Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GRAY | |
Entity Registrant Name | GRAYBUG VISION, INC. | |
Entity Central Index Key | 0001534133 | |
Entity Current Reporting Status | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 20,979,265 | |
Entity File Number | 001-39538 | |
Entity Tax Identification Number | 45-2120079 | |
Entity Address, Address Line One | 275 Shoreline Drive | |
Entity Address, Address Line Two | Suite 450 | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94065 | |
City Area Code | 650 | |
Local Phone Number | 487-2800 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 94,968 | $ 15,870 |
Short-term investments | 20,086 | |
Prepaid expenses and other current assets | 138 | 315 |
Total current assets | 95,106 | 36,271 |
Property and equipment, net | 1,788 | 1,975 |
Prepaid expenses and other non-current assets | 1,491 | 2,414 |
Total assets | 98,385 | 40,660 |
Current liabilities: | ||
Accounts payable | 4,562 | 4,636 |
Accrued research and development | 1,023 | 2,333 |
Other current liabilities | 2,156 | 3,124 |
Preferred stock tranche obligation | 2,158 | |
Total current liabilities | 7,741 | 12,251 |
Deferred rent, long term portion | 10 | |
Total liabilities | 7,751 | 12,251 |
Commitments and contingencies (Note 6) | ||
Convertible preferred stock | 131,363 | |
Stockholders’ Equity (Deficit): | ||
Common stock | 2 | |
Additional paid-in capital | 214,847 | 2,879 |
Accumulated deficit | (124,215) | (105,836) |
Accumulated other comprehensive income | 3 | |
Total stockholders’ equity (deficit) | 90,634 | (102,954) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ 98,385 | $ 40,660 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 4,757 | $ 8,403 | $ 15,474 | $ 22,570 |
General and administrative | 2,064 | 1,962 | 5,183 | 4,404 |
Total operating expenses | 6,821 | 10,365 | 20,657 | 26,974 |
Loss from operations | (6,821) | (10,365) | (20,657) | (26,974) |
Interest income | 3 | 160 | 120 | 211 |
Change in fair value of preferred stock tranche obligation | 2,102 | 2,158 | ||
Net loss | (4,716) | (10,205) | (18,379) | (26,763) |
Cumulative dividends on convertible preferred stock | (2,396) | (2,048) | (7,189) | (4,633) |
Net loss attributable to common stockholders | $ (7,112) | $ (12,253) | $ (25,568) | $ (31,396) |
Net loss per common share—basic and diluted | $ (2.52) | $ (9.30) | $ (13.74) | $ (24.10) |
Weighted-average number of shares outstanding used in computing net loss per common share—basic and diluted | 2,818,349 | 1,317,497 | 1,861,229 | 1,302,687 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Net loss | $ (4,716) | $ (10,205) | $ (18,379) | $ (26,763) |
Unrealized gain (loss) on available-for-sale securities, net of tax | 7 | (3) | 7 | |
Comprehensive loss | $ (4,716) | $ (10,198) | $ (18,382) | $ (26,756) |
Condensed Statements of Convert
Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Initial Public Offering | Common Stock | Common StockInitial Public Offering | Additional Paid-In Capital | Additional Paid-In CapitalInitial Public Offering | Accumulated Deficit | Accumulated Other Comprehensive Income | Convertible Preferred Stock | Convertible Preferred StockInitial Public Offering |
Temporary Equity, Beginning Balance at Dec. 31, 2018 | $ 78,811 | |||||||||
Temporary Equity, Beginning Balance, Shares at Dec. 31, 2018 | 80,377,096 | |||||||||
Beginning Balance at Dec. 31, 2018 | $ (66,792) | $ 2,007 | $ (68,799) | |||||||
Beginning Balance, Shares at Dec. 31, 2018 | 1,292,858 | |||||||||
Stock issued on exercise of stock options | 9 | 9 | ||||||||
Stock issued on exercise of stock options, Shares | 3,787 | |||||||||
Stock-based compensation expense | 156 | 156 | ||||||||
Net loss | (6,295) | (6,295) | ||||||||
Temporary Equity, Ending Balance at Mar. 31, 2019 | $ 78,811 | |||||||||
Temporary Equity, Ending Balance, Shares at Mar. 31, 2019 | 80,377,096 | |||||||||
Ending Balance at Mar. 31, 2019 | (72,922) | 2,172 | (75,094) | |||||||
Ending Balance, Shares at Mar. 31, 2019 | 1,296,645 | |||||||||
Temporary Equity, Beginning Balance at Dec. 31, 2018 | $ 78,811 | |||||||||
Temporary Equity, Beginning Balance, Shares at Dec. 31, 2018 | 80,377,096 | |||||||||
Beginning Balance at Dec. 31, 2018 | (66,792) | 2,007 | (68,799) | |||||||
Beginning Balance, Shares at Dec. 31, 2018 | 1,292,858 | |||||||||
Net loss | (26,763) | |||||||||
Changes in unrealized gains on available-for-sale securities, net of income tax | 7 | |||||||||
Temporary Equity, Ending Balance at Sep. 30, 2019 | $ 131,363 | |||||||||
Temporary Equity, Ending Balance, Shares at Sep. 30, 2019 | 117,809,883 | |||||||||
Ending Balance at Sep. 30, 2019 | (92,869) | 2,686 | (95,562) | $ 7 | ||||||
Ending Balance, Shares at Sep. 30, 2019 | 1,369,858 | |||||||||
Temporary Equity, Beginning Balance at Mar. 31, 2019 | $ 78,811 | |||||||||
Temporary Equity, Beginning Balance, Shares at Mar. 31, 2019 | 80,377,096 | |||||||||
Beginning Balance at Mar. 31, 2019 | (72,922) | 2,172 | (75,094) | |||||||
Beginning Balance, Shares at Mar. 31, 2019 | 1,296,645 | |||||||||
Stock-based compensation expense | 142 | 142 | ||||||||
Net loss | (10,263) | (10,263) | ||||||||
Temporary Equity, Ending Balance at Jun. 30, 2019 | $ 78,811 | |||||||||
Temporary Equity, Ending Balance, Shares at Jun. 30, 2019 | 80,377,096 | |||||||||
Ending Balance at Jun. 30, 2019 | (83,043) | 2,314 | (85,357) | |||||||
Ending Balance, Shares at Jun. 30, 2019 | 1,296,645 | |||||||||
Issuance of convertible preferred stock, net of issuance costs and discount on allocation of proceeds to preferred stock tranche obligation | $ 52,552 | |||||||||
Issuance of convertible preferred stock, net of issuance costs and discount on allocation of proceeds to preferred stock tranche obligation, Shares | 37,432,787 | |||||||||
Stock issued on exercise of stock options | 122 | 122 | ||||||||
Stock issued on exercise of stock options, Shares | 73,213 | |||||||||
Stock-based compensation expense | 250 | 250 | ||||||||
Net loss | (10,205) | (10,205) | ||||||||
Changes in unrealized gains on available-for-sale securities, net of income tax | 7 | 7 | ||||||||
Temporary Equity, Ending Balance at Sep. 30, 2019 | $ 131,363 | |||||||||
Temporary Equity, Ending Balance, Shares at Sep. 30, 2019 | 117,809,883 | |||||||||
Ending Balance at Sep. 30, 2019 | (92,869) | 2,686 | (95,562) | 7 | ||||||
Ending Balance, Shares at Sep. 30, 2019 | 1,369,858 | |||||||||
Temporary Equity, Beginning Balance at Dec. 31, 2019 | $ 131,363 | $ 131,363 | ||||||||
Temporary Equity, Beginning Balance, Shares at Dec. 31, 2019 | 117,809,883 | 117,809,883 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ (102,954) | 2,879 | (105,836) | 3 | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 1,371,467 | |||||||||
Stock issued on exercise of stock options | 11 | 11 | ||||||||
Stock issued on exercise of stock options, Shares | 5,446 | |||||||||
Stock-based compensation expense | 226 | 226 | ||||||||
Net loss | (7,794) | (7,794) | ||||||||
Changes in unrealized gains on available-for-sale securities, net of income tax | (3) | (3) | ||||||||
Temporary Equity, Ending Balance at Mar. 31, 2020 | $ 131,363 | |||||||||
Temporary Equity, Ending Balance, Shares at Mar. 31, 2020 | 117,809,883 | |||||||||
Ending Balance at Mar. 31, 2020 | (110,514) | 3,116 | (113,630) | |||||||
Ending Balance, Shares at Mar. 31, 2020 | 1,376,913 | |||||||||
Temporary Equity, Beginning Balance at Dec. 31, 2019 | $ 131,363 | $ 131,363 | ||||||||
Temporary Equity, Beginning Balance, Shares at Dec. 31, 2019 | 117,809,883 | 117,809,883 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ (102,954) | 2,879 | (105,836) | $ 3 | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 1,371,467 | |||||||||
Net loss | (18,379) | |||||||||
Changes in unrealized gains on available-for-sale securities, net of income tax | $ (3) | |||||||||
Temporary Equity, Ending Balance, Shares at Sep. 30, 2020 | 0 | |||||||||
Ending Balance at Sep. 30, 2020 | $ 90,634 | $ 2 | 214,847 | (124,215) | ||||||
Ending Balance, Shares at Sep. 30, 2020 | 20,135,515 | |||||||||
Temporary Equity, Beginning Balance at Mar. 31, 2020 | $ 131,363 | |||||||||
Temporary Equity, Beginning Balance, Shares at Mar. 31, 2020 | 117,809,883 | |||||||||
Beginning Balance at Mar. 31, 2020 | (110,514) | 3,116 | (113,630) | |||||||
Beginning Balance, Shares at Mar. 31, 2020 | 1,376,913 | |||||||||
Stock issued on exercise of stock options | 12 | 12 | ||||||||
Stock issued on exercise of stock options, Shares | 5,287 | |||||||||
Stock-based compensation expense | 214 | 214 | ||||||||
Net loss | (5,869) | (5,869) | ||||||||
Temporary Equity, Ending Balance at Jun. 30, 2020 | $ 131,363 | |||||||||
Temporary Equity, Ending Balance, Shares at Jun. 30, 2020 | 117,809,883 | |||||||||
Ending Balance at Jun. 30, 2020 | (116,157) | 3,342 | (119,499) | |||||||
Ending Balance, Shares at Jun. 30, 2020 | 1,382,200 | |||||||||
Issuance of common stock upon the initial public offering, net | $ 79,529 | $ 1 | $ 79,528 | |||||||
Issuance of common stock upon initial public offering, net of issuance costs, Shares | 5,625,000 | |||||||||
Temporary Equity, Conversion of convertible preferred stock into common stock upon initial public offering | $ (131,363) | |||||||||
Temporary Equity, Conversion of convertible preferred stock into common stock upon initial public offering, Shares | (117,809,883) | |||||||||
Conversion of convertible preferred stock into common stock upon the initial public offering | $ 131,363 | $ 1 | $ 131,362 | |||||||
Conversion of convertible preferred stock into common stock upon the initial public offering, Shares | 13,085,913 | |||||||||
Stock issued on exercise of stock options | 54 | 54 | ||||||||
Stock issued on exercise of stock options, Shares | 42,402 | |||||||||
Stock-based compensation expense | 561 | 561 | ||||||||
Net loss | $ (4,716) | (4,716) | ||||||||
Temporary Equity, Ending Balance, Shares at Sep. 30, 2020 | 0 | |||||||||
Ending Balance at Sep. 30, 2020 | $ 90,634 | $ 2 | $ 214,847 | $ (124,215) | ||||||
Ending Balance, Shares at Sep. 30, 2020 | 20,135,515 |
Condensed Statements of Conve_2
Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Series C Convertible Preferred Stock | |
Offering and Issuance costs | $ 217 |
Discount on allocation of proceeds to preferred stock tranche obligation | $ 2,230 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net loss | $ (18,379) | $ (26,763) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,001 | 548 |
Depreciation | 284 | 219 |
Change in fair value of preferred stock tranche obligation | (2,158) | |
Accretion of premium and discounts on short-term investments | (17) | (25) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current and noncurrent assets | 227 | 1,505 |
Accounts payable | (1,204) | 2,581 |
Accrued research and development | (1,310) | (20) |
Other current liabilities | (747) | 613 |
Deferred rent, long term portion | 10 | |
Net cash used in operating activities | (22,293) | (21,342) |
Investing activities: | ||
Purchases of property and equipment | (197) | (457) |
Purchases of short-term investments | (18,969) | |
Maturity of short-term investments | 20,100 | |
Net cash provided by (used in) investing activities | 19,903 | (19,426) |
Financing activities: | ||
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | 83,700 | |
Proceeds from issuance of convertible preferred stock, net of issuance costs | 54,787 | |
Proceeds from exercise of stock options | 77 | 131 |
Payment of offering costs | (2,289) | |
Net cash provided by financing activities | 81,488 | 54,918 |
Net increase in cash and cash equivalents | 79,098 | 14,150 |
Cash and cash equivalents at beginning of period | 15,870 | 12,834 |
Cash and cash equivalents at end of period | 94,968 | 26,984 |
Supplemental disclosure of noncash items: | ||
Deferred offering costs included in accounts payable and other current liabilities | 1,837 | 13 |
Conversion of convertible preferred stock into common stock upon initial public offering | 131,363 | |
Property and equipment purchases included in accounts payable | $ 60 | $ 6 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Graybug Vision, Inc., the Company or Graybug, is a clinical stage biopharmaceutical company developing medicines for the treatment of diseases of the retina and optic nerve. The Company presently devotes substantially all of its resources to conducting research and development and raising capital. The Company was founded in May 2011 and maintains facilities in Redwood City, California and Baltimore, Maryland. The Company is subject to risks common to clinical stage companies in the biopharmaceutical industry, including dependence on the clinical success of its product candidates, ability to obtain regulatory approvals of its product candidates, compliance with regulatory requirements, the need for substantial additional financing and protection of its proprietary technology. Initial Public Offering On September 24 79.5 Reverse Stock Split On September 18, 2020, the Company effected a 9.0058:1 reverse stock split of its issued and outstanding common stock. Upon the effectiveness of the reverse stock split, (i) all shares of outstanding common stock were adjusted; (ii) the conversion prices of the convertible preferred stock were adjusted; (iii) the number of shares of common stock for which each outstanding option and warrant to purchase common stock is exercisable were adjusted; and (iv) the exercise price of each outstanding option and warrant to purchase common stock was adjusted. All of the outstanding common stock share numbers (including shares of common stock subject to the Company’s options, warrants and as converted for the outstanding convertible preferred stock), share prices, exercise prices and per share amounts contained in the condensed financial statements have been retroactively adjusted in the condensed financial statements to reflect this reverse stock split for all periods presented. The par value per share and the authorized number of shares of common stock were not adjusted as a result of the reverse stock split. Going Concern Considerations The Company incurred losses from operations and had negative cash flows from operating activities for the three and nine months ended September 30, 2020 and 2019, and the Company’s accumulated deficit at September 30, 2020 is $124.2 million. Prior to the IPO, the Company historically funded its operations through the issuance of shares of its convertible preferred stock. As of April 21, 2020, the issuance date of the Company’s audited financial statements for the year ended December 31, 2019, the Company concluded that there was substantial doubt about its ability to continue as a going concern for one year after the date that those financial statements were issued. Subsequent to the issuance of those financial statements, the Company received proceeds of $79.5 million, net of the underwriters’ discounts, from the IPO in September 2020. Additionally, in October 2020 the Company received additional proceeds of $12.6 million from the underwriters’ exercise of their option to purchase additional shares of the Company’s common stock (see Note 11). Accordingly, as of the issuance date of these unaudited condensed financial statements, the Company expects its cash and cash equivalents of $95.0 million as of September 30, 2020, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months beyond the date of issuance of these unaudited condensed financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations. The Company may seek to raise additional funds in order to further advance its research and development programs, operate its business and meet its obligations as they come due. The Company is pursuing financing alternatives, similar to what the Company has previously executed, which include equity financing. However, financing may not be available to the Company in the necessary time frame, in the amounts that the Company requires, on terms that are acceptable to the Company, or at all. If the Company is unable to raise the necessary funds when needed or reduce spending on currently planned activities, it may not be able to continue the development of its products or the Company could be required to delay, scale back, or eliminate some or all of its research and development programs and other operations and will materially harm its business, financial position and results of operations. Coronavirus Outbreak In March 2020 the World Health Organization declared the global novel coronavirus disease 2019, or COVID-19, outbreak a pandemic. As of September 30, 2020, the Company’s operations have not been significantly impacted by the COVID-19 outbreak. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition and operations, including ongoing and planned clinical trials. The impact of the COVID-19 outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak and related governmental advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be materially adversely affected. In March 2020, the Families First Coronavirus Response Act, or FFCR Act, and the Coronavirus Aid, Relief and Economic Security Act, or CARES Act, were signed into law in response to the COVID-19 pandemic. The FFCR Act and CARES Act include provisions related to refundable payroll tax credits, deferment of employer side social security payments, and retroactively and temporarily (for taxable years beginning before January 1, 2021) suspending the application of the 80%-of-income limitation on the use of net operating losses, which was enacted as part of the Tax Cuts and Jobs Act of 2017. The CARES Act also provides that net operating losses arising in any taxable year beginning after December 31, 2017, and before January 1, 2021 are generally eligible to be carried back up to five years. In June 2020, Assembly Bill 85, or A.B. 85, was signed into California law. A.B. 85 provides for a three-year suspension of the use of net operating losses for medium and large businesses and a three-year cap on the use of business incentive tax credits to offset no more than $5.0 million of tax per year. A.B. 85 suspends the use of net operating losses for taxable years 2020, 2021 and 2022 for certain taxpayers with taxable income of $1.0 million or more. The carryover period for any net operating losses that are suspended under this provision will be extended. A.B. 85 also requires that business incentive tax credits including carryovers may not reduce the applicable tax by more than $5.0 million for taxable years 2020, 2021 and 2022. The enactment of the FFCR Act, CARES Act and A.B. 85 did not result in any material adjustments to the Company’s income tax provision for the nine months ended September 30, 2020 or to the Company’s net deferred tax assets as of September 30, 2020. Given the Company’s history of losses, the Company does not expect the provisions of the FFCR Act, CARES Act and A.B. 85 to have a material impact on the Company’s annual effective tax rate or condensed financial statements in 2020; however, the Company will continue to evaluate the impact of tax legislation and will update its disclosures as additional information and interpretive guidance becomes available. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Other than with respect to the adoption of ASU 2018-13 discussed below, there have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s audited financial statements and related footnotes included in the Registration Statement on Form S-1 (File No. 333-248611), as amended, and related Prospectus filed with the SEC on September 25, 2020, or the Prospectus. In August 2018, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2018-13, Fair Value Measurement In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions and amends certain requirements in the existing income tax guidance to ease accounting requirements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 and must be applied on a retrospective basis. The Company is currently evaluating the impact of this new guidance on its financial statements and disclosures. Basis of Presentation The accompanying unaudited condensed financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the SEC and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The condensed balance sheet at December 31, 2019 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Prospectus. Related Party Transactions In August 2019, the Company engaged a consulting firm managed by the then acting chief financial officer of the Company for professional services related to accounting, finance and other administrative functions. For the three months ended September 30, 2020 and 2019, the costs incurred under this arrangement totaled $212,000 and $82,000 and for the nine months ended September 30, 2020 and 2019, the costs totaled $657,000 and $82,000, respectively. These costs were recorded as general and administrative expense in the accompanying condensed statements of operations. As of September 30, 2020, amounts owed under this arrangement totaled $56,000 and are included in accounts payable in the accompanying condensed balance sheet. As of December 31, 2019 and September 30, 2020, amounts owed under this arrangement totaled $104,000 and $56,000, respectively, and are included in accounts payable in the accompanying condensed balance sheets. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2020 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 94,355 $ — $ — $ 94,355 Total assets measured at fair value $ 94,355 $ — $ — $ 94,355 December 31, 2019 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 12,859 $ — $ — $ 12,859 Corporate debt securities — 500 — 500 Total cash equivalents 12,859 500 — 13,359 Short-term investments: Government agency bonds — 2,750 — 2,750 Corporate debt securities — 11,349 — 11,349 Commercial paper — 5,987 — 5,987 Total short-term investments — 20,086 — 20,086 Total assets measured at fair value $ 12,859 $ 20,586 $ — $ 33,445 Current liabilities: Preferred stock tranche obligation $ — $ — $ 2,158 $ 2,158 Total liabilities measured at fair value $ — $ — $ 2,158 $ 2,158 The following tables present information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands): September 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 94,355 $ — $ — $ 94,355 Total assets measured at fair value $ 94,355 $ — $ — $ 94,355 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 12,859 $ — $ — $ 12,859 Corporate debt securities 500 — — 500 Total cash equivalents 13,359 — — 13,359 Short-term investments: Government agency bonds 2,750 — — 2,750 Corporate debt securities 11,348 2 (1 ) 11,349 Commercial paper 5,985 2 — 5,987 Total short-term investments 20,083 4 (1 ) 20,086 Total assets measured at fair value $ 33,442 $ 4 $ (1 ) $ 33,445 Money market funds are highly liquid investments which are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. The fair value of short-term investments is determined from market pricing and other observable market inputs for similar securities obtained from various third-party data providers. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs. This approach results in the classification of these securities as Level 2 of the fair value hierarchy. In connection with the Company’s convertible preferred stock financing in July 2019, certain investors were granted an option to purchase additional shares contingent upon delivery to them of certain clinical trial results (see Note 7). In September 2020, the Board and these investors amended the stock purchase agreement such that the option to purchase additional shares would no longer be exercisable and would expire upon the effectiveness of the Company’s Prospectus. As a result, the Preferred Stock Tranche Obligation was remeasured as of the date of the amendment and adjusted to its fair value at that time which was deemed to be immaterial. The Preferred Stock Tranche Obligation was measured at fair value at each reporting period until its expiration on September 24, 2020 using an option pricing valuation methodology. Due to the low probability of the Preferred Stock Tranche Obligation being settled, the fair value immediately prior to the IPO was immaterial. The fair value of the Preferred Stock Tranche Obligation includes inputs not observable in the market and thus represents a Level 3 measurement. The option methodology utilized requires inputs based on certain subjective assumptions, including (a) expected stock price volatility, (b) calculation of an expected term, (c) a risk-free interest rate, and (d) expected dividends. This approach results in the classification of this security as Level 3 of the fair value hierarchy. The assumptions utilized to value the preferred stock tranche obligation as of December 31, 2019 were (a) expected stock price volatility of 30%; (b) expected term of 0.7 years: (c) a risk-free interest rate of 1.6%; and (d) an expectation of no dividends. The change in the fair value for the three-month and nine-month periods ended September 30, 2020 was $2.1 million and $2.2 million, respectively. The following table provides a reconciliation of Level 3 liabilities measured at fair value on a recurring basis using significant unobservable inputs (in thousands): Amount Fair value as of January 1, 2020 $ 2,158 Change in fair value and expiration of the preferred stock tranche obligation (2,158 ) Balance as of September 30, 2020 $ — There were no transfers between Levels 1, 2 or 3 for the periods presented. |
Prepaid Expenses and Other Non-
Prepaid Expenses and Other Non-Current Assets | 9 Months Ended |
Sep. 30, 2020 | |
Prepaid Expense And Other Assets Noncurrent [Abstract] | |
Prepaid Expenses and Other Non-current Assets | 4. Prepaid Expenses and Other Non-current Assets Prepaid expenses and other non-current assets consisted of the following (in thousands): September 30, 2020 December 31, 2019 Prepaid clinical and research expenses $ 1,462 $ 1,462 Deferred offering costs — 894 Deposits 29 58 Total prepaid expenses and other non-current assets $ 1,491 $ 2,414 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Other Liabilities Current [Abstract] | |
Other Current Liabilities | 5. Other Current Liabilities Other current liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Salaries and benefits $ 1,562 $ 2,044 Deferred rent 35 — Other 559 1,080 Total other current liabilities $ 2,156 $ 3,124 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Operating Lease Agreements The Company leases a facility in Redwood City, California under an operating lease with a term through August 2021 and in Baltimore, Maryland under an operating lease with a term through June 2023. Rent expense for the three months ended September 30, 2020 and 2019 was $192,000 and $176,000, respectively. Rent expense for the nine months ended September 30, 2020 and 2019 was $544,000 and $520,000, respectively. Future minimum lease payments under the Company’s non–cancelable operating leases as of September 30, 2020 were as follows (in thousands): Year ended December 31: 2020 (remaining three months) $ 196 2021 660 2022 405 2023 205 Total future minimum lease payments $ 1,466 Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of September 30, 2020, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. |
Convertible Preferred Stock and
Convertible Preferred Stock and Stockholders’ Equity (Deficit) | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock and Stockholders’ Equity (Deficit) | 7. Convertible Preferred Stock and Stockholders’ Equity (Deficit) The following table summarizes outstanding Convertible Preferred Stock as of December 31, 2019 (in thousands, except share amounts): Shares Authorized Shares Outstanding Net Carrying Value Liquidation Preference Series A 2,280,000 2,280,000 $ 2,280 $ 2,280 Series A-2 2,018,561 2,018,561 1,605 1,740 Series B 76,078,535 76,078,535 74,926 87,729 Series C 61,773,000 37,432,787 52,552 56,843 Total 142,150,096 117,809,883 $ 131,363 $ 148,592 In July 2019, the Company authorized the sale of up to 61,773,000 shares of its Series C Convertible Preferred Stock, or Series C, at a price of $1.4693 per share, or Series C Financing. In July and August 2019, the Company issued 37,432,787 shares of Series C for aggregate gross proceeds of $55.0 million. In connection with this financing, certain purchasers of the Series C had the option to purchase up to an additional 17,014,902 shares of Series C at a price per share of $1.4693 for a period of up to 30 days after the Company notified them of the three-month readout from the Phase 2a clinical trial of GB-102 in patients with macular edema secondary to diabetic macular edema and retinal vein occlusion, or the Preferred Stock Tranche Obligation. The Company concluded that the Preferred Stock Tranche Obligation met the definition of a freestanding financial instrument, as the rights were legally detachable and separately exercisable from the Series C. Therefore, the Company allocated the proceeds received from the issuance of shares under the Series C Preferred Stock Purchase Agreement between the Preferred Stock Tranche Obligation and the Series C. The fair value of the Preferred Stock Tranche Obligation of $2.2 million on issuance was allocated from the $55.0 million proceeds of the Series C Financing and is classified as a current liability on the balance sheet as of December 31, 2019 as the Series C would become redeemable upon a deemed liquidation event, the occurrence of which was not within the Company’s control. In September 2020, the board of directors and the Series C investors amended the Series C stock purchase agreement such that the Preferred Stock Tranche Obligation was no longer exercisable and expired upon the effectiveness of the Prospectus. As a result, the liability for the Preferred Stock Tranche Obligation was permanently eliminated as of September 30, 2020. Prior to the completion of the IPO on September 24, 2020, all of the outstanding shares of Convertible Preferred Stock automatically converted into 13,085,913 shares of common stock. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation 2020 Equity Incentive Plan In August 2020, the Company’s board of directors and stockholders adopted the Company’s 2020 Equity Incentive Plan, or the 2020 Plan, that became effective in connection with the IPO , and serves as the successor to the Company’s 2015 Stock Incentive Plan, or the 2015 Plan. The Company’s 2020 Plan authorizes the award of stock options, restricted stock awards, or RSAs, stock appreciation rights, or SARs, restricted stock units, or RSUs, performance awards and stock bonus awards. The Company plus any reserved not issued or subject to outstanding grants of the 2020 Plan, for issuance pursuant to awards granted under the 2020 Plan. The aggregate number of shares reserved for sale under the 2020 Plan will increase automatically on each January 1st of 2021 through 2030 by the number of shares equal to the lesser of 5% of the aggregate number of outstanding shares of the Company’s common stock as of the immediately preceding December 31, or a number as may be determined by the Company’s board of directors In conjunction with adopting the 2020 Plan, the Company may not grant any additional stock-based awards under the 2015 Plan, and any shares available for issuance under the 2015 Plan were added to the shares reserved under the 2020 Plan. The 2015 Plan will continue to govern outstanding stock-based awards granted thereunder. As of September 30, 2020, there were 1,826,374 shares available for issuance under the 2020 Plan. 2020 Employee Stock Purchase Plan In August 2020 the Company’s board of directors and stockholders adopted the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, that became effective in connection with the IPO Stock-Based Compensation Expense Stock-based compensation expense recognized for options granted was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 105 $ 46 $ 245 $ 146 General and administrative 456 204 756 402 Total stock-based compensation expense $ 561 $ 250 $ 1,001 $ 548 As of September 30, 2020, the total unrecognized stock-based compensation expense related to outstanding unvested stock options that are expected to vest was $7.6 million, which the Company expects to recognize over an estimated weighted-average term of 3.3 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company did not record a provision or benefit for income taxes during the three and nine months ended September 30, 2020 and 2019. The Company continues to maintain a full valuation allowance against all of its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. The Company has considered its history of cumulative net losses incurred since inception and its lack of any commercially ready products. As of September 30, 2020, the Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 10. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per common share is calculated as follows (in thousands except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net loss $ (4,716 ) $ (10,205 ) $ (18,379 ) $ (26,763 ) Cumulative dividends on convertible preferred stock (2,396 ) (2,048 ) (7,189 ) (4,633 ) Net loss attributable to common stockholders $ (7,112 ) $ (12,253 ) $ (25,568 ) $ (31,396 ) Net loss per common share—basic and diluted $ (2.52 ) $ (9.30 ) $ (13.74 ) $ (24.10 ) Weighted-average number of shares used in computing net loss per common share—basic and diluted 2,818,349 1,317,497 1,861,229 1,302,687 The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: As of September 30, 2020 2019 Convertible preferred stock — 117,809,883 Stock options to purchase common stock 2,615,892 1,560,826 Warrants to purchase common stock 27,759 — Restricted stock awards 80,000 — Under the Series C Financing, up to 17,014,902 shares of convertible preferred stock could have been contingently issued upon achievement of certain development milestones. However, in September 2020, the board of directors and the Series C investors amended the Series C stock purchase agreement such that the Preferred Stock Tranche Obligation was no longer exercisable and expired upon the effectiveness of the Prospectus. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events Option to Purchase Additional Shares In connection with the IPO, the underwriters were granted an option, exercisable for 30 days after the date of the Prospectus, September 24, 2020, to purchase up to 843,750 additional shares of the Company’s common stock at the IPO price of $16.00. In connection with the full exercise of this option, in October the underwriters purchased all 843,750 additional shares, resulting in net proceeds to the Company of approximately $12.6 million, after deducting underwriting discounts and commissions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the SEC and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The condensed balance sheet at December 31, 2019 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Prospectus. |
Related Party Transactions | Related Party Transactions In August 2019, the Company engaged a consulting firm managed by the then acting chief financial officer of the Company for professional services related to accounting, finance and other administrative functions. For the three months ended September 30, 2020 and 2019, the costs incurred under this arrangement totaled $212,000 and $82,000 and for the nine months ended September 30, 2020 and 2019, the costs totaled $657,000 and $82,000, respectively. These costs were recorded as general and administrative expense in the accompanying condensed statements of operations. As of September 30, 2020, amounts owed under this arrangement totaled $56,000 and are included in accounts payable in the accompanying condensed balance sheet. As of December 31, 2019 and September 30, 2020, amounts owed under this arrangement totaled $104,000 and $56,000, respectively, and are included in accounts payable in the accompanying condensed balance sheets. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2020 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 94,355 $ — $ — $ 94,355 Total assets measured at fair value $ 94,355 $ — $ — $ 94,355 December 31, 2019 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 12,859 $ — $ — $ 12,859 Corporate debt securities — 500 — 500 Total cash equivalents 12,859 500 — 13,359 Short-term investments: Government agency bonds — 2,750 — 2,750 Corporate debt securities — 11,349 — 11,349 Commercial paper — 5,987 — 5,987 Total short-term investments — 20,086 — 20,086 Total assets measured at fair value $ 12,859 $ 20,586 $ — $ 33,445 Current liabilities: Preferred stock tranche obligation $ — $ — $ 2,158 $ 2,158 Total liabilities measured at fair value $ — $ — $ 2,158 $ 2,158 |
Summary of Company's Financial Assets Measured at Fair Value | The following tables present information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands): September 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 94,355 $ — $ — $ 94,355 Total assets measured at fair value $ 94,355 $ — $ — $ 94,355 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 12,859 $ — $ — $ 12,859 Corporate debt securities 500 — — 500 Total cash equivalents 13,359 — — 13,359 Short-term investments: Government agency bonds 2,750 — — 2,750 Corporate debt securities 11,348 2 (1 ) 11,349 Commercial paper 5,985 2 — 5,987 Total short-term investments 20,083 4 (1 ) 20,086 Total assets measured at fair value $ 33,442 $ 4 $ (1 ) $ 33,445 |
Summary of Reconciliation of Level 3 Liabilities Measured at Fair Value | The following table provides a reconciliation of Level 3 liabilities measured at fair value on a recurring basis using significant unobservable inputs (in thousands): Amount Fair value as of January 1, 2020 $ 2,158 Change in fair value and expiration of the preferred stock tranche obligation (2,158 ) Balance as of September 30, 2020 $ — |
Prepaid Expenses and Other No_2
Prepaid Expenses and Other Non-Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Prepaid Expense And Other Assets Noncurrent [Abstract] | |
Schedule of Prepaid Expenses and Other Non-current Assets | Prepaid expenses and other non-current assets consisted of the following (in thousands): September 30, 2020 December 31, 2019 Prepaid clinical and research expenses $ 1,462 $ 1,462 Deferred offering costs — 894 Deposits 29 58 Total prepaid expenses and other non-current assets $ 1,491 $ 2,414 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Liabilities Current [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Salaries and benefits $ 1,562 $ 2,044 Deferred rent 35 — Other 559 1,080 Total other current liabilities $ 2,156 $ 3,124 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under the Company’s non–cancelable operating leases as of September 30, 2020 were as follows (in thousands): Year ended December 31: 2020 (remaining three months) $ 196 2021 660 2022 405 2023 205 Total future minimum lease payments $ 1,466 |
Convertible Preferred Stock a_2
Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Outstanding Convertible Preferred Stock | The following table summarizes outstanding Convertible Preferred Stock as of December 31, 2019 (in thousands, except share amounts): Shares Authorized Shares Outstanding Net Carrying Value Liquidation Preference Series A 2,280,000 2,280,000 $ 2,280 $ 2,280 Series A-2 2,018,561 2,018,561 1,605 1,740 Series B 76,078,535 76,078,535 74,926 87,729 Series C 61,773,000 37,432,787 52,552 56,843 Total 142,150,096 117,809,883 $ 131,363 $ 148,592 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense Recognized for Options Granted | Stock-based compensation expense recognized for options granted was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 105 $ 46 $ 245 $ 146 General and administrative 456 204 756 402 Total stock-based compensation expense $ 561 $ 250 $ 1,001 $ 548 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Common Share | Basic and diluted net loss per common share is calculated as follows (in thousands except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net loss $ (4,716 ) $ (10,205 ) $ (18,379 ) $ (26,763 ) Cumulative dividends on convertible preferred stock (2,396 ) (2,048 ) (7,189 ) (4,633 ) Net loss attributable to common stockholders $ (7,112 ) $ (12,253 ) $ (25,568 ) $ (31,396 ) Net loss per common share—basic and diluted $ (2.52 ) $ (9.30 ) $ (13.74 ) $ (24.10 ) Weighted-average number of shares used in computing net loss per common share—basic and diluted 2,818,349 1,317,497 1,861,229 1,302,687 |
Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: As of September 30, 2020 2019 Convertible preferred stock — 117,809,883 Stock options to purchase common stock 2,615,892 1,560,826 Warrants to purchase common stock 27,759 — Restricted stock awards 80,000 — |
Organization - Additional Infor
Organization - Additional Information (Details) $ / shares in Units, $ in Thousands | Sep. 24, 2020USD ($)$ / sharesshares | Sep. 18, 2020 | Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020 | Sep. 30, 2020USD ($)shares | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Net proceeds from shares issued | $ 83,700 | |||||||
Reverse stock split | 0.111039552 | |||||||
Reverse stock split, description | On September 18, 2020, the Company effected a 9.0058:1 reverse stock split of its issued and outstanding common stock. Upon the effectiveness of the reverse stock split, (i) all shares of outstanding common stock were adjusted; (ii) the conversion prices of the convertible preferred stock were adjusted; (iii) the number of shares of common stock for which each outstanding option and warrant to purchase common stock is exercisable were adjusted; and (iv) the exercise price of each outstanding option and warrant to purchase common stock was adjusted. All of the outstanding common stock share numbers (including shares of common stock subject to the Company’s options, warrants and as converted for the outstanding convertible preferred stock), share prices, exercise prices and per share amounts contained in the condensed financial statements have been retroactively adjusted in the condensed financial statements to reflect this reverse stock split for all periods presented. The par value per share and the authorized number of shares of common stock were not adjusted as a result of the reverse stock split. | |||||||
Accumulated deficit | $ 124,215 | $ 124,215 | $ 124,215 | $ 105,836 | ||||
Substantial doubt about going concern, within one year | true | |||||||
Net proceeds from initial public offering | 79,500 | |||||||
Cash and cash equivalents | $ 94,968 | $ 94,968 | $ 94,968 | $ 15,870 | ||||
Tax Cuts and Jobs Act of 2017, percentage of income limitation on use of net operating losses | 80.00% | |||||||
Income taxes receivable, net operating loss term, CARES Act | 5 years | |||||||
Income taxes receivable, net operating loss, CARES Act Relief description | In March 2020, the Families First Coronavirus Response Act, or FFCR Act, and the Coronavirus Aid, Relief and Economic Security Act, or CARES Act, were signed into law in response to the COVID-19 pandemic. The FFCR Act and CARES Act include provisions related to refundable payroll tax credits, deferment of employer side social security payments, and retroactively and temporarily (for taxable years beginning before January 1, 2021) suspending the application of the 80%-of-income limitation on the use of net operating losses, which was enacted as part of the Tax Cuts and Jobs Act of 2017. The CARES Act also provides that net operating losses arising in any taxable year beginning after December 31, 2017, and before January 1, 2021 are generally eligible to be carried back up to five years. In June 2020, Assembly Bill 85, or A.B. 85, was signed into California law. A.B. 85 provides for a three-year suspension of the use of net operating losses for medium and large businesses and a three-year cap on the use of business incentive tax credits to offset no more than $5.0 million of tax per year. A.B. 85 suspends the use of net operating losses for taxable years 2020, 2021 and 2022 for certain taxpayers with taxable income of $1.0 million or more. The carryover period for any net operating losses that are suspended under this provision will be extended. A.B. 85 also requires that business incentive tax credits including carryovers may not reduce the applicable tax by more than $5.0 million for taxable years 2020, 2021 and 2022. | |||||||
Initial Public Offering | Common Stock | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Issuance of common stock upon initial public offering, net of issuance costs, Shares | shares | 5,625,000 | 5,625,000 | ||||||
Shares issued and sold, price per share | $ / shares | $ 16 | |||||||
Net proceeds from shares issued | $ 79,500 | |||||||
Outstanding redeemable convertible preferred stock converted to common stock | shares | 13,085,913 | |||||||
Conversion of convertible preferred stock into common stock upon initial public offering | shares | 117,809,883 | |||||||
Underwriters’ Option | Subsequent Event | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Net proceeds from initial public offering | $ 12,600 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Accounts payable, related parties | $ 56,000 | $ 56,000 | $ 104,000 | ||
General and Administrative | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Related party transaction, costs incurred | $ 212,000 | $ 82,000 | $ 657,000 | $ 82,000 | |
Accounting Standards Update 2018-13 | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash equivalents | $ 13,359 | |
Assets measured at fair value | $ 94,355 | 33,445 |
Short-term investments | 20,086 | |
Current liabilities: | ||
Liabilities measured at fair value | 2,158 | |
Money Market Funds | ||
Current assets: | ||
Cash equivalents | 94,355 | 12,859 |
Level 1 | ||
Current assets: | ||
Cash equivalents | 12,859 | |
Assets measured at fair value | 94,355 | 12,859 |
Level 1 | Money Market Funds | ||
Current assets: | ||
Cash equivalents | $ 94,355 | 12,859 |
Level 2 | ||
Current assets: | ||
Cash equivalents | 500 | |
Assets measured at fair value | 20,586 | |
Short-term investments | 20,086 | |
Level 3 | ||
Current liabilities: | ||
Liabilities measured at fair value | 2,158 | |
Corporate Debt Securities | ||
Current assets: | ||
Cash equivalents | 500 | |
Short-term investments | 11,349 | |
Corporate Debt Securities | Level 2 | ||
Current assets: | ||
Cash equivalents | 500 | |
Short-term investments | 11,349 | |
Government Agency Bonds | ||
Current assets: | ||
Short-term investments | 2,750 | |
Government Agency Bonds | Level 2 | ||
Current assets: | ||
Short-term investments | 2,750 | |
Commercial Paper | ||
Current assets: | ||
Short-term investments | 5,987 | |
Commercial Paper | Level 2 | ||
Current assets: | ||
Short-term investments | 5,987 | |
Preferred Stock Tranche Obligation | ||
Current liabilities: | ||
Liabilities measured at fair value | 2,158 | |
Preferred Stock Tranche Obligation | Level 3 | ||
Current liabilities: | ||
Liabilities measured at fair value | $ 2,158 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company 's Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Aggregate Fair Value | $ 13,359 | |
Total asset measured at fair value, Aggregate Fair Value | $ 94,355 | 33,445 |
Total short-term investments, Aggregate Fair Value | 20,086 | |
Fair Value, Recurring | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Amortized Cost | 13,359 | |
Total cash equivalents, Aggregate Fair Value | 13,359 | |
Total asset measured at fair value, Amortized Cost | 94,355 | 33,442 |
Total asset measured at fair value, Unrealized Gains | 4 | |
Total asset measured at fair value, Unrealized Losses | (1) | |
Total asset measured at fair value, Aggregate Fair Value | 94,355 | 33,445 |
Total short-term investments, Amortized Cost | 20,083 | |
Total short-term investments, Unrealized Gains | 4 | |
Total short-term investments, Unrealized Losses | (1) | |
Total short-term investments, Aggregate Fair Value | 20,086 | |
Fair Value, Recurring | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Amortized Cost | 94,355 | 12,859 |
Total cash equivalents, Aggregate Fair Value | $ 94,355 | 12,859 |
Fair Value, Recurring | Corporate Debt Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Amortized Cost | 500 | |
Total cash equivalents, Aggregate Fair Value | 500 | |
Total short-term investments, Amortized Cost | 11,348 | |
Total short-term investments, Unrealized Gains | 2 | |
Total short-term investments, Unrealized Losses | (1) | |
Total short-term investments, Aggregate Fair Value | 11,349 | |
Fair Value, Recurring | Government Agency Bonds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total short-term investments, Amortized Cost | 2,750 | |
Total short-term investments, Aggregate Fair Value | 2,750 | |
Fair Value, Recurring | Commercial Paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total short-term investments, Amortized Cost | 5,985 | |
Total short-term investments, Unrealized Gains | 2 | |
Total short-term investments, Aggregate Fair Value | $ 5,987 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 | |
Fair value assets, level 2 to level 1 transfers, amount | 0 | 0 | |
Fair value assets, transfers into level 3 | 0 | ||
Fair value liabilities, level 1 to Level 2 transfers amount | 0 | 0 | |
Fair value liabilities, level 2 to Level 1 transfers amount | 0 | 0 | |
Fair value liabilities, transfers into level 3 | 0 | ||
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Debt Instrument, expected term measurement input | 8 months 12 days | ||
Level 3 | Fair Value, Recurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Change in fair value | $ 2,100,000 | $ 2,200,000 | |
Level 3 | Measurement Input, Stock Price Volatility | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Debt instrument measurement input | 30 | ||
Level 3 | Measurement Input, Risk Free Interest Rate | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Debt instrument measurement input | 1.6 | ||
Level 3 | Measurement Input, Expected Dividend Payment | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Debt instrument measurement input | 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Level 3 Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - Level 3 $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Fair value as of January 1, 2020 | $ 2,158 |
Change in fair value and expiration of the preferred stock tranche obligation | $ (2,158) |
Prepaid Expenses and Other No_3
Prepaid Expenses and Other Non-Current Assets - Schedule of Prepaid Expenses and Other Non-Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Noncurrent [Abstract] | ||
Prepaid clinical and research expenses | $ 1,462 | $ 1,462 |
Deferred offering costs | 894 | |
Deposits | 29 | 58 |
Total prepaid expenses and other non-current assets | $ 1,491 | $ 2,414 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Liabilities Current [Abstract] | ||
Salaries and benefits | $ 1,562 | $ 2,044 |
Deferred rent | 35 | |
Other | 559 | 1,080 |
Total other current liabilities | $ 2,156 | $ 3,124 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Loss Contingencies [Line Items] | ||||
Rent expense | $ 192,000 | $ 176,000 | $ 544,000 | $ 520,000 |
Redwood City, California | ||||
Loss Contingencies [Line Items] | ||||
Operating lease, term | 2021-08 | |||
Baltimore, Maryland | ||||
Loss Contingencies [Line Items] | ||||
Operating lease, term | 2023-06 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 (remaining three months) | $ 196 |
2021 | 660 |
2022 | 405 |
2023 | 205 |
Total future minimum lease payments | $ 1,466 |
Convertible Preferred Stock a_3
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Outstanding Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Jul. 31, 2019 |
Temporary Equity [Line Items] | |||
Shares Authorized | 142,150,096 | ||
Shares Outstanding | 0 | 117,809,883 | |
Net Carrying Value | $ 131,363 | ||
Liquidation Preference | $ 148,592 | ||
Series A | |||
Temporary Equity [Line Items] | |||
Shares Authorized | 2,280,000 | ||
Shares Outstanding | 2,280,000 | ||
Net Carrying Value | $ 2,280 | ||
Liquidation Preference | $ 2,280 | ||
Series A-2 | |||
Temporary Equity [Line Items] | |||
Shares Authorized | 2,018,561 | ||
Shares Outstanding | 2,018,561 | ||
Net Carrying Value | $ 1,605 | ||
Liquidation Preference | $ 1,740 | ||
Series B | |||
Temporary Equity [Line Items] | |||
Shares Authorized | 76,078,535 | ||
Shares Outstanding | 76,078,535 | ||
Net Carrying Value | $ 74,926 | ||
Liquidation Preference | $ 87,729 | ||
Series C | |||
Temporary Equity [Line Items] | |||
Shares Authorized | 61,773,000 | 61,773,000 | |
Shares Outstanding | 37,432,787 | ||
Net Carrying Value | $ 52,552 | ||
Liquidation Preference | $ 56,843 |
Convertible Preferred Stock a_4
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 24, 2020 | Jul. 31, 2019 | Aug. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 |
Temporary Equity [Line Items] | ||||||
Convertible preferred stock authorized to sell | 142,150,096 | |||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ 54,787 | |||||
Shares Outstanding | 0 | 117,809,883 | ||||
Initial Public Offering | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock converted into common stock | 13,085,913 | |||||
Series C Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock authorized to sell | 61,773,000 | 61,773,000 | ||||
Convertible preferred stock, price per share | $ 1.4693 | |||||
Convertible preferred stock, shares issued | 37,432,787 | |||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ 55,000 | |||||
Convertible preferred stock, price per share | $ 1.4693 | |||||
Shares Outstanding | 37,432,787 | |||||
Series C Convertible Preferred Stock | Current Liability | ||||||
Temporary Equity [Line Items] | ||||||
Fair value of preferred stock tranche obligation | $ 2,200 | |||||
Series C Convertible Preferred Stock | Maximum | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock option to purchase additional shares | 17,014,902 | 17,014,902 | ||||
Convertible preferred stock option to purchase additional shares after notified, period | 30 days |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Aug. 31, 2020 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized stock-based compensation expenses related to outstanding unvested stock options | $ 7.6 | |
Total unrecognized stock-based compensation expenses related to outstanding unvested stock options weighted-average term of recognition | 3 years 3 months 18 days | |
2020 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 1,850,000 | 1,826,374 |
Percentage of aggregate number of shares of common stock outstanding on last day of preceding year added to plan | 5.00% | |
Number of additional awards grant | 0 | |
2020 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 210,000 | |
Percentage of aggregate number of shares of common stock outstanding on last day of preceding year added to plan | 1.00% | |
Aggregate number of shares issued over the term of the ESPP | 2,100,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized for Options Granted (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 561 | $ 250 | $ 1,001 | $ 548 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 105 | 46 | 245 | 146 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 456 | $ 204 | $ 756 | $ 402 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Provision or benefit for income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (4,716) | $ (5,869) | $ (7,794) | $ (10,205) | $ (10,263) | $ (6,295) | $ (18,379) | $ (26,763) |
Cumulative dividends on convertible preferred stock | (2,396) | (2,048) | (7,189) | (4,633) | ||||
Net loss attributable to common stockholders | $ (7,112) | $ (12,253) | $ (25,568) | $ (31,396) | ||||
Net loss per common share—basic and diluted | $ (2.52) | $ (9.30) | $ (13.74) | $ (24.10) | ||||
Weighted-average number of shares outstanding used in computing net loss per common share—basic and diluted | 2,818,349 | 1,317,497 | 1,861,229 | 1,302,687 |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 117,809,883 | |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 2,615,892 | 1,560,826 |
Warrants to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 27,759 | |
Restricted Stock Awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 80,000 |
Net Loss Per Share Attributab_5
Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details) - shares | 1 Months Ended | 9 Months Ended |
Jul. 31, 2019 | Sep. 30, 2019 | |
Series C Convertible Preferred Stock | Maximum | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Convertible preferred stock could have been issued | 17,014,902 | 17,014,902 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Initial Public Offering - USD ($) $ / shares in Units, $ in Millions | Sep. 24, 2020 | Oct. 31, 2020 |
Subsequent Event [Line Items] | ||
Number of days, underwriters option to purchase shares | 30 days | |
Maximum | ||
Subsequent Event [Line Items] | ||
Underwriters option to purchase additional shares | 843,750 | |
Common Stock | ||
Subsequent Event [Line Items] | ||
Shares issued and sold, price per share | $ 16 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Stock issued to underwriters upon exercise of option to purchase additional shares | 843,750 | |
Net proceeds received after deducting underwriting discounts and commissions | $ 12.6 |