Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 27, 2020 | |
Document and Entity Information | ||
Entity Registrant Name | GENOCEA BIOSCIENCES, INC. | |
Entity Central Index Key | 0001457612 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,643,773 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 26,509 | $ 40,127 |
Prepaid expenses and other current assets | 2,562 | 1,457 |
Total current assets | 29,071 | 41,584 |
Property and equipment, net | 2,474 | 2,617 |
Right of use assets | 11,782 | 6,306 |
Restricted cash | 631 | 631 |
Other non-current assets | 1,234 | 1,473 |
Total assets | 45,192 | 52,611 |
Current liabilities: | ||
Accounts payable | 860 | 553 |
Accrued expenses and other current liabilities | 4,077 | 4,611 |
Lease liabilities | 2,028 | 1,117 |
Current portion of long-term debt | 7,700 | |
Total current liabilities | 14,665 | 6,281 |
Non-current liabilities: | ||
Long-term debt, net of current portion | 5,815 | 13,407 |
Warrant liability | 1,705 | 2,486 |
Lease liabilities, net of current portion | 9,994 | 5,395 |
Total liabilities | 32,179 | 27,569 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; (shares authorized of 25,000,000 at March 31, 2020 and December 31, 2019; 1,635 shares issued and outstanding at March 31, 2020 and December 31, 2019) | 701 | 701 |
Common stock, $0.001 par value; (shares authorized of 85,000,000 at March 31, 2020 and December 31, 2019, 27,643,773 shares issued and outstanding at March 31, 2020 and 27,452,900 shares issued and outstanding at December 31, 2019) | 28 | 27 |
Additional paid-in capital | 356,091 | 355,268 |
Accumulated deficit | (343,807) | (330,954) |
Total stockholders’ equity | 13,013 | 25,042 |
Total liabilities and stockholders’ equity | $ 45,192 | $ 52,611 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 9,987 | $ 6,460 |
General and administrative | 3,388 | 3,017 |
Total operating expenses | 13,375 | 9,477 |
Loss from operations | (13,375) | (9,477) |
Other income (expense): | ||
Change in fair value of warrants | 781 | (5,787) |
Interest expense, net | (259) | (302) |
Other income (expense) | 0 | (1) |
Total other income (expense) | 522 | (6,090) |
Net loss | (12,853) | (15,567) |
Comprehensive loss | $ (12,853) | $ (15,567) |
Net loss per share - basic and diluted | $ (0.46) | $ (1.22) |
Weighted-average number of common shares used in computing net loss per share (in shares) | 12,713 |
Consolidated Consolidated State
Consolidated Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Preferred Shares | Additional Paid-In Capital | Accumulated Deficit | ESPPCommon Stock |
Balance - Stockholders' Equity (Deficit) (in shares) at Dec. 31, 2018 | 10,847 | 701 | ||||
Balance - Stockholders' Equity (Deficit) at Dec. 31, 2018 | $ 7,335 | $ 11 | $ 298,627 | $ (292,004) | ||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity | ||||||
Issuance of common stock (in shares) | 3,200 | 0 | ||||
Issuance of common stock | 14,026 | $ 3 | 14,023 | |||
Exercise of stock options (in shares) | 3 | |||||
Exercise of stock options | 12 | 12 | ||||
Stock-based compensation expense | 429 | 429 | ||||
Net loss | (15,567) | (15,567) | ||||
Balance - Stockholders' Equity (Deficit) (in shares) at Mar. 31, 2019 | 14,050 | 701 | ||||
Balance - Stockholders' Equity (Deficit) at Mar. 31, 2019 | 6,235 | $ 14 | 313,091 | (307,571) | ||
Balance - Stockholders' Equity (Deficit) (in shares) at Dec. 31, 2019 | 27,453 | 701 | ||||
Balance - Stockholders' Equity (Deficit) at Dec. 31, 2019 | 25,042 | $ 27 | 355,268 | (330,954) | ||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity | ||||||
Issuance of common stock (in shares) | 187 | 4 | ||||
Issuance of common stock | 440 | $ 1 | 439 | |||
Stock-based compensation expense | 384 | 384 | ||||
Net loss | (12,853) | (12,853) | ||||
Balance - Stockholders' Equity (Deficit) (in shares) at Mar. 31, 2020 | 27,644 | 701 | ||||
Balance - Stockholders' Equity (Deficit) at Mar. 31, 2020 | $ 13,013 | $ 28 | $ 356,091 | $ (343,807) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net loss | $ (12,853) | $ (15,567) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 276 | 272 |
Stock-based compensation | 384 | 429 |
Change in fair value of warrant liability | (781) | 5,787 |
Gain on sale of equipment | (13) | 0 |
Non-cash interest expense | 109 | 162 |
Asset impairment | 97 | 0 |
Changes in operating assets and liabilities | (1,015) | (1,382) |
Net cash used in operating activities | (13,796) | (10,299) |
Investing activities | ||
Purchases of property and equipment | (233) | (221) |
Proceeds from sale of equipment | 16 | 0 |
Net cash used in investing activities | (217) | (221) |
Financing activities | ||
Proceeds from issuance of common stock, net | 440 | 0 |
Finance Lease, Principal Payments | (45) | 0 |
Proceeds from equity offerings, net of issuance costs | 0 | 14,026 |
Repayment of long-term debt | 0 | (841) |
Proceeds from exercise of stock options | 0 | 12 |
Net cash provided by financing activities | 395 | 13,197 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (13,618) | 2,677 |
Cash, cash equivalents and restricted cash at beginning of period | 40,758 | 26,677 |
Cash, cash equivalents and restricted cash at end of period | 27,140 | 29,354 |
Non-cash financing activities and supplemental cash flow information | ||
Right-of-use asset obtained in exchange for lease liabilities | 5,931 | 1,686 |
Cash paid in connection with operating lease liabilities | 394 | 406 |
Cash paid for interest | $ 261 | $ 289 |
Organization and operations
Organization and operations | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and operations | Organization and operations The Company Genocea Biosciences, Inc. (the “Company”) is a biopharmaceutical company that was incorporated in Delaware on August 16, 2006 and has a principal place of business in Cambridge, Massachusetts. The Company seeks to discover and develop novel cancer immunotherapies using its ATLAS TM proprietary discovery platform. The ATLAS platform profiles each patient's CD4 + and CD8 + T cell immune responses to every potential target or “antigen” in that patient's tumor. The Company believes that this approach optimizes antigen selection for immunotherapies such as cancer vaccines and cellular therapies. Consequently, the Company believes that ATLAS could lead to more immunogenic and efficacious cancer immunotherapies. The Company’s most advanced program is GEN-009, a personalized neoantigen cancer vaccine, for which it is conducting a Phase 1/2a clinical trial. The GEN-009 program uses ATLAS to identify neoantigens, or immunogenic tumor mutations unique to each patient, for inclusion in each patient's GEN-009 vaccine. The Company is also advancing GEN-011, a neoantigen-specific adoptive T cell therapy program that also relies on ATLAS, and expects to file an IND in the second quarter of 2020. The Company is devoting substantially all of its efforts to product research and development, initial market development, and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks and uncertainties common to companies in the biotech and pharmaceutical industry, including, but not limited to, the risks associated with the uncertainty of success of its preclinical and clinical trials; the challenges associated with gaining regulatory approval of product candidates; the risks associated with commercializing pharmaceutical products, if approved for marketing and sale; the potential for development by third parties of new technological innovations that may compete with the Company’s products; the dependence on key personnel; the challenges of protecting proprietary technology; the need to comply with government regulations; the high cost of drug development; compliance with government regulations, competition from other companies; the uncertainty of being able to secure additional capital when needed to fund operations; and the challenges and uncertainty associated with the recent outbreak of the coronavirus, or referred to as COVID-19, that have arisen in the global economy, that could adversely impact the Company's operations, supply chain, preclinical development work, clinical trials and ability to raise capital. Accounting Standards Update (“ASU”), 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40) , also referred to as Accounting Standards Codification (“ASC”) 205-40 (“ASC 205-40”), requires the Company to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the financial statements are issued. As of March 31, 2020 , the Company had an accumulated deficit of $343.8 million and anticipates that it will continue to incur significant operating losses for the foreseeable future as it continues to develop its product candidates. Until such time, if ever, as the Company can generate substantial product revenue and achieve profitability, the Company expects to finance its cash needs through a combination of equity offerings, strategic transactions, and other sources of funding. If the Company is unable to raise additional funds when needed, the Company may be required to implement further cost reduction strategies, including ceasing development of GEN-009, GEN-011, or other corporate programs and activities. As reflected in the consolidated financial statements, the Company had available cash and cash equivalents of $26.5 million at March 31, 2020 . In addition, the Company had cash used in operating activities of $13.8 million for the three months ended March 31, 2020 . These factors, combined with the Company’s forecast of cash required to fund operations for a period of at least one year from the date of issuance of these consolidated financial statements, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies The following is a summary of significant accounting policies followed in the preparation of these condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's audited consolidated financial statements and the accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (“ 2019 Form 10-K”). The Company's accounting policies are described in the “Notes to Consolidated Financial Statements” in the Company's 2019 Form 10-K and updated, as necessary, in the Company's Quarterly Reports on Form 10-Q. The December 31, 2019 condensed consolidated balance sheet data presented for comparative purposes were derived from the Company's audited financial statements but do not include all disclosures required by U.S. GAAP. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period. Basis of presentation The accompanying unaudited condensed consolidated financial statements include those accounts of the Company and a wholly owned subsidiary after elimination of all intercompany accounts and transactions. The Company operates as one segment, which is discovering, researching, developing and commercializing novel cancer immunotherapies. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to clinical trial accruals, estimates related to prepaid and accrued research and development expenses, stock-based compensation expense, and warrants to purchase redeemable securities. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Significant accounting policies There were no changes to significant accounting policies during the three months ended March 31, 2020 , as compared to the those disclosed in the 2019 Form 10-K. New Accounting Pronouncements The following new accounting pronouncements were adopted by the Company on January 1, 2020: In 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company early adopted the standard on January 1, 2020. Based on the composition of the Company's investment portfolio, which includes only money market funds, and the insignificance of the Company's other financial assets, current market conditions, and historical credit loss activity, the adoption of this standard did not have a material impact on the Company's consolidated financial statements and related disclosures. In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The new standard requires public entities to disclose certain new information and modifies some disclosure requirements. The Company adopted the standard on the required effective date of January 1, 2020. This standard did not have a material impact on the Company's disclosures. In 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) : Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification 350-40 to determine which implementation costs to defer and recognize as an asset. The Company adopted the standard on the required effective date of January 1, 2020. This standard did not have a material impact on the Company's consolidated financial statements and related disclosures. The following new accounting pronouncements have been issued but are not yet effective: In 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes and will be effective beginning after December 15, 2020. The Company is currently evaluating the impact of ASU 2019-12 in the consolidated financial statements, including accounting policies, processes, and systems. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Fair value of financial instruments | The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. • Level 1—Fair values are determined by utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; • Level 2—Fair values are determined by utilizing quoted prices for similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves and foreign currency spot rates; and • Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The Company's financial assets consist of cash equivalents and the Company's financial liabilities consist of a warrant liability. The fair value of the Company’s cash equivalents is determined using quoted prices in active markets. The Company's cash equivalents consist of money market funds that are classified as Level 1. The fair value of the Company’s warrant liability is determined using a Monte Carlo simulation. See Note 8. Warrants for assumptions used and methodologies utilized in calculating the estimated fair value. The Company’s warrant liability is classified as Level 3. The following table sets forth the Company's assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in thousands): Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) March 31, 2020 Assets: Cash equivalents $ 25,985 $ 25,985 $ — $ — Total assets $ 25,985 $ 25,985 $ — $ — Liabilities: Warrant liability $ 1,705 $ — $ — $ 1,705 Total liabilities $ 1,705 $ — $ — $ 1,705 December 31, 2019 Assets: Cash equivalents $ 39,971 $ 39,971 $ — $ — Total assets $ 39,971 $ 39,971 $ — $ — Liabilities: Warrant liability $ 2,486 $ — $ — $ 2,486 Total liabilities $ 2,486 $ — $ — $ 2,486 The following table reflects the change in the Company’s Level 3 warrant liability (in thousands): Warrant Liability Balance at December 31, 2019 $ 2,486 Change in fair value (781 ) Balance at March 31, 2020 $ 1,705 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2020 2019 Research and development costs $ 2,507 $ 1,607 Payroll and employee-related costs 730 2,245 Other current liabilities 840 759 Total $ 4,077 $ 4,611 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Operating leases As of March 31, 2020 , the Company has leases for three floors of lab and office space in a multi-tenant building in Cambridge, Massachusetts. In July 2019, the Company exercised an option for additional office and lab space from March 2020 through February 2025. The Company's right to use and control the space began in March 2020. As a result of the Company's right to use and control the space, the Company recognized an increase in the right of use (“ROU”) assets of $5.9 million and associated lease liabilities of $5.8 million in March 2020. The Company has the option to extend the lease term for an additional five years , which is not included in the Company's ROU assets and associated lease liabilities as of March 31, 2020 . In May 2019, the Company entered into a lease extension for office and lab space through February 2025. As a result of the lease term extension, the Company recognized an increase in the ROU assets of $5.4 million and associated lease liabilities of $5.3 million . The associated lease obligation for the extension is included in the Company’s ROU assets and associated lease liabilities as of March 31, 2020 . The Company has the option to extend the lease terms for an additional five years , which is not included in the Company's ROU assets and associated lease liabilities as of March 31, 2020 . For the three months ended March 31, 2020 and 2019 lease expense, net of sublease income, was $0.5 million and $0.4 million , respectively. The weighted average remaining lease term and weighted average discount rate of the Company's operating leases are as follows: March 31, 2020 March 31, 2019 Weighted average remaining lease term in years 4.92 0.92 Weighted average discount rate 8.13 % 10.00 % Finance lease In December 2019, the Company entered into an agreement to lease lab equipment for a term of 15 months. The Company determined that the agreement qualifies as a finance lease based on the criteria that the Company holds the option to purchase the asset and is reasonably certain to exercise at the end of the lease term. The ROU asset and lease liability were calculated using an incremental borrowing rate of 7.95% . Lease payments on this lease began in January 2020. The following table summarizes the presentation in the Company's consolidated balance sheets: Leases (in thousands) Classification March 31, 2020 December 31, 2019 Assets Operating Lease ROU asset $ 11,663 $ 6,156 Finance Lease ROU asset 119 150 Total lease assets $ 11,782 $ 6,306 Liabilities Current Operating Lease liabilities $ 1,921 $ 990 Finance Lease liabilities 107 127 Non-current Operating Lease liabilities, net of current portion 9,994 5,373 Finance Lease liabilities, net of current portion — 22 Total lease liabilities $ 12,022 $ 6,512 The minimum lease payments related to the Company's operating and finance leases in accordance with ASC 842 as of March 31, 2020 were as follows (in thousands): Operating leases Finance lease Total 2020 $ 2,110 $ 89 $ 2,199 2021 2,871 23 2,894 2022 2,943 — 2,943 2023 3,017 — 3,017 2024 and thereafter 3,609 — 3,609 Total lease payments $ 14,550 $ 112 $ 14,662 Less imputed interest (2,635 ) (5 ) (2,640 ) Total $ 11,915 $ 107 $ 12,022 At March 31, 2020 and December 31, 2019 , the Company has an outstanding letter of credit of $0.6 million , with a financial institution related to a security deposit for the office and lab space lease, which is secured by cash on deposit and expires on February 28, 2025. Contractual obligations The Company has entered into certain agreements with various contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), which generally include cancellation clauses. Harvard University License Agreement The Company has an exclusive license agreement with Harvard University (“Harvard”), granting the Company an exclusive, worldwide, royalty-bearing, sublicensable license to three patent families, to develop, make, have made, use, market, offer for sale, sell, have sold and import licensed products and to perform licensed services related to the ATLAS discovery platform. The Company is also obligated to pay Harvard milestone payments up to $1.6 million in the aggregate upon the achievement of certain development and regulatory milestones. As of March 31, 2020 , the Company has paid $0.3 million in aggregate milestone payments. The Company is obligated under this license agreement to use commercially reasonable efforts to develop, market and sell licensed products in compliance with an agreed upon development plan. In addition, the Company is obligated to achieve specified development milestones and in the event the Company is unable to meet its development milestones for any type of product or service, absent any reasonable proposed extension or amendment thereof, Harvard has the right, depending on the type of product or service, to terminate this agreement with respect to such products or to convert the license to a non-exclusive, non-sublicensable license with respect to such products and services. Upon commercialization of our products covered by the licensed patent rights or discovered using the licensed methods, the Company is obligated to pay Harvard royalties on the net sales of such products and services sold by the Company, the Company's affiliates, and the Company's sublicensees. This royalty varies depending on the type of product or service but is in the low single digits. The sales-based royalty due by the Company’s sublicensees is the greater of the applicable royalty rate or a percentage in the high single digits or the low double digits of the royalties the Company receives from such sublicensee, depending on the type of product. Based on the type of commercialized product or service, royalties are payable until the expiration of the last-to-expire valid claim under the licensed patent rights or for a period of 10 years from first commercial sale of such product or service. The royalties payable to Harvard are subject to reduction, capped at a specified percentage, for any third-party payments required to be made. In addition to the royalty payments, if the Company receives any additional revenue (cash or non-cash) under any sublicense, the Company must pay Harvard a percentage of such revenue, excluding certain categories of payments, varying from the low single digits to up to the low double digits depending on the scope of the license that includes the sublicense. This license agreement with Harvard will expire on a product-by-product or service-by-service and country-by-country basis until the expiration of the last-to-expire valid claim under the licensed patent rights. The Company may terminate the agreement at any time by giving Harvard advance written notice. Harvard may also terminate the agreement in the event of a material breach by the Company that remains uncured; in the event of our insolvency, bankruptcy, or similar circumstances; or if the Company challenges the validity of any patents licensed to us. Oncovir License and Supply Agreement In January 2018, the Company entered into a License and Supply Agreement with Oncovir, Inc. (“Oncovir”). The agreement provides the terms and conditions under which Oncovir will manufacture and supply an immunomodulator and vaccine adjuvant, Hiltonol® (poly-ICLC) (“Hiltonol”), to the Company for use in connection with the research, development, use, sale, manufacture, commercialization and marketing of products combining Hiltonol with the Company's technology (the “Combination Product”). Hiltonol is the adjuvant component of GEN-009, which will consist of synthetic long peptides or neoantigens identified using the Company's proprietary ATLAS platform, formulated with Hiltonol. Oncovir granted the Company a non-exclusive, assignable, royalty-bearing worldwide license, with the right to grant sublicenses through one tier, to certain of Oncovir’s intellectual property in connection with the research, development, or commercialization of Combination Products, including the use of Hiltonol, but not the use of Hiltonol for manufacturing or the use or sale of Hiltonol alone. The license will become perpetual, fully paid-up, and royalty-free on the later of January 25, 2028 or the date on which the last valid claim of any patent licensed to the Company under the agreement expires. Under this agreement, the Company is obligated to pay Oncovir low to mid six figure milestone payments upon the achievement of certain clinical trial milestones for each Combination Product and the first marketing approval for each Combination Product in certain territories, as well as tiered royalties in the low-single digits on a product-by-product basis based on the net sales of Combination Products. The Company may terminate the agreement upon a decision to discontinue the development of the Combination Product or upon a determination by the Company or an applicable regulatory authority that Hiltonol or a Combination Product is not clinically safe or effective. The agreement may also be terminated by either party due to a material uncured breach by the other party, or due to the other party’s bankruptcy, insolvency, or dissolution. |
Long-term debt
Long-term debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt In April 2018, the Company entered into an amended and restated loan and security agreement with Hercules Capital, Inc.(“Hercules”), which was subsequently amended in November 2019 (as amended, the “2018 Term Loan”). The 2018 Term Loan provides a $14.0 million term loan. The 2018 Term Loan matures on May 1, 2021 and accrues interest at a floating rate per annum equal to the greater of (i) 8.00% , or (ii) the sum of 3.00% plus the prime rate. The 2018 Loan Agreement provides for interest-only payments until January 1, 2021. Thereafter, payments will include equal installments of principal and interest through maturity. The 2018 Term Loan may be prepaid subject to a prepayment charge. The Company is obligated to pay an additional end of term charge of $1.0 million at maturity. The 2018 Term Loan is secured by a lien on substantially all assets of the Company, other than intellectual property. Hercules has a perfected first-priority security interest in certain cash, cash equivalents and investment accounts. The 2018 Term Loan contains non-financial covenants, representations and a Material Adverse Effect provision, as defined herein. There are no financial covenants. A “Material Adverse Effect” means a material adverse effect upon: (i) the business, operations, properties, assets or condition (financial or otherwise) of the Company; (ii) the ability of the Company to perform the secured obligations in accordance with the terms of the loan documents, or the ability of agent or lender to enforce any of its rights or remedies with respect to the secured obligations; or (iii) the collateral or agent’s liens on the collateral or the priority of such liens. Any event that has a Material Adverse Effect or would reasonably be expected to have a Material Adverse Effect is an event of default under the Loan Agreement and repayment of amounts due under the Loan Agreement may be accelerated by Hercules under the same terms as an event of default. As of March 31, 2020 , the Company was in compliance with all covenants of the 2018 Term Loan. The 2018 Term Loan is automatically redeemable upon a change in control. The Company believes acceleration of the repayment of amounts outstanding under the loan is remote, and therefore, the debt balance is classified according to the contractual payment terms at March 31, 2020 . In connection with the 2018 Term Loan, the Company issued common stock warrants to Hercules (the “Hercules Warrant”). See Note 8. Warrants . As of March 31, 2020 and December 31, 2019 , the Company had outstanding borrowings of $13.5 million and $13.4 million , respectively. Interest expense was $0.4 million for each of the three months ended March 31, 2020 and 2019 . Future principal payments, including the End of Term Charges, are as follows (in thousands): March 31, 2020 2020 $ — 2021 13,960 Total $ 13,960 |
Stockholders' equity
Stockholders' equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' equity | Stockholders' equity Agreement with Lincoln Park Capital In October 2019 , the Company entered into a purchase agreement with Lincoln Park Capital (“LPC”) pursuant to which LPC purchased $2.5 million of shares of the Company's common stock at a purchase price of $2.587 per share. In addition, for a period of thirty months, the Company has the right, at its sole discretion, to sell up to an additional $27.5 million of the Company's common stock based on prevailing market prices of its common stock at the time of each sale. In consideration for entering into the purchase agreement, the Company issued 289,966 shares of its common stock to LPC as a commitment fee. The purchase agreement limits the Company's sales of shares of common stock to LPC to 5,227,323 shares of common stock, representing 19.99% of the shares of common stock outstanding on the date of the purchase agreement. The purchase agreement also prohibits the Company from directing LPC to purchase any shares of common stock if those shares, when aggregated with all other shares of the Company's common stock then beneficially owned by LPC and its affiliates, would result in LPC and its affiliates having beneficial ownership, at any single point in time, of more than 9.99% of the then total outstanding shares of the Company's common stock. In January 2020, the Company sold 186,986 shares of common stock to LPC, and received net proceeds of approximately $0.4 million . 2019 Public Offering In June 2019, the Company entered into an underwriting agreement relating to the public offering of 10,500,000 shares of the Company’s common stock, at a price of $3.50 per share, for gross proceeds of approximately $36.8 million (the “2019 Public Offering”). The Company also granted the underwriters an option to purchase up to an additional 1,575,000 shares of common stock (“Overallotment Option”). On June 26, 2019, the underwriters exercised this option in full. The Company received approximately $5.5 million in gross proceeds from the underwriter’s exercise of the Overallotment Option. In connection with the 2019 Public Offering, inclusive of the Overallotment Option, the Company received net proceeds of $38.4 million . Private Placement In February 2019, the Company completed a private placement financing transaction (the “Private Placement”). The Company issued 3,199,998 shares of common stock, prefunded warrants (the “Pre-Funded Warrants”) to purchase 531,250 shares of common stock (the “Pre-Funded Warrant Shares”), and warrants (the “Private Placement Warrants”) to purchase up to 932,812 shares of common stock (the “Warrant Shares”). The shares, Pre-Funded Warrants and Private Placement Warrants (collectively, the “Units”) were sold at a purchase price of $4.02 per Unit. The Company received net cash proceeds of approximately $13.8 million for the purchase of the shares, Pre-Funded Warrant Shares and Warrant Shares. See Note 8. Warrants . The Company had the option to issue additional shares of common stock in a second closing (the “Second Closing”) for gross proceeds of up to $24.2 million . The occurrence of the Second Closing was conditioned on top-line results from Part A of the Company's Phase 1/2a clinical trial for GEN-009 and a decision by the Company's board of directors to proceed with the Second Closing. In June 2019, the Company announced top-line results from this trial but elected not to proceed with the Second Closing. In lieu of the Second Closing, the Company proceeded with the 2019 Public Offering. At-the-market equity offering program In 2015, the Company entered into an agreement, as amended, with Cowen and Company, LLC to establish an at-the-market equity offering program (“ATM”) pursuant to which it was able to offer and sell shares of its common stock at prevailing market prices from time to time. Through March 31, 2020 , the Company has sold an aggregate of 463,887 shares under the ATM and received approximately $4.0 million in net proceeds. |
Warrants Warrants
Warrants Warrants | 3 Months Ended |
Mar. 31, 2020 | |
Warrants [Abstract] | |
Warrants | Warrants As of March 31, 2020 , the Company had the following potentially issuable shares of common stock related to unexercised warrants outstanding: Shares Exercise price Expiration date Classification Hercules Warrant 41,177 $ 6.80 Q2 2023 Equity 2018 Public Offering Warrants 3,616,944 $ 9.60 Q1 2023 Liability Private Placement Warrants 932,812 $ 4.52 Q1 2024 Equity Pre-Funded Warrants 531,250 $ 0.08 Q1 2039 Equity 5,122,183 Hercules Warrant The exercise price and the number of shares are subject to adjustment upon a merger event, reclassification of the shares of common stock, subdivision or combination of the shares of common stock or certain dividends payments. The Company determined that the Hercules Warrant should be equity classified in accordance with ASC 480, Distinguishing Liabilities from Equity ("ASC 480") for all periods presented. 2018 Public Offering Warrants In January 2018, the Company entered into two underwriting agreements, the first relating to the public offering of 6,670,625 shares of the Company’s common stock, par value $0.001 per share, and accompanying warrants to purchase up to 3,335,313 shares of common stock (“2018 Public Offering Warrants”). The exercise price and the number of shares are subject to adjustment upon a merger event, reclassification of the shares of common stock, subdivision or combination of the shares of common stock or certain dividends payments. In the event of an “Acquisition,” defined generally to include a merger or consolidation resulting in the sale of 50% or more of the voting securities of the Company, the sale of all, or substantially all, of the assets or voting securities of the Company, or other change of control transaction, as defined in the 2018 Public Offering Warrants, the Company will be obligated to use its best efforts to ensure that the holders of the 2018 Public Offering Warrants receive new warrants from the surviving or acquiring entity (the “Acquirer”). The new warrants to purchase shares in the Acquirer shall have the same expiration date as the 2018 Public Offering Warrants and a strike price that is based on the proportion of the value of the Acquirer’s stock to the Company’s common stock. If the Company is unable, despite its best efforts, to cause the Acquirer to issue new warrants in the Acquisition as described above, then, if the Company’s stockholders are to receive cash in the Acquisition, the Company will settle the 2018 Public Offering Warrants in cash and if the Company’s stockholders are to receive stock in the Acquisition, the Company will issue shares of its common stock to each Warrant holder. The Company determined that the 2018 Public Offering Warrants should be liability classified in accordance with ASC 480. As the 2018 Public Offering Warrants are liability-classified, the Company remeasures the fair value at each reporting date. The Company initially recorded the 2018 Public Offering Warrants at their estimated fair value of approximately $18.2 million . In connection with the Company's remeasurement of the 2018 Public Offering Warrants to fair value, the Company recorded income of approximately $0.8 million and expense of approximately $5.8 million for the three months ended March 31, 2020 and 2019 , respectively. The fair value of the warrant liability is approximately $1.7 million and $2.5 million as of March 31, 2020 and December 31, 2019 , respectively. The following table details the assumptions used in the Monte Carlo simulation models used to estimate the fair value of the Warrant Liability as of March 31, 2020 and December 31, 2019 , respectively: March 31, 2020 December 31, 2019 Stock price $ 1.72 $ 2.07 Volatility 50.0% - 124.5% 50.0% - 116.6% Remaining term (years) 2.8 3.1 Expected dividend yield — — Risk-free rate 0.3 % 1.6 % Annual acquisition event probability 30.0 % 20.0 % Private Placement and Prefunded Warrants The exercise price of the warrants is subject to appropriate adjustment in the event of stock dividends, subdivisions, stock splits, stock combinations, reclassifications, reorganizations or a change of control affecting our common stock. The Company determined that the Private Placement Warrants and the Pre-Funded Warrants should be equity classified in accordance with ASC 480 for the period ended March 31, 2020 . The Company also determined that the Pre-Funded Warrants should be included in the determination of basic earnings per share in accordance with ASC 260, Earnings per Share . |
Stock and employee benefit plan
Stock and employee benefit plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock and employee benefit plans | Stock and employee benefit plans The Company issues stock options and restricted stock units (“RSUs”) to employees, which generally vest ratably over a four year service period. The Company measures the fair value of stock options on the date of grant using the Black-Scholes option pricing model. The Company measures the fair value of RSUs on the date of grant using the underlying common stock fair value. Stock-based compensation expense Total stock-based compensation expense recognized for stock options and RSUs is as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development 160 182 General and administrative $ 224 $ 247 Total $ 384 $ 429 Stock options The following table summarizes stock option activity (shares in thousands): Shares Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2019 1,323 $ 11.65 $ — Granted 66 $ 1.99 Exercised — $ — Cancelled (19 ) $ 4.85 Outstanding at March 31, 2020 1,370 $ 11.28 7.90 $ — Exercisable at March 31, 2020 585 $ 18.90 6.72 $ — RSUs The following table summarizes RSU activity (shares in thousands): Shares Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 — $ — Granted 45 $ 1.98 Vested — $ — Forfeited/cancelled — $ — Outstanding as of March 31, 2020 45 $ 1.98 Employee stock purchase plan In February 2014, the Company’s board of directors adopted the 2014 Employee Stock Purchase Plan and subsequently amended the plan in June 2018 (the “ESPP”). The ESPP authorizes the issuance of up to 337,597 shares of common stock to participating eligible employees and provides for two six-month offering periods. As of March 31, 2020 , there were 217,985 shares remaining for future issuance under the plan. |
Net loss per share
Net loss per share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per share Basic and diluted net loss per share was calculated as follows for the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 2019 Basic net loss per share: Numerator: Net loss (in thousands) $ (12,853 ) $ (15,567 ) Denominator: Weighted average common stock outstanding - basic (in thousands) 28,141 12,713 Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units — — Weighted average common stock outstanding - diluted 28,141 12,713 Net loss per share - basic and diluted $ (0.46 ) $ (1.22 ) The following common stock equivalents outstanding as of March 31, 2020 and 2019 , presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect (in thousands): Three Months Ended March 31, 2020 2019 Warrants 4,591 4,600 Stock options 1,370 1,299 RSUs 45 — Total 6,006 5,899 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements include those accounts of the Company and a wholly owned subsidiary after elimination of all intercompany accounts and transactions. The Company operates as one segment, which is discovering, researching, developing and commercializing novel cancer immunotherapies. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to clinical trial accruals, estimates related to prepaid and accrued research and development expenses, stock-based compensation expense, and warrants to purchase redeemable securities. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. |
Significant accounting policies | Significant accounting policies There were no changes to significant accounting policies during the three months ended March 31, 2020 , as compared to the those disclosed in the 2019 Form 10-K. New Accounting Pronouncements The following new accounting pronouncements were adopted by the Company on January 1, 2020: In 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company early adopted the standard on January 1, 2020. Based on the composition of the Company's investment portfolio, which includes only money market funds, and the insignificance of the Company's other financial assets, current market conditions, and historical credit loss activity, the adoption of this standard did not have a material impact on the Company's consolidated financial statements and related disclosures. In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The new standard requires public entities to disclose certain new information and modifies some disclosure requirements. The Company adopted the standard on the required effective date of January 1, 2020. This standard did not have a material impact on the Company's disclosures. In 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) : Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification 350-40 to determine which implementation costs to defer and recognize as an asset. The Company adopted the standard on the required effective date of January 1, 2020. This standard did not have a material impact on the Company's consolidated financial statements and related disclosures. The following new accounting pronouncements have been issued but are not yet effective: In 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes and will be effective beginning after December 15, 2020. The Company is currently evaluating the impact of ASU 2019-12 in the consolidated financial statements, including accounting policies, processes, and systems. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Fair value of financial instruments | The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. • Level 1—Fair values are determined by utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; • Level 2—Fair values are determined by utilizing quoted prices for similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves and foreign currency spot rates; and • Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The Company's financial assets consist of cash equivalents and the Company's financial liabilities consist of a warrant liability. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | As of March 31, 2020 , the Company had the following potentially issuable shares of common stock related to unexercised warrants outstanding: Shares Exercise price Expiration date Classification Hercules Warrant 41,177 $ 6.80 Q2 2023 Equity 2018 Public Offering Warrants 3,616,944 $ 9.60 Q1 2023 Liability Private Placement Warrants 932,812 $ 4.52 Q1 2024 Equity Pre-Funded Warrants 531,250 $ 0.08 Q1 2039 Equity 5,122,183 |
Schedule of financial instruments measured at fair value on recurring basis | Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) March 31, 2020 Assets: Cash equivalents $ 25,985 $ 25,985 $ — $ — Total assets $ 25,985 $ 25,985 $ — $ — Liabilities: Warrant liability $ 1,705 $ — $ — $ 1,705 Total liabilities $ 1,705 $ — $ — $ 1,705 December 31, 2019 Assets: Cash equivalents $ 39,971 $ 39,971 $ — $ — Total assets $ 39,971 $ 39,971 $ — $ — Liabilities: Warrant liability $ 2,486 $ — $ — $ 2,486 Total liabilities $ 2,486 $ — $ — $ 2,486 |
Fair Value Measurement Inputs and Valuation Techniques | The following table details the assumptions used in the Monte Carlo simulation models used to estimate the fair value of the Warrant Liability as of March 31, 2020 and December 31, 2019 , respectively: March 31, 2020 December 31, 2019 Stock price $ 1.72 $ 2.07 Volatility 50.0% - 124.5% 50.0% - 116.6% Remaining term (years) 2.8 3.1 Expected dividend yield — — Risk-free rate 0.3 % 1.6 % Annual acquisition event probability 30.0 % 20.0 % |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reflects the change in the Company’s Level 3 warrant liability (in thousands): Warrant Liability Balance at December 31, 2019 $ 2,486 Change in fair value (781 ) Balance at March 31, 2020 $ 1,705 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2020 2019 Research and development costs $ 2,507 $ 1,607 Payroll and employee-related costs 730 2,245 Other current liabilities 840 759 Total $ 4,077 $ 4,611 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease, Cost | The weighted average remaining lease term and weighted average discount rate of the Company's operating leases are as follows: March 31, 2020 March 31, 2019 Weighted average remaining lease term in years 4.92 0.92 Weighted average discount rate 8.13 % 10.00 % |
Assets And Liabilities, Lessee | The following table summarizes the presentation in the Company's consolidated balance sheets: Leases (in thousands) Classification March 31, 2020 December 31, 2019 Assets Operating Lease ROU asset $ 11,663 $ 6,156 Finance Lease ROU asset 119 150 Total lease assets $ 11,782 $ 6,306 Liabilities Current Operating Lease liabilities $ 1,921 $ 990 Finance Lease liabilities 107 127 Non-current Operating Lease liabilities, net of current portion 9,994 5,373 Finance Lease liabilities, net of current portion — 22 Total lease liabilities $ 12,022 $ 6,512 |
Lessee, Operating Lease, Liability, Maturity | The minimum lease payments related to the Company's operating and finance leases in accordance with ASC 842 as of March 31, 2020 were as follows (in thousands): Operating leases Finance lease Total 2020 $ 2,110 $ 89 $ 2,199 2021 2,871 23 2,894 2022 2,943 — 2,943 2023 3,017 — 3,017 2024 and thereafter 3,609 — 3,609 Total lease payments $ 14,550 $ 112 $ 14,662 Less imputed interest (2,635 ) (5 ) (2,640 ) Total $ 11,915 $ 107 $ 12,022 |
Finance Lease, Liability, Maturity | The minimum lease payments related to the Company's operating and finance leases in accordance with ASC 842 as of March 31, 2020 were as follows (in thousands): Operating leases Finance lease Total 2020 $ 2,110 $ 89 $ 2,199 2021 2,871 23 2,894 2022 2,943 — 2,943 2023 3,017 — 3,017 2024 and thereafter 3,609 — 3,609 Total lease payments $ 14,550 $ 112 $ 14,662 Less imputed interest (2,635 ) (5 ) (2,640 ) Total $ 11,915 $ 107 $ 12,022 |
Long-term debt (Tables)
Long-term debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of future principal payments | Future principal payments, including the End of Term Charges, are as follows (in thousands): March 31, 2020 2020 $ — 2021 13,960 Total $ 13,960 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Warrants [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | As of March 31, 2020 , the Company had the following potentially issuable shares of common stock related to unexercised warrants outstanding: Shares Exercise price Expiration date Classification Hercules Warrant 41,177 $ 6.80 Q2 2023 Equity 2018 Public Offering Warrants 3,616,944 $ 9.60 Q1 2023 Liability Private Placement Warrants 932,812 $ 4.52 Q1 2024 Equity Pre-Funded Warrants 531,250 $ 0.08 Q1 2039 Equity 5,122,183 |
Fair Value Measurement Inputs and Valuation Techniques | The following table details the assumptions used in the Monte Carlo simulation models used to estimate the fair value of the Warrant Liability as of March 31, 2020 and December 31, 2019 , respectively: March 31, 2020 December 31, 2019 Stock price $ 1.72 $ 2.07 Volatility 50.0% - 124.5% 50.0% - 116.6% Remaining term (years) 2.8 3.1 Expected dividend yield — — Risk-free rate 0.3 % 1.6 % Annual acquisition event probability 30.0 % 20.0 % |
Stock and employee benefit pl_2
Stock and employee benefit plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense for stock options granted to employees and non-employees | Total stock-based compensation expense recognized for stock options and RSUs is as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development 160 182 General and administrative $ 224 $ 247 Total $ 384 $ 429 |
Schedule of stock option activity for employees and nonemployees | The following table summarizes stock option activity (shares in thousands): Shares Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2019 1,323 $ 11.65 $ — Granted 66 $ 1.99 Exercised — $ — Cancelled (19 ) $ 4.85 Outstanding at March 31, 2020 1,370 $ 11.28 7.90 $ — Exercisable at March 31, 2020 585 $ 18.90 6.72 $ — |
Net loss per share (Tables)
Net loss per share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted net loss per share was calculated as follows for the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 2019 Basic net loss per share: Numerator: Net loss (in thousands) $ (12,853 ) $ (15,567 ) Denominator: Weighted average common stock outstanding - basic (in thousands) 28,141 12,713 Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units — — Weighted average common stock outstanding - diluted 28,141 12,713 Net loss per share - basic and diluted $ (0.46 ) $ (1.22 ) |
Schedule of common stock equivalents, presented on converted basis, were excluded from calculation of net loss per share due to anti-dilutive effect | The following common stock equivalents outstanding as of March 31, 2020 and 2019 , presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect (in thousands): Three Months Ended March 31, 2020 2019 Warrants 4,591 4,600 Stock options 1,370 1,299 RSUs 45 — Total 6,006 5,899 |
Organization and operations (De
Organization and operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ (343,807) | $ (330,954) | |
Cash and cash equivalents | 26,509 | $ 40,127 | |
Net Cash Provided by (Used in) Operating Activities | $ 13,796 | $ 10,299 |
Summary of significant accoun_3
Summary of significant accounting policies - Narrative (Details) | 3 Months Ended |
Mar. 31, 2020Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Fair value of financial instr_3
Fair value of financial instruments - Schedule of cash equivalents and investments carried at fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2018 |
Fair Value, Measurements, Recurring | |||
Assets: | |||
Total assets | $ 25,985 | $ 39,971 | |
Liabilities: | |||
Total liabilities | 1,705 | 2,486 | |
Fair Value, Measurements, Recurring | (Level 1) | |||
Assets: | |||
Total assets | 25,985 | 39,971 | |
Liabilities: | |||
Warrant liability | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | (Level 2) | |||
Assets: | |||
Total assets | 0 | 0 | |
Liabilities: | |||
Warrant liability | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | (Level 3) | |||
Assets: | |||
Total assets | 0 | 0 | |
Liabilities: | |||
Warrant liability | 1,705 | 2,486 | |
Total liabilities | 1,705 | 2,486 | |
Money market funds | Fair Value, Measurements, Recurring | |||
Assets: | |||
Included in cash equivalents | 25,985 | 39,971 | |
Money market funds | Fair Value, Measurements, Recurring | (Level 1) | |||
Assets: | |||
Included in cash equivalents | 25,985 | 39,971 | |
Money market funds | Fair Value, Measurements, Recurring | (Level 2) | |||
Assets: | |||
Included in cash equivalents | 0 | 0 | |
Money market funds | Fair Value, Measurements, Recurring | (Level 3) | |||
Assets: | |||
Included in cash equivalents | 0 | 0 | |
Warrants | (Level 3) | |||
Liabilities: | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 1,705 | $ 2,486 | $ 18,200 |
Fair value of financial instr_4
Fair value of financial instruments - Assumptions used in the Monte Carlo simulation models (Details) | Mar. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Jan. 01, 2018 |
Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.024 | ||
Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.025 | ||
Stock price | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 1.72 | 2.07 | |
Volatility | Minimum | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.500 | 0.500 | |
Volatility | Maximum | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 1.245 | 1.166 | |
Remaining term (years) | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, term | 2 years 9 months 10 days | 3 years 1 month 7 days | |
Expected dividend yield | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0 | 0 | |
Risk-free rate | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.003 | 0.016 | |
Risk-free rate | Minimum | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.024 | ||
Risk-free rate | Maximum | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.025 | ||
Annual acquisition event probability | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.300 | 0.200 | |
Annual acquisition event probability | Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.150 | 0 | |
Annual acquisition event probability | Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement Input | 0.300 | 0.300 |
Fair value of financial instr_5
Fair value of financial instruments - Change in the Company’s Level 3 Warrant liabilities (Details) - Warrants - (Level 3) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Issuance of Warrants | $ 2,486 |
Change in fair value | (781) |
Balance at March 31, 2020 | $ 1,705 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Research and development costs | $ 2,507 | $ 1,607 |
Payroll and employee-related | 730 | 2,245 |
Other current liabilities | 840 | 759 |
Total | $ 4,077 | $ 4,611 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jul. 31, 2019 | May 30, 2019 | |
Operating Leased Assets [Line Items] | |||||
Operating lease, right-of-use asset | $ 11,663,000 | $ 6,156,000 | |||
Operating lease liability | 11,915,000 | ||||
Rent expense | 500,000 | $ 400,000 | |||
Incremental borrowing rate, percent | 7.95% | ||||
Licensing agreement, amount | 1,600,000 | ||||
Licensing agreement, milestone payment, amount | $ 300,000 | ||||
Lease Extension for office and lab space | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease, right-of-use asset | $ 5,900,000 | $ 5,400,000 | |||
Operating lease liability | $ 5,800,000 | $ 5,300,000 | |||
Operating lease, renewal term | 5 years | ||||
Master Facilities Operating Lease Due February 28, 2025 | |||||
Operating Leased Assets [Line Items] | |||||
Restricted cash and cash equivalents | $ 600,000 |
Commitments and contingencies_2
Commitments and contingencies - Operating Lease Term and Discount Rate (Details) | Mar. 31, 2020 | Mar. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted average remaining lease term in years | 4 years 11 months | 11 months |
Weighted average discount rate | 8.13% | 10.00% |
Commitments and contingencies_3
Commitments and contingencies - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Lease Assets [Abstract] | ||
Operating lease, right-of-use asset | $ 11,663 | $ 6,156 |
Finance Lease, Right-of-Use Asset | 119 | 150 |
Finance and Operating Lease, Right-of-Use Asset | 11,782 | 6,306 |
Lease Liabilities, Current [Abstract] | ||
Operating Lease, Liability, Current | 1,921 | 990 |
Finance Lease, Liability, Current | 107 | 127 |
Lease Liabilities, Noncurrent [Abstract] | ||
Operating Lease, Liability, Noncurrent | 9,994 | 5,373 |
Finance Lease, Liability, Noncurrent | 0 | 22 |
Total | $ 12,022 | $ 6,512 |
Commitments and contingencies_4
Commitments and contingencies - Future minimum lease payments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2020 | $ 2,110 | |
2021 | 2,871 | |
2022 | 2,943 | |
2023 | 3,017 | |
2024 | 3,609 | |
Total lease payments | 14,550 | |
Less imputed interest | (2,635) | |
Total | 11,915 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2020 | 89 | |
2021 | 23 | |
2022 | 0 | |
2023 | 0 | |
2024 and thereafter | 0 | |
Total lease payments | 112 | |
Less imputed interest | (5) | |
Total | 107 | |
Finance and Operating Lease, Liability, Payment, Due [Abstract] | ||
2020 | 2,199 | |
2021 | 2,894 | |
2022 | 2,943 | |
2023 | 3,017 | |
2024 and thereafter | 3,609 | |
Total lease payments | 14,662 | |
Less imputed interest | (2,640) | |
Total | $ 12,022 | $ 6,512 |
Long-term debt - Narrative (Det
Long-term debt - Narrative (Details) - Line of Credit - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Apr. 24, 2018 | |
2018 Term Loan | |||
Long-Term Debt | |||
Debt financing | $ 14,000,000 | ||
Interest rate (as a percent) | 8.00% | ||
End of term charge | $ 1,000,000 | ||
2018 Term Loan | Prime rate | |||
Long-Term Debt | |||
Variable rate (as a percent) | 3.00% | ||
2014 Term Loan, First Tranche | |||
Long-Term Debt | |||
Outstanding borrowings | $ 13,500,000 | $ 13,400,000 | |
2014 Term Loan | |||
Long-Term Debt | |||
Interest expense | $ 400,000 |
Long-term debt - Schedule of fu
Long-term debt - Schedule of future principal payments (Details) - 2014 Term Loan - Line of Credit $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 0 |
2021 | 13,960 |
Total | $ 13,960 |
Stockholders' equity - Narrativ
Stockholders' equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 21, 2019 | Jan. 31, 2020 | Oct. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock | $ 440 | $ 14,026 | ||||||||
Proceeds from issuance of common stock | $ 440 | $ 0 | ||||||||
Pre-Funded Warrants | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Warrants to purchase common stock (in shares) | 531,250 | |||||||||
Private Placement Warrants | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Warrants to purchase common stock (in shares) | 932,812 | |||||||||
Preferred Shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock (in shares) | 0 | |||||||||
Common Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock | $ 1 | $ 3 | ||||||||
Issuance of common stock (in shares) | 187,000 | 3,200,000 | ||||||||
Common Stock | At-the-market equity offering program | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock (in shares) | 500,000 | |||||||||
Proceeds from issuance of common stock | $ 4,000 | |||||||||
2019 Public Offering | Common Stock | Concurrent Offerings | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock (in shares) | 10,500,000 | |||||||||
2019 Public Offering | Common Stock | Over-Allotment Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Sale of stock, consideration received on transaction | $ 5,500 | |||||||||
Warrants to purchase common stock (in shares) | 1,575,000 | |||||||||
Proceeds from issuance of common stock | $ 38,400 | |||||||||
2019 Public Offering | Common Class A | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share price (in dollars per share) | $ 3.5 | |||||||||
Sale of stock, consideration received on transaction | $ 36,800 | |||||||||
2018 Public Offering | Common Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Par value (in dollars per share) | $ 0.001 | |||||||||
Number of shares issued in transaction (in shares) | 6,670,625 | |||||||||
Equity Rights Letter Agreement | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Sale of stock, price per share (in dollars per share) | $ 4.02 | |||||||||
Sale of stock, consideration received on transaction | $ 13,800 | |||||||||
Equity Rights Letter Agreement | Common Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares issued in transaction (in shares) | 3,199,998 | |||||||||
Private Placement - Second Closing | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Sale of stock, consideration received on transaction | $ 24,200 | |||||||||
Warrants | (Level 3) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of Warrants | $ 1,705 | $ 2,486 | $ 18,200 | |||||||
Change in fair value | $ (781) | |||||||||
Lincoln Park Capital | Common Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock | $ 400 | $ 2,500 | ||||||||
Share price (in dollars per share) | $ 2.587 | |||||||||
Purchase agreement period (in months) | 30 months | |||||||||
Purchase commitment amount | $ 27,500 | |||||||||
Shares issued as commitment fee | 289,966 | |||||||||
Issuance of common stock (in shares) | 186,986 | |||||||||
Lincoln Park Capital | Common Stock | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Shares Outstanding of Affiliate Beneficial Ownership, Agreement Threshold, Percent | 9.99% | |||||||||
Issuance of common stock (in shares) | 5,227,323 | |||||||||
Common Stock, Shares Outstanding, Agreement Threshold, Percent | 19.99% |
Warrants - Issuable Shares of C
Warrants - Issuable Shares of Common Stock Related to Unexercised Warrants Outstanding (Details) | Mar. 31, 2020$ / sharesshares |
Total | |
Class of Stock [Line Items] | |
Shares | 5,122,183 |
Hercules Warrant | |
Class of Stock [Line Items] | |
Shares | 41,177 |
Exercise price (in dollars per share) | $ / shares | $ 6.80 |
2018 Public Offering Warrants | |
Class of Stock [Line Items] | |
Shares | 3,616,944 |
Exercise price (in dollars per share) | $ / shares | $ 9.60 |
Private Placement Warrants | |
Class of Stock [Line Items] | |
Shares | 932,812 |
Exercise price (in dollars per share) | $ / shares | $ 4.52 |
Pre-Funded Warrants | |
Class of Stock [Line Items] | |
Shares | 531,250 |
Exercise price (in dollars per share) | $ / shares | $ 0.08 |
Warrants - Narrative (Details)
Warrants - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2018Underwriter_Agreement$ / sharesshares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2018USD ($) | |
Class of Stock [Line Items] | |||||
Change in fair value of warrants | $ 781 | $ (5,787) | |||
Warrant liability | 1,705 | $ 2,486 | |||
(Level 3) | Warrants | |||||
Class of Stock [Line Items] | |||||
Issuance of Warrants | 1,705 | 2,486 | $ 18,200 | ||
Change in fair value of warrants | 800 | $ (5,800) | |||
Warrant liability | $ 1,700 | $ 2,500 | |||
2018 Public Offering | Common Stock | |||||
Class of Stock [Line Items] | |||||
Number of underwriting agreements | Underwriter_Agreement | 2 | ||||
Number of shares issued in transaction (in shares) | shares | 6,670,625 | ||||
Par value (in dollars per share) | $ / shares | $ 0.001 | ||||
Total | 2018 Public Offering | |||||
Class of Stock [Line Items] | |||||
Number of shares issued in transaction (in shares) | shares | 3,335,313 |
Warrants - Fair Value Warrant L
Warrants - Fair Value Warrant Liability Assumptions (Details) | Mar. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Jan. 01, 2018 |
Minimum | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.024 | ||
Maximum | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.025 | ||
Annual acquisition event probability | Minimum | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.150 | 0 | |
Annual acquisition event probability | Maximum | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.300 | 0.300 | |
Warrants | Stock price | |||
Class of Stock [Line Items] | |||
Measurement Input | 1.72 | 2.07 | |
Warrants | Volatility | Minimum | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.500 | 0.500 | |
Warrants | Volatility | Maximum | |||
Class of Stock [Line Items] | |||
Measurement Input | 1.245 | 1.166 | |
Warrants | Remaining term (years) | |||
Class of Stock [Line Items] | |||
Warrants and rights outstanding, term | 2 years 9 months 10 days | 3 years 1 month 7 days | |
Warrants | Expected dividend yield | |||
Class of Stock [Line Items] | |||
Measurement Input | 0 | 0 | |
Warrants | Risk-free rate | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.003 | 0.016 | |
Warrants | Risk-free rate | Minimum | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.024 | ||
Warrants | Risk-free rate | Maximum | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.025 | ||
Warrants | Annual acquisition event probability | |||
Class of Stock [Line Items] | |||
Measurement Input | 0.300 | 0.200 |
Stock and employee benefit pl_3
Stock and employee benefit plans - Schedule of stock-based compensation expense for stock options granted to employees and non-employees (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Based Compensation Expense | ||
Total | $ 384 | $ 429 |
Research and development | ||
Stock Based Compensation Expense | ||
Total | 160 | 182 |
General and administrative | ||
Stock Based Compensation Expense | ||
Total | $ 224 | $ 247 |
Stock and employee benefit pl_4
Stock and employee benefit plans - Schedule of stock option activity for employees and nonemployees (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Shares | ||
Outstanding at the beginning of the period (in shares) | 1,323 | |
Granted (in shares) | 66 | |
Exercised (in shares) | 0 | |
Canceled (in shares) | (19) | |
Outstanding at the end of the period (in shares) | 1,370 | 1,323 |
Exercisable at the end of the period (in shares) | 585 | |
Weighted-Average Exercise Price | ||
Outstanding at the beginning of the period (in dollars per share) | $ 11.65 | |
Granted (in dollars per share) | 1.99 | |
Exercised (in dollars per share) | 0 | |
Canceled (in dollars per share) | 4.85 | |
Outstanding at the end of the period (in dollars per share) | 11.28 | $ 11.65 |
Exercisable at the end of the period (in dollars per share) | $ 18.90 | |
Weighted-Average Remaining Contractual Term (years) | ||
Outstanding at the beginning/end of the period | 7 years 10 months 25 days | |
Exercisable at the end of the period | 6 years 8 months 20 days | |
Aggregate Intrinsic Value | ||
Outstanding at the end of the period (in dollars) | $ 0 | $ 0 |
Exercisable at the end of the period (in dollars) | $ 0 |
Stock and employee benefit pl_5
Stock and employee benefit plans - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Balance, Shares | shares | 0 |
Granted (in shares) | shares | 45,000 |
Vested, Shares | shares | 0 |
Forfeited/cancelled, Shares | shares | 0 |
Ending Balance, Shares | shares | 45,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 0 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 1.98 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 0 |
Forfeited/cancelled, Weighted-Average Grant Date Fair Value | $ / shares | 0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 1.98 |
Stock and employee benefit pl_6
Stock and employee benefit plans - Narrative (Details) - ESPP - shares | Mar. 31, 2020 | Feb. 10, 2014 |
Stock option activity for employees and nonemployees | ||
Common Stock, Capital Shares Reserved for Future Issuance | 217,985 | |
ESPP | ||
Stock option activity for employees and nonemployees | ||
Number of shares of common stock authorized under the plan | 337,597 |
Net loss per share - Schedule o
Net loss per share - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss (in thousands) | $ (12,853) | $ (15,567) |
Weighted average common stock outstanding - basic (in thousands) | 28,141 | 12,713 |
Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units | 0 | 0 |
Weighted average common stock outstanding - diluted | 28,141 | 12,713 |
Net loss per share - basic and diluted | $ (0.46) | $ (1.22) |
- Attributable to common stockh
- Attributable to common stockholders (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Common stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect | ||
Common stock equivalents (in shares) | 6,006 | 5,899 |
Stock options | ||
Common stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect | ||
Common stock equivalents (in shares) | 1,370 | 1,299 |
Warrants | ||
Common stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect | ||
Common stock equivalents (in shares) | 4,591 | 4,600 |
Restricted Stock Units (RSUs) | ||
Common stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect | ||
Common stock equivalents (in shares) | 45 | 0 |