Viela Bio (VIE) 10-Q 12 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 12, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	VIELA BIO, INC.
Entity Central Index Key	0001734517
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		54,724,991
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	VIE
Security Exchange Name	NASDAQ
Entity File Number	001-39067
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4187338
Entity Address, Address Line One	One MedImmune Way
Entity Address, Address Line Two	First Floor, Area Two
Entity Address, City or Town	Gaithersburg
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20878
City Area Code	240
Local Phone Number	558-0038
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 131,551,000	$ 200,851,000
Marketable securities	293,995,000	113,945,000
Accounts receivable	0	30,000,000
Prepaid and other current assets	11,261,000	6,242,000
Total current assets	436,807,000	351,038,000
Marketable securities, non-current	22,832,000	31,415,000
Property and equipment, net	1,517,000	1,499,000
Capital lease assets	1,017,000
Intangible assets	19,700,000
Other assets	122,000	102,000
Total assets	481,995,000	384,054,000
Current liabilities:
Accounts payable	6,337,000	7,459,000
Accrued expenses and other current liabilities	29,930,000	9,192,000
Related party liability	4,490,000	12,892,000
Capital lease liability - current	184,000	0
Total current liabilities	40,941,000	29,543,000
Capital lease liability - non-current	836,000	0
Total liabilities	41,777,000	29,543,000
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized as of June 30, 2020 and December 31, 2019; no shares issued or outstanding as of June 30, 2020 and December 31, 2019
Common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 54,722,948 and 50,617,868 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	54,000	51,000
Additional paid-in capital	795,842,000	631,154,000
Accumulated other comprehensive income	655,000	5,000
Accumulated deficit	(356,333,000)	(276,699,000)
Total stockholders’ equity	440,218,000	354,511,000
Total liabilities and stockholders’ equity	$ 481,995,000	$ 384,054,000

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	54,722,948	50,617,868
Common stock, shares outstanding	54,722,948	50,617,868

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Total revenue		$ 20,000		$ 20,000
Revenue From Contract With Customer Product And Service Extensible List	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 25,412	$ 16,811	$ 52,241	$ 33,426
General and administrative	14,408	9,296	29,690	14,333
Total operating expenses	39,820	26,107	81,931	47,759
Loss from operations	(39,820)	(6,107)	(81,931)	(27,759)
Other income:
Interest income	963	634	2,297	1,310
Total other income	963	634	2,297	1,310
Net loss	$ (38,857)	$ (5,473)	$ (79,634)	$ (26,449)
Net loss per share attributable to common stockholders—basic and diluted	$ (0.74)	$ (8.94)	$ (1.55)	$ (72.06)
Weighted average common shares outstanding—basic and diluted	52,212,006	612,059	51,482,502	367,041
Other comprehensive income
Unrealized gains on marketable securities, net	$ 776		$ 650
Total other comprehensive income	776		650
Total comprehensive loss	$ (38,081)	$ (5,473)	$ (78,984)	$ (26,449)

CONSOLIDATED STATEMENTS OF REDE

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Series A One Redeemable Convertible Preferred Stock	Series A-2 Preferred Stock	Series B Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, Beginning Balance, Shares at Dec. 31, 2018						14,225,324	17,000,000
Redeemable convertible preferred stock, Beginning Balance at Dec. 31, 2018						$ 142,253	$ 170,000
Beginning Balances, Shares at Dec. 31, 2018		10
Beginning Balances at Dec. 31, 2018	$ (188,391)		$ 1,879		$ (190,270)
Stock-based compensation expense	1,287		1,287
Issuance of common stock for stock options exercised	1,025		1,025
Issuance of common stock for stock options exercised, shares		360,996
Issuance of common stock upon vesting of RSAs		$ 1	(1)
Issuance of common stock upon vesting of RSAs, Shares		363,797
Issuance of preferred stock								$ 75,000
Issuance of preferred stock, Shares								4,687,500
Net loss	(26,449)				(26,449)
Redeemable convertible preferred stock, Ending Balance, Shares at Jun. 30, 2019						14,225,324	17,000,000	4,687,500
Redeemable convertible preferred stock, Ending Balance at Jun. 30, 2019						$ 142,253	$ 170,000	$ 75,000
Ending Balances, Shares at Jun. 30, 2019		724,803
Ending Balances at Jun. 30, 2019	(212,528)	$ 1	4,190		(216,719)
Redeemable convertible preferred stock, Beginning Balance, Shares at Mar. 31, 2019						14,225,324	17,000,000
Redeemable convertible preferred stock, Beginning Balance at Mar. 31, 2019						$ 142,253	$ 170,000
Beginning Balances, Shares at Mar. 31, 2019		363,799
Beginning Balances at Mar. 31, 2019	(208,728)		2,518		(211,246)
Stock-based compensation expense	648		648
Issuance of common stock for stock options exercised	1,025		1,025
Issuance of common stock for stock options exercised, shares		360,996
Issuance of common stock upon vesting of RSAs		$ 1	(1)
Issuance of common stock upon vesting of RSAs, Shares		8
Issuance of preferred stock								$ 75,000
Issuance of preferred stock, Shares								4,687,500
Net loss	(5,473)				(5,473)
Redeemable convertible preferred stock, Ending Balance, Shares at Jun. 30, 2019						14,225,324	17,000,000	4,687,500
Redeemable convertible preferred stock, Ending Balance at Jun. 30, 2019						$ 142,253	$ 170,000	$ 75,000
Ending Balances, Shares at Jun. 30, 2019		724,803
Ending Balances at Jun. 30, 2019	(212,528)	$ 1	4,190		(216,719)
Beginning Balances, Shares at Dec. 31, 2019		50,617,868
Beginning Balances at Dec. 31, 2019	354,511	$ 51	631,154	$ 5	(276,699)
Stock-based compensation expense	5,797		5,797
Issuance of common stock for stock options exercised	556		556
Issuance of common stock for stock options exercised, shares		147,923
Issuance of common stock upon vesting of RSAs, Shares		357,157
Issuance of common stock, net	158,338	$ 3	158,335
Issuance of common stock, net, Shares		3,600,000
Other comprehensive income	650			650
Net loss	(79,634)				(79,634)
Ending Balances, Shares at Jun. 30, 2020		54,722,948
Ending Balances at Jun. 30, 2020	440,218	$ 54	795,842	655	(356,333)
Beginning Balances, Shares at Mar. 31, 2020		50,997,300
Beginning Balances at Mar. 31, 2020	316,421	$ 51	633,967	(121)	(317,476)
Stock-based compensation expense	3,086		3,086
Issuance of common stock for stock options exercised	454		454
Issuance of common stock for stock options exercised, shares		125,648
Issuance of common stock, net	158,338	$ 3	158,335
Issuance of common stock, net, Shares		3,600,000
Other comprehensive income	776			776
Net loss	(38,857)				(38,857)
Ending Balances, Shares at Jun. 30, 2020		54,722,948
Ending Balances at Jun. 30, 2020	$ 440,218	$ 54	$ 795,842	$ 655	$ (356,333)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (79,634)	$ (26,449)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	193	25
Stock-based compensation expense	5,797	1,287
Amortization of premium on marketable securities, net	80
Amortization of capital lease asset	17
Changes in operating assets and liabilities:
Accounts receivable	30,000	(5,000)
Prepaid and other assets	(5,032)	(418)
Accounts payable and other liabilities	(8,983)	4,899
Net cash used in operating activities	(57,562)	(25,656)
Cash flows from investing activities:
Purchase of marketable securities	(237,792)
Sales and maturities of marketable securities	66,895
Purchase of property and equipment	(296)	(60)
Net cash used in investing activities	(171,193)	(60)
Cash flows from financing activities:
Proceeds from exercise of common stock options	549	856
Proceeds from issuance of redeemable convertible preferred stock		87,000
Proceeds from issuance of common stock	169,200
Payments of common stock offering costs	(10,280)
Payments of capital lease liability	(14)
Net cash provided by financing activities	159,455	87,856
Net (decrease) increase in cash and cash equivalents	(69,300)	62,140
Cash and cash equivalents at beginning of period	200,851	126,898
Cash and cash equivalents at end of period	131,551	189,038
Supplemental disclosure of non-cash financing and investing activities:
Receivable from sale of preferred stock		$ 169
Purchases of property and equipment included in accounts payable and accrued expenses	24
Milestone payments for in-licensed rights included in accounts payable and accrued expenses	19,700
Receivable from exercise of common stock options	7
Common stock offering costs included in accounts payable and accrued expenses	582
Capital lease assets obtained in exchange for capital lease liabilities	$ 1,034

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the business and basis of presentation Viela Bio, Inc. (“Viela” or the “Company”) is a biotechnology research and development company pioneering and advancing treatments for severe inflammation and autoimmune diseases by selectively targeting shared critical pathways that are the root cause of disease. The Company was incorporated on December 11, 2017 under the laws of the State of Delaware. The Company’s lead molecule, inebilizumab, is a humanized mAb designed to target CD19, a molecule expressed on the surface of a broad range of immune system B cells. In January 2019, the Company reported positive pivotal clinical trial data for inebilizumab in patients with neuromyelitis optica spectrum disorder, or NMOSD. NMOSD is a rare, devastating condition that attacks the optic nerve, spinal cord and brain stem, and often leads to irreversible blindness and paralysis. The Company received Breakthrough Therapy Designation for the treatment of this disease from the U.S. Food and Drug Administration (the “FDA”) in April 2019 and in August 2019, the FDA accepted for review the Company’s Biologics License Application TM TM In addition, the Company has a broad pipeline of two additional clinical-stage and two pre-clinical product candidates focused on a number of other autoimmune diseases with high unmet medical needs, including Sjögren’s syndrome and lupus, as well as other conditions such as kidney transplant rejection. A Phase 2b trial in Sjögren’s syndrome, which is designed as Phase 3-enabling, is ongoing and in 2019, the Company initiated a separate Phase 2 trial in kidney transplant rejection. In light of the COVID-19 pandemic, in order to prioritize patient health and that of the investigators at clinical trial sites, the Company has paused enrollment of new patients in certain of its clinical trials, including its Phase 2b trial of VIB4920 in Sjögren’s syndrome, which the Company anticipates resuming in the fourth quarter of 2020. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successfully commercializing its approved product Uplizna TM TM In October 2019, the Company completed an initial public offering (the “IPO”) of its common stock and issued and sold 9,085,000 shares of common stock, which included 1,185,000 shares issued in pursuant to the underwriters’ option to purchase additional shares, at a public offering price of $19.00 per share, for aggregate gross proceeds of $172,615 and net proceeds after deducting underwriting discounts and commissions and other offering costs of $156,927. Upon the closing of the IPO, the outstanding shares of series A redeemable convertible preferred stock (the “Series A Preferred Stock”), and series B redeemable convertible preferred stock (the “Series B Preferred Stock” and together with the Series A Preferred Stock, the “Preferred Stock”) converted into an aggregate of 40,618,706 shares of common stock. In June 2020, the Company completed an underwritten public offering of its common stock and issued and sold 3,600,000 shares of common stock, at a public offering price of $47.00 per share, for aggregate gross proceeds of $169,200 and net proceeds after deducting underwriting discounts and commissions and other offering costs of $158,338. In April 2020, Viela Bio BV, a wholly-owned subsidiary of the Company (the “Subsidiary”), was established as a legal entity domiciled in the Netherlands, for the purpose of import and export of drug substances and drug products in connection with development and commercialization of medicines. The Subsidiary did not have any operations during the interim period and as of June 30, 2020. COVID-19 In December 2019 an outbreak of a novel strain of coronavirus was identified in Wuhan, China. This virus continues to spread globally, has been declared a pandemic by the World Health Organization and has spread to over 100 countries, including the United States. The impact of this pandemic has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to businesses and capital markets around the world. The extent to which the coronavirus impacts the Company will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. At present, the Company is not experiencing significant impact or delays from COVID-19 on its business, operations and commercialization plans. However, in order to prioritize patient health and that of the investigators at clinical trial sites, the Company has paused enrollment of new patients in certain of its clinical trials, including its Phase 2b trial of VIB4920 in Sjögren’s syndrome, its Phase 2 trial of VIB4920 in rheumatoid arthritis and its Phase 2 trial of inebilizumab in kidney transplant desensitization. The Company’s ability to re-open enrollment, and continue enrollment, in these clinical trials will be dependent on many factors, including the progression of the pandemic and its impact on patients and the investigators at its clinical trial sites. Furthermore, the Company’s ability to re-open enrollment in each of these clinical trials will require collaboration with, and permission from, each of the clinical trial sites. Over the coming weeks and months, the Company will continue to monitor carefully the situation with respect to each of its clinical trials and follow guidance from local and federal health authorities. The Company anticipates resuming enrollment of patients in its Phase 2b trial of VIB4920 in Sjögren’s syndrome and its Phase 2 trial of VIB4920 in rheumatoid arthritis in the fourth quarter of 2020. Furthermore, with respect to the Company’s commercial launch of Uplizna TM Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP are omitted. In the opinion of our management, all adjustments (consisting solely of normal recurring accruals) necessary for the fair statement of financial statements for the interim period have been included. The interim financial statements and accompanying notes should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on March 25, 2020 (the “Form 10-K”) . The results for any interim period are not necessarily indicative of results to be expected for any other interim periods or for a full fiscal year. The accompanying unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of significant accounting policies Use of estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the recognition of research and development expenses based on when services are performed, the valuations of share based compensation arrangements, and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Revenue Recognition for Contract with Customers ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation Product Revenues, net The Company’s contracts with its specialty distributor (the “SD”) and specialty pharmacy (the “SP”), referred to as its customers, are within the scope of ASC 606. Contractual performance obligations are limited to transfer of control of Uplizna TM TM The customer is initially invoiced at the contractual list price for Uplizna TM . Significant judgment is required in estimating GTN adjustments considering legal interpretations of applicable laws and regulations, current experience, current contract prices under applicable programs, unbilled claims, and processing time lags. The Company also reduces product revenue for cash payments (e.g., distribution fees) made to entities within the distribution channel (including the customer) where the Company does not receive a distinct good or service in exchange for such payments. Shipping and handling activities represent fulfillment activities and the Company records such costs within cost of goods sold on the consolidated statements of operations and comprehensive loss. In addition, the Company has elected to exclude taxes collected from customers and remitted to governmental authorities from the measurement of the transaction price. License revenue Refer to Note 11 for additional discussion of license and collaboration agreements. Accounts Receivable, net The Company’s accounts receivable arise from product sales and license revenues. They are generally stated at the invoiced amount and do not bear interest. Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from certain government programs, copay assistance, prompt-pay discounts and certain distribution fees. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if no payments are required of the Company) for certain chargebacks, prompt pay discounts and certain distribution fees, or a current liability (if a payment is required of us), for government rebates, co-pay assistance and certain distribution fees. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in the customers’ credit profiles. The Company provides reserves against trade receivables for estimated credit losses that may result from a customer’s inability to pay. Amounts determined to be uncollectible are written-off against the established reserve. As of June 30, 2020, the Company did not record any accounts receivable. Inventory The Company capitalizes inventory costs that are expected to be sold commercially once it’s determined there is a probable future economic benefit such that the inventory costs will be recovered through commercial sale based on the review of several factors, as applicable, including (i) the likelihood that all required regulatory approvals will be obtained, (ii) the expected timing of validation (if not yet completed) of manufacturing processes in the associated facility, (iii) the expected expiration of the inventory, (iv) logistical or commercial constraints that may impede the timely distribution and sale of the product, including transport requirements and reimbursement status, (v) history of approvals of similar products or formulations and (vi) potential legal challenges. The Company began capitalizing inventories upon FDA approval of Uplizna TM TM TM The Company analyzes its inventory levels on a periodic basis to determine if any inventory is at risk for expiration prior to sale or has a cost basis that is greater than its estimated future net realizable value. Any adjustments are recognized through cost of sales in the period in which they are incurred. Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Prior to the IPO, the Company followed the two-class method when computing net loss per share, which is an earnings allocation formula that determines net loss per share for the holders of the Company’s common shares and participating securities. The Company’s Preferred Stock contained participating rights in any dividend paid by the Company and were deemed to be participating securities. Net income attributable to common stockholders and participating preferred shares is allocated to each share on an as-converted basis as if all of the earnings for the period had been distributed. The participating securities do not include a contractual obligation to share in the losses of the Company and are not included in the calculation of net loss per share in the periods that have a net loss. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect on net loss per share. Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if-converted method. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Diluted net loss per share is equivalent to basic net loss per share for the periods presented herein because common stock equivalent shares from the Series A and Series B Preferred Stock were anti-dilutive. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three and six months ended June 30, 2019 does not include 31,225,324 shares of Series A Preferred Stock and 4,687,500 shares of Series B Preferred Stock. Subsequent to the IPO, basic net loss per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. Accordingly, in periods in which the Company reported a net loss, dilutive common shares were not included in the calculation as their effect was anti-dilutive, and as a result, diluted net loss per common share was the same as basic net loss per common share for the six months ended June 30, 2020 and 2019. For the three and six months ended June 30, 2020 and 2019, there were no reconciling items between basic and diluted net loss per share. Leases Lease arrangements are evaluated and classified as either an operating lease or a capital lease pursuant to ASC 840, Leases (“ASC 840”). A lease is classified as a capital lease if any of the following criteria are met: transfer of ownership to the lessee by the end of the lease term; the lease contains a bargain purchase option; the lease term is equal to 75% or greater of the asset’s useful economic life; or the present value of the future minimum lease payments is equal to or greater than 90% of the asset’s fair market value. Capital leases are recorded at the lower of the net present value of the total amount of rent payable under the leasing agreement (excluding finance charges) or fair market value of the leased asset. Capital lease assets are depreciated on a straight-line basis, over a period consistent with our normal depreciation policy for tangible fixed assets, but generally not exceeding the lease term. Operating lease expense is recognized ratably over the entire lease term. Intangible assets, net The Company’s intangible assets consist of in-licensed rights, which are stated in the Company’s consolidated balance sheets net of accumulated amortization and impairments, if applicable, and are amortized using a straight-line method over their useful lives. Additionally, the intangible assets are reviewed for impairment when certain triggering events occur. The in-licensed rights relate to agreements with previous developers of Uplizna TM TM The following table summarizes the estimated future amortization for the in-licensed rights: Year Ending December 31, 2020 (remaining six months) $ 1,020 2021 1,884 2022 1,884 2023 1,884 2024 1,884 Thereafter 11,144 Total $ 19,700 Recently adopted accounting pronouncements In August 2018, the FASB issued No. ASU 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework Recently issued accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less at lease inception may be accounted for similar to existing guidance for operating leases today. For public entities, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, the ASU is effective for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the guidance will have on its consolidated financial statements and expects to adopt this standard in its annual financial statements for the year ended December 31, 2020.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	6 Months Ended
	Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]
Cash, Cash Equivalents and Marketable Securities	3. Cash, cash equivalents and marketable securities The following is a summary of the Company’s cash, cash equivalents and available-for-sale marketable securities by significant investment category (unaudited): June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 55,682 $ — $ — $ 55,682 $ 55,682 $ — $ — Level 1 Money market funds 64,870 — — 64,870 64,870 — — Subtotal 64,870 — — 64,870 64,870 — — Level 2 U.S. Treasury securities 53,355 115 (4 ) 53,466 5,000 42,357 6,109 Commercial paper 144,198 56 (19 ) 144,235 5,999 138,236 — Corporate debt securities 129,618 515 (8 ) 130,125 — 113,402 16,723 Subtotal 327,171 686 (31 ) 327,826 10,999 293,995 22,832 Total $ 447,723 $ 686 $ (31 ) $ 448,378 $ 131,551 $ 293,995 $ 22,832 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 26,821 $ — $ — $ 26,821 $ 26,821 $ — $ — Level 1 Money market funds 157,777 — — 157,777 157,777 — — Subtotal 157,777 — — 157,777 157,777 — — Level 2 U.S. Treasury securities 9,623 7 — 9,630 — 4,805 4,825 Commercial paper 55,021 4 (9 ) 55,016 13,050 41,966 — Corporate debt securities 96,964 28 (25 ) 96,967 3,203 67,174 26,590 Subtotal 161,608 39 (34 ) 161,613 16,253 113,945 31,415 Total $ 346,206 $ 39 $ (34 ) $ 346,211 $ 200,851 $ 113,945 $ 31,415 The maturities of the Company’s long-term marketable securities ranges from one to two years.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Common Stock	4. Common stock Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders, provided, however, that except as otherwise required by law, holders of common stock shall not be entitled to vote on any amendment to the Company’s certificate of incorporation that relates solely to the terms of one or more outstanding series of preferred stock, if the holders of the affected series are entitled to vote thereon. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of preferred stock.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2020
Temporary Equity [Abstract]
Redeemable Convertible Preferred Stock	5. Redeemable convertible preferred stock Prior to the IPO, the authorized capital stock of the Company included 40,618,706 shares of Preferred Stock, of which 35,931,206 shares were designated as Series A Preferred Stock and, 4,687,500 shares were designated as Series B Preferred Stock. Upon the closing of the IPO, the Company’s outstanding Preferred Stock converted into 40,618,706 shares of common stock.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	6. Stock-based compensation During the six months ended June 30, 2020, the Company granted 1,467,747 stock options with a weighted average exercise price of $41.10 per share and a weighted average grant date fair value of $22.54 per share. The Company reserved 7,565,938 shares of common stock for issuance under the Equity Incentive Plan. As of June 30, 2020, there was approximately $41,389 total unrecognized compensation expense, related to the unvested stock options, which is expected to be recognized over a weighted average period of 3.37 years. During the six months ended June 30, 2020, 357,157 restricted stock awards were vested. As of June 30, 2020, there was approximately $10 of total unrecognized compensation expense, related to the restricted stock awards, which is expected to be recognized over a weighted average period of 0.23 years. Stock-based compensation Stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 was comprised of the following (unaudited): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 1,362 $ 317 $ 3,005 $ 651 General and administrative 1,724 331 2,792 636 Total $ 3,086 $ 648 $ 5,797 $ 1,287

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	7. Income taxes During the six months ended June 30, 2020 and 2019, the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each period due to its uncertainty of realizing a benefit from those items. All of the Company’s operating losses since inception have been generated in the United States. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of generation of any revenue from product sales since inception through June 30, 2020 and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence at each reporting period. As of June 30, 2020 and December 31, 2019, no facts or circumstances arose that affected the Company’s determination as to the full valuation allowance established against the net deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of June 30, 2020 and December 31, 2019. As of June 30, 2020 and December 31, 2019, the Company had not recorded any amounts for unrecognized tax benefits. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. As of June 30, 2020 and December 31, 2019, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts had been recognized in the Company’s statements of operations and comprehensive loss. The Company files income tax returns in the U.S., Maryland and certain other states, as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company is open to future tax examination under statute from 2018 to the present. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The Company is examining the impact that the CARES Act may have on its business. The Company is also evaluating its ability to use the refundable payroll tax credits and deferment of employer side social security payments. The Company does not believe that the income tax modifications mentioned above will affect its deferred tax assets or liabilities based on the Company’s facts and circumstances.

Benefit Plan

Benefit Plan	6 Months Ended
	Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Benefit Plan	8. Benefit plan The Company maintains a defined contribution 401(k) plan, under which employee contributions are voluntary and are determined on an individual basis, limited by the maximum amounts allowable under federal tax regulations. The Company provides an automatic matching contribution of $1.00 per $1.00 of employee contribution into the plan up to a maximum of 4% of employee deferral. The Company’s matching contributions to employees totaled approximately $241 and $87, during the three months ended June 30, 2020 and 2019, respectively, and $580 and $243 during the six months ended June 30, 2020 and 2019, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and contingencies Contingencies In the ordinary course of business, the Company may become a party to lawsuits involving various matters. The Company is not currently a party, and its properties are not currently subject, to any legal proceedings that, in the opinion of management, are expected to have a material adverse effect on the Company’s business, financial condition or results of operations. Milestone and Royalty Payments At the inception of each license and collaboration agreement with third parties, which may require the Company to make milestone payments, the Company evaluates whether each milestone and royalty payments are substantive and at risk to both parties on the basis of the contingent nature of the milestone and royalty. The Company aggregates milestones into three categories (i) research milestones, (ii) development milestones and (iii) commercial milestones and royalties. Research milestones are typically achieved upon reaching certain criteria as defined in each agreement related to developing a molecule against the specified target. Development milestones are typically reached when a molecule reaches a defined phase of clinical research or passes such phase, or upon gaining regulatory approvals. Commercial milestones and royalties are typically achieved when an approved pharmaceutical product reaches the status for commercial sale or certain defined levels of net sales by the licensee, such as when a product first achieves global sales or annual sales of a specified amount. The Company recorded approximately $19,700 of regulatory milestone payments related to in-licensed rights as an intangible asset in June 2020, in connection with the approval of Biologics License Application TM Employment Agreements The Company has entered into employment agreements with certain of its executive officers. Generally, the terms of these agreements provide that, if the Company terminates the officer other than for cause, death or disability, or if the officer terminates his or her employment with the Company for good cause, the officer shall be entitled to receive certain severance compensation and benefits as described in each such agreement. Operating Leases The Company’s operating leases primarily include office and lab leases in Gaithersburg and Rockville, Maryland. In July 2018, the Company entered into an operating lease agreement with a related party for its headquarters in Gaithersburg, Maryland. The lease became effective July 1, 2018 and expires in June 2021 with the option to extend it by one year. In October 2019, the Company entered into an operating lease agreement with a third party for an additional office space in Rockville, Maryland. The lease became effective October 1, 2019 and expires in June 2021. In October 2019, the Company entered into an operating lease agreement with a third party for an additional lab space in Rockville, Maryland. The lease became effective October 15, 2019 and expires in February 2025. Rent expense was $188 and $52 for the three months ended June 30, 2020 and 2019, respectively, and $341 and $103 for the six months ended June 30, 2020 and 2019, respectively. The following table summarizes the Company’s future contractual payments for operating leases as of June 30, 2020: Year Ending December 31, 2020 (remaining six months) $ 465 2021 537 2022 138 2023 138 2024 138 Thereafter 23 Total $ 1,437 Capital Lease Commitments In December 2019, the Company entered into a non-cancelable capital lease agreement for lab equipment. The lease term is 60 months with a commencement date of June 1, 2020. Future minimum lease payments under non-cancelable capital lease as of June 30, 2020 are as follows: Year Ending December 31, 2020 (remaining six months) $ 119 2021 239 2022 239 2023 239 2024 239 Thereafter 99 Total minimum lease payments 1,174 Less: Amount representing interest (154 ) Present value of net minimum lease payments $ 1,020 The present value of net minimum lease payments of $1,020 is reflected in the consolidated balance sheet as current and non-current capital lease liabilities of $184 and $836, respectively, as of June 30, 2020. There was no capital lease liability as of December 31, 2019.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	10. Related party transactions In connection with the acquisition of a portfolio of clinical molecules and pre-clinical molecules for potential therapies for autoimmune diseases and inflammation from MedImmune, LLC, MedImmune Limited (collectively, “MedImmune”), and AstraZeneca Collaboration Ventures, LLC (together with MedImmune, the “AZ Parties”), the Company also entered into certain other agreements with the AZ Parties, including transition services agreement, a clinical supply agreement, a commercial supply agreement, a master supply and development services agreement, and a long-term lease agreement. During the three and six months ended June 30, 2020, the Company incurred $4,081 and $13,143 of costs under these agreements, respectively. As of June 30, 2020 and December 31, 2019, the Company recorded $4,490 and $12,892 as related party liabilities on the consolidated balance sheet, respectively. During the three and six months ended June 30, 2019

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration Agreements	11. Collaboration agreements Commercial license and collaboration agreement with Hansoh On May 24, 2019 (the “Hansoh Effective Date”), the Company entered into an exclusive commercial license and collaboration agreement with Hansoh Pharmaceutical Group Company Limited (“Hansoh”). By entering into this agreement, among other things, the Company promised to deliver to Hansoh an exclusive, sub-licensable, license to commercialize any pharmaceutical product that includes inebilizumab, in the mainland of the People’s Republic of China, Hong Kong and Macau. The Company received a non-refundable upfront payment of $15,000 in June 2019 and an additional $5,000 in December 31, 2019. In addition, the Company has the ability to receive additional payments under the agreement of up to approximately $203,000, including up to $180,000 in commercial milestone payments and development milestone payments ranging from $2,000 to $5,000 on an indication-by-indication basis and is also entitled to receive tiered royalties ranging from the low double-digit percentages to the upper-teen percentages on aggregate net sales of any products developed and commercialized in the Hansoh Territory, subject to customary potential reductions. As a result of the Hansoh transaction, the Company recognized the associated revenue of $20,000 at the Hansoh Effective Date. Commercial license and collaboration agreement with Mitsubishi Tanabe Pharma Corporation On October 8, 2019 (“MTPC Transaction Date”), the Company entered into an exclusive commercial license agreement with Mitsubishi Tanabe Pharma Corporation (“MTPC”). By entering into this agreement, among other things, the Company promised to transfer to MTPC an exclusive, sub-licensable, license to develop and commercialize any pharmaceutical product that includes inebilizumab, in Japan, Thailand, South Korea, Indonesia, Vietnam, Malaysia, Philippines, Singapore and Taiwan. The agreement required MTPC to pay to the Company a non-refundable upfront payment of $30,000. The entire upfront payment was received in January 2020 and was included within accounts receivable as of December 31, 2019 as the Company had a contractual right to bill for the entire amount as of December 31, 2019 and the Company recognized the associated revenue of $30,000 at the MTPC Transaction Date. In addition, the Company can receive additional payments upon achieving certain sales milestones related to life cycle management

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP are omitted. In the opinion of our management, all adjustments (consisting solely of normal recurring accruals) necessary for the fair statement of financial statements for the interim period have been included. The interim financial statements and accompanying notes should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on March 25, 2020 (the “Form 10-K”) . The results for any interim period are not necessarily indicative of results to be expected for any other interim periods or for a full fiscal year. The accompanying unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the recognition of research and development expenses based on when services are performed, the valuations of share based compensation arrangements, and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Revenue Recognition for Contract with Customers	Revenue Recognition for Contract with Customers ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation Product Revenues, net The Company’s contracts with its specialty distributor (the “SD”) and specialty pharmacy (the “SP”), referred to as its customers, are within the scope of ASC 606. Contractual performance obligations are limited to transfer of control of Uplizna TM TM The customer is initially invoiced at the contractual list price for Uplizna TM . Significant judgment is required in estimating GTN adjustments considering legal interpretations of applicable laws and regulations, current experience, current contract prices under applicable programs, unbilled claims, and processing time lags. The Company also reduces product revenue for cash payments (e.g., distribution fees) made to entities within the distribution channel (including the customer) where the Company does not receive a distinct good or service in exchange for such payments. Shipping and handling activities represent fulfillment activities and the Company records such costs within cost of goods sold on the consolidated statements of operations and comprehensive loss. In addition, the Company has elected to exclude taxes collected from customers and remitted to governmental authorities from the measurement of the transaction price. License revenue Refer to Note 11 for additional discussion of license and collaboration agreements.
Accounts Receivable, Net	Accounts Receivable, net The Company’s accounts receivable arise from product sales and license revenues. They are generally stated at the invoiced amount and do not bear interest. Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from certain government programs, copay assistance, prompt-pay discounts and certain distribution fees. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if no payments are required of the Company) for certain chargebacks, prompt pay discounts and certain distribution fees, or a current liability (if a payment is required of us), for government rebates, co-pay assistance and certain distribution fees. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in the customers’ credit profiles. The Company provides reserves against trade receivables for estimated credit losses that may result from a customer’s inability to pay. Amounts determined to be uncollectible are written-off against the established reserve. As of June 30, 2020, the Company did not record any accounts receivable.
Inventory	Inventory The Company capitalizes inventory costs that are expected to be sold commercially once it’s determined there is a probable future economic benefit such that the inventory costs will be recovered through commercial sale based on the review of several factors, as applicable, including (i) the likelihood that all required regulatory approvals will be obtained, (ii) the expected timing of validation (if not yet completed) of manufacturing processes in the associated facility, (iii) the expected expiration of the inventory, (iv) logistical or commercial constraints that may impede the timely distribution and sale of the product, including transport requirements and reimbursement status, (v) history of approvals of similar products or formulations and (vi) potential legal challenges. The Company began capitalizing inventories upon FDA approval of Uplizna TM TM TM The Company analyzes its inventory levels on a periodic basis to determine if any inventory is at risk for expiration prior to sale or has a cost basis that is greater than its estimated future net realizable value. Any adjustments are recognized through cost of sales in the period in which they are incurred.
Leases	Leases Lease arrangements are evaluated and classified as either an operating lease or a capital lease pursuant to ASC 840, Leases (“ASC 840”). A lease is classified as a capital lease if any of the following criteria are met: transfer of ownership to the lessee by the end of the lease term; the lease contains a bargain purchase option; the lease term is equal to 75% or greater of the asset’s useful economic life; or the present value of the future minimum lease payments is equal to or greater than 90% of the asset’s fair market value. Capital leases are recorded at the lower of the net present value of the total amount of rent payable under the leasing agreement (excluding finance charges) or fair market value of the leased asset. Capital lease assets are depreciated on a straight-line basis, over a period consistent with our normal depreciation policy for tangible fixed assets, but generally not exceeding the lease term. Operating lease expense is recognized ratably over the entire lease term.
Intangible Assets, Net	Intangible assets, net The Company’s intangible assets consist of in-licensed rights, which are stated in the Company’s consolidated balance sheets net of accumulated amortization and impairments, if applicable, and are amortized using a straight-line method over their useful lives. Additionally, the intangible assets are reviewed for impairment when certain triggering events occur. The in-licensed rights relate to agreements with previous developers of Uplizna TM TM The following table summarizes the estimated future amortization for the in-licensed rights: Year Ending December 31, 2020 (remaining six months) $ 1,020 2021 1,884 2022 1,884 2023 1,884 2024 1,884 Thereafter 11,144 Total $ 19,700
Recently Adopted and Issued Accounting Pronouncements	Recently adopted accounting pronouncements In August 2018, the FASB issued No. ASU 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework Recently issued accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less at lease inception may be accounted for similar to existing guidance for operating leases today. For public entities, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, the ASU is effective for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the guidance will have on its consolidated financial statements and expects to adopt this standard in its annual financial statements for the year ended December 31, 2020.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Future Amortization for Intangible Assets, Net	The following table summarizes the estimated future amortization for the in-licensed rights: Year Ending December 31, 2020 (remaining six months) $ 1,020 2021 1,884 2022 1,884 2023 1,884 2024 1,884 Thereafter 11,144 Total $ 19,700

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Cash, Cash Equivalents and Available-For-Sale Marketable Securities (Unaudited)	The following is a summary of the Company’s cash, cash equivalents and available-for-sale marketable securities by significant investment category (unaudited): June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 55,682 $ — $ — $ 55,682 $ 55,682 $ — $ — Level 1 Money market funds 64,870 — — 64,870 64,870 — — Subtotal 64,870 — — 64,870 64,870 — — Level 2 U.S. Treasury securities 53,355 115 (4 ) 53,466 5,000 42,357 6,109 Commercial paper 144,198 56 (19 ) 144,235 5,999 138,236 — Corporate debt securities 129,618 515 (8 ) 130,125 — 113,402 16,723 Subtotal 327,171 686 (31 ) 327,826 10,999 293,995 22,832 Total $ 447,723 $ 686 $ (31 ) $ 448,378 $ 131,551 $ 293,995 $ 22,832 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 26,821 $ — $ — $ 26,821 $ 26,821 $ — $ — Level 1 Money market funds 157,777 — — 157,777 157,777 — — Subtotal 157,777 — — 157,777 157,777 — — Level 2 U.S. Treasury securities 9,623 7 — 9,630 — 4,805 4,825 Commercial paper 55,021 4 (9 ) 55,016 13,050 41,966 — Corporate debt securities 96,964 28 (25 ) 96,967 3,203 67,174 26,590 Subtotal 161,608 39 (34 ) 161,613 16,253 113,945 31,415 Total $ 346,206 $ 39 $ (34 ) $ 346,211 $ 200,851 $ 113,945 $ 31,415

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock-based Compensation Expense (Unaudited)	Stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 was comprised of the following (unaudited): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 1,362 $ 317 $ 3,005 $ 651 General and administrative 1,724 331 2,792 636 Total $ 3,086 $ 648 $ 5,797 $ 1,287

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Future Contractual Payments for Operating Leases	The following table summarizes the Company’s future contractual payments for operating leases as of June 30, 2020: Year Ending December 31, 2020 (remaining six months) $ 465 2021 537 2022 138 2023 138 2024 138 Thereafter 23 Total $ 1,437
Future Minimum Lease Payments under Non-Cancelable Capital Lease	Future minimum lease payments under non-cancelable capital lease as of June 30, 2020 are as follows: Year Ending December 31, 2020 (remaining six months) $ 119 2021 239 2022 239 2023 239 2024 239 Thereafter 99 Total minimum lease payments 1,174 Less: Amount representing interest (154 ) Present value of net minimum lease payments $ 1,020

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2020	Oct. 31, 2019	Jun. 30, 2020	Jun. 30, 2020
Subsidiary Sale Of Stock [Line Items]
Gross proceeds from issuance of common stock				$ 169,200
Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock			3,600,000	3,600,000
Number of outstanding preferred stock converted into aggregate shares of common stock		40,618,706
IPO
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock		9,085,000
Common stock price per share		$ 19
Underwritten Public Offering
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock	3,600,000	1,185,000
Common stock price per share	$ 47		$ 47	$ 47
Gross proceeds from issuance of common stock	$ 169,200
Proceeds from issuance of common stock, net of underwriting discounts and commissions and other offering costs	$ 158,338
Aggregate Gross Proceeds from IPO
Subsidiary Sale Of Stock [Line Items]
Gross proceeds		$ 172,615
Net proceeds		$ 156,927

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 11, 2020	Jun. 10, 2020	Dec. 31, 2019
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable		$ 0				$ 30,000,000
Inventory cost included in research and development expenses					$ 94,798,000
Inventory		$ 0
Description of capital lease		A lease is classified as a capital lease if any of the following criteria are met: transfer of ownership to the lessee by the end of the lease term; the lease contains a bargain purchase option; the lease term is equal to 75% or greater of the asset’s useful economic life; or the present value of the future minimum lease payments is equal to or greater than 90% of the asset’s fair market value.
In-Licensed Rights
Schedule Of Significant Accounting Policies [Line Items]
Milestone payments		$ 19,700,000		$ 19,700,000
Series A Preferred Stock
Schedule Of Significant Accounting Policies [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	31,225,324		31,225,324
Series B Preferred Stock
Schedule Of Significant Accounting Policies [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	4,687,500		4,687,500

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Future Amortization for In-Licensed Rights (Details) $ in Thousands	Jun. 30, 2020USD ($)
Accounting Policies [Abstract]
2020 (remaining six months)	$ 1,020
2021	1,884
2022	1,884
2023	1,884
2024	1,884
Thereafter	11,144
Total	$ 19,700

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Summary of Cash, Cash Equivalents and Available-For-Sale Marketable Securities (Unaudited) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	$ 447,723	$ 346,206
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Gains	686	39
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Losses	(31)	(34)
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	448,378	346,211
Cash and cash equivalents	131,551	200,851
Current Marketable Securities	293,995	113,945
Non-Current Marketable Securities	22,832	31,415
Cash
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	55,682	26,821
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	55,682	26,821
Cash and cash equivalents	55,682	26,821
Level 1
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	64,870	157,777
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	64,870	157,777
Cash and cash equivalents	64,870	157,777
Level 1 | Money Market Funds
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	64,870	157,777
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	64,870	157,777
Cash and cash equivalents	64,870	157,777
Level 2
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	327,171	161,608
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Gains	686	39
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Losses	(31)	(34)
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	327,826	161,613
Cash and cash equivalents	10,999	16,253
Current Marketable Securities	293,995	113,945
Non-Current Marketable Securities	22,832	31,415
Level 2 | US Treasury Securities
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	53,355	9,623
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Gains	115	7
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Losses	(4)
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	53,466	9,630
Cash and cash equivalents	5,000
Current Marketable Securities	42,357	4,805
Non-Current Marketable Securities	6,109	4,825
Level 2 | Corporate Debt Securities
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	129,618	96,964
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Gains	515	28
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Losses	(8)	(25)
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	130,125	96,967
Cash and cash equivalents		3,203
Current Marketable Securities	113,402	67,174
Non-Current Marketable Securities	16,723	26,590
Level 2 | Commercial Paper
Marketable Securities [Line Items]
Cash, cash equivalents and available-for-sale marketable securities, Amortized Cost	144,198	55,021
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Gains	56	4
Cash, cash equivalents and available-for-sale marketable securities, Unrealized Losses	(19)	(9)
Cash, cash equivalents and available-for-sale marketable securities, Fair Value	144,235	55,016
Cash and cash equivalents	5,999	13,050
Current Marketable Securities	$ 138,236	$ 41,966

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Additional Information (Details)	Jun. 30, 2020
Minimum
Marketable Securities [Line Items]
Long-term marketable securities, maturity	1 year
Maximum
Marketable Securities [Line Items]
Long-term marketable securities, maturity	2 years

Common Stock - Additional Infor

Common Stock - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
Equity [Abstract]
Dividends	$ 0

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020shares
Redeemable Convertible Preferred Stock [Line Items]
Redeemable convertible preferred stock	40,618,706
Series A Preferred Stock
Redeemable Convertible Preferred Stock [Line Items]
Redeemable convertible preferred stock	35,931,206
Series B Preferred Stock
Redeemable Convertible Preferred Stock [Line Items]
Redeemable convertible preferred stock	4,687,500
IPO | Common Stock
Redeemable Convertible Preferred Stock [Line Items]
Number of outstanding preferred stock converted into shares of common stock	40,618,706

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Granted	1,467,747
Weighted-average exercise price, Granted | $ / shares	$ 41.10
Weighted average grant date fair value per share of options granted | $ / shares	$ 22.54
Total unrecognized compensation expense related to unvested stock options | $	$ 41,389
Unvested stock option recognized over period	3 years 4 months 13 days
Restricted Stock Awards (RSA)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested stock option recognized over period	2 months 23 days
Number of shares, Vested	357,157
Total unrecognized compensation expense related to restricted stock awards | $	$ 10
Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, number of common stock shares for issuance under plan	7,565,938

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	$ 3,086	$ 648	$ 5,797	$ 1,287
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	1,362	317	3,005	651
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	$ 1,724	$ 331	$ 2,792	$ 636

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0
Deferred tax assets, valuation allowance	0		$ 0
Accrued interest or penalties related to uncertain tax positions	0		0
Amount of accrued interest or penalties recognized	0		0
Unrecognized tax benefits	$ 0		$ 0

Benefit Plan - Additional Infor

Benefit Plan - Additional Information (Details) - 401(k) Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Contribution Plan Disclosure [Line Items]
Automatic matching contribution of employer ($1.00 per $1.00 of employee contribution)			100.00%
Maximum contribution by employee, percentage			4.00%
Company contributions to 401 (k) plan	$ 241	$ 87	$ 580	$ 243

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Oct. 31, 2019	Jul. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 11, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Operating lease effective date		Jul. 1, 2018
Operating lease expiration date		2021-06
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Operating lease, option to extend		option to extend it by one year
Operating lease term of extension		1 year
Rent expense			$ 188,000	$ 52,000	$ 341,000	$ 103,000
Present value of net minimum lease payments			1,020,000		1,020,000
Current capital lease liabilities			184,000		184,000			$ 0
Non-current capital lease liabilities			836,000		836,000			$ 0
Additional Office Space
Loss Contingencies [Line Items]
Operating lease effective date	Oct. 1, 2019
Operating lease expiration date	2021-06
Additional Lab Space
Loss Contingencies [Line Items]
Operating lease effective date	Oct. 15, 2019
Operating lease expiration date	2025-02
Lab Equipment
Loss Contingencies [Line Items]
Duration of non-cancelable capital lease agreement								60 months
In-Licensed Rights
Loss Contingencies [Line Items]
Accrued regulatory milestone payments			$ 19,700,000		$ 19,700,000		$ 19,700,000

Commitments and Contingencies_2

Commitments and Contingencies - Future Contractual Payments for Operating Leases (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020 (remaining six months)	$ 465
2021	537
2022	138
2023	138
2024	138
Thereafter	23
Total	$ 1,437

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Lease Payments under Non-Cancelable Capital Lease (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020 (remaining six months)	$ 119
2021	239
2022	239
2023	239
2024	239
Thereafter	99
Total minimum lease payments	1,174
Less: Amount representing interest	(154)
Present value of net minimum lease payments	$ 1,020

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party liabilities	$ 4,490		$ 4,490		$ 12,892
AZ Parties
Related Party Transaction [Line Items]
Costs under agreements	4,081	$ 5,804	13,143	$ 15,635
Related party liabilities	$ 4,490		$ 4,490		$ 12,892

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Thousands	Oct. 08, 2019	May 24, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues					$ 20,000		$ 20,000
Revenue From Contract With Customer Product And Service Extensible List				us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Commercial License And Collaboration Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-refundable upfront payments received			$ 15,000
Additional upfront non-refundable amount payment payable								$ 5,000
Revenues	$ 30,000	$ 20,000
Revenue From Contract With Customer Product And Service Extensible List		us-gaap:LicenseMember
Upfront payment yet to be received	$ 30,000
Commercial License And Collaboration Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional payments under agreement ability to receive				$ 203,000		$ 203,000
Commercial milestone payments				180,000		180,000
Development milestone payments				5,000		5,000
Commercial License And Collaboration Agreement | Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development milestone payments				$ 2,000		$ 2,000