Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 04, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CBIO | ||
Entity Registrant Name | CATALYST BIOSCIENCES, INC. | ||
Entity Central Index Key | 1,124,105 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 11,970,042 | ||
Entity Public Float | $ 137,450,357 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 31,213,000 | $ 14,472,000 |
Short-term investments | 88,914,000 | 17,971,000 |
Restricted cash | 50,000 | 5,333,000 |
Prepaid and other current assets | 3,814,000 | 1,333,000 |
Total current assets | 123,991,000 | 39,109,000 |
Other assets, noncurrent | 543,000 | 128,000 |
Property and equipment, net | 386,000 | 276,000 |
Total assets | 124,920,000 | 39,513,000 |
Current liabilities: | ||
Accounts payable | 1,248,000 | 747,000 |
Accrued compensation | 1,495,000 | 1,366,000 |
Other accrued liabilities | 2,043,000 | 1,322,000 |
Deferred revenue, current portion | 212,000 | |
Deferred rent, current portion | 15,000 | 7,000 |
Redeemable convertible notes | 0 | 5,085,000 |
Total current liabilities | 4,801,000 | 8,739,000 |
Deferred rent, noncurrent portion | 174,000 | |
Total liabilities | 4,975,000 | 8,739,000 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 0 and 3,680 shares issued and outstanding at December 31, 2018 and 2017, respectively | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 11,954,528 and 6,081,230 shares issued and outstanding at December 31, 2018 and 2017, respectively | 12,000 | 6,000 |
Additional paid-in capital | 323,279,000 | 204,262,000 |
Accumulated other comprehensive loss | (4,000) | |
Accumulated deficit | (203,342,000) | (173,494,000) |
Total stockholders’ equity | 119,945,000 | 30,774,000 |
Total liabilities and stockholders’ equity | $ 124,920,000 | $ 39,513,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 3,680 |
Preferred stock, shares outstanding | 0 | 3,680 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 11,954,528 | 6,081,230 |
Common stock, shares outstanding | 11,954,528 | 6,081,230 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Contract revenue | $ 6 | $ 1,018 |
Type of Revenue [Extensible List] | cbio:ContractMember | cbio:ContractMember |
Operating expenses: | ||
Research and development | $ 21,474 | $ 12,847 |
General and administrative | 12,354 | 9,993 |
Total operating expenses | 33,828 | 22,840 |
Loss from operations | (33,822) | (21,822) |
Interest and other income, net | 3,767 | 261 |
Net loss | (30,055) | (21,561) |
Deemed dividend for convertible preferred stock beneficial conversion feature | (3,951) | |
Net loss attributable to common stockholders | $ (30,055) | $ (25,512) |
Net loss per share attributable to common stockholders, basic and diluted | $ (2.68) | $ (7.45) |
Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 11,213,884 | 3,423,901 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (30,055) | $ (21,561) |
Other comprehensive income (loss): | ||
Unrealized (loss) gain on available-for-sale securities | (4) | 1 |
Total comprehensive loss | $ (30,059) | $ (21,560) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2016 | $ 16,071 | $ 1 | $ 164,053 | $ (1) | $ (147,982) | |
Balance (in shares) at Dec. 31, 2016 | 801,756 | |||||
Stock-based compensation expense | 863 | 863 | ||||
Issuance of common stock, net of issuance costs | 5,336 | 5,336 | ||||
Issuance of common stock, net of issuance costs, shares | 439,880 | |||||
Issuance of convertible preferred stock, common stock and warrants for follow-on offering, net of issuance costs | 18,563 | $ 2 | 18,561 | |||
Issuance of convertible preferred stock, common stock and warrants for follow-on offering, net of issuance costs, shares | 13,350 | 1,470,000 | ||||
Issuance of common stock for follow-on offering, net of issuance costs | 9,684 | $ 1 | 9,683 | |||
Issuance of common stock for follow-on offering, net of issuance costs, shares | 1,105,263 | |||||
Issuance of common stock upon exercise of warrants | 1,817 | 1,817 | ||||
Issuance of common stock upon exercise of warrants, shares | 330,331 | |||||
Conversion of preferred stock to common stock | $ 2 | (2) | ||||
Conversion of preferred stock to common stock, shares | (9,670) | 1,934,000 | ||||
Deemed dividend for preferred stock beneficial conversion feature | 3,951 | (3,951) | ||||
Deemed dividend for preferred stock beneficial conversion feature, shares | 0 | |||||
Unrealized gain (loss) on available-for-sale securities | 1 | 1 | ||||
Net loss | (21,561) | (21,561) | ||||
Balance at Dec. 31, 2017 | 30,774 | $ 6 | 204,262 | (173,494) | ||
Balance (in shares) at Dec. 31, 2017 | 3,680 | 6,081,230 | ||||
Opening balance adjustment - adoption of ASC 606 at Dec. 31, 2017 | 207 | 207 | ||||
Balance at Dec. 31, 2017 | 30,981 | $ 6 | 204,262 | (173,287) | ||
Stock-based compensation expense | 2,606 | 2,606 | ||||
Issuance of common stock for follow-on offering, net of issuance costs | 106,762 | $ 4 | 106,758 | |||
Issuance of common stock for follow-on offering, net of issuance costs, shares | 3,382,352 | |||||
Issuance of common stock upon exercise of warrants | 9,545 | $ 2 | 9,543 | |||
Issuance of common stock upon exercise of warrants, shares | 1,735,419 | |||||
Conversion of preferred stock to common stock, shares | (3,680) | 736,000 | ||||
Issuance of common stock from stock grants and exercise of stock options | 107 | 107 | ||||
Issuance of common stock from stock grants and exercise of stock options, shares | 19,506 | |||||
Conversion of redeemable convertible notes to common stock, value | 3 | 3 | ||||
Conversion of redeemable convertible notes to common stock, shares | 21 | |||||
Unrealized gain (loss) on available-for-sale securities | (4) | (4) | ||||
Net loss | (30,055) | (30,055) | ||||
Balance at Dec. 31, 2018 | $ 119,945 | $ 12 | $ 323,279 | $ (4) | $ (203,342) | |
Balance (in shares) at Dec. 31, 2018 | 11,954,528 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2018shares | |
Statement Of Stockholders Equity [Abstract] | |
Stock grants in lieu of cash compoensation | 6,790 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Operating Activities | ||||
Net loss | $ (30,055) | $ (21,561) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation expense | 2,606 | 863 | ||
Depreciation and amortization | 149 | 173 | ||
Loss on disposal of property and equipment | 116 | 18 | ||
Changes in operating assets and liabilities: | ||||
Prepaid and other current assets | (2,895) | (351) | ||
Accounts receivable | 7 | |||
Deposits | (128) | |||
Accounts payable | 500 | (90) | ||
Accrued compensation and other accrued liabilities | 850 | 1,287 | ||
Deferred revenue | (6) | (118) | ||
Deferred rent | 182 | (40) | ||
Net cash flows used in operating activities | (28,553) | (19,940) | ||
Investing Activities | ||||
Proceeds from maturities of short-term investments | 127,967 | 14,300 | ||
Purchase of short-term investments | (198,912) | (25,472) | ||
Purchases of property and equipment | (376) | (23) | ||
Net cash flows used in investing activities | (71,321) | (11,195) | ||
Financing Activities | ||||
Payments for the redemption of redeemable convertible notes | (5,082) | (14,318) | ||
Proceeds from issuance of common stock, net of issuance costs | 5,336 | |||
Proceeds from issuance of preferred stock, common stock and warrants for follow-on offering, net of issuance costs | 18,563 | |||
Proceeds from exercise of stock options and issuance of stock grants | 107 | |||
Proceeds from exercise of warrants | 9,545 | 1,817 | ||
Net cash flows provided by financing activities | 111,332 | 21,082 | ||
Net increase (decrease) in cash and cash equivalents | 11,458 | (10,053) | ||
Cash, cash equivalents and restricted cash at beginning of the period | 19,805 | [1] | 29,858 | |
Cash, cash equivalents and restricted cash at end of the period | [1] | 31,263 | 19,805 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||||
Deemed dividend for convertible preferred stock beneficial conversion feature | 3,951 | |||
Adoption of ASC 606 | 207 | |||
Conversion of redeemable convertible notes to common stock | 3 | |||
Unrealized loss/gain on investments | 4 | 1 | ||
Follow-on Offering | ||||
Financing Activities | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 106,762 | $ 9,684 | ||
[1] | The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Of Cash Flows [Abstract] | |||||
Cash and cash equivalents | $ 31,213 | $ 14,472 | |||
Restricted cash | 50 | 5,333 | |||
Total cash and restricted cash | $ 31,263 | [1] | $ 19,805 | [1] | $ 29,858 |
[1] | The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | 1. Catalyst Biosciences, Inc. and its subsidiary (the “Company” or “Catalyst”) is a clinical-stage biotechnology company focused on developing novel medicines to address hematology indications, including the treatment of hemophilia. Its facilities are in South San Francisco, California and it operates in one segment. Prior to August 20, 2015, the name of the Company was Targacept, Inc. (“Targacept”). On August 20, 2015, Targacept completed its business combination with Catalyst (the “Merger”). |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Liquidity | 2. The Company had a net loss of $30.1 million for the year ended December 31, 2018 and an accumulated deficit of $203.3 million as of December 31, 2018 and expects to continue to incur losses for the next several years. As of December 31, 2018, the Company had $120.1 million in cash, cash equivalents and short-term investments and used $28.6 million of cash in operating activities for the year ended December 31, 2018. Management believes that the currently available resources, including cash, cash equivalents and short-term investments, will provide sufficient funds to enable the Company to meet its operating plan for at least the next twelve months from the date of this filing. The Company plans to continue to fund losses from operations and capital funding needs through future equity and/or debt financings, as well as potential additional asset sales, licensing transactions, collaborations or strategic partnerships with other companies. The sale of additional equity or convertible debt could result in additional dilution to its stockholders. The incurrence of indebtedness would result in debt service obligations and could result in operating and financing covenants that would restrict the Company’s operations. The Company can provide no assurance that financing will be available in the amounts it needs or on terms acceptable to it, if at all. If the Company is not able to secure adequate additional funding it may be forced to delay, make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could materially harm its business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3 . Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. Intercompany accounts and transactions have been eliminated in consolidation. The Company’s consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, convertible notes and related warrants up to the date of conversion, common stock and stock-based compensation. The Company bases its estimates on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. Accounting Pronouncements Recently Adopted In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Restricted Cash, which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. We adopted ASU 2016-18 effective January 1, 2018, using a retrospective transition method to each period presented. The adoption of this ASU changed previously reported amounts in the condensed consolidated statement of cash flows for the year ended December 31, 2017, by increasing our cash flows from financing activities by $5.3 million as compared to previously reported amounts for the prior year period. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The standard provides guidance on how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard is intended to reduce current diversity in practice. The Company adopted ASU 2016-15 effective January 1, 2018, and this guidance did not have an impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Topic 825-10), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Subsequently, in February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Topic 825-10), which clarifies certain aspects of ASU 2016-01, which includes provisions to accounting for equity investments, financial liabilities under the fair value option and presentation and disclosure requirements for financial instruments. The amended guidance requires equity securities, except for those accounted for under the equity method of accounting, with determinable fair values to be measured at fair value with changes in fair value recognized in net income (loss). The Company adopted ASU 2016-01 and 2018-03 effective January 1, 2018, and this guidance did not have a material impact on the Company’s financial statements, as the Company only has debt securities. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, (collectively, the “new revenue standards”). The Company adopted the new revenue standards effective January 1, 2018, using the modified retrospective method through a cumulative adjustment to equity. The Company has identified that the most significant change relates to its accounting for collaboration arrangements with multiple deliverables, in particular, the ISU Abxis agreement. Under the old guidance, such deliverables and consideration must be accounted for under a single unit of accounting along with other arrangement deliverables and consideration that does not have stand-alone value and are recognized as revenue over the estimated period that the performance obligations are to be performed. Under the current new standard however, the total arrangement consideration is allocated to each performance obligation based on its estimated stand-alone selling price and revenue is recognized as each performance obligation is satisfied. As a result, revenue for this transaction is recorded in an earlier period than under the old guidance, resulting in a $0.2 million increase to the Company’s opening balance of accumulated deficit as of January 1, 2018. Adopting ASU No. 2014-09, Revenue from Contracts with Customers, or the new revenue standard, involved new estimates and judgments related to the estimates of stand-alone selling prices and the allocation of discounts and variable consideration in allocating the transaction price. The Company recognized revenue earlier under the current new standard and may have more variability due to significant estimates involved under the new accounting guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach at the beginning of the earliest comparative period presented in the financial statements and the recognition of a cumulative-effect adjustment to the opening balance of retained earnings. The FASB subsequently issued ASU No. 2018-10 and ASU No. 2018-11 in July 2018, which provide clarifications and improvements to ASU 2016-02 (collectively, the “new lease standard”). ASU No. 2018-11 a also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented and continue to apply the provisions of the previous lease standard in its annual disclosures for the comparative periods. The new lease standard requires lessees to present a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet. Lessor accounting is substantially unchanged compared to the current accounting guidance. Additional footnote disclosures related to leases will also be required. On January 1, 2019, the Company adopted the new lease standard using the optional transition method. The comparative financial information will not be restated and will continue to be reported under the previous lease standard in effect during those periods. In addition, the new lease standard provides a number of optional practical expedients in transition. The Company elected the package of practical expedients. As such, the Company will not reassess whether expired or existing contracts are or contain a lease; will not need to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to the Company. The new lease standard also provides practical expedients for an entity’s ongoing accounting. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company elected the practical expedient to not separate lease and non-lease components for certain classes of assets. On January 1, 2019, the Company expects to recognize ROU assets of $2.5 million and lease liabilities of $2.3 million. The Company does not expect the adoption of the new lease standard to impact its consolidated statement of operations or its consolidated statement of cash flows. Cash and Cash Equivalents The Company invests its excess cash in bank deposits, consisting primarily of money market mutual funds. The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Restricted Cash Restricted cash at December 31, 2018 consists of a certain certificate of deposit account that is pledged as collateral for the Company’s corporate credit card program. Restricted cash at December 31, 2017 consisted of certain checking, money market and certificate of deposit accounts that are: (i) pledged to or held in a segregated escrow account by the Company’s correspondent banks for the benefit of the holders of the redeemable convertible notes in order to facilitate the payment of the redeemable convertible notes upon redemption or at maturity as discussed in Note 4 – Fair Value Measurements or (ii) pledged as collateral for the Company’s corporate credit card and deposit for its facility lease. Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires that an entity maximize the use of observable inputs when estimating fair value. The fair value hierarchy includes the following three-level classification which is based on the market observability of the inputs used for estimating the fair value of the assets or liabilities being measured: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which are three years for computer equipment and software, and three to seven years for furniture and leasehold improvements. Investments All investments have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value determined to be other-than-temporary, if any, on available-for-sale securities are included in interest and other income. The cost of securities sold is based on the specific-identification method. Interest on short-term investments is included in interest and other income. Derivative Liability The embedded redemption feature in the redeemable convertible notes, which were convertible into shares of the Company’s common stock was bifurcated and was accounted for as a derivative liability at its estimated fair value. The derivative was subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of interest and other income, in the consolidated statements of operations. These notes were repaid in 2018. The Company adjusted the liability for changes in fair value until the earlier of the conversion, redemption or maturity of the redeemable convertible notes. At December 31, 2017 the fair value was $0. Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606 using the modified retrospective method through a cumulative adjustment to equity, which resulted in an immaterial $0.2 million decrease to our opening balance of accumulated deficit as of January 1, 2018. The Company enters into collaboration arrangements that may include the receipt of payments for up-front license fees, success-based milestone payments, full time equivalent based payments for research services, product supplies, and royalties on any future sales of commercialized products that result from the collaborations. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when the Company satisfies each performance obligation. At the inception of each arrangement that includes variable consideration such as development milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price which is then allocated to each relevant performance obligation. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the timing of recognition and the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Estimated selling prices for licenses are calculated using the residual approach if the Company has not yet established a price for such license and the license has not previously been sold on a standalone basis. using an income approach model and include key assumptions such as: development timeline, revenue forecast, commercialization expenses, discount rate and probabilities of technical and regulatory success. Research and Development Expenses Research and development costs are expensed as incurred. Research and development costs consist of payroll and other personnel-related expenses, laboratory supplies and reagents, contract research and development services, and consulting costs, as well as allocations of facilities and other overhead costs. Under the Company’s collaboration agreements, certain specific expenditures are reimbursed by third parties. During the years ended December 31, 2018 and 2017, the Company recorded a reduction to research and development expenses of $0.05 million and $0.1 million, respectively related to these reimbursements. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments and restricted cash. The Company’s investment policy restricts cash investments to high credit quality, investment grade investments. The Company believes that it has established guidelines for investment of its excess cash that maintain safety and liquidity through its policies on diversification and investment maturity. The Company is exposed to credit risk in the event of default by the institutions holding the cash and cash equivalents to the extent of the amounts recorded on the balance sheets. The Company’s accounts receivable, included in prepaid and other current assets, at December 31, 2018 was $0.01 million, due from ISU Abxis, see Note 12. The Company has incurred no credit losses to date. The Company does not require collateral from its collaboration partners. Income Taxes Income taxes are computed using the liability method. Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company follows the authoritative guidance on accounting for uncertainty in income taxes. This guidance prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken in the Company’s income tax returns. This interpretation also provides guidance on accounting for interest and penalties and associated with tax positions, accounting for income taxes in interim periods and income tax disclosures. The Company’s policy is to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for an award of equity instruments based on the fair value of the award on the date of grant and recognizes the related expense over the period during which the employee or director is required to provide service in exchange for the award on a straight-line basis. The Company uses the Black-Scholes option-pricing valuation model to estimate the grant-date fair value of stock-based awards. The determination of fair value for stock-based awards on the date of grant using an option-pricing model requires management to make certain assumptions regarding a number of variables. Upon adoption of ASU 2016-09, the Company can make an accounting policy election to either estimate the number of share-based awards that are expected to vest, or account for forfeitures when they occur. The Company elected to account for forfeitures when they occur. As such, the Company recognizes stock-based compensation expense, over their requisite service period, based on the vesting provisions of the individual grants. For nonemployee stock-based awards, the measurement date on which the fair value of the stock-based award is calculated is equal to the earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached or (ii) the date at which the counterparty’s performance is complete. The Company recognizes stock-based compensation expense for the fair value-based measurement of the nonemployee awards using the Black Scholes option-pricing valuation model and the awards are typically subject to periodic re-measurement over the period that services are rendered. Deferred Rent The Company’s facilities lease agreement provides for an escalation of rent payments each year. The Company records rent expense on a straight-line basis over the term of the lease. The difference between the amount of expense recognized and the amount of rent paid is recorded as deferred rent in the accompanying consolidated balance sheets. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss of the Company for all periods presented. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4 . Fair Value Measurements For a description of the fair value hierarchy and our fair value methodology, see “ Note 3 – Summary of Significant Accounting Policies At December 31, 2017 the fair value of the derivative liability was $0. The estimated reporting date fair value-based measurement of the derivative liability was calculated using the Black-Scholes valuation model. The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 ( in thousands December 31, 2018 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 29,090 $ — $ — $ 29,090 Federal agency securities (1) — 999 — 999 Restricted cash (2) 50 — — 50 U.S. Treasury securities (3) 74,139 — — 74,139 Federal agency securities (3) — 14,775 — 14,775 Total financial assets $ 103,279 $ 15,774 $ — $ 119,053 (1) Included in cash and cash equivalents on accompanying consolidated balance sheets. (2) $0.05 million of restricted cash serves as collateral for the Company’s corporate credit card. ( 3 ) Included in short-term investments on accompanying consolidated balance sheets and are classified as available-for-sale securities. December 31, 2017 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 14,334 $ — $ — $ 14,334 U.S. Treasury securities (3) 16,471 — — 16,471 Restricted cash (2) 5,333 — — 5,333 Federal agency securities (3) — 1,500 — 1,500 Total financial assets $ 36,138 $ 1,500 $ — $ 37,638 (1) Included in cash and cash equivalents on accompanying consolidated balance sheets. (2) $5.3 million of restricted cash in the Indenture (see Note 9) serves as full collateral for the redeemable convertible notes. (3) Included in short-term investments on accompanying consolidated balance sheets and are classified as available-for-sale securities. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | 5 . Financial Instruments Cash equivalents, restricted cash and short-term investments which are classified as available-for-sale securities, consisted of the following ( in thousands - December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 29,090 $ — $ — $ 29,090 Agency securities (cash equivalents) 999 — $ — 999 Restricted cash 50 — — 50 U.S. government agency securities 74,144 1 (6 ) 74,139 Agency securities 14,774 1 — 14,775 Total financial assets $ 119,057 $ 2 $ (6 ) $ 119,053 Classified as: Cash and cash equivalents $ 30,089 Short-term investments 88,914 Restricted cash 50 $ 119,053 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 14,334 $ — $ — $ 14,334 U.S. government agency securities 16,473 — (2 ) 16,471 Restricted cash 5,330 3 — 5,333 Agency securities 1,500 — — 1,500 Total financial assets $ 37,637 $ 3 $ (2 ) $ 37,638 Classified as: Cash and cash equivalents $ 14,334 Short-term investments 17,971 Restricted cash 5,333 $ 37,638 As of December 31, 2018, the remaining contractual maturities of available-for-sale securities was less than one year. There have been no material realized gains or losses on available-for-sale securities for the periods presented. The carrying amounts of cash, other assets, other receivables, accounts payable and other payables approximate their fair values due to the short-term maturity of these instruments. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6 . Property and Equipment Property and equipment consisted of the following ( in thousands Year Ended December 31, 2018 2017 Furniture $ 226 $ 317 Leasehold improvements 84 1,598 Computer equipment 222 237 Software 139 147 671 2,299 Less accumulated depreciation and amortization (285 ) (2,023 ) Property and equipment, net $ 386 $ 276 Property and equipment depreciation and amortization expense for the years ended December 31, 2018 and 2017 was $0.1 million and $0.2 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7 . Commitments and Contingencies Operating Leases In November 2017, the Company entered into a new office lease agreement to lease approximately 8,606 rentable square feet of space located in South San Francisco, California. The term of the lease is five years and two months, starting February 16, 2018. On August 10, 2018, the Company entered into an amendment to the existing office lease agreement to lease an additional approximately 4,626 rentable square feet. The lease amendment will be coterminous with the original lease term above. The Company’s rental expense under its operating leases was $0.4 million and $0.8 million for the years ended December 31, 2018 and 2017. Future minimum lease payments under all non-cancelable operating leases at December 31, 2018, were as follows ( in thousands 2019 $ 571 2020 587 2021 605 2022 617 2023 209 Total future minimum lease payments $ 2,589 Manufacturing Agreements On May 20, 2016, the Company signed a development and manufacturing services agreement (the “Agreement”) with AGC Biologics, Inc. (“AGC”), formerly known as CMC ICOS Biologics, Inc., pursuant to which AGC will conduct manufacturing development. Together with AGC, the Company has successfully manufactured MarzAA for the Phase 2 portion of a planned Phase 2/3 clinical trial. The Company has agreed to a total of $3.8 million in payments to AGC pursuant to the initial statement of work under the Agreement, subject to completion of applicable work stages. As of December 31, 2018, the Company’s remaining obligations to AGC were $0.3 million under the Agreement. On February 21, 2018, the Company and AGC entered into a new statement of work under the Agreement dated May 20, 2016, between the Company and AGC. Under the new statement of work, the Company has engaged AGC for the process transfer and commercial scale cGMP manufacturing of DalcA. The Company has agreed to a total of approximately $5.6 million in payments pursuant to the new statement of work, including the commercial scale manufacturing of DalcA, subject to completion of applicable work stages. As of December 31, 2018, the Company’s remaining obligations to AGC were $3.4 million under the new statement of work. License Agreement Obligations Under its technology license agreements to acquire certain technology rights, the Company has an obligation to pay minimum fees and then royalties based upon a percentage of any net sales of licensed products. License fees payable under the technology license agreements are $0.1 million in 2013 and each year thereafter until royalties commence. The technology license agreements also provide for future payments to be made by the Company upon the achievement of development milestones or cumulative sales milestones. Pursuant to the license and collaboration agreement with ISU Abxis (see Note 12 - Collaborations In December 2018, the Company entered into an amended and restated license agreement with ISU Abxis (the “A&R ISU Abxis Agreement”), which amended and restated in full its previous license and collaboration agreement with ISU Abxis entered into in September 2013 (as subsequently amended in October 2014 and December 2016). The eliminates the profit-sharing arrangement in the Original ISU Abxis Agreement and rovides for a low single-digit royalty payment to ISU Abxis, on a country-by-country basis, for net product sales of DalcA by the Company or its affiliates in each country other than South Korea. Pursuant to the A&R , the Company will make up to an aggregate of $19.5 million in milestone payments to ISU Abxis, inclusive of $2.5 million in regulatory and development milestone payments and up to $17 million in commercial milestone payments, if the applicable milestones are met. Pursuant to the termination agreement entered on December 8, 2016, the Company may be obligated to make milestone and royalty payments to Pfizer up to $17.5 million payable upon the achievement of clinical, regulatory and commercial milestones. Following commercialization of any product, Pfizer would also receive a single-digit royalty on net product sales on a country-by-country basis for a predefined royalty term. In February 2018, the Company paid Pfizer a $1 million milestone payment based on the dosing of the first patient in the ongoing Phase 2 study. With the termination agreement, the Company recovered worldwide exclusive license for research, development, manufacturing and commercialization to all company’s original FVIIa programs, including CB 813d. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | 8 . Related Parties On October 24, 2017 the Company announced a strategic research collaboration with Mosaic Biosciences, Inc. (“Mosaic”) to develop intravitreal anti-complement factor 3 (C3) products for the treatment of dry AMD and other retinal diseases. On December 21, 2018, the Company amended its collaboration agreement with Mosaic to, among other things, include certain additional products. According to the Mosaic collaboration agreement, as amended, the Company and Mosaic will co-fund the research. Dr. Usman, our Chief Executive Officer and a member of our board of directors, and Mr. Lawlor, a member of our board of directors, are also members of the board of directors of Mosaic. Expenses related to the collaboration were $1.3 million and $0.03 million for the years ended December 31, 2018 and 2017. |
Redeemable Convertible Notes
Redeemable Convertible Notes | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Redeemable Convertible Notes | 9 . Redeemable Convertible Notes The Company has no outstanding Notes remaining as of December 31, 2018. On August 19, 2015, immediately prior to the Merger, the Company issued to Targacept stockholders non-interest bearing redeemable convertible notes (the “Notes”) in the aggregate principal amount of $37.0 million, which matured on February 19, 2018. The Notes did not bear interest. The principal amount of the Notes was convertible, at the option of each noteholder, into cash or into shares of the Company’s common stock at a conversion rate of $137.85 per share. On February 19, 2018, the Notes matured, and the remaining Notes were repaid in full with cash from the restricted cash indenture and an immaterial amount were converted to common stock. In connection with the issuance of the Notes, on August 19, 2015, Targacept entered into an indenture (the “Indenture”) with American Stock Transfer & Trust Company, LLC, as trustee, and an escrow agreement with American Stock Transfer & Trust Company, LLC and Delaware Trust Company, LLC, as escrow agent, under which $37.0 million, which represented the initial principal amount of the Notes, was deposited in a segregated escrow account for the benefit of the holders of the Notes in order to facilitate the payment of the notes upon redemption or at maturity (the amount of such deposit together with interest accrued and capitalized thereon, the “Escrow Funds”). The Notes were the Company’s secured obligation, and the Indenture did not limit its other indebtedness, secured or unsecured. The conversion to common stock feature of the Notes was determined to be a derivative liability requiring bifurcation and separate accounting. The Company elected to accrete the entire debt discount as interest expense immediately after the Merger. In addition, changes in the fair value of the derivative liability were being recorded within interest and other income in the consolidated statements of operations. The Company remeasured the derivative liability to fair value until the earlier of the conversion, redemption or maturity of the redeemable convertible notes. As of December 31, 2018, there was no derivative liability and as of December 31, 2017, the fair value of the derivative liability was immaterial. The estimated reporting date fair value-based measurement of the derivative liability was calculated using the Black-Scholes valuation model. The Company recognized no interest expense for both years ended December 31, 2018 and 2017, related to the amortization of the debt discount as the redeemable convertible notes were immediately fully redeemable at the option of the holders and the entire debt discount was expensed immediately after the Merger. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 10 . Stock Based Compensation 2018 Omnibus Incentive Plan In June 2018, stockholders of the Company approved the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”). The 2018 Plan had previously been approved by the Company’s Board of Directors (the “Board”) and the Compensation Committee of the Board, subject to stockholder approval. The 2018 Plan became effective on June 13, 2018 and provided an additional 1,500,000 stock options, following receipt of the requisite stockholder approval. The 2018 Plan replaces the Company’s 2015 Stock Incentive Plan, as amended (the “2015 Plan”). All awards outstanding under the 2015 Plan will remain in effect in accordance with their respective terms. The following table summarizes stock option activity under the Company’s equity incentive plans and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (thousands) Outstanding — December 31, 2016 140,990 $ 128.25 3.93 — Options granted 742,000 $ 4.56 Options forfeited (61,249 ) $ 165.63 Outstanding — December 31, 2017 821,741 $ 13.69 9.17 $ 6,376 Options granted 612,050 $ 13.13 Options exercised (12,716 ) $ 4.17 $ 213 Options canceled/forfeited (43,315 ) $ 7.76 Options expired (15,783 ) $ 158.81 Outstanding — December 31, 2018 1,361,977 $ 12.04 8.71 $ 2,294 Exercisable — December 31, 2018 414,584 $ 17.98 Vested and expected to vest — December 31, 2018 1,361,977 $ 12.04 Shares available to be granted — December 31, 2018 1,295,144 Valuation Assumptions The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. Due to its limited history as a public company and limited number of sales of its common stock, the Company estimated its volatility considering a number of factors including the use of the volatility of comparable public companies. The expected term of options granted under the Plan, all of which qualify as “plain vanilla” per SEC Staff Accounting Bulletin 107, is determined based on the simplified method due to the Company’s limited operating history and is 6.04 years based on the average between the vesting period and the contractual life of the option. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The weighted average grant date fair value of employee stock options was $9.97 and $4.01 for the years ended December 31, 2018 and 2017, respectively, and was estimated using the following weighted-average assumptions for the years ended December 31, 2018 and 2017: Year Ended December 31, 2018 2017 Employee Stock Options: Expected term (in years) 6.04 6.03 Risk-free interest rate 2.67 % 2.03 % Dividend yield — — Volatility 92.61 % 110.29 % Options Granted to Nonemployees During the year ended December 31, 2018, no options were issued to consultants. During the year ended December 31, 2017, options to purchase 20,000 shares of common stock were issued to consultants that vest over one to four years with a weighted-average exercise price of $4.69 per share. During the years ended December 31, 2018, and 2017, the Company recorded stock-based compensation expense attributable to these nonemployee stock awards of $0.09 million and $0.02 million, respectively. The estimated grant-date fair value of the nonemployee stock options was determined using the Black-Scholes valuation model and the following assumptions: Year Ended December 31, 2018 2017 Non-Employee Stock Options: Contractual Life (in years) N/A 9 Risk-free interest rate N/A 2.35 % Dividend yield N/A — Volatility N/A 111.55 % Total stock-based compensation recognized was as follows ( in thousands Year Ended December 31, 2018 2017 Research and development $ 590 $ 164 General and administrative (1) 1,990 699 Total stock-based compensation $ 2,580 $ 863 (1) 2018 includes $0.1 million in modification stock-based compensation expense related to a Board member’s separation agreement. As of December 31, 2018, the Company had unrecognized employee stock-based compensation expense of $6.5 million, related to unvested stock option awards, which is expected to be recognized over an estimated weighted-average period of 2.78 years. 2018 Employee Stock Purchase Plan In June 2018, the Company’s stockholders approved the 2018 Employee Stock Purchase Plan (the “ESPP”). The 2018 ESPP had previously been approved by the Board and the Compensation Committee of the Board, subject to stockholder approval which became effective as of June 13, 2018. Under the ESPP, employees meeting certain specific employment qualifications are eligible to participate and can purchase shares of common stock semi-annually on February 9 th th A total of 120,000 shares of common stock may be granted in accordance with the terms of the ESPP. As of December 31, 2018, no shares of common stock have been issued to employees participating in the ESPP and 120,000 shares are available for issuance under the ESPP. Compensation expense, using Black-Scholes, for the ESPP was $0.03 million as of December 31, 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 1 . Income Taxes The Company has incurred cumulative net operating losses since inception and, consequently, has not recorded any income tax expense for the years ended December 31, 2018 and 2017 due to its net operating loss position. The reconciliation of the federal statutory income tax rate to the Company’s effective tax rate for the years ended December 31, 2018 and 2017 are as follows: Year Ended December 31, 2018 2017 Tax at statutory federal rate -21.00 % -34.00 % State Tax (benefit)—net of federal benefit -0.03 % 0.00 % Permanent differences 0.68 % 0.60 % R&D credits -0.76 % -1.64 % Derecognition due to Sec. 382 and 383 limitations -20.16 % 54.08 % Change in valuation allowance 39.33 % -52.90 % Federal tax rate change 0.00 % 33.89 % Other 1.94 % -0.03 % Effective tax rate — — Significant components of the Company’s deferred tax assets as of December 31, 2018 and 2017 consist of the following ( in thousands Year Ended December 31, 2018 2017 Deferred tax assets: Accruals and reserves $ 751 $ 1,112 Net operating loss carry forwards 23,559 11,519 R&D tax credit carry forwards 3,772 3,545 Fixed and intangible assets 3 89 Valuation Allowance (28,085 ) (16,265 ) Net deferred tax assets: $ — $ — Based on the available objective evidence at December 31, 2018, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against its net deferred tax assets at December 31, 2018 and 2017. As of December 31, 2018, after consideration of certain limitations (see below), the Company had approximately $112.1 million federal and $64.6 million state net operating loss carryforwards (“NOL”) available to reduce future taxable income which, if unused, will begin to expire in 2032 for federal and 2028 for state tax purposes. As of December 31, 2018, the Company also had tax credit carry forwards available to offset future tax liabilities of approximately $0.2 million for federal and $4.5 million for state. If unused, the federal credit will begin to expire in 2037 and the state tax credit does not expire. If the Company experiences a greater than 50 percentage point aggregate change in ownership over a three-year period (a Section 382 ownership change), utilization of its pre-change NOL carryforwards are subject to annual limitation under Section 382 of the Internal Revenue Code (California has similar provisions). The annual limitation is determined by multiplying the value of the Company's stock at the time of such ownership change by the applicable long-term tax-exempt rate. Such limitations may result in expiration of a portion of the NOL carryforwards before utilization. The Company determined that ownership changes occurred December 31, 2007, August 20, 2015, April 13, 2017, and February 15, 2018. Approximately $80.1 million and $14.2 million of the NOLs will expire unutilized for federal and California purposes, respectively. The Company has derecognized NOL related deferred tax assets in the tax affected amounts of $16.8 million and $0.0 million for federal and California purposes, respectively. All of the federal R&D credits could expire unutilized, whereas none of the California R&D credits are subject to expiration. Approximately $6.1 million of gross federal R&D credit-related deferred tax assets were derecognized due to the Section 383 limitation. The ability of the Company to use its remaining NOL carryforwards may be further limited if the Company experiences a Section 382 ownership change as a result of future changes in its stock ownership. Accounting for Uncertainty in Income Taxes The Company only recognizes tax benefits if it is more likely than not that they will be sustained upon audit by the relevant tax authority based upon their technical merits. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company had approximately $1.6 million and $1.5 million of unrecognized tax benefits as of December 31, 2018 and 2017, respectively. As the Company has a full valuation allowance on its deferred tax assets, the unrecognized tax benefits have reduced the deferred tax assets and the valuation allowance in the same amount. The Company does not expect the amount of unrecognized tax benefits to materially change in the next twelve months. A reconciliation of the beginning and ending balance of the unrecognized tax benefits is as follows ( in thousands Beginning Balance at January 1, 2017 $ 1,539 Increase/(Decrease) of unrecognized tax benefits taken in prior years (126 ) Increase/(Decrease) of unrecognized tax benefits related to current year 62 Ending Balance at December 31, 2017 $ 1,475 Increase/(Decrease) of unrecognized tax benefits taken in prior years 13 Increase/(Decrease) of unrecognized tax benefits related to current year 85 Ending Balance at December 31, 2018 $ 1,573 Interest and penalties related to unrecognized tax benefits would be included as income tax expense in the Company’s consolidated statements of operations. As of December 31, 2018 and 2017, the Company had not recognized any tax-related penalties or interest in its consolidated financial statements. The Company files income tax returns in the United States federal, California, New Jersey, and Maryland state jurisdictions. The Company is not currently under examination by income tax authorities in federal, state or other jurisdictions. As of December 31, 2018 and 2017, the Company had no uncertain tax positions which affected its financial position as its results of operations or its cash flow, and will continue to evaluate for uncertain tax positions in the future. The Company is subject to United States federal and state income tax examinations by authorities for all tax years due to accumulated net operating losses that are being carried forward for tax purposes. |
Collaborations
Collaborations | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborations | 1 2 . Collaborations Pfizer Pursuant to the termination agreement entered on December 8, 2016, in connection with the termination of a prior license and development agreement, Pfizer granted the Company an exclusive license to Pfizer’s proprietary rights for manufacturing materials and processes that apply to Factor VIIa variants, CB 813a and MarzAA. Pfizer also transferred to the Company the IND application and documentation related to the development, manufacturing and testing of the Factor VIIa products as well as the orphan drug designation. The Company agreed to make contingent cash payments to Pfizer in an aggregate amount equal to up to $17.5 million, payable upon the achievement of clinical, regulatory and commercial milestones. Following commercialization of any covered product, Pfizer would also receive a single-digit royalty on net product sales on a country-by-country basis for a predefined royalty term. In February 2018, the Company paid Pfizer a $1 million milestone payment based on the dosing of the first patient in the ongoing Phase 2 study. ISU Abxis In December 2018, the Company entered into an amended and restated license agreement with ISU Abxis (the “A&R ISU Abxis Agreement”), which amended and restated in full its previous license and collaboration agreement with ISU Abxis entered into in September 2013, as subsequently amended in October 2014 and December 2016 (the “Original ISU Abxis Agreement”) ISU Abxis will receive commercialization rights in South Korea to DalcA and the Company will receive clinical development and commercialization rights in the rest of world (excluding South Korea) and manufacturing development and manufacturing rights worldwide (including South Korea) The eliminates the profit-sharing arrangement in the Original ISU Abxis Agreement and rovides for a low single-digit royalty payment to ISU Abxis, on a country-by-country basis, for net product sales of DalcA by the Company or its affiliates in each country other than South Korea. Pursuant to the A&R , the Company will also make up to an aggregate of $19.5 million in milestone payments to ISU Abxis, inclusive of $2.5 million in regulatory and development milestone payments and up to $17 million in commercial milestone payments, if the applicable milestones are met. Under the Original ISU Abxis Agreement, ISU Abxis paid the Company an up-front signing fee of $1.75 million and was obligated to pay to the Company contingent milestone-based payments on the occurrence of certain defined development events, and reimbursement for a portion of the Company’s costs relating to intellectual property filings and maintenance thereof on products. Contract revenue of $0.0 million and $0.3 million for the years ended December 31, 2018 and 2017, respectively, reflects (i) the amortization of the up-front fee over the estimated period of our performance obligations, under the Original ISU Abxis Agreement, which concluded in February 2018, and (ii) milestone payments received under the ISU Abxis Original ISU Abxis Agreement, which were recognized through February 2018, of which the Company received $0 and $0.9 million for the years ended December 31, 2018 and 2017, respectively. The adoption of the new revenue standards resulted in a $0.2 million cumulative adjustment to the Company’s opening balance of accumulated deficit as of January 1, 2018. The deferred revenue balance related to the ISU Abxis collaboration was $0 and $0.2 million as of December 31, 2018 and 2017, respectively. |
Interest and Other Income
Interest and Other Income | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Interest and Other Income | 1 3 . Interest and Other Income The following table shows the detail of other income, net for the years ended December 31, 2018 and 2017 (in thousands) Year Ended December 31, 2018 2017 Interest income $ 2,229 $ 215 Dividend income 4 50 Miscellaneous income (expense) (1) 1,650 (1 ) Loss on disposal of property and equipment (116 ) (3 ) Total other income, net $ 3,767 $ 261 (1) $1.7 million miscellaneous income is mainly composed of a $1.5 million milestone payment received under an agreement associated with neuronal nicotinic receptor (“NNR”) assets sold in 2016. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 1 4 . Stockholders’ Equity At the Market Issuance Sales Agreement — On March 16, 2016, the Company signed a Capital on Demand TM The Company sold an aggregate of 479,681 shares of common stock in the open market at a weighted-average selling price of $13.55 per share, for net proceeds (net of commissions) of $6.3 million through December 31, 2017, of which $5.5 million were sold in the year ended December 31, 2017, in the Capital on Demand program. The Company charged approximately $0.2 million for JonesTrading commission against additional paid-in capital through December 31, 2017. As of December 31, 2017, the Company has no common stock available for sale under the program. April 2017 Underwritten Public Offering — On April 12, 2017, the Company issued and sold in a registered, underwritten public offering an aggregate of (i) 1,470,000 shares of common stock (including 540,000 shares of common stock sold pursuant to the exercise of the Underwriter’s overallotment option), (ii) 13,350 shares of Series A Preferred Stock, each convertible into 200 shares of common stock and (iii) warrants to purchase 2,070,000 shares of common stock at an exercise price of $5.50 per share (including 270,000 sold pursuant to the exercise of the Underwriter’s overallotment option). The net proceeds to the Company, after deducting the underwriting discounts and commissions and offering expenses payable by the Company were approximately $18.6 million. Series A Convertible Preferred Stock — In connection with the closing on April 12, 2017 of the public offering, the Company filed the Certificate of Designation of Preferences, Rights and Limitations of the Series A Preferred Stock (the “Certificate of Designation”) with the Secretary of State of the State of Delaware. The Certificate of Designation describes the rights, preferences and privileges of the shares of Series A Preferred Stock. With certain exceptions, the shares of Series A Preferred Stock rank on par with the shares of the Common Stock, in each case, as to dividend rights and distributions of assets upon liquidation, dissolution or winding up of the Company. Upon its issuance, the Series A Preferred Stock was not considered a liability or temporary equity and as such the Series A Preferred Stock was recorded in permanent equity on the Company’s balance sheet. During the years ended December 31, 2018 and 2017, 3,680 and 9,670 shares of the Company’s Series A Preferred Stock were converted into 736,000 and 1,934,000 shares of common stock of the Company. As of December 31, 2018, there were no shares of Series A Preferred Stock issued and outstanding. Beneficial Conversion Feature Series A Preferred Stock (deemed dividend) — Each share of Series A Preferred Stock was convertible into 200 shares of common stock, at any time, at the option of the holder. The net proceeds to the Company of $18.6 million were allocated to the common stock, Preferred A Stock and warrants (see below) based on a relative fair value basis. This resulted in $10.1 million being allocated to the Preferred A Stock and resulted in an effective conversion price of $3.80 per share. On April 12, 2017, the date of issuance of the Series A Preferred Stock, the publicly traded common stock price was $5.28 per share. Based on the guidance in ASC 470-20-20, the Company determined that a beneficial conversion feature exists, as the effective conversion price for the shares of Series A Preferred Stock at issuance was less than the fair value of the common stock into which the shares of Series A Preferred Stock are convertible. The beneficial conversion feature calculated based on the intrinsic value as of the date of issuance was approximately $4.0 million. This amount was then accreted as a deemed dividend, which is a non-cash transaction. As the conversion rights were 100% effective at the time of issuance, the deemed dividend was immediately charged to accumulated deficit. Warrants — In connection with the closing on April 12, 2017 of the public offering and the overallotment option, the Company issued warrants to purchase 2,070,000 shares of common stock at an exercise price of $5.50 per share. Upon their issuance, the common stock warrants were determined to be equity instruments under ASC 480 and ASC 815-40. The net proceeds allocated to the warrants based on a relative fair value basis resulted in $5.0 million being allocated to the warrants. As of December 31, 2018, the Company has no warrants outstanding associated with this offering. The following is a summary of warrant activity for the year ended December 31, 2018 and 2017: Number of Shares Underlying Warrants Exercise Price Outstanding — December 31, 2016 12,039 $ 145.11 Issued 2,070,000 $ 5.50 Exercised (330,331 ) $ 5.50 Outstanding — December 31, 2017 1,751,708 Issued — Exercised (1,735,419 ) $ 5.50 Forfeited/Cancelled (1) (6,095 ) $ 5.50 Outstanding — December 31, 2018 10,194 $ 155.73 (1) In April 2018, 4,250 warrants were forfeited. In November 2018, 1,845 warrants were cancelled by Healthcare Ventures VIII. December 2017 Underwritten Public Offering — On December 20, 2017, the Company entered into an underwriting agreement with JonesTrading, in connection with a registered firm commitment underwritten public offering of 1,105,263 shares of the Company’s common stock, pursuant to a shelf registration statement that was declared effective by the SEC on April 28, 2016. On December 22, 2017 the Company sold an aggregate of 1,105,263 shares of common stock at a price to the public of at $9.50 per share. The net proceeds to the Company, after deducting the underwriting discounts and commissions and offering expenses payable by the Company were approximately $9.7 million February 2018 Underwritten Public Offering — On February 13, 2018, the Company entered into an underwriting agreement with JonesTrading, in connection with a registered firm commitment underwritten public offering of 2,941,176 shares of common stock, pursuant to a shelf registration statement that was declared effective by the SEC on February 6, 2018. On February 15, 2018 the Company sold 3,382,352 shares of common stock (including 441,176 shares of common stock sold pursuant to the exercise of the underwriters’ overallotment option) at a price to the public of $34.00 per share. The net proceeds to the Company, after deducting the underwriting discounts and commissions and offering expenses payable by the Company were approximately $106.8 million |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 1 5 . Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of the basic and diluted net loss per common share during the years ended December 31, 2018 and 2017 (in thousands, except share and per share data) Year Ended December 31, 2018 2017 Net loss attributable to common stockholders $ (30,055 ) $ (25,512 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 11,213,884 3,423,901 Net loss per share, basic and diluted $ (2.68 ) $ (7.45 ) Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities on an as-if converted basis that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2018 2017 Options to purchase common stock 1,361,977 821,741 Convertible preferred stock (1) — 736,000 Common stock warrants 10,194 1,751,708 Redeemable convertible notes — 36,883 Total 1,372,171 3,346,332 (1) As of December 31, 2017, represents 3,680 shares of Series A Preferred Stock on an as converted basis to 0.7 million shares of common stock. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. Intercompany accounts and transactions have been eliminated in consolidation. The Company’s consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, convertible notes and related warrants up to the date of conversion, common stock and stock-based compensation. The Company bases its estimates on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Restricted Cash, which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. We adopted ASU 2016-18 effective January 1, 2018, using a retrospective transition method to each period presented. The adoption of this ASU changed previously reported amounts in the condensed consolidated statement of cash flows for the year ended December 31, 2017, by increasing our cash flows from financing activities by $5.3 million as compared to previously reported amounts for the prior year period. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The standard provides guidance on how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard is intended to reduce current diversity in practice. The Company adopted ASU 2016-15 effective January 1, 2018, and this guidance did not have an impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Topic 825-10), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Subsequently, in February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Topic 825-10), which clarifies certain aspects of ASU 2016-01, which includes provisions to accounting for equity investments, financial liabilities under the fair value option and presentation and disclosure requirements for financial instruments. The amended guidance requires equity securities, except for those accounted for under the equity method of accounting, with determinable fair values to be measured at fair value with changes in fair value recognized in net income (loss). The Company adopted ASU 2016-01 and 2018-03 effective January 1, 2018, and this guidance did not have a material impact on the Company’s financial statements, as the Company only has debt securities. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, (collectively, the “new revenue standards”). The Company adopted the new revenue standards effective January 1, 2018, using the modified retrospective method through a cumulative adjustment to equity. The Company has identified that the most significant change relates to its accounting for collaboration arrangements with multiple deliverables, in particular, the ISU Abxis agreement. Under the old guidance, such deliverables and consideration must be accounted for under a single unit of accounting along with other arrangement deliverables and consideration that does not have stand-alone value and are recognized as revenue over the estimated period that the performance obligations are to be performed. Under the current new standard however, the total arrangement consideration is allocated to each performance obligation based on its estimated stand-alone selling price and revenue is recognized as each performance obligation is satisfied. As a result, revenue for this transaction is recorded in an earlier period than under the old guidance, resulting in a $0.2 million increase to the Company’s opening balance of accumulated deficit as of January 1, 2018. Adopting ASU No. 2014-09, Revenue from Contracts with Customers, or the new revenue standard, involved new estimates and judgments related to the estimates of stand-alone selling prices and the allocation of discounts and variable consideration in allocating the transaction price. The Company recognized revenue earlier under the current new standard and may have more variability due to significant estimates involved under the new accounting guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach at the beginning of the earliest comparative period presented in the financial statements and the recognition of a cumulative-effect adjustment to the opening balance of retained earnings. The FASB subsequently issued ASU No. 2018-10 and ASU No. 2018-11 in July 2018, which provide clarifications and improvements to ASU 2016-02 (collectively, the “new lease standard”). ASU No. 2018-11 a also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented and continue to apply the provisions of the previous lease standard in its annual disclosures for the comparative periods. The new lease standard requires lessees to present a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet. Lessor accounting is substantially unchanged compared to the current accounting guidance. Additional footnote disclosures related to leases will also be required. On January 1, 2019, the Company adopted the new lease standard using the optional transition method. The comparative financial information will not be restated and will continue to be reported under the previous lease standard in effect during those periods. In addition, the new lease standard provides a number of optional practical expedients in transition. The Company elected the package of practical expedients. As such, the Company will not reassess whether expired or existing contracts are or contain a lease; will not need to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to the Company. The new lease standard also provides practical expedients for an entity’s ongoing accounting. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company elected the practical expedient to not separate lease and non-lease components for certain classes of assets. On January 1, 2019, the Company expects to recognize ROU assets of $2.5 million and lease liabilities of $2.3 million. The Company does not expect the adoption of the new lease standard to impact its consolidated statement of operations or its consolidated statement of cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company invests its excess cash in bank deposits, consisting primarily of money market mutual funds. The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash at December 31, 2018 consists of a certain certificate of deposit account that is pledged as collateral for the Company’s corporate credit card program. Restricted cash at December 31, 2017 consisted of certain checking, money market and certificate of deposit accounts that are: (i) pledged to or held in a segregated escrow account by the Company’s correspondent banks for the benefit of the holders of the redeemable convertible notes in order to facilitate the payment of the redeemable convertible notes upon redemption or at maturity as discussed in Note 4 – Fair Value Measurements or (ii) pledged as collateral for the Company’s corporate credit card and deposit for its facility lease. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires that an entity maximize the use of observable inputs when estimating fair value. The fair value hierarchy includes the following three-level classification which is based on the market observability of the inputs used for estimating the fair value of the assets or liabilities being measured: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which are three years for computer equipment and software, and three to seven years for furniture and leasehold improvements. |
Investments | Investments All investments have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value determined to be other-than-temporary, if any, on available-for-sale securities are included in interest and other income. The cost of securities sold is based on the specific-identification method. Interest on short-term investments is included in interest and other income. |
Derivative Liability | Derivative Liability The embedded redemption feature in the redeemable convertible notes, which were convertible into shares of the Company’s common stock was bifurcated and was accounted for as a derivative liability at its estimated fair value. The derivative was subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of interest and other income, in the consolidated statements of operations. These notes were repaid in 2018. The Company adjusted the liability for changes in fair value until the earlier of the conversion, redemption or maturity of the redeemable convertible notes. At December 31, 2017 the fair value was $0. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606 using the modified retrospective method through a cumulative adjustment to equity, which resulted in an immaterial $0.2 million decrease to our opening balance of accumulated deficit as of January 1, 2018. The Company enters into collaboration arrangements that may include the receipt of payments for up-front license fees, success-based milestone payments, full time equivalent based payments for research services, product supplies, and royalties on any future sales of commercialized products that result from the collaborations. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when the Company satisfies each performance obligation. At the inception of each arrangement that includes variable consideration such as development milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price which is then allocated to each relevant performance obligation. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the timing of recognition and the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Estimated selling prices for licenses are calculated using the residual approach if the Company has not yet established a price for such license and the license has not previously been sold on a standalone basis. using an income approach model and include key assumptions such as: development timeline, revenue forecast, commercialization expenses, discount rate and probabilities of technical and regulatory success. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. Research and development costs consist of payroll and other personnel-related expenses, laboratory supplies and reagents, contract research and development services, and consulting costs, as well as allocations of facilities and other overhead costs. Under the Company’s collaboration agreements, certain specific expenditures are reimbursed by third parties. During the years ended December 31, 2018 and 2017, the Company recorded a reduction to research and development expenses of $0.05 million and $0.1 million, respectively related to these reimbursements. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments and restricted cash. The Company’s investment policy restricts cash investments to high credit quality, investment grade investments. The Company believes that it has established guidelines for investment of its excess cash that maintain safety and liquidity through its policies on diversification and investment maturity. The Company is exposed to credit risk in the event of default by the institutions holding the cash and cash equivalents to the extent of the amounts recorded on the balance sheets. The Company’s accounts receivable, included in prepaid and other current assets, at December 31, 2018 was $0.01 million, due from ISU Abxis, see Note 12. The Company has incurred no credit losses to date. The Company does not require collateral from its collaboration partners. |
Income Taxes | Income Taxes Income taxes are computed using the liability method. Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company follows the authoritative guidance on accounting for uncertainty in income taxes. This guidance prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken in the Company’s income tax returns. This interpretation also provides guidance on accounting for interest and penalties and associated with tax positions, accounting for income taxes in interim periods and income tax disclosures. The Company’s policy is to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. |
Stock-Based Compensation | Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for an award of equity instruments based on the fair value of the award on the date of grant and recognizes the related expense over the period during which the employee or director is required to provide service in exchange for the award on a straight-line basis. The Company uses the Black-Scholes option-pricing valuation model to estimate the grant-date fair value of stock-based awards. The determination of fair value for stock-based awards on the date of grant using an option-pricing model requires management to make certain assumptions regarding a number of variables. Upon adoption of ASU 2016-09, the Company can make an accounting policy election to either estimate the number of share-based awards that are expected to vest, or account for forfeitures when they occur. The Company elected to account for forfeitures when they occur. As such, the Company recognizes stock-based compensation expense, over their requisite service period, based on the vesting provisions of the individual grants. For nonemployee stock-based awards, the measurement date on which the fair value of the stock-based award is calculated is equal to the earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached or (ii) the date at which the counterparty’s performance is complete. The Company recognizes stock-based compensation expense for the fair value-based measurement of the nonemployee awards using the Black Scholes option-pricing valuation model and the awards are typically subject to periodic re-measurement over the period that services are rendered. |
Deferred Rent | Deferred Rent The Company’s facilities lease agreement provides for an escalation of rent payments each year. The Company records rent expense on a straight-line basis over the term of the lease. The difference between the amount of expense recognized and the amount of rent paid is recorded as deferred rent in the accompanying consolidated balance sheets. |
Net Loss per Share | Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss of the Company for all periods presented. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 ( in thousands December 31, 2018 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 29,090 $ — $ — $ 29,090 Federal agency securities (1) — 999 — 999 Restricted cash (2) 50 — — 50 U.S. Treasury securities (3) 74,139 — — 74,139 Federal agency securities (3) — 14,775 — 14,775 Total financial assets $ 103,279 $ 15,774 $ — $ 119,053 (1) Included in cash and cash equivalents on accompanying consolidated balance sheets. (2) $0.05 million of restricted cash serves as collateral for the Company’s corporate credit card. ( 3 ) Included in short-term investments on accompanying consolidated balance sheets and are classified as available-for-sale securities. December 31, 2017 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 14,334 $ — $ — $ 14,334 U.S. Treasury securities (3) 16,471 — — 16,471 Restricted cash (2) 5,333 — — 5,333 Federal agency securities (3) — 1,500 — 1,500 Total financial assets $ 36,138 $ 1,500 $ — $ 37,638 (1) Included in cash and cash equivalents on accompanying consolidated balance sheets. (2) $5.3 million of restricted cash in the Indenture (see Note 9) serves as full collateral for the redeemable convertible notes. (3) Included in short-term investments on accompanying consolidated balance sheets and are classified as available-for-sale securities. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Cash Equivalents, Restricted Cash and Short-Term Investments Classified as Available-for-sale Securities | Cash equivalents, restricted cash and short-term investments which are classified as available-for-sale securities, consisted of the following ( in thousands - December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 29,090 $ — $ — $ 29,090 Agency securities (cash equivalents) 999 — $ — 999 Restricted cash 50 — — 50 U.S. government agency securities 74,144 1 (6 ) 74,139 Agency securities 14,774 1 — 14,775 Total financial assets $ 119,057 $ 2 $ (6 ) $ 119,053 Classified as: Cash and cash equivalents $ 30,089 Short-term investments 88,914 Restricted cash 50 $ 119,053 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 14,334 $ — $ — $ 14,334 U.S. government agency securities 16,473 — (2 ) 16,471 Restricted cash 5,330 3 — 5,333 Agency securities 1,500 — — 1,500 Total financial assets $ 37,637 $ 3 $ (2 ) $ 37,638 Classified as: Cash and cash equivalents $ 14,334 Short-term investments 17,971 Restricted cash 5,333 $ 37,638 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and equipment | Property and equipment consisted of the following ( in thousands Year Ended December 31, 2018 2017 Furniture $ 226 $ 317 Leasehold improvements 84 1,598 Computer equipment 222 237 Software 139 147 671 2,299 Less accumulated depreciation and amortization (285 ) (2,023 ) Property and equipment, net $ 386 $ 276 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under All Non-cancelable Operating Leases | Future minimum lease payments under all non-cancelable operating leases at December 31, 2018, were as follows ( in thousands 2019 $ 571 2020 587 2021 605 2022 617 2023 209 Total future minimum lease payments $ 2,589 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Option Activity Under Company's Equity Incentive Plans | The following table summarizes stock option activity under the Company’s equity incentive plans and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (thousands) Outstanding — December 31, 2016 140,990 $ 128.25 3.93 — Options granted 742,000 $ 4.56 Options forfeited (61,249 ) $ 165.63 Outstanding — December 31, 2017 821,741 $ 13.69 9.17 $ 6,376 Options granted 612,050 $ 13.13 Options exercised (12,716 ) $ 4.17 $ 213 Options canceled/forfeited (43,315 ) $ 7.76 Options expired (15,783 ) $ 158.81 Outstanding — December 31, 2018 1,361,977 $ 12.04 8.71 $ 2,294 Exercisable — December 31, 2018 414,584 $ 17.98 Vested and expected to vest — December 31, 2018 1,361,977 $ 12.04 Shares available to be granted — December 31, 2018 1,295,144 |
Summary of Stock-Based Compensation Recognized | Total stock-based compensation recognized was as follows ( in thousands Year Ended December 31, 2018 2017 Research and development $ 590 $ 164 General and administrative (1) 1,990 699 Total stock-based compensation $ 2,580 $ 863 (1) 2018 includes $0.1 million in modification stock-based compensation expense related to a Board member’s separation agreement. As of December 31, 2018, the Company had unrecognized employee stock-based compensation expense of $6.5 million, related to unvested stock option awards, which is expected to be recognized over an estimated weighted-average period of 2.78 years. |
Employee Stock Option | |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value | Year Ended December 31, 2018 2017 Employee Stock Options: Expected term (in years) 6.04 6.03 Risk-free interest rate 2.67 % 2.03 % Dividend yield — — Volatility 92.61 % 110.29 % |
Non Employee Stock Option | |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value | The estimated grant-date fair value of the nonemployee stock options was determined using the Black-Scholes valuation model and the following assumptions: Year Ended December 31, 2018 2017 Non-Employee Stock Options: Contractual Life (in years) N/A 9 Risk-free interest rate N/A 2.35 % Dividend yield N/A — Volatility N/A 111.55 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Federal Income Tax Rate to Company's Effective Tax Rate | The reconciliation of the federal statutory income tax rate to the Company’s effective tax rate for the years ended December 31, 2018 and 2017 are as follows: Year Ended December 31, 2018 2017 Tax at statutory federal rate -21.00 % -34.00 % State Tax (benefit)—net of federal benefit -0.03 % 0.00 % Permanent differences 0.68 % 0.60 % R&D credits -0.76 % -1.64 % Derecognition due to Sec. 382 and 383 limitations -20.16 % 54.08 % Change in valuation allowance 39.33 % -52.90 % Federal tax rate change 0.00 % 33.89 % Other 1.94 % -0.03 % Effective tax rate — — |
Components of the Company's Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets as of December 31, 2018 and 2017 consist of the following ( in thousands Year Ended December 31, 2018 2017 Deferred tax assets: Accruals and reserves $ 751 $ 1,112 Net operating loss carry forwards 23,559 11,519 R&D tax credit carry forwards 3,772 3,545 Fixed and intangible assets 3 89 Valuation Allowance (28,085 ) (16,265 ) Net deferred tax assets: $ — $ — |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of the unrecognized tax benefits is as follows ( in thousands Beginning Balance at January 1, 2017 $ 1,539 Increase/(Decrease) of unrecognized tax benefits taken in prior years (126 ) Increase/(Decrease) of unrecognized tax benefits related to current year 62 Ending Balance at December 31, 2017 $ 1,475 Increase/(Decrease) of unrecognized tax benefits taken in prior years 13 Increase/(Decrease) of unrecognized tax benefits related to current year 85 Ending Balance at December 31, 2018 $ 1,573 |
Interest and Other Income (Tabl
Interest and Other Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Detail of Other Income, Net | The following table shows the detail of other income, net for the years ended December 31, 2018 and 2017 (in thousands) Year Ended December 31, 2018 2017 Interest income $ 2,229 $ 215 Dividend income 4 50 Miscellaneous income (expense) (1) 1,650 (1 ) Loss on disposal of property and equipment (116 ) (3 ) Total other income, net $ 3,767 $ 261 (1) $1.7 million miscellaneous income is mainly composed of a $1.5 million milestone payment received under an agreement associated with neuronal nicotinic receptor (“NNR”) assets sold in 2016. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Warrant Activity | The following is a summary of warrant activity for the year ended December 31, 2018 and 2017: Number of Shares Underlying Warrants Exercise Price Outstanding — December 31, 2016 12,039 $ 145.11 Issued 2,070,000 $ 5.50 Exercised (330,331 ) $ 5.50 Outstanding — December 31, 2017 1,751,708 Issued — Exercised (1,735,419 ) $ 5.50 Forfeited/Cancelled (1) (6,095 ) $ 5.50 Outstanding — December 31, 2018 10,194 $ 155.73 (1) In April 2018, 4,250 warrants were forfeited. In November 2018, 1,845 warrants were cancelled by Healthcare Ventures VIII. |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Common Share | The following table sets forth the computation of the basic and diluted net loss per common share during the years ended December 31, 2018 and 2017 (in thousands, except share and per share data) Year Ended December 31, 2018 2017 Net loss attributable to common stockholders $ (30,055 ) $ (25,512 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 11,213,884 3,423,901 Net loss per share, basic and diluted $ (2.68 ) $ (7.45 ) |
Anti-dilutive Security not Included In Diluted per Share Calculations | Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities on an as-if converted basis that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2018 2017 Options to purchase common stock 1,361,977 821,741 Convertible preferred stock (1) — 736,000 Common stock warrants 10,194 1,751,708 Redeemable convertible notes — 36,883 Total 1,372,171 3,346,332 (1) As of December 31, 2017, represents 3,680 shares of Series A Preferred Stock on an as converted basis to 0.7 million shares of common stock. |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
Accounting Policies [Abstract] | |
Number of operating segment | 1 |
Liquidity - Additional Informat
Liquidity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Liquidity [Abstract] | ||
Accumulated deficit | $ 203,342 | $ 173,494 |
Cash, cash equivalents and short-term investments | 120,100 | |
Net loss | 30,055 | 21,561 |
Cash used in operations | $ 28,553 | $ 19,940 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase in cash flows from financing activities as compared to previously reported amounts | $ 111,332,000 | $ 21,082,000 | ||
Cumulative adjustment to accumulated deficit | 207,000 | |||
Lease practical expedients | true | |||
Derivative liability | 0 | |||
Reduction to research and development expenses | $ 50,000 | 100,000 | ||
Software | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
Computer equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
Furniture | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
Furniture | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 7 years | |||
Leasehold improvements | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
Leasehold improvements | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 7 years | |||
Subsequent Event | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Right of use assets | $ 2,500,000 | |||
Lease liabilities | $ 2,300,000 | |||
Accumulated Deficit | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment to accumulated deficit | $ 207,000 | |||
ISU Abxis | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Accounts receivable | $ 10,000 | |||
ASU 2016-18 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase in cash flows from financing activities as compared to previously reported amounts | $ 5,300,000 | |||
ASU 2014-09 | ISU Abxis | Difference between Revenue Guidance in Effect before and after Topic 606 | Accumulated Deficit | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment to accumulated deficit | $ 200,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2017USD ($) |
Fair Value Disclosures [Abstract] | |
Derivative liability | $ 0 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | $ 119,053 | $ 37,638 | |||
Money Market Funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [1] | 29,090 | 14,334 | ||
Restricted cash | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 50 | [2] | 5,333 | [3] | |
Federal Agency Securities | Cash and Cash Equivalents | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [1] | 999 | |||
Federal Agency Securities | Short-Term Investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [4] | 14,775 | 1,500 | ||
U.S. Treasury Securities | Short-Term Investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [4] | 74,139 | 16,471 | ||
Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 103,279 | 36,138 | |||
Fair Value, Inputs, Level 1 | Money Market Funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [1] | 29,090 | 14,334 | ||
Fair Value, Inputs, Level 1 | Restricted cash | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 50 | [2] | 5,333 | [3] | |
Fair Value, Inputs, Level 1 | U.S. Treasury Securities | Short-Term Investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [4] | 74,139 | 16,471 | ||
Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 15,774 | 1,500 | |||
Fair Value, Inputs, Level 2 | Federal Agency Securities | Cash and Cash Equivalents | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [1] | 999 | |||
Fair Value, Inputs, Level 2 | Federal Agency Securities | Short-Term Investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [4] | $ 14,775 | $ 1,500 | ||
[1] | Included in cash and cash equivalents on accompanying consolidated balance sheets. | ||||
[2] | $0.05 million of restricted cash serves as collateral for the Company’s corporate credit card. | ||||
[3] | $5.3 million of restricted cash in the Indenture (see Note 9) serves as full collateral for the redeemable convertible notes. | ||||
[4] | Included in short-term investments on accompanying consolidated balance sheets and are classified as available-for-sale securities. |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Collateral for Corporate Credit Card | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | $ 50 | |
Collateral for Redeemable Convertible Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | $ 5,300 |
Cash Equivalents, Restricted Ca
Cash Equivalents, Restricted Cash and Short-Term Investments Classified as Available-for-sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 119,057 | $ 37,637 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | (6) | (2) |
Estimated Fair Value | 119,053 | 37,638 |
Restricted cash | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 50 | 5,330 |
Gross Unrealized Gains | 3 | |
Estimated Fair Value | 50 | 5,333 |
Money Market Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,334 | |
Estimated Fair Value | 14,334 | |
Money Market Funds | Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,090 | |
Estimated Fair Value | 29,090 | |
U.S. Government Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 74,144 | 16,473 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (6) | (2) |
Estimated Fair Value | 74,139 | 16,471 |
Cash and Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 30,089 | 14,334 |
Short-Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 88,914 | 17,971 |
Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,774 | 1,500 |
Gross Unrealized Gains | 1 | |
Estimated Fair Value | 14,775 | $ 1,500 |
Agency Securities | Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 999 | |
Estimated Fair Value | $ 999 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financial Instrument [Line Items] | |
Material realized gains or losses on available-for-sale securities | $ 0 |
Maximum | |
Financial Instrument [Line Items] | |
Available for sale securities contractual maturities | 1 year |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 671 | $ 2,299 |
Less accumulated depreciation and amortization | (285) | (2,023) |
Property and equipment, net | 386 | 276 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 139 | 147 |
Furniture | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 226 | 317 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 84 | 1,598 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 222 | $ 237 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 0.1 | $ 0.2 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2013USD ($) | Aug. 10, 2018ft² | Dec. 08, 2016USD ($) | May 20, 2016USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Operating lease rent expense | $ 400,000 | $ 800,000 | |||||||
License fees payable | $ 100,000 | ||||||||
South San Francisco, California | New Office Lease Agreement | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Leased area | ft² | 8,606 | ||||||||
Operating lease term of contract | 5 years 2 months | ||||||||
Operating lease commencement date | Feb. 16, 2018 | ||||||||
South San Francisco, California | Office Lease Agreement | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Leased area | ft² | 4,626 | ||||||||
Pfizer Inc | Collaboration Agreement | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Milestone payment | $ 1,000,000 | ||||||||
Pfizer Inc | Collaboration Agreement | Maximum | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Obligated to make milestone and royalty payments upon achievement of clinical, regulatory and commercial milestones | $ 17,500,000 | ||||||||
AGC Biologics, Inc | Dalcinonacog alfa (“DalcA”) | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Contractual obligation payments | $ 3,400,000 | 3,400,000 | $ 5,600,000 | ||||||
AGC Biologics, Inc | MarzAA | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Contractual obligation payments | 300,000 | 300,000 | $ 3,800,000 | ||||||
ISU Abxis | Maximum | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Potential milestone payments | $ 2,000,000 | ||||||||
ISU Abxis | Amended and Restated License Agreement | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Regulatory and development milestone payment | 2,500,000 | ||||||||
ISU Abxis | Amended and Restated License Agreement | Maximum | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Milestone payment | 19,500,000 | ||||||||
Commercial milestone payments | $ 17,000,000 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments under All Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 571 |
2,020 | 587 |
2,021 | 605 |
2,022 | 617 |
2,023 | 209 |
Total future minimum lease payments | $ 2,589 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Mosaic | Strategic Research Collaboration to Develop Intravitreal Anti-Complement Factor 3 (C3) Products | ||
Related Party Transaction [Line Items] | ||
Expenses related to collaboration | $ 1,300 | $ 30 |
Redeemable Convertible Notes -
Redeemable Convertible Notes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Aug. 19, 2015 | |
Debt Instrument [Line Items] | |||
Redeemable convertible notes, outstanding balance | $ 0 | $ 5,085,000 | |
Derivative liability | 0 | ||
Convertible Notes | |||
Debt Instrument [Line Items] | |||
Convertible notes, total outstanding principal amount | $ 37,000,000 | ||
Convertible notes, maturity date | Feb. 19, 2018 | ||
Derivative liability | $ 0 | ||
Redeemable convertible notes, interest expense | $ 0 | $ 0 | |
Convertible Notes | After Reverse Stock Split | |||
Debt Instrument [Line Items] | |||
Redeemable convertible notes, conversion per share price | $ 137.85 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 13, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 612,050 | 742,000 | ||
Options, Outstanding, Weighted Average Exercise Price | $ 12.04 | $ 13.69 | $ 128.25 | |
Stock-based compensation expense | $ 2,606 | $ 863 | ||
Number of common stock available for future grant | 1,295,144 | |||
Stock-based compensation expense | $ 2,580 | $ 863 | ||
2018 Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 1,500,000 | |||
2018 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum employee subscription rate | 15.00% | |||
2018 Employee Stock Purchase Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of fair market value of common stock | 85.00% | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term of stock options | 6 years 14 days | 6 years 10 days | ||
Weighted average grant date fair value of stock options | $ 9.97 | $ 4.01 | ||
Unrecognized employee stock based compensation expense | $ 6,500 | |||
Unrecognized employee stock based compensation expense, period for recognition | 2 years 9 months 10 days | |||
Non Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term of stock options | 9 years | |||
Options, Grants in Period | 0 | 20,000 | ||
Options, Outstanding, Weighted Average Exercise Price | $ 4.69 | |||
Stock-based compensation expense | $ 90 | $ 20 | ||
Non Employee Stock Option | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 1 year | |||
Non Employee Stock Option | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 4 years | |||
2018 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock authorized for issuance | 120,000 | |||
Number of common stock stock issued | 0 | |||
Number of common stock available for future grant | 120,000 | |||
Stock-based compensation expense | $ 30 |
Summary of Option Activity Unde
Summary of Option Activity Under Company's Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares Underlying Outstanding Options | |||
Number of Shares Underlying Outstanding Options, Beginning Balance | 821,741 | 140,990 | |
Number of Shares Underlying Outstanding Options, Options granted | 612,050 | 742,000 | |
Number of Shares Underlying Outstanding Options, Options exercised | (12,716) | ||
Number of Shares Underlying Outstanding Options, Options canceled/forfeited | (43,315) | (61,249) | |
Number of Shares Underlying Outstanding Options, Options expired | (15,783) | ||
Number of Shares Underlying Outstanding Options, Ending Balance | 1,361,977 | 821,741 | 140,990 |
Number of Shares Underlying Outstanding Options, Exercisable- December 31, 2018 | 414,584 | ||
Number of Shares Underlying Outstanding Options, Vested and expected to vest - December 31, 2018 | 1,361,977 | ||
Shares available to be granted - December 31, 2018 | 1,295,144 | ||
Weighted- Average Exercise Price | |||
Weighted- Average Exercise Price, Beginning Balance | $ 13.69 | $ 128.25 | |
Weighted- Average Exercise Price, Options granted | 13.13 | 4.56 | |
Weighted- Average Exercise Price, Options exercised | 4.17 | ||
Weighted- Average Exercise Price, Options Canceled/forfeited | 7.76 | 165.63 | |
Weighted- Average Exercise Price, Options expired | 158.81 | ||
Weighted- Average Exercise Price, Ending Balance | 12.04 | $ 13.69 | $ 128.25 |
Weighted- Average Exercise Price, Exercisable - December 31, 2018 | 17.98 | ||
Weighted- Average Exercise Price, Vested and expected to vest - December 31, 2018 | $ 12.04 | ||
Weighted-Average Remaining Contractual Term (Years) | |||
Weighted-Average Remaining Contractual Term (Years), Outstanding Balance | 8 years 8 months 15 days | 9 years 2 months 1 day | 3 years 11 months 4 days |
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value, Outstanding | $ 6,376 | ||
Aggregate Intrinsic Value, Options exercised | 213 | ||
Aggregate Intrinsic Value, Outstanding | $ 2,294 | $ 6,376 |
Fair Values of Stock Options Es
Fair Values of Stock Options Estimated Using Black-Scholes Valuation Model (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items] | ||
Expected term (in years) | 6 years 14 days | 6 years 10 days |
Risk-free interest rate | 2.67% | 2.03% |
Dividend yield | 0.00% | 0.00% |
Volatility | 92.61% | 110.29% |
Non Employee Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items] | ||
Expected term (in years) | 9 years | |
Risk-free interest rate | 2.35% | |
Dividend yield | 0.00% | 0.00% |
Volatility | 111.55% |
Summary of Stock-Based Compensa
Summary of Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 2,580 | $ 863 | |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 590 | 164 | |
General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | [1] | $ 1,990 | $ 699 |
[1] | 2018 includes $0.1 million in modification stock-based compensation expense related to a Board member’s separation agreement. |
Summary of Stock-Based Compen_2
Summary of Stock-Based Compensation Recognized (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 2,580 | $ 863 |
Board Member’s Separation Agreement | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 100 |
Reconciliation of Statutory Fed
Reconciliation of Statutory Federal Income Tax (benefit) Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory federal rate | (21.00%) | (34.00%) |
State Tax (benefit)—net of federal benefit | (0.03%) | (0.00%) |
Permanent differences | 0.68% | 0.60% |
R&D credits | (0.76%) | (1.64%) |
Derecognition due to Sec. 382 and 383 limitations | (20.16%) | 54.08% |
Change in valuation allowance | 39.33% | (52.90%) |
Federal tax rate change | (0.00%) | 33.89% |
Other | 1.94% | (0.03%) |
Components of Company's Deferre
Components of Company's Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Accruals and reserves | $ 751 | $ 1,112 |
Net operating loss carry forwards | 23,559 | 11,519 |
R&D tax credit carry forwards | 3,772 | 3,545 |
Fixed and intangible assets | 3 | 89 |
Valuation Allowance | $ (28,085) | $ (16,265) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2007 | |
Income Tax [Line Items] | ||||
Gross federal R&D tax credit-related deferred tax assets derecognized | $ 6,100,000 | |||
Unrecognized tax benefit | 1,573,000 | $ 1,475,000 | $ 1,539,000 | |
Tax-related penalties or interest recognized | 0 | 0 | ||
Uncertain tax positions | 0 | $ 0 | ||
Federal Income Tax | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforwards | $ 112,100,000 | $ 80,100,000 | ||
Net operating loss carryforwards expiration year | 2,032 | |||
Tax credit carryforwards available to offset future federal tax liabilities | $ 200,000 | |||
Credit carryforward, expire period | Dec. 31, 2037 | |||
Net operating loss carryforward,derecognized | $ 16,800,000 | |||
State Income Tax | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforwards | $ 64,600,000 | |||
Net operating loss carryforwards expiration year | 2,028 | |||
Tax credit carryforwards available to offset future federal tax liabilities | $ 4,500,000 | |||
CALIFORNIA | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforwards | 14,200,000 | |||
Net operating loss carryforward,derecognized | $ 0 |
Unrecognized tax benefit (Detai
Unrecognized tax benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 1,475 | $ 1,539 |
Increase/(Decrease) of unrecognized tax benefits taken in prior years | 13 | (126) |
Increase/(Decrease) of unrecognized tax benefits related to current year | 85 | 62 |
Ending Balance | $ 1,573 | $ 1,475 |
Collaborations - Additional Inf
Collaborations - Additional Information (Detail) - USD ($) | Sep. 16, 2013 | Dec. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 08, 2016 |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Contract revenue | $ 6,000 | $ 1,018,000 | |||||
Milestone payment received | 1,500,000 | ||||||
Cumulative adjustment to accumulated deficit | $ (203,342,000) | (203,342,000) | (173,494,000) | ||||
Pfizer Inc | Collaboration Agreement | |||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Milestone payment | $ 1,000,000 | ||||||
Pfizer Inc | Collaboration Agreement | Maximum | |||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Contingent cash payments upon achievement of clinical, regulatory and commercial milestones | $ 17,500,000 | ||||||
ISU Abxis | |||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Contract revenue | 0 | 300,000 | |||||
Milestone payment received | 0 | 900,000 | |||||
Deferred revenue | 0 | $ 0 | $ 200,000 | ||||
ISU Abxis | Up Front Payment | |||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Amount received for research and development process | $ 1,750,000 | ||||||
ISU Abxis | Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | |||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Cumulative adjustment to accumulated deficit | $ 200,000 | ||||||
ISU Abxis | Amended and Restated License Agreement | |||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Regulatory and development milestone payment | 2,500,000 | ||||||
ISU Abxis | Amended and Restated License Agreement | Maximum | |||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||||
Milestone payment | 19,500,000 | ||||||
Commercial milestone payments | $ 17,000,000 |
Detail of Other Income, Net (De
Detail of Other Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Other Income And Expenses [Abstract] | |||
Interest income | $ 2,229 | $ 215 | |
Dividend income | 4 | 50 | |
Miscellaneous income (expense) | [1] | 1,650 | (1) |
Loss on disposal of property and equipment | (116) | (3) | |
Total other income, net | $ 3,767 | $ 261 | |
[1] | $1.7 million miscellaneous income is mainly composed of a $1.5 million milestone payment received under an agreement associated with neuronal nicotinic receptor (“NNR”) assets sold in 2016. |
Detail of Other Income, Net (Pa
Detail of Other Income, Net (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Other Income And Expenses [Abstract] | |||
Miscellaneous income (expense) | [1] | $ 1,650 | $ (1) |
Milestone payment received | $ 1,500 | ||
[1] | $1.7 million miscellaneous income is mainly composed of a $1.5 million milestone payment received under an agreement associated with neuronal nicotinic receptor (“NNR”) assets sold in 2016. |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 15, 2018 | Feb. 13, 2018 | Dec. 22, 2017 | Dec. 20, 2017 | Apr. 12, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 16, 2016 |
Stockholders Equity Disclosure [Line Items] | ||||||||||
Common stock, value of shares issued under sales agreement | $ 12,000 | $ 6,000 | $ 6,000 | |||||||
Net proceeds from sale of common stock | $ 106,800,000 | $ 9,700,000 | $ 18,600,000 | $ 5,336,000 | ||||||
Warrants to purchase common stock | 2,070,000 | |||||||||
Warrants exercise price | $ 5.50 | $ 155.73 | $ 145.11 | |||||||
Preferred stock, shares issued | 0 | 3,680 | 3,680 | |||||||
Preferred stock, shares outstanding | 0 | 3,680 | 3,680 | |||||||
Net proceeds allocated to common stock, preferred A stock and warrants | $ 18,563,000 | |||||||||
Common stock price, per share | $ 5.28 | |||||||||
Proceeds allocated to warrants, net | $ 5,000,000 | |||||||||
Number of warrants outstanding | 10,194 | 1,751,708 | 1,751,708 | 12,039 | ||||||
Overallotment Option | ||||||||||
Stockholders Equity Disclosure [Line Items] | ||||||||||
Warrants to purchase common stock | 270,000 | |||||||||
April 2017 Underwritten Public Offering | ||||||||||
Stockholders Equity Disclosure [Line Items] | ||||||||||
Number of warrants outstanding | 0 | |||||||||
Series A Preferred Stock | ||||||||||
Stockholders Equity Disclosure [Line Items] | ||||||||||
Issuance of stock, shares | 13,350 | |||||||||
Conversion of each preferred stock to common stock | 200 | |||||||||
Number of shares converted | 3,680 | 9,670 | ||||||||
Preferred stock, shares issued | 0 | |||||||||
Preferred stock, shares outstanding | 0 | 3,680 | 3,680 | |||||||
Net proceeds allocated to preferred stock | $ 10,100,000 | |||||||||
Effective conversion price | $ 3.80 | $ 3.80 | ||||||||
Intrinsic value of preferred stock | $ 4,000,000 | |||||||||
Effective percentage of conversion rights | 100.00% | |||||||||
Common Stock | ||||||||||
Stockholders Equity Disclosure [Line Items] | ||||||||||
Issuance of stock, shares | 3,382,352 | 1,105,263 | 1,470,000 | 439,880 | ||||||
Conversion of preferred stock to common stock | 736,000 | 1,934,000 | ||||||||
Common stock price, per share | $ 34 | $ 9.50 | ||||||||
Firm commitment underwritten public offering shares | 2,941,176 | 1,105,263 | ||||||||
Common Stock | Overallotment Option | ||||||||||
Stockholders Equity Disclosure [Line Items] | ||||||||||
Issuance of stock, shares | 441,176 | 540,000 | ||||||||
Capital on Demand Sales Agreement with Jones Trading Institutional Services LLC | ||||||||||
Stockholders Equity Disclosure [Line Items] | ||||||||||
Issuance of stock, shares | 479,681 | |||||||||
Common stock weighted average selling price | $ 13.55 | |||||||||
Net proceeds from sale of common stock | $ 5,500,000 | $ 6,300,000 | ||||||||
Commission against additional paid-in capital | $ 200,000 | |||||||||
Common stock available for sale | 0 | 0 | ||||||||
Capital on Demand Sales Agreement with Jones Trading Institutional Services LLC | Maximum | ||||||||||
Stockholders Equity Disclosure [Line Items] | ||||||||||
Common stock, value of shares issued under sales agreement | $ 6,500,000 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Warrants And Rights Note Disclosure [Abstract] | |||
Number of Shares Underlying Warrants, Outstanding | 1,751,708 | 12,039 | |
Number of Shares Underlying Warrants, Issued | 2,070,000 | ||
Number of Shares Underlying Warrants, Exercised | (1,735,419) | (330,331) | |
Number of Shares Underlying Warrants, Outstanding | 10,194 | 1,751,708 | |
Number of Shares Underlying Warrants, Forfeited/Cancelled | (4,250) | (6,095) | |
Warrants Outstanding, Exercise Price | $ 145.11 | ||
Warrants Issued, Exercise Price | 5.50 | ||
Warrants Exercised, Exercise Price | $ 5.50 | $ 5.50 | |
Warrants Outstanding, Exercise Price | 155.73 | ||
Warrants Forfeited/Cancelled, Exercise Price | $ 5.50 |
Summary of Warrant Activity (Pa
Summary of Warrant Activity (Parenthetical) (Detail) - shares | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2018 | Apr. 30, 2018 | Dec. 31, 2018 | |
Class Of Warrant Or Right [Line Items] | |||
Number of shares of warrants forfeited/cancelled | 4,250 | 6,095 | |
Healthcare Ventures VIII | |||
Class Of Warrant Or Right [Line Items] | |||
Number of shares of warrants forfeited/cancelled | 1,845 |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to common stockholders | $ (30,055) | $ (25,512) |
Weighted-average number of shares used in computing net loss per share, basic and diluted | 11,213,884 | 3,423,901 |
Net loss per share, basic and diluted | $ (2.68) | $ (7.45) |
Anti-dilutive Security not Incl
Anti-dilutive Security not Included In Diluted per Share Calculations (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 1,372,171 | 3,346,332 |
Options To Purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 1,361,977 | 821,741 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 736,000 | |
Common Stock Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 10,194 | 1,751,708 |
Redeemable Convertible Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 36,883 |
Anti-dilutive Security not In_2
Anti-dilutive Security not Included In Diluted per Share Calculations (Parenthetical) (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Preferred stock, shares outstanding | 0 | 3,680 |
Conversion of preferred stock to common stock | 1,372,171 | 3,346,332 |
Series A Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Preferred stock, shares outstanding | 0 | 3,680 |
Conversion of preferred stock to common stock | 700,000 |