Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 09, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CHIASMA, INC | ||
Entity Central Index Key | 0001339469 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Common Stock, Shares Outstanding | 42,255,657 | ||
Entity Public Float | $ 192,861,371 | ||
Trading Symbol | CHMA | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Stock | ||
Entity Address, State or Province | MA |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 27,855 | $ 13,060 |
Marketable securities | 64,520 | 28,602 |
Insurance recovery (Note 12) | 18,288 | |
Prepaid expenses and other current assets | 3,881 | 2,237 |
Total current assets | 96,256 | 62,187 |
Property and equipment, net | 334 | 111 |
Other assets | 2,236 | 958 |
Total assets | 98,826 | 63,256 |
Current liabilities | ||
Accounts payable | 3,253 | 2,029 |
Estimated settlement liability (Note 12) | 18,750 | |
Accrued expenses | 7,576 | 7,848 |
Other current liabilities | 546 | |
Total current liabilities | 11,375 | 28,627 |
Long-term liabilities | 1,682 | 505 |
Total liabilities | 13,057 | 29,132 |
Commitments and Contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value; authorized 125,000,000 shares at December 31, 2019 and December 31, 2018; issued and outstanding 42,078,416 shares at December 31, 2019 and 24,456,120 shares at December 31, 2018 | 421 | 245 |
Preferred stock, $0.01 par value; authorized 5,000,000 shares; none outstanding | ||
Additional paid-in capital | 358,245 | 270,509 |
Accumulated other comprehensive income (loss) | 37 | (16) |
Accumulated deficit | (272,934) | (236,614) |
Total stockholders' equity | 85,769 | 34,124 |
Total liabilities and stockholders' equity | $ 98,826 | $ 63,256 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 42,078,416 | 24,456,120 |
Common stock, shares outstanding | 42,078,416 | 24,456,120 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses: | |||
General and administrative | $ 15,122 | $ 9,974 | $ 9,146 |
Research and development | 22,457 | 22,362 | 17,948 |
Restructuring Charges | 1,038 | ||
Total operating expenses | 37,579 | 32,336 | 28,132 |
Loss from operations | (37,579) | (32,336) | (28,132) |
Other income, net | (1,543) | (1,044) | (716) |
Loss before income taxes | (36,036) | (31,292) | (27,416) |
Provision for income taxes | 284 | (31) | (590) |
Net loss | $ (36,320) | $ (31,261) | $ (26,826) |
Earnings per share | |||
Basic | $ (1.06) | $ (1.28) | $ (1.10) |
Diluted | $ (1.06) | $ (1.28) | $ (1.10) |
Weighted-average shares outstanding: | |||
Basic | 34,204,284 | 24,399,706 | 24,366,681 |
Diluted | 34,204,284 | 24,399,706 | 24,366,681 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (36,320) | $ (31,261) | $ (26,826) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on available for sale securities, net | 53 | 43 | (50) |
Total other comprehensive income (loss): | 53 | 43 | (50) |
Comprehensive loss | $ (36,267) | $ (31,218) | $ (26,876) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2016 | $ 85,725 | $ 244 | $ 264,017 | $ (9) | $ (178,527) |
Beginning balance, shares at Dec. 31, 2016 | 24,359,584 | ||||
Stock-based compensation | 3,522 | 3,522 | |||
Exercise of stock options | 2 | 2 | |||
Exercise of stock options, shares | 22,021 | ||||
Additional paid-in capital on account of vested portion of restricted stock | 101 | 101 | |||
Other comprehensive income (loss) | (50) | (50) | |||
Net loss | (26,826) | (26,826) | |||
Ending balance at Dec. 31, 2017 | 62,474 | $ 244 | 267,642 | (59) | (205,353) |
Ending balance, shares at Dec. 31, 2017 | 24,381,605 | ||||
Stock-based compensation | 2,730 | 2,730 | |||
Exercise of stock options | 37 | $ 1 | 36 | ||
Exercise of stock options, shares | 74,515 | ||||
Additional paid-in capital on account of vested portion of restricted stock | 101 | 101 | |||
Other comprehensive income (loss) | 43 | 43 | |||
Net loss | (31,261) | (31,261) | |||
Ending balance at Dec. 31, 2018 | 34,124 | $ 245 | 270,509 | (16) | (236,614) |
Ending balance, shares at Dec. 31, 2018 | 24,456,120 | ||||
Stock-based compensation | 3,270 | 3,270 | |||
Exercise of stock options | $ 50 | $ 2 | 48 | ||
Exercise of stock options, shares | 192,711 | 192,711 | |||
Issuance of common stock in follow-on offerings, net | $ 84,576 | $ 174 | 84,402 | ||
Issuance of common stock in follow-on offerings, net, shares | 17,429,585 | ||||
Additional paid-in capital on account of vested portion of restricted stock | 16 | 16 | |||
Other comprehensive income (loss) | 53 | 53 | |||
Net loss | (36,320) | (36,320) | |||
Ending balance at Dec. 31, 2019 | $ 85,769 | $ 421 | $ 358,245 | $ 37 | $ (272,934) |
Ending balance, shares at Dec. 31, 2019 | 42,078,416 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net loss | $ (36,320) | $ (31,261) | $ (26,826) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation | 55 | 88 | 152 |
Stock-based compensation | 3,270 | 2,730 | 3,522 |
Amortization of premium on marketable securities, net | (515) | (440) | (150) |
Amortization of right-of-use asset | 319 | ||
Provision (benefit) for deferred income taxes | (22) | 16 | (884) |
Non-cash interest expense | 5 | 131 | |
Loss on disposal of property and equipment | 29 | ||
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (1,420) | 471 | 820 |
Insurance recovery (Note 12) | 18,288 | ||
Accounts payable and accrued expenses | 111 | 4,349 | (1,616) |
Settlement liability (Note 12) | (18,750) | ||
Other assets | (107) | 9 | 402 |
Other current and long-term liabilities | 50 | (58) | 25 |
Net cash used in operating activities | (35,012) | (24,091) | (24,424) |
Investing Activities: | |||
Purchases of marketable securities | (99,726) | (38,010) | (89,163) |
Maturities of marketable securities | 64,376 | 62,227 | 92,898 |
Purchases of property and equipment | (307) | (6) | (23) |
Net cash provided by (used in) investing activities | (35,657) | 24,211 | 3,712 |
Financing Activities: | |||
Proceeds from the issuance of common stock, net | 84,576 | ||
Exercise of stock options | 50 | 37 | 2 |
Payments under license termination agreement | (1,700) | (1,700) | |
Proceeds from short-term borrowing | 1,675 | ||
Payments of short-term borrowing | (837) | ||
Net cash provided by (used in) financing activities | 85,464 | (1,663) | (1,698) |
Net increase (decrease) in cash and cash equivalents | 14,795 | (1,543) | (22,410) |
Cash and cash equivalents, beginning of year | 13,060 | 14,603 | 37,013 |
Cash and cash equivalents, end of year | 27,855 | 13,060 | 14,603 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | $ 380 | $ 333 | $ 51 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Chiasma, Inc. is a clinical , l ate two positive top-line data nine In December 2019, we resubmitted our New Drug Application (“NDA”) and in early January 2020 the FDA accepted it for review and assigned a Prescription Drug User Fee Act, (“PDUFA”) target action date of June 26, 2020. Acromegaly is a rare and debilitating condition that results in the body’s production of excess growth hormone. Octreotide is an analog of somatostatin, a natural inhibitor of growth hormone secretion. Octreotide capsules have been granted orphan designation in the United States and the European Union for the treatment of acromegaly. We retain worldwide rights to develop and commercialize octreotide capsules with no royalty obligations to third parties. We are also currently conducting an international Phase 3 clinical trial, referred to as MPOWERED, of oral octreotide capsules for the maintenance treatment of adult patients with acromegaly to support regulatory approval in the European Union by the European Medicines Agency (“EMA”). The MPOWERED trial is a global, randomized, open-label and active-controlled 15-month per the protocol six-month run-in nine months and in January 2020 completed the randomization in the trial. On April 2, 2019, we completed a follow-on underwritten On July 30, 2019, we completed a follow-on underwritten These offerings were made pursuant to a prospectus dated March 22, 2018 and prospectus supplements dated March 29, 2019 and July 26, 2019, respectively, in connection with drawdowns from our shelf registration statement on Form S-3, which |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Chiasma, Inc. and its subsidiaries and are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars. The consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. All intercompany balances and transactions have been eliminated in consolidation. Consideration of Going Concern and Management’s Plans Under the existing accounting guidance, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the consolidated financial statements are issued. When substantial doubt is determined to exist, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans; however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date the consolidated financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. We have incurred substantial operating losses since inception, and we expect our operating losses and negative operating cash flows to continue for the foreseeable future. For the year ended December 31, 2019, we had a net loss of $36.3 million and used $35.0 million of cash in operations. At December 31, 2019, we had cash, cash equivalents and marketable securities of $92.4 million and an accumulated deficit of $272.9 million. We expect to continue to incur significant costs in the upcoming year as we prepare for the potential approval and commercial launch of octreotide capsules in the United States. The FDA has assigned a PDUFA target date of June 26, 2020 to our NDA resubmission. We also plan to continue to fund our international Phase 3 MPOWERED clinical trial of octreotide capsules in acromegaly to support potential regulatory approval in the European Union. Our current combined cash, cash equivalents and marketable securities are not sufficient to fund these activities, as currently planned, for one year after the date these consolidated financial statements are issued. Accordingly, we believe these conditions, in the aggregate, raise substantial doubt regarding our ability to continue as a going concern for a period of one year from the date the consolidated financial statements are issued. In order to fund these efforts, we expect to finance our cash needs through a combination of equity and debt financings, and we will also opportunistically consider license and collaboration agreements with potential partners and other non-dilutive Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and assumptions on historical experience when available, and on various factors that we believe to be reasonable under the specific circumstances. Significant estimates relied upon in preparing the accompanying consolidated financial statements include, but are not limited to, accounting for stock-based compensation, income taxes, and accounting for certain accruals. We assess these estimates on an ongoing basis; however, actual results could materially differ from those estimates. Cash Equivalents Cash equivalents consist of highly liquid instruments which mature within three months or less from the date of purchase. Marketable Securities Our investments primarily consist of commercial paper and corporate and government debt securities. These marketable securities are classified as available-for-sale, If a decline in the fair value of a marketable security below our cost basis is determined to be other than temporary, such marketable security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge. The cost of securities sold is based on the specific identification method. Foreign currency translation We use the U.S. dollar as our functional currency. Monetary assets and liabilities denominated in foreign currency are re-measured non-monetary re-measurement Comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, our Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business in one operating segment. Other assets Other assets consist of right of use assets, long-term restricted deposits, prepayments, and deferred tax assets. Long-term restricted deposits represent interest-bearing money market accounts held as security deposits against bank guarantees. Concentrations of credit risk Financial instruments that potentially subject us to significant concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. We routinely maintain deposits in financial institutions in excess of government insured limits. Management believes that we are not exposed to significant credit risk as our deposits are held at financial institutions that management believes to be of high credit quality and we have not experienced any significant losses in these deposits. We regularly invest excess operating cash in deposits with major financial institutions and money market funds and in notes issued by the U.S. government, as well as in fixed income investments and bond funds, both of which can be readily purchased and sold using established markets. We believe that the market risk arising from our holdings of these financial instruments is mitigated based on the fact that many of these securities are either government backed or of high credit rating. Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, whereas major betterments are capitalized as additions to property and equipment. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets, as follows: Asset Category Estimated Useful Lives Computer equipment and software 3 Office furniture and equipment 7 17 7 Machinery and equipment 5—7 years Leasehold improvements The lesser of lease term or estimated useful lives Impairment of long-lived assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, we compare the carrying amounts of the assets to their undiscounted expected future cash flows the assets are expected to generate and to be recognized. The amount of impairment loss to be recognized is the excess of the carrying value over the fair value of the related asset. We did not record any impairments during the years ended December 31, 2019, 2018 and 2017 . Employment termination costs We accrue employment termination liabilities when (a) management, having the authority to approve the action, commits to a plan of termination; (b) the plan identifies the number of employees to be terminated, their job classifications or functions, their locations, and the expected completion date; (c) the plan establishes the terms of the arrangement, including the benefits that employees will receive upon termination, in sufficient detail to enable employees to determine the type and amount of benefits they will receive upon involuntary termination; (d) it is unlikely that significant changes to the plan will be made or withdrawn; and (e) the plan has been communicated to the affected employees. When employees are required to render services beyond the minimum retention period through the involuntary termination date in order to receive the termination benefits, a liability is measured initially at the communication date based on the fair value of the liability and is recognized ratably over the future service period through expected termination date. We reverse the liability when events or circumstances occur that discharge or remove its responsibility to settle the termination liability. Research and development Research and development costs are expensed as incurred. Research and development costs include payroll and personnel expense, consulting costs, external contract research and development expenses, raw materials, drug product manufacturing costs, and allocated overhead including depreciation and amortization, rent, and utilities. Research and development costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided. Clinical trial costs Clinical trial costs are a component of research and development expenses. We accrue and expense clinical trial activities performed by third parties on an evaluation of the progress to completion of specific tasks using data such as hours spent in performance of services, patient enrollment, clinical site activation, and other information provided to us by our vendors. We make estimates of our clinical trial accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us. If timelines or contracts are modified based upon changes in the clinical trial protocol or scope of work to be performed, we assess our estimates of accrued expenses accordingly. Patent costs Patent costs are expensed as incurred as their realization is uncertain. These costs are classified as general and administrative in the accompanying consolidated statements of operations. Stock-based compensation We account for all stock-based compensation to employees and nonemployees based on their fair values on the date of grant. For We determine the fair value of stock options by using the Black-Scholes option pricing model. This model requires the input of several assumptions such as the expected option term, the expected risk-free interest rate over the expected option term, the expected volatility of our stock price over the expected option term, and the expected dividend yield over the expected option term. The computation of expected volatility is based on an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies, which were selected based upon industry similarities. The interest rate for periods within the expected term of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The expected lives of the options were estimated using the simplified method. Income taxes The consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. We determine whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. We account for interest and penalties related to uncertain tax positions as part of our other expenses in the accompanying consolidated financial statements. Contingent liabilities In the normal course of business, we are subject to proceedings, lawsuits, and other claims and assessments. We assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. We record charges for the losses we anticipate incurring in connection with litigation and claims against us when we conclude a loss is probable and we can reasonably estimate these losses. Earnings per share We compute basic earnings per share by dividing net loss by the weighted average number of common shares outstanding for the period. We compute diluted earnings per common share after giving consideration to all potentially dilutive common shares, including stock options and warrants outstanding during the period , non-participating Recently issued accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance which establishes a right-of-use have ed right-of-use In June 2018, the FASB issued new guidance which changes certain aspects of the accounting for share-based payments granted to nonemployees. Under this guidance, most of the treatment for share-based payments granted to nonemployees would be aligned with the requirements for share-based payments granted to employees. The new standard is effective beginning January 1, 2019. Early adoption of this standard is permitted. We adopted this standard on January 1, 2019 and thus ceased the re-measurement non-employee In June 2016, the FASB issued new guidance which will require more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The new guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The new guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. This guidance is effective January 1, 2020 and early adoption of this standard is permitted. We plan to adopt this standard on January 1, 2020. We believe the adoption of this standard will not have a material impact on our consolidated financial statements. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Investments | 3. Investments Our investments consisted of the following as of December 31, 2019 and 2018: As of December 31, 2019 Amortized Cost Gross U Gains Gross U Losses Estimated Fair Value ($ in thousands) Money market funds $ 23,012 $ — $ — $ 23,012 Corporate notes 45,584 20 — 45,604 Commercial paper 20,899 17 — 20,916 Total $ 89,495 $ 37 $ — $ 89,532 As of December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value ($ in thousands) Money market funds $ 11,612 $ — $ — $ 11,612 Corporate notes 7,234 — (3 ) 7,231 Commercial paper 21,384 — (13 ) 21,371 Total $ 40,230 $ — $ (16 ) $ 40,214 As of December 31, 2019, we do not consider those securities that are in an unrealized loss position to be other-than-temporarily impaired, as we have the ability to hold such investments until recovery of the fair value. We utilize the specific identification method in computing realized gains and losses. We had no realized gains and losses on our available-for-sale The fair values of our investments by classification in our consolidated balance sheets as of December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 ($ in thousands) Cash and cash equivalents $ 25,012 $ 11,612 Marketable securities 64,520 28,602 Total $ 89,532 $ 40,214 Cash and cash equivalents in the table above exclude cash of $2.8 million and $1.4 million as of December 31, 2019 and 2018, respectively. The contractual maturity dates of all of our investments are less than one year. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | 4. Fair Value Measurements and Fair Value of Financial Instruments Certain assets and liabilities are reported at fair value on a recurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1—Quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2—Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are unobservable for the asset or liability. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following tables summarize the fair value measurements of our financial instruments as of December 31, 2019 and 2018: Fair Value Measurements at December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ($ in thousands) Cash equivalents: Money market funds $ 23,012 $ — $ — $ 23,012 Corporate notes — 2,000 — 2,000 Total cash equivalents $ 23,012 $ 2,000 $ — $ 25,012 Marketable securities: Corporate notes $ — $ 43,604 $ — $ 43,604 Commercial paper — 20,916 — 20,916 Total marketable securities $ — $ 64,520 $ — $ 64,520 Total $ 23,012 $ 66,520 $ — $ 89,532 Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ($ in thousands) Cash equivalents: Money market funds $ 11,612 $ — $ — $ 11,612 Total cash equivalents $ 11,612 $ — $ — $ 11,612 Marketable securities: Corporate notes $ — $ 7,231 $ — $ 7,231 Commercial paper — 21,371 — 21,371 Total marketable securities $ — $ 28,602 $ — $ 28,602 Total $ 11,612 $ 28,602 $ — $ 40,214 Our cash equivalents are classified as Level 1 assets under the fair value hierarchy as these assets have been valued using quoted market prices in active markets and do not have any restrictions on redemption. Our marketable securities are classified as Level 2 assets under the fair value hierarchy as these assets were primarily determined from independent pricing services, which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based upon other significant observable market transactions. At the end of each reporting period, we perform quantitative and qualitative analysis of prices received from third parties to determine whether prices are reasonable estimates of fair value. After completing our analysis, we did not adjust or override any fair value measurements provided by our pricing services as of December 31, 2019 or 2018. We did not have any Level 3 assets being measured at fair value on a recurring basis as of December 31, 2019 or 2018. There were no transfers between measurement levels during the years ended December 31, 2019 and 2018. |
Earnings per Share of Common St
Earnings per Share of Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share of Common Stock | 5. Earnings per Share All common stock warrants and stock options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an anti-dilutive impact due to net losses reported during the years ended December 31, 2019, 2018 and 2017. Since we have reported a net loss for the years ended December 31, 2019, 2018 and 2017, diluted net loss per share is the same as basic net loss per share for those periods. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consisted of the following as of December 31, 2019 and 2018: As of December 31, 2019 2018 ($ in thousands) Computer equipment and software $ 431 $ 357 Office furniture and equipment 108 155 Machinery and equipment 115 — Property and equipment, at cost 654 512 Less accumulated depreciation (320 ) (401 ) Property and equipment, net $ 334 $ 111 Depreciation expense was $0.1 million, $0.1 million and $0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consisted of the following as of December 31, 2019 and 2018: As of December 31, 2019 2018 ($ in thousands) Accrued general and administrative expenses $ 647 $ 2,120 Accrued research and development expenses 4,219 4,557 Accrued payroll and employee benefits 1,872 1,171 Short-term borrowing 838 — Total accrued expenses $ 7,576 $ 7,848 |
License Agreement
License Agreement | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
License Agreement | 8. License Agreement In December 2012, we signed a license agreement with F. Hoffmann-La Hoffmann-La and granted Roche an exclusive, non-transferable |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Warrants | 9. Warrants As of December 31, 2019, there are warrants for the purchase of 3,567,015 shares of common stock outstanding, with exercise prices ranging from $0.09 to $9.13. Such warrants were issued between October 2 February 2015 March 2022 December 2024 no |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | 10. Stock Incentive Plan In 2008, our Board of Directors adopted the 2008 Stock Incentive Plan (the “2008 Plan”), which provided for the grant of incentive stock options, nonqualified stock options, and restricted stock to our employees, directors, and nonemployees up to 3,547,741 shares of common stock. Option awards expire 10 years from the grant date and generally vest over four years ; however, In July 2015, we approved a 2015 Stock Option and Incentive Plan (the “2015 Plan”), which became effective upon our IPO. The 2015 Plan allows the grant of incentive stock options, nonqualified stock options, restricted stock, and other stock-based awards to employees, directors, and nonemployees of Chiasma up to 3,566,296 shares of common stock. In connection with the adoption of the 2015 Plan, no further option grants are permitted under the 2008 Plan and any expirations, cancellations, or terminations under the previous plan are available for issuance under the 2015 Plan. On January 1, 2020 and 2019, the number of shares reserved and available for issuance under the 2015 Stock Plan increased by 1,683,136 and 978,245 shares of common stock, respectively, pursuant to a provision in the 2015 Stock Plan that provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2016, by 4% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser number as determined by the compensation committee of the Board of Directors. T no Black-Scholes option model with the following weighted-average assumptions: For the Years Ended December 31, 2019 2018 2017 Expected volatility 97 % 77 % 74 % Expected term (years) 6.0 6.2 5.7 Risk-free interest rate 1.93 % 2.72 % 1.81 % Expected dividend yield 0 % 0 % 0 % A summary of option activity as of December 31, 2019 and the year then ended is presented below: Number of Stock Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31 8 4,373,674 $ 4.16 7.0 $ 3,140,879 Exercised (192,711 ) $ 0.26 Granted 2,336,233 $ 6.17 Forfeited (27,504 ) $ 2.62 Outstanding, December 31, 2019 6,489,692 $ 5.01 7.3 $ 8,166,882 Exercisable, December 31, 2019 3,537,464 $ 4.82 5.8 $ 5,433,126 Vested and expected to vest, December 31, 2019 6,489,692 $ 5.01 7.3 $ 8,166,882 The weighted-average grant date per-share At December 31, 2019, there was $10.1 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 3.0 years. Stock-based compensation expense for 2019, 2018 and 2017 consisted of the following: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) General and administrative $ 2,243 $ 1,412 $ 1,510 Research and development 1,027 1,318 2,012 Total $ 3,270 $ 2,730 $ 3,522 During 2015, two was historically presented as a liability within the consolidated balance sheet, since we had the right to repurchase the unvested portion of the restricted stock following termination of the services of their holder. The liability was released to additional paid-in the restricted shares were fully vested. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Our loss before provision (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 consisted of the following: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) Domestic $ (36,407 ) $ (31,477 ) $ (27,703 ) Foreign 371 185 287 Total $ (36,036 ) $ (31,292 ) $ (27,416 ) The components of income tax provision (benefit) consisted of the following for the years ended December 31, 2019, 2018 and 2017: For the Years Ended D 2019 2018 2017 ($ in thousands) Current provision for income taxes: U.S. $ 18 $ 12 $ 13 Foreign 288 (59 ) 281 Total current provision for income taxes 306 (47 ) 294 Deferred tax benefit—U.S. Federal — — (956 ) Deferred tax provision (benefit)—foreign (22 ) 16 72 Total deferred provision (benefit) for income taxes (22 ) 16 (884 ) Total provision (benefit) for income taxes $ 284 $ (31 ) $ (590 ) A reconciliation setting forth the differences between our effective tax rates and the U.S. federal statutory tax rate is as follows: For the Years Ended December 31, 2019 2018 2017 U.S. federal tax provision at statutory rate 21.0 % 21.0 % 34.0 % State and local tax, net of federal benefit 5.6 % 5.3 % 4.4 % Foreign rate differences 0.1 % 0.2 % 0.8 % Non-deductible (0.3 % (0.4 %) (1.7 %) Effect of other permanent differences (0.5 % (0.3 %) (0.7 %) Uncertain tax positions (0.4 % 0.2 % 0.1 % Change in valuation allowance (26.1 % (26.0 %) 33.2 % Federal Tax Reform Rate Change 0.0 % 0.0 % (68.5 % Other adjustments (0.2 % 0.1 % 0.6 % Effective tax rate (0.8 % 0.1 % 2.2 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income and for tax carryforwards. Significant components of our deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: As of December 31, 2019 2018 ($ in thousands) Deferred tax assets: Federal and state net operating loss carryforwards $ 54,269 $ 45,722 Intangible and other related assets 379 333 Accrued expenses 710 482 Stock compensation 2,180 1,513 Lease liability 325 — Other 18 77 Total deferred tax assets 57,881 48,127 Deferred tax liabilities: Right of use asset (291 ) — Total deferred tax liabilities (291 ) — Valuation allowance (57,560 ) (48,119 ) Net deferred tax assets $ 30 $ 8 When realization of a deferred tax asset is more likely than not to occur, the benefit related to the deductible temporary differences attributable to operations is recognized as a reduction of income tax expense. Valuation allowances are provided against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. We cannot be certain that future U.S. taxable income will be sufficient to realize our deferred tax assets. Accordingly, a full valuation allowance has been provided against our U.S. net deferred tax assets. The valuation allowance increased by $9.4 million and $8.1 million in 2019 and 2018, respectively. The increases in 2019 and 2018 were primarily the result of an increase in net operating loss (“NOL”) carryforwards. At December 31, 2019, we had U.S. Federal and state NOL carryforwards totaling approximately $217.1 million and $167.2 million, respectively, that expire at various dates through 2037 with the exception of the Federal NOLs generated after December 31, 2017 of approximately $61.3 million which have an unlimited carryover period. At December 31, 2019, we had no We expect, our our our 0.5 million 1.0 Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in our ownership may limit the amount of NOL carryforwards that can be utilized annually in the future to offset our U.S. Federal taxable income. Specifically, this limitation may arise in the event of a cumulative change in our ownership of more than 50% within any three-year period. We have determined that we experienced an ownership change for purposes of Section 382 in August 2005, May 2008, and February 2015. These ownership changes resulted in annual limitations to the amount of NOL carryforwards that can be utilized to offset future taxable income, if any, at the U.S. Federal level. The annual limit is approximately $1.2 million for 2015, and each year thereafter. If we perform a Section 382 study in the future and conclude that have in fact undergone an ownership change, our NOL carryforwards may be substantially limited. Our Israeli subsidiary has been recognized as a research and development company by the Head of the Israeli Administration of Industrial Research and Development and is entitled to tax benefits by virtue of the “beneficiary enterprise” status granted to part of its business activities under the Israeli Law for the Encouragement of Capital Investments 1959. The tax benefits include reduced tax rates on the research and development portion of its income during the first ten years of the benefit period (commenced in 2008). We benefit from a 16% tax rate for its income derived from research and development activities. Our tax rate on income from non-research As part of the transition tax provision, we have a deemed repatriation of all of our undistributed earnings as of December 31, 2019. However, our subsidiary’s earnings, if distributed, would still be subject to local withholding tax and state income taxes. The subsidiary has undistributed earnings of approximately $1.7 million as of December 31, 2019, which is considered to be permanently reinvested in the operations of the subsidiary. If the earnings were to be distributed to the U.S. parent, they would be subject to Israeli withholding and state income tax liabilities. The unrecognized deferred tax liability is approximately $0.2 million. We file U.S. federal, various state and Israeli income tax returns. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. As we are in a loss carry-forward position, we are generally subject to U.S. Federal and state examinations for all years for which the Company generated losses that are included in the available losses carried forward to the current period. As of December 31, 2019, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows: United States 2003 and forward Israel 2014 and forward We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. We have recorded minimal interest or penalties related to uncertain tax positions. We remain subject to examination until the statute of limitations expires for each respective tax jurisdiction. The statute of limitations will be open with respect to these tax positions until 2021. A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) Uncertain tax position at the beginning of year $ 391 $ 471 $ 460 Additions for uncertain tax positions of prior year 177 — 45 Additions for uncertain tax positions of current year — — — Reductions for settlements with taxing authorities — — — Reductions for lapses of the applicable statutes of limitations — (80 ) (34 ) Uncertain tax position at the end of the year $ 568 $ 391 $ 471 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Manufacturing Commitments As of December 31, 2019, we had outstanding purchase orders for the acquisition of API in the aggregate amount of $11.6 million. The payments on these orders will occur following the deliveries of the API which are anticipated during 2020. Legal Proceedings On June 9, 2016, Chiasma, Inc. and certain of our current and former officers were named as defendants in a purported federal securities class action lawsuit filed in the United States District Court for the District of Massachusetts, styled Gerneth v. Chiasma, Inc., et al |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 13. Leases We adopted the new lease standard on January 1, 2019. We elected a package of practical expedients, which include: (i) an entity need not reassess whether any expired or existing contracts are or contain leases; (ii) an entity need not reassess the lease classification for any expired or existing leases; and (iii) an entity need not reassess any initial direct costs for any existing leases. Another practical expedient allows us to use hindsight in determining the lease term when considering lessee options to extend or terminate the lease and to purchase the underlying asset. We have elected to utilize this package of practical expedients and have not elected the hindsight methodology in its implementation of the lease standard. We elected to adopt this standard using the optional modified retrospective transition method and therefore comparative periods have not been restated. We have elected to not recognize right-of-use assets We determine if an arrangement is a lease at inception. We have operating leases for our office spaces and certain automobiles. Right-of-use assets right-of-use and non-lease components In October 2019, we entered into a sublease agreement for our new corporate headquarters in Needham, Massachusetts with a three-year Year Ending December 31, 2019 ($ in The components of lease expense were as follows: Operating lease expense $ 366 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 219 Right-of-use Operating leases $ 1,690 For the years ended December 31, 2018 and 2017, we recognized rent expense of $0.2 million and $1.0 million, respectively. Our operating lease right-of-use December 31, 2019 ($ in thousands) Supplemental balance sheet information related to leases was as follows: Operating lease right-of-use $ 1,371 Other current liabilities $ 465 Long-term liabilities 1,036 Total operating lease liabilities $ 1,501 Weighted average remaining lease term—operating leases 31 Months Weighted average discount rate—operating leases 10.8 % Future lease payments under leases as of December , are as follows: ($ in thousands) 2020 $ 609 2021 661 2022 487 Total future minimum lease payments 1,757 Less: imputed interest (256 ) Total $ 1,501 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions In August 2014, we signed a consulting agreement, which was most recently amended in March 2018, with one of our investors and a representative of this investor to serve as our head of clinical. Payments for services rendered by the head of clinical were $0.3 million, $0.3 million and $0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. Related to this consulting agreement, there were $0.1 million of accrued liabilities as of December 31, 2019 and 2018, respectively, recorded in our consolidated balance sheets. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans Pursuant to the Israeli Severance Pay Law 1963, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The employees of Chiasma (Israel) Ltd. are included under Section 14 of the Severance Pay Law, under which these employees are entitled to monthly deposits, which relieve us from future obligations under this law. As a result, no assets or liabilities are recorded in the accompanying consolidated balance sheets. In addition, we make mandated monthly contributions to an Israeli government retirement benefit plan for our Israeli employees. Beginning in 2016, we provide a 401(k) profit-sharing plan covering eligible U.S. employees to make tax deferred contributions, a portion of which are matched by us. All matching contributions and participant contributions vest immediately. During the years ended December 31, 2019, 2018 and 2017, we recorded expenses of $0.2 million, $0.2 million and $0.2 million, respectively, related to these employee benefit plans. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 16. Restructuring Charges In August 2016, we announced a corporate restructuring plan which included an immediate reduction of approximately 44% of our workforce. In November 2017, we finalized the termination of our lease agreement on our 24,000 square foot office facility in Waltham, MA which we no longer required following the 2016 workforce reductions. As a result, we recorded approximately $1.0 million of restructuring expenses during the year ended December 31, 2017, which consisted of a lease termination payment of $1.0 million, the write-off We did not incur any restructuring expenses during the years ended December 31, 2019 and 2018. Activity related to accrued restructuring costs during the year ended December 31, 2017 is as follows: 2017 Balance at beginning of year $ 283 Plus: Current year restructuring costs 1,038 Less: Lease termination costs (1,038 ) Payment of employee severance costs (283 ) Balance at end of year $ — |
Other Income, net
Other Income, net | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income, net | 17. Other Income, net Other income, net is as follows: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) Loss / (gain) on foreign currency transactions, net $ 75 $ (37 ) $ 81 Interest income (1,573 ) (1,013 ) (928 ) Interest expense 19 6 131 Other income (64 ) — — Total $ (1,543 ) $ (1,044 ) $ (716 ) |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 18. Quarterly Financial Data (unaudited) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 ($ in thousands, except for per share data) Loss from operations $ (8,921 ) $ (8,166 ) $ (8,226 ) $ (12,266 ) Net loss (8,750 ) (7,840 ) (7,683 ) (12,047 ) Earnings per share Basic $ (0.36 ) $ (0.25 ) $ (0.20 ) $ (0.29 ) Diluted $ (0.36 ) $ (0.25 ) $ (0.20 ) $ (0.29 ) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 ($ in thousands, except for per share data) Loss from operations $ (7,297 ) $ (8,932 ) $ (7,718 ) $ (8,389 ) Net loss (7,043 ) (8,673 ) (7,470 ) (8,075 ) Earnings per share Basic $ (0.29 ) $ (0.36 ) $ (0.31 ) $ (0.32 ) Diluted $ (0.29 ) $ (0.36 ) $ (0.31 ) $ (0.32 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Chiasma, Inc. and its subsidiaries and are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars. The consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. All intercompany balances and transactions have been eliminated in consolidation. |
Consideration of going concern and management's plans | Consideration of Going Concern and Management’s Plans Under the existing accounting guidance, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the consolidated financial statements are issued. When substantial doubt is determined to exist, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans; however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date the consolidated financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. We have incurred substantial operating losses since inception, and we expect our operating losses and negative operating cash flows to continue for the foreseeable future. For the year ended December 31, 2019, we had a net loss of $36.3 million and used $35.0 million of cash in operations. At December 31, 2019, we had cash, cash equivalents and marketable securities of $92.4 million and an accumulated deficit of $272.9 million. We expect to continue to incur significant costs in the upcoming year as we prepare for the potential approval and commercial launch of octreotide capsules in the United States. The FDA has assigned a PDUFA target date of June 26, 2020 to our NDA resubmission. We also plan to continue to fund our international Phase 3 MPOWERED clinical trial of octreotide capsules in acromegaly to support potential regulatory approval in the European Union. Our current combined cash, cash equivalents and marketable securities are not sufficient to fund these activities, as currently planned, for one year after the date these consolidated financial statements are issued. Accordingly, we believe these conditions, in the aggregate, raise substantial doubt regarding our ability to continue as a going concern for a period of one year from the date the consolidated financial statements are issued. In order to fund these efforts, we expect to finance our cash needs through a combination of equity and debt financings, and we will also opportunistically consider license and collaboration agreements with potential partners and other non-dilutive |
Use of Estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and assumptions on historical experience when available, and on various factors that we believe to be reasonable under the specific circumstances. Significant estimates relied upon in preparing the accompanying consolidated financial statements include, but are not limited to, accounting for stock-based compensation, income taxes, and accounting for certain accruals. We assess these estimates on an ongoing basis; however, actual results could materially differ from those estimates. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of highly liquid instruments which mature within three months or less from the date of purchase. |
Marketable Securities | Marketable Securities Our investments primarily consist of commercial paper and corporate and government debt securities. These marketable securities are classified as available-for-sale, If a decline in the fair value of a marketable security below our cost basis is determined to be other than temporary, such marketable security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge. The cost of securities sold is based on the specific identification method. |
Foreign currency translation | Foreign currency translation We use the U.S. dollar as our functional currency. Monetary assets and liabilities denominated in foreign currency are re-measured non-monetary re-measurement |
Comprehensive income (loss) | Comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner |
Segment information | Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, our Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business in one operating segment. |
Other assets | Other assets Other assets consist of right of use assets, long-term restricted deposits, prepayments, and deferred tax assets. Long-term restricted deposits represent interest-bearing money market accounts held as security deposits against bank guarantees. |
Concentrations of credit risk | Concentrations of credit risk Financial instruments that potentially subject us to significant concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. We routinely maintain deposits in financial institutions in excess of government insured limits. Management believes that we are not exposed to significant credit risk as our deposits are held at financial institutions that management believes to be of high credit quality and we have not experienced any significant losses in these deposits. We regularly invest excess operating cash in deposits with major financial institutions and money market funds and in notes issued by the U.S. government, as well as in fixed income investments and bond funds, both of which can be readily purchased and sold using established markets. We believe that the market risk arising from our holdings of these financial instruments is mitigated based on the fact that many of these securities are either government backed or of high credit rating. |
Impairment of long-lived assets | Impairment of long-lived assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, we compare the carrying amounts of the assets to their undiscounted expected future cash flows the assets are expected to generate and to be recognized. The amount of impairment loss to be recognized is the excess of the carrying value over the fair value of the related asset. We did not record any impairments during the years ended December 31, 2019, 2018 and 2017 . |
Property and equipment | Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, whereas major betterments are capitalized as additions to property and equipment. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets, as follows: Asset Category Estimated Useful Lives Computer equipment and software 3 Office furniture and equipment 7 17 7 Machinery and equipment 5—7 years Leasehold improvements The lesser of lease term or estimated useful lives |
Employment termination costs | Employment termination costs We accrue employment termination liabilities when (a) management, having the authority to approve the action, commits to a plan of termination; (b) the plan identifies the number of employees to be terminated, their job classifications or functions, their locations, and the expected completion date; (c) the plan establishes the terms of the arrangement, including the benefits that employees will receive upon termination, in sufficient detail to enable employees to determine the type and amount of benefits they will receive upon involuntary termination; (d) it is unlikely that significant changes to the plan will be made or withdrawn; and (e) the plan has been communicated to the affected employees. When employees are required to render services beyond the minimum retention period through the involuntary termination date in order to receive the termination benefits, a liability is measured initially at the communication date based on the fair value of the liability and is recognized ratably over the future service period through expected termination date. We reverse the liability when events or circumstances occur that discharge or remove its responsibility to settle the termination liability. |
Research and development | Research and development Research and development costs are expensed as incurred. Research and development costs include payroll and personnel expense, consulting costs, external contract research and development expenses, raw materials, drug product manufacturing costs, and allocated overhead including depreciation and amortization, rent, and utilities. Research and development costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided. |
Clinical trial costs | Clinical trial costs Clinical trial costs are a component of research and development expenses. We accrue and expense clinical trial activities performed by third parties on an evaluation of the progress to completion of specific tasks using data such as hours spent in performance of services, patient enrollment, clinical site activation, and other information provided to us by our vendors. We make estimates of our clinical trial accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us. If timelines or contracts are modified based upon changes in the clinical trial protocol or scope of work to be performed, we assess our estimates of accrued expenses accordingly. |
Patent costs | Patent costs Patent costs are expensed as incurred as their realization is uncertain. These costs are classified as general and administrative in the accompanying consolidated statements of operations. |
Stock-based compensation | Stock-based compensation We account for all stock-based compensation to employees and nonemployees based on their fair values on the date of grant. For We determine the fair value of stock options by using the Black-Scholes option pricing model. This model requires the input of several assumptions such as the expected option term, the expected risk-free interest rate over the expected option term, the expected volatility of our stock price over the expected option term, and the expected dividend yield over the expected option term. The computation of expected volatility is based on an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies, which were selected based upon industry similarities. The interest rate for periods within the expected term of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The expected lives of the options were estimated using the simplified method. |
Income taxes | Income taxes The consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. We determine whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. We account for interest and penalties related to uncertain tax positions as part of our other expenses in the accompanying consolidated financial statements. |
Contingent liabilities | Contingent liabilities In the normal course of business, we are subject to proceedings, lawsuits, and other claims and assessments. We assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. We record charges for the losses we anticipate incurring in connection with litigation and claims against us when we conclude a loss is probable and we can reasonably estimate these losses. |
Earnings Per Share | Earnings per share We compute basic earnings per share by dividing net loss by the weighted average number of common shares outstanding for the period. We compute diluted earnings per common share after giving consideration to all potentially dilutive common shares, including stock options and warrants outstanding during the period , non-participating |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance which establishes a right-of-use have ed right-of-use In June 2018, the FASB issued new guidance which changes certain aspects of the accounting for share-based payments granted to nonemployees. Under this guidance, most of the treatment for share-based payments granted to nonemployees would be aligned with the requirements for share-based payments granted to employees. The new standard is effective beginning January 1, 2019. Early adoption of this standard is permitted. We adopted this standard on January 1, 2019 and thus ceased the re-measurement non-employee In June 2016, the FASB issued new guidance which will require more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The new guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The new guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. This guidance is effective January 1, 2020 and early adoption of this standard is permitted. We plan to adopt this standard on January 1, 2020. We believe the adoption of this standard will not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets, as follows: Asset Category Estimated Useful Lives Computer equipment and software 3 Office furniture and equipment 7 17 7 Machinery and equipment 5—7 years Leasehold improvements The lesser of lease term or estimated useful lives |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investments | Our investments consisted of the following as of December 31, 2019 and 2018: As of December 31, 2019 Amortized Cost Gross U Gains Gross U Losses Estimated Fair Value ($ in thousands) Money market funds $ 23,012 $ — $ — $ 23,012 Corporate notes 45,584 20 — 45,604 Commercial paper 20,899 17 — 20,916 Total $ 89,495 $ 37 $ — $ 89,532 As of December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value ($ in thousands) Money market funds $ 11,612 $ — $ — $ 11,612 Corporate notes 7,234 — (3 ) 7,231 Commercial paper 21,384 — (13 ) 21,371 Total $ 40,230 $ — $ (16 ) $ 40,214 |
Schedule of Fair Value of Investments | The fair values of our investments by classification in our consolidated balance sheets as of December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 ($ in thousands) Cash and cash equivalents $ 25,012 $ 11,612 Marketable securities 64,520 28,602 Total $ 89,532 $ 40,214 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Company's Financial Instruments | The following tables summarize the fair value measurements of our financial instruments as of December 31, 2019 and 2018: Fair Value Measurements at December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ($ in thousands) Cash equivalents: Money market funds $ 23,012 $ — $ — $ 23,012 Corporate notes — 2,000 — 2,000 Total cash equivalents $ 23,012 $ 2,000 $ — $ 25,012 Marketable securities: Corporate notes $ — $ 43,604 $ — $ 43,604 Commercial paper — 20,916 — 20,916 Total marketable securities $ — $ 64,520 $ — $ 64,520 Total $ 23,012 $ 66,520 $ — $ 89,532 Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ($ in thousands) Cash equivalents: Money market funds $ 11,612 $ — $ — $ 11,612 Total cash equivalents $ 11,612 $ — $ — $ 11,612 Marketable securities: Corporate notes $ — $ 7,231 $ — $ 7,231 Commercial paper — 21,371 — 21,371 Total marketable securities $ — $ 28,602 $ — $ 28,602 Total $ 11,612 $ 28,602 $ — $ 40,214 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following as of December 31, 2019 and 2018: As of December 31, 2019 2018 ($ in thousands) Computer equipment and software $ 431 $ 357 Office furniture and equipment 108 155 Machinery and equipment 115 — Property and equipment, at cost 654 512 Less accumulated depreciation (320 ) (401 ) Property and equipment, net $ 334 $ 111 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of December 31, 2019 and 2018: As of December 31, 2019 2018 ($ in thousands) Accrued general and administrative expenses $ 647 $ 2,120 Accrued research and development expenses 4,219 4,557 Accrued payroll and employee benefits 1,872 1,171 Short-term borrowing 838 — Total accrued expenses $ 7,576 $ 7,848 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Fair Value Calculation of Option Granted | The fair value of each stock option issued was estimated at the date of grant using the following weighted-average assumptions: For the Years Ended December 31, 2019 2018 2017 Expected volatility 97 % 77 % 74 % Expected term (years) 6.0 6.2 5.7 Risk-free interest rate 1.93 % 2.72 % 1.81 % Expected dividend yield 0 % 0 % 0 % |
Summary of Stock Option Activity | A summary of option activity as of December 31, 2019 and the year then ended is presented below: Number of Stock Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31 8 4,373,674 $ 4.16 7.0 $ 3,140,879 Exercised (192,711 ) $ 0.26 Granted 2,336,233 $ 6.17 Forfeited (27,504 ) $ 2.62 Outstanding, December 31, 2019 6,489,692 $ 5.01 7.3 $ 8,166,882 Exercisable, December 31, 2019 3,537,464 $ 4.82 5.8 $ 5,433,126 Vested and expected to vest, December 31, 2019 6,489,692 $ 5.01 7.3 $ 8,166,882 |
Schedule of Stock-based Compensation | Stock-based compensation expense for 2019, 2018 and 2017 consisted of the following: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) General and administrative $ 2,243 $ 1,412 $ 1,510 Research and development 1,027 1,318 2,012 Total $ 3,270 $ 2,730 $ 3,522 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of loss before provision (benefit) for income taxes | Our loss before provision (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 consisted of the following: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) Domestic $ (36,407 ) $ (31,477 ) $ (27,703 ) Foreign 371 185 287 Total $ (36,036 ) $ (31,292 ) $ (27,416 ) |
Summary of Components of Income Tax Provision (Benefit) | The components of income tax provision (benefit) consisted of the following for the years ended December 31, 2019, 2018 and 2017: For the Years Ended D 2019 2018 2017 ($ in thousands) Current provision for income taxes: U.S. $ 18 $ 12 $ 13 Foreign 288 (59 ) 281 Total current provision for income taxes 306 (47 ) 294 Deferred tax benefit—U.S. Federal — — (956 ) Deferred tax provision (benefit)—foreign (22 ) 16 72 Total deferred provision (benefit) for income taxes (22 ) 16 (884 ) Total provision (benefit) for income taxes $ 284 $ (31 ) $ (590 ) |
Summary of Differences Between Effective Tax Rates and U.S. Federal Statutory Tax | A reconciliation setting forth the differences between our effective tax rates and the U.S. federal statutory tax rate is as follows: For the Years Ended December 31, 2019 2018 2017 U.S. federal tax provision at statutory rate 21.0 % 21.0 % 34.0 % State and local tax, net of federal benefit 5.6 % 5.3 % 4.4 % Foreign rate differences 0.1 % 0.2 % 0.8 % Non-deductible (0.3 % (0.4 %) (1.7 %) Effect of other permanent differences (0.5 % (0.3 %) (0.7 %) Uncertain tax positions (0.4 % 0.2 % 0.1 % Change in valuation allowance (26.1 % (26.0 %) 33.2 % Federal Tax Reform Rate Change 0.0 % 0.0 % (68.5 % Other adjustments (0.2 % 0.1 % 0.6 % Effective tax rate (0.8 % 0.1 % 2.2 % |
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: As of December 31, 2019 2018 ($ in thousands) Deferred tax assets: Federal and state net operating loss carryforwards $ 54,269 $ 45,722 Intangible and other related assets 379 333 Accrued expenses 710 482 Stock compensation 2,180 1,513 Lease liability 325 — Other 18 77 Total deferred tax assets 57,881 48,127 Deferred tax liabilities: Right of use asset (291 ) — Total deferred tax liabilities (291 ) — Valuation allowance (57,560 ) (48,119 ) Net deferred tax assets $ 30 $ 8 |
Summary of Tax Years that Remain Subject to Examination | As of December 31, 2019, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows: United States 2003 and forward Israel 2014 and forward |
Reconciliation of Beginning and Ending Amount of Uncertain Tax Position | A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) Uncertain tax position at the beginning of year $ 391 $ 471 $ 460 Additions for uncertain tax positions of prior year 177 — 45 Additions for uncertain tax positions of current year — — — Reductions for settlements with taxing authorities — — — Reductions for lapses of the applicable statutes of limitations — (80 ) (34 ) Uncertain tax position at the end of the year $ 568 $ 391 $ 471 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Operations in Leased Facilities | Year Ending December 31, 2019 ($ in The components of lease expense were as follows: Operating lease expense $ 366 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 219 Right-of-use Operating leases $ 1,690 For the years ended December 31, 2018 and 2017, we recognized rent expense of $0.2 million and $1.0 million, respectively. Our operating lease right-of-use December 31, 2019 ($ in thousands) Supplemental balance sheet information related to leases was as follows: Operating lease right-of-use $ 1,371 Other current liabilities $ 465 Long-term liabilities 1,036 Total operating lease liabilities $ 1,501 Weighted average remaining lease term—operating leases 31 Months Weighted average discount rate—operating leases 10.8 % |
Schedule of Future Lease Payments Under Noncancelable Leases | Future lease payments under leases as of December , are as follows: ($ in thousands) 2020 $ 609 2021 661 2022 487 Total future minimum lease payments 1,757 Less: imputed interest (256 ) Total $ 1,501 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Activity Related to Accrued Restructuring Costs | Activity related to accrued restructuring costs during the year ended December 31, 2017 is as follows: 2017 Balance at beginning of year $ 283 Plus: Current year restructuring costs 1,038 Less: Lease termination costs (1,038 ) Payment of employee severance costs (283 ) Balance at end of year $ — |
Other Income, net (Tables)
Other Income, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income, Net | Other income, net is as follows: For the Years Ended December 31, 2019 2018 2017 ($ in thousands) Loss / (gain) on foreign currency transactions, net $ 75 $ (37 ) $ 81 Interest income (1,573 ) (1,013 ) (928 ) Interest expense 19 6 131 Other income (64 ) — — Total $ (1,543 ) $ (1,044 ) $ (716 ) |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 ($ in thousands, except for per share data) Loss from operations $ (8,921 ) $ (8,166 ) $ (8,226 ) $ (12,266 ) Net loss (8,750 ) (7,840 ) (7,683 ) (12,047 ) Earnings per share Basic $ (0.36 ) $ (0.25 ) $ (0.20 ) $ (0.29 ) Diluted $ (0.36 ) $ (0.25 ) $ (0.20 ) $ (0.29 ) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 ($ in thousands, except for per share data) Loss from operations $ (7,297 ) $ (8,932 ) $ (7,718 ) $ (8,389 ) Net loss (7,043 ) (8,673 ) (7,470 ) (8,075 ) Earnings per share Basic $ (0.29 ) $ (0.36 ) $ (0.31 ) $ (0.32 ) Diluted $ (0.29 ) $ (0.36 ) $ (0.31 ) $ (0.32 ) |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 23, 2019USD ($)$ / sharesshares | Jul. 30, 2019$ / sharesshares | Apr. 03, 2019USD ($)$ / sharesshares | Apr. 02, 2019$ / sharesshares | Jun. 30, 2019Patient | Jul. 31, 2018Patient | Dec. 31, 2019USD ($)SubsidiariesPatient |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of subsidiaries owned by the company | Subsidiaries | 2 | ||||||
Stock issued during period, shares, new issues | shares | shares | 10,000,000 | 6,315,790 | |||||
Shares issued, price per share | $ / shares | $ / shares | $ 5.50 | $ 5.50 | $ 4.75 | $ 4.75 | |||
Gross proceeds from issuance of common stock | $ | $ 55,900 | $ 34,500 | |||||
Net proceeds received after underwriting fees and offering expenses | $ | $ 52,300 | $ 32,200 | $ 84,576 | ||||
Maximum [Member] | |||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||
Stock issued during period, shares, new issues | shares | shares | 166,427 | 947,368 | |||||
MPOWERED Trial [Member] | |||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of adult acromegaly patients completed to enroll in trial | 146 | ||||||
First trial period for adult acromegaly patients expected to randomize | 6 months | ||||||
Additional trial period for adult acromegaly patients expected to randomize | 9 months | ||||||
MPOWERED Trial [Member] | Minimum [Member] | |||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of adult acromegaly patients expect to randomize | 80 | ||||||
MPOWERED Trial [Member] | Maximum [Member] | |||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of adult acromegaly patients expected to enroll in trial | 150 | ||||||
Trial period for adult acromegaly patients expected to enroll | 15 months | ||||||
CHIASMA OPTIMAL Trial [Member] | |||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of adult acromegaly patients completed to enroll in trial | 56 | ||||||
Trial period for adult acromegaly patients expected to enroll | 9 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Leasehold Improvements [Member] | |
Property and equipment [Line Items] | |
Estimated useful lives | The lesser of lease term or estimated useful lives |
Computer Equipment And Software [Member] | |
Property and equipment [Line Items] | |
Estimated useful lives | 3 years |
Machinery and equipment [Member] | Minimum [Member] | |
Property and equipment [Line Items] | |
Estimated useful lives | 5 years |
Machinery and equipment [Member] | Maximum [Member] | |
Property and equipment [Line Items] | |
Estimated useful lives | 7 years |
Office Furniture And Equipment Member [Member] | |
Property and equipment [Line Items] | |
Estimated useful lives | 7 years |
Office Furniture And Equipment Member [Member] | Minimum [Member] | |
Property and equipment [Line Items] | |
Estimated useful lives | 7 years |
Office Furniture And Equipment Member [Member] | Maximum [Member] | |
Property and equipment [Line Items] | |
Estimated useful lives | 17 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use assets | $ 1,371 | $ 1,371 | $ 300 | |||||||||
Operating lease liability | 1,501 | 1,501 | $ 300 | |||||||||
Reclassifications out of comprehensive income (loss) | $ 0 | $ 0 | $ 0 | |||||||||
Number of operating segments | Segment | 1 | |||||||||||
Impairment of long-lived assets | $ 0 | 0 | 0 | |||||||||
Net loss | (12,047) | $ (7,683) | $ (7,840) | $ (8,750) | $ (8,075) | $ (7,470) | $ (8,673) | $ (7,043) | (36,320) | (31,261) | (26,826) | |
Net cash used in operating activities | (35,012) | (24,091) | $ (24,424) | |||||||||
Cash, cash equivalents and marketable securities | 92,400 | 92,400 | ||||||||||
Accumulated deficit | $ (272,934) | $ (236,614) | $ (272,934) | $ (236,614) |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | $ 89,495 | $ 40,230 |
Gross Unrealized Gains | 37 | |
Gross Unrealized Losses | (16) | |
Estimated Fair Value | 89,532 | 40,214 |
Money Market Funds [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | 23,012 | 11,612 |
Estimated Fair Value | 23,012 | 11,612 |
Corporate Notes [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | 45,584 | 7,234 |
Gross Unrealized Gains | 20 | |
Gross Unrealized Losses | (3) | |
Estimated Fair Value | 45,604 | 7,231 |
Commercial Paper [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | 20,899 | 21,384 |
Gross Unrealized Gains | 17 | |
Gross Unrealized Losses | (13) | |
Estimated Fair Value | $ 20,916 | $ 21,371 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |||
Realized gains and losses on available-for-sale securities | $ 0 | $ 0 | $ 0 |
Cash excluded from cash and cash equivalents | $ 2,800,000 | $ 1,400,000 | |
Contractual maturity period of investments | 1 year |
Investments - Schedule of Fair
Investments - Schedule of Fair Value of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net Investment Income [Line Items] | ||
Total | $ 89,532 | $ 40,214 |
Cash and Cash Equivalents [Member] | ||
Net Investment Income [Line Items] | ||
Total | 25,012 | 11,612 |
Marketable Securities [Member] | ||
Net Investment Income [Line Items] | ||
Total | $ 64,520 | $ 28,602 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Measurements of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash equivalents: | ||
Total cash equivalents | $ 25,012 | $ 11,612 |
Marketable securities: | ||
Total marketable securities | 89,532 | 40,214 |
Total | 89,532 | 40,214 |
Corporate Notes [Member] | ||
Cash equivalents: | ||
Total cash equivalents | 2,000 | |
Marketable securities: | ||
Total marketable securities | 43,604 | 7,231 |
Commercial Paper [Member] | ||
Marketable securities: | ||
Total marketable securities | 20,916 | 21,371 |
Marketable Securities [Member] | ||
Marketable securities: | ||
Total marketable securities | 64,520 | 28,602 |
Money Market Funds [Member] | ||
Cash equivalents: | ||
Total cash equivalents | 23,012 | 11,612 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Cash equivalents: | ||
Total cash equivalents | 23,012 | 11,612 |
Marketable securities: | ||
Total | 23,012 | 11,612 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Cash equivalents: | ||
Total cash equivalents | 23,012 | 11,612 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Cash equivalents: | ||
Total cash equivalents | 2,000 | |
Marketable securities: | ||
Total | 66,520 | 28,602 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes [Member] | ||
Cash equivalents: | ||
Total cash equivalents | 2,000 | |
Marketable securities: | ||
Total marketable securities | 43,604 | 7,231 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Marketable securities: | ||
Total marketable securities | 20,916 | 21,371 |
Significant Other Observable Inputs (Level 2) [Member] | Marketable Securities [Member] | ||
Marketable securities: | ||
Total marketable securities | $ 64,520 | $ 28,602 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | $ 89,532 | $ 40,214 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | $ 0 | $ 0 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 654 | $ 512 |
Less accumulated depreciation | (320) | (401) |
Property and equipment, net | 334 | 111 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 431 | 357 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 108 | $ 155 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 115 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 55 | $ 88 | $ 152 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued general and administrative expenses | $ 647 | $ 2,120 |
Accrued research and development expenses | 4,219 | 4,557 |
Accrued payroll and employee benefits | 1,872 | 1,171 |
Short-term borrowing | 838 | |
Total accrued expenses | $ 7,576 | $ 7,848 |
License Agreement - Additional
License Agreement - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2016 | Dec. 31, 2016 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Abstract] | |||
Aggregate amount of obligation | $ 5.1 | ||
Contractual obligation, final payment made | $ 1.7 | $ 1.7 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 3,567,015 | |
Warrants issued | 0 | |
Warrants exercised | 0 | |
Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants exercise price per share | $ 0.09 | |
Warrants expiration date | Mar. 31, 2022 | |
Maximum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants exercise price per share | $ 9.13 | |
Warrants expiration date | Dec. 31, 2024 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) | Jan. 01, 2020shares | Jan. 01, 2019shares | Jan. 01, 2018shares | Jan. 01, 2016 | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2015Directorsshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares of common stock authorized for issuance | 8,092,282 | |||||||
Shares of common stock available for grant | 1,021,108 | |||||||
Number of stock option outstanding | 6,489,692 | 4,373,674 | ||||||
Weighted average grant date fair value of stock options per share | $ / shares | $ 4.79 | $ 1.06 | $ 0.95 | |||||
Aggregate intrinsic value of stock options exercised | $ | $ 1,000,000 | $ 200,000 | $ 40,000 | |||||
Unrecognized compensation cost related to stock options, expected to be recognized | $ | $ 10,100,000 | |||||||
Expected recognition, weighted-average period | 3 years | |||||||
Stock options exercised | 192,711 | |||||||
Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock options exercised | 122,644 | |||||||
Number of directors who exercised options to purchase common stock | Directors | 2 | |||||||
Directors [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock, shares issued | 116,258 | |||||||
2008 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares of common stock authorized for issuance | 3,547,741 | |||||||
2008 Plan [Member] | Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock options expiration period | 10 years | |||||||
Stock options vesting period | 4 years | |||||||
2015 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares of common stock authorized for issuance | 3,566,296 | |||||||
Increase in number of shares reserved and available for issuance | 1,683,136 | 978,245 | 0 | |||||
Percentage of shares issued and outstanding under plan | 4.00% |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Fair Value Calculation of Option Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 97.00% | 77.00% | 74.00% |
Expected term (years) | 6 years | 6 years 2 months 12 days | 5 years 8 months 12 days |
Risk-free interest rate | 1.93% | 2.72% | 1.81% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Beginning balance | 4,373,674 | ||
Number of stock options, Exercised | (192,711) | ||
Number of stock options granted | 2,336,233 | ||
Number of stock options, Forfeited / Expired | (27,504) | ||
Ending balance | 6,489,692 | 4,373,674 | |
Number of stock options, Exercisable | 3,537,464 | ||
Number of stock options, Vested and expected to vest | 6,489,692 | ||
Weighted-average exercise price options outstanding, Beginning balance | $ 4.16 | ||
Weighted-average exercise price options, Exercised | 0.26 | ||
Weighted-average exercise price options, Granted | 6.17 | ||
Weighted-average exercise price options, Forfeited / Expired | 2.62 | ||
Weighted-average exercise price options outstanding, Ending balance | 5.01 | $ 4.16 | |
Weighted-average exercise price options, Exercisable | 4.82 | ||
Weighted-average exercise price options, Vested and expected to vest | $ 5.01 | ||
Weighted- average remaining contractual term outstanding options | 7 years 3 months 18 days | 7 years | |
Weighted- average remaining contractual term options, Exercisable | 5 years 9 months 18 days | ||
Weighted- average remaining contractual term options, Vested and expected to vest | 7 years 3 months 18 days | ||
Aggregate Intrinsic Value options outstanding | $ 8,166,882 | $ 3,140,879 | |
Aggregate Intrinsic Value options, exercisable | 5,433,126 | ||
Aggregate Intrinsic Value options, vested and expected to vest | $ 8,166,882 |
Stock Incentive Plan - Schedu_2
Stock Incentive Plan - Schedule of Stock-based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation expense: | |||
Stock-based compensation expenses | $ 3,270 | $ 2,730 | $ 3,522 |
General and Administrative [Member] | |||
Stock-based compensation expense: | |||
Stock-based compensation expenses | 2,243 | 1,412 | 1,510 |
Research and Development [Member] | |||
Stock-based compensation expense: | |||
Stock-based compensation expenses | $ 1,027 | $ 1,318 | $ 2,012 |
Income Taxes - Summary of loss
Income Taxes - Summary of loss before provision (benefit) for income taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (36,407) | $ (31,477) | $ (27,703) |
Foreign | 371 | 185 | 287 |
Loss before income taxes | $ (36,036) | $ (31,292) | $ (27,416) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. | $ 18 | $ 12 | $ 13 |
Foreign | 288 | (59) | 281 |
Total current provision for income taxes | 306 | (47) | 294 |
Deferred tax benefit—U.S. Federal | (956) | ||
Deferred tax provision (benefit)—foreign | (22) | 16 | 72 |
Total deferred provision (benefit) for income taxes | (22) | 16 | (884) |
Total provision (benefit) for income taxes | $ 284 | $ (31) | $ (590) |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences Between Effective Tax Rates and U.S. Federal Statutory Tax (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal tax provision at statutory rate | 21.00% | 21.00% | 34.00% |
State and local tax, net of federal benefit | 5.60% | 5.30% | 4.40% |
Foreign rate differences | 0.10% | 0.20% | 0.80% |
Non-deductible foreign stock compensation | (0.30%) | (0.40%) | (1.70%) |
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent | (0.50%) | (0.30%) | (0.70%) |
Uncertain tax positions | (0.40%) | 0.20% | 0.10% |
Change in valuation allowance | (26.10%) | (26.00%) | 33.20% |
Federal Tax Reform Rate Change | 0.00% | 0.00% | (68.50%) |
Other adjustments | (0.20%) | 0.10% | 0.60% |
Effective tax rate | (0.80%) | 0.10% | 2.20% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets, Net [Abstract] | ||
Federal and state net operating loss carryforwards | $ 54,269 | $ 45,722 |
Intangible and other related assets | 379 | 333 |
Accrued expenses | 710 | 482 |
Stock compensation | 2,180 | 1,513 |
Lease liability | 325 | |
Other | 18 | 77 |
Total deferred tax assets | 57,881 | 48,127 |
Deferred Tax Liabilities, Net [Abstract] | ||
Right of use asset | (291) | |
Total deferred tax liabilities | (291) | |
Valuation allowance | (57,560) | (48,119) |
Net deferred tax assets | $ 30 | $ 8 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Increase in valuation allowance | $ 9,400,000 | $ 8,100,000 | |
Net operating loss carryforwards | $ 61,300,000 | ||
Effective income from non- research and development activities | (0.80%) | 0.10% | 2.20% |
Undistributed earnings of subsidiary | $ 1,700,000 | ||
Unrecognized deferred tax liability | 200,000 | ||
Alternative Minimum Tax [Member] | |||
Income Taxes [Line Items] | |||
Income Taxes Receivable | $ 500,000 | $ 1,000,000 | |
Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Tax credit expiration period | Dec. 31, 2037 | ||
Prior To May Two Thousand Eight Year [Member] | |||
Income Taxes [Line Items] | |||
U.S.Federal net operating loss carryforwards subject to annual limitation | $ 1,200,000 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 167,200,000 | ||
United States [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 217,100,000 | ||
Non-US [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 0 | ||
Israel [Member] | |||
Income Taxes [Line Items] | |||
Effective income tax rate on income from research and development activities | 16.00% | ||
Effective income from non- research and development activities | 23.00% |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
2003 and Forward [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Income tax examination | 2003 and forward |
2014 and Forward [Member] | Israel [Member] | |
Income Tax Examination [Line Items] | |
Income tax examination | 2014 and forward |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Uncertain Tax Position (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Uncertain tax position at the beginning of year | $ 391 | $ 471 | $ 460 |
Additions for uncertain tax positions of prior year | 177 | 45 | |
Additions for uncertain tax positions of current year | 0 | ||
Reductions for settlements with taxing authorities | 0 | 0 | 0 |
Reductions for lapses of the applicable statutes of limitations | 0 | (80) | (34) |
Uncertain tax position at the end of the year | $ 568 | $ 391 | $ 471 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Estimated settlement liability | $ 18,750 | |
Litigation insurance settlements receivable | $ 18,288 | |
Active Pharmaceutical Ingredient [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding purchase commitment amount | $ 11,600 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2019 | |
Leases [Line Items] | |||
Sublease term | 3 years | ||
Security deposit | $ 0.1 | ||
Operating Leases, Rent Expense | $ 0.2 | $ 1 |
Leases - Summary of Operations
Leases - Summary of Operations in Leased Facilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Leases, Operating [Abstract] | ||
Operating lease expense | $ 366 | |
Operating cash flows from operating leases | 219 | |
Operating leases | 1,690 | |
Operating lease right-of-use assets | 1,371 | $ 300 |
Other current liabilities | 465 | |
Long-term liabilities | 1,036 | |
Total operating lease liabilities | $ 1,501 | $ 300 |
Weighted average remaining lease term - operating leases | 31 months | |
Weighted average discount rate - operating leases | 10.80% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Commitments for Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases, Operating [Abstract] | ||
2020 | $ 609 | |
2021 | 661 | |
2022 | 487 | |
Total future minimum lease payments | 1,757 | |
Less: imputed interest | (256) | |
Total | $ 1,501 | $ 300 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Accrued liabilities | $ 7,576 | $ 7,848 | |
Head of Clinical [Member] | |||
Related Party Transaction [Line Items] | |||
Costs incurred for services | 300 | 300 | $ 200 |
Accrued liabilities | $ 100 | $ 100 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Chiasma (Israel) Ltd [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employee benefit plans expense | $ 0.2 | $ 0.2 | $ 0.2 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2016 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2017ft² | |
Restructuring Cost and Reserve [Line Items] | |||||
Workforce reduction, percentage | 44.00% | ||||
Lease termination fees | $ 1,038 | ||||
Total restructuring expenses | $ 0 | $ 0 | (1,038) | ||
Waltham MA Lease Facility [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Area of terminated lease agreement | ft² | 24,000 | ||||
Lease termination fees | 1,000 | ||||
Write-off of office furniture and equipment | 400 | ||||
Deferred rent liabilities associated with terminated lease | 400 | ||||
Total restructuring expenses | $ 1,000 |
Restructuring Charges - Activit
Restructuring Charges - Activity Related to Accrued Restructuring Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of year | $ 283 | ||
Current year restructuring costs | $ 0 | $ 0 | 1,038 |
Lease termination costs | (1,038) | ||
Balance at end of year | |||
Employee Severance Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Payment of restructuring charges | $ (283) |
Other Income, Net - Summary of
Other Income, Net - Summary of Other Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Expense, Nonoperating [Abstract] | |||
Loss / (Gain) on foreign currency transactions, net | $ 75 | $ (37) | $ 81 |
Interest income | (1,573) | (1,013) | (928) |
Interest expense | 19 | 6 | 131 |
Other income | (64) | ||
Total | $ (1,543) | $ (1,044) | $ (716) |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Loss from operations | $ (12,266) | $ (8,226) | $ (8,166) | $ (8,921) | $ (8,389) | $ (7,718) | $ (8,932) | $ (7,297) | $ (37,579) | $ (32,336) | $ (28,132) |
Net loss | $ (12,047) | $ (7,683) | $ (7,840) | $ (8,750) | $ (8,075) | $ (7,470) | $ (8,673) | $ (7,043) | $ (36,320) | $ (31,261) | $ (26,826) |
Earnings per share | |||||||||||
Basic | $ (0.29) | $ (0.20) | $ (0.25) | $ (0.36) | $ (0.32) | $ (0.31) | $ (0.36) | $ (0.29) | $ (1.06) | $ (1.28) | $ (1.10) |
Diluted | $ (0.29) | $ (0.20) | $ (0.25) | $ (0.36) | $ (0.32) | $ (0.31) | $ (0.36) | $ (0.29) | $ (1.06) | $ (1.28) | $ (1.10) |