Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 12, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | COGENT BIOSCIENCES, INC. | ||
Entity Central Index Key | 0001622229 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Common Stock, Shares Outstanding | 37,194,267 | ||
Entity Public Float | $ 10.5 | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-38443 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-5308248 | ||
Entity Address, Address Line One | 200 Cambridge Park Drive | ||
Entity Address, Address Line Two | Suite 2500 | ||
Entity Address, City or Town | Cambridge | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02140 | ||
City Area Code | (617) | ||
Local Phone Number | 945-5576 | ||
Title of 12(b) Security | Common Stock, $0.001 Par Value | ||
Trading Symbol | COGT | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 242,190 | $ 37,424 |
Accounts receivable | 2,000 | |
Prepaid expenses and other current assets | 2,722 | 1,167 |
Total current assets | 244,912 | 40,591 |
Operating lease, right-of-use asset | 4,615 | 5,285 |
Property and equipment, net | 134 | 1,865 |
Restricted cash | 1,255 | 1,255 |
Other assets | 427 | |
Total assets | 250,916 | 49,423 |
Current liabilities: | ||
Accounts payable | 732 | 3,183 |
Accrued expenses and other current liabilities | 4,779 | 7,131 |
CVR liability (Note 3) | 5,531 | |
Operating lease liability | 2,052 | 1,619 |
Deferred revenue | 1,315 | |
Total current liabilities | 13,094 | 13,248 |
Operating lease liability, net of current portion | 3,155 | 4,413 |
Total liabilities | 16,249 | 17,661 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, value | ||
Common stock, $0.001 par value; 150,000,000 shares authorized; 32,347,905 shares and 7,665,763 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 32 | 8 |
Additional paid-in capital | 322,454 | 155,646 |
Accumulated deficit | (198,700) | (123,892) |
Total stockholders’ equity | 234,667 | 31,762 |
Total liabilities, non-voting convertible preferred stock and stockholders' equity | 250,916 | $ 49,423 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock, value | $ 110,881 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 9,000,000 | 9,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Shares authorized | 150,000,000 | 150,000,000 |
Common stock, Shares issued | 32,347,905 | 7,665,763 |
Common stock, Shares outstanding | 32,347,905 | 7,665,763 |
Series A Convertible Preferred Stock [Member] | ||
Non-voting convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Non-voting convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Non-voting convertible preferred stock, shares issued | 132,244 | 0 |
Non-voting convertible preferred stock, shares outstanding | 132,244 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Collaboration revenue | $ 7,871 | $ 22,499 |
Operating expenses: | ||
Research and development | 25,738 | 43,709 |
General and administrative | 17,422 | 10,968 |
Acquired in-process research and development | 46,910 | |
Total operating expenses | 90,070 | 54,677 |
Loss from operations | (82,199) | (32,178) |
Other income (expense): | ||
Interest income | 144 | 267 |
Gain on disposal of long-lived assets | 7,493 | 78 |
Other income | 779 | |
Change in fair value of CVR liability | (1,025) | |
Total other income (expense), net | 7,391 | 345 |
Net loss | (74,808) | (31,833) |
Net loss attributable to common shareholders | $ (179,208) | $ (31,833) |
Net loss per share attributable to common stockholders, basic and diluted | $ (16.17) | $ (4.18) |
Weighted average common shares outstanding, basic and diluted | 11,081,257 | 7,620,082 |
Comprehensive loss: | ||
Net loss | $ (74,808) | $ (31,833) |
Other comprehensive income: | ||
Unrealized gains on marketable securities, net of tax of $0 | 12 | |
Total other comprehensive income | 12 | |
Comprehensive loss | $ (74,808) | $ (31,821) |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Statement [Abstract] | |
Unrealized gains on marketable securities, tax | $ 0 |
Consolidated Statements of Non-
Consolidated Statements of Non-Voting Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands | Total | LPC [Member] | KIQ Acquisition [Member] | Series A Non-Voting Convertible Preferred Stock [Member] | Series A Non-Voting Convertible Preferred Stock [Member]KIQ Acquisition [Member] | Common Stock [Member] | Common Stock [Member]LPC [Member] | Common Stock [Member]KIQ Acquisition [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]LPC [Member] | Additional Paid-in Capital [Member]KIQ Acquisition [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balances at Dec. 31, 2018 | $ 60,234 | $ 8 | $ 152,297 | $ (12) | $ (92,059) | ||||||||
Beginning Balances, Shares at Dec. 31, 2018 | 7,514,492 | ||||||||||||
Issuance of common stock upon exercise of stock options | 108 | 108 | |||||||||||
Issuance of common stock upon exercise of stock options, Shares | 151,271 | ||||||||||||
Stock-based compensation expense | 3,241 | 3,241 | |||||||||||
Unrealized gains on marketable securities | 12 | $ 12 | |||||||||||
Net loss | (31,833) | (31,833) | |||||||||||
Beginning Balances, Shares at Dec. 31, 2019 | 0 | ||||||||||||
Ending Balances at Dec. 31, 2019 | 31,762 | $ 8 | 155,646 | (123,892) | |||||||||
Ending Balances, Shares at Dec. 31, 2019 | 7,665,763 | ||||||||||||
Issuance of common stock upon exercise of stock options | 512 | 512 | |||||||||||
Issuance of common stock upon exercise of stock options, Shares | 384,125 | ||||||||||||
Issuance of common stock under Employee Stock Purchase Plan | 48 | 48 | |||||||||||
Issuance of common stock under Employee Stock Purchase Plan, shares | 22,545 | ||||||||||||
Issuance of common stock as a commitment fee | $ 262 | $ 262 | |||||||||||
Issuance of common stock as a commitment fee, Shares | 181,595 | ||||||||||||
Issuance of common stock upon RSU vesting, Shares | 56,933 | ||||||||||||
Issuance of common stock | $ 25,000 | $ 2 | $ 24,998 | ||||||||||
Issuance of common stock, Shares | 2,412,870 | ||||||||||||
Issuance of common stock in underwritten public offering, net of issuance costs | 107,730 | $ 12 | 107,718 | ||||||||||
Issuance of common stock in underwritten public offering, net of issuance costs, Shares | 11,794,872 | ||||||||||||
Issuance of preferred stock and common stock in connection with the Kiq acquisition | $ 44,813 | $ 39,325 | $ 2 | $ 5,486 | |||||||||
Issuance of preferred stock and common stock in connection with the Kiq acquisition, Shares | 44,687 | 1,558,975 | |||||||||||
Issuance of preferred stock, net of issuance costs | 98,907 | $ 98,907 | |||||||||||
Issuance of preferred stock, net of issuance costs, Shares | 118,638 | ||||||||||||
Issuance of common stock to settle CVR liability | 6,944 | $ 1 | 6,943 | ||||||||||
Issuance of common stock to settle CVR liability, Shares | 707,938 | ||||||||||||
Acquisition and retirement of treasury stock | (808) | (808) | |||||||||||
Acquisition and retirement of treasury stock, shares | (207,961) | ||||||||||||
Conversion of preferred stock into common stock | $ (27,351) | $ 7 | 27,344 | ||||||||||
Conversion of preferred stock into common stock, Shares | (31,081) | 7,770,250 | |||||||||||
Dividend payable to common stockholders | (11,450) | (11,450) | |||||||||||
Discount on preferred stock related to beneficial conversion feature | $ (104,400) | 104,400 | |||||||||||
Recognition of beneficial conversion feature upon shareholder approval of conversion | 104,400 | (104,400) | |||||||||||
Stock-based compensation expense | 5,755 | 5,755 | |||||||||||
Net loss | (74,808) | (74,808) | |||||||||||
Beginning Balances at Dec. 31, 2020 | $ 110,881 | ||||||||||||
Beginning Balances, Shares at Dec. 31, 2020 | 132,244 | ||||||||||||
Ending Balances at Dec. 31, 2020 | $ 234,667 | $ 32 | $ 322,454 | $ (198,700) | |||||||||
Ending Balances, Shares at Dec. 31, 2020 | 32,347,905 |
Consolidated Statements of No_2
Consolidated Statements of Non-Voting Convertible Preferred Stock and Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Issuance cost | $ 7,271 | |
Series A Non-Voting Preferred Stock [Member] | ||
Issuance cost | $ 5,493 | $ 5,493 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (74,808) | $ (31,833) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 720 | 1,293 |
Stock-based compensation expense | 6,017 | 3,241 |
Noncash consideration received from a customer | (808) | |
Noncash portion of acquired in-process research and development | 44,813 | |
Net amortization (accretion) of premiums (discounts) on marketable securities | (53) | |
Gain on disposal of long-lived assets | (7,493) | (78) |
Change in fair value of CVR liability | 1,025 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,000 | (332) |
Prepaid expenses and other current assets | (1,470) | (8) |
Operating lease, right-of-use asset | 670 | 1,365 |
Other assets | 427 | (427) |
Accounts payable | (2,451) | 1,664 |
Accrued expenses and other current liabilities | (2,352) | 1,760 |
Operating lease liability | (825) | (1,472) |
Deferred revenue | (1,315) | (16,634) |
Net cash used in operating activities | (35,850) | (41,514) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (33) | |
Proceeds from sale of property and equipment | 320 | 204 |
Proceeds from sale of BOXR Platform assets | 8,100 | |
Proceeds from maturities and sales of marketable securities | 22,988 | |
Net cash provided by investing activities | 8,420 | 23,159 |
Cash flows from financing activities: | ||
Proceeds from the issuance of Series A non-voting convertible preferred stock, net of issuance costs of $5,493 | 98,907 | |
Proceeds from issuance of common stock to LPC | 25,000 | |
Proceeds from issuance of common stock in underwritten public offering, net of offering costs of $7,271 | 107,729 | |
Proceeds from issuance of common stock upon stock option exercises | 512 | 108 |
Proceeds from issuance of stock from employee stock purchase plan | 48 | |
Net cash provided by financing activities | 232,196 | 108 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 204,766 | (18,247) |
Cash, cash equivalents and restricted cash at beginning of period | 38,679 | 56,926 |
Cash, cash equivalents and restricted cash at end of period | 243,445 | $ 38,679 |
Supplemental disclosure of noncash investing and financing information: | ||
Conversion of Series A non-voting convertible preferred stock into common stock | 27,351 | |
Issuance of shares in partial settlement of CVR liability | $ 6,944 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Issuance cost | $ 7,271 | |
Series A Non-Voting Preferred Stock [Member] | ||
Issuance cost | 5,493 | $ 5,493 |
Common Stock Underwritten Public Offering [Member] | ||
Issuance cost | $ 7,271 | $ 7,271 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Cogent Biosciences, Inc. (Cogent or the Company) is a biotechnology company focused on developing precision therapies for genetically defined diseases. Cogent’s approach is to design rational precision therapies that treat the underlying cause of disease and improve the lives of patients. Cogent’s most advanced program is CGT9486, a selective tyrosine kinase inhibitor designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. In the vast majority of cases, KIT D816V is responsible for driving Systemic Mastocytosis (SM), a serious disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors (GIST), a type of cancer with strong dependence on oncogenic KIT signaling. CGT9486 is a highly selective and potent KIT inhibitor with the potential to provide a new treatment option for these patient populations. The Company was incorporated in March 2014 under the laws of the State of Delaware. On October 2, 2020 the Company filed an amendment to its certificate of incorporation to change its name from Unum Therapeutics Inc. to Cogent Biosciences, Inc. The name change became effective on October 6, 2020. In connection with the name change, the Company’s common stock began trading under the ticker symbol “COGT” and the new CUSIP for the Company’s common stock is 19240Q 201 As announced on March 2, 2020, the Company initiated a reduction in force that resulted in the termination of approximately 60% of the Company’s employee workforce, or 43 employees. These reductions were substantially completed by the end of first quarter of 2020. The reduction in force was approved in connection with the Company’s restructuring plans to prioritize resources towards advancing its preclinical program. On March 19, 2020, the Company entered into a Purchase Agreement (the LPC Purchase Agreement) with Lincoln Park Capital Fund, LLC (LPC), pursuant to which the Company may elect to sell to LPC up to $25.0 million in shares of its common stock, subject to certain limitations and conditions set forth in the LPC Purchase Agreement. Pursuant to the LPC Purchase Agreement, the Company issued 181,595 shares of common stock to LPC as a commitment fee. On March 26, 2020, the Company announced that it would be exploring strategic alternatives in order to maximize stockholder value and that the Company had engaged Ladenburg Thalmann & Co. Inc. to act as its strategic financial advisor to assist in the strategic review process. As of July 6, 2020, the Company signed and closed the acquisition of Kiq Bio LLC (formerly Kiq LLC) (Kiq) (the Kiq acquisition) as disclosed in Note 7. On July 6, 2020, the Company issued a non-transferrable contingent value right (CVR), which was distributed to stockholders of record as of the close of business on July 6, 2020, and prior to the issuance of any shares to acquire Kiq or sold to the PIPE investors as disclosed in Note 3. On July 9, 2020, the Company completed a Private Investment in Public Equity (PIPE) of 118,638 Series A Non-Voting Convertible Preferred Stock to new and existing investors in exchange for gross proceeds of $104.4 million, or net proceeds of $98.9 million, after deducting commissions and offering costs On August 28, 2020 the Company sold its assets, rights and interests relating to its Bolt-on Chimeric Receptor ( In August 2020, the Company’s board of directors unanimously approved an amendment to its certificate of incorporation, which would allow the board to effect a reverse stock split of all issued and outstanding shares of our common stock, at a ratio ranging from 1-for-4 to 1-for-8, inclusive, subject to stockholder approval. On October 9, 2020, the Company filed a Definitive Proxy Statement which included the proposal that its stockholders approve the amendment to its certificate of incorporation to effect the reverse stock split and a proposal that the stockholders approve the conversion of the shares of Series A Preferred Stock issued in the Kiq acquisition and the PIPE On December 4, 2020, the Company completed an underwritten public offering of 11,794,872 shares of its common stock at a public offering price of $9.75 per share. This included the exercise in full by the underwriters of their 30-day option to purchase up to 1,538,461 additional shares of common stock. The net proceeds from the offering were approximately $107.7 million, after deducting the underwriting discounts and commissions of $6.9 million and offering expenses of $0.4 million. On December 31, 2019, the Company received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying it that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Global Select Market (Minimum Bid Price Requirement). In accordance with Nasdaq Listing Rules, the Company had an initial period of 180 calendar days to regain compliance with the minimum bid price rule, which has been tolled as of April 16, 2020 and will restart on July 1, 2020. On July 20, 2020, the Company received notification from the Nasdaq that the Company has regained compliance with the Nasdaq Listing Rules. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, the impact of the COVID-19 coronavirus, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since inception, including a net loss of $74.8 million for the year ended December 31, 2020. As of December 31, 2020, the Company had an accumulated deficit of $198.7 million. The Company expects to continue to generate operating losses in the foreseeable future. As of the issuance date of the consolidated financial statements, the Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from issuance of the financial statements. The Company expects that it will continue to incur significant expenses in connection with its ongoing business activities. The Company will need to seek additional funding through equity offerings, debt financings, collaborations, licensing arrangements and other marketing and distribution arrangements, partnerships, joint ventures, combinations or divestitures of one or more of its businesses. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborative arrangements or divest its assets. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Arrangements with collaborators or others may require the Company to relinquish rights to certain of its technologies or product candidates. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate its research and development programs or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include those of the Company and its wholly-owned subsidiaries, Mono, Inc. and Kiq Bio LLC. All intercompany balances and transactions have been eliminated. 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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses, the valuation of the CVR liability and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions. Risks and Uncertainties Impact of the COVID-19 Coronavirus The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The virus continues to spread globally, has been declared a pandemic by the World Health Organization and has spread to over 100 countries, including the United States. The impact of this pandemic has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. The spread of COVID-19 has caused the Company to modify its business practices, including implementing a work-from-home policy for all employees who are able to perform their duties remotely and restricting all nonessential travel, and it expects to continue to take actions as may be required or recommended by government authorities or as the Company determines are in the best interests of its employees, the patients it serves and other business partners in light of COVID-19. Potential impacts to the Company’s business include temporary closures of its facilities or those of its vendors, disruptions or restrictions on its employees’ ability to travel, disruptions to or delays in ongoing laboratory experiments and operations and the potential diversion of healthcare resources away from the conduct of clinical trials to focus on pandemic concerns, and its ability to raise capital. As of December 31, 2020, there have been no material impacts to the Company. As the impacts of COVID-19 continue to unfold, the Company will continually assess the impacts, as the extent to which the COVID-19 pandemic may materially impact the Company’s financial condition, liquidity or results of operations in the future is uncertain. Concentrations of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains most of its cash and cash equivalents at two accredited financial institutions. The Company has not experienced any losses on such accounts does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Such deposits have and will continue to exceed federally insured limits. The Company is dependent on third-party vendors for its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash Restricted cash consists of security deposits in separate restricted bank accounts as required under the terms of the Company’s lease agreement for its Corporate Office in Cambridge, Massachusetts. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Laboratory equipment 5 years Computer equipment and software 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of life of lease or 10 years Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in loss from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2020 or 2019. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. Marketable Securities The Company’s marketable securities, consisting of debt securities, are classified as available-for-sale and are reported at fair value. Unrealized gains and losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit). Realized gains and losses and declines in value determined to be other than temporary are based on the specific identification method and are included as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company classifies its marketable securities with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities are available for current operations. The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge to the statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented. Convertible Preferred Stock The Company records shares of non-voting convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company has applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities, and at issuance classified the Series A Preferred Stock outside of shareholders’ equity (deficit) because, if conversion to common stock was not approved by the shareholders, the Series A Preferred Stock would be redeemable at the option of the holders for cash equal to the closing price of the common stock on last trading day prior to the holder’s redemption request. On November 6, 2020, the shareholders approved the conversion of the Series A preferred stock into common stock and as such, the Company reclassified the Series A Preferred Stock to permanent equity. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is the development and commercialization of precision therapies for genetically defined diseases. All of the Company’s tangible assets are held in the United States. Leases The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the assets’ economic benefits. The Company determines the initial classification and measurement of its operating right-of-use assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with an original term of twelve months or less on its consolidated balance sheets. The Company’s only existing lease is for office space. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease payments included in the measurement of the lease liability consist of the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Leases may contain rent escalation clauses and variable lease payments that require additional rental payments in later years of the term, including payments based on an index or inflation rate. Payments based on the change in an index or inflation rate, or payments based on a change in the Company’s portion of the operating expenses, including real estate taxes and insurance, are not included in the initial lease liability and are recorded as a period expense when incurred. The operating leases may include an option to renew the lease term for various renewal periods and/or to terminate the leases early. These options to exercise the renewal or early termination clauses in the Company’s operating leases were not reasonably certain of exercise as of the date of adoption and these have not been included in the determination of the initial lease liability or operating lease expense. Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations and comprehensive loss. For finance leases, any interest expense is recognized using the effective interest method and is included within interest expense. The Company has no financing leases. The Company adopted ASC 842, Leases Upon adoption of the new leasing standards, the Company recognized a lease liability of $7.5 million and a related right-of-use asset of $6.7 million on its consolidated balance sheet with the difference being due to the elimination of previously reported deferred rent. The adoption of the standard did not have a material impact on the results of operations or cash flows. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. In determining whether goods or services are distinct, management evaluates certain criteria, including whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (capable of being distinct) and (ii) the good or service is separately identifiable from other goods or services in the contract (distinct in the context of the contract). At the inception of an arrangement that includes options for a customer to purchase additional services or products at agreed upon prices in the future, the Company evaluates whether each option provides a material right. An option that provides a material right will be accounted for as a separate performance obligation. The Company then determines the transaction price, which is the amount of consideration expected to be received from a customer in exchange for the promised goods or services. The Company’s estimate of the transaction price for each contract includes all fixed and variable consideration to which it expects to be entitled. Variable consideration includes payments in the form of collaboration payments, regulatory milestone payments, commercial milestone payments, and royalty payments. For collaboration, regulatory milestone, and commercial milestone payments, the Company evaluates whether it is probable that the consideration associated with each milestone will not be subject to a significant reversal in the cumulative amount of revenue recognized. Amounts that meet this threshold are included in the transaction price using the most likely amount method, whereas amounts that do not meet this threshold are considered constrained and excluded from the transaction price until they meet this threshold. At the end of each subsequent reporting period, the Company re-evaluates the probability of a significant reversal of the cumulative revenue recognized for its milestones, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. The Company excludes sales-based royalties until the sale occurs. ASC 606 requires the Company to allocate the arrangement consideration on a relative standalone selling price basis for each performance obligation after determining the transaction price of the contract and identifying the performance obligations to which that amount should be allocated. The relative standalone selling price is defined as the price at which an entity would sell a promised good or service separately to a customer. If other observable transactions in which the Company has sold the same performance obligation separately are not available, the Company is required to estimate the standalone selling price of each performance obligation. Key assumptions to determine the standalone selling price may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. A performance obligation is satisfied and revenue is recognized when “control” of the promised good or service is transferred, either over time or at a point in time, to the customer. A customer obtains control of a good or service if it has the ability to (1) direct its use and (2) obtain substantially all of the remaining benefits from it. For performance obligations consisting of licenses and other promises (combined performance obligations), the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue will be recorded as a percentage of the estimated transaction price based on the extent of progress towards completion. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. The estimate of the measure of progress and estimate of variable consideration to be included in the transaction price will be updated at each reporting date as a change in estimate. The amount of transaction price allocated to the satisfied portion of the performance obligation, based on the Company’s measure of progress, will be recognized immediately on a cumulative catch-up basis, resulting in an adjustment to revenue in the period of change. The amount related to the unsatisfied portion will be recognized as that portion is satisfied over time. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. Amounts received prior to satisfying the revenue recognition criteria listed above are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the following 12 months of the balance sheet date are classified as deferred revenue, net of current portion. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods. To the extent that the beginning deferred revenue balance is less than revenue to be recognized during the period, billings during the period are allocated to revenue. In the event that a collaboration agreement was to be terminated and the Company had no further performance obligations, the Company would recognize as revenue any portion of the upfront payment and other payments that had not previously been recorded as revenue and were classified as deferred revenue at the date of such termination. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that the Company would have recognized is one year or less or the amount is immaterial. The Company has not capitalized any costs to obtain its contract. Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs and laboratory supplies, depreciation, manufacturing expenses and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials as well as the cost of licensing technology. Research and development costs include costs for the development of product candidates that the Company is jointly developing with Seagen Inc., formerly known as Seattle Genetics (Seagen), and for which it receives reimbursement as specified in the agreement. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. Research Contract Costs and Accruals The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Business Combinations In determining whether an acquisition should be accounted for as a business combination or asset acquisition, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is not deemed to be a business, and is instead deemed to be an asset. If this is not the case, the Company then further evaluates whether the single identifiable asset or group of similar identifiable assets and activities includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the single identifiable asset or group of similar identifiable assets and activities is a business. The Company accounts for business combinations using the acquisition method of accounting. Application of this method of accounting requires that (i) identifiable assets acquired (including identifiable intangible assets) and liabilities assumed generally be measured and recognized at fair value as of the acquisition date and (ii) the excess of the purchase price over the net fair value of identifiable assets acquired and liabilities assumed be recognized as goodwill, which is not amortized for accounting purposes but is subject to testing for impairment at least annually. Acquired in-process research and development (IPR&D) is recognized at fair value and initially characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. Transaction costs related to business combinations are expensed as incurred. Determining the fair value of assets acquired and liabilities assumed in a business combination requires management to use significant judgment and estimates, especially with respect to intangible assets. During the measurement period, which extends no later than one year from the acquisition date, the Company may record certain adjustments to the carrying value of the assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, all adjustments are recorded in the consolidated statements of operations as operating expenses or income. To date, the Company has not recorded any acquisitions as a business combination. Asset Acquisitions The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire IPR&D with no alternative future use is charged to expense at the acquisition date. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-Based Compensation The Company measures stock options and other stock-based awards granted to employees, non-employees and directors based on their fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company applies the straight-line method of expense recognition to all awards with only service-based vesting conditions and applies the graded-vesting method to all awards with performance-based vesting conditions or to awards with both service-based and performance-based vesting conditions. For performance-based stock options, we begin to recognize expense when we determine that the achievement of such performance conditions is deemed probable. This determination requires significant judgment by management. At the probable date, we record a cumulative expense catch-up, with remaining expense amortized over the remaining service period. The Company estimates the fair value of stock-based awards to employees and non-employees using the Black-Scholes option-pricing model, which requires the input of highly subjective assumptions, including (a) the expected volatility of its stock, (b) the expected term of the award, (c) the risk-free interest rate, and (d) expected dividends. Due to the lack of a public market for the trading of the Company’s common stock and a lack of company-specific historical and implied volatility data, the Company has based the estimate of expected volatility on the historical volatility of a group of companies in the pharmaceutical and biotechnology industries in a similar stage of development and that are publicly traded. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The Company has estimated the expected life of employee stock options using the "simplified" method, whereby, the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the U.S. Treasury yield curve in effect during the period the options were granted. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the year ended December 31, 2020, there were no elements of other comprehensive loss. For the year ended December 31, 2019, the Company’s only element of other comprehensive loss was unrealized gains (losses) on marketable securities. Net Income (Loss) per Share Basic net income (loss) per common share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. Accordingly, in periods in which the Company reported a net loss, dilutive common shares were not assumed to have been issued as their affect was anti-dilutive, and as a result, diluted net loss per common share was the same as basic net loss per common share. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the cons |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | 3. Fair Value Measurements of Financial Assets and Liabilities The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands) Fair Value Measurements at December 31, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ — $ 486 $ — $ 486 Total Assets $ — $ 486 $ — $ 486 Liabilities: CVR Liability $ — $ — $ 5,531 $ 5,531 Total Liabilities $ — $ — $ 5,531 $ 5,531 Fair Value Measurements at December 31, 2019 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 485 $ — $ 485 $ — $ 485 $ — $ 485 U.S. Treasury bills and notes were valued based on Level 1 inputs. Money market funds were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. On July 6, 2020, the Company issued a non-transferrable CVR, which was distributed to stockholders of record as of the close of business on July 6, 2020, and prior to the issuance of any shares to acquire Kiq or sold to the PIPE investors. Holders of the CVR are entitled to receive certain stock and/or cash payments from proceeds received by the Company, if any, related to the disposition of its legacy cell therapy assets for a period of three years from July 2020. On August 28, 2020, the Company sold the BOXR Platform and subsequently sold additional fixed assets, requiring payment of the CVR. In accordance with the terms of the CVR agreement, such payment will be made in shares or cash, depending on the timing of cash receipt. The Company classifies the CVR as a liability on its consolidated balance sheet. The fair value of the CVR liability was determined using the probability weighted discounted cash flow method to estimate future cash flows associated with the sale of the legacy cell therapy assets, including the BOXR platform, ACTR platform and other fixed assets based on assumptions at the date of the CVR issuance and as of December 31, 2020 less certain permitted deductions. The number of common shares is determined by dividing the proceeds by the closing price of the Company’s stock on July 6, 2020 of $8.80. The closing price of the Company’s common stock at each measurement date was used to determine the fair value of the share payments included in the CVR liability. The liability measured at the date of issuance was recorded as a common stock dividend, returning capital to the legacy stockholders of record as of the close of business on July 6, 2020. Changes in fair value of the liability are recognized as a component of Other income (expense) in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2020. The liability was valued based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. In November 2020, the Company issued 707,938 CVR shares of common stock in partial settlement of the CVR liability. In February 2021, the Company issued an additional 212,428 shares of common stock and paid $0.1 million in partial settlement of the CVR. For the year ended December 31, 2019, the Company had no financial liabilities outstanding measured at fair value. December 31, 2020 Beginning balance $ — Fair value at CVR issuance 11,450 Change in fair value 1,025 CVR settlement (6,944 ) Ending balance $ 5,531 During the years ended December 31, 2020 and 2019, there were no transfers between Level 1, Level 2 and Level 3. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, 2020 2019 Laboratory equipment $ — $ 5,529 Computer equipment and software 53 224 Furniture and fixtures 85 317 Leasehold improvements 408 426 Total property and equipment 546 6,496 Accumulated depreciation and amortization (412 ) (4,631 ) Property and equipment, net $ 134 $ 1,865 Depreciation and amortization expense was $0.7 million and $1.3 million for the years ended December 31, 2020 and 2019, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2020 2019 Accrued employee compensation and benefits $ 1,443 $ 2,500 Accrued external research and development expense 2,191 2,987 Accrued external manufacturing costs 161 750 Other 984 894 $ 4,779 $ 7,131 |
Collaboration Agreement
Collaboration Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreement | 6. Collaboration Agreement In June 2015, the Company entered into a Collaboration Agreement with Seagen (the Collaboration Agreement). Pursuant to the terms of the Collaboration Agreement, the Company and Seagen agreed to jointly develop two product candidates incorporating our ACTR platform and Seagen’s antibodies. On January 16, 2020, the Company and Seagen Pursuant to terms of the Termination Agreement, among other things, (i) Seagen Seagen Seagen Seagen In considering all facts known prior to December 31, 2019, including the suspension of the ATTCK-17-01 clinical trial as announced in November 2019 and the intention of the parties to terminate the Collaboration Agreement, the Company adjusted the estimated transaction price to be the $25.0 million upfront payment and the total payments to be earned for preclinical research and clinical development activities through the Termination Date. The Company has also adjusted the costs to complete the remaining performance obligations to represent our best estimate as of December 31, 2020. During the year ended December 31, 2020, the Company adjusted the transaction price to include the Termination Payment of $5.75 million as well as the aggregate fair value of $0.8 million as of January 16, 2020 of the 207,961 shares of common stock received. The aggregate fair value of common stock received has been included as a noncash adjustment to reconcile net loss to net cash used in operating activities within the consolidated statement of cash flows. Under the Collaboration agreement and Termination Agreement, the Company recognized revenue of $7.9 million and $22.5 million for the years ended December 31, 2020 and 2019, respectively. All performance obligations have been completed and all revenue has been recognized under the Collaboration Agreement. There is no remaining deferred revenue balance as of December 31, 2020. |
Kiq, LLC Acquisition
Kiq, LLC Acquisition | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Kiq, LLC Acquisition | 7. Kiq LLC Acquisition On July 6, 2020, the Company completed its asset acquisition of Kiq, in accordance with the terms of the Agreement and Plan of Merger (the Merger Agreement), signed and closed on July 6, 2020. Under the terms of the Merger Agreement, at the closing of the Merger, the Company issued the security holders of Kiq 1,558,975 shares of common stock and 44,687 shares of Series A Preferred Stock. The Company concluded the arrangement did not result in the acquisition of a business, as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset, the exclusive license agreement with Plexxikon. for CGT9486 and CGT0206. In addition, the Company did not obtain any substantive processes or any employees in connection with the acquisition and Kiq was not generating revenue at the time the Merger Agreement was executed. The Company determined that the cost to acquire the assets was $46.9 million, based on the fair value of the consideration issued consisting of the 44,687 shares of Series A Preferred Stock and 1,558,975 shares of common stock valued at $3.52 per share and direct costs of the acquisition of $2.1 million. The acquisition cost was allocated entirely to acquired IPR&D as no other assets or liabilities were acquired. As the assets had not yet received regulatory approval in any territory, the cost attributable to the license agreement was expensed in the Company’s consolidated statements of operations for the year ended December 31, 2020 as the acquired IPR&D had no alternative future use, as determined by Management in accordance with GAAP. |
Sale of BOXR Assets
Sale of BOXR Assets | 12 Months Ended |
Dec. 31, 2020 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Sale of BOXR Assets | 8. Sale of BOXR Assets On August 28, 2020 the Company, sold its assets, rights and interests relating to its BOXR Platform, to Sotio, pursuant to the BOXR Platform Purchase Agreement. Pursuant to the BOXR Platform Purchase Agreement, Sotio has agreed to pay the Company total cash consideration of up to $11.5 million, consisting of an upfront payment of $8.1 million ($1.73 million of which was placed in escrow for 90 days related to general representations and warranties) on the Closing Date and potential milestone payments of up to $3.4 million in the aggregate upon the achievement of certain milestones related to the issuance of Specified Claims (as described in the BOXR Platform Purchase Agreement) by the U.S. Patent and Trademark Office and the European Patent Office. Pursuant to ASC 205-20, Presentation of Financial Statements— Discontinued Operations, the BOXR platform did not meet the criteria of a discontinued operation as it was not considered a component of an entity that comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company, nor did it represent a strategic shift with a material effect on the Company’s operations and financial results. The Company accounted for the sale of the BOXR Platform as the sale of a business and recognized a gain of $7.4 million as a component of Other income (expense) on the Company’s consolidated statements of operations and comprehensive loss. The amounts held in escrow of $1.73 were released and received by the Company on November 30, 2020. No amounts related to the potential future milestone payments have been recognized as of December 31, 2020. |
Preferred Stock, Series A Non-V
Preferred Stock, Series A Non-Voting Convertible Preferred Stock and Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Preferred Stock, Series A Non-Voting Convertible Preferred Stock and Common Stock | 9. Preferred Stock, Series A Non-Voting Convertible Preferred Stock and Common Stock Preferred Stock Our authorized capital stock consists of 150,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share, 1,000,000 of which are designated as Series A Preferred Stock and 9,000,000 of which shares of preferred stock are undesignated. Series A Non-Voting Convertible Preferred Stock On July 6, 2020, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series A Non-Voting Convertible Preferred Stock (Series A Preferred Stock) with the Secretary of State of the State of Delaware (the Certificate of Designation) in connection with the Merger and the PIPE. The Certificate of Designation provides for the issuance of shares of Series A Preferred Stock, par value $0.001 per share. On July 9, 2020 the Company also completed a Private Investment in Public Equity (PIPE) of 118,638 Series A Preferred Stock to new and existing investors in exchange gross proceeds of $104.4 million, or net proceeds of $98.9 million, after deducting commissions and offering costs. Holders of Series A Preferred Stock are entitled to receive dividends on shares of Series A Preferred Stock equal, on an as-if-converted-to-Common-Stock basis, and in the same form as dividends actually paid on shares of the Common Stock. Except as otherwise required by law, the Series A Preferred Stock does not have voting rights. However, as long as any shares of Series A Preferred Stock are outstanding, the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series A Preferred Stock, (b) alter or amend the Certificate of Designation, (c) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the holders of Series A Preferred Stock, (d) increase the number of authorized shares of Series A Preferred Stock, (e) prior to the stockholder approval of the Conversion Proposal or at any time while at least 40% of the originally issued Series A Preferred Stock remains issued and outstanding, consummate a Fundamental Transaction (as defined in the Certificate of Designation) or (f) enter into any agreement with respect to any of the foregoing. The Series A Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company. The Company agreed to hold a stockholders’ meeting to submit the approval of the conversion of the Series A Preferred Stock into shares of common stock, the approval of an amendment to the certificate of incorporation of the Company to authorize sufficient shares of Common Stock for the conversion of the Series A Preferred Stock issued and the approval of a reverse stock split of all outstanding shares of common stock for the purpose of maintaining compliance with Nasdaq listing standards. The conversion of the Series A Preferred Stock into shares of common stock and the reverse stock split were approved at the stockholders’ meeting on November 6, 2020. Following the approval of the conversion of the Series A Preferred Stock into shares of common stock, each share of Series A Preferred Stock is convertible into shares of Common Stock at any time at the option of the holder thereof, into 250 shares of Common Stock, subject to certain limitations, including that a holder of Series A Preferred Stock is prohibited from converting shares of Series A Preferred Stock into shares of Common Stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own more than a specified percentage (to be established by the holder between 4.9% and 19.9%) of the total number of shares of Common Stock issued and outstanding immediately after giving effect to such conversion. Through December 31, 2020, 31,081 shares of Series A Preferred Stock have been converted to 7,770,250 shares of common stock. The Company analyzed the conversion provision related to the Series A Preferred Stock and determined the PIPE holders received a contingent beneficial conversion feature (BCF) equal to $104.4 million. This amount represents the difference between the Company’s closing stock price at the July 9, 2020 commitment date ($12.04) and the $3.52 conversion price, limited to the actual gross proceeds received of $104.4 million. As the conversion provision was contingent on stockholder approval, the BCF was not recognized until the contingency was resolved. Upon obtaining stockholder approval for the conversion on November 6, 2020, the $104.4 million BCF was recognized in additional paid-in capital and reflected as a deemed preferred stock dividend, increasing the net loss attributable to common stockholders and increasing basic net loss per share. No other classes of preferred stock have been designated and no other preferred shares have been issued or are outstanding as of December 31, 2020. Common Stock Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. In the event of our liquidation, dissolution, or winding up, holders of our common stock will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities and any liquidation preference of any outstanding preferred stock. The shares to be issued by us in this offering will be, when issued and paid for, validly issued, fully paid and non-assessable. On April 1, 2019, the Company filed a shelf registration statement on Form S-3 with the SEC. The shelf registration statement allows the Company to sell from time-to-time up to $150 million of common stock, preferred stock, debt securities, warrants, or units comprised of any combination of these securities, for its own account in one or more offerings. The terms of any offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering. Additionally, on April 1, 2019 and pursuant to the Form S-3, the Company entered into a Sales Agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50.0 million through Cowen as the sales agent. Effective as of December 1, 2020, the Company reduced the aggregate offering price to $9.5 million. On March 19, 2020, the Company entered into the Purchase Agreement with LPC, pursuant to which the Company may elect to sell to LPC up to $25.0 million in shares of its common stock, subject to certain limitations and conditions set forth in the Purchase Agreement. Pursuant to the Purchase Agreement, the Company issued 181,595 shares of common stock to LPC as a commitment fee. On September 22, 2020, the Company filed a registration statement on Form S-3 for the registration of (i) 1,558,975 shares of common stock issued in the acquisition of Kiq (ii) 11,171,750 shares of common stock issuable upon the conversion of 44,687 shares of the Series A Preferred Stock issued in the acquisition of Kiq and (iii) 29,659,500 shares of common stock issuable upon the conversion of 118,638 shares of the Series A Preferred Stock issued in the PIPE, for a total of 42,390,225 shares of common stock. On November 6, 2020 the Company effected a reverse stock split at a ratio of 1-for-4. All disclosures of common shares, per common share data and preferred stock conversion ratios in the accompanying consolidate financial statements and related notes have been adjusted to reflect the reverse stock split, but not any conversion of Series A Preferred Stock. On December 4, 2020, the Company completed an underwritten public offering of 11,794,872 shares of our common stock at a public offering price of $9.75 per share. This included the exercise in full by the underwriters of their 30-day option to purchase up to 1,538,461 additional shares of common stock. The net proceeds from the offering were approximately $107.7 million, after deducting the underwriting discounts and commissions and offering expenses of $7.3 million. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation 2018 Stock Option and Incentive Plan The Company’s 2018 Stock Option and Incentive Plan, (the 2018 Plan), which became effective on March 27, 2018 provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights. The number of shares initially reserved for issuance under the 2018 Plan is 700,180. Additionally, the shares of common stock that remained available for issuance under the previously outstanding 2015 Stock Incentive Plan (the 2015 Plan) became available under the 2018 Plan. The number of shares reserved for the 2018 Plan will automatically increase on each January 1 by 4% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or a lesser number of shares determined by the Company’s board of directors. The shares of common stock underlying any awards that are forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2018 Plan or the 2015 Plan will be added back to the shares of common stock available for issuance under the 2018 Plan. The number of authorized shares reserved for issuance under the 2018 Plan was increased by 1,293,916 shares effective as of January 1, 2021. As of December 31, 2020, 212,926 shares remained available for future issuance under the 2018 Plan. Inducement Plan On October 22, 2020, the board of directors adopted the Cogent Biosciences, Inc. 2020 Inducement Plan (the Inducement Plan). The board of directors also adopted a form of a form of non-qualified stock option agreement for use with the Inducement Plan. A total of 3,750,000 shares of common stock of Cogent have been reserved for issuance under the Inducement Plan, subject to adjustment for stock dividends, stock splits, or other changes in Cogent’s common stock or capital structure. On November 5, 2020, the Company filed a Registration on Form S-8 related to the 3,750,000 shares of its common stock to be issued pursuant to the Inducement Plan. The Company has issued 1,860,605 options under the inducement plan and 1,889,395 shares remain available for issuance. 2018 Employee Stock Purchase Plan The Company’s 2018 Employee Stock Purchase Plan (the ESPP) became effective on March 28, 2018 at which time a total of 78,500 shares of common stock were reserved for issuance. In addition, the number of shares of common stock that may be issued under the ESPP will automatically increase on each January 1 through January 1, 2027, by the least of (i) 125,000 shares of common stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares as determined by the ESPP administrator. The number of authorized shares reserved for issuance under the ESPP was increased by 125,000 shares effective as of January 1, 2021. The first six month offering period was initiated on July 1, 2019. As of December 31, 2020, 22,545 shares have been issued under the ESPP and 207,757 shares remain available for issuance. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company historically had been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted to employees and directors: Year Ended December 31, 2020 2019 Risk-free interest rate 0.64 % 2.15 % Expected volatility 79.13 % 74.07 % Expected dividend yield — — Expected life (in years) 6.23 5.85 Stock Option Activity The following table summarizes the activity of our 2018 Stock Option and Incentive Plan and the Inducement Plan, excluding performance-based stock options: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 1,040,470 $ 19.48 Granted 3,866,049 8.65 Exercised (384,125 ) 1.33 Forfeited (1,269,361 ) 13.25 Outstanding as of December 31, 2020 3,253,033 $ 11.19 9.1 $ 3,757 Vested and expected to vest as of December 31, 2020 3,253,033 $ 11.19 9.1 $ 3,757 Options exercisable as of December 31, 2020 559,859 $ 10.27 5.4 $ 3,417 As of July 6, 2020, all outstanding options’ vesting schedules were accelerated in connection with the Kiq transaction. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had strike prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the years ended December 31, 2020 and 2019 was $2.3 million and $2.2 million, respectively. The weighted average grant-date fair value of awards granted during the years ended December 31, 2020 and 2019 was $5.84 per share and $7.60 per share, respectively. Performance-based Stock Options In 2019, the Company granted options to certain employees for the purchase of 158,750 shares of common stock that vest under a combination of performance-based and service-based vesting conditions if certain performance vesting criteria are achieved on or before March 31, 2020. All outstanding performance options were cancelled as unvested in 2020 as no performance criteria were achieved. The following table summarizes the activity of our performance-based stock options granted under our 2018 Stock Option and Incentive Plan: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 127,500 $ 14.24 Granted — — Exercised — — Forfeited (127,500 ) 14.24 Outstanding as of December 31, 2020 — $ — — $ — Vested and expected to vest as of December 31, 2020 — $ — — $ — Options exercisable as of December 31, 2020 — $ — — $ — The weighted average grant-date fair value of awards granted during the year ended December 31, 2019 was $9.84 per share. Restricted Stock Units In 2019, the Company granted restricted stock units to employees with service-based vesting conditions. The restricted stock units vest over the 2 year service period. The vesting of all outstanding restricted stock units was accelerated at July 6, 2020. The following table summarizes the activity of our restricted stock units granted under our 2018 Stock Option and Incentive Plan: Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2019 92,791 $ 2.76 Granted — — Vested (80,400 ) 2.76 Forfeited (12,391 ) 2.76 Unvested as of December 31, 2020 — — Employee Stock Purchase Plan We estimate the fair value of shares to be issued under the 2018 Employee Stock Purchase Plan using the Black-Scholes option-pricing model on the date of grant, or first day of the offering period. Year Ended December 31, 2020 2019 Risk-free interest rate 1.56 % 2.09 % Expected volatility 76.44 % 84.07 % Expected dividend yield — — Expected life (in years) 0.50 0.50 Stock-Based Compensation The following table summarizes stock-based compensation expense during the years ended December 31, 2020 and 2019, in thousands: Year Ended December 31, 2020 2019 Stock-based compensation expense by type of award: Time-based stock options $ 5,042 $ 3,189 Performance-based stock options — — Time-based restricted stock units 693 15 Employee stock purchase plan 20 37 Non-employee stock options 262 — Total $ 6,017 $ 3,241 The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2020 2019 Research and development expenses $ 2,606 $ 2,237 General and administrative expenses 3,411 1,004 Total $ 6,017 $ 3,241 On April 8, 2020, the Company launched a tender offer to certain employee option holders, subject to specified conditions, to exchange some or all of their outstanding options to purchase shares of common stock, par value $0.001 per share, for equivalent number of new options to purchase shares of the Company’s common stock. Pursuant to the exchange offer, all eligible employees elected to exchange outstanding options, and the Company accepted for cancellation options to purchase an aggregate of 542,418 shares of the Company’s common stock. On May 7, 2020, immediately following the expiration of the exchange offer, the Company granted new options to purchase 542,418 shares of common stock, pursuant to the terms of the exchange offer and the Company’s 2018 Plan. As a result, the exercise price was determined to be $1.67, the fair value of the Company’s closing stock price on the grant date. No other terms of the exchanged stock options were modified, and the stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. The Company accounted for the exchange offer as an option modification and as a result, recorded $0.2 million in incremental stock-based compensation expense during the year ended December 31, 2020. On July 6, 2020, the Board accelerated the vesting schedules for all outstanding stock options in connection with the Kiq acquisition, resulting in acceleration of stock compensation expense of $2.9 million, which was recognized in the year ended December 31, 2020. As of December 31, 2020, total unrecognized compensation cost related to the unvested stock-based options was $19.6 million, which is expected to be recognized over a weighted average period of 3.82 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Income Taxes During the years ended December 31, 2020 and 2019, the Company recorded no current or deferred income tax benefits for the net operating losses or research and development tax credits generated in each year due to its uncertainty of realizing a benefit from those items. The Company had no foreign operating losses. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2020 2019 Federal statutory income tax rate (21.0 )% (21.0 )% State taxes, net of federal benefit (1.7 ) (6.2 ) Federal and state research and development tax credits (3.4 ) (5.5 ) Nondeductible items 1.3 1.0 IPR&D expense 12.3 - IRC Section 382 limit on attributes 26.4 - Other Items 0.4 1.6 Increase in deferred tax asset valuation allowance (14.3 ) 30.1 Effective income tax rate 0.0 % 0.0 % Net deferred tax assets as of December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Deferred tax assets (liabilities): Net operating loss carryforwards $ 13,618 $ 30,055 Research and development and investment tax credits 856 6,620 Accrued expenses 374 644 Capitalized start-up costs 76 85 Capitalized research and development expense 10,317 48 Operating lease right-of-use assets (1,260 ) (1,444 ) Operating lease liabilities 1,421 1,648 Contingent Consideration 928 — Other 1,469 831 Total deferred tax assets 27,799 38,487 Valuation allowance (27,799 ) (38,487 ) Net deferred tax assets $ — $ — As of December 31, 2020, the Company had U.S. federal and state net operating loss carryforwards of $63.1 million and $5.7 million, respectively, which may be available to offset future income tax liabilities and begin to expire in 2035. Of the federal net operating loss carryforwards at December 31, 2020, $59.9 million is available to be carried forward indefinitely but can only offset 80% of taxable income per year. As of December 31, 2020, the Company also had U.S. federal and state research and development tax credit carryforwards of $0.6 million and $0.3 million, respectively, which may be available to offset future income tax liabilities and begin to expire in 2040 and 2035, respectively. Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. As a result of the shares issued in July 2020 related to the acquisition of Kiq and the sale of Series A convertible preferred stock, the Company has experienced a change in ownership, as defined by Section 382. As a result of the ownership change, utilization of the federal and state net operating loss carryforwards and research and development tax credit carryforwards is subject to annual limitation under Section 382. Under Section 382, the annual limitation is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. This limitation resulted in the expiration of federal and state net operating loss carryforwards before utilization of $26.9 million and $79.5 million, respectively, and federal and state research and development tax credit carryforwards before utilization of $6.6 million and $2.0 million, respectively. We have written off these gross deferred tax attributes, which were previously fully reserved for, in 2020. As of December 31, 2020, approximately $59.4 million and $3.9 million of federal and state net operating losses, respectively, as well as $14.2 million of future amortization for federal purposes are subject to the July 6 limitation of $0.3 million per year. A second ownership change occurred in December 2020 as a result of the underwritten public offering of common stock which resulted in a limitation of tax attributes generated from July 7, 2020 to December 1, 2020. The December 1, 2020 ownership change is not expected to have a material impact to the Company’s net operating loss carryforwards or research and development tax credit carryforwards as these net operating losses and tax credit carryforwards may be utilized, subject to annual limitation, assuming sufficient taxable income is generated before expiration. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2020 and 2019. Management reevaluates the positive and negative evidence at each reporting period. Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2020 and 2019 related primarily to the decrease in net operating loss carryforwards and research and development tax credit carryforwards as a result of the limitation under Section 382 and were as follows (in thousands): Year Ended December 31, 2020 2019 Valuation allowance as of beginning of year $ 38,487 $ 28,897 Decreases recorded as benefit to income tax provision (10,688 ) — Increases recorded to income tax provision — 9,590 Valuation allowance as of end of year $ 27,799 $ 38,487 As of December 31, 2020 and 2019, the Company had not recorded any amounts for unrecognized tax benefits. The Company files income tax returns in the U.S. and Massachusetts. The statute of limitations for assessment by the Internal Revenue Service and Massachusetts tax authorities remains open for all years since 2017. The Company’s tax attributes related to years prior to 2017 can still be adjusted under audit. No federal or state tax audits are currently in process. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Operating Leases The Company leases office and laboratory space under a non-cancelable operating lease that expires in April 2023 with the Company’s option to extend for an additional five-year term. The lessee has the right to terminate the lease in the event of the inability to use the space due to substantial damage while the lessor has the right to terminate the lease for tenant’s default of lease financial obligations. Per the terms of the lease agreement, the Company does not have any residual value guarantees. This extension has not been considered in the determination of the lease liability as the Company is not obligated to exercise their option and it is not reasonably certain that the option will be exercised. The lease payments include fixed lease payments that escalate over the term of the lease on an annual basis. The Company’s real estate lease in Cambridge is a net lease, as the non-lease components (i.e. common area maintenance) are paid separately from rent based on actual costs incurred. Therefore, the non-lease component and related payments are not included in the right-of-use asset and liability and are reflected as an expense in the period incurred. The discount rate used in determining the lease liability represents the Company’s incremental borrowing rate as the rate implicit in the lease could not be readily determined. On August 28, 2020, the Company amended this operating lease resulting in increased annual rent payments. No other terms of the lease were changed. The Company determined that the lease modification did not grant an additional right of use and concluded that the modification was not a separate new lease, but rather that it should reassess and remeasure the right-of-use asset and lease liability on the effective date of the modification. The Company increased the right-of-use asset and operating lease liabilities by $0.9 million, respectively. Concurrent with the lease amendment and the BOXR sale, the Company entered into a sublease for the remaining term of the lease. Under the terms of the sublease agreement, the sublessee will lease approximately 70% of the facility and will be responsible for the corresponding percentage of operating lease costs and variable lease costs. Variable lease costs include common area maintenance and other operating charges. The elements of the lease expense were as follows (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost Operating lease cost $ 2,079 $ 1,772 Variable lease cost (1) 890 1,075 Sublease income (770 ) — Total lease cost $ 2,199 $ 2,847 Other information Cash paid for amounts included in the measurement of lease liabilities $ 2,947 $ 2,954 Remaining lease term 2.33 3.33 Discount rate 9.50 % 6.25 % (1) The variable lease costs for the year ended December 31, 2020 include common area maintenance and other operating charges. Future minimum lease payments under the operating lease as of December 31, 2020 are as follows (in thousands): Year Ending December 31, 2021 2,424 2022 2,497 2023 841 Total future minimum lease payments 5,762 Less: imputed interest 555 Total operating lease liability $ 5,207 Included in the consolidated balance sheet: Current operating lease liability 2,052 Operating lease liability, net of current portion 3,155 Total operating lease liability $ 5,207 Under the terms of the lease, the Company secured a $1.3 million letter of credit as security for its leased facility. The underlying cash collateralizing this letter of credit has been classified as non-current restricted cash in the accompanying consolidated balance sheets. This is a refundable deposit and not a lease payment. Under the terms of the sublease agreement, the sublessee obtained a letter of credit for $1.3 million for the benefit of the Company. This has been excluded from the undiscounted cash flows above. License Agreements Plexxikon License Agreement In July 2020, with the closing of the Kiq acquisition, the Company obtained an exclusive, sublicensable, worldwide license (the License Agreement) to certain patents and other intellectual property rights to research, develop, and commercialize CGT9486 and CGT0206. As initial consideration for the license, Kiq directly paid Plexxikon. an upfront payment of $1.0 million in cash, which was paid prior to the closing of the Kiq acquisition. Under the terms of the License Agreement, the Company is required to pay Plexxikon aggregate payments of up to $7.5 million upon the satisfaction of certain clinical milestones and up to $25.0 million upon the satisfaction of certain regulatory milestones. The Company is also required to pay Plexxikon tiered royalties ranging from a low-single digit percentage to a high-single digit percentage on annual net sales of products. These royalty obligations last on a product-by-product basis and country-by-country basis until the latest of (i) the date on which there is no validate claim of a licensed Plexxikon. patent covering a subject product in such country or (ii) the 10 th The license agreement will expire on a country-by-country and licensed product-by-licensed product basis until the later of the last to expire of the patents covering such licensed products or services or the 10-year anniversary of the date of first commercial sale of the licensed product in such country. The Licensors may terminate the license agreement within 30 days after written notice in the event of a breach of contract. The Licensors may also terminate the agreement upon written notice in the event of the Company’s bankruptcy, liquidation, or insolvency. In addition, the Company has the right to terminate this agreement in its entirety at will upon 90 days’ advance written notice to Plexxikon. National University of Singapore and St. Jude Children’s Research Hospital, Inc. License Agreement Under its license agreement with National University of Singapore and St. Jude Children’s Research Hospital, Inc. (collectively the Licensors) entered into in 2014, the Company is obligated to pay license maintenance fees on each anniversary of the effective date of the agreement that escalate from less than $0.1 million for each of the first seven years to $0.1 million on the eighth anniversary and each year thereafter. The Company is also obligated to make aggregate milestone payments of up to 5.5 million Singapore dollars (equivalent to approximately $4.2 million as of December 31, 2020) upon the achievement of specified clinical and regulatory milestones and to pay tiered royalties ranging in the low single-digit percentages on annual net sales of licensed products sold by the Company or its sublicensees. On October 14, 2020, the Company provided notice of termination of the license agreement with National University of Singapore and St. Jude Children’s Research Hospital, Inc. The termination became effective on January 12, 2021 and there are no remaining expenses to be incurred. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2020 or 2019. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 13. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Year Ended December 31, 2020 2019 Numerator: Net loss $ (74,808 ) $ (31,833 ) Deemed dividend to preferred stockholders (104,400 ) — Net loss attributable to common stockholders $ (179,208 ) $ (31,833 ) Denominator: Weighted average common shares outstanding, basic and diluted 11,081,257 7,620,082 Net loss per share attributable to common stockholders, basic and diluted $ (16.17 ) $ (4.18 ) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: December 31, 2020 2019 Stock options to purchase common stock 3,253,033 1,167,970 Series A Preferred Stock 33,061,000 — Unvested restricted common stock units — 92,791 36,314,033 1,260,761 |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plan | 14. Retirement Plan The Company has a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pre-tax basis. As currently established, the Company is not required to make and to date has not made any contributions to the 401(k) Plan. The Company did not make any matching contributions during the years ended December 31, 2020 or 2019 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 15. Restructuring On March 2, 2020, the Company announced the board of directors approved plans to reduce workforce and prioritize resources towards advancing the Company’s preclinical program. As a result, the Company reduced its headcount by approximately 60% during the three months ended March 31, 2020. The Company recognized restructuring expenses consisting of one-time severance payments and other employee related costs of $4.2 million during the year ended December 31, 2020. Cash payments for employee related restructuring charges of $4.2 million were paid as of December 31, 2020. The Company recorded these restructuring charges based on each employee’s role to the respective research and development and general and administrative operating expense categories of $1.9 million and $2.3 million, respectively, on its consolidated statements of operations and comprehensive loss. A summary of the charges related to the restructuring activities as of December 31, 2020 is as follows (in thousands) Balance at Balance at December 31, 2019 Charges Less: Payments December 31, 2020 Severance, benefits and relates costs $ — $ 4,165 $ (4,165 ) $ — Total $ — $ 4,165 $ (4,165 ) $ — On October 26, 2020, the Company announced that, on October 22, 2020, Charles Wilson, Ph.D. resigned from his positions as Chief Executive Officer, President, and Principal Executive Officer of the Company, effective as of October 23, 2020, subject to a transition period from October 23, 2020 until October 30, 2020 (the Separation Date). Pursuant to the Separation Agreement, Dr. Wilson received a payment related to severance and change of control of $1.3 million and other health benefits. Additionally, all equity awards held by Dr. Wilson became vested and exercisable or non-forfeitable as of the Separation Date. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Appointment of new Director to the Board of Directors of Cogent Effective as of February 22, 2021, the Board of Directors (the Board) of Cogent appointed Todd E. Shegog as a Class II director. As a Class II director, Mr. Shegog will stand for election at the Company’s 2023 Annual Meeting of Stockholders. Additionally, Mr. Shegog was appointed as the Chair of the Audit Committee of the Board. In connection with his Board service, Mr. Shegog will receive an option to purchase 37,500 shares of common stock, which will vest over a three-year period from the date of grant, and will be entitled to $50,000 in annual cash compensation for service on the Board and the Audit Committee. Conversions of Series A Preferred Stock Subsequent to December 31, 2020, 18,409 shares of Series A Preferred stock have been converted to 4,602,250 shares of common stock. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include those of the Company and its wholly-owned subsidiaries, Mono, Inc. and Kiq Bio LLC. All intercompany balances and transactions have been eliminated. |
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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses, the valuation of the CVR liability and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions. |
Risks and Uncertainties | Risks and Uncertainties Impact of the COVID-19 Coronavirus The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The virus continues to spread globally, has been declared a pandemic by the World Health Organization and has spread to over 100 countries, including the United States. The impact of this pandemic has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. The spread of COVID-19 has caused the Company to modify its business practices, including implementing a work-from-home policy for all employees who are able to perform their duties remotely and restricting all nonessential travel, and it expects to continue to take actions as may be required or recommended by government authorities or as the Company determines are in the best interests of its employees, the patients it serves and other business partners in light of COVID-19. Potential impacts to the Company’s business include temporary closures of its facilities or those of its vendors, disruptions or restrictions on its employees’ ability to travel, disruptions to or delays in ongoing laboratory experiments and operations and the potential diversion of healthcare resources away from the conduct of clinical trials to focus on pandemic concerns, and its ability to raise capital. As of December 31, 2020, there have been no material impacts to the Company. As the impacts of COVID-19 continue to unfold, the Company will continually assess the impacts, as the extent to which the COVID-19 pandemic may materially impact the Company’s financial condition, liquidity or results of operations in the future is uncertain. |
Concentrations of Credit Risk and of Significant Suppliers | Concentrations of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains most of its cash and cash equivalents at two accredited financial institutions. The Company has not experienced any losses on such accounts does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Such deposits have and will continue to exceed federally insured limits. The Company is dependent on third-party vendors for its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash consists of security deposits in separate restricted bank accounts as required under the terms of the Company’s lease agreement for its Corporate Office in Cambridge, Massachusetts. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Laboratory equipment 5 years Computer equipment and software 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of life of lease or 10 years Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in loss from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2020 or 2019. |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. |
Marketable Securities | Marketable Securities The Company’s marketable securities, consisting of debt securities, are classified as available-for-sale and are reported at fair value. Unrealized gains and losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit). Realized gains and losses and declines in value determined to be other than temporary are based on the specific identification method and are included as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company classifies its marketable securities with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities are available for current operations. The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge to the statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented. |
Convertible Preferred Stock | Convertible Preferred Stock The Company records shares of non-voting convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company has applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities, and at issuance classified the Series A Preferred Stock outside of shareholders’ equity (deficit) because, if conversion to common stock was not approved by the shareholders, the Series A Preferred Stock would be redeemable at the option of the holders for cash equal to the closing price of the common stock on last trading day prior to the holder’s redemption request. On November 6, 2020, the shareholders approved the conversion of the Series A preferred stock into common stock and as such, the Company reclassified the Series A Preferred Stock to permanent equity. |
Segment Information | Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is the development and commercialization of precision therapies for genetically defined diseases. All of the Company’s tangible assets are held in the United States. |
Leases | Leases The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the assets’ economic benefits. The Company determines the initial classification and measurement of its operating right-of-use assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with an original term of twelve months or less on its consolidated balance sheets. The Company’s only existing lease is for office space. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease payments included in the measurement of the lease liability consist of the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Leases may contain rent escalation clauses and variable lease payments that require additional rental payments in later years of the term, including payments based on an index or inflation rate. Payments based on the change in an index or inflation rate, or payments based on a change in the Company’s portion of the operating expenses, including real estate taxes and insurance, are not included in the initial lease liability and are recorded as a period expense when incurred. The operating leases may include an option to renew the lease term for various renewal periods and/or to terminate the leases early. These options to exercise the renewal or early termination clauses in the Company’s operating leases were not reasonably certain of exercise as of the date of adoption and these have not been included in the determination of the initial lease liability or operating lease expense. Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations and comprehensive loss. For finance leases, any interest expense is recognized using the effective interest method and is included within interest expense. The Company has no financing leases. The Company adopted ASC 842, Leases Upon adoption of the new leasing standards, the Company recognized a lease liability of $7.5 million and a related right-of-use asset of $6.7 million on its consolidated balance sheet with the difference being due to the elimination of previously reported deferred rent. The adoption of the standard did not have a material impact on the results of operations or cash flows. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. In determining whether goods or services are distinct, management evaluates certain criteria, including whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (capable of being distinct) and (ii) the good or service is separately identifiable from other goods or services in the contract (distinct in the context of the contract). At the inception of an arrangement that includes options for a customer to purchase additional services or products at agreed upon prices in the future, the Company evaluates whether each option provides a material right. An option that provides a material right will be accounted for as a separate performance obligation. The Company then determines the transaction price, which is the amount of consideration expected to be received from a customer in exchange for the promised goods or services. The Company’s estimate of the transaction price for each contract includes all fixed and variable consideration to which it expects to be entitled. Variable consideration includes payments in the form of collaboration payments, regulatory milestone payments, commercial milestone payments, and royalty payments. For collaboration, regulatory milestone, and commercial milestone payments, the Company evaluates whether it is probable that the consideration associated with each milestone will not be subject to a significant reversal in the cumulative amount of revenue recognized. Amounts that meet this threshold are included in the transaction price using the most likely amount method, whereas amounts that do not meet this threshold are considered constrained and excluded from the transaction price until they meet this threshold. At the end of each subsequent reporting period, the Company re-evaluates the probability of a significant reversal of the cumulative revenue recognized for its milestones, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. The Company excludes sales-based royalties until the sale occurs. ASC 606 requires the Company to allocate the arrangement consideration on a relative standalone selling price basis for each performance obligation after determining the transaction price of the contract and identifying the performance obligations to which that amount should be allocated. The relative standalone selling price is defined as the price at which an entity would sell a promised good or service separately to a customer. If other observable transactions in which the Company has sold the same performance obligation separately are not available, the Company is required to estimate the standalone selling price of each performance obligation. Key assumptions to determine the standalone selling price may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. A performance obligation is satisfied and revenue is recognized when “control” of the promised good or service is transferred, either over time or at a point in time, to the customer. A customer obtains control of a good or service if it has the ability to (1) direct its use and (2) obtain substantially all of the remaining benefits from it. For performance obligations consisting of licenses and other promises (combined performance obligations), the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue will be recorded as a percentage of the estimated transaction price based on the extent of progress towards completion. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. The estimate of the measure of progress and estimate of variable consideration to be included in the transaction price will be updated at each reporting date as a change in estimate. The amount of transaction price allocated to the satisfied portion of the performance obligation, based on the Company’s measure of progress, will be recognized immediately on a cumulative catch-up basis, resulting in an adjustment to revenue in the period of change. The amount related to the unsatisfied portion will be recognized as that portion is satisfied over time. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. Amounts received prior to satisfying the revenue recognition criteria listed above are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the following 12 months of the balance sheet date are classified as deferred revenue, net of current portion. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods. To the extent that the beginning deferred revenue balance is less than revenue to be recognized during the period, billings during the period are allocated to revenue. In the event that a collaboration agreement was to be terminated and the Company had no further performance obligations, the Company would recognize as revenue any portion of the upfront payment and other payments that had not previously been recorded as revenue and were classified as deferred revenue at the date of such termination. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that the Company would have recognized is one year or less or the amount is immaterial. The Company has not capitalized any costs to obtain its contract. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs and laboratory supplies, depreciation, manufacturing expenses and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials as well as the cost of licensing technology. Research and development costs include costs for the development of product candidates that the Company is jointly developing with Seagen Inc., formerly known as Seattle Genetics (Seagen), and for which it receives reimbursement as specified in the agreement. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. |
Research Contract Costs and Accruals | Research Contract Costs and Accruals The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. |
Business Combinations | Business Combinations In determining whether an acquisition should be accounted for as a business combination or asset acquisition, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is not deemed to be a business, and is instead deemed to be an asset. If this is not the case, the Company then further evaluates whether the single identifiable asset or group of similar identifiable assets and activities includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the single identifiable asset or group of similar identifiable assets and activities is a business. The Company accounts for business combinations using the acquisition method of accounting. Application of this method of accounting requires that (i) identifiable assets acquired (including identifiable intangible assets) and liabilities assumed generally be measured and recognized at fair value as of the acquisition date and (ii) the excess of the purchase price over the net fair value of identifiable assets acquired and liabilities assumed be recognized as goodwill, which is not amortized for accounting purposes but is subject to testing for impairment at least annually. Acquired in-process research and development (IPR&D) is recognized at fair value and initially characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. Transaction costs related to business combinations are expensed as incurred. Determining the fair value of assets acquired and liabilities assumed in a business combination requires management to use significant judgment and estimates, especially with respect to intangible assets. During the measurement period, which extends no later than one year from the acquisition date, the Company may record certain adjustments to the carrying value of the assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, all adjustments are recorded in the consolidated statements of operations as operating expenses or income. To date, the Company has not recorded any acquisitions as a business combination. |
Asset Acquisitions | Asset Acquisitions The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire IPR&D with no alternative future use is charged to expense at the acquisition date. |
Patent Costs | Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. |
Stock-Based Compensation | Stock-Based Compensation The Company measures stock options and other stock-based awards granted to employees, non-employees and directors based on their fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company applies the straight-line method of expense recognition to all awards with only service-based vesting conditions and applies the graded-vesting method to all awards with performance-based vesting conditions or to awards with both service-based and performance-based vesting conditions. For performance-based stock options, we begin to recognize expense when we determine that the achievement of such performance conditions is deemed probable. This determination requires significant judgment by management. At the probable date, we record a cumulative expense catch-up, with remaining expense amortized over the remaining service period. The Company estimates the fair value of stock-based awards to employees and non-employees using the Black-Scholes option-pricing model, which requires the input of highly subjective assumptions, including (a) the expected volatility of its stock, (b) the expected term of the award, (c) the risk-free interest rate, and (d) expected dividends. Due to the lack of a public market for the trading of the Company’s common stock and a lack of company-specific historical and implied volatility data, the Company has based the estimate of expected volatility on the historical volatility of a group of companies in the pharmaceutical and biotechnology industries in a similar stage of development and that are publicly traded. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The Company has estimated the expected life of employee stock options using the "simplified" method, whereby, the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the U.S. Treasury yield curve in effect during the period the options were granted. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the year ended December 31, 2020, there were no elements of other comprehensive loss. For the year ended December 31, 2019, the Company’s only element of other comprehensive loss was unrealized gains (losses) on marketable securities. |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic net income (loss) per common share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. Accordingly, in periods in which the Company reported a net loss, dilutive common shares were not assumed to have been issued as their affect was anti-dilutive, and as a result, diluted net loss per common share was the same as basic net loss per common share. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. |
Recently Adopted and Issued Accounting Pronouncements | 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 Instruments In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 Simplifying the Accounting for Income Taxes In August 2020, the FASB issued ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life | Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Laboratory equipment 5 years Computer equipment and software 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of life of lease or 10 years |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis | The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands) Fair Value Measurements at December 31, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ — $ 486 $ — $ 486 Total Assets $ — $ 486 $ — $ 486 Liabilities: CVR Liability $ — $ — $ 5,531 $ 5,531 Total Liabilities $ — $ — $ 5,531 $ 5,531 Fair Value Measurements at December 31, 2019 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 485 $ — $ 485 $ — $ 485 $ — $ 485 |
Summary of Changes in the Fair Value of Company's CVR Liability | December 31, 2020 Beginning balance $ — Fair value at CVR issuance 11,450 Change in fair value 1,025 CVR settlement (6,944 ) Ending balance $ 5,531 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2020 2019 Laboratory equipment $ — $ 5,529 Computer equipment and software 53 224 Furniture and fixtures 85 317 Leasehold improvements 408 426 Total property and equipment 546 6,496 Accumulated depreciation and amortization (412 ) (4,631 ) Property and equipment, net $ 134 $ 1,865 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2020 2019 Accrued employee compensation and benefits $ 1,443 $ 2,500 Accrued external research and development expense 2,191 2,987 Accrued external manufacturing costs 161 750 Other 984 894 $ 4,779 $ 7,131 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Fair Value Option Granted | The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted to employees and directors: Year Ended December 31, 2020 2019 Risk-free interest rate 0.64 % 2.15 % Expected volatility 79.13 % 74.07 % Expected dividend yield — — Expected life (in years) 6.23 5.85 |
Schedule of Common Stock Option Activity | The following table summarizes the activity of our 2018 Stock Option and Incentive Plan and the Inducement Plan, excluding performance-based stock options: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 1,040,470 $ 19.48 Granted 3,866,049 8.65 Exercised (384,125 ) 1.33 Forfeited (1,269,361 ) 13.25 Outstanding as of December 31, 2020 3,253,033 $ 11.19 9.1 $ 3,757 Vested and expected to vest as of December 31, 2020 3,253,033 $ 11.19 9.1 $ 3,757 Options exercisable as of December 31, 2020 559,859 $ 10.27 5.4 $ 3,417 |
Schedule of Performance-based Stock Options Activity | The following table summarizes the activity of our performance-based stock options granted under our 2018 Stock Option and Incentive Plan: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 127,500 $ 14.24 Granted — — Exercised — — Forfeited (127,500 ) 14.24 Outstanding as of December 31, 2020 — $ — — $ — Vested and expected to vest as of December 31, 2020 — $ — — $ — Options exercisable as of December 31, 2020 — $ — — $ — |
Schedule of Restricted Stock Units Activity | The following table summarizes the activity of our restricted stock units granted under our 2018 Stock Option and Incentive Plan: Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2019 92,791 $ 2.76 Granted — — Vested (80,400 ) 2.76 Forfeited (12,391 ) 2.76 Unvested as of December 31, 2020 — — |
Summary of Information Pertaining to Stock Purchase Rights Granted under Employee Stock Purchase Plan | The following table summarizes information pertaining to stock purchase rights granted under the employee stock purchase plan, during the years indicated: Year Ended December 31, 2020 2019 Risk-free interest rate 1.56 % 2.09 % Expected volatility 76.44 % 84.07 % Expected dividend yield — — Expected life (in years) 0.50 0.50 |
Schedule of Stock-based Compensation Expense by Type of Award | The following table summarizes stock-based compensation expense during the years ended December 31, 2020 and 2019, in thousands: Year Ended December 31, 2020 2019 Stock-based compensation expense by type of award: Time-based stock options $ 5,042 $ 3,189 Performance-based stock options — — Time-based restricted stock units 693 15 Employee stock purchase plan 20 37 Non-employee stock options 262 — Total $ 6,017 $ 3,241 |
Schedule of Stock Based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2020 2019 Research and development expenses $ 2,606 $ 2,237 General and administrative expenses 3,411 1,004 Total $ 6,017 $ 3,241 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2020 2019 Federal statutory income tax rate (21.0 )% (21.0 )% State taxes, net of federal benefit (1.7 ) (6.2 ) Federal and state research and development tax credits (3.4 ) (5.5 ) Nondeductible items 1.3 1.0 IPR&D expense 12.3 - IRC Section 382 limit on attributes 26.4 - Other Items 0.4 1.6 Increase in deferred tax asset valuation allowance (14.3 ) 30.1 Effective income tax rate 0.0 % 0.0 % |
Schedule of Deferred Tax Assets | Net deferred tax assets as of December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Deferred tax assets (liabilities): Net operating loss carryforwards $ 13,618 $ 30,055 Research and development and investment tax credits 856 6,620 Accrued expenses 374 644 Capitalized start-up costs 76 85 Capitalized research and development expense 10,317 48 Operating lease right-of-use assets (1,260 ) (1,444 ) Operating lease liabilities 1,421 1,648 Contingent Consideration 928 — Other 1,469 831 Total deferred tax assets 27,799 38,487 Valuation allowance (27,799 ) (38,487 ) Net deferred tax assets $ — $ — |
Changes in Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2020 and 2019 related primarily to the decrease in net operating loss carryforwards and research and development tax credit carryforwards as a result of the limitation under Section 382 and were as follows (in thousands): Year Ended December 31, 2020 2019 Valuation allowance as of beginning of year $ 38,487 $ 28,897 Decreases recorded as benefit to income tax provision (10,688 ) — Increases recorded to income tax provision — 9,590 Valuation allowance as of end of year $ 27,799 $ 38,487 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Elements of Lease Expense | The elements of the lease expense were as follows (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost Operating lease cost $ 2,079 $ 1,772 Variable lease cost (1) 890 1,075 Sublease income (770 ) — Total lease cost $ 2,199 $ 2,847 Other information Cash paid for amounts included in the measurement of lease liabilities $ 2,947 $ 2,954 Remaining lease term 2.33 3.33 Discount rate 9.50 % 6.25 % (1) The variable lease costs for the year ended December 31, 2020 include common area maintenance and other operating charges. |
Summary of Future Minimum Payments under Operating Lease | Future minimum lease payments under the operating lease as of December 31, 2020 are as follows (in thousands): Year Ending December 31, 2021 2,424 2022 2,497 2023 841 Total future minimum lease payments 5,762 Less: imputed interest 555 Total operating lease liability $ 5,207 Included in the consolidated balance sheet: Current operating lease liability 2,052 Operating lease liability, net of current portion 3,155 Total operating lease liability $ 5,207 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Year Ended December 31, 2020 2019 Numerator: Net loss $ (74,808 ) $ (31,833 ) Deemed dividend to preferred stockholders (104,400 ) — Net loss attributable to common stockholders $ (179,208 ) $ (31,833 ) Denominator: Weighted average common shares outstanding, basic and diluted 11,081,257 7,620,082 Net loss per share attributable to common stockholders, basic and diluted $ (16.17 ) $ (4.18 ) |
Summary of Potential Dilutive Securities | The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: December 31, 2020 2019 Stock options to purchase common stock 3,253,033 1,167,970 Series A Preferred Stock 33,061,000 — Unvested restricted common stock units — 92,791 36,314,033 1,260,761 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Summary of Charges Related to Restructuring Activities | A summary of the charges related to the restructuring activities as of December 31, 2020 is as follows (in thousands) Balance at Balance at December 31, 2019 Charges Less: Payments December 31, 2020 Severance, benefits and relates costs $ — $ 4,165 $ (4,165 ) $ — Total $ — $ 4,165 $ (4,165 ) $ — |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 04, 2020USD ($)$ / sharesshares | Nov. 06, 2020 | Sep. 22, 2020shares | Jul. 09, 2020USD ($)shares | Jul. 06, 2020shares | Mar. 19, 2020USD ($)shares | Mar. 02, 2020Employee | Aug. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Employee workforce, termination percentage | 60.00% | 60.00% | |||||||||
Number of employees expected to be terminated | Employee | 43 | ||||||||||
Common stock, Shares authorized | 150,000,000 | 150,000,000 | |||||||||
Common stock, Shares issued | 42,390,225 | 32,347,905 | 7,665,763 | ||||||||
Proceeds from issuance of common stock to LPC | $ | $ 25,000 | ||||||||||
Deficiency letter from listing qualifications department notifying period | 30 days | ||||||||||
Minimum bid price of common stock | $ / shares | $ 1 | ||||||||||
Initial period to regain compliance with minimum bid price rule | 180 days | ||||||||||
Net loss | $ | (74,808) | $ (31,833) | |||||||||
Accumulated deficit | $ | $ (198,700) | $ (123,892) | |||||||||
Common Stock [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Shares of common stock issued and sold | 11,794,872 | ||||||||||
Reverse stock split description | 1-for-4 | 1-for-4 to 1-for-8 | |||||||||
Reverse stock split ratio | 0.25 | ||||||||||
Exercise of stock options additional shares of common stock | 384,125 | 151,271 | |||||||||
Common Stock [Member] | Minimum [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Reverse stock split ratio | 0.25 | ||||||||||
Common Stock [Member] | Maximum [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Reverse stock split ratio | 0.125 | ||||||||||
Underwritten Public Offering [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Proceeds from issuance of common stock to LPC | $ | $ 107,700 | ||||||||||
Shares of common stock issued and sold | 11,794,872 | ||||||||||
Public offering price, per share | $ / shares | $ 9.75 | ||||||||||
Underwriters exercise period option | 30 days | ||||||||||
Exercise of stock options additional shares of common stock | 1,538,461 | ||||||||||
Underwriting discounts and commissions expenses | $ | $ 6,900 | ||||||||||
Offering expenses | $ | $ 400 | ||||||||||
Kiq LLC [Member] | Common Stock [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Shares of common stock issued and sold | 1,558,975 | 1,558,975 | |||||||||
Kiq LLC [Member] | Series A Preferred Stock [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Shares of common stock issued and sold | 44,687 | ||||||||||
Gross proceeds from private placement | $ | $ 104,400 | $ 104,400 | |||||||||
Net proceeds from private placement after deducting commissions and offering costs | $ | $ 98,900 | $ 98,900 | |||||||||
Kiq LLC [Member] | Series A Preferred Stock [Member] | Private Placement [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Shares of common stock issued and sold | 118,638 | 118,638 | |||||||||
Lincoln Park Capital Fund [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Common stock, Shares authorized | 25,000,000 | ||||||||||
Common stock, Shares issued | 181,595 | 2,412,870 | |||||||||
Proceeds from issuance of common stock to LPC | $ | $ 25,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Laboratory Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 5 years |
Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | Shorter of life of lease or 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Aug. 28, 2020USD ($) | Jan. 01, 2019USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Impairment losses on long-lived assets | $ 0 | $ 0 | ||
Number of operating segment | Segment | 1 | |||
Lease liability | $ 5,207,000 | $ 900,000 | ||
Right-of-use asset | $ 4,615,000 | $ 5,285,000 | $ 900,000 | |
Lease, practical expedients, package [true false] | true | |||
Capitalized contract costs | $ 0 | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Expenses incremental costs expiration period | 1 year | |||
Period of Transfer of promised goods or services to customer | 1 year | |||
Accounting Standards Update 2016-02 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted [true false] | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2019 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | |||
Lease liability | $ 7,500,000 | |||
Right-of-use asset | $ 6,700,000 | |||
Accounting Standards Update 2016-13 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted [true false] | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | |||
Accounting Standards Update 2018-18 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted [true false] | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | |||
Accounting Standards Update 2018-13 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted [true false] | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis (Detail) - Recurring Basis [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Total Assets | $ 486 | $ 485 |
Liabilities: | ||
CVR Liability | 5,531 | |
Total Liabilities | 5,531 | |
Level 2 [Member] | ||
Assets: | ||
Total Assets | 486 | 485 |
Level 3 [Member] | ||
Liabilities: | ||
CVR Liability | 5,531 | |
Total Liabilities | 5,531 | |
Money Market Funds [Member] | ||
Assets: | ||
Cash Equivalents | 486 | 485 |
Money Market Funds [Member] | Level 2 [Member] | ||
Assets: | ||
Cash Equivalents | $ 486 | $ 485 |
Fair Value Measurements of Fi_4
Fair Value Measurements of Financial Assets and Liabilities - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2021 | Nov. 30, 2020 | Dec. 31, 2020 | Jul. 06, 2020 | Dec. 31, 2019 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Closing price of stock | $ 8.80 | ||||
Financial liabilities outstanding, fair value | $ 0 | ||||
Fair value asset, transfers between Level 1, Level 2 and Level 3, amount | $ 0 | $ 0 | |||
CVR Liability [Member] | |||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
CVR liability, term | 3 years | ||||
Issuance of common stock | 707,938 | ||||
Partial settlement | $ 6,944,000 | ||||
CVR Liability [Member] | Subsequent Event [Member] | |||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Issuance of common stock | 212,428 | ||||
Partial settlement | $ 100,000 |
Fair Value Measurements of Fi_5
Fair Value Measurements of Financial Assets and Liabilities - Summary of Changes in the Fair Value of Company's CVR Liability (Detail) - CVR Liability [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Fair value at CVR issuance | $ 11,450 |
Change in fair value | 1,025 |
CVR settlement | (6,944) |
Ending balance | $ 5,531 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 546 | $ 6,496 |
Accumulated depreciation and amortization | (412) | (4,631) |
Property and equipment, net | 134 | 1,865 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,529 | |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 53 | 224 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 85 | 317 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 408 | $ 426 |
Property Plant Equipment Net -
Property Plant Equipment Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipments [Abstract] | ||
Depreciation and amortization expense | $ 720 | $ 1,293 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued employee compensation and benefits | $ 1,443 | $ 2,500 |
Accrued external research and development expense | 2,191 | 2,987 |
Accrued external manufacturing costs | 161 | 750 |
Other | 984 | 894 |
Total | $ 4,779 | $ 7,131 |
Collaboration Agreement - Addit
Collaboration Agreement - Additional Information (Detail) - USD ($) | Jan. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue related to research and clinical development activities | $ 7,871,000 | $ 22,499,000 | ||
Preclinical Research And Clinical Development [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaborative arrangement upfront payment recognized | $ 25,000,000 | |||
Seagen [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaborative arrangement consideration received upon termination agreement | $ 5,750,000 | |||
Collaborative arrangement common stock surrender | 207,961 | |||
Collaborative arrangement fair value of common stock surrender | $ 800,000 | |||
Revenue related to research and clinical development activities | 7,900,000 | $ 22,500,000 | ||
Deferred revenue | $ 0 |
Kiq, LLC Acquisition - Addition
Kiq, LLC Acquisition - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 22, 2020 | Jul. 06, 2020 | Dec. 31, 2020 |
Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued | 11,794,872 | ||
Kiq LLC [Member] | IPR&D [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, fair value | $ 46.9 | ||
Kiq LLC [Member] | Series A Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued | 44,687 | ||
Kiq LLC [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued | 1,558,975 | 1,558,975 | |
Business acquisition, share price | $ 3.52 | ||
Acquisition direct costs | $ 2.1 |
Sale of BOXR Assets - Additiona
Sale of BOXR Assets - Additional Information (Detail) - BOXR Platform [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - SOTIO [Member] - USD ($) | Nov. 30, 2020 | Aug. 28, 2020 |
Disposal Group Not Discontinued Operation Disposal Disclosures [Line Items] | ||
Disposal group, not discontinued operation, upfront payment | $ 8,100,000 | |
Escrow deposit related to platform purchase agreement | $ 1,730,000 | |
Escrow deposit placement period | 90 days | |
Amounts held in escrow were released and received | $ 1,730,000 | |
Other Income [Member] | ||
Disposal Group Not Discontinued Operation Disposal Disclosures [Line Items] | ||
Disposal group, not discontinued operation, gain on disposal of assets | $ 7,400,000 | |
Maximum [Member] | ||
Disposal Group Not Discontinued Operation Disposal Disclosures [Line Items] | ||
Disposal group, not discontinued operation, cash consideration | 11,500,000 | |
Disposal group, not discontinued operation, potential milestone payments upon achievement of specified claims issuance | $ 3,400,000 |
Preferred Stock, Series A Non_2
Preferred Stock, Series A Non-Voting Convertible Preferred Stock and Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 04, 2020USD ($)$ / sharesshares | Nov. 06, 2020 | Sep. 22, 2020shares | Jul. 09, 2020USD ($)$ / sharesshares | Jul. 06, 2020shares | Mar. 19, 2020USD ($)shares | Apr. 01, 2019USD ($) | Aug. 31, 2020 | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 01, 2020USD ($) | Dec. 31, 2019$ / sharesshares |
Class Of Stock [Line Items] | |||||||||||
Common stock, Shares authorized | 150,000,000 | 150,000,000 | |||||||||
Common stock, Par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Preferred stock including temporary equity shares authorized | 10,000,000 | ||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Preferred stock, shares authorized | 9,000,000 | 9,000,000 | |||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||
Common stock, Shares issued | 42,390,225 | 32,347,905 | 7,665,763 | ||||||||
Proceeds from issuance of common stock | $ | $ 25,000 | ||||||||||
Net proceeds from public offering | $ | $ 107,729 | ||||||||||
Cowen [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued | 0 | ||||||||||
Stock offering cost | $ | $ 9,500 | ||||||||||
Lincoln Park Capital Fund [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock, Shares authorized | 25,000,000 | ||||||||||
Shares issued | 0 | ||||||||||
Common stock, Shares issued | 181,595 | 2,412,870 | |||||||||
Proceeds from issuance of common stock | $ | $ 25,000 | ||||||||||
Maximum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Proceeds from issuance of equity and debt financing | $ | $ 150,000 | ||||||||||
Maximum [Member] | Cowen [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock offering cost | $ | $ 50,000 | ||||||||||
Common Stock [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued | 11,794,872 | ||||||||||
Convertible preferred stock converted into common shares | 7,770,250 | ||||||||||
Common stock voting right | Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. | ||||||||||
Reverse stock split description | 1-for-4 | 1-for-4 to 1-for-8 | |||||||||
Reverse stock split ratio | 0.25 | ||||||||||
Common Stock [Member] | Minimum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Reverse stock split ratio | 0.25 | ||||||||||
Common Stock [Member] | Maximum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Reverse stock split ratio | 0.125 | ||||||||||
Private Placement [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock issuable upon the conversion of preferred stock | 29,659,500 | ||||||||||
Underwritten Public Offering [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued | 11,794,872 | ||||||||||
Public offering price, per share | $ / shares | $ 9.75 | ||||||||||
Net proceeds from public offering | $ | $ 107,700 | ||||||||||
Underwriting discounts and commissions and offering expenses | $ | $ 7,300 | ||||||||||
Underwritten Public Offering [Member] | Maximum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued | 1,538,461 | ||||||||||
Kiq LLC [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock issuable upon the conversion of preferred stock | 11,171,750 | ||||||||||
Kiq LLC [Member] | Common Stock [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued | 1,558,975 | 1,558,975 | |||||||||
Series A Preferred Stock [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Non-voting convertible preferred stock, shares authorized | 1,000,000 | ||||||||||
Non-voting convertible preferred stock, par value | $ / shares | $ 0.001 | ||||||||||
Minimum percentage of originally issued shares remain issued and outstanding | 40.00% | ||||||||||
Convertible preferred stock, common stock issuable upon conversion | 250 | ||||||||||
Convertible preferred stock converted into common shares | 31,081 | ||||||||||
Preferred stock convertible beneficial conversion feature | $ | $ 104,400 | ||||||||||
Closing stock price per share | $ / shares | $ 12.04 | ||||||||||
Conversion price per share | $ / shares | $ 3.52 | ||||||||||
Actual gross proceeds received | $ | $ 104,400 | ||||||||||
Series A Preferred Stock [Member] | Minimum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding | 4.90% | ||||||||||
Series A Preferred Stock [Member] | Maximum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding | 19.90% | ||||||||||
Series A Preferred Stock [Member] | Private Placement [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock shares issued upon conversion | 118,638 | ||||||||||
Series A Preferred Stock [Member] | Kiq LLC [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued | 44,687 | ||||||||||
Gross proceeds from private placement | $ | 104,400 | $ 104,400 | |||||||||
Net proceeds from private placement after deducting commissions and offering costs | $ | $ 98,900 | $ 98,900 | |||||||||
Preferred stock shares issued upon conversion | 44,687 | ||||||||||
Series A Preferred Stock [Member] | Kiq LLC [Member] | Private Placement [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued | 118,638 | 118,638 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2021 | Nov. 05, 2020 | May 07, 2020 | Mar. 28, 2018 | Mar. 27, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 22, 2020 | Sep. 22, 2020 | Apr. 08, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock share issued | 32,347,905 | 7,665,763 | 42,390,225 | |||||||
Aggregate intrinsic value of options exercised | $ 2.3 | $ 2.2 | ||||||||
Weighted average grant date fair value | $ 5.84 | $ 7.60 | ||||||||
Common stock, Par value | $ 0.001 | $ 0.001 | ||||||||
Employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Option grants | 158,750 | |||||||||
2020 Inducement Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for future issuance | 1,889,395 | |||||||||
Shares reserved for future issuance | 3,750,000 | |||||||||
Number of common stock issued | 3,750,000 | |||||||||
Options issued | 1,860,605 | |||||||||
Performance Based Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted average grant date fair value | $ 9.84 | |||||||||
Restricted Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period of stock option | 2 years | |||||||||
Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of increases in authorized shares | 542,418 | |||||||||
Common stock, Par value | $ 0.001 | |||||||||
Exercise price | $ 1.67 | |||||||||
Compensation cost related to incremental fair value of stock based awards | $ 0.2 | |||||||||
Unrecognized compensation cost | $ 19.6 | |||||||||
Unrecognized compensation expenses, recognition period | 3 years 9 months 25 days | |||||||||
Stock Option [Member] | Kiq LLC [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation expense due to accelerated vesting of stock options | $ 2.9 | |||||||||
2018 Stock Option and Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of increases in authorized shares | 700,180 | |||||||||
Percentage applied to the outstanding shares as annual increase in the number of shares authorized for issuance | 4.00% | |||||||||
Shares available for future issuance | 212,926 | |||||||||
2018 Stock Option and Incentive Plan [Member] | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Increased in authorized shares reserved for issuance | 1,293,916 | |||||||||
2018 Employee Stock Purchase Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for future issuance | 207,757 | |||||||||
Shares reserved for future issuance | 78,500 | |||||||||
Common stock share issued | 22,545 | |||||||||
2018 Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of increases in authorized shares | 125,000 | |||||||||
Percentage of shares of common stock available for issuance | 1.00% | |||||||||
2018 Employee Stock Purchase Plan [Member] | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Increased in authorized shares reserved for issuance | 125,000 | |||||||||
Exchange Offer and 2018 Stock Option and Incentive Plan [Member] | Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Option grants | 542,418 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Fair Value Option Granted (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options/Shares Outstanding, Weighted-Average Exercise Price, and Additional Disclosures [Abstract] | ||
Risk-free interest rate | 0.64% | 2.15% |
Expected volatility | 79.13% | 74.07% |
Expected life (in years) | 6 years 2 months 23 days | 5 years 10 months 6 days |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Common Stock Option Activity (Detail) - 2018 Stock Option and Incentive Plan and Inducement Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding, Beginning balance | shares | 1,040,470 |
Number of Options, Granted | shares | 3,866,049 |
Number of Options, Exercised | shares | (384,125) |
Number of Options, Forfeited | shares | (1,269,361) |
Number of Options Outstanding, Ending balance | shares | 3,253,033 |
Number of Options, Vested and expected to vest | shares | 3,253,033 |
Number of Options, Exercisable | shares | 559,859 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 19.48 |
Weighted Average Exercise Price, Granted | $ / shares | 8.65 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.33 |
Weighted Average Exercise Price, Forfeited | $ / shares | 13.25 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | 11.19 |
Weighted Average Exercise Price, Vested and expected to vest | $ / shares | 11.19 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 10.27 |
Weighted Average Contractual Term, Outstanding, Ending balance | 9 years 1 month 6 days |
Weighted Average Contractual Term, Vested and expected to vest | 9 years 1 month 6 days |
Weighted Average Contractual Term, Exercisable | 5 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 3,757 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 3,757 |
Aggregate Intrinsic Value, Exercisable | $ | $ 3,417 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Performance-based Stock Options Activity (Detail) - 2018 Stock Option and Incentive Plan [Member] - Performance Based Stock Options [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding, Beginning balance | shares | 127,500 |
Number of Options, Forfeited | shares | (127,500) |
Number of Options Outstanding, Ending balance | shares | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 14.24 |
Weighted Average Exercise Price, Forfeited | $ / shares | $ 14.24 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | |
Weighted Average Contractual Term, Outstanding, Ending balance | 0 years |
Weighted Average Contractual Term, Vested and expected to vest | 0 years |
Weighted Average Contractual Term, Exercisable | 0 years |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - 2018 Stock Option and Incentive Plan [Member] - Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Unvested, Beginning Balance | shares | 92,791 |
Number of Shares, Vested | shares | (80,400) |
Number of Shares, Forfeited | shares | (12,391) |
Weighted Average Grant Date Fair Value per Share, Unvested Beginning Balance | $ / shares | $ 2.76 |
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares | 2.76 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | $ 2.76 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Information Pertaining to Stock Purchase Rights Granted under Employee Stock Purchase Plan (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.64% | 2.15% |
Expected volatility | 79.13% | 74.07% |
Expected life (in years) | 6 years 2 months 23 days | 5 years 10 months 6 days |
2018 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.56% | 2.09% |
Expected volatility | 76.44% | 84.07% |
Expected life (in years) | 6 months | 6 months |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Stock-based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share based compensation expense | $ 6,017 | $ 3,241 |
Time-based Stock Options [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share based compensation expense | 5,042 | 3,189 |
Time-based Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share based compensation expense | 693 | 15 |
Non-employee Stock Options [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share based compensation expense | 262 | |
Employee Stock Purchase Plan [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share based compensation expense | $ 20 | $ 37 |
Stock-Based Compensation - Sc_6
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | $ 6,017 | $ 3,241 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | 2,606 | 2,237 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | $ 3,411 | $ 1,004 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 06, 2020 | |
Income Tax Disclosure [Line Items] | |||
Current income tax benefits | $ 0 | $ 0 | |
Deferred income tax benefits | $ 0 | 0 | |
Operating losses carried forward, expiration date | 2035 | ||
Operating loss carryforwards, federal | $ 59,900,000 | ||
Percentage of net operating loss carry forward deductible from current year taxable income | 80.00% | ||
Annual limitation amount per year under section 382 | $ 300,000 | ||
Unrecognized tax benefits | 0 | $ 0 | |
U.S. federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses carryforwards | 63,100,000 | ||
Research and development tax credits carryforwards | $ 600,000 | ||
Tax credit carryforwards, expiration year | 2040 | ||
Operating loss carryforwards before utilization | $ 26,900,000 | ||
Research and development tax credit carryforwards before utilization | 6,600,000 | ||
Net operating losses subject to limitation under section 382 | $ 59,400,000 | ||
Future amortization (NOL equivalents) subject to limitation under section 382 | 14,200,000 | ||
State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses carryforwards | 5,700,000 | ||
Research and development tax credits carryforwards | $ 300,000 | ||
Tax credit carryforwards, expiration year | 2035 | ||
Operating loss carryforwards before utilization | 79,500,000 | ||
Research and development tax credit carryforwards before utilization | $ 2,000,000 | ||
Net operating losses subject to limitation under section 382 | $ 3,900,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Federal statutory income tax rate | 21.00% | 21.00% |
State taxes, net of federal benefit | 1.70% | 6.20% |
Federal and state research and development tax credits | 3.40% | 5.50% |
Nondeductible items | (1.30%) | (1.00%) |
IPR&D expense | (12.30%) | |
IRC Section 382 limit on attributes | (26.40%) | |
Other Items | (0.40%) | (1.60%) |
Increase in deferred tax asset valuation allowance | 14.30% | (30.10%) |
Effective income tax rate | (0.00%) | (0.00%) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets (liabilities): | ||
Net operating loss carryforwards | $ 13,618 | $ 30,055 |
Research and development and investment tax credits | 856 | 6,620 |
Accrued expenses | 374 | 644 |
Capitalized start-up costs | 76 | 85 |
Capitalized research and development expense | 10,317 | 48 |
Operating lease right-of-use assets | (1,260) | (1,444) |
Operating lease liabilities | 1,421 | 1,648 |
Contingent Consideration | 928 | |
Other | 1,469 | 831 |
Total deferred tax assets | 27,799 | 38,487 |
Valuation allowance | (27,799) | (38,487) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance as of beginning of year | $ 38,487 | $ 28,897 |
Decreases recorded as benefit to income tax provision | (10,688) | |
Increases recorded to income tax provision | 9,590 | |
Valuation allowance as of end of year | $ 27,799 | $ 38,487 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Oct. 14, 2020 | Jul. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020SGD ($) | Aug. 28, 2020USD ($) | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Line Items] | ||||||
Lease expiration date | Apr. 30, 2023 | |||||
Lessee, operating lease, existence of option to extend | true | |||||
Operating Lease option to extend | The Company’s option to extend for an additional five-year term. | |||||
Right-of-use asset | $ 4,615,000 | $ 900,000 | $ 5,285,000 | |||
Operating lease liabilities | $ 5,207,000 | $ 900,000 | ||||
Percentage of sublease facility | 70.00% | |||||
Plexxikon License Agreement [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Upfront payment | $ 1,000,000 | |||||
License agreement expiration terms | The Company is also required to pay Plexxikon tiered royalties ranging from a low-single digit percentage to a high-single digit percentage on annual net sales of products. These royalty obligations last on a product-by-product basis and country-by-country basis until the latest of (i) the date on which there is no validate claim of a licensed Plexxikon. patent covering a subject product in such country or (ii) the 10th anniversary of the date of the first commercial sale of the product in such country. In addition, if the Company sublicenses the rights under the License Agreement, the Company is required to pay a certain percentage of the sublicense revenue to Plexxikon ranging from mid-double digit percentages to mid-single digit percentages, depending on whether the sublicense is entered into prior to or after certain clinical trial events. | |||||
License Agreement [Member] | Eighth Year Anniversary and Thereafter [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
License maintenance fees | $ 100,000 | |||||
License Agreement With National University of Singapore and St. Jude Children’s Research Hospital, Inc [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
License agreement termination date | Jan. 12, 2021 | |||||
Maximum [Member] | Plexxikon License Agreement [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Aggregate payments received upon satisfaction of clinical milestones | 7,500,000 | |||||
Aggregate payments received | $ 25,000,000 | |||||
Maximum [Member] | License Agreement [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Contingent contractual obligation | 4,200,000 | $ 5,500,000 | ||||
Maximum [Member] | License Agreement [Member] | First Seven Year Anniversary [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
License maintenance fees | 100,000 | |||||
Non-current restricted cash [Member] | Letter of Credit [Member] | Collateral [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Lease deposit | $ 1,300,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Elements of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Lease cost | |||
Operating lease cost | $ 2,079 | $ 1,772 | |
Variable lease cost | [1] | 890 | 1,075 |
Sublease income | (770) | ||
Total lease cost | 2,199 | 2,847 | |
Other information | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 2,947 | $ 2,954 | |
Remaining lease term | 2 years 3 months 29 days | 3 years 3 months 29 days | |
Discount rate | 9.50% | 6.25% | |
[1] | The variable lease costs for the year ended December 31, 2020 include common area maintenance and other operating charges. |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Future Minimum Payments under Operating Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 28, 2020 | Dec. 31, 2019 |
Leases [Abstract] | |||
2021 | $ 2,424 | ||
2022 | 2,497 | ||
2023 | 841 | ||
Total future minimum lease payments | 5,762 | ||
Less: imputed interest | 555 | ||
Operating lease liabilities | 5,207 | $ 900 | |
Operating lease liability | 2,052 | $ 1,619 | |
Operating lease liability, net of current portion | 3,155 | $ 4,413 | |
Total operating lease liability | $ 5,207 | $ 900 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (74,808) | $ (31,833) |
Deemed dividend to preferred stockholders | (104,400) | |
Net loss attributable to common stockholders | $ (179,208) | $ (31,833) |
Weighted average common shares outstanding, basic and diluted | 11,081,257 | 7,620,082 |
Net loss per share attributable to common stockholders, basic and diluted | $ (16.17) | $ (4.18) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Potential Dilutive Securities (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 36,314,033 | 1,260,761 |
Unvested Restricted Common Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 92,791 | |
Stock Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 3,253,033 | 1,167,970 |
Series A Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 33,061,000 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||
Defined contribution plan, matching amount | $ 0 | $ 0 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 30, 2020 | Mar. 02, 2020 | Mar. 31, 2020 | Dec. 31, 2020 |
Restructuring Cost And Reserve [Line Items] | ||||
Employee workforce, termination percentage | 60.00% | 60.00% | ||
Severance and employee termination related costs | $ 4,200 | |||
Cash payments for employee related restructuring charges | 4,165 | |||
Employee Severance [Member] | Charles Wilson, Ph.D [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Severance and employee termination related costs | $ 1,300 | |||
Research and Development Expense [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Severance and employee termination related costs | 1,900 | |||
General and Administrative Expense [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Severance and employee termination related costs | $ 2,300 |
Restructuring - Summary of Char
Restructuring - Summary of Charges Related to Restructuring Activities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Charges | $ 4,165 |
Less: Payments | (4,165) |
Severance Benefits and Related Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Charges | 4,165 |
Less: Payments | $ (4,165) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Mar. 16, 2021 | Feb. 22, 2021 | Dec. 31, 2020 |
Series A Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Conversion of preferred stock into common stock, Shares | 31,081 | ||
Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Conversion of preferred stock into common stock, Shares | 7,770,250 | ||
Subsequent Event [Member] | Series A Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Shares outstanding | 18,409 | ||
Subsequent Event [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Conversion of preferred stock into common stock, Shares | 4,602,250 | ||
Mr. Shegog [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of common stock option to purchase | 37,500 | ||
Vesting period of stock option | 3 years | ||
Annual cash compensation for service on board and audit committee | $ 50,000 |