Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ALDX | |
Entity Registrant Name | ALDEYRA THERAPEUTICS, INC. | |
Entity Central Index Key | 0001341235 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 38,820,347 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36332 | |
Entity Tax Identification Number | 20-1968197 | |
Entity Address, Address Line One | 131 Hartwell Avenue | |
Entity Address, Address Line Two | Suite 320 | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02421 | |
City Area Code | 781 | |
Local Phone Number | 761-4904 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 71,175,507 | $ 16,425,830 |
Cash equivalent - reverse repurchase agreements | 15,000,000 | 28,000,000 |
Marketable securities | 28,938,545 | |
Prepaid expenses and other current assets | 2,017,273 | 1,804,450 |
Total current assets | 88,192,780 | 75,168,825 |
Right-of-use assets | 52,195 | 201,007 |
Fixed assets, net | 79,455 | 148,449 |
Total assets | 88,324,430 | 75,518,281 |
Current liabilities: | ||
Accounts payable | 123,900 | 808,302 |
Accrued expenses | 4,018,635 | 11,873,122 |
Current portion of credit facility | 2,259,417 | |
Current portion of operating lease liabilities | 58,720 | 226,328 |
Total current liabilities | 6,460,672 | 12,907,752 |
Long-term debt | 12,693,311 | 14,528,212 |
Total liabilities | 19,153,983 | 27,435,964 |
Commitments and contingencies (Notes 13 and 14) | ||
Stockholders' equity: | ||
Common stock, voting, $0.001 par value; 150,000,000 authorized and 38,631,709 and 28,656,832 shares issued and outstanding, respectively | 38,632 | 28,657 |
Additional paid-in capital | 294,755,363 | 247,409,793 |
Accumulated other comprehensive income | 5,866 | |
Accumulated deficit | (225,623,548) | (199,361,999) |
Total stockholders’ equity | 69,170,447 | 48,082,317 |
Total liabilities and stockholders’ equity | $ 88,324,430 | $ 75,518,281 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 38,631,709 | 28,656,832 |
Common stock, shares outstanding | 38,631,709 | 28,656,832 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 6,133,580 | $ 16,223,972 | $ 17,653,058 | $ 34,737,420 |
Acquired in-process research and development | (47,102) | 6,500,602 | ||
General and administrative | 2,255,617 | 2,839,319 | 7,480,461 | 8,940,771 |
Loss from operations | (8,389,197) | (19,016,189) | (25,133,519) | (50,178,793) |
Other income (expense): | ||||
Interest income | 5,215 | 330,329 | 287,025 | 1,262,378 |
Interest expense | (489,191) | (29,154) | (1,415,055) | (59,766) |
Total other income (expense), net | (483,976) | 301,175 | (1,128,030) | 1,202,612 |
Loss before income taxes | (8,873,173) | (18,715,014) | (26,261,549) | (48,976,181) |
Income tax benefit | 1,309,973 | |||
Net loss | $ (8,873,173) | $ (18,715,014) | $ (26,261,549) | $ (47,666,208) |
Net loss per share - basic and diluted | $ (0.23) | $ (0.69) | $ (0.81) | $ (1.77) |
Weighted average common shares outstanding - basic and diluted | 37,796,946 | 27,111,600 | 32,395,217 | 26,928,725 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (8,873,173) | $ (18,715,014) | $ (26,261,549) | $ (47,666,208) |
Other comprehensive (loss) income: | ||||
Unrealized gain (loss) on marketable securities, net of tax | (4,754) | (7,687) | (5,866) | 14,990 |
Total other comprehensive (loss) income | (4,754) | (7,687) | (5,866) | 14,990 |
Comprehensive loss | $ (8,877,927) | $ (18,722,701) | $ (26,267,415) | $ (47,651,218) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Helio Vision IncFounders [Member] | Common Voting Stock [Member] | Common Voting Stock [Member]Helio Vision IncFounders [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Helio Vision IncFounders [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2018 | $ 86,617,979 | $ 26,244 | $ 225,136,127 | $ (9,224) | $ (138,535,168) | |||
Beginning Balance, Shares at Dec. 31, 2018 | 26,244,435 | |||||||
Stock-based compensation | 6,133,990 | 6,133,990 | ||||||
Issuance of common stock, acquisition of Helio Vision, Inc. | $ 4,862,731 | $ 724 | $ 4,862,007 | |||||
Issuance of common stock, acquisition of Helio Vision, Inc., Shares | 724,518 | |||||||
Issuance of common stock, net of issuance costs | 720,964 | $ 84 | 720,880 | |||||
Issuance of common stock, net of issuance costs, Shares | 83,557 | |||||||
Issuance of common stock, employee stock purchase plan | 194,848 | $ 35 | 194,813 | |||||
Issuance of common stock, employee stock purchase plan, Shares | 34,253 | |||||||
Issuance of common stock, vested restricted stock awards | $ 65 | (65) | ||||||
Issuance of common stock for vested restricted stock units, Shares | 65,012 | |||||||
Other comprehensive income (loss) | 14,990 | 14,990 | ||||||
Net loss | (47,666,208) | (47,666,208) | ||||||
Ending Balance at Sep. 30, 2019 | 50,879,294 | $ 27,152 | 237,047,752 | 5,766 | (186,201,376) | |||
Ending Balance, Shares at Sep. 30, 2019 | 27,151,775 | |||||||
Beginning Balance at Jun. 30, 2019 | 67,333,370 | $ 26,987 | 234,779,291 | 13,453 | (167,486,361) | |||
Beginning Balance, Shares at Jun. 30, 2019 | 26,986,936 | |||||||
Stock-based compensation | 2,152,938 | 2,152,938 | ||||||
Issuance of common stock, acquisition of Helio Vision, Inc. | $ 142 | (142) | ||||||
Issuance of common stock, acquisition of Helio Vision, Inc., Shares | 142,155 | |||||||
Issuance of common stock, employee stock purchase plan | 115,688 | $ 23 | 115,665 | |||||
Issuance of common stock, employee stock purchase plan, Shares | 22,684 | |||||||
Other comprehensive income (loss) | (7,687) | (7,687) | ||||||
Net loss | (18,715,015) | (18,715,015) | ||||||
Ending Balance at Sep. 30, 2019 | 50,879,294 | $ 27,152 | 237,047,752 | 5,766 | (186,201,376) | |||
Ending Balance, Shares at Sep. 30, 2019 | 27,151,775 | |||||||
Beginning Balance at Dec. 31, 2019 | 48,082,317 | $ 28,657 | 247,409,793 | 5,866 | (199,361,999) | |||
Beginning Balance, Shares at Dec. 31, 2019 | 28,656,832 | |||||||
Stock-based compensation | 5,453,520 | 5,453,520 | ||||||
Issuance of common stock, acquisition of Helio Vision, Inc. | $ 238 | (238) | ||||||
Issuance of common stock, acquisition of Helio Vision, Inc., Shares | 237,834 | |||||||
Issuance of common stock, net of issuance costs | 40,716,543 | $ 9,352 | 40,707,191 | |||||
Issuance of common stock, net of issuance costs, Shares | 9,351,749 | |||||||
Issuance of common stock, exercise of stock options | $ 1,058,516 | $ 219 | 1,058,297 | |||||
Issuance of common stock, exercise of stock options, Shares | 219,244 | 219,244 | ||||||
Issuance of common stock, employee stock purchase plan | $ 126,966 | $ 30 | 126,936 | |||||
Issuance of common stock, employee stock purchase plan, Shares | 30,254 | |||||||
Issuance of common stock, vested restricted stock awards | $ 136 | (136) | ||||||
Issuance of common stock for vested restricted stock units, Shares | 135,796 | |||||||
Other comprehensive income (loss) | (5,866) | (5,866) | ||||||
Net loss | (26,261,549) | (26,261,549) | ||||||
Ending Balance at Sep. 30, 2020 | 69,170,447 | $ 38,632 | 294,755,363 | (225,623,548) | ||||
Ending Balance, Shares at Sep. 30, 2020 | 38,631,709 | |||||||
Beginning Balance at Jun. 30, 2020 | 52,789,666 | $ 32,997 | 269,502,290 | 4,754 | (216,750,375) | |||
Beginning Balance, Shares at Jun. 30, 2020 | 32,997,346 | |||||||
Stock-based compensation | 1,757,479 | 1,757,479 | ||||||
Issuance of common stock, acquisition of Helio Vision, Inc. | $ 36 | (36) | ||||||
Issuance of common stock, acquisition of Helio Vision, Inc., Shares | 35,783 | |||||||
Issuance of common stock, net of issuance costs | 22,446,055 | $ 5,378 | 22,440,677 | |||||
Issuance of common stock, net of issuance costs, Shares | 5,377,681 | |||||||
Issuance of common stock, exercise of stock options | 998,097 | $ 205 | 997,892 | |||||
Issuance of common stock, exercise of stock options, Shares | 204,796 | |||||||
Issuance of common stock, employee stock purchase plan | 57,077 | $ 16 | 57,061 | |||||
Issuance of common stock, employee stock purchase plan, Shares | 16,103 | |||||||
Other comprehensive income (loss) | (4,754) | $ (4,754) | ||||||
Net loss | (8,873,173) | (8,873,173) | ||||||
Ending Balance at Sep. 30, 2020 | $ 69,170,447 | $ 38,632 | $ 294,755,363 | $ (225,623,548) | ||||
Ending Balance, Shares at Sep. 30, 2020 | 38,631,709 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (26,261,549) | $ (47,666,208) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Acquired in-process research and development | 6,500,602 | |
Deferred taxes | (1,309,973) | |
Stock-based compensation | 5,453,520 | 6,133,990 |
Non-cash interest expense | 424,516 | 59,766 |
Accretion on debt securities available for sale, net | (91,231) | (474,771) |
Depreciation and amortization expense | 217,806 | 72,284 |
Change in assets and liabilities: | ||
Prepaid expenses and other current assets | (212,823) | 404,264 |
Accounts payable | (684,402) | (3,082,081) |
Accrued expenses | (8,022,095) | 5,604,224 |
Net cash used in operating activities | (29,176,258) | (33,757,903) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of fixed assets | (9,529) | |
Purchases of marketable securities | (5,776,090) | (36,860,554) |
Sales and maturities of marketable securities | 34,800,000 | 59,000,000 |
Net cash provided by investing activities | 29,023,910 | 22,762,007 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock, net of issuance costs | 40,716,543 | 720,964 |
Proceeds from exercise of stock options | 1,058,516 | |
Proceeds from employee stock purchase plan | 126,966 | 194,849 |
Proceeds from long-term debt | 14,450,000 | |
Debt issuance costs paid in cash | (123,186) | |
Net cash provided by financing activities | 41,902,025 | 15,242,627 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 41,749,677 | 4,246,731 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 44,425,830 | 47,357,472 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 86,175,507 | 51,604,203 |
Helio Vision Inc | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Acquired in-process research and development | 6,500,000 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash acquired in Helio asset acquisition | 632,090 | |
SUPPLEMENTAL INFORMATION AND DISCLOSURES OF NONCASH ACTIVITIES: | ||
Assets acquired | 75,632 | |
Liabilities acquired | 637,994 | |
Fair value of securities issued | 4,862,731 | |
Right-of-use assets acquired through operating leases | $ 386,060 | |
Cash paid during the period for interest | $ 1,042,708 |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. NATURE OF BUSINESS Aldeyra Therapeutics, Inc., together with its wholly-owned subsidiaries (the “Company” or “Aldeyra”), a Delaware corporation, is a clinical-stage biotechnology company focused on the development of novel therapies with the potential to improve the lives of patients with immune-mediated diseases. The Company’s principal activities to date include raising capital and research and development activities. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying interim condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission on March 12, 2020 (the “2019 Form 10-K”). The financial information as of September 30, 2020, and the three and nine months ended September 30, 2020 and 2019, respectively, is unaudited. In the opinion of management all adjustments, consisting only of normal recurring adjustments considered necessary for the fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented, have been included. The balance sheet data as of December 31, 2019 was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Based on its current operating plan, and not including additional access to capital that may become available under the Company’s credit facility, the Company believes that its cash, cash equivalents, and marketable securities as of September 30, 2020, will be sufficient to fund currently anticipated operating expenses through the end of 2022, including potential new drug application (NDA) submissions for reproxalap in dry eye disease and allergic conjunctivitis, assuming positive clinical trial results and regulatory review; the Phase 2 clinical trials of ADX-629 in COVID-19, atopic asthma, and psoriasis; and the continuation of Part 1 of the adaptive Phase 3 GUARD trial in proliferative vitreoretinopathy, contingent on patient enrollment. As a result of the COVID-19 pandemic, clinical site availability, staffing, and patient recruitment have been negatively affected and the timelines to complete the Company’s clinical trials may be delayed. The Company’s assessment of its liquidity and capital resources includes an estimate of the financial impacts of these changes. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commercialize product candidates; or conduct any substantial, additional development requirements requested by the FDA. Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, it will be required to significantly decrease the amount of planned expenditures and may be required to cease operations. In addition, the disruption in the capital markets caused by the COVID-19 outbreak could make any financing more challenging, and there can be no assurance that Aldeyra will be able to obtain such financing on commercially reasonable terms or at all. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s consolidated financial statements include, but are not limited to, estimates related to clinical trial accruals, estimates related to prepaid and accrued research and development costs, acquired in-process research and development (“IPR&D”) expense, contingent liabilities, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Summary of Significant Accounting Policies There were no changes to significant accounting policies during the nine months ended September 30, 2020, as compared to the those identified in the 2019 Form 10-K. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The accounting guidance currently in effect is based on an incurred loss model. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2022. The Company is continuing to evaluate the impact of ASU 2016-13 but does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. |
Helio Vision Acquisition
Helio Vision Acquisition | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Helio Vision Acquisition | 3. Helio Vision Acquisition On January 28, 2019 (the “Closing Date”), the Company acquired Helio Vision, Inc. (“Helio”). As a result of the acquisition, the Company initially issued an aggregate of 1,160,444 shares of common stock to the former securityholders and an advisor of Helio. The founders of Helio were issued 568,627 shares and non-founders were issued 591,817 shares. The Helio founders’ shares are subject to vesting based on continued service to the Company over three years from the Closing Date, of which, 67% are vested as of September 30, 2020. The Company recognizes the expense associated with the founders’ restricted shares as research and development compensation expense on a straight-line basis as the shares vest over the three-year The Company, subject to the conditions of the acquisition agreement, is contingently obligated to make additional payments to the former securityholders of Helio as follows: (a) $2.5 million of common stock on the date that is 24 months following the Closing Date (assuming certain technical milestones are met); (b) $10.0 million of common stock following approval by the FDA of a new drug approval application for the prevention and/or treatment of proliferative vitreoretinopathy or a substantially similar label prior to the 10th anniversary of the Closing Date; and (c) $2.5 million of common stock following FDA approval of a new drug application for an indication (other than proliferative vitreoretinopathy) prior to the 12th anniversary of the Closing Date (the shares of common stock issuable pursuant to the preceding clauses (a) – (c) are referred to herein as the “Milestone Shares”), provided that in no event shall the Company be obligated to issue more than an aggregate of 5,248,885 shares of common stock. Additionally, in the event of certain change of control or divestitures by the Company, certain former convertible noteholders of Helio will be entitled to a tax gross-up payment in an amount not to exceed $1.0 million. The Company determined that liability accounting is not required for the Milestone Shares under FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company also determined that the Milestone Shares meet the scope exception as a derivative under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), from inception of the Milestone Shares through September 30, 2020. Accordingly, the Milestone Shares are evaluated under FASB ASC Topic 450, Contingencies (“ASC 450”) and the Company will record a liability related to the Milestone Shares if the milestones are achieved, and the obligation to make additional payment(s) becomes probable. At that time, the Company will record the cost of the Milestone Shares issued to the founders as compensation expense and to the Helio non-founders as IPR&D expense if there is no alternative future use. No milestones related to the Milestone Shares are probable of being achieved as of September 30, 2020. The Company assessed the acquisition of Helio under the FASB ASC Topic 805, Business Combinations ( “ ASC 805 ” ). Under ASC 805, the Company determined that the acquired assets did not constitute a business since substantially all the assets acquired were related to ADX-2191 and that the transaction would be accounted for as an asset acquisition. The asset and development program acquired from Helio are at an early stage of development and will require a significant investment of time and capital for development. There is no assurance that the Company will be successful in developing such asset, and a failure to successfully develop such asset could diminish the Company’s prospects. Under ASC 805, the asset acquired is considered to have no alternative future uses, since the future economic benefit of the acquired asset at the date of acquisition is highly uncertain. The fair value of the assets was determined using the quoted market price of the Company’s common stock on the C losing D ate and was fully expensed as IPR&D . Additionally, the Company assessed the Helio acquisition under ASC Topic 740, Income Taxes ( “ ASC 740 ” ). The acquisition resulted in an income tax benefit of $ 1.3 million and a corresponding increase to acquired IPR&D expense. The expense resulted from the reduction in the Company’s valuation allowance due to the deferred tax liability created as a result of the book and tax basis difference during the quarter ended March 3 1 , 2019 . During the nine months ended September 30, 20 19 , the Company recorded $ million of IPR&D expense related to the fair value of consideration given which includes transaction costs and the deferred tax impact of the Helio acquisition . |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 4. NET LOSS PER SHARE As of September 30, 2020 and 2019, diluted weighted average common shares outstanding is equal to basic weighted average common shares due to the Company’s net loss position. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three and Nine Months Ended September 30, 2020 2019 Options to purchase common stock 4,889,685 4,539,279 Restricted stock units 929,817 430,425 Nonvested founder shares (1) 188,638 426,472 Total of common stock equivalents 6,008,140 5,396,176 (1) Represents 188,638 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at September 30, 2020 and are not included in stockholders’ equity pursuant to GAAP. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 9 Months Ended |
Sep. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 5. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES Cash, cash equivalents, and marketable securities were comprised of: September 30, 2020 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Current Marketable Securities Cash $ 31,815,216 $ — $ — $ 31,815,216 $ 31,815,216 $ — Money market funds 39,360,291 — — 39,360,291 39,360,291 — Reverse repurchase agreements 15,000,000 — — 15,000,000 15,000,000 — Total Cash and cash equivalents 86,175,507 — — 86,175,507 86,175,507 — Total Cash, cash equivalents, and current marketable securities $ 86,175,507 $ — December 31, 2019 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Current Marketable Securities Cash $ 15,363,462 $ — $ — $ 15,363,462 $ 15,363,462 $ — Money market funds 1,062,368 — — 1,062,368 1,062,368 — Reverse repurchase agreements 28,000,000 — — 28,000,000 28,000,000 — Total Cash and cash equivalents 44,425,830 — — 44,425,830 44,425,830 — U.S. government agency securities 28,932,679 5,866 — 28,938,545 — 28,938,545 Available for Sale (1) 28,932,679 5,866 — 28,938,545 — 28,938,545 Total Cash, cash equivalents and current marketable securities $ 44,425,830 $ 28,938,545 (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. FAIR VALUE MEASUREMENTS 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 on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements Level 1 – Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There were no liabilities measured at fair value at September 30, 2020 or December 31, 2019. Money market funds included in cash and cash equivalents in the consolidated balance sheets, are recorded at fair value and considered as Level 1 inputs under the fair value hierarchy. Reverse repurchase agreements and U.S. government agency securities are recorded at fair market value and considered as Level 2 inputs under the fair value hierarchy. Financial instruments including cash equivalents, clinical trial prepayments to contract research organizations, and accounts payable are carried in the consolidated financial statements at amounts that approximate their fair value based on the short maturities of those instruments. The carrying amount of the Company’s term loan under its credit facility approximates market rates currently available to the Company. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 7. ACCRUED EXPENSES Accrued expenses were comprised of: September 30, December 31, 2020 2019 Accrued compensation $ 1,328,475 $ 1,489,475 Accrued research and development 1,960,150 9,493,093 Accrued general and administrative 730,010 890,554 Accrued expenses $ 4,018,635 $ 11,873,122 |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Credit Facility | 8. The Company’s long-term debt obligation consists of amounts the Company is obligated to repay under its credit facility with Hercules Capital, Inc. (“Hercules”). In March 2019, the Company entered into a Loan and Security Agreement with Hercules and several banks and other financial institutions or entities, from time-to-time parties thereto (collectively, referred to as “Lender”), providing for a term loan of up to $60.0 million, subject to the satisfaction of certain conditions contained therein, that is secured by a lien covering all of the Company’s assets, other than the Company’s intellectual property (the “Loan and Security Agreement” or the “Hercules Credit Facility”). The Loan and Security Agreement provided for (i) an initial term loan advance of up to $5.0 million at the Company’s option, which expired unutilized on April 15, 2019; (ii) three additional term loan advances of up to $15.0 The term loan bears interest at an annual rate equal to the greater of (i) 9.10% and (ii) the prime rate (as reported in the Wall Street Journal or any successor publication thereto) plus 3.10%. The Loan and Security Agreement provides for interest-only payments until May 1, 2021, with an option to extend the interest-only period to May 1, 2022 based upon the achievement of certain milestones. Repayment of the aggregate outstanding principal balance of the term loan, in monthly installments, starts upon expiration of the interest-only period and continues through October 1, 2023 (the “Maturity Date”). Associated with this debt facility, the Company incurred a commitment charge of $25,000, transaction costs of $273,186, a fee of $375,000 upon closing, and is required to pay a fee (the “End of Term Charge”) of 6.95% multiplied by the aggregate amount of advances under the Loan and Security Agreement at maturity. The fees, transaction costs, and the End of Term Charge are amortized to interest expense through the Maturity Date using the effective interest method. The effective interest rate was 12.9% at September 30, 2020. At the Company’s option, the Company may elect to prepay all, but not less than all, of the outstanding term loan by paying the entire principal balance and all accrued and unpaid interest thereon plus all fees and other amounts due under the Loan and Security Agreement, including a prepayment charge equal to the following percentage of the principal amount being prepaid: 3% if the term loan is prepaid prior to March 25, 2021 and 1.5% if the term loan is prepaid any time thereafter, but prior to March 25, 2022. Long-term debt consisted of the following: September 30, December 31, 2020 2019 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 356,372 89,094 Unamortized debt issuance costs (403,644 ) (560,881 ) Less: current portion (2,259,417 ) — Total long-term debt $ 12,693,311 $ 14,528,212 Future principal payments, including the End of Term Charge, are as follows: Years Ending December 31, 2020 $ — 2021 3,659,776 2022 5,931,718 2023 6,451,006 Total $ 16,042,500 The Loan and Security Agreement also contains certain events of default, representations, warranties and non-financial covenants of the Company. In addition, subject to the terms of the agreement, the Company granted the Lender the right to purchase up to an aggregate of $2.0 million of the Company’s equity securities, or instruments exercisable for or convertible into equity securities, sold to investors in financings upon the same terms and conditions afforded to such other investors. |
Stockholders Equity
Stockholders Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders Equity | 9. In December 2018, the Company entered into an Open Market Sales Agreement SM at a volume-weighted average price of $4.62 per share, As of September 30, 2020, the Company had sold the maximum allowable amount and no further sales may be made under the Jefferies Sales Agreement. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES No provision for federal and state income taxes has been recorded as the Company has incurred losses since inception for tax purposes. 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 tax purposes. In assessing the realizability of net deferred taxes in accordance with ASC 740, the Company considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. Based on the weight of available evidence, primarily the incurrence of net losses since inception, anticipated net losses in the near future, reversals of existing temporary differences, and expiration of various federal and state attributes, the Company does not consider it more likely than not that some or all of the net deferred taxes will be realized. Accordingly, a 100% valuation allowance has been applied against net deferred taxes. Under Section 382 of the Internal Revenue Code of 1986, as amended, a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (“NOLs”) and certain other tax assets (tax attributes) to offset future taxable income. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders increases by more than 50 percentage points over such stockholders’ lowest percentage ownership during the testing period (generally three years). Transactions involving the Company’s common stock, within the testing period, even those outside the Company’s control, such as purchases or sales by investors, within the testing period could result in an ownership change. A limitation on the Company’s ability to utilize some or all its NOLs or credits could have a material adverse effect on the Company’s results of operations and cash flows. As of September 30, 2020, the Company believes four ownership changes have occurred since inception. The Company believes “Built-In Gains” will offset the majority of the Section 382 limitations generated by these ownership changes , including the most recent ownership change occurring in July 2020. However, the Company estimates that approximately $ 9 million of deferred tax assets related to NOLs and tax credits will be permanently limited as a result of the July 2020 ownership change. As a result of the Company’s full valuation allowance, there is no current period impact to the income statement. Any future ownership changes, including those resulting from the Company’s recent or future financing activities, may cause the Company’s existing tax attributes to incur additional limitations. All tax years are open for examination by the taxing authorities for both federal and state purposes. The Company accounts for uncertain tax positions pursuant to ASC 740 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. Accordingly, in the provision for income taxes, the Company recognizes interest accrued related to unrecognized tax benefits and penalties; however, management is currently unaware of any uncertain tax positions. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted in the United States on March 27, 2020. CARES includes several income tax provisions such as NOL carryback and carryforward benefits and other tax deduction benefits. As noted previously, the Company’s U.S. deferred tax asset has a full valuation, accordingly these NOL and other benefit provisions have no impact on the Company’s financial statements for the period ended September 30, 2020. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 11. STOCK-BASED COMPENSATION The Company has two equity incentive plans that provide for the granting of stock options, restricted stock, stock appreciation rights, stock units, and performance cash awards to certain employees, members of the board of directors, and consultants of the Company with a generally prescribed contractual term of ten years. The Company recognizes stock-based compensation expense over the requisite service period. The Company’s share-based awards are accounted for as equity instruments. The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans and Helio founders’ shares are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development expenses $ 1,236,902 $ 1,247,655 $ 3,429,592 $ 3,528,750 General and administrative expenses 520,577 905,283 $ 2,023,928 $ 2,605,240 Total stock-based compensation expense $ 1,757,479 $ 2,152,938 $ 5,453,520 $ 6,133,990 Stock Options The table below summarizes activity relating to stock options under the incentive plans for the nine months ended September 30, 2020: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value(a) Outstanding at December 31, 2019 4,193,814 $ 6.62 Granted 1,669,023 $ 3.91 Exercised (219,244 ) $ 4.83 Expired (75,838 ) $ 6.72 Forfeitures (678,070 ) $ 6.53 Outstanding at September 30, 2020 4,889,685 $ 5.79 7.49 $ 9,439,040 Exercisable at September 30, 2020 2,745,371 $ 5.95 6.38 $ 4,924,800 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on September 30, 2020 of $7.41 and the per share exercise price of the underlying options. As of September 30, 2020, unamortized stock-based compensation for all stock options outstanding was $7,478,325 and is expected to be recognized over a weighted average period of 2.30 years. Total unrecognized compensation cost will be adjusted for future forfeitures, if necessary. Restricted Stock Units The table below summarizes activity relating to RSUs for the nine months ended September 30, 2020: Number of Shares Outstanding at December 31, 2019 430,425 Granted 635,188 Vested/released (135,796 ) Outstanding at September 30, 2020 929,817 The weighted-average fair value of RSUs granted was $3.78 per share for the nine months ended September 30, 2020. As of September 30, 2020, the outstanding RSUs had unamortized stock-based compensation of $3.6 million with a weighted-average remaining recognition period of 2.69 years and an aggregate intrinsic value of $4.5 million. Employee Stock Purchase Plan At September 30, 2020, the Company had 857,446 shares available for issuance under the 2016 Employee Stock Purchase Plan (“2016 ESPP”). A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows: Nine Months Ended September 30, 2020 2019 Weighted-average grant-date fair value per share $ 1.58 $ 2.92 Total stock-based compensation expense $ 37,604 $ 76,507 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 1 2 . LEASES The Company currently leases an office used to conduct business. The exercise of lease renewal options is at the Company’s discretion and the renewal to extend the lease terms are not included in the Company’s Right-Of-Use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As the Company’s lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. As of September 30, 2020, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $58.7 thousand based on the present value of the minimum rental payments as a result of adoption of ASC Topic 842, Leases 2020 remaining total lease payments $ 59,613 Less: effect of discounting (893 ) Present value of lease liabilities $ 58,720 Current operating lease liabilities $ 58,720 Non-current operating lease liabilities — Total $ 58,720 The Company’s gross future minimum payments under all non-cancelable operating leases as of September 30, 2020 , are: Total 2020 2021 2022 2023 Operating lease obligations $ 59,613 $ 59,613 $ — $ — $ — In October 2020, the Company entered into a lease amendment extending the lease by 1 year through December 31, 2021 with rent payments totaling $243,126 during that 12-month period. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2020 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 1 3 . LEGAL PROCEEDINGS In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 4 . COMMITMENTS AND CONTINGENCIES There have been no material changes to the Company’s commitments and contingencies from the information provided in Note 13, Commitments and Contingencies |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s consolidated financial statements include, but are not limited to, estimates related to clinical trial accruals, estimates related to prepaid and accrued research and development costs, acquired in-process research and development (“IPR&D”) expense, contingent liabilities, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies There were no changes to significant accounting policies during the nine months ended September 30, 2020, as compared to the those identified in the 2019 Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The accounting guidance currently in effect is based on an incurred loss model. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2022. The Company is continuing to evaluate the impact of ASU 2016-13 but does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three and Nine Months Ended September 30, 2020 2019 Options to purchase common stock 4,889,685 4,539,279 Restricted stock units 929,817 430,425 Nonvested founder shares (1) 188,638 426,472 Total of common stock equivalents 6,008,140 5,396,176 (1) Represents 188,638 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at September 30, 2020 and are not included in stockholders’ equity pursuant to GAAP. |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Marketable Securities | Cash, cash equivalents, and marketable securities were comprised of: September 30, 2020 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Current Marketable Securities Cash $ 31,815,216 $ — $ — $ 31,815,216 $ 31,815,216 $ — Money market funds 39,360,291 — — 39,360,291 39,360,291 — Reverse repurchase agreements 15,000,000 — — 15,000,000 15,000,000 — Total Cash and cash equivalents 86,175,507 — — 86,175,507 86,175,507 — Total Cash, cash equivalents, and current marketable securities $ 86,175,507 $ — December 31, 2019 Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash and Cash Equivalents Current Marketable Securities Cash $ 15,363,462 $ — $ — $ 15,363,462 $ 15,363,462 $ — Money market funds 1,062,368 — — 1,062,368 1,062,368 — Reverse repurchase agreements 28,000,000 — — 28,000,000 28,000,000 — Total Cash and cash equivalents 44,425,830 — — 44,425,830 44,425,830 — U.S. government agency securities 28,932,679 5,866 — 28,938,545 — 28,938,545 Available for Sale (1) 28,932,679 5,866 — 28,938,545 — 28,938,545 Total Cash, cash equivalents and current marketable securities $ 44,425,830 $ 28,938,545 (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses were comprised of: September 30, December 31, 2020 2019 Accrued compensation $ 1,328,475 $ 1,489,475 Accrued research and development 1,960,150 9,493,093 Accrued general and administrative 730,010 890,554 Accrued expenses $ 4,018,635 $ 11,873,122 |
Credit Facility (Tables)
Credit Facility (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: September 30, December 31, 2020 2019 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 356,372 89,094 Unamortized debt issuance costs (403,644 ) (560,881 ) Less: current portion (2,259,417 ) — Total long-term debt $ 12,693,311 $ 14,528,212 |
Schedule of Principal Payments Including End of Term Charges | Future principal payments, including the End of Term Charge, are as follows: Years Ending December 31, 2020 $ — 2021 3,659,776 2022 5,931,718 2023 6,451,006 Total $ 16,042,500 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans and Helio founders’ shares are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development expenses $ 1,236,902 $ 1,247,655 $ 3,429,592 $ 3,528,750 General and administrative expenses 520,577 905,283 $ 2,023,928 $ 2,605,240 Total stock-based compensation expense $ 1,757,479 $ 2,152,938 $ 5,453,520 $ 6,133,990 |
Summary of Activity Relating to Stock Options | The table below summarizes activity relating to stock options under the incentive plans for the nine months ended September 30, 2020: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value(a) Outstanding at December 31, 2019 4,193,814 $ 6.62 Granted 1,669,023 $ 3.91 Exercised (219,244 ) $ 4.83 Expired (75,838 ) $ 6.72 Forfeitures (678,070 ) $ 6.53 Outstanding at September 30, 2020 4,889,685 $ 5.79 7.49 $ 9,439,040 Exercisable at September 30, 2020 2,745,371 $ 5.95 6.38 $ 4,924,800 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on September 30, 2020 of $7.41 and the per share exercise price of the underlying options. |
Summary of Activity Relating to Restricted Stock Units | The table below summarizes activity relating to RSUs for the nine months ended September 30, 2020: Number of Shares Outstanding at December 31, 2019 430,425 Granted 635,188 Vested/released (135,796 ) Outstanding at September 30, 2020 929,817 |
Summary of Employee Stock Purchase Plan Activity | A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows Nine Months Ended September 30, 2020 2019 Weighted-average grant-date fair value per share $ 1.58 $ 2.92 Total stock-based compensation expense $ 37,604 $ 76,507 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities | Maturities and balance sheet presentation of our lease liabilities for all operating leases as of September 30, 2020 is as follows: 2020 remaining total lease payments $ 59,613 Less: effect of discounting (893 ) Present value of lease liabilities $ 58,720 Current operating lease liabilities $ 58,720 Non-current operating lease liabilities — Total $ 58,720 The Company’s gross future minimum payments under all non-cancelable operating leases as of September 30, 2020 , are: Total 2020 2021 2022 2023 Operating lease obligations $ 59,613 $ 59,613 $ — $ — $ — |
Helio Vision Acquisition - Addi
Helio Vision Acquisition - Additional Information (Detail) - USD ($) | Jan. 28, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||||
Income tax benefit | $ 1,309,973 | |||
Acquired in-process research and development | $ 6,500,602 | |||
Helio Vision Inc | ||||
Business Acquisition [Line Items] | ||||
Business combination, stock issued | 1,160,444 | |||
Income tax benefit | $ 1,300,000 | |||
Acquired in-process research and development | $ 6,500,000 | |||
Helio Vision Inc | Founders [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, stock issued | 568,627 | |||
Helio Vision Inc | Founders [Member] | Service Based Awards [Member] | ||||
Business Acquisition [Line Items] | ||||
Share-based compensation award, vesting period | 3 years | |||
Vesting percentage of shares of common stock issued former security holders and advisor | 67.00% | |||
Helio Vision Inc | Founders [Member] | Restricted Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Share-based compensation award, vesting period | 3 years | |||
Helio Vision Inc | Non Founders [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, stock issued | 591,817 | |||
Helio Vision Inc | Common Stock, 24 Months Following the Closing Date [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration liability | $ 2,500,000 | |||
Helio Vision Inc | Common Stock after FDA Approval prior to 10th Anniversary [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration liability | 10,000,000 | |||
Helio Vision Inc | Common Stock after FDA Approval Prior to 12th Anniversary [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration liability | $ 2,500,000 | |||
Helio Vision Inc | Common Stock after FDA Approval Prior to 12th Anniversary [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration stock to be issued | 5,248,885 | |||
Helio Vision Inc | Tax Gross-up Payment in Event of Change of Control or Divesture [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration liability | $ 1,000,000 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total of common stock equivalents | 6,008,140 | 5,396,176 | 6,008,140 | 5,396,176 | |
Options to Purchase Common Stock [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total of common stock equivalents | 4,889,685 | 4,539,279 | 4,889,685 | 4,539,279 | |
Restricted Stock Units [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total of common stock equivalents | 929,817 | 430,425 | 929,817 | 430,425 | |
Nonvested Founder Shares [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total of common stock equivalents | [1] | 188,638 | 426,472 | 188,638 | 426,472 |
[1] | Represents 188,638 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at September 30, 2020 and are not included in stockholders’ equity pursuant to GAAP. |
Net Loss Per Share - Computat_2
Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Parenthetical) (Detail) | Sep. 30, 2020shares |
Restricted Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of common stock shares issued and outstanding subject of vesting shares based on service requirements | 188,638 |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Cash Cash Equivalents And Marketable Securities [Line Items] | |||
Cash | $ 31,815,216 | $ 15,363,462 | |
Money market funds | 39,360,291 | 1,062,368 | |
Reverse repurchase agreements | 15,000,000 | 28,000,000 | |
Total Cash and cash equivalents | 86,175,507 | 44,425,830 | |
U.S. government agency securities | 28,932,679 | ||
Available for Sale | [1] | 28,932,679 | |
Cash and Cash Equivalents | 86,175,507 | 44,425,830 | |
Current Marketable Securities | 28,938,545 | ||
Available for Sale [Member] | |||
Cash Cash Equivalents And Marketable Securities [Line Items] | |||
Unrecognized Gain | [1] | 5,866 | |
Estimated Fair Value | [1] | 28,938,545 | |
Current Marketable Securities | [1] | 28,938,545 | |
Cash [Member] | |||
Cash Cash Equivalents And Marketable Securities [Line Items] | |||
Estimated Fair Value | 31,815,216 | 15,363,462 | |
Cash and Cash Equivalents | 31,815,216 | 15,363,462 | |
Money Market Funds [Member] | |||
Cash Cash Equivalents And Marketable Securities [Line Items] | |||
Estimated Fair Value | 39,360,291 | 1,062,368 | |
Cash and Cash Equivalents | 39,360,291 | 1,062,368 | |
Reverse Repurchase Agreements [Member] | |||
Cash Cash Equivalents And Marketable Securities [Line Items] | |||
Estimated Fair Value | 15,000,000 | 28,000,000 | |
Cash and Cash Equivalents | 15,000,000 | 28,000,000 | |
U.S. Government Agencies Securities [Member] | |||
Cash Cash Equivalents And Marketable Securities [Line Items] | |||
Unrecognized Gain | 5,866 | ||
Estimated Fair Value | 28,938,545 | ||
Current Marketable Securities | 28,938,545 | ||
Total Cash and cash equivalents [Member] | |||
Cash Cash Equivalents And Marketable Securities [Line Items] | |||
Estimated Fair Value | 86,175,507 | 44,425,830 | |
Cash and Cash Equivalents | $ 86,175,507 | $ 44,425,830 | |
[1] | Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Liabilities measured at fair value on a recurring basis | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 1,328,475 | $ 1,489,475 |
Accrued research and development | 1,960,150 | 9,493,093 |
Accrued general and administrative | 730,010 | 890,554 |
Accrued expenses | $ 4,018,635 | $ 11,873,122 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Line Of Credit Facility [Line Items] | ||
Proceeds from Long-term lines of credit | $ 16,042,500 | |
Debt instrument annual interest rate | 9.10% | |
Interest payment period | May 1, 2021 | |
Interest payment extension period | May 1, 2022 | |
Term loan maturity date | Oct. 1, 2023 | |
Credit facility fee | $ 375,000 | |
Credit facility commitment fee percentage | 6.95% | |
Term loan prepayment term | 3% if the term loan is prepaid prior to March 25, 2021 and 1.5% if the term loan is prepaid any time thereafter, but prior to March 25, 2022 | |
Commitment charge | $ 25,000 | |
Transaction costs | $ 273,186 | |
Credit facility, interest rate | 12.90% | |
Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit facility prepayment fee percentage | 3.00% | |
Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit facility prepayment fee percentage | 1.50% | |
Prime Rate [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument variable annual interest rate | 3.10% | |
Hercules Credit Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit facility amount | $ 60,000,000 | |
Credit facility amount outstanding | 15,000,000 | |
Additional credit facility available for borrowing | 0 | |
Hercules Credit Facility [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Loan agreement right to purchase aggregate amount of equity securities | 2,000,000 | |
Hercules Credit Facility [Member] | Term Loan Advance One [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit facility amount | 5,000,000 | |
Hercules Credit Facility [Member] | Term Loan Advance Two [Member] | ||
Line Of Credit Facility [Line Items] | ||
Proceeds from Long-term lines of credit | 15,000,000 | |
Hercules Credit Facility [Member] | Term Loan Advance Three [Member] | ||
Line Of Credit Facility [Line Items] | ||
Proceeds from Long-term lines of credit | 15,000,000 | |
Hercules Credit Facility [Member] | Term Loan Advance Four [Member] | ||
Line Of Credit Facility [Line Items] | ||
Proceeds from Long-term lines of credit | 15,000,000 | |
Hercules Credit Facility [Member] | Term Loan Advance Five [Member] | ||
Line Of Credit Facility [Line Items] | ||
Proceeds from Long-term lines of credit | $ 10,000,000 |
Credit Facility - Schedule of L
Credit Facility - Schedule of Long-Term Debt (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Line Of Credit Facility [Abstract] | ||
Term loan payable | $ 15,000,000 | $ 15,000,000 |
End of term charge | 356,372 | 89,094 |
Unamortized debt issuance costs | (403,644) | (560,881) |
Less: current portion | (2,259,417) | |
Total long-term debt | $ 12,693,311 | $ 14,528,212 |
Credit Facility - Schedule of P
Credit Facility - Schedule of Principal Payments Incuding End of Term Charges (Detail) | Dec. 31, 2019USD ($) |
Line Of Credit Facility [Abstract] | |
2021 | $ 3,659,776 |
2022 | 5,931,718 |
2023 | 6,451,006 |
Total | $ 16,042,500 |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | |
Class Of Stock [Line Items] | |||
Proceeds from issuance of common stock, net of commissions and other offering costs | $ 40,716,543 | $ 720,964 | |
Jefferies LLC [Member] | Jefferies Sales Agreement [Member] | |||
Class Of Stock [Line Items] | |||
Volume-weighted average price | $ 4.62 | ||
Issuance of common stocks | 9,351,749 | ||
Proceeds from issuance of common stock, net of commissions and other offering costs | $ 40,700,000 | ||
Jefferies LLC [Member] | Jefferies Sales Agreement [Member] | Maximum [Member] | |||
Class Of Stock [Line Items] | |||
Expected aggregate gross proceeds from issuance of stock | $ 50,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax [Line Items] | ||
Provision for income tax benefit | $ (1,309,973) | |
Deferred tax assets valuation allowance | 100.00% | |
Deferred tax asset related to NOLs and tax credits | $ 9,000,000 | |
State and Federal [Member] | ||
Income Tax [Line Items] | ||
Provision for income tax benefit | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2020USD ($)NumberofPlan$ / sharesshares | Sep. 30, 2019$ / shares | |
Options to Purchase Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unamortized stock-based compensation | $ 7,478,325 | |
Weighted average recognition period | 2 years 3 months 18 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unamortized stock-based compensation | $ 3,600,000 | |
Weighted average grant date fair value | $ / shares | $ 3.78 | |
Weighted average remaining recognition period | 2 years 8 months 8 days | |
Aggregate intrinsic value of options outstanding | $ 4,500,000 | |
Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity incentive plans | NumberofPlan | 2 | |
Equity incentive plans, contractual term | ten years | |
Common stock available for issuance | shares | 940,863 | |
2016 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | shares | 857,446 | |
Weighted average grant date fair value | $ / shares | $ 1.58 | $ 2.92 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 1,757,479 | $ 2,152,938 | $ 5,453,520 | $ 6,133,990 |
Research and Development Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1,236,902 | 1,247,655 | 3,429,592 | 3,528,750 |
General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 520,577 | $ 905,283 | $ 2,023,928 | $ 2,605,240 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares Outstanding, Beginning Balance | 4,193,814 | |
Number of Shares, Granted | 1,669,023 | |
Number of Shares, Exercised | (219,244) | |
Number of Shares, Expired | (75,838) | |
Number of Shares, Forfeitures | (678,070) | |
Number of Shares Outstanding, Ending Balance | 4,889,685 | |
Number of Shares Exercisable, Ending Balance | 2,745,371 | |
Weighted Average Exercise Price, Beginning Balance | $ 6.62 | |
Weighted Average Exercise Price, Granted | 3.91 | |
Weighted Average Exercise Price, Exercised | 4.83 | |
Weighted Average Exercise Price, Expired | 6.72 | |
Weighted Average Exercise Price, Forfeitures | 6.53 | |
Weighted Average Exercise Price, Ending Balance | 5.79 | |
Weighted Average Exercise Price Exercisable, Ending Balance | $ 5.95 | |
Weighted Average Contractual Term, Outstanding | 7 years 5 months 26 days | |
Weighted Average Contractual Term, Exercisable | 6 years 4 months 17 days | |
Aggregate Intrinsic Value, Outstanding | [1] | $ 9,439,040 |
Aggregate Intrinsic Value, Exercisable | [1] | $ 4,924,800 |
[1] | The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on September 30, 2020 of $7.41 and the per share exercise price of the underlying options. |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Sep. 30, 2020$ / shares |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Closing market value of common stock | $ 7.41 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Activity Relating to Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning Balance | 430,425 |
Granted | 635,188 |
Vested/released | (135,796) |
Number of Shares Outstanding, Ending Balance | 929,817 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Employee Stock Purchase Plan Activity (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,757,479 | $ 2,152,938 | $ 5,453,520 | $ 6,133,990 |
2016 Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant-date fair value per share | $ 1.58 | $ 2.92 | ||
Total stock-based compensation expense | $ 37,604 | $ 76,507 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended |
Oct. 31, 2020 | Sep. 30, 2020 | |
Operating Leased Assets [Line Items] | ||
Operating lease liability | $ 58,720 | |
Operating leases, weighted average remaining lease term (years) | 3 months | |
Operating leases, weighted average discount rate | 9.10% | |
Operating lease, expense | $ 200,000 | |
Subsequent Event [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease extended term | 1 year | |
Operating lease rent payments | $ 243,126 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 remaining total lease payments | $ 59,613 | |
Less: effect of discounting | (893) | |
Present value of lease liabilities | 58,720 | |
Current operating lease liabilities | 58,720 | $ 226,328 |
Non-current operating lease liabilities | 0 | |
Present value of lease liabilities | $ 58,720 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail) | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2020 remaining total lease payments | $ 59,613 |
Operating lease obligations, 2020 | $ 59,613 |