Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | Ayala Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001797336 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 12,778,002 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AYLA | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Address, Country | IL |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and Cash Equivalents | $ 48,749 | $ 16,725 |
Short-term Restricted Bank Deposits | 84 | 83 |
Trade Receivables | 589 | 469 |
Prepaid Expenses and other Current Assets | 2,329 | 417 |
Total Current Assets | 51,751 | 17,694 |
LONG-TERM ASSETS: | ||
Other Assets | 285 | 283 |
Deferred Offering Costs | 656 | |
Property and Equipment, Net | 1,357 | 1,421 |
Total Long-Term Assets | 1,642 | 2,360 |
Total Assets | 53,393 | 20,054 |
CURRENT LIABILITIES: | ||
Trade Payables | 3,646 | 2,922 |
Other Accounts Payables | 2,353 | 2,380 |
Total Current Liabilities | 5,999 | 5,302 |
LONG TERM LIABILITIES: | ||
Long-term Rent Liability | 462 | 299 |
Total Long-Term Liabilities | 462 | 299 |
Convertible Preferred Stock, $0.01 par value: | ||
Redeemable Convertible Preferred Stock | 53,373 | |
STOCKHOLDERS' DEFICIT: | ||
Common Stock of $0.01 par value per share; 20,000,000 shares authorized at December 31, 2019 and September 30, 2020; 5,064,722 and 12,781,909 shares issued at December 31, 2019 and September 30, 2020, respectively; 4,998,874 and 12,670,160 shares outstanding at December 31, 2019 and September 30, 2020, respectively | 127 | 51 |
Additional Paid-in Capital | 108,294 | 1,770 |
Accumulated Deficit | (61,489) | (40,741) |
Total Stockholders' Equity (Deficit) | 46,932 | (38,920) |
Total Liabilities, Convertible Preferred Stock, and Stockholders' Equity | $ 53,393 | 20,054 |
Series A Preferred Stock [Member] | ||
Convertible Preferred Stock, $0.01 par value: | ||
Redeemable Convertible Preferred Stock | 23,823 | |
Series B Preferred Stock [Member] | ||
Convertible Preferred Stock, $0.01 par value: | ||
Redeemable Convertible Preferred Stock | $ 29,550 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock shares issued | 12,781,909 | 5,064,722 |
Common stock shares outstanding | 12,670,160 | 4,998,874 |
Series A Preferred Stock [Member] | ||
Temporary stock par value | $ 0.01 | $ 0.01 |
Temporary stock shares authorized | 0 | 3,700,000 |
Temporary stock shares issued | 0 | 3,679,778 |
Temporary stock shares outstanding | 0 | 3,679,778 |
Liquidation preference value | $ 0 | $ 23,919 |
Series B Preferred Stock [Member] | ||
Temporary stock par value | $ 0.01 | $ 0.01 |
Temporary stock shares authorized | 0 | 4,500,000 |
Temporary stock shares issued | 0 | 3,750,674 |
Temporary stock shares outstanding | 0 | 3,750,674 |
Liquidation preference value | $ 0 | $ 29,668 |
Consolidated Statements of Oper
Consolidated Statements of Operation - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Revenues from licensing agreement | $ 658 | $ 845 | $ 2,704 | $ 1,962 |
Cost of services | 658 | 485 | 2,704 | 910 |
Gross profit | 0 | 360 | 0 | 1,052 |
Operating expenses: | ||||
Research and development | 5,421 | 4,372 | 15,616 | 10,563 |
General and administrative | 1,862 | 945 | 4,719 | 2,814 |
Operating loss | (7,283) | (4,957) | (20,335) | (12,325) |
Financial loss, net | (40) | (51) | (38) | 183 |
Loss before income tax | (7,323) | (5,008) | (20,373) | (12,142) |
Taxes on income | (115) | (39) | (375) | (227) |
Net loss attributable to common stockholders | $ (7,438) | $ (5,047) | $ (20,748) | $ (12,369) |
Net Loss per share attributable to common stockholders, basic and diluted | $ (0.59) | $ (1.01) | $ (2.33) | $ (2.49) |
Weighted average common shares outstanding, basic and diluted | 12,664,485 | 4,974,839 | 8,894,182 | 4,974,641 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Preferred Stock [Member]Convertible Preferred Stock [Member] | Preferred Stock [Member]Convertible Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Convertible Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member]Convertible Preferred Stock [Member]Receipts on Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance, Preferred Stock , Shares at Dec. 31, 2018 | 3,679,778 | 3,097,343 | ||||||||
Beginning balance, Preferred Stock at Dec. 31, 2018 | $ 46,210 | $ 23,823 | $ 24,387 | $ (2,000) | ||||||
Issuance of Series B Preferred Stock, net, Shares | 653,331 | |||||||||
Issuance of Series B Preferred Stock, net | 7,163 | $ 5,163 | $ 2,000 | |||||||
Ending balance, Preferred Stock , Shares at Sep. 30, 2019 | 3,679,778 | 3,750,674 | ||||||||
Ending balance, Preferred Stock at Sep. 30, 2019 | 53,373 | $ 23,823 | $ 29,550 | |||||||
Beginning balance, Common Stock, Shares at Dec. 31, 2018 | 4,959,667 | |||||||||
Beginning balance at Dec. 31, 2018 | $ (21,859) | $ 50 | $ 1,040 | $ (22,949) | ||||||
Share based compensation ,Shares | 28,844 | |||||||||
Share based compensation | 583 | 583 | ||||||||
Exercise of stock options, Shares | 750 | |||||||||
Exercise of stock options | 4 | 4 | ||||||||
Net loss | (12,369) | (12,369) | ||||||||
Ending balance, Common Stock, Shares at Sep. 30, 2019 | 4,989,261 | |||||||||
Ending Balance at Sep. 30, 2019 | (33,641) | $ 50 | 1,627 | (35,318) | ||||||
Beginning balance, Preferred Stock , Shares at Jun. 30, 2019 | 3,679,778 | 3,750,674 | ||||||||
Beginning balance, Preferred Stock at Jun. 30, 2019 | 53,373 | $ 23,823 | $ 29,550 | |||||||
Ending balance, Preferred Stock , Shares at Sep. 30, 2019 | 3,679,778 | 3,750,674 | ||||||||
Ending balance, Preferred Stock at Sep. 30, 2019 | 53,373 | $ 23,823 | $ 29,550 | |||||||
Beginning balance, Common Stock, Shares at Jun. 30, 2019 | 4,979,647 | |||||||||
Beginning balance at Jun. 30, 2019 | (28,782) | $ 50 | 1,439 | (30,271) | ||||||
Share based compensation ,Shares | 9,614 | |||||||||
Share based compensation | 188 | 188 | ||||||||
Net loss | (5,047) | (5,047) | ||||||||
Ending balance, Common Stock, Shares at Sep. 30, 2019 | 4,989,261 | |||||||||
Ending Balance at Sep. 30, 2019 | (33,641) | $ 50 | 1,627 | (35,318) | ||||||
Beginning balance, Preferred Stock , Shares at Dec. 31, 2019 | 3,679,778 | 3,750,674 | 3,679,778 | 3,750,674 | ||||||
Beginning balance, Preferred Stock at Dec. 31, 2019 | 53,373 | $ 23,823 | $ 29,550 | 53,373 | $ 23,823 | $ 29,550 | ||||
Ending balance, Preferred Stock , Shares at Sep. 30, 2020 | 0 | 0 | ||||||||
Beginning balance, Common Stock, Shares at Dec. 31, 2019 | 4,998,874 | |||||||||
Beginning balance at Dec. 31, 2019 | (38,920) | $ 51 | 1,770 | (40,741) | ||||||
Conversion of Preferred Stock, Shares | (3,679,778) | (3,750,674) | 3,715,222 | |||||||
Conversion of Preferred Stock | 53,373 | $ (53,373) | $ (23,823) | $ (29,550) | $ 37 | 53,336 | ||||
Share based compensation ,Shares | 12,750 | |||||||||
Share based compensation | 1,095 | 1,095 | ||||||||
Exercise of stock options, Shares | 2,625 | |||||||||
Exercise of stock options | 13 | 13 | ||||||||
Issuance of Common Stock, Initial public offering net of issuance costs, Shares | 3,940,689 | |||||||||
Issuance of Common Stock, Initial public offering net of issuance costs | 52,119 | $ 39 | 52,080 | |||||||
Net loss | (20,748) | (20,748) | ||||||||
Ending balance, Common Stock, Shares at Sep. 30, 2020 | 12,670,160 | |||||||||
Ending Balance at Sep. 30, 2020 | 46,932 | $ 127 | 108,294 | (61,489) | ||||||
Ending balance, Preferred Stock , Shares at Sep. 30, 2020 | 0 | 0 | ||||||||
Beginning balance, Common Stock, Shares at Jun. 30, 2020 | 12,660,841 | |||||||||
Beginning balance at Jun. 30, 2020 | 53,955 | $ 127 | 107,879 | (54,051) | ||||||
Share based compensation ,Shares | 6,694 | |||||||||
Share based compensation | 402 | 402 | ||||||||
Exercise of stock options, Shares | 2,625 | |||||||||
Exercise of stock options | 13 | 13 | ||||||||
Net loss | (7,438) | (7,438) | ||||||||
Ending balance, Common Stock, Shares at Sep. 30, 2020 | 12,670,160 | |||||||||
Ending Balance at Sep. 30, 2020 | $ 46,932 | $ 127 | $ 108,294 | $ (61,489) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
IPO [Member] | |
Issuance of Common Stock, Initial public offering net of issuance costs | $ 2,835 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (20,748) | $ (12,369) |
Adjustments to Reconcile Net Loss to Net Cash used in Operating Activities: | ||
Shared Based Compensation | 1,095 | 583 |
Depreciation | 138 | 47 |
Increase (decrease) in Prepaid Expenses and Other Current Assets | (1,914) | 146 |
Increase in Trade Receivables | (120) | (660) |
Increase in Trade Payable | 226 | 1,918 |
Increase in Long Term Rent Liability | 163 | |
Increase (decrease) in other Accounts Payable | 592 | (921) |
Net Cash used in Operating Activities | (20,568) | (11,256) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
(Investment in) proceeds from maturities of long-term deposits | 236 | (139) |
Purchase of Property and Equipment | (74) | (799) |
Net Cash provided by (used in) Investing Activities | 162 | (938) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from the issuance of common stock, net | 52,654 | |
Issuance of convertible preferred stock, net | 7,163 | |
Exercise of Stock Options | 13 | 4 |
Net Cash provided by Financing Activities | 52,667 | 7,167 |
Increase (decrease) in Cash and Cash Equivalents and Short-Term Restricted Bank Deposits | 32,261 | (5,027) |
Cash and Cash Equivalents and Short-Term Restricted Bank Deposits at Beginning of the period | 16,808 | 26,097 |
Cash and Cash Equivalents and Short-Term Restricted Bank Deposits at End of the period | 49,069 | 21,070 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES | ||
Non-cash offering costs | 535 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash Received for Interest | 36 | 199 |
Tax Paid in Cash | $ 189 | $ 95 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | General a) Ayala Pharmaceuticals, Inc. (the “Company”) was incorporated in November 2017. The Company is a clinical stage oncology company dedicated to developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. The Company’s current portfolio of product candidates, AL101 and AL102, target the aberrant activation of the Notch pathway with gamma secretase inhibitors. b) In 2017, the Company entered into an exclusive worldwide license agreement with respect to AL101 and AL102. c) The Company’s lead product candidates, AL101 and AL102, have completed preclinical and Phase 1 studies. A Phase 2 trial (ACCURACY) for AL101 in patients with recurrent/metastatic adenoid cystic carcinoma (“R/M ACC”) bearing Notch-activating mutations is ongoing. d) The Company has a wholly-owned Israeli subsidiary, Ayala-Oncology Israel Ltd. (the “Subsidiary”), which was incorporated in November 2017. e) Since inception, the Company has devoted its primary efforts to raising capital and research and development activities and has incurred significant operating losses and negative cash flows from operations. From its inception through September 30, 2020, all of the Company’s financial support has been provided primarily from the sale of its convertible preferred and common stock. The Company previously identified conditions and events that raise substantial doubt about its ability to continue as a going concern. As a result of the completion of the Company’s initial public offering (“IPO”) in May 2020, the Company believes that its cash, cash equivalents and short-term restricted bank deposits as of September 30, 2020 will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2022. The Company has based this estimated on assumptions that may prove to be wrong, and it may use its available capital resources sooner than it currently expects. Future additional funding may not be available on terms available to the Company or at all. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects. Initial Public Offering and Related Transactions On May 12, 2020, the Company completed the sale of shares of its common stock in its IPO. In connection with the IPO, the Company issued and sold 3,940,689 shares of common stock, including 274,022 shares associated with the partial exercise on June 4, 2020 of the underwriters’ option to purchase additional shares, at a price to the public of $15.00 per share, resulting in net proceeds to the Company of approximately $52.8 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. All shares issued and sold were registered pursuant to a registration statement on Form S-1 No. 333-236942), In connection with the IPO, the Company effected a one-for-two Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in the Company’s final prospectus filed with the Commission pursuant to Rule 424(b)(4) under the Securities Act on May 11, 2020 (the “Prospectus”) in connection with its IPO. The comparative balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. Except as noted below, the Company’s significant accounting policies have not changed materially from those included in Note 2 of our audited consolidated financial statements for the year ended December 31, 2019 included in our Prospectus. Net Loss per Share Basic and diluted loss per share (“LPS”) are computed by dividing net loss by the weighted average number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), outstanding for each period. The calculation of diluted LPS does not include 3,679,778 shares of Series A Preferred Stock, and 3,750,674 shares of Series B Preferred Stock and 601,352 and 745,861 options outstanding to purchase common stock as of September 30, 2019 and 2020 respectively. Newly Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02—Leases, right-of-use In June 2018, the FASB issued ASU No. 2018-07 In June 2016, the FASB issued ASU No. 2016-13 2016-13 |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | NOTE 2—REVENUES The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which applies to all contracts with customers. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. Customer option to acquire additional goods or services gives rise to a performance obligation in the contract only if the option provides a material right to the customer that it would not receive without entering into that contract. In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. In December 2018, the Company entered into an evaluation, option and license agreement (the “Novartis Agreement”) with Novartis International Pharmaceutical Limited (“Novartis”) for which the Company is paid for its research and development costs. The Company concluded that there is one distinct performance obligation under the Novartis Agreement: Research and development services, an obligation which is satisfied over time. Revenue associated with the research and development services in the amount of $2.7 million was recognized in the nine months ended September 30, 2020. The Company concluded that progress towards completion of the research and development performance obligation related to the Novartis Agreement is best measured in an amount proportional to the expenses relative to the total estimated expenses. The Company periodically reviews and updates its estimates, when appropriate, which may adjust revenue recognized for the period. The transaction price to be recognized as revenue under the Novartis Agreement consists of the reimbursable research and development costs. |
Tax
Tax | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Tax | NOTE 3—TAX Provision for income taxes was $ nine As of September 30, 2019, and 2020, the Company provided a liability for $287 thousand and $566 thousand respectively, for uncertain tax positions related to various income tax matters which was classified as other long-term liabilities. As of September 30, 2019, and 2020, the Company accrued interest related to uncertain tax positions of $3 thousand and $15 thousand , respectively. These uncertain tax positions would impact the Company’s effective tax rate, if recognized. The Company does not expect that the amounts of uncertain tax positions will change significantly within the next 12 months. The Company files U.S. federal, various state and Israeli income tax returns. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. In the United States and Israel, the 2017 and subsequent tax years remain subject to examination by the applicable taxing authorities as of September 30, 2020. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 4—SUBSEQUENT EVENTS |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
General | General a) Ayala Pharmaceuticals, Inc. (the “Company”) was incorporated in November 2017. The Company is a clinical stage oncology company dedicated to developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. The Company’s current portfolio of product candidates, AL101 and AL102, target the aberrant activation of the Notch pathway with gamma secretase inhibitors. b) In 2017, the Company entered into an exclusive worldwide license agreement with respect to AL101 and AL102. c) The Company’s lead product candidates, AL101 and AL102, have completed preclinical and Phase 1 studies. A Phase 2 trial (ACCURACY) for AL101 in patients with recurrent/metastatic adenoid cystic carcinoma (“R/M ACC”) bearing Notch-activating mutations is ongoing. d) The Company has a wholly-owned Israeli subsidiary, Ayala-Oncology Israel Ltd. (the “Subsidiary”), which was incorporated in November 2017. e) Since inception, the Company has devoted its primary efforts to raising capital and research and development activities and has incurred significant operating losses and negative cash flows from operations. From its inception through September 30, 2020, all of the Company’s financial support has been provided primarily from the sale of its convertible preferred and common stock. The Company previously identified conditions and events that raise substantial doubt about its ability to continue as a going concern. As a result of the completion of the Company’s initial public offering (“IPO”) in May 2020, the Company believes that its cash, cash equivalents and short-term restricted bank deposits as of September 30, 2020 will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2022. The Company has based this estimated on assumptions that may prove to be wrong, and it may use its available capital resources sooner than it currently expects. Future additional funding may not be available on terms available to the Company or at all. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in the Company’s final prospectus filed with the Commission pursuant to Rule 424(b)(4) under the Securities Act on May 11, 2020 (the “Prospectus”) in connection with its IPO. The comparative balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. Except as noted below, the Company’s significant accounting policies have not changed materially from those included in Note 2 of our audited consolidated financial statements for the year ended December 31, 2019 included in our Prospectus. |
Net Loss per Share | Net Loss per Share Basic and diluted loss per share (“LPS”) are computed by dividing net loss by the weighted average number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), outstanding for each period. The calculation of diluted LPS does not include 3,679,778 shares of Series A Preferred Stock, and 3,750,674 shares of Series B Preferred Stock and 601,352 and 745,861 options outstanding to purchase common stock as of September 30, 2019 and 2020 respectively. |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02—Leases, right-of-use In June 2018, the FASB issued ASU No. 2018-07 In June 2016, the FASB issued ASU No. 2016-13 2016-13 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2020 | Jun. 04, 2020 | May 12, 2020 | May 04, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Significant Accounting Policies [Line Items] | |||||||
Shares Issued, Price Per Share | $ 15 | $ 15 | |||||
Proceeds from Issuance Initial Public Offering | $ 52.8 | $ 52.8 | |||||
Stockholders' Equity, Reverse Stock Split | In connection with the IPO, the Company effected a one-for-two reverse stock split of its common stock which became effective on May 4, 2020. | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||
Common stock par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Common Stock [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 3,940,689 | ||||||
Conversion of preferred stock | 3,715,222 | 3,715,222 | |||||
Share-based Payment Arrangement, Option [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 745,861 | 601,352 | |||||
SeriesA Convertible Preferred Stock [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,679,778 | ||||||
SeriesB Convertible Preferred Stock [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,750,674 | ||||||
Over-Allotment Option [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 274,022 | 274,022 | |||||
IPO [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 3,940,689 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Novartis International Pharmaceutical Agreement [Member] | Novartis Agreement [Member] | |
Revenue [Line Items] | |
Revenue recognised from performance obligation | $ 2.7 |
Tax - Additional Information (D
Tax - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Line Items] | ||
Provision for income taxes | $ 214 | $ 186 |
Federal statutory Income tax rate | 21.00% | 21.00% |
Accrued interest uncertain tax positions | $ 15 | $ 3 |
Other Noncurrent Liabilities [Member] | ||
Income Tax Disclosure [Line Items] | ||
Uncertain tax positions | $ 566 | $ 287 |