Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38981 | |
Entity Registrant Name | Mirum Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001759425 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1281555 | |
Entity Address, Address Line One | 950 Tower Lane, Suite 1050, | |
Entity Address, City or Town | Foster City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94404 | |
City Area Code | 650 | |
Local Phone Number | 667-4085 | |
Trading Symbol | MIRM | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,399,132 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 83,042 | $ 11,970 |
Short-term investments | 66,294 | 104,690 |
Prepaid expenses and other current assets | 2,739 | 2,703 |
Total current assets | 152,075 | 119,363 |
Long-term investments | 0 | 23,292 |
Property and equipment, net | 1,423 | 1,372 |
Operating lease right-of-use assets | 2,107 | 2,361 |
Other assets | 161 | 324 |
Total assets | 155,766 | 146,712 |
Current liabilities: | ||
Accounts payable | 3,024 | 3,351 |
Accrued expenses | 13,026 | 9,328 |
Operating lease liabilities | 530 | 397 |
Total current liabilities | 16,580 | 13,076 |
Operating lease liabilities, noncurrent | 2,947 | 3,251 |
Other liabilities | 31 | 36 |
Total liabilities | 19,558 | 16,363 |
Commitments and contingencies | 0 | |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; zero shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively; and liquidation value of $0 as of June 30, 2020 and December 31, 2019, respectively | 0 | |
Common stock, $0.0001 par value; 200,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 25,394,190 shares issued and 25,071,337 shares outstanding, excluding 322,853 shares subject to repurchase as of June 30, 2020; 22,989,987 shares issued and 22,600,338 shares outstanding, excluding 389,649 shares subject to repurchase as of December 31, 2019 | 3 | 2 |
Additional paid-in capital | 250,349 | 200,119 |
Accumulated deficit | (114,462) | (69,901) |
Accumulated other comprehensive income | 318 | 129 |
Total stockholders’ equity | 136,208 | 130,349 |
Total liabilities and stockholders’ equity | $ 155,766 | $ 146,712 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares, issued | 0 | 0 |
Preferred stock, shares, outstanding | 0 | 0 |
Preferred stock, liquidation preference | $ 0 | $ 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 25,394,190 | 22,989,987 |
Common stock, shares, outstanding | 25,071,337 | 22,600,338 |
Common stock, subject to repurchase | 322,853 | 389,649 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 18,555 | $ 11,589 | $ 35,895 | $ 16,452 |
General and administrative | 5,042 | 2,445 | 9,734 | 3,766 |
Total operating expenses | 23,597 | 14,034 | 45,629 | 20,218 |
Loss from operations | (23,597) | (14,034) | (45,629) | (20,218) |
Other income (expense): | ||||
Interest income | 405 | 468 | 1,154 | 700 |
Other income (expense), net | (56) | 9 | (79) | 4 |
Net loss before provision for income taxes | (23,248) | (13,557) | (44,554) | (19,514) |
Provision for income taxes | 3 | 0 | 7 | 0 |
Net loss | $ (23,251) | $ (13,557) | $ (44,561) | $ (19,514) |
Net loss per share, basic and diluted | $ (0.93) | $ (5.31) | $ (1.79) | $ (7.70) |
Weighted-average shares of common stock outstanding, basic and diluted | 25,056,123 | 2,551,822 | 24,880,387 | 2,534,877 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (23,251) | $ (13,557) | $ (44,561) | $ (19,514) |
Other comprehensive gain (loss): | ||||
Unrealized gain on available-for-sale investments | 339 | 46 | 190 | 46 |
Cumulative translation adjustments | 3 | (18) | (1) | (18) |
Comprehensive loss | $ (22,909) | $ (13,529) | $ (44,372) | $ (19,486) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Redeemable Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock | Redeemable Common Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income(Loss) |
Balance at Dec. 31, 2018 | $ 59,849 | $ 6,990 | |||||
Balance, Shares at Dec. 31, 2018 | 59,908,284 | 1,859,151 | |||||
Balance at Dec. 31, 2018 | $ (17,313) | $ 1 | $ 34 | $ (17,348) | |||
Balance, Shares at Dec. 31, 2018 | 636,719 | ||||||
Restricted common stock vested in the period, Shares | 35,156 | ||||||
Stock-based compensation | 218 | 218 | |||||
Net loss | (5,957) | (5,957) | |||||
Balance at Mar. 31, 2019 | $ 59,849 | $ 6,990 | |||||
Balance, Shares at Mar. 31, 2019 | 59,908,284 | 1,859,151 | |||||
Balance at Mar. 31, 2019 | (23,052) | $ 1 | 252 | (23,305) | |||
Balance, Shares at Mar. 31, 2019 | 671,875 | ||||||
Balance at Dec. 31, 2018 | $ 59,849 | $ 6,990 | |||||
Balance, Shares at Dec. 31, 2018 | 59,908,284 | 1,859,151 | |||||
Balance at Dec. 31, 2018 | (17,313) | $ 1 | 34 | (17,348) | |||
Balance, Shares at Dec. 31, 2018 | 636,719 | ||||||
Net loss | (19,514) | ||||||
Balance at Jun. 30, 2019 | $ 119,826 | $ 6,990 | |||||
Balance, Shares at Jun. 30, 2019 | 119,752,983 | 1,859,151 | |||||
Balance at Jun. 30, 2019 | (34,940) | $ 1 | 1,893 | (36,862) | $ 28 | ||
Balance, Shares at Jun. 30, 2019 | 705,273 | ||||||
Balance at Mar. 31, 2019 | $ 59,849 | $ 6,990 | |||||
Balance, Shares at Mar. 31, 2019 | 59,908,284 | 1,859,151 | |||||
Balance at Mar. 31, 2019 | (23,052) | $ 1 | 252 | (23,305) | |||
Balance, Shares at Mar. 31, 2019 | 671,875 | ||||||
Restricted common stock vested in the period, Shares | 33,398 | ||||||
Issuance of Series A redeemable convertible preferred stock, net of issuance costs | $ 59,977 | ||||||
Issuance of Series A convertible preferred stock, net of issuance costs, Shares | 59,844,699 | ||||||
Stock-based compensation | 1,641 | 1,641 | |||||
Net loss | (13,557) | (13,557) | |||||
Other comprehensive income (loss) | 28 | 28 | |||||
Balance at Jun. 30, 2019 | $ 119,826 | $ 6,990 | |||||
Balance, Shares at Jun. 30, 2019 | 119,752,983 | 1,859,151 | |||||
Balance at Jun. 30, 2019 | (34,940) | $ 1 | 1,893 | (36,862) | 28 | ||
Balance, Shares at Jun. 30, 2019 | 705,273 | ||||||
Balance at Dec. 31, 2019 | 130,349 | $ 2 | 200,119 | (69,901) | 129 | ||
Balance, Shares at Dec. 31, 2019 | 22,600,338 | ||||||
Issuance of common stock | 44,659 | $ 1 | 44,658 | ||||
Issuance of common stock, Shares | 2,400,000 | ||||||
Restricted common stock vested in the period, Shares | 33,398 | ||||||
Stock-based compensation | 2,573 | 2,573 | |||||
Net loss | (21,310) | (21,310) | |||||
Other comprehensive income (loss) | (153) | (153) | |||||
Balance at Mar. 31, 2020 | 156,118 | $ 3 | 247,350 | (91,211) | (24) | ||
Balance, Shares at Mar. 31, 2020 | 25,033,736 | ||||||
Balance at Dec. 31, 2019 | 130,349 | $ 2 | 200,119 | (69,901) | 129 | ||
Balance, Shares at Dec. 31, 2019 | 22,600,338 | ||||||
Net loss | (44,561) | ||||||
Balance at Jun. 30, 2020 | 136,208 | $ 3 | 250,349 | (114,462) | 318 | ||
Balance, Shares at Jun. 30, 2020 | 25,071,337 | ||||||
Balance at Mar. 31, 2020 | 156,118 | $ 3 | 247,350 | (91,211) | (24) | ||
Balance, Shares at Mar. 31, 2020 | 25,033,736 | ||||||
Issuance of common stock in connection with common stock option exercises | 25 | 25 | |||||
Issuance of common stock in connection with common stock option exercises, Shares | 4,203 | ||||||
Restricted common stock vested in the period, Shares | 33,398 | ||||||
Stock-based compensation | 2,974 | 2,974 | |||||
Net loss | (23,251) | (23,251) | |||||
Other comprehensive income (loss) | 342 | 342 | |||||
Balance at Jun. 30, 2020 | $ 136,208 | $ 3 | $ 250,349 | $ (114,462) | $ 318 | ||
Balance, Shares at Jun. 30, 2020 | 25,071,337 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Redeemable Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Deficit (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2019 | |
Redeemable Convertible Preferred Stock | ||
Issuance of stock at per share | $ 1.00259507 | |
Issuance of Series A redeemable convertible preferred stock, issuance costs | $ 23 | |
Common Stock | ||
Issuance of common stock upon initial public offering, issuance costs | $ 3,342 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net loss | $ (44,561) | $ (19,514) |
Reconciliation of net loss to net cash used in operating activities: | ||
Stock-based compensation | 5,547 | 1,859 |
Depreciation and amortization | 143 | 43 |
Amortization of operating lease right-of-use assets | 160 | 72 |
Net accretion of discounts on investments | (7) | (35) |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (36) | (654) |
Operating lease right-of-use assets | 94 | (33) |
Other assets | 0 | (89) |
Accounts payable, accrued expenses and other liabilities | 3,486 | 7,865 |
Operating lease liabilities | (171) | 43 |
Net cash used in operating activities | (35,345) | (10,443) |
Investing activities | ||
Proceeds from maturities of investments | 61,900 | 0 |
Proceeds from paydowns of investments | 14,005 | 0 |
Purchase of investments | (14,020) | (58,401) |
Purchase of property and equipment | (151) | (44) |
Net cash provided by (used in) investing activities | 61,734 | (58,445) |
Financing activities | ||
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 59,977 |
Payment of deferred offering costs | 0 | (1,217) |
Proceeds from issuance of common stock in public offering, net of issuance costs | 44,659 | 0 |
Proceeds from issuance of common stock pursuant to equity award plans | 25 | 0 |
Net cash provided by financing activities | 44,684 | 58,760 |
Effect of exchange rate on cash and cash equivalents | (1) | (18) |
Net increase (decrease) in cash and cash equivalents | 71,072 | (10,146) |
Cash and cash equivalents at beginning of period | 11,970 | 51,963 |
Cash and cash equivalents at end of period | 83,042 | 41,817 |
Supplemental disclosure of cash flow information: | ||
Operating lease right-of-use asset obtained in exchange for operating lease liability | 0 | 1,418 |
Property and equipment purchases included in accounts payable | 42 | 0 |
Landlord paid tenant improvements | 0 | 461 |
Deferred initial public offering costs in accounts payable | $ 0 | $ 565 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Mirum Pharmaceuticals, Inc. (the “Company”) was incorporated in the State of Delaware on May 2, 2018 and is headquartered in Foster City, California. The Company is a biopharmaceutical company focused on the development and commercialization of a late-stage pipeline of novel therapies for debilitating liver diseases. The Company’s pipeline consists of two clinical-stage product candidates, maralixibat and volixibat, with mechanisms of action that have potential utility across a wide range of orphan liver diseases. The Company commenced significant operations in November 2018. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Mirum Pharmaceuticals AG. All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation. Reverse Stock Split On July 3, 2019, the Company effected a 1-for-8 reverse stock split of its common stock. The par value and the authorized number of shares of common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the conversion price of the Company’s Series A redeemable convertible preferred stock (the “Series A Preferred Stock”) to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse stock split for all periods presented. Follow-on Public Offering On January 13, 2020, the Company completed a follow-on public offering of its common stock, pursuant to which the Company sold 2,400,000 shares of common stock at a price of $20.00 per share, resulting in net proceeds of $44.7 million after deducting underwriting discounts, commissions and offering expenses. Liquidity The Company has a limited operating history, has incurred significant operating losses since its inception, and the revenue and income potential of the Company’s business and market are unproven. As of June 30, 2020, the Company had an accumulated deficit of $114.5 million and cash, cash equivalents and investments of $149.3 million, which is available to fund future operations. The Company believes that its cash, cash equivalents and investments as of June 30, 2020 provide sufficient capital resources to continue its operations for at least twelve months from the issuance date of the accompanying unaudited condensed consolidated financial statements. As such, the unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited interim financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The unaudited condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by GAAP for complete financial statements. The operating results presented in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for any future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K (“Annual Report”) for the fiscal year ended December 31, 2019, as filed with the SEC on March 12, 2020. Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to accrued research and development expenses, the valuation of investments, the valuation of common stock, equity awards and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based upon historical experience, knowledge of current events and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates. In December 2019, a novel strain of coronavirus, which causes COVID-19, was identified. Due to the rapid and global spread of the virus, on March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. To slow the proliferation of COVID-19, governments have implemented extraordinary measures, which include the mandatory closure of businesses, restrictions on travel and gatherings, and quarantine and physical distancing requirements. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including clinical trial delays and costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. There were no significant estimates contained in the preparation of the Company’s consolidated financial statements or impacts to the Company’s consolidated financial statements for the three or six months ended June 30, 2020 that were directly a result of the COVID-19 pandemic. Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2020, as compared to the significant accounting policies described in Note 2 of the “Notes to Consolidated Financial Statements” in the Company’s audited consolidated financial statements included Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. Diluted net loss per share excludes the potential impact of the Company’s common stock subject to repurchase and common stock options because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share were the same. The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: As of June 30, As of December 31, 2020 2019 Options to purchase common stock 4,921,326 3,366,812 Common stock subject to repurchase 322,853 389,649 Employee Stock Purchase Plan Contingently Issuable 7,278 — Total 5,251,457 3,756,461 Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) Other recent accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company’s consolidated financial position, results of operations or cash flows. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 842), Codification Improvements to Financial Instruments is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 for public business entities, excluding smaller reporting companies. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . The guidance eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. This guidance also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact this change will have on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2020 and December 31, 2019 are presented in the following table (in thousands): June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets: Money market fund $ 81,283 $ — $ — $ 81,283 Corporate debt securities — 31,512 — 31,512 Commercial paper — 12,453 — 12,453 U.S. government bonds — 7,511 — 7,511 Asset backed securities — 14,818 — 14,818 Total $ 81,283 $ 66,294 $ — $ 147,577 December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Money market fund $ 10,621 $ — $ — $ 10,621 Corporate debt securities — 41,668 — 41,668 Commercial paper — 35,016 — 35,016 U.S. government bonds — 22,511 — 22,511 Asset-backed securities — 28,787 — 28,787 Total $ 10,621 $ 127,982 $ — $ 138,603 The carrying amounts of certain financial instruments such as cash and cash equivalents, prepaid expenses, other current assets, accounts payable, accrued expenses, and other current liabilities as of June 30, 2020 and December 31, 2019 approximate their related fair values due to the short-term maturities of these instruments. The fair value of certain financial instruments was measured and classified within Level 1 of the fair value hierarchy based on quoted prices. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Financial Instruments Owned At Fair Value [Abstract] | |
Financial Instruments | 4. Financial Instruments The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table (in thousands): June 30, 2020 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents and investments: Money market fund $ 81,283 $ — $ — $ 81,283 Corporate debt securities 31,230 282 — 31,512 Commercial paper 12,453 — — 12,453 U.S. government bonds 7,501 10 — 7,511 Asset back securities 14,764 54 — 14,818 Total cash equivalents and investments $ 147,231 $ 346 $ — $ 147,577 Classified as: Cash equivalents $ 81,283 Short-term investments 66,294 Long-term investments — Total cash equivalents and investments $ 147,577 December 31, 2019 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents and investments: Money market fund $ 10,621 $ — $ — $ 10,621 Corporate debt securities 41,556 113 (1 ) 41,668 Commercial paper 35,016 — — 35,016 U.S. government bonds 22,492 19 — 22,511 Asset-backed securities 28,762 25 — 28,787 Total cash equivalents and investments $ 138,447 $ 157 $ (1 ) $ 138,603 Classified as: Cash equivalents $ 10,621 Short-term investments 104,690 Long-term investments 23,292 Total cash equivalents and investments $ 138,603 As of June 30, 2020, the remaining contractual maturities of available-for-sale debt securities were as follows (in thousands): Estimated Fair Value Due within one year $ 65,398 One to two years 896 Total $ 66,294 During the three and six months ended June 30, 2020 and 2019, there have been no significant realized gains or losses on available-for-sale investments , and the Company did not recognize any other-than-temporary impairment losses |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consists of the following (in thousands): June 30, December 31, 2020 2019 Accrued clinical trials $ 6,325 $ 4,795 Accrued professional service fees 918 777 Accrued contract manufacturing and non-clinical costs 3,397 1,540 Accrued compensation and related benefits 2,386 2,216 Total accrued expenses $ 13,026 $ 9,328 |
Asset Acquisitions
Asset Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Asset Acquisitions [Abstract] | |
Asset Acquisitions | 6. Asset Acquisitions Assignment and License Agreement with Shire International GmbH On November 5, 2018, the Company entered into an Assignment and License Agreement (the “Shire Agreement”) with Shire International GmbH (“Shire”). Under the terms of the Shire Agreement, Shire granted the Company an exclusive, royalty bearing worldwide license to develop and commercialize its two product candidates, maralixibat and volixibat. As part of the Shire Agreement, the Company was assigned license agreements held by Shire with Satiogen Pharmaceuticals, Inc. (“Satiogen”), Pfizer Inc. (“Pfizer”) and Sanofi-Aventis Deutschland GmbH (“Sanofi”). The Company has the right to sublicense under the Shire Agreement and additionally has the right to sublicense under the Satiogen, Pfizer and Sanofi licenses subject to the terms of those license agreements. In consideration for the rights granted to the Company under the Shire Agreement, the Company made an upfront payment to Shire on November 5, 2018 of $7.5 million and issued Shire 1,859,151 shares of its redeemable common stock with an estimated fair value of $7.0 million, or $3.76 per share. The fair value of the shares was determined using an option pricing model with key assumptions as of the date of issuance including the probabilities of liquidity scenarios, enterprise value, time to liquidity, risk-free interest rates, volatility and discount for lack of marketability. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets thus satisfying the requirements of the screen test in ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The Company is also obligated to pay Shire up to an aggregate of $109.5 million upon the achievement of certain clinical development and regulatory milestones for maralixibat in certain indications and an additional $25.0 million upon regulatory approval of maralixibat for each and every other indication. In addition, the Company is required to pay up to an aggregate of $30.0 million upon the achievement of certain clinical development and regulatory milestones for volixibat solely for the first indication sought. Upon commercialization, the Company is obligated to pay Shire product sales milestones on total licensed products up to an aggregate of $30.0 million. The Company is also obligated to pay tiered royalties with rates ranging from low double-digits to mid-teens based upon annual worldwide net sales for all licensed products; however, these royalties are reduced in part by royalties due under the Satiogen and Sanofi licenses, as discussed below, related to maralixibat and volixibat, as applicable. The Company’s royalty obligations will continue on a licensed product-by-licensed product and country-by-country basis until the later to occur of the expiration of the last valid claim in a licensed patent covering the applicable licensed product in such country, expiration of any regulatory exclusivity for the licensed product in a country and ten years after the first commercial sale of a licensed product in such country. In July 2019, the Company achieved a development milestone related to the initiation of the Phase 3 MARCH-PFIC clinical trial and made a $2.5 million payment to Shire. As of June 30, 2020, no additional milestones had been accrued as there were no other potential milestones yet considered probable. In January 2019, the Company also entered into a Transition Services Agreement (“TSA”) with Shire, which covered services provided by Shire to transfer the research and development activities and the related know-how from Shire to the Company, including continuation of work on any existing clinical trials and manufacturing activities until fully transferred. All transition services were completed and all pass-through costs were settled as of June 30, 2019. As such, for the three and six months ended June 30, 2020, there were no expenses for Shire provided services or pass-through costs recorded. For the three and six months ended June 30, 2019, the Company recorded $14,000 and $0.4 million for services provided by Shire under the TSA, respectively. Additionally, the Company recorded a reduction of estimated expenses of $0.3 million and $0.1 million for pass-through costs related to continuation of work on existing clinical trials and manufacturing activities for the three and six months ended June 30, 2019, respectively. The reduction of estimated expenses for the three and six months ended June 30, 2019 was related to a final reconciliation of expenses and agreement on final amounts due to Shire. Satiogen License Through the Shire Agreement, the Company was assigned a license agreement with Satiogen pursuant to which the Company obtained an exclusive, worldwide license to certain patents and know-how, with the right to sublicense to a third party subject to certain financial considerations. The Company is obligated to pay to Satiogen up to an aggregate of $10.5 million upon the achievement of certain milestones, of which $0.5 million was for initiation of certain development activities, $5.0 million for the completion of regulatory approvals and $5.0 million for commercialization activities. Additionally, the Company will be required to pay a low single-digit royalty on net sales. The Company’s royalty obligations continue on a licensed product-by-licensed product and country-by-country basis until the expiration of the last valid claim in a licensed patent covering the applicable licensed product in such country. Royalty obligations under the Satiogen license are creditable against the royalty obligations to Shire under the Shire Agreement. In July 2019, the Company achieved a development milestone related to the initiation of the Phase 3 MARCH-PFIC clinical trial and made a $0.5 million payment to Satiogen. As of June 30, 2020, no additional milestones had been accrued as there were no other potential milestones yet considered probable. Pfizer License Through the Shire Agreement, the Company was assigned a license agreement with Pfizer pursuant to which the Company obtained an exclusive, worldwide license to certain Pfizer know-how with a right to sublicense. Upon commercialization of any product utilizing the licensed product, the Company will be required to pay to Pfizer a low single-digit royalty on net sales of product sold by the Company, its affiliates or sublicensees. The Company’s royalty obligations continue on a licensed product-by-licensed product basis until the eighth anniversary of the first commercial sale of such licensed product anywhere in the world. Sanofi License Through the Shire Agreement, the Company was assigned a license agreement with Sanofi pursuant to which the Company obtained an exclusive, worldwide license to certain patents and know-how with the right to sublicense to a third party subject to certain financial considerations. The Company is obligated to pay up to an aggregate of $36.0 million upon the achievement of certain regulatory, commercialization and product sales milestones. Additionally, upon commercialization, the Company is required to pay tiered royalties in the mid to high single-digit range based upon net sales of licensed products sold by the Company and sublicensees in a calendar year, subject to adjustments in certain circumstances. The Company’s royalty obligations continue on a licensed product-by-licensed product and country-by-country basis until the later to occur of the expiration of the last valid claim in a licensed patent covering the applicable licensed product in such country and ten years after the first commercial sale of a licensed product in such country. Royalty obligations under the Sanofi license are creditable against the royalty obligations to Shire under the Shire Agreement. As of June 30, 2020, no milestones had been accrued as there were no potential milestones yet considered probable. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | 7. Stockholders’ Equity (Deficit) In connection with the Company’s initial public offering in July 2019, all of the outstanding shares of the Company’s Series A Preferred Stock automatically converted into 14,969,118 shares of common stock and the 1,859,151 shares of the Company’s redeemable common stock classified in mezzanine equity were reclassified to permanent equity due to the expiration of the deemed redemption feature associated with the stock. Common Stock In August and October 2018, the Company issued 1,187,500 shares of common stock as founder shares for services rendered to the Company, valued at $0.0001 per share for consideration of approximately $950. On November 5, 2018, in connection with the issuance of the Series A Preferred Stock, vesting conditions were placed on 562,500 previously issued founder shares. These shares vest over 4 years and are subject to repurchase by the Company in the event of termination of services. Shares subject to repurchase are not deemed, for accounting purposes, to be outstanding until those shares vest. In April 2019, the Company repurchased 25,782 shares of the common stock from a former employee in connection with termination of employment. As of June 30, 2020 and December 31, 2019, 322,853 and 389,649 shares of common stock, respectively, were subject to repurchase by the Company. The unvested stock liability related to these shares is immaterial to all periods presented. Each share of common stock is entitled to one voting right. Common stockholders are entitled to dividends when funds are legally available and declared by the Company’s board of directors. Common Stock Reserved for Issuance Common stock reserved for issuance is as follows: As of June 30, As of December 31, 2020 2019 Stock options issued and outstanding 4,921,326 3,366,812 Reserved for future stock awards or option grants 1,453,225 1,112,443 Reserved for employee stock purchase plan 729,899 500,000 7,104,450 4,979,255 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Equity Incentive Plans On November 5, 2018, the Company adopted the 2018 Equity Incentive Plan (the “2018 Plan”), which permits the granting of stock awards and incentive and nonstatutory stock options to employees, directors and consultants of the Company. In July 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan became effective on July 17, 2019. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other stock or cash-based awards to individuals who are then employees, officers, directors or consultants of the Company. A total of 1,401,443 shares of common stock were approved to be initially reserved for issuance under the 2019 Plan, including 101,443 shares that remained available for issuance under the 2018 Plan as of July 17, 2019. Shares subject to outstanding awards under the 2018 Plan as of the effective date of the 2019 Plan that are subsequently canceled, forfeited or repurchased by the Company will be added to the shares reserved under the 2019 Plan. In addition, the number of shares of common stock available for issuance under the 2019 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2019 Plan, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. As of June 30, 2020, 965,725 shares of common stock were available for issuance under the 2019 Plan. On March 18, 2020, the compensation committee of the Company’s board of directors approved and adopted the 2020 Inducement Plan (the “2020 Inducement Plan”). Under the 2020 Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock and restricted stock units to new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) . The 2020 Inducement Plan authorized 750,000 shares of the Company’s common stock for future issuance. As of June 30, 2020, shares of common stock were available for issuance under the 2020 Inducement Plan. Stock Options The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company estimated expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following assumptions were used to estimate the fair value of stock option awards granted during the following periods: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Exercise price $11.51-$18.46 $2.94-$6.27 $10.40-$24.52 $2.94-$6.27 Expected term (in years) 5.5-6.1 6.0-6.3 5.5-6.1 6.0-6.3 Expected volatility 92.59%-95.85% 73.88%-75.12% 77.07%-95.85% 73.88%-75.12% Risk-free interest rate 0.37%-0.56% 1.98%-2.25% 0.37%-1.73% 1.98%-2.46% Expected dividend yield — — — — Grant date fair value of options granted $8.81-$13.86 $8.37-$10.46 $7.38-$16.59 $7.47-$10.46 The following table summarizes stock option activity during the six months ended June 30, 2020 (in thousands, except share and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding as of December 31, 2019 3,366,812 $ 5.14 9.3 $ 65,235 Granted 1,748,967 $ 17.47 Exercised (4,203 ) $ 5.86 Canceled and forfeited (190,250 ) $ 9.27 Outstanding as of June 30, 2020 4,921,326 $ 9.37 9.0 $ 50,186 Vested and exercisable as of June 30, 2020 1,052,705 $ 4.73 8.5 $ 15,570 Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the date of exercise. As of June 30, 2020, the total unrecognized stock-based compensation related to unvested stock option awards granted was $36.3 million, which the Company expects to recognize over a weighted-average period of approximately 3.1 years. Restricted Stock On November 5, 2018, in connection with the issuance of Series A Preferred Stock, the Company’s founders agreed to modify their outstanding shares of common stock to include vesting provisions that require continued service to the Company in order to vest in those shares. As such, the 562,500 modified shares of common stock became compensatory upon such modification. The total compensation cost resulting from the modification was $1.7 million. The modified shares have a four-year vesting period and a measurement date fair value of $2.936 per share. For the three months ended June 30, 2020 and 2019, 33,398 and 33,398 shares vested, respectively. For the six months ended June 30, 2020 and 2019, 66,796 and 68,554 shares vested, respectively. As of June 30, 2020, the total unrecognized compensation expense related to unvested restricted stock was $0.9 million expected to be recognized over a weighted-average period of approximately 2.4 years. 2019 Employee Stock Purchase Plan In July 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on July 17, 2019. A total of 500,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten-years of the term of the ESPP, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to the lessor of (i) 1% of the outstanding number of shares of common stock on December 31st of the preceding calendar year, (ii) 1,500,000 shares of common stock or (iii) such lesser amount as determined by the Company’s board of directors. As of June 30, 2020, no shares were issued under the ESPP and there were 729,899 shares available for future issuance. Stock-based compensation expense is reflected in the unaudited condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 General and administrative $ 1,714 $ 1,003 $ 3,246 $ 1,150 Research and development 1,260 638 2,301 709 Total $ 2,974 $ 1,641 $ 5,547 $ 1,859 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 9. Leases In January 2019, the Company entered into an operating lease agreement for office space, which consisted of approximately 5,600 square feet (the “Lease”). Pursuant to the Lease, the lease term is approximately four years with an option to extend the term for one five-year term, which at the time was not reasonably assured of exercise and therefore, not included in the lease term. The Lease contained a tenant improvement allowance of $0.4 million, which has been recorded as leasehold improvements in the accompanying consolidated balance sheets with a corresponding reduction of the right-of-use (“ROU”) asset at inception of the Lease. Rent payments commenced in August 2019. In November 2019, the Company amended the Lease to extend the term through March 2025. This extension was accounted for as a lease modification and the Company recorded an increase to the ROU asset and lease liability of $0.6 million at the time of the amendment. Additionally, pursuant to the Lease, as amended, the Company expanded the office space by 5,555 square feet for a five-year term expiring in March 2025. The Company accounted for this expanded space as a separate contract as there were material additional rights of use that were not included under the terms of the initial Lease. The Lease, as amended, contained a tenant improvement allowance of $0.8 million in connection with the expanded space, which has been recorded as leasehold improvements on the accompanying consolidated balance sheet with a corresponding reduction of the ROU asset at inception of the lease for the expanded space. The ROU and corresponding lease liabilities were estimated using a weighted-average incremental borrowing rate of 8%. As of June 30, 2020, the Company recorded an aggregate ROU asset of $2.1 million and an aggregate lease liability of $3.5 million in the accompanying consolidated balance sheet. The weighted-average remaining lease term is 4.6 years. As of June 30, 2020, undiscounted future minimum payments under the Company’s operating leases are as follows: Year Ending December 31, Undiscounted Rent Payments 2020 (remaining six months) $ 357 2021 865 2022 890 2023 918 2024 928 2025 230 Total undiscounted lease payments 4,188 Less: imputed interest (711 ) Total lease liability $ 3,477 Rent expense was $0.2 million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $0.3 million and $0.1 million for the six months ended June 30, 2020 and 2019, respectively. Variable lease payments for operating expenses were immaterial for the three and six months ended June 30, 2020 and 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited interim financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The unaudited condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by GAAP for complete financial statements. The operating results presented in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for any future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K (“Annual Report”) for the fiscal year ended December 31, 2019, as filed with the SEC on March 12, 2020. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to accrued research and development expenses, the valuation of investments, the valuation of common stock, equity awards and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based upon historical experience, knowledge of current events and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates. In December 2019, a novel strain of coronavirus, which causes COVID-19, was identified. Due to the rapid and global spread of the virus, on March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. To slow the proliferation of COVID-19, governments have implemented extraordinary measures, which include the mandatory closure of businesses, restrictions on travel and gatherings, and quarantine and physical distancing requirements. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including clinical trial delays and costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. There were no significant estimates contained in the preparation of the Company’s consolidated financial statements or impacts to the Company’s consolidated financial statements for the three or six months ended June 30, 2020 that were directly a result of the COVID-19 pandemic. |
Significant Accounting Policies | Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2020, as compared to the significant accounting policies described in Note 2 of the “Notes to Consolidated Financial Statements” in the Company’s audited consolidated financial statements included |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. Diluted net loss per share excludes the potential impact of the Company’s common stock subject to repurchase and common stock options because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share were the same. The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: As of June 30, As of December 31, 2020 2019 Options to purchase common stock 4,921,326 3,366,812 Common stock subject to repurchase 322,853 389,649 Employee Stock Purchase Plan Contingently Issuable 7,278 — Total 5,251,457 3,756,461 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) Other recent accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 842), Codification Improvements to Financial Instruments is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 for public business entities, excluding smaller reporting companies. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . The guidance eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. This guidance also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact this change will have on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share | The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: As of June 30, As of December 31, 2020 2019 Options to purchase common stock 4,921,326 3,366,812 Common stock subject to repurchase 322,853 389,649 Employee Stock Purchase Plan Contingently Issuable 7,278 — Total 5,251,457 3,756,461 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities to Fair Value Measurements On Recurring Basis and Level of Input Measurements | Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2020 and December 31, 2019 are presented in the following table (in thousands): June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets: Money market fund $ 81,283 $ — $ — $ 81,283 Corporate debt securities — 31,512 — 31,512 Commercial paper — 12,453 — 12,453 U.S. government bonds — 7,511 — 7,511 Asset backed securities — 14,818 — 14,818 Total $ 81,283 $ 66,294 $ — $ 147,577 December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Money market fund $ 10,621 $ — $ — $ 10,621 Corporate debt securities — 41,668 — 41,668 Commercial paper — 35,016 — 35,016 U.S. government bonds — 22,511 — 22,511 Asset-backed securities — 28,787 — 28,787 Total $ 10,621 $ 127,982 $ — $ 138,603 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value and Amortized Cost of Cash Equivalents and Available-for-sale Investments by Major Security Type | The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table (in thousands): June 30, 2020 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents and investments: Money market fund $ 81,283 $ — $ — $ 81,283 Corporate debt securities 31,230 282 — 31,512 Commercial paper 12,453 — — 12,453 U.S. government bonds 7,501 10 — 7,511 Asset back securities 14,764 54 — 14,818 Total cash equivalents and investments $ 147,231 $ 346 $ — $ 147,577 Classified as: Cash equivalents $ 81,283 Short-term investments 66,294 Long-term investments — Total cash equivalents and investments $ 147,577 December 31, 2019 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents and investments: Money market fund $ 10,621 $ — $ — $ 10,621 Corporate debt securities 41,556 113 (1 ) 41,668 Commercial paper 35,016 — — 35,016 U.S. government bonds 22,492 19 — 22,511 Asset-backed securities 28,762 25 — 28,787 Total cash equivalents and investments $ 138,447 $ 157 $ (1 ) $ 138,603 Classified as: Cash equivalents $ 10,621 Short-term investments 104,690 Long-term investments 23,292 Total cash equivalents and investments $ 138,603 |
Summary of Remaining Contractual Maturities of Available-for-sale Debt Securities | As of June 30, 2020, the remaining contractual maturities of available-for-sale debt securities were as follows (in thousands): Estimated Fair Value Due within one year $ 65,398 One to two years 896 Total $ 66,294 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consists of the following (in thousands): June 30, December 31, 2020 2019 Accrued clinical trials $ 6,325 $ 4,795 Accrued professional service fees 918 777 Accrued contract manufacturing and non-clinical costs 3,397 1,540 Accrued compensation and related benefits 2,386 2,216 Total accrued expenses $ 13,026 $ 9,328 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Issuance | Common stock reserved for issuance is as follows: As of June 30, As of December 31, 2020 2019 Stock options issued and outstanding 4,921,326 3,366,812 Reserved for future stock awards or option grants 1,453,225 1,112,443 Reserved for employee stock purchase plan 729,899 500,000 7,104,450 4,979,255 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted | The following assumptions were used to estimate the fair value of stock option awards granted during the following periods: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Exercise price $11.51-$18.46 $2.94-$6.27 $10.40-$24.52 $2.94-$6.27 Expected term (in years) 5.5-6.1 6.0-6.3 5.5-6.1 6.0-6.3 Expected volatility 92.59%-95.85% 73.88%-75.12% 77.07%-95.85% 73.88%-75.12% Risk-free interest rate 0.37%-0.56% 1.98%-2.25% 0.37%-1.73% 1.98%-2.46% Expected dividend yield — — — — Grant date fair value of options granted $8.81-$13.86 $8.37-$10.46 $7.38-$16.59 $7.47-$10.46 |
Summary of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2020 (in thousands, except share and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding as of December 31, 2019 3,366,812 $ 5.14 9.3 $ 65,235 Granted 1,748,967 $ 17.47 Exercised (4,203 ) $ 5.86 Canceled and forfeited (190,250 ) $ 9.27 Outstanding as of June 30, 2020 4,921,326 $ 9.37 9.0 $ 50,186 Vested and exercisable as of June 30, 2020 1,052,705 $ 4.73 8.5 $ 15,570 |
Summary of Stock-based Compensation Expense Reflected in Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | Stock-based compensation expense is reflected in the unaudited condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 General and administrative $ 1,714 $ 1,003 $ 3,246 $ 1,150 Research and development 1,260 638 2,301 709 Total $ 2,974 $ 1,641 $ 5,547 $ 1,859 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Undiscounted Future Minimum Payments under Operating Leases | As of June 30, 2020, undiscounted future minimum payments under the Company’s operating leases are as follows: Year Ending December 31, Undiscounted Rent Payments 2020 (remaining six months) $ 357 2021 865 2022 890 2023 918 2024 928 2025 230 Total undiscounted lease payments 4,188 Less: imputed interest (711 ) Total lease liability $ 3,477 |
Description of Business - Addit
Description of Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Jan. 13, 2020USD ($)$ / sharesshares | Jul. 03, 2019 | Mar. 31, 2020shares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Organization And Basis Of Presentation [Line Items] | ||||||
Date of incorporation | May 2, 2018 | |||||
Reverse stock split ratio | 0.125 | |||||
Proceeds from issuance of shares | $ 44,659 | $ 0 | ||||
Accumulated deficit | 114,462 | $ 69,901 | ||||
Cash, cash equivalents and investments | $ 149,300 | |||||
Common Stock | ||||||
Organization And Basis Of Presentation [Line Items] | ||||||
Number of shares issued | shares | 2,400,000 | |||||
Follow-on Public Offering | ||||||
Organization And Basis Of Presentation [Line Items] | ||||||
Proceeds from issuance of shares | $ 44,700 | |||||
Follow-on Public Offering | Common Stock | ||||||
Organization And Basis Of Presentation [Line Items] | ||||||
Number of shares issued | shares | 2,400,000 | |||||
Shares issued, price per share | $ / shares | $ 20 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares of stock | 5,251,457 | 3,756,461 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares of stock | 4,921,326 | 3,366,812 |
Common Stock Subject to Repurchase | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares of stock | 322,853 | 389,649 |
Employee Stock Purchase Plan Contingently Issuable | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares of stock | 7,278 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - Accounting Standards Update 2018-13 | Jun. 30, 2020 |
Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities to Fair Value Measurement On Recurring Basis and Level of Input Measurement (Details) - Fair Value, Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Fair value measurements | $ 147,577 | $ 138,603 |
Level 1 | ||
Financial assets: | ||
Fair value measurements | 81,283 | 10,621 |
Level 2 | ||
Financial assets: | ||
Fair value measurements | 66,294 | 127,982 |
Level 3 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Money Market Fund | ||
Financial assets: | ||
Fair value measurements | 81,283 | 10,621 |
Money Market Fund | Level 1 | ||
Financial assets: | ||
Fair value measurements | 81,283 | 10,621 |
Money Market Fund | Level 2 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Money Market Fund | Level 3 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Corporate Debt Securities | ||
Financial assets: | ||
Fair value measurements | 31,512 | 41,668 |
Corporate Debt Securities | Level 1 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Corporate Debt Securities | Level 2 | ||
Financial assets: | ||
Fair value measurements | 31,512 | 41,668 |
Corporate Debt Securities | Level 3 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Commercial Paper | ||
Financial assets: | ||
Fair value measurements | 12,453 | 35,016 |
Commercial Paper | Level 1 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Commercial Paper | Level 2 | ||
Financial assets: | ||
Fair value measurements | 12,453 | 35,016 |
Commercial Paper | Level 3 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
U.S. Government Bonds | ||
Financial assets: | ||
Fair value measurements | 7,511 | 22,511 |
U.S. Government Bonds | Level 1 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
U.S. Government Bonds | Level 2 | ||
Financial assets: | ||
Fair value measurements | 7,511 | 22,511 |
U.S. Government Bonds | Level 3 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Asset Backed Securities | ||
Financial assets: | ||
Fair value measurements | 14,818 | 28,787 |
Asset Backed Securities | Level 1 | ||
Financial assets: | ||
Fair value measurements | 0 | 0 |
Asset Backed Securities | Level 2 | ||
Financial assets: | ||
Fair value measurements | 14,818 | 28,787 |
Asset Backed Securities | Level 3 | ||
Financial assets: | ||
Fair value measurements | $ 0 | $ 0 |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Value and Amortized Cost of Cash Equivalents and Available-for-sale Investments by Major Security Type (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents and investments, Amortized cost | $ 147,231 | $ 138,447 |
Cash equivalents and investments, Unrealized gain | 346 | 157 |
Cash equivalents and investments, Unrealized loss | (1) | |
Cash equivalents and investments, Estimated Fair Value | 147,577 | 138,603 |
Cash equivalents, Estimated Fair Value | 81,283 | 10,621 |
Investments, Estimated Fair Value | 66,294 | |
Short-term investments | 66,294 | 104,690 |
Long-term investments | 23,292 | |
Money Market Fund | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents, Amortized Cost | 81,283 | 10,621 |
Cash equivalents, Estimated Fair Value | 81,283 | 10,621 |
Corporate Debt Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments, Amortized Cost | 31,230 | 41,556 |
Investments, Unrealized Gain | 282 | 113 |
Investments, Unrealized Loss | 0 | (1) |
Investments, Estimated Fair Value | 31,512 | 41,668 |
Commercial Paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments, Amortized Cost | 12,453 | 35,016 |
Investments, Unrealized Gain | 0 | 0 |
Investments, Unrealized Loss | 0 | 0 |
Investments, Estimated Fair Value | 12,453 | 35,016 |
U.S. Government Bonds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments, Amortized Cost | 7,501 | 22,492 |
Investments, Unrealized Gain | 10 | 19 |
Investments, Unrealized Loss | 0 | 0 |
Investments, Estimated Fair Value | 7,511 | 22,511 |
Asset Backed Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments, Amortized Cost | 14,764 | 28,762 |
Investments, Unrealized Gain | 54 | 25 |
Investments, Unrealized Loss | 0 | 0 |
Investments, Estimated Fair Value | $ 14,818 | $ 28,787 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Remaining Contractual Maturities of Available-for-sale Debt Securities (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Fair Value Disclosures [Abstract] | |
Due within one year | $ 65,398 |
One to two years | 896 |
Total | $ 66,294 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financial Instruments Owned At Fair Value [Abstract] | ||||
Realized gains or losses on available-for-sale investments | $ 0 | $ 0 | $ 0 | $ 0 |
Other-than-temporary impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued clinical trials | $ 6,325 | $ 4,795 |
Accrued professional service fees | 918 | 777 |
Accrued contract manufacturing and non-clinical costs | 3,397 | 1,540 |
Accrued compensation and related benefits | 2,386 | 2,216 |
Total accrued expenses | $ 13,026 | $ 9,328 |
Asset Acquisitions - Additional
Asset Acquisitions - Additional Information (Details) | Nov. 05, 2018USD ($)ProductCandidate$ / sharesshares | Jul. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Shire Agreement | Shire | ||||||
Asset Acquisitions [Line Items] | ||||||
Number of product candidates | ProductCandidate | 2 | |||||
Upfront payment | $ 7,500,000 | |||||
Product sales milestone payments, payable | 30,000,000 | |||||
Milestone payment | $ 2,500,000 | |||||
Accrued milestones | $ 0 | $ 0 | ||||
Shire Agreement | Shire | Maralixibat | ||||||
Asset Acquisitions [Line Items] | ||||||
Milestone payments, payable | 109,500,000 | |||||
Milestone payments, payable upon approval | 25,000,000 | |||||
Shire Agreement | Shire | Volixibat | ||||||
Asset Acquisitions [Line Items] | ||||||
Milestone payments, payable | $ 30,000,000 | |||||
Shire Agreement | Shire | Redeemable Common Stock | ||||||
Asset Acquisitions [Line Items] | ||||||
Temporary equity, shares issued | shares | 1,859,151 | |||||
Temporary equity, estimated fair value | $ 7,000,000 | |||||
Shares issued, price per share | $ / shares | $ 3.76 | |||||
Transition Services Agreement | Shire | Shire Provided Services | ||||||
Asset Acquisitions [Line Items] | ||||||
Research and development | 0 | $ 14,000 | 0 | $ 400,000 | ||
Transition Services Agreement | Shire | Pass-through Cost | ||||||
Asset Acquisitions [Line Items] | ||||||
Reduction of estimated expenses | $ 300,000 | $ 100,000 | ||||
Assigned License Agreement | Satiogen Pharmaceuticals, Inc. | ||||||
Asset Acquisitions [Line Items] | ||||||
Milestone payments, payable | $ 10,500,000 | |||||
Milestone payments, payable upon approval | 5,000,000 | |||||
Milestone payment | $ 500,000 | |||||
Accrued milestones | 0 | 0 | ||||
Milestone payments, payable upon initiation | 500,000 | |||||
Milestone payments, payable upon commercialization | 5,000,000 | |||||
Assigned License Agreement | Sanofi-Aventis Deutschland GmbH | ||||||
Asset Acquisitions [Line Items] | ||||||
Milestone payments, payable | $ 36,000,000 | |||||
Royalty obligations payment period | 10 years | |||||
Milestones accrued | $ 0 | $ 0 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Additional Information (Details) | Nov. 05, 2018shares | Jul. 31, 2019shares | Apr. 30, 2019shares | Oct. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2020Vote$ / sharesshares | Dec. 31, 2019$ / sharesshares | Aug. 31, 2018$ / shares |
Class of Stock [Line Items] | |||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Stock Agreement | Redeemable Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued | 1,859,151 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued upon conversion of series A preferred stock | 14,969,118 | ||||||
Number of shares repurchased | 25,782 | ||||||
Number of shares subject to repurchase | 322,853 | 389,649 | |||||
Common stock, voting rights | Each share of common stock is entitled to one voting right. | ||||||
Number of vote entitled for each common stockholder | Vote | 1 | ||||||
Common Stock | Founder | |||||||
Class of Stock [Line Items] | |||||||
Stock issued for services, shares | 1,187,500 | ||||||
Stock issued for services, value | $ | $ 950 | ||||||
Common Stock | Restricted Stock | Founder | |||||||
Class of Stock [Line Items] | |||||||
Stock issued for services, shares | 562,500 | ||||||
Vesting period | 4 years |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Issuance (Details) - shares | Jun. 30, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Common stock reserved for issuance | 7,104,450 | 4,979,255 |
Stock Options | ||
Class of Stock [Line Items] | ||
Common stock reserved for issuance | 4,921,326 | 3,366,812 |
Reserved for Future Stock Awards or Option Grants | ||
Class of Stock [Line Items] | ||
Common stock reserved for issuance | 1,453,225 | 1,112,443 |
Reserved for Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Common stock reserved for issuance | 729,899 | 500,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 05, 2018 | Jul. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Oct. 31, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 18, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock approved and reserved for issuance | 7,104,450 | 7,104,450 | 4,979,255 | ||||||
Common Stock | Founder | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock issued for services | 1,187,500 | ||||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock approved and reserved for issuance | 4,921,326 | 4,921,326 | 3,366,812 | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |||||
Total unrecognized stock-based compensation related to unvested stock option awards granted | $ 36.3 | $ 36.3 | |||||||
Unrecognized stock-based compensation related to unvested stock, expected to recognize over weighted-average period | 3 years 1 month 6 days | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized stock-based compensation related to unvested stock, expected to recognize over weighted-average period | 2 years 4 months 24 days | ||||||||
Share vested | 33,398 | 33,398 | 66,796 | 68,554 | |||||
Total unrecognized compensation expense related to unvested restricted stock | $ 0.9 | $ 0.9 | |||||||
Restricted Stock | Founder | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Measurement date fair value for stock issued for services | $ 2.936 | ||||||||
Restricted Stock | Common Stock | Founder | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock issued for services | 562,500 | ||||||||
Total compensation cost | $ 1.7 | ||||||||
Vesting period | 4 years | ||||||||
2019 Equity Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock approved and reserved for issuance | 1,401,443 | 965,725 | 965,725 | ||||||
Equity incentive plans, description | A total of 1,401,443 shares of common stock were approved to be initially reserved for issuance under the 2019 Plan, including 101,443 shares that remained available for issuance under the 2018 Plan as of July 17, 2019. Shares subject to outstanding awards under the 2018 Plan as of the effective date of the 2019 Plan that are subsequently canceled, forfeited or repurchased by the Company will be added to the shares reserved under the 2019 Plan. In addition, the number of shares of common stock available for issuance under the 2019 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2019 Plan, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. As of June 30, 2020, 965,725 shares of common stock were available for issuance under the 2019 Plan. | ||||||||
Shares of common stock expiration term | 10 years | ||||||||
Shares of common stock beginning date | Jan. 1, 2020 | ||||||||
Shares of common stock ending date | Jan. 1, 2029 | ||||||||
Percentage of annual increase in common stock available for issuance | 5.00% | ||||||||
2018 Equity Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock approved and reserved for issuance | 101,443 | ||||||||
2020 Inducement Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock for future issuance | 750,000 | ||||||||
Common stock available for issuance | 487,500 | ||||||||
2019 Employee Stock Purchase Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock approved and reserved for issuance | 729,899 | 729,899 | |||||||
Equity incentive plans, description | A total of 500,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten-years of the term of the ESPP, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to the lessor of (i) 1% of the outstanding number of shares of common stock on December 31st of the preceding calendar year, (ii) 1,500,000 shares of common stock or (iii) such lesser amount as determined by the Company’s board of directors. As of June 30, 2020, no shares were issued under the ESPP and there were 729,899 shares available for future issuance. | ||||||||
Shares of common stock expiration term | 10 years | ||||||||
Shares of common stock beginning date | Jan. 1, 2020 | ||||||||
Shares of common stock ending date | Jan. 1, 2029 | ||||||||
Percentage of annual increase in common stock available for issuance | 1.00% | ||||||||
Stock issued for services | 500,000 | 0 | |||||||
Annual increase in common stock available for issuance, shares | 1,500,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted (Details) - Stock Options - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price, minimum | $ 11.51 | $ 2.94 | $ 10.40 | $ 2.94 |
Exercise price, maximum | $ 18.46 | $ 6.27 | $ 24.52 | $ 6.27 |
Expected volatility, minimum | 92.59% | 73.88% | 77.07% | 73.88% |
Expected volatility, maximum | 95.85% | 75.12% | 95.85% | 75.12% |
Risk-free interest rate, minimum | 0.37% | 1.98% | 0.37% | 1.98% |
Risk-free interest rate, maximum | 0.56% | 2.25% | 1.73% | 2.46% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 3 months 18 days | 6 years 1 month 6 days | 6 years 3 months 18 days |
Grant date fair value of options granted | $ 13.86 | $ 10.46 | $ 16.59 | $ 10.46 |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 6 months | 6 years | 5 years 6 months | 6 years |
Grant date fair value of options granted | $ 8.81 | $ 8.37 | $ 7.38 | $ 7.47 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Options, Outstanding | ||
Number of shares, Outstanding, Beginning balance | shares | 3,366,812 | |
Number of shares, Granted | shares | 1,748,967 | |
Number of shares, Exercised | shares | (4,203) | |
Number of shares, Canceled and forfeited | shares | (190,250) | |
Number of shares, Outstanding, Ending balance | shares | 4,921,326 | 3,366,812 |
Number of shares, Vested and exercisable | shares | 1,052,705 | |
Weighted-average exercise price, Outstanding | ||
Weighted-average exercise price, Outstanding, Beginning balance | $ / shares | $ 5.14 | |
Weighted-average exercise price, Granted | $ / shares | 17.47 | |
Weighted-average exercise price, Exercised | $ / shares | 5.86 | |
Weighted-average exercise price, Canceled and forfeited | $ / shares | 9.27 | |
Weighted-average exercise price, Outstanding, Ending balance | $ / shares | 9.37 | $ 5.14 |
Weighted-average exercise price, Vested and exercisable | $ / shares | $ 4.73 | |
Share-based Payment Award, Options, Additional Disclosures | ||
Weighted-average remaining contractual life, Outstanding | 9 years | 9 years 3 months 18 days |
Weighted-average remaining contractual life, Vested and exercisable | 8 years 6 months | |
Aggregate intrinsic value, Outstanding | $ | $ 50,186 | $ 65,235 |
Aggregate intrinsic value, Vested and exercisable | $ | $ 15,570 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-based Compensation Expense Reflected in Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 2,974 | $ 1,641 | $ 5,547 | $ 1,859 |
General and Administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,714 | 1,003 | 3,246 | 1,150 |
Research and Development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 1,260 | $ 638 | $ 2,301 | $ 709 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Nov. 30, 2019USD ($)ft² | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Jan. 22, 2019ft² | |
Lessee Lease Description [Line Items] | ||||||||
Area of office space | ft² | 5,600 | |||||||
Term of lease | 4 years | |||||||
Operating lease, option to extend, description | Pursuant to the Lease, the lease term is approximately four years with an option to extend the term for one five-year term, which at the time was not reasonably assured of exercise and therefore, not included in the lease term. | |||||||
Existence of option to extend | true | |||||||
Term of extension of lease | 5 years | |||||||
Tenant improvement allowance | $ 400 | |||||||
Operating lease right-of-use assets | $ 2,107 | $ 2,107 | $ 2,361 | |||||
Lease liability | $ 3,477 | $ 3,477 | ||||||
Estimated weighted-average incremental borrowing rate | 8.00% | 8.00% | ||||||
Weighted-average remaining lease term | 4 years 7 months 6 days | 4 years 7 months 6 days | ||||||
Rent expense | $ 200 | $ 100 | $ 300 | $ 100 | ||||
Amended Operating Lease Agreement | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Term of lease | 5 years | |||||||
Tenant improvement allowance | $ 800 | |||||||
Additional area of office space | ft² | 5,555 | |||||||
Lease expiration, month and year | 2025-03 | |||||||
Amended Operating Lease Agreement | Restatement Adjustment | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease right-of-use assets | $ 600 | |||||||
Lease liability | $ 600 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Future Minimum Payments under Operating Leases (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2020 (remaining six months) | $ 357 |
2021 | 865 |
2022 | 890 |
2023 | 918 |
2024 | 928 |
2025 | 230 |
Total undiscounted lease payments | 4,188 |
Less: imputed interest | (711) |
Total lease liability | $ 3,477 |