Kaleido Biosciences (KLDO) 10-Q 14 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
Cover [Abstract]
Entity Registrant Name	KALEIDO BIOSCIENCES, INC.
Document Type	10-Q
Amendment Flag	false
Trading Symbol	KLDO
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		30,493,290
Entity Central Index Key	0001751299
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Security Exchange Name	NASDAQ
Entity File Number	001-38822
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3048279
Entity Address, Address Line One	65 Hayden Avenue
Entity Address, City or Town	Lexington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02421
City Area Code	617
Local Phone Number	674-9000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.001 Par Value
Entity Ex Transition Period	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 53,804	$ 71,241
Prepaid expenses and other current assets	3,665	2,038
Total current assets	57,469	73,279
Property and equipment, net	7,063	6,742
Restricted cash	2,287	2,285
Total assets	66,819	82,306
Current liabilities:
Accounts payable	1,224	2,016
Accrued expenses and other current liabilities	8,080	8,361
Total current liabilities	9,304	10,377
Long term debt, net of unamortized debt discount	20,564	20,391
Other liabilities	3,330	2,655
Total liabilities	33,198	33,423
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 and no shares authorized; no shares issued or outstanding	0	0
Common stock, $0.001 par value, 150,000,000 shares authorized; 30,463,540 and 30,129,096 shares issued; 30,463,540 and 30,127,846 shares outstanding at March 31, 2020 and December 31, 2019, respectively	30	30
Additional paid-in capital	245,701	241,412
Accumulated deficit	(212,110)	(192,559)
Total stockholders' equity	33,621	48,883
Total liabilities and stockholders’ equity	$ 66,819	$ 82,306

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Preferred Stock
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	10,000,000	0
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common Stock
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	150,000,000	150,000,000
Common stock issued (in shares)	30,463,540	30,129,096
Common stock outstanding (in shares)	30,463,540	30,127,846

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating expenses:
Research and development	$ 13,137	$ 15,182
General and administrative	5,917	5,433
Total operating expenses	19,054	20,615
Loss from operations	(19,054)	(20,615)
Other (expense) income:
Interest income	193	407
Interest expense	(688)	(258)
Change in fair value of warrant liability		252
Other expense	(2)	(5)
Total other (expense) income, net	(497)	396
Net loss	$ (19,551)	$ (20,219)
Net loss per share —basic and diluted	$ (0.64)	$ (1.56)
Weighted-average common shares outstanding —basic and diluted	30,333,283	12,963,994

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ (96,244)	$ 6	$ 9,978	$ (106,228)
Beginning balance (in shares) at Dec. 31, 2018		5,786,911
Conversion of redeemable convertible preferred stock into common stock	153,226	$ 19	153,207
Conversion of redeemable convertible preferred stock into common stock (in shares)		18,517,386
Conversion of preferred stock warrant to common stock warrant upon closing of initial public offering	871		871
Issuance of common stock, net of issuance costs of $8,411	66,589	$ 5	66,584
Issuance of common stock, net of issuance costs of $8,411 (in shares)		5,000,000
Exercise of common stock warrant (in shares)		51,015
Exercise of stock options	60		60
Exercise of stock options (in shares)		75,313
Stock-based compensation	2,528		2,528
Vesting of restricted shares	325		325
Vesting of restricted shares (in shares)		148,843
Net loss	(20,219)			(20,219)
Ending balance at Mar. 31, 2019	107,136	$ 30	233,553	(126,447)
Ending balance (in shares) at Mar. 31, 2019		29,579,468
Beginning balance at Dec. 31, 2019	48,883	$ 30	241,412	(192,559)
Beginning balance (in shares) at Dec. 31, 2019		30,127,846
Exercise of stock options	1,561		1,561
Exercise of stock options (in shares)		334,444
Stock-based compensation	2,725		2,725
Vesting of restricted shares	3		3
Vesting of restricted shares (in shares)		1,250
Net loss	(19,551)			(19,551)
Ending balance at Mar. 31, 2020	$ 33,621	$ 30	$ 245,701	$ (212,110)
Ending balance (in shares) at Mar. 31, 2020		30,463,540

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - Parenthetical $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Statement Of Stockholders Equity [Abstract]
Common stock, issuance costs	$ 8,411

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net loss	$ (19,551)	$ (20,219)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	369	293
Equity-based compensation	2,725	2,528
Amortization of debt discount	173
Non-cash interest expense	173	12
Change in fair value of warrant liability		(252)
Changes in:
Prepaid expenses and other assets	(1,627)	(2,486)
Accounts payable	(792)	(129)
Accrued expense and other liabilities	631	(2,543)
Net cash used in operating activities	(17,899)	(22,796)
Investing activities:
Purchase of property and equipment	(1,075)	(1,126)
Net cash and restricted cash used in investing activities	(1,075)	(1,126)
Financing activities:
Proceeds from exercise of stock options	1,561	60
Payments related to capital lease	(22)	(25)
Issuance of common stock, net of issuance costs		69,443
Settlement of derivative liability		(300)
Net cash provided by financing activities	1,539	69,178
Net (decrease) increase in cash, cash equivalents, and restricted cash	(17,435)	45,256
Cash, cash equivalents, and restricted cash, beginning of period	73,526	78,266
Cash, cash equivalents, and restricted cash, end of period	56,091	123,522
Supplemental cash flow information
Interest paid	342	245
Supplemental disclosure of non-cash investing and financing activities
Vesting of restricted shares	$ 3	325
Reclassification of warrants to additional paid-in capital		871
Conversion of preferred stock to common stock upon closing of the initial public offering		153,226
Purchase of property and equipment in accounts payable and accrued expenses		181
Initial public offering costs incurred but unpaid at period end		$ 1,039

Nature of the Business, Basis o

Nature of the Business, Basis of Presentation, and Going Concern	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of the Business, Basis of Presentation, and Going Concern	1. Nature of the Business, Basis of Presentation, and Going Concern Kaleido Biosciences, Inc. and its wholly owned subsidiaries (collectively, the “Company”) is a clinical-stage healthcare company that was incorporated in Delaware on January 27, 2015 and has a principal place of business in Lexington, Massachusetts. The Company was formed to use its differentiated, chemistry-driven approach to leverage the potential of the microbiome organ to treat disease and improve human health. The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of preclinical studies (including ex vivo On March 4, 2019, the Company completed its initial public offering (the "IPO"), pursuant to which it issued and sold 5,000,000 shares of common stock. The aggregate net proceeds received by the Company from the IPO were $69.8 million, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which totaled $3.8 million. Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 18,517,386 shares of common stock. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. As of March 31, 2020, the Company had an accumulated deficit of $212,110. The Company expects to continue to generate operating losses and use cash in operations in the foreseeable future. As of March 31, 2020, the Company had cash and cash equivalents of $53.8 million, and management expects that the cash and cash equivalents at March 31, 2020 will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of 2021. Based on its recurring losses from operations incurred since inception, expectation of continuing operating losses for the foreseeable future, and need to raise additional capital to finance its future operations, the Company has concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. These capital requirements are expected to be funded through debt and equity offerings as well as possible strategic collaborations with other companies. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce or eliminate its product development or future commercialization efforts, or grant rights to develop and market product candidates that the Company would otherwise prefer to develop and market itself. While there can be no assurance the Company will be able to successfully reduce operating expenses or raise additional capital, management believes the historical success in managing cash flows and obtaining capital will continue in the foreseeable future. A novel strain of coronavirus (COVID-19) was first identified in late 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company has instituted some and may take additional temporary precautionary measures intended to help minimize the risk of the virus to its employees, including implementing a work-at-home policy, providing flexibility for working parents and suspending all business-related travel. The full extent of the future impacts of COVID-19 on our operations, including the timing and ability of the Company to complete certain clinical trials and other efforts to advance the development of our MMTs, is uncertain.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited interim financial information The consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 2, 2020. All intercompany transactions and balances of the subsidiaries have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair representation of the results for the reported interim periods. Use of Estimates The preparation of the consolidated financial statements in accordance 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Accounting Pronouncements Issued and Not Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which applies to all leases and will require the Company to record most leases on the balance sheet. The Company will use a modified retrospective approach of adoption for ASU 2016-02. As an emerging growth company, this standard is required to be adopted on January 1, 2022, and the Company is evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements. The Company expects to recognize a significant lease obligation and right to use asset upon adoption.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value on a recurring basis: Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 25,384 — — $ 25,384 Total $ 25,384 — — $ 25,384 Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 25,304 — — $ 25,304 Total $ 25,304 — — $ 25,304 The fair value of money market funds was measured by the Company based on quoted market prices. Financial Instruments Not Recorded at Fair Value – The carrying value of cash, cash equivalents, restricted cash, accounts payable and accrued expenses that are reported on the condensed consolidated balance sheets approximate their fair value due to the short-term nature of these assets and liabilities. The carrying value of the long-term debt approximates fair value as evidenced by the recent refinancings.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property and Equipment, net	4. Property and Equipment, net Property and equipment consist of the following: As of March 31, 2020 December 31, 2019 Laboratory equipment $ 4,791 $ 4,526 Office and computer equipment 1,418 1,418 Leasehold improvements 687 687 Construction in process 3,075 2,650 Property and equipment – at cost 9,971 9,281 Less accumulated depreciation and amortization (2,908 ) (2,539 ) Property and equipment – net $ 7,063 $ 6,742 Depreciation and amortization expense for the three months ended March 31, 2020 and 2019 was $369 and $293, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of March 31, 2020 December 31, 2019 Payroll and benefits $ 1,029 $ 2,426 Consulting service 539 230 Legal service 134 171 Research and development 4,957 4,259 Capital lease payable – short term 46 68 Interest expense 173 — Other 1,202 1,207 $ 8,080 $ 8,361

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt Financing	6. Debt Financing On December 31, 2019, the Company entered into a Credit Agreement (the “Credit Agreement”) with Hercules Capital, Inc. (the “Lender”). Under the Credit Agreement, the Company borrowed $22.5 million, and the Company has the option to draw down an additional $12.5 million if certain milestones and conditions are met. The Company incurred fees of $0.3 million, which was paid to the Lender on the closing date. These amounts were recorded as a debt discount and are being amortized as interest expense using the effective interest method over the life of the Credit Agreement. The Credit Agreement also includes an end of term charge equal to 7.55% of the aggregate principal amount of all advances. The end of term charge, totaling $1.7 million at December 31, 2019, was recognized as a debt discount and is reflected as a reduction in the carrying value of the debt and recorded in other long-term liabilities. The debt discount created by the end of term charge is being accreted and will be recognized as additional interest expense over the term of the Credit Agreement using the effective interest method. The Credit Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to, among other things, incur additional indebtedness, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions. As security for its obligations under the Credit Agreement, the Company granted the Lender a first priority security interest on substantially all of the Company’s assets (other than intellectual property), and subject to certain exceptions. The outstanding principal under the Credit Agreement has a 48-month term with interest only payments for the first 15 months, which period can be extended to up to 24 months, depending on the achievement of certain performance milestones. The outstanding principal bears interest at a rate equal to the greater of (i) 8.95% plus the prime rate minus 4.75% and (ii) 8.95%. The Credit Agreement includes mandatory prepayment provisions that require prepayment upon the occurrence of a change in control event. Future principal payments under the Credit Agreement as of March 31, 2020 are as follows (in thousands): 2021 5,454 2022 8,182 2023 8,182 2024 682 Total future principal payments 22,500 Less unamortized debt discount 1,936 Total balance $ 20,564

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and contingencies	7. Commitments and contingencies Facilities Leases In March 2018, the Company entered into a non-cancelable ten-year Rent expense for the three months ended March 31, 2020 and 2019 totaled $1,779 and $1,024, respectively. Future minimum lease payments under the non-cancelable operating leases consisted of the following as of March 31, 2020: Year Ending December 31, 2020 $ 4,642 2021 6,026 2022 6,207 2023 6,393 2024 6,584 Thereafter 32,284 $ 62,136

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss per Share	8. Net Loss per Share Basic and diluted net loss per common share is determined by dividing net loss by the weighted-average common shares outstanding during the period. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock and unvested restricted common stock, outstanding during the period determined using the treasury stock method, except where the effect of including such securities would be anti-dilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and therefore basic and diluted net loss per share have been equivalent. The following table presents securities that have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive: As of March 31, 2020 2019 Options to purchase common stock 6,694,275 6,937,706 Unvested restricted common stock — 179,781 6,694,275 7,117,487

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Consolidation	All intercompany transactions and balances of the subsidiaries have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Accounting Pronouncements Issued and Not Adopted	Accounting Pronouncements Issued and Not Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which applies to all leases and will require the Company to record most leases on the balance sheet. The Company will use a modified retrospective approach of adoption for ASU 2016-02. As an emerging growth company, this standard is required to be adopted on January 1, 2022, and the Company is evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements. The Company expects to recognize a significant lease obligation and right to use asset upon adoption.
Net Loss per Share	Basic and diluted net loss per common share is determined by dividing net loss by the weighted-average common shares outstanding during the period. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock and unvested restricted common stock, outstanding during the period determined using the treasury stock method, except where the effect of including such securities would be anti-dilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and therefore basic and diluted net loss per share have been equivalent.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Carried at Fair Value on a Recurring Basis	The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value on a recurring basis: Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 25,384 — — $ 25,384 Total $ 25,384 — — $ 25,384 Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 25,304 — — $ 25,304 Total $ 25,304 — — $ 25,304

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: As of March 31, 2020 December 31, 2019 Laboratory equipment $ 4,791 $ 4,526 Office and computer equipment 1,418 1,418 Leasehold improvements 687 687 Construction in process 3,075 2,650 Property and equipment – at cost 9,971 9,281 Less accumulated depreciation and amortization (2,908 ) (2,539 ) Property and equipment – net $ 7,063 $ 6,742

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of March 31, 2020 December 31, 2019 Payroll and benefits $ 1,029 $ 2,426 Consulting service 539 230 Legal service 134 171 Research and development 4,957 4,259 Capital lease payable – short term 46 68 Interest expense 173 — Other 1,202 1,207 $ 8,080 $ 8,361

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Future Principal Payments	Future principal payments under the Credit Agreement as of March 31, 2020 are as follows (in thousands): 2021 5,454 2022 8,182 2023 8,182 2024 682 Total future principal payments 22,500 Less unamortized debt discount 1,936 Total balance $ 20,564

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	Future minimum lease payments under the non-cancelable operating leases consisted of the following as of March 31, 2020: Year Ending December 31, 2020 $ 4,642 2021 6,026 2022 6,207 2023 6,393 2024 6,584 Thereafter 32,284 $ 62,136

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding	The following table presents securities that have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive: As of March 31, 2020 2019 Options to purchase common stock 6,694,275 6,937,706 Unvested restricted common stock — 179,781 6,694,275 7,117,487

Nature of the Business, Basis_2

Nature of the Business, Basis of Presentation, and Going Concern (Details) - USD ($) $ in Thousands	Mar. 04, 2019	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Conversion of Stock [Line Items]
Proceeds from initial public offering		$ 69,443
Accumulated deficit			$ (212,110)	$ (192,559)
Cash and cash equivalents			$ 53,804	$ 71,241
IPO
Conversion of Stock [Line Items]
Issuance of common stock (in shares)	5,000,000
Proceeds from initial public offering	$ 69,800
Offering costs payable	$ 3,800
Common Stock
Conversion of Stock [Line Items]
Conversion of stock, shares converted (in shares)	18,517,386	18,517,386

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	$ 25,384	$ 25,304
Level 1
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	25,384	25,304
Level 2
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Level 3
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Money market funds included within cash and cash equivalents
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	25,384	25,304
Money market funds included within cash and cash equivalents | Level 1
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	25,384	25,304
Money market funds included within cash and cash equivalents | Level 2
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	0	0
Money market funds included within cash and cash equivalents | Level 3
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	$ 0	$ 0

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment – at cost	$ 9,971		$ 9,281
Less accumulated depreciation and amortization	(2,908)		(2,539)
Property and equipment – net	7,063		6,742
Depreciation and amortization	369	$ 293
Laboratory equipment
Property Plant And Equipment [Line Items]
Property and equipment – at cost	4,791		4,526
Office and computer equipment
Property Plant And Equipment [Line Items]
Property and equipment – at cost	1,418		1,418
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment – at cost	687		687
Construction in process
Property Plant And Equipment [Line Items]
Property and equipment – at cost	$ 3,075		$ 2,650

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Payroll and benefits	$ 1,029	$ 2,426
Consulting service	539	230
Legal service	134	171
Research and development	4,957	4,259
Capital lease payable – short term	46	68
Interest expense	173
Other	1,202	1,207
Total accrued expenses and other current liabilities	$ 8,080	$ 8,361

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details) - 2019 Credit Agreement - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2019	Mar. 31, 2020
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 22,500,000
Option to draw down an additional amount	12,500,000
Line of credit facility fees amount payable	$ 300,000
Credit agreement end of term charge percentage	7.55%
debt discount	$ 1,700,000
Credit agreement, expiration period	48 months
Credit agreement interest payment period	15 months
Credit agreement interest payment extension period	24 months
Line of Credit
Line of Credit Facility [Line Items]
Debt instrument effective percentage interest rate	8.95%
Debt instrument, basis spread on variable rate	4.75%
Debt instrument, description of variable rate basis		The outstanding principal bears interest at a rate equal to the greater of (i) 8.95% plus the prime rate minus 4.75% and (ii) 8.95%.

Debt Financing - Summary of Fut

Debt Financing - Summary of Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Long term debt, net of unamortized debt discount	$ 20,564	$ 20,391
2019 Credit Agreement
Line of Credit Facility [Line Items]
2021	5,454
2022	8,182
2023	8,182
2024	682
Total future principal payments	22,500
Less unamortized debt discount	1,936
Long term debt, net of unamortized debt discount	$ 20,564

Commitments and contingencies -

Commitments and contingencies - Facilities Leases (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Operating lease, term of contract	10 years		10 years	10 years
Lease expiration	2029
Rent expense		$ 1,779	$ 1,024

Commitments and contingencies_2

Commitments and contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 4,642
2021	6,026
2022	6,207
2023	6,393
2024	6,584
Thereafter	32,284
Total future minimum lease payments	$ 62,136

Net Loss per Share (Details)

Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	6,694,275	7,117,487
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	6,694,275	6,937,706
Unvested restricted common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities		179,781