Applied Molecular Transport (AMTI) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 07, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Applied Molecular Transport Inc.
Entity Central Index Key	0001801777
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock Shares Outstanding		34,850,624
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39306
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4481426
Entity Address, Address Line One	1 Tower Place
Entity Address, Address Line Two	Suite 850
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	392-0420
Document Quarterly Report	true
Document Transition Report	false
Entity Bankruptcy Proceedings, Reporting Current	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AMTI
Security Exchange Name	NASDAQ

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 23,401	$ 12,727
Short-term investments	139,862	19,676
Prepaid expenses	1,764	532
Deferred offering costs		366
Other current assets	611	152
Total current assets	165,638	33,453
Property and equipment, net	6,786	4,091
Long-term investments		249
Restricted cash	108	108
Other assets	128	632
Total assets	172,660	38,533
Current liabilities:
Accounts payable	4,437	2,666
Accrued expenses	2,288	1,315
Deferred rent, current	48	13
Other current liabilities	97	42
Total current liabilities	6,870	4,036
Deferred rent	496	526
Other liabilities	185	58
Total liabilities	7,551	4,620
Commitments and contingencies (Note 6)
Convertible preferred stock		105,615
Stockholders’ equity (deficit):
Common stock, $0.0001 par value, 450,000,000 shares authorized as of June 30, 2020 and 32,000,000 shares authorized as of December 31, 2019; 34,050,624 and 7,360,738 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	3	1
Additional paid-in capital	268,588	1,078
Accumulated other comprehensive income	2	13
Accumulated deficit	(103,484)	(72,794)
Total stockholders’ equity (deficit)	165,109	(71,702)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 172,660	38,533
Series A Convertible Preferred Stock
Current liabilities:
Convertible preferred stock		32,826
Series B Convertible Preferred Stock
Current liabilities:
Convertible preferred stock		30,921
Series C Convertible Preferred Stock
Current liabilities:
Convertible preferred stock		$ 41,868

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) (Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Convertible preferred stock, shares authorized		13,966,292
Convertible preferred stock, shares issued		13,966,292
Convertible preferred stock, shares outstanding	0	13,966,292
Convertible preferred stock, liquidation value		$ 105,974,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	450,000,000	32,000,000
Common stock, shares issued	34,050,624	7,360,738
Common stock, shares outstanding	34,050,624	7,360,738
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	5,157,213
Convertible preferred stock, shares issued	0	5,157,213
Convertible preferred stock, shares outstanding	0	5,157,213
Convertible preferred stock, liquidation value	$ 0	$ 33,000,000
Series B Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	3,992,919
Convertible preferred stock, shares issued	0	3,992,919
Convertible preferred stock, shares outstanding	0	3,992,919
Convertible preferred stock, liquidation value	$ 0	$ 31,025,000
Series C Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	4,816,160
Convertible preferred stock, shares issued	0	4,816,160
Convertible preferred stock, shares outstanding	0	4,816,160
Convertible preferred stock, liquidation value	$ 0	$ 41,949,000

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development	$ 12,836	$ 6,500	$ 25,790	$ 10,866
General and administrative	2,487	867	4,976	1,502
Total operating expenses	15,323	7,367	30,766	12,368
Loss from operations	(15,323)	(7,367)	(30,766)	(12,368)
Interest income	48	58	131	59
Other expense, net	(104)		(55)
Net loss	$ (15,379)	$ (7,309)	$ (30,690)	$ (12,309)
Net loss per share, basic and diluted	$ (1.11)	$ (0.99)	$ (2.88)	$ (1.67)
Weighted-average shares of common stock outstanding, basic and diluted	13,869,040	7,360,738	10,643,240	7,360,738
Comprehensive loss:
Net loss	$ (15,379)	$ (7,309)	$ (30,690)	$ (12,309)
Other comprehensive income (loss):
Unrealized gains on investments	2		8
Amounts recognized for net realized gains included in net loss	(19)		(19)
Total comprehensive loss	$ (15,396)	$ (7,309)	$ (30,701)	$ (12,309)

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2018	$ (44,140)				$ 1	$ 610		$ (44,751)
Convertible preferred stock balance, shares at Dec. 31, 2018		5,157,213	3,992,919
Convertible preferred stock balance at Dec. 31, 2018		$ 32,826	$ 30,921
Balance, shares at Dec. 31, 2018					7,360,738
Stock-based compensation expense	69					69
Net loss	(5,000)							(5,000)
Balance at Mar. 31, 2019	(49,071)				$ 1	679		(49,751)
Convertible preferred stock balance, shares at Mar. 31, 2019		5,157,213	3,992,919
Convertible preferred stock balance at Mar. 31, 2019		$ 32,826	$ 30,921
Balance, shares at Mar. 31, 2019					7,360,738
Balance at Dec. 31, 2018	(44,140)				$ 1	610		(44,751)
Convertible preferred stock balance, shares at Dec. 31, 2018		5,157,213	3,992,919
Convertible preferred stock balance at Dec. 31, 2018		$ 32,826	$ 30,921
Balance, shares at Dec. 31, 2018					7,360,738
Net loss	(12,309)
Balance at Jun. 30, 2019	(56,248)	$ 32,826	$ 30,921		$ 1	811		(57,060)
Balance, shares at Jun. 30, 2019					7,360,738
Balance at Mar. 31, 2019	(49,071)				$ 1	679		(49,751)
Convertible preferred stock balance, shares at Mar. 31, 2019		5,157,213	3,992,919
Convertible preferred stock balance at Mar. 31, 2019		$ 32,826	$ 30,921
Balance, shares at Mar. 31, 2019					7,360,738
Stock-based compensation expense	132					132
Net loss	(7,309)							(7,309)
Balance at Jun. 30, 2019	(56,248)	$ 32,826	$ 30,921		$ 1	811		(57,060)
Balance, shares at Jun. 30, 2019					7,360,738
Balance at Dec. 31, 2019	$ (71,702)				$ 1	1,078	$ 13	(72,794)
Convertible preferred stock balance, shares at Dec. 31, 2019	13,966,292	5,157,213	3,992,919	4,816,160
Convertible preferred stock balance at Dec. 31, 2019	$ 105,615	$ 32,826	$ 30,921	$ 41,868
Balance, shares at Dec. 31, 2019	7,360,738				7,360,738
Exercise of common stock options	$ 58					58
Exercise of common stock, shares					73,594
Stock-based compensation expense	557					557
Unrealized gains on investments	6						6
Net loss	(15,311)							(15,311)
Balance at Mar. 31, 2020	(86,392)				$ 1	1,693	19	(88,105)
Convertible preferred stock balance, shares at Mar. 31, 2020		5,157,213	3,992,919	4,816,160
Convertible preferred stock balance at Mar. 31, 2020		$ 32,826	$ 30,921	$ 41,868
Balance, shares at Mar. 31, 2020					7,434,332
Balance at Dec. 31, 2019	$ (71,702)				$ 1	1,078	13	(72,794)
Convertible preferred stock balance, shares at Dec. 31, 2019	13,966,292	5,157,213	3,992,919	4,816,160
Convertible preferred stock balance at Dec. 31, 2019	$ 105,615	$ 32,826	$ 30,921	$ 41,868
Balance, shares at Dec. 31, 2019	7,360,738				7,360,738
Exercise of common stock, shares	73,594
Unrealized gains on investments	$ 8
Net loss	(30,690)
Balance at Jun. 30, 2020	$ 165,109				$ 3	268,588	2	(103,484)
Convertible preferred stock balance, shares at Jun. 30, 2020	0	0	0	0
Balance, shares at Jun. 30, 2020	34,050,624				34,050,624
Balance at Mar. 31, 2020	$ (86,392)				$ 1	1,693	19	(88,105)
Convertible preferred stock balance, shares at Mar. 31, 2020		5,157,213	3,992,919	4,816,160
Convertible preferred stock balance at Mar. 31, 2020		$ 32,826	$ 30,921	$ 41,868
Balance, shares at Mar. 31, 2020					7,434,332
Conversion of convertible preferred stock into common stock	105,615				$ 1	105,614
Conversion of convertible preferred stock into common stock, shares		(5,157,213)	(3,992,919)	(4,816,160)
Conversion of convertible preferred stock into common stock		$ (32,826)	$ (30,921)	$ (41,868)
Conversion of convertible preferred stock into common stock, shares					13,966,292
Issuance of common stock upon initial public offering, net of underwriters' commission and issuance costs of	160,623				$ 1	160,622
Issuance of common stock upon initial public offering, net of underwriters' commission and issuance costs, shares					12,650,000
Stock-based compensation expense	659					659
Unrealized gains on investments	2
Net unrealized gains on investments	(17)						(17)
Net loss	(15,379)							(15,379)
Balance at Jun. 30, 2020	$ 165,109				$ 3	$ 268,588	$ 2	$ (103,484)
Convertible preferred stock balance, shares at Jun. 30, 2020	0	0	0	0
Balance, shares at Jun. 30, 2020	34,050,624				34,050,624

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Statement Of Stockholders Equity [Abstract]
Issuance of common stock upon initial public offering, underwriters' commission and issuance costs	$ 16,477

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (30,690)	$ (12,309)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,216	201
Depreciation	576	346
Net amortization of premiums and accretion of discounts on investments	(6)	0
Loss on disposal of property and equipment	2	0
Changes in operating assets and liabilities:
Prepaid expenses	(1,232)	(394)
Other current assets	(459)	0
Other assets	504	(13)
Accounts payable	553	(1,775)
Accrued expenses	973	1,141
Deferred rent, current	35	6
Other current liabilities	(46)	0
Deferred rent	(30)	27
Other liabilities	(4)	0
Net cash used in operating activities	(28,608)	(12,770)
Investing activities
Purchases of investments	(148,178)	0
Sales and maturities of investments	28,236	0
Purchases of property and equipment	(2,394)	(290)
Net cash used in investing activities	(122,336)	(290)
Financing activities
Proceeds from issuance of common stock upon initial public offering, net of underwriters' commission	164,703	0
Payment of issuance costs for initial public offering	(3,114)	0
Proceeds from exercise of common stock options	58	0
Principal payments on capital lease obligations	(29)	(14)
Net cash provided by (used in) financing activities	161,618	(14)
Net increase (decrease) in cash, cash equivalents and restricted cash	10,674	(13,074)
Cash, cash equivalents and restricted cash, beginning of period	12,835	20,288
Cash, cash equivalents and restricted cash, end of period	23,509	7,214
Supplemental cash flow data:
Cash paid for interest on capital lease obligations	3	0
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible preferred stock into common stock	105,615	0
Property and equipment included in accounts payable	1,012	0
Issuance costs for initial public offering included in accounts payable	$ 834	$ 0

Business and Principal Activiti

Business and Principal Activities	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Principal Activities	1. Business and Principal Activities Description of Business Applied Molecular Transport Inc. (the Company) is a clinical-stage biopharmaceutical company leveraging its proprietary technology platform to design and develop a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. The Company is building a portfolio of oral product candidates based on its technology platform including its lead product candidate, AMT-101, an oral GI-selective rhIL-10 that has completed a Phase 1b clinical trial in patients with ulcerative colitis (UC). The Company’s second product candidate, AMT-126, is a GI-selective oral fusion of rhIL-22 and the Company’s proprietary carrier molecule currently in development for diseases related to IE barrier function defects driven by activation of the innate immune system. The Company’s technology platform enables it to design and develop various oral biologic therapeutic modalities, such as peptides, proteins, full-length antibodies, antibody fragments, and RNA therapeutics, with potentially significant advantages over existing marketed and development-stage drugs. Since the date of incorporation in Delaware on November 21, 2016, the Company has devoted substantially all of its resources to research and development activities, including research activities such as drug discovery, preclinical studies, and clinical trials as well as development activities such as the manufacturing of clinical and research material, establishing and maintaining an intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. Initial Public Offering On June 4, 2020, the Company’s registration statement on Form S-1 (File No. 333-238464) relating to its initial public offering (IPO) of common stock became effective. The IPO closed on June 9, 2020 at which time the Company issued an aggregate of 12,650,000 shares of its common stock at a price of $14.00 per share which included 1,650,000 shares of common stock issued in connection with the full exercise by the underwriters of their option to purchase additional shares of common stock. In addition, immediately prior to the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 13,966,292 shares of common stock. The aggregate offering price for shares sold in the IPO was $177.1 million. After deducting underwriting discounts and commissions of $12.4 million and offering costs paid or payable by the Company of $4.1 million, the net proceeds from the offering were approximately $160.6 million. Liquidity and Capital Resources Management believes that its existing cash, cash equivalents, and investments as of June 30, 2020 will be sufficient to allow the Company to fund its current operating plan through at least the next 12 months. As of March 31, 2020, management had concluded that substantial doubt existed about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of issuance of those financial statements. However, the Company alleviated the substantial doubt during the three months ended June 30, 2020 through the receipt of the aggregate net proceeds from the IPO. The Company has incurred significant losses and negative cash flows from operations since its inception.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Condensed Financial Statements (Unaudited) The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The interim condensed balance sheet as of December 31, 2019, is derived from the Company’s audited financial statements. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of the results to be expected for the year ending December 31, 2020, or for any other future annual or interim period. The accompanying interim unaudited condensed 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 prospectus related to the Company’s IPO, filed with the SEC on June 5, 2020, pursuant to Rule 424(b) under the Securities Act of 1933. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. Assets and liabilities reported in the Company’s balance sheet and expenses and income reported are affected by estimates and assumptions, which are used for, but are not limited to, determining the fair value of assets and liabilities, including research and development expenses, common stock valuation, income tax uncertainties, and measurement of stock-based compensation expense. Actual results could differ from such estimates or assumptions. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company invests in U.S. Treasury securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents, and investments to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash, cash equivalents, and investments. The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future preclinical studies or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability. Operating Segment The Company operates and manages its business as one reportable and operating segment, which is the business of designing and developing a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. Cash and Cash Equivalents Cash and cash equivalents are held in accounts at financial institutions. Such deposits have and will continue to exceed federally insured limits in the foreseeable future. The Company considers all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist of amounts invested in money market funds exclusively composed of U.S. government obligations. Restricted Cash The Company has cash in a collateral account related to a letter of credit issued on behalf of the Company for the security deposit on the subleased property in South San Francisco. The collateralized cash in connection with the letter of credit was classified as restricted cash on the balance sheet as of June 30, 2020 based on the terms of the sublease agreement, which expires in 2022, unless extended. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands): June 30, June 30, 2020 2019 Cash and cash equivalents $ 23,401 $ 7,214 Restricted cash 108 — Total cash, cash equivalents and restricted cash $ 23,509 $ 7,214 Investments The Company’s investments have been classified and accounted for as available-for-sale securities. Fixed income securities consist of U.S. Treasury securities. The specific identification method is used to determine the cost basis of fixed income securities sold. These securities are recorded on the condensed balance sheets at fair value. Unrealized gains and losses on these securities are included as a separate component of accumulated other comprehensive income. The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income, net. The Company classifies its investments as short or long term primarily based on the remaining contractual maturity of the securities. Property and Equipment, Net Property and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred and costs of major replacement or improvement are capitalized. The Company’s estimated useful lives of its property and equipment are as follows: Laboratory and manufacturing equipment 5 years Computer and office equipment 3 years Leasehold improvements Shorter of remaining lease term or estimated useful life Impairment of Long-Lived Assets The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss is recognized when an asset no longer has any utility to the Company. There was no impairment on long-lived assets during each of the three and six months ended June 30, 2020 and June 30, 2019. Leases The Company may enter into lease agreements that are classified as either operating or capital leases under Accounting Standards Codification (ASC) 840, Leases Convertible Preferred Stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Upon the occurrence of certain events that are outside the Company’s control, including a deemed liquidation event, holders of the convertible preferred stock can cause redemption for cash. Therefore, convertible preferred stock is classified outside of stockholders’ deficit on the balance sheet as events triggering the liquidation preferences are not solely within the Company’s control. The carrying values of the convertible preferred stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. Immediately prior to the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock were converted into shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. There were no shares of convertible preferred stock outstanding as of June 30, 2020. Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses include personnel costs related to research and development activities, materials costs, external clinical drug product manufacturing costs, outside services costs, repair, maintenance and depreciation costs for research and development equipment, as well as facility costs for laboratory space used for research and development activities. Accrued Research and Development Expenses The Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, within accrued expenses which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs). The Company’s contracts with the CROs and CDMOs generally include fees such as initiation fees, reservation fees, costs related to animal studies and safety tests, verification run costs, materials and reagents expenses, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, stage of completion or actual timeline (start-date and end-date) of the services and the agreed-upon fees to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of research and development expenses. Stock-Based Compensation Expense The Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock grants, and restricted stock units. As of June 30, 2020, no stock appreciation rights, restricted stock grants, restricted stock units or performance-based awards were issued. The Company accounts for stock-based compensation expense by measuring and recognizing compensation expense for all share-based payments made to employees and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over each recipient’s requisite service period, which is generally the vesting period. The Company recognizes actual forfeitures by reducing the stock-based compensation expense in the same period as the forfeitures occur. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term and the risk-free rate of return. Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurement establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows: ▪ Level 1—Quoted prices in active markets for identical assets and liabilities; ▪ Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and ▪ Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2020 and December 31, 2019, fair value measurements consisted mainly of cash equivalents and investments. The carrying amounts of these instruments approximate their fair value. Comprehensive Loss Comprehensive loss includes net loss and other comprehensive income (loss) for the period. Other comprehensive income (loss) consists of unrealized gains and losses on our investments. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, and filing fees directly relating to the IPO, were capitalized and offset against the IPO proceeds upon the completion of the offering. For the year ended December 31, 2019, $0.4 million of deferred offering costs were incurred. Upon completion of the IPO, approximately $4.1 million of deferred offering costs were offset against the IPO proceeds in additional paid-in capital. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recent Accounting Pronouncements The Company is an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842) Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted ASU 2019-12 effective January 1, 2020 on a prospective basis. The adoption did not have a material impact on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of current expected credit losses (CECL) is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. ASU 2016-13 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. During the three months ended June 30, 2020, the Company elected to early adopt ASU 2016-13 effective January 1, 2020. The adoption did not have a material impact on the Company’s financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements As of June 30, 2020, the Company held $139.9 million of investment securities, comprised of U.S. Treasury securities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Financial instruments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The carrying amounts of cash equivalents and marketable securities approximate their fair value based upon quoted market prices. Certain of the Company’s financial instruments are recorded at amounts that approximate their fair value, rather than at fair value on a recurring basis, due to their liquid or short-term nature, such as cash, accounts payable and accrued expenses. The unrealized losses on short-term investments as of June 30, 2020 were insignificant. The Company does not believe that these unrealized losses are credit related but are rather a reflection of current market yields and/or current marketplace bid/ask spreads. The Company has not recognized an allowance for credit losses as of June 30, 2020. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2020 (in thousands): June 30, 2020 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 22,522 $ — $ — $ 22,522 Short-term investments: U.S. Treasury securities Level 2 139,860 4 (2 ) 139,862 Total $ 162,382 $ 4 $ (2 ) $ 162,384 (1) Included in cash and cash equivalents on the balance sheet The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 (in thousands): December 31, 2019 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 69 $ — $ — $ 69 Short-term and long-term investments: U.S. Treasury securities Level 2 19,912 13 — 19,925 Total $ 19,981 $ 13 $ — $ 19,994 (1) Included in cash and cash equivalents on the balance sheet

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. Balance Sheet Components Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): June 30, December 31, 2020 2019 Laboratory and manufacturing equipment $ 6,354 $ 3,062 Computer and office equipment 237 202 Leasehold improvements 651 242 Capital leases 448 188 Construction in progress 1,315 2,080 Total property and equipment, gross 9,005 5,774 Accumulated depreciation (2,219 ) (1,683 ) Total property and equipment, net $ 6,786 $ 4,091 Depreciation was $0.4 million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively. Depreciation was $0.6 million and $0.3 million for the six months ended June 30, 2020 and 2019, respectively. There were insignificant disposals during the three months ended June 30, 2020. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, December 31, 2020 2019 Accrued research and development expenses $ 893 $ 621 Accrued compensation expenses 1,108 694 Accrued professional services 102 — Other 185 — Total accrued expenses $ 2,288 $ 1,315

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2020
Stockholders Equity Note [Abstract]
Common Stock	5. Common Stock As of June 30, 2020 and December 31, 2019, the Company was authorized to issue 450,000,000 and 32,000,000 shares of $0.0001 par value common stock, respectively. Common stockholders are entitled to dividends if and when declared by the Board of Directors of the Company (Board of Directors) and after any convertible preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of June 30, 2020, no dividends were declared. Common stock reserved for future issuance, on an as converted basis, consisted of the following: June 30, December 31, 2020 2019 Stock options, issued and outstanding 4,309,448 2,143,368 Stock options, authorized for future issuance 3,637,133 1,435,402 Employee stock purchase plan, available for future grants 314,006 — Series A convertible preferred stock — 5,157,213 Series B convertible preferred stock — 3,992,919 Series C convertible preferred stock — 4,816,160 Total 8,260,587 17,545,062 Convertible Preferred Stock Issued and outstanding convertible preferred stock and its principal terms as of December 31, 2019 were as follows (in thousands, except share and per share amounts): As of December 31, 2019 Original Aggregate Shares Shares Issued Issue Price Liquidation Net Carrying Series Authorized and Outstanding Per Share Amount Value Series A 5,157,213 5,157,213 $ 6.40 $ 33,000 $ 32,826 Series B 3,992,919 3,992,919 $ 7.77 31,025 30,921 Series C 4,816,160 4,816,160 $ 8.71 41,949 41,868 Total 13,966,292 13,966,292 $ 105,974 $ 105,615 Immediately prior to the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock converted into 13,966,292 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. There were no shares of convertible preferred stock outstanding as of June 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Contingencies From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the six months ended June 30, 2020 and no material legal proceedings are currently pending or threatened. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments that the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company is not currently aware of any indemnification claims. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of June 30, 2020 and December 31, 2019. Operating Leases In December 2016, the Company entered into an operating lease agreement for its office in South San Francisco, California. The lease term is 88 months from the execution date through August 2024. Under the lease agreement, the Company has two three-year options to extend the lease term, potentially through August 2030. In October 2019, the Company entered into a sublease, as a lessee, for approximately 11,417 square feet of office and laboratory space located in South San Francisco, California. The sublease has a term of 32 months. Rent expense was $0.5 million and $0.3 million for the three months ended June 30, 2020 and 2019, respectively. Rent expense was $1.0 million and $0.6 million for the six months ended June 30, 2020 and 2019, respectively. Capital Leases During the three months ended June 30, 2020, the Company commenced a new capital lease for certain laboratory equipment. The Company entered the agreement for this lease during 2019. During 2019, the Company entered into two capital lease agreements for certain laboratory equipment. Capital lease obligations were included in current and noncurrent liabilities as follows (in thousands): June 30, December 31, 2020 2019 Other current liabilities $ 97 $ 42 Other liabilities 185 58 Total capital lease obligations $ 282 $ 100 As of June 30, 2020, the Company’s future minimum payments under noncancelable leases were as follows (in thousands): Operating Lease Commitments Capital Lease Commitments Total 2020 (remaining six months) $ 996 $ 54 $ 1,050 2021 2,041 109 2,150 2022 1,699 101 1,800 2023 1,457 38 1,495 2024 1,000 — 1,000 Thereafter — — — Total future minimum lease payments $ 7,193 $ 302 $ 7,495 COVID-19 The COVID-19 pandemic has impacted financial markets and economies worldwide with a high degree of uncertainty. The Company has evaluated the impact of the pandemic on its business and could not identify or estimate any significant impact to its financial condition and results as of June 30, 2020.

Equity Incentive Plan and Stock

Equity Incentive Plan and Stock-Based Compensation Expense	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Incentive Plan and Stock-Based Compensation Expense	7. Equity Incentive Plan and Stock-Based Compensation Expense 2020 Equity Incentive Plan The Company adopted the 2020 Equity Incentive Plan (the 2020 Plan) Since the date of incorporation and through June 30, 2020, the Company issued stock options to its employees and consultants. In most instances, the options vest over a four-year period, subject to continuing service. Options under the 2020 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the underlying shares of common stock on the date of grant as determined by the Board of Directors provided that the exercise price of an ISO and NSO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant. The 2020 Plan requires that options be exercised no later than 10 years after the grant. Options granted to employees generally vest ratably on a monthly basis over four years, subject to cliff vesting restrictions. 2020 Employee Stock Purchase Plan The Company’s Board of Directors adopted and the Company’s stockholders approved, effective on the day prior to the effectiveness of the registration statement on Form S-1 related to the IPO, the 2020 Employee Stock Purchase Plan (ESPP). However, no offering period or purchase period under the ESPP will begin unless and until determined by the Company’s Board of Directors. The ESPP is intended to have two components: a component that is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code (the 423 Component) and a component that is not intended to qualify (the Non-423 Component). The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation. At the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock at the beginning of the offering period or at the end of each applicable purchase period. Subject to adjustment in the case of certain capitalization events, 314,006 shares of the Company’s common stock were available for purchase at adoption of the ESPP. Pursuant to the ESPP, the annual share increase pursuant to the evergreen provision is determined based on the least of (i) 628,012 shares, (ii) 1% of the Company’s common stock outstanding as of December 31 of the immediately preceding year, or (iii) such number of shares as determined by the Company’s Board of Directors. As of June 30, 2020, 314,006 shares of common stock remained available for issuance under the ESPP. The following summarizes stock option activity: Options Outstanding Shares Available for Grant Total Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 1,435,402 2,143,368 $ 1.22 $ 10,555 Additions 4,441,405 — — Granted (2,297,119 ) 2,297,119 $ 5.18 Exercised (73,594 ) $ 0.78 Cancelled 57,445 (57,445 ) $ 5.17 Outstanding as of June 30, 2020 3,637,133 4,309,448 $ 3.28 8.3 $ 94,201 Exercisable as of June 30, 2020 — 1,543,283 $ 0.95 6.2 $ 37,333 Weighted-average grant-date fair value of the options granted during the three months and six months ended was $9.01 and $4.22 per share, respectively. The intrinsic value of options exercised during the three months and six months ended was $0 and $0.3 million, respectively. As of June 30, 2020, there was $9.4 million of unrecognized stock-based compensation expense related to options granted but not yet amortized, which will be recognized over a weighted-average period of approximately 3.1 years. Stock-Based Compensation Expense In May 2020, the Board of Directors approved a repricing of an aggregate of 1,953,899 stock options granted during March 2020 with an original exercise price of $6.14 per share. These stock options were repriced on a one-for-one basis to an exercise price of $4.61 per share, which the Board of Directors determined represented the fair value of the Company’s common stock as of the date of the repricing. As a result of the repricing, the weighted-average exercise price for options granted in the six months ended June 30, 2020 decreased from $6.48 per share to $5.18 per share. The Company used the Black-Scholes option pricing model to estimate the fair value of the modified option grants immediately before and immediately after the modification in order to determine the increase in the fair value of $0.5 million for the modified option grants, which is recognized over the weighted-average remaining requisite service period of 3.3 years. The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive loss during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ 418 $ 99 $ 746 $ 135 General and administrative 241 33 470 66 Total stock-based compensation expense $ 659 $ 132 $ 1,216 $ 201

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	8. 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 data): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net loss $ (15,379 ) $ (7,309 ) $ (30,690 ) $ (12,309 ) Denominator: Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share 13,869,040 7,360,738 10,643,240 7,360,738 Net loss per share, basic and diluted $ (1.11 ) $ (0.99 ) $ (2.88 ) $ (1.67 ) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: June 30, 2020 2019 Total stock options outstanding 4,309,448 2,254,274 Series A convertible preferred stock — 5,157,213 Series B convertible preferred stock — 3,992,919 Total 4,309,448 11,404,406

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Condensed Financial Statements (Unaudited)	Condensed Financial Statements (Unaudited) The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The interim condensed balance sheet as of December 31, 2019, is derived from the Company’s audited financial statements. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of the results to be expected for the year ending December 31, 2020, or for any other future annual or interim period. The accompanying interim unaudited condensed 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 prospectus related to the Company’s IPO, filed with the SEC on June 5, 2020, pursuant to Rule 424(b) under the Securities Act of 1933.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. Assets and liabilities reported in the Company’s balance sheet and expenses and income reported are affected by estimates and assumptions, which are used for, but are not limited to, determining the fair value of assets and liabilities, including research and development expenses, common stock valuation, income tax uncertainties, and measurement of stock-based compensation expense. Actual results could differ from such estimates or assumptions.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company invests in U.S. Treasury securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents, and investments to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash, cash equivalents, and investments. The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future preclinical studies or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.
Operating Segment	Operating Segment The Company operates and manages its business as one reportable and operating segment, which is the business of designing and developing a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are held in accounts at financial institutions. Such deposits have and will continue to exceed federally insured limits in the foreseeable future. The Company considers all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist of amounts invested in money market funds exclusively composed of U.S. government obligations.
Restricted Cash	Restricted Cash The Company has cash in a collateral account related to a letter of credit issued on behalf of the Company for the security deposit on the subleased property in South San Francisco. The collateralized cash in connection with the letter of credit was classified as restricted cash on the balance sheet as of June 30, 2020 based on the terms of the sublease agreement, which expires in 2022, unless extended. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands): June 30, June 30, 2020 2019 Cash and cash equivalents $ 23,401 $ 7,214 Restricted cash 108 — Total cash, cash equivalents and restricted cash $ 23,509 $ 7,214
Investments	Investments The Company’s investments have been classified and accounted for as available-for-sale securities. Fixed income securities consist of U.S. Treasury securities. The specific identification method is used to determine the cost basis of fixed income securities sold. These securities are recorded on the condensed balance sheets at fair value. Unrealized gains and losses on these securities are included as a separate component of accumulated other comprehensive income. The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income, net. The Company classifies its investments as short or long term primarily based on the remaining contractual maturity of the securities.
Property and Equipment	Property and Equipment, Net Property and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred and costs of major replacement or improvement are capitalized. The Company’s estimated useful lives of its property and equipment are as follows: Laboratory and manufacturing equipment 5 years Computer and office equipment 3 years Leasehold improvements Shorter of remaining lease term or estimated useful life
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss is recognized when an asset no longer has any utility to the Company. There was no impairment on long-lived assets during each of the three and six months ended June 30, 2020 and June 30, 2019.
Leases	Leases The Company may enter into lease agreements that are classified as either operating or capital leases under Accounting Standards Codification (ASC) 840, Leases
Convertible Preferred Stock	Convertible Preferred Stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Upon the occurrence of certain events that are outside the Company’s control, including a deemed liquidation event, holders of the convertible preferred stock can cause redemption for cash. Therefore, convertible preferred stock is classified outside of stockholders’ deficit on the balance sheet as events triggering the liquidation preferences are not solely within the Company’s control. The carrying values of the convertible preferred stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. Immediately prior to the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock were converted into shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. There were no shares of convertible preferred stock outstanding as of June 30, 2020.
Research and Development Expenses	Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses include personnel costs related to research and development activities, materials costs, external clinical drug product manufacturing costs, outside services costs, repair, maintenance and depreciation costs for research and development equipment, as well as facility costs for laboratory space used for research and development activities.
Accrued Research and Development Expenses	Accrued Research and Development Expenses The Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, within accrued expenses which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs). The Company’s contracts with the CROs and CDMOs generally include fees such as initiation fees, reservation fees, costs related to animal studies and safety tests, verification run costs, materials and reagents expenses, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, stage of completion or actual timeline (start-date and end-date) of the services and the agreed-upon fees to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of research and development expenses.
Stock-Based Compensation Expense	Stock-Based Compensation Expense The Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock grants, and restricted stock units. As of June 30, 2020, no stock appreciation rights, restricted stock grants, restricted stock units or performance-based awards were issued. The Company accounts for stock-based compensation expense by measuring and recognizing compensation expense for all share-based payments made to employees and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over each recipient’s requisite service period, which is generally the vesting period. The Company recognizes actual forfeitures by reducing the stock-based compensation expense in the same period as the forfeitures occur. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term and the risk-free rate of return.
Fair Value Measurements	Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurement establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows: ▪ Level 1—Quoted prices in active markets for identical assets and liabilities; ▪ Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and ▪ Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2020 and December 31, 2019, fair value measurements consisted mainly of cash equivalents and investments. The carrying amounts of these instruments approximate their fair value.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss and other comprehensive income (loss) for the period. Other comprehensive income (loss) consists of unrealized gains and losses on our investments.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, and filing fees directly relating to the IPO, were capitalized and offset against the IPO proceeds upon the completion of the offering. For the year ended December 31, 2019, $0.4 million of deferred offering costs were incurred. Upon completion of the IPO, approximately $4.1 million of deferred offering costs were offset against the IPO proceeds in additional paid-in capital.
Commitments and Contingencies	Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements The Company is an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842) Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted ASU 2019-12 effective January 1, 2020 on a prospective basis. The adoption did not have a material impact on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of current expected credit losses (CECL) is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. ASU 2016-13 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. During the three months ended June 30, 2020, the Company elected to early adopt ASU 2016-13 effective January 1, 2020. The adoption did not have a material impact on the Company’s financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands): June 30, June 30, 2020 2019 Cash and cash equivalents $ 23,401 $ 7,214 Restricted cash 108 — Total cash, cash equivalents and restricted cash $ 23,509 $ 7,214
Schedule of Estimated Useful Lives of Property and Equipment	The Company’s estimated useful lives of its property and equipment are as follows: Laboratory and manufacturing equipment 5 years Computer and office equipment 3 years Leasehold improvements Shorter of remaining lease term or estimated useful life

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2020 (in thousands): June 30, 2020 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 22,522 $ — $ — $ 22,522 Short-term investments: U.S. Treasury securities Level 2 139,860 4 (2 ) 139,862 Total $ 162,382 $ 4 $ (2 ) $ 162,384 (1) Included in cash and cash equivalents on the balance sheet The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 (in thousands): December 31, 2019 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 69 $ — $ — $ 69 Short-term and long-term investments: U.S. Treasury securities Level 2 19,912 13 — 19,925 Total $ 19,981 $ 13 $ — $ 19,994 (1) Included in cash and cash equivalents on the balance sheet

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Schedule of Property, Plant and Equipment, Net	Property and equipment, net, consisted of the following (in thousands): June 30, December 31, 2020 2019 Laboratory and manufacturing equipment $ 6,354 $ 3,062 Computer and office equipment 237 202 Leasehold improvements 651 242 Capital leases 448 188 Construction in progress 1,315 2,080 Total property and equipment, gross 9,005 5,774 Accumulated depreciation (2,219 ) (1,683 ) Total property and equipment, net $ 6,786 $ 4,091
Schedule of Accrued Liabilities	Accrued expenses consisted of the following (in thousands): June 30, December 31, 2020 2019 Accrued research and development expenses $ 893 $ 621 Accrued compensation expenses 1,108 694 Accrued professional services 102 — Other 185 — Total accrued expenses $ 2,288 $ 1,315

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders Equity Note [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance, on an as converted basis, consisted of the following: June 30, December 31, 2020 2019 Stock options, issued and outstanding 4,309,448 2,143,368 Stock options, authorized for future issuance 3,637,133 1,435,402 Employee stock purchase plan, available for future grants 314,006 — Series A convertible preferred stock — 5,157,213 Series B convertible preferred stock — 3,992,919 Series C convertible preferred stock — 4,816,160 Total 8,260,587 17,545,062
Schedule of Issued and Outstanding Convertible Preferred Stock and its Principal Terms	Issued and outstanding convertible preferred stock and its principal terms as of December 31, 2019 were as follows (in thousands, except share and per share amounts): As of December 31, 2019 Original Aggregate Shares Shares Issued Issue Price Liquidation Net Carrying Series Authorized and Outstanding Per Share Amount Value Series A 5,157,213 5,157,213 $ 6.40 $ 33,000 $ 32,826 Series B 3,992,919 3,992,919 $ 7.77 31,025 30,921 Series C 4,816,160 4,816,160 $ 8.71 41,949 41,868 Total 13,966,292 13,966,292 $ 105,974 $ 105,615

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Capital Lease Obligations	Capital lease obligations were included in current and noncurrent liabilities as follows (in thousands): June 30, December 31, 2020 2019 Other current liabilities $ 97 $ 42 Other liabilities 185 58 Total capital lease obligations $ 282 $ 100
Schedule of Future Minimum Payments under Noncancelable Leases	As of June 30, 2020, the Company’s future minimum payments under noncancelable leases were as follows (in thousands): Operating Lease Commitments Capital Lease Commitments Total 2020 (remaining six months) $ 996 $ 54 $ 1,050 2021 2,041 109 2,150 2022 1,699 101 1,800 2023 1,457 38 1,495 2024 1,000 — 1,000 Thereafter — — — Total future minimum lease payments $ 7,193 $ 302 $ 7,495

Equity Incentive Plan and Sto_2

Equity Incentive Plan and Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following summarizes stock option activity: Options Outstanding Shares Available for Grant Total Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 1,435,402 2,143,368 $ 1.22 $ 10,555 Additions 4,441,405 — — Granted (2,297,119 ) 2,297,119 $ 5.18 Exercised (73,594 ) $ 0.78 Cancelled 57,445 (57,445 ) $ 5.17 Outstanding as of June 30, 2020 3,637,133 4,309,448 $ 3.28 8.3 $ 94,201 Exercisable as of June 30, 2020 — 1,543,283 $ 0.95 6.2 $ 37,333
Summary of Components of Stock-Based Compensation Expense	The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive loss during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ 418 $ 99 $ 746 $ 135 General and administrative 241 33 470 66 Total stock-based compensation expense $ 659 $ 132 $ 1,216 $ 201

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule 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 data): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net loss $ (15,379 ) $ (7,309 ) $ (30,690 ) $ (12,309 ) Denominator: Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share 13,869,040 7,360,738 10,643,240 7,360,738 Net loss per share, basic and diluted $ (1.11 ) $ (0.99 ) $ (2.88 ) $ (1.67 )
Summary of Potentially Dilutive Securities Not Included in the Diluted Per Share Calculations	Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: June 30, 2020 2019 Total stock options outstanding 4,309,448 2,254,274 Series A convertible preferred stock — 5,157,213 Series B convertible preferred stock — 3,992,919 Total 4,309,448 11,404,406

Business and Principal Activi_2

Business and Principal Activities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 09, 2020	Jun. 04, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Business And Principal Activities [Line Items]
Net proceeds from offering				$ 164,703	$ 0
Accumulated deficit			$ 103,484	$ 103,484		$ 72,794
Common Stock
Business And Principal Activities [Line Items]
Share issued			12,650,000
Conversion of convertible preferred stock into common stock, shares			13,966,292
Initial Public Offering | Common Stock
Business And Principal Activities [Line Items]
Share issued	12,650,000
Share price	$ 14
Share issued with exercise by underwriters	1,650,000
Conversion of convertible preferred stock into common stock, shares	13,966,292	13,966,292
Aggregate offering price for shares sold	$ 177,100
Underwriting discounts and commissions	12,400
Offering costs paid or payable	4,100
Net proceeds from offering	$ 160,600

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Segmentshares	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)shares
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segment | Segment			1
Number of operating segment | Segment			1
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 0
Convertible preferred stock, shares outstanding | shares	0		0		13,966,292
Number of shares issued under share based compensation | shares			0
Deferred offering costs					$ 366,000
Initial Public Offering
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs offset against IPO proceeds in additional paid-in capital			$ 4,100,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 23,401	$ 12,727	$ 7,214
Restricted cash	108	$ 108
Total cash, cash equivalents and restricted cash	$ 23,509		$ 7,214

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	6 Months Ended
	Jun. 30, 2020
Laboratory and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Computer and Office Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	Shorter of remaining lease term or estimated useful life

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - U.S. Treasury Securities	Jun. 30, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment securities	$ 139,900,000
Allowance for credit losses	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 162,382	$ 19,981
Gross Unrealized Gains	4	13
Gross Unrealized Losses	(2)
Fair Value	162,384	19,994
Level 1 | Money Market Funds Invested in U.S. Government Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	22,522	69
Fair Value	22,522	69
Level 2 | U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	139,860	19,912
Gross Unrealized Gains	4	13
Gross Unrealized Losses	(2)
Fair Value	$ 139,862	$ 19,925

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 9,005	$ 5,774
Accumulated depreciation	(2,219)	(1,683)
Total property and equipment, net	6,786	4,091
Laboratory and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	6,354	3,062
Computer and Office Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	237	202
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	651	242
Capital Leases
Property Plant And Equipment [Line Items]
Total property and equipment, gross	448	188
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 1,315	$ 2,080

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 400	$ 100	$ 576	$ 346

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Accrued research and development expenses	$ 893	$ 621
Accrued compensation expenses	1,108	694
Accrued professional services	102
Other	185
Total accrued expenses	$ 2,288	$ 1,315

Common Stock - Additional Infor

Common Stock - Additional Information (Details)	Jun. 09, 2020shares	Jun. 04, 2020shares	Jun. 30, 2020Vote$ / sharesshares	Jun. 30, 2020USD ($)Vote$ / sharesshares	Dec. 31, 2019$ / sharesshares
Class Of Stock [Line Items]
Common stock, shares authorized			450,000,000	450,000,000	32,000,000
Common stock, par value | $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Common stock, voting rights				The holder of each share of common stock is entitled to one vote.
Number of voting rights for each common stock held | Vote			1	1
Common stock, dividends declared | $				$ 0
Convertible preferred stock, shares outstanding			0	0	13,966,292
Common Stock
Class Of Stock [Line Items]
Conversion of convertible preferred stock into common stock, shares			13,966,292
Initial Public Offering | Common Stock
Class Of Stock [Line Items]
Conversion of convertible preferred stock into common stock, shares	13,966,292	13,966,292

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock reserved for future issuance	8,260,587	17,545,062
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance		5,157,213
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance		3,992,919
Series C Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance		4,816,160
Stock Options, Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance	4,309,448	2,143,368
Stock Options, Authorized for Future Issuance
Class Of Stock [Line Items]
Common stock reserved for future issuance	3,637,133	1,435,402
Employee Stock Purchase Plan, Available for Future Grants
Class Of Stock [Line Items]
Common stock reserved for future issuance	314,006

Common Stock - Schedule of Issu

Common Stock - Schedule of Issued and Outstanding Convertible Preferred Stock and its Principal Terms (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Temporary Equity [Line Items]
Shares Authorized			13,966,292
Shares Issued			13,966,292
Shares Outstanding	0		13,966,292
Aggregate Liquidation Amount			$ 105,974,000
Net Carrying Value			$ 105,615,000
Series A
Temporary Equity [Line Items]
Shares Authorized	0		5,157,213
Shares Issued	0		5,157,213
Shares Outstanding	0	5,157,213	5,157,213	5,157,213	5,157,213
Original Issue Price Per Share			$ 6.40
Aggregate Liquidation Amount	$ 0		$ 33,000,000
Net Carrying Value		$ 32,826,000	$ 32,826,000	$ 32,826,000	$ 32,826,000
Series B
Temporary Equity [Line Items]
Shares Authorized	0		3,992,919
Shares Issued	0		3,992,919
Shares Outstanding	0	3,992,919	3,992,919	3,992,919	3,992,919
Original Issue Price Per Share			$ 7.77
Aggregate Liquidation Amount	$ 0		$ 31,025,000
Net Carrying Value		$ 30,921,000	$ 30,921,000	$ 30,921,000	$ 30,921,000
Series C
Temporary Equity [Line Items]
Shares Authorized	0		4,816,160
Shares Issued	0		4,816,160
Shares Outstanding	0	4,816,160	4,816,160
Original Issue Price Per Share			$ 8.71
Aggregate Liquidation Amount	$ 0		$ 41,949,000
Net Carrying Value		$ 41,868,000	$ 41,868,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019ft²	Dec. 31, 2016	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019Lease
Lessee Lease Description [Line Items]
Operating lease term		88 months
Operating lease expiration period		2024-08
Sublease term	32 months
Rent expense | $			$ 0.5	$ 0.3	$ 1	$ 0.6
Number of capital lease agreements for laboratory equipment | Lease							2
South San Francisco, California
Lessee Lease Description [Line Items]
Area of office and laboratory space | ft²	11,417
Lease Agreement
Lessee Lease Description [Line Items]
Operating lease term, option to extend					two three-year options to extend the lease term, potentially through August 2030
Operating lease, existence of option to extend		true
Operating lease expiration period including possible renewal options		2030-08
Lessee, operating lease, description					In December 2016, the Company entered into an operating lease agreement for its office in South San Francisco, California. The lease term is 88 months from the execution date through August 2024. Under the lease agreement, the Company has two three-year options to extend the lease term, potentially through August 2030.

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Capital Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Other current liabilities	$ 97	$ 42
Other liabilities	185	58
Total capital lease obligations	$ 282	$ 100

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Future Minimum Payments under Noncancelable Leases (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating Lease Commitments, 2020 (remaining six months)	$ 996
Operating Lease Commitments, 2021	2,041
Operating Lease Commitments, 2022	1,699
Operating Lease Commitments, 2023	1,457
Operating Lease Commitments, 2024	1,000
Operating Lease Commitments, Total future minimum lease payments	7,193
Capital Lease Commitments, 2020 (remaining six months)	54
Capital Lease Commitments, 2021	109
Capital Lease Commitments, 2022	101
Capital Lease Commitments, 2023	38
Capital Lease Commitments, Total future minimum lease payments	302
Operating and Capital Lease Commitments, 2020 (remaining six months)	1,050
Operating and Capital Lease Commitments, 2021	2,150
Operating and Capital Lease Commitments, 2022	1,800
Operating and Capital Lease Commitments, 2023	1,495
Operating and Capital Lease Commitments, 2024	1,000
Operating and Capital Lease Commitments, Total future minimum lease payments	$ 7,495

Equity Incentive Plan and Sto_3

Equity Incentive Plan and Stock-Based Compensation Expense - Additional Information (Details) - USD ($)	May 31, 2020	May 14, 2020	May 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares initially reserved for issuance					8,260,587	8,260,587	17,545,062
Shares available for issuance					3,637,133	3,637,133	1,435,402
Weighted-average grant-date fair value of the options granted					$ 9.01	$ 4.22
Intrinsic value of options exercised					$ 0	$ 300,000
Total unrecognized stock-based compensation expense related to options granted but not yet amortized					$ 9,400,000	$ 9,400,000
Total unrecognized stock-based compensation expense related to options weighted average period of recognition						3 years 1 month 6 days
Number of stock option approved for repricing			1,953,899
Options granted in period weighted average exercise price			$ 6.48	$ 6.14		$ 5.18
Stock options exercise price at the repricing date			$ 4.61
Increase in fair value of modified option grants		$ 500,000
Remaining requisite service period		3 years 3 months 18 days
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares initially reserved for issuance					314,006	314,006
Purchase price of common stock percent	85.00%
Shares available for issuance	314,006		314,006		314,006	314,006
Outstanding stock percent	1.00%
Maximum | 2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount rate	15.00%
Minimum | 2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares	628,012		628,012
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares initially reserved for issuance					3,768,075	3,768,075
Equity Incentive plan term						The Company’s 2015 Equity Incentive Plan (the 2015 Plan) and the 2016 Equity Incentive Plan (the 2016 Plan) were terminated in 2020; however, shares subject to awards granted under the 2015 Plan and 2016 Plan will continue to be governed by the 2015 Plan and 2016 Plan. Shares subject to awards granted under the 2015 Plan or 2016 Plan were added to the available shares in the 2020 Plan. Shares subject to awards granted under the 2015 Plan and 2016 Plan that are repurchased by, or forfeited to, the Company will also be reserved for issuance under the 2020 Plan
Vesting period						4 years
2020 Plan | 10% Stockholder
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of voting power						10.00%
2020 Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of options						10 years
2020 Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price of common stock percent						100.00%
Percentage of exercise price of stock option on estimated fair value of shares						110.00%

Equity Incentive Plan and Sto_4

Equity Incentive Plan and Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Shares Available for Grant as of December 31, 2019			1,435,402
Options Outstanding, Shares Available for Grant, Additions			4,441,405
Options Outstanding, Shares Available for Grant, Granted			(2,297,119)
Options Outstanding, Shares Available for Grant, Cancelled			57,445
Options Outstanding, Shares Available for Grant as of June 30, 2020			3,637,133
Options Outstanding, Total Options Outstanding as of December 31, 2019			2,143,368
Options Outstanding, Total Options Outstanding, Granted			2,297,119
Options Outstanding, Total Options Outstanding, Exercised			(73,594)
Options Outstanding, Total Options Outstanding, Cancelled			(57,445)
Options Outstanding, Total Options Outstanding as of June 30, 2020			4,309,448
Options Outstanding, Total Options Outstanding, Exercisable as of June 30, 2020			1,543,283
Options Outstanding, Weighted-Average Exercise Price as of December 31, 2019			$ 1.22
Options Outstanding, Weighted-Average Exercise Price, Granted	$ 6.48	$ 6.14	5.18
Options Outstanding, Weighted-Average Exercise Price, Exercised			0.78
Options Outstanding, Weighted-Average Exercise Price, Cancelled			5.17
Options Outstanding, Weighted-Average Exercise Price as of June 30, 2020			3.28
Options Outstanding, Weighted-Average Exercise Price, Exercisable as of June 30, 2020			$ 0.95
Options Outstanding, Weighted-Average Remaining Contractual Life (in years)			8 years 3 months 18 days
Options Outstanding, Weighted-Average Remaining Contractual Life (in years), Exercisable			6 years 2 months 12 days
Options Outstanding, Aggregate Intrinsic Value			$ 94,201	$ 10,555
Options Outstanding, Aggregate Intrinsic Value, Exercisable			$ 37,333

Equity Incentive Plan and Sto_5

Equity Incentive Plan and Stock-Based Compensation Expense - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 659	$ 132	$ 1,216	$ 201
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	418	99	746	135
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 241	$ 33	$ 470	$ 66

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net loss	$ (15,379)	$ (15,311)	$ (7,309)	$ (5,000)	$ (30,690)	$ (12,309)
Denominator:
Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share	13,869,040		7,360,738		10,643,240	7,360,738
Net loss per share, basic and diluted	$ (1.11)		$ (0.99)		$ (2.88)	$ (1.67)

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Potentially Dilutive Securities Not Included in the Diluted Per Share Calculations (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of net loss per share	4,309,448	11,404,406
Total Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of net loss per share	4,309,448	2,254,274
Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of net loss per share		5,157,213
Series B Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of net loss per share		3,992,919