Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Document and Entity Information | ||
Entity Registrant Name | CATABASIS PHARMACEUTICALS INC | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | CATB | |
Security Exchange Name | NASDAQ | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,084,337 | |
Entity Central Index Key | 0001454789 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 52,856 | $ 9,899 |
Short-term investments | 26,345 | |
Prepaid expenses and other current assets | 2,656 | 2,714 |
Total current assets | 55,512 | 38,958 |
Right-of-use asset | 1,178 | 2,349 |
Other assets | 160 | 473 |
Total assets | 56,850 | 41,780 |
Current liabilities: | ||
Accounts payable | 1,408 | 1,197 |
Accrued expenses | 4,924 | 2,610 |
Current portion of operating lease liabilities | 648 | 1,225 |
Total current liabilities | 6,980 | 5,032 |
Long-term portion of operating lease liabilities | 559 | 1,028 |
Total liabilities | 7,539 | 6,060 |
Commitments (Note 6) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value per share, 5,000,000 shares authorized and no shares issued and outstanding | ||
Common stock, $0.001 par value per share, 150,000,000 shares authorized; 20,077,337 and 12,433,600 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 20 | 12 |
Additional paid-in capital | 301,210 | 259,305 |
Accumulated deficit | (251,919) | (223,597) |
Total stockholders' equity | 49,311 | 35,720 |
Total liabilities and stockholders' equity | $ 56,850 | $ 41,780 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 20,077,337 | 12,433,600 |
Common stock, outstanding (in shares) | 20,077,337 | 12,433,600 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 7,806 | $ 4,697 | $ 19,845 | $ 14,054 |
General and administrative | 3,057 | 1,985 | 8,612 | 6,287 |
Total operating expenses | 10,863 | 6,682 | 28,457 | 20,341 |
Loss from operations | (10,863) | (6,682) | (28,457) | (20,341) |
Other income (expense): | ||||
Interest and investment income | 4 | 214 | 231 | 697 |
Other expense, net | (3) | (46) | (96) | (39) |
Total other income, net | 1 | 168 | 135 | 658 |
Net loss | $ (10,862) | $ (6,514) | $ (28,322) | $ (19,683) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.56) | $ (0.56) | $ (1.59) | $ (1.80) |
Weighted-average common shares outstanding used in net loss per share - basic and diluted (in shares) | 19,424,866 | 11,624,232 | 17,769,738 | 10,945,765 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Consolidated Statements of Comprehensive Loss | ||||
Net loss | $ (10,862) | $ (6,514) | $ (28,322) | $ (19,683) |
Other comprehensive income: | ||||
(Loss) gain on short-term investments | (1) | (1) | 4 | |
Total other comprehensive income: | (1) | (1) | 4 | |
Comprehensive loss | $ (10,863) | $ (6,515) | $ (28,322) | $ (19,679) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Total |
Balance at Dec. 31, 2018 | $ 7 | $ 232,243 | $ (197,304) | $ (4) | |
Balance (in shares) at Dec. 31, 2018 | 7,141,996 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Issuance of common stock in at-the-market offerings | $ 1 | 3,223 | |||
Issuance of common stock in at-the-market offerings (in shares) | 564,590 | ||||
Issuance of common stock and warrants in public offerings | $ 4 | 18,501 | |||
Issuance of common stock and warrants in public offerings (in shares) | 4,000,000 | ||||
Issuance of common stock upon exercise of common stock warrants | 54 | ||||
Issuance of common stock upon exercise of common stock warrants (in shares) | 8,700 | ||||
Stock-based compensation expense | 1,227 | ||||
Realized (loss) gain on short-term investments | 4 | $ 4 | |||
Net loss | (19,683) | (19,683) | |||
Balance at Sep. 30, 2019 | $ 12 | 255,248 | (216,987) | 38,273 | |
Balance (in shares) at Sep. 30, 2019 | 11,715,286 | ||||
Balance at Jun. 30, 2019 | $ 12 | 253,821 | (210,473) | 1 | |
Balance (in shares) at Jun. 30, 2019 | 11,553,937 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Issuance of common stock in at-the-market offerings | 1,049 | ||||
Issuance of common stock in at-the-market offerings (in shares) | 161,349 | ||||
Stock-based compensation expense | 378 | ||||
Realized (loss) gain on short-term investments | (1) | (1) | |||
Net loss | (6,514) | (6,514) | |||
Balance at Sep. 30, 2019 | $ 12 | 255,248 | (216,987) | 38,273 | |
Balance (in shares) at Sep. 30, 2019 | 11,715,286 | ||||
Balance at Dec. 31, 2019 | $ 12 | 259,305 | (223,597) | $ 35,720 | |
Balance (in shares) at Dec. 31, 2019 | 12,433,600 | 12,433,600 | |||
Increase (Decrease) in Shareholders' Equity | |||||
Issuance of common stock in at-the-market offerings | $ 3 | 16,267 | |||
Issuance of common stock in at-the-market offerings (in shares) | 2,353,737 | ||||
Issuance of common stock and warrants in public offerings | $ 5 | 24,554 | |||
Issuance of common stock and warrants in public offerings (in shares) | 5,290,000 | ||||
Stock-based compensation expense | 1,084 | ||||
Net loss | (28,322) | $ (28,322) | |||
Balance at Sep. 30, 2020 | $ 20 | 301,210 | (251,919) | $ 49,311 | |
Balance (in shares) at Sep. 30, 2020 | 20,077,337 | 20,077,337 | |||
Balance at Jun. 30, 2020 | $ 19 | 291,897 | (241,057) | 1 | |
Balance (in shares) at Jun. 30, 2020 | 18,823,601 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Issuance of common stock in at-the-market offerings | $ 1 | 8,938 | |||
Issuance of common stock in at-the-market offerings (in shares) | 1,253,736 | ||||
Stock-based compensation expense | 375 | ||||
Realized (loss) gain on short-term investments | $ (1) | $ (1) | |||
Net loss | (10,862) | (10,862) | |||
Balance at Sep. 30, 2020 | $ 20 | $ 301,210 | $ (251,919) | $ 49,311 | |
Balance (in shares) at Sep. 30, 2020 | 20,077,337 | 20,077,337 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities | ||
Net loss | $ (28,322) | $ (19,683) |
Reconciliation of net loss to net cash used in operating activities: | ||
Non-cash items | 1,127 | 1,277 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 36 | (671) |
Other assets | 85 | (25) |
Right-of-use asset-operating | 125 | (36) |
Accounts payable | 211 | 682 |
Accrued expenses | 2,314 | (287) |
Other liabilities | (56) | |
Net cash used in operating activities | (24,424) | (18,799) |
Investing activities | ||
Purchases of short-term investments | (42,777) | (123,355) |
Sales and maturities of short-term investments | 69,110 | 122,777 |
Purchases of property and equipment | (23) | |
Net cash provided by (used in) investing activities | 26,310 | (578) |
Financing activities | ||
Proceeds from public offerings, net of issuance costs | 24,559 | 18,505 |
Proceeds from at-the-market offering, net of issuance costs | 16,270 | 3,289 |
Proceeds from exercise of common stock warrants | 54 | |
Net cash provided by financing activities | 40,829 | 21,848 |
Net increase in cash, cash equivalents and restricted cash | 42,715 | 2,471 |
Cash, cash equivalents and restricted cash, beginning of period | 10,376 | 15,407 |
Cash, cash equivalents and restricted cash, end of period | $ 53,091 | 17,878 |
Non-cash financing activities: | ||
At-the-market offering issuance costs included in current liabilities | $ 65 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2020 | |
Organization and Operations | |
Organization and Operations | 1. Organization and Operations The Company Catabasis Pharmaceuticals, Inc (the “Company”) is a biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics. On October 26, 2020, the Company announced that the Phase 3 PolarisDMD trial of the Company’s lead product candidate, edasalonexent, for the treatment of Duchenne muscular dystrophy (DMD) did not meet the primary and secondary endpoints of the trial. Based on these results, the Company announced that it was stopping activities related to the development of edasalonexent, including the Company’s ongoing open-label extension trial, and that it plans to work with external advisors to explore and evaluate strategic options. The Company was incorporated in the State of Delaware on June 26, 2008. Liquidity The Company has entered into various sales agreements with Cowen and Company LLC (“Cowen”), pursuant to which the Company could issue and sell shares of common stock, par value of $0.001 per share, under at-the-market offering programs (the “ATM Programs”). The Company pays Cowen 3% of the gross proceeds from any common stock sold through these sales agreements. As of September 30, 2020, the Company has $27.9 million remaining available under its current sales agreement. During the nine months ended September 30, 2020, the Company sold an aggregate of 2,353,737 shares of common stock pursuant to the ATM Program at an average price of $7.13 per share, for gross proceeds of $16.8 million and net proceeds of $16.3 million after deducting sales commissions and offering expenses. On January 30, 2020, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc. relating to an underwritten public offering (the “January 2020 Financing”) of 5,290,000 shares of common stock at a price to the public of $5.00 per share, including 690,000 shares issued upon the exercise in full by Oppenheimer & Co. Inc. of its overallotment option. This resulted in gross proceeds of $26.5 million, and net proceeds of $24.6 million. As of September 30, 2020, the Company had an accumulated deficit of $251.9 million. The Company has been primarily involved with research and development activities and has incurred operating losses and negative cash flows from operations since its inception. The Company is subject to a number of risks, including, but not limited to, the ability to successfully execute on its exploration and evaluation of strategic options, the successful discovery and development of any future drug candidates that the Company may pursue, raising additional capital, development by potential competitors of new technological innovations, protection of proprietary technology, regulatory approval and market acceptance of any products the Company may develop, and the COVID-19 pandemic. The Company anticipates that it will continue to incur significant operating losses as it explores and evaluates strategic options. As of September 30, 2020, the Company had available cash and cash equivalents of $52.9 million. Based on the Company’s current operating plan, the Company believes it has sufficient cash and cash equivalents to fund operations for at least twelve months following the issuance of these condensed consolidated financial statements. The Company has not generated any product revenues and has financed its operations primarily through public offerings and private placements of its equity securities. There can be no assurance that the Company will be able to obtain additional debt, equity or other financing or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company's business, results of operations, and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying financial statements and the related disclosures are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted from this report. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2019 and notes thereto included in the 2019 Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments, including those adjustments that are of a normal and recurring nature, which are necessary to fairly present the Company’s results for the interim periods presented. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results for the year ending December 31, 2020, or for any future period. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Catabasis Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates. The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from the Company's service providers. Stock-Based Compensation During the three and nine months ended September 30, 2020 and 2019, the Company recorded stock-based compensation expense, which was allocated as follows in the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ $ 162 $ $ 462 General and administrative 216 765 Total $ $ 378 $ $ 1,227 Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the Company’s dilutive net loss per share calculation, stock options and warrants to purchase common stock were considered to be common stock equivalents but were excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share were the same for all periods presented. The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three and Nine Months Ended September 30, 2020 2019 Stock options 843,183 Common stock warrants 6,193,749 7,036,932 Cash, Cash Equivalents and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amount shown in the statement of cash flows is as follows: September 30, 2020 2019 Cash and cash equivalents $ $ 17,765 Restricted cash (1) 113 Total $ $ 17,878 (1) Included in prepaid expenses and other current assets and other assets. Recent Accounting Pronouncements - Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820) . This standard includes amendments regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and disclosure requirements of measurement uncertainty. This amendment was effective for annual reporting periods beginning after December 15, 2019. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements - Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). This standard requires a financial asset to be presented at amortized cost basis at the net amount expected to be collected. It also requires that credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. In November 2019, the FASB issued an amendment making this ASU effective for annual reporting periods beginning after December 15, 2022 for smaller reporting companies., early adoption is permitted. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the 2019 Annual Report on Form 10-K, and there were no significant changes to such policies in the three and nine months ended September 30, 2020 that had a material impact on the Company’s results of operations or financial position. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Financial Instruments | |
Financial Instruments | 3. Financial Instruments The tables below present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. There were no transfers between fair value measurement levels during the nine months ended September 30, 2020 or 2019. The Company’s investment portfolio may include fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company apply other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare valuations. The Company validates the prices provided by its third party pricing services by obtaining market values from other pricing sources and analyzing pricing data in certain instances. The Company has from time to time invested in certain reverse repurchase agreements which are collateralized by deposits in the form of U.S. Government Securities and Obligations for an amount no less than 102% of their value. The Company has not recorded an asset or liability for the collateral as the Company was not permitted to sell or re-pledge the collateral. The collateral had at least the prevailing credit rating of U.S. Government Treasuries and Agencies. The Company utilized a third party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the reverse repurchase agreements on a daily basis. Below is a summary of assets measured at fair value on a recurring basis (in thousands): As of September 30, 2020 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ $ — $ — $ Total assets $ $ — $ — $ As of December 31, 2019 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 5,432 $ — $ — $ 5,432 Corporate debt securities — 1,937 — 1,937 Short-term investments: Commercial paper — 1,993 — 1,993 Corporate debt securities — 3,352 — 3,352 Reverse repurchase agreements — 21,000 — 21,000 Total assets $ 5,432 $ 28,282 $ — $ 33,714 At September 30, 2020, and December 31, 2019, cash equivalents approximated their fair value due to their short-term nature. |
Short-Term Investments
Short-Term Investments | 9 Months Ended |
Sep. 30, 2020 | |
Short-Term Investments | |
Short-Term Investments | 4. Short-Term Investments The Company did not hold any short-term investments at September 30, 2020. The following table summarizes the short-term investments held at December 31, 2019 (in thousands): Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value December 31, 2019 Commercial paper $ 1,993 $ — $ — $ 1,993 Corporate debt securities 3,352 — — 3,352 Reverse repurchase agreements 21,000 — — 21,000 Total $ 26,345 $ — $ — $ 26,345 The contractual maturities of all short-term investments held at December 31, 2019 were one year or less. There were four short-term investments in an unrealized loss position at December 31, 2019, none of which had been in an unrealized loss position for more than 12 months. The aggregate fair value of these investments was approximately $3.4 million. The Company did not hold any investments with other-than-temporary impairments at December 31, 2019. Gross realized gains and losses on the sales of short-term investments are included in other income, net. Unrealized holding gains or losses for the period that have been included in accumulated other comprehensive income, as well as gains and losses reclassified out of accumulated other comprehensive income into other income, net were not material to the Company’s condensed consolidated results of operations. The cost of investments sold or the amount reclassified out of the accumulated other comprehensive income into other income, net is based on the specific identification method for purposes of recording realized gains and losses. All proceeds in the three and nine-month periods ended September 30, 2020 and 2019 related to maturities of underlying investments. The gains on proceeds from maturities of short-term investments were not material to the Company’s condensed consolidated results of operations for the three and nine months ended September 30, 2020 and 2019. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Expenses | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, December 31, 2020 2019 Accrued contracted research costs $ $ 737 Accrued compensation 1,365 Accrued professional fees 370 Accrued other 138 Total $ $ 2,610 |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2020 | |
Commitments | |
Commitments | 6. Commitments Future minimum payments required under the Company's non-cancelable operating lease as of September 30, 2020 are summarized as follows (in thousands): Period Ending December 31, Amount 2020 $ 2021 2022 Total minimum lease payments $ Rent expense was $0.2 million and $0.1 million for the three months ended September 30, 2020 and 2019, respectively. Rent expense was $0.7 million and $0.2 million for the nine months ended September 30, 2020 and 2019, respectively. Lease payments were $0.2 million and $0.4 million for the three months ended September 30, 2020 and 2019, respectively. Lease payments were $1.3 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity | |
Stockholders' Equity | 7. Stockholders’ Equity Preferred Stock As of September 30, 2020, the Company had 5,000,000 shares of preferred stock authorized for issuance, $0.001 par value per share, none of which are issued or outstanding. Preferred stock may be issued from time to time in one or more series, each series to have such terms as stated or expressed in the resolutions providing for the issue of such series adopted by the board of directors of the Company. Preferred stock which may be redeemed, purchased or acquired by the Company may be reissued except as otherwise provided by law. Common Stock Warrants The following table presents information about warrants to purchase Common Stock issued and outstanding at September 30, 2020: Year Issued Warrants Outstanding Exercise Price Date of Expiration 2014 1,227 $ 122.12 8/26/2021 2015 1,227 $ 122.12 3/30/2022 2018 4,199,995 $ 12.00 6/21/2023 2019 1,991,300 $ 6.25 2/7/2024 Total 6,193,749 Weighted average exercise price $ 10.19 Weighted average life in years 2.93 |
Common Stock Reserved for Futur
Common Stock Reserved for Future Issuance | 9 Months Ended |
Sep. 30, 2020 | |
Common Stock Reserved for Future Issuance | |
Common Stock Reserved for Future Issuance | 8. Common Stock Reserved for Future Issuance The Company has reserved for future issuance the following shares of common stock: September 30, December 31, 2020 2019 Warrants for the purchase of common stock 6,193,749 Options outstanding to purchase common stock 785,832 Options available for future issuance to purchase common stock 525,484 Shares reserved for the employee stock purchase plan 112,481 Total 7,617,546 |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2020 | |
Stock Incentive Plans | |
Stock Incentive Plans | 9. Stock Incentive Plans A summary of the Company’s stock option activity and related information follows: Weighted Average Weighted- Remaining Aggregate Average Exercise Contractual Intrinsic Value Shares Price Term (years) (in thousands) Outstanding at December 31, 2019 785,832 $ $ 470 Granted $ Cancelled or forfeited $ Expired $ Outstanding at September 30, 2020 $ $ 964 Vested and exercisable at September 30, 2020 $ $ 227 There were no options exercised in the three or nine months ended September 30, 2020 and 2019. The total grant date fair value of options vested for the three months ended September 30, 2020 and 2019 was $0.3 million and $0.5 million, respectively. The total grant date fair value of options vested for the nine months ended September 30, 2020 and 2019 was $1.0 million and $1.3 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended September 30, 2020 and 2019 was $4.85 and $4.10, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the nine months ended September 30, 2020 and 2019 was $3.72 and $3.25, respectively. At September 30, 2020, the total unrecognized compensation expense related to unvested stock option awards was $2.8 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.7 years. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events | |
Subsequent Events | 10. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates and to identify matters that require additional disclosure. Subsequent events have been evaluated as required. On October 26, 2020, the Company announced that the Phase 3 PolarisDMD trial of the Company’s lead product candidate, edasalonexent, for the treatment of DMD did not meet the primary and secondary endpoints of the trial. Based on these results, the Company announced that it was stopping activities related to the development of edasalonexent, including the Company’s ongoing open-label extension trial, and that it plans to work with external advisors to explore and evaluate strategic options. The Company anticipates that it will incur less than $0.5 million of additional expenses related to the early termination of contracts. |
Summary of Significant Accoun_2
Summary of Significant Accounting Polices (Polices) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying financial statements and the related disclosures are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted from this report. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2019 and notes thereto included in the 2019 Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments, including those adjustments that are of a normal and recurring nature, which are necessary to fairly present the Company’s results for the interim periods presented. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results for the year ending December 31, 2020, or for any future period. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Catabasis Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates. The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from the Company's service providers. |
Stock-Based Compensation | Stock-Based Compensation During the three and nine months ended September 30, 2020 and 2019, the Company recorded stock-based compensation expense, which was allocated as follows in the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ $ 162 $ $ 462 General and administrative 216 765 Total $ $ 378 $ $ 1,227 |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the Company’s dilutive net loss per share calculation, stock options and warrants to purchase common stock were considered to be common stock equivalents but were excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share were the same for all periods presented. The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three and Nine Months Ended September 30, 2020 2019 Stock options 843,183 Common stock warrants 6,193,749 7,036,932 |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amount shown in the statement of cash flows is as follows: September 30, 2020 2019 Cash and cash equivalents $ $ 17,765 Restricted cash (1) 113 Total $ $ 17,878 (1) Included in prepaid expenses and other current assets and other assets. |
Recent Accounting Pronouncements - Adopted and not yet adopted | Recent Accounting Pronouncements - Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820) . This standard includes amendments regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and disclosure requirements of measurement uncertainty. This amendment was effective for annual reporting periods beginning after December 15, 2019. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements - Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). This standard requires a financial asset to be presented at amortized cost basis at the net amount expected to be collected. It also requires that credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. In November 2019, the FASB issued an amendment making this ASU effective for annual reporting periods beginning after December 15, 2022 for smaller reporting companies., early adoption is permitted. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the 2019 Annual Report on Form 10-K, and there were no significant changes to such policies in the three and nine months ended September 30, 2020 that had a material impact on the Company’s results of operations or financial position. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Significant Accounting Policies | |
Schedule of stock-based compensation expense | During the three and nine months ended September 30, 2020 and 2019, the Company recorded stock-based compensation expense, which was allocated as follows in the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ $ 162 $ $ 462 General and administrative 216 765 Total $ $ 378 $ $ 1,227 |
Schedule of anti-dilutive common stock equivalents excluded from calculation of diluted net loss per share | Three and Nine Months Ended September 30, 2020 2019 Stock options 843,183 Common stock warrants 6,193,749 7,036,932 |
Schedule of reconciliation of cash, cash equivalents and restricted cash | September 30, 2020 2019 Cash and cash equivalents $ $ 17,765 Restricted cash (1) 113 Total $ $ 17,878 (1) Included in prepaid expenses and other current assets and other assets. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Financial Instruments | |
Schedule of assets measured fair value on recurring basis | Below is a summary of assets measured at fair value on a recurring basis (in thousands): As of September 30, 2020 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ $ — $ — $ Total assets $ $ — $ — $ As of December 31, 2019 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 5,432 $ — $ — $ 5,432 Corporate debt securities — 1,937 — 1,937 Short-term investments: Commercial paper — 1,993 — 1,993 Corporate debt securities — 3,352 — 3,352 Reverse repurchase agreements — 21,000 — 21,000 Total assets $ 5,432 $ 28,282 $ — $ 33,714 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Short-Term Investments | |
Schedule of short term investments | The Company did not hold any short-term investments at September 30, 2020. The following table summarizes the short-term investments held at December 31, 2019 (in thousands): Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value December 31, 2019 Commercial paper $ 1,993 $ — $ — $ 1,993 Corporate debt securities 3,352 — — 3,352 Reverse repurchase agreements 21,000 — — 21,000 Total $ 26,345 $ — $ — $ 26,345 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Expenses | |
Schedule of accrued expenses | Accrued expenses consisted of the following (in thousands): September 30, December 31, 2020 2019 Accrued contracted research costs $ $ 737 Accrued compensation 1,365 Accrued professional fees 370 Accrued other 138 Total $ $ 2,610 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments | |
Schedule of maturity analysis of the annual undiscounted cash flows of the operating lease liabilities | Future minimum payments required under the Company's non-cancelable operating lease as of September 30, 2020 are summarized as follows (in thousands): Period Ending December 31, Amount 2020 $ 2021 2022 Total minimum lease payments $ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity | |
Schedule of warrants outstanding | The following table presents information about warrants to purchase Common Stock issued and outstanding at September 30, 2020: Year Issued Warrants Outstanding Exercise Price Date of Expiration 2014 1,227 $ 122.12 8/26/2021 2015 1,227 $ 122.12 3/30/2022 2018 4,199,995 $ 12.00 6/21/2023 2019 1,991,300 $ 6.25 2/7/2024 Total 6,193,749 Weighted average exercise price $ 10.19 Weighted average life in years 2.93 |
Common Stock Reserved For Fut_2
Common Stock Reserved For Future Issuance (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Common Stock Reserved for Future Issuance | |
Schedule of common Stock reserved for future issuance | September 30, December 31, 2020 2019 Warrants for the purchase of common stock 6,193,749 Options outstanding to purchase common stock 785,832 Options available for future issuance to purchase common stock 525,484 Shares reserved for the employee stock purchase plan 112,481 Total 7,617,546 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stock Incentive Plans | |
Summary of stock option activity | Weighted Average Weighted- Remaining Aggregate Average Exercise Contractual Intrinsic Value Shares Price Term (years) (in thousands) Outstanding at December 31, 2019 785,832 $ $ 470 Granted $ Cancelled or forfeited $ Expired $ Outstanding at September 30, 2020 $ $ 964 Vested and exercisable at September 30, 2020 $ $ 227 |
Organization and Operations (De
Organization and Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Common Stock | ||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Accumulated deficit | $ (251,919) | $ (251,919) | $ (223,597) | |||
Proceeds from public offering, net of issuance costs | (251,900) | |||||
Cash and cash equivalents | $ 52,856 | $ 17,765 | $ 52,856 | $ 17,765 | $ 9,899 | |
Common stock | ||||||
Common Stock | ||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Number of shares issued | 1,253,736 | 161,349 | 2,353,737 | 564,590 | ||
Gross proceeds from public offering | $ 1 | $ 3 | $ 1 | |||
Common stock | Cowen | ||||||
Common Stock | ||||||
Percentage of commission paid to underwriter based on proceeds from common stock | 3.00% | |||||
Common stock | ATM | ||||||
Common Stock | ||||||
Number of shares issued | 2,353,737 | |||||
Share price (in dollars per share) | $ 7.13 | $ 7.13 | ||||
Gross proceeds from public offering | $ 16,800 | |||||
Proceeds from public offering, net of issuance costs | 16,300 | |||||
Common stock | First ATM Program | Cowen | ||||||
Common Stock | ||||||
Remaining available under sales agreement | $ 27,900 | $ 27,900 | ||||
Common stock | Over-Allotment option for underwriters | Oppenheimer & Co. Inc | ||||||
Common Stock | ||||||
Number of shares issued | 690,000 | |||||
Common stock | January 2020 Financing | Oppenheimer & Co. Inc | ||||||
Common Stock | ||||||
Number of shares issued | 5,290,000 | |||||
Share price (in dollars per share) | $ 5 | |||||
Gross proceeds from public offering | $ 26,500 | |||||
Proceeds from public offering, net of issuance costs | $ 24,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 375 | $ 378 | $ 1,084 | $ 1,227 |
Research and development | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense | 154 | 162 | 491 | 462 |
General and administrative | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 221 | $ 216 | $ 593 | $ 765 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive common stock equivalents excluded from computation of diluted net loss per share | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 7,530,011 | 7,036,932 |
Stock options | ||
Antidilutive common stock equivalents excluded from computation of diluted net loss per share | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 1,336,262 | 843,183 |
Common stock warrants | ||
Antidilutive common stock equivalents excluded from computation of diluted net loss per share | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 6,193,749 | 6,193,749 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Summary of Significant Accounting Policies | ||||
Cash and cash equivalents | $ 52,856 | $ 9,899 | $ 17,765 | |
Restricted cash | 235 | 113 | ||
Total | $ 53,091 | $ 10,376 | $ 17,878 | $ 15,407 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Financial Instruments | |||
Fair value assets, transfers from Level 1 to Level 2 | $ 0 | $ 0 | |
Fair value assets, transfers from Level 2 to Level 1 | 0 | 0 | |
Fair value liabilities, transfers from Level 1 to Level 2 | 0 | 0 | |
Fair value liabilities, transfers from Level 2 to Level 1 | $ 0 | $ 0 | |
Reverse repurchase agreements | Government Securities and Obligations | Minimum | |||
Financial Instruments | |||
Percentage of investment amount to collateralized deposits value | 102.00% | ||
Recurring | |||
Summary of assets measured at fair value on a recurring basis | |||
Total assets | $ 46,995 | $ 33,714 | |
Recurring | Level 1 | |||
Summary of assets measured at fair value on a recurring basis | |||
Total assets | 46,995 | 5,432 | |
Recurring | Level 2 | |||
Summary of assets measured at fair value on a recurring basis | |||
Total assets | 28,282 | ||
Recurring | Money market fund | |||
Summary of assets measured at fair value on a recurring basis | |||
Cash and cash equivalents | 46,995 | 5,432 | |
Recurring | Money market fund | Level 1 | |||
Summary of assets measured at fair value on a recurring basis | |||
Cash and cash equivalents | $ 46,995 | 5,432 | |
Recurring | Commercial Paper | |||
Summary of assets measured at fair value on a recurring basis | |||
Short-term investments | 1,993 | ||
Recurring | Commercial Paper | Level 2 | |||
Summary of assets measured at fair value on a recurring basis | |||
Short-term investments | 1,993 | ||
Recurring | Corporate debt securities | |||
Summary of assets measured at fair value on a recurring basis | |||
Cash and cash equivalents | 1,937 | ||
Short-term investments | 3,352 | ||
Recurring | Corporate debt securities | Level 2 | |||
Summary of assets measured at fair value on a recurring basis | |||
Cash and cash equivalents | 1,937 | ||
Short-term investments | 3,352 | ||
Recurring | Reverse repurchase agreements | |||
Summary of assets measured at fair value on a recurring basis | |||
Short-term investments | 21,000 | ||
Recurring | Reverse repurchase agreements | Level 2 | |||
Summary of assets measured at fair value on a recurring basis | |||
Short-term investments | $ 21,000 |
Short-Term Investments (Details
Short-Term Investments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)instrument | |
Short-Term Investments | |
Amortized Cost | $ 26,345 |
Fair Value | $ 26,345 |
Number of short term investments in unrealized loss position | instrument | 4 |
Number of short term investments in an unrealized loss position more than 12 months | instrument | 0 |
Aggregate fair value of the investments in an unrealized loss position | $ 3,400 |
Commercial Paper | |
Short-Term Investments | |
Amortized Cost | 1,993 |
Fair Value | 1,993 |
Corporate debt securities | |
Short-Term Investments | |
Amortized Cost | 3,352 |
Fair Value | 3,352 |
Reverse repurchase agreements | |
Short-Term Investments | |
Amortized Cost | 21,000 |
Fair Value | $ 21,000 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accrued Expenses | ||
Accrued contracted research costs | $ 2,456 | $ 737 |
Accrued compensation | 1,483 | 1,365 |
Accrued professional fees | 555 | 370 |
Accrued other | 430 | 138 |
Total | $ 4,924 | $ 2,610 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Future minimum payments required under the Company's non-cancelable operating leases | ||||
2020 | $ 182 | $ 182 | ||
2021 | 740 | 740 | ||
2022 | 438 | 438 | ||
Total minimum lease payments | 1,360 | 1,360 | ||
Rent expense | 200 | $ 100 | 700 | $ 200 |
Lease payments | $ 200 | $ 400 | $ 1,300 | $ 1,100 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Details) | 9 Months Ended | |
Sep. 30, 2020series$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
Preferred Stock | ||
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Minimum number of series used to issue preferred stock | series | 1 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Warrants (Details) - Common stock warrants | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 6,193,749 |
Weighted average life (in years) | 2 years 11 months 5 days |
Weighted Average | |
Common Stock Warrants | |
Exercise Price (in dollars per share) | $ / shares | $ 10.19 |
Warrants Issued in 2014 | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 1,227 |
Exercise Price (in dollars per share) | $ / shares | $ 122.12 |
Warrants Issued in 2015 | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 1,227 |
Exercise Price (in dollars per share) | $ / shares | $ 122.12 |
Warrants Issued in 2018 | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 4,199,995 |
Exercise Price (in dollars per share) | $ / shares | $ 12 |
Warrants Issued in 2019 | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 1,991,300 |
Exercise Price (in dollars per share) | $ / shares | $ 6.25 |
Common Stock Reserved for Fut_3
Common Stock Reserved for Future Issuance (Details) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Common Stock | ||
Shares reserved for future issuance (in shares) | 9,653,525 | 7,617,546 |
Common stock warrants | ||
Common Stock | ||
Shares reserved for future issuance (in shares) | 6,193,749 | 6,193,749 |
Common stock options outstanding | ||
Common Stock | ||
Shares reserved for future issuance (in shares) | 1,336,262 | 785,832 |
Common stock options available for future issuance | ||
Common Stock | ||
Shares reserved for future issuance (in shares) | 1,974,563 | 525,484 |
Employee stock purchase plan | ||
Common Stock | ||
Shares reserved for future issuance (in shares) | 148,951 | 112,481 |
Stock Incentive Plans (Details)
Stock Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Shares | |||||
Outstanding, beginning of period (in shares) | 785,832 | ||||
Granted (in shares) | 583,500 | ||||
Cancelled or forfeited (in shares) | (32,589) | ||||
Expired (in shares) | (481) | ||||
Outstanding, end of period (in shares) | 1,336,262 | 1,336,262 | 785,832 | ||
Vested and exercisable (in shares) | 482,969 | 482,969 | |||
Weighted-Average Exercise Price | |||||
Outstanding, beginning of period (in dollars per share) | $ 16.48 | ||||
Granted (in dollars per share) | 5.55 | ||||
Cancelled or forfeited (in dollars per share) | 26.59 | ||||
Expired (in dollars per share) | 32.10 | ||||
Outstanding at end of year (in dollars per share) | $ 11.46 | 11.46 | $ 16.48 | ||
Vested and Exercisable (in dollars per share) | $ 21.82 | $ 21.82 | |||
Weighted Average Remaining Contractual Term (years) | |||||
Outstanding | 8 years 3 months 22 days | 8 years 1 month 17 days | |||
Vested and Exercisable | 6 years 10 months 21 days | ||||
Aggregate Intrinsic Value | |||||
Outstanding | $ 964 | $ 964 | $ 470 | ||
Vested and Exercisable | $ 227 | $ 227 | |||
Stock options | |||||
Stock Incentive Plans | |||||
Exercised (in shares) | 0 | 0 | 0 | 0 | |
Aggregate fair value of options vested | $ 300 | $ 500 | $ 1,000 | $ 1,300 | |
Weighted average grant date fair value of options granted (in dollars per share) | $ 4.85 | $ 4.10 | $ 3.72 | $ 3.25 | |
Unrecognized compensation expense related to unvested stock option awards | $ 2,800 | $ 2,800 | |||
Weighted-average amortization period over which cost is expected to be recognized | 2 years 8 months 12 days |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Oct. 26, 2020USD ($) |
Subsequent Events | |
Subsequent Events | |
Expense for early termination of contract related to the development of edasalonexent | $ 0.5 |