Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | 89bio, Inc. | |
Entity Central Index Key | 0001785173 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 39,073,995 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | ETNB | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39122 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4946844 | |
Entity Address, Address Line One | 142 Sansome Street | |
Entity Address, Address Line Two | Second Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94104 | |
City Area Code | 415 | |
Local Phone Number | 432-9270 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 60,618 | $ 52,432 |
Restricted cash | 25 | 25 |
Short-term available-for-sale securities | 78,707 | 98,288 |
Prepaid and other current assets | 7,218 | 11,237 |
Total current assets | 146,568 | 161,982 |
Operating lease right-of-use asset | 109 | |
Property and equipment, net | 121 | 150 |
Other assets | 797 | 290 |
Total assets | 147,595 | 162,422 |
Current liabilities: | ||
Accounts payable | 4,907 | 6,843 |
Accrued expenses | 14,388 | 10,194 |
Operating lease liability, current | 104 | |
Term loan, current | 7,500 | 2,500 |
Total current liabilities | 26,899 | 19,537 |
Term loan, non-current, net | 12,050 | 16,898 |
Liability related to public offering | 28,186 | |
Other non-current liability | 275 | 30 |
Total liabilities | 67,410 | 36,465 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Common stock | 20 | 20 |
Additional paid-in capital | 344,319 | 339,218 |
Accumulated other comprehensive loss | (318) | (64) |
Accumulated deficit | (263,836) | (213,217) |
Total stockholders’ equity | 80,185 | 125,957 |
Total liabilities and stockholders’ equity | $ 147,595 | $ 162,422 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 19,686 | $ 15,630 | $ 39,535 | $ 25,761 |
General and administrative | 5,052 | 4,921 | 10,311 | 9,529 |
Total operating expenses | 24,738 | 20,551 | 49,846 | 35,290 |
Loss from operations | (24,738) | (20,551) | (49,846) | (35,290) |
Other expenses, net | (316) | (172) | (772) | (215) |
Net loss before tax | (25,054) | (20,723) | (50,618) | (35,505) |
Income tax expense | (1) | |||
Net loss | (25,054) | (20,723) | (50,619) | (35,505) |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on available-for-sale securities | (77) | 13 | (272) | 9 |
Foreign currency translation adjustments | 15 | (6) | 18 | 5 |
Total other comprehensive (loss) income | (62) | 7 | (254) | 14 |
Comprehensive loss | $ (25,116) | $ (20,716) | $ (50,873) | $ (35,491) |
Net loss per share, basic | $ (1.23) | $ (1.03) | $ (2.49) | $ (1.77) |
Net loss per share, diluted | $ (1.23) | $ (1.03) | $ (2.49) | $ (1.77) |
Weighted-average shares used to compute net loss per share, basic | 20,351,560 | 20,060,061 | 20,345,521 | 20,017,677 |
Weighted-average shares used to compute net loss per share, diluted | 20,351,560 | 20,060,061 | 20,345,521 | 20,017,677 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance at Dec. 31, 2020 | $ 202,961 | $ 20 | $ 326,046 | $ (10) | $ (123,095) |
Beginning balance, shares at Dec. 31, 2020 | 19,931,660 | ||||
Issuance of common stock upon exercise of stock options | 216 | 216 | |||
Issuance of common stock upon exercise of stock options, shares | 103,170 | ||||
Stock-based compensation | 1,793 | 1,793 | |||
Net loss | (14,782) | (14,782) | |||
Other comprehensive loss | 7 | 7 | |||
Ending balance at Mar. 31, 2021 | 190,195 | $ 20 | 328,055 | (3) | (137,877) |
Ending balance, shares at Mar. 31, 2021 | 20,034,830 | ||||
Beginning balance at Dec. 31, 2020 | 202,961 | $ 20 | 326,046 | (10) | (123,095) |
Beginning balance, shares at Dec. 31, 2020 | 19,931,660 | ||||
Issuance of common stock warrant in connection with term loan facility | 574 | ||||
Net loss | (35,505) | ||||
Other comprehensive loss | 14 | ||||
Ending balance at Jun. 30, 2021 | 172,705 | $ 20 | 331,281 | 4 | (158,600) |
Ending balance, shares at Jun. 30, 2021 | 20,080,665 | ||||
Beginning balance at Mar. 31, 2021 | 190,195 | $ 20 | 328,055 | (3) | (137,877) |
Beginning balance, shares at Mar. 31, 2021 | 20,034,830 | ||||
Issuance of common stock upon exercise of stock options | 152 | 152 | |||
Issuance of common stock upon exercise of stock options, shares | 40,628 | ||||
Issuance of common stock upon ESPP purchases | 83 | 83 | |||
Issuance of common stock upon ESPP purchase, Shares | 5,207 | ||||
Issuance of common stock warrant in connection with term loan facility | 574 | 574 | |||
Stock-based compensation | 2,417 | 2,417 | |||
Net loss | (20,723) | (20,723) | |||
Other comprehensive loss | 7 | 7 | |||
Ending balance at Jun. 30, 2021 | 172,705 | $ 20 | 331,281 | 4 | (158,600) |
Ending balance, shares at Jun. 30, 2021 | 20,080,665 | ||||
Beginning balance at Dec. 31, 2021 | 125,957 | $ 20 | 339,218 | (64) | (213,217) |
Beginning balance, shares at Dec. 31, 2021 | 20,317,204 | ||||
Issuance of common stock upon exercise of stock options | 29 | 29 | |||
Issuance of common stock upon exercise of stock options, shares | 12,065 | ||||
Issuance of common stock upon vesting of restricted stock units, net, shares | 22,115 | ||||
Stock-based compensation | 2,512 | 2,512 | |||
Net loss | (25,565) | (25,565) | |||
Other comprehensive loss | (192) | (192) | |||
Ending balance at Mar. 31, 2022 | 102,741 | $ 20 | 341,759 | (256) | (238,782) |
Ending balance, shares at Mar. 31, 2022 | 20,351,384 | ||||
Beginning balance at Dec. 31, 2021 | 125,957 | $ 20 | 339,218 | (64) | (213,217) |
Beginning balance, shares at Dec. 31, 2021 | 20,317,204 | ||||
Net loss | (50,619) | ||||
Other comprehensive loss | (254) | ||||
Ending balance at Jun. 30, 2022 | 80,185 | $ 20 | 344,319 | (318) | (263,836) |
Ending balance, shares at Jun. 30, 2022 | 20,367,363 | ||||
Beginning balance at Mar. 31, 2022 | 102,741 | $ 20 | 341,759 | (256) | (238,782) |
Beginning balance, shares at Mar. 31, 2022 | 20,351,384 | ||||
Issuance of common stock upon ESPP purchases | 43 | 43 | |||
Issuance of common stock upon ESPP purchase, Shares | 15,979 | ||||
Withholding taxes related to restricted stock units | (69) | (69) | |||
Stock-based compensation | 2,586 | 2,586 | |||
Net loss | (25,054) | (25,054) | |||
Other comprehensive loss | (62) | (62) | |||
Ending balance at Jun. 30, 2022 | $ 80,185 | $ 20 | $ 344,319 | $ (318) | $ (263,836) |
Ending balance, shares at Jun. 30, 2022 | 20,367,363 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Cash flows from operating activities: | ||
Net loss | $ (50,619) | $ (35,505) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 5,098 | 4,210 |
Accretion of final payment fee on term loan | 245 | |
Amortization of debt issuance costs | 152 | 194 |
Amortization of premium on available-for-sale securities | 128 | 472 |
Non-cash operating lease expense | 91 | |
Depreciation | 34 | 35 |
Changes in operating assets and liabilities: | ||
Prepaid and other current assets | 4,037 | (4,032) |
Other assets | (507) | 77 |
Accounts payable | (1,936) | (159) |
Accrued expenses | 4,194 | (383) |
Operating lease liability | (96) | |
Net cash used in operating activities | (39,179) | (35,091) |
Cash flows from investing activities: | ||
Proceeds from maturities of available-for-sale securities | 59,912 | 63,952 |
Purchases of available-for-sale securities | (40,731) | (93,218) |
Purchases of property and equipment | (5) | (20) |
Net cash provided by (used in) investing activities | 19,176 | (29,286) |
Cash flows from financing activities: | ||
Proceeds from public offering, prior to closing | 28,186 | |
Proceeds from issuance of common stock upon ESPP purchases | 43 | 83 |
Proceeds from issuance of common stock upon stock option exercises | 29 | 368 |
Payment of withholding taxes related to restricted stock units | (69) | |
Proceeds from term loan facility, net of issuance costs | 1,457 | |
Net cash provided by financing activities | 28,189 | 1,908 |
Net change in cash and cash equivalents, and restricted cash | 8,186 | (62,469) |
Cash and cash equivalents, and restricted cash at beginning of period | 52,457 | 98,208 |
Cash and cash equivalents, and restricted cash at end of period | 60,643 | 35,739 |
Components of cash and cash equivalents, and restricted cash: | ||
Cash and cash equivalents | 60,618 | 35,714 |
Restricted cash | 25 | 25 |
Total cash and cash equivalents, and restricted cash | 60,643 | 35,739 |
Supplemental disclosures of cash information: | ||
Cash paid for interest | 404 | |
Cash paid for operating leases | 127 | |
Supplemental disclosures of non-cash information: | ||
Offering costs included in other assets and accrued expenses | $ 580 | |
Purchases of property and equipment included in accounts payable and accrued expenses | 3 | |
Issuance of common stock warrant in connection with term loan facility | 574 | |
Debt issuance costs included in accounts payable | $ 6 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Description of Business 89bio, Inc. (“89bio” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company’s lead product candidate, pegozafermin (previously BIO89-100), a specifically engineered glycoPEGylated analog of fibroblast growth factor 21, is currently being developed for the treatment of nonalcoholic steatohepatitis and for the treatment of severe hypertriglyceridemia. 89bio was formed as a Delaware corporation in June 2019 Public Offerings In March 2021, the Company entered into a sales agreement (the “Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (the “Sales Agents”) pursuant to which it may offer and sell up to $75.0 million of shares of the Company’s common stock, from time to time, in “at-the-market” offerings (the “ATM Facility”). The Sales Agents are entitled to compensation at a commission equal to 3.0% of the aggregate gross sales price per share sold under the Sales Agreement. In October and November 2021, the Company received aggregate proceeds of $3.3 million, net of commissions and offering expenses from sales of 186,546 shares of its common stock at a weighted-average price of $17.97 per share pursuant to the ATM Facility . For the six months ended June 30, 2022, there were no sales pursuant to the ATM Facility. In July 2022, pursuant to a shelf registration statement on Form S-3 (No. 333-254684), the Company completed an underwritten public offering of its common stock, warrants to purchase shares of its common stock and pre-funded warrants to purchase shares of its common stock. The Company sold 18,675,466 shares of its common stock with accompanying warrants to purchase up to 9,337,733 shares of its common stock at a combined public offering price of $3.55 per share. The Company also sold 7,944,252 pre-funded warrants to purchase shares of its common stock with accompanying warrants to purchase up to 3,972,126 shares of its common stock at a combined public offering price of $3.549 per pre-funded warrant. The warrants have an exercise price of $5.325 per share. The offering was completed on July 1, 2022 and the Company raised net proceeds of approximately $88.2 million, after deducting underwriting discounts and commissions of approximately $5.7 million and other offering costs of approximately $0.6 million. The Company received $28.2 million in proceeds in June 2022 prior to the closing of the offering. The proceeds are classified as a liability related to public offering on the condensed consolidated balance sheet. Liquidity The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. To date, the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses for the foreseeable future until it completes development of its products and seeks regulatory approvals to market such products. The Company had cash and cash equivalents and short-term available-for-sale securities of $139.3 million as of June 30, 2022. The Company expects that its cash and cash equivalents and short-term available-for-sale securities as of June 30, 2022, together with the proceeds received from the Company’s July 2022 offering and proceeds available from the Company’s ATM Facility, will be sufficient to fund operating expenses and capital expenditure requirements for a period of at least one year from the date these unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three and six months ended June 30 , 202 2 are not necessarily indicative of the results to be expected for the year ending December 31, 202 2 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 20 2 1 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 20 2 1 , which was filed with the SEC on March 24 , 202 2 . Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options and certain accrued expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Fair Value Measurements Financial assets and liabilities are recorded at fair value on a recurring basis in the condensed consolidated balance sheets. The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable and accrued expenses approximate to their fair value due to the short-term nature of these instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Risks and Uncertainties The ongoing COVID-19 pandemic has disrupted and may continue to disrupt the Company’s business and delay its preclinical and clinical programs and timelines. The Company does not yet know the full extent of potential delays to clinical trials, which could prevent or delay the Company from obtaining approval for pegozafermin. The extent to which the COVID-19 pandemic may impact the Company’s future operating results and financial condition is uncertain. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper that are stated at fair value. Investments Investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its available-for-sale investments in debt securities at the time of purchase. Generally, investments with original maturities beyond three months at the date of purchase are classified as short-term because it is management’s intent to use the investments to fund current operations or to make them available for current operations . Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other expenses, net. The cost of investments sold is based on the specific-identification method. The Company has not experienced material realized gains or losses or other-than-temporary losses in the periods presented. Interest on available-for-sale securities is included in other expenses, net and is not material for the periods presented. Leases Prior to January 1, 2022, the Company accounted for leases under Accounting Standards Codification (“ASC”) 840, Leases Leases The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use (“ROU”) asset and lease liability at the lease commencement date and thereafter if modified. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make the contractual lease payments over the lease term. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable, otherwise, the Company uses its estimated collateralized incremental borrowing rate for the lease term. The Company has elected not to record leases with an original term of twelve months or less on its consolidated balance sheets and recognizes those lease payments in operating expenses in the consolidated statements of operations and comprehensive loss. The Company’s short-term lease is not material. In addition, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as components and vary based on future outcomes. The Company has elected to not separate lease and components. Only the fixed costs for lease components and their associated components are accounted for as a single lease component and recognized as part of a asset and lease liability. Any variable expenses are recognized in operating expenses as incurred. The rent expense for an operating lease liability is recognized on a straight-line basis over the lease term and is included in operating expenses in the consolidated statements of operations and comprehensive loss. Comprehensive Loss The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on available-for-sale securities and foreign currency translation adjustments. Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASC 842 using the modified retrospective transition method and elected the practical expedients to not reassess whether any expired or existing contracts are or contain leases, carry forward its historical lease classification and not reassess initial direct costs for existing leases. Upon adoption of ASC 842, the Company recorded an operating ROU asset of $0.2 million and an operating lease liability of $0.2 million. T here was no adjustment to the opening balance of accumulated deficit as a result of adoption. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) , which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. As an emerging growth company, ASU 2016-13 is effective for the Company for the year ending December 31, 2023 and interim periods within that fiscal year and must be adopted using a modified retrospective approach, with certain exceptions. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2022 June 30, 2022 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 14,347 $ — $ — $ 14,347 Commercial paper Level 2 45,710 — (15 ) 45,695 U.S. government bonds Level 2 25,565 — (226 ) 25,339 Agency bonds Level 2 3,999 — (35 ) 3,964 Corporate debt securities Level 2 3,630 — (37 ) 3,593 Non-U.S. debt securities Level 2 3,479 — (10 ) 3,469 U.S. treasury bills Level 2 1,986 — (11 ) 1,975 Municipal bonds Level 2 1,587 — (1 ) 1,586 Total cash equivalents and available-for-sale securities $ 100,303 $ — $ (335 ) $ 99,968 Classified as: Cash equivalents $ 21,261 Short-term available-for-sale securities 78,707 Total cash equivalents and available-for-sale securities $ 99,968 As of June 30, 2022, all of the Company’s available-for-sale securities by contractual maturity are within one year. The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2021 (in thousands): December 31, 2021 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 21,477 $ — $ — $ 21,477 Commercial paper Level 2 59,647 — (10 ) 59,637 U.S. government bonds Level 2 21,662 — (42 ) 21,620 Corporate debt securities Level 2 8,776 1 (1 ) 8,776 Agency bonds Level 2 7,747 1 (7 ) 7,741 Municipal bonds Level 2 4,251 — (4 ) 4,247 Non-U.S. debt securities Level 2 2,506 — (1 ) 2,505 Total cash equivalents and available-for-sale securities $ 126,066 $ 2 $ (65 ) $ 126,003 Classified as: Cash equivalents $ 27,715 Short-term available-for-sale securities 98,288 Total cash equivalents and available-for-sale securities $ 126,003 The following table summarizes the Company’s available-for-sale securities by contractual maturity as of December 31, 2021 (in thousands): December 31, 2021 Within one year $ 120,726 After one year through two years 5,277 Total cash equivalents and available-for-sale securities $ 126,003 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Prepaid and other current assets consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Prepaid research and development $ 5,061 $ 7,895 Prepaid taxes 832 836 Prepaid other 1,325 2,506 Total prepaid and other current assets $ 7,218 $ 11,237 Accrued expenses consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Accrued research and development expenses $ 10,827 $ 6,195 Accrued employee and related expenses 2,208 3,168 Accrued professional and legal fees 1,178 495 Accrued other expenses 175 336 Total accrued expenses $ 14,388 $ 10,194 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Leases On January 1, 2022, the Company adopted ASC 842 (see Note 2) and the following disclosures as of June 30, 2022 and for the three and six months ended June 30, 2022 are presented under ASC 842. For the three and six months ended June 30, 2022, the Company incurred $47,000 and $0.1 million in rent expense, respectively. Variable lease payments and short-term lease costs were immaterial for the three and six months ended June 30, 2022. As of June 30, 2022, the remaining lease term was 0.5 years and the Company’s incremental borrowing rate used to determine the operating lease liability was 4.25%. As of June 30, 2022, the undiscounted future minimum lease payments due under the Company’s non-cancellable operating lease are as follows (in thousands): Remainder of 2022 $ 98 2023 7 Total undiscounted future minimum lease payments $ 105 Less: imputed interest $ (1 ) Present value of operating lease liability, current $ 104 In accordance with ASC 840, rent expense for the three and six months ended June 30, 2021 was $72,000 and $0.1 million respectively. The total future minimum annual payments for operating leases in effect as of December 31, 2021, were as follows (in thousands): 2022 $ 212 2023 7 Total future minimum annual payments $ 219 Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the “Teva Agreements”) with Teva Pharmaceutical Industries Ltd (“Teva”) under which it acquired certain patents and intellectual property relating to two programs: (1) Teva’s glycoPEGylated FGF21 program, including the compound TEV-47948 (pegozafermin), a glycoPEGylated long-acting FGF21 and (2) Teva’s development program of small molecule inhibitors of fatty acid synthase. Pursuant to the Teva Agreements, the Company could be obligated to pay Teva up to $67.5 million under each program, for a total of $135.0 million, upon the achievement of certain clinical development and commercial milestones. In addition, the Company is obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds. The Teva Agreements can be terminated (i) by the Company without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the Teva Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to the Company’s glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva. During the three and six months ended June 30, 2022 and 2021, none of the development and commercial milestones were met and accordingly, there were no milestone payments related to the Teva Agreements. |
Term Loan
Term Loan | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Term Loan | 6. Term Loan Loan and Security Agreement In April 2020, the Company entered into a Loan and Security Agreement, (the “Loan Agreement”) with the lenders referred to therein (the “Lenders”), and Silicon Valley Bank (“SVB”), as collateral agent. The Loan Agreement provided for (i) a secured term A loan facility (the “Term A Loan Facility”) of up to $10.0 million and (ii) a secured term B loan facility (the “Term B Loan Facility”) of up to $5.0 million that became available upon the satisfaction of certain milestones, each of which was available to be drawn through May 31, 2021. The term loan is secured by certain assets of the Borrowers (as defined in the Loan Agreement), including substantially all of the assets of the Company, excluding the Company’s intellectual property. The term loan contains customary representations, warranties, affirmative covenants and also certain restrictive covenants. In April 2020, in connection with the execution of the Loan Agreement, the Company issued SVB a warrant to purchase 25,000 shares of the Company’s common stock with a warrant exercise price of $22.06 per share that is immediately exercisable and expires on In May 2021, the parties further amended the Loan Agreement (as amended, the “2021 Loan Agreement”). The 2021 Loan Agreement increased the Term A Loan Facility to up to $20.0 million, which was fully drawn as of December 2021. The Term B Loan Facility of up to $5.0 million remains available to be drawn upon on achievement of certain additional milestones, on or before September 30, 2022. The 2021 Loan Agreement provides for interest-only payments until October 1, 2022, followed by consecutive monthly payments of principal and interest starting on October 1, 2022 and continuing through September 1, 2024, the maturity date of the term loan. The interest only period may be extended to April 1, 2023, if on or before September 20, 2022, the Company receives net cash proceeds of at least $75.0 million from the sale of its equity securities. The term loan bears interest at the greater of (i) 4.25% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 1.00%. The interest rate on the term loan was 4.25% at inception and 5.75% as of June 30, 2022. In addition, a final payment fee of 5.0% of the principal amount of the loan is due when the term loan becomes due or upon prepayment of the term loan. If the Company elects to prepay the loan, there is also a prepayment fee of between 1.0% and 3.0% of the principal amount of the term loan depending on the timing of prepayment. In May 2021, in connection with the execution of the 2021 Loan Agreement, the Company issued SVB a warrant to purchase 33,923 shares of the Company’s common stock with a warrant exercise price of $ 19.12 per share that is immediately exercisable and expires on May 28, 2031 . The Company determined the fair value of the warrant at the issuance date by using the Black-Scholes option-pricing model with the following assumptions: risk-free interest rate of 1.6 %, no dividends, expected volatility of 98.6 % and expected term of 10.0 years . Upon issuance, the fair value of the warrant of $ 0.6 million was recorded as a debt issuance cost and met the requirements for equity classification within additional paid-in capital in the consolidated balance sheets. In addition, closing costs incurred were not material. In connection with Term B Loan Facility, if funded, the Company will issue additional warrant to purchase 11,305 shares of the Company’s common stock with the exercise price at the Company’s stock price at the time of issuance. The 2021 Loan Agreement was accounted for as a modification to a credit facility. The debt issuance costs incurred in May 2021, including the fair value of the warrant, together with the remaining unamortized debt issuance costs related to the Loan Agreement of $0.4 million were recorded as deferred assets and recognized on a straight-line basis as interest expense over the availability of the draw period. Since all amounts under the Term A Loan Facility were drawn as of December 31, 2021, all debt issuance costs were reclassified as debt discount. The carrying value of the debt discount, together with the final payment fee, are recognized using the effective interest method. Interest expense is recorded within other expenses, net in the condensed consolidated statements of operations and comprehensive loss. The expected repayments of principal amount due on the term loan, excluding the final payment fee (which is presented as an other non-current liability on the condensed consolidated balance sheets) as of June 30, 2022 are as follows (in thousands): Remainder of 2022 $ 2,500 2023 10,000 2024 7,500 Total principal repayments 20,000 Less: unamortized debt discount (450 ) Total term loan, net 19,550 Less: term loan, current (7,500 ) Term loan, non-current, net $ 12,050 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Equity Incentive Plan In September 2019, the Company’s board of directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which also became effective in September 2019. The Company initially reserved 2,844,193 shares of common stock for issuance under the 2019 Plan. In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company’s board of directors. As of June 30, 2022, there were 953,596 shares of common stock available for issuance as future equity grants under the 2019 Plan. Employee Stock Purchase Plan In October 2019, the Company’s board of directors adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective in November 2019. The Company initially reserved 225,188 shares of common stock for purchase under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January for a period of up to ten years in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company’s board of directors. Purchases are accomplished through the participation of discrete offering periods and each offering is expected to be six months in duration. For each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of the fair market value of the Company’s common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the applicable offering period. The following table summarizes stock option activity for the six months ended June 30, 2022: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2021 2,406,668 $ 16.46 8.1 $ 9,970 Granted 956,816 4.19 Exercised (12,065 ) 2.43 Cancelled (199,145 ) 14.49 Balance outstanding as of June 30, 2022 3,152,274 $ 12.92 8.1 $ 790 Exercisable as of June 30, 2022 1,365,395 $ 13.14 7.0 $ 642 The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2022 2021 Expected term (years) 5.5-6.1 5.5-6.1 Expected volatility 89.9-91.0 % 94.0-97.6 % Risk-free interest rate 1.6-2.8 % 0.7-1.0 % Expected dividend — — Restricted Stock Units (“RSUs”) Pursuant to the Company’s 2019 Plan, RSUs are granted to executives and certain employees. In February 2021 and 2022, the Company granted certain employees service-based RSUs that generally vest annually over a three-year In February 2021, the Company granted performance-based RSUs that vest as to one-third on each one-year The following table summarizes RSU activity for the six months ended June 30, 2022: Weighted Average Number of Grant Date RSUs Fair Value Balance outstanding as of December 31, 2021 106,394 $ 23.10 Granted 596,891 4.44 Vested / released (22,115 ) 23.10 Cancelled / forfeited (80,522 ) 5.64 Balance outstanding as of June 30, 2022 600,648 $ 6.51 The Company recorded stock-based compensation for the periods indicated as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 1,014 $ 758 $ 1,898 $ 1,397 General and administrative 1,572 1,659 3,200 2,813 Total stock-based compensation $ 2,586 $ 2,417 $ 5,098 $ 4,210 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. Net Loss Per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: Six Months Ended June 30, 2022 2021 Stock options to purchase common stock 3,152,274 2,375,554 Unvested restricted stock units 600,648 110,978 Warrants to purchase common stock 58,923 58,923 Total 3,811,845 2,545,455 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events In July 2022, the Company completed an underwritten public offering of its common stock, warrants and pre-funded warrants (see Note 1). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three and six months ended June 30 , 202 2 are not necessarily indicative of the results to be expected for the year ending December 31, 202 2 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 20 2 1 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 20 2 1 , which was filed with the SEC on March 24 , 202 2 . |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options and certain accrued expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are recorded at fair value on a recurring basis in the condensed consolidated balance sheets. The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable and accrued expenses approximate to their fair value due to the short-term nature of these instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Risk and Uncertainties | Risks and Uncertainties The ongoing COVID-19 pandemic has disrupted and may continue to disrupt the Company’s business and delay its preclinical and clinical programs and timelines. The Company does not yet know the full extent of potential delays to clinical trials, which could prevent or delay the Company from obtaining approval for pegozafermin. The extent to which the COVID-19 pandemic may impact the Company’s future operating results and financial condition is uncertain. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper that are stated at fair value. |
Investments | Investments Investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its available-for-sale investments in debt securities at the time of purchase. Generally, investments with original maturities beyond three months at the date of purchase are classified as short-term because it is management’s intent to use the investments to fund current operations or to make them available for current operations . Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other expenses, net. The cost of investments sold is based on the specific-identification method. The Company has not experienced material realized gains or losses or other-than-temporary losses in the periods presented. Interest on available-for-sale securities is included in other expenses, net and is not material for the periods presented. |
Leases | Leases Prior to January 1, 2022, the Company accounted for leases under Accounting Standards Codification (“ASC”) 840, Leases Leases The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use (“ROU”) asset and lease liability at the lease commencement date and thereafter if modified. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make the contractual lease payments over the lease term. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable, otherwise, the Company uses its estimated collateralized incremental borrowing rate for the lease term. The Company has elected not to record leases with an original term of twelve months or less on its consolidated balance sheets and recognizes those lease payments in operating expenses in the consolidated statements of operations and comprehensive loss. The Company’s short-term lease is not material. In addition, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as components and vary based on future outcomes. The Company has elected to not separate lease and components. Only the fixed costs for lease components and their associated components are accounted for as a single lease component and recognized as part of a asset and lease liability. Any variable expenses are recognized in operating expenses as incurred. The rent expense for an operating lease liability is recognized on a straight-line basis over the lease term and is included in operating expenses in the consolidated statements of operations and comprehensive loss. |
Comprehensive Loss | Comprehensive Loss The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on available-for-sale securities and foreign currency translation adjustments. |
Recent Adopted And Accounting Pronouncements | Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASC 842 using the modified retrospective transition method and elected the practical expedients to not reassess whether any expired or existing contracts are or contain leases, carry forward its historical lease classification and not reassess initial direct costs for existing leases. Upon adoption of ASC 842, the Company recorded an operating ROU asset of $0.2 million and an operating lease liability of $0.2 million. T here was no adjustment to the opening balance of accumulated deficit as a result of adoption. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) , which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. As an emerging growth company, ASU 2016-13 is effective for the Company for the year ending December 31, 2023 and interim periods within that fiscal year and must be adopted using a modified retrospective approach, with certain exceptions. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2022 June 30, 2022 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 14,347 $ — $ — $ 14,347 Commercial paper Level 2 45,710 — (15 ) 45,695 U.S. government bonds Level 2 25,565 — (226 ) 25,339 Agency bonds Level 2 3,999 — (35 ) 3,964 Corporate debt securities Level 2 3,630 — (37 ) 3,593 Non-U.S. debt securities Level 2 3,479 — (10 ) 3,469 U.S. treasury bills Level 2 1,986 — (11 ) 1,975 Municipal bonds Level 2 1,587 — (1 ) 1,586 Total cash equivalents and available-for-sale securities $ 100,303 $ — $ (335 ) $ 99,968 Classified as: Cash equivalents $ 21,261 Short-term available-for-sale securities 78,707 Total cash equivalents and available-for-sale securities $ 99,968 The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2021 (in thousands): December 31, 2021 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 21,477 $ — $ — $ 21,477 Commercial paper Level 2 59,647 — (10 ) 59,637 U.S. government bonds Level 2 21,662 — (42 ) 21,620 Corporate debt securities Level 2 8,776 1 (1 ) 8,776 Agency bonds Level 2 7,747 1 (7 ) 7,741 Municipal bonds Level 2 4,251 — (4 ) 4,247 Non-U.S. debt securities Level 2 2,506 — (1 ) 2,505 Total cash equivalents and available-for-sale securities $ 126,066 $ 2 $ (65 ) $ 126,003 Classified as: Cash equivalents $ 27,715 Short-term available-for-sale securities 98,288 Total cash equivalents and available-for-sale securities $ 126,003 |
Schedule of Contractual Maturities of Available-for-Sale Securities | The following table summarizes the Company’s available-for-sale securities by contractual maturity as of December 31, 2021 (in thousands): December 31, 2021 Within one year $ 120,726 After one year through two years 5,277 Total cash equivalents and available-for-sale securities $ 126,003 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Prepaid research and development $ 5,061 $ 7,895 Prepaid taxes 832 836 Prepaid other 1,325 2,506 Total prepaid and other current assets $ 7,218 $ 11,237 |
Schedule of Accrued Expenses | Accrued expenses consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Accrued research and development expenses $ 10,827 $ 6,195 Accrued employee and related expenses 2,208 3,168 Accrued professional and legal fees 1,178 495 Accrued other expenses 175 336 Total accrued expenses $ 14,388 $ 10,194 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Undiscounted Future Minimum Lease Payments Due Under Non-cancellable Operating Lease | As of June 30, 2022, the undiscounted future minimum lease payments due under the Company’s non-cancellable operating lease are as follows (in thousands): Remainder of 2022 $ 98 2023 7 Total undiscounted future minimum lease payments $ 105 Less: imputed interest $ (1 ) Present value of operating lease liability, current $ 104 total future minimum annual payments for operating leases in effect as of December 31, 2021, were as follows (in thousands): 2022 $ 212 2023 7 Total future minimum annual payments $ 219 |
Term Loan (Tables)
Term Loan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Repayment of Principal Amount | The expected repayments of principal amount due on the term loan, excluding the final payment fee (which is presented as an other non-current liability on the condensed consolidated balance sheets) as of June 30, 2022 are as follows (in thousands): Remainder of 2022 $ 2,500 2023 10,000 2024 7,500 Total principal repayments 20,000 Less: unamortized debt discount (450 ) Total term loan, net 19,550 Less: term loan, current (7,500 ) Term loan, non-current, net $ 12,050 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of Stock Option Activity | Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2021 2,406,668 $ 16.46 8.1 $ 9,970 Granted 956,816 4.19 Exercised (12,065 ) 2.43 Cancelled (199,145 ) 14.49 Balance outstanding as of June 30, 2022 3,152,274 $ 12.92 8.1 $ 790 Exercisable as of June 30, 2022 1,365,395 $ 13.14 7.0 $ 642 |
Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model | The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2022 2021 Expected term (years) 5.5-6.1 5.5-6.1 Expected volatility 89.9-91.0 % 94.0-97.6 % Risk-free interest rate 1.6-2.8 % 0.7-1.0 % Expected dividend — — |
Summary of Restricted Stock Unit Activity | The following table summarizes RSU activity for the six months ended June 30, 2022: Weighted Average Number of Grant Date RSUs Fair Value Balance outstanding as of December 31, 2021 106,394 $ 23.10 Granted 596,891 4.44 Vested / released (22,115 ) 23.10 Cancelled / forfeited (80,522 ) 5.64 Balance outstanding as of June 30, 2022 600,648 $ 6.51 |
Summary of Stock-Based Compensation | The Company recorded stock-based compensation for the periods indicated as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 1,014 $ 758 $ 1,898 $ 1,397 General and administrative 1,572 1,659 3,200 2,813 Total stock-based compensation $ 2,586 $ 2,417 $ 5,098 $ 4,210 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss | The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: Six Months Ended June 30, 2022 2021 Stock options to purchase common stock 3,152,274 2,375,554 Unvested restricted stock units 600,648 110,978 Warrants to purchase common stock 58,923 58,923 Total 3,811,845 2,545,455 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Mar. 31, 2021 | Nov. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Subsidiary Sale Of Stock [Line Items] | |||||
Date of incorporation | Jun. 30, 2019 | ||||
Proceeds from issuance of common stock, net of commissions and offering expenses | $ 43,000 | $ 83,000 | |||
Liability related to public offering | 28,186,000 | ||||
Cash and cash equivalents and short term available-for-sale securities | $ 139,300,000 | ||||
Public Offerings | Subsequent Event | |||||
Subsidiary Sale Of Stock [Line Items] | |||||
Shares issued and sold | 18,675,466 | ||||
Proceeds from issuance of common stock, net of commissions and offering expenses | $ 88,200,000 | ||||
Offering price per share | $ 3.55 | ||||
Warrant exercise price | $ 5.325 | ||||
Underwriting discounts and commissions | $ 5,700,000 | ||||
Other offering costs | $ 600,000 | ||||
Public Offerings | Pre-Funded Warrants | Subsequent Event | |||||
Subsidiary Sale Of Stock [Line Items] | |||||
Warrants to purchase shares of common stock | 3,972,126 | ||||
Number of pre-funded warrants issued | 7,944,252 | ||||
Offering price per warrant | $ 3.549 | ||||
Public Offerings | Minimum [Member] | Subsequent Event | |||||
Subsidiary Sale Of Stock [Line Items] | |||||
Warrants to purchase shares of common stock | 9,337,733 | ||||
Public Offerings | A T M Facility | |||||
Subsidiary Sale Of Stock [Line Items] | |||||
Shares issued and sold | 0 | ||||
Public Offerings | A T M Facility | Maximum | |||||
Subsidiary Sale Of Stock [Line Items] | |||||
Maximum amount of equity shares issuable | $ 75,000,000 | ||||
Public Offerings | SVB Leerink LLC | |||||
Subsidiary Sale Of Stock [Line Items] | |||||
Shares issued and sold | 186,546 | ||||
Selling commission per shares sold percentage | 3% | ||||
Proceeds from issuance of common stock, net of commissions and offering expenses | $ 3,300,000 | ||||
Issuance of common stock, weighted average price per share | $ 17.97 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Realized gains or losses on investments | $ 0 | ||
Other-than-temporary losses | 0 | ||
Operating lease right-of-use asset | 109,000 | ||
Operating lease liability, current | 104,000 | ||
Accumulated deficit | $ (263,836,000) | $ (213,217,000) | |
ASC 842 | |||
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. 01, 2022 | ||
Operating lease right-of-use asset | $ 200,000 | ||
Operating lease liability, current | 200,000 | ||
Accumulated deficit | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Aggregated Fair Value | $ 126,003 | |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | $ 100,303 | 126,066 |
Short-term investments, Gross Unrealized Holding Gains | 2 | |
Short-term investments, Gross Unrealized Holding Losses | (335) | (65) |
Short-term investments, Aggregated Fair Value | 99,968 | 126,003 |
Recurring | Cash equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Aggregated Fair Value | 21,261 | 27,715 |
Recurring | Short-term available for sale securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Aggregated Fair Value | 78,707 | 98,288 |
Recurring | Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 14,347 | 21,477 |
Short-term investments, Aggregated Fair Value | 14,347 | 21,477 |
Recurring | Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 45,710 | 59,647 |
Short-term investments, Gross Unrealized Holding Losses | (15) | (10) |
Short-term investments, Aggregated Fair Value | 45,695 | 59,637 |
Recurring | Level 2 | U.S. government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 25,565 | 21,662 |
Short-term investments, Gross Unrealized Holding Losses | (226) | (42) |
Short-term investments, Aggregated Fair Value | 25,339 | 21,620 |
Recurring | Level 2 | Corporate Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 3,630 | 8,776 |
Short-term investments, Gross Unrealized Holding Gains | 1 | |
Short-term investments, Gross Unrealized Holding Losses | (37) | (1) |
Short-term investments, Aggregated Fair Value | 3,593 | 8,776 |
Recurring | Level 2 | Agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 3,999 | 7,747 |
Short-term investments, Gross Unrealized Holding Gains | 1 | |
Short-term investments, Gross Unrealized Holding Losses | (35) | (7) |
Short-term investments, Aggregated Fair Value | 3,964 | 7,741 |
Recurring | Level 2 | U.S. treasury bills | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 1,986 | |
Short-term investments, Gross Unrealized Holding Losses | (11) | |
Short-term investments, Aggregated Fair Value | 1,975 | |
Recurring | Level 2 | Municipal Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 1,587 | 4,251 |
Short-term investments, Gross Unrealized Holding Losses | (1) | (4) |
Short-term investments, Aggregated Fair Value | 1,586 | 4,247 |
Recurring | Level 2 | Non-US debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 3,479 | 2,506 |
Short-term investments, Gross Unrealized Holding Losses | (10) | (1) |
Short-term investments, Aggregated Fair Value | $ 3,469 | $ 2,505 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Contractual Maturities of Available-for-Sale Securities (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Fair Value Disclosures [Abstract] | |
Within one year | $ 120,726 |
After one year through two years | 5,277 |
Total cash equivalents and available-for-sale securities | $ 126,003 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid research and development | $ 5,061 | $ 7,895 |
Prepaid taxes | 832 | 836 |
Prepaid other | 1,325 | 2,506 |
Total prepaid and other current assets | $ 7,218 | $ 11,237 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued research and development expenses | $ 10,827 | $ 6,195 |
Accrued employee and related expenses | 2,208 | 3,168 |
Accrued professional and legal fees | 1,178 | 495 |
Accrued other expenses | 175 | 336 |
Total accrued expenses | $ 14,388 | $ 10,194 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loss Contingencies [Line Items] | |||||
Operating leases, rent expense | $ 47,000 | $ 72,000 | $ 100,000 | $ 100,000 | |
Remaining lease term | 6 months | 6 months | |||
Incremental borrowing rate used to determine operating lease liability percentage | 4.25% | ||||
Teva Agreement | |||||
Loss Contingencies [Line Items] | |||||
Payment upon achievement of certain clinical and commercial milestones | $ 135,000,000 | ||||
Asset transfer and license agreement, termination period after written notice | 120 days | ||||
Asset transfer and license agreement, termination period notice of breach | 60 days | ||||
Asset transfer and license agreement termination notice period if bankruptcy petition filed | 60 days | ||||
Teva Agreement | Research and Development Expenses | |||||
Loss Contingencies [Line Items] | |||||
Milestone payments | $ 0 | $ 0 | $ 0 | $ 0 | |
Teva Agreement | Teva's GlycoPEGylated FGF21 Program | |||||
Loss Contingencies [Line Items] | |||||
Payment upon achievement of certain clinical and commercial milestones | 67,500,000 | ||||
Teva Agreement | Teva's Development Program | |||||
Loss Contingencies [Line Items] | |||||
Payment upon achievement of certain clinical and commercial milestones | $ 67,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Undiscounted Future Minimum Lease Payments Due Under Non-cancellable Operating Lease (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments And Contingencies Disclosure [Abstract] | ||
Remainder of 2022 | $ 98 | $ 212 |
2023 | 7 | 7 |
Total undiscounted future minimum lease payments | 105 | $ 219 |
Less: imputed interest | (1) | |
Present value of operating lease liability, current | $ 104 |
Term Loan - Additional Informat
Term Loan - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
May 31, 2021 USD ($) $ / shares shares | Apr. 30, 2020 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Percentage of fee on loan | 5% | ||
Loan Agreement | |||
Debt Instrument [Line Items] | |||
Line of credit facility, description | In May 2021, the parties further amended the Loan Agreement (as amended, the “2021 Loan Agreement”). The 2021 Loan Agreement increased the Term A Loan Facility to up to $20.0 million, which was fully drawn as of December 2021. The Term B Loan Facility of up to $5.0 million remains available to be drawn upon on achievement of certain additional milestones, on or before September 30, 2022. | In April 2020, the Company entered into a Loan and Security Agreement, (the “Loan Agreement”) with the lenders referred to therein (the “Lenders”), and Silicon Valley Bank (“SVB”), as collateral agent. The Loan Agreement provided for (i) a secured term A loan facility (the “Term A Loan Facility”) of up to $10.0 million and (ii) a secured term B loan facility (the “Term B Loan Facility”) of up to $5.0 million that became available upon the satisfaction of certain milestones, each of which was available to be drawn through May 31, 2021. The term loan is secured by certain assets of the Borrowers (as defined in the Loan Agreement), including substantially all of the assets of the Company, excluding the Company’s intellectual property. The term loan contains customary representations, warranties, affirmative covenants and also certain restrictive covenants. | |
Warrants to purchase common stock | shares | 33,923 | ||
Warrant exercise price | $ / shares | $ 19.12 | ||
Warrant expiration date | May 28, 2031 | Jun. 30, 2025 | |
Debt issuance costs, gross | $ 600 | $ 600 | |
Proceeds from sale of available-for-sale securities, equity | $ 75,000 | ||
Debt instrument, interest rate | 4.25% | 5.75% | |
Deferred tax assets | 400 | ||
Loan Agreement | Measurement Input, Expected Dividend Payment | |||
Debt Instrument [Line Items] | |||
Fair value of warrant assumptions, dividends | $ 0 | ||
Loan Agreement | Valuation Technique, Option Pricing Model | Measurement Input, Risk Free Interest Rate | |||
Debt Instrument [Line Items] | |||
Fair measurement input | 0.016 | ||
Loan Agreement | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility | |||
Debt Instrument [Line Items] | |||
Fair measurement input | 0.986 | ||
Loan Agreement | Valuation Technique, Option Pricing Model | Measurement Input, Expected Term | |||
Debt Instrument [Line Items] | |||
Fair measurement input | 10 years | ||
Loan Agreement | Prime Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1% | ||
Loan Agreement | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.25% | ||
Prepayment fee percentage. | 1% | ||
Loan Agreement | Maximum | |||
Debt Instrument [Line Items] | |||
Prepayment fee percentage. | 3% | ||
Loan Agreement | Other Assets | |||
Debt Instrument [Line Items] | |||
Debt issuance costs, gross | $ 200 | ||
Loan Agreement | Term A Loan Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 20,000 | $ 10,000 | |
Warrants to purchase common stock | shares | 25,000 | ||
Warrant exercise price | $ / shares | $ 22.06 | ||
Credit facility maturity date | Sep. 01, 2024 | ||
Loan Agreement | Term B Loan Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 5,000 | ||
Warrants to purchase common stock | shares | 11,305 | ||
Line of credit facility maximum borrowing capacity | $ 5,000 |
Term Loan - Schedule of Repayme
Term Loan - Schedule of Repayment of Principal Amount (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Remainder of 2022 | $ 2,500 | |
2023 | 10,000 | |
2024 | 7,500 | |
Total principal repayments | 20,000 | |
Less: unamortized debt discount | (450) | |
Total term loan, net | 19,550 | |
Less: term loan, current | (7,500) | $ (2,500) |
Term loan, non-current, net | $ 12,050 | $ 16,898 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 28, 2022 | Feb. 28, 2021 | Oct. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stockholders' Equity [Line Items] | ||||||||
Share base compensation expense | $ 2,586,000 | $ 2,417,000 | $ 5,098,000 | $ 4,210,000 | ||||
Service-based RSUs | Employee | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Share base compensation expense | 200,000 | 100,000 | 400,000 | 200,000 | ||||
Vesting period | 3 years | 3 years | ||||||
Performance RSUs | Executive Officer and Certain Employees | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Share base compensation expense | $ 400,000 | $ 200,000 | $ 700,000 | $ 300,000 | ||||
Vesting period | 1 year | |||||||
ESPP Purchase | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Number of common shares issuable under the plan (in shares) | 225,188 | |||||||
Percentage of increase in number of shares of capital stock issued and outstanding | 1% | |||||||
Percent of purchase shares of common stock | 85% | |||||||
Number of shares of common stock available for issuance under ESPP | 731,603 | 731,603 | ||||||
2019 Plan | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Number of common shares issuable under the plan (in shares) | 2,844,193 | |||||||
Percentage of increase in number of shares of capital stock issued and outstanding | 4% | |||||||
Common stock reserved and available for issuance as future option grants | 953,596 | 953,596 | ||||||
Maximum | ESPP Purchase | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Period for increase in number of shares of common stock reserved for issuance | 10 years | |||||||
Maximum | 2019 Plan | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Period for increase in number of shares of common stock reserved for issuance | 10 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Details) - 2019 Plan - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Number of Options | ||
Outstanding, Beginning Balance | 2,406,668 | |
Granted | 956,816 | |
Exercised | (12,065) | |
Cancelled | (199,145) | |
Outstanding, Ending Balance | 3,152,274 | 2,406,668 |
Exercisable as of June 30, 2022 | 1,365,395 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 16.46 | |
Weighted Average Exercise Price, Granted | 4.19 | |
Weighted Average Exercise Price, Exercised | 2.43 | |
Weighted Average Exercise Price, Cancelled | 14.49 | |
Weighted Average Exercise Price Outstanding, Ending Balance | 12.92 | $ 16.46 |
Weighted Average Exercise Price, Exercisable as of June 30, 2022 | $ 13.14 | |
Weighted Average Remaining Contractual Term (In years) | ||
Weighted Average Remaining Contractual Term (In years), Outstanding | 8 years 1 month 6 days | 8 years 1 month 6 days |
Weighted Average Remaining Contractual Term (In years), Exercisable as of June 30, 2022 | 7 years | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value Outstanding | $ 9,970 | |
Aggregate Intrinsic Value Outstanding | 790 | $ 9,970 |
Aggregate Intrinsic Value, Exercisable as of June 30, 2022 | $ 642 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility, minimum | 89.90% | 94% |
Expected volatility, maximum | 91% | 97.60% |
Risk-free interest rate, minimum | 1.60% | 0.70% |
Risk-free interest rate, maximum | 2.80% | 1% |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years 6 months | 5 years 6 months |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (?RSUs") | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of RSUs | |
Outstanding, Beginning Balance | shares | 106,394 |
Granted | shares | 596,891 |
Vested / released | shares | (22,115) |
Cancelled / forfeited | shares | (80,522) |
Outstanding, Ending Balance | shares | 600,648 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance | $ / shares | $ 23.10 |
Weighted Average Grant Date Fair Value Outstanding, Granted | $ / shares | 4.44 |
Weighted Average Grant Date Fair Value Outstanding, Vested/Released | $ / shares | 23.10 |
Weighted Average Grant Date Fair Value Outstanding, Cancelled/Forfeited | $ / shares | 5.64 |
Weighted Average Grant Date Fair Value Outstanding, Ending Balance | $ / shares | $ 6.51 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 2,586 | $ 2,417 | $ 5,098 | $ 4,210 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 1,014 | 758 | 1,898 | 1,397 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,572 | $ 1,659 | $ 3,200 | $ 2,813 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 3,811,845 | 2,545,455 |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 3,152,274 | 2,375,554 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 600,648 | 110,978 |
Warrants to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 58,923 | 58,923 |