Cover
Cover | 9 Months Ended |
Sep. 30, 2020 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | ORIC PHARMACEUTICALS, INC. |
Entity Central Index Key | 0001796280 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 62,031 | $ 89,159 | $ 42,636 |
Marketable securities | 124,579 | ||
Prepaid expenses and other current assets | 2,448 | 840 | 1,088 |
Total current assets | 189,058 | 89,999 | 43,724 |
Property and equipment, net | 1,893 | 2,241 | 2,514 |
Deferred offering costs | 1,343 | ||
Other assets | 711 | 1,853 | |
Other assets, excluding deferred offering costs | 510 | 496 | |
Total assets | 191,662 | 94,093 | 46,734 |
Current liabilities: | |||
Accounts payable | 1,598 | 152 | 446 |
Accrued other liabilities | 5,330 | 5,202 | 2,150 |
Total current liabilities | 6,928 | 5,354 | 2,596 |
Deferred rent-long term | 359 | 765 | 1,251 |
Other liabilities-long term | 47 | ||
Total liabilities | 7,287 | 6,119 | 3,894 |
Commitments and contingencies (See Note 9,10) | |||
Stockholders' equity (deficit): | |||
Common stock | 3 | ||
Additional paid-in capital | 322,535 | 2,606 | 1,381 |
Accumulated deficit | (138,134) | (92,690) | (65,807) |
Accumulated other comprehensive loss | (29) | ||
Total stockholders' equity (deficit) | 184,375 | (90,084) | (64,426) |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 191,662 | 94,093 | 46,734 |
Series A Convertible Preferred Stock | |||
Convertible preferred stock: | |||
Convertible preferred stock | 15,431 | 15,431 | |
Series B Convertible Preferred Stock | |||
Convertible preferred stock: | |||
Convertible preferred stock | 53,906 | 53,906 | |
Series C Convertible Preferred Stock | |||
Convertible preferred stock: | |||
Convertible preferred stock | 53,172 | $ 37,929 | |
Series D Convertible Preferred Stock | |||
Convertible preferred stock: | |||
Convertible preferred stock | $ 55,549 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Convertible preferred stock, par value | $ 0.0001 | ||||||||
Convertible preferred stock, authorized | 20,348,788 | ||||||||
Convertible preferred stock, issued | 19,278,606 | ||||||||
Convertible preferred stock, outstanding | 0 | 19,278,606 | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, shares authorized | 1,000,000,000 | 26,750,000 | 20,250,000 | ||||||
Common stock, shares, issued | 30,545,165 | 1,984,222 | 1,802,134 | ||||||
Common stock, shares, outstanding | 30,545,165 | 1,984,222 | 1,802,134 | ||||||
Pro Forma | |||||||||
Common stock, shares, issued | 21,262,828 | 21,262,828 | |||||||
Common stock, shares, outstanding | 21,262,828 | 21,262,828 | |||||||
Series A Convertible Preferred Stock | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Convertible preferred stock, authorized | 0 | 3,862,500 | 3,862,500 | ||||||
Convertible preferred stock, issued | 0 | 3,862,500 | 3,862,500 | ||||||
Convertible preferred stock, outstanding | 0 | 3,862,500 | 3,862,500 | 3,862,500 | 3,862,500 | 3,862,500 | 3,862,500 | 3,862,500 | |
Aggregate liquidation preference | $ 0 | $ 15,450 | $ 15,450 | ||||||
Series A Convertible Preferred Stock | Pro Forma | |||||||||
Convertible preferred stock, issued | 0 | 0 | |||||||
Convertible preferred stock, outstanding | 0 | 0 | |||||||
Series B Convertible Preferred Stock | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Convertible preferred stock, authorized | 0 | 6,750,000 | 6,750,000 | ||||||
Convertible preferred stock, issued | 0 | 6,749,999 | 6,749,999 | ||||||
Convertible preferred stock, outstanding | 0 | 6,749,999 | 6,749,999 | 6,749,999 | 6,749,999 | 6,749,999 | 6,749,999 | 6,749,999 | |
Aggregate liquidation preference | $ 0 | $ 54,000 | $ 54,000 | ||||||
Series B Convertible Preferred Stock | Pro Forma | |||||||||
Convertible preferred stock, issued | 0 | 0 | |||||||
Convertible preferred stock, outstanding | 0 | 0 | |||||||
Series C Convertible Preferred Stock | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Convertible preferred stock, authorized | 0 | 4,448,788 | 5,000,000 | ||||||
Convertible preferred stock, issued | 0 | 4,448,780 | 3,177,271 | ||||||
Convertible preferred stock, outstanding | 0 | 4,448,780 | 4,448,780 | 4,448,780 | 4,448,780 | 4,448,780 | 3,177,271 | ||
Aggregate liquidation preference | $ 0 | $ 53,385 | $ 38,127 | ||||||
Series C Convertible Preferred Stock | Pro Forma | |||||||||
Convertible preferred stock, issued | 0 | 0 | |||||||
Convertible preferred stock, outstanding | 0 | 0 | |||||||
Series D Convertible Preferred Stock | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Convertible preferred stock, authorized | 0 | 5,287,500 | 0 | ||||||
Convertible preferred stock, issued | 0 | 4,217,327 | 0 | ||||||
Convertible preferred stock, outstanding | 0 | 4,217,327 | 4,217,327 | 4,217,327 | 3,777,564 | 0 | |||
Aggregate liquidation preference | $ 0 | $ 55,669 | $ 0 | ||||||
Series D Convertible Preferred Stock | Pro Forma | |||||||||
Convertible preferred stock, issued | 0 | 0 | |||||||
Convertible preferred stock, outstanding | 0 | 0 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | ||||||
Research and development | $ 8,831 | $ 5,632 | $ 23,808 | $ 15,884 | $ 22,844 | $ 19,026 |
Acquired in-process research and development | 12,971 | 12,971 | ||||
General and administrative | 3,800 | 1,465 | 9,125 | 3,914 | 5,725 | 3,345 |
Total operating expenses | 25,602 | 7,097 | 45,904 | 19,798 | 28,569 | 22,371 |
Loss from operations | (25,602) | (7,097) | (45,904) | (19,798) | (28,569) | (22,371) |
Other income: | ||||||
Interest income, net | 10 | 476 | 276 | 1,054 | 1,397 | 775 |
Other income | 44 | 72 | 184 | 215 | 289 | 233 |
Total other income | 54 | 548 | 460 | 1,269 | 1,686 | 1,008 |
Net loss | (25,548) | (6,549) | (45,444) | (18,529) | $ (26,883) | $ (21,363) |
Other comprehensive loss: | ||||||
Unrealized loss on available-for-salesecurities | (29) | (29) | ||||
Comprehensive loss | $ (25,577) | $ (6,549) | $ (45,473) | $ (18,529) | ||
Net loss per share, basic and diluted | $ (0.84) | $ (3.36) | $ (2.52) | $ (9.87) | $ (14.15) | $ (12.32) |
Weighted-average shares outstanding, basic and diluted | 30,314,904 | 1,946,439 | 18,022,068 | 1,876,687 | 1,899,348 | 1,734,115 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Initial Public Offering | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Common StockInitial Public Offering | Additional Paid-in Capital | Additional Paid-in CapitalInitial Public Offering | Accumulated Deficit | AOCI Attributable to Parent [Member] |
Beginning Balance at Dec. 31, 2017 | $ 15,431 | $ 53,906 | ||||||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 3,862,500 | 6,749,999 | ||||||||||
Issuance of preferred stock, net of issuance costs | $ 37,929 | |||||||||||
Issuance of preferred stock, net of issuance costs (in shares) | 3,177,271 | |||||||||||
Ending Balance at Dec. 31, 2018 | $ 15,431 | $ 53,906 | $ 37,929 | |||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 3,862,500 | 6,749,999 | 3,177,271 | 0 | ||||||||
Beginning Balance at Dec. 31, 2017 | $ (43,611) | $ 833 | $ (44,444) | |||||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 1,672,087 | |||||||||||
Exercise of stock options | 79 | 79 | ||||||||||
Exercise of stock options, shares | 130,047 | |||||||||||
Stock-based compensation expense | 469 | 469 | ||||||||||
Net loss | (21,363) | (21,363) | ||||||||||
Ending Balance at Dec. 31, 2018 | $ (64,426) | 1,381 | (65,807) | |||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 1,802,134 | 1,802,134 | ||||||||||
Issuance of preferred stock, net of issuance costs | $ 15,243 | |||||||||||
Issuance of preferred stock, net of issuance costs (in shares) | 1,271,509 | |||||||||||
Ending Balance at Mar. 31, 2019 | $ 15,431 | $ 53,906 | $ 53,172 | |||||||||
Ending Balance (in shares) at Mar. 31, 2019 | 3,862,500 | 6,749,999 | 4,448,780 | |||||||||
Exercise of common stock options and vesting of early exercised common stock options | $ 21 | 21 | ||||||||||
Exercise of common stock options and vesting of early exercised common stock options (in shares) | 26,159 | |||||||||||
Stock-based compensation expense | 191 | 191 | ||||||||||
Net loss | (6,015) | (6,015) | ||||||||||
Ending Balance at Mar. 31, 2019 | $ (70,229) | 1,593 | (71,822) | |||||||||
Ending Balance (in shares) at Mar. 31, 2019 | 1,828,293 | |||||||||||
Beginning Balance at Dec. 31, 2018 | $ 15,431 | $ 53,906 | $ 37,929 | |||||||||
Beginning Balance (in shares) at Dec. 31, 2018 | 3,862,500 | 6,749,999 | 3,177,271 | 0 | ||||||||
Issuance of preferred stock, net of issuance costs | $ 15,243 | $ 55,549 | ||||||||||
Issuance of preferred stock, net of issuance costs (in shares) | 1,271,509 | 4,217,327 | ||||||||||
Ending Balance at Dec. 31, 2019 | $ 15,431 | $ 53,906 | $ 53,172 | $ 55,549 | ||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 19,278,606 | 3,862,500 | 6,749,999 | 4,448,780 | 4,217,327 | |||||||
Beginning Balance at Dec. 31, 2018 | $ (64,426) | 1,381 | (65,807) | |||||||||
Beginning Balance (in shares) at Dec. 31, 2018 | 1,802,134 | 1,802,134 | ||||||||||
Exercise of stock options | $ 131 | 131 | ||||||||||
Exercise of stock options, shares | 182,105 | 182,088 | ||||||||||
Stock-based compensation expense | $ 1,094 | 1,094 | ||||||||||
Net loss | (26,883) | (26,883) | ||||||||||
Ending Balance at Dec. 31, 2019 | $ (90,084) | 2,606 | (92,690) | |||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 1,984,222 | 1,984,222 | ||||||||||
Beginning Balance at Mar. 31, 2019 | $ 15,431 | $ 53,906 | $ 53,172 | |||||||||
Beginning Balance (in shares) at Mar. 31, 2019 | 3,862,500 | 6,749,999 | 4,448,780 | |||||||||
Issuance of preferred stock, net of issuance costs | $ 49,864 | |||||||||||
Issuance of preferred stock, net of issuance costs (in shares) | 3,777,564 | |||||||||||
Ending Balance at Jun. 30, 2019 | $ 15,431 | $ 53,906 | $ 53,172 | $ 49,864 | ||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 3,862,500 | 6,749,999 | 4,448,780 | 3,777,564 | ||||||||
Beginning Balance at Mar. 31, 2019 | $ (70,229) | 1,593 | (71,822) | |||||||||
Beginning Balance (in shares) at Mar. 31, 2019 | 1,828,293 | |||||||||||
Exercise of common stock options and vesting of early exercised common stock options | 59 | 59 | ||||||||||
Exercise of common stock options and vesting of early exercised common stock options (in shares) | 111,884 | |||||||||||
Stock-based compensation expense | 190 | 190 | ||||||||||
Net loss | (5,965) | (5,965) | ||||||||||
Ending Balance at Jun. 30, 2019 | (75,945) | 1,842 | (77,787) | |||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 1,940,177 | |||||||||||
Issuance of preferred stock, net of issuance costs | $ 5,685 | |||||||||||
Issuance of preferred stock, net of issuance costs (in shares) | 439,763 | |||||||||||
Ending Balance at Sep. 30, 2019 | $ 15,431 | $ 53,906 | $ 53,172 | $ 55,549 | ||||||||
Ending Balance (in shares) at Sep. 30, 2019 | 3,862,500 | 6,749,999 | 4,448,780 | 4,217,327 | ||||||||
Exercise of common stock options and vesting of early exercised common stock options | 14 | 14 | ||||||||||
Exercise of common stock options and vesting of early exercised common stock options (in shares) | 15,789 | |||||||||||
Stock-based compensation expense | 271 | 271 | ||||||||||
Net loss | (6,549) | (6,549) | ||||||||||
Ending Balance at Sep. 30, 2019 | $ (82,209) | 2,127 | (84,336) | |||||||||
Ending Balance (in shares) at Sep. 30, 2019 | 1,955,966 | |||||||||||
Beginning Balance at Dec. 31, 2019 | $ 15,431 | $ 53,906 | $ 53,172 | $ 55,549 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 19,278,606 | 3,862,500 | 6,749,999 | 4,448,780 | 4,217,327 | |||||||
Ending Balance at Mar. 31, 2020 | $ 15,431 | $ 53,906 | $ 53,172 | $ 55,549 | ||||||||
Ending Balance (in shares) at Mar. 31, 2020 | 3,862,500 | 6,749,999 | 4,448,780 | 4,217,327 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ (90,084) | 2,606 | (92,690) | |||||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 1,984,222 | 1,984,222 | ||||||||||
Exercise of common stock options and vesting of early exercised common stock options | $ 12 | 12 | ||||||||||
Exercise of common stock options and vesting of early exercised common stock options (in shares) | 13,433 | |||||||||||
Stock-based compensation expense | 527 | 527 | ||||||||||
Net loss | (8,872) | (8,872) | ||||||||||
Ending Balance at Mar. 31, 2020 | $ (98,417) | 3,145 | (101,562) | |||||||||
Ending Balance (in shares) at Mar. 31, 2020 | 1,997,655 | |||||||||||
Beginning Balance at Dec. 31, 2019 | $ 15,431 | $ 53,906 | $ 53,172 | $ 55,549 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 19,278,606 | 3,862,500 | 6,749,999 | 4,448,780 | 4,217,327 | |||||||
Ending Balance (in shares) at Sep. 30, 2020 | 0 | 0 | 0 | 0 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ (90,084) | 2,606 | (92,690) | |||||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 1,984,222 | 1,984,222 | ||||||||||
Exercise of stock options, shares | 69,102 | |||||||||||
Ending Balance at Sep. 30, 2020 | $ 184,375 | $ 3 | 322,535 | (138,134) | $ (29) | |||||||
Ending Balance (in shares) at Sep. 30, 2020 | 30,545,165 | 30,545,165 | ||||||||||
Beginning Balance at Mar. 31, 2020 | $ 15,431 | $ 53,906 | $ 53,172 | $ 55,549 | ||||||||
Conversion to Common Stock | $ (15,431) | $ (53,906) | $ (53,172) | $ (55,549) | ||||||||
Beginning Balance (in shares) at Mar. 31, 2020 | 3,862,500 | 6,749,999 | 4,448,780 | 4,217,327 | ||||||||
Conversion to Common Stock (in shares) | (3,862,500) | (6,749,999) | (4,448,780) | (4,217,327) | ||||||||
Beginning Balance at Mar. 31, 2020 | $ (98,417) | 3,145 | (101,562) | |||||||||
Beginning Balance (in shares) at Mar. 31, 2020 | 1,997,655 | |||||||||||
Exercise of common stock options and vesting of early exercised common stock options | 39 | 39 | ||||||||||
Exercise of common stock options and vesting of early exercised common stock options (in shares) | 23,200 | |||||||||||
Stock-based compensation expense | 1,381 | 1,381 | ||||||||||
Initial public offering of common stock | $ 138,000 | $ 1 | $ 137,999 | |||||||||
Initial public offering of common stock (in shares) | 8,625,000 | |||||||||||
Issuance costs associated with initial public offering | (12,790) | (12,790) | ||||||||||
Conversion to Common Stock | 178,058 | $ 2 | 178,056 | |||||||||
Conversion to Common Stock (in shares) | 19,278,606 | |||||||||||
Net loss | (11,024) | (11,024) | ||||||||||
Ending Balance at Jun. 30, 2020 | 195,247 | $ 3 | 307,830 | (112,586) | ||||||||
Ending Balance (in shares) at Jun. 30, 2020 | 29,924,461 | |||||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 0 | 0 | 0 | 0 | ||||||||
Exercise of common stock options and vesting of early exercised common stock options | 53 | 53 | ||||||||||
Exercise of common stock options and vesting of early exercised common stock options (in shares) | 32,469 | |||||||||||
Stock-based compensation expense | 1,681 | 1,681 | ||||||||||
Issuance of common stock related to acquisition | 12,971 | 12,971 | ||||||||||
Issuance of common stock related to acquisition (in shares) | 588,235 | |||||||||||
Other comprehensive loss | (29) | (29) | ||||||||||
Net loss | (25,548) | (25,548) | ||||||||||
Ending Balance at Sep. 30, 2020 | $ 184,375 | $ 3 | $ 322,535 | $ (138,134) | $ (29) | |||||||
Ending Balance (in shares) at Sep. 30, 2020 | 30,545,165 | 30,545,165 |
Statements of Convertible Pre_2
Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Series C Convertible Preferred Stock | ||||
Preferred stock, issuance costs | $ 121 | $ 213 | $ 15 | $ 198 |
Series D Convertible Preferred Stock | ||||
Preferred stock, issuance costs | $ 120 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||||
Net loss | $ (45,444) | $ (18,529) | $ (26,883) | $ (21,363) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 736 | 758 | 1,028 | 903 |
Stock-based compensation expense | 3,589 | 652 | 1,094 | 469 |
Non-cash stock consideration, acquisition | 12,971 | |||
Loss on fixed asset disposal | 7 | 8 | 15 | |
Amortization of discount on investments, net | 33 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | (1,599) | 223 | 234 | (297) |
Accounts payable and accrued other liabilities | 2,271 | 504 | 986 | (410) |
Net cash used in operating activities | (27,443) | (16,385) | (23,533) | (20,683) |
Cash flows from investing activities: | ||||
Acquisitions of property and equipment | (256) | (712) | (768) | (525) |
Purchases of marketable securities | (124,640) | |||
Proceeds from notes receivable | 193 | 17 | ||
Net cash used in investing activities | (124,703) | (712) | (768) | (508) |
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock pursuant to initial public offering, gross | 138,000 | |||
Issuance costs associated with initial public offering | (12,692) | |||
Payment of deferred financing costs | (394) | (99) | ||
Proceeds from issuance of preferred stock | 70,927 | 70,792 | 37,929 | |
Issuance costs associated with preferred stock | (136) | |||
Proceeds from stock option exercises | 104 | 94 | 131 | 79 |
Net cash provided by financing activities | 125,018 | 70,885 | 70,824 | 38,008 |
Net (decrease) increase in cash and cash equivalents | (27,128) | 53,788 | 46,523 | 16,817 |
Cash and cash equivalents, beginning of period | 89,159 | 42,636 | 42,636 | 25,819 |
Cash and cash equivalents, end of period | 62,031 | 96,424 | 89,159 | $ 42,636 |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Conversion of preferred stock to common stock | 178,058 | |||
Amounts accrued for purchase of property and equipment | $ 132 | 11 | ||
Unpaid deferred financing costs | $ 240 | $ 1,244 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Basis of Presentation | 1. Description of the Business ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by O vercoming R esistance I n C ancer Since inception, the Company has devoted its primary efforts to raising capital, internal research and development activities and business development efforts and has incurred significant operating losses and negative cash flows from operations. In August 2020, the Company licensed from Mirati Therapeutics, Inc. development and commercialization rights to an allosteric inhibitor program directed towards the polycomb repressive complex 2 (PRC2) and in October 2020, the Company licensed from Voronoi, Inc. development and commercialization rights to a brain penetrant, orally bioavailable, irreversible inhibitor designed to selectively target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) with high potency against exon 20 insertion mutations. As of September 30, 2020, the Company had an accumulated deficit of $138.1 million. Through September 30, 2020, all of the Company’s financial support has been provided primarily from the sale of convertible preferred stock and proceeds from the issuance of common stock. As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these unaudited interim financial statements. Initial Public Offering and Related Transaction On April 28, 2020, the Company completed an initial public offering (IPO) selling 8,625,000 shares of common stock, which includes the full exercise by the underwriters of their option to purchase up to 1,125,000 additional shares, at a price of $16.00 per share resulting in gross proceeds of $138.0 million. After deducting underwriting discounts and commissions and other offering expenses related to the IPO of $12.8 million, the net proceeds to the Company from the transaction were $125.2 million. In connection with the IPO, all shares of convertible preferred stock outstanding at the time of the IPO converted into 19,278,606 shares of common stock. On April 21, 2020, the Company amended its certificate of incorporation to effect a one-for-four | (1) Organization and basis of presentation (a) Organization and nature of operations ORIC Pharmaceuticals, Inc. (“ORIC” or the “Company”) was incorporated Delaware in August 2014 and is headquartered in South San Francisco, California. The Company is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by Overcoming Resistance In Cancer Since inception, the Company has devoted its primary effort to raising capital and research and development activities and has incurred losses and negative cash flows from operations. The Company had an accumulated deficit of $92.7 million and cash and cash equivalents of $89.2 million at December 31, 2019. From its inception through December 31, 2019, all of the Company’s financial support has been provided primarily from the sale of its convertible preferred stock. As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. (b) Basis of presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q Rule 10-01 S-X. COVID-19, of COVID-19, stay-at-home COVID-19 stay-at-home work-from-home from COVID-19 The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019, which are included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) on April 24, 2020 under the Securities Act of 1933, as amended (the Securities Act). In the third quarter of 2020, the Company began reporting deferred offering costs within its other assets on its balance sheets. To conform to current presentation, the Company included $1.3 million of deferred financing costs at December 31, 2019 in other assets. This reclassification had no effect on the Company’s total assets, net loss or stockholders’ equity (deficit) as previously reported. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience 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 may differ materially from these estimates. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and marketable securities that are recorded on its balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses since inception. The carrying amounts of cash and cash equivalents and marketable securities, prepaid expenses, accounts payable and accrued other liabilities are reasonable estimates of their fair value because of the short maturity of these items. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper. Marketable Securities Investments with maturities at the date of acquisition of more than 90 days are considered marketable securities. The Company has classified its investment holdings as available-for-sale, available-for-sale held-to-maturity Available-for-sale Research and Development Expenses and Accrued Research and Development Expenses The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, contract research organizations (CRO), and contract manufacturing organizations (CMO) in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Research and development costs are expensed in the period in which they are incurred. External costs consist primarily of payments to outside CROs, CMOs, clinical trial sites and central laboratories in connection with the Company’s discovery and preclinical activities, process development, clinical manufacturing and clinical development activities. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or its estimate of the level of service that has been performed at each reporting date. The Company allocates external costs by program, clinical or preclinical. Internal costs consist primary of employee-related costs, laboratory supplies, facilities, depreciation and costs related to compliance with regulatory requirements. The Company does not allocate internal costs by program because these costs are deployed across multiple programs and, as such, are not separately classified. License Fees Acquisitions of technology licenses are charged to acquired in-process Deferred Offering Costs The Company capitalizes costs that are directly associated with equity financings until such financings are consummated at which time such costs are recorded against the gross proceeds of the offering. Should an in-process Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator Net loss $ (25,548 ) $ (6,549 ) $ (45,444 ) $ (18,529 ) Denominator Weighted average shares outstanding used in computing net loss per share, basic and diluted 30,314,904 1,946,439 18,022,068 1,876,687 Net loss per share, basic and diluted $ (0.84 ) $ (3.36 ) $ (2.52 ) $ (9.87 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: As of September 30, 2020 2019 Options to purchase common stock 3,959,693 2,251,594 Convertible preferred stock — 19,278,606 Total 3,959,693 21,530,200 Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standard codifications (ASC) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. In December 2019, the FASB issued ASU No 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use No. 2020-05, No. 2016-02 No. 2018-10, Codification Improvements to Topic 842, Leases No. 2018-11, Leases (Topic 842): Targeted Improvements No. 2018-11 right-of-use In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses Topic 326 Measurement of Credit Losses on Financial Instruments 2016-13 2016-13 available-for-sale 326-30, Losses—Available-for-Sale | (2) Summary of significant accounting policies (a) Use of estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals; valuation of deferred tax assets, including valuation allowances; fair value of common stock and preferred stock; stock-based compensation; and useful lives of long-lived assets. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. (b) Concentration of credit risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash deposits. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception. (c) Fair value of financial instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of cash, prepaid expenses, accounts payable and accrued other liabilities are reasonable estimates of their fair value because of the short maturity of these items. (d) Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available checking and money market accounts. As of December 31, 2018 and 2019, the Company had cash balances deposited at major financial institutions. (e) Prepaid expenses Any expenses paid prior to the related services rendered are recorded as prepaid expenses. Such prepaid expenses are reconciled and expensed in the period the expense is incurred. If the expense is for a service covering multiple periods, it is expensed from the date the services begin and over the period of the service rendered (or contract service period if services rendered dates are not defined). Prepaid expenses include subscriptions, licenses, research and development contracts and insurance. (f) Property and equipment Property and equipment, which consist of lab equipment, leasehold improvements, computer hardware and software, and furniture and fixtures which are stated at historical cost. Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets, which are generally three to seven years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimate useful life of the asset. The Company recorded $0.9 million and $1.0 million of depreciation expense for each of the years ended December 31, 2018 and 2019, respectively. (g) Impairment of property and equipment The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years ended December 31, 2018 and 2019. (h) Deferred rent Deferred rent consists of the difference between cash payments and the recognition of rent expense on a straight-line basis for the office facilities over the terms of the leases. The Company’s leased office facilities provide for fixed increases in minimum annual rent payments. The total amount of rent payments due over the lease term are being charged to rent expense ratably over the life of the leases. (i) Accrued research and development expenses The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants and contract research organizations, in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company reflects research and development expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of the preclinical study or clinical trial as measured by the timing of various aspects of the study or related activities. The Company determines accrual estimates through review of the underlying contracts along with discussions with research and other key personnel as to the progress of studies or trials, or other services being conducted. During the course of a study or trial, the Company adjusts its rate of expense recognition if actual results differ from its estimates. (j) Research and development expenses Research and development costs are expensed in the periods in which they are incurred. External costs consist primarily payments to outside consultants, CROs, CMOs, clinical trial sites and central laboratories in connection with the Company’s discovery and preclinical activities, process development, manufacturing and clinical development activities. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or our estimate of the level of service that has been performed at each reporting date. The Company allocates external costs by the stage of program, clinical or preclinical. Internal costs consist primary of employee-related costs, laboratory supplies, facilities, depreciation and costs related to compliance with regulatory requirements. The Company does not allocate internal costs by stage of program because these costs are deployed across multiple programs and, as such, are not separately classified. Research and development expenses amounted to $19.0 million and $22.8 million during the years ended December 31, 2018 and 2019, respectively. (k) Commitments and contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of December 31, 2018 and 2019. (l) Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning As of December 31, 2018 and 2019, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes would result in a change in the estimated annual effective tax rate. (m) Stock-based compensation Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee The fair value of stock options is estimated using a Black-Scholes Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, a risk-free interest rate, expected volatility of the Company’s common stock, expected term of the option before exercise and expected dividend yield. Options granted have a maximum contractual term of ten years. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon (n) Common stock valuation Due to the absence of an active market for the Company’s common stock, the Company utilized methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation (o) Deferred offering costs The Company capitalizes costs that are directly associated with in-process in-process (p) Comprehensive loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner (q) Net loss per share and unaudited pro forma net loss per share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the convertible preferred stock and common stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts). Year ended December 31, 2018 2019 Numerator Net loss attributable to common stockholders $ (21,363 ) $ (26,883 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 1,734,115 1,899,348 Net loss per share, basic and diluted $ (12.32 ) $ (14.15 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Year ended December 31, 2018 2019 Options to purchase common stock 1,854,886 2,683,441 Convertible preferred stock 13,789,770 19,278,606 Total 15,644,656 21,962,047 Unaudited pro forma net loss per share Unaudited pro forma basic and diluted net loss per share is calculated to give effect to the one-for-one as-converted The following table sets forth the computation of the basic and diluted unaudited pro forma net loss per share (in thousands, except share and per share amounts): Year ended December 31, 2019 Numerator Net loss $ (26,883 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 1,899,348 Adjust: Assumed weighted-average effect of conversion of convertible preferred stock 17,241,861 Weighted-average shares outstanding used in computing pro forma net loss per share, basic and diluted 19,141,209 Pro forma net loss per share, basic and diluted $ (1.40 ) Unaudited Pro Forma Stockholders’ Equity The unaudited pro forma stockholders’ equity as of December 31, 2019 gives effect to the automatic conversion of all outstanding shares of the Company’s convertible preferred stock into an aggregate of 19,278,606 shares of common stock which will occur immediately prior to the completion of this offering, resulting in an aggregate of 21,262,828 outstanding shares of the Company’s common stock (which excludes 29,579 shares issued upon the early exercise of certain options, which are subject to a right of repurchase by the Company). (r) Recently issued accounting standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee No. 2018-07 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02), (Topic 840) right-of-use 2016-02 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates 2019-10”), one-year 2016-02 right-of-use |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Property and Equipment, Net | 4. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, 2020 December 31, 2019 Lab equipment $ 4,088 $ 3,748 Leasehold improvements 1,710 1,710 Computer hardware and software 206 158 Furniture and fixtures 140 140 Total property and equipment, gross 6,144 5,756 Less accumulated depreciation (4,251 ) (3,515 ) Total property and equipment, net $ 1,893 $ 2,241 | (3) Property and equipment, net Property and equipment, net consisted of the following (in thousands): December 31, 2018 2019 Lab equipment $ 3,166 $ 3,748 Leasehold improvements 1,710 1,710 Computer hardware and software 144 158 Furniture and fixtures 72 140 Total property and equipment, gross 5,092 5,756 Less accumulated depreciation (2,578 ) (3,515 ) Total property and equipment, net $ 2,514 $ 2,241 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | ||
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued compensation $ 2,229 $ 1,883 Accrued clinical development costs 1,391 484 Accrued professional fees 657 338 Deferred rent—short-term 535 495 Accrued manufacturing costs 278 479 Other accruals 240 279 Accrued deferred financing costs — 1,244 Total accrued liabilities $ 5,330 $ 5,202 | (4) Accrued other liabilities Accrued other liabilities consisted of the following (in thousands): December 31, 2018 2019 Accrued compensation $ 917 $ 1,883 Accrued deferred financing costs — 1,244 Deferred rent—short term 438 495 Accrued clinical development costs 149 484 Accrued manufacturing costs 173 479 Accrued professional fees 105 175 Accrued legal fees 16 163 Share purchase liabilities 115 39 Other accruals 238 240 Total accrued other liabilities $ 2,150 $ 5,202 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 7. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s interest receivable, included in prepaid expenses and other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of the short term nature of these instruments. The Company’s investments, which may include money market funds and available-for-sale Following are the major categories of assets measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Fair Value Measurement at End of Period Using: Fair Value Quoted Market (Level 1) Significant (Level 2) Significant (Level 3) Total At September 30, 2020 Money market funds(1) $ 62,031 $ 62,031 $ — $ — $ 62,031 U.S. treasury securities 124,579 124,579 — — 124,579 Total $ 186,610 $ 186,610 $ — $ — 186,610 At December 31, 2019 Money market funds(1) $ 88,159 $ 88,159 $ — $ — $ 88,159 (1) Included in cash and cash equivalents in accompanying balance sheets. No transfers between levels occurred during either of the reporting periods presented. | (5) Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. At December 31, 2018 and 2019, the carrying amounts of the Company’s financial instruments, which include cash, accounts payable and accrued expenses, approximate fair value because of their short maturities. Included in cash and cash equivalents at December 31, 2018 and 2019 are money market funds with a carrying value and fair value of $42.6 million and $88.1 million, respectively, based upon a Level 1 fair value assessment. As of December 31, 2018 and 2019, the Company did not hold any Level 2 or Level 3 financial assets. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | (6) Stockholders’ equity Under its Amended and Restated Articles of Incorporation dated June 3, 2019, the Company had a total of 47,098,788 shares of capital stock authorized for issuance, consisting of 26,750,000 shares of common stock, par value of $0.0001 per share, and 20,348,788 shares of convertible preferred stock, par value of $0.0001 per share. Shares of authorized convertible preferred stock are designated as 3,862,500 shares of Series A convertible preferred stock, 6,750,000 shares of Series B convertible preferred stock, 4,448,788 shares of Series C convertible preferred stock and 5,287,500 shares of Series D convertible preferred stock. (a) Series A convertible preferred stock In 2014 and 2015, the Company issued 3,862,500 shares of Series A convertible preferred stock in a private offering in exchange for net proceeds of $15.4 million. The purchase price for the Series A convertible preferred stock was $4.00 per share. (b) Series B convertible preferred stock In 2015 and 2016, the Company issued 6,749,999 shares of Series B convertible preferred stock in a private offering in exchange for net proceeds of $53.9 million. The purchase price for the Series B convertible preferred stock was $8.00 per share. (c) Series C convertible preferred stock In 2018 and 2019, the Company issued 4,448,780 shares of Series C convertible preferred stock in a private offering in exchange for net proceeds of $53.2 million. The purchase price for the Series C convertible preferred stock was $12.00 per share. (d) Series D convertible preferred stock In 2019, the Company issued 4,217,327 shares of Series D convertible preferred stock in a private offering for net proceeds of $55.5 million. The purchase price for the Series D convertible stock was $13.20 per share. (e) Common stock As of December 31, 2018 and 2019, of the authorized 20,250,000 and 26,750,000 shares of common stock, 1,802,134 and 1,984,222 shares were issued and outstanding, respectively. The fair value of the Company’s common stock was $1.60 and $9.16 as of December 31, 2018, and 2019, respectively, and was determined in part on third-party valuations. The voting, dividend, and liquidation rights of the holders of the common stock are subject to, and qualified by, the rights, powers, and preferences of the holders of the convertible preferred stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Common stock reserved for future issuance consisted of the following: Year ended December 31, 2018 2019 Convertible preferred stock 13,789,770 19,278,606 Common stock options granted and outstanding 1,854,886 2,683,441 Common stock reserved for future option grants 271,490 203,696 Total common stock reserved for future issuance 15,916,146 22,165,743 The Series A, Series B, Series C and Series D convertible preferred stock has been classified as temporary equity in the accompanying balance sheets given that a majority of the Company’s Board of Directors seats are held by convertible preferred stock holders and could cause certain events to occur that are outside of the Company’s control whereby the Company could be obligated to redeem the convertible preferred stock. The Company has not adjusted the carrying values of the convertible preferred stock to the respective liquidation preferences of such shares as the instruments are currently not redeemable and the Company believes it is not probable that the instruments will become redeemable at this point in time. Adjustments to increase the carrying values to the respective liquidation preferences will be made if and when it becomes probable that an event would occur obligating the Company to pay such amounts. The Company’s convertible preferred stock has the following characteristics: (1) Dividends Holders of the Series A, Series B, Series C and Series D convertible preferred stock, in preference to any distributions to the holders of common stock, shall be entitled to receive dividends at an annual rate of $0.32 per share for the Series A convertible preferred stock holders, $0.64 per share for the Series B convertible preferred stock holders, $0.96 per share for the Series C convertible preferred stock and $1.056 per share for the Series D convertible preferred stock holders. Such dividends shall be payable only when and if declared by the Company’s Board of Directors and shall not be cumulative. No such dividends have been declared or paid through December 31, 2019. (2) Liquidation The holders of the Series A, Series B, Series C and Series D convertible preferred stock are entitled to receive liquidation preferences at the Series A, Series B, Series C and Series D original issue prices of $4.00, $8.00, $12.00, and $13.20, respectively, plus all accrued and declared but unpaid dividends. Liquidation payments to the holders of the Series A, Series B, Series C and Series D convertible preferred stock have priority and are made in preference to any payments to the holders of common stock. After full payment of the liquidation preference to the holders of the Series A, Series B, Series C and Series D convertible preferred stock, the remaining assets, if any, will be distributed ratably to the holders of the common stock. (3) Conversion rights The shares of Series A, Series B, Series C and Series D convertible preferred stock are convertible into an equal number of shares of common stock, at the option of the holder, subject to certain anti-dilution adjustments. The conversion rate for the convertible preferred stock is determined by dividing the original issue price, as adjusted for stock splits, by the conversion price. The conversion price is initially the original issue prices, but is subject to adjustment for dividends, stock splits, and other distributions. The conversion rate at December 31, 2019 for the Series A, Series B, Series C and Series D convertible preferred stock is 1:1. Each share of Series A, Series B, Series C and Series D convertible preferred stock are automatically converted into common stock at the then effective conversion rate (a) at any time upon the affirmative election of the holders of at least a majority of the outstanding shares of the Series A, Series B, Series C and Series D convertible preferred stock or (b) immediately upon the closing of a firmly underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of common stock for the account of the Company in which (i) the public offering price represents a pre-money (4) Redemption rights The holders of Series A, Series B, Series C and Series D convertible preferred stock do not have any redemption rights. (5) Voting The holder of each share of Series A, Series B, Series C and Series D convertible preferred stock are entitled to one vote for each share of common stock into which it would convert and to vote as one class with the common stockholders on all matters. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Equity Incentive Plans and Stock-Based Compensation | 9. Equity Incentive Plans and Stock-Based Compensation Equity Incentive Plans In February 2020, the Company’s Board of Directors adopted, and its stockholders approved, the 2020 Equity Incentive Plan (the 2020 Plan), which became effective in April 2020 in connection with the Company’s IPO. Upon adoption of the 2020 Plan, the Company restricted the grant of future equity awards under its 2014 Equity Incentive Plan, as amended and restated (the 2014 Plan). The 2020 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee Stock options granted under the 2020 Plan and the 2014 Plan become exercisable at various dates as determined by the Company’s Board of Directors or its authorized committee and will expire no more than ten years from their date of grant. Stock options generally vest over a four-year term. The exercise price of each option is determined by the Company’s Board of Directors, although generally options have an exercise price equal to the fair market value of the Company’s stock on the date of the option grant. In the case of incentive stock options, the exercise price shall not be less than 100% of the fair market value of the Company’s common stock at the time the option is granted. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110% of the fair market value of the Company’s common stock at the date of grant and for a term not to exceed five years. As of September 30, 2020, there were 1,514,840 shares available for future issuance under the 2020 Plan. As of December 31, 2019, there were 203,696 shares available for future issuance under the 2014 Plan. The following table summarizes the option activity for the nine months ended September 30, 2020: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 2,683,441 $ 3.75 Granted 1,449,509 16.90 Exercised (69,102 ) 1.62 Forfeited and cancelled (104,155 ) 7.39 Outstanding at September 30, 2020 3,959,693 $ 8.52 8.7 $ 65,531 Exercisable at September 30, 2020 1,060,901 $ 2.60 8.0 $ 23,797 Certain stock options granted under the Company’s 2014 Plan provided option holders the ability to early exercise their stock options prior to vesting. The shares of common stock granted from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees paid-in Employee Stock Purchase Plan In February 2020, the Company’s Board of Directors adopted, and its stockholders approved, the 2020 Employee Stock Purchase Plan (ESPP). The ESPP became effective in connection with the Company’s IPO however no offering period or purchase period under the ESPP will begin unless and until otherwise determined by the Company’s Board of Directors. A total of 290,000 shares of common stock were reserved for future issuance under the ESPP. Further, the number of shares of common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year following the fiscal year in which the first offering period under the ESPP commences in an amount equal to the lessor of (1) 500,000 shares, (2) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (3) such other amount as determined by the Company’s Board of Directors. As of September 30, 2020, no shares had been issued pursuant to the ESPP and there were no active offering periods or purchase periods. Stock-Based Compensation Expense Stock options are valued using the Black-Scholes Merton option pricing model on the date of grant. This option pricing model involves a number of estimates, including the expected lives of the stock options, the Company’s anticipated stock volatility and interest rates. Stock-based compensation expense is recognized using the ratable straight-line method over the vesting period. Forfeitures are recognized as they occur. The Company determines the assumptions used in the option pricing model in the following manner: • Expected term. • Expected volatility • Risk-free interest rate. • Expected dividend yield. Prior to the Company’s IPO, the fair value of the Company’s common stock underlying the stock options was determined by the Board of Directors with assistance from management and, in part, on input from an independent third-party valuation firm. The Board of Directors determined the fair value of common stock by considering a number of objective and subjective factors, including valuations of comparable companies, sales of convertible preferred stock, operating and financial performance, the lack of liquidity of the Company’s common stock and the general and industry-specific economic outlook. Subsequent to the Company’s IPO, the fair value of the Company’s common stock is determined based on its closing market price. The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Merton option pricing model with the following weighted-average assumptions. Nine Months Ended September 30, 2020 2019 Stock price $ 16.00 - $35.92 $ 1.60 - $6.44 Risk-free interest rate 3.17% - 4.45% 1.39% - 2.58% Expected volatility 88.01% - 95.11% 100.52% - 104.15% Expected term (in years) 5.50 - 6.08 6.08 Expected dividend yield 0% 0% The Company recognized stock-based compensation expense of $1.7 million and $0.3 million for the three months ended September 30, 2020 and 2019, respectively, and $3.6 million and $0.7 million for the nine months ended September 30, 2020 and 2019, respectively. No stock-based compensation expense has been recognized as of September 30, 2020, pursuant to the Company’s ESPP. The total unrecognized compensation expense related to outstanding unvested stock-based awards as of September 30, 2020 and 2019 was $20.4 million and $5.5 million, respectively, which is expected to be recognized over a weighted-average remaining service period of 2.91 years for 2020 and 3.16 years for 2019. The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations for stock options for the periods presented (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development $ 592 $ 116 $ 1,406 $ 233 General and administrative 1,089 155 2,183 419 Total stock-based compensation expense $ 1,681 $ 271 $ 3,589 $ 652 | (7) Stock-based compensation In October 2014, the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan provides for the issuance of 4,008,850 shares of common stock to officers, directors, employees, non-employee non-statutory The options that are granted from the 2014 Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant, or in the case of certain non-statutory The following table summarizes the option activity: Options Weighted- Weighted- Aggregate Outstanding at January 1, 2019 1,854,886 $ 1.48 9.2 Granted 1,169,000 6.56 9.7 Exercised (182,105 ) 0.72 5.3 Cancelled (158,340 ) 1.76 8.0 Outstanding at December 31, 2019 2,683,441 $ 3.75 9.0 $ 14,591 Exercisable at December 31, 2019 825,671 $ 1.96 8.5 $ 5,948 All exercisable options are vested and all outstanding options are vested or expected to vest. The aggregate intrinsic value of stock options exercisable during the year December 31, 2019 was $5.9 million. Certain individuals were granted the ability to early exercise their stock options. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees paid-in The fair value of stock options was estimated using the Black-Scholes Merton option pricing model with the following assumptions: Year ended December 31, 2018 2019 Stock price $ 1.60 $ 1.60 – $9.16 Risk-free interest rate 2.7% – 3.0% 1.4% – 2.6% Expected volatility 93% – 98% 77% – 104% Expected term (in years) 6.01 – 6.1 6.1 Expected dividend yield 0% 0% The Company recognized stock-based compensation expense of $0.5 million and $1.1 million for the years ended December 31, 2018 and 2019, respectively. The total unrecognized compensation expense related to outstanding unvested stock-based awards as of December 31, 2018 and 2019 was $2.3 million and $6.9 million, respectively, which is expected to be recognized over a weighted-average remaining service period of 3.4 years for both years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (8) Income taxes Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands): Year ended December 31, 2018 2019 Statutory rate $ (4,487 ) $ (5,647 ) State tax (1,465 ) (2,351 ) Other permanent items (15 ) 17 Research and development credit (663 ) (692 ) Change in valuation allowance 6,536 8,673 Impact of Tax Cuts and Jobs Act — — Stock-based compensation 94 — Provisions for income taxes $ — $ — Significant components of the Company’s deferred taxes were as follows (in thousands): December 31, 2018 2019 Deferred tax assets: Net operating loss carryforward $ 17,353 $ 24,380 Research and development credits 2,147 3,319 Deferred rent 491 353 Accruals and other 255 771 Gross deferred tax assets 20,246 28,823 Less valuation allowance (19,910 ) (28,583 ) Total deferred tax assets 336 240 Deferred tax liabilities: Fixed assets (336 ) (240 ) Net deferred tax assets $ — $ — A valuation allowance of $28.6 million at December 31, 2019 has been recognized to offset the net deferred tax assets as realization of such assets is uncertain. The valuation allowance increased by $8.7 million during the year ended December 31, 2019. As of December 31, 2019, the Company had available net operating loss (NOL) carryforwards of $86.6 million. Of the $86.6 million of NOL carryforwards, $41.5 million begin to expire in 2034 and $45.1 million do not expire. The Company also has available California NOL carryforwards of approximately $88.6 million as of December 31, 2019, which begin to expire in 2034. Pursuant to Sections 382 and 383 of the Internal Revenue Code (“IRC”), annual use of the Company’s NOL and credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. Since the Company’s formation, the Company has raised capital through the issuance of capital stock, which on its own or combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership change in the future. Upon the occurrence of an ownership change under Section 382 as outlined above, utilization of the Company’s NOL and research and development credit carryforwards are subject to an annual limitation, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt The Company recognizes liabilities for uncertain tax positions based in a two-step The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands): December 31, 2018 2019 Beginning balance $ 347 $ 557 Increases (decreases) related to prior year tax positions — — Increases related to current year tax positions 210 226 Ending balance $ 557 $ 783 As of December 31, 2019, the Company had gross unrecognized tax benefits of $0.8 million, none of which would affect the effective tax rate if recognized. The Company does not anticipate any significant changes in its unrecognized tax benefits over the next 12 months. The Company’s policy is to recognize the interest expense and/or penalties related to income tax matters as a component of income tax expense. The Company had no accrual for interest or penalties on its balance sheets at December 31, 2019 and has not recognized interest and/or penalties in its statement of operations for the year ended December 31, 2019. The Company is subject to taxation in the United States and California. The Company is not currently under examination by any taxing authorities. Due to the carryover of tax attributes, the statute of limitations is currently open for tax years since inception. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 10. Commitments and Contingencies Operating Leases Rent expense is recorded on a straight-line basis over the term of the respective lease. Total rent expense for the South San Francisco and San Diego locations was $0.3 million and $1.0 million for the three months and nine months ended September 30, 2020 and 2019, respectively. Future minimum lease payments under non-cancelable Operating Leases 2020 remaining three months $ 478 2021 1,871 2022 686 Total minimum lease payments $ 3,035 Litigation From time to time, the Company may be involved in legal proceedings arising in the ordinary course of business. The Company believes there is no threatened litigation or litigation pending that could have, individually or in the aggregate, a material adverse effect on the Company’s financial position, results of operations or cash flows. | (9) Commitments and contingencies Operating lease The Company leases certain office and lab space in South San Francisco, California under a non-cancelable In March 2019, the Company entered into a lease agreement for office space in San Diego, California under a non-cancelable 13-month Rent expense is recorded on a straight-line basis over the term of the respective lease. Total rent expense for both locations was $1.3 million for both years ended December 31, 2018 and 2019. The future minimum lease payments required under non-cancelable Year ending December 31, 2020 $ 1,892 2021 1,871 2022 686 2023 — 2024 — Total minimum lease payments $ 4,449 Litigation The Company, from time to time, is involved in legal proceedings, regulatory actions, claims and litigation arising in the ordinary course of business. Currently, the Company is not a defendant in any lawsuit. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | (10) Employee benefit plan The Company has a defined-contribution 401(k) plan for employees. Employees are eligible to participate in the plan beginning on the first day of the month following date of hire. Under the terms of the plan, employees may make voluntary contributions as a percentage of compensation and the Company has the option to make a discretionary match as determined by the Company’s Board of Directors, within prescribed limits. There were no employer contributions to the plan during the years ended December 31, 2018 or 2019. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 11. Subsequent Events On October 19, 2020, the Company entered into the Voronoi License Agreement with Voronoi. The Voronoi License Agreement gives the Company access to Voronoi’s preclinical stage epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) exon 20 insertion mutation program, including a lead product candidate now designated as ORIC-114. know-how, The Company’s financial obligations under the Voronoi License Agreement included an upfront payment comprised of a $5.0 million cash payment and the issuance to Voronoi of 283,259 shares of the Company’s common stock issued pursuant to a stock issuance agreement (Stock Agreement) entered into between the parties on October 19, 2020. The number of shares issued pursuant to the Stock Agreement was based on a price of $28.24 per share, representing a premium of 25% to the 30-day The Company is also obligated to make milestone payments to Voronoi upon the achievement of certain events. Upon the achievement of certain development and regulatory milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $111.0 million. Upon the achievement of certain commercial milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $225.0 million. If the Company pursues a second licensed product, the Company would pay Voronoi up to an additional $272.0 million in success-based milestones. In addition, the Company is obligated to pay royalties on net sales of licensed products in the ORIC Territory. Unless earlier terminated, the Voronoi License Agreement will continue in effect until the expiration of all royalty payment obligations. Following the expiration of the Voronoi License Agreement, the Company will retain its licenses under the intellectual property Voronoi licensed to it on a royalty-free basis. The Company and Voronoi may each terminate the Voronoi License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Voronoi may also terminate the agreement if the Company discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Voronoi License Agreement without cause by providing prior notice to Voronoi. If Voronoi terminates the Voronoi License Agreement for cause, or if the Company terminates the Voronoi License Agreement without cause, then the Company is obligated to grant a nonexclusive license to Voronoi under certain of the Company’s patents and know-how | (11) Subsequent Events Reverse Stock Split On April 21, 2020, the Company filed an Amended and Restated Certificate of Incorporation effecting a 1-for-4 |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2020 | |
Text Block [Abstract] | |
License Agreements | 3. License Agreements On August 3, 2020, the Company entered into a license agreement (Mirati License Agreement) with Mirati Therapeutics, Inc (Mirati). Under the Mirati License Agreement, Mirati granted the Company a worldwide, exclusive, sublicensable, royalty-free license under Mirati’s rights to certain patents and patent applications directed to certain small molecule compounds that bind to and inhibit PRC2 and certain related know-how, Unless earlier terminated, the Mirati License Agreement will continue in effect on a country-by-country product-by-licensed The Company’s financial obligations under the Mirati License Agreement was comprised of an upfront payment of 588,235 shares of ORIC common stock, valued at approximately $13.0 million based upon the closing price of the Company’s common stock on the acquisition date. The number of shares was based on a price of $34.00 per share, representing a premium of 10% to the 60-day volume-weighted The Company recorded the transaction as an asset purchase as management concluded that all of the value received was related to a single identifiable asset. Further, as the asset was in early development at the time the license was acquired, the Company concluded that there was no alternative future use for the asset and recorded a charge at the closing of the transaction for the full $13.0 million value assigned to the shares issued. This non-cash in-process On October 19, 2020, the Company entered into a license agreement with Voronoi, Inc. (Voronoi). See Note 11 for further discussion. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 6. Marketable Securities The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. In accordance with the Company’s investment policy, it has invested funds in marketable securities as of September 30, 2020. The Company had no marketable securities at December 31, 2019. The cost, gross unrealized holding gains, gross unrealized holding losses and fair value of available-for-sale September 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. treasury securities $ 124,608 $ — $ (29 ) $ 124,579 Total $ 124,608 $ — $ (29 ) $ 124,579 The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At September 30, 2020, there were 13 securities in unrealized loss positions. These securities have not been in a continuous loss position for more than 12 months. Further, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. As such, the Company has classified these losses as temporary in nature. None of the Company’s available-for-sale |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 8. Convertible Preferred Stock Prior to its conversion to common stock in connection with the Company’s IPO in April 2020, the Company’s convertible preferred stock was classified as temporary equity on the Company’s balance sheets in accordance with authoritative guidance. Convertible preferred stock authorized and issued and its principal terms as of December 31, 2019 consisted of the following (in thousands, except share and per share amounts): As of December 31, 2019 Shares Authorized Shares Issued and Outstanding Issue Issue Price per Share Dividend Annual Rate per Share Aggregate Liquidation Preference Series A 3,862,500 3,862,500 2014 - 2015 $ 4.00 $ 0.32 $ 15,450 Series B 6,750,000 6,749,999 2015 - 2016 $ 8.00 $ 0.64 $ 54,000 Series C 4,448,788 4,448,780 2018 - 2019 $ 12.00 $ 0.96 $ 53,385 Series D 5,287,500 4,217,327 2019 $ 13.20 $ 1.056 $ 55,669 Total 20,348,788 19,278,606 In connection with the Company’s IPO in April 2020, all outstanding shares of the convertible preferred stock converted into 19,278,606 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Common Stock Valuation | (n) Common stock valuation Due to the absence of an active market for the Company’s common stock, the Company utilized methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation | |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes costs that are directly associated with equity financings until such financings are consummated at which time such costs are recorded against the gross proceeds of the offering. Should an in-process | (o) Deferred offering costs The Company capitalizes costs that are directly associated with in-process in-process |
Comprehensive Loss | (p) Comprehensive loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner | |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator Net loss $ (25,548 ) $ (6,549 ) $ (45,444 ) $ (18,529 ) Denominator Weighted average shares outstanding used in computing net loss per share, basic and diluted 30,314,904 1,946,439 18,022,068 1,876,687 Net loss per share, basic and diluted $ (0.84 ) $ (3.36 ) $ (2.52 ) $ (9.87 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: As of September 30, 2020 2019 Options to purchase common stock 3,959,693 2,251,594 Convertible preferred stock — 19,278,606 Total 3,959,693 21,530,200 | (q) Net loss per share and unaudited pro forma net loss per share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the convertible preferred stock and common stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts). Year ended December 31, 2018 2019 Numerator Net loss attributable to common stockholders $ (21,363 ) $ (26,883 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 1,734,115 1,899,348 Net loss per share, basic and diluted $ (12.32 ) $ (14.15 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Year ended December 31, 2018 2019 Options to purchase common stock 1,854,886 2,683,441 Convertible preferred stock 13,789,770 19,278,606 Total 15,644,656 21,962,047 Unaudited pro forma net loss per share Unaudited pro forma basic and diluted net loss per share is calculated to give effect to the one-for-one as-converted The following table sets forth the computation of the basic and diluted unaudited pro forma net loss per share (in thousands, except share and per share amounts): Year ended December 31, 2019 Numerator Net loss $ (26,883 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 1,899,348 Adjust: Assumed weighted-average effect of conversion of convertible preferred stock 17,241,861 Weighted-average shares outstanding used in computing pro forma net loss per share, basic and diluted 19,141,209 Pro forma net loss per share, basic and diluted $ (1.40 ) Unaudited Pro Forma Stockholders’ Equity The unaudited pro forma stockholders’ equity as of December 31, 2019 gives effect to the automatic conversion of all outstanding shares of the Company’s convertible preferred stock into an aggregate of 19,278,606 shares of common stock which will occur immediately prior to the completion of this offering, resulting in an aggregate of 21,262,828 outstanding shares of the Company’s common stock (which excludes 29,579 shares issued upon the early exercise of certain options, which are subject to a right of repurchase by the Company). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standard codifications (ASC) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. In December 2019, the FASB issued ASU No 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 | (r) Recently issued accounting standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee No. 2018-07 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02), (Topic 840) right-of-use 2016-02 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates 2019-10”), one-year 2016-02 right-of-use |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q Rule 10-01 S-X. COVID-19, of COVID-19, stay-at-home COVID-19 stay-at-home work-from-home from COVID-19 The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019, which are included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) on April 24, 2020 under the Securities Act of 1933, as amended (the Securities Act). In the third quarter of 2020, the Company began reporting deferred offering costs within its other assets on its balance sheets. To conform to current presentation, the Company included $1.3 million of deferred financing costs at December 31, 2019 in other assets. This reclassification had no effect on the Company’s total assets, net loss or stockholders’ equity (deficit) as previously reported. | |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience 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 may differ materially from these estimates. | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and marketable securities that are recorded on its balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses since inception. The carrying amounts of cash and cash equivalents and marketable securities, prepaid expenses, accounts payable and accrued other liabilities are reasonable estimates of their fair value because of the short maturity of these items. | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper. | |
Marketable Securities | Marketable Securities Investments with maturities at the date of acquisition of more than 90 days are considered marketable securities. The Company has classified its investment holdings as available-for-sale, available-for-sale held-to-maturity Available-for-sale | |
Research and Development Expenses and Accrued Research and Development Expenses | Research and Development Expenses and Accrued Research and Development Expenses The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, contract research organizations (CRO), and contract manufacturing organizations (CMO) in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Research and development costs are expensed in the period in which they are incurred. External costs consist primarily of payments to outside CROs, CMOs, clinical trial sites and central laboratories in connection with the Company’s discovery and preclinical activities, process development, clinical manufacturing and clinical development activities. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or its estimate of the level of service that has been performed at each reporting date. The Company allocates external costs by program, clinical or preclinical. Internal costs consist primary of employee-related costs, laboratory supplies, facilities, depreciation and costs related to compliance with regulatory requirements. The Company does not allocate internal costs by program because these costs are deployed across multiple programs and, as such, are not separately classified. | |
License Fees | License Fees Acquisitions of technology licenses are charged to acquired in-process | |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use No. 2020-05, No. 2016-02 No. 2018-10, Codification Improvements to Topic 842, Leases No. 2018-11, Leases (Topic 842): Targeted Improvements No. 2018-11 right-of-use In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses Topic 326 Measurement of Credit Losses on Financial Instruments 2016-13 2016-13 available-for-sale 326-30, Losses—Available-for-Sale |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator Net loss $ (25,548 ) $ (6,549 ) $ (45,444 ) $ (18,529 ) Denominator Weighted average shares outstanding used in computing net loss per share, basic and diluted 30,314,904 1,946,439 18,022,068 1,876,687 Net loss per share, basic and diluted $ (0.84 ) $ (3.36 ) $ (2.52 ) $ (9.87 ) | The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts). Year ended December 31, 2018 2019 Numerator Net loss attributable to common stockholders $ (21,363 ) $ (26,883 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 1,734,115 1,899,348 Net loss per share, basic and diluted $ (12.32 ) $ (14.15 ) |
Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: As of September 30, 2020 2019 Options to purchase common stock 3,959,693 2,251,594 Convertible preferred stock — 19,278,606 Total 3,959,693 21,530,200 | |
Pro Forma | ||
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted unaudited pro forma net loss per share (in thousands, except share and per share amounts): Year ended December 31, 2019 Numerator Net loss $ (26,883 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 1,899,348 Adjust: Assumed weighted-average effect of conversion of convertible preferred stock 17,241,861 Weighted-average shares outstanding used in computing pro forma net loss per share, basic and diluted 19,141,209 Pro forma net loss per share, basic and diluted $ (1.40 ) |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | ||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued compensation $ 2,229 $ 1,883 Accrued clinical development costs 1,391 484 Accrued professional fees 657 338 Deferred rent—short-term 535 495 Accrued manufacturing costs 278 479 Other accruals 240 279 Accrued deferred financing costs — 1,244 Total accrued liabilities $ 5,330 $ 5,202 | Accrued other liabilities consisted of the following (in thousands): December 31, 2018 2019 Accrued compensation $ 917 $ 1,883 Accrued deferred financing costs — 1,244 Deferred rent—short term 438 495 Accrued clinical development costs 149 484 Accrued manufacturing costs 173 479 Accrued professional fees 105 175 Accrued legal fees 16 163 Share purchase liabilities 115 39 Other accruals 238 240 Total accrued other liabilities $ 2,150 $ 5,202 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following: Year ended December 31, 2018 2019 Convertible preferred stock 13,789,770 19,278,606 Common stock options granted and outstanding 1,854,886 2,683,441 Common stock reserved for future option grants 271,490 203,696 Total common stock reserved for future issuance 15,916,146 22,165,743 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Summary of Option Activity | The following table summarizes the option activity for the nine months ended September 30, 2020: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 2,683,441 $ 3.75 Granted 1,449,509 16.90 Exercised (69,102 ) 1.62 Forfeited and cancelled (104,155 ) 7.39 Outstanding at September 30, 2020 3,959,693 $ 8.52 8.7 $ 65,531 Exercisable at September 30, 2020 1,060,901 $ 2.60 8.0 $ 23,797 | The following table summarizes the option activity: Options Weighted- Weighted- Aggregate Outstanding at January 1, 2019 1,854,886 $ 1.48 9.2 Granted 1,169,000 6.56 9.7 Exercised (182,105 ) 0.72 5.3 Cancelled (158,340 ) 1.76 8.0 Outstanding at December 31, 2019 2,683,441 $ 3.75 9.0 $ 14,591 Exercisable at December 31, 2019 825,671 $ 1.96 8.5 $ 5,948 |
Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions | The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Merton option pricing model with the following weighted-average assumptions. Nine Months Ended September 30, 2020 2019 Stock price $ 16.00 - $35.92 $ 1.60 - $6.44 Risk-free interest rate 3.17% - 4.45% 1.39% - 2.58% Expected volatility 88.01% - 95.11% 100.52% - 104.15% Expected term (in years) 5.50 - 6.08 6.08 Expected dividend yield 0% 0% | The fair value of stock options was estimated using the Black-Scholes Merton option pricing model with the following assumptions: Year ended December 31, 2018 2019 Stock price $ 1.60 $ 1.60 – $9.16 Risk-free interest rate 2.7% – 3.0% 1.4% – 2.6% Expected volatility 93% – 98% 77% – 104% Expected term (in years) 6.01 – 6.1 6.1 Expected dividend yield 0% 0% |
Summary of Total Stock-based Compensation Expense | The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations for stock options for the periods presented (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development $ 592 $ 116 $ 1,406 $ 233 General and administrative 1,089 155 2,183 419 Total stock-based compensation expense $ 1,681 $ 271 $ 3,589 $ 652 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes and Income Taxes Computed | Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands): Year ended December 31, 2018 2019 Statutory rate $ (4,487 ) $ (5,647 ) State tax (1,465 ) (2,351 ) Other permanent items (15 ) 17 Research and development credit (663 ) (692 ) Change in valuation allowance 6,536 8,673 Impact of Tax Cuts and Jobs Act — — Stock-based compensation 94 — Provisions for income taxes $ — $ — |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred taxes were as follows (in thousands): December 31, 2018 2019 Deferred tax assets: Net operating loss carryforward $ 17,353 $ 24,380 Research and development credits 2,147 3,319 Deferred rent 491 353 Accruals and other 255 771 Gross deferred tax assets 20,246 28,823 Less valuation allowance (19,910 ) (28,583 ) Total deferred tax assets 336 240 Deferred tax liabilities: Fixed assets (336 ) (240 ) Net deferred tax assets $ — $ — |
Summary of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands): December 31, 2018 2019 Beginning balance $ 347 $ 557 Increases (decreases) related to prior year tax positions — — Increases related to current year tax positions 210 226 Ending balance $ 557 $ 783 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Summary of Future Minimum Lease Payments under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable Operating Leases 2020 remaining three months $ 478 2021 1,871 2022 686 Total minimum lease payments $ 3,035 | The future minimum lease payments required under non-cancelable Year ending December 31, 2020 $ 1,892 2021 1,871 2022 686 2023 — 2024 — Total minimum lease payments $ 4,449 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, 2020 December 31, 2019 Lab equipment $ 4,088 $ 3,748 Leasehold improvements 1,710 1,710 Computer hardware and software 206 158 Furniture and fixtures 140 140 Total property and equipment, gross 6,144 5,756 Less accumulated depreciation (4,251 ) (3,515 ) Total property and equipment, net $ 1,893 $ 2,241 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments | The cost, gross unrealized holding gains, gross unrealized holding losses and fair value of available-for-sale September 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. treasury securities $ 124,608 $ — $ (29 ) $ 124,579 Total $ 124,608 $ — $ (29 ) $ 124,579 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | Following are the major categories of assets measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Fair Value Measurement at End of Period Using: Fair Value Quoted Market (Level 1) Significant (Level 2) Significant (Level 3) Total At September 30, 2020 Money market funds(1) $ 62,031 $ 62,031 $ — $ — $ 62,031 U.S. treasury securities 124,579 124,579 — — 124,579 Total $ 186,610 $ 186,610 $ — $ — 186,610 At December 31, 2019 Money market funds(1) $ 88,159 $ 88,159 $ — $ — $ 88,159 (1) Included in cash and cash equivalents in accompanying balance sheets. |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Convertible Preferred Stock Authorized and Issued and its Principal Terms | Convertible preferred stock authorized and issued and its principal terms as of December 31, 2019 consisted of the following (in thousands, except share and per share amounts): As of December 31, 2019 Shares Authorized Shares Issued and Outstanding Issue Issue Price per Share Dividend Annual Rate per Share Aggregate Liquidation Preference Series A 3,862,500 3,862,500 2014 - 2015 $ 4.00 $ 0.32 $ 15,450 Series B 6,750,000 6,749,999 2015 - 2016 $ 8.00 $ 0.64 $ 54,000 Series C 4,448,788 4,448,780 2018 - 2019 $ 12.00 $ 0.96 $ 53,385 Series D 5,287,500 4,217,327 2019 $ 13.20 $ 1.056 $ 55,669 Total 20,348,788 19,278,606 |
Description of the Business - A
Description of the Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 28, 2020USD ($)$ / sharesshares | Apr. 21, 2020 | Jun. 30, 2020shares | Sep. 30, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019$ / shares | Dec. 31, 2018USD ($)$ / shares |
Description Of Business [Line Items] | |||||||
Accumulated deficit | $ 138,134 | $ 92,690 | $ 65,807 | ||||
Cash and cash equivalents | 62,031 | $ 89,159 | $ 42,636 | ||||
Price per share of common stock | $ / shares | $ 1.60 | ||||||
Gross proceeds from IPO excluding underwriting discounts and commissions and other offering expenses | $ 138,000 | ||||||
Maximum | |||||||
Description Of Business [Line Items] | |||||||
Price per share of common stock | $ / shares | $ 35.92 | $ 9.16 | $ 6.44 | ||||
Common Stock | |||||||
Description Of Business [Line Items] | |||||||
Gross proceeds from IPO excluding underwriting discounts and commissions and other offering expenses | $ 138,000 | ||||||
Underwriting discounts and commissions and other offering expenses | 12,800 | ||||||
Net proceeds from IPO | $ 125,200 | ||||||
Reverse stock split | one-for-four | ||||||
Reverse stock split ratio | 0.25 | ||||||
Common Stock | Initial Public Offering | |||||||
Description Of Business [Line Items] | |||||||
Shares of common stock issued | shares | 8,625,000 | 8,625,000 | |||||
Price per share of common stock | $ / shares | $ 16 | ||||||
Convertible preferred stock outstanding converted into shares of common stock | shares | 19,278,606 | ||||||
Common Stock | Option to Purchase Additional Shares | Maximum | |||||||
Description Of Business [Line Items] | |||||||
Shares of common stock issued | shares | 1,125,000 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Liquid investments maturity period | 90 days | 3 months | ||
Depreciation expense | $ 736,000 | $ 758,000 | $ 1,028,000 | $ 903,000 |
Impairment of property and equipment | 0 | 0 | ||
Research and development expense | $ 22,844,000 | 19,026,000 | ||
Options granted, maximum contractual term | 10 years | |||
Risk free interest rate description | The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. | |||
Deferred offering costs | $ 0 | $ 1,300,000 | ||
Common stock, shares, outstanding | 30,545,165 | 1,984,222 | 1,802,134 | |
Shares issued upon exercise of options | $ 131,000 | $ 79,000 | ||
Deferred offering costs | $ 1,343,000 | |||
Pro Forma | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Common stock, shares, outstanding | 21,262,828 | 21,262,828 | ||
Shares issued upon exercise of options | $ 29,579 | |||
Pro Forma | Convertible Preferred Stock | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Outstanding shares of convertible preferred stock converted into shares of common stock | 19,278,606 | |||
Minimum | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of related assets | 3 years | |||
Maximum | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of related assets | 7 years | |||
ASU No 2019-12 | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Change in accounting principle, accounting standards update, early adoption | true | |||
Change in accounting principle, accounting standards update, immaterial effect | true | |||
Other Assets | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Deferred offering costs | $ 1,300,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | ||||||
Net loss | $ (25,548) | $ (6,549) | $ (45,444) | $ (18,529) | $ (26,883) | $ (21,363) |
Denominator | ||||||
Weighted average shares outstanding used in computing net loss per share, basic and diluted | 30,314,904 | 1,946,439 | 18,022,068 | 1,876,687 | 1,899,348 | 1,734,115 |
Net loss per share, basic and diluted | $ (0.84) | $ (3.36) | $ (2.52) | $ (9.87) | $ (14.15) | $ (12.32) |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded from computation of net loss per share | 3,959,693 | 21,530,200 | 21,962,047 | 15,644,656 |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded from computation of net loss per share | 3,959,693 | 2,251,594 | 2,683,441 | 1,854,886 |
Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded from computation of net loss per share | 19,278,606 | 19,278,606 | 13,789,770 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Basic and Diluted Unaudited Pro Forma Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | ||||||
Net loss | $ (25,548) | $ (6,549) | $ (45,444) | $ (18,529) | $ (26,883) | $ (21,363) |
Denominator | ||||||
Weighted-average shares outstanding used in computing net loss per share, basic and diluted | 30,314,904 | 1,946,439 | 18,022,068 | 1,876,687 | 1,899,348 | 1,734,115 |
Adjust: Assumed weighted-average effect of conversion of convertible preferred stock | 17,241,861 | |||||
Weighted-average shares outstanding used in computing pro forma net loss per share, basic and diluted | 19,141,209 | |||||
Pro forma net loss per share, basic and diluted | $ (1.40) |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | $ 6,144 | $ 5,756 | $ 5,092 |
Less accumulated depreciation | (4,251) | (3,515) | (2,578) |
Total property and equipment, net | 1,893 | 2,241 | 2,514 |
Lab Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 4,088 | 3,748 | 3,166 |
Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 1,710 | 1,710 | 1,710 |
Computer Hardware and Software | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 206 | 158 | 144 |
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | $ 140 | $ 140 | $ 72 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | |||
Accrued compensation | $ 2,229 | $ 1,883 | $ 917 |
Accrued clinical development costs | 1,391 | 484 | 149 |
Accrued professional fees | 657 | 338 | |
Accrued professional fees excluding legal fees | 175 | 105 | |
Accrued legal fees | 163 | 16 | |
Deferred rent-short-term | 535 | 495 | 438 |
Accrued manufacturing costs | 278 | 479 | 173 |
Other accruals | 240 | 238 | |
Other accruals | 240 | 279 | |
Accrued deferred financing costs | 1,244 | ||
Share purchase liabilities | 39 | 115 | |
Total accrued liabilities | $ 5,330 | $ 5,202 | $ 2,150 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Line Items] | |||
Cash and cash equivalents, at carrying value | $ 62,031,000 | $ 89,159,000 | $ 42,636,000 |
Transfer between level 1 to 2 | 0 | 0 | |
Transfer between level 2 to 1 | 0 | 0 | |
Transfer between level 2 to 3 | 0 | 0 | |
Transfer between level 3 to 2 | 0 | 0 | |
Transfer between level 1 to 3 | 0 | 0 | |
Transfer between level 3 to 1 | $ 0 | 0 | |
Level 1 | Money Market Funds | |||
Fair Value Disclosures [Line Items] | |||
Cash and cash equivalents, at carrying value | 88,100,000 | 42,600,000 | |
Cash and cash equivalents, fair value | 88,100,000 | 42,600,000 | |
Level 2 | |||
Fair Value Disclosures [Line Items] | |||
Assets, fair value disclosure | 0 | 0 | |
Level 3 | |||
Fair Value Disclosures [Line Items] | |||
Assets, fair value disclosure | $ 0 | $ 0 |
Stockholders' equity - Addition
Stockholders' equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||||||||||
Capital stock authorized | 47,098,788 | |||||||||||
Common stock, shares authorized | 26,750,000 | 20,250,000 | 1,000,000,000 | |||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Convertible preferred stock, authorized | 20,348,788 | |||||||||||
Convertible preferred stock, par value | $ 0.0001 | |||||||||||
Convertible preferred stock, issued | 19,278,606 | |||||||||||
Common stock, shares, issued | 1,984,222 | 1,802,134 | 30,545,165 | |||||||||
Common stock, shares, outstanding | 1,984,222 | 1,802,134 | 30,545,165 | |||||||||
Common stock, face value | $ 9.16 | $ 1.60 | ||||||||||
Dividends declared or paid | $ 0 | |||||||||||
Convertible preferred stock, conversion ratio | The conversion rate at December 31, 2019 for the Series A, Series B, Series C and Series D convertible preferred stock is 1:1. | |||||||||||
Convertible preferred stock redemption rights | The holders of Series A, Series B, Series C and Series D convertible preferred stock do not have any redemption rights. | |||||||||||
Minimum | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Pre-money valuation of public offering price | $ 310,000,000 | |||||||||||
Gross cash proceeds from public offering | $ 40,000,000 | |||||||||||
Common Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, shares, outstanding | 1,984,222 | 1,802,134 | 30,545,165 | 29,924,461 | 1,997,655 | 1,955,966 | 1,940,177 | 1,828,293 | 1,672,087 | |||
Common stock voting right | Entitled to one vote for each share of common stock | |||||||||||
Series A Convertible Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, authorized | 3,862,500 | 3,862,500 | 0 | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Convertible preferred stock, issued | 3,862,500 | 3,862,500 | 0 | |||||||||
Dividends, annual rate | $ 0.32 | |||||||||||
liquidation preferences, issue prices | $ 4 | |||||||||||
Series A Convertible Preferred Stock | Private Offering | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, issued | 3,862,500 | 3,862,500 | ||||||||||
Net proceeds of convertible preferred stock | $ 15,400,000 | $ 15,400,000 | ||||||||||
Convertible preferred stock, purchase price | $ 4 | $ 4 | ||||||||||
Series B Convertible Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, authorized | 6,750,000 | 6,750,000 | 0 | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Convertible preferred stock, issued | 6,749,999 | 6,749,999 | 0 | |||||||||
Dividends, annual rate | $ 0.64 | |||||||||||
liquidation preferences, issue prices | $ 8 | |||||||||||
Series B Convertible Preferred Stock | Private Offering | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, issued | 6,749,999 | 6,749,999 | ||||||||||
Net proceeds of convertible preferred stock | $ 53,900,000 | $ 53,900,000 | ||||||||||
Convertible preferred stock, purchase price | $ 8 | $ 8 | ||||||||||
Series C Convertible Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, authorized | 4,448,788 | 5,000,000 | 0 | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Convertible preferred stock, issued | 4,448,780 | 3,177,271 | 0 | |||||||||
Dividends, annual rate | $ 0.96 | |||||||||||
liquidation preferences, issue prices | $ 12 | |||||||||||
Series C Convertible Preferred Stock | Private Offering | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, issued | 4,448,780 | 4,448,780 | ||||||||||
Net proceeds of convertible preferred stock | $ 53,200,000 | $ 53,200,000 | ||||||||||
Convertible preferred stock, purchase price | $ 12 | $ 12 | ||||||||||
Series D Convertible Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, authorized | 5,287,500 | 0 | 0 | |||||||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Convertible preferred stock, issued | 4,217,327 | 0 | 0 | |||||||||
Dividends, annual rate | $ 1.056 | |||||||||||
liquidation preferences, issue prices | $ 13.20 | |||||||||||
Series D Convertible Preferred Stock | Private Offering | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible preferred stock, issued | 4,217,327 | |||||||||||
Net proceeds of convertible preferred stock | $ 55,500,000 | |||||||||||
Convertible preferred stock, purchase price | $ 13.20 | |||||||||||
Convertible Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock voting right | Entitled to one vote for each share of common stock |
Stockholders' equity - Summary
Stockholders' equity - Summary of Common Stock Reserved for Future Issuance (Detail) - shares | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' Equity Note [Abstract] | |||
Convertible preferred stock | 19,278,606 | 13,789,770 | |
Common stock options granted and outstanding | 3,959,693 | 2,683,441 | 1,854,886 |
Common stock reserved for future option grants | 203,696 | 271,490 | |
Total common stock reserved for future issuance | 22,165,743 | 15,916,146 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 30, 2020 | Oct. 31, 2014 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares available for future issuance | 22,165,743 | 15,916,146 | ||||||
Aggregate intrinsic value of stock options exercisable | $ 23,797,000 | $ 23,797,000 | $ 5,948,000 | |||||
Shares subject to repurchase | 7,821 | 7,821 | 29,579 | 121,794 | ||||
Stock-based compensation expense | $ 1,681,000 | $ 271,000 | $ 3,589,000 | $ 652,000 | $ 1,100,000 | $ 500,000 | ||
Total unrecognized compensation expense related to outstanding unvested stock-based awards | 20,400,000 | $ 5,500,000 | $ 20,400,000 | $ 5,500,000 | $ 6,900,000 | $ 2,300,000 | ||
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period | 2 years 10 months 28 days | 3 years 1 month 28 days | 3 years 4 months 24 days | |||||
Number of common stock remained available for issuance | 203,696 | 271,490 | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Liabilities with shares issued with repurchase rights | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | ||||
2020 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common stock initially reserved for issuance | 2,656,500 | |||||||
Number of shares available for future issuance | 1,514,840 | 1,514,840 | ||||||
Additional number of shares available for future issuance | 2,656,500 | |||||||
Percentage of outstanding shares of common stock | 5.00% | |||||||
2014 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common stock initially reserved for issuance | 4,008,850 | |||||||
Number of shares available for future issuance | 203,696 | |||||||
Number of common stock remained available for issuance | 241,653 | |||||||
2020 Plan and 2014 Plan | Stock Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
2020 Plan and 2014 Plan | Stock Options | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Expiration period | 10 years | |||||||
2020 Plan and 2014 Plan | Incentive Stock Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Exercise price as a percentage of fair market value | 100.00% | |||||||
Minimum percentage required for holders of combined voting power to be eligible for incentive stock options | 10.00% | |||||||
Percentage of options may not be granted at less than fair market value of the common stock at the date of grant | 110.00% | |||||||
Maximum term of options may not be granted at less than fair market value of the common stock at the date of grant | 5 years | |||||||
2020 ESPP | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares available for future issuance | 290,000 | |||||||
Additional number of shares available for future issuance | 500,000 | |||||||
Percentage of outstanding shares of common stock | 1.00% | |||||||
Number of shares issued under ESPP | 0 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options outstanding, Beginning Balance | 2,683,441 | 1,854,886 | |
Options, Granted | 1,449,509 | 1,169,000 | |
Options, Exercised | (69,102) | (182,105) | |
Options, Forfeited and cancelled | (104,155) | (158,340) | |
Options outstanding, Ending Balance | 3,959,693 | 2,683,441 | 1,854,886 |
Options, Exercisable | 1,060,901 | 825,671 | |
Weighted Average Exercise Price, Options outstanding Beginning Balance | $ 3.75 | $ 1.48 | |
Weighted Average Exercise Price, Granted | 16.90 | 6.56 | |
Weighted Average Exercise Price, Exercised | 1.62 | 0.72 | |
Weighted Average Exercise Price, Forfeited and Cancelled | 7.39 | 1.76 | |
Weighted Average Exercise Price, Options outstanding Ending Balance | 8.52 | 3.75 | $ 1.48 |
Weighted Average Exercise Price, Exercisable | $ 2.60 | $ 1.96 | |
Weighted Average Remaining Contractual Term (in years), Granted | 9 years 8 months 12 days | ||
Weighted Average Remaining Contractual Term (in years), Exercised | 5 years 3 months 18 days | ||
Weighted Average Remaining Contractual Term (in years), Cancelled | 8 years | ||
Weighted Average Remaining Contractual Term (in years), Options outstanding | 8 years 8 months 12 days | 9 years | 9 years 2 months 12 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 8 years | 8 years 6 months | |
Aggregate Intrinsic Value, Options outstanding | $ 65,531 | $ 14,591 | |
Aggregate Intrinsic Value, Exercisable | $ 23,797 | $ 5,948 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock price | $ 1.60 | |||
Risk-free interest rate, minimum | 3.17% | 1.39% | 1.40% | 2.70% |
Risk-free interest rate, maximum | 4.45% | 2.58% | 2.60% | 3.00% |
Expected volatility, minimum | 88.01% | 100.52% | 77.00% | 93.00% |
Expected volatility, maximum | 95.11% | 104.15% | 104.00% | 98.00% |
Expected term (in years) | 6 years 29 days | 6 years 1 month 6 days | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock price | $ 16 | $ 1.60 | $ 1.60 | |
Expected term (in years) | 5 years 6 months | 6 years 3 days | ||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock price | $ 35.92 | $ 6.44 | $ 9.16 | |
Expected term (in years) | 6 years 29 days | 6 years 1 month 6 days |
Income taxes - Schedule of Prov
Income taxes - Schedule of Provision for Income Taxes and Income Taxes Computed (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | $ (5,647) | $ (4,487) |
State tax | (2,351) | (1,465) |
Other permanent items | 17 | (15) |
Research and development credit | (692) | (663) |
Change in valuation allowance | 8,673 | 6,536 |
Impact of Tax Cuts and Jobs Act | 0 | 0 |
Stock-based compensation | 94 | |
Provisions for income taxes | $ 0 | $ 0 |
Income taxes - Significant Comp
Income taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 24,380 | $ 17,353 |
Research and development credits | 3,319 | 2,147 |
Deferred rent | 353 | 491 |
Accruals and other | 771 | 255 |
Gross deferred tax assets | 28,823 | 20,246 |
Less valuation allowance | (28,583) | (19,910) |
Total deferred tax assets | 240 | 336 |
Deferred tax liabilities: | ||
Fixed assets | (240) | (336) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation allowance | $ (28,583,000) | $ (19,910,000) | |
Increase in valuation allowance | 8,700,000 | ||
Net operating loss carryforwards | $ 86,600,000 | ||
Operating loss carryforwards, expiration | Dec. 31, 2034 | ||
Unrecognized tax benefits | $ 783,000 | $ 557,000 | $ 347,000 |
Accrual for interest or penalties | 0 | ||
Begin to expire in 2034 | |||
Net operating loss carryforwards | 41,500,000 | ||
Not expire | |||
Net operating loss carryforwards | 45,100,000 | ||
CALIFORNIA | |||
Net operating loss carryforwards | $ 88,600,000 | ||
Operating loss carryforwards, expiration | Dec. 31, 2034 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 557 | $ 347 |
Increases (decreases) related to prior year tax positions | 0 | 0 |
Increases related to current year tax positions | 226 | 210 |
Ending balance | $ 783 | $ 557 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
South San Francisco and San Diego Locations | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total rent expense | $ 0.3 | $ 0.3 | $ 1 | $ 1 | $ 1.3 | $ 1.3 | ||
South San Francisco, California | ||||||||
Loss Contingencies [Line Items] | ||||||||
Operating lease expiration date | May 31, 2022 | |||||||
Operating Lease, Term of Contract | 5 years | |||||||
Operating Lease, Renewal Term | 5 years | |||||||
San Diego, California | ||||||||
Loss Contingencies [Line Items] | ||||||||
Operating Lease, Term of Contract | 13 months | |||||||
Extend the lease term | May 2021 |
Commitment and Contingencies _2
Commitment and Contingencies - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
2020 | $ 1,892 | |
2020 remaining three months | $ 478 | |
2021 | 1,871 | 1,871 |
2022 | 686 | 686 |
2023 | 0 | |
2024 | 0 | |
Total minimum lease payments | $ 3,035 | $ 4,449 |
Employee benefit plans - Additi
Employee benefit plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Employer contributions | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Oct. 19, 2020USD ($)Product$ / sharesshares | Apr. 21, 2020 | Sep. 30, 2020shares | Aug. 03, 2020Product | Dec. 31, 2019shares | Dec. 31, 2018shares |
Subsequent Event [Line Items] | ||||||
Number of licensed products obliged to develop and commercialize | Product | 1 | |||||
Upfront payment shares issued | shares | 30,545,165 | 1,984,222 | 1,802,134 | |||
Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Reverse stock split | one-for-four | |||||
Reverse stock split ratio | 0.25 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number of licensed products obliged to develop and commercialize | Product | 1 | |||||
Subsequent Event | Voronoi Inc. | Development and Regulatory Milestone [Member] | ||||||
Subsequent Event [Line Items] | ||||||
License agreement, milestone payments maximum amount | $ 111,000,000 | |||||
Subsequent Event | Voronoi Inc. | Commercial Milestone [Member] | ||||||
Subsequent Event [Line Items] | ||||||
License agreement, milestone payments maximum amount | 225,000,000 | |||||
Subsequent Event | Voronoi Inc. | Success Based Milestones [Member] | ||||||
Subsequent Event [Line Items] | ||||||
License agreement, additional milestone payment | 272,000,000 | |||||
Subsequent Event | Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Reverse stock split | One-for-four | |||||
Reverse stock split ratio | 0.25 | |||||
Subsequent Event | Common Stock | Voronoi Inc. | Private Placement | ||||||
Subsequent Event [Line Items] | ||||||
Upfront cash payment | $ 5 | |||||
Upfront payment shares issued | shares | 283,259 | |||||
Issued price per share | $ / shares | $ 28.24 | |||||
Premium percentage | 25.00% |
License Agreements - Additional
License Agreements - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 03, 2020USD ($)Product$ / sharesshares | Sep. 30, 2020USD ($)shares | Dec. 31, 2019shares | Dec. 31, 2018shares |
License Agreements [Line Items] | ||||
Number of licensed products obliged to develop and commercialize | Product | 1 | |||
Upfront payment shares issued | shares | 30,545,165 | 1,984,222 | 1,802,134 | |
Upfront payment value | $ | $ 3 | |||
Mirati Therapeutics, Inc | ||||
License Agreements [Line Items] | ||||
Number of period the agreement in effect | 10 years | |||
Mirati Therapeutics, Inc | Private Placement | Common Stock | ||||
License Agreements [Line Items] | ||||
Upfront payment shares issued | shares | 588,235 | |||
Upfront payment value | $ | $ 13,000 | |||
Issue Price per Share | $ / shares | $ 34 | |||
Premium percentage | 10.00% | |||
Stock transfer restrictions period | 18 months |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) | Sep. 30, 2020Security | Dec. 31, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | ||
Marketable securities | $ | $ 0 | |
Number of securities in unrealized loss position | Security | 13 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | $ 124,608 |
Unrealized Losses | (29) |
Estimated Fair Value | 124,579 |
U.S. Treasury Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | 124,608 |
Unrealized Losses | (29) |
Estimated Fair Value | $ 124,579 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurements Recurring - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | $ 186,610 | |
Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 62,031 | $ 88,159 |
U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 124,579 | |
Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 186,610 | |
Level 1 | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 62,031 | 88,159 |
Level 1 | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 124,579 | |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 186,610 | |
Fair Value | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 62,031 | $ 88,159 |
Fair Value | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | $ 124,579 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of Convertible Preferred Stock Authorized and Issued and its Principal Terms (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Temporary Equity [Line Items] | |||||||||
Shares Authorized | 20,348,788 | ||||||||
Shares Issued | 19,278,606 | ||||||||
Shares Outstanding | 19,278,606 | 0 | |||||||
Series A Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Shares Authorized | 3,862,500 | 0 | 3,862,500 | ||||||
Shares Issued | 3,862,500 | 0 | 3,862,500 | ||||||
Shares Outstanding | 3,862,500 | 0 | 3,862,500 | 3,862,500 | 3,862,500 | 3,862,500 | 3,862,500 | 3,862,500 | |
Issue Price per Share | $ 4 | ||||||||
Dividend Annual Rate per Share | $ 0.320 | ||||||||
Aggregate liquidation preference | $ 15,450 | $ 0 | $ 15,450 | ||||||
Series A Convertible Preferred Stock | Minimum | |||||||||
Temporary Equity [Line Items] | |||||||||
Issue Period | 2014 | ||||||||
Series A Convertible Preferred Stock | Maximum | |||||||||
Temporary Equity [Line Items] | |||||||||
Issue Period | 2015 | ||||||||
Series B Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Shares Authorized | 6,750,000 | 0 | 6,750,000 | ||||||
Shares Issued | 6,749,999 | 0 | 6,749,999 | ||||||
Shares Outstanding | 6,749,999 | 0 | 6,749,999 | 6,749,999 | 6,749,999 | 6,749,999 | 6,749,999 | 6,749,999 | |
Issue Price per Share | $ 8 | ||||||||
Dividend Annual Rate per Share | $ 0.640 | ||||||||
Aggregate liquidation preference | $ 54,000 | $ 0 | $ 54,000 | ||||||
Series B Convertible Preferred Stock | Minimum | |||||||||
Temporary Equity [Line Items] | |||||||||
Issue Period | 2015 | ||||||||
Series B Convertible Preferred Stock | Maximum | |||||||||
Temporary Equity [Line Items] | |||||||||
Issue Period | 2016 | ||||||||
Series C Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Shares Authorized | 4,448,788 | 0 | 5,000,000 | ||||||
Shares Issued | 4,448,780 | 0 | 3,177,271 | ||||||
Shares Outstanding | 4,448,780 | 0 | 4,448,780 | 4,448,780 | 4,448,780 | 4,448,780 | 3,177,271 | ||
Issue Price per Share | $ 12 | ||||||||
Dividend Annual Rate per Share | $ 0.960 | ||||||||
Aggregate liquidation preference | $ 53,385 | $ 0 | $ 38,127 | ||||||
Series C Convertible Preferred Stock | Minimum | |||||||||
Temporary Equity [Line Items] | |||||||||
Issue Period | 2018 | ||||||||
Series C Convertible Preferred Stock | Maximum | |||||||||
Temporary Equity [Line Items] | |||||||||
Issue Period | 2019 | ||||||||
Series D Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Shares Authorized | 5,287,500 | 0 | 0 | ||||||
Shares Issued | 4,217,327 | 0 | 0 | ||||||
Shares Outstanding | 4,217,327 | 0 | 4,217,327 | 4,217,327 | 3,777,564 | 0 | |||
Issue Period | 2019 | ||||||||
Issue Price per Share | $ 13.20 | ||||||||
Dividend Annual Rate per Share | $ 1.056 | ||||||||
Aggregate liquidation preference | $ 55,669 | $ 0 | $ 0 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Detail) - shares | Apr. 30, 2020 | Dec. 31, 2019 |
Temporary Equity Disclosure [Abstract] | ||
Outstanding shares of convertible preferred stock converted into shares of common stock | 19,278,606 | |
Convertible preferred stock, outstanding | 0 | 19,278,606 |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $ 1,681 | $ 271 | $ 3,589 | $ 652 | $ 1,100 | $ 500 |
Research and development | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | 592 | 116 | 1,406 | 233 | ||
General and administrative | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $ 1,089 | $ 155 | $ 2,183 | $ 419 |