Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 05, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Sierra Oncology, Inc. | |
Entity Central Index Key | 0001290149 | |
Trading Symbol | SRRA | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 10,395,732 | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 133,534 | $ 147,528 |
Prepaid expenses and other current assets | 1,936 | 2,369 |
Total current assets | 135,470 | 149,897 |
Property and equipment, net | 112 | 113 |
Operating lease right-of-use asset | 547 | 589 |
Other assets | 662 | 729 |
TOTAL ASSETS | 136,791 | 151,328 |
CURRENT LIABILITIES: | ||
Accrued and other liabilities | 5,640 | 7,170 |
Accounts payable | 1,357 | 1,019 |
Warrant liabilities | 45,935 | |
Securities issuance obligation | 10,485 | |
Total current liabilities | 6,997 | 64,609 |
Operating lease liability | 298 | 374 |
TOTAL LIABILITIES | 7,295 | 64,983 |
Commitments and Contingencies (Note 8) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of March 31, 2020 and December 31, 2019; nil shares issued and outstanding as of March 31, 2020 and 103,000 shares Series A convertible voting preferred stock issued and outstanding as of December 31, 2019 | 1 | |
Common stock, $0.001 par value; 500,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 10,395,732 and 1,867,176 shares issued and outstanding as of March 31, 2020 and December 31, 2019 | 10 | 74 |
Additional paid-in capital | 927,085 | 851,957 |
Accumulated deficit | (797,599) | (765,687) |
TOTAL STOCKHOLDERS' EQUITY | 129,496 | 86,345 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 136,791 | $ 151,328 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 10,395,732 | 10,395,732 |
Common stock, shares outstanding | 1,867,176 | 1,867,176 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 103,000 |
Preferred stock, shares outstanding | 0 | 103,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 11,591 | $ 10,137 |
General and administrative | 4,544 | 3,365 |
Total operating expenses | 16,135 | 13,502 |
Loss from operations | (16,135) | (13,502) |
Other income (expense), net: | ||
Changes in fair value of warrant liabilities | (16,240) | |
Other income, net | 541 | 325 |
Total other income (expense), net | (15,699) | |
Loss before provision for (benefit from) income taxes, net | (31,834) | (13,177) |
Provision for (benefit from) income taxes, net | 78 | (145) |
Net loss and comprehensive loss | $ (31,912) | $ (13,032) |
Net loss per common share, basic and diluted | $ (3.14) | $ (7) |
Weighted-average shares used in computing net loss per common share, basic and diluted | 10,156,628 | 1,862,132 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Series A Convertible Voting Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
Stockholders Equity, Ending Balance at Dec. 31, 2018 | $ 94,479 | $ 74 | $ 771,817 | $ (677,412) | |
Stockholders Equity, Ending Balance, Shares at Dec. 31, 2018 | 1,859,120 | ||||
Issuance of common stock for exercise of stock options | 445 | 445 | |||
Issuance of common stock for exercise of stock options, Shares | 8,056 | ||||
Stock-based compensation | 1,699 | 1,699 | |||
Net loss | (13,032) | (13,032) | |||
Stockholders Equity, Ending Balance at Mar. 31, 2019 | 83,591 | $ 74 | 773,961 | (690,444) | |
Stockholders Equity, Ending Balance, Shares at Mar. 31, 2019 | 1,867,176 | ||||
Stockholders Equity, Ending Balance at Dec. 31, 2019 | 86,345 | $ 1 | $ 74 | 851,957 | (765,687) |
Stockholders Equity, Ending Balance, Shares at Dec. 31, 2019 | 103,000 | 1,867,176 | |||
Conversion of Series A convertible voting preferred stock to common stock | $ (1) | $ 8 | (7) | ||
Conversion of Series A convertible voting preferred stock to common stock, Shares | (103,000) | 7,803,273 | |||
Reclassification of warrant liabilities to equity | 62,175 | 62,175 | |||
Issuance of common stock in connection with an amendment to the asset purchase agreement, Shares | 725,283 | ||||
Issuance of common stock in connection with an amendment to the asset purchase agreement | 8,782 | $ 1 | 8,781 | ||
Issuance of warrant in connection with an amendment to the asset purchase agreement | 3,188 | 3,188 | |||
Stock-based compensation | 918 | 918 | |||
Reverse stock split adjustment | (73) | 73 | |||
Net loss | (31,912) | (31,912) | |||
Stockholders Equity, Ending Balance at Mar. 31, 2020 | $ 129,496 | $ 10 | $ 927,085 | $ (797,599) | |
Stockholders Equity, Ending Balance, Shares at Mar. 31, 2020 | 10,395,732 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (31,912) | $ (13,032) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Changes in fair value of warrant liabilities | 16,240 | |
Securities issuance obligation | 1,485 | |
Stock-based compensation | 918 | 1,699 |
Depreciation and amortization | 55 | 62 |
Other | 2 | (26) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 429 | (1,003) |
Accrued, other and operating lease liabilities | (1,522) | (2,599) |
Accounts payable | 357 | (667) |
Net cash used in operating activities | (13,948) | (15,566) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (14) | |
Net cash used in investing activities | (14) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of common stock options | 445 | |
Net cash provided by financing activities | 445 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (46) | (3) |
NET (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (13,994) | (15,138) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 147,828 | 106,346 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 133,834 | 91,208 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for (refund of) income taxes, net | 14 | (29) |
Cash paid for interest | 81 | |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ||
Issuance of common stock and common stock warrant in connection with an amendment to the asset purchase agreement | 11,970 | |
Reclassification of warrant liabilities to equity | 62,175 | |
Right-of-use asset obtained in exchange for operating lease obligation | $ 771 | |
Unpaid property and equipment in accrued and other liabilities | 12 | |
Unpaid deferred financing costs in accrued and other liabilities | $ 45 |
The Company and Basis of Presen
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | 1. The Company and Basis of Presentation Organization and Description of Business Sierra Oncology, Inc. (together with its subsidiaries, collectively referred to as the “Company”), a Delaware corporation, is a late stage drug development company focused on advancing its product candidate, momelotinib, a potent, selective and orally-bioavailable JAK1 (Janus kinase 1), JAK2 (Janus kinase 2) and ACVR1 (Activin A receptor type 1) inhibitor with a potentially differentiated therapeutic profile for the treatment of myelofibrosis. Momelotinib has been investigated in two completed Phase 3 clinical trials for the treatment of myelofibrosis and has demonstrated a potentially differentiated therapeutic profile encompassing anemia-related clinical benefits, as well as achieving constitutional symptom control benefits and substantive splenic volume reductions. The Company’s portfolio also includes two DNA Damage Response (DDR) assets, consisting of SRA737 and SRA141. SRA737 is a potent, highly selective, orally bioavailable small molecule inhibitor of Checkpoint kinase 1 (Chk1). SRA141 is a potent, selective and orally bioavailable small molecule inhibitor of Cell division cycle 7 kinase (Cdc7). The Company has decided to suspend the continued development of its product candidates SRA737 and SRA141 to focus its resources on the development of momelotinib. The Company is exploring non-dilutive The Company’s primary activities since inception have been conducting research and development activities, conducting preclinical and clinical testing, recruiting personnel, performing business and financial planning, identifying and evaluating additional drug candidates for potential in-licensing The Company has not generated any product revenue related to its primary business purpose to date, nor has it generated any income, and is subject to a number of risks and uncertainties, which include dependence on key individuals, the need to identify and successfully develop commercially viable products, the need to obtain regulatory approval for its products and commercialize them, and the need to obtain adequate additional financing to fund the development of momelotinib. As of March 31, 2020, the Company had $133.5 million of cash and cash equivalents. The Company believes that its balance of cash and cash equivalents as of the date of the issuance of these condensed consolidated financial statements is sufficient to fund its current operational plan for at least the next twelve months though it may pursue raising additional capital through equity financings or other arrangements. Reverse Stock Split On January 21, 2020, the Company’s shareholders approved an amendment to the Company’s certificate of incorporation to effect a reverse split of the Company’s common stock (Reverse Stock Split). On January 21, 2020, the Company’s board of directors approved the specific ratio for the Reverse Stock Split, which became effective on January 22, 2020, at 1-for-40. The |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and notes required for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K 10-K These unaudited condensed consolidated financial statements and related disclosure have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial statements included in this report. The condensed consolidated results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020, or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expense during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to the fair value of stock options and the warrant issued, fair value of the securities issuance obligation, accruals such as research and development costs, and recoverability of the Company’s net deferred tax assets and related valuation allowance. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 3. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common stock outstanding during the period without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options and the warrant for common stock are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares of common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented because including them would have been antidilutive: March 31, 2020 March 31, 2019 (in thousands) Series A warrants for common stock 7,802,241 — Series B warrants for common stock 2,574,727 — Options to purchase common stock 1,738,827 329,880 Warrant s 727,122 1,839 Total potential dilutive shares 12,842,917 331,719 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company measures and reports its cash equivalents, restricted cash, warrant liabilities and securities issuance obligation at fair value. The following table sets forth the fair value of the Company’s financial assets measured on a recurring basis by level within the fair value hierarchy: March 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Financial Assets Money market funds $ 132,963 $ — $ — $ 132,963 Restricted money market funds 300 — — 300 Total financial assets $ 133,263 $ — $ — $ 133,263 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Financial Assets Money market funds $ 146,240 $ — $ — $ 146,240 Restricted money market funds 300 — — 300 Total financial assets $ 146,540 $ — $ — $ 146,540 Financial Liabilities Warrant liabilities $ — $ — $ 45,935 $ 45,935 Securities issuance obligation — — 10,485 10,485 Total financial liabilities $ — $ — $ 56,420 $ 56,420 Money market funds and restricted money market funds are measured at fair value on a recurring basis using quoted prices and are classified as a Level 1 input. The Company’s warrant liabilities and securities issuance obligation contained unobservable inputs that reflected the Company’s own assumptions in which there was little, if any, market activity at the measurement date. Accordingly, the Company’s warrant liabilities were measured at fair value on a recurring basis using unobservable inputs until such time the warrants were no longer considered derivative instruments. The change in the fair value of warrant liabilities is recognized as a component of other income (expense), net in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2020. The securities issuance obligation was measured at fair value on a recurring basis using unobservable inputs until the common stock and the common stock warrant were issued. The change in fair values of the securities issuance obligation is recognized as research and development expense in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2020. The warrant liabilities and the securities issuance obligation were classified as Level 3 inputs. The assumptions used in calculating the estimated fair values represented the Company’s best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be materially different. At January 22, 2020, Warrant A and Warrant B were no longer considered to be derivative instruments. The Company remeasured the fair value of the warrant liabilities at the time of reclassification to equity using the following assumptions: Series A Series B Expected term (in years) 5.0 2.1 Expected volatility 43 % 88 % Risk-free interest rate 1.57 % 1.53 % Expected dividend yield — % — % At January 31, 2020, the securities issuance obligation was settled by the issuance of common stock and a common stock warrant. The Company remeasured the fair value of its common stock issuance obligation based on the value of the common stock at the time of issuance. The warrant issuance obligation was remeasured using the following assumptions: Warrant Expected term (in years) 5.0 Expected volatility 43 % Risk-free interest rate 1.57 % Expected dividend yield — % The following table provides a summary of changes in the estimated fair values of the Company’s Level 3 financial liabilities: Series A Series B Warrant Common Total (in thousands) Balance, December 31, 2019 $ 32,616 $ 13,319 $ 3,036 $ 7,449 $ 56,420 Changes in fair value 11,597 4,643 152 1,333 17,725 Settlement of financial liabilities by securities issuance — — (3,188 ) (8,782 ) (11,970 ) Reclassification to equity (44,213 ) (17,962 ) — — (62,175 ) Balance, March 31, 2020 $ — $ — $ — $ — $ — There were no transfers between Levels 1, 2 or 3 during the three months ended March 31, 2020. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Cash and Cash Equivalents Cash and cash equivalents consist of the following: March 31, 2020 December 31, (in thousands) Cash $ 571 $ 1,288 Cash equivalents: Money market accounts 132,963 146,240 Total cash and cash equivalents $ 133,534 $ 147,528 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows. March 31, 2020 March 31, (in thousands) Cash and cash equivalents $ 133,534 $ 90,908 Restricted cash included in other assets 300 300 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows $ 133,834 $ 91,208 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: March 31, December 31, (in thousands) Prepaid insurance $ 582 $ 918 Prepaid research and development project costs 581 853 Other receivables 156 190 Other 617 408 Total prepaid expenses and other current assets $ 1,936 $ 2,369 Property and Equipment, net Property and equipment, net consists of the following: March 31, December 31, (in thousands) Software $ 364 $ 352 Leasehold improvements 112 112 Computer equipment 89 89 Furniture and fixtures 3 3 Property and equipment, gross 568 556 Less: accumulated depreciation (456 ) (443 ) Total property and equipment, net $ 112 $ 113 Depreciation related to the Company’s property and equipment was $13,000 for the three ended March 31, 2020 and $21,000 for the three months ended March 31, 2019. Accrued and Other Liabilities Accrued and other liabilities consist of the following: March 31, December 31, (in thousands) Accrued research and development costs $ 2,777 $ 2,668 Accrued employee related costs 1,411 3,420 Accrued professional fees 1,162 817 Operating lease liability 175 187 Other 115 78 Total accrued and other liabilities $ 5,640 $ 7,170 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 6. Leases In June 2017, the Company entered into an operating lease agreement to lease the office space in Vancouver, Canada commencing March 1, 2018. The lease expires on February 28, 2023 and can be extended for an additional term of 5 years. The components of lease expense and related cash flows for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended Three Months Ended (in thousands) Operating lease cost $ 51 $ 51 Short-term lease cost 22 29 73 80 Operating cash flows used for operating leases $ 52 $ 40 As of March 31, 2020, the weighted average remaining lease term and discount rate for the operating lease are 2.9 years and 6.5%, respectively. As of March 31, 2020, maturities of lease liability due under the lease agreement are as follows: Years Ending December 31: Operating Leases (in thousands) Remainder of 2020 $ 150 2021 203 2022 162 Total lease payments 515 Less imputed interest (42 ) Total $ 473 In addition to base rent, these leases require payment of non-lease non-component |
Term Loan
Term Loan | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Term Loan | 7. Term Loan In August 2018, the Company entered into a Loan and Security Agreement (Loan Agreement) with Silicon Valley Bank (SVB). Contemporaneously with executing the Loan Agreement, the Company drew down $5.0 million. On December 18, 2019, the Company repaid the $5.0 million term loan and paid the associated prepayment and final payment fees. In connection with the Loan Agreement, the Company issued a warrant to SVB to purchase 1,839 of the Company’s common stock at a price per share of $74.80. The warrant was immediately exercisable, will expire on August 21, 2028, contains a cashless exercise provision and is classified as equity. During the three months ended March 31, 2019, the Company recognized interest expense of $ million. No interest expense was recognized for the three months ended March 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Asset Purchase Agreement In August 2018, the Company entered into an Asset Purchase Agreement with Gilead whereby the Company acquired worldwide rights to the pharmaceutical product momelotinib, an investigational orally-bioavailable JAK1, JAK2 and ACVT1 inhibitor together with all related intellectual property rights and certain other related assets. Pursuant to the agreement, the Company made a one-time In connection with obligations under the amendment, the Company recognized a $10.5 million non-cash shares of million of non-cash License Agreements In September 2016, the Company entered into an exclusive license agreement with CRT Pioneer Fund LP (CPF) for worldwide rights, know-how one-time product-by-product country-by-country In May 2016, the Company entered into an exclusive license agreement (Carna License Agreement) with Carna Biosciences, Inc. (Carna) for worldwide rights to develop and commercialize SRA141, a small molecule kinase inhibitor targeting Cdc7. In exchange for this exclusive right, the Company paid Carna an upfront payment of $0.9 million in June 2016. The Company will be required to pay Carna milestone payments of up to an aggregate of $270.0 million upon achievement of certain developmental, regulatory and commercial milestone events, including a milestone payment of $4.0 million upon dosing of the first patient in the first Phase 1 clinical trial for SRA141. These milestones will be accrued once they are considered probable of occurring. As of March 31, 2020, the Company had not recorded any milestone payments to Carna. In addition, the Company is required to pay Carna tiered single-digit royalties on net sales of product candidates (as defined under the Carna License Agreement). The Company is exploring non-dilutive Legal From time to time, the Company may become subject to other legal proceedings, claims and litigation arising in the ordinary course of business. In addition, the Company may receive letters alleging infringement of patent or other intellectual property rights. The Company is not currently a party to any other material legal proceedings, nor is it aware of any pending or threatened litigation that, in the Company’s opinion, would have a material adverse effect on the business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. |
Common Stock Reserved for Issua
Common Stock Reserved for Issuance | 3 Months Ended |
Mar. 31, 2020 | |
Common Stock Reserved for Issuance [Member] | |
Stockholders' Equity Note Disclosure | 9. Common Stock Reserved for Issuance The Company is required to reserve and keep available out of its authorized but unissued shares of common stock a number of shares sufficient to effect the conversion of all outstanding options granted and available for grant under the incentive plans, shares reserved for issuance under the employee stock purchase plan and issued warrant. March 31, December 31, Shares reserved under Series A warrant 7,802,241 7,802,241 Shares reserved under Series B warrant 2,574,727 2,574,727 Shares reserved for future option grants under equity plans 3,025,897 51,514 Outstanding stock options under equity incentive plans 1,738,827 326,023 Outstanding warrant 727,122 1,839 Shares reserved under the 2015 employee stock purchase plan 17,500 17,500 Shares reserved for conversion of Series A Preferred Stock — 7,803,273 Total common stock reserved for issuance 15,886,314 18,577,117 |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2020 | |
Preferred Stock [Member] | |
Stockholders' Equity Note Disclosure | 10. Preferred Stock As of March 31, 2020 and December 31, 2019, the Company had 10,000,000 shares of preferred stock authorized with a par value of $0.001. There were no preferred stock outstanding as of March 31, 2020 and 103,000 shares of Series A convertible voting preferred stock (Series A Preferred Stock) outstanding as of December 31, 2019. Series A Convertible Voting Preferred Stock On November 13, 2019, the Company completed an underwritten public offering whereby it issued 103,000 shares of Series A Preferred Stock together with Series A warrants and Series B warrants for a combined purchase price of $1,000. The aggregate proceeds received by the Company was $97.7 million, net of underwriting discounts and commissions and offering expenses. Each share of Series A Preferred Stock was On January , , all shares of Series A Preferred Stock converted into shares of the Company’s common stock. |
Warrant Liabilities
Warrant Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrant Liabilities | 11. Warrant Liabilities In connection with the Company’s November 2019 public offering of the Series A Preferred Stock, the Company issued Series A warrants to purchase up to 7,802,241 shares of common stock at an exercise price equal to $13.20, and Series B warrants to purchase up to 2,574,727 shares of common stock at an exercise price equal to $13.20. Both Series A and Series B warrants became exercisable on January 22, 2020 following stockholder approval of the Reverse Stock Split which resulted in a sufficient number of authorized common stock to allow for the exercise of the warrants, subject to certain beneficial ownership limitations. The Series A warrants will expire five years from the date they first became exercisable or on January 22, 2025 and contain a cash and/or cashless exercise provision. The Series B warrants will expire on the 75th day anniversary following the announcement of top-line The fair values of the Series A and Series B warrants were classified as warrant liabilities until they ceased to be derivative instruments following stockholder approval of an increase in authorized common stock sufficient to allow for the exercise of the warrants, at which time they were reclassified to equity. The Company revalued the warrant liabilities until they ceased to be derivative instruments using the Black-Scholes option pricing model. The Company recorded a million non-cash |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation In the accompanying condensed consolidated statements of operations, the Company recognized stock-based compensation expense for its employees and non-employees Three Months Ended March 31, 2020 2019 Research and development $ 546 $ 1,184 General and administrative 372 515 Total stock-based compensation $ 918 $ 1,699 Determination of Fair Value The estimated grant-date fair values of all of the Company’s stock-based awards were calculated using the Black-Scholes option pricing model, based on assumptions as follows: Three Months Ended March 31, 2020 2019 Expected term (in years) 5.7 – 6.7 5.3 – 6.9 Expected volatility 88 – 90 % 91 – 94 % Risk-free interest rate 0.6 – 1.2 % 2.5 – 2.6 % Expected dividend rate — % — % Equity Incentive Plans 2018 Equity Inducement Plan In September 2018, the Company’s Compensation Committee approved the 2018 Equity Inducement Plan (2018 Plan). The number of shares available for awards under the 2018 Plan was set to 37,500. The exercise price of each stock-based award issued under the 2018 Plan is required to be no less than the fair value of the Company’s capital stock. The vesting and exercise provisions of options or restricted awards granted are determined individually with each grant. Stock options have a 10-year 2015 Plan The 2015 Equity Incentive Plan (2015 Plan) became effective on July 14, 2015. On January 21, 2020 the Company’s stockholders approved the following amendments to the 2015 Plan: (i) increase to the authorized number of shares available for issuance by 4,312,500 shares and proportionately increase the share limit related to incentive stock options, (ii) provide limits on the total value of compensation that may be granted to any non-employee As of March 31, 2020, 4,678,379 shares were reserved for issuance under the 2015 Plan. The number of shares reserved for issuance under the 2015 Plan will increase automatically on January 1 of each calendar year 2016 through 2025 by the number of shares equal to 4% of the total outstanding shares of the Company’s common stock as of the immediately preceding December 31. The Company’s Board of Directors or Compensation Committee may reduce the amount of the increase in any particular year. The exercise price of each stock-based award issued under the 2015 Plan is required to be no less than the fair value of the Company’s capital stock. The vesting and exercise provisions of options or restricted awards granted are determined individually with each grant. Stock options have a 10-year 2008 Plan The Company granted options under the 2008 Stock Plan (2008 Plan) until July 2015 when it was terminated as to future awards, although it continues to govern the terms of options that remain outstanding under the 2008 Plan. The 2008 Plan provided for the granting of Incentive Stock Options (ISO), nonqualified stock options and stock purchase rights. In connection with the Board of Director’s approval of the 2015 Plan, all remaining shares available for future award under the 2008 Plan were transferred to the 2015 Plan, and the 2008 Plan was terminated. A summary of activity under the 2008 Plan, 2015 Plan and 2018 Plan and related information is as follows: Options Outstanding Shares Number Weighted- Weighted- Aggregate Outstanding - 51,514 326,023 $ 102.56 7.45 $ 11 Awards authorized 4,387,187 Options granted (1,435,857 ) 1,435,857 13.31 Options forfeited/cancelled 23,053 (23,053 ) 52.35 Outstanding - 3,025,897 1,738,827 $ 29.52 9.37 $ — Exercisable - 220,647 $ 114.63 6.23 $ — Vested and expected to vest - 1,738,827 $ 29.52 9.37 $ — The weighted-average grant date fair values of options granted during the three months ended March 31, 2020 was $9.81 per share, and $58.80 per share during the three months ended March 31, 2019. The aggregate intrinsic values of options exercised were $0.1 million for the three months ended March 31, 2019. No options were exercised for the three months ended March 31, 2020. The total grant date fair value of options vested for the three months ended March 31, 2020 was $1.6 million and $2.7 million during the three months ended March 31, 2019. As of March 31, 2020, total unrecognized stock-based compensation related to unvested stock options was $18.9 million. These costs are expected to be recognized over a remaining weighted-average period of 3.4 years as of March 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company did not record a provision for U.S. federal income taxes for the three months ended March 31, 2020 because it expects to generate a loss for the year ended December 31, 2020. The income tax expense for the three months ended March 31, 2020 represented foreign taxes, and the income tax benefit for the three months ended March 31, 2019 related to foreign research and development tax credits. The Company’s net U.S. deferred tax assets continue to be offset by a full valuation allowance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and notes required for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K 10-K These unaudited condensed consolidated financial statements and related disclosure have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial statements included in this report. The condensed consolidated results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020, or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expense during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to the fair value of stock options and the warrant issued, fair value of the securities issuance obligation, accruals such as research and development costs, and recoverability of the Company’s net deferred tax assets and related valuation allowance. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following shares of common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented because including them would have been antidilutive: March 31, 2020 March 31, 2019 (in thousands) Series A warrants for common stock 7,802,241 — Series B warrants for common stock 2,574,727 — Options to purchase common stock 1,738,827 329,880 Warrant s 727,122 1,839 Total potential dilutive shares 12,842,917 331,719 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets And Liabilities Measured On Recurring Basis | The following table sets forth the fair value of the Company’s financial assets measured on a recurring basis by level within the fair value hierarchy: March 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Financial Assets Money market funds $ 132,963 $ — $ — $ 132,963 Restricted money market funds 300 — — 300 Total financial assets $ 133,263 $ — $ — $ 133,263 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Financial Assets Money market funds $ 146,240 $ — $ — $ 146,240 Restricted money market funds 300 — — 300 Total financial assets $ 146,540 $ — $ — $ 146,540 Financial Liabilities Warrant liabilities $ — $ — $ 45,935 $ 45,935 Securities issuance obligation — — 10,485 10,485 Total financial liabilities $ — $ — $ 56,420 $ 56,420 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The Company remeasured the fair value of the warrant liabilities at the time of reclassification to equity using the following assumptions: Series A Series B Expected term (in years) 5.0 2.1 Expected volatility 43 % 88 % Risk-free interest rate 1.57 % 1.53 % Expected dividend yield — % — % The warrant issuance obligation was remeasured using the following assumptions: Warrant Expected term (in years) 5.0 Expected volatility 43 % Risk-free interest rate 1.57 % Expected dividend yield — % |
Schedule of Financial Liabilitites Fair Value of Recurring Basis Using Unobservable Inputs | The following table provides a summary of changes in the estimated fair values of the Company’s Level 3 financial liabilities: Series A Series B Warrant Common Total (in thousands) Balance, December 31, 2019 $ 32,616 $ 13,319 $ 3,036 $ 7,449 $ 56,420 Changes in fair value 11,597 4,643 152 1,333 17,725 Settlement of financial liabilities by equity issuance — — (3,188 ) (8,782 ) (11,970 ) Reclassification to equity (44,213 ) (17,962 ) — — (62,175 ) Balance, March 31, 2020 $ — $ — $ — $ — $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents consist of the following: March 31, 2020 December 31, (in thousands) Cash $ 571 $ 1,288 Cash equivalents: Money market accounts 132,963 146,240 Total cash and cash equivalents $ 133,534 $ 147,528 |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows. March 31, 2020 March 31, (in thousands) Cash and cash equivalents $ 133,534 $ 90,908 Restricted cash included in other assets 300 300 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows $ 133,834 $ 91,208 |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: March 31, December 31, (in thousands) Prepaid insurance $ 582 $ 918 Prepaid research and development project costs 581 853 Other receivables 156 190 Other 617 408 Total prepaid expenses and other current assets $ 1,936 $ 2,369 |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following: March 31, December 31, (in thousands) Software $ 364 $ 352 Leasehold improvements 112 112 Computer equipment 89 89 Furniture and fixtures 3 3 Property and equipment, gross 568 556 Less: accumulated depreciation (456 ) (443 ) Total property and equipment, net $ 112 $ 113 |
Summary of Accrued and Other Liabilities | Accrued and other liabilities consist of the following: March 31, December 31, (in thousands) Accrued research and development costs $ 2,777 $ 2,668 Accrued employee related costs 1,411 3,420 Accrued professional fees 1,162 817 Operating lease liability 175 187 Other 115 78 Total accrued and other liabilities $ 5,640 $ 7,170 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense and Related Cash Flows | The components of lease expense and related cash flows for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended Three Months Ended (in thousands) Operating lease cost $ 51 $ 51 Short-term lease cost 22 29 73 80 Operating cash flows used for operating leases $ 52 $ 40 |
Schedule of Maturities Lease Liabilities under Leases Agreement | As of March 31, 2020, maturities of lease liability due under the lease agreement are as follows: Years Ending December 31: Operating Leases (in thousands) Remainder of 2020 $ 150 2021 203 2022 162 Total lease payments 515 Less imputed interest (42 ) Total $ 473 |
Common Stock Reserved for Iss_2
Common Stock Reserved for Issuance (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Issuance | March 31, December 31, Shares reserved under Series A warrant 7,802,241 7,802,241 Shares reserved under Series B warrant 2,574,727 2,574,727 Shares reserved for future option grants under equity plans 3,025,897 51,514 Outstanding stock options under equity incentive plans 1,738,827 326,023 Outstanding warrant 727,122 1,839 Shares reserved under the 2015 employee stock purchase plan 17,500 17,500 Shares reserved for conversion of Series A Preferred Stock — 7,803,273 Total common stock reserved for issuance 15,886,314 18,577,117 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense for Employees and Non-employees | In the accompanying condensed consolidated statements of operations, the Company recognized stock-based compensation expense for its employees and non-employees Three Months Ended March 31, 2020 2019 Research and development $ 546 $ 1,184 General and administrative 372 515 Total stock-based compensation $ 918 $ 1,699 |
Schedule of Estimated Grant-date Fair Value of Stock-based Awards Using Black-Scholes Option Pricing Model Assumptions | The estimated grant-date fair values of all of the Company’s stock-based awards were calculated using the Black-Scholes option pricing model, based on assumptions as follows: Three Months Ended March 31, 2020 2019 Expected term (in years) 5.7 – 6.7 5.3 – 6.9 Expected volatility 88 – 90 % 91 – 94 % Risk-free interest rate 0.6 – 1.2 % 2.5 – 2.6 % Expected dividend rate — % — % |
Summary of Stock-Based Compensation Activity | A summary of activity under the 2008 Plan, 2015 Plan and 2018 Plan and related information is as follows: Options Outstanding Shares Number Weighted- Weighted- Aggregate Outstanding - 51,514 326,023 $ 102.56 7.45 $ 11 Awards authorized 4,387,187 Options granted (1,435,857 ) 1,435,857 13.31 Options forfeited/cancelled 23,053 (23,053 ) 52.35 Outstanding - 3,025,897 1,738,827 $ 29.52 9.37 $ — Exercisable - 220,647 $ 114.63 6.23 $ — Vested and expected to vest - 1,738,827 $ 29.52 9.37 $ — |
The Company and Basis of Pres_2
The Company and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash and cash equivalents | $ 133,534 | $ 147,528 | $ 90,908 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive shares | 12,842,917 | 331,719 |
Series A Warrants For Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive shares | 7,802,241 | |
Series B Warrants For Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive shares | 2,574,727 | |
Stock options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive shares | 1,738,827 | 329,880 |
Warrants for Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive shares | 727,122 | 1,839 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured on Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Total financial assets | $ 133,263 | $ 146,540 |
Financial Liabilities | ||
Total financial liabilities | 56,420 | |
Warrant liabilities [Member] | ||
Financial Liabilities | ||
Total financial liabilities | 45,935 | |
Securities issuance obligation [Member] | ||
Financial Liabilities | ||
Total financial liabilities | 10,485 | |
Money Market Funds [Member] | ||
Financial Assets | ||
Total financial assets | 132,963 | 146,240 |
Restricted Money Market Funds [Member] | ||
Financial Assets | ||
Total financial assets | 300 | 300 |
Level 1 [Member] | ||
Financial Assets | ||
Total financial assets | 133,263 | 146,540 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial Assets | ||
Total financial assets | 132,963 | 146,240 |
Level 1 [Member] | Restricted Money Market Funds [Member] | ||
Financial Assets | ||
Total financial assets | $ 300 | 300 |
Level 3 [Member] | ||
Financial Liabilities | ||
Total financial liabilities | 56,420 | |
Level 3 [Member] | Warrant liabilities [Member] | ||
Financial Liabilities | ||
Total financial liabilities | 45,935 | |
Level 3 [Member] | Securities issuance obligation [Member] | ||
Financial Liabilities | ||
Total financial liabilities | $ 10,485 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of Financial Liabilities Assumptions (Detail) | Jan. 31, 2020yr | Jan. 22, 2020yr |
Series A Warrant [Member] | Expected term [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 5 | |
Series A Warrant [Member] | Expected volatility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.43 | |
Series A Warrant [Member] | Risk-free interest rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0157 | |
Series B Warrant [Member] | Expected term [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 2.1 | |
Series B Warrant [Member] | Expected volatility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.88 | |
Series B Warrant [Member] | Risk-free interest rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0153 | |
warrant Issuance Obligation [Member] | Expected term [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 5 | |
warrant Issuance Obligation [Member] | Expected volatility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.43 | |
warrant Issuance Obligation [Member] | Risk-free interest rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0157 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Values Level Financial Liabilities Recurring Basis Using Unobservable Inputs (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Changes in fair value | $ 16,240 |
Reclassification to equity | 62,175 |
Fair Value Measurements Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning Balance | 56,420 |
Changes in fair value | 17,725 |
Settlement of financial liabilities by securities issuance | (11,970) |
Reclassification to equity | (62,175) |
Ending Balance | 0 |
Fair Value Measurements Recurring [Member] | Series A Warrant [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning Balance | 32,616 |
Changes in fair value | 11,597 |
Reclassification to equity | (44,213) |
Ending Balance | 0 |
Fair Value Measurements Recurring [Member] | Series B Warrant [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning Balance | 13,319 |
Changes in fair value | 4,643 |
Reclassification to equity | (17,962) |
Ending Balance | 0 |
Fair Value Measurements Recurring [Member] | warrant Issuance Obligation [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning Balance | 3,036 |
Changes in fair value | 152 |
Settlement of financial liabilities by securities issuance | (3,188) |
Ending Balance | 0 |
Fair Value Measurements Recurring [Member] | Common stock Issuance Obligation [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning Balance | 7,449 |
Changes in fair value | 1,333 |
Settlement of financial liabilities by securities issuance | (8,782) |
Ending Balance | $ 0 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash and Cash Equivalents [Abstract] | |||
Cash | $ 571 | $ 1,288 | |
Cash equivalents: | |||
Money market accounts | 132,963 | 146,240 | |
Total cash and cash equivalents | $ 133,534 | $ 147,528 | $ 90,908 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 133,534 | $ 147,528 | $ 90,908 | |
Restricted cash included in other assets | 300 | 300 | ||
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows | $ 133,834 | $ 147,828 | $ 91,208 | $ 106,346 |
Balance Sheet Components - Su_3
Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 582 | $ 918 |
Prepaid research and development project costs | 581 | 853 |
Other receivables | 156 | 190 |
Other | 617 | 408 |
Total prepaid expenses and other current assets | $ 1,936 | $ 2,369 |
Balance Sheet Components - Su_4
Balance Sheet Components - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 568 | $ 556 |
Less: accumulated depreciation | (456) | (443) |
Total property and equipment, net | 112 | 113 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 364 | 352 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 112 | 112 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 89 | 89 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3 | $ 3 |
Balance Sheet Components - Su_5
Balance Sheet Components - Summary of Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued research and development costs | $ 2,777 | $ 2,668 |
Accrued employee related costs | 1,411 | 3,420 |
Accrued professional fees | 1,162 | 817 |
Operating lease liability | 175 | 187 |
Other | 115 | 78 |
Total accrued and other liabilities | $ 5,640 | $ 7,170 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 13,000 | $ 21,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Loss Contingencies [Line Items] | |
Weighted-average remaining lease term, operating lease (Year) | 2 years 10 months 24 days |
Weighted-average discount rate, Operating lease | 6.50% |
Vancouver Lease [Member] | Vancouver [Member] | |
Loss Contingencies [Line Items] | |
Operating lease agreement expiration date | Feb. 28, 2023 |
Additional lease term to be extended | 5 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense and Related Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 51 | $ 51 |
Short-term lease cost | 22 | 29 |
Total Lease Cost | 73 | 80 |
Operating cash flows used for operating leases | $ 52 | $ 40 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities Lease Liabilities under Leases Agreement (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
Remainder of 2020 | $ 150 |
2021 | 203 |
2022 | 162 |
Total lease payments | 515 |
Less imputed interest | (42) |
Total | $ 473 |
Term Loan - Additional Informat
Term Loan - Additional Information (Detail) - Silicon Valley Bank [Member] - Term Loans [Member] $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2018Tranches | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2019USD ($) | Dec. 18, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Number of tranches | Tranches | 3 | |||
Loan agreement, description | Contemporaneously with executing the Loan Agreement, the Company drew down the first $5.0 million tranche. | |||
Loan agreement, frequency of payments | monthly | |||
Interest expense | $ 0.1 | |||
Tranche One [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of loans | $ 5 | |||
Amount borrowed | $ 5 | |||
Warrants to Purchase Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Warrants issued in connection with loan | shares | 1,839 | |||
Excercise price of warrants or rights | $ / shares | $ 74.80 | |||
Warrant expiration date | Aug. 21, 2028 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2020$ / sharesshares | Aug. 31, 2018USD ($) | Oct. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2020USD ($)Paymentsshares | Dec. 31, 2019USD ($) | Jan. 31, 2017USD ($) | |
Carna License Agreement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Aggregate milestone payment | $ 270 | ||||||
Milestone payment | $ 4 | ||||||
Upfront payment paid | $ 0.9 | ||||||
Number of milestone payments recorded | Payments | 0 | ||||||
CPF License Agreements [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Aggregate milestone payment | $ 19.5 | ||||||
Milestone payment | $ 2 | ||||||
Upfront payment paid | $ 7 | ||||||
Additional milestone payment payable | 319.5 | ||||||
CPF License Agreements [Member] | Phase One Clinical Trial [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Milestone payment | 7.5 | ||||||
CPF License Agreements [Member] | Phase Two Clinical Trial [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Milestone payment | 12 | ||||||
Asset Purchase Agreement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Upfront payment paid | $ 3 | ||||||
Aggregate milestone payment | 190 | ||||||
Expense included research and development cost | $ 10.5 | ||||||
Additional Exepense included Research and development cost | $ 1.5 | ||||||
Asset Purchase Agreement [Member] | Gilead [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stock issued, shares | shares | 725,283 | ||||||
Number of securitites called by warrants and rights | shares | 725,283 | ||||||
Asset Purchase Agreement Amendment [Member] | Gilead [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stock issued, shares | shares | 725,283 | ||||||
Number of securitites called by warrants and rights | shares | 725,283 | ||||||
Excercise price of warrants or rights | $ / shares | $ 13.20 |
Common Stock Reserved for Iss_3
Common Stock Reserved for Issuance - Schedule of Common Stock Reserved for Issuance (Detail) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 15,886,314 | 18,577,117 |
Series A Warrant [Member] | ||
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 7,802,241 | 7,802,241 |
Series B Warrant [Member] | ||
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 2,574,727 | 2,574,727 |
Equity Incentive Plans [Member] | ||
Class of Stock [Line Items] | ||
Awards outstanding | 1,738,827 | 326,023 |
Total common stock reserved for future issuance | 3,025,897 | 51,514 |
2015 Employee Stock Purchase Plan [Member] | ||
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 17,500 | 17,500 |
Warrants to Purchase Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Outstanding warrant | 727,122 | 1,839 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 7,803,273 |
Preferred Stock - Additional in
Preferred Stock - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 13, 2019 | Mar. 31, 2020 | Jan. 29, 2020 | Dec. 31, 2019 |
Series A Convertible Voting Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares outstanding | 0 | 103,000 | ||
Stock issued, shares | 103,000 | |||
Preferred stock voting rights | The Series A Preferred Stock will initially vote together with the Company's common stock on an as-converted basis. Holders of each Series A Preferred Stock will be entitled to one vote for each share of common stock into which their Series A Preferred Stock is then-convertible. Following the date the Series A Preferred Stock automatically converts into shares of the Company's common stock, except otherwise required by law, the Series A Preferred Stock will have no voting rights. | |||
Preferred Stock converted into of the Company's common stock | 7,803,273 | |||
Convertible Preferred Stock And Warrants And Underwritten Follow On Offering [Member] | ||||
Share issued price per share | $ 1,000 | |||
Proceeds from issuance of convertible preferred stock and warrants net of issuance cost | $ 97.7 | |||
Series A Preferred Stock [Member] | ||||
Share issued price per share | $ 1,000 | |||
Preferred stock conversion price per share | $ 13.20 |
Warrant Liabilities - Additiona
Warrant Liabilities - Additional information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Non-cash expense on warrant liability | $ | $ 16,240 |
Series A Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding term | 5 years |
Series B Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding term | 75 days |
Exercise of Future Warrants Value | $ | $ 34,000 |
Underwritten Follow On Offerings [Member] | Series A Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Number of securitites called by warrants and rights | shares | 7,802,241 |
Excercise price of warrants or rights | $ / shares | $ 13.20 |
Underwritten Follow On Offerings [Member] | Series B Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Number of securitites called by warrants and rights | shares | 2,574,727 |
Excercise price of warrants or rights | $ / shares | $ 13.20 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-based Compensation Expense for Employees and Non-employees (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 918 | $ 1,699 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 546 | 1,184 |
General and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 372 | $ 515 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Estimated Grant-date Fair Values of Stock-based Awards Using Black-Scholes Option Pricing Model Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, Minimum | 88.00% | 91.00% |
Expected volatility, Maximum | 90.00% | 94.00% |
Risk-free interest rate, Minimum | 0.60% | 2.50% |
Risk-free interest rate, Maximum | 1.20% | 2.60% |
Expected dividend rate | 0.00% | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 8 months 12 days | 5 years 3 months 18 days |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 8 months 12 days | 6 years 10 months 24 days |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 21, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock shares reserved for issuance | 15,886,314 | 18,577,117 | ||
Common shares authorized to be issued during the period | 4,312,500 | |||
2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock shares reserved for issuance | 4,678,379 | |||
Stock option life in years | 10 years | |||
Stock option grants description | The number of shares reserved for issuance under the 2015 Plan will increase automatically on January 1 of each calendar year 2016 through 2025 by the number of shares equal to 4% of the total outstanding shares of the Company’s common stock as of the immediately preceding December 31. | |||
Percentage threshold of outstanding shares increased annually under the plan | 4.00% | |||
2008 Plan, 2015 Plan and 2018 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair values of options granted | $ 9.81 | $ 58.80 | ||
Aggregate intrinsic value of options exercised | $ 0.1 | |||
Total grant date fair value of options vested | $ 1.6 | $ 2.7 | ||
Total unrecognized stock-based compensation related to unvested stock options | $ 18.9 | |||
Weighted-average period | 3 years 4 months 24 days | |||
Common shares authorized to be issued during the period | 4,387,187 | |||
2018 Equity Inducement Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock shares reserved for issuance | 37,500 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 21, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Options Outstanding, Shares Available for Grant | |||
Shares Available for Grant, Awards authorized | 4,312,500 | ||
2008 Plan, 2015 Plan and 2018 Plan [Member] | |||
Options Outstanding, Shares Available for Grant | |||
Shares Available for Grant, Beginning balance | 51,514 | ||
Shares Available for Grant, Awards authorized | 4,387,187 | ||
Shares Available for Grant, Granted | (1,435,857) | ||
Shares Available for Grant, forfeited/cancelled | 23,053 | ||
Shares Available for Grant, Ending balance | 3,025,897 | 51,514 | |
Options Outstanding, Number of Shares Outstanding | |||
Number of Shares Outstanding, Beginning balance | 326,023 | ||
Number of Shares Outstanding, Options granted | 1,435,857 | ||
Number of Shares Outstanding, Options forfeited/cancelled | (23,053) | ||
Number of Shares Outstanding, Ending balance | 1,738,827 | 326,023 | |
Number of Shares Outstanding, Exercisable | 220,647 | ||
Number of Shares Outstanding, Vested and expected to vest | 1,738,827 | ||
Options Outstanding, Weighted-Average Exercise Price Per Share | |||
Weighted-Average Exercise Price Per Share, Beginning balance | $ 102.56 | ||
Weighted-Average Exercise Price Per Share, Options granted | 13.31 | ||
Weighted-Average Exercise Price Per Share, Options forfeited/cancelled | 52.35 | ||
Weighted-Average Exercise Price Per Share, Ending balance | 29.52 | $ 102.56 | |
Weighted-Average Exercise Price Per Share, Exercisable | 114.63 | ||
Weighted-Average Exercise Price Per Share, Vested and expected to vest | $ 29.52 | ||
Options Outstanding, Weighted-Average Remaining Contractual Term (Years) | |||
Weighted-Average Remaining Contractual Term (Years) | 9 years 4 months 13 days | 7 years 5 months 12 days | |
Weighted-Average Remaining Contractual Term (Year), Exercisable | 6 years 2 months 23 days | ||
Weighted-Average Remaining Contractual Term (Year), Vested and expected to vest | 9 years 4 months 13 days | ||
Options Outstanding, Aggregate Intrinsic Value of Outstanding Options | |||
Aggregate Intrinsic Value of Outstanding Options | $ 11 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Income Tax Contingency [Line Items] | |
Federal Income Tax Expense (Benefit), Continuing Operations | $ 0 |