ 2,472 $ 5,000 $ 4,972 Amortization of debt discount 194 1,589 386 3,107 Amortization of debt issuance cost 13 8 26 16 Total interest expense related to the 2027 Notes $ 2,707 $ 4,069 $ 5,412 $ 8,095 |
Licenses, Asset Acquisitions an
Licenses, Asset Acquisitions and Contingent Consideration | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Licenses, Asset Acquisitions and Contingent Consideration | Licenses, Asset Acquisitions and Contingent Consideration The following purchased assets were accounted for as asset acquisitions as substantially all of the fair value of the assets acquired were concentrated in a group of similar assets and/or the acquired assets were not capable of producing outputs due to the lack of employees and early stage of development. Because the assets had not yet received regulatory approval, the fair value attributable to these assets was recorded as in process research and development (“IPR&D”) expenses in the Company’s condensed consolidated statement of operations for the three and six months ended June 30, 2022. The Company accounts for contingent consideration payable upon achievement of certain regulatory, development or sales milestones in such asset acquisitions when the underlying contingency is met. License from Pulmokine, Inc. (Seralutinib) On October 2, 2017, the Company, entered into a license agreement with Pulmokine, Inc. under which it was granted an exclusive worldwide license and sublicense to certain intellectual property rights owned or controlled by Pulmokine to develop and commercialize seralutinib and certain backup compounds for the treatment, prevention and diagnosis of any and all diseases or conditions. The Company also has the right to sublicense its rights under the license agreement, subject to certain conditions. The assets acquired are in the early stages of the FDA approval process, and the Company intends to further develop the assets acquired through potential FDA approval as evidenced by the milestone arrangement in the contract. The development activities cannot be performed without significant cost and effort by the Company. The agreement will remain in effect from the effective date, unless terminated earlier, until, on a licensed product-by-licensed product and country-by-country basis, the later of ten years from the date of first commercial sale or when there is no longer a valid patent claim covering such licensed product or specified regulatory exclusivity for the licensed product in such country. The Company is obligated to make future development and regulatory milestone payments of up to $58.0 million, commercial milestone payments of up to $45.0 million, and sales milestone payments of up to $190.0 million. The Company is also obligated to pay tiered royalties on sales for each licensed product, at percentages ranging from the mid-single digits to the high single-digits. The Company made an upfront payment of $5.5 million in October 2017. In December 2020, the Company accrued a milestone payment of $5.0 million in connection with the initiation of the first Phase 2 clinical trial of seralutinib, which was paid in January 2021. As of June 30, 2022, no other milestones had been accrued as the underlying contingencies had not yet been met. License from Aadi Biosciences, Inc. (GB004) On June 24, 2018, the Company entered into a license agreement with Aerpio Pharmaceuticals, Inc., now known as Aadi Biosciences, Inc. ("Aadi"), under which the Company was granted an exclusive worldwide license and sublicense to certain intellectual property rights owned or controlled by Aadi to develop and commercialize GB004, and certain other related compounds for all applications. The Company made an upfront payment of $20.0 million in June 2018, which represented the purchase consideration for an asset acquisition. On May 11, 2020, the Company entered into an amendment to the license agreement with Aadi pursuant to which the Company made an upfront payment of $15.0 million to Aadi for a reduction in future milestone payments and royalties. Under the amended license agreement, the Company is obligated to make future approval milestone payments of up to $40.0 million and a sales milestone payment of $50.0 million. The Company also has the right to sublicense its rights under the license agreement, subject to certain conditions. The Company is also obligated to pay tiered royalties on sales for each licensed product, at percentages ranging from low- to mid-single digits, subject to certain customary reductions. Aadi retains its twenty percent (20.00%) participation right on a disposition of GB004. On July 24, 2022, the license agreement was terminated. As of June 30, 2022, no milestones had been accrued as the underlying contingencies had not yet been met. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common stock Each share of common stock is entitled to one vote. Common stock owners are entitled to dividends when funds are legally available and declared by the Board. Shares of Common Stock Subject to Repurchase On December 3, 2015, the Company issued 9,160,888 shares of common stock as founder shares for services rendered to the Company, valued at $0.0001 par value per share, for a total of approximately $4,100 (the "founder shares"). On January 4, 2018, incremental vesting conditions were placed on the previously issued founder shares. Fifty percent of the previously issued founder shares vested on January 4, 2018, and the remaining founder shares are subject to vesting restrictions over a period of five years. These shares are subject to repurchase by the Company upon a founder's termination of employment or service to the Company. Pursuant to the employment agreements with the Company’s founders executed January 4, 2018, the Company provided for certain potential additional issuances of common stock (the “anti-dilution shares”) to each of the founders to ensure the total number of shares of common stock held by them and their affiliates (inclusive of any shares subject to equity awards granted by the Company) would represent 15% of the Company’s fully-diluted capitalization until such time as the Company raised $300.0 million in equity capital, including the capital raised in the Series A financing. In furtherance of this obligation, on May 21, 2018, the Company issued 251,547 shares of common stock to the founders for services rendered to the Company, valued at $2.61 per share with an additional 251,547 shares of restricted stock subject to the same vesting restrictions and vesting period as the founder shares. In addition, on September 6, 2018, the Company issued 1,795,023 shares of common stock to the founders for services rendered to the Company, valued at $9.63 per share, with an additional 1,795,023 shares of restricted stock subject to the same vesting restrictions and vesting period as the founder shares. During the six months ended June 30, 2022, no shares were forfeited due to termination of employment. During the year ended December 31, 2021, 25,383 shares were forfeited due to termination of employment. Any shares subject to repurchase by the Company are not deemed, for accounting purposes, to be outstanding until those shares vest. As such, the Company recognizes the measurement date fair value of the restricted stock over the vesting period as compensation expense. As of June 30, 2022 and December 31, 2021, 386,576 and 717,927 shares of common stock, respectively, were subject to repurchase by the Company. The unvested stock liability related to these awards is immaterial to all periods presented. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans 2019 Equity Incentive Plan In January 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Incentive Award Plan (the “2019 Plan”). The 2019 Plan became effective on February 6, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock or cash-based awards to individuals who are then employees, officers, directors or consultants of the Company, and employees and consultants of the Company’s subsidiaries. A total of 5,750,000 shares of common stock were approved to be initially reserved for issuance under the 2019 Plan. The number of shares that remained available for issuance under the 2017 Plan (as defined below) as of the effective date of the 2019 Plan were, and shares subject to outstanding awards under the 2017 Plan as of the effective date of the 2019 Plan that are subsequently canceled, forfeited or repurchased by the Company will be, added to the shares reserved under the 2019 Plan. In addition, the number of shares of common stock available for issuance under the 2019 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2019 Plan, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. As of June 30, 2022, an aggregate of 4,959,662 shares of common stock were available for issuance under the 2019 Plan. As of June 30, 2022 and December 31, 2021 12,090,161 and 8,402,621 shares of common stock, respectively, were subject to outstanding awards under the 2019 Plan. 2019 Employee Stock Purchase Plan In January 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective as of February 6, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. A total of 700,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten years of the term of the ESPP, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 1% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. During the six months ended June 30, 2022, 77,496 shares were issued pursuant to the ESPP. As of June 30, 2022, an aggregate of 2,531,217 shares of common stock were available for issuance under the ESPP. 2017 Equity Incentive Plan The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) permitted the granting of incentive stock options, non-statutory stock options, restricted stock, restricted stock units and other stock-based awards. Subsequent to the adoption of the 2019 Plan, no additional equity awards can be made under the 2017 Plan. As of June 30, 2022 and December 31, 2021, 2,794,077 and 2,875,330 shares of common stock, respectively, were subject to outstanding options under the 2017 Plan. As of June 30, 2022, no shares of restricted stock awards granted under the 2017 plan were unvested. Stock Options The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company uses its own volatility to the extent it has sufficient trading history, and for awards in which sufficient trading history is not available, a peer group is used. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following table summarizes stock option activity during the six months ended June 30, 2022: Shares Subject to Weighted- Shares Weighted- Remaining Aggregate (in thousands) Outstanding as of December 31, 2021 9,434,660 $ 12.24 7.4 $ 15,822 Options granted 4,359,235 $ 11.53 Options exercised (47,530) $ 3.08 Options forfeited/cancelled (562,456) $ 16.50 Outstanding as of June 30, 2022 13,183,909 $ 11.86 7.7 $ 6,900 Options vested and expected to vest as of June 30, 2022 13,183,909 $ 11.86 7.7 $ 6,900 Options exercisable as of June 30, 2022 5,924,728 $ 12.01 6.4 $ 6,506 The aggregate intrinsic value in the above table is calculated as the difference between fair value of the Company’s common stock price on June 30, 2022 and the exercise price of the stock options. The aggregate intrinsic value of stock options exercised during six months ended June 30, 2022 and 2021 was $0.3 million and $0.7 million, respectively. The weighted-average grant date fair value per share for the stock option grants during the six months ended June 30, 2022 and 2021 was $8.30 and $6.87, respectively. The aggregate fair value of stock options that vested during the six months ended June 30, 2022 and 2021 was $18.4 million and $13.3 million, respectively. Restricted Stock The summary of the Company’s restricted stock activity during the six months ended June 30, 2022 is as follows: Number of Weighted- Nonvested at December 31, 2021 2,561,219 $ 8.67 Granted 572,901 11.94 Vested (913,535) 8.30 Forfeited (116,828) 10.54 Nonvested at June 30, 2022 2,103,757 $ 9.62 At June 30, 2022, the total unrecognized compensation related to unvested restricted stock awards granted was $14.1 million, which the Company expects to recognize over a weighted-average period of approximately 1.1 years. Stock-Based Compensation Expense Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Research and development $ 5,587 $ 4,644 $ 12,205 $ 10,086 General and administrative 4,412 3,410 8,777 6,676 Total stock-based compensation expense $ 9,999 $ 8,054 $ 20,982 $ 16,762 As of June 30, 2022, the total unrecognized compensation related to unvested stock option awards granted was $53.7 million, which the Company expects to recognize over a weighted-average period of approximately 2.3 years. As of June 30, 2022, the total unrecognized compensation expense related to the ESPP was $1.7 million, which the Company expects to recognize over a weighted-average period of approximately 1.0 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company subleases certain office and laboratory space under a non-cancelable operating lease expiring in January 2025 for the initial leased space and for the expansion space leased pursuant to an amendment to the lease agreement entered into in August 2018. In February 2022, the Company exercised its renewal option to extend the term of the expansion space until January 2025. The sublease agreement included options to extend for the entire premises through October 2028. The options to extend must be exercised prior to the termination of the original lease agreement. The period covered by the options was not included in the non-cancellable lease term as it was not determined to be reasonably certain to be executed. The lease is subject to charges for common area maintenance and other costs, and base rent is subject to an annual 3% increase each subsequent year. Costs determined to be variable and not based on an index or rate were not included in the measurement of the operating lease liabilities. Monthly rent expense is recognized on a straight-line basis over the term of the leases. The operating leases are included in the condensed consolidated balance sheets at the present value of the lease payments at a weighted average discount rate of 7% using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the leases do not provide an implicit rate. The weighted average remaining lease term was 1.8 years. Lease costs were comprised of the following (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease cost $ 779 $ 1,038 $ 1,540 $ 2,076 Short-term lease cost 10 12 20 21 Total lease cost $ 789 $ 1,050 $ 1,560 $ 2,097 Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended June 30, 2022 and 2021 was $0.8 million and $1.1 million, respectively, and cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2022 and 2021 was $1.9 million and $2.1 million, respectively. Gross future minimum annual rental commitments as of June 30, 2022, were as follows (in thousands): Undiscounted Rent Year ending December 31 2022 (remaining 6 months) $ 1,614 2023 3,319 2024 3,419 2025 144 Total undiscounted rent payments $ 8,496 Present value discount (697) Present value of lease payments $ 7,799 Current portion of operating lease liabilities (included as a component of accrued expenses and other current liabilities) 2,833 Noncurrent operating lease liabilities 4,966 Total operating lease liability $ 7,799 For the three months ended June 30, 2022 and 2021 the Company recorded approximately $0.8 million and $1.1 million, respectively, in rent expense. For the six months ended June 30, 2022 and 2021, the Company recorded approximately $1.7 million and $2.2 million, respectively, in rent expense. Litigation Kuhne vs. Gossamer Bio, Inc., et. al. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn July 15, 2022, the Company completed a private placement of 16,649,365 shares of the Company’s common stock at a purchase price of $7.21 per share. The aggregate gross proceeds for the private placement was approximately $120.0 million, before deducting offering expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2022. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2021, has been derived from the audited financial statements at that date. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to the allocation of the 2027 Notes into liability and equity components and accrued research and development expenses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates. |
Recent Accounting Pronouncements - Adopted | Recent Accounting Pronouncements - Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt: Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies the accounting for convertible instruments and contracts in an entity's own equity. This guidance is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those years, with early adoption permitted only as of annual reporting periods beginning after December 15, 2020. The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective approach, and accordingly the Company recorded an adjustment that reflects the 2027 Notes as if the embedded conversion feature had not been separated. The impact upon adoption on the Consolidated Balance Sheets was an increase of $44.8 million in convertible senior notes, net, a write-off of $9.4 million in deferred income tax liabilities and a decrease of $53.5 million in additional paid-in capital. In addition, upon adoption, there was an adjustment of $8.7 million to increase the beginning balance of accumulated deficit on the Consolidated Balance Sheets for previously recognized interest expense related to amortization of debt discount related to the carrying value of the embedded conversion feature upon issuance. There was no impact to the Company’s net loss per share calculation. See Note 5 "Indebtedness" for further information regarding the 2027 Notes. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The Company uses the if-converted method for assumed conversion of the 2027 Notes to compute the weighted average shares of common stock outstanding for diluted net loss per share. Diluted net loss per share excludes the potential impact of the Company’s common stock options and unvested shares of restricted stock and the potential shares issuable upon conversion of the 2027 Notes because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share | The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: As of June 30, 2022 2021 2027 Notes 12,321,900 12,321,900 Shares issuable upon exercise of stock options 13,183,909 10,435,930 Non-vested shares under restricted stock grants 2,103,757 3,385,821 Total potentially dilutive securities 27,609,566 26,143,651 |
Balance Sheet Accounts and Su_2
Balance Sheet Accounts and Supplemental Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheets Accounts And Supplemental Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): Estimated June 30, December 31, Office equipment 3-7 $ 1,097 $ 1,097 Computer equipment 5 123 123 Software 3 130 130 Lab equipment 2-5 5,965 5,688 Leasehold improvements 6-7 2,562 2,562 Total property and equipment 9,877 9,600 Less: accumulated depreciation 5,191 4,280 Property and equipment, net $ 4,686 $ 5,320 |
Schedule of Accrued Expenses | Accrued expenses and other current liabilities consisted of the following (in thousands): As of June 30, December 31, Accrued compensation and benefits $ 8,730 $ 11,916 Operating lease liabilities 2,833 2,902 Debt, current 11,613 — Accrued consulting fees 992 956 Accrued interest 1,058 1,066 Accrued legal fees 261 202 Accrued litigation liability — 2,375 Accrued accounting fees 204 154 Accrued other 539 839 Total accrued expenses $ 26,230 $ 20,410 |
Fair Value Measurements and A_2
Fair Value Measurements and Available for Sale Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements And Available For Sale Investments [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The following table presents the hierarchy for assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands): Fair Value Measurements at End of Period Using: Total Quoted Market Significant Significant As of June 30, 2022 Money market funds $ 44,606 $ 44,606 $ — $ — U.S. Treasury and agency securities 20,276 20,276 — — Commercial paper 84,550 — 84,550 — Corporate debt securities 37,006 — 37,006 — As of December 31, 2021 Money market funds $ 139,794 $ 139,794 $ — $ — Commercial paper 113,939 — 113,939 — Corporate debt securities 37,873 — 37,873 — |
Schedule of Available for Sale Investments by Security Type | The aggregate market value, cost basis, and gross unrealized losses of available-for-sale investments by security type, classified in marketable securities and long-term investments as of June 30, 2022 and December 31, 2021 are as follows (in thousands): Amortized Gross Gross Total As of June 30, 2022 U.S. Treasury and agency securities $ 20,336 $ — $ (60) $ 20,276 Corporate debt securities $ 37,158 $ — $ (152) $ 37,006 Commercial paper $ 70,812 $ — $ (249) $ 70,563 Total marketable securities $ 128,306 $ — $ (461) $ 127,845 As of December 31, 2021 Corporate debt securities $ 37,921 $ — $ (48) $ 37,873 Commercial paper $ 103,942 $ — $ — $ 103,942 Total marketable securities $ 141,863 $ — $ (48) $ 141,815 |
Schedule of Contractual Maturities of Available-for-sale Debt Securities | Contractual maturities of available-for-sale debt securities, as of June 30, 2022, were as follows (in thousands): Estimated Less than one year $ 127,845 Greater than one year — Total $ 127,845 |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Debt consisted of the following (in thousands): June 30, 2022 December 31, 2021 Debt, current portion $ 11,613 $ — Debt, non-current portion 18,387 30,000 Total debt 30,000 30,000 Less: unamortized debt discount and issuance costs (742) (921) Debt, net $ 29,258 $ 29,079 |
Schedule of Future Minimum Principal Payments | The scheduled future minimum principal payments are as follows (in thousands): June 30, 2022 2022 (remaining 6 months) $ 5,806 2023 11,613 2024 11,613 2025 968 Total $ 30,000 |
Schedule of Net Carrying Amount of Liability Component | The net carrying amount of the liability component of the 2027 Notes was as follows (in thousands): June 30, 2022 December 31, 2021 Principal amount $ 200,000 $ 200,000 Unamortized debt discount (4,417) (49,716) Unamortized debt issuance cost (297) (246) Net carrying amount $ 195,286 $ 150,038 |
Schedule of Equity Components | The net carrying amount of the equity component of the 2027 Notes was as follows (in thousands): June 30, 2022 December 31, 2021 Debt discount related to the value of conversion option $ — $ 53,635 Debt issuance cost — (109) Net carrying amount $ — $ 53,526 |
Schedule of Interest Expense Recognized | The following table sets forth the interest expense recognized related to the 2027 Notes (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Contractual interest expense $ 2,500 $ 2,472 $ 5,000 $ 4,972 Amortization of debt discount 194 1,589 386 3,107 Amortization of debt issuance cost 13 8 26 16 Total interest expense related to the 2027 Notes $ 2,707 $ 4,069 $ 5,412 $ 8,095 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2022: Shares Subject to Weighted- Shares Weighted- Remaining Aggregate (in thousands) Outstanding as of December 31, 2021 9,434,660 $ 12.24 7.4 $ 15,822 Options granted 4,359,235 $ 11.53 Options exercised (47,530) $ 3.08 Options forfeited/cancelled (562,456) $ 16.50 Outstanding as of June 30, 2022 13,183,909 $ 11.86 7.7 $ 6,900 Options vested and expected to vest as of June 30, 2022 13,183,909 $ 11.86 7.7 $ 6,900 Options exercisable as of June 30, 2022 5,924,728 $ 12.01 6.4 $ 6,506 |
Summary of Restricted Stock Activity | The summary of the Company’s restricted stock activity during the six months ended June 30, 2022 is as follows: Number of Weighted- Nonvested at December 31, 2021 2,561,219 $ 8.67 Granted 572,901 11.94 Vested (913,535) 8.30 Forfeited (116,828) 10.54 Nonvested at June 30, 2022 2,103,757 $ 9.62 |
Stock-Based Compensation Expense Reported in Condensed Consolidated Statements of Operations | Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Research and development $ 5,587 $ 4,644 $ 12,205 $ 10,086 General and administrative 4,412 3,410 8,777 6,676 Total stock-based compensation expense $ 9,999 $ 8,054 $ 20,982 $ 16,762 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease Costs | Lease costs were comprised of the following (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease cost $ 779 $ 1,038 $ 1,540 $ 2,076 Short-term lease cost 10 12 20 21 Total lease cost $ 789 $ 1,050 $ 1,560 $ 2,097 |
Schedule of Gross Future Minimum Annual Rental Commitments | Gross future minimum annual rental commitments as of June 30, 2022, were as follows (in thousands): Undiscounted Rent Year ending December 31 2022 (remaining 6 months) $ 1,614 2023 3,319 2024 3,419 2025 144 Total undiscounted rent payments $ 8,496 Present value discount (697) Present value of lease payments $ 7,799 Current portion of operating lease liabilities (included as a component of accrued expenses and other current liabilities) 2,833 Noncurrent operating lease liabilities 4,966 Total operating lease liability $ 7,799 |
Description of the Business - A
Description of the Business - Additional Information (Detail) - USD ($) $ in Thousands | 57 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||
Accumulated Deficit | $ 917,096 | $ 811,534 |
Funds raised through Series A and Series B Convertible Preferred Stock, convertible note financings and completed IPO | $ 942,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Long-term convertible senior notes | $ 195,286 | $ 150,038 | ||||
Stockholders' equity | (16,461) | $ 30,159 | 121,463 | $ 220,693 | $ 272,084 | $ 320,684 |
Additional paid-in capital | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity | 901,141 | 891,121 | 932,944 | 915,414 | 907,089 | 897,607 |
Accumulated deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity | $ (917,096) | $ (860,630) | (811,534) | $ (695,003) | $ (635,171) | $ (577,530) |
Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Long-term convertible senior notes | 44,800 | |||||
Deferred tax liabilities | 9,400 | |||||
Stockholders' equity | (44,838) | |||||
Cumulative Effect, Period of Adoption, Adjustment | Additional paid-in capital | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity | (53,527) | |||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity | $ 8,689 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares) | 27,609,566 | 26,143,651 |
2027 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares) | 12,321,900 | 12,321,900 |
Shares issuable upon exercise of stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares) | 13,183,909 | 10,435,930 |
Non-vested shares under restricted stock grants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares) | 2,103,757 | 3,385,821 |
Balance Sheet Accounts and Su_3
Balance Sheet Accounts and Supplemental Disclosures - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 9,877 | $ 9,877 | $ 9,600 | ||
Less: accumulated depreciation | 5,191 | 5,191 | 4,280 | ||
Property and equipment, net | 4,686 | 4,686 | 5,320 | ||
Depreciation and amortization expense | 500 | $ 400 | 912 | $ 842 | |
Office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 1,097 | $ 1,097 | 1,097 | ||
Office equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 3 years | ||||
Office equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 7 years | ||||
Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 5 years | ||||
Total property and equipment | 123 | $ 123 | 123 | ||
Software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 3 years | ||||
Total property and equipment | 130 | $ 130 | 130 | ||
Lab equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 5,965 | $ 5,965 | 5,688 | ||
Lab equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 2 years | ||||
Lab equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 5 years | ||||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 2,562 | $ 2,562 | $ 2,562 | ||
Leasehold improvements | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 6 years | ||||
Leasehold improvements | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in years) | 7 years |
Balance Sheet Accounts and Su_4
Balance Sheet Accounts and Supplemental Disclosures - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheets Accounts And Supplemental Disclosures [Abstract] | ||
Accrued compensation and benefits | $ 8,730 | $ 11,916 |
Operating lease liabilities | 2,833 | 2,902 |
Debt, current | 11,613 | 0 |
Accrued consulting fees | 992 | 956 |
Accrued interest | 1,058 | 1,066 |
Accrued legal fees | 261 | 202 |
Accrued litigation liability | 0 | 2,375 |
Accrued accounting fees | 204 | 154 |
Accrued other | 539 | 839 |
Total accrued expenses | $ 26,230 | $ 20,410 |
Fair Value Measurements and A_3
Fair Value Measurements and Available for Sale Investments - Assets Measured at Fair Value on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | $ 44,606 | $ 139,794 |
U.S. Treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 20,276 | |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 84,550 | 113,939 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 37,006 | 37,873 |
Quoted Market Prices for Identical Assets (Level 1) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 44,606 | 139,794 |
Quoted Market Prices for Identical Assets (Level 1) | U.S. Treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 20,276 | |
Quoted Market Prices for Identical Assets (Level 1) | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 0 | 0 |
Quoted Market Prices for Identical Assets (Level 1) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 0 | |
Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 84,550 | 113,939 |
Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 37,006 | 37,873 |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 0 | |
Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on recurring basis | $ 0 | $ 0 |
Fair Value Measurements and A_4
Fair Value Measurements and Available for Sale Investments - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at carrying value | $ 21 | $ 10 |
2027 Notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of convertible senior notes | 140.3 | 190.5 |
Prepaid Expenses and Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest and securities receivable | $ 0.2 | $ 0.2 |
Fair Value Measurements and A_5
Fair Value Measurements and Available for Sale Investments - Schedule of Available for sale Investments by Security Type (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 128,306 | $ 141,863 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (461) | (48) |
Total Fair Value | 127,845 | 141,815 |
U.S. Treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 20,336 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (60) | |
Total Fair Value | 20,276 | |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 37,158 | 37,921 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (152) | (48) |
Total Fair Value | 37,006 | 37,873 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 70,812 | 103,942 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (249) | 0 |
Total Fair Value | $ 70,563 | $ 103,942 |
Fair Value Measurements and A_6
Fair Value Measurements and Available for Sale Investments - Schedule of Contractual Maturities of Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Measurements And Available For Sale Investments [Abstract] | ||
Less than one year | $ 127,845 | |
Greater than one year | 0 | |
Total | $ 127,845 | $ 141,815 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) | 6 Months Ended | ||
May 21, 2020 USD ($) tradingDay $ / shares | May 02, 2019 USD ($) tranche | Jun. 30, 2022 USD ($) tranche | |
Term Loan | Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 150,000,000 | ||
Amount funded | 30,000,000 | ||
Remaining borrowing capacity | $ 120,000,000 | ||
Number of additional tranches | tranche | 2 | ||
Clinical development milestone unmet, number of tranches | tranche | 1 | ||
Percentage of exit fee on amount borrowed on final repayment | 1.75% | ||
Percentage of exit fee on amount borrowed on partial prepayment | 1.75% | ||
Debt covenant minimum unrestricted cash percentage | 25% | ||
Debt instrument, default trigger amount | $ 2,500,000 | ||
Term Loan | Credit Facility | Prepayment Occurs through First Anniversary of Closing Date | |||
Debt Instrument [Line Items] | |||
Percentage of prepayment fee | 3% | ||
Term Loan | Credit Facility | First Anniversary of Closing Date through Second Anniversary of Closing Date | |||
Debt Instrument [Line Items] | |||
Percentage of prepayment fee | 2% | ||
Term Loan | Credit Facility | Second Anniversary of Closing Date and Prior to Jan 1, 2025 | |||
Debt Instrument [Line Items] | |||
Percentage of prepayment fee | 1% | ||
Term Loan | Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 7% | ||
Interest rate | 2% | ||
Term Loan | Credit Facility | MidCap Financial Trust | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3% | ||
Term Loan | Tranche One | Credit Facility | |||
Debt Instrument [Line Items] | |||
Remaining borrowing capacity | $ 60,000,000 | $ 60,000,000 | |
Term Loan | Tranche Two | Credit Facility | |||
Debt Instrument [Line Items] | |||
Remaining borrowing capacity | $ 60,000,000 | ||
2027 Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5% | ||
Debt instrument aggregate principal amount | $ 200,000,000 | ||
Proceeds from convertible debt | $ 193,600,000 | ||
Debt instrument conversion ratio | 0.0616 | ||
Convertible notes, initial conversion price (in dollars per share) | $ / shares | $ 16.23 | ||
Convertible notes, percentage of conversion price | 130% | ||
Debt conversion, converted instrument | $ 1,000 | ||
Convertible notes, redemption percentage | 100% | ||
Percentage of repurchase price is equal to principal amount of convertible notes | 100% | ||
Percentage in aggregate principal amount (not less than) | 0.25 | ||
Carrying amount of the equity component | $ 53,500,000 | ||
Convertible notes, effective interest rate | 11.17% | ||
Debt issuance cost | $ (400,000) | ||
Amortization of debt issuance cost | $ 300,000 | ||
2027 Notes | Maximum | |||
Debt Instrument [Line Items] | |||
Convertible notes, percentage of last reported sale price of common stock | 98% | ||
2027 Notes | 130% Applicable Conversion Price | Minimum | |||
Debt Instrument [Line Items] | |||
Convertible notes, consecutive trading days | tradingDay | 20 | ||
2027 Notes | 130% Applicable Conversion Price | Maximum | |||
Debt Instrument [Line Items] | |||
Convertible notes, consecutive trading days | tradingDay | 30 | ||
2027 Notes | 98% Applicable Conversion Price | Minimum | |||
Debt Instrument [Line Items] | |||
Convertible notes, consecutive trading days | tradingDay | 5 | ||
2027 Notes | 98% Applicable Conversion Price | Maximum | |||
Debt Instrument [Line Items] | |||
Convertible notes, consecutive trading days | tradingDay | 10 |
Indebtedness - Schedule of Long
Indebtedness - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Debt, non-current portion | $ 17,645 | $ 29,079 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt, current portion | 11,613 | 0 |
Debt, non-current portion | 18,387 | 30,000 |
Total debt | 30,000 | 30,000 |
Less: unamortized debt discount and issuance costs | (742) | (921) |
Debt, net | $ 29,258 | $ 29,079 |
Indebtedness - Schedule of Futu
Indebtedness - Schedule of Future Minimum Principal Payments (Details) - Credit Facility $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
2022 (remaining 6 months) | $ 5,806 |
2023 | 11,613 |
2024 | 11,613 |
2025 | 968 |
Total debt | $ 30,000 |
Indebtedness - Schedule of Net
Indebtedness - Schedule of Net Carrying Amount of Liability Component (Details) - 2027 Notes - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Principal amount | $ 200,000 | $ 200,000 |
Unamortized debt discount | (4,417) | (49,716) |
Unamortized debt issuance cost | (297) | (246) |
Debt, net | $ 195,286 | $ 150,038 |
Indebtedness - Schedule of Equi
Indebtedness - Schedule of Equity Components (Details) - 2027 Notes $ in Thousands | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | |
Debt discount related to the value of conversion option | $ 53,635 |
Debt issuance cost | (109) |
Net carrying amount | $ 53,526 |
Indebtedness - Schedule of Inte
Indebtedness - Schedule of Interest Expense Recognized (Details) - 2027 Notes - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 2,500 | $ 2,472 | $ 5,000 | $ 4,972 |
Amortization of debt discount | 194 | 1,589 | 386 | 3,107 |
Amortization of debt issuance cost | 13 | 8 | 26 | 16 |
Total interest expense related to the 2027 Notes | $ 2,707 | $ 4,069 | $ 5,412 | $ 8,095 |
Licenses, Asset Acquisitions _2
Licenses, Asset Acquisitions and Contingent Consideration - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
May 11, 2020 | Jun. 24, 2018 | Oct. 02, 2017 | Jun. 30, 2018 | Oct. 31, 2017 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||||||||
In process research and development | $ 20,000,000 | $ 15,000 | $ 15,000 | $ 35,000 | $ 45,000 | |||||
Pulmokine, Inc. | License Agreement | In Process Research And Development Seralutinib | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Product license term (in years) | 10 years | |||||||||
Upfront payment | $ 5,500,000 | |||||||||
Milestones accrued | 0 | 0 | $ 5,000,000 | |||||||
Pulmokine, Inc. | License Agreement | In Process Research And Development Seralutinib | Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development and regulatory milestone payments, payable | $ 58,000,000 | |||||||||
Commercial milestone payments, payable | 45,000,000 | |||||||||
Sales milestone payments, payable | $ 190,000,000 | |||||||||
Aerpio Pharmaceuticals, Inc. | License Agreement | In Process Research And Development G B Zero Zero Four | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Upfront payment | $ 15,000,000 | |||||||||
Milestones accrued | $ 0 | $ 0 | ||||||||
Participation rights (as a percent) | 20% | |||||||||
Aerpio Pharmaceuticals, Inc. | License Agreement | In Process Research And Development G B Zero Zero Four | Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development and regulatory milestone payments, payable | 40,000,000 | |||||||||
Sales milestone payments, payable | $ 50,000,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | 6 Months Ended | 12 Months Ended | |||||
Sep. 06, 2018 $ / shares shares | May 21, 2018 $ / shares shares | Jan. 04, 2018 USD ($) | Dec. 03, 2015 USD ($) $ / shares shares | Jun. 30, 2022 vote $ / shares shares | Jun. 30, 2021 shares | Dec. 31, 2021 $ / shares shares | |
Stockholders Equity [Line Items] | |||||||
Common stock number of votes per share | vote | 1 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Shares subject to forfeiture (in shares) | 0 | 25,383 | |||||
Shares of common stock, repurchase (in shares) | 386,576 | 717,927 | |||||
Founder | |||||||
Stockholders Equity [Line Items] | |||||||
Issuance of common stock in connection with a public offering, net of underwriting discounts, commissions, and offering costs (in shares) | 1,795,023 | 251,547 | |||||
Percentage of fully diluted share capital | 15% | ||||||
Increased in equity capital amount | $ | $ 300,000,000 | ||||||
Common stock issued price per share (in USD per share) | $ / shares | $ 9.63 | $ 2.61 | |||||
Additional shares of restricted stock subject to vesting restrictions (in shares) | 1,795,023 | 251,547 | |||||
Founder Shares | |||||||
Stockholders Equity [Line Items] | |||||||
Issuance of common stock in connection with a public offering, net of underwriting discounts, commissions, and offering costs (in shares) | 9,160,888 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||
Issuance of common stock in connection with a public offering net of underwriting discounts, commissions and offering costs | $ | $ 4,100 | ||||||
Common Stock vesting percentage | 50% | ||||||
Common stock vesting period (in years) | 5 years |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) | 6 Months Ended | |||
Feb. 06, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding awarded (in shares) | 13,183,909 | 9,434,660 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 14,100,000 | |||
Weighted-average period of cost expects to recognize (in years) | 1 year 1 month 6 days | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected dividend yield (as a percent) | 0% | |||
Weighted-average grant date fair value (in dollars per share) | $ 8.30 | $ 6.87 | ||
Aggregate fair value of stock options vested during period | $ 18,400,000 | $ 13,300,000 | ||
Aggregate intrinsic value, options vested in period | $ 300,000 | $ 700,000 | ||
Stock-Based Compensation Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period of cost expects to recognize (in years) | 2 years 3 months 18 days | |||
Unrecognized compensation expense related to the ESPP | $ 53,700,000 | |||
2019 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance (in shares) | 5,750,000 | |||
Term of awards (in years) | 10 years | |||
Percentage of amount increase in outstanding shares | 5% | |||
Common stock available for issuance (in shares) | 4,959,662 | |||
Shares outstanding awarded (in shares) | 12,090,161 | 8,402,621 | ||
2019 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance (in shares) | 700,000 | |||
Term of awards (in years) | 10 years | |||
Percentage of amount increase in outstanding shares | 1% | |||
Common stock available for issuance (in shares) | 2,531,217 | |||
Number of share issued under ESPP | 77,496 | |||
2019 Employee Stock Purchase Plan | Stock-Based Compensation Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period of cost expects to recognize (in years) | 1 year | |||
Unrecognized compensation expense related to the ESPP | $ 1,700,000 | |||
2019 Employee Stock Purchase Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase of common stock through payroll deductions, percentage | 20% | |||
2017 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding awarded (in shares) | 2,794,077 | 2,875,330 | ||
2017 Equity Incentive Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards granted (in shares) | 0 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Shares Subject to Options Outstanding, Shares | ||
Outstanding as of beginning balance (in shares) | shares | 9,434,660 | |
Options granted (in shares) | shares | 4,359,235 | |
Option exercised (in shares) | shares | (47,530) | |
Options forfeited/cancelled (in shares) | shares | (562,456) | |
Outstanding as ending balance (in shares) | shares | 13,183,909 | 9,434,660 |
Options vested and exercisable as of ending balance (in shares) | shares | 13,183,909 | |
Options exercisable as of ending balance (in shares) | shares | 5,924,728 | |
Shares Subject to Options Outstanding, Weighted Average Exercise Price | ||
Outstanding as of beginning balance (in USD per share) | $ / shares | $ 12.24 | |
Options granted (in USD per share) | $ / shares | 11.53 | |
Option exercised (in USD per share) | $ / shares | 3.08 | |
Options forfeited/cancelled (in USD per share) | $ / shares | 16.50 | |
Outstanding as of ending balance (in USD per share) | $ / shares | 11.86 | $ 12.24 |
Options vested and exercisable as of ending balance (in USD per share) | $ / shares | 11.86 | |
Options exercisable as of ending balance (in USD per share) | $ / shares | $ 12.01 | |
Weighted-Average Remaining Contractual Life (in years) | 7 years 8 months 12 days | 7 years 4 months 24 days |
Weighted-Average Remaining Contractual Life (in years), Options vested and exercisable as of end of period | 7 years 8 months 12 days | |
Weighted-Average Remaining Contractual Life (in years), Options exercisable as of end of period | 6 years 4 months 24 days | |
Aggregate Intrinsic Value | $ | $ 6,900 | $ 15,822 |
Aggregate Intrinsic Value, Options vested and exercisable as of end of period | $ | 6,900 | |
Aggregate Intrinsic Value, Options exercisable as of end of period | $ | $ 6,506 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Restricted Stock Activity (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Weighted- Average Grant Date Fair Value | |
Nonvested ending balance (in USD per share) | $ / shares | $ 9.62 |
Restricted Stock | |
Number of Restricted Stock Units Outstanding | |
Nonvested beginning balance (in shares) | shares | 2,561,219 |
Granted (in shares) | shares | 572,901 |
Vested (in shares) | shares | (913,535) |
Forfeited (in shares) | shares | (116,828) |
Nonvested ending balance (in shares) | shares | 2,103,757 |
Weighted- Average Grant Date Fair Value | |
Nonvested beginning balance (in USD per share) | $ / shares | $ 8.67 |
Granted (in USD per share) | $ / shares | 11.94 |
Vested (in USD per share) | $ / shares | 8.30 |
Forfeited (in USD per share) | $ / shares | $ 10.54 |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-Based Compensation Expense Reported in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 9,999 | $ 8,054 | $ 20,982 | $ 16,762 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 5,587 | 4,644 | 12,205 | 10,086 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 4,412 | $ 3,410 | $ 8,777 | $ 6,676 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Oct. 29, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease, weighted average discount rate | 7% | 7% | |||
Weighted average remaining lease term (in years) | 1 year 9 months 18 days | 1 year 9 months 18 days | |||
Cash paid for operating lease liabilities | $ 0.8 | $ 1.1 | $ 1.9 | $ 2.1 | |
Rent expense | $ 0.8 | $ 1.1 | $ 1.7 | $ 2.2 | |
Gain (Loss) Related to Litigation Settlement | $ 2.4 | ||||
Non-cancelable Lease Agreement Entered in August 2018 | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating sublease, annual increase percentage for base rent | 3% |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease cost | $ 779 | $ 1,038 | $ 1,540 | $ 2,076 |
Short-term lease cost | 10 | 12 | 20 | 21 |
Total lease cost | $ 789 | $ 1,050 | $ 1,560 | $ 2,097 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Gross Future Minimum Annual Rental Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2022 (remaining 6 months) | $ 1,614 | |
2023 | 3,319 | |
2024 | 3,419 | |
2025 | 144 | |
Total undiscounted rent payments | 8,496 | |
Present value discount | (697) | |
Present value of lease payments | 7,799 | |
Current portion of operating lease liabilities (included as a component of accrued expenses and other current liabilities) | 2,833 | $ 2,902 |
Noncurrent operating lease liabilities | 4,966 | $ 3,218 |
Total operating lease liability | $ 7,799 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Private Placement $ / shares in Units, $ in Millions | Jul. 15, 2022 USD ($) $ / shares shares |
Subsequent Event [Line Items] | |
Private placement, number of shares | shares | 16,649,365 |
Offering price (in dollars per share) | $ / shares | $ 7.21 |
Aggregate gross proceeds | $ | $ 120 |