Kaleido Biosciences (KLDO) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 29, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-38822
Entity Registrant Name	KALEIDO BIOSCIENCES, INC.
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
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	KLDO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,062,545
Entity Central Index Key	0001751299
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 81,272	$ 76,086
Prepaid expenses and other current assets	1,942	157
Total current assets	83,214	76,243
Property and equipment, net	5,811	4,693
Restricted cash	2,187	2,180
Deferred issuance costs	0	2,209
Total assets	91,212	85,325
Current liabilities:
Accounts payable	1,657	3,442
Accrued expenses and other current liabilities	8,599	7,859
Total current liabilities	10,256	11,301
Long term debt, net of unamortized debt discount	14,868	14,831
Restricted shares repurchase liability	48	720
Other liabilities	0	278
Warrant liability	0	1,213
Total liabilities	25,172	28,343
Redeemable convertible preferred stock, $0.001 par value, no shares and 37,171,832 shares authorized; no shares and 37,034,802 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	0	153,226
Commitments and contingencies (Note 7)
Shareholders’ equity:
Preferred shares, $0.001 par value, 10,000,000 and no shares authorized; no shares issued or outstanding at September 30, 2019 and December 31, 2018, respectively	0	0
Common shares, $0.001 par value, 150,000,000 and 66,000,000 shares authorized; 30,077,386 and 6,115,535 shares issued; 30,055,668 and 5,786,911 shares outstanding at September 30, 2019 and December 31, 2018, respectively	30	6
Additional paid-in capital	239,057	9,978
Accumulated deficit	(173,047)	(106,228)
Total shareholders' equity (deficit)	66,040	(96,244)
Total liabilities, redeemable convertible preferred stock and shareholders’ equity (deficit)	$ 91,212	$ 85,325
Redeemable convertible preferred stock par value (in dollars per share)		$ 0.001

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock par value (in dollars per share)		$ 0.001
Redeemable convertible preferred stock shares authorized (in shares)	0	37,171,832
Redeemable convertible preferred stock shares issued (in shares)	0	37,034,802
Redeemable convertible preferred stock shares outstanding (in shares)	0	37,034,802
Preferred Stock
Preferred shares par value (in dollars per share)	$ 0.001	$ 0.001
Preferred shares authorized (in shares)	10,000,000	0
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0
Common Stock
Common shares par value (in dollars per share)	$ 0.001	$ 0.001
Common shares authorized (in shares)	150,000,000	66,000,000
Common shares issued (in shares)	30,077,386	6,115,535
Common shares outstanding (in shares)	30,055,668	5,786,911

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating expenses:
Research and development	$ 16,188	$ 10,168	$ 50,145	$ 26,854
General and administrative	5,930	7,144	17,544	13,024
Total operating expenses	22,118	17,312	67,689	39,878
Loss from operations	(22,118)	(17,312)	(67,689)	(39,878)
Other (expense) income:
Interest income	429	375	1,419	716
Interest expense	(258)	(243)	(776)	(745)
Change in fair value of warrant liability	0	(56)	252	(405)
Other expense	(14)	(170)	(25)	(202)
Total other expense, net	157	(94)	870	(636)
Net loss	$ (21,961)	$ (17,406)	$ (66,819)	$ (40,514)
Net loss per share —basic and diluted (in dollars per share)	$ (0.74)	$ (3.38)	$ (2.76)	$ (8.22)
Weighted-average common shares outstanding used in net loss per share—basic and diluted (in shares)	29,856,233	5,146,301	24,224,359	4,931,183

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity (Unaudited) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2017		26,927,398
Beginning balance at Dec. 31, 2017		$ 52,494
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C convertible preferred stock (net of issuance costs of $168) (in shares)		7,116,414
Issuance of Series C convertible preferred stock (net of issuance costs of $168)		$ 70,925
Ending balance (in shares) at Mar. 31, 2018		34,043,812
Ending balance at Mar. 31, 2018		$ 123,419
Beginning balance (in shares) at Dec. 31, 2017			4,711,963
Beginning balance at Dec. 31, 2017	$ (43,679)		$ 5	$ 800	$ (44,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			9,944
Exercise of stock options	2			2
Stock-based compensation	234			234
Vesting of restricted shares (in shares)			72,656
Vesting of restricted shares	158			158
Net loss	(10,760)				(10,760)
Ending balance (in shares) at Mar. 31, 2018			4,794,563
Ending balance at Mar. 31, 2018	(54,045)		$ 5	1,194	(55,244)
Beginning balance (in shares) at Dec. 31, 2017		26,927,398
Beginning balance at Dec. 31, 2017		$ 52,494
Ending balance (in shares) at Sep. 30, 2018		37,034,802
Ending balance at Sep. 30, 2018		$ 153,232
Beginning balance (in shares) at Dec. 31, 2017			4,711,963
Beginning balance at Dec. 31, 2017	(43,679)		$ 5	800	(44,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of preferred stock warrant to common stock warrant upon closing of initial public offering	0
Vesting of restricted shares	1,522
Net loss	(40,514)
Ending balance (in shares) at Sep. 30, 2018			5,515,724
Ending balance at Sep. 30, 2018	(78,022)		$ 6	6,970	(84,998)
Beginning balance (in shares) at Mar. 31, 2018		34,043,812
Beginning balance at Mar. 31, 2018		$ 123,419
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C convertible preferred stock (net of issuance costs of $168) (in shares)		2,990,990
Issuance of Series C convertible preferred stock (net of issuance costs of $168)		$ 29,813
Ending balance (in shares) at Jun. 30, 2018		37,034,802
Ending balance at Jun. 30, 2018		$ 153,232
Beginning balance (in shares) at Mar. 31, 2018			4,794,563
Beginning balance at Mar. 31, 2018	(54,045)		$ 5	1,194	(55,244)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			843
Exercise of stock options	4			4
Stock-based compensation	503			503
Vesting of restricted shares (in shares)			254,252
Vesting of restricted shares	555			555
Net loss	(12,348)				(12,348)
Ending balance (in shares) at Jun. 30, 2018			5,049,658
Ending balance at Jun. 30, 2018	(65,331)		$ 5	2,256	(67,592)
Ending balance (in shares) at Sep. 30, 2018		37,034,802
Ending balance at Sep. 30, 2018		$ 153,232
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			94,686
Exercise of stock options	84			84
Stock-based compensation	3,822			3,822
Vesting of restricted shares (in shares)			371,380
Vesting of restricted shares	809		$ 1	808
Net loss	(17,406)				(17,406)
Ending balance (in shares) at Sep. 30, 2018			5,515,724
Ending balance at Sep. 30, 2018	$ (78,022)		$ 6	6,970	(84,998)
Beginning balance (in shares) at Dec. 31, 2018	37,034,802	37,034,802
Beginning balance at Dec. 31, 2018	$ 153,226	$ 153,226
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock (in shares)		(37,034,802)
Conversion of redeemable convertible preferred stock into common stock		$ (153,226)
Ending balance (in shares) at Mar. 31, 2019		0
Ending balance at Mar. 31, 2019		$ 0
Beginning balance (in shares) at Dec. 31, 2018			5,786,911
Beginning balance at Dec. 31, 2018	(96,244)		$ 6	9,978	(106,228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock (in shares)			18,517,386
Conversion of redeemable convertible preferred stock into common stock	153,226		$ 19	153,207
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 (in shares)			5,000,000
Issuance of common stock, net of issuance costs	66,589		$ 5	66,584
Exercise of common stock warrant (in shares)			51,015
Exercise of common stock warrant	0
Exercise of stock options (in shares)			75,313
Exercise of stock options	60			60
Stock-based compensation	2,528			2,528
Vesting of restricted shares (in shares)			148,843
Vesting of restricted shares	325			325
Net loss	(20,219)				(20,219)
Ending balance (in shares) at Mar. 31, 2019			29,579,468
Ending balance at Mar. 31, 2019	$ 107,136		$ 30	233,553	(126,447)
Beginning balance (in shares) at Dec. 31, 2018	37,034,802	37,034,802
Beginning balance at Dec. 31, 2018	$ 153,226	$ 153,226
Ending balance (in shares) at Sep. 30, 2019	0	0
Ending balance at Sep. 30, 2019	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2018			5,786,911
Beginning balance at Dec. 31, 2018	(96,244)		$ 6	9,978	(106,228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of preferred stock warrant to common stock warrant upon closing of initial public offering	$ 871
Exercise of stock options (in shares)	400,518
Vesting of restricted shares	$ 672
Net loss	(66,819)
Ending balance (in shares) at Sep. 30, 2019			30,055,668
Ending balance at Sep. 30, 2019	66,040		$ 30	239,057	(173,047)
Beginning balance (in shares) at Mar. 31, 2019		0
Beginning balance at Mar. 31, 2019		$ 0
Ending balance (in shares) at Jun. 30, 2019		0
Ending balance at Jun. 30, 2019		$ 0
Beginning balance (in shares) at Mar. 31, 2019			29,579,468
Beginning balance at Mar. 31, 2019	107,136		$ 30	233,553	(126,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs	(644)			(644)
Exercise of stock options (in shares)			69,788
Exercise of stock options	72			72
Stock-based compensation	2,400			2,400
Vesting of restricted shares (in shares)			137,594
Vesting of restricted shares	301			301
Net loss	(24,639)				(24,639)
Ending balance (in shares) at Jun. 30, 2019			29,786,850
Ending balance at Jun. 30, 2019	$ 84,626		$ 30	235,682	(151,086)
Ending balance (in shares) at Sep. 30, 2019	0	0
Ending balance at Sep. 30, 2019	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			248,349
Exercise of stock options	420			420
Stock-based compensation	2,909			2,909
Vesting of restricted shares (in shares)			20,469
Vesting of restricted shares	46			46
Net loss	(21,961)				(21,961)
Ending balance (in shares) at Sep. 30, 2019			30,055,668
Ending balance at Sep. 30, 2019	$ 66,040		$ 30	$ 239,057	$ (173,047)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - Parenthetical - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common stock, issuance costs	$ 644	$ 644	$ 8,411
Issuance costs of Series C convertible preferred stock				$ 67	$ 67	$ 168

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net loss	$ (66,819)	$ (40,514)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	964	529
Equity-based compensation	7,837	4,559
Non-cash interest expense	37	45
Change in fair value of warrant liability	(252)	555
Changes in:
Prepaid expenses and other assets	(1,660)	(470)
Accounts payable	(1,137)	827
Accrued expense and other liabilities	881	2,306
Net cash used in operating activities	(60,149)	(32,163)
Investing activities:
Purchase of property and equipment	(2,588)	(1,943)
Net cash and restricted cash used in investing activities	(2,588)	(1,943)
Financing activities:
Payments for deferred issuance costs	0	(457)
Payments from issuance costs related to debt	0	(25)
Proceeds from preferred stock financing, net of issuance costs	0	100,730
Proceeds from exercise of stock options	538	90
Payments related to capital lease	(69)	(78)
Issuance of common stock, net of issuance costs	67,761	0
Settlement of derivative liability	(300)	0
Net cash provided by financing activities	67,930	100,260
Net increase in cash, cash equivalents, and restricted cash	5,193	66,154
Cash, cash equivalents, and restricted cash, beginning of period	78,266	28,677
Cash, cash equivalents, and restricted cash, end of period	83,459	94,831
Supplemental cash flow information
Interest paid	739	700
Supplemental disclosure of non-cash investing and financing activities
Vesting of restricted stock	672	1,522
Reclassification of warrants to additional paid-in capital	871	0
Derivative liability related to debt	0	15
Conversion of preferred stock to common stock upon closing of the initial public offering	153,226	0
Initial public offering costs incurred but unpaid at period end	0	1,000
Purchase of property and equipment in accounts payable and accrued expenses	99	54
Settlement from Exercise of Stock Options	14	0
Other Assets, non-cash	112	0
Settlement from Exercise of Stock Options	$ 14	$ 0

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Nature of the Business and Basis of Presentation Kaleido Biosciences, Inc. and its wholly owned subsidiaries, Cadena Bio, Inc. and Kaleido Biosciences Securities Corporation (collectively referred to as 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 assays), clinical studies and clinical trials, the need to obtain marketing approval for its drug candidates and if applicable, its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to supply sufficient amounts of Microbiome Metabolic Therapies ("MMTs") at an acceptable quality level. 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 $69,750, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which totaled $3,805. Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 18,517,386 shares of common stock. The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has financed its operations through private placements of its equity securities, borrowings of long-term debt and most recently, through a public offering. As of September 30, 2019, the Company had an accumulated deficit of $173,047. The Company expects to continue to generate operating losses in the foreseeable future. As of the issuance date of the consolidated financial statements, the Company expects that its cash and cash equivalents, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the interim consolidated financial statements. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, reduce or eliminate our product development or future commercialization efforts, or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 Prospectus that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-229204), which was filed with the SEC pursuant to Rule 424(b)(4) on March 1, 2019 (the “Prospectus”). 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. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the Prospectus. There have been no material changes to the significant accounting policies during the period ended September 30, 2019. 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 lessees to record most leases on the balance sheet but recognize expense in a manner similar to the current standard. The Company will use a modified retrospective approach of adoption for leases. The Company will adopt this standard on January 1, 2020 and is currently evaluating the impact that the adoption of ASU 2016-02 and ASU No. 2018-11 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	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables set forth by level, within the fair value hierarchy, the assets and liabilities carried at fair value on a recurring basis: Fair Value Measurement as of September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 80,724 — — $ 80,724 Total $ 80,724 — — 80,724 Fair Value Measurement as of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 74,145 — — $ 74,145 Total $ 74,145 — — $ 74,145 Liabilities: Warrant liability $ — — 1,213 $ 1,213 Derivative liability — — 210 $ 210 $ — — 1,423 $ 1,423 The fair value of money market funds was measured by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. The convertible preferred stock warrant liability consisted of the fair value of warrants to purchase Series A and Series B convertible preferred stock and was based on significant inputs not observable in the market, which represent a Level 3 measurement within the fair value hierarchy. The Company’s valuation of the convertible preferred stock warrants utilized the Black-Scholes option-pricing model, which incorporates assumptions and estimates to value the convertible preferred stock warrants. The Company assessed these assumptions and estimates on a quarterly basis as additional information impacting the assumptions was obtained. Changes in the fair value of the convertible preferred stock warrants were recognized as other income (expense) in the consolidated statements of operations. The quantitative elements associated with the Company’s Level 3 inputs that impact the fair value measurement of the convertible preferred stock warrant liability included the fair value per share of the underlying Series A and Series B convertible preferred stock, the remaining contractual term of the warrants, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying convertible preferred stock. The most significant assumption in the Black-Scholes option-pricing model that impacts the fair value of the convertible preferred stock warrants was the fair value of the Company’s convertible preferred stock as of each re-measurement date. The Company determined the fair value per share of the underlying convertible preferred stock by taking into consideration its most recent sales of its convertible preferred stock as well as additional factors that the Company deems relevant. The Company historically has been a private company and lacked company-specific historical and implied volatility information of its stock. Therefore, it estimates its expected stock volatility based on the historical volatility of publicly-traded peer companies for a term equal to the remaining contractual term of the warrants. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrants. The Company has estimated a 0% dividend yield based on the expected dividend yield and the fact that the Company has never paid or declared dividends. Upon the closing of the IPO, the warrants for the purchase of convertible preferred stock automatically became warrants for the purchase of common stock and the Company reclassified the carrying value of the warrants from a liability to additional paid-in capital in the consolidated balance sheet. The warrants were subsequently exercised. The fair value of the derivative liability recognized in connection with the contingent success fee associated with the amended term loan agreement (see Note 6) was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the derivative liability was determined using the probability-weighted expected return method (“PWERM”), which considered as inputs the probability of occurrence of an event (as defined), the expected timing of a liquidity event, the amount of the success fee and a risk-adjusted discount rate. As of December 31, 2018, the assumed probability of occurrence of the event that was most probable of triggering the payment was 70%, the expected timing of such an event was estimated to be less than one year, the amount of the success fee was $300 and the discount rate was assessed to be 0%. As of March 4, 2019, the closing date of the IPO, the assumed probability of occurrence of the event that was most probable of triggering the payment increased to 100% and the discount rate was assessed to be 0%. Based on these inputs, the Company determined that the fair value of the derivative liability was $210 as of December 31, 2018 and $300 as of March 4, 2019. Upon completion of the IPO, the success fee of $300 was paid in March 2019. 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 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 amendment to the term loan agreement.

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment consist of the following: As of September 30, 2019 December 31, 2018 Laboratory equipment $ 4,263 $ 3,226 Office and computer equipment 1,418 1,337 Leasehold improvements 687 653 Construction in process 1,629 698 Property and equipment – at cost 7,997 5,914 Less accumulated depreciation and amortization (2,186) (1,221) Property and equipment – net 5,811 $ 4,693 Depreciation and amortization expense for the three and nine months ended September 30, 2019 was $340 and $964, respectively. Depreciation and amortization expense for the three and nine months ended September 30, 2018 was $194 and $529, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of September 30, 2019 December 31, 2018 Payroll and benefits $ 3,021 $ 3,297 Consulting service 472 243 Legal service 80 90 Research and development 4,258 3,718 Capital lease payable – short term 90 91 Other 678 420 $ 8,599 $ 7,859

Debt Financing

Debt Financing	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt Financing	Debt Financing The Company is party to a loan and security agreement, as amended (the “2015 Credit Facility”), under which the Company has borrowed an aggregate of $15,000. Borrowings under the 2015 Credit Facility bear interest at an annual rate equal to the lender’s prime rate plus 1.00%, subject to a floor of 5.75%, and are repayable in monthly interest-only payments through April 2020 and in equal monthly payments of principal plus accrued interest from May 2020 until the maturity date in April 2022. As of September 30, 2019, the interest rate applicable to borrowings under the 2015 Credit Facility was 6.50%. Borrowings under the 2015 Credit Facility are collateralized by substantially all of the Company’s personal property, other than its intellectual property. There are no financial covenants associated with the 2015 Credit Facility; however, the Company is subject to certain affirmative and negative covenants restricting the Company’s activities, including limitations on dispositions, mergers or acquisitions; encumbering its intellectual property; incurring indebtedness or liens; paying dividends; making certain investments; and engaging in certain other business transactions. The obligations under the 2015 Credit Facility is subject to acceleration upon the occurrence of specified events of default, including a material adverse change in the Company’s business, operations or financial or other condition. The scheduled principal maturity of the 2015 Credit Facility is $5,000 in 2020, $7,500 in 2021 and $2,500 in 2022. As part of an amendment to the 2015 Credit Facility in June 2018, a success fee of $300 was required in the event of a liquidation event, including an IPO. The success fee represented an embedded derivative which the Company bifurcated from the debt arrangement and carried at fair value. In March 2019, the Company completed its IPO and paid the success fee of $300.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Facilities Leases Lexington, MA Lease In March 2018, the Company entered into a non-cancelable ten-year lease agreement for laboratory and office space in Lexington, Massachusetts. In March 2019, the Company exercised its option to lease additional premises (the “Expansion Premises”) comprised of 54,468 square feet of space on the second floor of the building. Under the terms of the option, the Company will not gain access to the additional space until December 1, 2019 at the earliest. Rent expense for the three and nine months ended September 30, 2019 was $1,023 and $3,068, respectively. Rent expense for the three and nine months ended September 30, 2018 was $299 and $783, respectively. Future minimum lease payments under the non-cancelable operating leases consisted of the following as of September 30, 2019: Year Ending December 31, 2019 $ 943 2020 5,757 2021 5,922 2022 6,100 2023 6,283 Thereafter 37,155 $ 62,160

Common stock

Common stock	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Common stock	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. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. Upon the closing of the IPO in March 2019, all of the shares of the Company’s outstanding convertible preferred stock automatically converted into 18,517,386 shares of common stock. In March 2019, the Company filed an amended and restated certificate of incorporation in the State of Delaware, which, among other things, restated the number of shares of all classes of stock that the Company has authority to issue to 160,000,000 shares,

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation	Stock-based compensation 2015 Stock Incentive Plan The Company’s 2015 Stock Incentive Plan (the “2015 Plan”) provided for the Company to sell or issue incentive stock options or nonqualified stock options, restricted stock, and other equity awards to employees, directors and consultants of the Company. The 2015 Plan was administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions were determined at the discretion of the board of directors, or its committee if so delegated. The total number of shares of common stock that could have been issued under the 2015 Plan was 8,395,974 shares, of which 10,558 shares remained available for future issuance prior to the effectiveness of the Company’s 2019 Stock Option and Incentive Plan (the “2019 Plan”). Upon effectiveness of the 2019 Plan, the remaining shares available under the 2015 Plan ceased to be available for issuance and no future issuances will be made under the 2015 Plan. The shares of common stock underlying outstanding awards under the 2015 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated (other than by exercise) will be added to the shares of common stock available for issuance under the 2019 Plan. 2019 Stock Option and Incentive Plan The 2019 Plan was adopted by the Company’s board of directors on January 23, 2019, and approved by stockholders on February 19, 2019, and became effective on February 27, 2019. The 2019 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2019 Plan is 2,168,976, which shall be cumulatively increased on January 1, 2020 and each January 1 thereafter by 4% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s board of directors or compensation committee of the board of directors. 2019 Employee Stock Purchase Plan The 2019 Employee Stock Purchase Plan (the “2019 ESPP”) was adopted by the Company’s board of directors on January 23, 2019, and adopted by stockholders on February 19, 2019, and became effective on February 27, 2019. A total of 180,748 shares of common stock were reserved for issuance under this plan. In addition, the number of shares of common stock that may be issued under the ESPP will automatically increase on January 1, 2020, and each January 1 thereafter, by the lesser of (i) 542,244 shares of common stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares as determined by the administrator of the 2019 ESPP. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Nine Months Ended September 30, 2019 2018 Expected volatility 66.1%-83% 50%-55% Risk-free interest rate 1.41%-2.54% 2.75%-2.82% Expected term (in years) 6.0-6.25 5.81-6.60 Expected dividend yield —% —% Stock Options Activity A summary of the Company’s stock option activity and related information is as follows: Options Weighted Weighted Aggregate Outstanding as of January 1, 2019 6,686,267 $ 7.50 9.2 68,167 Granted 1,186,107 10.91 Exercised (400,518) 1.38 Canceled (543,842) 7.17 Outstanding as of September 30, 2019 6,928,014 $ 8.47 8.7 Options exercisable as of September 30, 2019 1,416,811 8.1 Options vested or expected to vest as of September 30, 2019 6,928,014 8.7 The weighted-average grant date fair value of the options granted during the nine months ended September 30, 2019 was $6.99 per share. As of September 30, 2019 there was $29,297 of unrecognized compensation expense, which the Company expects to recognize over the weighted-average remaining term of 2.78 years. Restricted Common Stock During the year ended December 31, 2017, the Company signed agreements with seven employees to early exercise stock options covering 1,295,699 shares to convert such options to restricted common stock prior to the vesting of the underlying shares of common stock. The vesting conditions did not change. The consideration received due to the early exercises from the seven employees was recorded as a restricted share repurchase liability. As of September 30, 2019 and December 31, 2018, the outstanding balance of the restricted share repurchase liability was $48 and $720, respectively. The following table summarizes the Company’s restricted common stock activity for the nine months ended September 30, 2019: Number of Restricted Shares Weighted-Average Grant Date Fair Value Issued and unvested as of January 1, 2019 328,624 $ 2.19 Vested (306,906) Issued and unvested as of September 30, 2019 21,718 $ 2.22 Stock- Based Compensation Expense The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 929 $ 311 $ 2,610 $ 662 General and administrative 1,980 3,511 5,227 3,897 $ 2,909 $ 3,822 $ 7,837 $ 4,559

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Loss per Share	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, restricted common stock, convertible preferred stock and warrants to purchase convertible preferred stock, outstanding during the period determined using the if-converted and treasury stock methods, 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 September 30, 2019 2018 Options to purchase common stock 6,928,014 5,954,355 Unvested restricted common stock 21,718 589,135 Convertible redeemable preferred stock (as converted to common stock) — 18,517,386 Warrant to purchase redeemable convertible preferred stock (as converted to common stock) — 68,514 6,949,732 25,129,390

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company receives professional services from its principal investor, Flagship Pioneering, from time to time as needed. The Company reported general and administrative expense totaling $0 and $9 related to these services for the three and nine months ended September 30, 2019, respectively. The Company reported general and administrative expense totaling $38 and $154 related to these services for the three and nine months ended September 30, 2018, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 2019 Credit Facility On October 28, 2019, the Company entered into a loan and security agreement (the “2019 Credit Facility”) with JPMorgan Chase Bank, N.A. ("JPM") pursuant to which JPM agreed to make term loans in an aggregate principal amount of $15,000, fully funded upon closing. Borrowings under the Loan Agreement are collateralized by substantially all of the Company's personal property, excluding intellectual property. Interest on the outstanding loan balance will accrue at a variable annual rate equal to the greater of (i) 30 day LIBOR plus 2.75% and (ii) the prime rate plus 0.25%. The Company is required to make interest-only payments on the loans on a monthly basis through April 2021. Subsequent to the interest only periods, the Company is required to make equal monthly payments of principal plus interest until the loan matures in October 2023. The Company incurred fees associated with establishing the facility of $75. The Company has an option to prepay the loan in whole, subject to a prepayment fee of 2% in year one, 1% in year two and no fee after year two. The Loan Agreement contains customary representations, warranties and covenants and also includes customary events of default, including payment defaults, breaches of covenants, change of control and occurrence of a material adverse effect. The Company is subject to a financial covenant whereby they maintain a minimum of 3 months liquidity at all times, measured on trailing 3 months cash burn. The Company used the proceeds to prepay all amounts outstanding under the 2015 Credit Facility on October 28, 2019. Contemporaneous with the closing described above, the Company's $15,000 loan balance outstanding under the existing 2015 Credit Facility was repaid in full. Organizational Changes On October 30, 2019, we announced a reduction in force affecting approximately 25% of our employees in order to focus resources on our pipeline programs, enhance operational efficiencies and extend our cash runway. The reduction in force will result in a one-time severance charge of $1,171, which will be recorded during the three months ended December 31, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Consolidation	All intercompany transactions and balances of the subsidiaries have been eliminated in consolidation.
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 lessees to record most leases on the balance sheet but recognize expense in a manner similar to the current standard. The Company will use a modified retrospective approach of adoption for leases. The Company will adopt this standard on January 1, 2020 and is currently evaluating the impact that the adoption of ASU 2016-02 and ASU No. 2018-11 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, restricted common stock, convertible preferred stock and warrants to purchase convertible preferred stock, outstanding during the period determined using the if-converted and treasury stock methods, 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)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis	The following tables set forth by level, within the fair value hierarchy, the assets and liabilities carried at fair value on a recurring basis: Fair Value Measurement as of September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 80,724 — — $ 80,724 Total $ 80,724 — — 80,724 Fair Value Measurement as of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Money market funds included within cash and cash equivalents $ 74,145 — — $ 74,145 Total $ 74,145 — — $ 74,145 Liabilities: Warrant liability $ — — 1,213 $ 1,213 Derivative liability — — 210 $ 210 $ — — 1,423 $ 1,423

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: As of September 30, 2019 December 31, 2018 Laboratory equipment $ 4,263 $ 3,226 Office and computer equipment 1,418 1,337 Leasehold improvements 687 653 Construction in process 1,629 698 Property and equipment – at cost 7,997 5,914 Less accumulated depreciation and amortization (2,186) (1,221) Property and equipment – net 5,811 $ 4,693

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of September 30, 2019 December 31, 2018 Payroll and benefits $ 3,021 $ 3,297 Consulting service 472 243 Legal service 80 90 Research and development 4,258 3,718 Capital lease payable – short term 90 91 Other 678 420 $ 8,599 $ 7,859

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019: Year Ending December 31, 2019 $ 943 2020 5,757 2021 5,922 2022 6,100 2023 6,283 Thereafter 37,155 $ 62,160

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Assumptions to Determine Grant-Date Fair Value of Options	The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Nine Months Ended September 30, 2019 2018 Expected volatility 66.1%-83% 50%-55% Risk-free interest rate 1.41%-2.54% 2.75%-2.82% Expected term (in years) 6.0-6.25 5.81-6.60 Expected dividend yield —% —%
Stock Option Activity	A summary of the Company’s stock option activity and related information is as follows: Options Weighted Weighted Aggregate Outstanding as of January 1, 2019 6,686,267 $ 7.50 9.2 68,167 Granted 1,186,107 10.91 Exercised (400,518) 1.38 Canceled (543,842) 7.17 Outstanding as of September 30, 2019 6,928,014 $ 8.47 8.7 Options exercisable as of September 30, 2019 1,416,811 8.1 Options vested or expected to vest as of September 30, 2019 6,928,014 8.7
Restricted Common Stock Activity	The following table summarizes the Company’s restricted common stock activity for the nine months ended September 30, 2019: Number of Restricted Shares Weighted-Average Grant Date Fair Value Issued and unvested as of January 1, 2019 328,624 $ 2.19 Vested (306,906) Issued and unvested as of September 30, 2019 21,718 $ 2.22
Allocated Stock-based Compensation Expense	The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 929 $ 311 $ 2,610 $ 662 General and administrative 1,980 3,511 5,227 3,897 $ 2,909 $ 3,822 $ 7,837 $ 4,559

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 2018 Options to purchase common stock 6,928,014 5,954,355 Unvested restricted common stock 21,718 589,135 Convertible redeemable preferred stock (as converted to common stock) — 18,517,386 Warrant to purchase redeemable convertible preferred stock (as converted to common stock) — 68,514 6,949,732 25,129,390

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 04, 2019	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Conversion of Stock [Line Items]
Proceeds from initial public offering			$ 67,761	$ 0
Accumulated deficit			173,047		$ 106,228
IPO
Conversion of Stock [Line Items]
Issuance of common stock (in shares)	5,000,000
Proceeds from initial public offering	$ 69,750
Offering costs payable			$ 3,805
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 and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	$ 80,724	$ 74,145
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	0	1,213
Derivative liability		210
Liabilities, fair value disclosure		1,423
Level 1
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	80,724	74,145
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability		0
Derivative liability		0
Liabilities, fair value disclosure		0
Level 2
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability		0
Derivative liability		0
Liabilities, fair value disclosure		0
Level 3
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability		1,213
Derivative liability		210
Liabilities, fair value disclosure		1,423
Money market funds included within cash and cash equivalents
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	80,724	74,145
Money market funds included within cash and cash equivalents | Level 1
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	80,724	74,145
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

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Mar. 04, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2019	Dec. 31, 2018USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability				$ 210
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability				210
Valuation Technique, Option Pricing Model | Level 3 | Measurement Input, Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input			0
Valuation Technique, Probability-Weighted Expected Return Method | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, term	1 year
Derivative liability	$ 300			$ 210
Derivative liability, term	1 year
Valuation Technique, Probability-Weighted Expected Return Method | Level 3 | Measurement Input, Probability Of Liquidity Event
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	1			0.70
Valuation Technique, Probability-Weighted Expected Return Method | Level 3 | Measurement Input, Success Fee
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability				$ 300
Valuation Technique, Probability-Weighted Expected Return Method | Level 3 | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0			0
Derivative Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Success fee		$ 300

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment – at cost	$ 7,997		$ 7,997		$ 5,914
Less accumulated depreciation and amortization	(2,186)		(2,186)		(1,221)
Property and equipment – net	5,811		5,811		4,693
Depreciation and amortization	340	$ 194	964	$ 529
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment – at cost	4,263		4,263		3,226
Office and computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment – at cost	1,418		1,418		1,337
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment – at cost	687		687		653
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment – at cost	$ 1,629		$ 1,629		$ 698

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Payroll and benefits	$ 3,021	$ 3,297
Consulting service	472	243
Legal service	80	90
Research and development	4,258	3,718
Capital lease payable – short term	90	91
Other	678	420
Total accrued expenses and other current liabilities	$ 8,599	$ 7,859

Debt Financing (Details)

Debt Financing (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Jun. 30, 2018
Line of Credit Facility [Line Items]
Maturity of long term debt due 2020	$ 5,000,000
Maturity of long term debt due 2021	7,500,000
Maturity of long term debt due 2022	2,500,000
2015 Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 15,000
Debt instrument, variable rate, floor	5.75%
Interest rate at end of period	6.50%
Success fee		$ 300,000	$ 300,000
2015 Credit Facility | Line of Credit | Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%

Commitments and contingencies -

Commitments and contingencies - Facilities Leases (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2019ft²	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating lease, term of contract						10 years
Operation lease, additional premises (in square feet) | ft²	54,468
Rent expense | $		$ 1,023	$ 299	$ 3,068	$ 783

Commitments and contingencies_2

Commitments and contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 943
2020	5,757
2021	5,922
2022	6,100
2023	6,283
Thereafter	37,155
Total future minimum lease payment due	$ 62,160

Common stock (Details)

Common stock (Details)	Mar. 04, 2019shares	Mar. 31, 2019$ / sharesshares	Mar. 31, 2019$ / sharesshares	Sep. 30, 2019vote$ / sharesshares	Dec. 31, 2018$ / sharesshares
Class of Stock [Line Items]
Number of votes per share of common stock | vote				1
Shares authorized (in shares)		160,000,000	160,000,000
Common shares authorized (in shares)		150,000,000	150,000,000	150,000,000	66,000,000
Common shares par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001	$ 0.001	$ 0.001
Preferred shares authorized (in shares)		10,000,000	10,000,000	10,000,000	0
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common Stock
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares)	18,517,386		18,517,386
Conversion Of Convertible Preferred Stock To Common Stock | Common Stock
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares)		18,517,386

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - $ / shares	Feb. 27, 2019	Sep. 30, 2019	Feb. 26, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted during period (in dollars per share)		$ 6.99
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)			8,395,974
Shares available for future issuance (in shares)			10,558
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	2,168,976
Percent of outstanding shares	4.00%
2019 Employee Stock Purchase Plan | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	180,748
Number of additional shares allowable under the plan (in shares)	542,244

Stock-based compensation - Assu

Stock-based compensation - Assumptions to Determine Grant-date Fair Value of Options (Details) - Stock Option	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	66.10%	50.00%
Expected volatility, maximum	83.00%	55.00%
Risk-free interest rate, minimum	1.41%	2.75%
Risk-free interest rate, maximum	2.54%	2.82%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years	5 years 9 months 21 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 3 months	6 years 7 months 6 days

Stock-based compensation - Stoc

Stock-based compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Options
Outstanding at beginning of period (in shares) | shares	6,686,267
Granted (in shares) | shares	1,186,107
Exercised (in shares) | shares	(400,518)
Canceled (in shares) | shares	(543,842)
Outstanding at end of period (in shares) | shares	6,928,014	6,686,267
Options exercisable (in shares) | shares	1,416,811
Options vested or expected to vest (in shares) | shares	6,928,014
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 7.50
Granted (in dollars per share)	10.91
Exercised (in dollars per share)	1.38
Canceled (in dollars per share)	7.17
Outstanding at end of period (in dollars per share)	8.47	$ 7.50
Options exercisable (in dollars per share)
Options vested or expected to vest (in dollars per share)
Weighted Average Remaining Life and Aggregate Intrinsic Value
Options outstanding, weighted average remaining life (in years)	8 years 8 months 12 days	9 years 2 months 12 days
Options exercisable, weighted average remaining life (in years)	8 years 1 month 6 days
Options vested or expected to vest, weighted average remaining life (in years)	8 years 8 months 12 days
Options outstanding, aggregate intrinsic value | $		$ 68,167
Options exercisable, aggregate intrinsic value | $
Options vested or expected to vest, aggregate intrinsic value | $
Fair value of options granted during period (in dollars per share)	$ 6.99
Unrecognized compensation expense | $	$ 29,297
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average remaining term	2 years 9 months 10 days

Stock-based compensation - Rest

Stock-based compensation - Restricted Common Stock Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2017employeeshares	Dec. 31, 2018USD ($)$ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of employees that signed agreements for early exercise of stock options | employee		7
Early exercise of employee stock options (in shares)		1,295,699
Restricted shares repurchase liability | $	$ 48		$ 720
Restricted Stock
Number of Restricted Shares
Issued and unvested beginning of period (in shares)	328,624
Vested (in shares)	(306,906)
Issued and unvested end of period (in shares)	21,718
Weighted-Average Grant Date Fair Value
Issued and unvested (in dollars per share) | $ / shares	$ 2.22		$ 2.19

Stock-based compensation - St_2

Stock-based compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,909	$ 3,822	$ 7,837	$ 4,559
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	929	311	2,610	662
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,980	$ 3,511	$ 5,227	$ 3,897

Net Loss per Share (Details)

Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	6,949,732	25,129,390
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	6,928,014	5,954,355
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	21,718	589,135
Convertible redeemable preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	18,517,386
Warrant to purchase redeemable convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	68,514

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investor | Flagship Pioneering
Related Party Transaction [Line Items]
General and administrative expense	$ 0	$ 38	$ 9	$ 154

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 28, 2019	Oct. 30, 2019	Sep. 30, 2019
Subsequent Event
Subsequent Event [Line Items]
Severance charge		$ 1,171,000
2019 Credit Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity			$ 15,000
2019 Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 15,000,000
2019 Credit Facility | Subsequent Event | Period one
Subsequent Event [Line Items]
Prepayment fee	2.00%
2019 Credit Facility | Subsequent Event | Period two
Subsequent Event [Line Items]
Prepayment fee	1.00%
2019 Credit Facility | Subsequent Event | Period three
Subsequent Event [Line Items]
Facility fee	$ 75,000
Prepayment fee	0.00%
2019 Credit Facility | Subsequent Event | Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.25%
2019 Credit Facility | Subsequent Event | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.75%