Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KOD | |
Entity Registrant Name | KODIAK SCIENCES INC. | |
Entity Central Index Key | 0001468748 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 44,484,495 | |
Entity File Number | 001-38682 | |
Entity Tax Identification Number | 27-0476525 | |
Entity Address, Address Line One | 2631 Hanover Street | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94304 | |
City Area Code | 650 | |
Local Phone Number | 281-0850 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $0.0001 | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 226,456 | $ 211,797 |
Marketable securities | 195,404 | 124,684 |
Prepaid expenses and other current assets | 2,947 | 2,749 |
Total current assets | 424,807 | 339,230 |
Marketable securities | 8,533 | 11,696 |
Restricted cash | 140 | 140 |
Property and equipment, net | 1,056 | 996 |
Operating lease right-of-use asset | 1,692 | 1,790 |
Other assets | 6,814 | 5,014 |
Total assets | 443,042 | 358,866 |
Current liabilities: | ||
Accounts payable | 4,506 | 2,619 |
Accrued and other current liabilities | 8,880 | 8,658 |
Operating lease liability | 448 | 434 |
Total current liabilities | 13,834 | 11,711 |
Operating lease liability, net of current portion | 1,383 | 1,501 |
Liability related to sale of future royalties | 99,850 | |
Other liabilities | 288 | 295 |
Total liabilities | 115,355 | 13,507 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2020 and December 31, 2019 | ||
Common stock, $0.0001 par value, 490,000,000 shares authorized at March 31, 2020 and December 31, 2019; 44,452,701 and 44,413,404 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 5 | 5 |
Additional paid-in capital | 509,716 | 503,475 |
Accumulated other comprehensive income | 489 | 10 |
Accumulated deficit | (182,523) | (158,131) |
Total stockholders’ equity | 327,687 | 345,359 |
Total liabilities and stockholders’ equity | $ 443,042 | $ 358,866 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares issued | 44,452,701 | 44,413,404 |
Common stock, shares outstanding | 44,452,701 | 44,413,404 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses | ||
Research and development | $ 20,170 | $ 5,723 |
General and administrative | 5,553 | 2,737 |
Total operating expenses | 25,723 | 8,460 |
Loss from operations | (25,723) | (8,460) |
Interest income | 1,208 | 462 |
Interest expense | (7) | (4) |
Other income (expense), net | 130 | 18 |
Net loss | $ (24,392) | $ (7,984) |
Net loss per common share, basic and diluted | $ (0.54) | $ (0.21) |
Weighted-average common shares outstanding used in computing net loss per common share, basic and diluted | 44,824,587 | 37,248,165 |
Other comprehensive income | ||
Change in unrealized gains related to available-for-sale debt securities, net of tax | $ 479 | $ 6 |
Total other comprehensive income | 479 | 6 |
Comprehensive loss | $ (23,913) | $ (7,978) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning Balance at Dec. 31, 2018 | $ 86,833 | $ 4 | $ 197,595 | $ (110,766) | |
Beginning balance, shares at Dec. 31, 2018 | 36,829,857 | ||||
Issuance of common stock upon exercise of stock options | 83 | 83 | |||
Issuance of common stock upon exercise of stock options, shares | 80,000 | ||||
Stock-based compensation expense | 1,157 | 1,157 | |||
Other comprehensive income | 6 | $ 6 | |||
Net loss | (7,984) | (7,984) | |||
Ending Balance at Mar. 31, 2019 | 80,095 | $ 4 | 198,835 | 6 | (118,750) |
Ending balance, shares at Mar. 31, 2019 | 36,909,857 | ||||
Beginning Balance at Dec. 31, 2019 | 345,359 | $ 5 | 503,475 | 10 | (158,131) |
Beginning balance, shares at Dec. 31, 2019 | 44,413,404 | ||||
Issuance of common stock upon exercise of stock options | 159 | 159 | |||
Issuance of common stock upon exercise of stock options, shares | 39,297 | ||||
Stock-based compensation expense | 6,082 | 6,082 | |||
Other comprehensive income | 479 | 479 | |||
Net loss | (24,392) | (24,392) | |||
Ending Balance at Mar. 31, 2020 | $ 327,687 | $ 5 | $ 509,716 | $ 489 | $ (182,523) |
Ending balance, shares at Mar. 31, 2020 | 44,452,701 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (24,392) | $ (7,984) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 120 | 130 |
Stock-based compensation | 6,082 | 1,157 |
Amortization (accretion) of premium (discount) on marketable securities | (125) | (18) |
Amortization of operating lease right-of-use asset | 98 | 90 |
Amortization of issuance costs | 9 | |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (133) | (17) |
Other assets | (1,602) | 0 |
Accounts payable | 1,887 | 594 |
Accrued and other current liabilities | 228 | (1,114) |
Operating lease liability | (104) | (45) |
Net cash used in operating activities | (17,932) | (7,207) |
Cash flows from investing activities | ||
Purchase of property and equipment | (180) | (7) |
Purchase of marketable securities | (86,317) | (23,865) |
Maturities of marketable securities | 19,300 | |
Net cash used in investing activities | (67,197) | (23,872) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon options exercise | 159 | 83 |
Proceeds from sale of future royalties, net of issuance costs | 99,643 | |
Principal payments of capital lease | (5) | (27) |
Principal payments of tenant improvement allowance payable | (9) | (9) |
Net cash provided by financing activities | 99,788 | 47 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 14,659 | (31,032) |
Cash, cash equivalents and restricted cash, at beginning of period | 211,937 | 88,394 |
Cash, cash equivalents and restricted cash, at end of period | 226,596 | 57,362 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | ||
Cash and cash equivalents | 226,456 | 57,222 |
Restricted cash | 140 | 140 |
Cash, cash equivalents and restricted cash, at end of period | $ 226,596 | 57,362 |
Supplemental disclosures of non-cash investing and financing information: | ||
Operating lease right-of-use asset obtained in exchange for operating lease liability | 2,163 | |
Purchase of property and equipment under accounts payable | $ 110 |
The Company
The Company | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | 1. The Company Kodiak Sciences Inc. (the “Company”) is a clinical stage biopharmaceutical company specializing in novel therapeutics to treat chronic, high-prevalence retinal diseases. The Company devotes substantially all of its time and efforts to performing research and development, raising capital and recruiting personnel. Liquidity As of March 31, 2020, the Company had cash, cash equivalents and marketable securities of $430.4 million. Although the Company has incurred significant operating losses since inception and expects to continue to incur operating losses and negative operating cash flows for the foreseeable future, the Company believes that the cash, cash equivalents and marketable securities will be sufficient to meet the anticipated operating and capital expenditure requirements for the 12 months following the date of this Form 10-Q. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2019 and notes thereto, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2020. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period 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 reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on subtotals in the prior year condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and expenses during the reporting period. The impact of COVID-19 continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals for the quarter ended March 31, 2020. As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates. Risks and Uncertainties In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by COVID-19 may negatively impact the Company’s operations, liquidity, and capital resources, and will depend on certain developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products. Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended March 31, 2020 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, except as noted below with respect to the Company’s liability related to sale of future royalties and as noted within the “Recent Accounting Pronouncements – Recently Adopted Accounting Pronouncements” section. Liability related to Sale of Future Royalties On December 1, 2019, the Company and its subsidiary Kodiak Sciences GmbH entered into a funding agreement with Baker Bros. Advisors, LP (“BBA”), which holds more than 5% of the Company’s stock, pursuant to which BBA purchased the right to receive a capped 4.5% royalty on future net sales of KSI-301, the Company’s anti-VEGF antibody biopolymer conjugate therapy, in exchange for $225.0 million. Under the terms of the funding agreement, there is no obligation to repay any funding amount received, other than through the capped royalty payments on future product revenues. The Company recorded the funding amount paid by BBA as a liability on the consolidated balance sheet net of issuance costs , in accordance with ASC 730, Research and Development . Under ASC 730, the significant related party relationship between the Company and BBA creates an implicit obligation to repay the funding amount paid to the Company. Once royalty payments to BBA are determined to be probable and estimable, and if such amounts exceed the liability balance, the Company will impute interest to accrete the liability on a prospective basis based on such estimates. If and when the Company makes royalty payments under the funding agreement, it would reduce the liability balance at such time. Refer to Note 7. Credit Losses – Available-for-Sale Debt Securities For available-for-sale debt securities in an unrealized loss position, the Company will periodically assess its portfolio for impairment. The assessment first considers the intent or requirement to sell the security. If either of these criteria are met, the amortized cost basis will be written down to fair value through earnings. If not met, the Company will evaluate whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income or loss, as applicable. Recent a p From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) ASC Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements which intends to improve financial reporting by requiring earlier recognition of credit losses on certain financial assets, such as available-for-sale debt securities. The Company assessed the In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Levels 1 and 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. In August 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, New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Accrued and Other Current Liabilities | 3. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): March 31, 2020 December 31, 2019 Accrued research and development $ 7,194 $ 4,894 Accrued salaries and benefits 1,266 3,108 Accrued legal fees 190 302 Accrued professional fees 29 195 Accrued other liabilities 201 159 Total accrued and other current liabilities $ 8,880 $ 8,658 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 143,175 $ — $ — $ 143,175 Marketable securities: U.S. treasury securities — 80,727 — 80,727 Commercial paper — 74,959 — 74,959 Corporate notes — 48,251 — 48,251 Total $ 143,175 $ 203,937 $ — $ 347,112 Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 155,276 $ — $ — $ 155,276 Repurchase agreements 50,000 — — 50,000 Commercial paper — 5,987 — 5,987 Marketable securities: U.S. treasury securities — 50,185 — 50,185 Commercial paper — 34,533 — 34,533 Corporate notes — 51,662 — 51,662 Total $ 205,276 $ 142,367 $ — $ 347,643 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 5. Marketable Securities The marketable securities are classified as available-for-sale and consist of U.S. treasury securities, corporate notes and commercial paper. The fair value measurement data for marketable securities is obtained from independent pricing services. The Company validates the prices provided by the third-party pricing services by understanding the valuation methods and data sources used and analyzing the pricing data in certain instances. The following table summarizes the marketable securities held at March 31, 2020 and December 31, 2019 (in thousands): As of March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 80,161 $ 566 $ — $ 80,727 Commercial paper 74,958 1 — 74,959 Corporate notes 39,776 — (58 ) 39,718 Total marketable securities, current $ 194,895 $ 567 $ (58 ) $ 195,404 Corporate notes $ 8,553 $ — $ (20 ) $ 8,533 Total marketable securities, noncurrent $ 8,553 $ — $ (20 ) $ 8,533 As of December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 50,190 $ — $ (5 ) $ 50,185 Commercial paper 34,532 1 — 34,533 Corporate notes 39,956 13 (3 ) 39,966 Total marketable securities, current $ 124,678 $ 14 $ (8 ) $ 124,684 Corporate notes $ 11,692 $ 4 $ — $ 11,696 Total marketable securities, noncurrent $ 11,692 $ 4 $ — $ 11,696 All marketable securities held at March 31, 2020 and December 31, 2019 had contractual maturities of less than 18 months. There were no realized gains or losses recognized on the sale or maturity of available-for-sale debt securities during the three months ended March 31, 2020 and 2019, respectively, and as a result, the Company did not reclassify any amounts out of accumulated comprehensive loss. As of March 31, 2020 and December 31, 2019, the Company had no allowance for credit losses for available-for-sale debt securities. There were no impairment charges or recoveries recorded during each of the three months ended March 31, 2020 and 2019. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies The Company has entered into service agreements with a variety of service providers, pursuant to which such service providers agreed to perform activities in connection with the manufacturing of certain materials. Such agreements, and related amendments, state that planned activities that are included in the signed work orders are, in some cases, binding and, hence, obligate the Company to pay the full price of the work order upon satisfactory delivery of products and services or obligate the Company to the binding amount regardless of whether such planned activities are in fact performed. Per the terms of the agreements, the Company has the option to cancel signed orders at any time upon written notice, which may or may not be subject to payment of a cancellation fee. The level of cancellation fees may be dependent on the timing of the written notice in relation to the commencement date of the work, with the maximum cancellation amount dependent on the agreement or the work order. As of March 31, 2020 and December 31, 2019, the total amount of cancelable and/or non-cancelable purchase obligations, including accrued amounts, under these agreements were $29.8 million and $4.7 million, respectively. Expense recognized under these agreements during the period, including amounts paid and accrued, for the three months ended March 31, 2020 and 2019 were $4.1 million and $1.0 million, respectively. As of March 31, 2020, the Company had not incurred any cancellation fees. The Company has also entered into various cancellable license agreements for certain technology. The Company may be obligated to make payments on future sales of specified products associated with such license agreements. Such payments are dependent on future product sales and are not estimable. Legal Proceedings From time to time, the Company may become involved in legal proceedings arising from the ordinary course of its business. Management is currently not aware of any matters that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company records a legal liability when it believes that it is both probable that a liability may be imputed, and the amount of the liability can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Indemnification To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company’s request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not specified in the agreements; however, the Company has director and officer insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. |
Liability Related to Sale of Fu
Liability Related to Sale of Future Royalties | 3 Months Ended |
Mar. 31, 2020 | |
Liability Related To Sale Of Future Royalties [Abstract] | |
Liability related to Sale of Future Royalties | 7. Liability related to Sale of Future Royalties On December 1, 2019, the Company and its subsidiary Kodiak Sciences GmbH entered into a funding agreement with Baker Bros. Advisors, LP (“BBA”), which holds more than 5% of the Company’s stock, pursuant to which BBA purchased the right to receive a capped 4.5% royalty on future net sales of KSI-301, the Company’s anti-VEGF antibody biopolymer conjugate therapy, in exchange for $225.0 million. The royalty terminates upon the date that BBA has received an aggregate amount equal to 4.5 times the funding amount paid to the Company, unless earlier terminated or repurchased by the Company. Under the terms of the funding agreement, there is no obligation to repay any funding amount received, other than through the capped royalty payments on future product revenues. The Company has the option, exercisable at any point during the term of the funding agreement, to repurchase 100% of the royalties due to BBA for a purchase price equal to 4.5 times the funding amount paid to the Company as of such time, less amounts paid by the Company to BBA. The closing of the funding agreement was subject to certain conditions and occurred in February 2020. The Company received $100.0 million of the funding on February 4, 2020. The remaining $125.0 million shall be payable to the Company upon enrollment of 50% of the patients in the planned RVO clinical program. The Company recorded the initial $100.0 million payment as a liability on the consolidated balance sheet net of issuance costs as of March 31, 2020 , in accordance with ASC 730, Research and Development . Under ASC 730, the significant related party relationship between the Company and BBA creates an implicit obligation to repay the funding amount paid to the Company. Once royalty payments to BBA are determined to be probable and estimable, and if such amounts exceed the liability balance, the Company will impute interest to accrete the liability on a prospective basis based on such estimates. If and when the Company makes royalty payments under the funding agreement, it would reduce the liability balance at such time. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation In January 2020 and 2019, the number of shares of common stock available for issuance under the 2018 Equity Incentive Plan was increased by approximately by 1.8 million and 1.5 million shares, respectively, as a result of the automatic increase provision in the 2018 Plan. Stock Options Stock option activity under the 2018 Plan and 2015 Equity Incentive Plan is summarized as follows (in thousands, except share and per share data). Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 6,830,442 $ 17.49 8.32 $ 373,514 Forfeited or canceled (65,972 ) $ 20.55 Exercised (39,297 ) $ 4.21 Outstanding at March 31, 2020 6,725,173 $ 17.96 8.50 $ 227,347 Restricted Shares Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows (in thousands, except shares and per share data): Number of Restricted Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2019 160,747 $ 60.81 Vested (1,847 ) $ 1.04 Canceled (4,000 ) $ 73.51 Unvested at March 31, 2020 154,900 $ 61.19 Performance-Based Stock Options and Restricted Stock Units The Company granted 170,150 performance-based stock options and 128,900 performance-based restricted stock units (“RSUs”) to employees in 2019. These performance-based equity awards will vest one-quarter upon the achievement of specific clinical development milestones. The remaining shares will then vest in three equal annual installments after that date. Performance-based stock options and performance-based restricted stock units are recorded as expense beginning when vesting events are determined to be probable. None of these performance-based equity awards vested during 2019. The Company believes that the achievement of the requisite performance condition continues to be probable and stock-based compensation expense recognized was $1.8 million and none during the three months ended March 31, 2020 and 2019, respectively. Stock-Based Compensation Expense Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 3,448 $ 706 General and administrative 2,634 451 Total stock-based compensation $ 6,082 $ 1,157 As of March 31, 2020, the unrecognized stock-based compensation of unvested stock options, restricted stock units, and performance-based options and restricted stock units was $70.7 million and it is expected to be recognized over a weighted-average period of 2.96 years. |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 9. Net Loss per Common Share The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive: As of March 31, 2020 2019 Outstanding stock options 6,725,173 5,055,267 Unvested restricted shares 154,900 25,253 Total 6,880,073 5,080,520 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods. The condensed consolidated financial statements These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2019 and notes thereto, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2020. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period 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 reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on subtotals in the prior year condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and expenses during the reporting period. The impact of COVID-19 continues to evolve. As a result, certain estimates and assumptions required increased judgment and carried a higher degree of variability and volatility, including but not limited to, the fair value of marketable securities, performance-based equity awards, and research and development accruals for the quarter ended March 31, 2020. As events continue to unfold and additional information becomes available, these estimates may change materially in future periods. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties In March 2020, the World Health Organization declared a pandemic due to the global COVID-19 outbreak. The significant uncertainties caused by COVID-19 may negatively impact the Company’s operations, liquidity, and capital resources, and will depend on certain developments, including the duration and spread of the outbreak, regulatory and private sector responses and the impact on employees and vendors including supply chain and clinical partners, all of which are uncertain and cannot be predicted. During this pandemic, the Company continues to work closely with clinical sites towards maximal patient safety and the lowest number of missed visits and study discontinuations. The Company has taken and continues to take proactive measures to maintain the integrity of its ongoing clinical studies. Despite these efforts, the COVID-19 pandemic could significantly impact clinical trial enrollment and completion of its clinical studies. The Company will continue to monitor the COVID-19 situation and its impact on the ability to continue the development of, and seek regulatory approvals for, the Company’s product candidates, and begin to commercialize any approved products. |
Liability related to Sale of Future Royalties | Liability related to Sale of Future Royalties On December 1, 2019, the Company and its subsidiary Kodiak Sciences GmbH entered into a funding agreement with Baker Bros. Advisors, LP (“BBA”), which holds more than 5% of the Company’s stock, pursuant to which BBA purchased the right to receive a capped 4.5% royalty on future net sales of KSI-301, the Company’s anti-VEGF antibody biopolymer conjugate therapy, in exchange for $225.0 million. Under the terms of the funding agreement, there is no obligation to repay any funding amount received, other than through the capped royalty payments on future product revenues. The Company recorded the funding amount paid by BBA as a liability on the consolidated balance sheet net of issuance costs , in accordance with ASC 730, Research and Development . Under ASC 730, the significant related party relationship between the Company and BBA creates an implicit obligation to repay the funding amount paid to the Company. Once royalty payments to BBA are determined to be probable and estimable, and if such amounts exceed the liability balance, the Company will impute interest to accrete the liability on a prospective basis based on such estimates. If and when the Company makes royalty payments under the funding agreement, it would reduce the liability balance at such time. Refer to Note 7. |
Credit Losses – Available-for-Sale Debt Securities | Credit Losses – Available-for-Sale Debt Securities For available-for-sale debt securities in an unrealized loss position, the Company will periodically assess its portfolio for impairment. The assessment first considers the intent or requirement to sell the security. If either of these criteria are met, the amortized cost basis will be written down to fair value through earnings. If not met, the Company will evaluate whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income or loss, as applicable. |
Recent Accounting Pronouncements | Recent a p From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) ASC Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements which intends to improve financial reporting by requiring earlier recognition of credit losses on certain financial assets, such as available-for-sale debt securities. The Company assessed the In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Levels 1 and 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. In August 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, New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): March 31, 2020 December 31, 2019 Accrued research and development $ 7,194 $ 4,894 Accrued salaries and benefits 1,266 3,108 Accrued legal fees 190 302 Accrued professional fees 29 195 Accrued other liabilities 201 159 Total accrued and other current liabilities $ 8,880 $ 8,658 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis | The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 143,175 $ — $ — $ 143,175 Marketable securities: U.S. treasury securities — 80,727 — 80,727 Commercial paper — 74,959 — 74,959 Corporate notes — 48,251 — 48,251 Total $ 143,175 $ 203,937 $ — $ 347,112 Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 155,276 $ — $ — $ 155,276 Repurchase agreements 50,000 — — 50,000 Commercial paper — 5,987 — 5,987 Marketable securities: U.S. treasury securities — 50,185 — 50,185 Commercial paper — 34,533 — 34,533 Corporate notes — 51,662 — 51,662 Total $ 205,276 $ 142,367 $ — $ 347,643 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities Held | The following table summarizes the marketable securities held at March 31, 2020 and December 31, 2019 (in thousands): As of March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 80,161 $ 566 $ — $ 80,727 Commercial paper 74,958 1 — 74,959 Corporate notes 39,776 — (58 ) 39,718 Total marketable securities, current $ 194,895 $ 567 $ (58 ) $ 195,404 Corporate notes $ 8,553 $ — $ (20 ) $ 8,533 Total marketable securities, noncurrent $ 8,553 $ — $ (20 ) $ 8,533 As of December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 50,190 $ — $ (5 ) $ 50,185 Commercial paper 34,532 1 — 34,533 Corporate notes 39,956 13 (3 ) 39,966 Total marketable securities, current $ 124,678 $ 14 $ (8 ) $ 124,684 Corporate notes $ 11,692 $ 4 $ — $ 11,696 Total marketable securities, noncurrent $ 11,692 $ 4 $ — $ 11,696 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Options Activity under 2018 Plan and 2015 Equity Incentive Plan | Stock option activity under the 2018 Plan and 2015 Equity Incentive Plan is summarized as follows (in thousands, except share and per share data). Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 6,830,442 $ 17.49 8.32 $ 373,514 Forfeited or canceled (65,972 ) $ 20.55 Exercised (39,297 ) $ 4.21 Outstanding at March 31, 2020 6,725,173 $ 17.96 8.50 $ 227,347 |
Summary of Restricted Shares | Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows (in thousands, except shares and per share data): Number of Restricted Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2019 160,747 $ 60.81 Vested (1,847 ) $ 1.04 Canceled (4,000 ) $ 73.51 Unvested at March 31, 2020 154,900 $ 61.19 |
Summary of Stock-based Compensation Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss | Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 3,448 $ 706 General and administrative 2,634 451 Total stock-based compensation $ 6,082 $ 1,157 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share | The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive: As of March 31, 2020 2019 Outstanding stock options 6,725,173 5,055,267 Unvested restricted shares 154,900 25,253 Total 6,880,073 5,080,520 |
The Company - Additional Inform
The Company - Additional Information (Details) $ in Millions | Mar. 31, 2020USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Cash and cash equivalents and marketable securities | $ 430.4 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Dec. 01, 2019 | Mar. 31, 2020 | Feb. 04, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies [Line Items] | ||||
Allowance for credit losses for available-for-sale debt securities | $ 0 | $ 0 | ||
ASU 2016-13 | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Allowance for credit losses for available-for-sale debt securities | $ 0 | |||
Baker Bros. Advisors LP | Funding Agreement | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Capped percentage of royalty on future net sales | 4.50% | |||
Amount under funding agreement | $ 225,000,000 | $ 100,000,000 | ||
Baker Bros. Advisors LP | Minimum | Funding Agreement | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Ownership percentage threshold | 5.00% |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accrued research and development | $ 7,194 | $ 4,894 |
Accrued salaries and benefits | 1,266 | 3,108 |
Accrued legal fees | 190 | 302 |
Accrued professional fees | 29 | 195 |
Accrued other liabilities | 201 | 159 |
Total accrued and other current liabilities | $ 8,880 | $ 8,658 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 347,112 | $ 347,643 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 143,175 | 155,276 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 80,727 | 50,185 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,987 | |
Marketable securities | 74,959 | 34,533 |
Corporate Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 48,251 | 51,662 |
Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 50,000 | |
Quoted Price in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 143,175 | 205,276 |
Quoted Price in Active Markets (Level 1) | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 143,175 | 155,276 |
Quoted Price in Active Markets (Level 1) | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Quoted Price in Active Markets (Level 1) | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Quoted Price in Active Markets (Level 1) | Corporate Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Quoted Price in Active Markets (Level 1) | Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 50,000 | |
Significant Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 203,937 | 142,367 |
Significant Observable Inputs (Level 2) | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Significant Observable Inputs (Level 2) | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 80,727 | 50,185 |
Significant Observable Inputs (Level 2) | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,987 | |
Marketable securities | 74,959 | 34,533 |
Significant Observable Inputs (Level 2) | Corporate Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 48,251 | 51,662 |
Significant Observable Inputs (Level 2) | Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | 0 |
Significant Unobservable Inputs (Level 3) | Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities Held (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Amortized Cost, current | $ 194,895 | $ 124,678 |
Unrealized Gains, current | 567 | 14 |
Unrealized Losses, current | (58) | (8) |
Fair Value, current | 195,404 | 124,684 |
Amortized Cost, noncurrent | 8,553 | 11,692 |
Unrealized Gains, noncurrent | 4 | |
Unrealized Losses, noncurrent | (20) | |
Fair Value, noncurrent | 8,533 | 11,696 |
U.S. Treasury Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost, current | 80,161 | 50,190 |
Unrealized Gains, current | 566 | |
Unrealized Losses, current | (5) | |
Fair Value, current | 80,727 | 50,185 |
Commercial Paper | ||
Marketable Securities [Line Items] | ||
Amortized Cost, current | 74,958 | 34,532 |
Unrealized Gains, current | 1 | 1 |
Fair Value, current | 74,959 | 34,533 |
Corporate Notes | ||
Marketable Securities [Line Items] | ||
Amortized Cost, current | 39,776 | 39,956 |
Unrealized Gains, current | 13 | |
Unrealized Losses, current | (58) | (3) |
Fair Value, current | 39,718 | 39,966 |
Amortized Cost, noncurrent | 8,553 | 11,692 |
Unrealized Gains, noncurrent | 4 | |
Unrealized Losses, noncurrent | (20) | |
Fair Value, noncurrent | $ 8,533 | $ 11,696 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Marketable Securities [Line Items] | |||
Realized gains or losses recognized on sale or maturity of available-for-sale debt securities | $ 0 | $ 0 | |
Allowance for credit losses for available-for-sale debt securities | 0 | $ 0 | |
Impairment charges or recoveries related to marketable securities | $ 0 | $ 0 | |
Maximum | |||
Marketable Securities [Line Items] | |||
Marketable securities, contractual maturities | 18 months | 18 months |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Lonza - Service Agreements - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Cancelable and/ or non-cancelable purchase obligations, total | $ 29,800,000 | $ 4,700,000 | |
Unrecorded unconditional purchase obligation, expenses recognized | 4,100,000 | $ 1,000,000 | |
Unrecorded unconditional purchase obligation, cancellation fees | $ 0 |
Liability Related to Sale of _2
Liability Related to Sale of Future Royalties - Additional Information (Details) - USD ($) $ in Thousands | Dec. 01, 2019 | Mar. 31, 2020 | Feb. 29, 2020 | Feb. 04, 2020 |
Related Party Transaction [Line Items] | ||||
Liability related to sale of future royalties | $ 99,850 | |||
Baker Bros. Advisors LP | Funding Agreement | ||||
Related Party Transaction [Line Items] | ||||
Capped percentage of royalty on future net sales | 4.50% | |||
Amount under funding agreement | $ 225,000 | $ 100,000 | ||
Percentage of repurchase of royalties | 100.00% | |||
Funds to be payable upon enrollment of patients | $ 125,000 | |||
Percentage of patients to be enrolled | 50.00% | |||
Liability related to sale of future royalties | $ 100,000 | |||
Baker Bros. Advisors LP | Minimum | Funding Agreement | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage threshold | 5.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 6,082,000 | $ 1,157,000 | |||
Unrecognized stock-based compensation expense | $ 70,700,000 | ||||
Unrecognized stock-based compensation weighted-average period expected for recognition | 2 years 11 months 15 days | ||||
Performance-based Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options, granted | 170,150 | ||||
Performance-based Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock units, granted | 128,900 | ||||
Performance Based Equity Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 months | ||||
Awards vested | 0 | ||||
Stock-based compensation expense recognized | $ 1,800,000 | $ 0 | |||
2018 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of common stock available for issuance increased | 1,800,000 | 1,500,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Activity Under 2018 Plan and 2015 Equity Incentive Plan (Details) - 2018 Plan and 2015 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Number of Options | ||
Beginning balance | 6,830,442 | |
Forfeited or canceled | (65,972) | |
Exercised | (39,297) | |
Ending balance | 6,725,173 | 6,830,442 |
Weighted Average Exercise Price | ||
Beginning balance | $ 17.49 | |
Forfeited or canceled | 20.55 | |
Exercised | 4.21 | |
Ending balance | $ 17.96 | $ 17.49 |
Weighted Average Remaining Contractual Term (in years) | ||
Weighted Average Remaining Contractual Term (in years) | 8 years 6 months | 8 years 3 months 25 days |
Aggregate Intrinsic Value | ||
Beginning balance | $ 373,514 | |
Ending balance | $ 227,347 | $ 373,514 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Shares (Details) - Restricted Shares | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Restricted Shares | |
Unvested, beginning balance | shares | 160,747 |
Vested | shares | (1,847) |
Canceled | shares | (4,000) |
Unvested, ending balance | shares | 154,900 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning balance | $ / shares | $ 60.81 |
Vested | $ / shares | 1.04 |
Canceled | $ / shares | 73.51 |
Unvested, ending balance | $ / shares | $ 61.19 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-based Compensation Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 6,082 | $ 1,157 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 3,448 | 706 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 2,634 | $ 451 |
Net Loss per Common Share - Sum
Net Loss per Common Share - Summary of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per common share | 6,880,073 | 5,080,520 |
Outstanding Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per common share | 6,725,173 | 5,055,267 |
Unvested Restricted Shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per common share | 154,900 | 25,253 |