Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 25, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CBIO | ||
Entity Registrant Name | Catalyst Biosciences, Inc. | ||
Entity Central Index Key | 0001124105 | ||
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 | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 31,331,027 | ||
Entity Public Float | $ 128,362,589 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common stock | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 000-51173 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 56-2020050 | ||
Entity Address, Address Line One | 611 Gateway Blvd | ||
Entity Address, Address Line Two | Suite 710 | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 871-0761 | ||
Document Annual Report | true | ||
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 30,360 | $ 15,369 |
Short-term investments | 48,994 | 61,496 |
Accounts receivable, net | 3,313 | 15,000 |
Prepaid and other current assets | 6,843 | 4,201 |
Total current assets | 89,510 | 96,066 |
Long-term investments | 2,543 | |
Other assets, noncurrent | 528 | 257 |
Right-of-use assets | 1,832 | 1,927 |
Property and equipment, net | 433 | 304 |
Total assets | 94,846 | 98,554 |
Current liabilities: | ||
Accounts payable | 5,931 | 4,279 |
Accrued compensation | 2,476 | 2,106 |
Deferred revenue | 1,983 | 15,000 |
Other accrued liabilities | 6,743 | 7,031 |
Operating lease liability | 663 | 483 |
Total current liabilities | 17,796 | 28,899 |
Operating lease liability, noncurrent | 981 | 1,319 |
Total liabilities | 18,777 | 30,218 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; zero shares issued and outstanding | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 22,097,820 and 12,040,835 shares issued and outstanding at December 31, 2020 and 2019, respectively | 22 | 12 |
Additional paid-in capital | 390,803 | 326,810 |
Accumulated other comprehensive income | 5 | 34 |
Accumulated deficit | (314,761) | (258,520) |
Total stockholders’ equity | 76,069 | 68,336 |
Total liabilities and stockholders’ equity | $ 94,846 | $ 98,554 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 22,097,820 | 12,040,835 |
Common stock, shares outstanding | 22,097,820 | 12,040,835 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
License and collaboration revenue | $ 20,948 | |
Operating expenses: | ||
Research and development | 52,975 | $ 43,859 |
General and administrative | 16,180 | 13,418 |
Total operating expenses | 78,318 | 57,277 |
Loss from operations | (57,370) | (57,277) |
Interest and other income, net | 1,129 | 2,099 |
Net loss | $ (56,241) | $ (55,178) |
Net loss per share attributable to common stockholders, basic and diluted | $ (2.93) | $ (4.60) |
Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 19,179,299 | 12,004,489 |
License | ||
License and collaboration revenue | $ 15,100 | |
Collaboration | ||
License and collaboration revenue | 5,848 | |
Cost of license | ||
Operating expenses: | ||
Cost of license and collaboration | 3,102 | |
Cost of collaboration | ||
Operating expenses: | ||
Cost of license and collaboration | $ 6,061 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (56,241) | $ (55,178) |
Other comprehensive income (loss): | ||
Unrealized (loss) gain on available-for-sale debt securities | (29) | 38 |
Total comprehensive loss | $ (56,270) | $ (55,140) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2018 | $ 119,945 | $ 12 | $ 323,279 | $ (4) | $ (203,342) |
Balance (in shares) at Dec. 31, 2018 | 11,954,528 | ||||
Stock-based compensation expense | 3,204 | 3,204 | |||
Stock-based compensation expense | 24,235 | ||||
Issuance of common stock from ESPP purchases and stock option exercises | 327 | 327 | |||
Issuance of common stock from ESPP purchases and stock option exercises, shares | 62,072 | ||||
Unrealized (loss) gain on available-for-sale debt securities | 38 | 38 | |||
Net loss | (55,178) | (55,178) | |||
Balance at Dec. 31, 2019 | 68,336 | $ 12 | 326,810 | 34 | (258,520) |
Balance (in shares) at Dec. 31, 2019 | 12,040,835 | ||||
Stock-based compensation expense | 3,627 | 3,627 | |||
Stock-based compensation expense | 51,056 | ||||
Issuance of common stock from ESPP purchases and stock option exercises | 435 | 435 | |||
Issuance of common stock from ESPP purchases and stock option exercises, shares | 82,853 | ||||
Issuance of common stock for public offering, net of issuance costs of $4,559 | 59,941 | $ 10 | 59,931 | ||
Issuance of common stock for public offering, net of issuance costs, shares | 9,923,076 | ||||
Unrealized (loss) gain on available-for-sale debt securities | (29) | (29) | |||
Net loss | (56,241) | (56,241) | |||
Balance at Dec. 31, 2020 | $ 76,069 | $ 22 | $ 390,803 | $ 5 | $ (314,761) |
Balance (in shares) at Dec. 31, 2020 | 22,097,820 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Issuance costs of issuance of common stock for public offering | $ 4,559 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | ||
Net loss | $ (56,241) | $ (55,178) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,627 | 3,204 |
Depreciation and amortization | 138 | 146 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 11,687 | (15,000) |
Prepaid and other assets | (3,043) | (490) |
Accounts payable | 1,652 | 3,031 |
Accrued compensation and other accrued liabilities | 82 | 5,599 |
Operating lease liability and right-of-use asset | 67 | 75 |
Deferred revenue | (13,017) | 15,000 |
Net cash flows used in operating activities | (55,048) | (43,613) |
Investing Activities | ||
Proceeds from maturities of short-term investments | 107,565 | 157,433 |
Purchase of short-term and long-term investments | (97,635) | (129,977) |
Purchases of property and equipment | (267) | (64) |
Net cash flows provided by investing activities | 9,663 | 27,392 |
Financing Activities | ||
Issuance of common stock for public offering, net of issuance costs | 59,941 | |
Issuance of common stock from ESPP purchase and stock option exercises | 435 | 327 |
Net cash flows provided by financing activities | 60,376 | 327 |
Net increase (decrease) in cash and cash equivalents | 14,991 | (15,894) |
Cash and cash equivalents at beginning of the period | 15,369 | 31,263 |
Cash and cash equivalents at end of the period | 30,360 | 15,369 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Right-of-use asset and operating lease liability recorded upon the adoption of ASC 842 | $ 2,052 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 476 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Catalyst Biosciences, Inc. and its subsidiary (the “Company” or “Catalyst”) is a fully integrated research and clinical development biopharmaceutical company with expertise in protease engineering, discovery, translational research, clinical development, and manufacturing. The Company is focused on advancing its protease product candidates in the fields of hemostasis and complement regulation. The Company is located in South San Francisco, California and operates in |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Liquidity | 2. The Company had a net loss of $56.2 million for the year ended December 31, 2020 and an accumulated deficit of $314.8 million as of December 31, 2020. The Company expects to continue to incur losses for the next several years. As of December 31, 2020, the Company had $81.9 million of cash, cash equivalents and investments. Its primary uses of cash are to fund operating expenses, including research and development expenditures and general and administrative expenditures. Based on the current status of its research and development plans, the Company believes that its existing cash, cash equivalents and investments as of December 31, 2020 will be sufficient to fund its cash requirements for at least the next 12 months from the date of the filing of this report. If, at any time, the Company’s prospects for financing its research and development programs decline, the Company may decide to reduce research and development expenses by delaying, discontinuing or reducing its funding of one or more of its research or development programs. Alternatively, the Company might raise funds through strategic collaborations, public or private financings or other arrangements. Such funding, if needed, may not be available on favorable terms, or at all. The Company will continue to evaluate the impact of the COVID-19 pandemic on our business, operations, and cash requirements. For recent financing, see Note 16. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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, if applicable, 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, allowance of doubtful accounts, operating lease right-of-use assets and liabilities, accrued expenses, income taxes 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 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 (“ASU 2018-18”). The amended guidance precludes presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2018-18 as of January 1, 2020. The adoption of ASU 2018-18 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The guidance removes, modifies, and adds certain disclosure requirements for fair value measurements. Entities no longer have to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2018-13 as of January 1, 2020. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements – Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . . 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. 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 consolidated 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 The Company invests its excess cash in investment grade, short to intermediate-term, fixed income securities and recognizes purchased securities on the settlement date. All investments have been classified as “available-for-sale” and are carried at estimated fair value 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 consolidated balance sheet date. Unrealized gains and losses on available-for-sale debt securities 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 debt securities are included in interest and other income, net. The cost of securities sold is based on the specific-identification method. Interest on short-term investments is included in interest and other income, net. Revenue Recognition License and Collaboration Arrangements The Company may enter into collaboration arrangements that fall under the scope Collaborative Arrangements (Topic 808). The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808 to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. The accounting for some of the activities under collaboration arrangements may be analogized to ASC 606 for distinct units of account that are reflective of a vendor-customer relationship. Under ASC 606, 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. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues attributed to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. At the inception of each arrangement that contain development milestones, the Company evaluates whether the development milestones included 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. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not generally considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of any development milestones, and if necessary, adjusts its estimate of the transaction price. Any such adjustments would be recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For research and development services, the Company elected the practical expedient to recognize revenue as the research and development services are invoiced. As the Company has a right to consideration from the collaboration agreement with Biogen, in an amount that corresponds directly with the value of the Company’s performance completed to date for the research services, the Company recognized revenue related to the research services as invoiced, in line with the practical expedient in ASC 606-10-55-18. The transaction price is allocated to each performance obligation on a relative stand-alone selling price (“SSP”) basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the timing of recognition and the SSP for each performance obligation identified in the contract. The SSP 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. Otherwise, selling prices for licenses are determined 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. To estimate the SSP for research and development services, the Company uses a cost-plus margin approach. Cost of License and Collaboration Revenue Cost of license revenue includes sublicense fees paid or payable to Mosaic Biosciences, Inc. (“Mosaic”), incurred in the period, under the terms of the Mosaic collaboration agreement, and fees for patent development and protection paid or payable to other third-party vendors corresponding to the recognition of license revenue from the Company’s collaboration agreement with Biogen International GmbH (“Biogen”). See Notes 8 and 12. Cost of license revenue does not include any allocated overhead costs. Cost of collaboration revenue includes fees for research and development services paid or payable to Mosaic and other third-party vendors and personnel cost, incurred in the period pertaining to the Biogen Agreement. See Notes 8 and 12. Cost of collaboration revenue does not include any allocated overhead costs. 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 agreement with Biogen, certain specific expenditures are reimbursed by third parties. During the year ended December 31, 2020, $5.4 million of research and development expense was recorded as cost of collaboration revenue related to the collaboration agreement with Biogen signed in December 2019. Accrued Research and Development Expenses Accrued expenses include estimated costs of research and development activities conducted by external service providers, which include the conduct of preclinical studies and clinical trials and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in other accrued liabilities in the consolidated balance sheet and within research and development expense in the consolidated statement of operations. These costs are a significant component of the research and development expenses. The Company records accrued expenses for these costs based on the estimated amount of work completed and in accordance with agreements established with these external service providers. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, investments and accounts receivable. 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 high quality of investment and investment duration. The Company is exposed to credit risk in the event of default by the institutions holding the cash and cash equivalents to the extent beyond the amount insured by the federal depository insurance corporation. The Company’s accounts receivable as of December 31, 2020 of $3.3 million as well as its total license and collaboration revenue of $20.9 million for the year ended December 31, 2020 is from one party, see Note 12. Accounts Receivable, net and Allowance for Doubtful Accounts Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Customer payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under the arrangements. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible. For the years ended December 31, 2020 and 2019, there were no allowance for doubtful accounts deemed necessary. 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, non-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, non-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. 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. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The Company has elected to combine lease and non-lease components as a single component. The lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the consolidated balance sheet as right-of-use assets, operating lease liabilities, current and operating lease liabilities, non-current. 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, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements For a description of the fair value hierarchy and fair value methodology, see “ Note 3 – Summary of Significant Accounting Policies The following tables present the fair value hierarchy for assets measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands) December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 30,360 $ — $ — $ 30,360 U.S. government agency securities (2) 37,837 — — 37,837 Federal agency securities (2) — 13,700 — 13,700 Total financial assets $ 68,197 $ 13,700 $ — $ 81,897 (1) Included in cash and cash equivalents on accompanying consolidated balance sheet. ( 2 ) Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities. $2.5 million of U.S. government agency securities are included in long-term investments on the accompanying consolidated balance sheets due to the maturity being more than 12 months. December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 15,369 $ — $ — $ 15,369 U.S. government agency securities (2) 51,490 — — 51,490 Federal agency securities (2) — 10,006 — 10,006 Total financial assets $ 66,859 $ 10,006 $ — $ 76,865 (1) Included in cash and cash equivalents on accompanying consolidated balance sheet. (2) Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities. The carrying amounts of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of these instruments. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | 5. Financial Instruments Cash equivalents and investments (debt securities) which are classified as available-for-sale securities, consisted of the following (in thousands) December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 30,360 $ — $ — $ 30,360 U.S. government agency securities 37,835 2 — 37,837 Federal agency securities 13,697 3 — 13,700 Total financial assets $ 81,892 $ 5 $ — $ 81,897 Classified as: Cash and cash equivalents $ 30,360 Short-term investments 48,994 Long-term investments 2,543 $ 81,897 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 15,369 $ — $ — $ 15,369 U.S. government agency securities 51,467 23 — 51,490 Federal agency securities 9,995 11 — 10,006 Total financial assets $ 76,831 $ 34 $ — $ 76,865 Classified as: Cash and cash equivalents $ 15,369 Short-term investments 61,496 $ 76,865 There have been no material realized gains or losses on available-for-sale debt securities for the periods presented. As of December 31, 2020, the remaining contractual maturities of $49.0 million of available-for-sale debt securities was less than one year and $2.5 million of available-for-sale debt securities were less than two years. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | 6. Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands) Year Ended December 31, 2020 2019 Professional and consulting services $ 3,979 $ 2,026 Manufacturing 2,238 4,320 Clinical 291 435 Other 235 250 Total other accrued liabilities $ 6,743 $ 7,031 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Manufacturing Agreements On May 20, 2016, the Company signed a development and manufacturing services agreement with AGC Biologics, Inc. (“AGC”), formerly known as CMC ICOS Biologics, Inc., pursuant to which AGC will conduct manufacturing development of agreed upon product candidates. The Company has firm work orders with AGC to manufacture MarzAA and DalcA to support its clinical trials totaling $11.2 million and the payment obligations remaining at the year ended December 31, 2020 was $2.3 million. On October 9, 2019, the Company and Catalent Indiana, LLC (“Catalent”) signed a clinical supply services agreement, effective October 4, 2019, pursuant to which Catalent will conduct drug product development of agreed upon product candidates. The Company had firm work orders with Catalent to manufacture DalcA to support its clinical trial totaling $0.5 million and all outstanding amounts were paid during the year ended December 31, 2020. The current COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting our employees, potential trial participants and business operations. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID-19, the actions taken to contain it or treat its impact and the economic impact on local, regional, national, and international markets. The COVID-19 pandemic may disrupt the operations of the Company’s manufacturers or disrupt supply logistics, which could impact the timing of deliveries and potentially increase expenses under our agreements. All required MarzAA supplies for the MAA-304 and MAA-202 studies have been manufactured. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | 8 . Related Parties On October 24, 2017, the Company announced a strategic research collaboration with Mosaic to develop intravitreal anti-complement factor 3 (C3) products for the treatment of dry Age-related Macular Degeneration (AMD) and other retinal diseases. Dr. Usman, the Company’s Chief Executive Officer and a member of the Company’s board of directors, and Mr. Lawlor, a member of the Company’s board of directors, were also members of the board of directors of Mosaic. On December 21, 2018, the Company amended its collaboration agreement with Mosaic to, among other things, include certain additional products. Pursuant to the Mosaic collaboration agreement, as amended, the Company and Mosaic co-funded certain research. On December 18, 2019, the Company entered into the second amendment to the Mosaic collaboration agreement following completion of the co-funded research. Pursuant to the second amendment, any future services provided by Mosaic will be performed on a fee-for-service basis. In connection with the Biogen Agreement, the Company received a $15.0 million upfront license fee on January 10, 2020, see Note 12. The Company paid Mosaic a $3.0 million sublicense fee and recorded such payment as cost of license revenue for the year ended December 31, 2020. On May 8, 2020, the Company entered into a subsequent amendment to the Mosaic collaboration agreement. As part of this amendment, the Company paid a one-time $0.8 million cash payment to Mosaic, and Mosaic is eligible to receive up to $4.0 million in potential future milestone payments related to regulatory and clinical development events for CB 2782-PEG and an additional anti-complement product candidate in lieu of the Company’s obligations to pay Mosaic a double-digit percentage of funds the Company receives from Biogen or any other amounts the Company receives related to sublicense fees, research and development payments, or any other research, regulatory, clinical or commercial milestones and royalties on any other development candidates. The Company now owns one hundred percent of all future payment streams related to these product candidates. The one-time $0.8 million cash payment was recorded to research and development expenses for the year ended December 31, 2020. As of June 30, 2020, Mosaic was no longer a related party. Total expense related to the collaboration with Mosaic were $1.6 million for the year ended December 31, 2020, of which expense recognized while Mosaic was a related party were $1.3 million, and $1.1 million for the year ended December 31, 2019. The amount incurred in 2020 is fully reimbursable under the Biogen Agreement, see Note 12. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | 9. Leases The Company leases office space for its corporate headquarters, located in South San Francisco, CA. The lease term is through April 30, 2023 and there are no stated renewal options. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate based on the original lease term and not the remaining lease term. The lease includes non-lease components ( e.g. On July 17, 2020, the Company entered into an amendment to the existing lease agreement to lease additional office space for an aggregated undiscounted future monthly payment of $0.5 million. This amendment is treated as a separate lease with a lease term of 2.6 years and commenced during the fourth quarter of 2020. For the years ended December 31, 2020 and 2019, the Company’s operating lease expense was $0.7 million and $0.6 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows: December 31, December 31, 2020 2019 Weighted-average remaining lease term 2.33 years 3.33 years Weighted-average discount rate 5.7 % 6.0 % The maturity of the Company’s operating lease liabilities as of December 31, 2020 were as follows (in thousands): Undiscounted lease payments Operating Leases 2021 $ 739 2022 762 2023 259 Total undiscounted lease payments 1,760 Less: imputed interest (116 ) Total operating lease liability $ 1,644 Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company did not incur significant variable lease costs for the years ended December 31, 2020 and 2019. Supplemental cash flow information for the years ended December 31, 2020 and 2019 related to operating leases was as follows (in thousands) Year Ended December 31, 2020 2019 Cash paid for leases that were included in operating cash outflows $ 602 $ 562 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
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. On June 11, 2020, the stockholders of the Company approved an amendment previously approved by the Board to increase the number of shares of common stock reserved for issuance under the 2018 Plan by 1,300,000 to a total of 2,800,000 shares. The amendment became effective immediately upon stockholder approval. 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, 2018 1,361,977 $ 12.04 8.71 $ 2,294 Options granted 450,900 7.85 Options exercised (41,219 ) 4.57 159 Options forfeited (182,722 ) 8.36 Options expired (11,395 ) 96.49 Outstanding — December 31, 2019 1,577,541 10.85 8.15 1,350 Options granted 1,091,250 6.26 Options exercised (44,605 ) 5.04 116 Options forfeited (250,641 ) 10.32 Options expired (17,930 ) 51.12 Outstanding — December 31, 2020 2,355,615 8.59 7.96 1,337 Exercisable — December 31, 2020 1,113,791 $ 10.45 7.14 $ 823 Shares available to be granted — December 31, 2020 1,255,302 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. 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 fair value of employee stock options was estimated using the following weighted-average assumptions for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Employee Stock Options: Expected term (in years) 5.81 5.98 Risk-free interest rate 0.91 % 2.35 % Dividend yield — — Volatility 113.36 % 90.81 % Weighted-average fair value of stock options granted $ 5.20 $ 5.85 Total stock-based compensation recognized was as follows (in thousands): Year Ended December 31, 2020 2019 Research and development $ 1,487 $ 1,052 General and administrative (1) 2,140 2,152 Total stock-based compensation $ 3,627 $ 3,204 (1) Included in general and administrative stock-based compensation for the years ended December 31, 2020 and 2019 is $0.3 million and $0.2 million in expense related to 51,056 shares and 24,235 shares of common stock, respectively, issued to certain board members in lieu of their cash compensation. As of December 31, 2020, 1,255,302 shares of common stock were available for future grant and 2,355,615 options to purchase shares of common stock were outstanding. As of December 31, 2020, 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 Employee Stock Purchase Plan In June 2018, the Company’s stockholders approved the 2018 Employee Stock Purchase Plan (the “ESPP”). The 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 The Company’s ESPP is subject to an Evergreen provision which shares may be added to the pool as needed. As of December 31, 2020, a total of 359,545 shares of common stock may be granted in accordance with the terms of the ESPP as of December 31, 2020. For the year ended December 31, 2020, a total of 38,248 shares of common stock for $0.2 million have been issued to employees participating in the two ESPP purchases of 2020 and 300,444 shares are available for issuance under the ESPP as of December 31, 2020. Stock-based compensation expense for the ESPP was $0.1 million and $0.1 million for the years ended December 31, 2020 and 2019, respectively, and is included in total stock-based compensation recognized. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. 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, 2020 and 2019 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, 2020 and 2019 are as follows: Year Ended December 31, 2020 2019 Tax at statutory federal rate -21.00 % -21.00 % State Tax (benefit)—net of federal benefit 0.00 % -0.06 % Permanent differences 0.58 % 0.43 % Tax credits -12.26 % -11.20 % Derecognition due to Sec. 382 and 383 limitations 44.55 % 0.00 % Change in valuation allowance -12.25 % 31.20 % Other 0.38 % 0.63 % Effective tax rate 0.00 % 0.00 % Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 consist of the following (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets: Accruals and reserves $ 1,095 $ 936 Net operating loss carry forwards 29,505 34,392 Tax credit carry forwards 7,789 9,945 Fixed and intangible assets 7 10 Valuation allowance (38,396 ) (45,283 ) Net deferred tax assets: $ — $ — Based on the available objective evidence at December 31, 2020, 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, 2020 and 2019. The net valuation allowance decreased by approximately $6.9 million and increased by approximately $17.2 million during the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, after consideration of certain limitations (see below), the Company had approximately $140.4 million federal and $8.0 million state net operating loss carryforwards (“NOL”) available to reduce future taxable income which, if unused, will begin to expire in 2037 for federal and 2032 for state tax purposes. The federal net operating loss carryforward includes $132.9 million that have an indefinite life. As of December 31, 2020, the Company also had tax credit carry forwards available to offset future tax liabilities of approximately $5.0 million for federal and $6.8 million for state. If unused, the federal credit will begin to expire in 2040 and the state tax credit does not expire. If the Company experiences a greater than 50 percent 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, February 15, 2018, and February 18, 2020. Approximately $156.3 million and $70.8 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 $32.8 million and $0 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 $15.2 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. On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” (the “Act”) was signed into law. The Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, and modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company analyzed the provisions of the Act and determined there was no significant impact to its 2020 tax provision. On June 29, 2020, the California Governor signed Assembly Bill 85 (“A.B. 85”), which now becomes California law. A.B. 85, which includes several tax measures, provides for a three-year suspension of the use of net operating losses for medium and large businesses and a three-year cap on the use of business incentive tax credits to offset no more than $5 million of tax per year. Generally, A.B. 85 suspends the use of net operating losses for taxable years 2020, 2021, and 2022 for taxpayers with taxable income of $1 million or more. Since the Company is not expected to generate California source taxable income of more than $1 million, no material impact is anticipated at this time. On December 27, 2020, the “Consolidated Appropriations Act, 2021” (the “CAA”) was signed into law. The CAA includes provisions meant to clarify and modify certain items put forth in CARES Act, while providing aid to businesses affected by the pandemic. The CAA allows deductions for expenses paid for by Paycheck Protection Program (“PPP”) and Economic Injury Disaster Loan (“EIDL”) Program, clarifies forgiveness of EIDL advances, and other business provisions. The Company analyzed the provisions of the CAA and determined there was no significant impact to its 2020 tax provision. 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 $3.0 million and $1.9 million of unrecognized tax benefits as of December 31, 2020 and 2019, 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, 2019 $ 1,573 Increase/(Decrease) of unrecognized tax benefits taken in prior years 45 Increase/(Decrease) of unrecognized tax benefits related to current year 253 Ending Balance at December 31, 2019 $ 1,871 Increase/(Decrease) of unrecognized tax benefits taken in prior years (295 ) Increase/(Decrease) of unrecognized tax benefits related to current year 1,379 Ending Balance at December 31, 2020 $ 2,955 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, 2020 and 2019, 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, Kansas, Missouri and New Jersey state jurisdictions. The Company is not currently under examination by income tax authorities in federal, state or other jurisdictions. As of December 31, 2020 and 2019, 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, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborations | 12. Collaborations Pfizer Pursuant to the termination agreement entered into 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 marzeptacog alfa (activated) - 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 up to $ 17.5 million, payable upon the achievement of certain clinical, regulatory and commercial milestones. Following commercialization of any covered product, Pfizer w ill 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 $ million milestone payment based on the dosing of the first patient in its Phase 2 study ; the amount was recorded as a research and development expens e . No payments were made to Pfizer in the year ended December 31, 20 20 . 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 its previous license and collaboration agreement with ISU Abxis previously 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 the Company’s engineered Factor IX dalcinonacog alfa - 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 pay up to an aggregate of $19.5 million in milestone payments to ISU Abxis, including $2.5 million in regulatory and development milestone payments and up to $17.0 million in commercial milestone payments, if the applicable milestones are met. As of December 31, 2020, no milestones have been met. Biogen On December 18, 2019, the Company and Biogen International GmbH (“Biogen”) entered into a License and Collaboration Agreement (the “Biogen Agreement”), under which the Company granted Biogen a worldwide, royalty-bearing, exclusive, with the right to sublicense, license (“Exclusive License”) to develop and commercialize CB 2782-PEG and other anti-C3 proteases for potential treatment of dry AMD and other disorders. Pursuant to the Biogen Agreement, the Company will perform certain pre-clinical and manufacturing activities (“Research Services”), and Biogen will be solely responsible for funding the pre-clinical and manufacturing activities and performing IND-enabling activities, worldwide clinical development, and commercialization. The Company will provide the Research Services over a term of thirty months twelve-month Under the terms of the Biogen Agreement, the Company received an up-front payment for the transfer of the Exclusive License (inclusive of certain know-how) of $15.0 The Company determined that the performance obligations under the Biogen Agreement were the Exclusive License and the Research Services. For the Exclusive License, the Company used the residual approach in determining the standalone selling price, or SSP, which includes the upfront payments, milestones and royalties. For the Research Services, the Company used the historical pricing approach for determining the SSP, which includes the reimbursement of personnel and out-of-pocket costs. The Biogen Agreement will continue on a product-by-product and country-by-country basis until the tenth anniversary of the first commercial sale of the first product in a country, unless terminated earlier by either party as specified under the agreement. For the year ended December 31, 2020, the Company recognized the $15.0 million in license revenue upon the transfer of the Exclusive License and the related know-how, and $0.1 million in license revenue for reimbursable out-of-pocket costs incurred. For the year ended December 31, 2020, the Company recorded $5.8 million in collaboration revenue for reimbursable out-of-pocket and personnel costs incurred related to research services. |
Interest and Other Income, Net
Interest and Other Income, Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Interest and Other Income, Net | 13. Interest and Other Income, Net The following table shows the detail of interest and other income, net for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Interest income $ 561 $ 2,145 Miscellaneous income (expense) 659 (39 ) Other (91 ) (7 ) Total interest and other income, net $ 1,129 $ 2,099 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 14. Stockholders’ Equity In February 2020, In June 2020, the Company completed an underwritten public offering of 4,615,384 shares of its common stock at a price of $6.50 per share. The net proceeds to the Company, after deducting $2.0 million in underwriting discounts and commissions and offering expenses payable by the Company, were approximately $28.0 million. The Company had issued and outstanding common stock warrants as follows: Number of Shares Weighted Average Underlying Warrants Exercise Price Outstanding — December 31, 2018 10,194 $ 155.73 Issued — Exercised — Forfeited (2,337 ) 499.50 Outstanding — December 31, 2019 7,857 53.61 Issued — Exercised — Forfeited (7,772 ) 49.91 Outstanding — December 31, 2020 85 $ 392.70 |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 15. 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, 2020 and 2019 (in thousands, except share and per share data) Year Ended December 31, 2020 2019 Net loss $ (56,241 ) $ (55,178 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 19,179,299 12,004,489 Net loss per share, basic and diluted $ (2.93 ) $ (4.60 ) 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 that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2020 2019 Options to purchase common stock 2,355,615 1,577,541 Common stock warrants 85 7,857 Total 2,355,700 1,585,398 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Event In the first quarter of 2021, we sold an aggregate of 9,185,000 registered shares of common stock (including 485,000 shares sold pursuant to the exercise of the underwriters’ overallotment option) at a price of $5.75 per share. The net proceeds, after deducting $3.5 million underwriting discounts and offering expenses, were approximately $49.3 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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, if applicable, 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, allowance of doubtful accounts, operating lease right-of-use assets and liabilities, accrued expenses, income taxes 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 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 (“ASU 2018-18”). The amended guidance precludes presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2018-18 as of January 1, 2020. The adoption of ASU 2018-18 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The guidance removes, modifies, and adds certain disclosure requirements for fair value measurements. Entities no longer have to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2018-13 as of January 1, 2020. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements – Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . . |
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. |
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 consolidated 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 The Company invests its excess cash in investment grade, short to intermediate-term, fixed income securities and recognizes purchased securities on the settlement date. All investments have been classified as “available-for-sale” and are carried at estimated fair value 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 consolidated balance sheet date. Unrealized gains and losses on available-for-sale debt securities 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 debt securities are included in interest and other income, net. The cost of securities sold is based on the specific-identification method. Interest on short-term investments is included in interest and other income, net. |
Revenue Recognition | Revenue Recognition License and Collaboration Arrangements The Company may enter into collaboration arrangements that fall under the scope Collaborative Arrangements (Topic 808). The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808 to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. The accounting for some of the activities under collaboration arrangements may be analogized to ASC 606 for distinct units of account that are reflective of a vendor-customer relationship. Under ASC 606, 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. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues attributed to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. At the inception of each arrangement that contain development milestones, the Company evaluates whether the development milestones included 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. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not generally considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of any development milestones, and if necessary, adjusts its estimate of the transaction price. Any such adjustments would be recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For research and development services, the Company elected the practical expedient to recognize revenue as the research and development services are invoiced. As the Company has a right to consideration from the collaboration agreement with Biogen, in an amount that corresponds directly with the value of the Company’s performance completed to date for the research services, the Company recognized revenue related to the research services as invoiced, in line with the practical expedient in ASC 606-10-55-18. The transaction price is allocated to each performance obligation on a relative stand-alone selling price (“SSP”) basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the timing of recognition and the SSP for each performance obligation identified in the contract. The SSP 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. Otherwise, selling prices for licenses are determined 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. To estimate the SSP for research and development services, the Company uses a cost-plus margin approach. |
Cost of License and Collaboration Revenue | Cost of License and Collaboration Revenue Cost of license revenue includes sublicense fees paid or payable to Mosaic Biosciences, Inc. (“Mosaic”), incurred in the period, under the terms of the Mosaic collaboration agreement, and fees for patent development and protection paid or payable to other third-party vendors corresponding to the recognition of license revenue from the Company’s collaboration agreement with Biogen International GmbH (“Biogen”). See Notes 8 and 12. Cost of license revenue does not include any allocated overhead costs. Cost of collaboration revenue includes fees for research and development services paid or payable to Mosaic and other third-party vendors and personnel cost, incurred in the period pertaining to the Biogen Agreement. See Notes 8 and 12. Cost of collaboration revenue does not include any allocated overhead costs. |
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 agreement with Biogen, certain specific expenditures are reimbursed by third parties. During the year ended December 31, 2020, $5.4 million of research and development expense was recorded as cost of collaboration revenue related to the collaboration agreement with Biogen signed in December 2019. |
Accrued Research and Development Expenses | Accrued Research and Development Expenses Accrued expenses include estimated costs of research and development activities conducted by external service providers, which include the conduct of preclinical studies and clinical trials and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in other accrued liabilities in the consolidated balance sheet and within research and development expense in the consolidated statement of operations. These costs are a significant component of the research and development expenses. The Company records accrued expenses for these costs based on the estimated amount of work completed and in accordance with agreements established with these external service providers. |
Concentration Risk Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, investments and accounts receivable. 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 high quality of investment and investment duration. The Company is exposed to credit risk in the event of default by the institutions holding the cash and cash equivalents to the extent beyond the amount insured by the federal depository insurance corporation. The Company’s accounts receivable as of December 31, 2020 of $3.3 million as well as its total license and collaboration revenue of $20.9 million for the year ended December 31, 2020 is from one party, see Note 12. |
Accounts Receivable, net and Allowance for Doubtful Accounts | Accounts Receivable, net and Allowance for Doubtful Accounts Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Customer payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under the arrangements. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible. For the years ended December 31, 2020 and 2019, there were no allowance for doubtful accounts deemed necessary. |
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, non-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, non-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. 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. |
Leases | Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The Company has elected to combine lease and non-lease components as a single component. The lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the consolidated balance sheet as right-of-use assets, operating lease liabilities, current and operating lease liabilities, non-current. |
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, 2020 | |
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 measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands) December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 30,360 $ — $ — $ 30,360 U.S. government agency securities (2) 37,837 — — 37,837 Federal agency securities (2) — 13,700 — 13,700 Total financial assets $ 68,197 $ 13,700 $ — $ 81,897 (1) Included in cash and cash equivalents on accompanying consolidated balance sheet. ( 2 ) Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities. $2.5 million of U.S. government agency securities are included in long-term investments on the accompanying consolidated balance sheets due to the maturity being more than 12 months. December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 15,369 $ — $ — $ 15,369 U.S. government agency securities (2) 51,490 — — 51,490 Federal agency securities (2) — 10,006 — 10,006 Total financial assets $ 66,859 $ 10,006 $ — $ 76,865 (1) Included in cash and cash equivalents on accompanying consolidated balance sheet. (2) Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities. The carrying amounts of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of these instruments. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Cash Equivalents, Restricted Cash and Short-Term Investments Classified as Available-for-sale Securities | Cash equivalents and investments (debt securities) which are classified as available-for-sale securities, consisted of the following (in thousands) December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 30,360 $ — $ — $ 30,360 U.S. government agency securities 37,835 2 — 37,837 Federal agency securities 13,697 3 — 13,700 Total financial assets $ 81,892 $ 5 $ — $ 81,897 Classified as: Cash and cash equivalents $ 30,360 Short-term investments 48,994 Long-term investments 2,543 $ 81,897 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 15,369 $ — $ — $ 15,369 U.S. government agency securities 51,467 23 — 51,490 Federal agency securities 9,995 11 — 10,006 Total financial assets $ 76,831 $ 34 $ — $ 76,865 Classified as: Cash and cash equivalents $ 15,369 Short-term investments 61,496 $ 76,865 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands) Year Ended December 31, 2020 2019 Professional and consulting services $ 3,979 $ 2,026 Manufacturing 2,238 4,320 Clinical 291 435 Other 235 250 Total other accrued liabilities $ 6,743 $ 7,031 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Summary of Present Value Assumptions used in Calculating Present Value of Lease Payments | The present value assumptions used in calculating the present value of the lease payments were as follows: December 31, December 31, 2020 2019 Weighted-average remaining lease term 2.33 years 3.33 years Weighted-average discount rate 5.7 % 6.0 % |
Schedule of Maturity of Operating Lease Liabilities | The maturity of the Company’s operating lease liabilities as of December 31, 2020 were as follows (in thousands): Undiscounted lease payments Operating Leases 2021 $ 739 2022 762 2023 259 Total undiscounted lease payments 1,760 Less: imputed interest (116 ) Total operating lease liability $ 1,644 |
Schedule of Supplemental Cash Flow Information | Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company did not incur significant variable lease costs for the years ended December 31, 2020 and 2019. Supplemental cash flow information for the years ended December 31, 2020 and 2019 related to operating leases was as follows (in thousands) Year Ended December 31, 2020 2019 Cash paid for leases that were included in operating cash outflows $ 602 $ 562 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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, 2018 1,361,977 $ 12.04 8.71 $ 2,294 Options granted 450,900 7.85 Options exercised (41,219 ) 4.57 159 Options forfeited (182,722 ) 8.36 Options expired (11,395 ) 96.49 Outstanding — December 31, 2019 1,577,541 10.85 8.15 1,350 Options granted 1,091,250 6.26 Options exercised (44,605 ) 5.04 116 Options forfeited (250,641 ) 10.32 Options expired (17,930 ) 51.12 Outstanding — December 31, 2020 2,355,615 8.59 7.96 1,337 Exercisable — December 31, 2020 1,113,791 $ 10.45 7.14 $ 823 Shares available to be granted — December 31, 2020 1,255,302 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of employee stock options was estimated using the following weighted-average assumptions for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Employee Stock Options: Expected term (in years) 5.81 5.98 Risk-free interest rate 0.91 % 2.35 % Dividend yield — — Volatility 113.36 % 90.81 % Weighted-average fair value of stock options granted $ 5.20 $ 5.85 |
Summary of Stock-Based Compensation Recognized | Total stock-based compensation recognized was as follows (in thousands): Year Ended December 31, 2020 2019 Research and development $ 1,487 $ 1,052 General and administrative (1) 2,140 2,152 Total stock-based compensation $ 3,627 $ 3,204 (1) Included in general and administrative stock-based compensation for the years ended December 31, 2020 and 2019 is $0.3 million and $0.2 million in expense related to 51,056 shares and 24,235 shares of common stock, respectively, issued to certain board members in lieu of their cash compensation. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019 are as follows: Year Ended December 31, 2020 2019 Tax at statutory federal rate -21.00 % -21.00 % State Tax (benefit)—net of federal benefit 0.00 % -0.06 % Permanent differences 0.58 % 0.43 % Tax credits -12.26 % -11.20 % Derecognition due to Sec. 382 and 383 limitations 44.55 % 0.00 % Change in valuation allowance -12.25 % 31.20 % Other 0.38 % 0.63 % Effective tax rate 0.00 % 0.00 % |
Components of the Company's Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 consist of the following (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets: Accruals and reserves $ 1,095 $ 936 Net operating loss carry forwards 29,505 34,392 Tax credit carry forwards 7,789 9,945 Fixed and intangible assets 7 10 Valuation allowance (38,396 ) (45,283 ) 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, 2019 $ 1,573 Increase/(Decrease) of unrecognized tax benefits taken in prior years 45 Increase/(Decrease) of unrecognized tax benefits related to current year 253 Ending Balance at December 31, 2019 $ 1,871 Increase/(Decrease) of unrecognized tax benefits taken in prior years (295 ) Increase/(Decrease) of unrecognized tax benefits related to current year 1,379 Ending Balance at December 31, 2020 $ 2,955 |
Interest and Other Income, Net
Interest and Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Detail of Interest and Other Income, Net | The following table shows the detail of interest and other income, net for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Interest income $ 561 $ 2,145 Miscellaneous income (expense) 659 (39 ) Other (91 ) (7 ) Total interest and other income, net $ 1,129 $ 2,099 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Warrant Activity | The Company had issued and outstanding common stock warrants as follows: Number of Shares Weighted Average Underlying Warrants Exercise Price Outstanding — December 31, 2018 10,194 $ 155.73 Issued — Exercised — Forfeited (2,337 ) 499.50 Outstanding — December 31, 2019 7,857 53.61 Issued — Exercised — Forfeited (7,772 ) 49.91 Outstanding — December 31, 2020 85 $ 392.70 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019 (in thousands, except share and per share data) Year Ended December 31, 2020 2019 Net loss $ (56,241 ) $ (55,178 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 19,179,299 12,004,489 Net loss per share, basic and diluted $ (2.93 ) $ (4.60 ) |
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 that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2020 2019 Options to purchase common stock 2,355,615 1,577,541 Common stock warrants 85 7,857 Total 2,355,700 1,585,398 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Segment | |
Accounting Policies [Abstract] | |
Number of operating segment | 1 |
Liquidity - Additional Informat
Liquidity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Liquidity [Abstract] | ||
Accumulated deficit | $ 314,761 | $ 258,520 |
Cash, cash equivalents and short-term investments | 81,900 | |
Net loss | $ 56,241 | $ 55,178 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Accounts receivable | $ 3,300 |
License and collaboration revenue | 20,948 |
Research and Development Expense | |
Summary Of Significant Accounting Policies [Line Items] | |
Cost of collaboration revenue | $ 5,400 |
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 |
AS 2016-02 | |
Summary Of Significant Accounting Policies [Line Items] | |
Lease practical expedients | true |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | $ 81,897 | $ 76,865 | |||
Money Market Funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | [1] | 30,360 | 15,369 | ||
U.S. Government Agency Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 37,837 | [2] | 51,490 | [3] | |
Federal Agency Securities | Short-Term Investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 13,700 | [2] | 10,006 | [3] | |
Fair Value, Inputs, Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 68,197 | 66,859 | |||
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] | 30,360 | 15,369 | ||
Fair Value, Inputs, Level 1 | U.S. Government Agency Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 37,837 | [2] | 51,490 | [3] | |
Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value | 13,700 | 10,006 | |||
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 | $ 13,700 | [2] | $ 10,006 | [3] | |
[1] | Included in cash and cash equivalents on accompanying consolidated balance sheet. | ||||
[2] | Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities. $2.5 million of U.S. government agency securities are included in long-term investments on the accompanying consolidated balance sheets due to the maturity being more than 12 months. | ||||
[3] | Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities. |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value - Additional Information (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Long Term Investments | U.S. Government Agency Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale, debt securities | $ 2.5 |
Cash Equivalents, Restricted Ca
Cash Equivalents, Restricted Cash and Short-Term Investments Classified as Available-for-sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 81,892 | $ 76,831 |
Gross Unrealized Gains | 5 | 34 |
Estimated Fair Value | 81,897 | 76,865 |
Money Market Funds | Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 30,360 | 15,369 |
Estimated Fair Value | 30,360 | 15,369 |
U.S. Government Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 37,835 | 51,467 |
Gross Unrealized Gains | 2 | 23 |
Estimated Fair Value | 37,837 | 51,490 |
Cash and Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | 30,360 | 15,369 |
Short-Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | 48,994 | 61,496 |
Long-Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | 2,543 | |
Federal Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 13,697 | 9,995 |
Gross Unrealized Gains | 3 | 11 |
Estimated Fair Value | $ 13,700 | $ 10,006 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Material realized gains or losses on available-for-sale securities | $ 0 |
Available-for-sale debt securities current | 49,000,000 |
Available-for-sale-debt securities noncurrent | $ 2,500,000 |
Schedule of Other Accrued Liabi
Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Professional and consulting services | $ 3,979 | $ 2,026 |
Manufacturing | 2,238 | 4,320 |
Clinical | 291 | 435 |
Other | 235 | 250 |
Total other accrued liabilities | $ 6,743 | $ 7,031 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Dec. 31, 2020USD ($) |
AGC Biologics, Inc | Marzeptacog Alfa Activated and Dalcinonacog Alfa | |
Commitments And Contingencies Disclosure [Line Items] | |
Clinical trials | $ 11.2 |
Contractual obligation payments | 2.3 |
Catalent Indiana, LLC. | Dalcinonacog alfa. | |
Commitments And Contingencies Disclosure [Line Items] | |
Clinical trials | 0.5 |
Clinical trials paid | $ 0.5 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - Mosaic - USD ($) $ in Millions | May 08, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 10, 2020 |
Related Party Transaction [Line Items] | ||||
Expenses related to collaboration | $ 0.8 | |||
Maximum | ||||
Related Party Transaction [Line Items] | ||||
Milestone Payment Related To Regulatory And Clinical Development Events | $ 4 | |||
Research and Development Expense | ||||
Related Party Transaction [Line Items] | ||||
Other Research and Development Expense | $ 0.8 | |||
Intravitreal Anti-Complement Factor 3 | ||||
Related Party Transaction [Line Items] | ||||
Payment related to collaboration | 3 | |||
Collaboration Agreement | ||||
Related Party Transaction [Line Items] | ||||
Expenses related to collaboration | 1.6 | |||
Collaboration Agreement | Intravitreal Anti-Complement Factor 3 | ||||
Related Party Transaction [Line Items] | ||||
Expenses related to collaboration | $ 1.3 | $ 1.1 | ||
Biogen Collaboration | Intravitreal Anti-Complement Factor 3 | ||||
Related Party Transaction [Line Items] | ||||
Upfront license fee received from collaboration agreement | $ 15 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 17, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Disclosure [Abstract] | |||
Lease expiration date | Apr. 30, 2023 | ||
Lessee operating lease renewal term description | no stated renewal options | ||
Operating lease not yet commenced description | commenced during the fourth quarter of 2020. | ||
Operating lease term of contract | 2 years 7 months 6 days | ||
Total undiscounted lease payments | $ 500 | $ 1,760 | |
Operating lease expense | $ 700 | $ 600 |
Summary of Present Value Assump
Summary of Present Value Assumptions used in Calculating Present Value of Lease Payments (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Disclosure [Abstract] | ||
Weighted-average remaining lease term | 2 years 3 months 29 days | 3 years 3 months 29 days |
Weighted-average discount rate | 5.70% | 6.00% |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities - (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jul. 17, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2021 | $ 739 | |
2022 | 762 | |
2023 | 259 | |
Total undiscounted lease payments | 1,760 | $ 500 |
Less: imputed interest | (116) | |
Total operating lease liability | $ 1,644 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease Liabilities Payments Due [Abstract] | ||
Cash paid for leases that were included in operating cash outflows | $ 602 | $ 562 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 11, 2020 | Jun. 13, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] | |||||
Number of common stock available for future grant | 1,255,302 | ||||
Shares remaining outstanding | 2,355,615 | 1,577,541 | 1,361,977 | ||
Total stock-based compensation | $ 3,627 | $ 3,204 | |||
Employee Stock Option | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] | |||||
Unrecognized employee stock based compensation expense | $ 6,500 | ||||
Unrecognized employee stock based compensation expense, period for recognition | 2 years 7 months 17 days | ||||
2018 Omnibus Incentive Plan | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] | |||||
Increase in number of shares of common stock reserved for issuance | 1,300,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,800,000 | ||||
2018 Employee Stock Purchase Plan | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] | |||||
Number of common stock available for future grant | 300,444 | ||||
Maximum employee subscription rate | 15.00% | ||||
Number of common stock authorized for issuance | 359,545 | ||||
Number of common stock stock issued | 38,248 | ||||
Proceeds from Issuance | $ 200 | ||||
Total stock-based compensation | $ 100 | $ 100 | |||
2018 Employee Stock Purchase Plan | Maximum | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] | |||||
Percentage of fair market value of common stock | 85.00% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares Underlying Outstanding Options | |||
Number of Shares Underlying Outstanding Options, Beginning Balance | 1,577,541 | 1,361,977 | |
Number of Shares Underlying Outstanding Options, Options granted | 1,091,250 | 450,900 | |
Number of Shares Underlying Outstanding Options, Options exercised | (44,605) | (41,219) | |
Number of Shares Underlying Outstanding Options, Options forfeited | (250,641) | (182,722) | |
Number of Shares Underlying Outstanding Options, Options expired | (17,930) | (11,395) | |
Number of Shares Underlying Outstanding Options, Ending Balance | 2,355,615 | 1,577,541 | 1,361,977 |
Number of Shares Underlying Outstanding Options, Exercisable- December 31, 2020 | 1,113,791 | ||
Shares available to be granted - December 31, 2020 | 1,255,302 | ||
Weighted- Average Exercise Price | |||
Weighted- Average Exercise Price, Beginning Balance | $ 10.85 | $ 12.04 | |
Weighted- Average Exercise Price, Options granted | 6.26 | 7.85 | |
Weighted- Average Exercise Price, Options exercised | 5.04 | 4.57 | |
Weighted- Average Exercise Price, Options forfeited | 10.32 | 8.36 | |
Weighted- Average Exercise Price, Options expired | 51.12 | 96.49 | |
Weighted- Average Exercise Price, Ending Balance | 8.59 | $ 10.85 | $ 12.04 |
Weighted- Average Exercise Price, Exercisable - December 31, 2020 | $ 10.45 | ||
Weighted-Average Remaining Contractual Term (Years) | |||
Weighted-Average Remaining Contractual Term (Years), Outstanding Balance | 7 years 11 months 15 days | 8 years 1 month 24 days | 8 years 8 months 15 days |
Weighted Average Remaining Contractual Term, Exercisable - December 31, 2020 | 7 years 1 month 20 days | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value, Outstanding | $ 1,350 | $ 2,294 | |
Aggregate Intrinsic Value, Options exercised | 116 | 159 | |
Aggregate Intrinsic Value, Outstanding | 1,337 | $ 1,350 | $ 2,294 |
Aggregate Intrinsic Value, Exercisable - December 31, 2020 | $ 823 |
Fair Values of Stock Options Es
Fair Values of Stock Options Estimated Using Black-Scholes Valuation Model (Detail) - Employee Stock Option - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items] | ||
Expected term (in years) | 5 years 9 months 21 days | 5 years 11 months 23 days |
Risk-free interest rate | 0.91% | 2.35% |
Dividend yield | 0.00% | 0.00% |
Volatility | 113.36% | 90.81% |
Weighted-average fair value of stock options granted | $ 5.20 | $ 5.85 |
Summary of Stock-Based Compensa
Summary of Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 3,627 | $ 3,204 | |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 1,487 | 1,052 | |
General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | [1] | $ 2,140 | $ 2,152 |
[1] | Included in general and administrative stock-based compensation for the years ended December 31, 2020 and 2019 is $0.3 million and $0.2 million in expense related to 51,056 shares and 24,235 shares of common stock, respectively, issued to certain board members in lieu of their cash compensation. |
Summary of Stock-Based Compen_2
Summary of Stock-Based Compensation Recognized (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Number of shares of common stock issued to certain board members in lieu of cash compensation | 51,056 | 24,235 | |
Total stock-based compensation | $ 3,627 | $ 3,204 | |
General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | [1] | 2,140 | 2,152 |
General and Administrative | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 300 | $ 200 | |
[1] | Included in general and administrative stock-based compensation for the years ended December 31, 2020 and 2019 is $0.3 million and $0.2 million in expense related to 51,056 shares and 24,235 shares of common stock, respectively, issued to certain board members in lieu of their cash compensation. |
Reconciliation of Statutory Fed
Reconciliation of Statutory Federal Income Tax (benefit) Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory federal rate | (21.00%) | (21.00%) |
State Tax (benefit)—net of federal benefit | (0.00%) | (0.06%) |
Permanent differences | 0.58% | 0.43% |
Tax credits | (12.26%) | (11.20%) |
Derecognition due to Sec. 382 and 383 limitations | 44.55% | (0.00%) |
Change in valuation allowance | (12.25%) | 31.20% |
Other | 0.38% | 0.63% |
Effective tax rate | 0.00% | 0.00% |
Components of the Company's Def
Components of the Company's Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Accruals and reserves | $ 1,095 | $ 936 |
Net operating loss carry forwards | 29,505 | 34,392 |
Tax credit carry forwards | 7,789 | 9,945 |
Fixed and intangible assets | 7 | 10 |
Valuation allowance | $ (38,396) | $ (45,283) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jun. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2007 |
Income Tax [Line Items] | |||||
Increase (decrease) in valuation allowance | $ (6,900,000) | $ 17,200,000 | |||
Gross federal R&D tax credit-related deferred tax assets derecognized | 15,200,000 | ||||
Unrecognized tax benefit | 2,955,000 | 1,871,000 | $ 1,573,000 | ||
Tax-related penalties or interest recognized | 0 | 0 | |||
Uncertain tax positions | 0 | $ 0 | |||
Federal Income Tax | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforwards | $ 140,400,000 | $ 156,300,000 | |||
Net operating loss carryforwards expiration year | 2037 | ||||
Net operating loss carryforwards having indefinite life | $ 132,900,000 | ||||
Tax credit carryforwards available to offset future federal tax liabilities | $ 5,000,000 | ||||
Credit carryforward, expire period | Dec. 31, 2040 | ||||
Net operating loss carryforward, derecognized | $ 32,800,000 | ||||
State Income Tax | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforwards | $ 8,000,000 | ||||
Net operating loss carryforwards expiration year | 2032 | ||||
Tax credit carryforwards available to offset future federal tax liabilities | $ 6,800,000 | ||||
CALIFORNIA | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforwards | 70,800,000 | ||||
Net operating loss carryforward, derecognized | $ 0 | ||||
Maximum amount of tax offset per year | $ 5,000,000 | ||||
Required Minimum Taxable Income | $ 1,000,000 |
Unrecognized tax benefit (Detai
Unrecognized tax benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 1,871 | $ 1,573 |
Increase/(Decrease) of unrecognized tax benefits taken in prior years | (295) | 45 |
Increase/(Decrease) of unrecognized tax benefits related to current year | 1,379 | 253 |
Ending Balance | $ 2,955 | $ 1,871 |
Collaborations - Additional Inf
Collaborations - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 18, 2019 | Jan. 31, 2020 | Dec. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 08, 2016 |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
License and collaboration revenue | $ 20,948 | |||||
License | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
License and collaboration revenue | 15,100 | |||||
License | Transfer of Exclusive License and Related Know-How | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
License and collaboration revenue | 15,000 | |||||
Exclusive License | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
License and collaboration revenue | 100 | |||||
Collaboration | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
License and collaboration revenue | 5,848 | |||||
Collaboration | Reimbursable Out-of-Pocket and Personnel Costs Incurred Related to Research Services | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
License and collaboration revenue | 5,800 | |||||
Pfizer Inc | Collaboration Agreement | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Milestone payment | $ 1,000 | 0 | ||||
Pfizer Inc | Collaboration Agreement | Maximum | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Contingent cash payments upon achievement of certain clinical, regulatory and commercial milestones | $ 17,500 | |||||
ISU Abxis | Amended and Restated License Agreement | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Regulatory and development milestone payment | $ 2,500 | 0 | ||||
ISU Abxis | Amended and Restated License Agreement | Maximum | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Milestone payment | 19,500 | 0 | ||||
Commercial milestone payments | $ 17,000 | $ 0 | ||||
Biogen | License and Collaboration Agreement (the “Biogen Agreement”) | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Research services | 30 months | |||||
Research services option to extend | 12 months | |||||
Biogen | Exclusive License | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Up-front payments received | $ 15,000 | |||||
Biogen | Exclusive License | Maximum | ||||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||||||
Development and sales milestone payments | $ 340,000 |
Detail of Interest and Other In
Detail of Interest and Other Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | ||
Interest income | $ 561 | $ 2,145 |
Miscellaneous income (expense) | 659 | (39) |
Other | (91) | (7) |
Total interest and other income, net | $ 1,129 | $ 2,099 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2020 | Feb. 29, 2020 | Dec. 31, 2020 |
Stockholders Equity Disclosure [Line Items] | |||
Net proceeds from sale of common stock after deducting underwriting commissions and offering expenses payable | $ 28 | $ 32 | |
Underwriting discounts, commissions and offering expenses payable | $ 2 | $ 2.5 | |
Common Stock | |||
Stockholders Equity Disclosure [Line Items] | |||
Firm commitment underwritten public offering shares | 4,615,384 | 5,307,692 | |
Issuance of stock, shares | 9,923,076 | ||
Common stock price, per share | $ 6.50 | $ 6.50 | |
Common Stock | Overallotment Option | |||
Stockholders Equity Disclosure [Line Items] | |||
Issuance of stock, shares | 692,307 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | ||
Number of Shares Underlying Warrants, Outstanding | 7,857 | 10,194 |
Number of Shares Underlying Warrants, Forfeited | (7,772) | (2,337) |
Number of Shares Underlying Warrants, Outstanding | 85 | 7,857 |
Warrants Outstanding, Weighted Average Exercise Price | $ 53.61 | $ 155.73 |
Warrants Forfeited, Weighted Average Exercise Price | 49.91 | 499.50 |
Warrants Outstanding, Weighted Average Exercise Price | $ 392.70 | $ 53.61 |
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, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (56,241) | $ (55,178) |
Weighted-average number of shares used in computing net loss per share, basic and diluted | 19,179,299 | 12,004,489 |
Net loss per share, basic and diluted | $ (2.93) | $ (4.60) |
Anti-dilutive Security not Incl
Anti-dilutive Security not Included In Diluted per Share Calculations (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 2,355,700 | 1,585,398 |
Options To Purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 2,355,615 | 1,577,541 |
Common Stock Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 85 | 7,857 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | |||
Common stock, shares issued | 22,097,820 | 12,040,835 | |
Scenario Forecast | |||
Subsequent Event [Line Items] | |||
Common stock, shares issued | 9,185,000 | ||
Sale of stock price per share | $ 5.75 | ||
Net proceeds | $ 3.5 | ||
Underwriting discounts and offering expenses | $ 49.3 | ||
Underwriters' overallotment option | Scenario Forecast | |||
Subsequent Event [Line Items] | |||
Common stock, shares issued | 485,000 |