Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | SCYNEXIS, Inc. | ||
Trading Symbol | SCYX | ||
Entity Central Index Key | 0001178253 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 20,622,778 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 77,935,551 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-36365 | ||
Entity Tax Identification Number | 56-2181648 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 1 Evertrust Plaza | ||
Entity Address, Address Line Two | 13th Floor | ||
Entity Address, City or Town | Jersey City | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07302 - 6548 | ||
City Area Code | 201 | ||
Local Phone Number | 884-5485 | ||
Document Transition Report | false | ||
Title of Each Class | Common Stock, par value $0.001 per share | ||
Name of Each Exchange on Which Registered | NASDAQ | ||
Document Annual Report | true | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2021 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended December 31, 2020. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 93,041 | $ 41,920 |
Short-term investments | 6,494 | |
Prepaid expenses and other current assets | 5,165 | 3,988 |
Total current assets | 98,206 | 52,402 |
Other assets | 573 | 812 |
Deferred offering costs | 187 | 70 |
Restricted cash | 273 | 273 |
Property and equipment, net | 298 | 405 |
Operating lease right-of-use asset (Note 8) | 2,999 | 3,191 |
Total assets | 102,536 | 57,153 |
Current liabilities: | ||
Accounts payable | 4,639 | 7,177 |
Accrued expenses | 4,141 | 3,801 |
Warrant liabilities | 17,564 | |
Operating lease liability, current portion (Note 8) | 52 | 36 |
Total current liabilities | 26,396 | 11,014 |
Warrant liabilities | 33,592 | 18,396 |
Convertible debt and derivative liabilities (Note 7) | 16,516 | 11,522 |
Operating lease liability (Note 8) | 3,274 | 3,326 |
Total liabilities | 79,778 | 44,258 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, authorized 5,000,000 shares as of December 31, 2020 and December 31, 2019; 0 shares issued and outstanding as of December 31, 2020 and December 31, 2019 | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 shares authorized as of December 31, 2020, and December 31, 2019; 19,663,698 and 9,741,372 shares issued and outstanding as of December 31, 2020, and December 31, 2019, respectively | 20 | 10 |
Additional paid-in capital | 349,351 | 284,313 |
Accumulated deficit | (326,613) | (271,428) |
Total stockholders’ equity | 22,758 | 12,895 |
Total liabilities and stockholders’ equity | $ 102,536 | $ 57,153 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Jul. 17, 2020 | Jul. 16, 2020 | Dec. 31, 2019 | Jun. 18, 2019 | Jun. 17, 2019 | May 07, 2014 |
Statement Of Financial Position [Abstract] | |||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 250,000,000 | 100,000,000 | 250,000,000 | 125,000,000 | |
Common stock, shares issued (in shares) | 19,663,698 | 10,508,302 | 105,083,291 | 9,741,372 | |||
Common stock, shares outstanding (in shares) | 19,663,698 | 10,508,302 | 105,083,291 | 9,741,372 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 121 |
Operating expenses: | ||
Research and development | 36,522 | 38,394 |
Selling, general and administrative | 14,627 | 10,648 |
Total operating expenses | 51,149 | 49,042 |
Loss from operations | (51,149) | (48,921) |
Other expense (income): | ||
Loss on extinguishment of debt | 1,766 | 1,045 |
Amortization of debt issuance costs and discount | 1,201 | 1,171 |
Interest income | (189) | (805) |
Interest expense | 1,181 | 986 |
Other income | (334) | (538) |
Other expense | 602 | 0 |
Warrant liabilities fair value adjustment | 5,214 | 4,497 |
Derivative liability fair value adjustment | (2,257) | (1,567) |
Total other expense: | 7,184 | 4,789 |
Loss before taxes | (58,333) | (53,710) |
Income tax benefit | 3,148 | 0 |
Net loss | $ (55,185) | $ (53,710) |
Net loss per share – basic and diluted | $ (5.15) | $ (9.58) |
Weighted average common shares outstanding – basic and diluted | 10,720,211 | 5,608,138 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 31,225 | $ 5 | $ 248,938 | $ (217,718) |
Beginning balance (in shares) at Dec. 31, 2018 | 4,797,198 | |||
Net loss | (53,710) | (53,710) | ||
Stock-based compensation expense | 1,828 | 1,828 | ||
Common stock issued through employee stock purchase and stock option plans | 37 | 37 | ||
Common stock issued through employee stock purchase plan and stock option plan (in shares) | 3,684 | |||
Common stock issued, net of expenses | 30,530 | $ 5 | 30,525 | |
Common stock issued, net of expenses (in shares) | 4,773,692 | |||
Common stock issued for conversion | 2,984 | 2,984 | ||
Common stock issued for conversion of Notes (in shares) | 162,600 | |||
Common stock issued for exercise of stock options | 12 | 12 | ||
Common stock issued for exercise of stock options (in shares) | 2,252 | |||
Common stock issued for vested restricted stock units | (11) | (11) | ||
Common stock issued for vested restricted stock units (in shares) | 1,946 | |||
Ending balance at Dec. 31, 2019 | $ 12,895 | $ 10 | 284,313 | (271,428) |
Ending balance (in shares) at Dec. 31, 2019 | 9,741,372 | 9,741,372 | ||
Net loss | $ (55,185) | (55,185) | ||
Stock-based compensation expense | 2,220 | 2,220 | ||
Common stock issued through employee stock purchase and stock option plans | 28 | 28 | ||
Common stock issued through employee stock purchase plan and stock option plan (in shares) | 4,652 | |||
Common stock issued, net of expenses | 57,184 | $ 9 | 57,175 | |
Common stock issued, net of expenses (in shares) | 9,156,304 | |||
Common stock issued for conversion | $ 5,222 | $ 1 | 5,221 | |
Common stock issued for conversion of Notes (in shares) | 638,809 | |||
Common stock issued for exercise of stock options (in shares) | 166 | |||
Common stock issued for Commitment Shares | $ 602 | 602 | ||
Common stock issued for Commitment Shares (in shares) | 70,910 | |||
Common stock issued for vested restricted stock units | (208) | (208) | ||
Common stock issued for vested restricted stock units (in shares) | 51,651 | |||
Ending balance at Dec. 31, 2020 | $ 22,758 | $ 20 | $ 349,351 | $ (326,613) |
Ending balance (in shares) at Dec. 31, 2020 | 19,663,698 | 19,663,698 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (55,185) | $ (53,710) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 111 | 111 |
Stock-based compensation expense | 2,220 | 1,828 |
Accretion of investment discount | 0 | (16) |
Amortization of debt issuance costs and discount | 1,201 | 1,171 |
Warrant liabilities fair value adjustment | 5,214 | 4,497 |
Derivative liability fair value adjustment | (2,257) | (1,567) |
Noncash operating lease expense for right-of-use asset | 192 | 174 |
Loss on extinguishment of debt | 1,766 | 1,045 |
Noncash consideration associated with common stock purchase agreement | 602 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses, other assets, and deferred costs | (922) | 3,254 |
Accounts payable and accrued expenses | (2,296) | 5,215 |
Deferred revenue | 0 | (121) |
Net cash used in operating activities | (49,354) | (38,119) |
Cash flows from investing activities: | ||
Maturities of investments | 20,713 | 65,740 |
Purchases of property and equipment | (4) | 0 |
Purchase of investments | (14,235) | (39,500) |
Net cash provided by investing activities | 6,474 | 26,240 |
Cash flows from financing activities: | ||
Proceeds from common stock issued | 90,554 | 46,337 |
Payments of offering costs and underwriting discounts and commissions | (5,879) | (2,855) |
Proceeds from employee stock purchase plan issuances | 28 | 49 |
Repurchase of shares to satisfy tax withholdings | (208) | 0 |
Proceeds from senior convertible notes | 10,000 | 16,000 |
Payments of senior convertible notes issuance costs | (494) | (1,253) |
Payment of loan payable expected to be refinanced | 0 | (15,973) |
Net cash provided by financing activities | 94,001 | 42,305 |
Net increase in cash, cash equivalents, and restricted cash | 51,121 | 30,426 |
Cash, cash equivalents, and restricted cash at beginning of period | 42,193 | 11,767 |
Cash, cash equivalents, and restricted cash at end of period | 93,314 | 42,193 |
Supplemental cash flow information: | ||
Cash paid for interest | 1,088 | 850 |
Cash received for interest | 186 | 898 |
Noncash financing and investing activities: | ||
Operating lease liabilities arising from obtaining right-of-use assets | 0 | 3,365 |
Deferred offering and issuance costs included in accounts payable | 62 | 0 |
Deferred offering costs reclassified to additional paid-in capital | 153 | 36 |
Common stock issued for settlement of senior convertible notes | 5,221 | 2,984 |
Common stock issued for Commitment Shares | $ 602 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Preparation | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Preparation | 1 . Description of Business and Basis of Preparation Organization SCYNEXIS, Inc. (“SCYNEXIS” or the “Company”) is a Delaware corporation formed on November 4, 1999. SCYNEXIS is a biotechnology company, headquartered in Jersey City, New Jersey, pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections. The Company is developing its lead product candidate, ibrexafungerp, as the first representative of a novel oral and intravenous triterpenoid antifungal family for the treatment of several fungal infections, including serious and life-threatening invasive fungal infections. The Company has incurred significant losses and negative cash flows from operations since its initial public offering in May 2014 and expects to continue to incur losses and negative cash flows for the foreseeable future. As a result, the Company had an accumulated deficit of $326.6 million at December 31, 2020 and limited capital resources to fund ongoing operations. These capital resources primarily comprised cash and cash equivalents of $93.0 million at December 31, 2020. While the Company believes its capital resources are sufficient to fund the Company’s on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying consolidated financial statements, the Company's liquidity could be materially affected over this period by, among other things: (1) its ability to raise additional capital through equity offerings, debt financings, or other non-dilutive third-party funding; (2) costs associated with new or existing strategic alliances, or licensing and collaboration arrangements; (3) negative regulatory events or unanticipated costs related to its development of ibrexafungerp; (4) its ability to potentially commercialize ibrexafungerp for the treatment of vaginal yeast infections and; (5) any other unanticipated material negative events or costs. One or more of these events or costs could materially affect the Company’s liquidity. If the Company is unable to meet its obligations when they become due, the Company may have to delay expenditures, reduce the scope of its research and development programs, or make significant changes to its operating plan. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Intercompany balances and transactions are eliminated in consolidation. Shelf Registration Filings On December 31, 2020 and September 11, 2020, the Company filed shelf registration statements on Form S-3 (File No. 333-251851 and File No. 333-248751, respectively) with the Securities and Exchange Commission (“SEC”), which were declared effective on January 8, 2021 and October 1, 2020, respectively (the “January 2021 Shelf Registration” and “October 2020 Shelf Registration”). Both shelf registrations contain a base prospectus which covers the offering, issuance and sale of such indeterminate number of shares of common stock and preferred stock, such indeterminate principal amount of debt securities, and such indeterminate number of warrants to purchase common stock, preferred stock and/or debt securities, which together shall have an aggregate initial offering price not to exceed $200.0 million. A prospectus is included in the October 2020 Shelf Registration covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $50.0 million of the Company’s common stock that may be issued and sold under a Controlled Equity Offering SM Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”) and/or Controlled Equity Offering SM Sales Agreement with Ladenburg Thalmann & Co. Inc. (such agreements, the “Sales Agreements”). These Sales Agreements were cancelled in December 2020. As of December 31, 2020, approximately $437.0 million of the securities registered under the Company’s effective shelf registrations, which include the January 2021 Shelf Registration, October 2020 Shelf Registration, and the Form S-3 shelf registration filed by the Company in August 2018 (effective September 14, 2018), are available to be offered, issued and sold by the Company. Reverse Stock Split On July 16, 2020, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Amendment”), which became effective on Friday, July 17, 2020, (a) implementing a 1-for-10 On the effective date of July 17, 2020, the number of the Company’s issued and outstanding shares of common stock was decreased from 105,083,291 to 10,508,302 and the par value per common share remained unchanged. No fractional shares were issued as a result of the reverse stock split. presented in these consolidated financial statements have been retroactively adjusted for the reverse stock split and certain items in the prior period financial statements have been revised to conform to the current presentation. The reverse stock split affected all shares of the Company’s common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company’s equity incentive plans. In addition, the reverse stock split effected a reduction in the number of shares of common stock issuable upon the conversion of outstanding convertible notes or upon the exercise of stock options or warrants outstanding. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of cash on deposit and cash equivalents. The Company's money market fund investment (recognized as cash and cash equivalents) is with what the Company believes to be a high quality issuer. The Company has not experienced any significant losses in the account. Cash and Cash Equivalents The Company considers any highly liquid investments with a remaining maturity of three months or less when purchased to be cash and cash equivalents. The Company reported cash, cash equivalents, and restricted cash of $93.3 million and $42.2 million as of December 31, 2020 and 2019, respectively. See Note 8 for further details on the nature of the restricted cash. Short-Term Investments The Company's held-to-maturity investments in U.S. government securities, commercial paper, and its overnight repurchase agreement are carried at amortized cost and any premiums or discounts are amortized or accreted through the maturity date of the investment. Any impairment that is not deemed to be temporary is recognized in the period identified. Warrant Liabilities The Company accounts for the outstanding warrants associated with the June 2016 public offering, March 2018 Public Offering, December 2019 Public Offering and December 2020 Public Offering as liabilities measured at fair value. The fair values of these warrants have been determined using the Black-Scholes valuation model ("Black-Scholes"). The warrants are subject to remeasurement at each balance sheet date, using Black-Scholes, with any changes in the fair value of the outstanding warrants recognized in the accompanying consolidated statements of operations. See Notes 9 and 12 for further details. Convertible Debt and Derivative Liabilities In connection with the Company’s issuance of its April 2020 and March 2019 6.0% Convertible Senior Notes (the “April 2020 Notes” and the “March 2019 Notes”), the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as long-term derivative liabilities in the Company’s balance sheet in accordance with FASB Accounting Standards Codification (“ Derivatives and Hedging Research and Development Major components of research and development costs include clinical trial activities and services, including related drug formulation, manufacturing, and other development, preclinical studies, cash compensation, stock-based compensation, fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf, materials and supplies, legal services, and regulatory compliance. The Company is required to estimate its expenses resulting from its obligations under contracts with clinical research organizations, clinical site agreements, vendors, and consultants in connection with conducting ibrexafungerp clinical trials and preclinical development. The financial terms of these contracts are subject to negotiations which vary from contract to contract, and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate development and trial expenses in its consolidated financial statements by matching those expenses with the period in which the services and efforts are expended. For clinical trials, the Company accounts for these expenses according to the progress of the trial as measured by actual hours expended by CRO personnel, investigator performance or completion of specific tasks, patient progression, or timing of various aspects of the trial. For preclinical development services performed by outside service providers, the Company determines accrual estimates through financial models, taking into account development progress data received from outside service providers and discussions with applicable Company and service provider personnel. Patent Expenses Costs related to filing and pursuing patent applications, as well as costs related to maintaining the Company's existing patent portfolio, are recorded as expense as incurred since recoverability of such expenditures is uncertain. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1 — Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 — Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. Amortization of Debt Issuance Costs and Discount The Company’s convertible debt is recorded net of debt issuance costs which comprised issuance costs and an advisory fee. The portion of the debt issuance costs allocated to the convertible debt, based on the amount of proceeds allocated between the convertible debt and the derivative liability, is being amortized over the term of the convertible debt using the effective interest method in addition to the discount initially recognized for the fair value of the bifurcated derivative liability from the convertible debt. Debt issuance costs allocated to the derivative liabilities were included in other expense as a component of the fair value adjustment for the year ended December 31, 2020. The Company’s previous term loan with Solar Capital Ltd. (“Solar”), which was paid in full in March 2019 (see Note 7), was recorded net of debt discount which comprised issuance costs, customary closing and final fees, and the fair value of the warrants issued in conjunction with the term loan. The resulting debt discount was being amortized over the term of the term loan using the straight-line method, which approximated the effective interest method. The amortization of debt issuance costs and discount is included in other expense within the accompanying consolidated statements of operations. Income Taxes The Company provides for deferred income taxes under the asset and liability method, whereby deferred income taxes result from temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that the Company believes is more likely than not to be realized. The Company recognizes uncertain tax positions when the positions will be more likely than not sustained based solely upon the technical merits of the positions. Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers, and directors based on the estimated fair values of the awards as of grant date. The Company values equity instruments and stock options granted to employees and non-employee directors using the Black-Scholes valuation model. The value of the portion of the award that is ultimately expected to vest is recorded as expense over the requisite service periods. Basic and Diluted Net Loss per Share of Common Stock The Company calculates net loss per common share in accordance with ASC Earnings Per Share The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive: December 31, 2020 2019 Outstanding stock options 830,343 526,070 Outstanding restricted stock units 29,087 96,637 Warrants to purchase common stock associated with June 2016 Public Offering 421,867 421,867 Warrants to purchase common stock associated with March 2018 Public Offering - Series 2 798,810 798,810 Warrants to purchase common stock associated with December 2019 Public Offering 4,472,205 4,472,205 Option to purchase common stock associated with December 2019 Public Offering — 583,333 Warrants to purchase common stock associated with December 2020 Public Offering - Series 1 6,800,000 — Warrants to purchase common stock associated with December 2020 Public Offering - Series 2 6,800,000 — For possible future issuance for the conversion of the March 2019 Notes 1,138,200 1,138,200 For possible future issuance for the conversion of the April 2020 Notes 1,299,790 — Warrants to purchase common stock associated with Solar loan agreement 12,243 12,243 Total 22,602,545 8,049,365 Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) about which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. The material assets of the Company were held in the United States for the years ended December 31, 2020 and 2019. In July 2019, the Company incorporated SCYNEXIS Pacific Pty Ltd, a wholly-owned subsidiary, in Sydney, Australia, for the initial purpose of conducting certain clinical trials and other research and development activities. Although all operations are primarily based in the United States, the Company generated a portion of its revenue from R-Pharm outside of the United States for the year ended December 31, 2019. All of the Company's revenue in 2019 was generated from a non-refundable upfront payment received under a licensing and collaboration arrangement with a partner located in Russia. All sales, including sales outside of the United States, are denominated in United States dollars. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This guidance will be effective for the Company in the first quarter of 2021 on a prospective basis, and early adoption is permitted. The Company is currently evaluating the impact ASU 2019-12 will have on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in and Entity’s Own Equity Recently Adopted Accounting Pronouncements 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 |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Short-term Investments | 3. Short-term Investments The following table summarizes the held-to-maturity securities held at December 31, 2019 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of December 31, 2019 U.S. government securities $ 1,996 $ 15 $ (14 ) $ 1,997 Commercial paper 998 — — 998 Overnight repurchase agreement 3,500 — — 3,500 Total short-term investments $ 6,494 $ 15 $ (14 ) $ 6,495 As of December 31, 2019, the Company had $6.5 million of held-to-maturity investments which all matured as of December 31, 2020. The gross unrealized gains and losses for the Company's commercial paper and overnight repurchase agreement are not significant |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Prepaid research and development services $ 1,535 $ 3,043 Prepaid insurance 362 252 Other prepaid expenses 19 19 Other receivable 2,876 — Other current assets 373 674 Total prepaid expenses and other current assets $ 5,165 $ 3,988 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2020 2019 Furniture and fixtures $ 406 $ 406 Computer equipment 76 73 Other 98 98 580 577 Less: accumulated depreciation and amortization (282 ) (172 ) Total property and equipment, net $ 298 $ 405 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 6 . Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2020 2019 Accrued research and development expenses $ 991 $ 1,296 Accrued employee bonus compensation 2,190 1,798 Other accrued expenses 960 707 Total accrued expenses $ 4,141 $ 3,801 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | 7. Borrowings April 2020 Note Purchase Agreement On April 9, 2020, the Company entered into a Senior Convertible Note Purchase Agreement (the “April 2020 Note Purchase Agreement”) advisory fee and other issuance costs The April 2020 Notes will bear interest at a rate of 6.0% per annum, payable semiannually in arrears on April 15 and October 15 of each year, beginning October 15, 2020. The April 2020 Notes will mature on April 15, 2026, unless earlier converted, redeemed or repurchased. The April 2020 Notes constitute general, senior unsecured obligations of the Company. As of December 31, 2020, the Company’s April 2020 Notes consists of the convertible debt balance of $1.2 million, presented net of the unamortized debt issuance costs allocated to the convertible debt of $0.1 million, and the bifurcated embedded conversion option derivative liability of $3.3 million. In connection with the Company’s issuance of its April 2020 Notes, the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as a long-term derivative liability in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging , at its initial fair value of $8.1 million as the interest make-whole provision is settled in shares of common stock. Debt issuance costs of $0.4 million initially allocated to the derivative liability were written off upon issuance of the April 2020 Notes and were recognized in the gain on the fair value adjustment for the derivative liability for the year ended December 31, 2020. For the year ended December 31, 2020, the Company recognized a gain of $1.7 million on the fair value adjustment for the derivative liability and recognized $0.2 million in amortization of debt issuance costs and discount for the year ended December 31, 2020, related to the April 2020 Notes. In June 2020, Puissance converted $2.0 million of the April 2020 Notes for 316,461 shares of common stock. Upon conversion of the $2.0 million of the April 2020 Notes, the Company recognized a $0.8 million extinguishment loss which represents the difference between the total net carrying amount of the convertible debt and derivative liability of $2.0 million and the fair value of the consideration issued of $2.8 million. In December 2020 and January 2021, Puissance converted the remaining $2.0 million and $6.0 million of the April 2020 Notes for 322,348 and 959,080 shares of common stock, respectively. Upon conversion of the $2.0 million of the April 2020 Notes in December 2020, the Company recognized a $1.0 million extinguishment loss which represents the difference between the total net carrying amount of the convertible debt and derivative liability of $1.4 million and the fair value of the consideration issued of $2.4 million. The Company estimated the fair value of the convertible debt and derivative liability for the April 2020 Notes using a binomial lattice valuation model and Level 3 inputs. At December 31, 2020, the fair value of the April 2020 Notes is $7.4 million. The holders of the April 2020 Notes may convert their April 2020 Notes at their option at any time prior to the close of business on the business day immediately preceding April 15, 2026 into shares of the Company’s common stock. The initial conversion rate is 111.1108 shares of common stock per $1,000 principal amount of the April 2020 Notes, which is equivalent to an initial conversion price of approximately $9.00 per share, and is subject to adjustment in certain events described in the April 2020 Note Purchase Agreement. Holders who convert may also be entitled to receive, under certain circumstances, an “interest make-whole payment” (as defined in the April 2020 Note Purchase Agreement) payable in shares of common stock. In addition, following certain corporate events that occur prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its April 2020 Notes in connection with such a corporate event. Unless the Company seeks and receives stockholder approval, the number of shares that the Company may deliver in connection with a conversion of the April 2020 Notes, including those delivered in connection with an “interest make-whole payment” or a “make-whole fundamental change” (each as defined in the April 2020 Note Purchase Agreement), will not exceed a cap of 1,938,600 shares of common stock On or after April 15, 2023, the Company has the right, at its election, to redeem all or any portion of the April 2020 Notes not previously converted if the last reported sale price per share of common stock exceeds 130% of the conversion price on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. The redemption price will be 100% of the principal amount of the April 2020 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If a “fundamental change” (as defined in the April 2020 Note Purchase Agreement) occurs, then, subject to certain exceptions, the Company must offer to repurchase the April 2020 Notes for cash at a repurchase price of 100% of the principal amount of the April 2020 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. March 2019 Note Purchase Agreement On March 7, 2019, the Company entered into a Senior Convertible Note Purchase Agreement (the “March 2019 Note Purchase Agreement”) with Puissance. Pursuant to the March 2019 Note Purchase Agreement, on March 7, 2019, the Company issued and sold to Puissance $16.0 million aggregate principal amount of its March 2019 Notes, resulting in $14.7 million in net proceeds after deducting $1.3 million for an advisory fee and other issuance costs. The Company used the net proceeds to pay the remaining outstanding Solar term loan in full and recorded a loss on debt extinguishment of $0.8 million during the year ended December 31, 2019. The loss on debt extinguishment of $0.8 million for the year ended December 31, 2019 was recognized as the difference between the reacquisition price of the outstanding Solar debt of $15.9 million and the $15.1 million net carrying value of the Solar debt obligation prior to repayment. As of December 31, 2020 and 2019, the Company’s March 2019 Notes consists of the convertible debt balance of $9.4 million and $8.3 million, presented net of the unamortized debt issuance costs allocated to the convertible debt of $0.4 million and $0.5 million, and the bifurcated embedded conversion option derivative liability of $2.7 million and $3.2 million, respectively. In connection with the Company’s issuance of its March 2019 Notes, the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as a long-term derivative liability in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging , at its initial fair value of $7.0 million as the interest make-whole provision is settled in shares of common stock. Debt issuance costs of $0.6 million initially allocated to the derivative liability were written off upon issuance of the March 2019 Notes and were recognized in the gain on the fair value adjustment for the derivative liability for the year ended December 31, 2019. For the years ended December 31, 2020 and 2019, the Company recognized gains of $0.5 million and $1.6 million, respectively, on the fair value adjustment for the derivative liability. For the years ended December 31, 2020 and 2019, the Company recognized $1.0 million and $1.1 million, respectively, in amortization of debt issuance costs and discount, related to the March 2019 Notes. In April 2019, Puissance converted $2.0 million of the March 2019 Notes for 162,600 shares of common stock. Upon conversion of the $2.0 million of the March 2019 Notes, the Company recognized a $0.2 million extinguishment loss which represents the difference between the total net carrying amount of the convertible debt and derivative liability of $2.8 million and the fair value of the consideration issued of $3.0 million The Company estimated the fair value of the convertible debt and derivative liability for the March 2019 Notes using a binomial lattice valuation model and Level 3 inputs. At December 31, 2020 and 2019, the fair value of the convertible debt and derivative liability for the March 2019 Notes is $12.9 million and $11.7 million, respectively. The March 2019 Notes were issued and sold for cash at a purchase price equal to 100% of their principal amount, in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), due to the March 2019 Notes being issued to one financially sophisticated investor. The March 2019 Notes bear interest at a rate of 6.0% per annum payable semiannually in arrears on March 15 and September 15 of each year, beginning September 15, 2019. The March 2019 Notes will mature on March 15, 2025, unless earlier converted, redeemed or repurchased. The March 2019 Notes constitute general, senior unsecured obligations of the Company. The holder of the March 2019 Notes may convert their March 2019 Notes at their option at any time prior to the close of business on the business day immediately preceding March 15, 2025 into shares of the Company’s common stock. The initial conversion rate is 73.9096 shares of common stock per $1,000 principal amount of March 2019 Notes, which is equivalent to an initial conversion price of approximately $13.53 and is subject to adjustment in certain events described in the March 2019 Note Purchase Agreement. The Holder upon conversion may also be entitled to receive, under certain circumstances, an interest make-whole payment payable in shares of common stock. In addition, following certain corporate events that occur prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate if the holder elects to convert its March 2019 Notes in connection with such a corporate event. Subject to adjustment in the conversion rate, the number of shares that the Company may deliver in connection with a conversion of the March 2019 Notes, including those delivered in connection with an interest make-whole payment, will not exceed a cap of 81 shares of common stock per $1,000 principal amount of the March 2019 Notes. On or after March 15, 2022, the Company has the right, at its election, to redeem all or any portion of the March 2019 Notes not previously converted if the last reported sale price per share of common stock exceeds 130% of the conversion price on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. The redemption price will be 100% of the principal amount of the March 2019 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If a “fundamental change” (as defined in the March 2019 Note Purchase Agreement) occurs, then, subject to certain exceptions, the Company must offer to repurchase the March 2019 Notes for cash at a repurchase price of 100% of the principal amount of the March 2019 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. Solar Loan Agreement On September 30, 2016, the Company entered into a loan agreement with Solar Capital Ltd. (“Solar”), in its capacity as administrative and collateral agent and as lender. Pursuant to the loan agreement, Solar was providing the Company with a 48-month secured term loan in the amount of $15.0 million. The term loan bore interest at a floating rate equal to the LIBOR rate in effect plus 8.49%. The Solar term loan was paid in full in March 2019 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . Commitments and Contingencies Leases On March 1, 2018, the Company entered into a long-term lease agreement for approximately 19,275 square feet of office space in Jersey City, New Jersey, that the Company identified as an operating lease under ASC 842 (the “Lease”). The lease term is eleven years from August 1, 2018, the commencement date, with total lease payments of $7.3 million over the lease term. The Company has the option to renew for two consecutive five-year . The consideration in the Lease allocated to the single lease component includes the fixed payments for the right to use the office space as well as common area maintenance. The Lease also contains costs associated with certain expense escalation, property taxes, insurance, parking, and utilities which are all considered variable payments and are excluded from the operating lease liability. The incremental borrowing rate utilized approximated the prevailing market interest rate the Company would incur to borrow a similar amount equal to the total Lease payments on a collateralized basis over the term of the Lease. Years Ended December 31, 2020 2019 Operating lease cost $ 664 $ 664 Variable lease cost 51 41 Total operating lease expense $ 715 $ 705 Cash paid for amounts included in the measurement of operating lease liability $ 507 $ 497 December 31, 2020 December 31, 2019 Remaining Lease term (years) 8.59 9.59 Discount rate 15 % 15 % Future minimum lease payments for all operating leases as of December 31, 2020 are as follows (in thousands): December 31, 2020 2021 $ 517 2022 527 2023 715 2024 730 2025 744 Thereafter 2,789 Total $ 6,022 The presentation of the operating lease liability and right-of-use asset as of December 31, 2020 are as follows (in thousands): December 31, 2020 Present value of future minimum lease payments $ 3,326 Operating lease liability, current portion $ 52 Operating lease liability, long-term portion 3,274 Total operating lease liability $ 3,326 Difference between future minimum lease payments and discounted cash flows $ 2,696 Operating lease right-of-use asset $ 2,999 License Arrangements with Potential Future Expenditures As of December 31, 2020, the Company had a license arrangement with Merck Sharp & Dohme Corp., or Merck, as amended, that involves potential future expenditures. Under the license arrangement, executed in May 2013, the Company exclusively licensed from Merck its rights to ibrexafungerp in the field of human health. In January 2014, Merck assigned the patents related to ibrexafungerp that it had exclusively licensed to the Company. Ibrexafungerp is the Company's lead product candidate. Pursuant to the terms of the license agreement, Merck was originally eligible to receive milestone payments from the Company that could total $19.0 million upon occurrence of specific events, including initiation of a Phase 3 clinical study, new drug application, and marketing approvals in each of the U.S., major European markets, and Japan. In addition, Merck is eligible to receive tiered royalties from the Company based on a percentage of worldwide net sales of ibrexafungerp. The aggregate royalties are mid- to high-single digits. In December 2014, the Company and Merck entered into an amendment to the license agreement that deferred the remittance of a milestone payment due to Merck, such that no amount would be due upon initiation of the first Phase 2 clinical trial of a product containing the ibrexafungerp compound (the “Deferred Milestone”). The amendment also increased, in an amount equal to the Deferred Milestone, the milestone payment that would be due upon initiation of the first Phase 3 clinical trial of a product containing the ibrexafungerp compound. In December 2016 and January 2018, the Company entered into second and third amendments to the license agreement with Merck which clarified what would constitute the initiation of a Phase 3 clinical trial for the purpose of milestone payment. In January 2019, a milestone payment became due to Merck as a result of the initiation of the VANISH Phase 3 VVC program and was paid in March 2019. The milestone payment was recognized in the consolidated statement of operations in research and development expense for the year ended December 31, 2019 and is included in cash used in operating activities on the consolidated statement of cash flows. On December 2, 2020, the Company entered into a fourth amendment to the license agreement with Merck. The amendment eliminates two cash milestone payments that the Company would have paid to Merck upon the first filing of a NDA, triggered by the FDA acceptance for filing of its NDA for ibrexafungerp for the treatment of VVC, and first marketing approval in the U.S., anticipated in June 2021 for the Company’s NDA for ibrexafungerp for the treatment of VVC. Such cash milestone payments would have been creditable against future royalties owed to Merck on net sales of ibrexafungerp. With the amendment, these milestones will not be paid in cash and, accordingly, credits will not accrue. Pursuant to the amendment, the Company will also forfeit the credits against future royalties that it had accrued from a prior milestone payment already paid to Merck. All other key terms of the license agreement are unchanged. Clinical Development Arrangements The Company has entered into, and expects to continue to enter into, contracts in the normal course of business with various third parties who support its clinical trials, preclinical research studies, and other services related to its development activities. The scope of the services under these agreements can generally be modified at any time, and the agreement can be terminated by either party after a period of notice and receipt of written notice. Other License Arrangements In July 2016, the Company entered into an asset purchase agreement with UK-based Cypralis Limited (or "Cypralis"), a life sciences company, for the sale of its cyclophilin inhibitor assets. Cypralis also acquired all patents, patent applications and know-how related to the acquired portfolio. In connection with the asset purchase agreement, the Company is eligible to receive milestone payments upon the successful progression of Cypralis clinical candidates into later stage clinical studies and royalties payable upon product commercialization. The Company retains the right to repurchase the portfolio assets from Cypralis if abandoned or deprioritized. For the years ended December 31, 2020 and 2019, there was no revenue recognized associated with this agreement given the variable consideration associated with the sale of intellectual property to Cypralis was fully constrained. Additionally, in October 2014 the Company entered into a license agreement with Waterstone Pharmaceutical HK Limited (or “Waterstone”) and granted Waterstone an exclusive, worldwide license to develop and commercialize certain non-strategic compounds. The Company is entitled to receive potential milestones and royalties from Waterstone and for the years ended December 31, 2020 and 2019, there was no revenue recognized by the Company associated with this agreement given the variable consideration was fully constrained. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 9 . Stockholders’ Equity Authorized, Issued, and Outstanding Common Shares The Company’s authorized common stock has a par value of $0.001 per share and consists of 100,000,000 shares as of December 31, 2020 and 2019; 19,663,698 and 9,741,372 shares were issued and outstanding at December 31, 2020, and December 31, 2019, respectively. On June 18, 2019, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the total number of authorized shares of common stock from 125,000,000 to 250,000,000. On July 16, 2020, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation, which became effective on Friday, July 17, 2020, (a) implementing a 1-for-10 reverse stock split of the Company’s common stock and (b) decreasing the number of authorized shares of the Company’s common stock from 250,000,000 shares to 100,000,000 shares. The reverse stock split affected all shares of the Company’s common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company’s equity incentive plans. In addition, the reverse stock split effected a reduction in the number of shares of common stock issuable upon the conversion of outstanding convertible notes or upon the exercise of stock options or warrants outstanding. No fractional shares were issued as a result of the reverse stock split. Shares Reserved for Future Issuance The Company had reserved shares of common stock for future issuance as follows: December 31, 2020 2019 Outstanding stock options 830,343 526,070 Outstanding restricted stock units 29,087 96,637 Warrants to purchase common stock associated with June 2016 Public Offering 421,867 421,867 Warrants to purchase common stock associated with March 2018 Public Offering - Series 2 798,810 798,810 Warrants to purchase common stock associated with December 2019 Public Offering 4,472,205 4,472,205 Option to purchase common stock associated with December 2019 Public Offering — 583,333 Warrants to purchase common stock associated with December 2020 Public Offering - Series 1 6,800,000 — Warrants to purchase common stock associated with December 2020 Public Offering - Series 2 6,800,000 — Prefunded warrants to purchase common stock associated with December 2020 Public Offering 5,260,000 — Warrants to purchase common stock associated with Solar loan agreement 12,243 12,243 For possible future issuance for the conversion of the March 2019 Notes 1,138,200 1,138,200 For possible future issuance for the conversion of the April 2020 Notes 1,299,790 — For possible future issuance under 2014 Equity Incentive Plan (Note 11) 146,488 55,478 For possible future issuance under Employee Stock Purchase Plan (Note 11) 5,895 7,423 For possible future issuance under 2015 Inducement Award Plan (Note 11) 14,050 31,550 Total common shares reserved for future issuance 28,028,978 8,143,816 Liquidation Rights In the event of any liquidation or dissolution of the Company, the holders of the common stock are entitled to the remaining assets of the Company legally available for distribution. Dividends and Voting Rights The holders of the common stock are entitled to receive dividends if and when declared by the Company. Preferred Stock On May 7, 2014, the Company amended and restated its articles of incorporation relating to its approved capital structure. The Company’s board of directors has authorized the Company, subject to limitations prescribed by Delaware law, to issue up to 5,000,000 shares of preferred stock with a par value of $0.001 per share in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences and rights of the shares of each series and any of its qualifications, limitations or restrictions. The Company’s board of directors can also increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action by the stockholders. The Company ’ s board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock. There were no shares of preferred stock issued and outstanding as of December 31, 2020 and 2019 . December 2020 Public Offering On December 17, 2020, the Company completed a public offering (the “December 2020 Public Offering”) of its common stock and warrants pursuant to the Company’s effective shelf registration. The Company sold an aggregate of (a) 8,340,000 shares of the Company’s common stock, par value $0.001 per share, (b) pre-funded warrants, in lieu of common stock, to purchase 5,260,000 shares of the Company’s common stock, par value $0.001 per share, and (c) two series of warrants, which will accompany the common stock or pre-funded warrants, to purchase up to an aggregate of 13,600,000 shares of the Company’s common stock. The pre-funded warrants entitle the holders to purchase up to 5,260,000 shares of common stock and have an unlimited term and an exercise price of $0.001 per share. Each of the two series of warrants entitle the holders to purchase up to an aggregate of 6,800,000 shares of common stock. The prefunded warrants are classified as equity in accordance with ASC 815, Derivatives and Hedging The Series 1 warrants have a one-year three-and-a-half-year December 2019 Public Offering On December 12, 2019, 3,888,888 The warrants to purchase shares of common stock are immediately exercisable and expire on the earlier of (i) such date that is six months after the Company publicly announces the approval from the U.S. Food and Drug Administration for ibrexafungerp for the treatment of vulvovaginal candidiasis and (ii) June 12, 2023, and have an exercise price of $11.0 per share. There is not expected to be any trading market for the warrants. Each warrant is exercisable immediately upon issuance, subject to certain limitations on beneficial ownership. March 2018 Public Offering On March 8, 2018, 1,775,150 Each purchaser received a warrant to purchase 0.75 of a share of common stock (the “March 2018 Series 1 warrants”) and 0.45 of a share of common stock (the “March 2018 Series 2 warrants”) for each share purchased in the March 2018 Public Offering. The March 2018 Series 1 warrants to purchase in the aggregate up to 1,331,370 shares of common stock had a 53-week five-year beneficial ownership. During the year ended December 31, 2019, there were of the March 2018 Series 1 warrants exercised for total proceeds of $ 0.2 million and the March 2018 Series 1 warrants expired on March 14, 2019 . June 2016 Public Offering On June 21, 2016, the Company completed a public offering (the “June 2016 Public Offering”) and sold 937,500 shares of its common stock and warrants to purchase up to 421,867 shares of the Company’s common stock. Each purchaser received a warrant to purchase 0.45 of a share for each share purchased in the June 2016 Public Offering. There is not expected to be any trading market for the warrants. Each warrant was exercisable immediately upon issuance, will expire five years from the date of issuance, and has an exercise price of $30.0 per share. Warrant Liabilities The June 2016, March 2018, December 2019, and December 2020 warrants contain a provision where the warrant holder has the option to receive cash, equal to the Black-Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity ssuance costs of $1.9 million and $1.0 million initially allocated to the December 2020 Public Offering and December 2019 Public Offering warrant liabilities, respectively, were written off upon settlement and were recognized in the loss on the fair value adjustment for the warrant liabilities for the years ended December 31, 2020 and 2019, respectively. Common Stock Purchase Agreement On April 10, 2020, the Company entered into the Common Stock Purchase Agreement with Aspire Capital pursuant to which the Company has the right to sell to Aspire Capital from time to time in its sole discretion up to $20.0 million in shares of the Company’s common stock over the next 30 months, subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. The aggregate number of shares that we can sell to Aspire Capital under the Common Stock Purchase Agreement may in no case exceed 1,956,547 shares of the Company’s common stock (which is equal to approximately 19.99% of the common stock outstanding on the date of the Common Stock Purchase Agreement), including the 70,910 commitment shares (the Exchange Cap), unless either (a) shareholder approval is obtained to issue more, in which case the Exchange Cap will not apply, or (b) the average purchase price of all shares sold under the Common Stock Purchase Agreement exceeds $8.461; provided that at no time shall Aspire Capital (together with its affiliates) beneficially own more than 19.99% of the Company’s common stock. During the year ended December 31, 2020, the Company sold 125,000 shares of its common stock under the Common Stock Purchase Agreement for gross proceeds of $0.6 million. Under the Common Stock Purchase Agreement, on any trading day selected by the Company, the Company has the right, in its sole discretion, to present Aspire Capital with a purchase notice (each, a “Purchase Notice”), directing Aspire Capital (as principal) to purchase up to 25,000 shares of Common Stock per business day, up to $20.0 million of common stock in the aggregate at a per share price (the “Purchase Price”) equal to the lesser of: • the lowest sale price of Common Stock on the purchase date; or • the arithmetic average of the three (3) lowest closing sale prices for Common Stock during the ten (10) consecutive trading days ending on the trading day immediately preceding the purchase date. The Company and Aspire Capital also may mutually agree to increase the number of shares that may be sold to as much as an additional 200,000 shares per business day. In addition, on any date on which the Company submits a Purchase Notice to Aspire Capital in an amount equal to at least 25,000 shares, the Company also has the right, in its sole discretion, to present Aspire Capital with a volume-weighted average price purchase notice (each, a “VWAP Purchase Notice”) directing Aspire Capital to purchase an amount of stock equal to up to 30% of the aggregate shares of Common Stock traded on its principal market on the next trading day (the “VWAP Purchase Date”), subject to a maximum number of shares the Company may determine. The purchase price per share pursuant to such VWAP Purchase Notice is generally the lessor of (i) the closing sale price on the VWAP Purchase Date, or (ii) 97% of the volume-weighted average price for common stock traded on its principal market on the VWAP Purchase Date. The Purchase Price will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, or other similar transaction occurring during the period(s) used to compute the Purchase Price. The Company may deliver multiple Purchase Notices and VWAP Purchase Notices to Aspire Capital from time to time during the term of the Common Stock Purchase Agreement, so long as the most recent purchase has been completed. The Common Stock Purchase Agreement provides that the Company and Aspire Capital shall not effect any sales under the Common Stock Purchase Agreement on any purchase date where the closing sale price of common stock is less than $0.25. There are no trading volume requirements or restrictions under the Common Stock Purchase Agreement, and the Company will control the timing and amount of sales of common stock to Aspire Capital. Aspire Capital has no right to require any sales by the Company, but is obligated to make purchases from the Company as directed by the Company in accordance with the Common Stock Purchase Agreement. There are no limitations on use of proceeds, financial or business covenants, restrictions on future fundings, rights of first refusal, participation rights, penalties or liquidated damages in the Common Stock Purchase Agreement. In consideration for entering into the Common Stock Purchase Agreement, concurrently with the execution of the Common Stock Purchase Agreement, the Company issued to Aspire Capital 70,910 shares of common stock (the “Commitment Shares”). The fair value of the Commitment Shares of $0.6 million was recognized in other expense in the consolidated statements of operations for the year ended December 31, 2020. The Common Stock Purchase Agreement may be terminated by the Company at any time, at its discretion, without any cost to the Company. Aspire Capital has agreed that neither it nor any of its agents, representatives and affiliates shall engage in any direct or indirect short-selling or hedging of common stock during any time prior to the termination of the Common Stock Purchase Agreement. Any proceeds that the Company receives under the Common Stock Purchase Agreement are expected to be used for general corporate purposes, including working capital. Warrant Associated with Solar Loan Agreement Pursuant to a loan agreement, the Company issued to Solar a warrant to purchase an aggregate of up to 12,243 shares of the Company’s common stock at an exercise price of $36.754 per share. The warrant will expire five years from the date of the grant. The warrant was classified as equity and recorded at its relative fair value at issuance in the stockholders’ equity section of the balance sheet. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 0 . Income Taxes The Company’s consolidated financial statements include a total tax benefit of $3.1 million and zero on loss before taxes of $58.3 million and $53.7 million for the years ended December 31, 2020 and 2019, respectively, and was generated entirely in the United States and Australia. Reconciliations of the differences between the benefit for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (dollars in thousands): 2020 2019 Amount Percent of Pretax Income Amount Percent of Pretax Income Income taxes from continuing operations at statutory rate $ (12,250 ) 21.0 % $ (11,279 ) 21.0 % State income taxes (4,108 ) 7.0 % (3,778 ) 7.0 % State effect of permanent items 78 (0.1 )% 285 (0.5 )% Stock-based compensation 96 (0.2 )% 100 (0.2 )% Deferred rate change — — (905 ) 1.6 % Warrants issuance 131 (0.2 )% 733 (1.4 )% Other 206 (0.3 )% 883 (1.5 )% NOL sale 301 (0.5 )% — — R&D credit adjustment 2 — (2,760 ) 5.1 % Increase in valuation allowance 12,396 (21.3 )% 16,721 (31.1 )% Total income tax benefit $ (3,148 ) 5.4 % $ — — % The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands): December 31, 2020 2019 Noncurrent deferred tax assets (liabilities) Accrued expenses $ 148 $ 107 Stock-based compensation 2,591 2,436 Lease liability 935 945 Other (823 ) (856 ) Net operating loss carryforwards 70,936 58,073 Research and development credits 5,291 5,984 Total deferred tax assets 79,078 66,689 Valuation allowances (79,078 ) (66,689 ) Net deferred tax assets $ — $ — As of December 31, 2020 and 2019, the Company had available federal net operating loss (“NOL”) carryforwards of approximately $294.4 million and $242.4 million, respectively, and state and net operating loss carryforwards of approximately $202.7 million and $178.2 million, respectively. Approximately $169.6 million of the federal NOLs can be carried forward to future tax years and expire at various times through 2037. The federal NOLs generated in December 31, 2020 and 2019 of approximately $52.0 million and $47.5 million, respectively, are carried forward indefinitely and do not expire. The Company’s state and net operating loss carryforwards began to expire in 2019. As of December 31, 2020, the Company had available federal research and development credit carryforwards of $5.3 million which begin to expire in 2022. The New Jersey Technology Business Tax Certificate Transfer (NOL) program, administered by the New Jersey Economic Development Authority, enables approved biotechnology companies to sell their unused net operating losses (“NOLs”) and research and development tax credits to unaffiliated, profitable corporate taxpayers in the State of New Jersey up to a maximum lifetime benefit of $20.0 million per business. As of December 31, 2020, the Company has received approximately $9.9 million under the program. In April 2020, the Company received a cash receipt of approximately $3.1 million, from the sale of its state NOLs and research and development credits and recognized an income tax benefit of $3.1 million On December 22, 2017, the “Tax Cuts and Jobs Act” was signed into law. The tax reform has the following effects on the Company: (1) permanently reduces the maximum corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017, (2) allows temporary 100% expensing for certain business assets and property placed in service after September 27, 2018 and before January 1, 2023, (3) disallows NOL carrybacks but allows for the indefinite carryforward of those NOLs which applies to losses arising in tax years beginning after December 31, 2018 and, (4) limits NOL deductions for each year equal to the lesser of the available carryover or 80% of a taxpayer’s pre-NOL deduction taxable income. This applies to losses arising in tax years ending on or after December 31, 2017. As of December 31, 2020 and 2019, the Company has concluded that it is more likely than not that the Company will not realize the benefit of its deferred tax assets due to its history of losses. Accordingly, the net deferred tax assets have been fully reserved. In accordance with Section 382 of the Internal Revenue Code of 1986, as amended, a change in equity ownership of greater than 50% within a three-year period results in an annual limitation on the Company’s ability to utilize its NOL carryforwards created during the tax periods prior to the change in ownership. The Company has determined that ownership changes have occurred and as a result, a portion of the Company’s NOL carryforwards are limited. Because the Company has incurred cumulative net operating losses since inception, all tax years remain open to examination by U.S. federal and state income tax authorities. The Company applies ASC 740-10-25-5, Income Taxes Accounting for Uncertainty in Income Taxes The following is a tabular reconciliation of the total amounts of unrecognized tax benefits as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Unrecognized tax benefit—January 1 $ 436 $ 436 Additions for tax positions of current period — — Additions for tax positions of prior periods — — Deferred rate change — — Unrecognized tax benefit—December 31 $ 436 $ 436 None of the unrecognized tax benefits would, if recognized, affect the effective tax rate because the Company has recorded a valuation allowance to fully offset federal and state deferred tax assets. The Company has no tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the coming year. The Company has $0 provided for interest and penalties associated with uncertain tax positions. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 11 . Stock-based Compensation 2009 Stock Option Plan The Company had a share-based compensation plan (the “2009 Stock Option Plan”) under which the Company granted options to purchase shares of common stock to employees, directors, and consultants as either incentive stock options or nonqualified stock options. Incentive stock options could be granted with exercise prices not less than 100% to 110% of the fair market value of the common stock. Options granted under the plan generally vest over three to four years and expire in 10 years from the date of grant. 2014 Equity Incentive Plan In February 2014, the Company’s board of directors adopted the 2014 Equity Incentive Plan (“2014 Plan”), which was subsequently ratified by its stockholders and became effective on May 2, 2014 (the “Effective Date”). The 2014 Plan, as amended on June 18, 2014 and February 25, 2015, is the successor to and continuation of the 2009 Stock Option Plan. As of the Effective Date, no additional awards will be granted under the 2009 Stock Option Plan, but all stock awards granted under the 2009 Stock Option Plan prior to the Effective Date will remain subject to the terms of the 2009 Stock Option Plan. All awards granted on and after the Effective Date will be subject to the terms of the 2014 Plan. The 2014 Plan provides for the grant of the following awards: (i) incentive stock options, (ii) nonstatutory stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards, and (vi) other stock awards. Employees, directors, and consultants are eligible to receive awards. Options granted under the plan generally vest over three to four years and expire in 10 years from the date of grant. Under the 2014 Plan, after giving effect to the increases to the share reserve approved by the Company’s stockholders in September 2014, and June 2015, but excluding the automatic increases discussed below, the aggregate number of shares of common stock that could be issued from and after the Effective Date (the “share reserve”) could not exceed the sum of (i) 112,273 new shares, (ii) the shares that represented the 2009 Stock Option Plan’s available reserve on the Effective Date, and (iii) any returning shares from the 2009 Stock Option Plan. Under the 2014 Plan, the share reserve will automatically increase on January 1st of each year, for a period of not more than 10 years, commencing on January 1, 2015, and ending on January 1, 2024, in an amount equal to 4.0% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year. The board of directors may act prior to January 1st of a given year to provide that there will be no increase in the share reserve or that the increase will be a lesser number of shares than would otherwise occur. Pursuant to the terms of the 2014 Plan, on January 1, 2020 and 2019, the Company automatically added 389,650 and 191,887 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of December 31, 2020, there were 146,488 shares of common stock available for future issuance under the 2014 Plan. 2015 Inducement Plan On March 26, 2015, the Company's board of directors adopted the 2015 Inducement Plan (“2015 Plan”). The 2015 Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other forms of equity compensation (collectively, stock awards), all of which may be granted to persons not previously employees or directors of the Company, or following a bona fide period of non-employment, as an inducement material to the individuals’ entering into employment with the Company within the meaning of NASDAQ Listing Rule 5635I(4). The 2015 Plan had an initial share reserve covering 45,000 shares of common stock. On June 9, 2019, the Company’s board of directors amended the 2015 Plan, and the initial share reserve for the 2015 Plan was increased from 45,000 to 90,000 shares of common stock. As of December 31, 2020, there were 14,050 shares of common stock available for future issuance under the 2015 Plan. During the year ended December 31, 2019, there were 11,500 granted options of the Company’s common stock under the 2015 Plan. Option Valuation Method The fair value of a stock option is estimated using an option-pricing model that takes into account as of the grant date the exercise price and expected life of the option, the current price of the underlying stock and its expected volatility, expected dividends on the stock, and the risk-free interest rate for the expected term of the option. The Company has used the simplified method in calculating the expected term of all option grants based on the vesting period. Compensation costs related to share-based payment transactions are recognized in the financial statements upon satisfaction of the requisite service or vesting requirements and forfeitures are recorded as incurred. The Company has elected to use the Black-Scholes option-pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable rather than for use in estimating the fair value of stock options subject to vesting and transferability restrictions. Using the Black-Scholes option-pricing model, the weighted-average fair value of options granted during 2020 and 2019 was $4.83 and $7.50 per option, respectively. The aggregate fair value of options granted during 2020 and 2019 was $1.7 million and $1.3 million, respectively. The assumptions used to estimate fair value and the resulting grant date fair values are as follows: Employees Non-employee Directors Years Ended December 31, Years Ended December 31, 2020 2019 2020 2019 Weighted average expected volatility 64.67 % 66.47 % 66.55 % 65.36 % Weighted average risk-free interest rate 1.18 % 2.47 % 0.36 % 2.11 % Weighted average expected term (in years) 5.97 6.03 5.50 5.54 The activity for the 2009 Plan, 2014 Plan and 2015 Plan for the years ended December 31, 2020 is summarized as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value ($000) Outstanding — December 31, 2019 526,070 $ 30.55 7.62 $ 60 Granted 349,437 $ 8.17 Exercised (166 ) $ 8.60 Forfeited/expired (44,998 ) $ 23.50 Outstanding — December 31, 2020 830,343 $ 21.52 7.71 $ 96 Exercisable — December 31, 2020 447,802 $ 31.47 6.74 $ 22 Vested or expected to vest —December 31, 2020 830,343 $ 21.52 7.71 $ 96 The intrinsic values in the table above represent the total intrinsic value (the difference between the Company’s closing stock price as of December 31, 2020, and the exercise price multiplied by the number of options). The total fair value of shares vested for both the years ended December 31, 2020 and 2019 was $1.3 million and $1.5 million, respectively. As of December 31, 2020, there was approximately $2.0 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.4 years. Restricted stock unit ("RSU") activity under the 2014 Plan and 2015 Plan for the years ended December 31, 2020, is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2019 96,637 $ 14.18 Granted 28,695 $ 8.18 Vested (78,859 ) $ 14.05 Forfeited (17,386 ) $ 12.68 Non-vested at December 31, 2020 29,087 $ 9.52 The fair value of RSUs is based on the market price of the Company's common stock on the date of grant. RSUs generally vest 25% annually over a four year period from the date of grant. Upon vesting, the RSUs are net share settled to cover the required withholding tax with the remaining shares issued to the holder. The Company recognizes compensation expense for such awards ratably over the corresponding vesting period. As of December 31, 2020, there was approximately $0.2 million of total unrecognized compensation cost related to unvested RSU share-based compensation. That cost is expected to be recognized over a weighted-average period of 2.8 years. 2014 Employee Stock Purchase Plan In February 2014, the Company’s board of directors adopted the 2014 Employee Stock Purchase Plan (“2014 ESPP”), which was subsequently ratified by the Company’s stockholders and became effective on May 2, 2014. The purpose of the 2014 ESPP is to provide means by which eligible employees of the Company and of certain designated related corporations may be given an opportunity to purchase shares of the Company’s common stock, and to seek and retain services of new and existing employees and to provide incentives for such persons to exert maximum efforts for the success of the Company. Common stock that may be issued under the 2014 ESPP will not exceed 4,779 shares, plus the number of shares of common stock that are automatically added on January 1st of each year for a period of ten years, commencing on January 1, 2015 and ending on January 1, 2024, in an amount equal to the lesser of (i) 0.8% of the total number of shares of outstanding common stock on December 31 of the preceding calendar year, and (ii) 2,941 shares of common stock. Similar to the 2014 Plan, the board of directors may act prior to January 1st of a given year to provide that there will be no increase in the share reserve or that the increase will be a lesser number of shares than would otherwise occur. The 2014 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code. During the years ended December 31, 2020 and 2019, the Company issued 4,497 and 3,684 shares of common stock under the 2014 ESPP, respectively. During the years ended December 31, 2020 and 2019, the number of shares of common stock available for issuance under the ESPP was automatically increased by 2,941 shares. As of December 31, 2020, there were 5,895 shares of common stock available for future issuance under the 2014 ESPP. Compensation Cost The compensation cost that has been charged against income for stock awards under the 2009 Stock Option Plan, the 2014 Plan, the 2015 Plan, and the 2014 ESPP was $2.2 million and $1.8 million for the years ended December 31, 2020 and 2019, respectively. The total income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was $0 for the years ended December 31, 2020 and 2019, respectively. Cash received from options exercised was $2,000 and $12,000 for the years ended December 31, 2020 and 2019, respectively. Stock-based compensation expense related to stock options is included in the following line items in the accompanying statements of operations (in thousands): Years Ended December 31, 2020 2019 Research and development $ 806 $ 604 Selling, general and administrative 1,414 1,224 Total stock-based compensation expense $ 2,220 $ 1,828 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12 . Fair Value Measurements The carrying amounts of certain financial instruments, including cash and cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their respective fair values due to the short-term nature of such instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period, pursuant to the policy described in Note 2. This determination requires significant judgments to be made. The following table summarizes the conclusions reached as of December 31, 2020 and 2019 for financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Hierarchy Classification Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2020 Cash $ 117 $ 117 — — Restricted cash 273 273 — — Money market funds 92,924 92,924 — — Total assets $ 93,314 $ 93,314 — — Warrant liabilities $ 51,156 — — $ 51,156 Derivative liabilities 5,954 — — 5,954 Total liabilities $ 57,110 — — $ 57,110 December 31, 2019 Cash $ 23 $ 23 — — Restricted cash 273 273 — — Money market funds 41,897 41,897 — — Total assets $ 42,193 $ 42,193 — — Warrant liabilities $ 18,396 — — $ 18,396 Derivative liability 3,192 3,192 Total liabilities $ 21,588 — — $ 21,588 The Company measures cash equivalents at fair value on a recurring basis. The fair value of cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. Level 3 financial liabilities consist of the warrant liabilities for which there is no current market such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company uses the Black-Scholes option valuation model to value the Level 3 warrant liabilities at inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual terms, maturity, risk free rates, as well as volatility. The unobservable input for all of the Level 3 warrant liabilities includes volatility. The historical volatility of the Company, using its closing common stock prices, is utilized to reflect future volatility over the expected term of the warrants. At December 31, 2020, the range and weighted average of the Level 3 volatilities utilized in the Black-Scholes model to fair value the warrant liabilities were 71.8% to 86.6% and 78.0%, respectively. Additionally, the expected term associated with the December 2019 Public Offering warrants is an unobservable input given that the expiration of the warrants is the earlier of (i) such date that is six months after the Company publicly announces the approval from the U.S. Food and Drug Administration for ibrexafungerp for the treatment of vulvovaginal candidiasis and (ii) June 12, 2023. The Company utilized a probability assessment to estimate the likelihood of occurrence for the two potential expiration dates and allocated the probability of occurrence percentage to the fair values calculated based on the two potential expected terms. The weighted average expected term is 1.2 years as of December 31, 2020 for the December 2019 Public Offering warrants with a range of 0.9 to 2.5 years The Company uses the binomial lattice valuation model to value the Level 3 derivative liabilities at inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual terms, dividend yield, risk-free rate, historical volatility, credit rating, market credit spread, and estimated effective yield. The unobservable inputs associated with the Level 3 derivative liabilities are adjusted equity volatility, market credit spread, and estimated yield. As of December 31, 2020, these inputs were 58.1%, 1,458 basis points, and 14.9%, respectively. The range of volatilities were 56.5% to 60.1%. The senior convertible notes are initially fair valued using the binomial lattice model and with the straight debt fair value calculated using the discounted cash flow method. The discount for lack of marketability, 7.0 % as of December 31, 2020 , is applied to the value of the March 2019 Notes. The residual difference represents the fair value of the embedded derivative liabilities and the fair value of the embedded derivative liabilities are reassessed using the binomial lattice valuation model on a quarterly basis. A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): Warrant Liabilities Balance – January 1, 2020 $ 18,396 December 2020 Public Offering 29,478 Loss adjustment to fair value 3,282 Balance – December 31, 2020 $ 51,156 Derivative Liabilities Balance – January 1, 2020 $ 3,192 Bifurcated embedded conversion option associated with April 2020 Notes 8,110 Adjustment for partial conversion of April 2020 Notes (2,690 ) Gain adjustment to fair value (2,658 ) Balance – December 31, 2020 $ 5,954 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 13 . Employee Benefit Plan The Company has a 401(k) retirement plan, which covers all U.S. employees scheduled for and working more than 20 hours per week. The Company may provide a discretionary match with a maximum amount of 50% of the first 6% of eligible participant’s compensation, which vests ratably over four years. Contributions under the plan were approximately $0.1 million for the years ended December 31, 2020 and 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Pursuant to the terms of the 2014 Plan (see Note 11), on January 1, 2021, the Company automatically added 786,547 shares to the total number shares of common stock available for future issuance under the 2014 Plan. Pursuant to the terms of the 2014 ESPP (see Note 11), on January 1, 2021, the Company automatically added 2,941 shares to the total number shares of common stock available for future issuance under the 2014 ESPP. In January 2021, Puissance converted the remaining $6.0 million of the April 2020 Notes for 959,080 shares of common stock. In February 2021, the Company partnered with Amplity Inc. (“Amplity”) for the potential upcoming commercial launch of ibrexafungerp for the treatment of VVC. Under the terms of the 5-year agreement, the Company will utilize the Amplity’s commercial execution expertise and resources for sales force, remote engagement, training, market access and select operations services. The Company will maintain full ownership of ibrexafungerp and control of all strategic aspects of the launch. Amplity is deferring a portion of its direct service costs in the first two years (2021 and 2022), which the Company will repay over three years starting in 2023. Amplity has the potential to earn a performance-based success fee in the 2023-2025 time frame by exceeding certain revenue targets. On February 11, 2021, the Company entered into an Exclusive License and Collaboration Agreement with Hansoh (Shanghai) Health Technology Co., Ltd., and Jiangsu Hansoh Pharmaceutical Group Company Limited |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of cash on deposit and cash equivalents. The Company's money market fund investment (recognized as cash and cash equivalents) is with what the Company believes to be a high quality issuer. The Company has not experienced any significant losses in the account. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers any highly liquid investments with a remaining maturity of three months or less when purchased to be cash and cash equivalents. The Company reported cash, cash equivalents, and restricted cash of $93.3 million and $42.2 million as of December 31, 2020 and 2019, respectively. See Note 8 for further details on the nature of the restricted cash. |
Short-Term Investments | Short-Term Investments The Company's held-to-maturity investments in U.S. government securities, commercial paper, and its overnight repurchase agreement are carried at amortized cost and any premiums or discounts are amortized or accreted through the maturity date of the investment. Any impairment that is not deemed to be temporary is recognized in the period identified. |
Warrant Liabilities | Warrant Liabilities The Company accounts for the outstanding warrants associated with the June 2016 public offering, March 2018 Public Offering, December 2019 Public Offering and December 2020 Public Offering as liabilities measured at fair value. The fair values of these warrants have been determined using the Black-Scholes valuation model ("Black-Scholes"). The warrants are subject to remeasurement at each balance sheet date, using Black-Scholes, with any changes in the fair value of the outstanding warrants recognized in the accompanying consolidated statements of operations. See Notes 9 and 12 for further details. |
Convertible Debt and Derivative Liabilities | Convertible Debt and Derivative Liabilities In connection with the Company’s issuance of its April 2020 and March 2019 6.0% Convertible Senior Notes (the “April 2020 Notes” and the “March 2019 Notes”), the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as long-term derivative liabilities in the Company’s balance sheet in accordance with FASB Accounting Standards Codification (“ Derivatives and Hedging |
Research and Development | Research and Development Major components of research and development costs include clinical trial activities and services, including related drug formulation, manufacturing, and other development, preclinical studies, cash compensation, stock-based compensation, fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf, materials and supplies, legal services, and regulatory compliance. The Company is required to estimate its expenses resulting from its obligations under contracts with clinical research organizations, clinical site agreements, vendors, and consultants in connection with conducting ibrexafungerp clinical trials and preclinical development. The financial terms of these contracts are subject to negotiations which vary from contract to contract, and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate development and trial expenses in its consolidated financial statements by matching those expenses with the period in which the services and efforts are expended. For clinical trials, the Company accounts for these expenses according to the progress of the trial as measured by actual hours expended by CRO personnel, investigator performance or completion of specific tasks, patient progression, or timing of various aspects of the trial. For preclinical development services performed by outside service providers, the Company determines accrual estimates through financial models, taking into account development progress data received from outside service providers and discussions with applicable Company and service provider personnel. |
Patent Expenses | Patent Expenses Costs related to filing and pursuing patent applications, as well as costs related to maintaining the Company's existing patent portfolio, are recorded as expense as incurred since recoverability of such expenditures is uncertain. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1 — Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 — Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. |
Amortization of Debt Issuance Costs and Discount | Amortization of Debt Issuance Costs and Discount The Company’s convertible debt is recorded net of debt issuance costs which comprised issuance costs and an advisory fee. The portion of the debt issuance costs allocated to the convertible debt, based on the amount of proceeds allocated between the convertible debt and the derivative liability, is being amortized over the term of the convertible debt using the effective interest method in addition to the discount initially recognized for the fair value of the bifurcated derivative liability from the convertible debt. Debt issuance costs allocated to the derivative liabilities were included in other expense as a component of the fair value adjustment for the year ended December 31, 2020. The Company’s previous term loan with Solar Capital Ltd. (“Solar”), which was paid in full in March 2019 (see Note 7), was recorded net of debt discount which comprised issuance costs, customary closing and final fees, and the fair value of the warrants issued in conjunction with the term loan. The resulting debt discount was being amortized over the term of the term loan using the straight-line method, which approximated the effective interest method. The amortization of debt issuance costs and discount is included in other expense within the accompanying consolidated statements of operations. |
Income Taxes | Income Taxes The Company provides for deferred income taxes under the asset and liability method, whereby deferred income taxes result from temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that the Company believes is more likely than not to be realized. The Company recognizes uncertain tax positions when the positions will be more likely than not sustained based solely upon the technical merits of the positions. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers, and directors based on the estimated fair values of the awards as of grant date. The Company values equity instruments and stock options granted to employees and non-employee directors using the Black-Scholes valuation model. The value of the portion of the award that is ultimately expected to vest is recorded as expense over the requisite service periods. |
Basic and Diluted Net Loss per Share of Common Stock | Basic and Diluted Net Loss per Share of Common Stock The Company calculates net loss per common share in accordance with ASC Earnings Per Share The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive: December 31, 2020 2019 Outstanding stock options 830,343 526,070 Outstanding restricted stock units 29,087 96,637 Warrants to purchase common stock associated with June 2016 Public Offering 421,867 421,867 Warrants to purchase common stock associated with March 2018 Public Offering - Series 2 798,810 798,810 Warrants to purchase common stock associated with December 2019 Public Offering 4,472,205 4,472,205 Option to purchase common stock associated with December 2019 Public Offering — 583,333 Warrants to purchase common stock associated with December 2020 Public Offering - Series 1 6,800,000 — Warrants to purchase common stock associated with December 2020 Public Offering - Series 2 6,800,000 — For possible future issuance for the conversion of the March 2019 Notes 1,138,200 1,138,200 For possible future issuance for the conversion of the April 2020 Notes 1,299,790 — Warrants to purchase common stock associated with Solar loan agreement 12,243 12,243 Total 22,602,545 8,049,365 |
Segment and Geographic Information | Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) about which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. The material assets of the Company were held in the United States for the years ended December 31, 2020 and 2019. In July 2019, the Company incorporated SCYNEXIS Pacific Pty Ltd, a wholly-owned subsidiary, in Sydney, Australia, for the initial purpose of conducting certain clinical trials and other research and development activities. Although all operations are primarily based in the United States, the Company generated a portion of its revenue from R-Pharm outside of the United States for the year ended December 31, 2019. All of the Company's revenue in 2019 was generated from a non-refundable upfront payment received under a licensing and collaboration arrangement with a partner located in Russia. All sales, including sales outside of the United States, are denominated in United States dollars. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This guidance will be effective for the Company in the first quarter of 2021 on a prospective basis, and early adoption is permitted. The Company is currently evaluating the impact ASU 2019-12 will have on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in and Entity’s Own Equity Recently Adopted Accounting Pronouncements 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Antidilutive Securities Excluded from Computation of Weighted Average Common Stock Outstanding | The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive: December 31, 2020 2019 Outstanding stock options 830,343 526,070 Outstanding restricted stock units 29,087 96,637 Warrants to purchase common stock associated with June 2016 Public Offering 421,867 421,867 Warrants to purchase common stock associated with March 2018 Public Offering - Series 2 798,810 798,810 Warrants to purchase common stock associated with December 2019 Public Offering 4,472,205 4,472,205 Option to purchase common stock associated with December 2019 Public Offering — 583,333 Warrants to purchase common stock associated with December 2020 Public Offering - Series 1 6,800,000 — Warrants to purchase common stock associated with December 2020 Public Offering - Series 2 6,800,000 — For possible future issuance for the conversion of the March 2019 Notes 1,138,200 1,138,200 For possible future issuance for the conversion of the April 2020 Notes 1,299,790 — Warrants to purchase common stock associated with Solar loan agreement 12,243 12,243 Total 22,602,545 8,049,365 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Held-to-maturity Securities | The following table summarizes the held-to-maturity securities held at December 31, 2019 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of December 31, 2019 U.S. government securities $ 1,996 $ 15 $ (14 ) $ 1,997 Commercial paper 998 — — 998 Overnight repurchase agreement 3,500 — — 3,500 Total short-term investments $ 6,494 $ 15 $ (14 ) $ 6,495 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Prepaid research and development services $ 1,535 $ 3,043 Prepaid insurance 362 252 Other prepaid expenses 19 19 Other receivable 2,876 — Other current assets 373 674 Total prepaid expenses and other current assets $ 5,165 $ 3,988 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): December 31, 2020 2019 Furniture and fixtures $ 406 $ 406 Computer equipment 76 73 Other 98 98 580 577 Less: accumulated depreciation and amortization (282 ) (172 ) Total property and equipment, net $ 298 $ 405 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): December 31, 2020 2019 Accrued research and development expenses $ 991 $ 1,296 Accrued employee bonus compensation 2,190 1,798 Other accrued expenses 960 707 Total accrued expenses $ 4,141 $ 3,801 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Quantitative Information Associated with Amounts Recognized in Condensed Consolidated Financial Statements for Lease | The following table summarizes certain quantitative information associated with the amounts recognized in the accompanying consolidated financial statements for the Lease (dollars in thousands): Years Ended December 31, 2020 2019 Operating lease cost $ 664 $ 664 Variable lease cost 51 41 Total operating lease expense $ 715 $ 705 Cash paid for amounts included in the measurement of operating lease liability $ 507 $ 497 December 31, 2020 December 31, 2019 Remaining Lease term (years) 8.59 9.59 Discount rate 15 % 15 % |
Future Minimum Lease Payments | Future minimum lease payments for all operating leases as of December 31, 2020 are as follows (in thousands): December 31, 2020 2021 $ 517 2022 527 2023 715 2024 730 2025 744 Thereafter 2,789 Total $ 6,022 |
Presentation of Operating Lease Liability and Right-of-Use Asset | The presentation of the operating lease liability and right-of-use asset as of December 31, 2020 are as follows (in thousands): December 31, 2020 Present value of future minimum lease payments $ 3,326 Operating lease liability, current portion $ 52 Operating lease liability, long-term portion 3,274 Total operating lease liability $ 3,326 Difference between future minimum lease payments and discounted cash flows $ 2,696 Operating lease right-of-use asset $ 2,999 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common Stock Reserved For Future Issuances | The Company had reserved shares of common stock for future issuance as follows: December 31, 2020 2019 Outstanding stock options 830,343 526,070 Outstanding restricted stock units 29,087 96,637 Warrants to purchase common stock associated with June 2016 Public Offering 421,867 421,867 Warrants to purchase common stock associated with March 2018 Public Offering - Series 2 798,810 798,810 Warrants to purchase common stock associated with December 2019 Public Offering 4,472,205 4,472,205 Option to purchase common stock associated with December 2019 Public Offering — 583,333 Warrants to purchase common stock associated with December 2020 Public Offering - Series 1 6,800,000 — Warrants to purchase common stock associated with December 2020 Public Offering - Series 2 6,800,000 — Prefunded warrants to purchase common stock associated with December 2020 Public Offering 5,260,000 — Warrants to purchase common stock associated with Solar loan agreement 12,243 12,243 For possible future issuance for the conversion of the March 2019 Notes 1,138,200 1,138,200 For possible future issuance for the conversion of the April 2020 Notes 1,299,790 — For possible future issuance under 2014 Equity Incentive Plan (Note 11) 146,488 55,478 For possible future issuance under Employee Stock Purchase Plan (Note 11) 5,895 7,423 For possible future issuance under 2015 Inducement Award Plan (Note 11) 14,050 31,550 Total common shares reserved for future issuance 28,028,978 8,143,816 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the differences between the benefit for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (dollars in thousands): 2020 2019 Amount Percent of Pretax Income Amount Percent of Pretax Income Income taxes from continuing operations at statutory rate $ (12,250 ) 21.0 % $ (11,279 ) 21.0 % State income taxes (4,108 ) 7.0 % (3,778 ) 7.0 % State effect of permanent items 78 (0.1 )% 285 (0.5 )% Stock-based compensation 96 (0.2 )% 100 (0.2 )% Deferred rate change — — (905 ) 1.6 % Warrants issuance 131 (0.2 )% 733 (1.4 )% Other 206 (0.3 )% 883 (1.5 )% NOL sale 301 (0.5 )% — — R&D credit adjustment 2 — (2,760 ) 5.1 % Increase in valuation allowance 12,396 (21.3 )% 16,721 (31.1 )% Total income tax benefit $ (3,148 ) 5.4 % $ — — % |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands): December 31, 2020 2019 Noncurrent deferred tax assets (liabilities) Accrued expenses $ 148 $ 107 Stock-based compensation 2,591 2,436 Lease liability 935 945 Other (823 ) (856 ) Net operating loss carryforwards 70,936 58,073 Research and development credits 5,291 5,984 Total deferred tax assets 79,078 66,689 Valuation allowances (79,078 ) (66,689 ) Net deferred tax assets $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Unrecognized tax benefit—January 1 $ 436 $ 436 Additions for tax positions of current period — — Additions for tax positions of prior periods — — Deferred rate change — — Unrecognized tax benefit—December 31 $ 436 $ 436 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Assumptions Used To Estimate Fair Value of Options | The assumptions used to estimate fair value and the resulting grant date fair values are as follows: Employees Non-employee Directors Years Ended December 31, Years Ended December 31, 2020 2019 2020 2019 Weighted average expected volatility 64.67 % 66.47 % 66.55 % 65.36 % Weighted average risk-free interest rate 1.18 % 2.47 % 0.36 % 2.11 % Weighted average expected term (in years) 5.97 6.03 5.50 5.54 |
Schedule of Share-based Compensation, Stock Options, Activity | The activity for the 2009 Plan, 2014 Plan and 2015 Plan for the years ended December 31, 2020 is summarized as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value ($000) Outstanding — December 31, 2019 526,070 $ 30.55 7.62 $ 60 Granted 349,437 $ 8.17 Exercised (166 ) $ 8.60 Forfeited/expired (44,998 ) $ 23.50 Outstanding — December 31, 2020 830,343 $ 21.52 7.71 $ 96 Exercisable — December 31, 2020 447,802 $ 31.47 6.74 $ 22 Vested or expected to vest —December 31, 2020 830,343 $ 21.52 7.71 $ 96 |
Schedule of Restricted Stock Units ("RSU") Activity | Restricted stock unit ("RSU") activity under the 2014 Plan and 2015 Plan for the years ended December 31, 2020, is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2019 96,637 $ 14.18 Granted 28,695 $ 8.18 Vested (78,859 ) $ 14.05 Forfeited (17,386 ) $ 12.68 Non-vested at December 31, 2020 29,087 $ 9.52 |
Stock-Based Compensation Expense Related to Stock Options | Stock-based compensation expense related to stock options is included in the following line items in the accompanying statements of operations (in thousands): Years Ended December 31, 2020 2019 Research and development $ 806 $ 604 Selling, general and administrative 1,414 1,224 Total stock-based compensation expense $ 2,220 $ 1,828 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured on a Recurring Basis | The following table summarizes the conclusions reached as of December 31, 2020 and 2019 for financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Hierarchy Classification Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2020 Cash $ 117 $ 117 — — Restricted cash 273 273 — — Money market funds 92,924 92,924 — — Total assets $ 93,314 $ 93,314 — — Warrant liabilities $ 51,156 — — $ 51,156 Derivative liabilities 5,954 — — 5,954 Total liabilities $ 57,110 — — $ 57,110 December 31, 2019 Cash $ 23 $ 23 — — Restricted cash 273 273 — — Money market funds 41,897 41,897 — — Total assets $ 42,193 $ 42,193 — — Warrant liabilities $ 18,396 — — $ 18,396 Derivative liability 3,192 3,192 Total liabilities $ 21,588 — — $ 21,588 |
Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis | A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): Warrant Liabilities Balance – January 1, 2020 $ 18,396 December 2020 Public Offering 29,478 Loss adjustment to fair value 3,282 Balance – December 31, 2020 $ 51,156 Derivative Liabilities Balance – January 1, 2020 $ 3,192 Bifurcated embedded conversion option associated with April 2020 Notes 8,110 Adjustment for partial conversion of April 2020 Notes (2,690 ) Gain adjustment to fair value (2,658 ) Balance – December 31, 2020 $ 5,954 |
Description of Business and B_2
Description of Business and Basis of Preparation - Additional Information (Detail) | Jan. 08, 2021USD ($) | Oct. 01, 2020USD ($) | Jul. 17, 2020shares | Jul. 16, 2020shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Jun. 18, 2019shares | Jun. 17, 2019shares | Dec. 31, 2018shares |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Accumulated deficit | $ (326,613,000) | $ (271,428,000) | |||||||
Cash and cash equivalents | 93,041,000 | $ 41,920,000 | |||||||
Shelf registration maximum equity offering price | $ 437,000,000 | ||||||||
Reverse stock split, ratio | 0.1 | ||||||||
Common stock, shares authorized (in shares) | shares | 100,000,000 | 250,000,000 | 100,000,000 | 100,000,000 | 250,000,000 | 125,000,000 | |||
Common stock, shares issued (in shares) | shares | 10,508,302 | 105,083,291 | 19,663,698 | 9,741,372 | |||||
Common stock, shares outstanding (in shares) | shares | 10,508,302 | 105,083,291 | 19,663,698 | 9,741,372 | |||||
Stock issued during period as result of reverse stock splits | shares | 0 | 0 | |||||||
Common Stock | |||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Common stock, shares outstanding (in shares) | shares | 19,663,698 | 9,741,372 | 4,797,198 | ||||||
October 2020 Shelf Registration | |||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Shelf registration maximum equity initial offering price | $ 200,000,000 | ||||||||
October 2020 Shelf Registration | Sales Agreement | Common Stock | |||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Shelf registration maximum equity offering price | $ 50,000,000 | ||||||||
Subsequent Event | January 2021 Shelf Registration | |||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Shelf registration maximum equity initial offering price | $ 200,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Subsidiary, Sale of Stock [Line Items] | |||
Cash, cash equivalents, and restricted cash | $ | $ 93,314 | $ 42,193 | $ 11,767 |
Operating segments (number) | Segment | 1 | ||
ASU 2018-13 | |||
Subsidiary, Sale of Stock [Line Items] | |||
Change in Accounting Principle, Accounting Standards Update, Adopted | true | ||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Dec. 31, 2020 | ||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | ||
Accounting Standards Update [Extensible List] | ASU 2018-13 | ||
6.0% April 2020 and March 2019 Convertible Senior Notes | |||
Subsidiary, Sale of Stock [Line Items] | |||
Interest rate | 6.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 22,602,545 | 8,049,365 |
Outstanding stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 830,343 | 526,070 |
Outstanding restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 29,087 | 96,637 |
For possible future issuance for the conversion of the March 2019 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 1,138,200 | 1,138,200 |
For possible future issuance for the conversion of the April 2020 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 1,299,790 | 0 |
Warrants to purchase common stock associated with Solar loan agreement | Warrant liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 12,243 | 12,243 |
Warrants to purchase common stock associated with June 2016 Public Offering | Warrant liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 421,867 | 421,867 |
March 2018 Public Offering Series 2 [Member] | Warrant liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 798,810 | 798,810 |
December 2020 Public Offering Series 1 | Warrant liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 6,800,000 | 0 |
December 2020 Public Offering Series 2 | Warrant liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 6,800,000 | 0 |
December 2019 Public Offering | Warrant liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 4,472,205 | 4,472,205 |
December 2019 Public Offering | Option to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 0 | 583,333 |
Short-term Investments (Details
Short-term Investments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | $ 6,494 |
Unrealized Gains | 15 |
Unrealized Losses | (14) |
Fair Value | 6,495 |
Commercial paper | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 998 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Fair Value | 998 |
Overnight repurchase agreement | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 3,500 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Fair Value | 3,500 |
U.S. government securities | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 1,996 |
Unrealized Gains | 15 |
Unrealized Losses | (14) |
Fair Value | $ 1,997 |
Short-term Investments - Additi
Short-term Investments - Additional Information (Details) $ in Millions | Dec. 31, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Held-to-maturity investments | $ 6.5 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid research and development services | $ 1,535 | $ 3,043 |
Prepaid insurance | 362 | 252 |
Other prepaid expenses | 19 | 19 |
Other receivable | 2,876 | 0 |
Other current assets | 373 | 674 |
Total prepaid expenses and other current assets | $ 5,165 | $ 3,988 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 580 | $ 577 |
Less: accumulated depreciation and amortization | (282) | (172) |
Total property and equipment, net | 298 | 405 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 406 | 406 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 76 | 73 |
Other | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 98 | $ 98 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued research and development expenses | $ 991 | $ 1,296 |
Accrued employee bonus compensation | 2,190 | 1,798 |
Other accrued expenses | 960 | 707 |
Total accrued expenses | $ 4,141 | $ 3,801 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Mar. 07, 2019USD ($)d$ / shares | Sep. 30, 2016USD ($) | Jan. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Jun. 30, 2020USD ($)shares | Apr. 09, 2020USD ($)d$ / shares | Apr. 30, 2019USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||
Payment of debt issuance costs | $ 494,000 | $ 1,253,000 | |||||||
Amortization of debt issuance costs and discount | 1,201,000 | 1,171,000 | |||||||
Loss on extinguishment of debt | 1,766,000 | 1,045,000 | |||||||
Net carrying amount of convertible debt and derivative liability | $ 16,516,000 | $ 16,516,000 | 11,522,000 | ||||||
April 2020 Note Purchase Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Date of issuance and sale of notes | Apr. 9, 2020 | ||||||||
Face amount | $ 10,000,000 | ||||||||
Proceeds from debt, net of issuance costs | 9,500,000 | ||||||||
Payment of debt issuance costs | $ 500,000 | ||||||||
Purchase price as percentage of principal amount | 100.00% | ||||||||
Interest rate | 6.00% | ||||||||
Payment terms | The April 2020 Notes will bear interest at a rate of 6.0% per annum, payable semiannually in arrears on April 15 and October 15 of each year, beginning October 15, 2020. The April 2020 Notes will mature on April 15, 2026, unless earlier converted, redeemed or repurchased. | ||||||||
Notes maturity date | Apr. 15, 2026 | ||||||||
Notes maturity description | The April 2020 Notes will mature on April 15, 2026, unless earlier converted, redeemed or repurchased | ||||||||
Senior convertible notes | 1,200,000 | $ 1,200,000 | |||||||
Unamortized debt issuance cost | 100,000 | 100,000 | |||||||
Bifurcated embedded conversion option derivative liability | 3,300,000 | 3,300,000 | |||||||
Derivative, fair value | 8,100,000 | 8,100,000 | |||||||
Debt issuance costs | 400,000 | 400,000 | |||||||
Gain (loss) on fair value adjustment of derivative liability | 1,700,000 | ||||||||
Amortization of debt issuance costs and discount | 200,000 | ||||||||
Conversion of convertible note, amount | $ 2,000,000 | $ 2,000,000 | |||||||
Conversion of convertible note exchanged for shares | shares | 322,348 | 316,461 | |||||||
Loss on extinguishment of debt | $ 1,000,000 | $ 800,000 | |||||||
Net carrying amount of convertible debt and derivative liability | 1,400,000 | 2,000,000 | 1,400,000 | ||||||
Fair value of the consideration issued | 2,400,000 | $ 2,800,000 | 2,400,000 | ||||||
Fair value of convertible debt and derivative liability | 7,400,000 | $ 7,400,000 | |||||||
Conversion terms | holders of the April 2020 Notes may convert their April 2020 Notes at their option at any time prior to the close of business on the business day immediately preceding April 15, 2026 into shares of the Company’s common stock. | ||||||||
Conversion rate, number of shares to be issued per $1000 of principal (in shares) | 111.1108 | ||||||||
Principal amount of notes used as the denominator for conversion into notes | $ 1,000 | ||||||||
Initial conversion price of notes | $ / shares | $ 9 | ||||||||
Conversion rate, number of shares to be issued per $1000 of principal (in shares) after adjustment to certain events | 1,938,600 | ||||||||
Convertible notes, redemption start date | Apr. 15, 2023 | ||||||||
Convertible notes, threshold percentage of stock price trigger | 130.00% | ||||||||
Convertible notes, threshold trading days | d | 20 | ||||||||
Convertible notes, threshold consecutive trading days | d | 30 | ||||||||
Redemption price as percentage of the principal amount | 100.00% | ||||||||
Redemption price as percentage of the principal amount subject to certain exceptions | 100.00% | ||||||||
April 2020 Note Purchase Agreement | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion of convertible note, amount | $ 6,000,000 | ||||||||
Conversion of convertible note exchanged for shares | shares | 959,080 | ||||||||
Senior Convertible Note Purchase Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Date of issuance and sale of notes | Mar. 7, 2019 | ||||||||
Face amount | $ 16,000,000 | ||||||||
Proceeds from debt, net of issuance costs | 14,700,000 | ||||||||
Payment of debt issuance costs | $ 1,300,000 | ||||||||
Purchase price as percentage of principal amount | 100.00% | ||||||||
Interest rate | 6.00% | ||||||||
Payment terms | The March 2019 Notes bear interest at a rate of 6.0% per annum payable semiannually in arrears on March 15 and September 15 of each year, beginning September 15, 2019. The March 2019 Notes will mature on March 15, 2025, unless earlier converted, redeemed or repurchased. | ||||||||
Notes maturity date | Mar. 15, 2025 | ||||||||
Notes maturity description | The March 2019 Notes will mature on March 15, 2025, unless earlier converted, redeemed or repurchased | ||||||||
Senior convertible notes | 9,400,000 | $ 9,400,000 | 8,300,000 | ||||||
Unamortized debt issuance cost | 400,000 | 400,000 | 500,000 | ||||||
Bifurcated embedded conversion option derivative liability | 2,700,000 | 2,700,000 | 3,200,000 | ||||||
Derivative, fair value | 7,000,000 | 7,000,000 | |||||||
Debt issuance costs | 600,000 | 600,000 | |||||||
Gain (loss) on fair value adjustment of derivative liability | 500,000 | 1,600,000 | |||||||
Amortization of debt issuance costs and discount | 1,000,000 | 1,100,000 | |||||||
Conversion of convertible note, amount | $ 2,000,000 | ||||||||
Conversion of convertible note exchanged for shares | shares | 162,600 | ||||||||
Loss on extinguishment of debt | $ 200,000 | 800,000 | |||||||
Net carrying amount of convertible debt and derivative liability | 2,800,000 | ||||||||
Fair value of the consideration issued | $ 3,000,000 | ||||||||
Fair value of convertible debt and derivative liability | $ 12,900,000 | $ 12,900,000 | 11,700,000 | ||||||
Conversion terms | holder of the March 2019 Notes may convert their March 2019 Notes at their option at any time prior to the close of business on the business day immediately preceding March 15, 2025 into shares of the Company’s common stock. | ||||||||
Conversion rate, number of shares to be issued per $1000 of principal (in shares) | 73.9096 | ||||||||
Principal amount of notes used as the denominator for conversion into notes | $ 1,000 | ||||||||
Initial conversion price of notes | $ / shares | $ 13.53 | ||||||||
Conversion rate, number of shares to be issued per $1000 of principal (in shares) after adjustment to certain events | 81 | ||||||||
Convertible notes, redemption start date | Mar. 15, 2022 | ||||||||
Convertible notes, threshold percentage of stock price trigger | 130.00% | ||||||||
Convertible notes, threshold trading days | d | 20 | ||||||||
Convertible notes, threshold consecutive trading days | d | 30 | ||||||||
Redemption price as percentage of the principal amount | 100.00% | ||||||||
Redemption price as percentage of the principal amount subject to certain exceptions | 100.00% | ||||||||
Reacquisition price of outstanding debt | 15,900,000 | ||||||||
Carrying value of debt obligation | $ 15,100,000 | ||||||||
Principal amount of notes used as the denominator for conversion into notes after adjustment of certain events | $ 1,000 | ||||||||
Term Loan | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount | $ 15,000,000 | ||||||||
Loan agreement term | 48 months | ||||||||
Term Loan | Secured Debt | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 8.49% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 01, 2018USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Commitment And Contingencies [Line Items] | |||
Long-term lease agreement, area of office space | ft² | 19,275 | ||
Lease term | 11 years | ||
Total lease payments | $ 7,300,000 | $ 507,000 | $ 497,000 |
Lessee, operating lease, existence of option to extend | true | ||
Renewal term | 5 years | ||
Renewal term, description | The Company has the option to renew for two consecutive five-year periods from the end of the first term and the Company is not reasonably certain that the option to renew the Lease will be exercised. Under the Lease, the Company furnished a security deposit in the form of a standby letter of credit in the amount of $0.3 million, which will be reduced by fifty-five thousand dollars every two years for ten years after the commencement of the lease | ||
Security deposit in the form of a standby letter of credit | $ 300,000 | ||
Decrease in security deposit | $ 55,000 | ||
Cypralis Limited | Asset Purchase Agreement | |||
Commitment And Contingencies [Line Items] | |||
Revenue recognized | 0 | 0 | |
Waterstone Pharmaceutical HK Limited | License Agreement | |||
Commitment And Contingencies [Line Items] | |||
Revenue recognized | 0 | $ 0 | |
Maximum | |||
Commitment And Contingencies [Line Items] | |||
Milestone payments from the Company | $ 19,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Quantitative Information Associated with Amounts Recognized in Condensed Consolidated Financial Statements for Lease (Detail) - USD ($) $ in Thousands | Mar. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | |||
Operating lease cost | $ 664 | $ 664 | |
Variable lease cost | 51 | 41 | |
Total operating lease expense | 715 | 705 | |
Total lease payments | $ 7,300 | $ 507 | $ 497 |
Remaining Lease term (years) | 8 years 7 months 2 days | 9 years 7 months 2 days | |
Discount rate | 15.00% | 15.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 | $ 517 |
2022 | 527 |
2023 | 715 |
2024 | 730 |
2025 | 744 |
Thereafter | 2,789 |
Total | $ 6,022 |
Commitments and Contingencies_4
Commitments and Contingencies - Presentation of Operating Lease Liability and Right-of-Use Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Present value of future minimum lease payments | $ 3,326 | |
Operating lease liability, current portion | 52 | $ 36 |
Operating lease liability, long-term portion | 3,274 | 3,326 |
Total operating lease liability | 3,326 | |
Difference between future minimum lease payments and discounted cash flows | 2,696 | |
Operating lease right-of-use asset | $ 2,999 | $ 3,191 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 17, 2020USD ($)$ / sharesshares | Jul. 17, 2020shares | Jul. 16, 2020shares | Apr. 10, 2020USD ($)d$ / sharesshares | Dec. 12, 2019USD ($)$ / sharesshares | Mar. 08, 2018$ / sharesshares | Sep. 30, 2016$ / sharesshares | Jun. 21, 2016$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Jun. 18, 2019shares | Jun. 17, 2019shares | May 07, 2014$ / sharesshares |
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||
Common stock, shares authorized (in shares) | 100,000,000 | 250,000,000 | 100,000,000 | 100,000,000 | 250,000,000 | 125,000,000 | ||||||||
Common stock, shares issued (in shares) | 10,508,302 | 105,083,291 | 19,663,698 | 9,741,372 | ||||||||||
Common stock, shares outstanding (in shares) | 10,508,302 | 105,083,291 | 19,663,698 | 9,741,372 | ||||||||||
Common stock, reverse stock split | 1-for-10 | |||||||||||||
Reverse stock split, ratio | 0.1 | |||||||||||||
Stock issued during period as result of reverse stock splits | 0 | 0 | ||||||||||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||||||||||
Common stock issued, net of expenses (in shares) | 1,775,150 | 937,500 | ||||||||||||
Proceeds from common stock issued | $ | $ 90,554 | $ 46,337 | ||||||||||||
Common stock issued, net of expenses | $ | 57,184 | 30,530 | ||||||||||||
Warrant liabilities fair value adjustment | $ | 5,214 | $ 4,497 | ||||||||||||
Warrant liabilities | $ | $ 51,200 | |||||||||||||
Warrants to purchase common stock associated with Loan Agreement | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 12,243 | |||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 36.754 | |||||||||||||
Warrant expiration period | 5 years | |||||||||||||
Aspire Capital | Common Stock Purchase Agreement | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Common stock issued, net of expenses (in shares) | 125,000 | |||||||||||||
Proceeds from common stock issued | $ | $ 600 | |||||||||||||
Number of purchase aggregate shares of common stock | 1,956,547 | |||||||||||||
Percentage of common stock outstanding | 19.99% | |||||||||||||
Number of shares committed | 70,910 | |||||||||||||
Average purchase price of shares sold | $ / shares | $ 8.461 | |||||||||||||
Percentage of common stock owned | 19.99% | |||||||||||||
Sale of common stock maximum number of share sold per business day | 25,000 | |||||||||||||
Stock purchase price average number of trading days lowest closing sales price out of consecutive trading days | d | 3 | |||||||||||||
Stock purchase price number of consecutive trading days | d | 10 | |||||||||||||
Increase in sale of common stock maximum number of share sold per business day | 200,000 | |||||||||||||
Percentage of purchase price per share | 97.00% | |||||||||||||
Option to Purchase Common Stock | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Options expiration date | 2020-01 | |||||||||||||
Maximum | Aspire Capital | Common Stock Purchase Agreement | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Public offering price | $ / shares | $ 0.25 | |||||||||||||
Sale of common stock at sole discretion | $ | $ 20,000 | |||||||||||||
Stock purchase percentage on aggregate shares of common stock traded | 30.00% | |||||||||||||
Maximum | Option to Purchase Common Stock | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of options not exercised | 583,333 | |||||||||||||
Series 1 Warrant | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 11,550 | |||||||||||||
Warrants, expiration date | Mar. 14, 2019 | |||||||||||||
Proceeds from Warrant Exercises | $ | $ 200 | |||||||||||||
Common Stock | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Common stock, shares outstanding (in shares) | 19,663,698 | 9,741,372 | 4,797,198 | |||||||||||
Common stock issued, net of expenses (in shares) | 9,156,304 | 4,773,692 | ||||||||||||
Common stock issued, net of expenses | $ | $ 9 | $ 5 | ||||||||||||
Commitment Shares | Aspire Capital | Common Stock Purchase Agreement | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Common stock shares issued | 70,910 | |||||||||||||
Commitment Shares | Aspire Capital | Common Stock Purchase Agreement | Other Expense | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Fair value of shares | $ | 600 | |||||||||||||
December 2020 Public Offering | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Common stock issued, net of expenses (in shares) | 8,340,000 | |||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Number of shares received per warrant (in shares) | 6,800,000 | |||||||||||||
Proceeds from common stock issued | $ | $ 79,500 | |||||||||||||
Warrant liabilities fair value adjustment | $ | 1,900 | |||||||||||||
December 2020 Public Offering | Pre-funded Warrants | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Number of warrants issued to purchase common stock (in shares) | 5,260,000 | |||||||||||||
Public offering price | $ / shares | $ 6.249 | |||||||||||||
December 2020 Public Offering | Series 1 Warrant | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 7.33 | |||||||||||||
Warrant term | 1 year | |||||||||||||
December 2020 Public Offering | Series 1 Warrant | Maximum | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 13,600,000 | |||||||||||||
December 2020 Public Offering | Series 2 Warrant | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 8.25 | |||||||||||||
Warrant term | 3 years 6 months | |||||||||||||
December 2020 Public Offering | Series 2 Warrant | Minimum | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 5,260,000 | |||||||||||||
December 2020 Public Offering | Common Stock | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Public offering price | $ / shares | $ 6.25 | |||||||||||||
December 2019 Public Offering | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Common stock issued, net of expenses (in shares) | 3,888,888 | |||||||||||||
Number of warrants issued to purchase common stock (in shares) | 3,888,888 | |||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 11 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 9 | |||||||||||||
Common stock issued, net of expenses | $ | $ 32,500 | |||||||||||||
Warrants, expiration date | Jun. 12, 2023 | |||||||||||||
Warrant liabilities fair value adjustment | $ | $ 1,000 | |||||||||||||
Underwriters | Maximum | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Option to purchase shares of common stock | 583,333 | |||||||||||||
Underwriters | Warrant liability | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 583,333 | |||||||||||||
Number of warrants exercised | 583,333 | |||||||||||||
March 2018 Public Offering | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Public offering price | $ / shares | $ 16.90 | |||||||||||||
March 2018 Public Offering | Series 1 Warrant | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 18.5 | |||||||||||||
Number of shares received per warrant (in shares) | 0.75 | |||||||||||||
Warrant term | 371 days | |||||||||||||
March 2018 Public Offering | Series 1 Warrant | Maximum | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 1,331,370 | |||||||||||||
March 2018 Public Offering | Series 2 Warrant | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 20 | |||||||||||||
Number of shares received per warrant (in shares) | 0.45 | |||||||||||||
Warrant term | 5 years | |||||||||||||
March 2018 Public Offering | Series 2 Warrant | Maximum | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 798,810 | |||||||||||||
March 2018 Public Offering | Warrant liability | Maximum | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 2,130,180 | |||||||||||||
June 2016 Public Offering | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 30 | |||||||||||||
Number of shares received per warrant (in shares) | 0.45 | |||||||||||||
Warrant expiration period | 5 years | |||||||||||||
June 2016 Public Offering | Warrant liability | Maximum | ||||||||||||||
Schedule Of Capitalization Equity [Line Items] | ||||||||||||||
Number of warrants issued to purchase common stock (in shares) | 421,867 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 28,028,978 | 8,143,816 |
Stock options | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 830,343 | 526,070 |
Restricted Stock Units | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 29,087 | 96,637 |
December 2020 Public Offering | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 5,260,000 | 0 |
Warrant liability | June 2016 Public Offering | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 421,867 | 421,867 |
Warrant liability | December 2020 Public Offering Series 1 | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 6,800,000 | 0 |
Warrant liability | December 2019 Public Offering | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 4,472,205 | 4,472,205 |
Warrant liability | Warrants to purchase common stock associated with Solar loan agreement | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 12,243 | 12,243 |
Warrant liability | December 2020 Public Offering Series 2 | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 6,800,000 | 0 |
Series 2 Warrant | March 2018 Public Offering | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 798,810 | 798,810 |
Option to Purchase Common Stock | December 2019 Public Offering | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 0 | 583,333 |
March 2019 Notes | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 1,138,200 | 1,138,200 |
April 2020 Notes | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 1,299,790 | 0 |
2014 Equity Incentive Plan | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 146,488 | 55,478 |
2014 Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 5,895 | 7,423 |
2015 Inducement Award Plan | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 14,050 | 31,550 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax benefit | $ 3,148,000 | $ 0 | ||
Loss before taxes | $ 58,333,000 | $ 53,710,000 | ||
Corporate income tax rate | 21.00% | 21.00% | ||
Temporary expensing for certain business assets and property, percent | 100.00% | |||
Maximum deduction percentage of pre-NOL taxable income | 80.00% | |||
Unrecognized tax benefits that would impact effective tax rate | $ 0 | |||
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 0 | |||
Income tax examination, penalties and interest accrued | $ 0 | |||
Maximum | ||||
Operating Loss Carryforwards [Line Items] | ||||
Corporate income tax rate | 21.00% | 35.00% | ||
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | $ 294,400,000 | $ 242,400,000 | ||
Tax credit carryforward | 5,300,000 | |||
NOLs subject to expiration | 169,600,000 | |||
NOLs subject not to expiration | $ 52,000,000 | 47,500,000 | ||
NOLs expiration date | Dec. 31, 2037 | |||
Net operating loss carryforwards expiration year | 2022 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | $ 202,700,000 | $ 178,200,000 | ||
Net operating loss carryforwards expiration year | 2019 | |||
State | New Jersey | ||||
Operating Loss Carryforwards [Line Items] | ||||
Cash receipt from the sale of state NOLs | $ 3,100,000 | |||
Maximum selling value of unused net operating losses and research and development tax credit to profitable tax payers. | $ 20,000,000 | |||
Amount received from the program | $ 9,900,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amount | ||
Income taxes from continuing operations at statutory rate | $ (12,250) | $ (11,279) |
State income taxes | (4,108) | (3,778) |
State effect of permanent items | 78 | 285 |
Stock-based compensation | 96 | 100 |
Deferred rate change | (905) | |
Warrants issuance | 131 | 733 |
Other | 206 | 883 |
NOL sale | 301 | |
R&D credit adjustment | 2 | (2,760) |
Increase in valuation allowance | 12,396 | 16,721 |
Total income tax benefit | $ (3,148) | $ 0 |
Percent of Pretax Income | ||
Income taxes from continuing operations at statutory rate | 21.00% | 21.00% |
State income taxes | 7.00% | 7.00% |
State effect of permanent items | (0.10%) | (0.50%) |
Stock-based compensation | (0.20%) | (0.20%) |
Deferred rate change | 0.00% | 1.60% |
Warrants issuance | (0.20%) | (1.40%) |
Other | (0.30%) | (1.50%) |
NOL sale | (0.50%) | 0.00% |
R&D credit adjustment | 0.00% | 5.10% |
Increase in valuation allowance | (21.30%) | (31.10%) |
Total income tax benefit | 5.40% | 0.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Accrued expenses | $ 148 | $ 107 |
Stock-based compensation | 2,591 | 2,436 |
Lease liability | 935 | 945 |
Other | (823) | (856) |
Net operating loss carryforwards | 70,936 | 58,073 |
Research and development credits | 5,291 | 5,984 |
Total deferred tax assets | 79,078 | 66,689 |
Valuation allowances | (79,078) | (66,689) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits | $ 436 | $ 436 |
Additions for tax positions of current period | 0 | 0 |
Additions for tax positions of prior periods | 0 | 0 |
Deferred rate change | 0 | 0 |
Unrecognized tax benefits | $ 436 | $ 436 |
Stock-based Compensation - 2009
Stock-based Compensation - 2009 Stock Option Plan (Details) - 2009 Stock Option Plan | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expiration period of options | 10 years |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of exercise price | 100.00% |
Vesting period of options | 3 years |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of exercise price | 110.00% |
Vesting period of options | 4 years |
Stock-based Compensation - 2014
Stock-based Compensation - 2014 Equity Incentive Plan (Details) - 2014 Equity Incentive Plan - shares | May 02, 2014 | Dec. 31, 2020 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of additional awards expected to be granted (in shares) | 0 | ||
Expiration period of options | 10 years | ||
Common stock outstanding percentage | 4.00% | ||
Number of shares of common stock for future issuance, board of directors prerogative, increase in period (in shares) | 0 | ||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 389,650 | 191,887 | |
Possible future issuance under equity compensation plan (in shares) | 146,488 | ||
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period of options | 3 years | ||
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period of options | 4 years | ||
Base number of new shares available for future issuance under equity incentive plan (in shares) | 112,273 | ||
Common stock issuable period | 10 years |
Stock-based Compensation - 2015
Stock-based Compensation - 2015 Inducement Plan (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 09, 2019 | Jun. 08, 2019 | Mar. 26, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (shares) | 349,437 | ||||
2015 Inducement Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares authorized under the plan (in shares) | 90,000 | 45,000 | 45,000 | ||
Granted (shares) | 17,500 | 11,500 | |||
Possible future issuance under equity compensation plan (in shares) | 14,050 | 31,550 |
Stock-based Compensation - Opti
Stock-based Compensation - Option Valuation Method - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average value of options granted in period (in dollars per share) | $ 4.83 | $ 7.50 |
Aggregate fair value of options granted | $ 1.7 | $ 1.3 |
Stock-based Compensation - Op_2
Stock-based Compensation - Option Valuation Method (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average expected volatility, employees | 64.67% | 66.47% |
Weighted average expected volatility, non-employees directors | 66.55% | 65.36% |
Weighted average risk-free interest rate, employees | 1.18% | 2.47% |
Weighted average risk-free interest rate, non-employees directors | 0.36% | 2.11% |
Weighted average expected term (in years), employees | 5 years 11 months 19 days | 6 years 10 days |
Weighted average expected term (in years), non-employees directors | 5 years 6 months | 5 years 6 months 14 days |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | ||
Beginning balance - Outstanding (shares) | 526,070 | |
Granted (shares) | 349,437 | |
Exercised (shares) | (166) | |
Forfeited/expired (shares) | (44,998) | |
Ending balance - Outstanding (shares) | 830,343 | 526,070 |
Exercisable (shares) | 447,802 | |
Vested or expected to vest (shares) | 830,343 | |
Weighted- Average Exercise Price | ||
Beginning balance - Outstanding (in dollars per share) | $ 30.55 | |
Granted (in dollars per share) | 8.17 | |
Exercised (in dollars per share) | 8.60 | |
Forfeited/expired (in dollars per share) | 23.50 | |
Ending balance - Outstanding (in dollars per share) | 21.52 | $ 30.55 |
Exercisable (in dollars per share) | 31.47 | |
Vested or expected to vest (in dollars per share) | $ 21.52 | |
Weighted- Average Remaining Contractual Life (in years) | ||
Balance - Outstanding | 7 years 8 months 15 days | 7 years 7 months 13 days |
Exercisable | 6 years 8 months 26 days | |
Vested or expected to vest | 7 years 8 months 15 days | |
Aggregate Intrinsic Value ($000) | ||
Balance - Outstanding | $ 96 | $ 60 |
Exercisable | 22 | |
Vested and expected to vest | $ 96 |
Stock-based Compensation - St_2
Stock-based Compensation - Stock Option Activity - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Total fair value of shares vested during the year | $ 1.3 | $ 1.5 |
Total unrecognized compensation cost related to unvested share-based compensation arrangements | $ 2 | |
Total unrecognized compensation cost related to unvested share-based compensation arrangements, recognition period | 2 years 4 months 24 days |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Restricted Stock Units ("RSU") Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Weighted Average Grant Date Fair Value Per Share | |
Total unrecognized compensation cost related to unvested share-based compensation arrangements, recognition period | 2 years 4 months 24 days |
Restricted Stock Units | |
Number of Shares | |
Beginning balance - Outstanding (shares) | shares | 96,637 |
Options granted in period (shares) | shares | 28,695 |
Vested (shares) | shares | (78,859) |
Forfeited (shares) | shares | (17,386) |
Ending balance - Outstanding (shares) | shares | 29,087 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance - Outstanding (in dollars per share) | $ / shares | $ 14.18 |
Granted (in dollars per share) | $ / shares | 8.18 |
Vested (in dollars per share) | $ / shares | 14.05 |
Forfeited (in dollars per share) | $ / shares | 12.68 |
Ending balance - Outstanding (in dollars per share) | $ / shares | $ 9.52 |
Vesting percentage | 25.00% |
Vesting period of options | 4 years |
Total unrecognized compensation cost related to unvested RSU share-based compensation | $ | $ 0.2 |
Total unrecognized compensation cost related to unvested share-based compensation arrangements, recognition period | 2 years 9 months 18 days |
Stock-based Compensation - 20_2
Stock-based Compensation - 2014 Employee Stock Purchase Plan (Details) - 2014 Employee Stock Purchase Plan - shares | May 02, 2014 | Dec. 31, 2020 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
For possible future issuance under employee stock purchase plan (in shares) | 4,779 | ||
Common stock issuable period | 10 years | ||
Common stock outstanding percentage | 0.80% | ||
Employee stock purchase plan, number of shares, which might be added to common stock outstanding (in shares) | 2,941 | ||
Number of shares of common stock for future issuance, board of directors prerogative, increase in period (in shares) | 0 | ||
Common stock issued through employee stock purchase plan (in shares) | 4,497 | 3,684 | |
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 2,941 | 2,941 | |
Possible future issuance under equity compensation plan (in shares) | 5,895 |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock-based compensation expense | $ 2,220,000 | $ 1,828,000 |
Tax benefit from compensation expense | 0 | 0 |
Cash received from option exercised | $ 2,000 | $ 12,000 |
Stock-based Compensation - Expe
Stock-based Compensation - Expense Related to Stock Options (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense related to stock options | $ 2,220 | $ 1,828 |
Research and development, net | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense related to stock options | 806 | 604 |
Selling, general and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense related to stock options | $ 1,414 | $ 1,224 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | $ 93,314 | $ 42,193 |
Fair value of financial liabilities | 57,110 | 21,588 |
Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 51,156 | 18,396 |
Derivative liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 5,954 | 3,192 |
Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 117 | 23 |
Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 273 | 273 |
Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 92,924 | 41,897 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 93,314 | 42,193 |
Fair value of financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 117 | 23 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 273 | 273 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 92,924 | 41,897 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Fair value of financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Derivative liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Fair value of financial liabilities | 57,110 | 21,588 |
Significant Unobservable Inputs (Level 3) | Warrant liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 51,156 | 18,396 |
Significant Unobservable Inputs (Level 3) | Derivative liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial liabilities | 5,954 | 3,192 |
Significant Unobservable Inputs (Level 3) | Cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Restricted cash | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of financial assets | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Significant Unobservable Inputs (Level 3) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liabilities, maturity date | Jun. 12, 2023 | |
Stock Price Volatility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative liabilities, unobservable inputs rate | 58.1 | |
Stock Price Volatility | Minimum | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liabilities, stock price volatility rate | 71.8 | |
Derivative liabilities, unobservable inputs rate | 56.5 | |
Stock Price Volatility | Maximum | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liabilities, stock price volatility rate | 86.6 | |
Derivative liabilities, unobservable inputs rate | 60.1 | |
Stock Price Volatility | Weighted Average | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liabilities, stock price volatility rate | 78 | |
Weighted Average Expected Term | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liabilities, expected term | 1 year 2 months 12 days | |
Weighted Average Expected Term | Minimum | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liabilities, expected term | 10 months 24 days | |
Weighted Average Expected Term | Maximum | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liabilities, expected term | 2 years 6 months | |
Market Credit Spread | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative liabilities, unobservable inputs rate | 1,458 | |
Estimated Yield | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative liabilities, unobservable inputs rate | 14.9 | |
Discounts for Lack of Marketability | March 2019 Notes | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior convertible notes, unobservable inputs rate | 7 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Warrant liabilities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 18,396 |
December 2020 Public Offering | 29,478 |
Gain (loss) adjustment to fair value | 3,282 |
Ending balance | 51,156 |
Derivative liabilities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | 3,192 |
Bifurcated embedded conversion option associated with Notes | 8,110 |
Adjustment for partial conversion of April 2020 Notes | (2,690) |
Gain (loss) adjustment to fair value | (2,658) |
Ending balance | $ 5,954 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)hour | Dec. 31, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | ||
Work hours per week | hour | 20 | |
Employer matching percent | 50.00% | |
Maximum percentage of contributions per employee | 6.00% | |
Vesting period | 4 years | |
Contribution amount | $ | $ 0.1 | $ 0.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Feb. 11, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
April 2020 Note Purchase Agreement | ||||||||
Subsequent Event [Line Items] | ||||||||
Conversion of convertible note, amount | $ 2,000,000 | $ 2,000,000 | ||||||
Conversion of convertible note exchanged for shares | 322,348 | 316,461 | ||||||
2014 Equity Incentive Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 389,650 | 191,887 | ||||||
2014 Employee Stock Purchase Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 2,941 | 2,941 | ||||||
Subsequent Event | Amplity Inc. | ||||||||
Subsequent Event [Line Items] | ||||||||
Term of agreement | 5 years | |||||||
Subsequent Event | Exclusive License and Collaboration Agreement | ||||||||
Subsequent Event [Line Items] | ||||||||
Upfront payment received | $ 10,000,000 | |||||||
Subsequent Event | Exclusive License and Collaboration Agreement | Maximum | ||||||||
Subsequent Event [Line Items] | ||||||||
Development and commercial milestones received | $ 112,000,000 | |||||||
Subsequent Event | April 2020 Note Purchase Agreement | ||||||||
Subsequent Event [Line Items] | ||||||||
Conversion of convertible note, amount | $ 6,000,000 | |||||||
Conversion of convertible note exchanged for shares | 959,080 | |||||||
Subsequent Event | 2014 Equity Incentive Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 786,547 | |||||||
Subsequent Event | 2014 Employee Stock Purchase Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 2,941 |